| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Integrity Discovery Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.5%) | ||||||||
| Banks (21.1%): | ||||||||
| Atlantic Capital Bancshares, Inc. (a) | 32,200 | $ | 853 | |||||
| Central Pacific Financial Corp. | 25,400 | 652 | ||||||
| Civista Bancshares, Inc. (b) | 27,600 | 641 | ||||||
| ConnectOne Bancorp, Inc. | 32,800 | 984 | ||||||
| Dime Community Bancshares, Inc. | 26,300 | 859 | ||||||
| Equity Bancshares, Inc., Class A | 17,600 | 587 | ||||||
| Financial Institutions, Inc. | 22,660 | 695 | ||||||
| First Bank | 23,900 | 337 | ||||||
| First Foundation, Inc. | 21,350 | 561 | ||||||
| First Internet Bancorp | 18,650 | 581 | ||||||
| First Mid Bancshares, Inc. | 18,250 | 749 | ||||||
| FVCBankcorp, Inc. (a)(b) | 15,500 | 310 | ||||||
| German American Bancorp, Inc. | 14,800 | 572 | ||||||
| HarborOne Bancorp, Inc. | 43,400 | 609 | ||||||
| Heritage Commerce Corp. (b) | 67,500 | 785 | ||||||
| Heritage Financial Corp. | 15,200 | 388 | ||||||
| Hometrust Bancshares, Inc. | 24,800 | 694 | ||||||
| Independent Bank Corp. | 31,800 | 683 | ||||||
| Mercantile Bank Corp. | 20,600 | 660 | ||||||
| Origin Bancorp, Inc. | 20,900 | 885 | ||||||
| Peoples Bancorp, Inc. | 26,000 | 822 | ||||||
| Primis Financial Corp. | 37,200 | 538 | ||||||
| QCR Holdings, Inc. (b) | 16,600 | 854 | ||||||
| SmartFinancial, Inc. | 26,000 | 672 | ||||||
| The First Bancshares, Inc. | 18,100 | 702 | ||||||
| Univest Financial Corp. | 25,300 | 693 | ||||||
| Washington Trust Bancorp, Inc. | 14,300 | 758 | ||||||
| 18,124 | ||||||||
| Capital Markets (1.6%): | ||||||||
| Cowen, Inc., Class A (b) | 20,000 | 686 | ||||||
| Diamond Hill Investment Group, Inc. | 3,775 | 663 | ||||||
| 1,349 | ||||||||
| Communication Services (3.9%): | ||||||||
| Clear Channel Outdoor Holdings, Inc. (a) | 280,500 | 760 | ||||||
| Emerald Holding, Inc. (a) | 106,000 | 460 | ||||||
| Entercom Communications Corp. (a) | 146,000 | 537 | ||||||
| The E.W. Scripps Co., Class A | 37,700 | 681 | ||||||
| The Marcus Corp. (a)(b) | 51,900 | 906 | ||||||
| 3,344 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Discovery Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Discretionary (11.3%): | ||||||||
| Chico's FAS, Inc. (a)(b) | 114,000 | $ | 512 | |||||
| Chuy's Holdings, Inc. (a)(b) | 13,700 | 432 | ||||||
| Del Taco Restaurants, Inc. | 54,500 | 476 | ||||||
| Designer Brands, Inc., Class A (a)(b) | 32,915 | 458 | ||||||
| Funko, Inc., Class A (a) | 29,800 | 543 | ||||||
| Genesco, Inc. (a) | 14,850 | 857 | ||||||
| Lindblad Expeditions Holdings, Inc. (a)(b) | 42,000 | 613 | ||||||
| M/I Homes, Inc. (a) | 6,830 | 395 | ||||||
| Malibu Boats, Inc., Class A (a) | 7,400 | 518 | ||||||
| Modine Manufacturing Co. (a) | 46,400 | 526 | ||||||
| Motorcar Parts of America, Inc. (a) | 25,000 | 487 | ||||||
| OneWater Marine, Inc. | 9,680 | 389 | ||||||
| Potbelly Corp. (a) | 92,000 | 624 | ||||||
| Red Robin Gourmet Burgers, Inc. (a)(b) | 23,100 | 533 | ||||||
| Ruth's Hospitality Group, Inc. (a) | 19,503 | 404 | ||||||
| The Aaron's Co., Inc. | 16,100 | 443 | ||||||
| Universal Electronics, Inc. (a) | 9,800 | 483 | ||||||
| Universal Technical Institute, Inc. (a) | 69,500 | 470 | ||||||
| Zumiez, Inc. (a) | 14,200 | 564 | ||||||
| 9,727 | ||||||||
| Consumer Finance (0.9%): | ||||||||
| EZCORP, Inc., Class A (a)(b) | 103,900 | 786 | ||||||
| Energy (6.9%): | ||||||||
| Bonanza Creek Energy, Inc. (b) | 13,100 | 628 | ||||||
| Earthstone Energy, Inc., Class A (a) | 90,816 | 836 | ||||||
| International Seaways, Inc. | 19,885 | 362 | ||||||
| Matrix Service Co. (a) | 39,200 | 410 | ||||||
| Northern Oil and Gas, Inc. (b) | 52,000 | 1,113 | ||||||
| ProPetro Holding Corp. (a) | 58,626 | 507 | ||||||
| Solaris Oilfield Infrastructure, Inc., Class A | 61,323 | 511 | ||||||
| Talos Energy, Inc. (a) | 37,506 | 517 | ||||||
| Tidewater, Inc. (a) | 40,000 | 482 | ||||||
| Vine Energy, Inc., Class A (a) | 36,800 | 606 | ||||||
| 5,972 | ||||||||
| Health Care (6.8%): | ||||||||
| AngioDynamics, Inc. (a) | 34,000 | 882 | ||||||
| Brookdale Senior Living, Inc. (a) | 113,667 | 716 | ||||||
| Collegium Pharmaceutical, Inc. (a)(b) | 21,200 | 418 | ||||||
| Community Health Systems, Inc. (a) | 47,600 | 557 | ||||||
| Hanger, Inc. (a) | 22,700 | 499 | ||||||
| Invacare Corp. (a) | 93,000 | 443 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Discovery Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Natus Medical, Inc. (a) | 25,989 | $ | 652 | |||||
| Orthofix Medical, Inc. (a)(b) | 20,075 | 765 | ||||||
| RadNet, Inc. (a) | 13,898 | 407 | ||||||
| Vanda Pharmaceuticals, Inc. (a) | 31,500 | 540 | ||||||
| 5,879 | ||||||||
| Industrials (17.1%): | ||||||||
| CIRCOR International, Inc. (a)(b) | 19,900 | 657 | ||||||
| Columbus McKinnon Corp. | 12,700 | 614 | ||||||
| Covenant Logistics Group, Inc., Class A (a) | 26,950 | 745 | ||||||
| CRA International, Inc. | 4,400 | 437 | ||||||
| Ducommun, Inc. (a) | 13,200 | 665 | ||||||
| DXP Enterprises, Inc. (a) | 21,800 | 645 | ||||||
| Eagle Bulk Shipping, Inc. (a)(b) | 13,000 | 655 | ||||||
| Echo Global Logistics, Inc. (a) | 12,291 | 586 | ||||||
| Great Lakes Dredge & Dock Corp. (a) | 49,000 | 739 | ||||||
| Hawaiian Holdings, Inc. (a) | 20,800 | 451 | ||||||
| Heidrick & Struggles International, Inc. | 10,990 | 490 | ||||||
| Heritage-Crystal Clean, Inc. (a) | 25,000 | 724 | ||||||
| Interface, Inc. | 40,300 | 611 | ||||||
| Kelly Services, Inc., Class A | 28,000 | 529 | ||||||
| Kimball International, Inc., Class B | 44,550 | 499 | ||||||
| NN, Inc. (a) | 93,000 | 488 | ||||||
| Park Aerospace Corp. | 29,500 | 404 | ||||||
| Park-Ohio Holdings Corp. | 17,000 | 434 | ||||||
| SP Plus Corp. (a) | 22,000 | 675 | ||||||
| Team, Inc. (a) | 53,800 | 162 | ||||||
| The Shyft Group, Inc. | 11,400 | 433 | ||||||
| Titan Machinery, Inc. (a) | 28,100 | 728 | ||||||
| Triumph Group, Inc. (a)(b) | 39,400 | 734 | ||||||
| TrueBlue, Inc. (a) | 21,276 | 576 | ||||||
| VSE Corp. | 13,070 | 630 | ||||||
| Willdan Group, Inc. (a)(b) | 12,300 | 438 | ||||||
| 14,749 | ||||||||
| Information Technology (11.7%): | ||||||||
| American Software, Inc., Class A | 19,600 | 466 | ||||||
| Asure Software, Inc. (a) | 68,400 | 616 | ||||||
| Benchmark Electronics, Inc. | 18,000 | 481 | ||||||
| Comtech Telecommunications Corp. | 27,600 | 707 | ||||||
| CTS Corp. | 23,600 | 730 | ||||||
| Diebold Nixdorf, Inc. (a) | 39,700 | 401 | ||||||
| Digi International, Inc. (a) | 32,700 | 687 | ||||||
| Extreme Networks, Inc. (a) | 63,800 | 628 | ||||||
| Harmonic, Inc. (a) | 90,300 | 790 | ||||||
| I3 Verticals, Inc., Class A (a) | 15,300 | 370 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Discovery Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ichor Holdings Ltd. (a) | 12,800 | $ | 526 | |||||
| Impinj, Inc. (a)(b) | 12,436 | 711 | ||||||
| Kimball Electronics, Inc. (a) | 28,500 | 735 | ||||||
| NeoPhotonics Corp. (a) | 50,430 | 439 | ||||||
| PDF Solutions, Inc. (a) | 29,700 | 684 | ||||||
| Veeco Instruments, Inc. (a) | 21,350 | 474 | ||||||
| Vishay Precision Group, Inc. (a) | 17,000 | 591 | ||||||
| 10,036 | ||||||||
| Insurance (1.1%): | ||||||||
| HCI Group, Inc. (b) | 4,800 | 531 | ||||||
| Heritage Insurance Holdings, Inc. | 65,600 | 447 | ||||||
| 978 | ||||||||
| Materials (4.2%): | ||||||||
| Haynes International, Inc. | 19,750 | 735 | ||||||
| Koppers Holdings, Inc. (a) | 21,300 | 666 | ||||||
| Schnitzer Steel Industries, Inc. | 11,500 | 504 | ||||||
| SunCoke Energy, Inc. (b) | 111,900 | 703 | ||||||
| Verso Corp., Class A (b) | 47,700 | 990 | ||||||
| 3,598 | ||||||||
| Mortgage Real Estate Investment Trusts (0.9%): | ||||||||
| Dynex Capital, Inc. (b) | 31,300 | 541 | ||||||
| Western Asset Mortgage Capital Corp. | 100,000 | 261 | ||||||
| 802 | ||||||||
| Real Estate (6.1%): | ||||||||
| CatchMark Timber Trust, Inc., Class A | 39,800 | 472 | ||||||
| Cedar Realty Trust, Inc. | 24,500 | 531 | ||||||
| City Office REIT, Inc. | 51,600 | 922 | ||||||
| Global Medical REIT, Inc. | 43,300 | 637 | ||||||
| NETSTREIT Corp. | 21,900 | 518 | ||||||
| NexPoint Residential Trust, Inc. | 9,450 | 585 | ||||||
| Plymouth Industrial REIT, Inc. | 27,000 | 614 | ||||||
| UMH Properties, Inc. | 9,881 | 226 | ||||||
| Urstadt Biddle Properties, Inc., Class A | 41,000 | 776 | ||||||
| 5,281 | ||||||||
| Thrifts & Mortgage Finance (3.9%): | ||||||||
| Bridgewater Bancshares, Inc. (a) | 28,400 | 497 | ||||||
| HomeStreet, Inc. | 13,300 | 547 | ||||||
| Meridian Bancorp, Inc. | 35,000 | 727 | ||||||
| PCSB Financial Corp. | 31,400 | 579 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Discovery Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Premier Financial Corp. | 30,300 | $ | 965 | |||||
| 3,315 | ||||||||
| Total Common Stocks (Cost $65,748) | 83,940 | |||||||
| Collateral for Securities Loaned^ (9.1%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 147,162 | 147 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (c) | 4,362,412 | 4,362 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 73,441 | 73 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 585,596 | 586 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 2,632,953 | 2,633 | ||||||
| Total Collateral for Securities Loaned (Cost $7,801) | 7,801 | |||||||
| Total Investments (Cost $73,549) — 106.6% | 91,741 | |||||||
| Liabilities in excess of other assets — (6.6)% | (5,701 | ) | ||||||
| NET ASSETS - 100.00% | $ | 86,040 | ||||||
| ^ | 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 September 30, 2021. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Integrity Mid-Cap Value Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.7%) | ||||||||
| Communication Services (3.8%): | ||||||||
| Cinemark Holdings, Inc. (a)(b) | 76,303 | $ | 1,466 | |||||
| Liberty Media Group Corp.-Liberty Formula One, Class C (a) | 33,473 | 1,721 | ||||||
| Lions Gate Entertainment Corp., Class B (a) | 115,300 | 1,499 | ||||||
| Nexstar Media Group, Inc., Class A | 15,637 | 2,376 | ||||||
| Twitter, Inc. (a) | 25,557 | 1,543 | ||||||
| ViacomCBS, Inc., Class B | 30,313 | 1,198 | ||||||
| 9,803 | ||||||||
| Consumer Discretionary (11.6%): | ||||||||
| Advance Auto Parts, Inc. | 9,058 | 1,892 | ||||||
| Aptiv PLC (a) | 11,618 | 1,731 | ||||||
| Aramark | 58,460 | 1,921 | ||||||
| Bath & Body Works, Inc. | 28,350 | 1,787 | ||||||
| BorgWarner, Inc. | 35,314 | 1,526 | ||||||
| Brunswick Corp. | 21,200 | 2,020 | ||||||
| Caesars Entertainment, Inc. (a) | 19,650 | 2,206 | ||||||
| Capri Holdings Ltd. (a) | 30,100 | 1,457 | ||||||
| D.R. Horton, Inc. | 15,835 | 1,330 | ||||||
| Hilton Worldwide Holdings, Inc. (a) | 11,300 | 1,493 | ||||||
| Newell Brands, Inc. | 51,300 | 1,136 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a)(b) | 75,241 | 2,010 | ||||||
| Penske Automotive Group, Inc. | 16,449 | 1,655 | ||||||
| Ralph Lauren Corp. | 19,350 | 2,148 | ||||||
| The Gap, Inc. | 60,000 | 1,362 | ||||||
| Travel + Leisure Co. | 39,330 | 2,144 | ||||||
| Yum! Brands, Inc. | 17,766 | 2,173 | ||||||
| 29,991 | ||||||||
| Consumer Staples (4.3%): | ||||||||
| Archer-Daniels-Midland Co. | 29,770 | 1,786 | ||||||
| Coty, Inc., Class A (a) | 200,330 | 1,574 | ||||||
| Darling Ingredients, Inc. (a) | 27,910 | 2,007 | ||||||
| Molson Coors Beverage Co., Class B | 42,540 | 1,973 | ||||||
| Performance Food Group Co. (a) | 37,600 | 1,747 | ||||||
| Tyson Foods, Inc., Class A | 26,737 | 2,111 | ||||||
| 11,198 | ||||||||
| Energy (5.6%): | ||||||||
| Devon Energy Corp. | 91,392 | 3,245 | ||||||
| Diamondback Energy, Inc. | 29,516 | 2,794 | ||||||
| Halliburton Co. | 112,533 | 2,433 | ||||||
| Hess Corp. | 34,275 | 2,677 | ||||||
| Pioneer Natural Resources Co. | 18,976 | 3,160 | ||||||
| 14,309 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Mid-Cap Value Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (16.5%): | ||||||||
| Ally Financial, Inc. | 39,935 | $ | 2,039 | |||||
| Arch Capital Group Ltd. (a) | 37,700 | 1,439 | ||||||
| Arthur J. Gallagher & Co. | 21,280 | 3,163 | ||||||
| Assurant, Inc. | 12,540 | 1,978 | ||||||
| Cincinnati Financial Corp. | 18,996 | 2,170 | ||||||
| CIT Group, Inc. | 32,160 | 1,671 | ||||||
| Comerica, Inc. | 35,180 | 2,832 | ||||||
| Fifth Third Bancorp | 36,296 | 1,540 | ||||||
| Huntington Bancshares, Inc. | 194,400 | 3,006 | ||||||
| Invesco Ltd. | 91,500 | 2,206 | ||||||
| Lincoln National Corp. | 28,150 | 1,935 | ||||||
| LPL Financial Holdings, Inc. | 17,695 | 2,774 | ||||||
| M&T Bank Corp. | 17,450 | 2,606 | ||||||
| Northern Trust Corp. | 23,034 | 2,483 | ||||||
| Regions Financial Corp. | 97,344 | 2,074 | ||||||
| Reinsurance Group of America, Inc. | 18,835 | 2,096 | ||||||
| State Street Corp. | 23,694 | 2,007 | ||||||
| The Hartford Financial Services Group, Inc. | 34,342 | 2,413 | ||||||
| Voya Financial, Inc. | 35,392 | 2,173 | ||||||
| 42,605 | ||||||||
| Health Care (8.7%): | ||||||||
| Cerner Corp. | 20,362 | 1,436 | ||||||
| Elanco Animal Health, Inc. (a) | 52,294 | 1,668 | ||||||
| Encompass Health Corp. | 30,360 | 2,278 | ||||||
| Jazz Pharmaceuticals PLC (a) | 12,083 | 1,573 | ||||||
| Laboratory Corp. of America Holdings (a) | 10,320 | 2,905 | ||||||
| McKesson Corp. | 15,127 | 3,016 | ||||||
| Organon & Co. | 51,754 | 1,697 | ||||||
| Perrigo Co. PLC (b) | 45,587 | 2,158 | ||||||
| STERIS PLC | 6,505 | 1,329 | ||||||
| Viatris, Inc. | 152,874 | 2,071 | ||||||
| Zimmer Biomet Holdings, Inc. | 16,250 | 2,378 | ||||||
| 22,509 | ||||||||
| Industrials (15.4%): | ||||||||
| AGCO Corp. | 13,256 | 1,624 | ||||||
| Carlisle Cos., Inc. | 11,653 | 2,316 | ||||||
| Crane Co. | 19,691 | 1,867 | ||||||
| Cummins, Inc. | 6,253 | 1,404 | ||||||
| Howmet Aerospace, Inc. | 61,000 | 1,903 | ||||||
| ITT, Inc. | 19,080 | 1,638 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 40,201 | 2,056 | ||||||
| ManpowerGroup, Inc. | 19,393 | 2,100 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Mid-Cap Value Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Old Dominion Freight Line, Inc. | 6,196 | $ | 1,772 | |||||
| Oshkosh Corp. | 15,839 | 1,621 | ||||||
| Otis Worldwide Corp. | 27,490 | 2,262 | ||||||
| Parker-Hannifin Corp. | 8,039 | 2,248 | ||||||
| Quanta Services, Inc. | 23,369 | 2,660 | ||||||
| Republic Services, Inc. | 17,329 | 2,081 | ||||||
| Ryder System, Inc. | 22,920 | 1,896 | ||||||
| Southwest Airlines Co. (a) | 46,200 | 2,376 | ||||||
| Spirit AeroSystems Holdings, Inc., Class A | 38,404 | 1,697 | ||||||
| Textron, Inc. | 27,019 | 1,886 | ||||||
| Trane Technologies PLC | 11,230 | 1,939 | ||||||
| Westinghouse Air Brake Technologies Corp. (b) | 26,024 | 2,244 | ||||||
| 39,590 | ||||||||
| Information Technology (10.3%): | ||||||||
| Booz Allen Hamilton Holding Corp. | 21,148 | 1,678 | ||||||
| Ciena Corp. (a) | 30,193 | 1,551 | ||||||
| Citrix Systems, Inc. | 10,545 | 1,132 | ||||||
| DXC Technology Co. (a) | 58,037 | 1,951 | ||||||
| Flex Ltd. (a) | 99,392 | 1,757 | ||||||
| Hewlett Packard Enterprise Co. | 115,500 | 1,646 | ||||||
| Jabil, Inc. | 29,836 | 1,742 | ||||||
| Juniper Networks, Inc. | 66,608 | 1,833 | ||||||
| Marvell Technology, Inc. | 30,000 | 1,809 | ||||||
| MKS Instruments, Inc. | 9,800 | 1,479 | ||||||
| Motorola Solutions, Inc. | 9,658 | 2,244 | ||||||
| NCR Corp. (a) | 40,000 | 1,550 | ||||||
| ON Semiconductor Corp. (a) | 39,238 | 1,796 | ||||||
| Qorvo, Inc. (a) | 7,251 | 1,212 | ||||||
| Verint Systems, Inc. (a) | 36,200 | 1,621 | ||||||
| Western Digital Corp. (a) | 27,472 | 1,551 | ||||||
| 26,552 | ||||||||
| Materials (7.8%): | ||||||||
| Alcoa Corp. (a) | 38,688 | 1,893 | ||||||
| Arconic Corp. (a) | 57,954 | 1,828 | ||||||
| CF Industries Holdings, Inc. | 46,986 | 2,623 | ||||||
| Cleveland-Cliffs, Inc. (a)(b) | 129,824 | 2,572 | ||||||
| Crown Holdings, Inc. | 19,598 | 1,975 | ||||||
| Martin Marietta Materials, Inc. | 7,353 | 2,512 | ||||||
| Olin Corp. | 39,900 | 1,925 | ||||||
| The Mosaic Co. | 72,781 | 2,600 | ||||||
| Westlake Chemical Corp. | 22,650 | 2,064 | ||||||
| 19,992 | ||||||||
| Real Estate (8.3%): | ||||||||
| Apartment Income REIT Corp. | 52,650 | 2,570 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Integrity Mid-Cap Value Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Duke Realty Corp. | 49,630 | $ | 2,376 | |||||
| Essex Property Trust, Inc. | 8,980 | 2,871 | ||||||
| Healthpeak Properties, Inc. | 35,100 | 1,175 | ||||||
| Host Hotels & Resorts, Inc. (a) | 121,485 | 1,984 | ||||||
| Medical Properties Trust, Inc. | 114,500 | 2,298 | ||||||
| Realty Income Corp. | 26,834 | 1,740 | ||||||
| VICI Properties, Inc. (b) | 78,912 | 2,242 | ||||||
| Welltower, Inc. | 30,050 | 2,476 | ||||||
| Weyerhaeuser Co. | 47,846 | 1,702 | ||||||
| 21,434 | ||||||||
| Utilities (6.4%): | ||||||||
| CenterPoint Energy, Inc. | 90,762 | 2,233 | ||||||
| DTE Energy Co. | 18,320 | 2,046 | ||||||
| Evergy, Inc. | 36,353 | 2,261 | ||||||
| PPL Corp. | 70,346 | 1,961 | ||||||
| Spire, Inc. | 33,053 | 2,022 | ||||||
| UGI Corp. | 36,736 | 1,566 | ||||||
| Vistra Corp. | 118,396 | 2,025 | ||||||
| Xcel Energy, Inc. | 36,563 | 2,285 | ||||||
| 16,399 | ||||||||
| Total Common Stocks (Cost $209,016) | 254,382 | |||||||
| Collateral for Securities Loaned^ (3.0%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 145,523 | 145 | ||||||
| Fidelity Investments Money Market Government Portfolio I Class, 0.01% (c) | 4,312,842 | 4,313 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 72,623 | 73 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 579,075 | 579 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 2,603,632 | 2,604 | ||||||
| Total Collateral for Securities Loaned (Cost $7,714) | 7,714 | |||||||
| Total Investments (Cost $216,730) — 101.7% | 262,096 | |||||||
| Liabilities in excess of other assets — (1.7)% | (4,339 | ) | ||||||
| NET ASSETS - 100.00% | $ | 257,757 | ||||||
| ^ | 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 September 30, 2021. |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | ||
| Victory Integrity Small-Cap Value Fund | September 30, 2021 | ||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | ||
| Security Description | Shares | Value | ||||||
| Common Stocks (96.7%) | ||||||||
| Communication Services (2.7%): | ||||||||
| Cinemark Holdings, Inc. (a)(b) | 672,600 | $ | 12,921 | |||||
| Gray Television, Inc. | 528,000 | 12,049 | ||||||
| Lions Gate Entertainment Corp., Class B (a) | 664,000 | 8,632 | ||||||
| TEGNA, Inc. | 424,000 | 8,361 | ||||||
| The Marcus Corp. (a)(b) | 437,500 | 7,634 | ||||||
| 49,597 | ||||||||
| Consumer Discretionary (9.7%): | ||||||||
| Abercrombie & Fitch Co. (a) | 297,200 | 11,184 | ||||||
| American Axle & Manufacturing Holdings, Inc. (a) | 856,000 | 7,541 | ||||||
| Asbury Automotive Group, Inc. (a) | 52,400 | 10,309 | ||||||
| Bloomin' Brands, Inc. (a) | 552,000 | 13,800 | ||||||
| Brinker International, Inc. (a)(b) | 185,300 | 9,089 | ||||||
| Brunswick Corp. | 114,500 | 10,909 | ||||||
| Century Communities, Inc. | 211,900 | 13,021 | ||||||
| Dana, Inc. (b) | 405,000 | 9,007 | ||||||
| Guess, Inc. (b) | 421,000 | 8,845 | ||||||
| Jack in the Box, Inc. (b) | 131,500 | 12,799 | ||||||
| Macy's, Inc. | 716,200 | 16,186 | ||||||
| Marriott Vacations Worldwide Corp. | 91,300 | 14,364 | ||||||
| Steven Madden Ltd. | 347,800 | 13,968 | ||||||
| Victoria's Secret & Co. (a)(b) | 164,700 | 9,101 | ||||||
| Visteon Corp. (a) | 76,500 | 7,221 | ||||||
| Wolverine World Wide, Inc. | 403,000 | 12,026 | ||||||
| 179,370 | ||||||||
| Consumer Staples (2.5%): | ||||||||
| Coty, Inc., Class A (a) | 1,557,900 | 12,245 | ||||||
| Edgewell Personal Care Co. (b) | 220,000 | 7,986 | ||||||
| Performance Food Group Co. (a) | 318,000 | 14,774 | ||||||
| The Simply Good Foods Co. (a)(b) | 328,000 | 11,313 | ||||||
| 46,318 | ||||||||
| Energy (7.7%): | ||||||||
| Antero Resources Corp. (a) | 1,011,100 | 19,019 | ||||||
| Cactus, Inc., Class A | 389,200 | 14,681 | ||||||
| Chesapeake Energy Corp. (b) | 300,300 | 18,495 | ||||||
| Delek U.S. Holdings, Inc. (b) | 457,700 | 8,225 | ||||||
| Green Plains, Inc. (a) | 600,000 | 19,590 | ||||||
| Ovintiv, Inc. | 560,500 | 18,429 | ||||||
| PDC Energy, Inc. | 395,600 | 18,748 | ||||||
| Whiting Petroleum Corp. (a) | 415,000 | 24,240 | ||||||
| 141,427 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | ||
| Victory Integrity Small-Cap Value Fund | September 30, 2021 | ||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | ||
| Security Description | Shares | Value | ||||||
| Financials (22.5%): | ||||||||
| Ameris Bancorp | 356,000 | $ | 18,469 | |||||
| Assured Guaranty Ltd. | 192,000 | 8,988 | ||||||
| Banc of California, Inc. (b) | 632,900 | 11,702 | ||||||
| Banner Corp. | 285,500 | 15,762 | ||||||
| Blackstone Mortgage Trust, Inc., Class A | 445,000 | 13,492 | ||||||
| Brighthouse Financial, Inc. (a) | 172,900 | 7,820 | ||||||
| Cathay General Bancorp | 214,600 | 8,882 | ||||||
| CNO Financial Group, Inc. | 401,000 | 9,440 | ||||||
| FB Financial Corp. | 348,900 | 14,961 | ||||||
| Federated Hermes, Inc. | 461,000 | 14,982 | ||||||
| First Bancorp/Southern Pines NC | 184,600 | 7,940 | ||||||
| First Merchants Corp. | 401,500 | 16,799 | ||||||
| Hancock Whitney Corp. | 445,000 | 20,968 | ||||||
| Heritage Financial Corp. | 255,000 | 6,503 | ||||||
| Horace Mann Educators Corp. (b) | 180,000 | 7,162 | ||||||
| Investors Bancorp, Inc. | 956,000 | 14,445 | ||||||
| Kinsale Capital Group, Inc. | 44,400 | 7,179 | ||||||
| Ladder Capital Corp. | 845,000 | 9,337 | ||||||
| MGIC Investment Corp. | 970,000 | 14,511 | ||||||
| PacWest Bancorp | 470,000 | 21,300 | ||||||
| Piper Sandler Cos. | 84,000 | 11,631 | ||||||
| Primerica, Inc. | 55,900 | 8,588 | ||||||
| ProAssurance Corp. | 367,200 | 8,732 | ||||||
| Renasant Corp. | 463,700 | 16,716 | ||||||
| RLI Corp. (b) | 93,100 | 9,335 | ||||||
| SouthState Corp. | 271,000 | 20,236 | ||||||
| Starwood Property Trust, Inc. | 394,900 | 9,640 | ||||||
| Stifel Financial Corp. (b) | 162,200 | 11,023 | ||||||
| Synovus Financial Corp. | 467,000 | 20,497 | ||||||
| United Community Banks, Inc. | 559,400 | 18,360 | ||||||
| Veritex Holdings, Inc. | 427,100 | 16,811 | ||||||
| Wintrust Financial Corp. | 169,700 | 13,639 | ||||||
| 415,850 | ||||||||
| Health Care (4.1%): | ||||||||
| Brookdale Senior Living, Inc. (a) | 1,690,900 | 10,653 | ||||||
| CONMED Corp. (b) | 72,000 | 9,420 | ||||||
| Patterson Cos., Inc. | 425,400 | 12,821 | ||||||
| Select Medical Holdings Corp. | 394,000 | 14,251 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 454,900 | 12,132 | ||||||
| Tenet Healthcare Corp. (a)(b) | 247,500 | 16,444 | ||||||
| 75,721 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | ||
| Victory Integrity Small-Cap Value Fund | September 30, 2021 | ||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | ||
| Security Description | Shares | Value | ||||||
| Industrials (19.8%): | ||||||||
| AAR Corp. (a) | 383,500 | $ | 12,437 | |||||
| Altra Industrial Motion Corp. | 256,200 | 14,181 | ||||||
| ArcBest Corp. | 85,600 | 6,999 | ||||||
| Atkore, Inc. (a) | 115,500 | 10,039 | ||||||
| Avis Budget Group, Inc. (a) | 115,500 | 13,457 | ||||||
| AZZ, Inc. | 201,300 | 10,709 | ||||||
| Beacon Roofing Supply, Inc. (a) | 181,000 | 8,645 | ||||||
| Clean Harbors, Inc. (a) | 130,000 | 13,503 | ||||||
| Crane Co. | 135,800 | 12,875 | ||||||
| EMCOR Group, Inc. | 150,500 | 17,365 | ||||||
| EnPro Industries, Inc. | 130,900 | 11,404 | ||||||
| Granite Construction, Inc. (b) | 303,000 | 11,984 | ||||||
| Hub Group, Inc., Class A (a) | 187,100 | 12,863 | ||||||
| Kirby Corp. (a) | 163,000 | 7,817 | ||||||
| Korn Ferry | 204,500 | 14,798 | ||||||
| ManpowerGroup, Inc. | 116,100 | 12,571 | ||||||
| Meritor, Inc. (a) | 487,000 | 10,378 | ||||||
| MRC Global, Inc. (a)(b) | 1,042,000 | 7,648 | ||||||
| nVent Electric PLC | 344,000 | 11,122 | ||||||
| Rexnord Corp. | 330,000 | 21,216 | ||||||
| Ryder System, Inc. | 143,300 | 11,852 | ||||||
| Saia, Inc. (a) | 41,900 | 9,973 | ||||||
| SkyWest, Inc. (a) | 292,800 | 14,447 | ||||||
| Steelcase, Inc., Class A (b) | 808,000 | 10,245 | ||||||
| Terex Corp. | 198,000 | 8,336 | ||||||
| The Greenbrier Cos., Inc. (b) | 211,100 | 9,075 | ||||||
| Triumph Group, Inc. (a)(b) | 637,000 | 11,867 | ||||||
| Univar Solutions, Inc. (a) | 586,400 | 13,968 | ||||||
| Wabash National Corp. (b) | 574,000 | 8,685 | ||||||
| Werner Enterprises, Inc. (b) | 201,300 | 8,912 | ||||||
| WESCO International, Inc. (a) | 146,000 | 16,837 | ||||||
| 366,208 | ||||||||
| Information Technology (7.1%): | ||||||||
| Belden, Inc. | 309,800 | 18,049 | ||||||
| CMC Materials, Inc. | 79,000 | 9,735 | ||||||
| Cohu, Inc. (a) | 375,000 | 11,977 | ||||||
| CommScope Holding Co., Inc. (a) | 628,800 | 8,545 | ||||||
| Conduent, Inc. (a) | 1,260,000 | 8,303 | ||||||
| Diebold Nixdorf, Inc. (a) | 780,000 | 7,886 | ||||||
| Diodes, Inc. (a) | 108,400 | 9,820 | ||||||
| Harmonic, Inc. (a)(b) | 885,500 | 7,748 | ||||||
| Infinera Corp. (a)(b) | 1,134,000 | 9,435 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | ||
| Victory Integrity Small-Cap Value Fund | September 30, 2021 | ||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | ||
| Security Description | Shares | Value | ||||||
| Plexus Corp. (a)(b) | 106,700 | $ | 9,540 | |||||
| TTM Technologies, Inc. (a) | 580,400 | 7,296 | ||||||
| Verint Systems, Inc. (a) | 291,600 | 13,061 | ||||||
| Vishay Intertechnology, Inc. | 519,500 | 10,437 | ||||||
| 131,832 | ||||||||
| Materials (6.5%): | ||||||||
| Alcoa Corp. (a) | 369,900 | 18,103 | ||||||
| Allegheny Technologies, Inc. (a)(b) | 890,100 | 14,802 | ||||||
| Arconic Corp. (a) | 460,000 | 14,508 | ||||||
| Avient Corp. | 388,000 | 17,984 | ||||||
| Olin Corp. | 352,000 | 16,984 | ||||||
| Schnitzer Steel Industries, Inc. | 53,600 | 2,348 | ||||||
| Summit Materials, Inc., Class A (a) | 486,000 | 15,538 | ||||||
| Trinseo SA | 55,000 | 2,969 | ||||||
| Tronox Holdings PLC, Class A | 662,100 | 16,321 | ||||||
| 119,557 | ||||||||
| Real Estate (10.0%): | ||||||||
| Alexander & Baldwin, Inc. | 566,000 | 13,267 | ||||||
| CareTrust REIT, Inc. | 494,000 | 10,038 | ||||||
| DiamondRock Hospitality Co. (a) | 1,548,000 | 14,629 | ||||||
| Easterly Government Properties, Inc. | 601,900 | 12,435 | ||||||
| Essential Properties Realty Trust, Inc. | 498,900 | 13,929 | ||||||
| Hudson Pacific Properties, Inc. | 434,800 | 11,422 | ||||||
| Lexington Realty Trust (b) | 1,363,000 | 17,378 | ||||||
| Mack-Cali Realty Corp. | 725,000 | 12,412 | ||||||
| Physicians Realty Trust | 565,000 | 9,955 | ||||||
| Sabra Health Care REIT, Inc. | 823,000 | 12,115 | ||||||
| SITE Centers Corp. | 1,120,000 | 17,293 | ||||||
| STAG Industrial, Inc. | 523,200 | 20,536 | ||||||
| Summit Hotel Properties, Inc. (a) | 988,000 | 9,514 | ||||||
| Sunstone Hotel Investors, Inc. (a) | 795,200 | 9,495 | ||||||
| 184,418 | ||||||||
| Utilities (4.1%): | ||||||||
| ALLETE, Inc. | 202,200 | 12,035 | ||||||
| Black Hills Corp. | 178,500 | 11,203 | ||||||
| NorthWestern Corp. | 232,500 | 13,322 | ||||||
| ONE Gas, Inc. | 186,600 | 11,825 | ||||||
| Portland General Electric Co. | 281,400 | 13,223 | ||||||
| Spire, Inc. | 229,800 | 14,059 | ||||||
| 75,667 | ||||||||
| Total Common Stocks (Cost $1,324,880) | 1,785,965 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | ||
| Victory Integrity Small-Cap Value Fund | September 30, 2021 | ||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | ||
| Security Description | Shares | Value | ||||||
| Collateral for Securities Loaned^ (3.7%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 1,284,909 | $ | 1,285 | |||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (c) | 38,080,640 | 38,081 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 641,233 | 641 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 5,112,992 | 5,113 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 22,989,010 | 22,989 | ||||||
| Total Collateral for Securities Loaned (Cost $68,109) | 68,109 | |||||||
| Total Investments (Cost $1,392,989) — 100.4% | 1,854,074 | |||||||
| Liabilities in excess of other assets — (0.4)% | (7,371 | ) | ||||||
| NET ASSETS - 100.00% | $ | 1,846,703 | ||||||
| ^ | 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 September 30, 2021. |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (96.8%) | ||||||||
| Communication Services (3.3%): | ||||||||
| Cinemark Holdings, Inc. (a)(b) | 67,900 | $ | 1,304 | |||||
| Liberty Media Group Corp.-Liberty Formula One, Class C (a) | 28,655 | 1,473 | ||||||
| Lions Gate Entertainment Corp., Class B (a) | 82,633 | 1,074 | ||||||
| Nexstar Media Group, Inc., Class A | 11,890 | 1,807 | ||||||
| TEGNA, Inc. | 54,800 | 1,081 | ||||||
| 6,739 | ||||||||
| Consumer Discretionary (11.0%): | ||||||||
| Aramark | 51,101 | 1,679 | ||||||
| Asbury Automotive Group, Inc. (a) | 3,926 | 772 | ||||||
| Bloomin' Brands, Inc. (a) | 45,904 | 1,148 | ||||||
| Brunswick Corp. | 17,650 | 1,682 | ||||||
| Caesars Entertainment, Inc. (a) | 14,360 | 1,612 | ||||||
| Capri Holdings Ltd. (a) | 22,937 | 1,110 | ||||||
| Lear Corp. | 6,700 | 1,048 | ||||||
| Macy's, Inc. | 50,556 | 1,143 | ||||||
| Newell Brands, Inc. | 48,800 | 1,080 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a)(b) | 56,530 | 1,510 | ||||||
| PulteGroup, Inc. | 20,600 | 946 | ||||||
| Ralph Lauren Corp. | 15,210 | 1,689 | ||||||
| Steven Madden Ltd. | 31,944 | 1,283 | ||||||
| The Gap, Inc. | 40,079 | 910 | ||||||
| Travel + Leisure Co. | 30,100 | 1,641 | ||||||
| Victoria's Secret & Co. (a) | 18,458 | 1,020 | ||||||
| Visteon Corp. (a) | 10,400 | 982 | ||||||
| Wolverine World Wide, Inc. | 40,100 | 1,197 | ||||||
| 22,452 | ||||||||
| Consumer Staples (2.6%): | ||||||||
| Coty, Inc., Class A (a) | 161,150 | 1,267 | ||||||
| Edgewell Personal Care Co. | 19,300 | 700 | ||||||
| Lamb Weston Holdings, Inc. | 20,300 | 1,246 | ||||||
| Molson Coors Beverage Co., Class B | 15,570 | 722 | ||||||
| Performance Food Group Co. (a) | 32,000 | 1,487 | ||||||
| 5,422 | ||||||||
| Energy (6.4%): | ||||||||
| Cactus, Inc., Class A (b) | 35,477 | 1,338 | ||||||
| Cimarex Energy Co. | 24,530 | 2,139 | ||||||
| Devon Energy Corp. | 58,751 | 2,086 | ||||||
| Diamondback Energy, Inc. | 19,850 | 1,879 | ||||||
| Green Plains, Inc. (a) | 56,958 | 1,860 | ||||||
| PDC Energy, Inc. | 43,834 | 2,077 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Whiting Petroleum Corp. (a) | 30,430 | $ | 1,778 | |||||
| 13,157 | ||||||||
| Financials (19.3%): | ||||||||
| Ally Financial, Inc. | 29,810 | 1,522 | ||||||
| American Financial Group, Inc. | 13,317 | 1,676 | ||||||
| Assurant, Inc. | 10,950 | 1,727 | ||||||
| Assured Guaranty Ltd. | 21,900 | 1,025 | ||||||
| Blackstone Mortgage Trust, Inc., Class A | 48,910 | 1,483 | ||||||
| CIT Group, Inc. | 27,110 | 1,408 | ||||||
| Comerica, Inc. | 31,586 | 2,543 | ||||||
| East West Bancorp, Inc. | 24,539 | 1,903 | ||||||
| Hancock Whitney Corp. | 51,810 | 2,441 | ||||||
| Invesco Ltd. | 73,000 | 1,760 | ||||||
| Investors Bancorp, Inc. | 108,000 | 1,632 | ||||||
| Kinsale Capital Group, Inc. | 4,850 | 784 | ||||||
| Lincoln National Corp. | 12,750 | 877 | ||||||
| LPL Financial Holdings, Inc. | 12,990 | 2,036 | ||||||
| MGIC Investment Corp. | 97,950 | 1,465 | ||||||
| PacWest Bancorp | 53,350 | 2,418 | ||||||
| People's United Financial, Inc. | 92,600 | 1,618 | ||||||
| Primerica, Inc. | 8,950 | 1,375 | ||||||
| Reinsurance Group of America, Inc. | 9,015 | 1,003 | ||||||
| SouthState Corp. | 27,100 | 2,023 | ||||||
| Stifel Financial Corp. (b) | 25,145 | 1,709 | ||||||
| Synovus Financial Corp. | 49,008 | 2,151 | ||||||
| The Hanover Insurance Group, Inc. | 9,770 | 1,266 | ||||||
| Voya Financial, Inc. | 25,600 | 1,572 | ||||||
| 39,417 | ||||||||
| Health Care (4.3%): | ||||||||
| Encompass Health Corp. | 26,190 | 1,965 | ||||||
| Jazz Pharmaceuticals PLC (a) | 10,735 | 1,398 | ||||||
| Organon & Co. | 58,369 | 1,914 | ||||||
| Perrigo Co. PLC | 40,772 | 1,930 | ||||||
| Select Medical Holdings Corp. | 43,200 | 1,562 | ||||||
| 8,769 | ||||||||
| Industrials (21.2%): | ||||||||
| AGCO Corp. | 11,413 | 1,398 | ||||||
| Alaska Air Group, Inc. (a) | 13,119 | 769 | ||||||
| Altra Industrial Motion Corp. | 22,950 | 1,270 | ||||||
| Atkore, Inc. (a) | 12,520 | 1,088 | ||||||
| Avis Budget Group, Inc. (a) | 12,070 | 1,406 | ||||||
| Beacon Roofing Supply, Inc. (a) | 18,186 | 869 | ||||||
| Carlisle Cos., Inc. | 8,520 | 1,694 | ||||||
| Clean Harbors, Inc. (a) | 14,915 | 1,549 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Crane Co. | 15,172 | $ | 1,439 | |||||
| EMCOR Group, Inc. | 13,563 | 1,565 | ||||||
| EnPro Industries, Inc. | 12,280 | 1,070 | ||||||
| Granite Construction, Inc. | 27,537 | 1,089 | ||||||
| Howmet Aerospace, Inc. | 52,300 | 1,632 | ||||||
| ITT, Inc. | 18,142 | 1,557 | ||||||
| Kirby Corp. (a) | 20,420 | 979 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 20,859 | 1,067 | ||||||
| Korn Ferry | 18,118 | 1,311 | ||||||
| ManpowerGroup, Inc. | 13,470 | 1,459 | ||||||
| Meritor, Inc. (a) | 49,500 | 1,055 | ||||||
| MRC Global, Inc. (a) | 100,612 | 739 | ||||||
| nVent Electric PLC | 42,140 | 1,362 | ||||||
| Oshkosh Corp. | 12,777 | 1,308 | ||||||
| Quanta Services, Inc. | 18,547 | 2,111 | ||||||
| Rexnord Corp. | 26,710 | 1,717 | ||||||
| Ryder System, Inc. | 17,275 | 1,429 | ||||||
| Saia, Inc. (a) | 6,240 | 1,485 | ||||||
| SkyWest, Inc. (a) | 24,900 | 1,229 | ||||||
| Spirit AeroSystems Holdings, Inc., Class A | 30,250 | 1,337 | ||||||
| Steelcase, Inc., Class A (b) | 74,780 | 948 | ||||||
| Textron, Inc. | 24,800 | 1,731 | ||||||
| Trinity Industries, Inc. | 28,300 | 769 | ||||||
| Univar Solutions, Inc. (a) | 65,400 | 1,558 | ||||||
| Westinghouse Air Brake Technologies Corp. | 15,432 | 1,330 | ||||||
| 43,319 | ||||||||
| Information Technology (8.1%): | ||||||||
| Belden, Inc. | 30,310 | 1,766 | ||||||
| Ciena Corp. (a) | 31,300 | 1,607 | ||||||
| Conduent, Inc. (a) | 127,100 | 838 | ||||||
| Diodes, Inc. (a) | 11,474 | 1,039 | ||||||
| Euronet Worldwide, Inc. (a) | 12,100 | 1,540 | ||||||
| Flex Ltd. (a) | 71,400 | 1,262 | ||||||
| Infinera Corp. (a) | 125,800 | 1,047 | ||||||
| Jabil, Inc. | 22,000 | 1,284 | ||||||
| MKS Instruments, Inc. | 7,720 | 1,165 | ||||||
| NCR Corp. (a) | 27,800 | 1,078 | ||||||
| ON Semiconductor Corp. (a) | 36,200 | 1,657 | ||||||
| Verint Systems, Inc. (a) | 31,112 | 1,394 | ||||||
| Vishay Intertechnology, Inc. | 47,050 | 945 | ||||||
| 16,622 | ||||||||
| Materials (7.7%): | ||||||||
| Alcoa Corp. (a) | 41,085 | 2,011 | ||||||
| Allegheny Technologies, Inc. (a) | 73,050 | 1,215 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Arconic Corp. (a) | 46,680 | $ | 1,472 | |||||
| CF Industries Holdings, Inc. | 31,330 | 1,749 | ||||||
| Cleveland-Cliffs, Inc. (a)(b) | 102,832 | 2,037 | ||||||
| Olin Corp. | 42,970 | 2,073 | ||||||
| Summit Materials, Inc., Class A (a)(b) | 47,972 | 1,534 | ||||||
| The Mosaic Co. | 57,115 | 2,040 | ||||||
| Westlake Chemical Corp. | 17,310 | 1,577 | ||||||
| 15,708 | ||||||||
| Real Estate (9.7%): | ||||||||
| Apartment Income REIT Corp. | 41,600 | 2,030 | ||||||
| DiamondRock Hospitality Co. (a) | 158,000 | 1,493 | ||||||
| Federal Realty Investment Trust | 14,800 | 1,746 | ||||||
| First Industrial Realty Trust, Inc. | 29,374 | 1,530 | ||||||
| Gaming and Leisure Properties, Inc. | 38,979 | 1,806 | ||||||
| Highwoods Properties, Inc. | 41,700 | 1,829 | ||||||
| Hudson Pacific Properties, Inc. (b) | 54,500 | 1,432 | ||||||
| Mack-Cali Realty Corp. | 64,449 | 1,103 | ||||||
| Medical Properties Trust, Inc. | 90,040 | 1,807 | ||||||
| SITE Centers Corp. | 107,300 | 1,657 | ||||||
| STORE Capital Corp. | 38,195 | 1,223 | ||||||
| VICI Properties, Inc. (b) | 75,506 | 2,145 | ||||||
| 19,801 | ||||||||
| Utilities (3.2%): | ||||||||
| ALLETE, Inc. | 27,432 | 1,633 | ||||||
| Spire, Inc. | 30,661 | 1,876 | ||||||
| UGI Corp. | 37,824 | 1,612 | ||||||
| Vistra Corp. | 85,200 | 1,457 | ||||||
| 6,578 | ||||||||
| Total Common Stocks (Cost $154,383) | 197,984 | |||||||
| Collateral for Securities Loaned^ (4.8%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 186,582 | 187 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (c) | 5,529,710 | 5,530 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 93,114 | 93 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 742,460 | 742 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 3,338,246 | 3,338 | ||||||
| Total Collateral for Securities Loaned (Cost $9,890) | 9,890 | |||||||
| Total Investments (Cost $164,273) — 101.6% | 207,874 | |||||||
| Liabilities in excess of other assets — (1.6)% | (3,294 | ) | ||||||
| NET ASSETS - 100.00% | $ | 204,580 | ||||||
| ^ | 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 September 30, 2021. |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Munder Multi-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (95.5%) | ||||||||
| Communication Services (8.2%): | ||||||||
| Alphabet, Inc., Class A (a) | 5,393 | $ | 14,418 | |||||
| Charter Communications, Inc., Class A (a) | 5,800 | 4,220 | ||||||
| Facebook, Inc., Class A (a) | 28,100 | 9,537 | ||||||
| Iridium Communications, Inc. (a) | 49,700 | 1,981 | ||||||
| Nexstar Media Group, Inc., Class A | 42,100 | 6,397 | ||||||
| 36,553 | ||||||||
| Consumer Discretionary (13.1%): | ||||||||
| Amazon.com, Inc. (a) | 4,210 | 13,830 | ||||||
| Asbury Automotive Group, Inc. (a) | 36,000 | 7,083 | ||||||
| Brunswick Corp. | 54,600 | 5,202 | ||||||
| D.R. Horton, Inc. | 44,000 | 3,695 | ||||||
| Group 1 Automotive, Inc. | 37,600 | 7,064 | ||||||
| LCI Industries | 39,900 | 5,372 | ||||||
| Lowe's Cos., Inc. | 11,000 | 2,231 | ||||||
| Meritage Homes Corp. (a) | 54,300 | 5,267 | ||||||
| Rent-A-Center, Inc. | 110,700 | 6,222 | ||||||
| Tesla, Inc. (a) | 2,700 | 2,094 | ||||||
| 58,060 | ||||||||
| Consumer Staples (4.8%): | ||||||||
| BJ's Wholesale Club Holdings, Inc. (a)(b) | 94,100 | 5,168 | ||||||
| Darling Ingredients, Inc. (a) | 35,700 | 2,567 | ||||||
| PepsiCo, Inc. | 31,300 | 4,708 | ||||||
| Performance Food Group Co. (a) | 70,200 | 3,261 | ||||||
| Philip Morris International, Inc. | 60,400 | 5,725 | ||||||
| 21,429 | ||||||||
| Energy (4.5%): | ||||||||
| Chevron Corp. | 61,010 | 6,190 | ||||||
| Matador Resources Co. | 117,300 | 4,462 | ||||||
| Pioneer Natural Resources Co. | 28,600 | 4,762 | ||||||
| Valero Energy Corp. | 63,200 | 4,460 | ||||||
| 19,874 | ||||||||
| Financials (13.2%): | ||||||||
| Ally Financial, Inc. | 119,500 | 6,101 | ||||||
| Ameriprise Financial, Inc. | 11,500 | 3,037 | ||||||
| Bank of America Corp. | 154,700 | 6,567 | ||||||
| Chubb Ltd. | 15,300 | 2,654 | ||||||
| JPMorgan Chase & Co. | 54,100 | 8,856 | ||||||
| Morgan Stanley | 59,600 | 5,800 | ||||||
| Primerica, Inc. (b) | 36,900 | 5,669 | ||||||
| ServisFirst Bancshares, Inc. | 45,900 | 3,571 | ||||||
| Signature Bank | 16,800 | 4,574 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Multi-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| T. Rowe Price Group, Inc. | 23,500 | $ | 4,622 | |||||
| Western Alliance Bancorp | 64,800 | 7,052 | ||||||
| 58,503 | ||||||||
| Health Care (10.3%): | ||||||||
| AbbVie, Inc. | 66,650 | 7,190 | ||||||
| AmerisourceBergen Corp. | 22,100 | 2,640 | ||||||
| ICON PLC (a) | 22,100 | 5,791 | ||||||
| Insulet Corp. (a) | 8,000 | 2,274 | ||||||
| McKesson Corp. | 30,200 | 6,021 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 12,400 | 7,504 | ||||||
| Stryker Corp. | 22,900 | 6,039 | ||||||
| Thermo Fisher Scientific, Inc. | 7,800 | 4,456 | ||||||
| UnitedHealth Group, Inc. | 9,025 | 3,526 | ||||||
| 45,441 | ||||||||
| Industrials (10.8%): | ||||||||
| Builders FirstSource, Inc. (a) | 111,200 | 5,754 | ||||||
| Chart Industries, Inc. (a) | 16,500 | 3,153 | ||||||
| GXO Logistics, Inc. (a) | 38,000 | 2,981 | ||||||
| Marten Transport Ltd. | 274,600 | 4,308 | ||||||
| Old Dominion Freight Line, Inc. | 19,800 | 5,662 | ||||||
| Parker-Hannifin Corp. | 14,100 | 3,943 | ||||||
| Patrick Industries, Inc. | 62,400 | 5,198 | ||||||
| Saia, Inc. (a) | 18,300 | 4,356 | ||||||
| Trex Co., Inc. (a) | 40,900 | 4,169 | ||||||
| UFP Industries, Inc. | 81,600 | 5,547 | ||||||
| XPO Logistics, Inc. (a) | 38,000 | 3,024 | ||||||
| 48,095 | ||||||||
| Information Technology (24.5%): | ||||||||
| Adobe, Inc. (a) | 3,600 | 2,073 | ||||||
| Advanced Micro Devices, Inc. (a) | 72,900 | 7,501 | ||||||
| Apple, Inc. | 179,780 | 25,439 | ||||||
| Applied Materials, Inc. | 40,400 | 5,201 | ||||||
| Broadcom, Inc. | 14,500 | 7,032 | ||||||
| Cadence Design Systems, Inc. (a) | 29,300 | 4,437 | ||||||
| EPAM Systems, Inc. (a) | 9,500 | 5,420 | ||||||
| Fabrinet (a) | 33,600 | 3,444 | ||||||
| Lam Research Corp. | 9,100 | 5,179 | ||||||
| Lumentum Holdings, Inc. (a) | 29,500 | 2,464 | ||||||
| Microsoft Corp. | 89,360 | 25,192 | ||||||
| NVIDIA Corp. | 50,100 | 10,379 | ||||||
| Qorvo, Inc. (a) | 30,200 | 5,049 | ||||||
| 108,810 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Multi-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (4.1%): | ||||||||
| Avery Dennison Corp. | 21,300 | $ | 4,414 | |||||
| Dow, Inc. | 61,900 | 3,563 | ||||||
| Summit Materials, Inc., Class A (a) | 174,300 | 5,572 | ||||||
| Valvoline, Inc. | 143,300 | 4,468 | ||||||
| 18,017 | ||||||||
| Real Estate (2.0%): | ||||||||
| American Tower Corp. | 12,800 | 3,397 | ||||||
| CBRE Group, Inc., Class A (a) | 27,400 | 2,668 | ||||||
| Simon Property Group, Inc. | 20,400 | 2,651 | ||||||
| 8,716 | ||||||||
| Total Common Stocks (Cost $283,885) | 423,498 | |||||||
| Exchange-Traded Funds (3.0%) | ||||||||
| iShares Russell 3000 ETF (b) | 52,100 | 13,278 | ||||||
| Total Exchange-Traded Funds (Cost $12,715) | 13,278 | |||||||
| Collateral for Securities Loaned^ (2.3%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 195,802 | 196 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (c) | 5,802,951 | 5,803 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 97,715 | 98 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 779,148 | 779 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 3,503,200 | 3,503 | ||||||
| Total Collateral for Securities Loaned (Cost $10,379) | 10,379 | |||||||
| Total Investments (Cost $306,979) — 100.8% | 447,155 | |||||||
| Liabilities in excess of other assets — (0.8)% | (3,655 | ) | ||||||
| NET ASSETS - 100.00% | $ | 443,500 | ||||||
| ^ | 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 September 30, 2021. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (99.7%) | ||||||||
| Communication Services (11.3%): | ||||||||
| Activision Blizzard, Inc. | 5,642 | $ | 437 | |||||
| Alphabet, Inc., Class A (a) | 2,184 | 5,839 | ||||||
| Alphabet, Inc., Class C (a) | 2,044 | 5,448 | ||||||
| AT&T, Inc. | 51,795 | 1,399 | ||||||
| Charter Communications, Inc., Class A (a) | 920 | 669 | ||||||
| Comcast Corp., Class A | 33,226 | 1,858 | ||||||
| Discovery, Inc., Class A (a)(b) | 1,227 | 31 | ||||||
| Discovery, Inc., Class C (a)(b) | 2,203 | 53 | ||||||
| DISH Network Corp., Class A (a) | 1,806 | 78 | ||||||
| Electronic Arts, Inc. | 2,064 | 294 | ||||||
| Facebook, Inc., Class A (a) | 17,293 | 5,869 | ||||||
| Fox Corp., Class A | 2,346 | 94 | ||||||
| Fox Corp., Class B | 1,076 | 40 | ||||||
| Live Nation Entertainment, Inc. (a) | 956 | 87 | ||||||
| Lumen Technologies, Inc. | 7,216 | 89 | ||||||
| Match Group, Inc. (a) | 2,008 | 315 | ||||||
| Netflix, Inc. (a) | 3,211 | 1,960 | ||||||
| News Corp., Class A | 2,838 | 67 | ||||||
| News Corp., Class B | 883 | 20 | ||||||
| Omnicom Group, Inc. | 1,555 | 113 | ||||||
| Take-Two Interactive Software, Inc. (a) | 845 | 130 | ||||||
| The Interpublic Group of Cos., Inc. | 2,855 | 105 | ||||||
| The Walt Disney Co. (a) | 13,182 | 2,230 | ||||||
| T-Mobile U.S., Inc. (a) | 4,255 | 544 | ||||||
| Twitter, Inc. (a) | 5,789 | 350 | ||||||
| Verizon Communications, Inc. | 30,033 | 1,622 | ||||||
| ViacomCBS, Inc., Class B | 4,395 | 174 | ||||||
| 29,915 | ||||||||
| Communications Equipment (0.8%): | ||||||||
| Arista Networks, Inc. (a) | 406 | 140 | ||||||
| Cisco Systems, Inc. | 30,571 | 1,664 | ||||||
| F5 Networks, Inc. (a)(b) | 438 | 87 | ||||||
| Juniper Networks, Inc. | 2,359 | 65 | ||||||
| Motorola Solutions, Inc. | 1,228 | 285 | ||||||
| 2,241 | ||||||||
| Consumer Discretionary (12.3%): | ||||||||
| Advance Auto Parts, Inc. | 475 | 99 | ||||||
| Amazon.com, Inc. (a) | 3,159 | 10,377 | ||||||
| Aptiv PLC (a) | 1,962 | 292 | ||||||
| AutoZone, Inc. (a) | 156 | 265 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Bath & Body Works, Inc. | 1,921 | $ | 121 | |||||
| Best Buy Co., Inc. | 1,635 | 173 | ||||||
| Booking Holdings, Inc. (a) | 298 | 707 | ||||||
| BorgWarner, Inc. | 1,739 | 75 | ||||||
| Caesars Entertainment, Inc. (a) | 1,548 | 174 | ||||||
| CarMax, Inc. (a) | 1,182 | 151 | ||||||
| Carnival Corp. (a) | 5,793 | 145 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 204 | 371 | ||||||
| D.R. Horton, Inc. | 2,364 | 199 | ||||||
| Darden Restaurants, Inc. | 945 | 143 | ||||||
| Dollar General Corp. | 1,713 | 363 | ||||||
| Dollar Tree, Inc. (a) | 1,683 | 161 | ||||||
| Domino's Pizza, Inc. | 267 | 127 | ||||||
| eBay, Inc. | 4,716 | 329 | ||||||
| Etsy, Inc. (a) | 918 | 191 | ||||||
| Expedia Group, Inc. (a) | 1,054 | 173 | ||||||
| Ford Motor Co. (a) | 28,465 | 403 | ||||||
| Garmin Ltd. | 1,102 | 171 | ||||||
| General Motors Co. (a) | 10,531 | 555 | ||||||
| Genuine Parts Co. | 1,039 | 126 | ||||||
| Hanesbrands, Inc. | 2,533 | 43 | ||||||
| Hasbro, Inc. | 939 | 84 | ||||||
| Hilton Worldwide Holdings, Inc. (a) | 2,022 | 267 | ||||||
| Las Vegas Sands Corp. (a)(c) | 2,494 | 91 | ||||||
| Leggett & Platt, Inc. | 967 | 43 | ||||||
| Lennar Corp., Class A | 1,993 | 187 | ||||||
| LKQ Corp. (a) | 1,961 | 99 | ||||||
| Lowe's Cos., Inc. | 5,128 | 1,040 | ||||||
| Marriott International, Inc., Class A (a) | 1,984 | 294 | ||||||
| McDonald's Corp. | 5,417 | 1,306 | ||||||
| MGM Resorts International | 2,901 | 125 | ||||||
| Mohawk Industries, Inc. (a) | 406 | 72 | ||||||
| Newell Brands, Inc. | 2,746 | 61 | ||||||
| NIKE, Inc., Class B | 9,272 | 1,347 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a)(b) | 2,684 | 72 | ||||||
| NVR, Inc. (a) | 24 | 115 | ||||||
| O'Reilly Automotive, Inc. (a) | 500 | 306 | ||||||
| Penn National Gaming, Inc. (a)(b) | 1,137 | 82 | ||||||
| Pool Corp. | 291 | 126 | ||||||
| PulteGroup, Inc. | 1,883 | 87 | ||||||
| PVH Corp. (a) | 518 | 53 | ||||||
| Ralph Lauren Corp. | 353 | 39 | ||||||
| Ross Stores, Inc. | 2,591 | 282 | ||||||
| Royal Caribbean Cruises Ltd. (a) | 1,626 | 145 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Starbucks Corp. | 8,553 | $ | 944 | |||||
| Tapestry, Inc. | 2,023 | 75 | ||||||
| Target Corp. (c) | 3,589 | 821 | ||||||
| Tesla, Inc. (a) | 5,886 | 4,565 | ||||||
| The Gap, Inc. | 1,561 | 35 | ||||||
| The Home Depot, Inc. | 7,713 | 2,532 | ||||||
| The TJX Cos., Inc. | 8,752 | 577 | ||||||
| Tractor Supply Co. | 829 | 168 | ||||||
| Ulta Beauty, Inc. (a) | 397 | 143 | ||||||
| Under Armour, Inc., Class A (a) | 1,368 | 28 | ||||||
| Under Armour, Inc., Class C (a) | 1,512 | 27 | ||||||
| VF Corp. | 2,364 | 158 | ||||||
| Whirlpool Corp. | 455 | 93 | ||||||
| Wynn Resorts Ltd. (a)(b) | 764 | 65 | ||||||
| Yum! Brands, Inc. | 2,145 | 262 | ||||||
| 32,750 | ||||||||
| Consumer Staples (5.8%): | ||||||||
| Altria Group, Inc. | 13,377 | 609 | ||||||
| Archer-Daniels-Midland Co. | 4,058 | 243 | ||||||
| Brown-Forman Corp., Class B | 1,325 | 89 | ||||||
| Campbell Soup Co. | 1,473 | 62 | ||||||
| Church & Dwight Co., Inc. | 1,781 | 147 | ||||||
| Colgate-Palmolive Co. | 6,119 | 462 | ||||||
| Conagra Brands, Inc. (b) | 3,484 | 118 | ||||||
| Constellation Brands, Inc., Class A | 1,221 | 257 | ||||||
| Costco Wholesale Corp. | 3,207 | 1,441 | ||||||
| General Mills, Inc. | 4,398 | 263 | ||||||
| Hormel Foods Corp. | 2,045 | 84 | ||||||
| Kellogg Co. (b) | 1,855 | 119 | ||||||
| Kimberly-Clark Corp. | 2,443 | 324 | ||||||
| Lamb Weston Holdings, Inc. | 1,053 | 65 | ||||||
| McCormick & Co., Inc. | 1,808 | 146 | ||||||
| Molson Coors Beverage Co., Class B | 1,367 | 63 | ||||||
| Mondelez International, Inc., Class A | 10,140 | 590 | ||||||
| Monster Beverage Corp. (a) | 2,724 | 242 | ||||||
| PepsiCo, Inc. | 10,026 | 1,508 | ||||||
| Philip Morris International, Inc. | 11,306 | 1,072 | ||||||
| Sysco Corp. | 3,711 | 291 | ||||||
| The Clorox Co. | 891 | 148 | ||||||
| The Coca-Cola Co. | 28,182 | 1,479 | ||||||
| The Estee Lauder Cos., Inc. | 1,682 | 504 | ||||||
| The Hershey Co. | 1,055 | 179 | ||||||
| The J.M. Smucker Co. (b) | 786 | 94 | ||||||
| The Kraft Heinz Co. | 4,881 | 180 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| The Kroger Co. | 4,933 | $ | 199 | |||||
| The Procter & Gamble Co. | 17,609 | 2,462 | ||||||
| Tyson Foods, Inc., Class A | 2,139 | 169 | ||||||
| Walgreens Boots Alliance, Inc. | 5,208 | 245 | ||||||
| Walmart, Inc. | 10,367 | 1,445 | ||||||
| 15,299 | ||||||||
| Electronic Equipment, Instruments & Components (0.6%): | ||||||||
| Amphenol Corp., Class A | 4,339 | 318 | ||||||
| CDW Corp. | 997 | 182 | ||||||
| Corning, Inc. | 5,576 | 204 | ||||||
| IPG Photonics Corp. (a) | 260 | 41 | ||||||
| Keysight Technologies, Inc. (a) | 1,336 | 220 | ||||||
| TE Connectivity Ltd. | 2,379 | 326 | ||||||
| Trimble, Inc. (a) | 1,825 | 150 | ||||||
| Zebra Technologies Corp. (a) | 387 | 199 | ||||||
| 1,640 | ||||||||
| Energy (2.7%): | ||||||||
| APA Corp. | 2,742 | 59 | ||||||
| Baker Hughes Co. | 6,010 | 149 | ||||||
| Cabot Oil & Gas Corp. (b) | 2,899 | 63 | ||||||
| Chevron Corp. | 14,029 | 1,423 | ||||||
| ConocoPhillips | 9,714 | 658 | ||||||
| Devon Energy Corp. | 4,567 | 162 | ||||||
| Diamondback Energy, Inc. | 1,235 | 117 | ||||||
| EOG Resources, Inc. | 4,235 | 340 | ||||||
| Exxon Mobil Corp. | 30,711 | 1,806 | ||||||
| Halliburton Co. | 6,460 | 140 | ||||||
| Hess Corp. | 1,999 | 156 | ||||||
| Kinder Morgan, Inc. | 14,140 | 237 | ||||||
| Marathon Oil Corp. | 5,719 | 78 | ||||||
| Marathon Petroleum Corp. | 4,630 | 286 | ||||||
| Occidental Petroleum Corp. | 6,435 | 190 | ||||||
| ONEOK, Inc. | 3,233 | 187 | ||||||
| Phillips 66 | 3,177 | 223 | ||||||
| Pioneer Natural Resources Co. | 1,646 | 274 | ||||||
| Schlumberger NV | 10,145 | 301 | ||||||
| The Williams Cos., Inc. | 8,814 | 229 | ||||||
| Valero Energy Corp. | 2,966 | 209 | ||||||
| 7,287 | ||||||||
| Financials (11.4%): | ||||||||
| Aflac, Inc. | 4,476 | 233 | ||||||
| American Express Co. | 4,668 | 782 | ||||||
| American International Group, Inc. | 6,204 | 341 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Ameriprise Financial, Inc. | 825 | $ | 218 | |||||
| Aon PLC, Class A | 1,638 | 468 | ||||||
| Arthur J. Gallagher & Co. | 1,500 | 223 | ||||||
| Assurant, Inc. | 427 | 67 | ||||||
| Bank of America Corp. | 53,718 | 2,280 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 13,447 | 3,670 | ||||||
| BlackRock, Inc. | 1,038 | 871 | ||||||
| Brown & Brown, Inc. | 1,696 | 94 | ||||||
| Capital One Financial Corp. | 3,236 | 524 | ||||||
| Cboe Global Markets, Inc. | 773 | 96 | ||||||
| Chubb Ltd. | 3,183 | 552 | ||||||
| Cincinnati Financial Corp. | 1,087 | 124 | ||||||
| Citigroup, Inc. | 14,703 | 1,032 | ||||||
| Citizens Financial Group, Inc. | 3,091 | 145 | ||||||
| CME Group, Inc. | 2,605 | 504 | ||||||
| Comerica, Inc. | 972 | 78 | ||||||
| Discover Financial Services | 2,172 | 267 | ||||||
| Everest Re Group Ltd. | 289 | 72 | ||||||
| Fifth Third Bancorp | 5,011 | 213 | ||||||
| First Republic Bank | 1,279 | 247 | ||||||
| Franklin Resources, Inc. | 2,043 | 61 | ||||||
| Globe Life, Inc. | 679 | 60 | ||||||
| Huntington Bancshares, Inc. | 10,711 | 166 | ||||||
| Intercontinental Exchange, Inc. | 4,085 | 469 | ||||||
| Invesco Ltd. | 2,477 | 60 | ||||||
| JPMorgan Chase & Co. | 21,677 | 3,548 | ||||||
| KeyCorp | 6,938 | 150 | ||||||
| Lincoln National Corp. | 1,281 | 88 | ||||||
| Loews Corp. | 1,474 | 79 | ||||||
| M&T Bank Corp. | 933 | 139 | ||||||
| MarketAxess Holdings, Inc. | 276 | 116 | ||||||
| Marsh & McLennan Cos., Inc. | 3,675 | 556 | ||||||
| MetLife, Inc. | 5,284 | 326 | ||||||
| Moody's Corp. | 1,175 | 417 | ||||||
| Morgan Stanley | 10,589 | 1,030 | ||||||
| MSCI, Inc. | 598 | 364 | ||||||
| Nasdaq, Inc. | 849 | 164 | ||||||
| Northern Trust Corp. | 1,512 | 163 | ||||||
| People's United Financial, Inc. | 3,104 | 54 | ||||||
| Principal Financial Group, Inc. | 1,811 | 117 | ||||||
| Prudential Financial, Inc. | 2,806 | 295 | ||||||
| Raymond James Financial, Inc. | 1,344 | 124 | ||||||
| Regions Financial Corp. | 6,924 | 148 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| S&P Global, Inc. | 1,748 | $ | 743 | |||||
| State Street Corp. | 2,652 | 225 | ||||||
| SVB Financial Group (a) | 426 | 276 | ||||||
| Synchrony Financial | 4,133 | 202 | ||||||
| T. Rowe Price Group, Inc. | 1,646 | 324 | ||||||
| The Allstate Corp. | 2,145 | 273 | ||||||
| The Bank of New York Mellon Corp. | 5,761 | 299 | ||||||
| The Charles Schwab Corp. | 10,890 | 793 | ||||||
| The Goldman Sachs Group, Inc. | 2,445 | 924 | ||||||
| The Hartford Financial Services Group, Inc. | 2,519 | 177 | ||||||
| The PNC Financial Services Group, Inc. | 3,083 | 603 | ||||||
| The Progressive Corp. | 4,245 | 384 | ||||||
| The Travelers Cos., Inc. | 1,810 | 275 | ||||||
| Truist Financial Corp. | 9,683 | 568 | ||||||
| U.S. Bancorp | 9,787 | 582 | ||||||
| W.R. Berkley Corp. | 1,017 | 74 | ||||||
| Wells Fargo & Co. | 29,789 | 1,383 | ||||||
| Willis Towers Watson PLC | 936 | 218 | ||||||
| Zions Bancorp NA | 1,176 | 73 | ||||||
| 30,191 | ||||||||
| Health Care (13.2%): | ||||||||
| Abbott Laboratories | 12,860 | 1,519 | ||||||
| AbbVie, Inc. | 12,819 | 1,383 | ||||||
| ABIOMED, Inc. (a) | 329 | 107 | ||||||
| Agilent Technologies, Inc. | 2,201 | 347 | ||||||
| Align Technology, Inc. (a) | 533 | 355 | ||||||
| AmerisourceBergen Corp. | 1,085 | 130 | ||||||
| Amgen, Inc. | 4,119 | 876 | ||||||
| Anthem, Inc. | 1,769 | 659 | ||||||
| Baxter International, Inc. | 3,626 | 292 | ||||||
| Becton, Dickinson & Co. | 2,083 | 512 | ||||||
| Biogen, Inc. (a) | 1,081 | 306 | ||||||
| Bio-Rad Laboratories, Inc., Class A (a) | 156 | 116 | ||||||
| Bio-Techne Corp. | 282 | 137 | ||||||
| Boston Scientific Corp. (a) | 10,329 | 448 | ||||||
| Bristol-Myers Squibb Co. | 16,120 | 954 | ||||||
| Cardinal Health, Inc. | 2,105 | 104 | ||||||
| Catalent, Inc. (a) | 1,236 | 164 | ||||||
| Centene Corp. (a) | 4,230 | 264 | ||||||
| Cerner Corp. | 2,144 | 151 | ||||||
| Charles River Laboratories International, Inc. (a) | 366 | 151 | ||||||
| Cigna Corp. | 2,467 | 494 | ||||||
| CVS Health Corp. | 9,572 | 812 | ||||||
| Danaher Corp. | 4,609 | 1,403 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| DaVita, Inc. (a) | 487 | $ | 57 | |||||
| DENTSPLY SIRONA, Inc. | 1,585 | 92 | ||||||
| DexCom, Inc. (a) | 702 | 384 | ||||||
| Edwards Lifesciences Corp. (a) | 4,522 | 512 | ||||||
| Eli Lilly & Co. | 5,760 | 1,331 | ||||||
| Gilead Sciences, Inc. (c) | 9,095 | 635 | ||||||
| HCA Healthcare, Inc. | 1,788 | 434 | ||||||
| Henry Schein, Inc. (a) | 1,013 | 77 | ||||||
| Hologic, Inc. (a) | 1,839 | 136 | ||||||
| Humana, Inc. | 932 | 363 | ||||||
| IDEXX Laboratories, Inc. (a) | 617 | 384 | ||||||
| Illumina, Inc. (a) | 1,064 | 432 | ||||||
| Incyte Corp. (a) | 1,362 | 94 | ||||||
| Intuitive Surgical, Inc. (a) | 863 | 858 | ||||||
| IQVIA Holdings, Inc. (a) | 1,390 | 333 | ||||||
| Johnson & Johnson (c) | 19,097 | 3,084 | ||||||
| Laboratory Corp. of America Holdings (a) | 701 | 197 | ||||||
| McKesson Corp. | 1,122 | 224 | ||||||
| Medtronic PLC | 9,749 | 1,222 | ||||||
| Merck & Co., Inc. | 18,363 | 1,379 | ||||||
| Mettler-Toledo International, Inc. (a) | 168 | 231 | ||||||
| Moderna, Inc. (a) | 2,547 | 980 | ||||||
| Organon & Co. | 1,839 | 60 | ||||||
| PerkinElmer, Inc. | 813 | 141 | ||||||
| Pfizer, Inc. | 40,672 | 1,749 | ||||||
| Quest Diagnostics, Inc. | 886 | 129 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 762 | 461 | ||||||
| ResMed, Inc. | 1,056 | 278 | ||||||
| STERIS PLC | 724 | 148 | ||||||
| Stryker Corp. | 2,435 | 642 | ||||||
| Teleflex, Inc. | 340 | 128 | ||||||
| The Cooper Cos., Inc. | 357 | 147 | ||||||
| Thermo Fisher Scientific, Inc. | 2,854 | 1,631 | ||||||
| UnitedHealth Group, Inc. | 6,840 | 2,673 | ||||||
| Universal Health Services, Inc., Class B | 550 | 76 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,882 | 341 | ||||||
| Viatris, Inc. | 8,772 | 119 | ||||||
| Waters Corp. (a) | 445 | 159 | ||||||
| West Pharmaceutical Services, Inc. | 537 | 228 | ||||||
| Zimmer Biomet Holdings, Inc. | 1,515 | 222 | ||||||
| Zoetis, Inc. | 3,438 | 667 | ||||||
| 35,122 | ||||||||
| Industrials (8.1%): | ||||||||
| 3M Co. | 4,198 | 736 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory S&P 500 Index Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Alaska Air Group, Inc. (a) | 908 | $ | 53 | |||||
| Allegion PLC | 651 | 86 | ||||||
| American Airlines Group, Inc. (a)(b) | 4,697 | 96 | ||||||
| AMETEK, Inc. | 1,677 | 208 | ||||||
| AO Smith Corp. | 966 | 59 | ||||||
| C.H. Robinson Worldwide, Inc. | 955 | 83 | ||||||
| Carrier Global Corp. | 6,294 | 326 | ||||||
| Caterpillar, Inc. | 3,971 | 762 | ||||||
| Cintas Corp. | 635 | 242 | ||||||
| Copart, Inc. (a) | 1,545 | 214 | ||||||
| CSX Corp. | 16,355 | 486 | ||||||
| Cummins, Inc. | 1,042 | 234 | ||||||
| Deere & Co. | 2,059 | 690 | ||||||
| Delta Air Lines, Inc. (a) | 4,642 | 198 | ||||||
| Dover Corp. | 1,044 | 162 | ||||||
| Eaton Corp. PLC | 2,892 | 432 | ||||||
| Emerson Electric Co. | 4,337 | 409 | ||||||
| Enphase Energy, Inc. (a) | 977 | 147 | ||||||
| Equifax, Inc. | 884 | 224 | ||||||
| Expeditors International of Washington, Inc. | 1,232 | 147 | ||||||
| Fastenal Co. | 4,169 | 215 | ||||||
| FedEx Corp. | 1,784 | 391 | ||||||
| Fortive Corp. | 2,600 | 184 | ||||||
| Fortune Brands Home & Security, Inc. | 1,000 | 89 | ||||||
| Generac Holdings, Inc. (a) | 458 | 187 | ||||||
| General Dynamics Corp. | 1,683 | 330 | ||||||
| General Electric Co. | 7,963 | 820 | ||||||
| Honeywell International, Inc. | 5,008 | 1,063 | ||||||
| Howmet Aerospace, Inc. | 2,800 | 87 | ||||||
| Huntington Ingalls Industries, Inc. | 291 | 56 | ||||||
| IDEX Corp. | 551 | 114 | ||||||
| IHS Markit Ltd. | 2,892 | 337 | ||||||
| Illinois Tool Works, Inc. | 2,079 | 430 | ||||||
| Ingersoll Rand, Inc. (a)(c) | 2,939 | 148 | ||||||
| J.B. Hunt Transport Services, Inc. | 610 | 102 | ||||||
| Jacobs Engineering Group, Inc. | 945 | 125 | ||||||
| Johnson Controls International PLC | 5,167 | 352 | ||||||
| Kansas City Southern | 660 | 179 | ||||||
| L3Harris Technologies, Inc. | 1,458 | 321 | ||||||
| Lockheed Martin Corp. | 1,788 | 617 | ||||||
| Masco Corp. | 1,793 | 100 | ||||||
| Nielsen Holdings PLC | 2,603 | 50 | ||||||
| Norfolk Southern Corp. | 1,792 | 429 | ||||||
| Northrop Grumman Corp. | 1,092 | 393 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory S&P 500 Index Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Old Dominion Freight Line, Inc. | 680 | $ | 194 | |||||
| Otis Worldwide Corp. | 3,096 | 255 | ||||||
| PACCAR, Inc. | 2,518 | 199 | ||||||
| Parker-Hannifin Corp. | 936 | 262 | ||||||
| Pentair PLC | 1,203 | 87 | ||||||
| Quanta Services, Inc. | 1,009 | 115 | ||||||
| Raytheon Technologies Corp. | 10,938 | 940 | ||||||
| Republic Services, Inc. (c) | 1,524 | 183 | ||||||
| Robert Half International, Inc. | 812 | 82 | ||||||
| Rockwell Automation, Inc. | 842 | 248 | ||||||
| Rollins, Inc. | 1,642 | 58 | ||||||
| Roper Technologies, Inc. | 765 | 341 | ||||||
| Snap-on, Inc. | 392 | 82 | ||||||
| Southwest Airlines Co. (a) | 4,292 | 221 | ||||||
| Stanley Black & Decker, Inc. | 1,182 | 207 | ||||||
| Teledyne Technologies, Inc. (a) | 338 | 145 | ||||||
| Textron, Inc. | 1,626 | 114 | ||||||
| The Boeing Co. (a) | 3,997 | 879 | ||||||
| Trane Technologies PLC | 1,724 | 298 | ||||||
| TransDigm Group, Inc. (a) | 380 | 237 | ||||||
| Union Pacific Corp. | 4,731 | 927 | ||||||
| United Airlines Holdings, Inc. (a) | 2,348 | 112 | ||||||
| United Parcel Service, Inc., Class B | 5,283 | 962 | ||||||
| United Rentals, Inc. (a) | 525 | 184 | ||||||
| Verisk Analytics, Inc. | 1,170 | 234 | ||||||
| W.W. Grainger, Inc. | 317 | 125 | ||||||
| Waste Management, Inc. | 2,810 | 420 | ||||||
| Westinghouse Air Brake Technologies Corp. | 1,371 | 118 | ||||||
| Xylem, Inc. | 1,307 | 162 | ||||||
| 21,504 | ||||||||
| IT Services (4.9%): | ||||||||
| Accenture PLC, Class A | 4,600 | 1,472 | ||||||
| Akamai Technologies, Inc. (a) | 1,181 | 124 | ||||||
| Automatic Data Processing, Inc. | 3,069 | 614 | ||||||
| Broadridge Financial Solutions, Inc. | 843 | 140 | ||||||
| Cognizant Technology Solutions Corp., Class A | 3,813 | 283 | ||||||
| DXC Technology Co. (a) | 1,827 | 61 | ||||||
| Fidelity National Information Services, Inc. | 4,481 | 545 | ||||||
| Fiserv, Inc. (a) | 4,323 | 469 | ||||||
| FleetCor Technologies, Inc. (a) | 599 | 157 | ||||||
| Gartner, Inc. (a) | 607 | 184 | ||||||
| Global Payments, Inc. | 2,131 | 336 | ||||||
| International Business Machines Corp. | 6,502 | 903 | ||||||
| Jack Henry & Associates, Inc. | 539 | 88 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory S&P 500 Index Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Leidos Holdings, Inc. | 1,027 | $ | 99 | |||||
| Mastercard, Inc., Class A | 6,320 | 2,197 | ||||||
| Paychex, Inc. | 2,323 | 261 | ||||||
| PayPal Holdings, Inc. (a) | 8,524 | 2,218 | ||||||
| The Western Union Co. | 2,948 | 60 | ||||||
| VeriSign, Inc. (a) | 706 | 145 | ||||||
| Visa, Inc., Class A | 12,243 | 2,727 | ||||||
| 13,083 | ||||||||
| Materials (2.5%): | ||||||||
| Air Products & Chemicals, Inc. | 1,606 | 411 | ||||||
| Albemarle Corp. | 848 | 186 | ||||||
| Amcor PLC | 11,184 | 130 | ||||||
| Avery Dennison Corp. | 601 | 125 | ||||||
| Ball Corp. | 2,369 | 213 | ||||||
| Celanese Corp. | 806 | 121 | ||||||
| CF Industries Holdings, Inc. | 1,560 | 87 | ||||||
| Corteva, Inc. | 5,326 | 224 | ||||||
| Dow, Inc. | 5,410 | 311 | ||||||
| DuPont de Nemours, Inc. | 3,794 | 258 | ||||||
| Eastman Chemical Co. | 985 | 99 | ||||||
| Ecolab, Inc. | 1,806 | 377 | ||||||
| FMC Corp. | 934 | 85 | ||||||
| Freeport-McMoRan, Inc. | 10,650 | 346 | ||||||
| International Flavors & Fragrances, Inc. | 1,807 | 242 | ||||||
| International Paper Co. | 2,835 | 159 | ||||||
| Linde PLC | 3,746 | 1,099 | ||||||
| LyondellBasell Industries NV, Class A | 1,917 | 180 | ||||||
| Martin Marietta Materials, Inc. | 452 | 154 | ||||||
| Newmont Corp. | 5,797 | 315 | ||||||
| Nucor Corp. | 2,131 | 210 | ||||||
| Packaging Corp. of America | 689 | 95 | ||||||
| PPG Industries, Inc. | 1,722 | 246 | ||||||
| Sealed Air Corp. | 1,087 | 60 | ||||||
| The Mosaic Co. | 2,508 | 90 | ||||||
| The Sherwin-Williams Co. | 1,757 | 491 | ||||||
| Vulcan Materials Co. | 962 | 163 | ||||||
| Westrock Co. | 1,937 | 96 | ||||||
| 6,573 | ||||||||
| Real Estate (2.6%): | ||||||||
| Alexandria Real Estate Equities, Inc. | 1,006 | 192 | ||||||
| American Tower Corp. | 3,302 | 876 | ||||||
| AvalonBay Communities, Inc. | 1,013 | 225 | ||||||
| Boston Properties, Inc. | 1,031 | 112 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory S&P 500 Index Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| CBRE Group, Inc., Class A (a) | 2,435 | $ | 237 | |||||
| Crown Castle International Corp. | 3,135 | 543 | ||||||
| Digital Realty Trust, Inc. | 2,050 | 296 | ||||||
| Duke Realty Corp. | 2,745 | 131 | ||||||
| Equinix, Inc. | 651 | 514 | ||||||
| Equity Residential | 2,472 | 200 | ||||||
| Essex Property Trust, Inc. | 472 | 151 | ||||||
| Extra Space Storage, Inc. | 971 | 163 | ||||||
| Federal Realty Investment Trust | 508 | 60 | ||||||
| Healthpeak Properties, Inc. | 3,910 | 131 | ||||||
| Host Hotels & Resorts, Inc. (a) | 5,179 | 85 | ||||||
| Iron Mountain, Inc. (b) | 2,100 | 91 | ||||||
| Kimco Realty Corp. | 4,451 | 92 | ||||||
| Mid-America Apartment Communities, Inc. | 842 | 157 | ||||||
| Prologis, Inc. | 5,363 | 673 | ||||||
| Public Storage | 1,106 | 329 | ||||||
| Realty Income Corp. | 2,825 | 183 | ||||||
| Regency Centers Corp. | 1,109 | 75 | ||||||
| SBA Communications Corp. | 795 | 263 | ||||||
| Simon Property Group, Inc. | 2,384 | 310 | ||||||
| UDR, Inc. | 2,024 | 107 | ||||||
| Ventas, Inc. | 2,759 | 152 | ||||||
| Vornado Realty Trust | 1,153 | 48 | ||||||
| Welltower, Inc. | 3,065 | 253 | ||||||
| Weyerhaeuser Co. | 5,439 | 194 | ||||||
| 6,843 | ||||||||
| Semiconductors & Semiconductor Equipment (5.5%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 8,799 | 905 | ||||||
| Analog Devices, Inc. | 3,902 | 654 | ||||||
| Applied Materials, Inc. | 6,630 | 853 | ||||||
| Broadcom, Inc. | 2,976 | 1,443 | ||||||
| Intel Corp. | 29,430 | 1,568 | ||||||
| KLA Corp. | 1,108 | 371 | ||||||
| Lam Research Corp. | 1,034 | 588 | ||||||
| Microchip Technology, Inc. | 1,988 | 305 | ||||||
| Micron Technology, Inc. | 8,166 | 580 | ||||||
| Monolithic Power Systems, Inc. | 313 | 152 | ||||||
| NVIDIA Corp. | 18,077 | 3,745 | ||||||
| NXP Semiconductors NV | 1,923 | 377 | ||||||
| Qorvo, Inc. (a) | 806 | 135 | ||||||
| QUALCOMM, Inc. | 8,183 | 1,055 | ||||||
| Skyworks Solutions, Inc. | 1,198 | 197 | ||||||
| Teradyne, Inc. | 1,197 | 131 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory S&P 500 Index Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Texas Instruments, Inc. | 6,697 | $ | 1,287 | |||||
| Xilinx, Inc. | 1,795 | 271 | ||||||
| 14,617 | ||||||||
| Software (9.2%): | ||||||||
| Adobe, Inc. (a) | 3,456 | 1,990 | ||||||
| ANSYS, Inc. (a) | 633 | 215 | ||||||
| Autodesk, Inc. (a) | 1,596 | 455 | ||||||
| Cadence Design Systems, Inc. (a) | 2,008 | 304 | ||||||
| Ceridian HCM Holding, Inc. (a) | 978 | 110 | ||||||
| Citrix Systems, Inc. | 901 | 97 | ||||||
| Fortinet, Inc. (a) | 983 | 287 | ||||||
| Intuit, Inc. | 1,982 | 1,069 | ||||||
| Microsoft Corp. (c) | 54,515 | 15,369 | ||||||
| NortonLifeLock, Inc. | 4,217 | 107 | ||||||
| Oracle Corp. | 11,950 | 1,041 | ||||||
| Paycom Software, Inc. (a) | 349 | 173 | ||||||
| PTC, Inc. (a) | 766 | 92 | ||||||
| salesforce.com, Inc. (a) | 7,048 | 1,912 | ||||||
| ServiceNow, Inc. (a)(c) | 1,437 | 894 | ||||||
| Synopsys, Inc. (a) | 1,107 | 331 | ||||||
| Tyler Technologies, Inc. (a) | 296 | 136 | ||||||
| 24,582 | ||||||||
| Technology Hardware, Storage & Peripherals (6.4%): | ||||||||
| Apple, Inc. | 113,917 | 16,119 | ||||||
| Hewlett Packard Enterprise Co. | 9,473 | 135 | ||||||
| HP, Inc. | 8,714 | 238 | ||||||
| NetApp, Inc. | 1,625 | 146 | ||||||
| Seagate Technology Holdings PLC | 1,519 | 125 | ||||||
| Western Digital Corp. (a) | 2,223 | 126 | ||||||
| 16,889 | ||||||||
| Utilities (2.4%): | ||||||||
| Alliant Energy Corp. | 1,815 | 102 | ||||||
| Ameren Corp. | 1,865 | 151 | ||||||
| American Electric Power Co., Inc. (c) | 3,629 | 295 | ||||||
| American Water Works Co., Inc. | 1,317 | 223 | ||||||
| Atmos Energy Corp. | 949 | 84 | ||||||
| CenterPoint Energy, Inc. | 4,301 | 106 | ||||||
| CMS Energy Corp. | 2,101 | 125 | ||||||
| Consolidated Edison, Inc. (c) | 2,564 | 186 | ||||||
| Dominion Energy, Inc. | 5,865 | 428 | ||||||
| DTE Energy Co. | 1,406 | 157 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory S&P 500 Index Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Duke Energy Corp. (c) | 5,581 | $ | 545 | |||||
| Edison International | 2,754 | 153 | ||||||
| Entergy Corp. | 1,458 | 145 | ||||||
| Evergy, Inc. (c) | 1,663 | 103 | ||||||
| Eversource Energy (c) | 2,493 | 204 | ||||||
| Exelon Corp. | 7,093 | 343 | ||||||
| FirstEnergy Corp. | 3,948 | 141 | ||||||
| NextEra Energy, Inc. (c) | 14,231 | 1,117 | ||||||
| NiSource, Inc. | 2,847 | 69 | ||||||
| NRG Energy, Inc. | 1,776 | 72 | ||||||
| Pinnacle West Capital Corp. | 818 | 59 | ||||||
| PPL Corp. | 5,583 | 156 | ||||||
| Public Service Enterprise Group, Inc. | 3,668 | 223 | ||||||
| Sempra Energy | 2,316 | 293 | ||||||
| The AES Corp. | 4,834 | 110 | ||||||
| The Southern Co. (c) | 7,681 | 476 | ||||||
| WEC Energy Group, Inc. (c) | 2,288 | 202 | ||||||
| Xcel Energy, Inc. (c) | 3,906 | 244 | ||||||
| 6,512 | ||||||||
| Total Common Stocks (Cost $49,665) | 265,048 | |||||||
| Collateral for Securities Loaned^ (0.4%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (d) | 18,819 | 19 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (d) | 557,723 | 558 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) | 9,391 | 9 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (d) | 74,884 | 75 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) | 336,694 | 337 | ||||||
| Total Collateral for Securities Loaned (Cost $998) | 998 | |||||||
| Total Investments (Cost $50,663) — 100.1% | 266,046 | |||||||
| Liabilities in excess of other assets — (0.1)% | (319 | ) | ||||||
| NET ASSETS - 100.00% | $ | 265,727 | ||||||
| ^ | 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) | All or a portion of this security has been segregated as collateral for derivative instruments. |
| (d) | Rate disclosed is the daily yield on September 30, 2021. |
| PLC—Public Limited Company |
| Futures Contracts Purchased | ||||||||||||||||
| (Amounts not in thousands) | ||||||||||||||||
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| E-Mini S&P 500 Futures | 11 | 12/17/21 | $ | 2,468,295 | $ | 2,363,763 | $ | (104,532 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (104,532 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (104,532 | ) | |||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (98.5%) | ||||||||
| Communication Services (2.7%): | ||||||||
| Live Nation Entertainment, Inc. (a) | 67,244 | $ | 6,128 | |||||
| Take-Two Interactive Software, Inc. (a) | 29,700 | 4,576 | ||||||
| ViacomCBS, Inc., Class B | 80,200 | 3,168 | ||||||
| 13,872 | ||||||||
| Consumer Discretionary (13.5%): | ||||||||
| AutoZone, Inc. (a) | 4,700 | 7,981 | ||||||
| Choice Hotels International, Inc. | 19,500 | 2,464 | ||||||
| D.R. Horton, Inc. | 93,300 | 7,834 | ||||||
| Domino's Pizza, Inc. | 14,000 | 6,678 | ||||||
| Etsy, Inc. (a) | 30,700 | 6,384 | ||||||
| Expedia Group, Inc. (a) | 37,400 | 6,130 | ||||||
| Five Below, Inc. (a) | 21,000 | 3,713 | ||||||
| LCI Industries (b) | 40,400 | 5,439 | ||||||
| Lithia Motors, Inc., Class A | 11,400 | 3,614 | ||||||
| Marriott Vacations Worldwide Corp. | 30,521 | 4,802 | ||||||
| NVR, Inc. (a) | 1,400 | 6,712 | ||||||
| Rent-A-Center, Inc. | 59,200 | 3,328 | ||||||
| YETI Holdings, Inc. (a) | 59,300 | 5,081 | ||||||
| 70,160 | ||||||||
| Consumer Staples (1.1%): | ||||||||
| Darling Ingredients, Inc. (a) | 81,400 | 5,853 | ||||||
| Energy (2.3%): | ||||||||
| Cheniere Energy, Inc. (a) | 59,900 | 5,850 | ||||||
| Diamondback Energy, Inc. | 64,600 | 6,116 | ||||||
| 11,966 | ||||||||
| Financials (11.4%): | ||||||||
| Ally Financial, Inc. | 196,000 | 10,006 | ||||||
| Brown & Brown, Inc. | 97,600 | 5,412 | ||||||
| East West Bancorp, Inc. (b) | 80,000 | 6,203 | ||||||
| Evercore, Inc. | 35,600 | 4,759 | ||||||
| FactSet Research Systems, Inc. | 8,900 | 3,513 | ||||||
| MSCI, Inc. | 14,500 | 8,821 | ||||||
| Radian Group, Inc. | 283,877 | 6,450 | ||||||
| Synchrony Financial | 180,000 | 8,798 | ||||||
| W.R. Berkley Corp. | 73,400 | 5,371 | ||||||
| 59,333 | ||||||||
| Health Care (13.5%): | ||||||||
| Agilent Technologies, Inc. | 51,493 | 8,112 | ||||||
| BioCryst Pharmaceuticals, Inc. (a)(b) | 237,500 | 3,413 | ||||||
| Bruker Corp. | 86,100 | 6,724 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| CRISPR Therapeutics AG (a) | 10,300 | $ | 1,153 | |||||
| Dynavax Technologies Corp. (a)(b) | 342,100 | 6,572 | ||||||
| Edwards Lifesciences Corp. (a) | 49,800 | 5,638 | ||||||
| Horizon Therapeutics PLC (a) | 45,100 | 4,940 | ||||||
| IDEXX Laboratories, Inc. (a) | 10,000 | 6,219 | ||||||
| Insulet Corp. (a) | 14,000 | 3,979 | ||||||
| IQVIA Holdings, Inc. (a) | 33,000 | 7,905 | ||||||
| NanoString Technologies, Inc. (a) | 76,200 | 3,658 | ||||||
| Veeva Systems, Inc., Class A (a) | 19,400 | 5,590 | ||||||
| Zoetis, Inc. | 33,330 | 6,471 | ||||||
| 70,374 | ||||||||
| Industrials (20.0%): | ||||||||
| Advanced Drainage Systems, Inc. | 35,500 | 3,840 | ||||||
| Chart Industries, Inc. (a)(b) | 41,200 | 7,874 | ||||||
| Clean Harbors, Inc. (a) | 51,800 | 5,380 | ||||||
| Copa Holdings SA (a)(b) | 61,600 | 5,013 | ||||||
| Generac Holdings, Inc. (a) | 15,800 | 6,457 | ||||||
| Jacobs Engineering Group, Inc. | 49,500 | 6,560 | ||||||
| Kratos Defense & Security Solutions, Inc. (a) | 191,100 | 4,263 | ||||||
| Old Dominion Freight Line, Inc. | 22,150 | 6,334 | ||||||
| Owens Corning, Inc. | 65,000 | 5,558 | ||||||
| Robert Half International, Inc. | 74,100 | 7,434 | ||||||
| Southwest Airlines Co. (a) | 80,800 | 4,156 | ||||||
| TFI International, Inc. | 75,100 | 7,674 | ||||||
| The Middleby Corp. (a) | 37,000 | 6,309 | ||||||
| Trane Technologies PLC | 50,100 | 8,650 | ||||||
| Trex Co., Inc. (a) | 57,400 | 5,851 | ||||||
| Verisk Analytics, Inc. | 32,400 | 6,489 | ||||||
| WESCO International, Inc. (a) | 51,100 | 5,893 | ||||||
| 103,735 | ||||||||
| Information Technology (21.4%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 84,300 | 8,675 | ||||||
| Amphenol Corp., Class A | 96,320 | 7,054 | ||||||
| CDW Corp. | 39,959 | 7,273 | ||||||
| Concentrix Corp. (a) | 23,300 | 4,124 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 27,300 | 6,710 | ||||||
| EPAM Systems, Inc. (a) | 24,000 | 13,692 | ||||||
| Fidelity National Information Services, Inc. | 19,444 | 2,366 | ||||||
| Fiserv, Inc. (a) | 43,400 | 4,709 | ||||||
| Global Payments, Inc. | 19,600 | 3,089 | ||||||
| KLA Corp. | 21,000 | 7,025 | ||||||
| Lumentum Holdings, Inc. (a) | 36,200 | 3,024 | ||||||
| Microchip Technology, Inc. | 37,287 | 5,723 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Monolithic Power Systems, Inc. | 17,600 | $ | 8,530 | |||||
| ServiceNow, Inc. (a) | 7,100 | 4,418 | ||||||
| SS&C Technologies Holdings, Inc. | 91,979 | 6,383 | ||||||
| SYNNEX Corp. | 33,500 | 3,487 | ||||||
| Synopsys, Inc. (a) | 28,300 | 8,473 | ||||||
| Xilinx, Inc. | 18,400 | 2,778 | ||||||
| Zendesk, Inc. (a) | 31,300 | 3,643 | ||||||
| 111,176 | ||||||||
| Materials (6.1%): | ||||||||
| Avery Dennison Corp. | 27,900 | 5,781 | ||||||
| Cleveland-Cliffs, Inc. (a)(b) | 296,900 | 5,882 | ||||||
| Franco-Nevada Corp. | 25,200 | 3,274 | ||||||
| Freeport-McMoRan, Inc. | 176,600 | 5,745 | ||||||
| Louisiana-Pacific Corp. | 101,000 | 6,198 | ||||||
| The Scotts Miracle-Gro Co. | 31,800 | 4,654 | ||||||
| 31,534 | ||||||||
| Real Estate (5.3%): | ||||||||
| Digital Realty Trust, Inc. | 46,146 | 6,666 | ||||||
| SBA Communications Corp. | 21,103 | 6,976 | ||||||
| Simon Property Group, Inc. | 59,200 | 7,694 | ||||||
| Sun Communities, Inc. | 32,916 | 6,093 | ||||||
| 27,429 | ||||||||
| Utilities (1.2%): | ||||||||
| Atmos Energy Corp. | 24,900 | 2,196 | ||||||
| Sempra Energy | 31,039 | 3,927 | ||||||
| 6,123 | ||||||||
| Total Common Stocks (Cost $316,099) | 511,555 | |||||||
| Exchange-Traded Funds (1.4%) | ||||||||
| SPDR S&P MidCap 400 ETF | 14,750 | 7,093 | ||||||
| Total Exchange-Traded Funds (Cost $7,216) | 7,093 | |||||||
| Collateral for Securities Loaned^ (3.3%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 326,243 | 326 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (c) | 9,668,806 | 9,669 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 162,811 | 163 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 1,298,206 | 1,298 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 5,836,989 | 5,837 | ||||||
| Total Collateral for Securities Loaned (Cost $17,293) | 17,293 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2021 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Total Investments (Cost $340,608) — 103.2% | $ | 535,941 | ||||||
| Liabilities in excess of other assets — (3.2)% | (16,585 | ) | ||||||
| NET ASSETS - 100.00% | $ | 519,356 | ||||||
| ^ | 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 September 30, 2021. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Munder Small Cap Growth Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.3%) | ||||||||
| Biotechnology (16.7%): | ||||||||
| 4D Molecular Therapeutics, Inc. (a) | 662 | $ | 18 | |||||
| Akero Therapeutics, Inc. (a) | 1,608 | 36 | ||||||
| Alpha Teknova, Inc. (a) | 2,306 | 57 | ||||||
| Annexon, Inc. (a) | 439 | 8 | ||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 1,813 | 113 | ||||||
| Atreca, Inc., Class A (a) | 1,590 | 10 | ||||||
| Aurinia Pharmaceuticals, Inc. (a)(b) | 6,904 | 153 | ||||||
| Avidity Biosciences, Inc. (a)(b) | 1,205 | 30 | ||||||
| Beam Therapeutics, Inc. (a)(b) | 1,233 | 107 | ||||||
| Bicycle Therapeutics PLC, ADR (a) | 4,073 | 169 | ||||||
| BioAtla, Inc. (a) | 665 | 20 | ||||||
| BioCryst Pharmaceuticals, Inc. (a)(b) | 7,016 | 101 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 283 | 22 | ||||||
| Bolt Biotherapeutics, Inc. (a) | 699 | 9 | ||||||
| C4 Therapeutics, Inc. (a)(b) | 249 | 11 | ||||||
| Cabaletta Bio, Inc. (a) | 2,967 | 36 | ||||||
| Castle Biosciences, Inc. (a) | 2,000 | 133 | ||||||
| Codiak Biosciences, Inc. (a) | 6,305 | 103 | ||||||
| CRISPR Therapeutics AG (a) | 410 | 46 | ||||||
| Deciphera Pharmaceuticals, Inc. (a) | 708 | 24 | ||||||
| Dicerna Pharmaceuticals, Inc. (a) | 2,168 | 44 | ||||||
| Dynavax Technologies Corp. (a)(b) | 6,261 | 120 | ||||||
| Fusion Pharmaceuticals, Inc. (a) | 4,261 | 34 | ||||||
| Gamida Cell Ltd. (a) | 9,195 | 36 | ||||||
| Generation Bio Co. (a)(b) | 1,180 | 30 | ||||||
| Genetron Holdings Ltd., ADR (a) | 5,361 | 74 | ||||||
| IGM Biosciences, Inc. (a)(b) | 796 | 52 | ||||||
| Immunocore Holdings PLC, ADR (a) | 699 | 26 | ||||||
| Instil Bio, Inc. (a) | 1,072 | 19 | ||||||
| Intellia Therapeutics, Inc. (a) | 1,502 | 201 | ||||||
| Iovance Biotherapeutics, Inc. (a) | 2,461 | 61 | ||||||
| Natera, Inc. (a) | 2,234 | 249 | ||||||
| Neurocrine Biosciences, Inc. (a) | 336 | 32 | ||||||
| NexImmune, Inc. (a) | 709 | 11 | ||||||
| Nurix Therapeutics, Inc. (a)(b) | 439 | 13 | ||||||
| ORIC Pharmaceuticals, Inc. (a) | 3,909 | 82 | ||||||
| Oyster Point Pharma, Inc. (a) | 396 | 5 | ||||||
| Recursion Pharmaceuticals, Inc., Class A (a) | 218 | 5 | ||||||
| Stoke Therapeutics, Inc. (a)(b) | 1,486 | 38 | ||||||
| Sutro Biopharma, Inc. (a) | 3,661 | 69 | ||||||
| TCR2 Therapeutics, Inc. (a) | 8,824 | 75 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Small Cap Growth Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| TG Therapeutics, Inc. (a) | 2,119 | $ | 70 | |||||
| Veracyte, Inc. (a)(b) | 3,428 | 159 | ||||||
| Xencor, Inc. (a) | 822 | 27 | ||||||
| Zai Lab Ltd., ADR (a) | 598 | 63 | ||||||
| 2,801 | ||||||||
| Communication Services (2.3%): | ||||||||
| Iridium Communications, Inc. (a) | 2,861 | 114 | ||||||
| Motorsport Games, Inc., Class A (a) | 1,701 | 24 | ||||||
| Vonage Holdings Corp. (a) | 15,601 | 252 | ||||||
| 390 | ||||||||
| Consumer Discretionary (13.9%): | ||||||||
| Academy Sports & Outdoors, Inc. (a) | 4,217 | 169 | ||||||
| Brunswick Corp. | 1,273 | 121 | ||||||
| Burlington Stores, Inc. (a) | 509 | 144 | ||||||
| Cavco Industries, Inc. (a) | 567 | 134 | ||||||
| Chegg, Inc. (a) | 1,378 | 94 | ||||||
| Cricut, Inc., Class A (a)(b) | 2,547 | 70 | ||||||
| F45 Training Holdings, Inc. (a)(b) | 7,541 | 113 | ||||||
| Five Below, Inc. (a) | 1,001 | 177 | ||||||
| Group 1 Automotive, Inc. | 1,287 | 242 | ||||||
| Legacy Housing Corp. (a) | 5,799 | 104 | ||||||
| Levi Strauss & Co., Class A | 6,726 | 165 | ||||||
| Nordstrom, Inc. (a)(b) | 4,923 | 130 | ||||||
| Polaris, Inc. | 1,361 | 163 | ||||||
| Skyline Champion Corp. (a) | 4,307 | 259 | ||||||
| Torrid Holdings, Inc. (a)(b) | 9,039 | 139 | ||||||
| Tractor Supply Co. | 482 | 98 | ||||||
| 2,322 | ||||||||
| Consumer Staples (3.2%): | ||||||||
| Albertsons Cos., Inc., Class A (b) | 4,314 | 134 | ||||||
| Grocery Outlet Holding Corp. (a) | 2,063 | 45 | ||||||
| Performance Food Group Co. (a) | 4,200 | 195 | ||||||
| Sovos Brands, Inc. (a)(b) | 11,486 | 160 | ||||||
| 534 | ||||||||
| Energy (3.3%): | ||||||||
| Magnolia Oil & Gas Corp., Class A | 17,139 | 305 | ||||||
| Talos Energy, Inc. (a) | 18,309 | 252 | ||||||
| 557 | ||||||||
| Financials (10.4%): | ||||||||
| American Business Bank (a) | 1,652 | 62 | ||||||
| Coastal Financial Corp. (a) | 6,830 | 218 | ||||||
| Colony Bankcorp, Inc. | 2,215 | 41 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Small Cap Growth Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Customers Bancorp, Inc. | 3,942 | $ | 170 | |||||
| First Western Financial, Inc. (a) | 6,683 | 194 | ||||||
| Morningstar, Inc. | 668 | 173 | ||||||
| Radian Group, Inc. | 5,519 | 125 | ||||||
| Silvercrest Asset Management Group, Inc., Class A | 13,506 | 210 | ||||||
| SLM Corp. | 5,481 | 96 | ||||||
| South Plains Financial, Inc. | 5,120 | 125 | ||||||
| Tradeweb Markets, Inc., Class A | 2,436 | 197 | ||||||
| WTB Financial Corp., Class B | 360 | 136 | ||||||
| 1,747 | ||||||||
| Health Care Equipment & Supplies (3.6%): | ||||||||
| Cerus Corp. (a) | 6,712 | 41 | ||||||
| Insulet Corp. (a) | 546 | 155 | ||||||
| Merit Medical Systems, Inc. (a) | 1,525 | 110 | ||||||
| Outset Medical, Inc. (a) | 180 | 9 | ||||||
| PolyPid Ltd. (a) | 7,333 | 57 | ||||||
| Pulmonx Corp. (a)(b) | 1,906 | 69 | ||||||
| Silk Road Medical, Inc. (a) | 2,804 | 154 | ||||||
| 595 | ||||||||
| Health Care Providers & Services (1.3%): | ||||||||
| Guardant Health, Inc. (a) | 1,011 | 126 | ||||||
| RadNet, Inc. (a) | 3,159 | 93 | ||||||
| 219 | ||||||||
| Health Care Technology (0.1%): | ||||||||
| Schrodinger, Inc. (a) | 217 | 12 | ||||||
| Industrials (10.8%): | ||||||||
| ASGN, Inc. (a) | 1,743 | 197 | ||||||
| BWX Technologies, Inc. | 1,070 | 58 | ||||||
| Casella Waste Systems, Inc. (a) | 2,586 | 196 | ||||||
| Chart Industries, Inc. (a) | 1,114 | 213 | ||||||
| Construction Partners, Inc., Class A (a) | 1,877 | 63 | ||||||
| ESCO Technologies, Inc. | 571 | 44 | ||||||
| Hydrofarm Holdings Group, Inc. (a) | 1,950 | 74 | ||||||
| Kaman Corp. | 1,610 | 57 | ||||||
| Kratos Defense & Security Solutions, Inc. (a) | 6,093 | 136 | ||||||
| McGrath RentCorp | 1,522 | 109 | ||||||
| Owens Corning, Inc. | 1,289 | 110 | ||||||
| Patrick Industries, Inc. | 1,209 | 101 | ||||||
| PGT Innovations, Inc. (a) | 3,825 | 73 | ||||||
| Rexnord Corp. | 1,529 | 98 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Small Cap Growth Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Shoals Technologies Group, Inc., Class A (a) | 6,736 | $ | 188 | |||||
| The AZEK Co., Inc. (a) | 2,561 | 94 | ||||||
| TuSimple Holdings, Inc., Class A (a)(b) | 73 | 3 | ||||||
| 1,814 | ||||||||
| Information Technology (22.8%): | ||||||||
| 908 Devices, Inc. (a) | 482 | 16 | ||||||
| ACV Auctions, Inc., Class A (a) | 357 | 6 | ||||||
| Alteryx, Inc., Class A (a) | 441 | 32 | ||||||
| Avaya Holdings Corp. (a) | 12,599 | 249 | ||||||
| Blackline, Inc. (a) | 540 | 64 | ||||||
| BM Technologies, Inc. (a) | 606 | 5 | ||||||
| Brooks Automation, Inc. | 1,901 | 195 | ||||||
| C3.ai, Inc., Class A (a)(b) | 848 | 39 | ||||||
| Cloudflare, Inc., Class A (a) | 1,467 | 165 | ||||||
| Couchbase, Inc. (a) | 377 | 12 | ||||||
| CS Disco, Inc. (a) | 755 | 36 | ||||||
| Digital Turbine, Inc. (a) | 1,163 | 80 | ||||||
| DoubleVerify Holdings, Inc. (a) | 363 | 12 | ||||||
| Dropbox, Inc., Class A (a) | 1,247 | 36 | ||||||
| Elastic NV (a) | 1,342 | 200 | ||||||
| Endava PLC, ADR (a) | 977 | 133 | ||||||
| Flywire Corp. (a)(b) | 1,122 | 49 | ||||||
| ForgeRock, Inc., Class A (a) | 383 | 15 | ||||||
| Freshworks, Inc., Class A (a) | 3,873 | 165 | ||||||
| Globant SA (a) | 536 | 151 | ||||||
| Intapp, Inc. (a) | 75 | 2 | ||||||
| Mitek Systems, Inc. (a) | 9,134 | 169 | ||||||
| Monday.com Ltd. (a) | 37 | 12 | ||||||
| Napco Security Technologies, Inc. (a) | 6,551 | 282 | ||||||
| New Relic, Inc. (a)(b) | 422 | 30 | ||||||
| ON Semiconductor Corp. (a) | 5,499 | 252 | ||||||
| OneSpan, Inc. (a) | 6,297 | 118 | ||||||
| PagerDuty, Inc. (a) | 1,680 | 70 | ||||||
| Ping Identity Holding Corp. (a) | 3,255 | 80 | ||||||
| Powerfleet, Inc. (a) | 9,414 | 63 | ||||||
| Sapiens International Corp. NV | 3,065 | 88 | ||||||
| SiTime Corp. (a) | 459 | 94 | ||||||
| Smartsheet, Inc., Class A (a) | 2,908 | 200 | ||||||
| TaskUS, Inc., Class A (a)(b) | 750 | 50 | ||||||
| Telos Corp. (a) | 1,641 | 47 | ||||||
| Vizio Holding Corp., Class A (a)(b) | 2,145 | 46 | ||||||
| WNS Holdings Ltd., ADR (a) | 2,735 | 224 | ||||||
| Yext, Inc. (a)(b) | 4,806 | 58 | ||||||
| Zeta Global Holdings Corp., Class A (a) | 18,751 | 110 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Small Cap Growth Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Zix Corp. (a) | 23,117 | $ | 163 | |||||
| 3,818 | ||||||||
| Life Sciences Tools & Services (3.1%): | ||||||||
| Adaptive Biotechnologies Corp. (a) | 1,407 | 48 | ||||||
| Berkeley Lights, Inc. (a)(b) | 1,468 | 29 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A (a) | 1,150 | 57 | ||||||
| NanoString Technologies, Inc. (a) | 3,309 | 159 | ||||||
| NeoGenomics, Inc. (a) | 3,529 | 170 | ||||||
| Singular Genomics Systems, Inc. (a) | 5,036 | 56 | ||||||
| 519 | ||||||||
| Materials (2.1%): | ||||||||
| Franco-Nevada Corp. | 1,104 | 144 | ||||||
| Summit Materials, Inc., Class A (a) | 6,389 | 204 | ||||||
| 348 | ||||||||
| Pharmaceuticals (1.3%): | ||||||||
| Collegium Pharmaceutical, Inc. (a) | 1,187 | 23 | ||||||
| Cymabay Therapeutics, Inc. (a) | 1,278 | 5 | ||||||
| Horizon Therapeutics PLC (a) | 987 | 108 | ||||||
| PMV Pharmaceuticals, Inc. (a)(b) | 280 | 8 | ||||||
| Reata Pharmaceuticals, Inc., Class A (a)(b) | 645 | 65 | ||||||
| Terns Pharmaceuticals, Inc. (a) | 175 | 2 | ||||||
| 211 | ||||||||
| Real Estate (3.4%): | ||||||||
| FirstService Corp. (b) | 868 | 157 | ||||||
| Rexford Industrial Realty, Inc. | 1,252 | 71 | ||||||
| The Macerich Co. (b) | 11,499 | 192 | ||||||
| UMH Properties, Inc. | 6,434 | 147 | ||||||
| 567 | ||||||||
| Total Common Stocks (Cost $10,755) | 16,454 | |||||||
| Warrants (0.1%) | ||||||||
| Health Care (0.1%): | ||||||||
| BioNano Genomics, Inc. (c) | 8,136 | 18 | ||||||
| Total Warrants (Cost $–) | 18 | |||||||
| Collateral for Securities Loaned^ (12.9%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (d) | 40,815 | 41 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (d) | 1,209,615 | 1,210 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Munder Small Cap Growth Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) | 20,368 | $ | 20 | |||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (d) | 162,412 | 162 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) | 730,236 | 730 | ||||||
| Total Collateral for Securities Loaned (Cost $2,163) | 2,163 | |||||||
| Total Investments (Cost $12,918) — 111.3% | 18,635 | |||||||
| Liabilities in excess of other assets — (11.3)% | (1,891 | ) | ||||||
| NET ASSETS - 100.00% | $ | 16,744 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.1% of net assets. |
| (d) | Rate disclosed is the daily yield on September 30, 2021. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
Victory Trivalent International Fund-Core Equity |
September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.7%) | ||||||||
| Australia (4.0%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Aristocrat Leisure Ltd. | 25,221 | $ | 839 | |||||
| Energy (0.6%): | ||||||||
| Santos Ltd. | 113,452 | 581 | ||||||
| Woodside Petroleum Ltd. | 44,434 | 760 | ||||||
| 1,341 | ||||||||
| Financials (1.3%): | ||||||||
| Australia & New Zealand Banking Group Ltd. | 49,757 | 999 | ||||||
| Macquarie Group Ltd. | 8,445 | 1,091 | ||||||
| National Australia Bank Ltd. | 38,544 | 760 | ||||||
| 2,850 | ||||||||
| Health Care (0.3%): | ||||||||
| Sonic Healthcare Ltd. | 25,939 | 749 | ||||||
| Materials (0.7%): | ||||||||
| Rio Tinto Ltd. | 20,882 | 1,486 | ||||||
| Real Estate (0.7%): | ||||||||
| Charter Hall Group | 71,402 | 863 | ||||||
| Stockland | 199,574 | 633 | ||||||
| 1,496 | ||||||||
| 8,761 | ||||||||
| Austria (0.3%): | ||||||||
| Financials (0.3%): | ||||||||
| Raiffeisen Bank International AG | 21,508 | 563 | ||||||
| Belgium (0.3%): | ||||||||
| Financials (0.3%): | ||||||||
| KBC Group NV | 8,076 | 728 | ||||||
| Brazil (1.8%): | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Sendas Distribuidora SA | 280,695 | 982 | ||||||
| Energy (0.5%): | ||||||||
| Petro Rio SA (a) | 248,900 | 1,144 | ||||||
| Financials (0.5%): | ||||||||
| Banco Santander Brasil SA | 152,000 | 987 | ||||||
| Utilities (0.3%): | ||||||||
| Cia Energetica de Minas Gerais, Preference Shares | 274,800 | 708 | ||||||
| 3,821 | ||||||||
| Canada (5.5%): | ||||||||
| Energy (0.9%): | ||||||||
| Parex Resources, Inc. | 70,255 | 1,278 | ||||||
| Suncor Energy, Inc. | 29,309 | 608 | ||||||
| 1,886 | ||||||||
| Financials (2.8%): | ||||||||
| Bank of Montreal | 11,621 | 1,160 | ||||||
| iA Financial Corp., Inc. | 18,420 | 1,045 | ||||||
| IGM Financial, Inc. | 31,044 | 1,109 | ||||||
| National Bank of Canada (b) | 20,496 | 1,575 | ||||||
| Sun Life Financial, Inc. | 25,282 | 1,302 | ||||||
| 6,191 | ||||||||
| Industrials (0.7%): | ||||||||
| Finning International, Inc. | 26,216 | 647 | ||||||
| TFI International, Inc. | 7,958 | 814 | ||||||
| 1,461 | ||||||||
| Materials (1.1%): | ||||||||
| Nutrien Ltd. | 13,730 | 891 | ||||||
| Teck Resources Ltd., Class B | 27,146 | 676 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity |
September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| West Fraser Timber Co. Ltd. | 10,495 | $ | 884 | |||||
| 2,451 | ||||||||
| 11,989 | ||||||||
| China (7.3%): | ||||||||
| Communication Services (1.1%): | ||||||||
| Tencent Holdings Ltd. | 41,700 | 2,490 | ||||||
| Consumer Discretionary (2.2%): | ||||||||
| Alibaba Group Holding Ltd., ADR (a) | 7,996 | 1,184 | ||||||
| BYD Co. Ltd., Class H | 21,000 | 653 | ||||||
| Haier Smart Home Co. Ltd., Class H | 243,588 | 851 | ||||||
| Li Ning Co. Ltd. | 53,000 | 611 | ||||||
| Zhongsheng Group Holdings Ltd. | 190,000 | 1,523 | ||||||
| 4,822 | ||||||||
| Consumer Staples (0.4%): | ||||||||
| Tingyi Cayman Islands Holding Corp. | 430,000 | 800 | ||||||
| Financials (1.4%): | ||||||||
| Bank of China Ltd., Class H | 2,461,275 | 870 | ||||||
| China Construction Bank Corp., Class H | 952,000 | 679 | ||||||
| Huatai Securities Co. Ltd., Class H (c) | 584,000 | 900 | ||||||
| New China Life Insurance Co. Ltd., Class H | 222,900 | 656 | ||||||
| 3,105 | ||||||||
| Health Care (0.4%): | ||||||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 155,500 | 796 | ||||||
| Industrials (0.6%): | ||||||||
| China Railway Group Ltd., Class H | 1,527,000 | 758 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H (a)(b) | 377,150 | 572 | ||||||
| 1,330 | ||||||||
| Information Technology (0.6%): | ||||||||
| Focus Media Information Technology Co. Ltd., Class A | 1,083,700 | 1,226 | ||||||
| Materials (0.6%): | ||||||||
| Anhui Conch Cement Co. Ltd., Class H | 237,000 | 1,280 | ||||||
| 15,849 | ||||||||
| Denmark (2.3%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Pandora A/S | 5,508 | 669 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Carlsberg A/S, Class B | 6,493 | 1,059 | ||||||
| Health Care (0.7%): | ||||||||
| Novo Nordisk A/S, Class B | 15,290 | 1,474 | ||||||
| Industrials (0.6%): | ||||||||
| AP Moller - Maersk A/S, Class B | 463 | 1,254 | ||||||
| Utilities (0.2%): | ||||||||
| Orsted A/S (c) | 4,438 | 585 | ||||||
| 5,041 | ||||||||
| Finland (0.4%): | ||||||||
| Industrials (0.4%): | ||||||||
| Metso Outotec Oyj | 95,054 | 867 | ||||||
| France (6.4%): | ||||||||
| Communication Services (0.6%): | ||||||||
| Publicis Groupe SA | 17,957 | 1,206 | ||||||
| Consumer Discretionary (1.3%): | ||||||||
| Kering SA | 901 | 640 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 3,004 | 2,151 | ||||||
| 2,791 | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Pernod Ricard SA | 3,061 | 675 | ||||||
| Energy (0.6%): | ||||||||
| TotalEnergies SE | 28,642 | 1,369 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (1.1%): | ||||||||
| Amundi SA (c) | 6,666 | $ | 560 | |||||
| AXA SA | 24,210 | 671 | ||||||
| BNP Paribas SA (b) | 18,506 | 1,184 | ||||||
| 2,415 | ||||||||
| Health Care (0.7%): | ||||||||
| Sanofi | 9,668 | 931 | ||||||
| Sartorius Stedim Biotech | 1,201 | 671 | ||||||
| 1,602 | ||||||||
| Industrials (0.9%): | ||||||||
| Cie de Saint-Gobain | 18,981 | 1,277 | ||||||
| Teleperformance | 1,813 | 713 | ||||||
| 1,990 | ||||||||
| Information Technology (0.6%): | ||||||||
| Capgemini SE | 6,399 | 1,327 | ||||||
| Materials (0.3%): | ||||||||
| Arkema SA | 5,016 | 661 | ||||||
| 14,036 | ||||||||
| Germany (6.6%): | ||||||||
| Communication Services (0.7%): | ||||||||
| Deutsche Telekom AG | 74,764 | 1,499 | ||||||
| Consumer Discretionary (0.9%): | ||||||||
| Volkswagen AG, Preference Shares | 9,127 | 2,034 | ||||||
| Financials (1.0%): | ||||||||
| Allianz SE, Registered Shares | 4,417 | 990 | ||||||
| Hannover Rueck SE | 3,114 | 542 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG, Class R | 1,869 | 510 | ||||||
| 2,042 | ||||||||
| Health Care (0.6%): | ||||||||
| Merck KGaA | 6,256 | 1,354 | ||||||
| Industrials (1.1%): | ||||||||
| Deutsche Post AG, Registered Shares | 26,347 | 1,652 | ||||||
| Siemens AG, Registered Shares | 4,552 | 744 | ||||||
| 2,396 | ||||||||
| Information Technology (0.7%): | ||||||||
| Infineon Technologies AG | 17,715 | 725 | ||||||
| SAP SE | 5,969 | 807 | ||||||
| 1,532 | ||||||||
| Materials (0.5%): | ||||||||
| Covestro AG (c) | 9,180 | 626 | ||||||
| HeidelbergCement AG | 6,013 | 448 | ||||||
| 1,074 | ||||||||
| Real Estate (0.6%): | ||||||||
| alstria office REIT-AG | 27,962 | 507 | ||||||
| LEG Immobilien SE | 5,460 | 771 | ||||||
| 1,278 | ||||||||
| Utilities (0.5%): | ||||||||
| E.ON SE | 90,658 | 1,106 | ||||||
| 14,315 | ||||||||
| Hong Kong (3.4%): | ||||||||
| Communication Services (0.3%): | ||||||||
| NetDragon Websoft Holdings Ltd. | 309,000 | 695 | ||||||
| Consumer Discretionary (0.6%): | ||||||||
| Chow Tai Fook Jewellery Group Ltd. | 328,600 | 625 | ||||||
| Xinyi Glass Holdings Ltd. | 246,000 | 734 | ||||||
| 1,359 | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Vinda International Holdings Ltd. (b) | 196,000 | 578 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| WH Group Ltd. (c) | 570,782 | $ | 407 | |||||
| 985 | ||||||||
| Energy (0.4%): | ||||||||
| Kunlun Energy Co. Ltd. | 854,000 | 889 | ||||||
| Financials (0.3%): | ||||||||
| BOC Hong Kong Holdings Ltd. | 207,000 | 624 | ||||||
| Information Technology (0.9%): | ||||||||
| Lenovo Group Ltd. | 1,526,000 | 1,992 | ||||||
| Real Estate (0.4%): | ||||||||
| CK Asset Holdings Ltd. | 68,895 | 397 | ||||||
| Sun Hung Kai Properties Ltd. | 44,500 | 556 | ||||||
| 953 | ||||||||
| 7,497 | ||||||||
| Hungary (0.6%): | ||||||||
| Financials (0.6%): | ||||||||
| OTP Bank Nyrt (a) | 21,694 | 1,272 | ||||||
| India (2.6%): | ||||||||
| Energy (0.6%): | ||||||||
| Reliance Industries Ltd. | 40,479 | 1,370 | ||||||
| Financials (0.4%): | ||||||||
| Canara Bank (a) | 371,444 | 859 | ||||||
| Health Care (0.3%): | ||||||||
| Cadila Healthcare Ltd. | 78,372 | 580 | ||||||
| Information Technology (0.6%): | ||||||||
| Infosys Ltd. | 62,702 | 1,406 | ||||||
| Materials (0.3%): | ||||||||
| UPL Ltd. | 61,098 | 581 | ||||||
| Utilities (0.4%): | ||||||||
| Power Grid Corp. of India Ltd. | 305,882 | 780 | ||||||
| 5,576 | ||||||||
| Indonesia (0.4%): | ||||||||
| Communication Services (0.4%): | ||||||||
| PT Sarana Menara Nusantara Tbk | 9,383,600 | 865 | ||||||
| Ireland (1.3%): | ||||||||
| Health Care (0.8%): | ||||||||
| ICON PLC (a) | 6,630 | 1,737 | ||||||
| Industrials (0.5%): | ||||||||
| DCC PLC | 13,895 | 1,158 | ||||||
| 2,895 | ||||||||
| Italy (1.4%): | ||||||||
| Industrials (0.3%): | ||||||||
| Leonardo SpA (a) | 73,379 | 600 | ||||||
| Information Technology (0.3%): | ||||||||
| Nexi SpA (a)(b)(c) | 38,767 | 723 | ||||||
| Utilities (0.8%): | ||||||||
| ACEA SpA | 30,853 | 659 | ||||||
| Enel SpA | 136,231 | 1,045 | ||||||
| 1,704 | ||||||||
| 3,027 | ||||||||
| Japan (16.4%): | ||||||||
| Communication Services (1.6%): | ||||||||
| Capcom Co. Ltd. | 20,900 | 581 | ||||||
| KDDI Corp. | 31,700 | 1,044 | ||||||
| Nintendo Co. Ltd. | 1,500 | 717 | ||||||
| Nippon Telegraph & Telephone Corp. | 30,600 | 848 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| SoftBank Group Corp. | 6,500 | $ | 375 | |||||
| 3,565 | ||||||||
| Consumer Discretionary (3.2%): | ||||||||
| Sony Group Corp. | 36,800 | 4,086 | ||||||
| Toyo Tire Corp. | 36,700 | 654 | ||||||
| Toyota Motor Corp. | 128,000 | 2,281 | ||||||
| 7,021 | ||||||||
| Consumer Staples (1.2%): | ||||||||
| Ajinomoto Co., Inc. | 29,500 | 872 | ||||||
| Asahi Group Holdings Ltd. | 20,300 | 980 | ||||||
| Seven & i Holdings Co. Ltd. | 15,900 | 724 | ||||||
| 2,576 | ||||||||
| Financials (1.8%): | ||||||||
| Mizuho Financial Group, Inc. | 70,510 | 998 | ||||||
| Nomura Holdings, Inc. | 110,900 | 547 | ||||||
| ORIX Corp. | 73,700 | 1,379 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 30,325 | 1,067 | ||||||
| 3,991 | ||||||||
| Health Care (0.8%): | ||||||||
| Hoya Corp. | 6,500 | 1,014 | ||||||
| Otsuka Holdings Co. Ltd. | 15,600 | 667 | ||||||
| 1,681 | ||||||||
| Industrials (3.1%): | ||||||||
| AGC, Inc. | 15,900 | 819 | ||||||
| Fuji Electric Co. Ltd. | 15,200 | 692 | ||||||
| ITOCHU Corp. | 48,400 | 1,410 | ||||||
| Komatsu Ltd. | 24,700 | 591 | ||||||
| Mitsubishi Electric Corp. | 45,900 | 638 | ||||||
| Mitsui & Co. Ltd. | 41,000 | 897 | ||||||
| Nippon Yusen KK | 14,100 | 1,057 | ||||||
| Yamato Holdings Co. Ltd. | 24,600 | 623 | ||||||
| 6,727 | ||||||||
| Information Technology (2.9%): | ||||||||
| Canon, Inc. | 29,000 | 710 | ||||||
| Fujitsu Ltd. | 7,200 | 1,301 | ||||||
| Hitachi Ltd. | 23,000 | 1,361 | ||||||
| Murata Manufacturing Co. Ltd. | 9,200 | 814 | ||||||
| NTT Data Corp. | 40,800 | 789 | ||||||
| Tokyo Electron Ltd. | 2,900 | 1,281 | ||||||
| 6,256 | ||||||||
| Materials (0.8%): | ||||||||
| Rengo Co. Ltd. | 60,100 | 470 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 4,500 | 759 | ||||||
| Tosoh Corp. | 34,700 | 629 | ||||||
| 1,858 | ||||||||
| Real Estate (0.7%): | ||||||||
| Daiwa House Industry Co. Ltd. | 19,900 | 663 | ||||||
| Open House Co. Ltd. | 14,800 | 871 | ||||||
| 1,534 | ||||||||
| Utilities (0.3%): | ||||||||
| Osaka Gas Co. Ltd. | 31,800 | 581 | ||||||
| 35,790 | ||||||||
| Korea, Republic Of (4.0%): | ||||||||
| Communication Services (0.3%): | ||||||||
| NAVER Corp. | 1,943 | 631 | ||||||
| Consumer Discretionary (0.7%): | ||||||||
| Kia Corp. | 10,792 | 729 | ||||||
| LG Electronics, Inc. | 8,694 | 925 | ||||||
| 1,654 | ||||||||
| Consumer Staples (0.3%): | ||||||||
| E-MART, Inc. | 4,348 | 599 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.4%): | ||||||||
| Hana Financial Group, Inc. | 20,422 | $ | 795 | |||||
| Industrials (0.4%): | ||||||||
| Samsung Engineering Co. Ltd. (a) | 45,670 | 973 | ||||||
| Information Technology (1.9%): | ||||||||
| LG Innotek Co. Ltd. | 8,954 | 1,554 | ||||||
| Samsung Electronics Co. Ltd. | 29,910 | 1,856 | ||||||
| SK Hynix, Inc. | 7,550 | 647 | ||||||
| 4,057 | ||||||||
| 8,709 | ||||||||
| Luxembourg (1.2%): | ||||||||
| Energy (0.3%): | ||||||||
| Tenaris SA | 59,951 | 631 | ||||||
| Health Care (0.5%): | ||||||||
| Eurofins Scientific SE | 8,658 | 1,109 | ||||||
| Materials (0.4%): | ||||||||
| ArcelorMittal SA | 24,937 | 763 | ||||||
| 2,503 | ||||||||
| Malaysia (0.9%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Telekom Malaysia Bhd | 600,400 | 817 | ||||||
| Financials (0.5%): | ||||||||
| RHB Bank Bhd | 891,900 | 1,160 | ||||||
| 1,977 | ||||||||
| Mexico (0.3%): | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Arca Continental SAB de CV | 110,008 | 671 | ||||||
| Netherlands (3.1%): | ||||||||
| Consumer Staples (0.7%): | ||||||||
| Koninklijke Ahold Delhaize NV | 47,901 | 1,595 | ||||||
| Financials (0.7%): | ||||||||
| ING Groep NV | 44,666 | 649 | ||||||
| NN Group NV | 17,316 | 907 | ||||||
| 1,556 | ||||||||
| Health Care (0.3%): | ||||||||
| QIAGEN NV (a) | 12,383 | 640 | ||||||
| Information Technology (1.4%): | ||||||||
| ASML Holding NV | 2,049 | 1,531 | ||||||
| STMicroelectronics NV | 32,143 | 1,403 | ||||||
| 2,934 | ||||||||
| 6,725 | ||||||||
| Norway (0.3%): | ||||||||
| Energy (0.3%): | ||||||||
| Equinor ASA | 29,702 | 756 | ||||||
| Russian Federation (1.1%): | ||||||||
| Energy (0.6%): | ||||||||
| LUKOIL PJSC, ADR | 14,686 | 1,395 | ||||||
| Financials (0.5%): | ||||||||
| Sberbank of Russia PJSC | 214,900 | 1,005 | ||||||
| 2,400 | ||||||||
| Saudi Arabia (0.7%): | ||||||||
| Financials (0.4%): | ||||||||
| Al Rajhi Bank | 28,576 | 931 | ||||||
| Health Care (0.3%): | ||||||||
| Mouwasat Medical Services Co. | 14,093 | 678 | ||||||
| 1,609 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Singapore (0.7%): | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Wilmar International Ltd. | 240,900 | $ | 744 | |||||
| Financials (0.4%): | ||||||||
| DBS Group Holdings Ltd. | 37,200 | 825 | ||||||
| 1,569 | ||||||||
| South Africa (1.0%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Naspers Ltd., Class N | 5,147 | 851 | ||||||
| Materials (0.6%): | ||||||||
| Impala Platinum Holdings Ltd. | 43,526 | 491 | ||||||
| Kumba Iron Ore Ltd. | 24,330 | 800 | ||||||
| 1,291 | ||||||||
| 2,142 | ||||||||
| Spain (1.1%): | ||||||||
| Industrials (0.3%): | ||||||||
| ACS Actividades de Construccion y Servicios SA | 26,198 | 709 | ||||||
| Utilities (0.8%): | ||||||||
| Acciona SA | 4,582 | 762 | ||||||
| EDP Renovaveis SA | 33,886 | 841 | ||||||
| 1,603 | ||||||||
| 2,312 | ||||||||
| Sweden (3.0%): | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Swedish Match AB | 120,946 | 1,059 | ||||||
| Financials (0.4%): | ||||||||
| Skandinaviska Enskilda Banken AB, Class A | 64,620 | 911 | ||||||
| Industrials (1.1%): | ||||||||
| Sandvik AB | 26,451 | 605 | ||||||
| SKF AB, B Shares | 33,059 | 780 | ||||||
| Volvo AB, Class B | 40,609 | 907 | ||||||
| 2,292 | ||||||||
| Information Technology (0.3%): | ||||||||
| Telefonaktiebolaget LM Ericsson, Class B (b) | 65,926 | 744 | ||||||
| Materials (0.4%): | ||||||||
| Boliden AB | 25,617 | 821 | ||||||
| Real Estate (0.3%): | ||||||||
| Fastighets AB Balder, B Shares (a) | 11,514 | 692 | ||||||
| 6,519 | ||||||||
| Switzerland (7.0%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Cie Financiere Richemont SA, Registered Shares | 7,523 | 780 | ||||||
| Consumer Staples (1.3%): | ||||||||
| Coca-Cola HBC AG | 18,907 | 609 | ||||||
| Nestle SA, Registered Shares | 19,258 | 2,321 | ||||||
| 2,930 | ||||||||
| Financials (1.6%): | ||||||||
| Julius Baer Group Ltd. | 14,996 | 996 | ||||||
| Swiss Life Holding AG | 3,452 | 1,740 | ||||||
| UBS Group AG | 41,838 | 668 | ||||||
| 3,404 | ||||||||
| Health Care (2.5%): | ||||||||
| Lonza Group AG, Registered Shares | 1,221 | 916 | ||||||
| Novartis AG, Registered Shares | 23,670 | 1,941 | ||||||
| Roche Holding AG | 4,861 | 1,774 | ||||||
| Sonova Holding AG | 2,462 | 931 | ||||||
| 5,562 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (0.2%): | ||||||||
| Adecco Group AG | 10,287 | $ | 516 | |||||
| Information Technology (0.7%): | ||||||||
| Logitech International SA, Class R | 16,423 | 1,461 | ||||||
| Materials (0.3%): | ||||||||
| Holcim Ltd. | 14,475 | 698 | ||||||
| 15,351 | ||||||||
| Taiwan (3.7%): | ||||||||
| Financials (1.0%): | ||||||||
| Chailease Holding Co. Ltd. | 112,281 | 986 | ||||||
| Fubon Financial Holding Co. Ltd. | 468,600 | 1,281 | ||||||
| 2,267 | ||||||||
| Information Technology (2.7%): | ||||||||
| MediaTek, Inc. | 20,000 | 644 | ||||||
| Realtek Semiconductor Corp. | 98,000 | 1,727 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 141,000 | 2,916 | ||||||
| Yageo Corp. | 39,000 | 611 | ||||||
| 5,898 | ||||||||
| 8,165 | ||||||||
| United Arab Emirates (0.3%): | ||||||||
| Real Estate (0.3%): | ||||||||
| Emaar Development PJSC (a) | 610,352 | 638 | ||||||
| United Kingdom (8.3%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Vodafone Group PLC | 455,552 | 693 | ||||||
| Consumer Discretionary (1.0%): | ||||||||
| Barratt Developments PLC | 81,065 | 716 | ||||||
| Stellantis NV | 73,204 | 1,393 | ||||||
| 2,109 | ||||||||
| Consumer Staples (1.4%): | ||||||||
| British American Tobacco PLC | 16,766 | 586 | ||||||
| Tate & Lyle PLC | 64,036 | 596 | ||||||
| Tesco PLC | 336,646 | 1,146 | ||||||
| Unilever PLC | 15,153 | 820 | ||||||
| 3,148 | ||||||||
| Energy (0.6%): | ||||||||
| BP PLC | 285,217 | 1,299 | ||||||
| Financials (1.7%): | ||||||||
| 3i Group PLC | 91,941 | 1,579 | ||||||
| Barclays PLC | 345,829 | 879 | ||||||
| Legal & General Group PLC | 196,170 | 737 | ||||||
| Standard Chartered PLC | 105,250 | 615 | ||||||
| 3,810 | ||||||||
| Health Care (0.9%): | ||||||||
| AstraZeneca PLC | 9,569 | 1,153 | ||||||
| Hikma Pharmaceuticals PLC | 23,747 | 781 | ||||||
| 1,934 | ||||||||
| Industrials (1.5%): | ||||||||
| Ashtead Group PLC | 14,687 | 1,110 | ||||||
| BAE Systems PLC | 99,868 | 756 | ||||||
| Ferguson PLC | 4,855 | 674 | ||||||
| Royal Mail PLC | 118,246 | 669 | ||||||
| 3,209 | ||||||||
| Materials (0.9%): | ||||||||
| Anglo American PLC | 56,861 | 1,994 | ||||||
| 18,196 | ||||||||
| Total Common Stocks (Cost $183,260) | 213,134 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Rights (0.0%)(d) | ||||||||
| Taiwan (0.0%): | ||||||||
| Financials (0.0%): | ||||||||
| Fubon Financial Holding Co. Ltd., Expires 10/19/21 (a)(e) | 9,883 | $ | — | |||||
| Fubon Financial Holding Co. Ltd., Expires 10/19/21 @ $60.00 (a)(f) | 16,230 | 10 | ||||||
| 10 | ||||||||
| Total Rights (Cost $–) | 10 | |||||||
| Exchange-Traded Funds (0.9%) | ||||||||
| United States (0.9%): | ||||||||
| iShares Core MSCI EAFE ETF | 15,847 | 1,177 | ||||||
| iShares Core MSCI Emerging Markets ETF | 12,882 | 795 | ||||||
| 1,972 | ||||||||
| Total Exchange-Traded Funds (Cost $2,053) | 1,972 | |||||||
| Collateral for Securities Loaned^ (2.5%) | ||||||||
| United States (2.5%): | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (g) | 103,768 | 104 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (g) | 3,074,360 | 3,074 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g) | 51,785 | 52 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (g) | 412,921 | 413 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g) | 1,856,573 | 1,857 | ||||||
| Total Collateral for Securities Loaned (Cost $5,500) | 5,500 | |||||||
| Total Investments (Cost $190,813) — 101.1% | 220,616 | |||||||
| Liabilities in excess of other assets — (1.1)% | (2,429 | ) | ||||||
| NET ASSETS - 100.00% | $ | 218,187 |
| ^ | 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) | 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 September 30, 2021, the fair value of these securities was $3,801 (thousands) and amounted to 1.7% of net assets. |
| (d) | Amount represents less than 0.05% of net assets. |
| (e) | Security was fair valued using significant unobservable inputs as of September 30, 2021. |
| (f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.0% of net assets. |
| (g) | Rate disclosed is the daily yield on September 30, 2021. |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.3%) | ||||||||
| Australia (6.2%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| JB Hi-Fi Ltd. | 378,983 | $ | 12,320 | |||||
| Super Retail Group Ltd. | 1,232,906 | 10,726 | ||||||
| 23,046 | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Elders Ltd. | 1,866,809 | 16,306 | ||||||
| Energy (0.4%): | ||||||||
| Beach Energy Ltd. | 14,483,973 | 15,465 | ||||||
| Financials (0.9%): | ||||||||
| Bank of Queensland Ltd. (a) | 2,311,727 | 15,415 | ||||||
| Pendal Group Ltd. | 2,860,122 | 16,638 | ||||||
| 32,053 | ||||||||
| Health Care (0.4%): | ||||||||
| Ansell Ltd. | 554,452 | 13,469 | ||||||
| Industrials (0.3%): | ||||||||
| Seven Group Holdings Ltd. | 792,015 | 11,602 | ||||||
| Information Technology (0.4%): | ||||||||
| Technology One Ltd. | 1,610,063 | 12,997 | ||||||
| Materials (1.6%): | ||||||||
| CSR Ltd. | 2,414,945 | 9,598 | ||||||
| Mineral Resources Ltd. | 729,356 | 23,142 | ||||||
| OZ Minerals Ltd. | 1,326,711 | 21,296 | ||||||
| 54,036 | ||||||||
| Real Estate (1.0%): | ||||||||
| Charter Hall Group | 2,095,318 | 25,330 | ||||||
| Shopping Centres Australasia Property Group | 5,606,309 | 10,736 | ||||||
| 36,066 | ||||||||
| 215,040 | ||||||||
| Canada (9.0%): | ||||||||
| Consumer Discretionary (0.9%): | ||||||||
| BRP, Inc. | 314,679 | 29,132 | ||||||
| Energy (1.5%): | ||||||||
| ARC Resources Ltd. | 2,804,173 | 26,283 | ||||||
| Parex Resources, Inc. | 1,341,190 | 24,401 | ||||||
| 50,684 | ||||||||
| Financials (0.9%): | ||||||||
| Canadian Western Bank (a) | 589,365 | 17,066 | ||||||
| CI Financial Corp. | 757,415 | 15,377 | ||||||
| 32,443 | ||||||||
| Health Care (0.2%): | ||||||||
| Tilray, Inc., Class 2 (a)(b) | 582,163 | 6,592 | ||||||
| Industrials (2.4%): | ||||||||
| ATS Automation Tooling System (a)(b) | 599,068 | 19,007 | ||||||
| Ballard Power Systems, Inc. (a)(b) | 306,351 | 4,301 | ||||||
| Finning International, Inc. | 862,676 | 21,288 | ||||||
| TFI International, Inc. (a) | 364,141 | 37,259 | ||||||
| 81,855 | ||||||||
| Information Technology (0.4%): | ||||||||
| The Descartes Systems Group, Inc. (a)(b) | 184,988 | 15,060 | ||||||
| Materials (1.2%): | ||||||||
| Canfor Corp. (b) | 496,710 | 10,912 | ||||||
| Dundee Precious Metals, Inc. | 2,270,291 | 13,660 | ||||||
| Fortuna Silver Mines, Inc. (a)(b) | 1,478,194 | 5,813 | ||||||
| Kirkland Lake Gold Ltd. | 1 | — | (c) | |||||
| Stella-Jones, Inc. (a) | 317,540 | 10,694 | ||||||
| 41,079 | ||||||||
| Real Estate (1.1%): | ||||||||
| Boardwalk Real Estate Invest (a) | 380,101 | 14,194 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Tricon Residential, Inc. (a) | 1,661,110 | $ | 22,167 | |||||
| 36,361 | ||||||||
| Utilities (0.4%): | ||||||||
| Northland Power, Inc. (a) | 484,967 | 15,242 | ||||||
| 308,448 | ||||||||
| Denmark (1.2%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Pandora A/S | 116,033 | 14,089 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Royal Unibrew A/S | 129,277 | 15,552 | ||||||
| Information Technology (0.3%): | ||||||||
| Netcompany Group A/S (d) | 100,294 | 11,570 | ||||||
| 41,211 | ||||||||
| Finland (1.8%): | ||||||||
| Industrials (1.1%): | ||||||||
| Metso Outotec Oyj | 1,428,056 | 13,031 | ||||||
| Valmet Oyj | 740,228 | 26,722 | ||||||
| 39,753 | ||||||||
| Information Technology (0.4%): | ||||||||
| TietoEVRY Oyj | 473,583 | 14,240 | ||||||
| Materials (0.3%): | ||||||||
| Kemira Oyj | 615,513 | 9,447 | ||||||
| 63,440 | ||||||||
| France (7.0%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Publicis Groupe SA | 269,601 | 18,109 | ||||||
| Consumer Discretionary (1.1%): | ||||||||
| Faurecia SE | 502,698 | 23,647 | ||||||
| La Francaise des Jeux SAEM (d) | 249,693 | 12,837 | ||||||
| 36,484 | ||||||||
| Health Care (0.4%): | ||||||||
| Korian SA | 413,433 | 14,454 | ||||||
| Industrials (2.2%): | ||||||||
| Eiffage SA | 249,418 | 25,205 | ||||||
| Elis SA (b) | 727,903 | 13,880 | ||||||
| Nexans SA | 222,309 | 20,726 | ||||||
| Rexel SA | 849,887 | 16,374 | ||||||
| 76,185 | ||||||||
| Information Technology (1.2%): | ||||||||
| SOITEC (b) | 102,554 | 22,166 | ||||||
| Sopra Steria Group | 94,178 | 17,446 | ||||||
| 39,612 | ||||||||
| Materials (0.5%): | ||||||||
| Arkema SA | 121,610 | 16,034 | ||||||
| Real Estate (1.1%): | ||||||||
| Klepierre SA | 928,554 | 20,763 | ||||||
| Nexity SA | 387,014 | 18,401 | ||||||
| 39,164 | ||||||||
| 240,042 | ||||||||
| Germany (7.3%): | ||||||||
| Communication Services (1.5%): | ||||||||
| Freenet AG | 720,204 | 18,842 | ||||||
| ProSiebenSat.1 Media SE | 1,100,528 | 20,104 | ||||||
| United Internet AG, Registered Shares | 315,546 | 12,205 | ||||||
| 51,151 | ||||||||
| Financials (0.8%): | ||||||||
| Deutsche Pfandbriefbank AG (d) | 1,419,561 | 15,978 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| DWS Group GmbH & Co. KGaA (d) | 312,834 | $ | 13,139 | |||||
| 29,117 | ||||||||
| Health Care (1.3%): | ||||||||
| Carl Zeiss Meditec AG | 76,022 | 14,560 | ||||||
| Dermapharm Holding SE | 124,918 | 12,020 | ||||||
| Gerresheimer AG | 185,726 | 18,170 | ||||||
| 44,750 | ||||||||
| Industrials (0.9%): | ||||||||
| Brenntag SE | 145,287 | 13,495 | ||||||
| Rheinmetall AG | 189,094 | 18,468 | ||||||
| 31,963 | ||||||||
| Information Technology (0.6%): | ||||||||
| Bechtle AG | 290,920 | 19,895 | ||||||
| Materials (1.1%): | ||||||||
| Aurubis AG | 169,045 | 12,693 | ||||||
| Covestro AG (d) | 165,953 | 11,308 | ||||||
| LANXESS AG | 201,650 | 13,627 | ||||||
| 37,628 | ||||||||
| Real Estate (1.1%): | ||||||||
| alstria office REIT-AG | 841,161 | 15,256 | ||||||
| TAG Immobilien AG | 730,861 | 21,366 | ||||||
| 36,622 | ||||||||
| 251,126 | ||||||||
| Gibraltar (0.5%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| 888 Holdings PLC | 2,804,156 | 16,165 | ||||||
| Hong Kong (1.5%): | ||||||||
| Health Care (0.2%): | ||||||||
| The United Laboratories International Holdings Ltd. | 12,386,000 | 8,215 | ||||||
| Industrials (0.4%): | ||||||||
| Pacific Basin Shipping Ltd. (a) | 29,047,000 | 13,444 | ||||||
| Information Technology (0.3%): | ||||||||
| ASM Pacific Technology Ltd. | 893,100 | 9,750 | ||||||
| Real Estate (0.3%): | ||||||||
| Hysan Development Co. Ltd. | 3,406,000 | 11,076 | ||||||
| Utilities (0.3%): | ||||||||
| Towngas China Co. Ltd. | 15,019,000 | 9,362 | ||||||
| 51,847 | ||||||||
| Ireland (1.3%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Dalata Hotel Group PLC (b) | 2,495,555 | 11,884 | ||||||
| Consumer Staples (0.4%): | ||||||||
| Glanbia PLC | 738,009 | 12,205 | ||||||
| Financials (0.6%): | ||||||||
| Bank of Ireland Group PLC (b) | 3,213,286 | 19,055 | ||||||
| 43,144 | ||||||||
| Israel (1.9%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Perion Network Ltd. (a)(b) | 608,754 | 10,550 | ||||||
| Health Care (1.3%): | ||||||||
| Inmode Ltd. (b) | 281,655 | 44,910 | ||||||
| Information Technology (0.3%): | ||||||||
| Radware Ltd. (b) | 337,057 | 11,365 | ||||||
| 66,825 | ||||||||
| Italy (2.8%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| De' Longhi SpA | 287,755 | 10,330 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.5%): | ||||||||
| Banca Mediolanum SpA | 1,484,718 | $ | 15,986 | |||||
| Industrials (0.4%): | ||||||||
| Interpump Group SpA | 223,849 | 14,425 | ||||||
| Information Technology (0.7%): | ||||||||
| Reply SpA | 138,749 | 25,465 | ||||||
| Materials (0.4%): | ||||||||
| Buzzi Unicem SpA | 617,427 | 14,023 | ||||||
| Utilities (0.5%): | ||||||||
| ACEA SpA | 718,980 | 15,348 | ||||||
| 95,577 | ||||||||
| Japan (20.8%): | ||||||||
| Communication Services (1.3%): | ||||||||
| Capcom Co. Ltd. | 624,600 | 17,358 | ||||||
| Internet Initiative Japan, Inc. | 782,400 | 27,033 | ||||||
| 44,391 | ||||||||
| Consumer Discretionary (3.5%): | ||||||||
| ASKUL Corp. | 712,900 | 10,455 | ||||||
| Food & Life Cos Ltd. | 392,100 | 18,032 | ||||||
| Izumi Co. Ltd. | 260,300 | 8,662 | ||||||
| Komeri Co. Ltd. | 434,400 | 10,538 | ||||||
| Oisix ra daichi, Inc. (b) | 283,700 | 12,577 | ||||||
| Resorttrust, Inc. | 637,500 | 12,515 | ||||||
| Starts Corp., Inc. | 395,100 | 9,403 | ||||||
| Sumitomo Forestry Co. Ltd. | 640,200 | 12,161 | ||||||
| Tokyotokeiba Co. Ltd. | 209,200 | 8,198 | ||||||
| Toyo Tire Corp. | 1,040,700 | 18,551 | ||||||
| 121,092 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Morinaga Milk Industry Co. Ltd. | 245,000 | 15,306 | ||||||
| Nichirei Corp. | 354,700 | 9,296 | ||||||
| Valor Holdings Co. Ltd. | 498,100 | 10,762 | ||||||
| 35,364 | ||||||||
| Financials (0.8%): | ||||||||
| North Pacific Bank Ltd. | 3,824,900 | 8,696 | ||||||
| Zenkoku Hosho Co. Ltd. | 351,100 | 17,135 | ||||||
| 25,831 | ||||||||
| Health Care (1.6%): | ||||||||
| Eiken Chemical Co. Ltd. | 672,700 | 12,628 | ||||||
| Miraca Holdings, Inc. | 584,900 | 15,890 | ||||||
| Sawai Group Holdings Co. Ltd. | 278,500 | 12,959 | ||||||
| Ship Healthcare Holdings, Inc. | 541,000 | 13,936 | ||||||
| 55,413 | ||||||||
| Industrials (5.5%): | ||||||||
| BayCurrent Consulting, Inc. | 93,500 | 46,824 | ||||||
| CKD Corp. | 537,900 | 11,442 | ||||||
| Daihen Corp. | 293,700 | 12,939 | ||||||
| Fuji Corp. | 738,800 | 18,763 | ||||||
| FULLCAST Holdings Co. Ltd. | 493,000 | 10,008 | ||||||
| Kanamoto Co. Ltd. | 389,300 | 9,109 | ||||||
| Kintetsu World Express, Inc. | 591,800 | 14,990 | ||||||
| Kumagai Gumi Co. Ltd. | 412,300 | 10,670 | ||||||
| Maeda Corp. (a) | 1,220,300 | 9,680 | ||||||
| Outsourcing, Inc. | 597,800 | 10,715 | ||||||
| Sankyu, Inc. | 225,600 | 10,377 | ||||||
| Sanwa Holdings Corp. | 1,019,000 | 13,250 | ||||||
| Takeuchi Manufacturing Co. Ltd. | 514,300 | 11,846 | ||||||
| 190,613 | ||||||||
| Information Technology (3.6%): | ||||||||
| Freee KK (a)(b) | 87,700 | 6,382 | ||||||
| Fuji Soft, Inc. | 197,600 | 10,347 | ||||||
| NEC Networks & System Integration Corp. | 977,500 | 18,438 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nippon Electric Glass Co. Ltd. | 792,100 | $ | 18,739 | |||||
| Shinko Electric Industries Co. Ltd. | 1,083,400 | 35,890 | ||||||
| Taiyo Yuden Co. Ltd. | 351,600 | 20,597 | ||||||
| Tokyo Seimitsu Co. Ltd. | 284,300 | 11,670 | ||||||
| 122,063 | ||||||||
| Materials (1.6%): | ||||||||
| Denka Co. Ltd. | 451,500 | 15,770 | ||||||
| Kaneka Corp. | 363,700 | 15,193 | ||||||
| Rengo Co. Ltd. | 1,945,200 | 15,200 | ||||||
| Zeon Corp. | 685,800 | 9,655 | ||||||
| 55,818 | ||||||||
| Real Estate (1.9%): | ||||||||
| Invincible Investment Corp. | 26,677 | 10,453 | ||||||
| Kenedix Office Investment Corp. | 1,670 | 11,480 | ||||||
| Nippon Accommodations Fund, Inc. | 2,378 | 13,325 | ||||||
| Open House Co. Ltd. (a) | 499,600 | 29,399 | ||||||
| 64,657 | ||||||||
| 715,242 | ||||||||
| Korea, Republic Of (5.6%): | ||||||||
| Communication Services (1.1%): | ||||||||
| AfreecaTV Co. Ltd. | 219,858 | 27,679 | ||||||
| Neowiz (b) | 598,812 | 11,568 | ||||||
| 39,247 | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Coway Co. Ltd. | 153,105 | 9,564 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Cosmax, Inc. (b) | 89,107 | 9,250 | ||||||
| Maeil Dairies Co. Ltd. | 133,760 | 8,092 | ||||||
| 17,342 | ||||||||
| Health Care (1.4%): | ||||||||
| Osstem Implant Co. Ltd. | 307,962 | 34,492 | ||||||
| PharmaResearch Co. Ltd. | 212,812 | 15,092 | ||||||
| 49,584 | ||||||||
| Industrials (0.5%): | ||||||||
| Samsung Engineering Co. Ltd. (b) | 833,300 | 17,750 | ||||||
| Information Technology (1.1%): | ||||||||
| LEENO Industrial, Inc. | 71,172 | 10,515 | ||||||
| Partron Co. Ltd. | 1,122,064 | 8,689 | ||||||
| SFA Engineering Corp. | 294,768 | 9,155 | ||||||
| WONIK IPS Co. Ltd. | 233,139 | 7,769 | ||||||
| 36,128 | ||||||||
| Materials (0.7%): | ||||||||
| LOTTE Fine Chemical Co. Ltd. | 135,558 | 10,333 | ||||||
| Soulbrain Co. Ltd. | 62,959 | 14,379 | ||||||
| 24,712 | ||||||||
| 194,327 | ||||||||
| Malta (0.6%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Kindred Group PLC | 1,488,688 | 22,333 | ||||||
| Netherlands (4.3%): | ||||||||
| Energy (0.7%): | ||||||||
| Fugro NV (b) | 1,102,564 | 11,555 | ||||||
| SBM Offshore NV | 673,939 | 12,013 | ||||||
| 23,568 | ||||||||
| Financials (1.3%): | ||||||||
| ASR Nederland NV | 463,122 | 21,183 | ||||||
| Euronext NV (d) | 195,984 | 22,112 | ||||||
| 43,295 | ||||||||
| Industrials (1.2%): | ||||||||
| AerCap Holdings NV (b) | 318,955 | 18,439 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Signify NV (d) | 485,406 | $ | 24,294 | |||||
| 42,733 | ||||||||
| Information Technology (1.1%): | ||||||||
| ASM International NV | 97,954 | 38,356 | ||||||
| 147,952 | ||||||||
| Norway (0.3%): | ||||||||
| Financials (0.3%): | ||||||||
| Sparebanken Vest | 936,746 | 10,166 | ||||||
| Singapore (0.5%): | ||||||||
| Real Estate (0.5%): | ||||||||
| Frasers Logistics & Commercial Trust (a) | 14,719,200 | 16,425 | ||||||
| Spain (3.4%): | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Viscofan SA | 146,357 | 9,583 | ||||||
| Financials (0.5%): | ||||||||
| Bankinter SA | 3,083,586 | 18,040 | ||||||
| Health Care (0.6%): | ||||||||
| Laboratorios Farmaceuticos Rovi SA | 305,507 | 19,985 | ||||||
| Industrials (0.7%): | ||||||||
| Applus Services SA | 1,147,004 | 10,922 | ||||||
| Cia de Distribucion Integral Logista Holdings SA | 648,639 | 13,639 | ||||||
| 24,561 | ||||||||
| Materials (0.4%): | ||||||||
| Acerinox SA | 1,008,936 | 12,930 | ||||||
| Real Estate (0.4%): | ||||||||
| Merlin Properties Socimi SA | 1,392,610 | 14,281 | ||||||
| Utilities (0.5%): | ||||||||
| Acciona SA | 114,433 | 19,021 | ||||||
| 118,401 | ||||||||
| Sweden (2.2%): | ||||||||
| Communication Services (0.3%): | ||||||||
| G5 Entertainment AB (a) | 231,500 | 10,488 | ||||||
| Consumer Discretionary (0.5%): | ||||||||
| Dometic Group AB (d) | 1,044,952 | 15,785 | ||||||
| Health Care (1.1%): | ||||||||
| Arjo AB, Class B | 1,109,577 | 13,670 | ||||||
| Getinge AB, Class B | 617,336 | 24,621 | ||||||
| 38,291 | ||||||||
| Real Estate (0.3%): | ||||||||
| Wihlborgs Fastigheter AB | 583,769 | 11,608 | ||||||
| 76,172 | ||||||||
| Switzerland (6.7%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Forbo Holding AG, Registered Shares | 6,757 | 13,349 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Coca-Cola HBC AG | 312,526 | 10,070 | ||||||
| Zur Rose Group AG (a)(b) | 20,253 | 8,104 | ||||||
| 18,174 | ||||||||
| Financials (1.6%): | ||||||||
| Julius Baer Group Ltd. | 298,353 | 19,826 | ||||||
| Swissquote Group Holding SA, Registered Shares | 61,116 | 11,260 | ||||||
| Vontobel Holding AG, Class R | 264,658 | 22,270 | ||||||
| 53,356 | ||||||||
| Health Care (0.9%): | ||||||||
| Medmix AG (b)(d) | 92,788 | 4,382 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Tecan Group AG, Class R | 45,768 | $ | 25,926 | |||||
| 30,308 | ||||||||
| Industrials (2.0%): | ||||||||
| Adecco Group AG | 283,109 | 14,188 | ||||||
| Bossard Holdings AG, Class A | 35,085 | 10,961 | ||||||
| Bucher Industries AG, Registered Shares | 41,400 | 19,660 | ||||||
| Sulzer AG, Registered Shares | 92,788 | 8,808 | ||||||
| Wizz Air Holdings PLC (b)(d) | 231,755 | 15,572 | ||||||
| 69,189 | ||||||||
| Information Technology (0.8%): | ||||||||
| Logitech International SA, Class R | 297,572 | 26,478 | ||||||
| Real Estate (0.5%): | ||||||||
| PSP Swiss Property AG, Registered Shares | 154,742 | 18,647 | ||||||
| 229,501 | ||||||||
| United Kingdom (12.8%): | ||||||||
| Communication Services (1.0%): | ||||||||
| Future PLC | 728,832 | 36,097 | ||||||
| Consumer Discretionary (2.2%): | ||||||||
| Inchcape PLC | 880,136 | 9,576 | ||||||
| Marks & Spencer Group PLC (b) | 5,673,391 | 13,924 | ||||||
| Pets at Home Group PLC | 2,611,631 | 16,839 | ||||||
| Redrow PLC | 2,131,166 | 19,136 | ||||||
| Vistry Group PLC | 1,047,103 | 17,181 | ||||||
| 76,656 | ||||||||
| Consumer Staples (0.7%): | ||||||||
| Cranswick PLC | 280,405 | 13,459 | ||||||
| Tate & Lyle PLC | 1,242,745 | 11,557 | ||||||
| 25,016 | ||||||||
| Energy (0.4%): | ||||||||
| Cairn Energy PLC | 5,311,697 | 13,401 | ||||||
| Financials (1.7%): | ||||||||
| Close Brothers Group PLC | 724,181 | 15,039 | ||||||
| IG Group Holdings PLC | 1,100,489 | 11,891 | ||||||
| Intermediate Capital Group PLC | 471,102 | 12,898 | ||||||
| OSB Group PLC | 2,514,998 | 16,953 | ||||||
| 56,781 | ||||||||
| Health Care (0.5%): | ||||||||
| CVS Group PLC (b) | 208,502 | 6,770 | ||||||
| Hikma Pharmaceuticals PLC | 350,759 | 11,537 | ||||||
| 18,307 | ||||||||
| Industrials (1.9%): | ||||||||
| IMI PLC | 1,030,383 | 22,901 | ||||||
| Royal Mail PLC | 2,765,952 | 15,640 | ||||||
| Serco Group PLC | 7,944,593 | 14,309 | ||||||
| Travis Perkins PLC | 617,618 | 12,697 | ||||||
| 65,547 | ||||||||
| Information Technology (1.8%): | ||||||||
| Computacenter PLC | 658,102 | 23,935 | ||||||
| Electrocomponents PLC | 926,595 | 13,412 | ||||||
| Micro Focus International PLC | 2,124,434 | 11,684 | ||||||
| Spirent Communications PLC | 3,017,935 | 11,308 | ||||||
| 60,339 | ||||||||
| Materials (0.8%): | ||||||||
| Endeavour Mining PLC (a) | 549,514 | 12,371 | ||||||
| Synthomer PLC | 2,150,848 | 14,386 | ||||||
| 26,757 | ||||||||
| Real Estate (1.5%): | ||||||||
| LondonMetric Property PLC | 3,595,507 | 11,557 | ||||||
| Safestore Holdings PLC | 1,413,390 | 20,000 | ||||||
| The Unite Group PLC | 678,271 | 9,918 | ||||||
| Tritax Big Box REIT PLC | 3,510,386 | 10,035 | ||||||
| 51,510 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Small-Cap Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.3%): | ||||||||
| Atlantica Sustainable Infrastructure PLC (a) | 312,339 | $ | 10,779 | |||||
| 441,190 | ||||||||
| United States (0.6%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Nexteer Automotive Group Ltd. | 9,524,000 | 9,735 | ||||||
| Industrials (0.3%): | ||||||||
| Reliance Worldwide Corp. Ltd. | 3,440,615 | 12,509 | ||||||
| 22,244 | ||||||||
| Total Common Stocks (Cost $2,684,838) | 3,386,818 | |||||||
| Exchange-Traded Funds (0.5%) | ||||||||
| United States (0.5%): | ||||||||
| Vanguard FTSE Developed Markets ETF (a) | 300,483 | 15,171 | ||||||
| Total Exchange-Traded Funds (Cost $14,333) | 15,171 | |||||||
| Collateral for Securities Loaned^ (2.5%) | ||||||||
| United States (2.5%): | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (e) | 1,612,319 | 1,612 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Class, 0.01% (e) | 47,784,061 | 47,784 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e) | 804,627 | 805 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (e) | 6,415,846 | 6,416 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e) | 28,846,895 | 28,847 | ||||||
| Total Collateral for Securities Loaned (Cost $85,464) | 85,464 | |||||||
| Total Investments (Cost $2,784,635) — 101.3% | 3,487,453 | |||||||
| Liabilities in excess of other assets — (1.3)% | (43,266 | ) | ||||||
| NET ASSETS - 100.00% | $ | 3,444,187 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rounds to less than $1 thousand. |
| (d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $146,977 (thousands) and amounted to 4.3% of net assets. |
| (e) | Rate disclosed is the daily yield on September 30, 2021. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Asset-Backed Securities (3.5%) | ||||||||
| Ameriquest Mortgage Securities, Series 2004-R12, Class M1, 0.94% (LIBOR01M+86bps), 1/25/35, Callable 10/25/21 @ 100 (a) | $ | 5 | $ | 5 | ||||
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 11/15/23 @ 100 | 298 | 298 | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 7/16/24 @ 100 | 245 | 244 | ||||||
| Home Equity Asset Trust, Series 2005-2, Class M5, 1.18% (LIBOR01M+110bps), 7/25/35, Callable 10/25/21 @ 100 (a) | 259 | 259 | ||||||
| JPMorgan Chase Bank, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 11/25/24 @ 100 (b) | 250 | 250 | ||||||
| Park Place Securities, Inc., Series 2004-WCW2, Class M2, 1.06% (LIBOR01M+98bps), 10/25/34, Callable 10/25/21 @ 100 (a) | 5 | 5 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b)(c) | 674 | 675 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (b) | 332 | 333 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/25 @ 100 (b) | 337 | 338 | ||||||
| Total Asset-Backed Securities (Cost $2,396) | 2,407 | |||||||
| Collateralized Mortgage Obligations (1.2%) | ||||||||
| BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 | 290 | 298 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 | 257 | 270 | ||||||
| WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100 | 270 | 274 | ||||||
| Total Collateralized Mortgage Obligations (Cost $838) | 842 | |||||||
| Preferred Stocks (4.4%) | ||||||||
| Financials (1.9%): | ||||||||
| AMG Capital Trust II, 5.15%, 10/15/37 | 6,220 | 358 | ||||||
| Bank of America Corp., Series L, 7.25% (d) | 280 | 404 | ||||||
| KKR & Co., Inc., Series C, 6.00%, 9/15/23 (e) | 2,570 | 203 | ||||||
| Wells Fargo & Co., Series L, 7.50% (d)(e) | 245 | 363 | ||||||
| 1,328 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Health Care (0.1%): | ||||||||
| Danaher Corp., Series B, 5.00%, 4/15/23 (e) | 39 | $ | 63 | |||||
| Industrials (0.5%): | ||||||||
| Stanley Black & Decker, Inc., 5.25%, 11/15/22 (e) | 3,047 | 321 | ||||||
| Utilities (1.9%): | ||||||||
| American Electric Power Co., Inc., 6.13%, 8/15/23 | 1,615 | 80 | ||||||
| CenterPoint Energy, Inc., 4.57%, 9/15/29 | 1,045 | 69 | ||||||
| Dominion Energy, Inc., Series A, 7.25%, 6/1/22 | 3,000 | 291 | ||||||
| DTE Energy Co., 6.25%, 11/1/22 | 4,475 | 225 | ||||||
| NextEra Energy, Inc., 5.28%, 3/1/23 | 7,295 | 372 | ||||||
| NiSource, Inc., 7.75%, 3/1/24 | 210 | 22 | ||||||
| The Southern Co., Series 2019, 6.75%, 8/1/22 | 5,037 | 257 | ||||||
| 1,316 | ||||||||
| Total Preferred Stocks (Cost $2,972) | 3,028 | |||||||
| Corporate Bonds (52.0%) | ||||||||
| Communication Services (2.6%): | ||||||||
| Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100 | $ | 184 | 161 | |||||
| AT&T, Inc. | ||||||||
| 4.25%, 3/1/27, Callable 12/1/26 @ 100 (c) | 129 | 146 | ||||||
| 1.65%, 2/1/28, Callable 12/1/27 @ 100 | 117 | 116 | ||||||
| 5.15%, 11/15/46, Callable 5/15/46 @ 100 (c) | 312 | 396 | ||||||
| CenturyLink, Inc., 6.75%, 12/1/23 | 115 | 126 | ||||||
| Comcast Corp. | ||||||||
| 3.45%, 2/1/50, Callable 8/1/49 @ 100 | 150 | 159 | ||||||
| 2.80%, 1/15/51, Callable 7/15/50 @ 100 | 128 | 121 | ||||||
| Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b) | 143 | 144 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 2/15/25 (c) | 116 | 125 | ||||||
| 3.55%, 3/22/51, Callable 9/22/50 @ 100 (c) | 275 | 290 | ||||||
| 1,784 | ||||||||
| Consumer Discretionary (7.4%): | ||||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 (e) | 305 | 448 | ||||||
| D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (c) | 670 | 702 | ||||||
| Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 | 110 | 119 | ||||||
| Expedia Group, Inc. | ||||||||
| 3.60%, 12/15/23, Callable 11/15/23 @ 100 | 201 | 213 | ||||||
| 2/15/26 (b)(e) | 300 | 324 | ||||||
| Ford Motor Co., 3/15/26 (b) | 95 | 103 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| General Motors Co., 4.88%, 10/2/23 (c) | $ | 229 | $ | 247 | ||||
| Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44 | 110 | 118 | ||||||
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44 | 130 | 134 | ||||||
| Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100 | 112 | 120 | ||||||
| Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 (e) | 212 | 246 | ||||||
| Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 | 326 | 347 | ||||||
| Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 | 63 | 71 | ||||||
| Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) | 101 | 102 | ||||||
| NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 | 198 | 235 | ||||||
| NVR, Inc. | ||||||||
| 3.95%, 9/15/22, Callable 6/15/22 @ 100 (c) | 268 | 274 | ||||||
| 3.00%, 5/15/30, Callable 11/15/29 @ 100 | 267 | 279 | ||||||
| PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (e) | 240 | 278 | ||||||
| Ross Stores, Inc. | ||||||||
| 3.38%, 9/15/24, Callable 6/15/24 @ 100 | 160 | 169 | ||||||
| 0.88%, 4/15/26, Callable 3/15/26 @ 100 | 186 | 183 | ||||||
| Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100 | 185 | 185 | ||||||
| Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 | 171 | 172 | ||||||
| 5,069 | ||||||||
| Consumer Staples (2.5%): | ||||||||
| 7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b) | 368 | 368 | ||||||
| Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (c) | 105 | 118 | ||||||
| BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 | 167 | 192 | ||||||
| Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (c) | 70 | 71 | ||||||
| Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 | 105 | 130 | ||||||
| Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100 | 363 | 357 | ||||||
| Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100 | 95 | 105 | ||||||
| Reynolds American, Inc., 6.15%, 9/15/43 (c) | 175 | 219 | ||||||
| Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 | 135 | 178 | ||||||
| 1,738 | ||||||||
| Energy (3.7%): | ||||||||
| Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100 | 320 | 361 | ||||||
| Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (c) | 234 | 242 | ||||||
| EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 (e) | 135 | 179 | ||||||
| EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (c) | 84 | 88 | ||||||
| HollyFrontier Corp., 2.63%, 10/1/23 | 265 | 274 | ||||||
| Marathon Oil Corp., 6.60%, 10/1/37 | 125 | 166 | ||||||
| Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100 | 229 | 272 | ||||||
| Pioneer Natural Resources Co. | ||||||||
| 0.25%, 5/15/25 | 270 | 436 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| 1.90%, 8/15/30, Callable 5/15/30 @ 100 | $ | 251 | $ | 240 | ||||
| Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (c) | 245 | 250 | ||||||
| 2,508 | ||||||||
| Financials (12.3%): | ||||||||
| Aflac, Inc. | ||||||||
| 2.88%, 10/15/26, Callable 7/15/26 @ 100 | 335 | 360 | ||||||
| 4.75%, 1/15/49, Callable 7/15/48 @ 100 | 35 | 46 | ||||||
| Alleghany Corp. | ||||||||
| 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 130 | 143 | ||||||
| 3.25%, 8/15/51, Callable 2/15/51 @ 100 | 168 | 166 | ||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 345 | 382 | ||||||
| Bank of America Corp. | ||||||||
| 4.20%, 8/26/24, MTN (c) | 160 | 175 | ||||||
| 3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN | 205 | 221 | ||||||
| Capital One Financial Corp. | ||||||||
| 3.30%, 10/30/24, Callable 9/30/24 @ 100 (c) | 224 | 240 | ||||||
| 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a) | 395 | 386 | ||||||
| Cincinnati Financial Corp., 6.13%, 11/1/34 | 230 | 313 | ||||||
| Citigroup, Inc. | ||||||||
| 3.88%, 3/26/25 | 108 | 117 | ||||||
| 4.60%, 3/9/26 (c) | 232 | 262 | ||||||
| 4.45%, 9/29/27 (c) | 108 | 123 | ||||||
| 3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (a) | 94 | 108 | ||||||
| Fifth Third Bancorp | ||||||||
| 1.63%, 5/5/23, Callable 4/5/23 @ 100 | 130 | 132 | ||||||
| 3.65%, 1/25/24, Callable 12/25/23 @ 100 (c)(e) | 584 | 623 | ||||||
| Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 | 290 | 305 | ||||||
| General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 | 110 | 116 | ||||||
| Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 250 | 248 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.95%, 10/1/26, Callable 7/1/26 @ 100 (c)(e) | 425 | 455 | ||||||
| 5.60%, 7/15/41 (e) | 87 | 121 | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b) | 265 | 285 | ||||||
| Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (b) | 170 | 165 | ||||||
| Morgan Stanley | ||||||||
| 4.88%, 11/1/22 (c) | 303 | 317 | ||||||
| 3.13%, 7/27/26, MTN (c) | 545 | 587 | ||||||
| Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 | 104 | 113 | ||||||
| Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 | 228 | 225 | ||||||
| Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 | 90 | 104 | ||||||
| SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 | 373 | 399 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100 | $ | 275 | $ | 295 | ||||
| Wells Fargo & Co. | ||||||||
| 4.30%, 7/22/27, MTN (c) | 410 | 465 | ||||||
| 4.90%, 11/17/45 (c) | 155 | 195 | ||||||
| Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 | 250 | 260 | ||||||
| 8,452 | ||||||||
| Health Care (6.4%): | ||||||||
| AbbVie, Inc. | ||||||||
| 3.20%, 11/21/29, Callable 8/21/29 @ 100 | 285 | 307 | ||||||
| 4.45%, 5/14/46, Callable 11/14/45 @ 100 | 142 | 171 | ||||||
| Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100 | 250 | 300 | ||||||
| Anthem, Inc. | ||||||||
| 2.38%, 1/15/25, Callable 12/15/24 @ 100 | 148 | 154 | ||||||
| 2.75%, 10/15/42 | 68 | 357 | ||||||
| Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100 | 109 | 116 | ||||||
| Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 (c) | 455 | 504 | ||||||
| Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 | 168 | 176 | ||||||
| HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 | 193 | 216 | ||||||
| Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b) | 260 | 260 | ||||||
| Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (c) | 135 | 139 | ||||||
| Illumina, Inc. , 8/15/23 (e) | 280 | 327 | ||||||
| Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100 | 135 | 125 | ||||||
| Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 (e) | 262 | 299 | ||||||
| Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 | 146 | 135 | ||||||
| Universal Health Services, Inc. | ||||||||
| 1.65%, 9/1/26, Callable 8/1/26 @ 100 (b) | 394 | 392 | ||||||
| 2.65%, 10/15/30, Callable 7/15/30 @ 100 (b) | 102 | 103 | ||||||
| Viatris, Inc. | ||||||||
| 2.30%, 6/22/27, Callable 4/22/27 @ 100 (b) | 95 | 97 | ||||||
| 4.00%, 6/22/50, Callable 12/22/49 @ 100 (b) | 190 | 202 | ||||||
| 4,380 | ||||||||
| Industrials (5.8%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 241 | 234 | ||||||
| Air Lease Corp. | ||||||||
| 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN | 282 | 280 | ||||||
| 0.80%, 8/18/24, Callable 7/18/24 @ 100 (e) | 146 | 145 | ||||||
| CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 | 195 | 205 | ||||||
| Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (c) | 275 | 286 | ||||||
| Fortive Corp., 0.88%, 2/15/22 | 440 | 441 | ||||||
| Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (c) | 420 | 469 | ||||||
| Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 | 82 | 83 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Norfolk Southern Corp. | ||||||||
| 2.30%, 5/15/31, Callable 2/15/31 @ 100 | $ | 239 | $ | 241 | ||||
| 2.90%, 8/25/51, Callable 2/25/51 @ 100 | 125 | 121 | ||||||
| Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 | 140 | 147 | ||||||
| Rockwell Automation, Inc. | ||||||||
| 3.50%, 3/1/29, Callable 12/1/28 @ 100 | 165 | 184 | ||||||
| 6.25%, 12/1/37 | 155 | 217 | ||||||
| Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)(e) | 130 | 131 | ||||||
| Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 | 115 | 140 | ||||||
| Southwest Airlines Co., 1.25%, 5/1/25 | 300 | 449 | ||||||
| Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (c)(e) | 146 | 180 | ||||||
| 3,953 | ||||||||
| Information Technology (5.7%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | 130 | 158 | ||||||
| Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 | 117 | 152 | ||||||
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (c) | 132 | 140 | ||||||
| Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 | 315 | 368 | ||||||
| Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (c) | 342 | 373 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e) | 315 | 346 | ||||||
| Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (c) | 166 | 190 | ||||||
| Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (c) | 394 | 469 | ||||||
| NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b) | 87 | 91 | ||||||
| NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100 | 150 | 154 | ||||||
| ServiceNow, Inc. , 6/1/22 | 5 | 23 | ||||||
| Square, Inc., 0.25%, 11/1/27 (b)(e) | 55 | 65 | ||||||
| Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 | 160 | 199 | ||||||
| Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 | 287 | 248 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 105 | 108 | ||||||
| VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100 | 360 | 368 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 430 | 434 | ||||||
| 3,886 | ||||||||
| Materials (0.7%): | ||||||||
| Celanese US Holdings LLC, 4.63%, 11/15/22 (c) | 210 | 219 | ||||||
| Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100 | 160 | 165 | ||||||
| Southern Copper Corp., 5.25%, 11/8/42 (c) | 95 | 118 | ||||||
| 502 | ||||||||
| Real Estate (3.0%): | ||||||||
| Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (c) | 630 | 649 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b) | $ | 108 | $ | 115 | ||||
| Kite Realty Group LP, 0.75%, 4/1/27 (b) | 185 | 184 | ||||||
| Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100 | 138 | 151 | ||||||
| Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100 | 134 | 138 | ||||||
| Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 | 114 | 139 | ||||||
| Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100 | 339 | 359 | ||||||
| Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 | 145 | 162 | ||||||
| STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 (e) | 184 | 185 | ||||||
| 2,082 | ||||||||
| Utilities (1.9%): | ||||||||
| Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 | 225 | 215 | ||||||
| Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 | 250 | 351 | ||||||
| NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (c) | 310 | 319 | ||||||
| Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 | 190 | 247 | ||||||
| Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (c) | 159 | 185 | ||||||
| 1,317 | ||||||||
| Total Corporate Bonds (Cost $34,224) | 35,671 | |||||||
| Residential Mortgage-Backed Securities (0.1%) | ||||||||
| Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.41% (LIBOR01M+132bps), 10/25/32, Callable 10/25/21 @ 100 (a) | 83 | 84 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $82) | 84 | |||||||
| Yankee Dollars (8.5%) | ||||||||
| Communication Services (0.4%): | ||||||||
| Vodafone Group PLC, 5.25%, 5/30/48 | 193 | 250 | ||||||
| Consumer Staples (3.2%): | ||||||||
| Barry Callebaut Services NV, 5.50%, 6/15/23 (b) | 638 | 687 | ||||||
| Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b)(c) | 670 | 691 | ||||||
| Suntory Holdings Ltd. | ||||||||
| 2.55%, 6/28/22, Callable 5/28/22 @ 100 (b)(c) | 574 | 582 | ||||||
| 2.25%, 10/16/24, Callable 9/16/24 @ 100 (b) | 200 | 207 | ||||||
| 2,167 | ||||||||
| Energy (0.9%): | ||||||||
| Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100 | 140 | 144 | ||||||
| Ecopetrol SA, 5.88%, 9/18/23 (c) | 325 | 350 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Statoil ASA, 3.95%, 5/15/43 | $ | 100 | $ | 115 | ||||
| 609 | ||||||||
| Financials (1.6%): | ||||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (c)(e) | 110 | 161 | ||||||
| 2/18/25 | 65 | 72 | ||||||
| Newcrest Finance Pty Ltd. | ||||||||
| 5.75%, 11/15/41 (b) | 155 | 205 | ||||||
| 4.20%, 5/13/50, Callable 11/13/49 @ 100 (b) | 110 | 125 | ||||||
| NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b) | 300 | 319 | ||||||
| Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 | 195 | 199 | ||||||
| 1,081 | ||||||||
| Industrials (0.9%): | ||||||||
| Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100 | 150 | 148 | ||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 | 150 | 174 | ||||||
| Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 | 85 | 89 | ||||||
| Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b) | 200 | 204 | ||||||
| 615 | ||||||||
| Materials (1.4%): | ||||||||
| Anglo American Capital PLC | ||||||||
| 2.88%, 3/17/31, Callable 12/17/30 @ 100 (b)(e) | 300 | 301 | ||||||
| 3.95%, 9/10/50, Callable 3/10/50 @ 100 (b) | 200 | 214 | ||||||
| Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 | 75 | 100 | ||||||
| Teck Resources Ltd., 3.90%, 7/15/30, Callable 4/15/30 @ 100 (e) | 190 | 206 | ||||||
| Vale Overseas Ltd., 6.25%, 8/10/26 | 143 | 170 | ||||||
| 991 | ||||||||
| Utilities (0.1%): | ||||||||
| Iberdrola International BV, 6.75%, 9/15/33 | 50 | 69 | ||||||
| Total Yankee Dollars (Cost $5,570) | 5,782 | |||||||
| U.S. Government Mortgage-Backed Agencies (18.2%) | ||||||||
| Federal Home Loan Bank | ||||||||
| Series 000F, 1.00%, 9/30/26 | 680 | 679 | ||||||
| Series 2, 1.10%, 9/30/26 | 680 | 680 | ||||||
| 1,359 | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 9.00%, 4/1/25 (c) | 9 | 9 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| 7.50%, 8/1/29 (c) | $ | 8 | $ | 9 | ||||
| Series 4395, Class PA, 2.50%, 4/15/37 (c) | 219 | 227 | ||||||
| 5.00%, 7/1/39 (c) | 461 | 525 | ||||||
| Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (c) | 287 | 298 | ||||||
| Series 4444, Class CH, 3.00%, 1/15/41 - 10/1/46 (c) | 603 | 632 | ||||||
| 4.50%, 7/1/44 - 12/1/45 (c) | 770 | 860 | ||||||
| 2.50%, 7/1/50 | 269 | 278 | ||||||
| 2.00%, 3/1/51 (c) | 633 | 635 | ||||||
| 3,473 | ||||||||
| Federal National Mortgage Association | ||||||||
| 3.50%, 2/1/32 | 131 | 140 | ||||||
| Series 2005-19, Class PB, 5.50%, 3/25/35 | 287 | 327 | ||||||
| 6.00%, 2/1/37 (c) | 86 | 100 | ||||||
| 3.50%, 8/1/39 - 12/25/50 (c) | 1,616 | 1,724 | ||||||
| Series 2011-21, Class PA, 4.50%, 5/25/40 (c) | 382 | 403 | ||||||
| 3.00%, 6/1/40 - 2/1/47 (c) | 1,787 | 1,902 | ||||||
| Series 2013-81, Class KA, 2.75%, 9/25/42 (c) | 215 | 223 | ||||||
| 3.00%, 9/1/46 - 5/1/48 | 461 | 491 | ||||||
| 4.00%, 3/1/47 - 6/1/49 | 123 | 132 | ||||||
| 4.00%, 7/1/47 - 10/1/48 (c) | 766 | 834 | ||||||
| Series 2017-96, Class DA, 2.50%, 12/25/47 (c) | 221 | 228 | ||||||
| 4.50%, 5/1/50 | 43 | 47 | ||||||
| 2.00%, 3/1/51 (c) | 1,102 | 1,109 | ||||||
| 7,660 | ||||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $12,109) | 12,492 | |||||||
| U.S. Treasury Obligations (8.3%) | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.88%, 5/15/43 (c) | 124 | 142 | ||||||
| 1.25%, 5/15/50 (c) | 1,750 | 1,432 | ||||||
| U.S. Treasury Notes | ||||||||
| 0.25%, 3/15/24 (c) | 1,500 | 1,495 | ||||||
| 0.75%, 4/30/26 | 2,200 | 2,184 | ||||||
| 1.63%, 5/15/31 | 400 | 405 | ||||||
| Total U.S. Treasury Obligations (Cost $5,633) | 5,658 | |||||||
| Collateral for Securities Loaned^ (5.8%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (f) | 75,107 | 75 | ||||||
| Fidelity Investments Money Market Government Portfolio I Class, 0.01% (f) | 2,225,946 | 2,226 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f) | 37,482 | 37 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (f) | 298,872 | 299 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Total Return Bond Fund | September 30, 2021 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f) | 1,343,788 | $ | 1,344 | |||||
| Total Collateral for Securities Loaned (Cost $3,981) | 3,981 | |||||||
| Total Investments (Cost $67,805) — 102.0% | 69,945 | |||||||
| Liabilities in excess of other assets — (2.0)% | (1,346 | ) | ||||||
| NET ASSETS - 100.00% | $ | 68,599 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $8,262 (thousands) and amounted to 12.0% of net assets. |
| (c) | All or a portion of this security has been segregated as collateral for derivative instruments. |
| (d) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (e) | All or a portion of this security is on loan. |
| (f) | Rate disclosed is the daily yield on September 30, 2021. |
| bps—Basis points |
| LIBOR—London InterBank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, 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 |
Futures Contracts Purchased
(Amounts not in thousands)
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| 2-Year U.S. Treasury Note Futures | 9 | 12/31/21 | $ | 1,981,643 | $ | 1,980,492 | $ | (1,151 | ) | |||||||
| 5-Year U.S. Treasury Note Futures | 39 | 12/31/21 | 4,812,801 | 4,786,945 | (25,856 | ) | ||||||||||
| Japanese Yen Futures | 12 | 12/13/21 | 1,350,000 | 1,347,150 | (2,850 | ) | ||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 8 | 12/21/21 | 1,579,035 | 1,528,500 | (50,535 | ) | ||||||||||
| $ | (80,392 | ) | ||||||||||||||
Futures Contracts Sold
(Amounts not in thousands)
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| 10-Year U.S. Treasury Note Futures | 23 | 12/21/21 | $ | 3,068,373 | $ | 3,027,016 | $ | 41,357 | ||||||||
| British Pound Futures | 14 | 12/13/21 | 1,202,599 | 1,179,062 | 23,537 | |||||||||||
| Canadian Dollar Futures | 13 | 12/14/21 | 1,024,140 | 1,026,870 | (2,730 | ) | ||||||||||
| Mexican Peso Currency Futures | 29 | 12/13/21 | 717,750 | 695,855 | 21,895 | |||||||||||
| $ | 84,059 | |||||||||||||||
| Total unrealized appreciation | $ | 86,789 | ||||||||||||||
| Total unrealized depreciation | (83,122 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | 3,667 | ||||||||||||||
Centrally Cleared
Credit Default Swap Agreements - Sell Protection(a)
| Underlying Instruments | Fixed
Deal Receive Rate | Maturity Date | Payment Frequency | Implied Credit Spread at September 30, 2021(b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||
| CDX North America Investment Grade Index; Series 36 | 1.00 | % | 6/20/26 | Quarterly | 0.48 | % | $ | 3,000,000 | $ | 72,817 | $ | 76,238 | $ | (3,421 | ) | ||||||||
| $ | 72,817 | $ | 76,238 | $ | (3,421 | ) | |||||||||||||||||
| (a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
| (b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
| (c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS International Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.9%) | ||||||||
| Australia (6.1%): | ||||||||
| Consumer Discretionary (1.2%): | ||||||||
| Aristocrat Leisure Ltd. | 144,570 | $ | 4,806,896 | |||||
| Financials (1.2%): | ||||||||
| Macquarie Group Ltd. | 38,996 | 5,037,088 | ||||||
| Health Care (1.4%): | ||||||||
| CSL Ltd. | 28,765 | 6,008,655 | ||||||
| Materials (1.3%): | ||||||||
| BHP Group Ltd. | 211,350 | 5,643,530 | ||||||
| Real Estate (1.0%): | ||||||||
| Scentre Group | 1,895,035 | 4,032,484 | ||||||
| 25,528,653 | ||||||||
| Belgium (0.9%): | ||||||||
| Information Technology (0.9%): | ||||||||
| Melexis NV | 36,426 | 3,866,130 | ||||||
| China (1.4%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Tencent Holdings Ltd. | 38,500 | 2,298,476 | ||||||
| Consumer Discretionary (0.5%): | ||||||||
| China Meidong Auto Holdings Ltd. | 410,000 | 2,063,045 | ||||||
| Financials (0.4%): | ||||||||
| China Merchants Bank Co. Ltd., Class H | 207,000 | 1,647,390 | ||||||
| 6,008,911 | ||||||||
| Denmark (1.1%): | ||||||||
| Consumer Staples (1.1%): | ||||||||
| Royal Unibrew A/S | 38,474 | 4,628,521 | ||||||
| France (9.5%): | ||||||||
| Consumer Discretionary (4.0%): | ||||||||
| La Francaise des Jeux SAEM (a) | 93,379 | 4,800,659 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 16,405 | 11,748,776 | ||||||
| 16,549,435 | ||||||||
| Energy (1.3%): | ||||||||
| Gaztransport Et Technigaz SA | 16,340 | 1,220,332 | ||||||
| TotalEnergies SE (b) | 89,390 | 4,272,100 | ||||||
| 5,492,432 | ||||||||
| Industrials (0.8%): | ||||||||
| Safran SA | 28,044 | 3,546,559 | ||||||
| Information Technology (2.1%): | ||||||||
| Capgemini SE | 43,296 | 8,977,410 | ||||||
| Materials (1.3%): | ||||||||
| Arkema SA | 40,091 | 5,285,984 | ||||||
| 39,851,820 | ||||||||
| Germany (7.1%): | ||||||||
| Consumer Discretionary (1.1%): | ||||||||
| Volkswagen AG, Preference Shares | 20,738 | 4,621,949 | ||||||
| Financials (1.6%): | ||||||||
| Allianz SE, Registered Shares | 30,183 | 6,761,486 | ||||||
| Industrials (2.3%): | ||||||||
| Siemens AG, Registered Shares | 59,019 | 9,651,355 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS International Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Information Technology (2.1%): | ||||||||
| SAP SE | 65,822 | $ | 8,899,892 | |||||
| 29,934,682 | ||||||||
| Hong Kong (3.3%): | ||||||||
| Financials (1.9%): | ||||||||
| AIA Group Ltd. | 698,800 | 8,039,538 | ||||||
| Real Estate (1.4%): | ||||||||
| CK Asset Holdings Ltd. | 978,500 | 5,645,906 | ||||||
| 13,685,444 | ||||||||
| Italy (4.9%): | ||||||||
| Energy (1.1%): | ||||||||
| Snam SpA | 811,768 | 4,490,024 | ||||||
| Financials (1.0%): | ||||||||
| Banca Generali SpA (b)(c) | 94,678 | 4,137,402 | ||||||
| Health Care (1.3%): | ||||||||
| Recordati Industria Chimica e Farmaceutica SpA | 96,348 | 5,583,562 | ||||||
| Utilities (1.5%): | ||||||||
| Enel SpA | 816,635 | 6,267,031 | ||||||
| 20,478,019 | ||||||||
| Japan (23.6%): | ||||||||
| Communication Services (2.1%): | ||||||||
| Capcom Co. Ltd. | 155,400 | 4,318,546 | ||||||
| Kakaku.com, Inc. | 142,900 | 4,615,298 | ||||||
| 8,933,844 | ||||||||
| Consumer Discretionary (4.4%): | ||||||||
| Toyota Motor Corp. | 732,000 | 13,044,085 | ||||||
| ZOZO, Inc. | 141,300 | 5,294,519 | ||||||
| 18,338,604 | ||||||||
| Consumer Staples (1.2%): | ||||||||
| Toyo Suisan Kaisha Ltd. | 114,200 | 5,057,430 | ||||||
| Financials (2.6%): | ||||||||
| JAFCO Group Co. Ltd. | 35,500 | 2,266,290 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 850,900 | 5,030,632 | ||||||
| Tokio Marine Holdings, Inc. | 70,900 | 3,801,107 | ||||||
| 11,098,029 | ||||||||
| Health Care (3.5%): | ||||||||
| Hoya Corp. | 58,200 | 9,081,519 | ||||||
| Shionogi & Co. Ltd. | 82,100 | 5,618,809 | ||||||
| 14,700,328 | ||||||||
| Industrials (4.9%): | ||||||||
| en Japan, Inc. | 89,600 | 3,237,161 | ||||||
| Fuji Electric Co. Ltd. | 157,500 | 7,168,132 | ||||||
| Nippon Yusen KK | 53,900 | 4,039,185 | ||||||
| OKUMA Corp. | 51,300 | 2,471,733 | ||||||
| Sanwa Holdings Corp. | 277,900 | 3,613,409 | ||||||
| 20,529,620 | ||||||||
| Information Technology (3.2%): | ||||||||
| Fujitsu Ltd. | 38,800 | 7,012,518 | ||||||
| Oracle Corp. | 21,500 | 1,888,947 | ||||||
| Ulvac, Inc. | 76,000 | 4,328,226 | ||||||
| 13,229,691 | ||||||||
| Real Estate (0.8%): | ||||||||
| Sumitomo Realty & Development Co. Ltd. | 89,400 | 3,268,115 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS International Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.9%): | ||||||||
| Chubu Electric Power Co., Inc. | 303,100 | $ | 3,582,742 | |||||
| 98,738,403 | ||||||||
| Netherlands (5.2%): | ||||||||
| Communication Services (1.1%): | ||||||||
| Koninklijke KPN NV | 1,388,953 | 4,370,131 | ||||||
| Financials (1.6%): | ||||||||
| ING Groep NV | 471,069 | 6,847,746 | ||||||
| Industrials (1.3%): | ||||||||
| Wolters Kluwer NV | 51,288 | 5,435,637 | ||||||
| Information Technology (1.2%): | ||||||||
| ASM International NV | 12,543 | 4,911,426 | ||||||
| 21,564,940 | ||||||||
| New Zealand (0.7%): | ||||||||
| Health Care (0.7%): | ||||||||
| Fisher & Paykel Healthcare Corp. Ltd. (b) | 133,586 | 2,937,242 | ||||||
| Norway (1.6%): | ||||||||
| Energy (0.5%): | ||||||||
| Aker BP ASA | 68,655 | 2,226,185 | ||||||
| Financials (1.1%): | ||||||||
| SpareBank 1 SMN | 312,736 | 4,632,619 | ||||||
| 6,858,804 | ||||||||
| Spain (2.5%): | ||||||||
| Communication Services (1.3%): | ||||||||
| Telefonica SA | 1,131,951 | 5,311,072 | ||||||
| Financials (1.2%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 788,528 | 5,204,085 | ||||||
| 10,515,157 | ||||||||
| Sweden (1.8%): | ||||||||
| Industrials (1.8%): | ||||||||
| Atlas Copco AB, Class B | 149,875 | 7,620,510 | ||||||
| Switzerland (12.9%): | ||||||||
| Consumer Staples (4.6%): | ||||||||
| Coca-Cola HBC AG | 100,758 | 3,246,363 | ||||||
| Nestle SA, Registered Shares | 132,929 | 16,019,203 | ||||||
| 19,265,566 | ||||||||
| Financials (2.3%): | ||||||||
| Partners Group Holding AG | 2,971 | 4,637,406 | ||||||
| UBS Group AG | 304,495 | 4,861,015 | ||||||
| 9,498,421 | ||||||||
| Health Care (4.9%): | ||||||||
| Novartis AG, Registered Shares | 88,035 | 7,219,963 | ||||||
| Roche Holding AG | 36,811 | 13,437,072 | ||||||
| 20,657,035 | ||||||||
| Industrials (1.1%): | ||||||||
| Adecco Group AG | 90,277 | 4,524,123 | ||||||
| 53,945,145 | ||||||||
| United Kingdom (15.3%): | ||||||||
| Communication Services (0.8%): | ||||||||
| ITV PLC (c) | 2,348,090 | 3,357,674 | ||||||
| Consumer Discretionary (1.0%): | ||||||||
| Next PLC | 38,636 | 4,249,364 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS International Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Staples (2.9%): | ||||||||
| Diageo PLC | 164,857 | $ | 7,980,371 | |||||
| Imperial Brands PLC | 193,270 | 4,041,962 | ||||||
| 12,022,333 | ||||||||
| Energy (2.5%): | ||||||||
| BP PLC | 1,015,639 | 4,625,403 | ||||||
| Royal Dutch Shell PLC, Class A | 263,863 | 5,867,227 | ||||||
| 10,492,630 | ||||||||
| Financials (2.5%): | ||||||||
| Close Brothers Group PLC | 147,682 | 3,066,931 | ||||||
| Intermediate Capital Group PLC | 129,221 | 3,537,891 | ||||||
| Legal & General Group PLC | 1,037,644 | 3,897,943 | ||||||
| 10,502,765 | ||||||||
| Health Care (0.6%): | ||||||||
| CVS Group PLC (c) | 79,014 | 2,565,820 | ||||||
| Industrials (1.6%): | ||||||||
| Ashtead Group PLC | 85,050 | 6,428,267 | ||||||
| Materials (3.4%): | ||||||||
| Croda International PLC | 53,434 | 6,121,411 | ||||||
| Evraz PLC | 244,456 | 1,939,226 | ||||||
| Rio Tinto PLC | 95,674 | 6,270,706 | ||||||
| 14,331,343 | ||||||||
| 63,950,196 | ||||||||
| Total Common Stocks (Cost $344,893,998) | 410,112,577 | |||||||
| Exchange-Traded Funds (0.5%) | ||||||||
| United States (0.5%): | ||||||||
| iShares MSCI EAFE ETF | 26,764 | 2,087,859 | ||||||
| Total Exchange-Traded Funds (Cost $2,059,755) | 2,087,859 | |||||||
| Collateral for Securities Loaned^ (1.1%) | ||||||||
| United States (1.1%): | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (d) | 84,393 | 84,393 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (d) | 2,501,141 | 2,501,141 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d) | 42,116 | 42,116 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d) | 335,822 | 335,822 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d) | 1,509,921 | 1,509,921 | ||||||
| Total Collateral for Securities Loaned (Cost $4,473,393) | 4,473,393 | |||||||
| Total Investments (Cost $351,427,146) — 99.5% | 416,673,829 | |||||||
| Other assets in excess of liabilities — 0.5% | 2,147,607 | |||||||
| NET ASSETS - 100.00% | $ | 418,821,436 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (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 September 30, 2021, the fair value of these securities was $4,800,659 and amounted to 1.1% of net assets. |
| (b) | All or a portion of this security is on loan. |
| (c) | Non-income producing security. |
| (d) | Rate disclosed is the daily yield on September 30, 2021. |
ETF—Exchange-Traded Fund
PLC—Public Limited Company
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Global Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.3%) | ||||||||
| Australia (2.6%): | ||||||||
| Consumer Discretionary (0.9%): | ||||||||
| Aristocrat Leisure Ltd. | 80,119 | $ | 2,663,925 | |||||
| Financials (0.7%): | ||||||||
| Macquarie Group Ltd. | 15,319 | 1,978,745 | ||||||
| Health Care (1.0%): | ||||||||
| CSL Ltd. | 14,237 | 2,973,935 | ||||||
| 7,616,605 | ||||||||
| Belgium (0.6%): | ||||||||
| Information Technology (0.6%): | ||||||||
| Melexis NV | 16,000 | 1,698,185 | ||||||
| Bermuda (0.6%): | ||||||||
| Industrials (0.6%): | ||||||||
| Triton International Ltd. | 32,420 | 1,687,137 | ||||||
| Canada (4.0%): | ||||||||
| Consumer Staples (0.6%): | ||||||||
| Alimentation Couche-Tard, Inc., Class B | 47,156 | 1,804,469 | ||||||
| Energy (0.5%): | ||||||||
| Parex Resources, Inc. | 87,558 | 1,592,969 | ||||||
| Industrials (0.7%): | ||||||||
| Canadian Pacific Railway Ltd. | 30,942 | 2,020,857 | ||||||
| Information Technology (1.3%): | ||||||||
| Constellation Software, Inc. | 2,312 | 3,788,255 | ||||||
| Materials (0.9%): | ||||||||
| Kirkland Lake Gold Ltd. | 61,216 | 2,550,345 | ||||||
| 11,756,895 | ||||||||
| China (3.1%): | ||||||||
| Communication Services (1.2%): | ||||||||
| Baidu, Inc., ADR (a) | 7,362 | 1,131,907 | ||||||
| Tencent Holdings Ltd. | 40,200 | 2,399,967 | ||||||
| 3,531,874 | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| China Meidong Auto Holdings Ltd. | 204,000 | 1,026,491 | ||||||
| Consumer Staples (0.6%): | ||||||||
| Foshan Haitan Flavouring & Food Co. Ltd., Class A | 99,772 | 1,691,884 | ||||||
| Financials (1.0%): | ||||||||
| Industrial & Commercial Bank of China Ltd., Class H | 5,062,000 | 2,806,079 | ||||||
| 9,056,328 | ||||||||
| Denmark (0.8%): | ||||||||
| Consumer Staples (0.8%): | ||||||||
| Royal Unibrew A/S | 19,613 | 2,359,494 | ||||||
| France (3.0%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| La Francaise des Jeux SAEM (b) | 41,045 | 2,110,143 | ||||||
| Energy (0.4%): | ||||||||
| Gaztransport Et Technigaz SA | 18,061 | 1,348,863 | ||||||
| Industrials (0.8%): | ||||||||
| Safran SA | 18,265 | 2,309,867 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (1.1%): | ||||||||
| Arkema SA | 24,580 | $ | 3,240,864 | |||||
| 9,009,737 | ||||||||
| Germany (0.8%): | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| Volkswagen AG, Preference Shares | 10,700 | 2,384,745 | ||||||
| Indonesia (1.1%): | ||||||||
| Communication Services (1.1%): | ||||||||
| PT Telkom Indonesia Persero Tbk | 12,208,600 | 3,126,751 | ||||||
| Ireland (1.2%): | ||||||||
| Industrials (1.2%): | ||||||||
| Eaton Corp. PLC | 24,282 | 3,625,545 | ||||||
| Italy (2.5%): | ||||||||
| Energy (0.7%): | ||||||||
| Snam SpA | 375,552 | 2,077,240 | ||||||
| Financials (0.3%): | ||||||||
| Banca Generali SpA (a) | 22,714 | 992,596 | ||||||
| Health Care (0.8%): | ||||||||
| Recordati Industria Chimica e Farmaceutica SpA | 38,406 | 2,225,706 | ||||||
| Utilities (0.7%): | ||||||||
| Enel SpA | 266,038 | 2,041,632 | ||||||
| 7,337,174 | ||||||||
| Japan (6.6%): | ||||||||
| Communication Services (1.5%): | ||||||||
| Capcom Co. Ltd. | 68,900 | 1,914,722 | ||||||
| Kakaku.com, Inc. | 78,100 | 2,522,427 | ||||||
| 4,437,149 | ||||||||
| Consumer Discretionary (1.0%): | ||||||||
| ZOZO, Inc. | 76,100 | 2,851,471 | ||||||
| Consumer Staples (0.4%): | ||||||||
| Toyo Suisan Kaisha Ltd. | 29,500 | 1,306,429 | ||||||
| Financials (1.1%): | ||||||||
| JAFCO Group Co. Ltd. | 17,900 | 1,142,720 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 352,900 | 2,086,391 | ||||||
| 3,229,111 | ||||||||
| Health Care (0.8%): | ||||||||
| Hoya Corp. | 16,100 | 2,512,242 | ||||||
| Industrials (1.2%): | ||||||||
| Fuji Electric Co. Ltd. | 19,600 | 892,034 | ||||||
| Nippon Yusen KK | 34,400 | 2,577,884 | ||||||
| 3,469,918 | ||||||||
| Information Technology (0.6%): | ||||||||
| Ulvac, Inc. | 29,000 | 1,651,560 | ||||||
| 19,457,880 | ||||||||
| Korea, Republic Of (1.4%): | ||||||||
| Information Technology (1.4%): | ||||||||
| Samsung Electronics Co. Ltd. | 65,698 | 4,076,364 | ||||||
| Netherlands (0.9%): | ||||||||
| Information Technology (0.9%): | ||||||||
| ASM International NV | 6,829 | 2,674,012 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| New Zealand (0.7%): | ||||||||
| Health Care (0.7%): | ||||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 89,904 | $ | 1,976,778 | |||||
| Norway (1.1%): | ||||||||
| Energy (0.7%): | ||||||||
| Aker BP ASA | 63,302 | 2,052,610 | ||||||
| Financials (0.4%): | ||||||||
| SpareBank 1 SMN | 80,093 | 1,186,433 | ||||||
| 3,239,043 | ||||||||
| Singapore (0.5%): | ||||||||
| Financials (0.5%): | ||||||||
| Singapore Exchange Ltd. | 203,700 | 1,491,591 | ||||||
| South Africa (0.7%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Mr Price Group Ltd. | 158,581 | 2,128,746 | ||||||
| Spain (0.8%): | ||||||||
| Financials (0.8%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 366,420 | 2,418,279 | ||||||
| Sweden (0.8%): | ||||||||
| Industrials (0.8%): | ||||||||
| Atlas Copco AB, Class B | 47,208 | 2,400,327 | ||||||
| Switzerland (2.5%): | ||||||||
| Financials (0.6%): | ||||||||
| Partners Group Holding AG | 1,234 | 1,926,139 | ||||||
| Health Care (1.3%): | ||||||||
| Roche Holding AG | 10,555 | 3,852,878 | ||||||
| Industrials (0.6%): | ||||||||
| Adecco Group AG | 32,573 | 1,632,357 | ||||||
| 7,411,374 | ||||||||
| Taiwan (2.4%): | ||||||||
| Financials (1.4%): | ||||||||
| Cathay Financial Holding Co. Ltd. | 2,031,000 | 4,187,859 | ||||||
| Information Technology (1.0%): | ||||||||
| Lite-On Technology Corp. | 1,296,000 | 2,888,700 | ||||||
| 7,076,559 | ||||||||
| United Kingdom (5.4%): | ||||||||
| Communication Services (0.3%): | ||||||||
| ITV PLC (a) | 724,848 | 1,036,504 | ||||||
| Consumer Discretionary (0.5%): | ||||||||
| Next PLC | 13,829 | 1,520,977 | ||||||
| Consumer Staples (0.6%): | ||||||||
| Imperial Brands PLC | 87,183 | 1,823,306 | ||||||
| Financials (1.0%): | ||||||||
| Close Brothers Group PLC | 80,009 | 1,661,557 | ||||||
| Intermediate Capital Group PLC | 42,567 | 1,165,425 | ||||||
| 2,826,982 | ||||||||
| Industrials (0.8%): | ||||||||
| Ashtead Group PLC | 30,023 | 2,269,205 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (2.2%): | ||||||||
| Croda International PLC | 24,519 | $ | 2,808,902 | |||||
| Evraz PLC | 133,135 | 1,056,136 | ||||||
| Rio Tinto PLC | 40,149 | 2,631,463 | ||||||
| 6,496,501 | ||||||||
| 15,973,475 | ||||||||
| United States (53.2%): | ||||||||
| Communication Services (4.9%): | ||||||||
| Alphabet, Inc., Class C (a) | 2,977 | 7,934,628 | ||||||
| Facebook, Inc., Class A (a) | 19,553 | 6,636,092 | ||||||
| 14,570,720 | ||||||||
| Consumer Discretionary (7.0%): | ||||||||
| Amazon.com, Inc. (a) | 2,291 | 7,526,027 | ||||||
| McDonald's Corp. | 22,791 | 5,495,138 | ||||||
| PulteGroup, Inc. | 59,714 | 2,742,067 | ||||||
| Ross Stores, Inc. | 31,365 | 3,414,080 | ||||||
| Tesla, Inc. (a) | 1,855 | 1,438,515 | ||||||
| 20,615,827 | ||||||||
| Consumer Staples (4.1%): | ||||||||
| Colgate-Palmolive Co. | 45,046 | 3,404,577 | ||||||
| PepsiCo, Inc. | 30,222 | 4,545,691 | ||||||
| The Estee Lauder Cos., Inc. | 13,328 | 3,997,467 | ||||||
| 11,947,735 | ||||||||
| Energy (1.4%): | ||||||||
| Cactus, Inc., Class A | 37,271 | 1,405,862 | ||||||
| ConocoPhillips | 40,135 | 2,719,949 | ||||||
| 4,125,811 | ||||||||
| Financials (7.3%): | ||||||||
| Bank of America Corp. | 99,800 | 4,236,510 | ||||||
| JPMorgan Chase & Co. | 29,805 | 4,878,781 | ||||||
| LPL Financial Holdings, Inc. | 17,167 | 2,691,099 | ||||||
| S&P Global, Inc. (c) | 11,524 | 4,896,432 | ||||||
| The PNC Financial Services Group, Inc. | 11,849 | 2,318,138 | ||||||
| The Progressive Corp. | 28,540 | 2,579,731 | ||||||
| 21,600,691 | ||||||||
| Health Care (7.2%): | ||||||||
| Amedisys, Inc. (a) | 6,348 | 946,487 | ||||||
| Amgen, Inc. | 14,296 | 3,040,044 | ||||||
| CVS Health Corp. | 45,448 | 3,856,717 | ||||||
| Eli Lilly & Co. | 16,850 | 3,893,193 | ||||||
| IDEXX Laboratories, Inc. (a) | 6,939 | 4,315,364 | ||||||
| Johnson & Johnson | 31,770 | 5,130,855 | ||||||
| 21,182,660 | ||||||||
| Industrials (1.3%): | ||||||||
| Honeywell International, Inc. | 18,079 | 3,837,810 | ||||||
| Information Technology (17.7%): | ||||||||
| Apple, Inc. | 99,628 | 14,097,362 | ||||||
| Cisco Systems, Inc. | 90,552 | 4,928,745 | ||||||
| Fortinet, Inc. (a) | 14,740 | 4,304,670 | ||||||
| Mastercard, Inc., Class A | 13,952 | 4,850,831 | ||||||
| Microsoft Corp. | 46,419 | 13,086,445 | ||||||
| NVIDIA Corp. | 28,464 | 5,896,602 | ||||||
| Texas Instruments, Inc. | 25,761 | 4,951,522 | ||||||
| 52,116,177 | ||||||||
| Real Estate (1.4%): | ||||||||
| Prologis, Inc. | 32,674 | 4,098,300 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.9%): | ||||||||
| MGE Energy, Inc. (c) | 35,986 | $ | 2,644,971 | |||||
| 156,740,702 | ||||||||
| Total Common Stocks (Cost $221,181,203) | 286,723,726 | |||||||
| Exchange-Traded Funds (0.8%) | ||||||||
| United States (0.8%): | ||||||||
| iShares MSCI ACWI ETF (c) | 23,101 | 2,308,252 | ||||||
| Total Exchange-Traded Funds (Cost $2,286,154) | 2,308,252 | |||||||
| Collateral for Securities Loaned^ (0.2%) | ||||||||
| United States (0.2%): | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (d) | 12,339 | 12,339 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (d) | 365,676 | 365,676 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d) | 6,158 | 6,158 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d) | 49,098 | 49,098 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d) | 220,756 | 220,756 | ||||||
| Total Collateral for Securities Loaned (Cost $654,027) | 654,027 | |||||||
| Total Investments (Cost $224,121,384) — 98.3% | 289,686,005 | |||||||
| Other assets in excess of liabilities — 1.7% | 5,074,167 | |||||||
| NET ASSETS - 100.00% | $ | 294,760,172 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $2,110,143 and amounted to 0.7% of net assets. |
| (c) | All or a portion of this security is on loan. |
| (d) | Rate disclosed is the daily yield on September 30, 2021. |
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
PLC—Public Limited Company
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Sophus Emerging Markets Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.3%) | ||||||||
| Brazil (3.9%): | ||||||||
| Consumer Discretionary (1.3%): | ||||||||
| Lojas Quero Quero SA | 530,500 | $ | 1,583,248 | |||||
| Petrobras Distribuidora SA | 1,222,400 | 5,273,591 | ||||||
| 6,856,839 | ||||||||
| Consumer Staples (1.1%): | ||||||||
| Sendas Distribuidora SA | 877,209 | 3,067,468 | ||||||
| SLC Agricola SA | 284,600 | 2,383,471 | ||||||
| 5,450,939 | ||||||||
| Industrials (0.8%): | ||||||||
| Randon SA Implementos e Participacoes, Preference Shares | 941,100 | 2,036,063 | ||||||
| SIMPAR SA | 754,464 | 1,894,162 | ||||||
| 3,930,225 | ||||||||
| Materials (0.7%): | ||||||||
| Dexco SA (a) | 666,800 | 2,078,201 | ||||||
| Vale SA | 120,600 | 1,688,652 | ||||||
| 3,766,853 | ||||||||
| 20,004,856 | ||||||||
| Canada (0.7%): | ||||||||
| Energy (0.7%): | ||||||||
| Parex Resources, Inc. | 204,136 | 3,713,908 | ||||||
| Chile (0.6%): | ||||||||
| Financials (0.6%): | ||||||||
| Banco de Chile | 35,073,125 | 3,239,730 | ||||||
| Banco de Credito e Inversiones SA | 1 | 37 | ||||||
| 3,239,767 | ||||||||
| China (28.0%): | ||||||||
| Communication Services (6.3%): | ||||||||
| Baidu, Inc., ADR (a) | 29,334 | 4,510,103 | ||||||
| NetEase, Inc., ADR | 64,371 | 5,497,283 | ||||||
| Tencent Holdings Ltd. | 379,215 | 22,639,392 | ||||||
| 32,646,778 | ||||||||
| Consumer Discretionary (6.5%): | ||||||||
| Alibaba Group Holding Ltd., ADR (a) | 100,273 | 14,845,418 | ||||||
| Fuyao Glass Industry Group Co. Ltd., Class H (b) | 506,800 | 2,695,735 | ||||||
| JD.com, Inc., ADR (a) | 89,596 | 6,472,415 | ||||||
| Jiumaojiu International Holdings Ltd. (b)(c) | 1,080,000 | 3,252,983 | ||||||
| Meituan, Class B (a)(b) | 127,300 | 4,063,731 | ||||||
| Topsports International Holdings Ltd. (b) | 1,932,000 | 2,194,246 | ||||||
| 33,524,528 | ||||||||
| Consumer Staples (0.8%): | ||||||||
| By-health Co. Ltd., Class A | 471,800 | 2,062,673 | ||||||
| China Feihe Ltd. (b) | 1,356,000 | 2,285,651 | ||||||
| 4,348,324 | ||||||||
| Energy (0.5%): | ||||||||
| China Oilfield Services Ltd., Class H | 2,958,000 | 2,799,439 | ||||||
| Financials (2.6%): | ||||||||
| China Merchants Bank Co. Ltd., Class H | 1,050,000 | 8,356,323 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H (b) | 7,284,000 | 5,007,584 | ||||||
| 13,363,907 | ||||||||
| Health Care (2.8%): | ||||||||
| Hygeia Healthcare Holdings Co. Ltd. (b)(c) | 326,800 | 2,417,696 | ||||||
| Pharmaron Beijing Co. Ltd., Class H (b) | 133,900 | 3,194,412 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 53,200 | $ | 3,175,852 | |||||
| Wuxi Biologics Cayman, Inc. (a)(b) | 352,905 | 5,724,407 | ||||||
| 14,512,367 | ||||||||
| Industrials (2.4%): | ||||||||
| Airtac International Group | 98,000 | 3,049,249 | ||||||
| China Railway Group Ltd., Class H | 7,283,000 | 3,614,787 | ||||||
| Luxshare Precision Industry Co. Ltd., Class A | 388,600 | 2,132,067 | ||||||
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 3,731,400 | 3,325,145 | ||||||
| 12,121,248 | ||||||||
| Information Technology (2.7%): | ||||||||
| Chinasoft International Ltd. | 2,944,000 | 5,199,636 | ||||||
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 1,510,850 | 2,611,048 | ||||||
| Xiaomi Corp., Class B (a)(b) | 1,314,600 | 3,610,634 | ||||||
| Yonyou Network Technology Co. Ltd., Class A | 474,000 | 2,427,243 | ||||||
| 13,848,561 | ||||||||
| Materials (2.1%): | ||||||||
| China Hongqiao Group Ltd. | 2,966,000 | 3,764,220 | ||||||
| China Molybdenum Co. Ltd., Class H | 4,617,000 | 2,850,513 | ||||||
| Wanhua Chemical Group Co. Ltd., Class A | 273,000 | 4,463,417 | ||||||
| 11,078,150 | ||||||||
| Real Estate (0.4%): | ||||||||
| Shimao Services Holdings Ltd. (b) | 923,787 | 1,910,015 | ||||||
| Utilities (0.9%): | ||||||||
| China Longyuan Power Group Corp. Ltd., Class H | 1,941,000 | 4,762,996 | ||||||
| 144,916,313 | ||||||||
| Greece (1.0%): | ||||||||
| Financials (0.5%): | ||||||||
| National Bank of Greece SA (a) | 917,958 | 2,555,730 | ||||||
| Industrials (0.5%): | ||||||||
| Mytilineos SA | 159,604 | 2,592,626 | ||||||
| 5,148,356 | ||||||||
| Hong Kong (3.3%): | ||||||||
| Consumer Discretionary (1.3%): | ||||||||
| Bosideng International Holdings Ltd. | 4,770,000 | 3,373,844 | ||||||
| JS Global Lifestyle Co. Ltd. (b) | 1,407,000 | 3,255,406 | ||||||
| 6,629,250 | ||||||||
| Financials (0.8%): | ||||||||
| BOC Hong Kong Holdings Ltd. | 1,331,500 | 4,012,498 | ||||||
| Industrials (0.7%): | ||||||||
| Pacific Basin Shipping Ltd. | 7,576,000 | 3,506,572 | ||||||
| Information Technology (0.5%): | ||||||||
| ASM Pacific Technology Ltd. | 247,300 | 2,699,687 | ||||||
| 16,848,007 | ||||||||
| India (10.7%): | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| Balkrishna Industries Ltd. | 125,349 | 4,260,919 | ||||||
| Energy (1.0%): | ||||||||
| Hindustan Petroleum Corp. Ltd. | 1,306,587 | 5,267,471 | ||||||
| Financials (2.0%): | ||||||||
| Cholamandalam Investment & Finance Co. Ltd. | 491,534 | 3,710,914 | ||||||
| Federal Bank Ltd. | 2,796,834 | 3,157,509 | ||||||
| UTI Asset Management Co. Ltd. | 230,079 | 3,299,239 | ||||||
| 10,167,662 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Health Care (2.3%): | ||||||||
| Apollo Hospitals Enterprise Ltd. | 59,087 | $ | 3,556,174 | |||||
| Divi's Laboratories Ltd. | 66,012 | 4,262,388 | ||||||
| Dr Reddy's Laboratories Ltd. | 60,033 | 3,938,454 | ||||||
| 11,757,016 | ||||||||
| Information Technology (2.3%): | ||||||||
| Infosys Ltd., ADR | 549,184 | 12,219,344 | ||||||
| Materials (2.3%): | ||||||||
| Dalmia Bharat Ltd. | 140,495 | 3,964,087 | ||||||
| NMDC Ltd. | 1,860,228 | 3,559,584 | ||||||
| Tata Steel Ltd. | 250,282 | 4,307,444 | ||||||
| 11,831,115 | ||||||||
| 55,503,527 | ||||||||
| Korea, Republic Of (15.5%): | ||||||||
| Communication Services (1.8%): | ||||||||
| LG Uplus Corp. | 343,384 | 4,320,232 | ||||||
| NAVER Corp. | 15,858 | 5,149,747 | ||||||
| 9,469,979 | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Hanon Systems | 273,996 | 3,591,649 | ||||||
| Financials (3.4%): | ||||||||
| DB Insurance Co. Ltd. | 68,718 | 3,679,773 | ||||||
| Hana Financial Group, Inc. | 128,564 | 5,001,743 | ||||||
| Samsung Securities Co. Ltd. | 85,695 | 3,426,070 | ||||||
| Woori Financial Group, Inc. | 529,829 | 5,175,588 | ||||||
| 17,283,174 | ||||||||
| Health Care (1.3%): | ||||||||
| Hugel, Inc. (a) | 14,019 | 2,029,197 | ||||||
| InBody Co. Ltd. | 65,841 | 1,406,353 | ||||||
| Samsung Biologics Co. Ltd. (a)(b) | 4,472 | 3,284,295 | ||||||
| 6,719,845 | ||||||||
| Industrials (3.0%): | ||||||||
| CJ Corp. | 31,998 | 2,647,023 | ||||||
| Hanwha Aerospace Co. Ltd. | 93,708 | 3,929,754 | ||||||
| Hyundai Engineering & Construction Co. Ltd. | 67,564 | 2,893,236 | ||||||
| LG Corp. | 33,703 | 2,625,997 | ||||||
| Samsung Engineering Co. Ltd. (a) | 169,187 | 3,603,827 | ||||||
| 15,699,837 | ||||||||
| Information Technology (4.6%): | ||||||||
| Samsung Electronics Co. Ltd. | 387,173 | 23,824,177 | ||||||
| 23,824,177 | ||||||||
| Materials (0.7%): | ||||||||
| PI Advanced Materials Co. Ltd. | 73,838 | 3,436,816 | ||||||
| 80,025,477 | ||||||||
| Luxembourg (0.9%): | ||||||||
| Materials (0.9%): | ||||||||
| Ternium SA, ADR | 114,237 | 4,832,225 | ||||||
| Malaysia (1.3%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| MR DIY Group M Bhd (b) | 3,680,200 | 3,417,931 | ||||||
| Financials (0.6%): | ||||||||
| Public Bank Bhd | 3,465,200 | 3,365,219 | ||||||
| 6,783,150 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Mexico (3.5%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Alsea SAB de CV (a) | 1,389,303 | $ | 2,801,172 | |||||
| Betterware de Mexico SAB de CV | 11,009 | 391,480 | ||||||
| 3,192,652 | ||||||||
| Financials (0.9%): | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 711,784 | 4,572,340 | ||||||
| Industrials (0.6%): | ||||||||
| Controladora Vuela Cia de Aviacion SAB de CV, ADR (a) | 154,463 | 3,368,838 | ||||||
| Materials (0.9%): | ||||||||
| Cemex SAB de CV, ADR (a) | 641,654 | 4,600,659 | ||||||
| Real Estate (0.5%): | ||||||||
| Corp Inmobiliaria Vesta SAB de CV | 1,452,117 | 2,547,154 | ||||||
| 18,281,643 | ||||||||
| Russian Federation (4.7%): | ||||||||
| Consumer Staples (0.6%): | ||||||||
| Magnit PJSC | 38,832 | 3,242,584 | ||||||
| Energy (2.4%): | ||||||||
| Gazprom PJSC | 1,511,910 | 7,535,781 | ||||||
| Rosneft Oil Co. PJSC, GDR | 552,557 | 4,627,856 | ||||||
| 12,163,637 | ||||||||
| Financials (1.7%): | ||||||||
| Sberbank of Russia PJSC, ADR | 466,342 | 8,700,563 | ||||||
| 8,700,563 | ||||||||
| 24,106,784 | ||||||||
| Saudi Arabia (1.7%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Leejam Sports Co. JSC | 108,097 | 3,018,580 | ||||||
| Financials (1.1%): | ||||||||
| The Saudi National Bank | 338,769 | 5,548,564 | ||||||
| 8,567,144 | ||||||||
| Singapore (0.7%): | ||||||||
| Communication Services (0.7%): | ||||||||
| Sea Ltd., ADR (a) | 10,898 | 3,473,519 | ||||||
| South Africa (4.3%): | ||||||||
| Communication Services (1.5%): | ||||||||
| MTN Group (a) | 810,039 | 7,612,937 | ||||||
| Consumer Discretionary (0.6%): | ||||||||
| The Foschini Group Ltd. | 331,235 | 3,012,198 | ||||||
| Financials (1.6%): | ||||||||
| Absa Group Ltd. (c) | 372,031 | 3,766,893 | ||||||
| Capitec Bank Holdings Ltd. | 35,677 | 4,328,497 | ||||||
| 8,095,390 | ||||||||
| Materials (0.6%): | ||||||||
| Impala Platinum Holdings Ltd. | 289,043 | 3,259,411 | ||||||
| 21,979,936 | ||||||||
| Taiwan (11.7%): | ||||||||
| Financials (1.0%): | ||||||||
| Yuanta Financial Holding Co. Ltd. | 5,601,760 | 4,942,838 | ||||||
| Health Care (0.5%): | ||||||||
| Pegavision Corp. | 144,000 | 2,672,597 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Information Technology (9.5%): | ||||||||
| ASE Technology Holding Co. Ltd. | 687,000 | $ | 2,658,113 | |||||
| Hon Hai Precision Industry Co. Ltd. | 1,115,000 | 4,162,237 | ||||||
| MediaTek, Inc. | 186,000 | 5,987,411 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,741,998 | 36,031,388 | ||||||
| 48,839,149 | ||||||||
| Materials (0.7%): | ||||||||
| Formosa Plastics Corp. | 925,000 | 3,740,073 | ||||||
| 60,194,657 | ||||||||
| Thailand (2.9%): | ||||||||
| Energy (0.7%): | ||||||||
| PTT PCL (c) | 3,187,000 | 3,645,570 | ||||||
| Financials (0.8%): | ||||||||
| The Siam Commercial Bank PCL | 1,194,200 | 4,275,836 | ||||||
| Health Care (0.2%): | ||||||||
| Mega Lifesciences PCL | 732,700 | 1,076,920 | ||||||
| Materials (0.6%): | ||||||||
| Indorama Ventures PCL | 2,412,300 | 3,142,332 | ||||||
| Real Estate (0.6%): | ||||||||
| AP Thailand PCL | 11,406,300 | 2,739,999 | ||||||
| 14,880,657 | ||||||||
| Turkey (2.0%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Turk Telekomunikasyon A/S | 3,147,949 | 2,657,672 | ||||||
| Industrials (1.1%): | ||||||||
| KOC Holding A/S | 1,013,248 | 2,582,032 | ||||||
| Turkiye Sise ve Cam Fabrikalari A/S | 3,249,308 | 2,997,922 | ||||||
| 5,579,954 | ||||||||
| Information Technology (0.4%): | ||||||||
| Logo Yazilim Sanayi Ve Ticaret A/S | 498,776 | 2,312,305 | ||||||
| 10,549,931 | ||||||||
| United Kingdom (0.9%): | ||||||||
| Materials (0.9%): | ||||||||
| Anglo American PLC | 134,479 | 4,712,610 | ||||||
| Total Common Stocks (Cost $434,356,447) | 507,762,467 | |||||||
| Rights (0.0%)(d) | ||||||||
| China (0.0%):(d) | ||||||||
| Industrials (0.0%): | ||||||||
| Airtac International, Expires 10/11/21 (a)(e) | 4,551 | 25,648 | ||||||
| Korea, Republic Of (0.0%):(d) | ||||||||
| Industrials (0.0%): | ||||||||
| Hyundai Engineering & Construction Co. Ltd., Expires 10/25/21 (a) | 1,273 | 86,302 | ||||||
| Total Rights (Cost $–) | 111,950 | |||||||
| Collateral for Securities Loaned^ (0.9%) | ||||||||
| United States (0.9%): | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (f) | 90,593 | 90,593 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (f) | 2,684,882 | $ | 2,684,882 | |||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (f) | 45,210 | 45,210 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (f) | 360,492 | 360,492 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (f) | 1,620,844 | 1,620,844 | ||||||
| Total Collateral for Securities Loaned (Cost $4,802,021) | 4,802,021 | |||||||
| Total Investments (Cost $439,158,468) — 99.2% | 512,676,438 | |||||||
| Other assets in excess of liabilities — 0.8% | 3,984,609 | |||||||
| NET ASSETS - 100.00% | $ | 516,661,047 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $46,314,726 and amounted to 9.0% of net assets. |
| (c) | All or a portion of this security is on loan. |
| (d) | Amount represents less than 0.05% of net assets. |
| (e) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.0% of net assets. |
| (f) | Rate disclosed is the daily yield on September 30, 2021. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PCL—Public Company Limited
PLC—Public Limited Company
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Small Cap Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.8%) | ||||||||
| Biotechnology (12.4%): | ||||||||
| Apellis Pharmaceuticals, Inc. (a)(b) | 621,240 | $ | 20,476,070 | |||||
| Beam Therapeutics, Inc. (a)(b) | 326,950 | 28,447,920 | ||||||
| CytomX Therapeutics, Inc. (a)(b) | 1,617,680 | 8,233,991 | ||||||
| DermTech, Inc. (a)(b) | 356,210 | 11,437,903 | ||||||
| Editas Medicine, Inc. (a)(b) | 525,400 | 21,583,432 | ||||||
| Equillium, Inc. (a)(b) | 1,561,680 | 10,650,658 | ||||||
| Fate Therapeutics, Inc. (a) | 428,720 | 25,410,234 | ||||||
| Generation Bio Co. (a)(b) | 617,410 | 15,478,469 | ||||||
| Intellia Therapeutics, Inc. (a) | 299,890 | 40,230,243 | ||||||
| MacroGenics, Inc. (a) | 915,380 | 19,168,057 | ||||||
| Opthea Ltd., ADR (a) | 777,420 | 6,227,134 | ||||||
| ORIC Pharmaceuticals, Inc. (a)(b) | 713,120 | 14,911,339 | ||||||
| Replimune Group, Inc. (a) | 408,090 | 12,095,788 | ||||||
| Rubius Therapeutics, Inc. (a)(b) | 879,200 | 15,720,096 | ||||||
| Scholar Rock Holding Corp. (a)(b) | 468,690 | 15,476,144 | ||||||
| SpringWorks Therapeutics, Inc. (a)(b) | 375,730 | 23,836,311 | ||||||
| Twist Bioscience Corp. (a)(b) | 203,340 | 21,751,280 | ||||||
| 311,135,069 | ||||||||
| Communication Services (3.3%): | ||||||||
| Bandwidth, Inc., Class A (a)(b) | 497,230 | 44,889,924 | ||||||
| Vonage Holdings Corp. (a)(b) | 1,176,370 | 18,963,085 | ||||||
| ZipRecruiter, Inc. (a)(b) | 651,490 | 17,981,124 | ||||||
| 81,834,133 | ||||||||
| Communications Equipment (1.1%): | ||||||||
| Viavi Solutions, Inc. (a) | 1,686,420 | 26,544,251 | ||||||
| Consumer Discretionary (12.0%): | ||||||||
| Acushnet Holdings Corp. | 294,290 | 13,743,343 | ||||||
| Bally's Corp. (a)(b) | 318,830 | 15,986,136 | ||||||
| Canada Goose Holdings, Inc. (a)(b) | 568,530 | 20,279,465 | ||||||
| Crocs, Inc. (a) | 174,160 | 24,988,477 | ||||||
| Fox Factory Holding Corp. (a)(b) | 289,560 | 41,853,002 | ||||||
| Meritage Homes Corp. (a) | 260,930 | 25,310,210 | ||||||
| Papa John's International, Inc. | 191,080 | 24,265,249 | ||||||
| Planet Fitness, Inc., Class A (a) | 9,730 | 764,292 | ||||||
| Porch Group, Inc. (a)(b) | 1,094,120 | 19,344,042 | ||||||
| Skyline Champion Corp. (a) | 468,820 | 28,157,329 | ||||||
| Steven Madden Ltd. (b) | 720,100 | 28,919,216 | ||||||
| Wingstop, Inc. (b) | 213,640 | 35,022,005 | ||||||
| YETI Holdings, Inc. (a)(b) | 268,300 | 22,990,627 | ||||||
| 301,623,393 | ||||||||
| Consumer Staples (6.2%): | ||||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 524,830 | 28,823,664 | ||||||
| Celsius Holdings, Inc. (a)(b) | 268,220 | 24,163,940 | ||||||
| elf Beauty, Inc. (a) | 1,399,910 | 40,667,385 | ||||||
| Freshpet, Inc. (a)(b) | 347,390 | 49,569,079 | ||||||
| Lancaster Colony Corp. (b) | 78,920 | 13,322,485 | ||||||
| 156,546,553 | ||||||||
| Financials (7.3%): | ||||||||
| Focus Financial Partners, Inc., Class A (a) | 646,680 | 33,866,632 | ||||||
| Green Dot Corp., Class A (a) | 329,735 | 16,595,562 | ||||||
| Open Lending Corp., Class A (a)(b) | 720,140 | 25,975,450 | ||||||
| PRA Group, Inc. (a) | 641,550 | 27,034,917 | ||||||
| PROG Holdings, Inc. (b) | 750,660 | 31,535,227 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Small Cap Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Walker & Dunlop, Inc. | 421,380 | $ | 47,826,630 | |||||
| 182,834,418 | ||||||||
| Health Care Equipment & Supplies (3.6%): | ||||||||
| Axonics, Inc. (a)(b) | 213,660 | 13,907,129 | ||||||
| CONMED Corp. (b) | 126,060 | 16,492,430 | ||||||
| CryoPort, Inc. (a)(b) | 544,830 | 36,236,643 | ||||||
| Nevro Corp. (a) | 194,760 | 22,666,169 | ||||||
| 89,302,371 | ||||||||
| Health Care Providers & Services (3.7%): | ||||||||
| HealthEquity, Inc. (a) | 579,730 | 37,543,315 | ||||||
| LHC Group, Inc. (a)(b) | 172,940 | 27,136,015 | ||||||
| Surgery Partners, Inc. (a)(b) | 645,950 | 27,349,523 | ||||||
| 92,028,853 | ||||||||
| Health Care Technology (4.1%): | ||||||||
| Definitive Healthcare Corp. (a)(b) | 2,880 | 123,350 | ||||||
| Health Catalyst, Inc. (a)(b) | 654,530 | 32,733,045 | ||||||
| Inspire Medical Systems, Inc. (a) | 165,920 | 38,639,450 | ||||||
| Omnicell, Inc. (a) | 209,090 | 31,035,229 | ||||||
| 102,531,074 | ||||||||
| Industrials (13.4%): | ||||||||
| Advanced Drainage Systems, Inc. | 257,690 | 27,874,327 | ||||||
| Arcosa, Inc. | 607,470 | 30,476,770 | ||||||
| Chart Industries, Inc. (a) | 131,450 | 25,121,410 | ||||||
| Driven Brands Holdings, Inc. (a) | 626,800 | 18,108,252 | ||||||
| ESCO Technologies, Inc. | 44,470 | 3,424,190 | ||||||
| Evoqua Water Technologies Corp. (a) | 1,139,740 | 42,808,634 | ||||||
| Herc Holdings, Inc. | 17,790 | 2,907,953 | ||||||
| John Bean Technologies Corp. | 171,680 | 24,129,624 | ||||||
| Kornit Digital Ltd. (a) | 96,730 | 14,000,700 | ||||||
| Saia, Inc. (a) | 246,350 | 58,638,691 | ||||||
| Simpson Manufacturing Co., Inc. | 298,260 | 31,904,872 | ||||||
| SiteOne Landscape Supply, Inc. (a) | 145,120 | 28,947,087 | ||||||
| SPX Flow, Inc. | 173,520 | 12,684,312 | ||||||
| The AZEK Co., Inc. (a)(b) | 436,170 | 15,933,290 | ||||||
| 336,960,112 | ||||||||
| IT Services (6.4%): | ||||||||
| DigitalOcean Holdings, Inc. (a)(b) | 710,510 | 55,156,891 | ||||||
| Paya Holdings, Inc. (a) | 1,693,750 | 18,411,063 | ||||||
| Paymentus Holdings, Inc., Class A (a)(b) | 561,350 | 13,831,664 | ||||||
| Shift4 Payments, Inc., Class A (a) | 157,170 | 12,183,818 | ||||||
| Wix.com Ltd. (a)(b) | 127,630 | 25,011,651 | ||||||
| WNS Holdings Ltd., ADR (a) | 430,237 | 35,193,387 | ||||||
| 159,788,474 | ||||||||
| Life Sciences Tools & Services (1.3%): | ||||||||
| NeoGenomics, Inc. (a) | 169,080 | 8,156,419 | ||||||
| NeoGenomics, Inc. PIPE (c)(d) | 170,580 | 8,105,962 | ||||||
| Quanterix Corp. (a)(b) | 341,510 | 17,003,783 | ||||||
| 33,266,164 | ||||||||
| Materials (2.0%): | ||||||||
| Kronos Bio, Inc. (a)(b) | 622,920 | 13,056,403 | ||||||
| Summit Materials, Inc., Class A (a) | 1,137,740 | 36,373,548 | ||||||
| 49,429,951 | ||||||||
| Pharmaceuticals (1.1%): | ||||||||
| Compass Pathways PLC, ADR (a)(b) | 442,090 | 13,205,228 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Small Cap Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| PMV Pharmaceuticals, Inc. (a)(b) | 520,540 | $ | 15,512,092 | |||||
| 28,717,320 | ||||||||
| Real Estate (0.5%): | ||||||||
| National Storage Affiliates Trust | 258,750 | 13,659,413 | ||||||
| Semiconductors & Semiconductor Equipment (9.6%): | ||||||||
| Advanced Energy Industries, Inc. (b) | 490,620 | 43,051,905 | ||||||
| Lattice Semiconductor Corp. (a) | 972,170 | 62,850,791 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 1,050,923 | 68,173,375 | ||||||
| Silicon Laboratories, Inc. (a) | 261,020 | 36,584,563 | ||||||
| SiTime Corp. (a) | 150,970 | 30,823,545 | ||||||
| 241,484,179 | ||||||||
| Software (11.8%): | ||||||||
| ACI Worldwide, Inc. (a) | 1,008,600 | 30,994,278 | ||||||
| Avaya Holdings Corp. (a)(b) | 3,470,610 | 68,683,372 | ||||||
| Everbridge, Inc. (a)(b) | 248,660 | 37,557,606 | ||||||
| Q2 Holdings, Inc. (a) | 287,570 | 23,045,860 | ||||||
| Smartsheet, Inc., Class A (a) | 382,980 | 26,356,683 | ||||||
| Telos Corp. (a)(b) | 1,118,530 | 31,788,623 | ||||||
| Varonis Systems, Inc. (a) | 1,293,880 | 78,732,598 | ||||||
| 297,159,020 | ||||||||
| Total Common Stocks (Cost $1,946,933,895) | 2,504,844,748 | |||||||
| Collateral for Securities Loaned^ (10.6%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (e) | 5,005,918 | 5,005,918 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e) | 148,359,627 | 148,359,627 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e) | 2,498,200 | 2,498,200 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e) | 19,919,875 | 19,919,875 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e) | 89,563,643 | 89,563,643 | ||||||
| Total Collateral for Securities Loaned (Cost $265,347,263) | 265,347,263 | |||||||
| Total Investments (Cost $2,212,281,158) — 110.4% | 2,770,192,011 | |||||||
| Liabilities in excess of other assets — (10.4)% | (261,523,776 | ) | ||||||
| NET ASSETS - 100.00% | $ | 2,508,668,235 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.3% of net assets. |
| (d) | Restricted security that is not registered under the Securities Act of 1933. |
| (e) | Rate disclosed is the daily yield on September 30, 2021. |
ADR—American Depositary Receipt
PIPE—Private Investment in Public Equity
PLC—Public Limited Company
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Select Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.4%) | ||||||||
| Biotechnology (5.1%): | ||||||||
| Castle Biosciences, Inc. (a) | 52,680 | $ | 3,503,220 | |||||
| Halozyme Therapeutics, Inc. (a) | 126,030 | 5,126,901 | ||||||
| Twist Bioscience Corp. (a)(b) | 23,720 | 2,537,328 | ||||||
| 11,167,449 | ||||||||
| Communication Services (2.2%): | ||||||||
| Bandwidth, Inc., Class A (a) | 26,790 | 2,418,601 | ||||||
| IAC/InterActiveCorp. (a) | 17,760 | 2,313,951 | ||||||
| 4,732,552 | ||||||||
| Consumer Discretionary (13.9%): | ||||||||
| Chegg, Inc. (a) | 35,100 | 2,387,502 | ||||||
| Churchill Downs, Inc. | 19,100 | 4,585,528 | ||||||
| Crocs, Inc. (a) | 21,320 | 3,058,994 | ||||||
| Marriott Vacations Worldwide Corp. | 17,710 | 2,786,314 | ||||||
| Planet Fitness, Inc., Class A (a)(b) | 39,850 | 3,130,218 | ||||||
| Pool Corp. | 9,830 | 4,270,250 | ||||||
| Tempur Sealy International, Inc. (b) | 94,120 | 4,368,109 | ||||||
| Wingstop, Inc. (b) | 14,720 | 2,413,050 | ||||||
| Wolverine World Wide, Inc. | 1,530 | 45,655 | ||||||
| YETI Holdings, Inc. (a) | 39,260 | 3,364,189 | ||||||
| 30,409,809 | ||||||||
| Consumer Staples (2.1%): | ||||||||
| Freshpet, Inc. (a) | 32,020 | 4,568,934 | ||||||
| Electronic Equipment, Instruments & Components (0.6%): | ||||||||
| Dolby Laboratories, Inc., Class A | 14,090 | 1,239,920 | ||||||
| Energy (0.8%): | ||||||||
| Diamondback Energy, Inc. | 19,830 | 1,877,306 | ||||||
| Financials (6.2%): | ||||||||
| Focus Financial Partners, Inc., Class A (a) | 91,140 | 4,773,002 | ||||||
| LPL Financial Holdings, Inc. | 28,250 | 4,428,470 | ||||||
| Western Alliance Bancorp | 40,600 | 4,418,092 | ||||||
| 13,619,564 | ||||||||
| Health Care Equipment & Supplies (6.6%): | ||||||||
| CryoPort, Inc. (a) | 33,770 | 2,246,043 | ||||||
| Envista Holdings Corp. (a) | 44,010 | 1,840,058 | ||||||
| Tandem Diabetes Care, Inc. (a) | 29,470 | 3,518,128 | ||||||
| West Pharmaceutical Services, Inc. | 16,476 | 6,994,721 | ||||||
| 14,598,950 | ||||||||
| Health Care Providers & Services (3.4%): | ||||||||
| Encompass Health Corp. | 31,760 | 2,383,270 | ||||||
| HealthEquity, Inc. (a) | 46,450 | 3,008,102 | ||||||
| LHC Group, Inc. (a) | 13,060 | 2,049,245 | ||||||
| 7,440,617 | ||||||||
| Health Care Technology (1.2%): | ||||||||
| Omnicell, Inc. (a) | 17,490 | 2,596,041 | ||||||
| Industrials (16.7%): | ||||||||
| Advanced Drainage Systems, Inc. | 34,500 | 3,731,865 | ||||||
| Axon Enterprise, Inc. (a) | 10,880 | 1,904,218 | ||||||
| Builders FirstSource, Inc. (a) | 91,060 | 4,711,444 | ||||||
| Chart Industries, Inc. (a)(b) | 13,730 | 2,623,940 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Select Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Enphase Energy, Inc. (a) | 19,240 | $ | 2,885,423 | |||||
| Evoqua Water Technologies Corp. (a) | 108,420 | 4,072,255 | ||||||
| Saia, Inc. (a) | 16,380 | 3,898,931 | ||||||
| SiteOne Landscape Supply, Inc. (a) | 21,570 | 4,302,568 | ||||||
| The Middleby Corp. (a) | 36,700 | 6,257,717 | ||||||
| Trex Co., Inc. (a) | 22,530 | 2,296,483 | ||||||
| 36,684,844 | ||||||||
| IT Services (2.0%): | ||||||||
| Shift4 Payments, Inc., Class A (a)(b) | 34,600 | 2,682,192 | ||||||
| Wix.com Ltd. (a)(b) | 9,300 | 1,822,521 | ||||||
| 4,504,713 | ||||||||
| Life Sciences Tools & Services (5.7%): | ||||||||
| Avantor, Inc. (a) | 187,300 | 7,660,570 | ||||||
| Charles River Laboratories International, Inc. (a) | 11,840 | 4,886,013 | ||||||
| 12,546,583 | ||||||||
| Pharmaceuticals (4.9%): | ||||||||
| Horizon Therapeutics PLC (a) | 62,320 | 6,826,533 | ||||||
| Jazz Pharmaceuticals PLC (a) | 29,820 | 3,882,862 | ||||||
| 10,709,395 | ||||||||
| Semiconductors & Semiconductor Equipment (9.8%): | ||||||||
| Entegris, Inc. | 28,420 | 3,578,078 | ||||||
| Lattice Semiconductor Corp. (a) | 57,670 | 3,728,365 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 52,650 | 3,415,406 | ||||||
| MKS Instruments, Inc. | 24,780 | 3,739,550 | ||||||
| Monolithic Power Systems, Inc. | 6,085 | 2,949,278 | ||||||
| SiTime Corp. (a) | 19,930 | 4,069,108 | ||||||
| 21,479,785 | ||||||||
| Software (17.2%): | ||||||||
| ACI Worldwide, Inc. (a) | 105,800 | 3,251,234 | ||||||
| Avaya Holdings Corp. (a) | 140,410 | 2,778,714 | ||||||
| Dynatrace, Inc. (a) | 122,710 | 8,708,729 | ||||||
| Fair Isaac Corp. (a) | 7,250 | 2,884,992 | ||||||
| Five9, Inc. (a) | 19,260 | 3,076,592 | ||||||
| Paylocity Holding Corp. (a) | 5,890 | 1,651,556 | ||||||
| Q2 Holdings, Inc. (a) | 35,430 | 2,839,360 | ||||||
| RingCentral, Inc., Class A (a) | 18,710 | 4,069,425 | ||||||
| Varonis Systems, Inc. (a)(b) | 74,570 | 4,537,585 | ||||||
| Zendesk, Inc. (a) | 33,760 | 3,929,326 | ||||||
| 37,727,513 | ||||||||
| Total Common Stocks (Cost $159,262,350) | 215,903,975 | |||||||
| Collateral for Securities Loaned^ (3.1%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c) | 126,544 | 126,544 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c) | 3,750,369 | 3,750,369 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c) | 63,152 | 63,152 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c) | 503,553 | 503,553 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Select Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c) | 2,264,071 | $ | 2,264,071 | |||||
| Total Collateral for Securities Loaned (Cost $6,707,689) | 6,707,689 | |||||||
| Total Investments (Cost $165,970,039) — 101.5% | 222,611,664 | |||||||
| Liabilities in excess of other assets — (1.5)% | (3,235,309 | ) | ||||||
| NET ASSETS - 100.00% | $ | 219,376,355 |
| ^ | 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 September 30, 2021. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Mid Cap Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.7%) | ||||||||
| Communication Services (6.1%): | ||||||||
| IAC/InterActiveCorp. (a)(b) | 26,400 | $ | 3,439,656 | |||||
| Match Group, Inc. (a) | 58,044 | 9,112,328 | ||||||
| Take-Two Interactive Software, Inc. (a) | 30,320 | 4,671,402 | ||||||
| Twitter, Inc. (a) | 73,600 | 4,444,704 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 88,520 | 5,416,539 | ||||||
| 27,084,629 | ||||||||
| Communications Equipment (3.7%): | ||||||||
| Arista Networks, Inc. (a)(b) | 13,660 | 4,694,122 | ||||||
| Palo Alto Networks, Inc. (a) | 24,680 | 11,821,720 | ||||||
| 16,515,842 | ||||||||
| Consumer Discretionary (17.9%): | ||||||||
| Aptiv PLC (a) | 31,300 | 4,662,761 | ||||||
| Caesars Entertainment, Inc. (a) | 48,790 | 5,478,141 | ||||||
| Chewy, Inc., Class A (a)(b) | 49,786 | 3,390,925 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 5,390 | 9,796,433 | ||||||
| Darden Restaurants, Inc. | 24,610 | 3,727,677 | ||||||
| Farfetch Ltd., Class A (a)(b) | 86,330 | 3,235,648 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 37,000 | 4,469,230 | ||||||
| Lithia Motors, Inc., Class A | 6,910 | 2,190,746 | ||||||
| Lululemon Athletica, Inc. (a) | 23,680 | 9,583,296 | ||||||
| Marriott Vacations Worldwide Corp. | 22,610 | 3,557,231 | ||||||
| Meritage Homes Corp. (a) | 27,330 | 2,651,010 | ||||||
| O'Reilly Automotive, Inc. (a) | 11,240 | 6,868,314 | ||||||
| Pool Corp. | 15,820 | 6,872,366 | ||||||
| Roku, Inc. (a) | 24,510 | 7,680,209 | ||||||
| Tempur Sealy International, Inc. | 108,580 | 5,039,198 | ||||||
| 79,203,185 | ||||||||
| Consumer Staples (1.5%): | ||||||||
| Freshpet, Inc. (a) | 46,490 | 6,633,658 | ||||||
| Electronic Equipment, Instruments & Components (2.9%): | ||||||||
| Dolby Laboratories, Inc., Class A | 24,240 | 2,133,120 | ||||||
| Keysight Technologies, Inc. (a) | 32,710 | 5,373,926 | ||||||
| Trimble, Inc. (a) | 67,060 | 5,515,685 | ||||||
| 13,022,731 | ||||||||
| Energy (1.1%): | ||||||||
| Diamondback Energy, Inc. | 49,820 | 4,716,459 | ||||||
| Financials (5.6%): | ||||||||
| LPL Financial Holdings, Inc. | 49,080 | 7,693,781 | ||||||
| MSCI, Inc. | 12,250 | 7,452,165 | ||||||
| Tradeweb Markets, Inc., Class A | 26,620 | 2,150,364 | ||||||
| Western Alliance Bancorp (b) | 67,910 | 7,389,966 | ||||||
| 24,686,276 | ||||||||
| Health Care (18.8%): | ||||||||
| Align Technology, Inc. (a) | 9,350 | 6,221,770 | ||||||
| AmerisourceBergen Corp. | 46,190 | 5,517,395 | ||||||
| Apellis Pharmaceuticals, Inc. (a) | 60,830 | 2,004,957 | ||||||
| Avantor, Inc. (a) | 285,230 | 11,665,907 | ||||||
| Charles River Laboratories International, Inc. (a) | 21,340 | 8,806,378 | ||||||
| DexCom, Inc. (a) | 12,510 | 6,841,219 | ||||||
| Horizon Therapeutics PLC (a) | 52,640 | 5,766,186 | ||||||
| Insulet Corp. (a) | 18,490 | 5,255,413 | ||||||
| Intellia Therapeutics, Inc. (a) | 16,780 | 2,251,037 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Mid Cap Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Jazz Pharmaceuticals PLC (a) | 33,870 | $ | 4,410,213 | |||||
| ResMed, Inc. | 14,740 | 3,884,727 | ||||||
| Veeva Systems, Inc., Class A (a) | 24,430 | 7,039,993 | ||||||
| West Pharmaceutical Services, Inc. | 32,030 | 13,598,016 | ||||||
| 83,263,211 | ||||||||
| Industrials (13.7%): | ||||||||
| Advanced Drainage Systems, Inc. | 30,590 | 3,308,920 | ||||||
| Axon Enterprise, Inc. (a) | 14,350 | 2,511,537 | ||||||
| Builders FirstSource, Inc. (a) | 113,580 | 5,876,629 | ||||||
| Carrier Global Corp. | 114,300 | 5,916,168 | ||||||
| Chart Industries, Inc. (a)(b) | 13,770 | 2,631,585 | ||||||
| CoStar Group, Inc. (a) | 77,300 | 6,652,438 | ||||||
| Enphase Energy, Inc. (a) | 24,380 | 3,656,269 | ||||||
| Generac Holdings, Inc. (a) | 16,010 | 6,542,807 | ||||||
| IDEX Corp. (b) | 17,730 | 3,669,223 | ||||||
| Ritchie Bros. Auctioneers, Inc. | 66,250 | 4,084,975 | ||||||
| Teledyne Technologies, Inc. (a) | 11,750 | 5,047,565 | ||||||
| The Middleby Corp. (a) | 46,920 | 8,000,329 | ||||||
| Trex Co., Inc. (a) | 28,590 | 2,914,179 | ||||||
| 60,812,624 | ||||||||
| IT Services (4.4%): | ||||||||
| Gartner, Inc. (a) | 14,430 | 4,384,989 | ||||||
| Square, Inc., Class A (a) | 15,010 | 3,599,998 | ||||||
| Twilio, Inc., Class A (a) | 9,820 | 3,133,071 | ||||||
| Wix.com Ltd. (a)(b) | 42,870 | 8,401,234 | ||||||
| 19,519,292 | ||||||||
| Semiconductors & Semiconductor Equipment (6.5%): | ||||||||
| Entegris, Inc. | 57,280 | 7,211,552 | ||||||
| Lattice Semiconductor Corp. (a) | 77,740 | 5,025,891 | ||||||
| Marvell Technology, Inc. | 78,640 | 4,742,778 | ||||||
| Microchip Technology, Inc. | 28,940 | 4,442,001 | ||||||
| Monolithic Power Systems, Inc. | 15,050 | 7,294,434 | ||||||
| 28,716,656 | ||||||||
| Software (16.5%): | ||||||||
| AppLovin Corp., Class A (a) | 17,970 | 1,300,489 | ||||||
| Bill.com Holdings, Inc. (a)(b) | 15,430 | 4,119,038 | ||||||
| Coupa Software, Inc. (a) | 4,900 | 1,073,982 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 20,230 | 4,972,129 | ||||||
| DocuSign, Inc. (a) | 30,430 | 7,833,595 | ||||||
| Dropbox, Inc., Class A (a) | 160,440 | 4,688,057 | ||||||
| Dynatrace, Inc. (a) | 118,010 | 8,375,170 | ||||||
| Fair Isaac Corp. (a) | 11,000 | 4,377,230 | ||||||
| Freshworks, Inc., Class A (a) | 113,870 | 4,861,110 | ||||||
| Lightspeed Commerce, Inc. (a)(b) | 31,460 | 3,033,688 | ||||||
| RingCentral, Inc., Class A (a) | 54,400 | 11,832,000 | ||||||
| Synopsys, Inc. (a) | 38,350 | 11,482,373 | ||||||
| Zscaler, Inc. (a) | 18,930 | 4,963,825 | ||||||
| 72,912,686 | ||||||||
| Total Common Stocks (Cost $306,537,332) | 437,087,249 |
| Collateral for Securities Loaned^ (4.7%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c) | 394,354 | 394,354 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c) | 11,687,411 | 11,687,411 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Mid Cap Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c) | 196,802 | $ | 196,802 | |||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c) | 1,569,239 | 1,569,239 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c) | 7,055,606 | 7,055,606 | ||||||
| Total Collateral for Securities Loaned (Cost $20,903,412) | 20,903,412 | |||||||
| Total Investments (Cost $327,440,744) — 103.4% | 457,990,661 | |||||||
| Liabilities in excess of other assets — (3.4)% | (15,190,183 | ) | ||||||
| NET ASSETS - 100.00% | $ | 442,800,478 |
| ^ | 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 September 30, 2021. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (100.2%) | ||||||||
| Communication Services (15.5%): | ||||||||
| Activision Blizzard, Inc. | 29,150 | $ | 2,255,919 | |||||
| Alphabet, Inc., Class C (a) | 9,571 | 25,509,682 | ||||||
| Facebook, Inc., Class A (a) | 40,870 | 13,870,869 | ||||||
| Netflix, Inc. (a) | 5,860 | 3,576,592 | ||||||
| Twitter, Inc. (a) | 81,640 | 4,930,240 | ||||||
| 50,143,302 | ||||||||
| Communications Equipment (2.2%): | ||||||||
| Palo Alto Networks, Inc. (a) | 14,720 | 7,050,880 | ||||||
| Consumer Discretionary (19.0%): | ||||||||
| Amazon.com, Inc. (a) | 4,620 | 15,176,885 | ||||||
| Aptiv PLC (a) | 27,160 | 4,046,025 | ||||||
| Caesars Entertainment, Inc. (a) | 44,090 | 4,950,425 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 2,460 | 4,471,099 | ||||||
| Lululemon Athletica, Inc. (a) | 10,900 | 4,411,230 | ||||||
| O'Reilly Automotive, Inc. (a)(b) | 6,500 | 3,971,890 | ||||||
| Target Corp. | 23,410 | 5,355,506 | ||||||
| Tesla, Inc. (a) | 16,530 | 12,818,685 | ||||||
| The Home Depot, Inc. | 19,505 | 6,402,711 | ||||||
| 61,604,456 | ||||||||
| Consumer Staples (2.4%): | ||||||||
| Constellation Brands, Inc., Class A | 18,250 | 3,845,092 | ||||||
| Freshpet, Inc. (a) | 27,220 | 3,884,022 | ||||||
| 7,729,114 | ||||||||
| Energy (0.5%): | ||||||||
| Diamondback Energy, Inc. | 17,820 | 1,687,019 | ||||||
| Financials (0.7%): | ||||||||
| LPL Financial Holdings, Inc. | 14,450 | 2,265,182 | ||||||
| Health Care (10.7%): | ||||||||
| Align Technology, Inc. (a) | 6,900 | 4,591,467 | ||||||
| Avantor, Inc. (a) | 85,500 | 3,496,950 | ||||||
| Charles River Laboratories International, Inc. (a) | 15,500 | 6,396,385 | ||||||
| DexCom, Inc. (a) | 5,330 | 2,914,764 | ||||||
| Horizon Therapeutics PLC (a) | 24,790 | 2,715,497 | ||||||
| Jazz Pharmaceuticals PLC (a) | 19,190 | 2,498,730 | ||||||
| West Pharmaceutical Services, Inc. | 15,930 | 6,762,922 | ||||||
| Zoetis, Inc. | 27,120 | 5,265,077 | ||||||
| 34,641,792 | ||||||||
| Industrials (4.5%): | ||||||||
| Carrier Global Corp. (b) | 67,960 | 3,517,610 | ||||||
| Generac Holdings, Inc. (a) | 7,980 | 3,261,186 | ||||||
| IDEX Corp. | 13,000 | 2,690,350 | ||||||
| IHS Markit Ltd. | 21,910 | 2,555,144 | ||||||
| United Parcel Service, Inc., Class B | 14,200 | 2,585,820 | ||||||
| 14,610,110 | ||||||||
| IT Services (10.6%): | ||||||||
| Fiserv, Inc. (a) | 30,720 | 3,333,120 | ||||||
| Gartner, Inc. (a) | 11,600 | 3,525,008 | ||||||
| PayPal Holdings, Inc. (a)(b) | 21,810 | 5,675,180 | ||||||
| Square, Inc., Class A (a) | 13,700 | 3,285,808 | ||||||
| Twilio, Inc., Class A (a) | 26,960 | 8,601,588 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Growth Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Visa, Inc., Class A | 43,027 | $ | 9,584,264 | |||||
| 34,004,968 | ||||||||
| Real Estate (0.7%): | ||||||||
| SBA Communications Corp. | 6,770 | 2,237,959 | ||||||
| Semiconductors & Semiconductor Equipment (8.0%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 47,960 | 4,935,084 | ||||||
| Lam Research Corp. | 8,010 | 4,558,892 | ||||||
| Marvell Technology, Inc. | 59,180 | 3,569,146 | ||||||
| NVIDIA Corp. | 46,680 | 9,670,229 | ||||||
| STMicroelectronics NV, NYS | 73,480 | 3,205,932 | ||||||
| 25,939,283 | ||||||||
| Software (17.4%): | ||||||||
| Fair Isaac Corp. (a) | 8,170 | 3,251,088 | ||||||
| Microsoft Corp. | 125,700 | 35,437,344 | ||||||
| RingCentral, Inc., Class A (a) | 21,500 | 4,676,250 | ||||||
| ServiceNow, Inc. (a) | 13,720 | 8,537,544 | ||||||
| Synopsys, Inc. (a) | 14,600 | 4,371,386 | ||||||
| 56,273,612 | ||||||||
| Technology Hardware, Storage & Peripherals (8.0%): | ||||||||
| Apple, Inc. | 183,578 | 25,976,287 | ||||||
| Total Common Stocks (Cost $179,716,728) | 324,163,964 |
| Collateral for Securities Loaned^ (0.2%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c) | 12,292 | 12,292 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c) | 364,298 | 364,298 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c) | 6,134 | 6,134 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c) | 48,913 | 48,913 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c) | 219,924 | 219,924 | ||||||
| Total Collateral for Securities Loaned (Cost $651,561) | 651,561 |
| Total Investments (Cost $180,368,289) — 100.4% | 324,815,525 | |||||||
| Liabilities in excess of other assets — (0.4)% | (1,264,807 | ) | ||||||
| NET ASSETS - 100.00% | $ | 323,550,718 |
| ^ | 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 September 30, 2021. |
| NYS—New York Registered Shares |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Science and Technology Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.6%) | ||||||||
| Biotechnology (22.2%): | ||||||||
| Alpha Teknova, Inc. (a)(b) | 59,780 | $ | 1,487,924 | |||||
| Apellis Pharmaceuticals, Inc. (a) | 85,173 | 2,807,302 | ||||||
| Beam Therapeutics, Inc. (a)(b) | 29,950 | 2,605,950 | ||||||
| Better Therapeutics PIPE (c) (f) (g) (h) (i) | 276,000 | 2,682,720 | ||||||
| Bicycle Therapeutics PLC, ADR (a) | 64,929 | 2,700,397 | ||||||
| Cabaletta Bio, Inc. (a)(b) | 120,430 | 1,464,429 | ||||||
| Caribou Biosciences, Inc. (a)(b) | 61,010 | 1,456,309 | ||||||
| Celcuity, Inc. (a) | 62,050 | 1,116,900 | ||||||
| Codiak Biosciences, Inc. (a)(b) | 92,250 | 1,506,443 | ||||||
| Crinetics Pharmaceuticals, Inc. (a) | 134,128 | 2,823,394 | ||||||
| Cullinan Oncology, Inc. (a)(b) | 22,640 | 510,985 | ||||||
| CytomX Therapeutics, Inc. (a)(d) | 148,890 | 757,850 | ||||||
| DermTech, Inc. (a)(b) | 94,083 | 3,021,005 | ||||||
| Editas Medicine, Inc. (a)(b) | 56,230 | 2,309,928 | ||||||
| Equillium, Inc. (a)(b) | 223,930 | 1,527,203 | ||||||
| Fate Therapeutics, Inc. (a) | 48,810 | 2,892,969 | ||||||
| Fusion Pharmaceuticals, Inc. (a) | 138,510 | 1,096,999 | ||||||
| Generation Bio Co. (a)(b) | 59,400 | 1,489,158 | ||||||
| Gracell Biotechnologies, Inc., ADR (a) | 38,120 | 528,724 | ||||||
| Halozyme Therapeutics, Inc. (a) | 29,080 | 1,182,974 | ||||||
| IGM Biosciences, Inc. (a)(b) | 14,650 | 963,384 | ||||||
| Ikena Oncology, Inc. (a)(b) | 68,290 | 861,820 | ||||||
| Impel Neuropharma, Inc. (a)(b) | 61,460 | 748,583 | ||||||
| Inhibrx, Inc. (a) | 99,900 | 3,327,669 | ||||||
| Intellia Therapeutics, Inc. (a) | 31,990 | 4,291,458 | ||||||
| Iovance Biotherapeutics, Inc. (a) | 192,420 | 4,745,077 | ||||||
| Kezar Life Sciences, Inc. (a)(b) | 389,966 | 3,369,306 | ||||||
| Kinnate Biopharma, Inc. (a)(b) | 67,090 | 1,544,412 | ||||||
| Lyell Immunopharma, Inc. (a)(b) | 145,030 | 2,146,444 | ||||||
| MacroGenics, Inc. (a) | 110,970 | 2,323,712 | ||||||
| Marker Therapeutics, Inc. (a) | 659,700 | 1,114,893 | ||||||
| Merus NV (a)(b) | 30,210 | 664,620 | ||||||
| Nuvalent, Inc., Class A (a)(b) | 27,940 | 630,047 | ||||||
| Omega Therapeutics, Inc. (a)(b) | 88,510 | 1,668,414 | ||||||
| Opthea Ltd., ADR (a) | 96,734 | 774,839 | ||||||
| ORIC Pharmaceuticals, Inc. (a) | 87,540 | 1,830,461 | ||||||
| Rain Therapeutics, Inc. (a) | 81,580 | 1,220,437 | ||||||
| Regulus Therapeutics, Inc. (a)(b) | 1,768,489 | 1,221,319 | ||||||
| Replimune Group, Inc. (a) | 37,850 | 1,121,874 | ||||||
| Rubius Therapeutics, Inc. (a)(b) | 75,160 | 1,343,861 | ||||||
| Scholar Rock Holding Corp. (a)(b) | 52,140 | 1,721,663 | ||||||
| Shattuck Labs, Inc. (a)(b) | 98,280 | 2,002,946 | ||||||
| SpringWorks Therapeutics, Inc. (a) | 50,300 | 3,191,032 | ||||||
| Stoke Therapeutics, Inc. (a)(b) | 20,410 | 519,230 | ||||||
| Surface Oncology, Inc. (a)(b) | 230,040 | 1,741,403 | ||||||
| Sutro Biopharma, Inc. (a) | 64,450 | 1,217,460 | ||||||
| Twist Bioscience Corp. (a) | 13,700 | 1,465,489 | ||||||
| VistaGen Therapeutics, Inc. (a)(b) | 538,390 | 1,475,189 | ||||||
| 85,216,605 | ||||||||
| Communication Services (7.2%): | ||||||||
| Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 63,860 | 1,460,478 | ||||||
| Facebook, Inc., Class A (a) | 20,370 | 6,913,374 | ||||||
| IAC/InterActiveCorp. (a) | 16,130 | 2,101,578 | ||||||
| Match Group, Inc. (a) | 39,336 | 6,175,359 | ||||||
| Take-Two Interactive Software, Inc. (a) | 22,170 | 3,415,732 | ||||||
| Twitter, Inc. (a) | 115,830 | 6,994,974 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Science and Technology Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Vimeo, Inc. (a) | 26,187 | $ | 769,112 | |||||
| 27,830,607 | ||||||||
| Consumer Discretionary (6.4%): | ||||||||
| Amazon.com, Inc. (a) | 3,390 | 11,136,285 | ||||||
| Arco Platform Ltd., Class A (a)(b) | 49,010 | 1,063,517 | ||||||
| Booking Holdings, Inc. (a) | 1,780 | 4,225,489 | ||||||
| Chegg, Inc. (a) | 42,400 | 2,884,048 | ||||||
| Farfetch Ltd., Class A (a)(b) | 42,940 | 1,609,391 | ||||||
| Roku, Inc. (a) | 11,220 | 3,515,787 | ||||||
| 24,434,517 | ||||||||
| Electronic Equipment, Instruments & Components (1.5%): | ||||||||
| 908 Devices, Inc. (a) | 47,180 | 1,534,294 | ||||||
| Dolby Laboratories, Inc., Class A | 49,590 | 4,363,920 | ||||||
| 5,898,214 | ||||||||
| Financials (1.4%): | ||||||||
| DA32 Life Science Tech Acquisition Corp., Class A (a)(f) | 255,530 | 2,511,860 | ||||||
| Omega Alpha SPAC, Class A (a) | 101,380 | 986,427 | ||||||
| Panacea Acquisition Corp. II (a)(f) | 202,190 | 1,971,353 | ||||||
| 5,469,640 | ||||||||
| Health Care Equipment & Supplies (2.4%): | ||||||||
| BioLife Solutions, Inc. (a) | 47,960 | 2,029,667 | ||||||
| Butterfly Network, Inc. (a)(b) | 338,740 | 3,536,446 | ||||||
| CryoPort, Inc. (a)(b) | 56,253 | 3,741,387 | ||||||
| 9,307,500 | ||||||||
| Health Care Providers & Services (0.4%): | ||||||||
| Science 37, Inc. PIPE (c) (f) (g) (h) (i) | 178,320 | 1,704,739 | ||||||
| Health Care Technology (0.8%): | ||||||||
| Veeva Systems, Inc., Class A (a) | 10,400 | 2,996,968 | ||||||
| IT Services (8.0%): | ||||||||
| GoDaddy, Inc., Class A (a) | 44,060 | 3,070,982 | ||||||
| PayPal Holdings, Inc. (a) | 15,500 | 4,033,255 | ||||||
| Twilio, Inc., Class A (a) | 32,220 | 10,279,791 | ||||||
| Visa, Inc., Class A | 20,720 | 4,615,380 | ||||||
| Wix.com Ltd. (a)(b) | 44,080 | 8,638,357 | ||||||
| 30,637,765 | ||||||||
| Life Sciences Tools & Services (2.9%): | ||||||||
| 10X Genomics, Inc., Class A (a) | 19,630 | 2,857,735 | ||||||
| Absci Corp. (a)(b) | 66,170 | 769,557 | ||||||
| Berkeley Lights, Inc. (a)(b) | 59,080 | 1,155,605 | ||||||
| NeoGenomics, Inc. (a) | 47,740 | 2,302,978 | ||||||
| Quanterix Corp. (a) | 48,330 | 2,406,351 | ||||||
| Singular Genomics Systems, Inc. (a) | 129,560 | 1,449,776 | ||||||
| 10,942,002 | ||||||||
| Materials (0.3%): | ||||||||
| Kronos Bio, Inc. (a)(b) | 49,570 | 1,038,987 | ||||||
| Pharmaceuticals (1.4%): | ||||||||
| Angion Biomedica Corp. (a)(b) | 54,380 | 531,293 | ||||||
| Compass Pathways PLC, ADR (a) | 49,500 | 1,478,565 | ||||||
| Marinus Pharmaceuticals, Inc. (a)(b) | 66,954 | 761,936 | ||||||
| Nuvation Bio, Inc. (a)(b) | 143,070 | 1,422,116 | ||||||
| PMV Pharmaceuticals, Inc. (a)(b) | 37,470 | 1,116,606 | ||||||
| 5,310,516 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Science and Technology Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value |
| Semiconductors & Semiconductor Equipment (22.5%): | ||||||||
| Ambarella, Inc. (a)(b) | 41,190 | $ | 6,414,931 | |||||
| Applied Materials, Inc. | 40,190 | 5,173,659 | ||||||
| Ichor Holdings Ltd. (a) | 95,580 | 3,927,382 | ||||||
| Impinj, Inc. (a)(b) | 94,150 | 5,378,789 | ||||||
| Lam Research Corp. | 17,300 | 9,846,295 | ||||||
| Lattice Semiconductor Corp. (a) | 158,070 | 10,219,225 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 139,840 | 9,071,421 | ||||||
| Marvell Technology, Inc. | 97,770 | 5,896,509 | ||||||
| MKS Instruments, Inc. | 33,900 | 5,115,849 | ||||||
| Monolithic Power Systems, Inc. | 10,220 | 4,953,430 | ||||||
| NVIDIA Corp. | 41,160 | 8,526,705 | ||||||
| SiTime Corp. (a) | 33,410 | 6,821,320 | ||||||
| STMicroelectronics NV, NYS (b) | 117,440 | 5,123,907 | ||||||
| 86,469,422 | ||||||||
| Software (22.2%): | ||||||||
| Avaya Holdings Corp. (a) | 169,350 | 3,351,437 | ||||||
| Coupa Software, Inc. (a) | 12,470 | 2,733,175 | ||||||
| DocuSign, Inc. (a) | 25,180 | 6,482,087 | ||||||
| Domo, Inc., Class B (a)(b) | 62,320 | 5,262,301 | ||||||
| Dropbox, Inc., Class A (a) | 142,440 | 4,162,097 | ||||||
| Fair Isaac Corp. (a) | 7,280 | 2,896,930 | ||||||
| Microsoft Corp. (d) | 76,400 | 21,538,688 | ||||||
| Paycom Software, Inc. (a) | 13,490 | 6,687,667 | ||||||
| RingCentral, Inc., Class A (a) | 63,500 | 13,811,250 | ||||||
| ServiceNow, Inc. (a)(d) | 12,300 | 7,653,921 | ||||||
| Varonis Systems, Inc. (a) | 128,800 | 7,837,480 | ||||||
| Zendesk, Inc. (a) | 26,320 | 3,063,385 | ||||||
| 85,480,418 | ||||||||
| Total Common Stocks (Cost $221,810,815) | 382,737,900 | |||||||
| Warrants (0.0%)(e) | ||||||||
| Health Care (0.0%): | ||||||||
| Nuvation Bio, Inc. | 48,570 | 122,882 | ||||||
| Regulus Therapeutics, Inc. PIPE (f) (h) | 1,326,367 | — | ||||||
| 122,882 | ||||||||
| Total Warrants (Cost $165,796) | 122,882 | |||||||
| Collateral for Securities Loaned^ (12.4%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (j) | 898,562 | 898,562 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (j) | 26,630,537 | 26,630,537 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (j) | 448,427 | 448,427 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (j) | 3,575,615 | 3,575,615 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (j) | 16,076,665 | 16,076,665 | ||||||
| Total Collateral for Securities Loaned (Cost $47,629,806) | 47,629,806 | |||||||
| Total Investments (Cost $269,606,417) — 112.0% | 430,490,588 | |||||||
| Liabilities in excess of other assets — (12.0)% | (46,210,027 | ) | ||||||
| NET ASSETS - 100.00% | $ | 384,280,561 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Science and Technology Fund | September 30, 2021 |
| (Unaudited) |
| ^ | 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) | Security or portion of security purchased on a forward settlement basis. |
| (d) | All or a portion of the security has been segregated as collateral for securities purchased on forward settlement basis. |
| (e) | Amount represents less than 0.05% of net assets. |
| (f) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 2.3% of net assets. |
| (g) | This security is held in connection with special purpose acquisition company transactions. |
| (h) | Restricted security that is not registered under the Securities Act of 1933. |
| (i) | The following table details the acquisition date and cost of the Fund’s restricted securities at September 30, 2021: |
| Security Name | Acquisition Date | Cost | ||||
| Better Therapeutics | 4/6/2021 | $ | 2,760,000 | |||
| Science 37, Inc. | 5/6/2021 | 1,783,200 | ||||
| (j) | Rate disclosed is the daily yield on September 30, 2021. |
| ADR—American Depositary Receipt |
| NYS—New York Registered Shares |
| PIPE—Private Investment in Public Equity |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Small Cap Equity Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.2%) | ||||||||
| Consumer Discretionary (1.5%): | ||||||||
| Acushnet Holdings Corp. | 22,790 | $ | 1,064,293 | |||||
| Consumer Staples (3.6%): | ||||||||
| elf Beauty, Inc. (a) | 91,230 | 2,650,232 | ||||||
| Energy (5.3%): | ||||||||
| Amyris, Inc. (a)(b) | 133,020 | 1,826,365 | ||||||
| Renewable Energy Group, Inc. (a) | 41,240 | 2,070,248 | ||||||
| 3,896,613 | ||||||||
| Financials (21.8%): | ||||||||
| Green Dot Corp., Class A (a) | 69,080 | 3,476,796 | ||||||
| Open Lending Corp., Class A (a)(b) | 62,240 | 2,244,997 | ||||||
| PRA Group, Inc. (a) | 66,820 | 2,815,795 | ||||||
| PROG Holdings, Inc. (b) | 99,490 | 4,179,575 | ||||||
| Trupanion, Inc. (a) | 31,370 | 2,436,508 | ||||||
| Upstart Holdings, Inc. (a) | 2,340 | 740,469 | ||||||
| 15,894,140 | ||||||||
| Health Care (15.5%): | ||||||||
| Apellis Pharmaceuticals, Inc. (a) | 14,210 | 468,362 | ||||||
| Butterfly Network, Inc. (a)(b) | 76,160 | 795,110 | ||||||
| CryoPort, Inc. (a)(b) | 45,830 | 3,048,153 | ||||||
| DermTech, Inc. (a)(b) | 31,870 | 1,023,346 | ||||||
| Editas Medicine, Inc. (a) | 14,430 | 592,784 | ||||||
| Fate Therapeutics, Inc. (a) | 5,750 | 340,802 | ||||||
| Inspire Medical Systems, Inc. (a) | 2,300 | 535,624 | ||||||
| MacroGenics, Inc. (a) | 31,860 | 667,148 | ||||||
| Quanterix Corp. (a) | 19,550 | 973,395 | ||||||
| Scholar Rock Holding Corp. (a)(b) | 21,180 | 699,364 | ||||||
| SpringWorks Therapeutics, Inc. (a) | 17,090 | 1,084,190 | ||||||
| Twist Bioscience Corp. (a)(b) | 9,890 | 1,057,933 | ||||||
| 11,286,211 | ||||||||
| Industrials (10.6%): | ||||||||
| Chart Industries, Inc. (a) | 7,510 | 1,435,236 | ||||||
| Evoqua Water Technologies Corp. (a) | 98,700 | 3,707,172 | ||||||
| John Bean Technologies Corp. | 11,950 | 1,679,572 | ||||||
| Kornit Digital Ltd. (a) | 6,540 | 946,600 | ||||||
| 7,768,580 | ||||||||
| IT Services (11.6%): | ||||||||
| Paya Holdings, Inc. (a) | 229,460 | 2,494,230 | ||||||
| Paymentus Holdings, Inc., Class A (a) | 89,760 | 2,211,686 | ||||||
| Payoneer Global, Inc. (a) | 240,690 | 2,057,900 | ||||||
| Repay Holdings Corp. (a) | 75,424 | 1,737,015 | ||||||
| 8,500,831 | ||||||||
| Semiconductors & Semiconductor Equipment (10.7%): | ||||||||
| Lattice Semiconductor Corp. (a) | 17,350 | 1,121,678 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 50,560 | 3,279,827 | ||||||
| SiTime Corp. (a) | 16,700 | 3,409,639 | ||||||
| 7,811,144 | ||||||||
| Software (17.6%): | ||||||||
| ACI Worldwide, Inc. (a) | 98,680 | 3,032,436 | ||||||
| Avaya Holdings Corp. (a)(b) | 183,460 | 3,630,673 | ||||||
| BTRS Holdings, Inc. (a)(b) | 191,100 | 2,033,304 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Small Cap Equity Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Q2 Holdings, Inc. (a) | 32,900 | $ | 2,636,606 | |||||
| Varonis Systems, Inc. (a) | 25,290 | 1,538,897 | ||||||
| 12,871,916 | ||||||||
| Total Common Stocks (Cost $68,864,786) | 71,743,960 | |||||||
| Collateral for Securities Loaned^ (12.6%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c) | 173,112 | 173,112 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (c) | 5,130,505 | 5,130,505 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c) | 86,392 | 86,392 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c) | 688,860 | 688,860 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c) | 3,097,249 | 3,097,249 | ||||||
| Total Collateral for Securities Loaned (Cost $9,176,118) | 9,176,118 | |||||||
| Total Investments (Cost $78,040,904) — 110.8% | 80,920,078 | |||||||
| Liabilities in excess of other assets — (10.8)% | (7,897,418 | ) | ||||||
| NET ASSETS - 100.00% | $ | 73,022,660 | ||||||
| ^ | 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 September 30, 2021. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Partners Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.3%) | ||||||||
| Banks (19.3%): | ||||||||
| Ameris Bancorp | 143,400 | $ | 7,439,592 | |||||
| Associated Bancorp | 174,740 | 3,742,931 | ||||||
| Banner Corp. | 127,480 | 7,038,171 | ||||||
| Columbia Banking System, Inc. | 97,986 | 3,722,488 | ||||||
| Eastern Bankshares, Inc. | 452,250 | 9,180,675 | ||||||
| First BanCorp/Puerto Rico | 797,980 | 10,493,437 | ||||||
| Pacific Premier Bancorp, Inc. | 103,340 | 4,282,409 | ||||||
| Pinnacle Financial Partners, Inc. | 75,010 | 7,056,941 | ||||||
| SouthState Corp. | 52,870 | 3,947,803 | ||||||
| Synovus Financial Corp. | 86,350 | 3,789,901 | ||||||
| Texas Capital Bancshares, Inc. (a) | 59,500 | 3,571,190 | ||||||
| UMB Financial Corp. | 60,562 | 5,856,951 | ||||||
| 70,122,489 | ||||||||
| Capital Markets (2.1%): | ||||||||
| Federated Hermes, Inc. | 237,290 | 7,711,925 | ||||||
| Communication Services (3.0%): | ||||||||
| Madison Square Garden Sports Corp. (a) | 25,200 | 4,685,940 | ||||||
| World Wrestling Entertainment, Inc., Class A (b) | 108,300 | 6,092,958 | ||||||
| 10,778,898 | ||||||||
| Consumer Discretionary (7.7%): | ||||||||
| Carter's, Inc. | 92,520 | 8,996,645 | ||||||
| Dana, Inc. | 240,340 | 5,345,161 | ||||||
| Dine Brands Global, Inc. (a)(b) | 42,730 | 3,470,103 | ||||||
| Penske Automotive Group, Inc. (b) | 13,641 | 1,372,285 | ||||||
| Taylor Morrison Home Corp. (a) | 201,610 | 5,197,506 | ||||||
| Wolverine World Wide, Inc. | 117,160 | 3,496,054 | ||||||
| 27,877,754 | ||||||||
| Consumer Staples (3.7%): | ||||||||
| Herbalife Nutrition Ltd. (a) | 169,540 | 7,185,105 | ||||||
| Hostess Brands, Inc. (a)(b) | 370,701 | 6,439,076 | ||||||
| 13,624,181 | ||||||||
| Energy (7.9%): | ||||||||
| California Resources Corp. (a) | 247,800 | 10,159,800 | ||||||
| Comstock Resources, Inc. (a) | 180,860 | 1,871,901 | ||||||
| Magnolia Oil & Gas Corp., Class A | 424,620 | 7,553,990 | ||||||
| National Energy Services Reunited Corp. (a)(b) | 167,740 | 2,100,105 | ||||||
| PDC Energy, Inc. | 148,660 | 7,044,997 | ||||||
| 28,730,793 | ||||||||
| Health Care (2.7%): | ||||||||
| The Ensign Group, Inc. | 46,700 | 3,497,363 | ||||||
| Tivity Health, Inc. (a)(b) | 270,910 | 6,247,185 | ||||||
| 9,744,548 | ||||||||
| Industrials (15.1%): | ||||||||
| Altra Industrial Motion Corp. | 60,360 | 3,340,926 | ||||||
| American Woodmark Corp. (a)(b) | 31,550 | 2,062,424 | ||||||
| ArcBest Corp. | 83,230 | 6,805,717 | ||||||
| Atkore, Inc. (a) | 62,980 | 5,474,222 | ||||||
| Finning International, Inc. | 146,940 | 3,625,928 | ||||||
| GMS, Inc. (a)(b) | 113,990 | 4,992,762 | ||||||
| GrafTech International Ltd. | 671,920 | 6,934,214 | ||||||
| H&E Equipment Services, Inc. | 91,820 | 3,187,072 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Partners Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| McGrath RentCorp (b) | 39,870 | $ | 2,868,647 | |||||
| Meritor, Inc. (a) | 245,720 | 5,236,293 | ||||||
| Primoris Services Corp. | 197,170 | 4,828,693 | ||||||
| SkyWest, Inc. (a) | 113,030 | 5,576,900 | ||||||
| 54,933,798 | ||||||||
| Information Technology (11.1%): | ||||||||
| Cognyte Software Ltd. (a) | 459,090 | 9,434,300 | ||||||
| Euronet Worldwide, Inc. (a) | 72,510 | 9,229,073 | ||||||
| NCR Corp. (a) | 235,350 | 9,122,166 | ||||||
| Verint Systems, Inc. (a) | 169,480 | 7,591,009 | ||||||
| Verra Mobility Corp. (a) | 322,960 | 4,867,007 | ||||||
| 40,243,555 | ||||||||
| Insurance (6.0%): | ||||||||
| Alleghany Corp. (a) | 8,280 | 5,170,115 | ||||||
| Globe Life, Inc. | 62,060 | 5,525,202 | ||||||
| James River Group Holdings Ltd. | 141,870 | 5,352,755 | ||||||
| Primerica, Inc. | 37,963 | 5,832,255 | ||||||
| 21,880,327 | ||||||||
| Materials (7.1%): | ||||||||
| Constellium SE (a) | 211,400 | 3,970,092 | ||||||
| Graphic Packaging Holding Co. | 556,150 | 10,589,096 | ||||||
| Olin Corp. | 142,290 | 6,865,493 | ||||||
| Summit Materials, Inc., Class A (a) | 143,757 | 4,595,911 | ||||||
| 26,020,592 | ||||||||
| Real Estate (8.4%): | ||||||||
| Four Corners Property Trust, Inc. | 207,560 | 5,575,062 | ||||||
| Jones Lang LaSalle, Inc. (a) | 30,730 | 7,623,806 | ||||||
| Kennedy-Wilson Holdings, Inc. | 242,960 | 5,082,723 | ||||||
| Spirit Realty Capital, Inc. | 111,360 | 5,127,014 | ||||||
| Sunstone Hotel Investors, Inc. (a) | 604,180 | 7,213,909 | ||||||
| 30,622,514 | ||||||||
| Thrifts & Mortgage Finance (0.5%): | ||||||||
| PCSB Financial Corp. | 96,940 | 1,787,574 | ||||||
| Utilities (3.7%): | ||||||||
| Black Hills Corp. | 73,935 | 4,640,161 | ||||||
| NorthWestern Corp. | 79,200 | 4,538,160 | ||||||
| South Jersey Industries, Inc. (b) | 208,750 | 4,438,025 | ||||||
| 13,616,346 | ||||||||
| Total Common Stocks (Cost $265,949,865) | 357,695,294 | |||||||
| Preferred Stocks (0.2%) | ||||||||
| Health Care (0.2%): | ||||||||
| WellDoc, Inc. Series B (c)(d) | 1,587,483 | 587,369 | ||||||
| Total Preferred Stocks (Cost $1,942,920) | 587,369 | |||||||
| Collateral for Securities Loaned^ (4.3%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (e) | 295,417 | 295,417 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Partners Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (e) | 8,755,223 | $ | 8,755,223 | |||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e) | 147,428 | 147,428 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (e) | 1,175,542 | 1,175,542 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e) | 5,285,465 | 5,285,465 | ||||||
| Total Collateral for Securities Loaned (Cost $15,659,075) | 15,659,075 | |||||||
| Total Investments (Cost $283,551,860) — 102.8% | 373,941,738 | |||||||
| Liabilities in excess of other assets — (2.8)% | (10,254,873 | ) | ||||||
| NET ASSETS - 100.00% | $ | 363,686,865 | ||||||
| ^ | 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) | Security was fair valued using significant unobservable inputs as of September 30, 2021. |
| (d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees and has classified it as a Level 3 security. As of September 30, 2021, illiquid securities were 0.2% of net assets. |
| (e) | Rate disclosed is the daily yield on September 30, 2021. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Value Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.5%) | ||||||||
| Communication Services (1.6%): | ||||||||
| World Wrestling Entertainment, Inc., Class A (a) | 92,090 | $ | 5,180,983 | |||||
| Consumer Discretionary (8.8%): | ||||||||
| Adient PLC (b) | 138,920 | 5,758,234 | ||||||
| Carter's, Inc. (a) | 76,520 | 7,440,805 | ||||||
| Dollar Tree, Inc. (b) | 49,310 | 4,719,953 | ||||||
| LKQ Corp. (b) | 116,890 | 5,881,905 | ||||||
| Taylor Morrison Home Corp. (b) | 183,130 | 4,721,091 | ||||||
| 28,521,988 | ||||||||
| Consumer Staples (5.6%): | ||||||||
| Herbalife Nutrition Ltd. (a)(b) | 139,540 | 5,913,705 | ||||||
| Hostess Brands, Inc. (a)(b) | 322,750 | 5,606,168 | ||||||
| Keurig Dr Pepper, Inc. | 190,445 | 6,505,601 | ||||||
| 18,025,474 | ||||||||
| Energy (5.7%): | ||||||||
| Baker Hughes Co. | 111,180 | 2,749,481 | ||||||
| Chesapeake Energy Corp. (a) | 94,730 | 5,834,421 | ||||||
| Devon Energy Corp. | 185,920 | 6,602,019 | ||||||
| Magnolia Oil & Gas Corp., Class A | 177,510 | 3,157,903 | ||||||
| 18,343,824 | ||||||||
| Financials (18.8%): | ||||||||
| Aflac, Inc. | 94,240 | 4,912,731 | ||||||
| Alleghany Corp. (b) | 9,110 | 5,688,375 | ||||||
| Cboe Global Markets, Inc. | 76,470 | 9,471,574 | ||||||
| Citizens Financial Group, Inc. | 172,710 | 8,113,916 | ||||||
| Federated Hermes, Inc. | 179,500 | 5,833,750 | ||||||
| First Horizon Corp. | 319,210 | 5,199,931 | ||||||
| Globe Life, Inc. | 111,240 | 9,903,697 | ||||||
| Hancock Whitney Corp. | 94,110 | 4,434,463 | ||||||
| KeyCorp | 333,840 | 7,217,621 | ||||||
| 60,776,058 | ||||||||
| Health Care (7.7%): | ||||||||
| Humana, Inc. | 20,380 | 7,930,877 | ||||||
| Quest Diagnostics, Inc. | 24,760 | 3,597,876 | ||||||
| Sotera Health Co. (b) | 382,210 | 9,994,791 | ||||||
| Zimmer Biomet Holdings, Inc. | 22,410 | 3,279,928 | ||||||
| 24,803,472 | ||||||||
| Industrials (13.5%): | ||||||||
| Crane Co. | 33,360 | 3,162,862 | ||||||
| Curtiss-Wright Corp. | 39,180 | 4,943,732 | ||||||
| Fluor Corp. (a)(b) | 309,630 | 4,944,791 | ||||||
| GrafTech International Ltd. | 530,070 | 5,470,322 | ||||||
| nVent Electric PLC | 120,650 | 3,900,614 | ||||||
| Regal Rexnord Corp. | 22,750 | 3,420,235 | ||||||
| Sensata Technologies Holding PLC (b) | 84,950 | 4,648,464 | ||||||
| TFI International, Inc. | 46,020 | 4,702,324 | ||||||
| The Timken Co. | 42,550 | 2,783,621 | ||||||
| Triton International Ltd. | 62,530 | 3,254,061 | ||||||
| United Rentals, Inc. (b) | 6,920 | 2,428,436 | ||||||
| 43,659,462 | ||||||||
| Information Technology (14.5%): | ||||||||
| Cognyte Software Ltd. (b) | 383,620 | 7,883,391 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Value Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Euronet Worldwide, Inc. (b) | 71,793 | $ | 9,137,813 | |||||
| Fiserv, Inc. (b) | 76,970 | 8,351,245 | ||||||
| FleetCor Technologies, Inc. (b) | 16,200 | 4,232,574 | ||||||
| Leidos Holdings, Inc. | 31,310 | 3,009,830 | ||||||
| NCR Corp. (b) | 193,210 | 7,488,820 | ||||||
| Verint Systems, Inc. (b) | 146,320 | 6,553,673 | ||||||
| 46,657,346 | ||||||||
| Materials (9.9%): | ||||||||
| Graphic Packaging Holding Co. | 511,460 | 9,738,199 | ||||||
| Olin Corp. | 186,940 | 9,019,855 | ||||||
| Sealed Air Corp. | 165,780 | 9,083,086 | ||||||
| Summit Materials, Inc., Class A (b) | 124,660 | 3,985,380 | ||||||
| 31,826,520 | ||||||||
| Real Estate (6.3%): | ||||||||
| Americold Realty Trust | 138,790 | 4,031,850 | ||||||
| Healthcare Trust of America, Inc., Class A | 114,930 | 3,408,824 | ||||||
| Highwoods Properties, Inc. | 73,170 | 3,209,236 | ||||||
| Host Hotels & Resorts, Inc. (b) | 170,420 | 2,782,959 | ||||||
| MGM Growth Properties LLC, Series A | 82,210 | 3,148,643 | ||||||
| Spirit Realty Capital, Inc. | 83,810 | 3,858,612 | ||||||
| 20,440,124 | ||||||||
| Utilities (6.1%): | ||||||||
| Evergy, Inc. | 52,230 | 3,248,706 | ||||||
| FirstEnergy Corp. | 89,650 | 3,193,333 | ||||||
| The AES Corp. | 175,690 | 4,011,003 | ||||||
| Vistra Corp. | 538,690 | 9,211,599 | ||||||
| 19,664,641 | ||||||||
| Total Common Stocks (Cost $260,948,593) | 317,899,892 | |||||||
| Collateral for Securities Loaned^ (5.4%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 331,488 | 331,488 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (c) | 9,824,249 | 9,824,249 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 165,429 | 165,429 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 1,319,077 | 1,319,077 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 5,930,829 | 5,930,829 | ||||||
| Total Collateral for Securities Loaned (Cost $17,571,072) | 17,571,072 | |||||||
| Total Investments (Cost $278,519,665) — 103.9% | 335,470,964 | |||||||
| Liabilities in excess of other assets — (3.9)% | (12,565,753 | ) | ||||||
| NET ASSETS - 100.00% | $ | 322,905,211 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the daily yield on September 30, 2021. |
| LLC—Limited Liability Company |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Large Cap Alpha Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.6%) | ||||||||
| Communication Services (5.2%): | ||||||||
| Alphabet, Inc., Class A (a) | 3,850 | $ | 10,293,052 | |||||
| Facebook, Inc., Class A (a) | 46,790 | 15,880,058 | ||||||
| 26,173,110 | ||||||||
| Consumer Discretionary (5.4%): | ||||||||
| Dollar Tree, Inc. (a) | 86,640 | 8,293,181 | ||||||
| General Motors Co. (a) | 136,480 | 7,193,861 | ||||||
| Las Vegas Sands Corp. (a) | 76,310 | 2,792,946 | ||||||
| LKQ Corp. (a) | 178,690 | 8,991,681 | ||||||
| 27,271,669 | ||||||||
| Consumer Staples (7.7%): | ||||||||
| Keurig Dr Pepper, Inc. | 526,310 | 17,978,750 | ||||||
| Lamb Weston Holdings, Inc. | 96,280 | 5,908,703 | ||||||
| Mondelez International, Inc., Class A | 256,560 | 14,926,661 | ||||||
| 38,814,114 | ||||||||
| Energy (5.8%): | ||||||||
| Enterprise Products Partners LP | 408,990 | 8,850,544 | ||||||
| Hess Corp. | 84,650 | 6,612,011 | ||||||
| Pioneer Natural Resources Co. | 44,080 | 7,339,761 | ||||||
| Valero Energy Corp. | 93,950 | 6,630,051 | ||||||
| 29,432,367 | ||||||||
| Financials (24.9%): | ||||||||
| Aflac, Inc. | 186,890 | 9,742,576 | ||||||
| Bank of America Corp. | 208,700 | 8,859,315 | ||||||
| Cboe Global Markets, Inc. | 144,670 | 17,918,826 | ||||||
| Citigroup, Inc. | 115,200 | 8,084,736 | ||||||
| Comerica, Inc. | 246,530 | 19,845,665 | ||||||
| Discover Financial Services | 81,600 | 10,024,560 | ||||||
| JPMorgan Chase & Co. | 66,920 | 10,954,135 | ||||||
| KeyCorp | 545,630 | 11,796,520 | ||||||
| RenaissanceRe Holdings Ltd. | 38,390 | 5,351,566 | ||||||
| U.S. Bancorp | 271,170 | 16,118,345 | ||||||
| Voya Financial, Inc. | 104,500 | 6,415,255 | ||||||
| 125,111,499 | ||||||||
| Health Care (15.6%): | ||||||||
| AbbVie, Inc. | 82,850 | 8,937,030 | ||||||
| Cigna Corp. | 61,430 | 12,295,829 | ||||||
| Humana, Inc. | 41,910 | 16,309,276 | ||||||
| Johnson & Johnson | 45,000 | 7,267,500 | ||||||
| Medtronic PLC | 136,530 | 17,114,036 | ||||||
| Quest Diagnostics, Inc. | 53,570 | 7,784,257 | ||||||
| UnitedHealth Group, Inc. | 22,525 | 8,801,418 | ||||||
| 78,509,346 | ||||||||
| Industrials (10.2%): | ||||||||
| 3M Co. | 27,080 | 4,750,374 | ||||||
| Eaton Corp. PLC | 45,920 | 6,856,315 | ||||||
| Johnson Controls International PLC | 105,190 | 7,161,335 | ||||||
| L3Harris Technologies, Inc. | 23,790 | 5,239,510 | ||||||
| Parker-Hannifin Corp. | 22,480 | 6,285,857 | ||||||
| Raytheon Technologies Corp. | 73,872 | 6,350,037 | ||||||
| Sensata Technologies Holding PLC (a) | 132,580 | 7,254,778 | ||||||
| Union Pacific Corp. | 37,130 | 7,277,851 | ||||||
| 51,176,057 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Large Cap Alpha Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Information Technology (9.1%): | ||||||||
| Euronet Worldwide, Inc. (a) | 94,550 | $ | 12,034,324 | |||||
| Fidelity National Information Services, Inc. | 129,380 | 15,742,959 | ||||||
| FleetCor Technologies, Inc. (a) | 44,890 | 11,728,410 | ||||||
| Leidos Holdings, Inc. | 65,410 | 6,287,863 | ||||||
| 45,793,556 | ||||||||
| Materials (4.8%): | ||||||||
| Freeport-McMoRan, Inc. | 158,190 | 5,145,921 | ||||||
| Sealed Air Corp. | 254,002 | 13,916,769 | ||||||
| Vale SA, ADR | 379,460 | 5,293,467 | ||||||
| 24,356,157 | ||||||||
| Real Estate (2.6%): | ||||||||
| Host Hotels & Resorts, Inc. (a) | 789,330 | 12,889,759 | ||||||
| Utilities (6.3%): | ||||||||
| Exelon Corp. | 252,760 | 12,218,419 | ||||||
| FirstEnergy Corp. | 156,420 | 5,571,680 | ||||||
| Vistra Corp. | 818,980 | 14,004,558 | ||||||
| 31,794,657 | ||||||||
| Total Common Stocks (Cost $383,633,930) | 491,322,291 | |||||||
| Total Investments (Cost $383,633,930) — 97.6% | 491,322,291 | |||||||
| Other assets in excess of liabilities — 2.4% | 12,094,823 | |||||||
| NET ASSETS - 100.00% | $ | 503,417,114 | ||||||
| (a) | Non-income producing security. |
| ADR—American Depositary Receipt |
| LP—Limited Partnership |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Investors Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.2%) | ||||||||
| Banks (17.6%): | ||||||||
| Citigroup, Inc. | 12,800 | $ | 898,304 | |||||
| Citizens Financial Group, Inc. | 24,780 | 1,164,164 | ||||||
| Comerica, Inc. | 17,040 | 1,371,720 | ||||||
| First Horizon Corp. | 52,920 | 862,067 | ||||||
| KeyCorp | 43,670 | 944,146 | ||||||
| 5,240,401 | ||||||||
| Capital Markets (3.8%): | ||||||||
| Cboe Global Markets, Inc. | 9,170 | 1,135,796 | ||||||
| Communication Services (4.0%): | ||||||||
| Facebook, Inc., Class A (a) | 3,470 | 1,177,683 | ||||||
| Consumer Discretionary (6.1%): | ||||||||
| Carter's, Inc. | 10,300 | 1,001,572 | ||||||
| LKQ Corp. (a) | 16,110 | 810,655 | ||||||
| 1,812,227 | ||||||||
| Consumer Staples (7.5%): | ||||||||
| Herbalife Nutrition Ltd. (a) | 18,650 | 790,387 | ||||||
| Keurig Dr Pepper, Inc. | 41,900 | 1,431,304 | ||||||
| 2,221,691 | ||||||||
| Energy (3.7%): | ||||||||
| PDC Energy, Inc. | 23,030 | 1,091,392 | ||||||
| Health Care (9.2%): | ||||||||
| Cigna Corp. | 4,460 | 892,714 | ||||||
| Humana, Inc. | 2,700 | 1,050,705 | ||||||
| Sotera Health Co. (a) | 30,780 | 804,897 | ||||||
| 2,748,316 | ||||||||
| Industrials (8.6%): | ||||||||
| Fluor Corp. (a)(b) | 57,230 | 913,963 | ||||||
| GrafTech International Ltd. | 96,080 | 991,546 | ||||||
| Meritor, Inc. (a) | 30,890 | 658,266 | ||||||
| 2,563,775 | ||||||||
| Information Technology (14.5%): | ||||||||
| Cognyte Software Ltd. (a) | 48,900 | 1,004,895 | ||||||
| Euronet Worldwide, Inc. (a) | 7,620 | 969,874 | ||||||
| Fidelity National Information Services, Inc. (b) | 7,330 | 891,914 | ||||||
| NCR Corp. (a) | 17,000 | 658,920 | ||||||
| Verint Systems, Inc. (a) | 17,660 | 790,991 | ||||||
| 4,316,594 | ||||||||
| Insurance (3.6%): | ||||||||
| Alleghany Corp. (a) | 1,730 | 1,080,229 | ||||||
| Materials (13.4%): | ||||||||
| Graphic Packaging Holding Co. | 68,510 | 1,304,430 | ||||||
| Olin Corp. | 32,750 | 1,580,188 | ||||||
| Sealed Air Corp. | 20,350 | 1,114,976 | ||||||
| 3,999,594 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Investors Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (5.2%): | ||||||||
| Vistra Corp. | 89,920 | $ | 1,537,632 | |||||
| Total Common Stocks (Cost $25,186,723) | 28,925,330 | |||||||
| Collateral for Securities Loaned^ (5.9%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c) | 32,960 | 32,960 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (c) | 976,826 | 976,826 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 16,449 | 16,449 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c) | 131,156 | 131,156 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 589,703 | 589,703 | ||||||
| Total Collateral for Securities Loaned (Cost $1,747,094) | 1,747,094 | |||||||
| Total Investments (Cost $26,933,817) — 103.1% | 30,672,424 | |||||||
| Liabilities in excess of other assets — (3.1)% | (934,546 | ) | ||||||
| NET ASSETS - 100.00% | $ | 29,737,878 | ||||||
| ^ | 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 September 30, 2021. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Global Energy Transition Fund | September 30, 2021 |
(Unaudited)
| Security Description | Shares | Value | ||||||
| Common Stocks (94.0%) | ||||||||
| Chemicals (6.9%): | ||||||||
| Linde PLC | 30,947 | $ | 9,079,231 | |||||
| Sociedad Quimica y Minera de Chile SA, ADR | 175,696 | 9,438,389 | ||||||
| 18,517,620 | ||||||||
| Financials (2.4%): | ||||||||
| Ipulse (a) | 1,609 | 1,608,540 | ||||||
| Ivanhoe (a) | 4,021 | 4,021,350 | ||||||
| Ivanhoe (a) | 969,000 | 804,270 | ||||||
| 6,434,160 | ||||||||
| Metals & Mining (28.3%): | ||||||||
| Antofagasta PLC | 214,425 | 3,851,817 | ||||||
| First Quantum Minerals Ltd. | 1,086,384 | 20,116,634 | ||||||
| Lundin Mining Corp. (b) | 544,910 | 3,919,875 | ||||||
| Newmont Corp. | 158,101 | 8,584,884 | ||||||
| Rio Tinto PLC, ADR (b) | 40,319 | 2,694,116 | ||||||
| Turquoise Hill Resources Ltd. (b)(c) | 2,535,580 | 37,425,161 | ||||||
| 76,592,487 | ||||||||
| Oil, Gas & Consumable Fuels (53.3%): | ||||||||
| Antero Resources Corp. (c) | 1,355,848 | 25,503,501 | ||||||
| ARC Resources Ltd. | 1,303,458 | 12,217,346 | ||||||
| Cameco Corp. | 595,525 | 12,941,289 | ||||||
| Cheniere Energy, Inc. (c) | 89,928 | 8,783,268 | ||||||
| Energy Vault SA (a)(d) | 36,659 | 1,797,237 | ||||||
| PDC Energy, Inc. | 158,896 | 7,530,081 | ||||||
| Peyto Exploration & Development Corp. | 1,664,693 | 12,961,049 | ||||||
| Range Resources Corp. (c) | 1,179,843 | 26,699,847 | ||||||
| Tourmaline Oil Corp. | 355,458 | 12,420,259 | ||||||
| Whitecap Resources, Inc. | 4,266,261 | 23,615,358 | ||||||
| 144,469,235 | ||||||||
| Utilities (3.1%): | ||||||||
| NextEra Energy, Inc. | 108,971 | 8,556,403 | ||||||
| Total Common Stocks (Cost $152,698,947) | 254,569,905 | |||||||
| Collateral for Securities Loaned^ (4.7%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (e) | 241,653 | 241,653 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (e) | 7,161,841 | 7,161,841 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e) | 120,597 | 120,597 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (e) | 961,602 | 961,602 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e) | 4,323,552 | 4,323,552 | ||||||
| Total Collateral for Securities Loaned (Cost $12,809,245) | 12,809,245 | |||||||
| Total Investments (Cost $165,508,192) — 98.7% | 267,379,150 | |||||||
| Other assets in excess of liabilities — 1.3% | 3,516,767 | |||||||
| NET ASSETS - 100.00% | $ | 270,895,917 |
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 3.0% of net assets. |
| (b) | All or a portion of this security is on loan. |
| (c) | Non-income producing security. |
| (d) | Security was fair valued using significant unobservable inputs as of September 30, 2021. |
| (e) | Rate disclosed is the daily yield on September 30, 2021. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Shares or Principal Amount | Value | ||||||
| Asset-Backed Securities (3.1%) | ||||||||
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 11/15/23 @ 100 | $ | 125,000 | $ | 124,955 | ||||
| GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 7/16/24 @ 100 | 105,000 | 104,745 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b) | 287,000 | 287,510 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a) | 142,000 | 142,545 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/25 @ 100 (a) | 136,000 | 136,219 | ||||||
| Total Asset-Backed Securities (Cost $794,919) | 795,974 | |||||||
| Collateralized Mortgage Obligations (1.0%) | ||||||||
| BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 | 130,000 | 133,684 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 | 117,000 | 122,844 | ||||||
| Total Collateralized Mortgage Obligations (Cost $254,219) | 256,528 |
| Preferred Stocks (4.6%) | ||||||||
| Financials (2.0%): | ||||||||
| AMG Capital Trust II, 10/15/37, 5.15% | 2,435 | 140,336 | ||||||
| Bank of America Corp., Series L, 7.25% (c) | 112 | 161,551 | ||||||
| KKR & Co., Inc., Series C, 9/15/23, 6.00% (d) | 990 | 78,220 | ||||||
| Wells Fargo & Co., Series L, 7.50% (c) | 95 | 140,790 | ||||||
| 520,897 | ||||||||
| Health Care (0.1%): | ||||||||
| Danaher Corp., Series B, 4/15/23, 5.00% (d) | 17 | 27,580 | ||||||
| Industrials (0.5%): | ||||||||
| Stanley Black & Decker, Inc., 11/15/22, 5.25% (d) | 1,201 | 126,393 | ||||||
| Utilities (2.0%): | ||||||||
| American Electric Power Co., Inc., 8/15/23, 6.13% | 655 | 32,567 | ||||||
| CenterPoint Energy, Inc., 9/15/29, 4.57% | 455 | 30,003 | ||||||
| Dominion Energy, Inc., Series A, 6/1/22, 7.25% | 1,180 | 114,613 | ||||||
| DTE Energy Co., 11/1/22, 6.25% | 1,765 | 88,709 | ||||||
| NextEra Energy, Inc., 3/1/23, 5.28% | 2,875 | 146,510 | ||||||
| NiSource, Inc., 3/1/24, 7.75% | 85 | 8,793 | ||||||
| The Southern Co., Series 2019, 8/1/22, 6.75% | 1,962 | 100,082 | ||||||
| 521,277 | ||||||||
| Total Preferred Stocks (Cost $1,169,710) | 1,196,147 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Principal Amount | Value | ||||||
| Corporate Bonds (54.1%) | ||||||||
| Communication Services (2.6%): | ||||||||
| Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100 | $ | 50,000 | $ | 43,683 | ||||
| AT&T, Inc. | ||||||||
| 4.25%, 3/1/27, Callable 12/1/26 @ 100 (b) | 46,000 | 52,067 | ||||||
| 1.65%, 2/1/28, Callable 12/1/27 @ 100 | 51,000 | 50,531 | ||||||
| 5.15%, 11/15/46, Callable 5/15/46 @ 100 (b) | 126,000 | 159,760 | ||||||
| CenturyLink, Inc., 6.75%, 12/1/23 | 50,000 | 54,872 | ||||||
| Comcast Corp. | ||||||||
| 3.45%, 2/1/50, Callable 8/1/49 @ 100 | 70,000 | 74,378 | ||||||
| 2.80%, 1/15/51, Callable 7/15/50 @ 100 | 56,000 | 52,926 | ||||||
| Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (a) | 62,000 | 62,322 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 2/15/25 (b) | 38,000 | 41,047 | ||||||
| 3.55%, 3/22/51, Callable 9/22/50 @ 100 (b) | 90,000 | 94,762 | ||||||
| 686,348 | ||||||||
| Consumer Discretionary (8.7%): | ||||||||
| Aptiv PLC, 5.40%, 3/15/49, Callable 9/15/48 @ 100 | 70,000 | 95,160 | ||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 | 120,000 | 176,118 | ||||||
| D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (b) | 315,000 | 329,950 | ||||||
| Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 | 48,000 | 51,690 | ||||||
| Expedia Group, Inc. | ||||||||
| 3.60%, 12/15/23, Callable 11/15/23 @ 100 | 87,000 | 92,079 | ||||||
| 2/15/26 (a)(d) | 120,000 | 129,509 | ||||||
| Ford Motor Co., 3/15/26 (a) | 40,000 | 43,159 | ||||||
| General Motors Co., 4.88%, 10/2/23 (b) | 96,000 | 103,732 | ||||||
| Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44 | 48,000 | 51,419 | ||||||
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44 | 55,000 | 56,882 | ||||||
| Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100 | 18,000 | 19,265 | ||||||
| Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 | 93,000 | 107,976 | ||||||
| Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 | 142,000 | 151,057 | ||||||
| Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 | 27,000 | 30,605 | ||||||
| Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 43,000 | 43,279 | ||||||
| NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 | 100,000 | 118,743 | ||||||
| NVR, Inc. | ||||||||
| 3.95%, 9/15/22, Callable 6/15/22 @ 100 (b) | 126,000 | 129,034 | ||||||
| 3.00%, 5/15/30, Callable 11/15/29 @ 100 | 118,000 | 123,301 | ||||||
| PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (d) | 100,000 | 115,988 | ||||||
| Ross Stores, Inc. | ||||||||
| 3.38%, 9/15/24, Callable 6/15/24 @ 100 | 70,000 | 74,112 | ||||||
| 0.88%, 4/15/26, Callable 3/15/26 @ 100 | 53,000 | 52,044 | ||||||
| Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100 | 80,000 | 80,068 | ||||||
| Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 | 73,000 | 73,607 | ||||||
| 2,248,777 | ||||||||
| Consumer Staples (2.7%): | ||||||||
| 7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (a) | 156,000 | 155,911 | ||||||
| Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (b) | 34,000 | 38,118 | ||||||
| BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 | 75,000 | 86,129 | ||||||
| Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 | 52,000 | 64,450 | ||||||
| Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100 | 160,000 | 157,478 | ||||||
| Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100 | 42,000 | 46,483 | ||||||
| Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100 | 92,000 | 110,004 | ||||||
| Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 | 39,000 | 51,471 | ||||||
| 710,044 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Principal Amount | Value | ||||||
| Energy (4.5%): | ||||||||
| Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100 | $ | 135,000 | $ | 152,464 | ||||
| Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (b) | 113,000 | 117,001 | ||||||
| EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 (d) | 65,000 | 85,972 | ||||||
| EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (b) | 39,000 | 40,800 | ||||||
| HollyFrontier Corp., 2.63%, 10/1/23 | 116,000 | 119,811 | ||||||
| Marathon Oil Corp., 6.60%, 10/1/37 | 105,000 | 139,326 | ||||||
| Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100 | 90,000 | 107,085 | ||||||
| Pioneer Natural Resources Co. | ||||||||
| 0.25%, 5/15/25 | 105,000 | 169,463 | ||||||
| 1.90%, 8/15/30, Callable 5/15/30 @ 100 | 109,000 | 104,240 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (b) | 120,000 | 122,666 | ||||||
| 1,158,828 | ||||||||
| Financials (12.1%): | ||||||||
| Aflac, Inc. | ||||||||
| 2.88%, 10/15/26, Callable 7/15/26 @ 100 | 185,000 | 198,829 | ||||||
| 4.75%, 1/15/49, Callable 7/15/48 @ 100 | 20,000 | 26,170 | ||||||
| Alleghany Corp. | ||||||||
| 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 55,000 | 60,355 | ||||||
| 3.25%, 8/15/51, Callable 2/15/51 @ 100 | 67,000 | 66,077 | ||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 135,000 | 149,420 | ||||||
| Bank of America Corp. | ||||||||
| 4.20%, 8/26/24, MTN (b) | 51,000 | 55,782 | ||||||
| 3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN | 100,000 | 107,940 | ||||||
| Capital One Financial Corp., 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (e) | 230,000 | 224,876 | ||||||
| Cincinnati Financial Corp., 6.13%, 11/1/34 | 100,000 | 136,242 | ||||||
| Citigroup, Inc. | ||||||||
| 3.88%, 3/26/25 | 35,000 | 38,032 | ||||||
| 4.60%, 3/9/26 (b) | 36,000 | 40,694 | ||||||
| 4.45%, 9/29/27 (b) | 63,000 | 71,650 | ||||||
| 3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (d)(e) | 51,000 | 58,315 | ||||||
| Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 | 200,000 | 210,022 | ||||||
| General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 | 49,000 | 51,776 | ||||||
| Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 110,000 | 109,073 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.95%, 10/1/26, Callable 7/1/26 @ 100 (b) | 170,000 | 182,053 | ||||||
| 5.60%, 7/15/41 | 52,000 | 72,153 | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (a) | 100,000 | 107,723 | ||||||
| Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a) | 75,000 | 72,560 | ||||||
| Morgan Stanley | ||||||||
| 4.88%, 11/1/22 (b) | 144,000 | 150,870 | ||||||
| 3.13%, 7/27/26, MTN (b) | 280,000 | 301,356 | ||||||
| Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 | 42,000 | 45,501 | ||||||
| Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 | 89,000 | 88,002 | ||||||
| Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 | 40,000 | 46,057 | ||||||
| SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 | 164,000 | 175,449 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.30%, 7/22/27, MTN (b) | 180,000 | 204,282 | ||||||
| 4.90%, 11/17/45 (b) | 80,000 | 100,714 | ||||||
| 3,151,973 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Principal Amount | Value | ||||||
| Health Care (6.2%): | ||||||||
| AbbVie, Inc. | ||||||||
| 3.20%, 11/21/29, Callable 8/21/29 @ 100 | $ | 66,000 | $ | 71,119 | ||||
| 4.45%, 5/14/46, Callable 11/14/45 @ 100 | 62,000 | 74,564 | ||||||
| Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100 | 70,000 | 83,903 | ||||||
| Anthem, Inc. | ||||||||
| 2.38%, 1/15/25, Callable 12/15/24 @ 100 | 65,000 | 67,737 | ||||||
| 2.75%, 10/15/42 | 27,000 | 141,983 | ||||||
| Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 (b) | 220,000 | 243,813 | ||||||
| Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 | 73,000 | 76,399 | ||||||
| HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 | 73,000 | 81,550 | ||||||
| Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (a) | 114,000 | 113,964 | ||||||
| Illumina, Inc., 8/15/23 (d) | 110,000 | 128,635 | ||||||
| Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100 | 59,000 | 54,843 | ||||||
| Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 | 91,000 | 103,752 | ||||||
| Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 | 63,000 | 58,155 | ||||||
| Universal Health Services, Inc. | ||||||||
| 1.65%, 9/1/26, Callable 8/1/26 @ 100 (a) | 154,000 | 153,115 | ||||||
| 2.65%, 10/15/30, Callable 7/15/30 @ 100 (a) | 44,000 | 44,304 | ||||||
| Viatris, Inc. | ||||||||
| 2.30%, 6/22/27, Callable 4/22/27 @ 100 (a) | 40,000 | 40,856 | ||||||
| 4.00%, 6/22/50, Callable 12/22/49 @ 100 (a) | 75,000 | 79,717 | ||||||
| 1,618,409 | ||||||||
| Industrials (6.3%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 105,000 | 102,096 | ||||||
| Air Lease Corp. | ||||||||
| 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN | 120,000 | 119,280 | ||||||
| 0.80%, 8/18/24, Callable 7/18/24 @ 100 (d) | 58,000 | 57,605 | ||||||
| CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 | 85,000 | 89,499 | ||||||
| Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (b) | 130,000 | 135,161 | ||||||
| Fortive Corp., 0.88%, 2/15/22 | 170,000 | 170,379 | ||||||
| Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (b) | 195,000 | 217,829 | ||||||
| Norfolk Southern Corp. | ||||||||
| 2.30%, 5/15/31, Callable 2/15/31 @ 100 | 100,000 | 100,963 | ||||||
| 2.90%, 8/25/51, Callable 2/25/51 @ 100 | 50,000 | 48,410 | ||||||
| Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 | 60,000 | 63,049 | ||||||
| Rockwell Automation, Inc. | ||||||||
| 3.50%, 3/1/29, Callable 12/1/28 @ 100 | 65,000 | 72,367 | ||||||
| 6.25%, 12/1/37 | 60,000 | 84,158 | ||||||
| Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 57,000 | 57,374 | ||||||
| Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 | 56,000 | 68,089 | ||||||
| Southwest Airlines Co., 1.25%, 5/1/25 | 115,000 | 171,917 | ||||||
| Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (b) | 60,000 | 73,769 | ||||||
| 1,631,945 | ||||||||
| Information Technology (5.1%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | 50,000 | 60,698 | ||||||
| Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 | 53,000 | 68,967 | ||||||
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (b) | 57,000 | 60,458 | ||||||
| Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 | 123,000 | 143,733 | ||||||
| Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (b) | 153,000 | 166,935 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 | 125,000 | 137,349 | ||||||
| Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (b) | 59,000 | 67,660 | ||||||
| Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (b) | 167,000 | 198,723 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Principal Amount | Value | ||||||
| NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (a) | $ | 38,000 | $ | 39,851 | ||||
| NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100 | 70,000 | 71,714 | ||||||
| ServiceNow, Inc., 6/1/22 | 2,000 | 9,212 | ||||||
| Square, Inc., 0.25%, 11/1/27 (a)(d) | 20,000 | 23,692 | ||||||
| Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 | 51,000 | 63,304 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 40,000 | 41,199 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 170,000 | 171,477 | ||||||
| 1,324,972 | ||||||||
| Materials (0.6%): | ||||||||
| Celanese US Holdings LLC, 4.63%, 11/15/22 (b) | 100,000 | 104,557 | ||||||
| Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100 | 37,000 | 38,077 | ||||||
| 142,634 | ||||||||
| Real Estate (3.5%): | ||||||||
| Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (b) | 285,000 | 293,521 | ||||||
| Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (a) | 48,000 | 50,942 | ||||||
| Kite Realty Group LP, 0.75%, 4/1/27 (a) | 70,000 | 69,728 | ||||||
| Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100 | 60,000 | 65,857 | ||||||
| Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100 | 58,000 | 59,697 | ||||||
| Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 | 49,000 | 59,679 | ||||||
| Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100 | 155,000 | 163,995 | ||||||
| Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 | 65,000 | 72,736 | ||||||
| STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 | 80,000 | 80,365 | ||||||
| 916,520 | ||||||||
| Utilities (1.8%): | ||||||||
| Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 | 100,000 | 95,464 | ||||||
| Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 | 110,000 | 154,415 | ||||||
| Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 | 105,000 | 136,365 | ||||||
| Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100 | 65,000 | 74,797 | ||||||
| 461,041 | ||||||||
| Total Corporate Bonds (Cost $13,458,650) | 14,051,491 | |||||||
| Residential Mortgage-Backed Securities (0.2%) | ||||||||
| Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.41% (LIBOR01M+132bps), 10/25/32, Callable 10/25/21 @ 100 (e) | 55,159 | 55,254 | ||||||
| JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 10/25/21 @ 100 (b) | 3,690 | 2,625 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $57,787) | 57,879 | |||||||
| Yankee Dollars (9.5%) | ||||||||
| Communication Services (0.5%): | ||||||||
| Vodafone Group PLC, 5.25%, 5/30/48 | 89,000 | 115,315 | ||||||
| Consumer Staples (3.5%): | ||||||||
| Barry Callebaut Services NV, 5.50%, 6/15/23 (a) | 275,000 | 295,959 | ||||||
| Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b) | 400,000 | 412,596 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Principal Amount | Value | ||||||
| Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100 (a) | $ | 200,000 | $ | 207,056 | ||||
| 915,611 | ||||||||
| Energy (0.7%): | ||||||||
| Ecopetrol SA, 5.88%, 9/18/23 (b) | 133,000 | 143,173 | ||||||
| Statoil ASA, 3.95%, 5/15/43 | 20,000 | 23,067 | ||||||
| 166,240 | ||||||||
| Financials (2.1%): | ||||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (b)(d) | 45,000 | 65,924 | ||||||
| 2/18/25 | 30,000 | 33,290 | ||||||
| Newcrest Finance Pty Ltd. | ||||||||
| 5.75%, 11/15/41 (a) | 95,000 | 125,364 | ||||||
| 4.20%, 5/13/50, Callable 11/13/49 @ 100 (a) | 25,000 | 28,508 | ||||||
| NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (a) | 200,000 | 212,888 | ||||||
| Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 | 85,000 | 86,554 | ||||||
| 552,528 | ||||||||
| Industrials (0.9%): | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 | 150,000 | 174,080 | ||||||
| Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 | 60,000 | 62,863 | ||||||
| 236,943 | ||||||||
| Materials (1.6%): | ||||||||
| Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (a) | 200,000 | 201,022 | ||||||
| Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 | 50,000 | 66,880 | ||||||
| Teck Resources Ltd., 3.90%, 7/15/30, Callable 4/15/30 @ 100 | 75,000 | 81,457 | ||||||
| Vale Overseas Ltd., 6.25%, 8/10/26 | 63,000 | 74,692 | ||||||
| 424,051 | ||||||||
| Utilities (0.2%): | ||||||||
| Iberdrola International BV, 6.75%, 9/15/33 | 35,000 | 48,060 | ||||||
| Total Yankee Dollars (Cost $2,354,231) | 2,458,748 |
| U.S. Government Mortgage-Backed Agencies (19.0%) | ||||||||
| Federal Home Loan Bank | ||||||||
| Series 000F, 1.00%, 9/30/26 | 265,000 | 264,502 | ||||||
| Series 2, 1.10%, 9/30/26 | 260,000 | 259,964 | ||||||
| 524,466 | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 5.00%, 6/15/23 (b) | 7,330 | 7,480 | ||||||
| Series 4395, Class PA, 2.50%, 4/15/37 (b) | 91,375 | 94,999 | ||||||
| 5.50%, 6/1/38 | 29,245 | 33,726 | ||||||
| 7.00%, 9/1/38 (b) | 5,562 | 6,619 | ||||||
| Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (b) | 131,557 | 137,006 | ||||||
| 4.50%, 1/1/41 - 7/1/44 (b) | 334,707 | 372,796 | ||||||
| Series 4444, Class CH, 3.00%, 1/15/41 (b) | 32,433 | 32,858 | ||||||
| 2.50%, 7/1/50 | 111,519 | 114,978 | ||||||
| 2.00%, 3/1/51 (b) | 277,463 | 278,479 | ||||||
| 1,078,941 | ||||||||
| Federal National Mortgage Association | ||||||||
| 5.50%, 4/1/22 - 1/1/38 (b) | 119,528 | 136,864 | ||||||
| 7.00%, 8/1/23 - 12/1/27 | 59 | 61 |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2021 |
(Unaudited)
| Security Description | Shares or Principal Amount | Value | ||||||
| 7.50%, 12/1/29 (b) | $ | 3,354 | $ | 3,918 | ||||
| 8.00%, 6/1/30 | 1,714 | 2,041 | ||||||
| 8.00%, 9/1/30 (b) | 9,103 | 10,640 | ||||||
| 7.50%, 2/1/31 | 9,647 | 11,020 | ||||||
| 7.00%, 2/1/32 - 6/1/32 (b) | 14,096 | 16,864 | ||||||
| 5.00%, 12/1/34 - 3/1/40 | 55,133 | 62,730 | ||||||
| Series 2005-19, Class PB, 5.50%, 3/25/35 | 107,534 | 122,467 | ||||||
| 2.16% (LIBOR12M+166bps), 12/1/36 (b)(e) | 25,455 | 26,190 | ||||||
| 6.00%, 2/1/37 (b) | 52,371 | 61,069 | ||||||
| 4.50%, 12/1/38 - 5/25/40 (b) | 218,530 | 233,109 | ||||||
| Series 2013-33, Class UD, 2.50%, 4/25/39 - 12/25/47 (b) | 149,790 | 153,772 | ||||||
| 3.50%, 8/1/39 - 12/25/50 (b) | 613,052 | 645,802 | ||||||
| 3.00%, 6/1/40 - 8/1/46 (b) | 527,652 | 557,813 | ||||||
| 4.00%, 11/1/43 - 10/1/48 (b) | 563,729 | 622,329 | ||||||
| 3.50%, 7/1/46 | 34,249 | 37,458 | ||||||
| 3.00%, 9/1/46 - 5/1/48 | 258,370 | 276,464 | ||||||
| 4.00%, 6/1/49 | 13,275 | 14,211 | ||||||
| 2.00%, 3/1/51 (b) | 322,013 | 324,059 | ||||||
| 3,318,881 | ||||||||
| Government National Mortgage Association | ||||||||
| 6.00%, 12/15/33 (b) | 12,294 | 14,256 | ||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $4,820,605) | 4,936,544 |
| U.S. Treasury Obligations (6.0%) | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.88%, 5/15/43 (b) | 38,000 | 43,605 | ||||||
| 1.25%, 5/15/50 (b) | 110,000 | 90,011 | ||||||
| U.S. Treasury Notes | ||||||||
| 0.25%, 3/15/24 (b) | 498,000 | 496,366 | ||||||
| 0.75%, 4/30/26 | 602,000 | 597,438 | ||||||
| 1.63%, 5/15/31 | 318,000 | 321,776 | ||||||
| Total U.S. Treasury Obligations (Cost $1,552,647) | 1,549,196 | |||||||
| Collateral for Securities Loaned^ (3.2%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (f) | 15,788 | 15,788 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (f) | 467,905 | 467,905 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (f) | 7,879 | 7,879 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (f) | 62,824 | 62,824 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (f) | 282,471 | 282,471 | ||||||
| Total Collateral for Securities Loaned (Cost $836,867) | 836,867 | |||||||
| Total Investments (Cost $25,299,635) — 100.7% | 26,139,374 | |||||||
| Liabilities in excess of other assets — (0.7)% | (183,006 | ) | ||||||
| NET ASSETS - 100.00% | $ | 25,956,368 |
| ^ | Purchased with cash collateral from securities on loan. |
| (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 September 30, 2021, the fair value of these securities was $3,337,673 and amounted to 12.9% of net assets. |
| (b) | All or a portion of this security has been segregated as collateral for derivative instruments. |
| (c) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (d) | All or a portion of this security is on loan. |
| (e) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021. |
| (f) | Rate disclosed is the daily yield on September 30, 2021. |
| bps—Basis points |
| LIBOR—London InterBank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, 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 |
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| 2-Year U.S. Treasury Note Futures | 2 | 12/31/21 | $ | 440,365 | $ | 440,109 | $ | (256 | ) | |||||||||
| 5-Year U.S. Treasury Note Futures | 13 | 12/31/21 | 1,604,708 | 1,595,648 | (9,060 | ) | ||||||||||||
| Japanese Yen Futures | 5 | 12/13/21 | 562,501 | 561,313 | (1,188 | ) | ||||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 6 | 12/21/21 | 1,188,277 | 1,146,375 | (41,902 | ) | ||||||||||||
| $ | (52,406 | ) | ||||||||||||||||
Futures Contracts Sold
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| 10-Year U.S. Treasury Note Futures | 15 | 12/21/21 | $ | 2,001,113 | $ | 1,974,141 | $ | 26,972 | ||||||||||
| British Pound Futures | 6 | 12/13/21 | 515,400 | 505,313 | 10,087 | |||||||||||||
| Canadian Dollar Futures | 5 | 12/14/21 | 393,900 | 394,950 | (1,050 | ) | ||||||||||||
| Mexican Peso Currency Futures | 11 | 12/13/21 | 272,250 | 263,945 | 8,305 | |||||||||||||
| $ | 44,314 | |||||||||||||||||
| Total unrealized appreciation | $ | 45,364 | ||
| Total unrealized depreciation | (53,456 | ) | ||
| Total net unrealized appreciation (depreciation) | $ | (8,092 | ) |
Centrally Cleared
Credit Default Swap Agreements - Sell Protection(a)
| Underlying Instruments | Fixed Deal ReceiveRate | Maturity Date | Payment Frequency | Implied Credit Spread at September 30, 2021(b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
| CDX North America Investment Grade Index; Series 36 | 1.00 | % | 6/20/26 | Quarterly | 0.48 | % | $ | 1,000,000 | $ | 24,273 | $ | 24,916 | $ | (643 | ) | |||||||||||||
| $ | 24,273 | $ | 24,916 | $ | (643 | ) | ||||||||||||||||||||||
| (a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
| (b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
| (c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Asset-Backed Securities (6.5%) | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2018-1, Class B, 3.26%, 1/18/24, Callable 9/18/22 @ 100 (a) | $ | 500,228 | $ | 500,802 | ||||
| AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 2/18/24 @ 100 | 1,815,000 | 1,818,797 | ||||||
| GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 8/20/23 @ 100 | 1,168,000 | 1,165,129 | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 7/16/24 @ 100 | 886,000 | 883,849 | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 11/25/24 @ 100 (b) | 1,100,000 | 1,101,007 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 2/15/25 @ 100 | 915,000 | 916,556 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 8/15/23 @ 100 | 1,144,000 | 1,148,175 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 5/15/24 @ 100 | 1,125,000 | 1,128,568 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b) | 2,200,000 | 2,203,914 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (b) | 1,230,000 | 1,234,718 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/25 @ 100 (b) | 1,223,000 | 1,224,967 | ||||||
| Total Asset-Backed Securities (Cost $13,304,927) | 13,326,482 | |||||||
| Collateralized Mortgage Obligations (3.3%) | ||||||||
| Galaxy CLO Ltd., Series 2017-24A, Class A, 1.25% (LIBOR03M+112bps), 1/15/31, Callable 10/15/21 @ 100 (a)(b)(c) | 2,000,000 | 2,000,376 | ||||||
| Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.38% (LIBOR03M+125bps), 1/15/30, Callable 10/15/21 @ 100 (a)(b)(c) | 2,825,000 | 2,819,149 | ||||||
| Voya CLO Ltd., Series 2017-4A, Class A1, 1.26% (LIBOR03M+113bps), 10/15/30, Callable 10/15/21 @ 100 (a)(b)(c) | 2,000,000 | 1,999,000 | ||||||
| Total Collateralized Mortgage Obligations (Cost $6,825,000) | 6,818,525 | |||||||
| Preferred Stocks (3.3%) | ||||||||
| Financials (1.5%): | ||||||||
| AMG Capital Trust II, 10/15/37, 5.15% | 13,990 | 806,281 | ||||||
| Bank of America Corp., Series L, 7.25% (d) | 655 | 944,785 | ||||||
| KKR & Co., Inc., Series C, 9/15/23, 6.00% (e) | 6,495 | 513,170 | ||||||
| Wells Fargo & Co., Series L, 7.50% (d) | 550 | 815,100 | ||||||
| 3,079,336 | ||||||||
| Health Care (0.1%): | ||||||||
| Danaher Corp., Series B, 4/15/23, 5.00% (e) | 146 | 236,866 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Industrials (0.3%): | ||||||||
| Stanley Black & Decker, Inc., 11/15/22, 5.25% (e) | 6,815 | $ | 717,211 | |||||
| Utilities (1.4%): | ||||||||
| American Electric Power Co., Inc., 8/15/23, 6.13% | 3,530 | 175,512 | ||||||
| CenterPoint Energy, Inc., 9/15/29, 4.57% | 3,880 | 255,847 | ||||||
| Dominion Energy, Inc., Series A, 6/1/22, 7.25% | 6,660 | 646,886 | ||||||
| DTE Energy Co., 11/1/22, 6.25% | 10,175 | 511,395 | ||||||
| NextEra Energy, Inc., 3/1/23, 5.28% | 14,070 | 717,007 | ||||||
| NiSource, Inc., 3/1/24, 7.75% | 735 | 76,036 | ||||||
| The Southern Co., Series 2019, 8/1/22, 6.75% | 8,901 | 454,040 | ||||||
| 2,836,723 | ||||||||
| Total Preferred Stocks (Cost $6,609,655) | 6,870,136 | |||||||
| Corporate Bonds (59.2%) | ||||||||
| Communication Services (3.7%): | ||||||||
| AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100 | $ | 2,500,000 | 2,532,375 | |||||
| CenturyLink, Inc., 6.75%, 12/1/23 | 424,000 | 465,314 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100 | 496,000 | 536,508 | ||||||
| Comcast Corp., 3.10%, 4/1/25, Callable 3/1/25 @ 100 (a)(e) | 1,182,000 | 1,264,527 | ||||||
| Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100 | 1,388,000 | 1,488,769 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 2/15/25 (a) | 354,000 | 382,384 | ||||||
| 1.22% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c) | 827,000 | 849,073 | ||||||
| 7,518,950 | ||||||||
| Consumer Discretionary (10.2%): | ||||||||
| Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100 (e) | 2,500,000 | 2,497,475 | ||||||
| Aptiv Corp., 4.15%, 3/15/24, Callable 12/15/23 @ 100 | 1,599,000 | 1,717,566 | ||||||
| AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100 | 2,632,000 | 2,783,340 | ||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 (e) | 525,000 | 770,516 | ||||||
| D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 (a) | 3,027,000 | 3,165,758 | ||||||
| Expedia Group, Inc. | ||||||||
| 3.60%, 12/15/23, Callable 11/15/23 @ 100 | 1,020,000 | 1,079,548 | ||||||
| 2/15/26 (b)(e) | 590,000 | 636,751 | ||||||
| Ford Motor Co., 3/15/26 (b) | 290,000 | 312,904 | ||||||
| General Motors Co., 4.88%, 10/2/23 (a) | 1,297,000 | 1,401,460 | ||||||
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44 | 620,000 | 641,210 | ||||||
| Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100 (e) | 1,194,000 | 1,295,884 | ||||||
| Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 (e) | 1,247,000 | 1,326,534 | ||||||
| NVR, Inc., 3.95%, 9/15/22, Callable 6/15/22 @ 100 (a) | 3,283,000 | 3,362,055 | ||||||
| 20,991,001 | ||||||||
| Consumer Staples (2.2%): | ||||||||
| 7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b) | 1,372,000 | 1,371,218 | ||||||
| Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a) | 322,000 | 361,001 | ||||||
| Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (a) | 792,000 | 804,410 | ||||||
| Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (a) | 695,000 | 734,664 | ||||||
| Tyson Foods, Inc., 3.95%, 8/15/24, Callable 5/15/24 @ 100 | 1,170,000 | 1,263,635 | ||||||
| 4,534,928 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Energy (3.7%): | ||||||||
| Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100 | $ | 400,000 | $ | 411,196 | ||||
| Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (a) | 801,000 | 829,364 | ||||||
| EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a) | 329,000 | 344,183 | ||||||
| HollyFrontier Corp., 2.63%, 10/1/23 | 971,000 | 1,002,897 | ||||||
| Pioneer Natural Resources Co. | ||||||||
| 0.55%, 5/15/23 | 1,130,000 | 1,130,893 | ||||||
| 0.25%, 5/15/25 | 595,000 | 960,288 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a) | 1,010,000 | 1,032,442 | ||||||
| Valero Energy Corp. | ||||||||
| 2.70%, 4/15/23 (a) | 951,000 | 981,736 | ||||||
| 1.20%, 3/15/24 | 1,020,000 | 1,029,466 | ||||||
| 7,722,465 | ||||||||
| Financials (11.5%): | ||||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 730,000 | 807,971 | ||||||
| Bank of America Corp., 4.20%, 8/26/24, MTN (a)(e) | 1,660,000 | 1,815,642 | ||||||
| Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (a) | 684,000 | 733,672 | ||||||
| Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 11/8/21 @ 102.88 (a)(b) | 772,000 | 796,017 | ||||||
| Fifth Third Bancorp | ||||||||
| 1.63%, 5/5/23, Callable 4/5/23 @ 100 | 1,660,000 | 1,690,245 | ||||||
| 3.65%, 1/25/24, Callable 12/25/23 @ 100 (a) | 799,000 | 852,205 | ||||||
| Ford Motor Credit Co. LLC, 3.10%, 5/4/23 (a) | 1,500,000 | 1,525,770 | ||||||
| General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100 | 1,549,000 | 1,690,006 | ||||||
| Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100 (b)(e) | 1,488,000 | 1,536,539 | ||||||
| JPMorgan Chase & Co., 2.30% (SOFR+116bps), 10/15/25, Callable 10/15/24 @ 100 (c) | 3,000,000 | 3,110,700 | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b) | 800,000 | 861,784 | ||||||
| Morgan Stanley | ||||||||
| 4.88%, 11/1/22 (a) | 1,004,000 | 1,051,901 | ||||||
| 0.53% (SOFR+46bps), 1/25/24, Callable 1/25/23 @ 100 (c) | 2,575,000 | 2,576,468 | ||||||
| Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 | 300,000 | 345,429 | ||||||
| The Bank of New York Mellon Corp., 0.75%, 1/28/26, MTN, Callable 12/28/25 @ 100 | 1,097,000 | 1,081,499 | ||||||
| The Goldman Sachs Group, Inc., 1.88% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100 (a)(c) | 1,500,000 | 1,579,710 | ||||||
| Wells Fargo & Co., 0.81% (SOFR+51bps), 5/19/25, MTN, Callable 5/19/24 @ 100 (c) | 585,000 | 586,568 | ||||||
| Zions Bancorp NA, 3.35%, 3/4/22, Callable 2/4/22 @ 100 (a) | 1,090,000 | 1,101,074 | ||||||
| 23,743,200 | ||||||||
| Health Care (6.5%): | ||||||||
| AbbVie, Inc., 3.85%, 6/15/24, Callable 3/15/24 @ 100 | 2,545,000 | 2,737,300 | ||||||
| Anthem, Inc., 2.75%, 10/15/42 | 110,000 | 578,450 | ||||||
| Biogen, Inc., 3.63%, 9/15/22 | 1,025,000 | 1,057,503 | ||||||
| Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 | 621,000 | 649,914 | ||||||
| HCA, Inc., 5.00%, 3/15/24 | 2,479,000 | 2,719,017 | ||||||
| Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a) | 560,000 | 575,893 | ||||||
| Illumina, Inc., 8/15/23 (e) | 530,000 | 619,787 | ||||||
| Mylan, Inc., 3.13%, 1/15/23 (b) | 2,479,000 | 2,560,460 | ||||||
| Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100 (b) | 1,387,000 | 1,379,025 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Upjohn, Inc., 1.13%, 6/22/22 (b) | $ | 525,000 | $ | 527,782 | ||||
| 13,405,131 | ||||||||
| Industrials (4.6%): | ||||||||
| Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100 (e) | 2,480,000 | 2,465,120 | ||||||
| Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a) | 1,115,000 | 1,159,266 | ||||||
| EnPro Industries, Inc., 5.75%, 10/15/26, Callable 11/8/21 @ 104.31 (a) | 725,000 | 758,575 | ||||||
| Fortive Corp., 0.88%, 2/15/22 | 1,005,000 | 1,007,241 | ||||||
| Roper Technologies, Inc., 0.45%, 8/15/22 | 1,019,000 | 1,020,793 | ||||||
| Southwest Airlines Co. | ||||||||
| 4.75%, 5/4/23 | 1,937,000 | 2,062,053 | ||||||
| 1.25%, 5/1/25 | 710,000 | 1,061,400 | ||||||
| 9,534,448 | ||||||||
| Information Technology (6.8%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | 375,000 | 455,239 | ||||||
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (a)(e) | 2,175,000 | 2,306,935 | ||||||
| Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (a) | 1,173,000 | 1,279,837 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e) | 730,000 | 802,117 | ||||||
| KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100 | 496,000 | 547,524 | ||||||
| Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 | 941,000 | 984,879 | ||||||
| Maxim Integrated Products, Inc., 3.38%, 3/15/23 | 901,000 | 932,084 | ||||||
| Micron Technology, Inc., 2.50%, 4/24/23 | 2,479,000 | 2,552,081 | ||||||
| NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5 (b) | 642,000 | 659,726 | ||||||
| PayPal Holdings, Inc., 2.20%, 9/26/22 (a) | 757,000 | 771,792 | ||||||
| Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100 | 1,000,000 | 1,077,620 | ||||||
| ServiceNow, Inc., 6/1/22 | 20,000 | 92,115 | ||||||
| Square, Inc., 0.25%, 11/1/27 (b)(e) | 195,000 | 230,993 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 225,000 | 231,746 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 995,000 | 1,003,647 | ||||||
| 13,928,335 | ||||||||
| Materials (3.6%): | ||||||||
| Celanese US Holdings LLC, 4.63%, 11/15/22 (a) | 855,000 | 893,962 | ||||||
| Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100 (b) | 1,987,000 | 1,973,965 | ||||||
| Nucor Corp., 4.00%, 8/1/23, Callable 5/1/23 @ 100 | 1,190,000 | 1,256,247 | ||||||
| Packaging Corp. of America, 4.50%, 11/1/23 | 1,049,000 | 1,123,920 | ||||||
| Southern Copper Corp., 3.88%, 4/23/25 | 2,050,000 | 2,225,050 | ||||||
| 7,473,144 | ||||||||
| Real Estate (3.2%): | ||||||||
| American Tower Corp., 3.00%, 6/15/23 (a) | 1,000,000 | 1,041,700 | ||||||
| Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100 | 750,000 | 778,628 | ||||||
| CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24, Callable 10/15/24 @ 100 | 883,000 | 925,269 | ||||||
| Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b) | 638,000 | 677,110 | ||||||
| Kite Realty Group LP, 0.75%, 4/1/27 (b) | 435,000 | 433,312 | ||||||
| Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100 (a) | 1,629,000 | 1,685,624 | ||||||
| Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100 | 250,000 | 256,530 | ||||||
| Weingarten Realty Investors | ||||||||
| 3.38%, 10/15/22, Callable 7/15/22 @ 100 (a) | 365,000 | 373,340 | ||||||
| 3.50%, 4/15/23, Callable 1/15/23 @ 100 | 497,000 | 515,339 | ||||||
| 6,686,852 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Utilities (3.2%): | ||||||||
| Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100 (e) | $ | 588,000 | $ | 614,425 | ||||
| Exelon Corp. | ||||||||
| 3.50%, 6/1/22, Callable 5/1/22 @ 100 (a) | 2,681,000 | 2,727,917 | ||||||
| 3.95%, 6/15/25, Callable 3/15/25 @ 100 (a)(e) | 591,000 | 644,083 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 2.80%, 1/15/23, Callable 12/15/22 @ 100 (a)(e) | 1,462,000 | 1,503,872 | ||||||
| 0.65%, 3/1/23 | 1,129,000 | 1,133,200 | ||||||
| 6,623,497 | ||||||||
| Total Corporate Bonds (Cost $119,718,388) | 122,161,951 | |||||||
| Residential Mortgage-Backed Securities (3.4%) | ||||||||
| Bear Stearns Alt-A Trust, Series 2003-3, Class 2A, 2.73%, 10/25/33, Callable 10/25/21 @ 100 (a)(f) | 1,141,285 | 1,141,285 | ||||||
| Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a) | 13,149 | 13,784 | ||||||
| Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.53%, 11/25/34, Callable 10/25/21 @ 100 (a)(f) | 896,026 | 896,026 | ||||||
| GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 4/25/29 @ 100 (a) | 15,575 | 15,222 | ||||||
| JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 10/25/21 @ 100 (a) | 6,680 | 4,753 | ||||||
| JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 10/25/21 @ 100 (a) | 44,062 | 43,747 | ||||||
| JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.89%, 10/25/29, Callable 6/25/23 @ 100 (a)(b)(f) | 1,769,863 | 1,794,397 | ||||||
| JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 12/25/23 @ 100 (a)(b)(f) | 870,254 | 882,069 | ||||||
| Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.33% (LIBOR03M+120bps), 7/29/30, Callable 10/29/21 @ 100 (a)(b)(c) | 2,250,000 | 2,251,033 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $7,025,011) | 7,042,316 | |||||||
| Yankee Dollars (12.4%) | ||||||||
| Communication Services (0.3%): | ||||||||
| SES SA, 3.60%, 4/4/23 (b) | 503,000 | 523,019 | ||||||
| Consumer Discretionary (1.1%): | ||||||||
| Stellantis NV, 5.25%, 4/15/23 | 2,048,000 | 2,189,005 | ||||||
| Consumer Staples (4.6%): | ||||||||
| Barry Callebaut Services NV, 5.50%, 6/15/23 (b) | 2,346,000 | 2,524,798 | ||||||
| Heineken NV, 3.40%, 4/1/22 (b) | 1,570,000 | 1,593,895 | ||||||
| Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b) | 2,391,000 | 2,466,293 | ||||||
| Pernod Ricard SA, 4.25%, 7/15/22 (a)(b)(e) | 833,000 | 857,890 | ||||||
| Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b) | 2,122,000 | 2,150,859 | ||||||
| 9,593,735 | ||||||||
| Energy (1.7%): | ||||||||
| Canadian Natural Resources Ltd. | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| 2.95%, 1/15/23, Callable 12/15/22 @ 100 | $ | 1,305,000 | $ | 1,343,002 | ||||
| 3.80%, 4/15/24, Callable 1/15/24 @ 100 | 1,180,000 | 1,256,665 | ||||||
| Ecopetrol SA, 5.88%, 9/18/23 (a) | 846,000 | 910,710 | ||||||
| 3,510,377 | ||||||||
| Financials (2.1%): | ||||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (a)(e) | 270,000 | 395,547 | ||||||
| 2/18/25 | 230,000 | 255,222 | ||||||
| NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b) | 3,406,000 | 3,625,482 | ||||||
| 4,276,251 | ||||||||
| Industrials (0.8%): | ||||||||
| Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100 | 1,100,000 | 1,087,878 | ||||||
| Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b) | 606,000 | 616,690 | ||||||
| 1,704,568 | ||||||||
| Materials (1.5%): | ||||||||
| Anglo American Capital PLC, 3.63%, 9/11/24 (b)(e) | 2,880,000 | 3,091,133 | ||||||
| Utilities (0.3%): | ||||||||
| Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100 (e) | 655,000 | 698,957 | ||||||
| Total Yankee Dollars (Cost $25,388,383) | 25,587,045 | |||||||
| U.S. Government Mortgage-Backed Agencies (5.5%) | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 5.00%, 6/15/23 - 8/1/40 (a) | 541,962 | 616,040 | ||||||
| 5.50%, 10/25/23 (a) | 1,963 | 2,028 | ||||||
| 7.00%, 9/1/38 (a) | 2,670 | 3,177 | ||||||
| Series 4320, Class AP, 3.50%, 7/15/39 (a) | 846,286 | 896,440 | ||||||
| Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a) | 2,590,757 | 2,630,279 | ||||||
| Series 4444, Class CH, 3.00%, 1/15/41 (a) | 594,597 | 602,394 | ||||||
| Series 4049, Class AB, 2.75%, 12/15/41 (a) | 204,387 | 207,152 | ||||||
| 4,957,510 | ||||||||
| Federal National Mortgage Association | ||||||||
| 6.00%, 2/1/37 (a) | 907,828 | 1,058,599 | ||||||
| Series 2013-33, Class UD, 2.50%, 4/25/39 (a) | 479,952 | 486,156 | ||||||
| Series 2011-21, Class PA, 4.50%, 5/25/40 (a) | 1,918,496 | 2,026,909 | ||||||
| Series 2011-101, Class LA, 3.00%, 10/25/40 (a) | 246,160 | 249,140 | ||||||
| 5.00%, 2/1/41 - 10/1/41 (a) | 2,170,544 | 2,468,834 | ||||||
| Series 2018-29, Class PA, 3.50%, 3/25/44 (a) | 85,116 | 85,234 | ||||||
| 6,374,872 | ||||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $11,115,370) | 11,332,382 | |||||||
| U.S. Treasury Obligations (2.6%) | ||||||||
| U.S. Treasury Notes, 0.13%, 2/15/24 | 5,271,000 | 5,241,762 | ||||||
| Total U.S. Treasury Obligations (Cost $5,245,801) | 5,241,762 | |||||||
| Collateral for Securities Loaned^ (4.0%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (g) | 156,462 | 156,462 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (g) | 4,637,030 | $ | 4,637,030 | |||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g) | 78,082 | 78,082 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (g) | 622,602 | 622,602 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g) | 2,799,342 | 2,799,342 | ||||||
| Total Collateral for Securities Loaned (Cost $8,293,518) | 8,293,518 | |||||||
| Total Investments (Cost $203,526,053) — 100.2% | 206,674,117 | |||||||
| Liabilities in excess of other assets — (0.2)% | (369,800 | ) | ||||||
| NET ASSETS - 100.00% | $ | 206,304,317 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security has been segregated as collateral for derivative instruments. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $48,918,275 and amounted to 23.7% of net assets. |
| (c) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021. |
| (d) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (e) | All or a portion of this security is on loan. |
| (f) | 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 September 30, 2021. |
| (g) | Rate disclosed is the daily yield on September 30, 2021. |
| bps—Basis points |
| LIBOR—London InterBank Offered Rate |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, 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 |
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
| 2-Year U.S. Treasury Note Futures | 44 | 12/31/21 | $ | 9,688,033 | $ | 9,682,406 | $ | (5,627 | ) | |||||||
| Japanese Yen Futures | 36 | 12/13/21 | 4,050,000 | 4,041,450 | (8,550 | ) | ||||||||||
| $ | (14,177 | ) | ||||||||||||||
Futures Contracts Sold
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
| 10-Year U.S. Treasury Note Futures | 22 | 12/21/21 | $ | 2,934,965 | $ | 2,895,406 | $ | 39,559 | ||||||||
| 5-Year U.S. Treasury Note Futures | 90 | 12/31/21 | 11,117,505 | 11,046,797 | 70,708 | |||||||||||
| British Pound Futures | 45 | 12/13/21 | 3,865,500 | 3,789,844 | 75,656 | |||||||||||
| Canadian Dollar Futures | 40 | 12/14/21 | 3,151,200 | 3,159,600 | (8,400 | ) | ||||||||||
| Mexican Peso Currency Futures | 89 | 12/13/21 | 2,202,749 | 2,135,555 | 67,194 | |||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 5 | 12/21/21 | 990,178 | 955,313 | 34,865 | |||||||||||
| $ | 279,582 | |||||||||||||||
| Total unrealized appreciation | $ | 287,982 | ||||||||||||||
| Total unrealized depreciation | (22,577 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | 265,405 | ||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2021 |
| (Unaudited) |
Centrally Cleared
Credit Default Swap Agreements - Sell Protection(a)
| Underlying Instruments | Fixed Deal ReceiveRate | Maturity Date | Payment Frequency | Implied Credit Spread at September 30, 2021(b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| CDX North America High Yield Index; Series 36 | 5.00 | % | 6/20/26 | Quarterly | 2.85 | % | $ | 8,000,000 | $ | 79,314 | $ | 818,400 | $ | (739,086 | ) | |||||||||
| $ | 79,314 | $ | 818,400 | $ | (739,086 | ) | ||||||||||||||||||
| (a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
| (b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
| (c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
| Victory Portfolios | Schedule of Portfolio Investments | |||||||
| Victory High Yield Fund | September 30, 2021 | |||||||
| (Unaudited) | ||||||||
| Security Description | Shares or Principal Amount | Value | ||||||
| Common Stocks (0.8%) | ||||||||
| Communication Services (0.7%): | ||||||||
| AMC Networks, Inc., Class A (a) | 5,800 | $ | 270,222 | |||||
| iHeartMedia, Inc., Class A (a) | 30,500 | 763,110 | ||||||
| Nexstar Media Group, Inc., Class A | 4,925 | 748,403 | ||||||
| Sinclair Broadcast Group, Inc., Class A (b) | 17,500 | 554,400 | ||||||
| 2,336,135 | ||||||||
| Health Care (0.1%): | ||||||||
| Surgery Partners, Inc. (a)(b) | 9,390 | 397,573 | ||||||
| Total Common Stocks (Cost $2,303,926) | 2,733,708 | |||||||
| Senior Secured Loans (19.8%) | ||||||||
| Air Canada, Term Loan, First Lien, 4.25% (LIBOR06M+350bps), 7/27/28 (c) | $ | 1,200,000 | 1,203,996 | |||||
| Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (c) | 1,969,231 | 1,951,074 | ||||||
| Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.58% (LIBOR01M+350bps), 6/19/25 (c) | 1,985,000 | 1,985,715 | ||||||
| Dayco Products LLC, Term Loans, First Lien, 4.37% (LIBOR03M+425bps), 5/19/24 (c) | 957,500 | 928,775 | ||||||
| Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.65% (LIBOR03M+350bps), 4/8/26 (c) | 1,535,766 | 1,500,736 | ||||||
| Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75% (LIBOR03M+500bps), 3/11/28 (c) | 2,495,000 | 2,435,395 | ||||||
| Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.75% (LIBOR06M+475bps), 10/2/25 (c) | 997,494 | 1,000,486 | ||||||
| Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25% (LIBOR02M+250bps), 10/4/23 (c) | 1,977,556 | 1,967,134 | ||||||
| Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00% (LIBOR03M+425bps), 3/5/28 (c) | 2,985,000 | 2,993,955 | ||||||
| Hertz Corp. (The), Initial Term B Loans, First Lien, 4.00% (LIBOR01M+350bps), 6/30/28 (c) | 2,524,272 | 2,524,676 | ||||||
| Hertz Corp. (The), Initial Term C Loan, First Lien, 4.00% (LIBOR01M+350bps), 6/30/28 (c) | 475,728 | 475,804 | ||||||
| Hertz Corp., Term Loan B, First Lien, 6/14/28 (d)(e) | 841,424 | 841,559 | ||||||
| Hertz Corp., Term Loan C, First Lien, 6/14/28 (d)(e) | 158,576 | 158,601 | ||||||
| Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.13% (LIBOR03M+500bps), 10/26/25 (c) | 2,666,616 | 2,667,736 | ||||||
| Jo-Ann Stores, LLC, Term B-1 Loan, First Lien, 5.50% (LIBOR03M+475bps), 6/30/28 (c) | 3,000,000 | 2,913,000 | ||||||
| Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75% (LIBOR03M+475bps), 12/15/24 (c) | 2,488,747 | 2,505,870 | ||||||
| LifeScan Global Corp., Initial Term Loan, First Lien, 6.15% (LIBOR03M+600bps), 10/1/24 (c)(d) | 4,169,537 | 4,131,302 | ||||||
| Medline Industries, Inc., Bridge Term, First Lien, 8/4/22 (d)(e) | 2,435,897 | 2,435,897 | ||||||
| Medline Industries, Inc., Bridge, First Lien, 8/4/22 (d)(e)(f) | 2,564,103 | 2,564,103 | ||||||
| Men's Wearhouse, Inc., Term loan, First Lien (e) | 31,563 | 44,977 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Yield Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 2/25/28 (c) | $ | 3,990,000 | $ | 3,988,564 | ||||
| PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (c) | 1,675,000 | 1,677,395 | ||||||
| Polaris Newco LLC, Dollar Term Loan, First Lien, 8/11/28 (d)(e) | 4,000,000 | 4,007,520 | ||||||
| SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.58% (LIBOR01M+850bps), 5/26/26 (c) | 1,000,000 | 1,000,000 | ||||||
| Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00% (LIBOR01M+900bps), 12/23/25 (c) | 1,864,865 | 2,024,553 | ||||||
| Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00% (LIBOR01M+900bps), 12/23/25 (c) | 135,135 | 146,707 | ||||||
| SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.25% (LIBOR06M+375bps), 5/20/28 (c) | 500,000 | 499,790 | ||||||
| Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.65% (LIBOR03M+350bps), 4/8/26 (c) | 825,681 | 806,847 | ||||||
| SWF Holdings Corp., TLB, First Lien, 9/17/28 (d)(e) | 4,350,000 | 4,314,678 | ||||||
| Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR01M+275bps), 2/6/24 (c) | 1,469,309 | 1,428,903 | ||||||
| The Men's Wearhouse LLC, Term Loan, First Lien, 9.00% (LIBOR03M+800bps), 12/1/25 (c) | 1,701,726 | 1,417,537 | ||||||
| The Michaels Cos., Inc., Term B Loans, First Lien, 5.00% (LIBOR01M+425bps), 4/15/28 (c) | 2,500,000 | 2,501,125 | ||||||
| Traverse Midstream Partners LLC, Advance, First Lien, 6.50% (LIBOR01M+550bps), 9/27/24 (c) | 1,963,470 | 1,963,470 | ||||||
| United Airlines, Inc., Class B Term Loans, First Lien, 4.50% (LIBOR03M+375bps), 4/21/28 (c) | 1,496,250 | 1,505,437 | ||||||
| Victoria's Secret & Co, Initial Term Loans, First Lien, 3.75% (LIBOR03M+325bps), 8/2/28 (c) | 900,000 | 896,625 | ||||||
| Total Senior Secured Loans (Cost $64,808,234) | 65,409,942 | |||||||
| Corporate Bonds (67.2%) | ||||||||
| Communication Services (11.5%): | ||||||||
| Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88 (b)(g) | 2,500,000 | 2,558,225 | ||||||
| CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88 (g) | 4,000,000 | 4,067,120 | ||||||
| Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38 (b)(g) | 4,210,000 | 4,358,150 | ||||||
| Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38 (b)(g) | 1,800,000 | 1,814,724 | ||||||
| Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (g) | 2,250,000 | 2,362,342 | ||||||
| Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (b)(g) | 2,750,000 | 2,703,827 | ||||||
| iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19 | 4,510,000 | 4,817,853 | ||||||
| Meredith Corp., 6.88%, 2/1/26, Callable 11/8/21 @ 103.44 | 3,968,000 | 4,104,698 | ||||||
| Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22 (g) | 3,000,000 | 3,177,480 | ||||||
| Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (b)(g)(h) | 3,000,000 | 2,974,800 | ||||||
| Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75 (g)(h) | 2,350,000 | 2,547,165 | ||||||
| Univision Communications, Inc., 5.13%, 2/15/25, Callable 10/19/21 @ 101.71 (b)(g) | 2,500,000 | 2,540,625 | ||||||
| 38,027,009 |
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Yield Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Consumer Discretionary (17.7%): | ||||||||
| Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103 (g) | $ | 1,800,000 | $ | 1,942,956 | ||||
| Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (g) | 2,750,000 | 2,890,360 | ||||||
| Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56 (g) | 4,800,000 | 4,766,496 | ||||||
| Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94 | 2,000,000 | 2,095,540 | ||||||
| Boyd Gaming Corp., 8.63%, 6/1/25, Callable 6/1/22 @ 104.31 (g) | 1,700,000 | 1,840,250 | ||||||
| Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25, Callable 10/15/21 @ 101.31 (g) | 2,500,000 | 2,535,325 | ||||||
| Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25 (g) | 3,000,000 | 3,191,790 | ||||||
| Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (b)(g)(h) | 6,900,000 | 3,043,521 | ||||||
| Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100 (h) | 3,000,000 | 3,608,310 | ||||||
| Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (b)(g) | 2,750,000 | 2,748,955 | ||||||
| LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13 (g) | 1,800,000 | 1,799,748 | ||||||
| Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (g) | 1,000,000 | 1,035,160 | ||||||
| Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (g) | 2,700,000 | 2,799,954 | ||||||
| Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100 | 2,000,000 | 2,390,900 | ||||||
| MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | 2,475,000 | 2,692,033 | ||||||
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (g)(h) | 2,600,000 | 2,835,456 | ||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
| 5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (g) | 2,000,000 | 2,022,180 | ||||||
| 5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (g) | 2,800,000 | 2,828,056 | ||||||
| Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (g) | 3,000,000 | 3,196,350 | ||||||
| Tenneco, Inc. | ||||||||
| 5.00%, 7/15/26, Callable 11/8/21 @ 102.5 (b) | 4,350,000 | 4,290,753 | ||||||
| 7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (g) | 650,000 | 725,926 | ||||||
| Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75 (g)(h) | 2,700,000 | 3,111,156 | ||||||
| 58,391,175 | ||||||||
| Consumer Staples (2.7%): | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 2/15/28, Callable 8/15/22 @ 104.41 (g) | 2,750,000 | 2,927,787 | ||||||
| Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31 (g) | 2,950,000 | 2,983,483 | ||||||
| Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (g) | 2,800,000 | 2,849,448 | ||||||
| 8,760,718 | ||||||||
| Energy (2.8%): | ||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (g) | 1,950,000 | 2,013,141 | ||||||
| Antero Resources Corp. | ||||||||
| 8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (g) | 1,964,000 | 2,224,584 | ||||||
| 7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (g) | 900,000 | 1,005,714 | ||||||
| Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38 (g) | 2,426,000 | 2,621,730 | ||||||
| Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 1,350,000 | 1,401,043 | ||||||
| 9,266,212 | ||||||||
| Financials (6.9%): | ||||||||
| AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44 (g) | 1,500,000 | 1,520,865 | ||||||
| BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31 (g) | 3,000,000 | 3,198,660 | ||||||
| BCPE Ulysses Intermediate, Inc. PIK, 7.75%, 4/1/27, Callable 4/1/23 @ 102 (g)(i) | 450,000 | 448,533 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Yield Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (g) | $ | 1,200,000 | $ | 1,254,780 | ||||
| Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25 (g) | 3,000,000 | 3,215,880 | ||||||
| LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (g)(h) | 2,250,000 | 2,431,170 | ||||||
| Mozart Debt Merger Sub, Inc. | ||||||||
| 3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (g) | 2,000,000 | 1,995,000 | ||||||
| 5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (g) | 450,000 | 457,313 | ||||||
| SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (d)(g) | 1,100,000 | 1,069,354 | ||||||
| Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19 (g) | 3,800,000 | 3,640,210 | ||||||
| White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (g)(i) | 2,100,000 | 2,168,145 | ||||||
| Wolverine Escrow LLC, 13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (b)(g) | 2,200,000 | 1,447,050 | ||||||
| 22,846,960 | ||||||||
| Health Care (7.2%): | ||||||||
| Air Methods Corp., 8.00%, 5/15/25, Callable 11/8/21 @ 102 (g)(h) | 2,500,000 | 2,392,100 | ||||||
| Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (b)(g)(h) | 1,250,000 | 1,165,337 | ||||||
| CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06 (b)(g) | 3,450,000 | 3,349,157 | ||||||
| Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63 (g) | 1,796,000 | 1,924,055 | ||||||
| Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (g)(h) | 2,985,000 | 3,206,935 | ||||||
| Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 12/1/21 @ 104.88 (g) | 3,000,000 | 3,172,440 | ||||||
| Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (b)(g) | 2,500,000 | 2,705,025 | ||||||
| Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/25/21 @ 101.59 (b)(g) | 2,750,000 | 2,655,647 | ||||||
| Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (g) | 3,000,000 | 3,148,200 | ||||||
| 23,718,896 | ||||||||
| Industrials (11.3%): | ||||||||
| Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 11/8/21 @ 100 (b)(g) | 1,700,000 | 1,621,749 | ||||||
| American Airlines, Inc., 11.75%, 7/15/25 (g) | 3,000,000 | 3,711,150 | ||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
| 5.50%, 4/20/26 (g) | 1,300,000 | 1,366,209 | ||||||
| 5.75%, 4/20/29 (g) | 1,850,000 | 1,993,764 | ||||||
| Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 11/8/21 @ 100 (b)(g) | 2,000,000 | 2,004,860 | ||||||
| Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/1/22 @ 103.19 (g) | 3,000,000 | 3,158,130 | ||||||
| Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 (g) | 1,800,000 | 1,860,966 | ||||||
| Madison IAQ LLC | ||||||||
| 4.13%, 6/30/28, Callable 6/30/24 @ 102.06 (g) | 1,800,000 | 1,799,280 | ||||||
| 5.88%, 6/30/29, Callable 6/30/24 @ 102.94 (g) | 2,800,000 | 2,831,052 | ||||||
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (g) | 3,000,000 | 3,264,300 | ||||||
| NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (g) | 2,050,000 | 2,127,469 | ||||||
| Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75 (g) | 2,000,000 | 2,039,420 | ||||||
| SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (g) | 1,125,000 | 1,158,919 | ||||||
| TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31 | 1,250,000 | 1,246,875 | ||||||
| Triumph Group, Inc., 6.25%, 9/15/24, Callable 11/8/21 @ 101.56 (g) | 1,525,000 | 1,526,235 | ||||||
| Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (d)(g) | 3,000,000 | 2,998,950 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Yield Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (g) | $ | 2,250,000 | $ | 2,492,077 | ||||
| 37,201,405 | ||||||||
| Information Technology (1.3%): | ||||||||
| Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (b)(g) | 2,250,000 | 2,528,685 | ||||||
| Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 11/8/21 @ 103.75 (g) | 1,800,000 | 1,873,404 | ||||||
| 4,402,089 | ||||||||
| Materials (4.7%): | ||||||||
| Allegheny Technologies, Inc. | ||||||||
| 4.88%, 10/1/29, Callable 10/1/24 @ 102.44 | 900,000 | 902,493 | ||||||
| 5.13%, 10/1/31, Callable 10/1/26 @ 102.56 | 900,000 | 906,795 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63 (g) | 3,000,000 | 3,055,860 | ||||||
| CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06 (b)(g) | 1,800,000 | 1,887,858 | ||||||
| Forterra Finance LLC/FRTA Finance Corp., 6.50%, 7/15/25, Callable 7/15/22 @ 103.25 (g) | 1,200,000 | 1,284,480 | ||||||
| Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25 (g) | 2,000,000 | 2,093,100 | ||||||
| Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81 (g) | 2,250,000 | 2,330,010 | ||||||
| Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 11/8/21 @ 101.56 (b)(g) | 3,000,000 | 3,053,130 | ||||||
| 15,513,726 | ||||||||
| Real Estate (1.1%): | ||||||||
| Adams Homes, Inc., 7.50%, 2/15/25, Callable 2/15/22 @ 103.75 (g) | 3,371,000 | 3,533,617 | ||||||
| Total Corporate Bonds (Cost $215,109,527) | 221,661,807 | |||||||
| Yankee Dollars (7.1%) | ||||||||
| Consumer Discretionary (1.3%): | ||||||||
| 1011778 BC ULC/New Red Finance, Inc., 4.38%, 1/15/28, Callable 11/15/22 @ 102.19 (g) | 2,000,000 | 2,030,100 | ||||||
| International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (g) | 2,000,000 | 2,138,360 | ||||||
| 4,168,460 | ||||||||
| Energy (1.1%): | ||||||||
| Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 11/8/21 @ 109.75 (b)(g)(h)(i) | 500,000 | 531,330 | ||||||
| TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (g) | 3,000,000 | 3,217,620 | ||||||
| 3,748,950 | ||||||||
| Health Care (0.8%): | ||||||||
| Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 11/8/21 @ 102.04 (g) | 2,448,000 | 2,500,412 | ||||||
| Industrials (1.6%): | ||||||||
| Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 10/19/21 @ 102.5 (g)(h) | 2,200,000 | 2,255,022 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Yield Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Shares or Principal Amount | Value | ||||||
| Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94 (b)(g) | $ | 3,000,000 | $ | 3,110,460 | ||||
| 5,365,482 | ||||||||
| Information Technology (0.8%): | ||||||||
| ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88 (g) | 2,500,000 | 2,565,200 | ||||||
| Materials (1.5%): | ||||||||
| Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/8/21 @ 103.88 (g)(h) | 2,000,000 | 2,044,180 | ||||||
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (g) | 2,900,000 | 2,925,955 | ||||||
| 4,970,135 | ||||||||
| Total Yankee Dollars (Cost $22,362,983) | 23,318,639 | |||||||
| Exchange-Traded Funds (1.8%) | ||||||||
| iShares iBoxx High Yield Corporate Bond ETF (b)(h) | 21,750 | 1,902,907 | ||||||
| SPDR Blackstone Senior Loan ETF (h) | 50,750 | 2,335,515 | ||||||
| SPDR Bloomberg Barclays High Yield Bond ETF (h) | 16,650 | 1,820,844 | ||||||
| Total Exchange-Traded Funds (Cost $6,066,229) | 6,059,266 | |||||||
| Collateral for Securities Loaned^ (11.9%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (j) | 737,537 | 737,537 | ||||||
| Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (j) | 21,858,282 | 21,858,282 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (j) | 368,068 | 368,068 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (j) | 2,934,857 | 2,934,857 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (j) | 13,195,688 | 13,195,688 | ||||||
| Total Collateral for Securities Loaned (Cost $39,094,432) | 39,094,432 | |||||||
| Total Investments (Cost $349,745,331) — 108.6% | 358,277,794 | |||||||
| Liabilities in excess of other assets — (8.6)% | (28,479,809 | ) | ||||||
| NET ASSETS - 100.00% | $ | 329,797,985 | ||||||
| ^ | 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) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021. |
| (d) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
| (e) | 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. |
| (f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.8% of net assets. |
| (g) | 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 September 30, 2021, the fair value of these securities was $216,523,153 and amounted to 65.7% of net assets. |
| (h) | All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis. |
| (i) | All of the coupon is paid in kind. |
| (j) | Rate disclosed is the daily yield on September 30, 2021. |
| bps—Basis points |
| ETF—Exchange-Traded Fund |
| LIBOR—London InterBank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| PIK—Payment-in-Kind |
| PLC—Public Limited Company |
| ULC—Unlimited Liability Co. |
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory Tax-Exempt Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Municipal Bonds (98.4%) | ||||||||
| Arkansas (2.0%): | ||||||||
| Arkansas Development Finance Authority Revenue Bonds, 3.20%, 12/1/49, Continuously Callable @100 | $ | 750,000 | $ | 784,710 | ||||
| University of Central Arkansas Revenue Bonds, Series A, 3.00%, 11/1/49, Continuously Callable @100 | 265,000 | 275,857 | ||||||
| 1,060,567 | ||||||||
| California (2.9%): | ||||||||
| Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100 | 1,500,000 | 1,541,865 | ||||||
| Colorado (1.6%): | ||||||||
| Colorado Health Facilities Authority Revenue Bonds, Series A, 4.00%, 12/1/50, Continuously Callable @103 | 750,000 | 838,552 | ||||||
| Connecticut (4.5%): | ||||||||
| Connecticut Health and Educational Facilities Authority Revenue Bonds, Series 2016 CT, 5.00%, 12/1/41, Continuously Callable @100 | 2,000,000 | 2,362,060 | ||||||
| Florida (10.7%): | ||||||||
| Capital Trust Agency, Inc. Revenue Bonds, 5.00%, 8/1/55, Continuously Callable @100 | 400,000 | 472,420 | ||||||
| City of Pompano Beach Revenue Bonds, 4.00%, 9/1/50, Continuously Callable @103 | 500,000 | 540,055 | ||||||
| County of Miami-Dade Seaport Department Revenue Bonds, 4.00%, 10/1/50, Continuously Callable @100 | 500,000 | 571,785 | ||||||
| Florida Development Finance Corp. Revenue Bonds, Series A, 5.00%, 6/15/55, Continuously Callable @100 (a) | 500,000 | 559,600 | ||||||
| Hillsborough County IDA Revenue Bonds, 4.00%, 8/1/50, Continuously Callable @100 | 500,000 | 571,725 | ||||||
| Miami-Dade County Public Facilities Revenue Bonds, Series A, 5.00%, 6/1/33, Continuously Callable @100 | 2,000,000 | 2,308,520 | ||||||
| St. Johns County IDA Revenue Bonds, 4.00%, 8/1/55, Continuously Callable @103 | 500,000 | 567,570 | ||||||
| 5,591,675 | ||||||||
| Georgia (1.9%): | ||||||||
| Appling County Development Authority Revenue Bonds, 0.11%, 9/1/41, Continuously Callable @100 (b) | 400,000 | 400,000 | ||||||
| The Burke County Development Authority Revenue Bonds (NBGA - Southern Co.), 0.11%, 11/1/52, Continuously Callable @100 (b) | 500,000 | 500,000 | ||||||
| The Development Authority of Monroe County Revenue Bonds, 0.11%, 11/1/48, Continuously Callable @100 (b) | 100,000 | 100,000 | ||||||
| 1,000,000 | ||||||||
| Guam (2.2%): | ||||||||
| Port Authority of Guam Revenue Bonds, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 1,000,000 | 1,166,970 | ||||||
| Illinois (25.3%): | ||||||||
| Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100 | 2,275,000 | 2,818,202 | ||||||
| Chicago General Obligation Refunding Bonds, Series A, 5.75%, 1/1/33, Continuously Callable @100 | 1,000,000 | 1,223,620 | ||||||
| Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series 2014, 5.00%, 12/1/44, Continuously Callable @100 | 1,450,000 | 1,630,815 | ||||||
| City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Callable 0 @ 100, Continuously Callable @100 | 1,000,000 | 1,222,830 | ||||||
| City of Chicago Wastewater Transmission Revenue Bonds | ||||||||
| Series A, 5.00%, 1/1/47, Continuously Callable @100 | 1,000,000 | 1,173,040 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Tax-Exempt Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Series C, 5.00%, 1/1/34, Continuously Callable @100 | $ | 1,000,000 | $ | 1,135,090 | ||||
| Illinois General Obligation Bonds, Series 2013, 5.50%, 7/1/27, Continuously Callable @100 | 2,000,000 | 2,160,000 | ||||||
| Sales Tax Securitization Corp. Revenue Bonds, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100 | 1,500,000 | 1,833,750 | ||||||
| 13,197,347 | ||||||||
| Iowa (1.0%): | ||||||||
| Iowa Finance Authority Revenue Bonds, Series A-1, 4.00%, 5/15/55, Continuously Callable @103 | 500,000 | 543,450 | ||||||
| Massachusetts (1.8%): | ||||||||
| University of Massachusetts Building Authority Revenue Bonds | ||||||||
| 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 | 220,000 | 251,464 | ||||||
| Series 1-2021, 5.00%, 11/1/39, Continuously Callable @100 | 410,000 | 462,173 | ||||||
| Series 1-2021, 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 | 190,000 | 217,174 | ||||||
| 930,811 | ||||||||
| Missouri (2.4%): | ||||||||
| Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (a) | 1,150,000 | 1,253,293 | ||||||
| New Jersey (8.1%): | ||||||||
| New Jersey Economic Development Authority Biomedical Research Facilities Revenue Bonds, Series 2016 A, 5.00%, 7/15/29, Continuously Callable @100 | 885,000 | 1,054,708 | ||||||
| New Jersey Transportation Trust Fund Authority Revenue Bonds | ||||||||
| 5.00%, 6/15/28, Continuously Callable @100 | 1,000,000 | 1,189,170 | ||||||
| Series BB, 3.50%, 6/15/46, Continuously Callable @100 | 200,000 | 214,924 | ||||||
| Tobacco Settlement Financing Corp. Revenue Bonds, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100 | 1,500,000 | 1,774,815 | ||||||
| 4,233,617 | ||||||||
| New York (12.3%): | ||||||||
| Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue Bonds, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100 | 1,545,000 | 1,820,798 | ||||||
| Metropolitan Transportation Authority Revenue Bonds, Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 500,000 | 558,870 | ||||||
| New York Counties Tobacco Trust II Revenue Bonds, 5.75%, 6/1/43, Continuously Callable @100 | 200,000 | 200,740 | ||||||
| New York State Dormitory Authority Revenue Bonds, 6.00%, 7/1/40, Continuously Callable @100 (a) | 440,000 | 443,995 | ||||||
| Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 12/1/32, Continuously Callable @100 | 1,000,000 | 1,096,190 | ||||||
| TSASC, Inc. Revenue Bonds, Series A, 5.00%, 6/1/41, Continuously Callable @100 | 2,000,000 | 2,329,160 | ||||||
| 6,449,753 | ||||||||
| North Carolina (5.4%): | ||||||||
| City of Charlotte Certificate of Participation, 4.00%, 6/1/49, Continuously Callable @100 | 1,670,000 | 1,888,686 | ||||||
| North Carolina Medical Care Commission Revenue Bonds | ||||||||
| Series A, 4.00%, 9/1/50, Continuously Callable @100 | 500,000 | 525,145 | ||||||
| Series A, 4.00%, 10/1/50, Continuously Callable @103 | 350,000 | 387,471 | ||||||
| 2,801,302 | ||||||||
| Ohio (7.3%): | ||||||||
| Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 | 1,000,000 | 1,132,720 | ||||||
| County of Franklin Revenue Bonds, Series B, 5.00%, 7/1/45, Continuously Callable @103 | 500,000 | 583,050 | ||||||
| County of Hardin Economic Development Facilities Revenue Bonds, 5.00%, 5/1/30, Continuously Callable @103 | 350,000 | 379,505 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Tax-Exempt Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Logan Elm Local School District General Obligation Bonds, 4.00%, 11/1/55, Continuously Callable @100 | $ | 1,500,000 | $ | 1,696,155 | ||||
| 3,791,430 | ||||||||
| Pennsylvania (5.2%): | ||||||||
| Philadelphia School District, General Obligation Bonds, Series A, 5.00%, 9/1/44, Continuously Callable @100 | 1,000,000 | 1,230,290 | ||||||
| The Philadelphia School District, General Obligation Bonds, Series A, 5.00%, 9/1/38, Continuously Callable @100 | 1,200,000 | 1,468,092 | ||||||
| 2,698,382 | ||||||||
| Texas (0.6%): | ||||||||
| Port of Port Arthur Navigation District Revenue Bonds, Series B, 0.12%, 4/1/40, Continuously Callable @100 (b) | 300,000 | 300,000 | ||||||
| Utah (3.2%): | ||||||||
| Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a) | 483,595 | 485,254 | ||||||
| Utah Infrastructure Agency Revenue Bonds, Series A, 5.00%, 10/15/40, Continuously Callable @100 | 1,000,000 | 1,167,530 | ||||||
| 1,652,784 | ||||||||
| Total Municipal Bonds (Cost $47,239,771) | 51,413,858 | |||||||
| Total Investments (Cost $47,239,771) — 98.4% | 51,413,858 | |||||||
| Other assets in excess of liabilities — 1.6% | 835,457 | |||||||
| NET ASSETS - 100.00% | $ | 52,249,315 | ||||||
| (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 September 30, 2021, the fair value of these securities was $2,742,142 and amounted to 5.2% of net assets. |
| (b) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
IDA—Industrial Development Authority
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 highquality 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.
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory High Income Municipal Bond Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Municipal Bonds (96.8%) | ||||||||
| Arizona (3.1%): | ||||||||
| Arizona IDA Revenue Bonds, 4.00%, 12/15/51, Continuously Callable @100 (a) | $ | 700,000 | $ | 749,098 | ||||
| Arizona Industrial Development Authority Revenue Bonds, 4.00%, 7/15/51, Continuously Callable @100 (a) | 500,000 | 540,980 | ||||||
| La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100 | 280,000 | 306,247 | ||||||
| 1,596,325 | ||||||||
| California (2.6%): | ||||||||
| California County Tobacco Securitization Agency Revenue Bonds, Series B-1, 5.00%, 6/1/49, Continuously Callable @100 | 250,000 | 305,083 | ||||||
| Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100 | 1,000,000 | 1,027,910 | ||||||
| 1,332,993 | ||||||||
| District of Columbia (1.0%): | ||||||||
| District of Columbia Tobacco Settlement Financing Corp. Revenue Bonds, 6.50%, 5/15/33 (b) | 460,000 | 504,997 | ||||||
| Florida (7.1%): | ||||||||
| Escambia County Health Facilities Authority Revenue Bonds, 3.00%, 8/15/50, Continuously Callable @100 | 1,000,000 | 1,038,930 | ||||||
| Florida Development Finance Corp. Revenue, 4.00%, 7/1/55, Continuously Callable @100 | 500,000 | 537,035 | ||||||
| Seminole County Industrial Development Authority Revenue Bonds, 4.00%, 6/15/56, Continuously Callable @100 (a) | 705,000 | 772,877 | ||||||
| Sumter County Village Community Development District No. 10 Special Assessment Revenue Bonds, Series 2014, 5.75%, 5/1/31, Continuously Callable @100 | 1,225,000 | 1,297,545 | ||||||
| 3,646,387 | ||||||||
| Georgia (3.1%): | ||||||||
| The Burke County Development Authority Revenue, Series 1, 0.11%, 7/1/49, Continuously Callable @100 (c) | 1,100,000 | 1,100,000 | ||||||
| The Burke County Development Authority Revenue Bonds (NBGA - Southern Co.), 0.11%, 11/1/52, Continuously Callable @100 (c) | 500,000 | 500,000 | ||||||
| 1,600,000 | ||||||||
| Illinois (12.9%): | ||||||||
| Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100 (b) | 1,500,000 | 1,858,155 | ||||||
| Chicago General Obligation Refunding Bonds, Series 2015 C, 5.00%, 1/1/38, Continuously Callable @100 | 1,000,000 | 1,137,730 | ||||||
| City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Callable 0 @ 100, Continuously Callable @100 | 1,000,000 | 1,222,830 | ||||||
| Illinois General Obligation Bonds | ||||||||
| 5.50%, 7/1/33, Continuously Callable @100 | 1,000,000 | 1,073,480 | ||||||
| 5.50%, 7/1/38, Continuously Callable @100 | 1,250,000 | 1,337,325 | ||||||
| 6,629,520 | ||||||||
| Indiana (3.2%): | ||||||||
| Indiana Finance Authority Revenue Bonds | ||||||||
| 4.13%, 12/1/26 | 1,000,000 | 1,097,720 | ||||||
| Series A, 5.00%, 7/1/55, Continuously Callable @100 | 500,000 | 563,085 | ||||||
| 1,660,805 | ||||||||
| Iowa (2.2%): | ||||||||
| Iowa Finance Authority Revenue Bonds | ||||||||
| Series A, 5.00%, 5/15/48, Continuously Callable @100 | 500,000 | 574,435 | ||||||
| Series A-1, 4.00%, 5/15/55, Continuously Callable @103 | 500,000 | 543,450 | ||||||
| 1,117,885 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Income Municipal Bond Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Maryland (0.5%): | ||||||||
| Maryland Economic Development Corp. Revenue Bonds, 4.25%, 7/1/50, Continuously Callable @100 | $ | 200,000 | $ | 230,032 | ||||
| Massachusetts (2.3%): | ||||||||
| Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a) | 300,000 | 323,520 | ||||||
| Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J | ||||||||
| Series 2011, 5.63%, 7/1/28, Continuously Callable @100 (b) | 235,000 | 235,204 | ||||||
| Series 2011, 5.63%, 7/1/29, Continuously Callable @100 (b) | 480,000 | 480,418 | ||||||
| Series 2011, 5.63%, 7/1/33, Continuously Callable @100 (b) | 120,000 | 120,104 | ||||||
| 1,159,246 | ||||||||
| Minnesota (0.8%): | ||||||||
| City of Woodbury Revenue Bonds, 4.00%, 7/1/51, Continuously Callable @103 | 400,000 | 431,692 | ||||||
| Missouri (1.1%): | ||||||||
| Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (a) | 500,000 | 544,910 | ||||||
| New Hampshire (2.6%): | ||||||||
| New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103 | 500,000 | 540,250 | ||||||
| New Hampshire Business Finance Authority Revenue Bonds, Series B, 3.75%, 7/1/45, (Put Date 7/02/40), Callable 7/1/25 @ 100 (a)(d) | 750,000 | 793,658 | ||||||
| 1,333,908 | ||||||||
| New Jersey (6.4%): | ||||||||
| New Jersey Economic Development Authority Revenue Bonds, Series S, 4.00%, 6/15/50, Continuously Callable @100 | 450,000 | 514,210 | ||||||
| New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series 2015 WW, 5.25%, 6/15/32, Continuously Callable @100 (b) | 1,000,000 | 1,154,840 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue Bonds, Series A, 5.00%, 7/1/33, Continuously Callable @100 | 500,000 | 592,350 | ||||||
| New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.75%, 12/1/28, Continuously Callable @100 | 495,000 | 498,500 | ||||||
| New Jersey Transportation Trust Fund Authority Revenue Bonds, Series BB, 3.50%, 6/15/46, Continuously Callable @100 | 500,000 | 537,310 | ||||||
| 3,297,210 | ||||||||
| New Mexico (1.1%): | ||||||||
| New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102 | 500,000 | 561,085 | ||||||
| New York (9.9%): | ||||||||
| Build NYC Resource Corp. Revenue Bonds | ||||||||
| 4.00%, 6/15/51, Continuously Callable @100 | 500,000 | 539,630 | ||||||
| Series A, 5.00%, 6/15/51, Continuously Callable @100 (a) | 100,000 | 117,527 | ||||||
| Huntington Local Development Corp. Revenue Bonds, Series S, 3.00%, 7/1/25 | 500,000 | 517,440 | ||||||
| Metropolitan Transportation Authority Revenue, Series A-2, 5.00%, 11/15/45, (Put Date 05/15/30) (d) | 365,000 | 464,408 | ||||||
| Metropolitan Transportation Authority Revenue Bonds, Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 500,000 | 558,870 | ||||||
| New York State Dormitory Authority Revenue Bonds | ||||||||
| 6.00%, 7/1/40, Continuously Callable @100 (a) | 1,000,000 | 1,009,080 | ||||||
| 4.00%, 7/1/40, Continuously Callable @100 | 200,000 | 221,076 | ||||||
| New York Transportation Development Corp. Revenue Bonds, 5.00%, 10/1/40, Continuously Callable @100 | 750,000 | 918,285 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Income Municipal Bond Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100 | $ | 250,000 | $ | 270,202 | ||||
| Western Regional Off-Track Betting Corp. Revenue Bonds, 4.13%, 12/1/41, Continuously Callable @100 (a) | 500,000 | 500,040 | ||||||
| 5,116,558 | ||||||||
| North Carolina (3.5%): | ||||||||
| North Carolina Medical Care Commission Revenue Bonds, 5.00%, 10/1/50, Continuously Callable @103 | 250,000 | 283,225 | ||||||
| University of North Carolina Hill Revenue Bonds, 5.00%, 2/1/49 | 1,000,000 | 1,528,820 | ||||||
| 1,812,045 | ||||||||
| North Dakota (2.0%): | ||||||||
| Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue Bonds, 5.00%, 12/1/36, Continuously Callable @100 | 1,000,000 | 1,031,220 | ||||||
| Ohio (3.7%): | ||||||||
| Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 | 1,000,000 | 1,132,720 | ||||||
| County of Hardin Revenue Bonds, 5.50%, 5/1/50, Continuously Callable @103 | 500,000 | 538,220 | ||||||
| Northeast Ohio Medical University Revenue Bonds, Series A, 4.00%, 12/1/45, Continuously Callable @100 | 225,000 | 249,989 | ||||||
| 1,920,929 | ||||||||
| Oklahoma (0.0%):(e) | ||||||||
| Oklahoma Development Finance Authority Continuing Care Retirement Community Revenue Bonds, Series 2012, 6.00%, 1/1/32, Continuously Callable @100 (f)(g) | 1,885,000 | 22,252 | ||||||
| Oregon (1.8%): | ||||||||
| Clackamas County Hospital Facility Authority Revenue Bonds | ||||||||
| Series A, 5.00%, 11/15/52, Continuously Callable @102 | 500,000 | 546,060 | ||||||
| Series A, 5.38%, 11/15/55, Continuously Callable @102 | 100,000 | 109,180 | ||||||
| Yamhill County Hospital Authority Revenue Bonds, Series A, 5.00%, 11/15/51, Continuously Callable @103 | 250,000 | 285,800 | ||||||
| 941,040 | ||||||||
| Pennsylvania (2.3%): | ||||||||
| Bucks County IDA Revenue Bonds, 5.00%, 7/1/54, Continuously Callable @100 | 500,000 | 591,855 | ||||||
| Pennsylvania Economic Development Financing Authority Revenue Bonds, 9.00%, 4/1/51, (Put Date 4/13/28) (a)(d) | 500,000 | 613,865 | ||||||
| 1,205,720 | ||||||||
| South Carolina (3.4%): | ||||||||
| Lancaster County, Walnut Creek Improvement District Assessment Refunding Revenue Bonds, Series 2016 A-1, 5.00%, 12/1/37, Continuously Callable @100 | 1,675,000 | 1,769,169 | ||||||
| South Dakota (1.1%): | ||||||||
| Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22, Callable 11/8/21 @ 100 (a) | 545,000 | 545,834 | ||||||
| Texas (6.3%): | ||||||||
| City of Houston TX Airport System Revenue Bonds, Series C, 4.00%, 7/15/41, Continuously Callable @100 | 500,000 | 531,170 | ||||||
| Port of Port Arthur Navigation District Revenue Bonds | ||||||||
| Series B, 0.12%, 4/1/40, Continuously Callable @100 (c) | 300,000 | 300,000 | ||||||
| Series C, 0.13%, 4/1/40, Continuously Callable @100 (c) | 1,300,000 | 1,300,000 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, NTE Mobility Partners Segments 3 LLC - Segments 3A & 3B Facility, Series 2013, 7.00%, 12/31/38, Continuously Callable @100 | 1,000,000 | 1,120,970 | ||||||
| 3,252,140 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Income Municipal Bond Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Utah (6.8%): | ||||||||
| Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a) | $ | 1,308,378 | $ | 1,312,866 | ||||
| Military Installation Development Authority Revenue Bonds, Series A-1, 4.00%, 6/1/52, Continuously Callable @103 | 250,000 | 253,612 | ||||||
| Utah Charter School Finance Authority Revenue Bonds, 2.75%, 4/15/50, Continuously Callable @100 | 525,000 | 530,418 | ||||||
| Utah Infrastructure Agency Revenue Bonds, Series A, 5.38%, 10/15/40, Continuously Callable @100 | 1,150,000 | 1,377,056 | ||||||
| 3,473,952 | ||||||||
| Vermont (1.6%): | ||||||||
| Vermont Economic Development Authority Revenue Bonds, 4.00%, 5/1/45, Continuously Callable @103 (h) | 500,000 | 535,775 | ||||||
| Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100 | 250,000 | 281,530 | ||||||
| 817,305 | ||||||||
| West Virginia (2.3%): | ||||||||
| The County Commission of Monongalia County, WV Special District Excise Tax Revenue Bonds, Series 2017 A, 5.75%, 6/1/43, Continuously Callable @100 (a) | 1,000,000 | 1,156,240 | ||||||
| Wisconsin (2.1%): | ||||||||
| Public Finance Authority Revenue Bonds | ||||||||
| Series A, 5.25%, 3/1/55, Continuously Callable @100 (a) | 500,000 | 561,720 | ||||||
| Series A, 5.00%, 7/1/55 (a) | 500,000 | 540,700 | ||||||
| 1,102,420 | ||||||||
| Total Municipal Bonds (Cost $46,857,969) | 49,813,819 | |||||||
| Exchange-Traded Funds (2.4%) | ||||||||
| VanEck Vectors High-Yield Municipal Index ETF | 20,000 | 1,249,600 | ||||||
| Total Exchange-Traded Funds (Cost $1,192,739) | 1,249,600 | |||||||
| Total Investments (Cost $48,050,708) — 99.2% | 51,063,419 | |||||||
| Other assets in excess of liabilities — 0.8% | 412,665 | |||||||
| NET ASSETS - 100.00% | $ | 51,476,084 | ||||||
| (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 September 30, 2021, the fair value of these securities was $10,082,915 and amounted to 19.6% of net assets. |
| (b) | All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis. |
| (c) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Put Bond. |
| (e) | Amount represents less than 0.05% of net assets. |
| (f) | Defaulted security. |
| (g) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.0% of net assets. |
| (h) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
| ETF—Exchange-Traded Fund |
| IDA—Industrial Development Authority |
| LLC—Limited Liability Company |
|
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 highquality 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. |
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory Floating Rate Fund | September 30, 2021 | |
| (Unaudited) |
| Security Description | Shares or Principal Amount | Value | ||||||
| Warrants (0.0%)(a) | ||||||||
| Communication Services (0.0%):(a) | ||||||||
| Cineworld | 377,856 | $ | 187,330 | |||||
| Total Warrants (Cost $–) | 187,330 | |||||||
| Senior Secured Loans (82.7%) | ||||||||
| 84 Lumber Co., Term B-1 Loans, First Lien, 3.75% (LIBOR01M+300bps), 11/13/26 (b) | $ | 16,939,937 | 16,953,997 | |||||
| AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 5.50% (LIBOR03M+475bps), 4/20/28 (b) | 17,000,000 | 17,568,990 | ||||||
| Academy Ltd., Refinancing Term Loans, First Lien, 4.50% (LIBOR01M+375bps), 11/6/27 (b) | 8,216,250 | 8,224,466 | ||||||
| ACProducts, Inc. Initial Term Loans, First Lien, 4.75% (LIBOR06M+425bps), 5/17/28 (b) | 26,000,000 | 25,939,680 | ||||||
| Acrisure LLC, 2021-1 Additional Term Loans, First Lien, 3.85% (LIBOR02M+375bps), 2/15/27 (b) | 1,500,000 | 1,493,130 | ||||||
| Acrisure LLC, Term Loan B 2020, First Lien, 3.61% (LIBOR02M+350bps), 2/15/27 (b) | 15,335,566 | 15,178,990 | ||||||
| Air Canada, Term Loan, First Lien, 4.25% (LIBOR06M+350bps), 7/27/28 (b) | 20,500,000 | 20,568,265 | ||||||
| Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 3/14/25 (c)(d) | 3,000,000 | 3,009,000 | ||||||
| Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25% (LIBOR06M+425bps), 3/14/25 (b) | 4,886,076 | 4,900,734 | ||||||
| Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (b)(d) | 13,872,128 | 13,744,226 | ||||||
| Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 4.25% (LIBOR03M+350bps), 10/8/27 (b) | 13,398,620 | 13,410,545 | ||||||
| Alliant Holdings Intermediate LLC, 2020 New Term Loan, First Lien, 4.25% (LIBOR01M+375bps), 11/6/27 (b) | 1,197,481 | 1,197,816 | ||||||
| American Axle & Manufacturing, Inc., Term Loan B, First Lien, 3.00% (LIBOR01M+225bps), 4/6/24 (b) | 4,736,505 | 4,721,395 | ||||||
| Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 3.63% (LIBOR01M+350bps), 3/23/25 (b) | 7,716,670 | 7,604,161 | ||||||
| Anchor Packaging LLC, Initial Term Loans, First Lien, 4.08% (LIBOR01M+400bps), 7/18/26 (b) | 8,918,102 | 8,901,426 | ||||||
| AOT Packaging Products Acquisitionco LLC, Closing Date Initial Term Loans, First Lien, 3.75% (LIBOR01M+325bps), 3/3/28 (b) | 8,571,920 | 8,519,460 | ||||||
| AOT Packaging Products Acquisitionco LLC, Delayed Draw Term Loan Commitment, First Lien, 3.75% (LIBOR01M+325bps), 1/29/28 (b)(d) | 2,153,022 | 2,139,846 | ||||||
| Apex Tool Group LLC, 2019 Term Loan B, First Lien, 6.50% (LIBOR01M+525bps), 8/21/24 (b) | 1,986,928 | 1,987,425 | ||||||
| At Home Group, Inc., Initial Term Loan, First Lien, 4.75% (LIBOR03M+425bps), 7/23/28 (b) | 12,000,000 | 12,015,000 | ||||||
| AT Home Group, Inc., Term Loan B, First Lien, 7/23/28 (c)(d) | 7,000,000 | 7,008,750 | ||||||
| AthenaHealth, Inc., Additional Term B-1, First Lien, 4.38% (LIBOR03M+425bps), 2/11/26 (b) | 12,468,750 | 12,493,688 | ||||||
| Blount International, Inc., Initial Term Loan Repricing, First Lien, 4.75% (LIBOR01M+375bps), 4/12/23 (b) | 5,791,238 | 5,796,392 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Boyd Gaming Corp., Refinancing Term B Loans, First Lien, 2.32% (LIBOR01M+225bps), 9/15/23 (b) | $ | 11,742,586 | $ | 11,724,268 | ||||
| Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR03M+425bps), 6/21/24 (b) | 7,683,346 | 7,609,970 | ||||||
| Brookfield Property REIT, Inc., Initial Term B Loans, First Lien, 2.58% (LIBOR01M+250bps), 8/24/25 (b) | 9,948,847 | 9,822,696 | ||||||
| BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 9.12% (LIBOR03M+900bps), 5/15/26 (b) | 3,000,000 | 1,800,000 | ||||||
| Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.58% (LIBOR01M+350bps), 6/19/25 (b) | 7,947,462 | 7,950,323 | ||||||
| Calpine Corp., 2020 Term Loans, First Lien, 2.59% (LIBOR01M+250bps), 12/16/27 (b) | 2,980,143 | 2,972,186 | ||||||
| Chassix, Inc., Term Loan B, First Lien, 6.50% (LIBOR06M+550bps), 11/10/23 (b) | 3,845,416 | 3,778,121 | ||||||
| CLARIOS GLOBAL LP, Term B-1, First Lien, 3.33% (LIBOR01M+325bps), 4/30/26 (b) | 8,234,783 | 8,193,609 | ||||||
| Consolidated Communications, Inc., 2020 Term B-1, First Lien, 4.25% (LIBOR01M+350bps), 10/2/27 (b) | 7,644,610 | 7,648,202 | ||||||
| Cornerstone Building Brands, Inc., New Term Loan B, First Lien, 3.75% (LIBOR01M+325bps), 4/12/28 (b) | 16,770,406 | 16,714,560 | ||||||
| CP Atlas Buyer, Inc., Term B Loans, First Lien, 11/23/27 (c)(d) | 3,200,000 | 3,188,000 | ||||||
| CP ATLAS BUYER, Inc., Term B Loans, First Lien, 4.25% (LIBOR03M+375bps), 11/23/27 (b)(d) | 26,952,500 | 26,851,428 | ||||||
| CPM Holdings, Inc., Initial Term Loans, First Lien, 3.59% (LIBOR01M+350bps), 11/17/25 (b) | 2,924,996 | 2,905,983 | ||||||
| CPM Holdings, Inc., Initial Term Loans, Second Lien, 8.34% (LIBOR01M+825bps), 11/16/26 (b) | 1,595,960 | 1,568,030 | ||||||
| Cumulus Media New Holdings, Inc., Initial Term Loan, First Lien, 4.75% (LIBOR03M+375bps), 3/31/26 (b)(d) | 10,279,979 | 10,254,279 | ||||||
| Dayco Products LLC, Term Loans, First Lien, 4.37% (LIBOR03M+425bps), 5/19/24 (b) | 7,660,000 | 7,430,200 | ||||||
| Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 3.50% (LIBOR01M+250bps), 2/1/24 (b) | 18,000,000 | 17,932,500 | ||||||
| DELTA AIR LINES, Inc. and SKYMILES IP Ltd., Initial Term Loan, First Lien, 4.75% (LIBOR03M+375bps), 9/16/27 (b) | 7,500,000 | 7,972,050 | ||||||
| DELTA AIR LINES, Inc. and SKYMILES IP Ltd., Initial Term Loan, First Lien, 10/20/27 (c) | 8,411,595 | 8,941,021 | ||||||
| Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.65% (LIBOR03M+350bps), 4/8/26 (b) | 5,519,394 | 5,393,497 | ||||||
| Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75% (LIBOR03M+500bps), 3/11/28 (b) | 16,571,729 | 16,175,830 | ||||||
| ENTERCOM MEDIA Corp., New Term Loan, First Lien, 2.59% (LIBOR01M+250bps), 11/17/24 (b) | 19,862,888 | 19,552,630 | ||||||
| Eyemart Express LLC, Term B-1 Loan, First Lien, 4.00% (LIBOR01M+300bps), 8/5/27 (b) | 15,000,000 | 14,956,200 | ||||||
| First Brands Group LLC, 2021 Term Loans, First Lien, 6.00% (LIBOR03M+500bps), 3/24/27 (b) | 4,987,500 | 5,032,388 | ||||||
| Forterra Finance LLC, Replacement Term Loan, First Lien, 4.00% (LIBOR01M+300bps), 10/25/23 (b) | 16,464,102 | 16,451,260 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Froneri International Ltd., Facility B2 Loan, First Lien, 2.33% (LIBOR01M+225bps), 1/31/27 (b) | $ | 6,934,962 | $ | 6,848,275 | ||||
| Frontier Communications Corp., DIP Term Loan, First Lien, 4.50% (LIBOR03M+375bps), 10/8/27 (b) | 9,975,000 | 9,953,155 | ||||||
| Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 3.25% (LIBOR01M+250bps), 3/31/27 (b) | 10,984,115 | 10,960,829 | ||||||
| Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.75% (LIBOR06M+475bps), 10/2/25 (b) | 10,964,975 | 10,997,870 | ||||||
| Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25% (LIBOR02M+250bps), 10/4/23 (b) | 11,024,589 | 10,966,490 | ||||||
| Graham Packaging Co., Inc., New Term Loans, First Lien, 3.75% (LIBOR01M+300bps), 8/4/27 (b) | 15,817,983 | 15,800,425 | ||||||
| Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00% (LIBOR03M+425bps), 3/5/28 (b) | 19,915,000 | 19,974,745 | ||||||
| Gulf Finance LLC, Term Loan B, First Lien, 6.25% (LIBOR01M+525bps), 8/25/23 (b) | 2,899,245 | 2,782,058 | ||||||
| Hertz Corp. (The), Initial Term B Loans, First Lien, 4.00% (LIBOR01M+350bps), 6/30/28 (b) | 27,135,922 | 27,140,264 | ||||||
| Hertz Corp. (The), Initial Term C Loan, First Lien, 4.00% (LIBOR01M+350bps), 6/30/28 (b) | 5,114,078 | 5,114,896 | ||||||
| Hillman Group, Inc. (The), Initial Term Loans, First Lien, 3.25% (LIBOR01M+275bps), 7/14/28 (b) | 6,694,093 | 6,684,052 | ||||||
| Hillman Group, Inc., Delayed Draw Term loan, First Lien, 3.25% (LIBOR01M+275bps), 2/24/28 (b)(d) | 827,004 | 825,764 | ||||||
| Hillman Group, Inc., Term Loan B1, First Lien, 2/24/28 (c)(d) | 1,202,532 | 1,200,728 | ||||||
| Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.13% (LIBOR03M+500bps), 10/26/25 (b) | 7,045,765 | 7,048,725 | ||||||
| Hub International Ltd., Term Loan B, First Lien, 2.88% (LIBOR03M+275bps), 4/25/25 (b) | 10,259,615 | 10,155,993 | ||||||
| iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 3.75% (LIBOR01M+325bps), 5/1/26 (b) | 6,975,912 | 6,972,424 | ||||||
| iHeartCommunications, Inc., Term Loans, First Lien, 3.08% (LIBOR01M+300bps), 5/1/26 (b)(d) | 30,258,671 | 30,025,377 | ||||||
| Ineos U.S Petrochem LLC, 2026 Tranche B Dollar Term Loans, First Lien, 3.25% (LIBOR01M+275bps), 1/29/26 (b) | 8,000,000 | 8,000,000 | ||||||
| Ingram Micro Inc, Initial Term Loan, First Lien, 4.00% (LIBOR02M+350bps), 6/30/28 (b) | 3,500,000 | 3,507,000 | ||||||
| Innio North America Holding, Inc., Facility B USD, First Lien, 2.89% (LIBOR03M+275bps), 11/6/25 (b) | 8,893,785 | 8,702,035 | ||||||
| Insulet Corp., Term Loan B, First Lien, 3.75% (LIBOR01M+325bps), 5/3/28 (b) | 4,000,000 | 4,006,680 | ||||||
| Intelsat Jackson Holdings S.A.,Term B-3, First Lien, 8.00% (PRIME+475bps), 11/27/23 (b) | 11,750,000 | 11,880,072 | ||||||
| Janus International Group LLC Amendment No 3, Refinancing Term Loans, First Lien, 4.25% (LIBOR03M+325bps), 2/15/25 (b) | 12,652,388 | 12,652,388 | ||||||
| Jo-Ann Stores, LLC, Term B-1 Loan, First Lien, 5.50% (LIBOR03M+475bps), 6/30/28 (b) | 22,500,000 | 21,847,500 | ||||||
| Kindred Healthcare LLC, Term Loan New, First Lien, 4.63% (LIBOR01M+450bps), 7/2/25 (b) | 15,825,338 | 15,825,337 | ||||||
| LABL, Inc., Term B USD Facility, First Lien, 4.08% (LIBOR01M+400bps), 7/2/26 (b) | 6,409,636 | 6,401,624 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| LBM Acquisition LLC, Initial Delayed Draw Term Loan Commitment, First Lien, 12/8/27 (c)(d) | $ | 1,939,394 | $ | 1,920,000 | ||||
| LBM Acquisition LLC, Initial Term Loan, First Lien, 12/17/27 (c)(d) | 9,090,909 | 9,000,000 | ||||||
| LBM Acquisition LLC, Initial Term Loan, First Lien, 4.50% (LIBOR03M+375bps), 12/17/27 (b) | 10,612,500 | 10,506,375 | ||||||
| Leslie's Poolmart, Inc., Term Loan B, First Lien, 3.25% (LIBOR03M+275bps), 3/9/28 (b) | 20,541,626 | 20,451,859 | ||||||
| Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75% (LIBOR03M+475bps), 12/15/24 (b)(d) | 28,704,376 | 28,901,862 | ||||||
| Lifepoint Health, Inc., Term B Loans, First Lien, 3.83% (LIBOR01M+375bps), 11/16/25 (b) | 11,474,536 | 11,453,079 | ||||||
| LifeScan Global Corp., Initial Term Loan, First Lien, 6.15% (LIBOR03M+600bps), 10/1/24 (b)(d) | 23,710,356 | 23,492,932 | ||||||
| LifeScan Global Corp., Initial Term Loan, Second Lien, 9.65% (LIBOR03M+950bps), 6/19/25 (b)(d) | 3,750,000 | 3,536,737 | ||||||
| Lower Cadence Holdings LLC, Initial Term Loans, First Lien, 4.08% (LIBOR01M+400bps), 5/22/26 (b) | 6,982,128 | 6,973,400 | ||||||
| Lsf11 A5 Holdco LLC, 9/30/28 (c)(d) | 9,000,000 | 8,910,000 | ||||||
| Lucid Energy Group II Borrower LLC, Initial Term Loan, First Lien, 4.00% (LIBOR01M+300bps), 2/18/25 (b)(d) | 12,974,227 | 12,818,536 | ||||||
| Madison IAQ LLC, Initial Term Loans, First Lien, 3.75% (LIBOR06M+325bps), 6/16/28 (b) | 20,500,000 | 20,465,765 | ||||||
| Majordrive Holdings IV LLC, Initial term Loans, First Lien, 4.50% (LIBOR03M+400bps), 6/1/28 (b) | 3,750,000 | 3,755,850 | ||||||
| McGraw-Hill Education, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR01M+475bps), 7/30/28 (b) | 9,000,000 | 9,019,260 | ||||||
| Medline Industries, Inc., Bridge Term, First Lien, 8/4/22 (c)(d) | 13,884,615 | 13,884,615 | ||||||
| Medline Industries, Inc., Bridge, First Lien, 8/4/22 (c)(d)(e) | 14,615,385 | 14,615,385 | ||||||
| Men's Wearhouse, Inc., Term loan, First Lien (c) | 51,299 | 73,101 | ||||||
| Meredith Corp., Term B-2 Facility, First Lien, 2.58% (LIBOR01M+250bps), 1/31/25 (b) | 13,400,000 | 13,365,562 | ||||||
| Meredith Corp., Tranche B-3 Term Loans, First Lien, 5.25% (LIBOR03M+425bps), 1/31/25 (b) | 16,396,548 | 16,724,479 | ||||||
| MHI Holdings LLC, Initial Term Loans, First Lien, 5.08% (LIBOR01M+500bps), 9/20/26 (b) | 8,879,857 | 8,917,596 | ||||||
| Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25% (LIBOR03M+525bps), 6/20/27 (b) | 16,000,000 | 16,990,080 | ||||||
| Momentive Performance Materials, Inc., Initial Dollar Term Loan, First Lien, 3.34% (LIBOR01M+325bps), 5/15/24 (b) | 5,696,197 | 5,683,723 | ||||||
| Navicure, Inc., Initial Term Loans, First Lien, 4.08% (LIBOR01M+400bps), 10/23/26 (b) | 10,943,511 | 10,943,511 | ||||||
| NorthRiver Midstream Finance LP, Initial Term Loan B, First Lien, 3.39% (LIBOR03M+325bps), 10/1/25 (b) | 5,964,142 | 5,948,397 | ||||||
| Organon & Co., Dollar Term Loan, First Lien, 3.50% (LIBOR06M+300bps), 6/2/28 (b) | 10,000,000 | 10,016,100 | ||||||
| Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien, 3.08% (LIBOR01M+300bps), 5/22/25 (b) | 5,097,949 | 5,091,577 | ||||||
| Packaging Coordinators Midco, Inc., Term B Loans, First Lien, 4.25% (LIBOR01M+350bps), 12/1/27 (b) | 9,476,250 | 9,482,220 | ||||||
| Park River Holdings, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 1/20/28 (b) | 9,975,000 | 9,931,409 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Peraton Corp., Term Loan B, First Lien, 4.50% (LIBOR01M+375bps), 2/1/28 (b) | $ | 11,471,250 | $ | 11,473,085 | ||||
| Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 2/25/28 (b) | 33,286,625 | 33,274,642 | ||||||
| PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (b) | 17,750,000 | 17,775,382 | ||||||
| PG&E Corp., Term Loan, First Lien, 3.50% (LIBOR03M+300bps), 6/23/25 (b) | 10,904,925 | 10,710,708 | ||||||
| Polaris Newco LLC, Dollar Term Loan, First Lien, 8/11/28 (c)(d) | 20,000,000 | 20,037,600 | ||||||
| Presidio Holdings, Inc., Term Loan B, First Lien, 3.63% (LIBOR03M+350bps), 12/19/26 (b) | 3,979,899 | 3,971,184 | ||||||
| Radiology Partners, Inc., Term Loan New, First Lien, 4.33% (LIBOR01M+425bps), 7/9/25 (b)(d) | 17,701,802 | 17,679,675 | ||||||
| Rent-A-Center, Facility Term Loan B2, First Lien, 3.75% (LIBOR01M+325bps), 2/17/28 (b) | 8,179,500 | 8,199,949 | ||||||
| Revint Intermediate II LLC, Initial Term Loans, First Lien, 5.75% (LIBOR01M+500bps), 10/15/27 (b) | 9,975,000 | 10,015,498 | ||||||
| Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 3.33% (LIBOR01M+325bps), 2/16/26 (b) | 6,965,000 | 6,912,763 | ||||||
| Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 4.25% (LIBOR01M+375bps), 8/5/28 (b) | 7,500,000 | 7,503,750 | ||||||
| Rising Tide Holdins, Inc., Initial Term Loan, First Lien, 5.50% (LIBOR01M+475bps), 6/1/28 (b) | 6,000,000 | 6,027,480 | ||||||
| Robertshaw U.S. Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 9.00% (LIBOR01M+800bps), 2/15/26 (b) | 4,000,000 | 3,450,000 | ||||||
| Robertshaw U.S. Holding Corp., Term Loan B, First Lien, 4.50% (LIBOR01M+350bps), 2/28/25 (b) | 6,404,125 | 6,195,991 | ||||||
| Ryan Specialty Group LLC, Term Loan, First Lien, 3.75% (LIBOR01M+300bps), 9/1/27 (b) | 7,947,462 | 7,939,515 | ||||||
| Sabert Corp., Initial Term Loans, First Lien, 5.50% (LIBOR01M+450bps), 12/10/26 (b) | 7,761,889 | 7,771,591 | ||||||
| Scientific Games International, Inc., Term Loan B-5, First Lien, 2.83% (LIBOR01M+275bps), 8/14/24 (b) | 7,958,869 | 7,920,109 | ||||||
| Sedgwick Claims Management Services, Inc., Initial Term Loans, First Lien, 3.33% (LIBOR01M+325bps), 12/31/25 (b) | 4,987,212 | 4,945,918 | ||||||
| Sinclair Television Group, Inc., Term Loan B-3, First Lien, 3.09% (LIBOR01M+300bps), 3/25/28 (b) | 5,000,000 | 4,942,500 | ||||||
| SIWF Holdings, Inc., Initial Term Loan, First Lien, 4.33% (LIBOR01M+425bps), 6/15/25 (b) | 11,821,306 | 11,821,306 | ||||||
| SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.58% (LIBOR01M+850bps), 5/26/26 (b) | 1,500,000 | 1,500,000 | ||||||
| Sparta US Holdco LLC, Initial Term Loan, First Lien, 4.25% (LIBOR03M+350bps), 4/30/28 (b) | 4,000,000 | 4,005,000 | ||||||
| Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00% (LIBOR01M+900bps), 12/23/25 (b) | 5,594,595 | 6,073,660 | ||||||
| Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00% (LIBOR01M+900bps), 12/23/25 (b) | 405,405 | 440,120 | ||||||
| SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.25% (LIBOR06M+375bps), 5/20/28 (b) | 14,500,000 | 14,493,910 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.65% (LIBOR03M+350bps), 4/8/26 (b) | $ | 2,967,416 | $ | 2,899,729 | ||||
| Station Casinos LLC, Term B-1 Facility Loans, First Lien, 2.50% (LIBOR01M+225bps), 2/8/27 (b) | 14,428,757 | 14,282,161 | ||||||
| Surgery Center Holdings, Inc., 2021 New Term Loans, First Lien, 4.50% (LIBOR01M+375bps), 8/31/26 (b) | 12,505,681 | 12,517,811 | ||||||
| SWF Holdings Corp., TLB, First Lien, 9/17/28 (c)(d) | 34,250,000 | 33,971,890 | ||||||
| Tailwind Smith Cooper Intermediate Corp., Initial Term Loans, Second Lien, 9.09% (LIBOR01M+900bps), 5/28/27 (b) | 3,000,000 | 2,810,430 | ||||||
| Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR01M+275bps), 2/6/24 (b) | 17,597,883 | 17,113,942 | ||||||
| Tenneco, Inc., Tranche B Term Loan, First Lien, 3.08% (LIBOR01M+300bps), 10/1/25 (b) | 15,638,908 | 15,485,804 | ||||||
| The Men's Wearhouse LLC, Term Loan, First Lien, 9.00% (LIBOR03M+800bps), 12/1/25 (b) | 2,765,859 | 2,303,960 | ||||||
| The Michaels Cos., Inc., Term B Loans, First Lien, 5.00% (LIBOR01M+425bps), 4/15/28 (b) | 26,000,000 | 26,011,700 | ||||||
| Thor Industries, Inc., Term B-1, First Lien, 3.13% (LIBOR01M+300bps), 2/1/26 (b) | 8,753,496 | 8,742,554 | ||||||
| Titan Acquisition Ltd., Initial Term Loan, First Lien, 3.17% (LIBOR06M+300bps), 3/28/25 (b) | 13,794,746 | 13,534,577 | ||||||
| TransDigm, Inc., Tranche F Refinancing Term Loan, First Lien, 2.33% (LIBOR01M+225bps), 12/9/25 (b) | 14,931,799 | 14,745,152 | ||||||
| Traverse Midstream Partners LLC, Advance, First Lien, 6.50% (LIBOR01M+550bps), 9/27/24 (b) | 7,815,362 | 7,815,362 | ||||||
| Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 7/29/28 (c)(d) | 559,006 | 559,588 | ||||||
| Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 7/29/28 (c)(d) | 3,940,994 | 3,945,092 | ||||||
| Triton Water Holdings, Inc., Initial Term Loan, First Lien, 3/31/28 (c)(d) | 5,000,000 | 4,990,650 | ||||||
| TRUCK HERO, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR01M+325bps), 1/20/28 (b)(d) | 18,977,500 | 18,926,071 | ||||||
| Twin River Worldwide Holdings, INC., Term Loan B, First Lien, 8/6/28 (c)(d) | 15,000,000 | 14,989,650 | ||||||
| U.S. Renal Care, Inc., Initial Term Loan, First Lien, 5.13% (LIBOR01M+500bps), 7/26/26 (b)(d) | 19,375,641 | 19,333,209 | ||||||
| United Airlines, Inc., Class B Term Loans, First Lien, 4/21/28 (c)(d) | 5,000,000 | 5,030,700 | ||||||
| United Airlines, Inc., Class B Term Loans, First Lien, 4.50% (LIBOR03M+375bps), 4/21/28 (b) | 9,975,000 | 10,036,247 | ||||||
| Univision Communications, Inc., 2021 Replacement New First-Lien Term, First Lien, 4.00% (LIBOR01M+325bps), 3/24/26 (b) | 11,842,808 | 11,821,372 | ||||||
| Univision Communications, Inc., Term Loan B, First Lien, 5/7/28 (c)(d) | 3,500,000 | 3,491,880 | ||||||
| Upstream Rehabilitation, August 2021 Incremental TL, First Lien, 4.33% (LIBOR01M+425bps), 11/20/26 (b) | 5,000,000 | 4,996,900 | ||||||
| USI, Inc., 2017 New Term Loans, First Lien, 3.15% (LIBOR01M+300bps), 5/16/24 (b) | 12,687,393 | 12,594,521 | ||||||
| Utz Quality Foodz LLC, 2021 New Term Loans, First Lien, 3.08% (LIBOR01M+300bps), 1/20/28 (b) | 7,960,003 | 7,945,118 | ||||||
| Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 4.08% (LIBOR01M+400bps), 8/27/25 (b) | 7,877,731 | 7,884,269 | ||||||
| Vertex Aerospace Services Corp., Term Loan, First Lien, 4.08% (LIBOR01M+400bps), 6/29/27 (b) | 6,907,688 | 6,886,136 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Victoria's Secret & Co, Initial Term Loans, First Lien, 3.75% (LIBOR03M+325bps), 8/2/28 (b) | $ | 3,000,000 | $ | 2,988,750 | ||||
| Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00% (LIBOR01M+325bps), 10/30/27 (b) | 13,487,369 | 13,510,972 | ||||||
| Welbilt, Inc., Facility Term Loan, First Lien, 2.58% (LIBOR01M+250bps), 10/23/25 (b) | 15,000,000 | 14,950,050 | ||||||
| WestJet Airlines Ltd., Initial Term Loan, First Lien, 4.00% (LIBOR06M+300bps), 12/11/26 (b) | 9,949,495 | 9,699,663 | ||||||
| Whatabrands LLC, Initial Term B Loans, First Lien, 3.75% (LIBOR01M+325bps), 7/21/28 (b) | 4,000,000 | 3,994,080 | ||||||
| WHITE CAP BUYER LLC, Initial Closing Date Term Loan, First Lien, 4.50% (LIBOR01M+400bps), 10/19/27 (b) | 11,423,700 | 11,449,632 | ||||||
| WireCo WorldGroup, Inc., Term Loans, First Lien, 6.00% (LIBOR06M+500bps), 9/30/23 (b) | 9,710,821 | 9,706,742 | ||||||
| WP CPP Holdings LLC, Term Loan, Second Lien, 8.75% (LIBOR03M+775bps), 4/30/26 (b) | 2,000,000 | 1,966,880 | ||||||
| WP CPP Holdings LLC, Term Loans, First Lien, 4.75% (LIBOR03M+375bps), 4/30/25 (b) | 9,863,721 | 9,583,197 | ||||||
| Total Senior Secured Loans (Cost $1,660,802,810) | 1,663,942,506 | |||||||
| Corporate Bonds (15.0%) | ||||||||
| Communication Services (2.9%): | ||||||||
| Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88 (f) | 2,000,000 | 2,046,580 | ||||||
| CSC Holdings LLC, 6.50%, 2/1/29, Callable 2/1/24 @ 103.25 (f) | 5,000,000 | 5,414,850 | ||||||
| Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38 (f) | 10,997,000 | 11,383,984 | ||||||
| Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (f) | 8,460,000 | 8,882,408 | ||||||
| iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19 | 3,000,000 | 3,204,780 | ||||||
| Nexstar Broadcasting, Inc., 4.75%, 11/1/28, Callable 11/1/23 @ 102.38 (f) | 5,000,000 | 5,186,250 | ||||||
| Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (f)(g) | 15,350,000 | 15,221,060 | ||||||
| Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31 (f) | 6,500,000 | 7,049,770 | ||||||
| 58,389,682 | ||||||||
| Consumer Discretionary (4.2%): | ||||||||
| Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103 (f) | 2,000,000 | 2,158,840 | ||||||
| Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (f) | 8,000,000 | 8,408,320 | ||||||
| Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56 (f) | 6,000,000 | 5,958,120 | ||||||
| Boyd Gaming Corp., 4.75%, 6/15/31, Callable 6/15/26 @ 102.38 (f) | 3,000,000 | 3,094,260 | ||||||
| Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (f)(g) | 19,000,000 | 8,380,710 | ||||||
| Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (f) | 6,000,000 | 5,997,720 | ||||||
| Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (f) | 6,000,000 | 6,210,960 | ||||||
| Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (f) | 7,000,000 | 7,259,140 | ||||||
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (f)(g) | 5,350,000 | 5,834,496 | ||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
| 5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (f) | 1,300,000 | 1,314,417 | ||||||
| 5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (f) | 5,600,000 | 5,656,112 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (f) | $ | 6,000,000 | $ | 6,392,700 | ||||
| Tenneco, Inc. | ||||||||
| 5.00%, 7/15/26, Callable 11/8/21 @ 102.5 | 6,840,000 | 6,746,839 | ||||||
| 7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (f) | 4,160,000 | 4,645,930 | ||||||
| Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75 (f)(g) | 6,000,000 | 6,913,680 | ||||||
| 84,972,244 | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (f) | 10,595,000 | 10,782,108 | ||||||
| Energy (0.4%): | ||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (f) | 2,334,000 | 2,409,575 | ||||||
| Antero Resources Corp., 8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (f) | 3,246,000 | 3,676,679 | ||||||
| Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 2,000,000 | 2,075,620 | ||||||
| 8,161,874 | ||||||||
| Financials (2.3%): | ||||||||
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (f) | 4,000,000 | 4,182,600 | ||||||
| LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (f)(g) | 6,500,000 | 7,023,380 | ||||||
| Mozart Borrower, LP, 9/30/28 | 12,500,000 | 12,375,000 | ||||||
| Mozart Debt Merger Sub, Inc. | ||||||||
| 3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (f) | 10,200,000 | 10,174,500 | ||||||
| 5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (f) | 2,200,000 | 2,235,750 | ||||||
| SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (d)(f) | 3,100,000 | 3,013,634 | ||||||
| White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (f)(h) | 2,250,000 | 2,323,013 | ||||||
| Wolverine Escrow LLC | ||||||||
| 9.00%, 11/15/26, Callable 11/15/22 @ 106.75 (f) | 2,653,000 | 2,451,743 | ||||||
| 13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (f) | 4,750,000 | 3,124,312 | ||||||
| 46,903,932 | ||||||||
| Health Care (2.2%): | ||||||||
| Air Methods Corp., 8.00%, 5/15/25, Callable 11/8/21 @ 102 (f)(g) | 14,250,000 | 13,634,970 | ||||||
| Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (f)(g) | 10,466,000 | 9,757,138 | ||||||
| Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (f)(g) | 2,500,000 | 2,685,875 | ||||||
| Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (f) | 2,150,000 | 2,326,322 | ||||||
| Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/25/21 @ 101.59 (f) | 8,383,000 | 8,095,379 | ||||||
| Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (f) | 7,000,000 | 7,345,800 | ||||||
| 43,845,484 | ||||||||
| Industrials (1.7%): | ||||||||
| American Airlines, Inc., 11.75%, 7/15/25 (f) | 17,185,000 | 21,258,704 | ||||||
| Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 11/8/21 @ 100 (f) | 4,000,000 | 4,009,720 | ||||||
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (f) | 4,000,000 | 4,352,400 | ||||||
| Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (d)(f) | 3,950,000 | 3,948,618 | ||||||
| 33,569,442 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Floating Rate Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares or Principal Amount |
Value | ||||||
| Information Technology (0.8%): | ||||||||
| Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (f) | $ | 13,800,000 | $ | 15,509,268 | ||||
| Total Corporate Bonds (Cost $300,252,808) | 302,134,034 | |||||||
| Yankee Dollars (1.2%) | ||||||||
| Energy (0.5%): | ||||||||
| Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 11/8/21 @ 109.75 (f)(g)(h) | 4,500,000 | 4,781,970 | ||||||
| TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (f) | 4,800,000 | 5,148,192 | ||||||
| 9,930,162 | ||||||||
| Industrials (0.6%): | ||||||||
| Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 10/19/21 @ 102.5 (f)(g) | 4,000,000 | 4,100,040 | ||||||
| Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94 (f) | 6,500,000 | 6,739,330 | ||||||
| 10,839,370 | ||||||||
| Materials (0.1%): | ||||||||
| Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/8/21 @ 103.88 (f)(g) | 2,500,000 | 2,555,225 | ||||||
| Total Yankee Dollars (Cost $22,566,910) | 23,324,757 | |||||||
| Exchange-Traded Funds (1.7%) | ||||||||
| iShares iBoxx High Yield Corporate Bond ETF (g) | 133,050 | 11,640,544 | ||||||
| SPDR Blackstone Senior Loan ETF (g) | 304,500 | 14,013,090 | ||||||
| SPDR Bloomberg Barclays High Yield Bond ETF (g) | 84,750 | 9,268,260 | ||||||
| Total Exchange-Traded Funds (Cost $34,959,042) | 34,921,894 | |||||||
| Total Investments (Cost $2,018,581,570) — 100.6% | 2,024,510,521 | |||||||
| Liabilities in excess of other assets — (0.6)% | (11,540,625 | ) | ||||||
| NET ASSETS - 100.00% | $ | 2,012,969,896 | ||||||
| (a) | Amount represents less than 0.05% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021. |
| (c) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
| (d) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
| (e) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.7% of net assets. |
| (f) | 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 September 30, 2021, the fair value of these securities was $301,056,552 and amounted to 15.0% of net assets. |
| (g) | All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis. |
| (h) | All of the coupon is paid in kind. |
| bps—Basis points |
| ETF—Exchange-Traded Fund |
| LIBOR—London InterBank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| PIK—Payment-in-Kind |
| PLC—Public Limited Company |
| PRIME—U.S. Prime Rate |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Strategic Income Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (1.0%) | ||||||||
| Commonbond Student Loan Trust, Series 2021-AGS, Class A, 1.20%, 8/25/50, Callable 2/25/30 @ 100 (a) | $ | 240,373 | $ | 239,173 | ||||
| Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, 3/26/46, Callable 3/25/24 @ 100 (a) | 500,000 | 499,077 | ||||||
| Total Asset-Backed Securities (Cost $740,318) | 738,250 | |||||||
| Collateralized Mortgage Obligations (9.1%) | ||||||||
| AIMCO CLO, Series 2017-AA, Class DR, 3.28% (LIBOR03M+315bps), 4/20/34, Callable 4/20/23 @ 100 (a)(b) | 400,000 | 399,052 | ||||||
| Aimco CLO 14 Ltd., Series 2021-14A, Class D, 3.10% (LIBOR03M+290bps), 4/20/34, Callable 4/20/23 @ 100 (a)(b)(c) | 800,000 | 791,741 | ||||||
| Battalion CLO XIX Ltd., Series 2021-19A, Class D, 3.38% (LIBOR03M+325bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c) | 800,000 | 800,721 | ||||||
| BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36, Callable 11/5/24 @ 100 (a) | 300,000 | 316,234 | ||||||
| Grace Trust, Series 2020-GRCE, Class C, 2.77%, 12/10/40, Callable 12/10/30 @ 100 (a)(c)(d) | 650,000 | 654,612 | ||||||
| Greywolf CLO II Ltd., Series 2013-1A, Class C2RR, 4.33% (LIBOR03M+420bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c) | 900,000 | 897,240 | ||||||
| GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45, Callable 2/10/22 @ 100 (c) | 155,361 | 155,861 | ||||||
| GS Mortgage Securities Trust, Series 2017-FARM, Class B, 3.66%, 1/10/43, Callable 1/10/28 @ 100 (a)(d) | 650,000 | 692,592 | ||||||
| Hilton USA Trust, Series 2016-SFP, Class A, 2.83%, 11/5/35 (a)(c) | 500,000 | 500,409 | ||||||
| JPMCC Mortgage Securities Trust, Series 2017-JP5, Class B, 4.08%, 3/15/50 (d) | 200,000 | 219,378 | ||||||
| OHA Credit Funding 2 Ltd., Series 2019-2A, Class CR, 2.33% (LIBOR03M+220bps), 4/21/34, Callable 4/21/23 @ 100 (a)(b) | 600,000 | 601,387 | ||||||
| SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a) | 600,000 | 619,714 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class B, 4.00%, 12/15/50 (d) | 150,000 | 163,539 | ||||||
| Total Collateralized Mortgage Obligations (Cost $6,839,646) | 6,812,480 | |||||||
| Corporate Bonds (61.5%) | ||||||||
| Communication Services (9.5%): | ||||||||
| AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100 | 625,000 | 618,850 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 2.30%, 2/1/32, Callable 11/1/31 @ 100 (c) | 700,000 | 667,086 | ||||||
| 3.70%, 4/1/51, Callable 10/1/50 @ 100 | 130,000 | 125,860 | ||||||
| CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75 (a)(c) | 1,000,000 | 1,081,330 | ||||||
| Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (a) | 500,000 | 524,965 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Strategic Income Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| iHeartCommunications, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63 (a)(c) | $ | 1,000,000 | $ | 1,039,980 | ||||
| Scripps Escrow, Inc., 5.88%, 7/15/27, Callable 7/15/22 @ 104.41 (a) | 250,000 | 256,242 | ||||||
| Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (a)(c) | 1,500,000 | 1,487,400 | ||||||
| Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75 (a)(c) | 500,000 | 541,950 | ||||||
| Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100 | 500,000 | 605,835 | ||||||
| Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25 (a) | 200,000 | 203,658 | ||||||
| 7,153,156 | ||||||||
| Consumer Discretionary (14.4%): | ||||||||
| Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (a) | 1,500,000 | 1,576,560 | ||||||
| Expedia Group, Inc., 2.95%, 3/15/31, Callable 12/15/30 @ 100 | 1,080,000 | 1,093,997 | ||||||
| General Motors Co., 5.95%, 4/1/49, Callable 10/1/48 @ 100 | 200,000 | 264,396 | ||||||
| Kohl's Corp., 5.55%, 7/17/45, Callable 1/17/45 @ 100 (c)(e) | 300,000 | 357,117 | ||||||
| Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (a) | 500,000 | 517,580 | ||||||
| Lowe's Cos., Inc. | ||||||||
| 2.63%, 4/1/31, Callable 1/1/31 @ 100 | 900,000 | 924,183 | ||||||
| 3.00%, 10/15/50, Callable 4/15/50 @ 100 (e) | 300,000 | 292,227 | ||||||
| Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (a) | 500,000 | 518,510 | ||||||
| Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100 (c) | 1,180,000 | 1,191,186 | ||||||
| MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | 500,000 | 543,845 | ||||||
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (a)(c) | 750,000 | 817,920 | ||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
| 5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (a) | 100,000 | 101,109 | ||||||
| 5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (a) | 200,000 | 202,004 | ||||||
| Ross Stores, Inc., 1.88%, 4/15/31, Callable 1/15/31 @ 100 | 1,300,000 | 1,254,162 | ||||||
| Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75 (a)(c) | 1,000,000 | 1,152,280 | ||||||
| 10,807,076 | ||||||||
| Consumer Staples (3.4%): | ||||||||
| Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100 (c) | 1,200,000 | 1,154,736 | ||||||
| Constellation Brands, Inc. 4.10%, 2/15/48, Callable 8/15/47 @ 100 (c) | 400,000 | 451,868 | ||||||
| Kraft Heinz Foods Co., 4.25%, 3/1/31, Callable 12/1/30 @ 100 (c) | 800,000 | 903,200 | ||||||
| 2,509,804 | ||||||||
| Energy (6.6%): | ||||||||
| Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (a) | 750,000 | 838,095 | ||||||
| Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 (c)(e) | 750,000 | 832,050 | ||||||
| ONEOK, Inc. | ||||||||
| 3.40%, 9/1/29, Callable 6/1/29 @ 100 (c) | 500,000 | 531,220 | ||||||
| 4.45%, 9/1/49, Callable 3/1/49 @ 100 (e) | 200,000 | 222,514 | ||||||
| Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100 (c)(e) | 1,600,000 | 1,806,800 | ||||||
| Williams Cos., Inc. (The) | ||||||||
| 2.60%, 3/15/31, Callable 12/15/30 @ 100 (e) | 600,000 | 608,400 | ||||||
| 4.85%, 3/1/48, Callable 9/1/47 @ 100 | 100,000 | 122,226 | ||||||
| 4,961,305 | ||||||||
| Financials (11.9%): | ||||||||
| Bank of America Corp. | ||||||||
| 2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b)(c) | 400,000 | 408,332 | ||||||
| 2.83% (SOFR+188bps), 10/24/51, Callable 10/24/50 @ 100, MTN (b)(c) | 500,000 | 480,875 | ||||||
| Chubb INA Holdings, Inc., 1.38%, 9/15/30, Callable 6/15/30 @ 100 (e) | 1,750,000 | 1,656,305 | ||||||
| CNA Financial Corp., 2.05%, 8/15/30, Callable 5/15/30 @ 100 (c) | 1,300,000 | 1,275,768 | ||||||
| Discover Bank, 2.70%, 2/6/30, Callable 11/6/29 @ 100 (c) | 1,650,000 | 1,711,133 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Strategic Income Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100 (c) | $ | 250,000 | $ | 267,812 | ||||
| Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100 (a) | 700,000 | 689,731 | ||||||
| Liberty Mutual Group, Inc., 3.95%, 10/15/50, Callable 4/15/50 @ 100 (a)(e) | 300,000 | 335,064 | ||||||
| Morgan Stanley | ||||||||
| 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) | 500,000 | 489,065 | ||||||
| 3.22% (SOFR+149bps), 4/22/42, Callable 4/22/41 @ 100 (b) | 600,000 | 627,324 | ||||||
| Mozart Debt Merger Sub, Inc. | ||||||||
| 3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (a) | 400,000 | 399,000 | ||||||
| 5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (a) | 100,000 | 101,625 | ||||||
| SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (a)(f) | 500,000 | 486,070 | ||||||
| 8,928,104 | ||||||||
| Health Care (2.9%): | ||||||||
| AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 (c) | 400,000 | 473,592 | ||||||
| Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (a)(c)(e) | 1,000,000 | 932,270 | ||||||
| Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (a)(e) | 500,000 | 541,005 | ||||||
| Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/25/21 @ 101.59 (a) | 250,000 | 241,422 | ||||||
| 2,188,289 | ||||||||
| Industrials (8.1%): | ||||||||
| Air Lease Corp. | ||||||||
| 4.63%, 10/1/28, Callable 7/1/28 @ 100 (c)(e) | 1,100,000 | 1,237,511 | ||||||
| 3.00%, 2/1/30, Callable 11/1/29 @ 100, MTN | 300,000 | 304,698 | ||||||
| American Airlines, Inc., 11.75%, 7/15/25 (a) | 200,000 | 247,410 | ||||||
| Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 (a) | 400,000 | 413,548 | ||||||
| Caterpillar, Inc. | ||||||||
| 1.90%, 3/12/31, Callable 12/12/30 @ 100 (e) | 400,000 | 397,912 | ||||||
| 3.25%, 4/9/50, Callable 10/9/49 @ 100 | 100,000 | 108,781 | ||||||
| Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06 (a)(c) | 1,000,000 | 1,063,010 | ||||||
| The Boeing Co. | ||||||||
| 5.15%, 5/1/30, Callable 2/1/30 @ 100 (c) | 530,000 | 622,262 | ||||||
| 3.75%, 2/1/50, Callable 8/1/49 @ 100 | 250,000 | 253,463 | ||||||
| Waste Connections, Inc., 2.60%, 2/1/30, Callable 11/1/29 @ 100 | 1,400,000 | 1,442,966 | ||||||
| 6,091,561 | ||||||||
| Information Technology (0.9%): | ||||||||
| Oracle Corp. | ||||||||
| 2.88%, 3/25/31, Callable 12/25/30 @ 100 | 200,000 | 206,104 | ||||||
| 3.95%, 3/25/51, Callable 9/25/50 @ 100 | 450,000 | 476,730 | ||||||
| 682,834 | ||||||||
| Materials (2.2%): | ||||||||
| Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100 | 1,300,000 | 1,331,447 | ||||||
| Freeport-McMoRan, Inc., 5.45%, 3/15/43, Callable 9/15/42 @ 100 | 250,000 | 307,633 | ||||||
| 1,639,080 | ||||||||
| Real Estate (1.6%): | ||||||||
| Simon Property Group LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100 (c)(e) | 1,250,000 | 1,230,188 | ||||||
| Total Corporate Bonds (Cost $45,933,007) | 46,191,397 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Strategic Income Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Residential Mortgage-Backed Securities (0.1%) | ||||||||
| Bank of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 9/20/34, Callable 9/20/22 @ 100 (c) | $ | 41,854 | $ | 43,361 | ||||
| Countrywide Home Loans, Inc., Series 2004-5, Class 2A9, 5.25%, 5/25/34, Callable 10/25/21 @ 100 (c) | 60,043 | 63,759 | ||||||
| GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 4/25/29 @ 100 (c) | 1,614 | 1,577 | ||||||
| JPMorgan Mortgage Trust, Series 2005-A1, Class 6T1, 2.29%, 2/25/35, Callable 10/25/21 @ 100 (c)(d) | 12,090 | 12,090 | ||||||
| JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 10/25/21 @ 100 (c) | 1,306 | 929 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $118,913) | 121,716 | |||||||
| Yankee Dollars (9.8%) | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Nissan Motor Co. Ltd., 4.81%, 9/17/30, Callable 6/17/30 @ 100 (a)(e) | 450,000 | 506,435 | ||||||
| Consumer Staples (0.9%): | ||||||||
| Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (a) | 700,000 | 695,828 | ||||||
| Energy (1.0%): | ||||||||
| Cenovus Energy, Inc. | ||||||||
| 2.65%, 1/15/32, Callable 10/15/31 @ 100 (e) | 500,000 | 491,015 | ||||||
| 5.40%, 6/15/47, Callable 12/15/46 @ 100 | 200,000 | 246,148 | ||||||
| 737,163 | ||||||||
| Financials (4.5%): | ||||||||
| Credit Suisse Group AG, 3.87% (LIBOR03M+141bps), 1/12/29, Callable 1/12/28 @ 100 (a)(b)(c) | 1,500,000 | 1,637,310 | ||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100 (a)(c) | 1,600,000 | 1,733,392 | ||||||
| 3,370,702 | ||||||||
| Materials (2.8%): | ||||||||
| Nutrien, Ltd., 2.95%, 5/13/30, Callable 2/13/30 @ 100 | 1,000,000 | 1,055,680 | ||||||
| Vale Overseas Ltd., 3.75%, 7/8/30, Callable 4/8/30 @ 100 (c) | 1,000,000 | 1,035,950 | ||||||
| 2,091,630 | ||||||||
| Total Yankee Dollars (Cost $7,434,614) | 7,401,758 | |||||||
| U.S. Government Mortgage-Backed Agencies (0.1%) | ||||||||
| Federal National Mortgage Association 3.50%, 7/1/43 (c) | 47,428 | 51,402 | ||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $48,475) | 51,402 | |||||||
| U.S. Treasury Obligations (7.2%) | ||||||||
| U.S. Treasury Bonds | ||||||||
| 1.88%, 2/15/41 (c) | 3,950,000 | 3,865,445 | ||||||
| 1.38%, 8/15/50 | 500,000 | 422,110 | ||||||
| U.S. Treasury Notes | ||||||||
| 1.25%, 5/31/28 | 500,000 | 499,375 | ||||||
| 1.63%, 5/15/31 | 640,000 | 647,600 | ||||||
| Total U.S. Treasury Obligations (Cost $5,354,184) | 5,434,530 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Strategic Income Fund | September 30, 2021 |
| (Unaudited) |
| Security Description | Shares or Principal Amount | Value | ||||||
| Exchange-Traded Funds (8.9%) | ||||||||
| Invesco Senior Loan ETF (c)(e) | $ | 148,700 | $ | 3,287,757 | ||||
| SPDR Blackstone Senior Loan ETF (c) | 73,850 | 3,398,577 | ||||||
| Total Exchange-Traded Funds (Cost $6,703,570) | 6,686,334 | |||||||
| Collateral for Securities Loaned^ (12.6%) | ||||||||
| BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (g) | 177,902 | 177,902 | ||||||
| Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (g) | 5,272,448 | 5,272,448 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g) | 88,782 | 88,782 | ||||||
| JPMorgan Prime Money Market Fund, Capital Class, 0.07% (g) | 707,918 | 707,918 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g) | 3,182,939 | 3,182,939 | ||||||
| Total Collateral for Securities Loaned (Cost $9,429,989) | 9,429,989 | |||||||
| Total Investments (Cost $82,602,716) — 110.3% | 82,867,856 | |||||||
| Liabilities in excess of other assets — (10.3)% | (7,749,723 | ) | ||||||
| NET ASSETS - 100.00% | $ | 75,118,133 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (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 September 30, 2021, the fair value of these securities was $27,894,656 and amounted to 37.1% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021. |
| (c) | All or a portion of this security has been segregated as collateral for derivative instruments. |
| (d) | 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 September 30, 2021. |
| (e) | All or a portion of this security is on loan. |
| (f) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
| (g) | Rate disclosed is the daily yield on September 30, 2021. |
| bps—Basis points |
| ETF—Exchange-Traded Fund |
| LIBOR—London InterBank Offered Rate |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| MTN—Medium Term Note |
| SOFR—Secured Overnight Financing Rate |
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| 2-Year U.S. Treasury Note Futures | 54 | 12/31/21 | $ | 11,889,905 | $ | 11,882,953 | $ | (6,952 | ) | |||||||||
| 5-Year U.S. Treasury Note Futures | 17 | 12/31/21 | 2,096,102 | 2,086,617 | (9,485 | ) | ||||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 17 | 12/21/21 | 3,367,999 | 3,248,063 | (119,936 | ) | ||||||||||||
| $ | (136,373 | ) | ||||||||||||||||
Futures Contracts Sold
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
| US 10-Year US Treasury Note Futures Dec11 | 85 | 12/21/21 | $ | 12,620,936 | $ | 12,346,250 | $ | 274,686 | ||||||||
| Total unrealized appreciation | $ | 274,686 | ||||||||||||||
| Total unrealized depreciation | (136,373 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | 138,313 | ||||||||||||||