Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Discovery Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.2%) | ||||||||
Banks (20.8%): | ||||||||
Business First Bancshares, Inc. | 24,800 | $ | 603 | |||||
Central Pacific Financial Corp. | 18,100 | 505 | ||||||
Civista Bancshares, Inc. | 21,700 | 523 | ||||||
ConnectOne Bancorp, Inc. | 29,400 | 941 | ||||||
Dime Community Bancshares, Inc. | 25,400 | 878 | ||||||
Financial Institutions, Inc. | 19,500 | 588 | ||||||
First Bank | 19,400 | 276 | ||||||
First Foundation, Inc. | 33,600 | 816 | ||||||
First Internet Bancorp | 16,600 | 714 | ||||||
First Mid Bancshares, Inc. | 19,900 | 766 | ||||||
German American Bancorp, Inc. | 18,000 | 684 | ||||||
HarborOne Bancorp, Inc. | 45,600 | 639 | ||||||
Heritage Commerce Corp. | 69,500 | 782 | ||||||
Heritage Financial Corp. | 19,500 | 489 | ||||||
Hometrust Bancshares, Inc. | 20,500 | 605 | ||||||
Independent Bank Corp. | 30,650 | 674 | ||||||
Mercantile Bank Corp. | 18,800 | 666 | ||||||
Origin Bancorp, Inc. | 20,000 | 846 | ||||||
Peoples Bancorp, Inc. | 24,850 | 778 | ||||||
Primis Financial Corp. | 43,700 | 611 | ||||||
QCR Holdings, Inc. | 15,250 | 863 | ||||||
SmartFinancial, Inc. | 23,500 | 601 | ||||||
The First Bancshares, Inc. (a) | 21,600 | 727 | ||||||
Third Coast Bancshares, Inc. (b) | 23,450 | 542 | ||||||
Univest Financial Corp. | 28,600 | 765 | ||||||
Washington Trust Bancorp, Inc. | 13,000 | 683 | ||||||
17,565 | ||||||||
Capital Markets (1.8%): | ||||||||
Cowen, Inc., Class A | 28,500 | 772 | ||||||
Diamond Hill Investment Group, Inc. | 3,775 | 707 | ||||||
1,479 | ||||||||
Communication Services (4.2%): | ||||||||
Clear Channel Outdoor Holdings, Inc. (b) | 268,000 | 927 | ||||||
Emerald Holding, Inc. (b) | 106,000 | 361 | ||||||
Entercom Communications Corp. (b) | 201,765 | 583 | ||||||
The EW Scripps Co., Class A (b) | 37,100 | 771 | ||||||
The Marcus Corp. (a)(b) | 50,200 | 889 | ||||||
3,531 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Consumer Discretionary (11.1%): | ||||||||
Chico's FAS, Inc. (b) | 119,000 | $ | 571 | |||||
Chuy's Holdings, Inc. (b) | 19,200 | 518 | ||||||
Designer Brands, Inc., Class A (a)(b) | 32,915 | 445 | ||||||
Funko, Inc., Class A (b) | 34,500 | 595 | ||||||
Genesco, Inc. (a)(b) | 12,950 | 824 | ||||||
Lindblad Expeditions Holdings, Inc. (a)(b) | 43,350 | 654 | ||||||
M/I Homes, Inc. (b) | 7,330 | 325 | ||||||
Malibu Boats, Inc., Class A (b) | 7,400 | 429 | ||||||
Modine Manufacturing Co. (b) | 68,000 | 613 | ||||||
Motorcar Parts of America, Inc. (b) | 39,400 | 703 | ||||||
OneWater Marine, Inc. (a) | 10,300 | 355 | ||||||
Potbelly Corp. (b) | 101,000 | 677 | ||||||
Red Robin Gourmet Burgers, Inc. (a)(b) | 33,400 | 563 | ||||||
Ruth's Hospitality Group, Inc. | 33,100 | 757 | ||||||
Universal Electronics, Inc. (b) | 10,250 | 320 | ||||||
Universal Technical Institute, Inc. (b) | 58,700 | 519 | ||||||
Zumiez, Inc. (a)(b) | 13,400 | 512 | ||||||
9,380 | ||||||||
Consumer Finance (0.8%): | ||||||||
EZCORP, Inc., Class A (a)(b) | 107,000 | 646 | ||||||
Energy (8.9%): | ||||||||
Berry Corp. (a) | 55,499 | 573 | ||||||
CONSOL Energy, Inc. (b) | 32,000 | 1,204 | ||||||
Earthstone Energy, Inc., Class A (b) | 59,500 | 752 | ||||||
International Seaways, Inc. | 25,061 | 452 | ||||||
Northern Oil and Gas, Inc. | 42,505 | 1,198 | ||||||
ProPetro Holding Corp. (b) | 67,000 | 933 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 83,200 | 939 | ||||||
Talos Energy, Inc. (b) | 38,700 | 611 | ||||||
Tidewater, Inc. (a)(b) | 40,000 | 870 | ||||||
7,532 | ||||||||
Health Care (6.7%): | ||||||||
AngioDynamics, Inc. (b) | 40,800 | 879 | ||||||
Brookdale Senior Living, Inc. (b) | 110,000 | 775 | ||||||
Collegium Pharmaceutical, Inc. (b) | 21,200 | 432 | ||||||
Community Health Systems, Inc. (b) | 45,300 | 538 | ||||||
Hanger, Inc. (b) | 24,000 | 440 | ||||||
HealthStream, Inc. (b) | 20,941 | 417 | ||||||
Natus Medical, Inc. (b) | 24,700 | 649 | ||||||
Orthofix Medical, Inc. (a)(b) | 26,700 | 873 | ||||||
RadNet, Inc. (b) | 13,898 | 311 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Vanda Pharmaceuticals, Inc. (b) | 32,600 | $ | 369 | |||||
5,683 | ||||||||
Industrials (16.8%): | ||||||||
CIRCOR International, Inc. (a)(b) | 26,400 | 703 | ||||||
Columbus McKinnon Corp. | 18,800 | 797 | ||||||
Covenant Logistics Group, Inc., Class A | 26,650 | 574 | ||||||
CRA International, Inc. | 5,400 | 455 | ||||||
Ducommun, Inc. (b) | 15,100 | 791 | ||||||
DXP Enterprises, Inc. (b) | 24,000 | 650 | ||||||
Eagle Bulk Shipping, Inc. (a) | 10,900 | 742 | ||||||
Great Lakes Dredge & Dock Corp. (b) | 54,000 | 758 | ||||||
Hawaiian Holdings, Inc. (b) | 22,100 | 435 | ||||||
Heritage-Crystal Clean, Inc. (b) | 23,700 | 702 | ||||||
Interface, Inc. | 53,800 | 730 | ||||||
Kelly Services, Inc., Class A | 35,000 | 759 | ||||||
Kimball International, Inc., Class B | 66,000 | 558 | ||||||
Matrix Service Co. (b) | 39,200 | 322 | ||||||
NN, Inc. (b) | 93,000 | 268 | ||||||
Park Aerospace Corp. | 38,800 | 506 | ||||||
Park-Ohio Holdings Corp. | 18,800 | 264 | ||||||
SP Plus Corp. (b) | 21,000 | 659 | ||||||
Titan Machinery, Inc. (b) | 29,700 | 839 | ||||||
Triumph Group, Inc. (b) | 32,300 | 817 | ||||||
TrueBlue, Inc. (b) | 21,276 | 615 | ||||||
VSE Corp. | 12,500 | 576 | ||||||
Willdan Group, Inc. (b) | 20,949 | 643 | ||||||
14,163 | ||||||||
Information Technology (11.6%): | ||||||||
American Software, Inc., Class A | 24,000 | 500 | ||||||
Asure Software, Inc. (b) | 54,323 | 323 | ||||||
Benchmark Electronics, Inc. | 20,400 | 511 | ||||||
Comtech Telecommunications Corp. | 32,900 | 516 | ||||||
CTS Corp. | 20,300 | 717 | ||||||
Diebold Nixdorf, Inc. (b) | 49,211 | 331 | ||||||
Digi International, Inc. (b) | 32,200 | 693 | ||||||
EMCORE Corp. (b) | 73,000 | 270 | ||||||
Extreme Networks, Inc. (b) | 42,572 | 520 | ||||||
Harmonic, Inc. (b) | 89,000 | 827 | ||||||
I3 Verticals, Inc., Class A (b) | 17,400 | 485 | ||||||
Ichor Holdings Ltd. (b) | 12,800 | 456 | ||||||
Impinj, Inc. (b) | 6,108 | 388 | ||||||
Kimball Electronics, Inc. (b) | 38,100 | 762 | ||||||
Lantronix, Inc. (b) | 79,600 | 532 | ||||||
PDF Solutions, Inc. (b) | 29,500 | 822 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Veeco Instruments, Inc. (b) | 21,350 | $ | 581 | |||||
Vishay Precision Group, Inc. (b) | 17,700 | 569 | ||||||
9,803 | ||||||||
Insurance (1.2%): | ||||||||
HCI Group, Inc. (a) | 7,500 | 511 | ||||||
Heritage Insurance Holdings, Inc. | 69,000 | 493 | ||||||
1,004 | ||||||||
Materials (5.3%): | ||||||||
AdvanSix, Inc. | 16,100 | 822 | ||||||
Clearwater Paper Corp. (b) | 18,400 | 516 | ||||||
Haynes International, Inc. | 17,900 | 762 | ||||||
Koppers Holdings, Inc. | 24,850 | 684 | ||||||
Schnitzer Steel Industries, Inc. | 15,500 | 805 | ||||||
SunCoke Energy, Inc. | 94,800 | 845 | ||||||
4,434 | ||||||||
Mortgage Real Estate Investment Trusts (1.1%): | ||||||||
Dynex Capital, Inc. (a) | 40,000 | 648 | ||||||
Western Asset Mortgage Capital Corp. | 156,600 | 268 | ||||||
916 | ||||||||
Real Estate (5.5%): | ||||||||
CatchMark Timber Trust, Inc., Class A | 52,000 | 426 | ||||||
City Office REIT, Inc. | 51,030 | 901 | ||||||
Global Medical REIT, Inc. | 44,600 | 728 | ||||||
NETSTREIT Corp. (a) | 25,300 | 568 | ||||||
NexPoint Residential Trust, Inc. | 6,200 | 560 | ||||||
Plymouth Industrial REIT, Inc. | 26,100 | 707 | ||||||
Urstadt Biddle Properties, Inc., Class A | 39,800 | 749 | ||||||
4,639 | ||||||||
Thrifts & Mortgage Finance (3.4%): | ||||||||
Bridgewater Bancshares, Inc. (b) | 36,500 | 609 | ||||||
HomeStreet, Inc. | 15,500 | 734 | ||||||
PCSB Financial Corp. | 30,300 | 579 | ||||||
Premier Financial Corp. | 30,000 | 910 | ||||||
2,832 | ||||||||
Total Common Stocks (Cost $67,841) | 83,607 | |||||||
Collateral for Securities Loaned (6.1%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 100,006 | 100 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 2,805,148 | 2,805 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 49,908 | 50 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 397,949 | $ | 398 | |||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 1,789,256 | 1,789 | ||||||
Total Collateral for Securities Loaned (Cost $5,142) | 5,142 | |||||||
Total Investments (Cost $72,983) — 105.3% | 88,749 | |||||||
Liabilities in excess of other assets — (5.3)% | (4,503 | ) | ||||||
NET ASSETS - 100.00% | $ | 84,246 |
^ | 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 March 31, 2022. |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Mid-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.7%) | ||||||||
Communication Services (2.7%): | ||||||||
Lions Gate Entertainment Corp., Class B (a) | 141,520 | $ | 2,127 | |||||
Nexstar Media Group, Inc., Class A | 15,830 | 2,984 | ||||||
Paramount Global, Class B | 68,456 | 2,588 | ||||||
7,699 | ||||||||
Consumer Discretionary (11.0%): | ||||||||
Advance Auto Parts, Inc. | 10,070 | 2,084 | ||||||
Aptiv PLC (a) | 18,142 | 2,172 | ||||||
Aramark | 58,460 | 2,198 | ||||||
Brunswick Corp. | 21,200 | 1,715 | ||||||
Caesars Entertainment, Inc. (a) | 26,491 | 2,049 | ||||||
Capri Holdings Ltd. (a) | 34,000 | 1,747 | ||||||
D.R. Horton, Inc. | 22,740 | 1,694 | ||||||
Hilton Worldwide Holdings, Inc. (a) | 12,898 | 1,957 | ||||||
Newell Brands, Inc. | 88,300 | 1,890 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 95,000 | 2,079 | ||||||
Penske Automotive Group, Inc. | 16,342 | 1,532 | ||||||
Ralph Lauren Corp. | 20,390 | 2,313 | ||||||
The Gap, Inc. (b) | 112,200 | 1,580 | ||||||
Travel + Leisure Co. | 39,003 | 2,260 | ||||||
Victoria's Secret & Co. (a) | 34,805 | 1,788 | ||||||
Yum! Brands, Inc. | 20,550 | 2,436 | ||||||
31,494 | ||||||||
Consumer Staples (5.1%): | ||||||||
Archer-Daniels-Midland Co. | 29,770 | 2,687 | ||||||
Coty, Inc., Class A (a) | 229,787 | 2,066 | ||||||
Darling Ingredients, Inc. (a) | 31,850 | 2,560 | ||||||
Molson Coors Beverage Co., Class B | 45,780 | 2,444 | ||||||
Performance Food Group Co. (a) | 37,600 | 1,914 | ||||||
Tyson Foods, Inc., Class A | 30,600 | 2,743 | ||||||
14,414 | ||||||||
Energy (6.9%): | ||||||||
Devon Energy Corp. | 76,600 | 4,529 | ||||||
Diamondback Energy, Inc. | 25,920 | 3,553 | ||||||
Halliburton Co. | 93,450 | 3,539 | ||||||
Hess Corp. | 33,942 | 3,633 | ||||||
Pioneer Natural Resources Co. | 17,200 | 4,301 | ||||||
19,555 | ||||||||
Financials (16.3%): | ||||||||
American Financial Group, Inc. | 19,360 | 2,819 | ||||||
Arthur J Gallagher & Co. | 21,560 | 3,764 | ||||||
Artisan Partners Asset Management, Inc., Class A | 47,000 | 1,849 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Assurant, Inc. | 12,540 | $ | 2,280 | |||||
Cincinnati Financial Corp. | 18,975 | 2,580 | ||||||
Comerica, Inc. | 29,192 | 2,640 | ||||||
Fifth Third Bancorp | 76,360 | 3,287 | ||||||
Huntington Bancshares, Inc. | 196,000 | 2,866 | ||||||
Invesco Ltd. | 90,692 | 2,091 | ||||||
Lincoln National Corp. | 35,000 | 2,288 | ||||||
LPL Financial Holdings, Inc. | 15,500 | 2,832 | ||||||
M&T Bank Corp. | 19,808 | 3,357 | ||||||
Northern Trust Corp. | 23,300 | 2,713 | ||||||
Regions Financial Corp. | 97,344 | 2,167 | ||||||
Reinsurance Group of America, Inc. | 21,129 | 2,313 | ||||||
State Street Corp. | 23,470 | 2,045 | ||||||
The Hartford Financial Services Group, Inc. | 34,470 | 2,475 | ||||||
Western Alliance Bancorp | 26,480 | 2,193 | ||||||
46,559 | ||||||||
Health Care (8.1%): | ||||||||
Centene Corp. (a) | 22,700 | 1,911 | ||||||
Elanco Animal Health, Inc. (a) | 75,800 | 1,978 | ||||||
Encompass Health Corp. | 30,360 | 2,159 | ||||||
Jazz Pharmaceuticals PLC (a) | 12,083 | 1,881 | ||||||
Laboratory Corp. of America Holdings (a) | 7,920 | 2,088 | ||||||
McKesson Corp. | 15,687 | 4,802 | ||||||
Organon & Co. | 58,450 | 2,042 | ||||||
STERIS PLC | 7,621 | 1,842 | ||||||
Tenet Healthcare Corp. (a) | 27,650 | 2,377 | ||||||
Zimmer Biomet Holdings, Inc. | 16,122 | 2,062 | ||||||
23,142 | ||||||||
Industrials (16.2%): | ||||||||
AGCO Corp. | 13,256 | 1,936 | ||||||
Booz Allen Hamilton Holding Corp. | 24,936 | 2,190 | ||||||
BWX Technologies, Inc. | 39,025 | 2,102 | ||||||
Carlisle Cos., Inc. | 10,331 | 2,541 | ||||||
Crane Co. | 19,571 | 2,119 | ||||||
Delta Air Lines, Inc. (a) | 61,600 | 2,437 | ||||||
Dover Corp. | 15,731 | 2,468 | ||||||
Hertz Global Holdings, Inc. (a)(b) | 62,364 | 1,381 | ||||||
Howmet Aerospace, Inc. | 72,700 | 2,613 | ||||||
ITT, Inc. | 19,080 | 1,435 | ||||||
JB Hunt Transport Services, Inc. | 14,033 | 2,818 | ||||||
ManpowerGroup, Inc. | 13,253 | 1,245 | ||||||
Old Dominion Freight Line, Inc. | 9,227 | 2,756 | ||||||
Oshkosh Corp. | 15,839 | 1,594 | ||||||
Parker-Hannifin Corp. | 9,363 | 2,657 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Regal Rexnord Corp. | 10,857 | $ | 1,615 | |||||
Republic Services, Inc. | 17,329 | 2,296 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 58,233 | 2,847 | ||||||
Trane Technologies PLC | 14,490 | 2,213 | ||||||
WESCO International, Inc. (a) | 19,232 | 2,503 | ||||||
Westinghouse Air Brake Technologies Corp. | 26,017 | 2,502 | ||||||
46,268 | ||||||||
Information Technology (9.5%): | ||||||||
Ciena Corp. (a) | 33,377 | 2,024 | ||||||
DXC Technology Co. (a) | 57,906 | 1,889 | ||||||
Flex Ltd. (a) | 128,164 | 2,377 | ||||||
Hewlett Packard Enterprise Co. | 138,248 | 2,310 | ||||||
Jabil, Inc. | 29,623 | 1,829 | ||||||
Marvell Technology, Inc. | 36,400 | 2,610 | ||||||
MKS Instruments, Inc. | 9,757 | 1,463 | ||||||
Motorola Solutions, Inc. | 12,200 | 2,955 | ||||||
NCR Corp. (a) | 26,440 | 1,063 | ||||||
ON Semiconductor Corp. (a) | 33,510 | 2,098 | ||||||
Teledyne Technologies, Inc. (a) | 4,838 | 2,287 | ||||||
Verint Systems, Inc. (a) | 35,546 | 1,838 | ||||||
Western Digital Corp. (a) | 48,000 | 2,383 | ||||||
27,126 | ||||||||
Materials (7.0%): | ||||||||
Alcoa Corp. | 25,735 | 2,317 | ||||||
CF Industries Holdings, Inc. | 22,639 | 2,333 | ||||||
Cleveland-Cliffs, Inc. (a) | 94,208 | 3,034 | ||||||
Crown Holdings, Inc. | 19,461 | 2,434 | ||||||
Martin Marietta Materials, Inc. | 7,028 | 2,705 | ||||||
Olin Corp. | 39,489 | 2,065 | ||||||
The Mosaic Co. | 36,599 | 2,434 | ||||||
Westlake Corp. | 22,522 | 2,779 | ||||||
20,101 | ||||||||
Real Estate (8.2%): | ||||||||
Apartment Income REIT Corp. | 52,650 | 2,815 | ||||||
Duke Realty Corp. | 50,620 | 2,939 | ||||||
Essex Property Trust, Inc. | 9,980 | 3,448 | ||||||
Host Hotels & Resorts, Inc. | 123,269 | 2,395 | ||||||
Realty Income Corp. | 44,680 | 3,096 | ||||||
VICI Properties, Inc. (b) | 104,500 | 2,974 | ||||||
Welltower, Inc. | 39,550 | 3,802 | ||||||
Weyerhaeuser Co. | 47,083 | 1,785 | ||||||
23,254 | ||||||||
Utilities (6.7%): | ||||||||
CenterPoint Energy, Inc. | 90,169 | 2,763 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Constellation Energy Corp. | 31,336 | $ | 1,763 | |||||
DTE Energy Co. | 18,572 | 2,456 | ||||||
Evergy, Inc. | 36,353 | 2,484 | ||||||
PPL Corp. | 75,415 | 2,154 | ||||||
UGI Corp. | 51,243 | 1,856 | ||||||
Vistra Corp. | 123,324 | 2,867 | ||||||
Xcel Energy, Inc. | 39,052 | 2,818 | ||||||
19,161 | ||||||||
Total Common Stocks (Cost $214,187) | 278,773 | |||||||
Collateral for Securities Loaned (1.9%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 103,431 | 103 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 2,901,220 | 2,901 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 51,617 | 52 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 411,578 | 412 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 1,850,535 | 1,850 | ||||||
Total Collateral for Securities Loaned (Cost $5,318) | 5,318 | |||||||
Total Investments (Cost $219,505) — 99.6% | 284,091 | |||||||
Other assets in excess of liabilities — 0.4% | 1,143 | |||||||
NET ASSETS - 100.00% | $ | 285,234 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Small-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.7%) | ||||||||
Communication Services (2.5%): | ||||||||
Cinemark Holdings, Inc. (a)(b) | 731,400 | $ | 12,639 | |||||
Gray Television, Inc. | 695,300 | 15,345 | ||||||
Lions Gate Entertainment Corp., Class B (a) | 780,000 | 11,723 | ||||||
The Marcus Corp. (a)(b) | 437,500 | 7,744 | ||||||
47,451 | ||||||||
Consumer Discretionary (9.9%): | ||||||||
Abercrombie & Fitch Co. (a)(b) | 401,900 | 12,857 | ||||||
Asbury Automotive Group, Inc. (a) | 67,000 | 10,734 | ||||||
Bloomin' Brands, Inc. | 642,000 | 14,086 | ||||||
Brinker International, Inc. (a) | 281,500 | 10,742 | ||||||
Brunswick Corp. | 108,500 | 8,777 | ||||||
Century Communities, Inc. | 205,000 | 10,982 | ||||||
Dana, Inc. | 446,500 | 7,845 | ||||||
Dave & Buster's Entertainment, Inc. (a) | 332,000 | 16,301 | ||||||
Macy's, Inc. | 689,300 | 16,791 | ||||||
Marriott Vacations Worldwide Corp. | 87,700 | 13,830 | ||||||
Steven Madden Ltd. | 335,000 | 12,944 | ||||||
The Goodyear Tire & Rubber Co. (a)(b) | 716,400 | 10,237 | ||||||
Victoria's Secret & Co. (a) | 263,000 | 13,508 | ||||||
Visteon Corp. (a) | 120,400 | 13,139 | ||||||
Wolverine World Wide, Inc. | 459,500 | 10,366 | ||||||
183,139 | ||||||||
Consumer Staples (2.7%): | ||||||||
Coty, Inc., Class A (a) | 1,640,000 | 14,744 | ||||||
Performance Food Group Co. (a) | 302,600 | 15,405 | ||||||
The Andersons, Inc. | 168,400 | 8,464 | ||||||
The Simply Good Foods Co. (a) | 316,000 | 11,992 | ||||||
50,605 | ||||||||
Energy (10.4%): | ||||||||
Antero Resources Corp. (a) | 1,014,000 | 30,957 | ||||||
Cactus, Inc., Class A | 351,600 | 19,950 | ||||||
Chesapeake Energy Corp. (b) | 301,400 | 26,222 | ||||||
CONSOL Energy, Inc. (a) | 581,500 | 21,882 | ||||||
Green Plains, Inc. (a) | 533,000 | 16,528 | ||||||
Ovintiv, Inc. | 558,500 | 30,198 | ||||||
PDC Energy, Inc. | 335,000 | 24,348 | ||||||
Whiting Petroleum Corp. | 288,500 | 23,516 | ||||||
193,601 | ||||||||
Financials (23.5%): | ||||||||
Ameris Bancorp | 376,300 | 16,512 | ||||||
Artisan Partners Asset Management, Inc., Class A | 315,000 | 12,395 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Assured Guaranty Ltd. | 192,000 | $ | 12,223 | |||||
Atlantic Union Bankshares Corp. | 416,500 | 15,281 | ||||||
Banc of California, Inc. | 666,200 | 12,898 | ||||||
Banner Corp. | 269,000 | 15,745 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 532,000 | 16,912 | ||||||
Brighthouse Financial, Inc. (a) | 198,300 | 10,244 | ||||||
CNO Financial Group, Inc. | 484,000 | 12,144 | ||||||
FB Financial Corp. | 337,500 | 14,992 | ||||||
Federated Hermes, Inc. | 456,000 | 15,531 | ||||||
First Bancorp/Southern Pines NC | 215,200 | 8,989 | ||||||
First Merchants Corp. | 392,000 | 16,307 | ||||||
Hancock Whitney Corp. | 424,000 | 22,112 | ||||||
Heritage Financial Corp. | 276,000 | 6,917 | ||||||
Horace Mann Educators Corp. | 245,500 | 10,269 | ||||||
Kinsale Capital Group, Inc. | 51,600 | 11,766 | ||||||
Ladder Capital Corp. | 899,200 | 10,673 | ||||||
MGIC Investment Corp. | 920,000 | 12,466 | ||||||
PacWest Bancorp | 446,000 | 19,236 | ||||||
Piper Sandler Cos. | 44,000 | 5,775 | ||||||
Primerica, Inc. | 67,000 | 9,167 | ||||||
ProAssurance Corp. | 421,400 | 11,327 | ||||||
RLI Corp. | 91,800 | 10,156 | ||||||
Sandy Spring Bancorp, Inc. (b) | 289,500 | 13,004 | ||||||
SouthState Corp. | 271,000 | 22,111 | ||||||
Starwood Property Trust, Inc. | 410,600 | 9,924 | ||||||
Stifel Financial Corp. | 137,400 | 9,329 | ||||||
Synovus Financial Corp. | 450,000 | 22,050 | ||||||
United Community Banks, Inc. | 568,300 | 19,777 | ||||||
Veritex Holdings, Inc. | 398,000 | 15,192 | ||||||
Wintrust Financial Corp. | 162,900 | 15,138 | ||||||
436,562 | ||||||||
Health Care (3.8%): | ||||||||
Brookdale Senior Living, Inc. (a) | 1,588,000 | 11,195 | ||||||
Haemonetics Corp. (a) | 14,000 | 885 | ||||||
Patterson Cos., Inc. | 401,000 | 12,980 | ||||||
Select Medical Holdings Corp. | 488,400 | 11,717 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 438,700 | 14,179 | ||||||
Tenet Healthcare Corp. (a) | 225,750 | 19,406 | ||||||
70,362 | ||||||||
Industrials (20.6%): | ||||||||
AAR Corp. (a) | 348,800 | 16,892 | ||||||
ArcBest Corp. | 118,100 | 9,507 | ||||||
Arcosa, Inc. | 222,400 | 12,732 | ||||||
Atkore, Inc. (a) | 127,400 | 12,541 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Beacon Roofing Supply, Inc. (a) | 204,828 | $ | 12,142 | |||||
BWX Technologies, Inc. | 265,500 | 14,300 | ||||||
CACI International, Inc., Class A (a) | 43,700 | 13,165 | ||||||
Clean Harbors, Inc. (a) | 150,900 | 16,847 | ||||||
Crane Co. | 123,500 | 13,373 | ||||||
EMCOR Group, Inc. | 166,300 | 18,730 | ||||||
EnPro Industries, Inc. | 126,301 | 12,343 | ||||||
FTI Consulting, Inc. (a) | 95,000 | 14,936 | ||||||
Hawaiian Holdings, Inc. (a) | 583,500 | 11,495 | ||||||
Hub Group, Inc., Class A (a) | 179,300 | 13,844 | ||||||
Kirby Corp. (a) | 224,400 | 16,199 | ||||||
ManpowerGroup, Inc. | 84,400 | 7,927 | ||||||
Maxar Technologies, Inc. | 492,000 | 19,414 | ||||||
MillerKnoll, Inc. | 391,300 | 13,523 | ||||||
nVent Electric PLC | 330,000 | 11,477 | ||||||
Ryder System, Inc. | 133,500 | 10,591 | ||||||
Saia, Inc. (a) | 40,600 | 9,899 | ||||||
Terex Corp. | 225,000 | 8,024 | ||||||
The Greenbrier Cos., Inc. | 244,000 | 12,569 | ||||||
Triumph Group, Inc. (a) | 615,400 | 15,557 | ||||||
Univar Solutions, Inc. (a) | 504,600 | 16,218 | ||||||
Wabash National Corp. | 628,300 | 9,324 | ||||||
Werner Enterprises, Inc. | 227,000 | 9,307 | ||||||
WESCO International, Inc. (a) | 136,000 | 17,699 | ||||||
Zurn Water Solutions Corp. | 365,300 | 12,932 | ||||||
383,507 | ||||||||
Information Technology (5.8%): | ||||||||
Belden, Inc. | 298,300 | 16,526 | ||||||
Conduent, Inc. (a) | 1,574,000 | 8,122 | ||||||
Diebold Nixdorf, Inc. (a) | 1,088,000 | 7,322 | ||||||
FormFactor, Inc. (a) | 257,700 | 10,831 | ||||||
Harmonic, Inc. (a)(b) | 1,020,200 | 9,478 | ||||||
Infinera Corp. (a)(b) | 1,196,000 | 10,369 | ||||||
Plexus Corp. (a) | 122,000 | 9,981 | ||||||
Veeco Instruments, Inc. (a) | 368,900 | 10,031 | ||||||
Verint Systems, Inc. (a) | 281,400 | 14,548 | ||||||
Vishay Intertechnology, Inc. | 589,200 | 11,548 | ||||||
108,756 | ||||||||
Materials (4.6%): | ||||||||
AdvanSix, Inc. | 215,000 | 10,984 | ||||||
Arconic Corp. (a) | 468,500 | 12,003 | ||||||
Avient Corp. | 380,000 | 18,240 | ||||||
Methanex Corp. | 184,000 | 10,039 | ||||||
Schnitzer Steel Industries, Inc. | 387,000 | 20,101 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Summit Materials, Inc., Class A (a) | 429,200 | $ | 13,331 | |||||
84,698 | ||||||||
Real Estate (10.2%): | ||||||||
Alexander & Baldwin, Inc. | 433,300 | 10,048 | ||||||
CareTrust REIT, Inc. | 547,000 | 10,557 | ||||||
DiamondRock Hospitality Co. (a) | 1,545,000 | 15,604 | ||||||
Easterly Government Properties, Inc. | 584,000 | 12,346 | ||||||
Essential Properties Realty Trust, Inc. | 480,600 | 12,159 | ||||||
Hudson Pacific Properties, Inc. | 486,700 | 13,506 | ||||||
LXP Industrial Trust | 1,256,000 | 19,719 | ||||||
Physicians Realty Trust | 540,000 | 9,472 | ||||||
Sabra Health Care REIT, Inc. | 950,000 | 14,146 | ||||||
SITE Centers Corp. | 1,080,000 | 18,047 | ||||||
STAG Industrial, Inc. | 484,600 | 20,038 | ||||||
Summit Hotel Properties, Inc. (a) | 1,097,400 | 10,930 | ||||||
Sunstone Hotel Investors, Inc. (a) | 965,500 | 11,374 | ||||||
Veris Residential, Inc. (a) | 674,000 | 11,721 | ||||||
189,667 | ||||||||
Utilities (4.7%): | ||||||||
ALLETE, Inc. | 227,000 | 15,204 | ||||||
Black Hills Corp. | 277,500 | 21,373 | ||||||
NorthWestern Corp. | 222,000 | 13,429 | ||||||
ONE Gas, Inc. | 229,700 | 20,269 | ||||||
Portland General Electric Co. | 297,800 | 16,424 | ||||||
86,699 | ||||||||
Total Common Stocks (Cost $1,378,379) | 1,835,047 | |||||||
Collateral for Securities Loaned (3.1%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 1,106,802 | 1,107 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 31,045,676 | 31,046 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 552,349 | 552 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 4,404,257 | 4,404 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 19,802,397 | 19,802 | ||||||
Total Collateral for Securities Loaned (Cost $56,911) | 56,911 | |||||||
Total Investments (Cost $1,435,290) — 101.8% | 1,891,958 | |||||||
Liabilities in excess of other assets — (1.8)% | (34,151 | ) | ||||||
NET ASSETS - 100.00% | $ | 1,857,807 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments | |||
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.0%) | ||||||||
Communication Services (2.1%): | ||||||||
Cinemark Holdings, Inc. (a) | 82,300 | $ | 1,422 | |||||
Lions Gate Entertainment Corp., Class B (a) | 92,700 | 1,393 | ||||||
Nexstar Media Group, Inc., Class A | 12,900 | 2,432 | ||||||
5,247 | ||||||||
Consumer Discretionary (11.1%): | ||||||||
Aramark | 55,500 | 2,087 | ||||||
Asbury Automotive Group, Inc. (a) | 8,500 | 1,362 | ||||||
Bloomin' Brands, Inc. | 76,300 | 1,674 | ||||||
Brunswick Corp. | 19,150 | 1,549 | ||||||
Caesars Entertainment, Inc. (a) | 21,793 | 1,686 | ||||||
Capri Holdings Ltd. (a) | 33,825 | 1,738 | ||||||
Lear Corp. | 7,420 | 1,058 | ||||||
Macy's, Inc. | 54,000 | 1,315 | ||||||
Newell Brands, Inc. | 88,000 | 1,884 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 89,000 | 1,947 | ||||||
PulteGroup, Inc. | 26,500 | 1,110 | ||||||
Ralph Lauren Corp. | 18,800 | 2,133 | ||||||
Steven Madden Ltd. | 42,068 | 1,626 | ||||||
The Gap, Inc. (b) | 91,800 | 1,293 | ||||||
Travel + Leisure Co. | 33,000 | 1,912 | ||||||
Victoria's Secret & Co. (a) | 34,000 | 1,746 | ||||||
Visteon Corp. (a) | 13,300 | 1,451 | ||||||
27,571 | ||||||||
Consumer Staples (2.9%): | ||||||||
Coty, Inc., Class A (a) | 203,000 | 1,825 | ||||||
MGP Ingredients, Inc. (b) | 21,416 | 1,833 | ||||||
Molson Coors Beverage Co., Class B | 33,076 | 1,766 | ||||||
Performance Food Group Co. (a) | 34,500 | 1,756 | ||||||
7,180 | ||||||||
Energy (7.9%): | ||||||||
Cactus, Inc., Class A | 36,645 | 2,079 | ||||||
CONSOL Energy, Inc. (a) | 55,300 | 2,081 | ||||||
Coterra Energy, Inc. | 95,000 | 2,562 | ||||||
Devon Energy Corp. | 55,650 | 3,291 | ||||||
Diamondback Energy, Inc. | 18,000 | 2,467 | ||||||
Green Plains, Inc. (a) | 62,500 | 1,938 | ||||||
PDC Energy, Inc. | 36,100 | 2,624 | ||||||
Whiting Petroleum Corp. | 30,900 | 2,519 | ||||||
19,561 | ||||||||
Financials (19.9%): | ||||||||
American Financial Group, Inc. | 14,468 | 2,107 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Artisan Partners Asset Management, Inc., Class A | 40,000 | $ | 1,574 | |||||
Assurant, Inc. | 12,000 | 2,182 | ||||||
Assured Guaranty Ltd. | 24,300 | 1,547 | ||||||
Atlantic Union Bankshares Corp. | 47,350 | 1,737 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 56,000 | 1,780 | ||||||
Comerica, Inc. | 27,750 | 2,509 | ||||||
East West Bancorp, Inc. | 27,200 | 2,149 | ||||||
Federated Hermes, Inc. | 47,000 | 1,601 | ||||||
Hancock Whitney Corp. | 56,200 | 2,931 | ||||||
Invesco Ltd. | 79,000 | 1,822 | ||||||
Kinsale Capital Group, Inc. | 6,115 | 1,394 | ||||||
Lincoln National Corp. | 23,036 | 1,506 | ||||||
LPL Financial Holdings, Inc. | 13,010 | 2,377 | ||||||
MGIC Investment Corp. | 107,500 | 1,457 | ||||||
PacWest Bancorp | 58,650 | 2,529 | ||||||
Reinsurance Group of America, Inc. | 13,380 | 1,465 | ||||||
SouthState Corp. | 30,000 | 2,448 | ||||||
Stifel Financial Corp. | 27,085 | 1,839 | ||||||
Synovus Financial Corp. | 53,300 | 2,612 | ||||||
The Hanover Insurance Group, Inc. | 10,720 | 1,603 | ||||||
Unum Group | 54,400 | 1,714 | ||||||
Voya Financial, Inc. (b) | 28,000 | 1,858 | ||||||
Western Alliance Bancorp | 28,200 | 2,335 | ||||||
Wintrust Financial Corp. | 23,580 | 2,191 | ||||||
49,267 | ||||||||
Health Care (4.6%): | ||||||||
Encompass Health Corp. | 28,830 | 2,050 | ||||||
Jazz Pharmaceuticals PLC (a) | 11,700 | 1,821 | ||||||
Organon & Co. | 64,730 | 2,261 | ||||||
Perrigo Co. PLC | 44,850 | 1,724 | ||||||
Select Medical Holdings Corp. | 62,000 | 1,487 | ||||||
Tenet Healthcare Corp. (a) | 22,800 | 1,960 | ||||||
11,303 | ||||||||
Industrials (21.7%): | ||||||||
AGCO Corp. | 12,010 | 1,754 | ||||||
Alaska Air Group, Inc. (a) | 33,782 | 1,960 | ||||||
Arcosa, Inc. | 31,400 | 1,798 | ||||||
Atkore, Inc. (a) | 16,820 | 1,656 | ||||||
BWX Technologies, Inc. | 34,743 | 1,871 | ||||||
CACI International, Inc., Class A (a) | 5,766 | 1,737 | ||||||
Carlisle Cos., Inc. | 9,580 | 2,356 | ||||||
Clean Harbors, Inc. (a) | 19,840 | 2,215 | ||||||
Crane Co. | 16,700 | 1,808 | ||||||
EMCOR Group, Inc. | 18,220 | 2,052 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
EnPro Industries, Inc. | 17,458 | $ | 1,706 | |||||
FTI Consulting, Inc. (a) | 12,000 | 1,887 | ||||||
Hertz Global Holdings, Inc. (a)(b) | 62,200 | 1,378 | ||||||
Howmet Aerospace, Inc. | 68,383 | 2,458 | ||||||
ITT, Inc. | 20,000 | 1,504 | ||||||
Kirby Corp. (a) | 28,618 | 2,066 | ||||||
Knight-Swift Transportation Holdings, Inc. | 30,400 | 1,534 | ||||||
ManpowerGroup, Inc. | 11,639 | 1,093 | ||||||
MillerKnoll, Inc. | 47,800 | 1,652 | ||||||
nVent Electric PLC | 46,300 | 1,610 | ||||||
Oshkosh Corp. | 14,000 | 1,409 | ||||||
Regal Rexnord Corp. | 10,750 | 1,599 | ||||||
Ryder System, Inc. | 19,372 | 1,537 | ||||||
Saia, Inc. (a) | 7,030 | 1,714 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 51,071 | 2,497 | ||||||
Trinity Industries, Inc. (b) | 41,500 | 1,426 | ||||||
Univar Solutions, Inc. (a) | 64,581 | 2,076 | ||||||
WESCO International, Inc. (a) | 18,752 | 2,440 | ||||||
Westinghouse Air Brake Technologies Corp. | 16,960 | 1,631 | ||||||
Zurn Water Solutions Corp. | 40,000 | 1,416 | ||||||
53,840 | ||||||||
Information Technology (7.8%): | ||||||||
Belden, Inc. | 33,000 | 1,828 | ||||||
Ciena Corp. (a) | 34,000 | 2,061 | ||||||
Conduent, Inc. (a) | 199,888 | 1,032 | ||||||
Euronet Worldwide, Inc. (a) | 16,000 | 2,082 | ||||||
Flex Ltd. (a) | 103,990 | 1,929 | ||||||
FormFactor, Inc. (a) | 31,700 | 1,332 | ||||||
Infinera Corp. (a)(b) | 166,000 | 1,439 | ||||||
Jabil, Inc. | 24,200 | 1,494 | ||||||
MKS Instruments, Inc. | 8,400 | 1,260 | ||||||
NCR Corp. (a) | 22,025 | 885 | ||||||
ON Semiconductor Corp. (a) | 35,337 | 2,213 | ||||||
Verint Systems, Inc. (a) | 34,500 | 1,784 | ||||||
19,339 | ||||||||
Materials (7.8%): | ||||||||
Alcoa Corp. | 29,400 | 2,647 | ||||||
Arconic Corp. (a) | 55,500 | 1,422 | ||||||
CF Industries Holdings, Inc. | 26,453 | 2,726 | ||||||
Cleveland-Cliffs, Inc. (a) | 96,962 | 3,123 | ||||||
Olin Corp. | 47,000 | 2,457 | ||||||
Summit Materials, Inc., Class A (a) | 57,993 | 1,801 | ||||||
The Mosaic Co. | 41,308 | 2,747 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Westlake Corp. | 19,000 | $ | 2,345 | |||||
19,268 | ||||||||
Real Estate (9.0%): | ||||||||
Apartment Income REIT Corp. | 45,950 | 2,456 | ||||||
DiamondRock Hospitality Co. (a) | 186,500 | 1,884 | ||||||
Federal Realty Investment Trust | 18,700 | 2,283 | ||||||
First Industrial Realty Trust, Inc. | 32,510 | 2,013 | ||||||
Gaming and Leisure Properties, Inc. | 42,800 | 2,008 | ||||||
Highwoods Properties, Inc. | 46,700 | 2,136 | ||||||
Hudson Pacific Properties, Inc. | 76,900 | 2,134 | ||||||
Medical Properties Trust, Inc. | 55,325 | 1,169 | ||||||
SITE Centers Corp. | 116,500 | 1,947 | ||||||
Veris Residential, Inc. (a) | 93,250 | 1,622 | ||||||
VICI Properties, Inc. | 94,800 | 2,698 | ||||||
22,350 | ||||||||
Utilities (3.2%): | ||||||||
ALLETE, Inc. | 30,100 | 2,016 | ||||||
Black Hills Corp. | 27,144 | 2,091 | ||||||
UGI Corp. | 50,000 | 1,811 | ||||||
Vistra Corp. | 92,600 | 2,153 | ||||||
8,071 | ||||||||
Total Common Stocks (Cost $190,292) | 242,997 | |||||||
Collateral for Securities Loaned (3.6%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 173,904 | 174 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 4,877,986 | 4,878 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 86,787 | 87 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 692,010 | 692 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 3,111,410 | 3,111 | ||||||
Total Collateral for Securities Loaned (Cost $8,942) | 8,942 | |||||||
Total Investments (Cost $199,234) — 101.6% | 251,939 | |||||||
Liabilities in excess of other assets — (1.6)% | (3,998 | ) | ||||||
NET ASSETS - 100.00% | $ | 247,941 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments | |||
Victory Munder Multi-Cap Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.5%) | ||||||||
Communication Services (8.1%): | ||||||||
Alphabet, Inc., Class A (a) | 8,193 | $ | 22,788 | |||||
Nexstar Media Group, Inc., Class A | 40,400 | 7,615 | ||||||
World Wrestling Entertainment, Inc., Class A (b) | 104,300 | 6,512 | ||||||
36,915 | ||||||||
Communications Equipment (1.1%): | ||||||||
Lumentum Holdings, Inc. (a)(b) | 50,300 | 4,909 | ||||||
Consumer Discretionary (12.1%): | ||||||||
Amazon.com, Inc. (a) | 2,010 | 6,552 | ||||||
Asbury Automotive Group, Inc. (a) | 34,600 | 5,543 | ||||||
Brunswick Corp. | 49,600 | 4,012 | ||||||
Crocs, Inc. (a) | 43,800 | 3,346 | ||||||
D.R. Horton, Inc. | 40,800 | 3,040 | ||||||
Group 1 Automotive, Inc. | 23,200 | 3,894 | ||||||
Lithia Motors, Inc. | 16,000 | 4,802 | ||||||
MarineMax, Inc. (a) | 103,300 | 4,159 | ||||||
Meritage Homes Corp. (a) | 26,100 | 2,068 | ||||||
Tempur Sealy International, Inc. | 101,500 | 2,834 | ||||||
Tesla, Inc. (a) | 8,200 | 8,836 | ||||||
Vista Outdoor, Inc. (a) | 62,200 | 2,220 | ||||||
Winnebago Industries, Inc. | 65,000 | 3,512 | ||||||
54,818 | ||||||||
Consumer Staples (4.2%): | ||||||||
BJ's Wholesale Club Holdings, Inc. (a) | 90,600 | 6,126 | ||||||
Darling Ingredients, Inc. (a) | 34,300 | 2,757 | ||||||
PepsiCo, Inc. | 43,000 | 7,197 | ||||||
Philip Morris International, Inc. | 31,300 | 2,940 | ||||||
19,020 | ||||||||
Electronic Equipment, Instruments & Components (3.0%): | ||||||||
Fabrinet (a) | 63,600 | 6,686 | ||||||
Jabil, Inc. | 109,900 | 6,784 | ||||||
13,470 | ||||||||
Energy (6.9%): | ||||||||
Chevron Corp. | 36,310 | 5,912 | ||||||
Diamondback Energy, Inc. | 24,200 | 3,317 | ||||||
EOG Resources, Inc. | 58,700 | 6,999 | ||||||
Matador Resources Co. | 70,000 | 3,709 | ||||||
Pioneer Natural Resources Co. | 20,200 | 5,051 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Multi-Cap Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Schlumberger NV | 160,500 | $ | 6,630 | |||||
31,618 | ||||||||
Financials (11.8%): | ||||||||
Ally Financial, Inc. | 62,900 | 2,735 | ||||||
Ameriprise Financial, Inc. | 21,100 | 6,338 | ||||||
Bank of America Corp. | 148,800 | 6,133 | ||||||
Chubb Ltd. | 33,900 | 7,251 | ||||||
Customers Bancorp, Inc. (a) | 53,300 | 2,779 | ||||||
JPMorgan Chase & Co. | 44,300 | 6,039 | ||||||
Morgan Stanley | 57,200 | 4,999 | ||||||
ServisFirst Bancshares, Inc. | 70,500 | 6,718 | ||||||
Signature Bank | 19,500 | 5,723 | ||||||
Western Alliance Bancorp | 62,300 | 5,160 | ||||||
53,875 | ||||||||
Health Care (13.1%): | ||||||||
AbbVie, Inc. | 54,550 | 8,843 | ||||||
AmerisourceBergen Corp. | 41,600 | 6,436 | ||||||
AMN Healthcare Services, Inc. (a) | 42,700 | 4,455 | ||||||
Cigna Corp. | 29,100 | 6,973 | ||||||
ICON PLC (a) | 21,300 | 5,181 | ||||||
McKesson Corp. | 21,600 | 6,612 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 12,000 | 8,381 | ||||||
Stryker Corp. | 8,800 | 2,353 | ||||||
Thermo Fisher Scientific, Inc. | 3,900 | 2,303 | ||||||
UnitedHealth Group, Inc. | 16,225 | 8,274 | ||||||
59,811 | ||||||||
Industrials (8.2%): | ||||||||
Builders FirstSource, Inc. (a) | 42,000 | 2,711 | ||||||
Chart Industries, Inc. (a) | 38,800 | 6,665 | ||||||
GXO Logistics, Inc. (a) | 36,500 | 2,604 | ||||||
Marten Transport Ltd. | 339,300 | 6,026 | ||||||
Old Dominion Freight Line, Inc. | 13,400 | 4,002 | ||||||
Parker-Hannifin Corp. | 14,100 | 4,001 | ||||||
Saia, Inc. (a) | 17,600 | 4,291 | ||||||
Trex Co., Inc. (a) | 39,300 | 2,567 | ||||||
UFP Industries, Inc. | 54,600 | 4,213 | ||||||
37,080 | ||||||||
Materials (2.7%): | ||||||||
Graphic Packaging Holding Co. | 114,200 | 2,289 | ||||||
Greif, Inc., Class A | 28,000 | 1,822 | ||||||
Summit Materials, Inc., Class A (a) | 119,000 | 3,696 | ||||||
Valvoline, Inc. | 140,500 | 4,434 | ||||||
12,241 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Multi-Cap Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Real Estate (2.1%): | ||||||||
American Tower Corp. | 12,300 | $ | 3,090 | |||||
CBRE Group, Inc., Class A (a) | 26,400 | 2,416 | ||||||
Simon Property Group, Inc. | 30,500 | 4,013 | ||||||
9,519 | ||||||||
Semiconductors & Semiconductor Equipment (10.3%): | ||||||||
Advanced Micro Devices, Inc. (a) | 68,300 | 7,468 | ||||||
Alpha & Omega Semiconductor Ltd. (a) | 66,200 | 3,618 | ||||||
Applied Materials, Inc. | 38,900 | 5,127 | ||||||
Broadcom, Inc. | 15,200 | 9,571 | ||||||
NVIDIA Corp. | 51,400 | 14,025 | ||||||
QUALCOMM, Inc. | 46,400 | 7,091 | ||||||
46,900 | ||||||||
Software (6.3%): | ||||||||
Cadence Design Systems, Inc. (a) | 28,200 | 4,638 | ||||||
Microsoft Corp. | 77,460 | 23,882 | ||||||
28,520 | ||||||||
Technology Hardware, Storage & Peripherals (7.6%): | ||||||||
Apple, Inc. | 172,980 | 30,204 | ||||||
HP, Inc. | 123,100 | 4,469 | ||||||
34,673 | ||||||||
Total Common Stocks (Cost $310,193) | 443,369 | |||||||
Exchange-Traded Funds (2.0%) | ||||||||
iShares Russell 3000 ETF (b) | 35,000 | 9,183 | ||||||
Total Exchange-Traded Funds (Cost $8,701) | 9,183 | |||||||
Collateral for Securities Loaned (3.2%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 282,872 | 283 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 7,934,534 | 7,934 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 141,167 | 141 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 1,125,623 | 1,126 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 5,061,020 | 5,061 | ||||||
Total Collateral for Securities Loaned (Cost $14,545) | 14,545 | |||||||
Total Investments (Cost $333,439) — 102.7% | 467,097 | |||||||
Liabilities in excess of other assets — (2.7)% | (12,261 | ) | ||||||
NET ASSETS - 100.00% | $ | 454,836 |
^ | 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 March 31, 2022. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.0%) | ||||||||
Communication Services (9.3%): | ||||||||
Activision Blizzard, Inc. | 5,602 | $ | 449 | |||||
Alphabet, Inc., Class A (a) | 2,163 | 6,016 | ||||||
Alphabet, Inc., Class C (a) | 1,997 | 5,578 | ||||||
AT&T, Inc. | 51,349 | 1,213 | ||||||
Charter Communications, Inc., Class A (a) | 857 | 467 | ||||||
Comcast Corp., Class A | 32,529 | 1,523 | ||||||
Discovery, Inc., Class A (a) | 1,219 | 30 | ||||||
Discovery, Inc., Class C (a) | 2,184 | 54 | ||||||
DISH Network Corp., Class A (a) | 1,796 | 57 | ||||||
Electronic Arts, Inc. | 2,022 | 256 | ||||||
Fox Corp., Class A | 2,271 | 90 | ||||||
Fox Corp., Class B | 1,048 | 38 | ||||||
Live Nation Entertainment, Inc. (a) | 971 | 114 | ||||||
Lumen Technologies, Inc. | 6,626 | 75 | ||||||
Match Group, Inc. (a) | 2,036 | 221 | ||||||
Meta Platforms, Inc., Class A (a) | 16,604 | 3,692 | ||||||
Netflix, Inc. (a) | 3,192 | 1,196 | ||||||
News Corp., Class A | 2,811 | 62 | ||||||
News Corp., Class B | 871 | 20 | ||||||
Omnicom Group, Inc. | 1,503 | 128 | ||||||
Paramount Global, Class B | 4,363 | 165 | ||||||
Take-Two Interactive Software, Inc. (a) | 830 | 128 | ||||||
The Interpublic Group of Cos., Inc. | 2,830 | 100 | ||||||
The Walt Disney Co. (a) | 13,092 | 1,796 | ||||||
T-Mobile U.S., Inc. (a) | 4,222 | 542 | ||||||
Twitter, Inc. (a) | 5,750 | 222 | ||||||
Verizon Communications, Inc. | 30,186 | 1,538 | ||||||
25,770 | ||||||||
Communications Equipment (0.9%): | ||||||||
Arista Networks, Inc. (a) | 1,613 | 224 | ||||||
Cisco Systems, Inc. | 30,327 | 1,691 | ||||||
F5, Inc. (a) | 437 | 91 | ||||||
Juniper Networks, Inc. | 2,338 | 87 | ||||||
Motorola Solutions, Inc. | 1,214 | 294 | ||||||
2,387 | ||||||||
Consumer Discretionary (11.9%): | ||||||||
Advance Auto Parts, Inc. | 448 | 93 | ||||||
Amazon.com, Inc. (a) | 3,147 | 10,259 | ||||||
Aptiv PLC (a) | 1,945 | 233 | ||||||
AutoZone, Inc. (a) | 148 | 303 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Bath & Body Works, Inc. | 1,853 | $ | 89 | |||||
Best Buy Co., Inc. | 1,557 | 141 | ||||||
Booking Holdings, Inc. (a) | 295 | 693 | ||||||
BorgWarner, Inc. | 1,724 | 67 | ||||||
Caesars Entertainment, Inc. (a) | 1,537 | 119 | ||||||
CarMax, Inc. (a) | 1,163 | 112 | ||||||
Carnival Corp. (a)(b) | 5,816 | 118 | ||||||
Chipotle Mexican Grill, Inc. (a) | 202 | 320 | ||||||
D.R. Horton, Inc. | 2,319 | 173 | ||||||
Darden Restaurants, Inc. | 918 | 122 | ||||||
Dollar General Corp. | 1,666 | 371 | ||||||
Dollar Tree, Inc. (a) | 1,618 | 259 | ||||||
Domino's Pizza, Inc. | 262 | 107 | ||||||
eBay, Inc. | 4,501 | 258 | ||||||
Etsy, Inc. (a)(c) | 912 | 113 | ||||||
Expedia Group, Inc. (a) | 1,080 | 211 | ||||||
Ford Motor Co. | 28,284 | 478 | ||||||
Garmin Ltd. | 1,093 | 130 | ||||||
General Motors Co. (a) | 10,448 | 457 | ||||||
Genuine Parts Co. | 1,024 | 129 | ||||||
Hasbro, Inc. | 932 | 76 | ||||||
Hilton Worldwide Holdings, Inc. (a) | 2,004 | 304 | ||||||
Las Vegas Sands Corp. (a)(c) | 2,472 | 96 | ||||||
Lennar Corp., Class A | 1,879 | 152 | ||||||
LKQ Corp. | 1,928 | 87 | ||||||
Lowe's Cos., Inc. | 4,845 | 980 | ||||||
Marriott International, Inc., Class A (a) | 1,967 | 346 | ||||||
McDonald's Corp. | 5,373 | 1,329 | ||||||
MGM Resorts International | 2,708 | 114 | ||||||
Mohawk Industries, Inc. (a) | 395 | 49 | ||||||
Newell Brands, Inc. | 2,722 | 58 | ||||||
NIKE, Inc., Class B | 9,177 | 1,235 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 2,998 | 66 | ||||||
NVR, Inc. (a) | 24 | 107 | ||||||
O'Reilly Automotive, Inc. (a) | 484 | 331 | ||||||
Penn National Gaming, Inc. (a) | 1,195 | 51 | ||||||
Pool Corp. | 288 | 122 | ||||||
PulteGroup, Inc. | 1,788 | 75 | ||||||
PVH Corp. | 503 | 38 | ||||||
Ralph Lauren Corp. | 333 | 38 | ||||||
Ross Stores, Inc. | 2,541 | 230 | ||||||
Royal Caribbean Cruises Ltd. (a) | 1,612 | 135 | ||||||
Starbucks Corp. | 8,271 | 752 | ||||||
Tapestry, Inc. | 1,898 | 70 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Target Corp. (c) | 3,445 | $ | 731 | |||||
Tesla, Inc. (a) | 6,020 | 6,487 | ||||||
The Home Depot, Inc. | 7,509 | 2,248 | ||||||
The TJX Cos., Inc. | 8,578 | 520 | ||||||
Tractor Supply Co. | 818 | 191 | ||||||
Ulta Beauty, Inc. (a) | 389 | 155 | ||||||
Under Armour, Inc., Class A (a) | 1,356 | 23 | ||||||
Under Armour, Inc., Class C (a) | 1,546 | 24 | ||||||
VF Corp. | 2,321 | 132 | ||||||
Whirlpool Corp. | 424 | 73 | ||||||
Wynn Resorts Ltd. (a) | 757 | 60 | ||||||
Yum! Brands, Inc. | 2,078 | 246 | ||||||
33,086 | ||||||||
Consumer Staples (6.0%): | ||||||||
Altria Group, Inc. | 13,110 | 685 | ||||||
Archer-Daniels-Midland Co. | 4,024 | 363 | ||||||
Brown-Forman Corp., Class B | 1,314 | 88 | ||||||
Campbell Soup Co. | 1,454 | 65 | ||||||
Church & Dwight Co., Inc. | 1,740 | 173 | ||||||
Colgate-Palmolive Co. | 6,061 | 460 | ||||||
Conagra Brands, Inc. | 3,449 | 116 | ||||||
Constellation Brands, Inc., Class A | 1,182 | 272 | ||||||
Costco Wholesale Corp. | 3,189 | 1,836 | ||||||
General Mills, Inc. | 4,337 | 294 | ||||||
Hormel Foods Corp. (b) | 2,029 | 105 | ||||||
Kellogg Co. | 1,840 | 119 | ||||||
Kimberly-Clark Corp. | 2,422 | 298 | ||||||
Lamb Weston Holdings, Inc. | 1,044 | 63 | ||||||
McCormick & Co., Inc. | 1,796 | 179 | ||||||
Molson Coors Beverage Co., Class B | 1,355 | 72 | ||||||
Mondelez International, Inc., Class A | 9,983 | 627 | ||||||
Monster Beverage Corp. (a) | 2,701 | 216 | ||||||
PepsiCo, Inc. | 9,948 | 1,665 | ||||||
Philip Morris International, Inc. | 11,144 | 1,047 | ||||||
Sysco Corp. | 3,649 | 298 | ||||||
The Clorox Co. | 885 | 123 | ||||||
The Coca-Cola Co. | 27,954 | 1,733 | ||||||
The Estee Lauder Cos., Inc. | 1,671 | 455 | ||||||
The Hershey Co. | 1,045 | 226 | ||||||
The J.M. Smucker Co. | 779 | 105 | ||||||
The Kraft Heinz Co. | 5,105 | 201 | ||||||
The Kroger Co. | 4,811 | 276 | ||||||
The Procter & Gamble Co. | 17,236 | 2,634 | ||||||
Tyson Foods, Inc., Class A | 2,103 | 188 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Walgreens Boots Alliance, Inc. | 5,152 | $ | 231 | |||||
Walmart, Inc. | 10,172 | 1,515 | ||||||
16,728 | ||||||||
Electronic Equipment, Instruments & Components (0.6%): | ||||||||
Amphenol Corp., Class A | 4,307 | 325 | ||||||
CDW Corp. | 976 | 175 | ||||||
Corning, Inc. | 5,371 | 198 | ||||||
IPG Photonics Corp. (a) | 257 | 28 | ||||||
Keysight Technologies, Inc. (a) | 1,316 | 208 | ||||||
TE Connectivity Ltd. | 2,341 | 307 | ||||||
Teledyne Technologies, Inc. (a) | 335 | 158 | ||||||
Trimble, Inc. (a) | 1,805 | 130 | ||||||
Zebra Technologies Corp. (a) | 382 | 158 | ||||||
1,687 | ||||||||
Energy (3.8%): | ||||||||
APA Corp. | 2,612 | 108 | ||||||
Baker Hughes Co. | 6,512 | 237 | ||||||
Chevron Corp. | 13,861 | 2,257 | ||||||
ConocoPhillips | 9,364 | 936 | ||||||
Coterra Energy, Inc. | 5,850 | 158 | ||||||
Devon Energy Corp. | 4,527 | 268 | ||||||
Diamondback Energy, Inc. | 1,225 | 168 | ||||||
EOG Resources, Inc. | 4,207 | 502 | ||||||
Exxon Mobil Corp. | 30,442 | 2,514 | ||||||
Halliburton Co. | 6,461 | 245 | ||||||
Hess Corp. | 1,982 | 212 | ||||||
Kinder Morgan, Inc. | 14,022 | 265 | ||||||
Marathon Oil Corp. | 5,598 | 141 | ||||||
Marathon Petroleum Corp. | 4,163 | 356 | ||||||
Occidental Petroleum Corp. | 6,380 | 362 | ||||||
ONEOK, Inc. | 3,207 | 226 | ||||||
Phillips 66 | 3,364 | 291 | ||||||
Pioneer Natural Resources Co. | 1,633 | 408 | ||||||
Schlumberger NV | 10,091 | 417 | ||||||
The Williams Cos., Inc. | 8,737 | 292 | ||||||
Valero Energy Corp. | 2,940 | 298 | ||||||
10,661 | ||||||||
Financials (11.0%): | ||||||||
Aflac, Inc. | 4,314 | 278 | ||||||
American Express Co. | 4,423 | 827 | ||||||
American International Group, Inc. | 5,970 | 375 | ||||||
Ameriprise Financial, Inc. | 797 | 239 | ||||||
Aon PLC, Class A | 1,545 | 503 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Arthur J Gallagher & Co. | 1,499 | $ | 262 | |||||
Assurant, Inc. | 410 | 75 | ||||||
Bank of America Corp. | 51,115 | 2,107 | ||||||
Berkshire Hathaway, Inc., Class B (a) | 13,169 | 4,647 | ||||||
BlackRock, Inc. | 1,025 | 783 | ||||||
Brown & Brown, Inc. | 1,686 | 122 | ||||||
Capital One Financial Corp. | 2,976 | 391 | ||||||
Cboe Global Markets, Inc. | 767 | 88 | ||||||
Chubb Ltd. | 3,097 | 662 | ||||||
Cincinnati Financial Corp. | 1,078 | 147 | ||||||
Citigroup, Inc. | 14,269 | 762 | ||||||
Citizens Financial Group, Inc. | 3,065 | 139 | ||||||
CME Group, Inc. | 2,584 | 615 | ||||||
Comerica, Inc. | 940 | 85 | ||||||
Discover Financial Services | 2,071 | 228 | ||||||
Everest Re Group Ltd. | 283 | 85 | ||||||
FactSet Research Systems, Inc. | 272 | 118 | ||||||
Fifth Third Bancorp | 4,917 | 212 | ||||||
First Republic Bank | 1,289 | 209 | ||||||
Franklin Resources, Inc. (b) | 2,022 | 56 | ||||||
Globe Life, Inc. | 668 | 67 | ||||||
Huntington Bancshares, Inc. | 10,338 | 151 | ||||||
Intercontinental Exchange, Inc. | 4,040 | 534 | ||||||
Invesco Ltd. | 2,454 | 57 | ||||||
JPMorgan Chase & Co. | 21,250 | 2,897 | ||||||
KeyCorp | 6,679 | 150 | ||||||
Lincoln National Corp. | 1,198 | 78 | ||||||
Loews Corp. | 1,410 | 91 | ||||||
M&T Bank Corp. | 925 | 157 | ||||||
MarketAxess Holdings, Inc. | 273 | 93 | ||||||
Marsh & McLennan Cos., Inc. | 3,631 | 619 | ||||||
MetLife, Inc. | 5,046 | 355 | ||||||
Moody's Corp. | 1,163 | 392 | ||||||
Morgan Stanley | 10,193 | 891 | ||||||
MSCI, Inc. | 584 | 294 | ||||||
Nasdaq, Inc. | 842 | 150 | ||||||
Northern Trust Corp. | 1,494 | 174 | ||||||
People's United Financial, Inc. | 3,077 | 62 | ||||||
Principal Financial Group, Inc. | 1,747 | 128 | ||||||
Prudential Financial, Inc. | 2,718 | 321 | ||||||
Raymond James Financial, Inc. | 1,344 | 148 | ||||||
Regions Financial Corp. | 6,774 | 151 | ||||||
S&P Global, Inc. | 2,547 | 1,045 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Signature Bank | 451 | $ | 132 | |||||
State Street Corp. | 2,632 | 229 | ||||||
SVB Financial Group (a) | 422 | 236 | ||||||
Synchrony Financial | 3,748 | 130 | ||||||
T. Rowe Price Group, Inc. | 1,648 | 249 | ||||||
The Allstate Corp. | 2,018 | 280 | ||||||
The Bank of New York Mellon Corp. | 5,320 | 264 | ||||||
The Charles Schwab Corp. | 10,810 | 911 | ||||||
The Goldman Sachs Group, Inc. | 2,441 | 806 | ||||||
The Hartford Financial Services Group, Inc. | 2,408 | 173 | ||||||
The PNC Financial Services Group, Inc. | 3,020 | 557 | ||||||
The Progressive Corp. | 4,202 | 479 | ||||||
The Travelers Cos., Inc. | 1,734 | 317 | ||||||
Truist Financial Corp. | 9,599 | 544 | ||||||
U.S. Bancorp | 9,711 | 516 | ||||||
W.R. Berkley Corp. | 1,506 | 100 | ||||||
Wells Fargo & Co. | 27,941 | 1,354 | ||||||
Willis Towers Watson PLC | 878 | 207 | ||||||
Zions Bancorp NA | 1,090 | 71 | ||||||
30,575 | ||||||||
Health Care (13.5%): | ||||||||
Abbott Laboratories | 12,715 | 1,505 | ||||||
AbbVie, Inc. | 12,712 | 2,061 | ||||||
ABIOMED, Inc. (a) | 327 | 108 | ||||||
Agilent Technologies, Inc. | 2,160 | 286 | ||||||
Align Technology, Inc. (a) | 527 | 230 | ||||||
AmerisourceBergen Corp. | 1,083 | 168 | ||||||
Amgen, Inc. | 4,050 | 979 | ||||||
Anthem, Inc. | 1,745 | 857 | ||||||
Baxter International, Inc. | 3,600 | 279 | ||||||
Becton Dickinson & Co. | 2,048 | 545 | ||||||
Biogen, Inc. (a) | 1,056 | 222 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 155 | 87 | ||||||
Bio-Techne Corp. | 283 | 123 | ||||||
Boston Scientific Corp. (a) | 10,247 | 454 | ||||||
Bristol-Myers Squibb Co. | 15,674 | 1,145 | ||||||
Cardinal Health, Inc. | 1,992 | 113 | ||||||
Catalent, Inc. (a) | 1,288 | 143 | ||||||
Centene Corp. (a) | 4,196 | 353 | ||||||
Cerner Corp. | 2,116 | 198 | ||||||
Charles River Laboratories International, Inc. (a) | 363 | 103 | ||||||
Cigna Corp. | 2,322 | 556 | ||||||
CVS Health Corp. | 9,438 | 955 | ||||||
Danaher Corp. | 4,576 | 1,342 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
DaVita, Inc. (a) | 443 | $ | 50 | |||||
DENTSPLY SIRONA, Inc. | 1,572 | 77 | ||||||
Dexcom, Inc. (a) | 697 | 357 | ||||||
Edwards Lifesciences Corp. (a) | 4,489 | 528 | ||||||
Eli Lilly & Co. | 5,709 | 1,635 | ||||||
Gilead Sciences, Inc. (c) | 9,020 | 536 | ||||||
HCA Healthcare, Inc. | 1,722 | 432 | ||||||
Henry Schein, Inc. (a) | 997 | 87 | ||||||
Hologic, Inc. (a) | 1,798 | 138 | ||||||
Humana, Inc. | 924 | 402 | ||||||
IDEXX Laboratories, Inc. (a) | 610 | 334 | ||||||
Illumina, Inc. (a) | 1,124 | 393 | ||||||
Incyte Corp. (a) | 1,353 | 107 | ||||||
Intuitive Surgical, Inc. (a) | 2,572 | 776 | ||||||
IQVIA Holdings, Inc. (a) | 1,374 | 318 | ||||||
Johnson & Johnson (c) | 18,930 | 3,355 | ||||||
Laboratory Corp. of America Holdings (a) | 669 | 176 | ||||||
McKesson Corp. | 1,077 | 330 | ||||||
Medtronic PLC | 9,668 | 1,073 | ||||||
Merck & Co., Inc. | 18,163 | 1,490 | ||||||
Mettler-Toledo International, Inc. (a) | 165 | 227 | ||||||
Moderna, Inc. (a) | 2,536 | 437 | ||||||
Molina Healthcare, Inc. (a) | 420 | 140 | ||||||
Organon & Co. | 1,823 | 64 | ||||||
PerkinElmer, Inc. | 907 | 158 | ||||||
Pfizer, Inc. | 40,360 | 2,089 | ||||||
Quest Diagnostics, Inc. | 856 | 117 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 767 | 536 | ||||||
ResMed, Inc. | 1,052 | 255 | ||||||
STERIS PLC | 720 | 174 | ||||||
Stryker Corp. | 2,414 | 645 | ||||||
Teleflex, Inc. | 337 | 120 | ||||||
The Cooper Cos., Inc. | 354 | 148 | ||||||
Thermo Fisher Scientific, Inc. | 2,833 | 1,673 | ||||||
UnitedHealth Group, Inc. | 6,773 | 3,454 | ||||||
Universal Health Services, Inc., Class B | 526 | 76 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 1,831 | 478 | ||||||
Viatris, Inc. | 8,696 | 95 | ||||||
Waters Corp. (a) | 439 | 136 | ||||||
West Pharmaceutical Services, Inc. | 533 | 219 | ||||||
Zimmer Biomet Holdings, Inc. | 1,502 | 192 | ||||||
Zoetis, Inc. | 3,402 | 642 | ||||||
37,481 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Industrials (7.8%): | ||||||||
3M Co. | 4,107 | $ | 611 | |||||
Alaska Air Group, Inc. (a) | 905 | 53 | ||||||
Allegion PLC | 645 | 71 | ||||||
American Airlines Group, Inc. (a)(b) | 4,658 | 85 | ||||||
AMETEK, Inc. | 1,663 | 221 | ||||||
AO Smith Corp. | 945 | 60 | ||||||
C.H. Robinson Worldwide, Inc. | 935 | 101 | ||||||
Carrier Global Corp. | 6,152 | 282 | ||||||
Caterpillar, Inc. | 3,890 | 867 | ||||||
Cintas Corp. | 634 | 270 | ||||||
Copart, Inc. (a) | 1,535 | 193 | ||||||
CSX Corp. | 15,949 | 597 | ||||||
Cummins, Inc. | 1,024 | 210 | ||||||
Deere & Co. | 2,017 | 838 | ||||||
Delta Air Lines, Inc. (a) | 4,602 | 182 | ||||||
Dover Corp. | 1,035 | 162 | ||||||
Eaton Corp. PLC | 2,866 | 435 | ||||||
Emerson Electric Co. | 4,271 | 419 | ||||||
Equifax, Inc. | 877 | 208 | ||||||
Expeditors International of Washington, Inc. | 1,218 | 126 | ||||||
Fastenal Co. | 4,139 | 246 | ||||||
FedEx Corp. | 1,753 | 406 | ||||||
Fortive Corp. | 2,578 | 157 | ||||||
Fortune Brands Home & Security, Inc. | 976 | 73 | ||||||
Generac Holdings, Inc. (a) | 454 | 135 | ||||||
General Dynamics Corp. | 1,657 | 400 | ||||||
General Electric Co. | 7,905 | 723 | ||||||
Honeywell International, Inc. | 4,931 | 959 | ||||||
Howmet Aerospace, Inc. | 2,729 | 98 | ||||||
Huntington Ingalls Industries, Inc. | 288 | 57 | ||||||
IDEX Corp. | 547 | 105 | ||||||
Illinois Tool Works, Inc. | 2,054 | 430 | ||||||
Ingersoll Rand, Inc. (c) | 2,931 | 148 | ||||||
J.B. Hunt Transport Services, Inc. | 604 | 121 | ||||||
Jacobs Engineering Group, Inc. | 929 | 128 | ||||||
Johnson Controls International PLC | 5,052 | 331 | ||||||
L3Harris Technologies, Inc. | 1,411 | 351 | ||||||
Leidos Holdings, Inc. | 1,009 | 109 | ||||||
Lockheed Martin Corp. | 1,743 | 769 | ||||||
Masco Corp. | 1,725 | 88 | ||||||
Nielsen Holdings PLC | 2,580 | 70 | ||||||
Nordson Corp. | 389 | 88 | ||||||
Norfolk Southern Corp. | 1,724 | 492 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Northrop Grumman Corp. | 1,055 | $ | 472 | |||||
Old Dominion Freight Line, Inc. | 670 | 200 | ||||||
Otis Worldwide Corp. | 3,056 | 235 | ||||||
PACCAR, Inc. | 2,497 | 220 | ||||||
Parker-Hannifin Corp. | 924 | 262 | ||||||
Pentair PLC | 1,190 | 65 | ||||||
Quanta Services, Inc. | 1,025 | 135 | ||||||
Raytheon Technologies Corp. | 10,731 | 1,063 | ||||||
Republic Services, Inc. (c) | 1,502 | 199 | ||||||
Robert Half International, Inc. | 787 | 90 | ||||||
Rockwell Automation, Inc. | 836 | 234 | ||||||
Rollins, Inc. | 1,628 | 57 | ||||||
Roper Technologies, Inc. | 759 | 358 | ||||||
Snap-on, Inc. | 384 | 79 | ||||||
Southwest Airlines Co. (a) | 4,259 | 195 | ||||||
Stanley Black & Decker, Inc. | 1,172 | 164 | ||||||
Textron, Inc. | 1,585 | 118 | ||||||
The Boeing Co. (a) | 3,941 | 755 | ||||||
Trane Technologies PLC | 1,679 | 256 | ||||||
TransDigm Group, Inc. (a) | 379 | 247 | ||||||
Union Pacific Corp. | 4,580 | 1,251 | ||||||
United Airlines Holdings, Inc. (a) | 2,328 | 108 | ||||||
United Parcel Service, Inc., Class B | 5,243 | 1,124 | ||||||
United Rentals, Inc. (a) | 521 | 185 | ||||||
Verisk Analytics, Inc. | 1,159 | 249 | ||||||
W.W. Grainger, Inc. | 311 | 160 | ||||||
Waste Management, Inc. | 2,767 | 439 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,343 | 129 | ||||||
Xylem, Inc. | 1,297 | 111 | ||||||
21,635 | ||||||||
IT Services (4.2%): | ||||||||
Accenture PLC, Class A | 4,545 | 1,533 | ||||||
Akamai Technologies, Inc. (a) | 1,168 | 139 | ||||||
Automatic Data Processing, Inc. | 3,020 | 687 | ||||||
Broadridge Financial Solutions, Inc. | 840 | 131 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,777 | 339 | ||||||
DXC Technology Co. (a) | 1,758 | 57 | ||||||
EPAM Systems, Inc. (a) | 408 | 121 | ||||||
Fidelity National Information Services, Inc. | 4,379 | 440 | ||||||
Fiserv, Inc. (a) | 4,273 | 433 | ||||||
FleetCor Technologies, Inc. (a) | 584 | 145 | ||||||
Gartner, Inc. (a) | 591 | 176 | ||||||
Global Payments, Inc. | 2,048 | 280 | ||||||
International Business Machines Corp. | 6,449 | 838 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Jack Henry & Associates, Inc. | 524 | $ | 103 | |||||
Mastercard, Inc., Class A | 6,206 | 2,218 | ||||||
Paychex, Inc. | 2,309 | 315 | ||||||
PayPal Holdings, Inc. (a) | 8,377 | 969 | ||||||
VeriSign, Inc. (a) | 695 | 155 | ||||||
Visa, Inc., Class A | 11,925 | 2,645 | ||||||
11,724 | ||||||||
Materials (2.6%): | ||||||||
Air Products and Chemicals, Inc. | 1,594 | 398 | ||||||
Albemarle Corp. | 841 | 186 | ||||||
Amcor PLC | 10,885 | 123 | ||||||
Avery Dennison Corp. | 595 | 104 | ||||||
Ball Corp. | 2,329 | 210 | ||||||
Celanese Corp. | 777 | 111 | ||||||
CF Industries Holdings, Inc. | 1,542 | 159 | ||||||
Corteva, Inc. | 5,228 | 300 | ||||||
Dow, Inc. | 5,291 | 337 | ||||||
DuPont de Nemours, Inc. | 3,688 | 271 | ||||||
Eastman Chemical Co. | 928 | 104 | ||||||
Ecolab, Inc. | 1,793 | 317 | ||||||
FMC Corp. | 911 | 120 | ||||||
Freeport-McMoRan, Inc. | 10,556 | 525 | ||||||
International Flavors & Fragrances, Inc. | 1,830 | 240 | ||||||
International Paper Co. | 2,785 | 129 | ||||||
Linde PLC | 3,686 | 1,177 | ||||||
LyondellBasell Industries NV, Class A | 1,890 | 194 | ||||||
Martin Marietta Materials, Inc. | 449 | 173 | ||||||
Newmont Corp. | 5,734 | 456 | ||||||
Nucor Corp. | 1,956 | 291 | ||||||
Packaging Corp. of America | 683 | 107 | ||||||
PPG Industries, Inc. | 1,707 | 224 | ||||||
Sealed Air Corp. | 1,065 | 71 | ||||||
The Mosaic Co. | 2,663 | 177 | ||||||
The Sherwin-Williams Co. | 1,735 | 433 | ||||||
Vulcan Materials Co. | 954 | 175 | ||||||
Westrock Co. | 1,893 | 89 | ||||||
7,201 | ||||||||
Real Estate (2.7%): | ||||||||
Alexandria Real Estate Equities, Inc. | 1,047 | 211 | ||||||
American Tower Corp. | 3,275 | 823 | ||||||
AvalonBay Communities, Inc. | 1,005 | 250 | ||||||
Boston Properties, Inc. | 1,022 | 132 | ||||||
CBRE Group, Inc., Class A (a) | 2,406 | 220 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Crown Castle International Corp. | 3,108 | $ | 574 | |||||
Digital Realty Trust, Inc. | 2,041 | 289 | ||||||
Duke Realty Corp. | 2,739 | 159 | ||||||
Equinix, Inc. | 647 | 480 | ||||||
Equity Residential | 2,457 | 221 | ||||||
Essex Property Trust, Inc. | 469 | 162 | ||||||
Extra Space Storage, Inc. | 963 | 198 | ||||||
Federal Realty Investment Trust | 509 | 62 | ||||||
Healthpeak Properties, Inc. | 3,878 | 133 | ||||||
Host Hotels & Resorts, Inc. | 5,134 | 100 | ||||||
Iron Mountain, Inc. | 2,082 | 115 | ||||||
Kimco Realty Corp. | 4,434 | 109 | ||||||
Mid-America Apartment Communities, Inc. | 829 | 174 | ||||||
Prologis, Inc. | 5,321 | 859 | ||||||
Public Storage | 1,097 | 428 | ||||||
Realty Income Corp. | 4,068 | 282 | ||||||
Regency Centers Corp. | 1,108 | 79 | ||||||
SBA Communications Corp. | 782 | 269 | ||||||
Simon Property Group, Inc. | 2,363 | 311 | ||||||
UDR, Inc. | 2,150 | 123 | ||||||
Ventas, Inc. | 2,870 | 177 | ||||||
Vornado Realty Trust | 1,143 | 52 | ||||||
Welltower, Inc. | 3,130 | 301 | ||||||
Weyerhaeuser Co. | 5,374 | 204 | ||||||
7,497 | ||||||||
Semiconductors & Semiconductor Equipment (5.9%): | ||||||||
Advanced Micro Devices, Inc. (a) | 11,755 | 1,285 | ||||||
Analog Devices, Inc. | 3,777 | 624 | ||||||
Applied Materials, Inc. | 6,385 | 842 | ||||||
Broadcom, Inc. | 2,969 | 1,870 | ||||||
Enphase Energy, Inc. (a) | 963 | 194 | ||||||
Intel Corp. | 29,280 | 1,451 | ||||||
KLA Corp. | 1,084 | 397 | ||||||
Lam Research Corp. | 1,003 | 539 | ||||||
Microchip Technology, Inc. | 3,998 | 300 | ||||||
Micron Technology, Inc. | 8,052 | 627 | ||||||
Monolithic Power Systems, Inc. | 312 | 152 | ||||||
NVIDIA Corp. | 17,977 | 4,905 | ||||||
NXP Semiconductors NV | 1,912 | 354 | ||||||
Qorvo, Inc. (a) | 780 | 97 | ||||||
QUALCOMM, Inc. | 8,104 | 1,238 | ||||||
Skyworks Solutions, Inc. | 1,179 | 157 | ||||||
SolarEdge Technologies, Inc. (a) | 378 | 122 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Teradyne, Inc. | 1,172 | $ | 139 | |||||
Texas Instruments, Inc. | 6,641 | 1,218 | ||||||
16,511 | ||||||||
Software (8.8%): | ||||||||
Adobe, Inc. (a) | 3,392 | 1,545 | ||||||
ANSYS, Inc. (a) | 627 | 199 | ||||||
Autodesk, Inc. (a) | 1,582 | 339 | ||||||
Cadence Design Systems, Inc. (a) | 1,993 | 328 | ||||||
Ceridian HCM Holding, Inc. (a) | 984 | 67 | ||||||
Citrix Systems, Inc. | 897 | 90 | ||||||
Fortinet, Inc. (a) | 976 | 334 | ||||||
Intuit, Inc. | 2,036 | 979 | ||||||
Microsoft Corp. (c) | 53,907 | 16,620 | ||||||
NortonLifeLock, Inc. | 4,184 | 111 | ||||||
Oracle Corp. | 11,329 | 937 | ||||||
Paycom Software, Inc. (a) | 346 | 120 | ||||||
PTC, Inc. (a) | 757 | 82 | ||||||
Salesforce, Inc. (a) | 7,083 | 1,504 | ||||||
ServiceNow, Inc. (a)(c) | 1,438 | 801 | ||||||
Synopsys, Inc. (a) | 1,103 | 368 | ||||||
Tyler Technologies, Inc. (a) | 295 | 131 | ||||||
24,555 | ||||||||
Technology Hardware, Storage & Peripherals (7.3%): | ||||||||
Apple, Inc. | 111,480 | 19,465 | ||||||
Hewlett Packard Enterprise Co. | 9,301 | 155 | ||||||
HP, Inc. | 7,785 | 283 | ||||||
NetApp, Inc. | 1,598 | 133 | ||||||
Seagate Technology Holdings PLC | 1,448 | 130 | ||||||
Western Digital Corp. (a) | 2,250 | 112 | ||||||
20,278 | ||||||||
Utilities (2.7%): | ||||||||
Alliant Energy Corp. | 1,800 | 112 | ||||||
Ameren Corp. | 1,852 | 174 | ||||||
American Electric Power Co., Inc. (c) | 3,622 | 361 | ||||||
American Water Works Co., Inc. | 1,305 | 216 | ||||||
Atmos Energy Corp. | 974 | 116 | ||||||
CenterPoint Energy, Inc. | 4,522 | 139 | ||||||
CMS Energy Corp. | 2,084 | 146 | ||||||
Consolidated Edison, Inc. (c) | 2,544 | 241 | ||||||
Constellation Energy Corp. | 2,348 | 132 | ||||||
Dominion Energy, Inc. | 5,824 | 495 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
DTE Energy Co. | 1,393 | $ | 184 | |||||
Duke Energy Corp. (c) | 5,531 | 618 | ||||||
Edison International | 2,732 | 191 | ||||||
Entergy Corp. | 1,445 | 169 | ||||||
Evergy, Inc. (c) | 1,649 | 113 | ||||||
Eversource Energy (c) | 2,472 | 218 | ||||||
Exelon Corp. | 7,043 | 335 | ||||||
FirstEnergy Corp. | 4,100 | 188 | ||||||
NextEra Energy, Inc. (c) | 14,109 | 1,195 | ||||||
NiSource, Inc. | 2,824 | 90 | ||||||
NRG Energy, Inc. | 1,761 | 68 | ||||||
Pinnacle West Capital Corp. | 811 | 63 | ||||||
PPL Corp. | 5,398 | 154 | ||||||
Public Service Enterprise Group, Inc. | 3,636 | 255 | ||||||
Sempra Energy | 2,296 | 386 | ||||||
The AES Corp. | 4,794 | 123 | ||||||
The Southern Co. (c) | 7,621 | 553 | ||||||
WEC Energy Group, Inc. (c) | 2,268 | 226 | ||||||
Xcel Energy, Inc. (c) | 3,873 | 279 | ||||||
7,540 | ||||||||
Total Common Stocks (Cost $53,715) | 275,316 | |||||||
Collateral for Securities Loaned (0.1%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d) | 6,959 | 7 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d) | 195,186 | 195 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d) | 3,473 | 3 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d) | 27,690 | 28 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d) | 124,499 | 125 | ||||||
Total Collateral for Securities Loaned (Cost $358) | 358 | |||||||
Total Investments (Cost $54,073) — 99.1% | 275,674 | |||||||
Other assets in excess of liabilities — 0.9% | 2,364 | |||||||
NET ASSETS - 100.00% | $ | 278,038 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory S&P 500 Index Fund | March 31, 2022 | |||
(Unaudited) |
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 | 6/20/22 | $ | 2,363,274 | $ | 2,491,913 | $ | 128,639 | ||||||||
Total unrealized appreciation | $ | 128,639 | ||||||||||||||
Total unrealized depreciation | – | |||||||||||||||
Total net unrealized appreciation (depreciation) | $ | 128,639 |
Victory Portfolios | Schedule of Portfolio Investments | |||
Victory Munder Mid-Cap Core Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.0%) | ||||||||
Communication Services (1.5%): | ||||||||
Live Nation Entertainment, Inc. (a) | 59,844 | $ | 7,040 | |||||
Consumer Discretionary (9.0%): | ||||||||
Airbnb, Inc., Class A (a) | 21,800 | 3,744 | ||||||
AutoZone, Inc. (a) | 3,400 | 6,951 | ||||||
Choice Hotels International, Inc. | 17,400 | 2,467 | ||||||
D.R. Horton, Inc. | 54,300 | 4,046 | ||||||
Expedia Group, Inc. (a) | 33,400 | 6,535 | ||||||
Lithia Motors, Inc. | 10,200 | 3,061 | ||||||
Marriott Vacations Worldwide Corp. | 27,221 | 4,293 | ||||||
NVR, Inc. (a) | 1,200 | 5,361 | ||||||
Pool Corp. | 10,800 | 4,567 | ||||||
41,025 | ||||||||
Consumer Staples (4.3%): | ||||||||
Church & Dwight Co., Inc. | 61,400 | 6,102 | ||||||
Darling Ingredients, Inc. (a) | 86,900 | 6,985 | ||||||
McCormick & Co., Inc. | 63,400 | 6,327 | ||||||
19,414 | ||||||||
Energy (5.9%): | ||||||||
Cheniere Energy, Inc. | 63,800 | 8,846 | ||||||
Diamondback Energy, Inc. | 66,800 | 9,157 | ||||||
EOG Resources, Inc. | 76,100 | 9,073 | ||||||
27,076 | ||||||||
Financials (12.0%): | ||||||||
Ally Financial, Inc. | 101,900 | 4,431 | ||||||
Brown & Brown, Inc. | 135,500 | 9,792 | ||||||
East West Bancorp, Inc. | 71,100 | 5,618 | ||||||
Evercore, Inc. | 27,000 | 3,006 | ||||||
FactSet Research Systems, Inc. | 13,400 | 5,818 | ||||||
Kinsale Capital Group, Inc. | 27,300 | 6,225 | ||||||
MSCI, Inc. | 13,000 | 6,537 | ||||||
Radian Group, Inc. | 252,777 | 5,614 | ||||||
W R Berkley Corp. | 115,950 | 7,721 | ||||||
54,762 | ||||||||
Health Care (10.0%): | ||||||||
Agilent Technologies, Inc. | 45,993 | 6,086 | ||||||
BioCryst Pharmaceuticals, Inc. (a)(b) | 358,500 | 5,829 | ||||||
Bruker Corp. | 34,000 | 2,186 | ||||||
Edwards Lifesciences Corp. (a) | 44,200 | 5,203 | ||||||
Horizon Therapeutics PLC (a) | 52,600 | 5,534 | ||||||
IDEXX Laboratories, Inc. (a) | 8,900 | 4,869 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Mid-Cap Core Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Insulet Corp. (a) | 12,600 | $ | 3,357 | |||||
IQVIA Holdings, Inc. (a) | 29,600 | 6,844 | ||||||
Zoetis, Inc. | 29,730 | 5,607 | ||||||
45,515 | ||||||||
Industrials (16.1%): | ||||||||
Advanced Drainage Systems, Inc. | 46,700 | 5,548 | ||||||
AMETEK, Inc. | 42,300 | 5,634 | ||||||
Chart Industries, Inc. (a)(b) | 31,400 | 5,394 | ||||||
Copa Holdings SA (a)(b) | 67,600 | 5,654 | ||||||
HEICO Corp. | 45,800 | 7,032 | ||||||
IDEX Corp. | 11,400 | 2,186 | ||||||
Masco Corp. | 66,200 | 3,376 | ||||||
Old Dominion Freight Line, Inc. | 17,550 | 5,242 | ||||||
Robert Half International, Inc. | 47,400 | 5,412 | ||||||
TFI International, Inc. | 56,200 | 5,986 | ||||||
The Middleby Corp. (a) | 26,000 | 4,263 | ||||||
Trane Technologies PLC | 14,100 | 2,153 | ||||||
Trex Co., Inc. (a) | 50,900 | 3,325 | ||||||
Verisk Analytics, Inc. | 29,000 | 6,224 | ||||||
WESCO International, Inc. (a) | 45,700 | 5,947 | ||||||
73,376 | ||||||||
Information Technology (19.0%): | ||||||||
Advanced Micro Devices, Inc. (a) | 75,200 | 8,222 | ||||||
Amphenol Corp., Class A | 85,520 | 6,444 | ||||||
CDW Corp. | 43,759 | 7,828 | ||||||
Concentrix Corp. | 20,800 | 3,465 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 24,400 | 5,541 | ||||||
Fair Isaac Corp. (a) | 13,300 | 6,204 | ||||||
Global Payments, Inc. | 43,400 | 5,939 | ||||||
KLA Corp. | 18,800 | 6,882 | ||||||
Monolithic Power Systems, Inc. | 13,200 | 6,411 | ||||||
ServiceNow, Inc. (a) | 6,400 | 3,564 | ||||||
Synopsys, Inc. (a) | 25,200 | 8,398 | ||||||
Teledyne Technologies, Inc. (a) | 16,300 | 7,704 | ||||||
The Trade Desk, Inc., Class A (a) | 79,700 | 5,519 | ||||||
VeriSign, Inc. (a) | 20,200 | 4,494 | ||||||
86,615 | ||||||||
Materials (7.4%): | ||||||||
Avery Dennison Corp. | 36,900 | 6,419 | ||||||
FMC Corp. | 59,600 | 7,842 | ||||||
Freeport-McMoRan, Inc. | 157,300 | 7,824 | ||||||
Huntsman Corp. | 165,500 | 6,208 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Mid-Cap Core Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Louisiana-Pacific Corp. | 89,900 | $ | 5,585 | |||||
33,878 | ||||||||
Real Estate (6.6%): | ||||||||
Crown Castle International Corp. | 31,800 | 5,870 | ||||||
Digital Realty Trust, Inc. | 41,146 | 5,835 | ||||||
SBA Communications Corp. | 18,903 | 6,505 | ||||||
Sun Communities, Inc. | 35,416 | 6,208 | ||||||
Ventas, Inc. | 93,400 | 5,768 | ||||||
30,186 | ||||||||
Utilities (5.2%): | ||||||||
Atmos Energy Corp. | 69,900 | 8,352 | ||||||
Essential Utilities, Inc. | 140,200 | 7,168 | ||||||
Sempra Energy | 47,439 | 7,976 | ||||||
23,496 | ||||||||
Total Common Stocks (Cost $307,431) | 442,383 | |||||||
Exchange-Traded Funds (1.7%) | ||||||||
SPDR S&P MidCap 400 ETF | 15,750 | 7,725 | ||||||
Total Exchange-Traded Funds (Cost $7,572) | 7,725 | |||||||
Collateral for Securities Loaned (1.4%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 126,601 | 127 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 3,551,143 | 3,551 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 63,180 | 63 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 503,778 | 504 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 2,265,086 | 2,265 | ||||||
Total Collateral for Securities Loaned (Cost $6,510) | 6,510 | |||||||
Total Investments (Cost $321,513) — 100.1% | 456,618 | |||||||
Liabilities in excess of other assets — (0.1)% | (623 | ) | ||||||
NET ASSETS - 100.00% | $ | 455,995 |
^ | 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 March 31, 2022. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |||
Victory Munder Small Cap Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.3%) | ||||||||
Communication Services (1.5%): | ||||||||
Cian PLC, ADR (a)(b)(c)(d) | 77 | $ | — | (e) | ||||
Iridium Communications, Inc. (a) | 2,861 | 115 | ||||||
Radius Global Infrastructure, Inc., Class A (a)(f) | 6,300 | 90 | ||||||
205 | ||||||||
Consumer Discretionary (12.7%): | ||||||||
Academy Sports & Outdoors, Inc. | 4,217 | 166 | ||||||
Brunswick Corp. | 1,273 | 103 | ||||||
Burlington Stores, Inc. (a) | 509 | 93 | ||||||
Cavco Industries, Inc. (a) | 567 | 137 | ||||||
Chegg, Inc. (a)(f) | 1,378 | 50 | ||||||
F45 Training Holdings, Inc. (a) | 7,541 | 81 | ||||||
Five Below, Inc. (a) | 616 | 98 | ||||||
Group 1 Automotive, Inc. | 882 | 148 | ||||||
Kohl's Corp. | 2,352 | 142 | ||||||
Kura Sushi USA, Inc., Class A (a) | 2,130 | 117 | ||||||
Legacy Housing Corp. (a) | 5,799 | 124 | ||||||
Polaris, Inc. (f) | 1,361 | 143 | ||||||
Skyline Champion Corp. (a) | 3,307 | 181 | ||||||
Sweetgreen, Inc., Class A (a)(f) | 2,488 | 80 | ||||||
Torrid Holdings, Inc. (a)(f) | 9,039 | 55 | ||||||
Udemy, Inc. (a)(f) | 77 | 1 | ||||||
1,719 | ||||||||
Consumer Staples (4.2%): | ||||||||
Albertsons Cos., Inc., Class A | 2,824 | 94 | ||||||
Celsius Holdings, Inc. (a)(f) | 1,710 | 94 | ||||||
Performance Food Group Co. (a) | 4,200 | 214 | ||||||
Sovos Brands, Inc. (a) | 11,486 | 163 | ||||||
565 | ||||||||
Energy (5.0%): | ||||||||
Magnolia Oil & Gas Corp., Class A | 13,744 | 325 | ||||||
New Fortress Energy, Inc. | 1,580 | 68 | ||||||
Talos Energy, Inc. (a) | 18,309 | 289 | ||||||
682 | ||||||||
Financials (13.0%): | ||||||||
American Business Bank (a) | 1,652 | 69 | ||||||
Coastal Financial Corp. (a) | 5,370 | 246 | ||||||
Colony Bankcorp, Inc. | 2,215 | 41 | ||||||
Customers Bancorp, Inc. (a) | 3,942 | 205 | ||||||
First Western Financial, Inc. (a) | 4,543 | 142 | ||||||
Morningstar, Inc. | 668 | 182 | ||||||
Radian Group, Inc. | 5,519 | 123 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Small Cap Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Silvercrest Asset Management Group, Inc., Class A | 13,506 | $ | 276 | |||||
SLM Corp. | 5,481 | 101 | ||||||
South Plains Financial, Inc. | 5,120 | 136 | ||||||
Tradeweb Markets, Inc., Class A | 1,226 | 108 | ||||||
WTB Financial Corp., Class B | 360 | 138 | ||||||
1,767 | ||||||||
Health Care (19.6%): | ||||||||
4D Molecular Therapeutics, Inc. (a)(f) | 662 | 10 | ||||||
Akero Therapeutics, Inc. (a) | 1,608 | 23 | ||||||
Alpha Teknova, Inc. (a) | 2,306 | 32 | ||||||
Annexon, Inc. (a) | 439 | 1 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 1,813 | 83 | ||||||
Aurinia Pharmaceuticals, Inc. (a) | 6,904 | 85 | ||||||
Avidity Biosciences, Inc. (a)(f) | 1,205 | 22 | ||||||
Beam Therapeutics, Inc. (a) | 1,233 | 71 | ||||||
Bicycle Therapeutics PLC, ADR (a) | 4,073 | 179 | ||||||
BioAtla, Inc. (a) | 665 | 3 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 7,016 | 114 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 283 | 22 | ||||||
C4 Therapeutics, Inc. (a) | 249 | 6 | ||||||
Cabaletta Bio, Inc. (a)(f) | 2,967 | 6 | ||||||
Castle Biosciences, Inc. (a) | 2,000 | 90 | ||||||
Cerus Corp. (a) | 6,712 | 37 | ||||||
Codiak Biosciences, Inc. (a) | 6,305 | 40 | ||||||
Collegium Pharmaceutical, Inc. (a) | 1,187 | 24 | ||||||
CRISPR Therapeutics AG (a)(f) | 410 | 26 | ||||||
CryoPort, Inc. (a) | 1,655 | 58 | ||||||
Dynavax Technologies Corp. (a)(f) | 6,261 | 68 | ||||||
Fusion Pharmaceuticals, Inc. (a) | 4,261 | 33 | ||||||
Gamida Cell Ltd. (a)(f) | 9,195 | 38 | ||||||
Generation Bio Co. (a)(f) | 1,180 | 9 | ||||||
Genetron Holdings Ltd., ADR (a)(f) | 5,361 | 12 | ||||||
Horizon Therapeutics PLC (a) | 987 | 104 | ||||||
IGM Biosciences, Inc. (a)(f) | 796 | 21 | ||||||
Immunocore Holdings PLC, ADR (a) | 699 | 21 | ||||||
Inari Medical, Inc. (a) | 930 | 84 | ||||||
Instil Bio, Inc. (a)(f) | 1,072 | 12 | ||||||
Insulet Corp. (a) | 546 | 145 | ||||||
Intellia Therapeutics, Inc. (a) | 1,502 | 109 | ||||||
IO Biotech, Inc. (a) | 77 | — | (e) | |||||
Iovance Biotherapeutics, Inc. (a) | 2,461 | 41 | ||||||
LianBio, ADR (a) | 13,402 | 50 | ||||||
Maravai LifeSciences Holdings, Inc., Class A (a) | 1,150 | 41 | ||||||
Merit Medical Systems, Inc. (a) | 1,525 | 101 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Small Cap Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
NanoString Technologies, Inc. (a) | 3,309 | $ | 115 | |||||
Natera, Inc. (a) | 1,954 | 79 | ||||||
NeoGenomics, Inc. (a) | 3,529 | 43 | ||||||
Neurocrine Biosciences, Inc. (a) | 336 | 31 | ||||||
Nurix Therapeutics, Inc. (a) | 439 | 6 | ||||||
ORIC Pharmaceuticals, Inc. (a) | 3,909 | 21 | ||||||
Oyster Point Pharma, Inc. (a) | 396 | 5 | ||||||
PMV Pharmaceuticals, Inc. (a)(f) | 280 | 6 | ||||||
PolyPid Ltd. (a) | 7,333 | 40 | ||||||
Pulmonx Corp. (a)(f) | 1,906 | 47 | ||||||
RadNet, Inc. (a) | 3,159 | 71 | ||||||
Reata Pharmaceuticals, Inc., Class A (a)(f) | 645 | 21 | ||||||
Recursion Pharmaceuticals, Inc., Class A (a)(f) | 218 | 2 | ||||||
Repligen Corp. (a) | 370 | 70 | ||||||
Singular Genomics Systems, Inc. (a) | 5,036 | 32 | ||||||
Stoke Therapeutics, Inc. (a) | 1,486 | 31 | ||||||
Sutro Biopharma, Inc. (a) | 3,661 | 30 | ||||||
TCR2 Therapeutics, Inc. (a) | 8,824 | 24 | ||||||
TG Therapeutics, Inc. (a) | 2,119 | 20 | ||||||
Veracyte, Inc. (a)(f) | 3,428 | 95 | ||||||
Xencor, Inc. (a) | 822 | 22 | ||||||
Zai Lab Ltd., ADR (a) | 598 | 26 | ||||||
2,658 | ||||||||
Industrials (13.8%): | ||||||||
AGCO Corp. | 520 | 76 | ||||||
ASGN, Inc. (a) | 1,743 | 203 | ||||||
BWX Technologies, Inc. | 1,070 | 58 | ||||||
Casella Waste Systems, Inc. (a) | 2,176 | 191 | ||||||
Chart Industries, Inc. (a) | 1,114 | 191 | ||||||
Construction Partners, Inc., Class A (a) | 1,877 | 49 | ||||||
ESCO Technologies, Inc. | 571 | 40 | ||||||
Kaman Corp. | 1,610 | 70 | ||||||
Kratos Defense & Security Solutions, Inc. (a) | 6,093 | 125 | ||||||
McGrath RentCorp | 1,522 | 129 | ||||||
Meritor, Inc. (a) | 3,130 | 111 | ||||||
Owens Corning | 2,069 | 189 | ||||||
PGT Innovations, Inc. (a) | 3,825 | 69 | ||||||
Regal Rexnord Corp. | 340 | 51 | ||||||
Sensata Technologies Holding PLC (a) | 1,260 | 64 | ||||||
Shoals Technologies Group, Inc., Class A (a) | 8,596 | 147 | ||||||
The AZEK Co., Inc. (a) | 2,561 | 64 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Small Cap Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Zurn Water Solutions Corp. | 1,529 | $ | 54 | |||||
1,881 | ||||||||
Information Technology (22.3%): | ||||||||
ACV Auctions, Inc., Class A (a) | 357 | 5 | ||||||
Alteryx, Inc., Class A (a) | 441 | 32 | ||||||
Avaya Holdings Corp. (a) | 12,599 | 160 | ||||||
Blackline, Inc. (a) | 2,235 | 164 | ||||||
BM Technologies, Inc. (a)(f) | 606 | 5 | ||||||
C3.ai, Inc., Class A (a) | 848 | 19 | ||||||
Couchbase, Inc. (a) | 377 | 7 | ||||||
CS Disco, Inc. (a) | 4,343 | 148 | ||||||
Datto Holding Corp. (a)(f) | 6,030 | 161 | ||||||
Digital Turbine, Inc. (a) | 1,163 | 51 | ||||||
DoubleVerify Holdings, Inc. (a) | 363 | 9 | ||||||
Dropbox, Inc., Class A (a) | 1,247 | 29 | ||||||
Elastic NV (a) | 2,367 | 211 | ||||||
Endava PLC, ADR (a) | 977 | 130 | ||||||
Expensify, Inc., Class A (a)(f) | 5,375 | 94 | ||||||
Flywire Corp. (a) | 1,122 | 34 | ||||||
ForgeRock, Inc., Class A (a)(f) | 383 | 8 | ||||||
Freshworks, Inc., Class A (a) | 3,873 | 69 | ||||||
Globant SA (a) | 536 | 141 | ||||||
Intapp, Inc. (a) | 75 | 2 | ||||||
JFrog Ltd. (a) | 2,610 | 70 | ||||||
Mitek Systems, Inc. (a) | 9,134 | 134 | ||||||
Monday.com Ltd. (a) | 37 | 6 | ||||||
Napco Security Technologies, Inc. (a) | 10,722 | 220 | ||||||
PagerDuty, Inc. (a) | 4,305 | 147 | ||||||
Ping Identity Holding Corp. (a) | 3,255 | 89 | ||||||
Shift4 Payments, Inc., Class A (a)(f) | 1,480 | 92 | ||||||
SiTime Corp. (a) | 711 | 176 | ||||||
Smartsheet, Inc., Class A (a) | 2,908 | 159 | ||||||
Switch, Inc., Class A | 3,475 | 107 | ||||||
TaskUS, Inc., Class A (a)(f) | 1,602 | 62 | ||||||
Vizio Holding Corp., Class A (a) | 6,005 | 53 | ||||||
WNS Holdings Ltd., ADR (a) | 2,735 | 234 | ||||||
3,028 | ||||||||
Materials (4.4%): | ||||||||
CF Industries Holdings, Inc. | 720 | 74 | ||||||
Compass Minerals International, Inc. | 1,115 | 70 | ||||||
FMC Corp. | 550 | 72 | ||||||
Franco-Nevada Corp. | 1,104 | 176 | ||||||
Intrepid Potash, Inc. (a) | 875 | 72 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |||
Victory Munder Small Cap Growth Fund | March 31, 2022 | |||
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Summit Materials, Inc., Class A (a) | 4,179 | $ | 130 | |||||
594 | ||||||||
Real Estate (2.8%): | ||||||||
FirstService Corp. | 868 | 126 | ||||||
Rexford Industrial Realty, Inc. | 1,252 | 93 | ||||||
UMH Properties, Inc. | 6,434 | 158 | ||||||
377 | ||||||||
Total Common Stocks (Cost $11,057) | 13,476 | |||||||
Warrants (0.1%) | ||||||||
Health Care (0.1%): | ||||||||
Bionano Genomics, Inc. (a)(c) | 8,136 | 5 | ||||||
Total Warrants (Cost $–) | 5 | |||||||
Collateral for Securities Loaned (9.7%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 25,689 | 26 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 720,579 | 720 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 12,820 | 13 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 102,224 | 102 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 459,619 | 460 | ||||||
Total Collateral for Securities Loaned (Cost $1,321) | 1,321 | |||||||
Total Investments (Cost $12,378) — 109.1% | 14,802 | |||||||
Liabilities in excess of other assets — (9.1)% | (1,231 | ) | ||||||
NET ASSETS - 100.00% | $ | 13,571 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.1% of net assets. |
(d) | This security is classified as Level 3 within the fair value hierarchy. |
(e) | Rounds to less than $1 thousand. |
(f) | All or a portion of this security is on loan. |
(g) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.3%) | ||||||||
Australia (4.9%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
Aristocrat Leisure Ltd. | 25,881 | $ | 702 | |||||
Energy (0.9%): | ||||||||
Santos Ltd. | 147,322 | 854 | ||||||
Woodside Petroleum Ltd. | 45,597 | 1,095 | ||||||
1,949 | ||||||||
Financials (1.4%): | ||||||||
Macquarie Group Ltd. | 8,435 | 1,275 | ||||||
National Australia Bank Ltd. | 70,925 | 1,707 | ||||||
2,982 | ||||||||
Health Care (0.5%): | ||||||||
Sonic Healthcare Ltd. | 37,390 | 987 | ||||||
Materials (0.5%): | ||||||||
Rio Tinto Ltd. | 13,391 | 1,197 | ||||||
Real Estate (0.8%): | ||||||||
Charter Hall Group | 73,272 | 890 | ||||||
Stockland | 273,796 | 868 | ||||||
1,758 | ||||||||
Utilities (0.5%): | ||||||||
Origin Energy Ltd. | 225,881 | 1,051 | ||||||
10,626 | ||||||||
Austria (0.4%): | ||||||||
Industrials (0.4%): | ||||||||
ANDRITZ AG (a) | 17,446 | 806 | ||||||
Brazil (2.0%): | ||||||||
Energy (0.6%): | ||||||||
Petro Rio SA (a) | 255,000 | 1,276 | ||||||
Financials (0.5%): | ||||||||
Banco Santander Brasil SA | 155,600 | 1,206 | ||||||
Materials (0.5%): | ||||||||
Gerdau SA, Preference Shares | 166,900 | 1,080 | ||||||
Utilities (0.4%): | ||||||||
Cia Energetica de Minas Gerais, Preference Shares | 281,500 | 899 | ||||||
4,461 | ||||||||
Canada (6.5%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
BRP, Inc. | 10,928 | 895 | ||||||
Energy (1.0%): | ||||||||
Headwater Exploration, Inc. (a) | 30,614 | 162 | ||||||
Parex Resources, Inc. | 54,751 | 1,124 | ||||||
Suncor Energy, Inc. | 27,265 | 888 | ||||||
2,174 | ||||||||
Financials (3.1%): | ||||||||
Bank of Montreal | 13,930 | 1,639 | ||||||
iA Financial Corp., Inc. | 19,083 | 1,161 | ||||||
IGM Financial, Inc. | 32,162 | 1,137 | ||||||
National Bank of Canada | 21,002 | 1,610 | ||||||
Sun Life Financial, Inc. | 21,962 | 1,226 | ||||||
6,773 | ||||||||
Industrials (0.4%): | ||||||||
Finning International, Inc. | 27,160 | 818 | ||||||
Materials (1.6%): | ||||||||
Nutrien Ltd. | 14,048 | 1,452 | ||||||
Teck Resources Ltd., Class B | 28,123 | 1,136 | ||||||
West Fraser Timber Co. Ltd. | 10,629 | 874 | ||||||
3,462 | ||||||||
14,122 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Chile (0.7%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Falabella SA | 241,597 | $ | 772 | |||||
Consumer Staples (0.3%): | ||||||||
Cencosud SA | 377,939 | 744 | ||||||
1,516 | ||||||||
China (6.9%): | ||||||||
Communication Services (1.2%): | ||||||||
Focus Media Information Technology Co. Ltd., Class A | 891,600 | 853 | ||||||
Tencent Holdings Ltd. | 39,300 | 1,812 | ||||||
2,665 | ||||||||
Consumer Discretionary (1.8%): | ||||||||
Alibaba Group Holding Ltd., ADR (a) | 6,937 | 755 | ||||||
BYD Co. Ltd., Class H | 28,500 | 793 | ||||||
Haier Smart Home Co. Ltd., Class H | 249,188 | 797 | ||||||
JD.com, Inc., ADR (a)(b) | 7,903 | 457 | ||||||
JD.com, Inc., Class A (a) | 2,057 | 59 | ||||||
Zhongsheng Group Holdings Ltd. | 163,500 | 1,149 | ||||||
4,010 | ||||||||
Consumer Staples (0.3%): | ||||||||
Tingyi Cayman Islands Holding Corp. | 438,000 | 734 | ||||||
Financials (1.5%): | ||||||||
Bank of China Ltd., Class H | 2,195,275 | 876 | ||||||
China Construction Bank Corp., Class H (b) | 1,046,000 | 784 | ||||||
Huatai Securities Co. Ltd., Class H (c) | 598,400 | 916 | ||||||
New China Life Insurance Co. Ltd., Class H | 228,300 | 633 | ||||||
3,209 | ||||||||
Health Care (0.4%): | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 159,000 | 771 | ||||||
Industrials (0.7%): | ||||||||
China Railway Group Ltd., Class H | 1,564,000 | 871 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H (a)(b) | 386,150 | 664 | ||||||
1,535 | ||||||||
Materials (0.6%): | ||||||||
Anhui Conch Cement Co. Ltd., Class H | 242,500 | 1,240 | ||||||
Utilities (0.4%): | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 368,000 | 827 | ||||||
14,991 | ||||||||
Denmark (2.0%): | ||||||||
Consumer Discretionary (0.2%): | ||||||||
Pandora A/S | 5,652 | 538 | ||||||
Health Care (1.1%): | ||||||||
Novo Nordisk A/S, Class B | 21,804 | 2,419 | ||||||
Industrials (0.7%): | ||||||||
AP Moller - Maersk A/S, Class B | 475 | 1,428 | ||||||
4,385 | ||||||||
Finland (0.7%): | ||||||||
Industrials (0.3%): | ||||||||
Metso Outotec Oyj | 81,905 | 690 | ||||||
Information Technology (0.4%): | ||||||||
Nokia Oyj (a) | 133,433 | 735 | ||||||
1,425 | ||||||||
France (6.7%): | ||||||||
Communication Services (0.8%): | ||||||||
Publicis Groupe SA | 18,426 | 1,118 | ||||||
Vivendi SE | 51,517 | 673 | ||||||
1,791 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Consumer Discretionary (1.1%): | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,327 | $ | 2,374 | |||||
Consumer Staples (0.7%): | ||||||||
Pernod Ricard SA | 6,810 | 1,496 | ||||||
Financials (1.0%): | ||||||||
Amundi SA (c) | 6,841 | 468 | ||||||
AXA SA | 24,844 | 727 | ||||||
BNP Paribas SA | 18,990 | 1,085 | ||||||
2,280 | ||||||||
Health Care (0.2%): | ||||||||
Sartorius Stedim Biotech | 1,233 | 505 | ||||||
Industrials (1.2%): | ||||||||
Cie de Saint-Gobain | 19,477 | 1,159 | ||||||
Eiffage SA | 6,593 | 676 | ||||||
Teleperformance | 1,861 | 709 | ||||||
2,544 | ||||||||
Information Technology (1.0%): | ||||||||
Capgemini SE | 6,567 | 1,457 | ||||||
Edenred | 12,740 | 630 | ||||||
2,087 | ||||||||
Materials (0.4%): | ||||||||
Arkema SA | 7,407 | 885 | ||||||
Real Estate (0.3%): | ||||||||
Klepierre SA | 27,268 | 726 | ||||||
14,688 | ||||||||
Germany (5.5%): | ||||||||
Communication Services (0.8%): | ||||||||
Deutsche Telekom AG | 89,774 | 1,672 | ||||||
Energy (0.4%): | ||||||||
VERBIO Vereinigte BioEnergie AG | 11,742 | 903 | ||||||
Financials (1.0%): | ||||||||
Allianz SE, Registered Shares | 4,532 | 1,082 | ||||||
Hannover Rueck SE (b) | 6,150 | 1,045 | ||||||
2,127 | ||||||||
Health Care (1.1%): | ||||||||
Bayer AG, Registered Shares | 12,604 | 862 | ||||||
Merck KGaA | 7,744 | 1,617 | ||||||
2,479 | ||||||||
Industrials (0.8%): | ||||||||
Deutsche Post AG, Registered Shares | 27,036 | 1,291 | ||||||
Siemens AG, Registered Shares | 4,045 | 560 | ||||||
1,851 | ||||||||
Information Technology (0.6%): | ||||||||
Infineon Technologies AG | 23,136 | 783 | ||||||
SAP SE | 5,245 | 581 | ||||||
1,364 | ||||||||
Materials (0.5%): | ||||||||
Covestro AG (c) | 20,311 | 1,022 | ||||||
Real Estate (0.3%): | ||||||||
LEG Immobilien SE | 5,603 | 638 | ||||||
12,056 | ||||||||
Hong Kong (1.4%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 427,000 | 771 | ||||||
Information Technology (0.8%): | ||||||||
Lenovo Group Ltd. | 1,562,000 | 1,692 | ||||||
Real Estate (0.3%): | ||||||||
CK Asset Holdings Ltd. | 92,895 | 635 | ||||||
3,098 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
India (3.5%): | ||||||||
Energy (0.7%): | ||||||||
Reliance Industries Ltd. | 41,484 | $ | 1,435 | |||||
Financials (0.8%): | ||||||||
Canara Bank (a) | 380,681 | 1,136 | ||||||
ICICI Securities Ltd. (c) | 70,599 | 577 | ||||||
1,713 | ||||||||
Health Care (0.4%): | ||||||||
Sun Pharmaceutical Industries Ltd. | 78,212 | 942 | ||||||
Information Technology (0.7%): | ||||||||
Infosys Ltd. | 64,259 | 1,609 | ||||||
Materials (0.5%): | ||||||||
UPL Ltd. | 101,042 | 1,021 | ||||||
Utilities (0.4%): | ||||||||
Power Grid Corp. of India Ltd. | 313,487 | 894 | ||||||
7,614 | ||||||||
Indonesia (0.3%): | ||||||||
Communication Services (0.3%): | ||||||||
PT Sarana Menara Nusantara Tbk | 9,616,700 | 716 | ||||||
Ireland (1.3%): | ||||||||
Health Care (0.8%): | ||||||||
ICON PLC (a) | 6,804 | 1,655 | ||||||
Industrials (0.5%): | ||||||||
DCC PLC | 14,259 | 1,104 | ||||||
2,759 | ||||||||
Israel (0.4%): | ||||||||
Information Technology (0.4%): | ||||||||
Check Point Software Technologies Ltd. (a) | 6,003 | 830 | ||||||
Italy (1.3%): | ||||||||
Industrials (0.3%): | ||||||||
Leonardo SpA (a) | 75,301 | 748 | ||||||
Information Technology (0.3%): | ||||||||
Nexi SpA (a)(b)(c) | 54,423 | 628 | ||||||
Utilities (0.7%): | ||||||||
Enel SpA | 139,799 | 933 | ||||||
Iren SpA | 231,813 | 614 | ||||||
1,547 | ||||||||
2,923 | ||||||||
Japan (15.1%): | ||||||||
Communication Services (0.6%): | ||||||||
Nippon Telegraph & Telephone Corp. | 41,800 | 1,215 | ||||||
Consumer Discretionary (3.4%): | ||||||||
Open House Group Co. Ltd. | 15,200 | 673 | ||||||
Sony Group Corp. | 37,700 | 3,879 | ||||||
Toyota Motor Corp. | 162,100 | 2,924 | ||||||
7,476 | ||||||||
Consumer Staples (1.3%): | ||||||||
Ajinomoto Co., Inc. | 33,300 | 945 | ||||||
Asahi Group Holdings Ltd. | 17,700 | 645 | ||||||
Seven & i Holdings Co. Ltd. | 27,300 | 1,302 | ||||||
2,892 | ||||||||
Financials (1.6%): | ||||||||
Mizuho Financial Group, Inc. | 72,310 | 923 | ||||||
ORIX Corp. | 75,600 | 1,507 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 31,125 | 983 | ||||||
3,413 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Health Care (0.7%): | ||||||||
Hoya Corp. | 6,700 | $ | 763 | |||||
Ono Pharmaceutical Co. Ltd. | 27,200 | 682 | ||||||
1,445 | ||||||||
Industrials (4.0%): | ||||||||
AGC, Inc. | 19,500 | 779 | ||||||
Fuji Electric Co. Ltd. | 20,500 | 1,022 | ||||||
Hitachi Ltd. | 23,600 | 1,181 | ||||||
ITOCHU Corp. | 49,700 | 1,681 | ||||||
Komatsu Ltd. | 34,500 | 829 | ||||||
Mitsui & Co. Ltd. | 42,100 | 1,143 | ||||||
Nippon Express Holdings, Inc. | 10,400 | 715 | ||||||
Nippon Yusen KK | 14,500 | 1,269 | ||||||
8,619 | ||||||||
Information Technology (2.0%): | ||||||||
Fujitsu Ltd. | 7,400 | 1,109 | ||||||
Murata Manufacturing Co. Ltd. (b) | 12,100 | 797 | ||||||
NTT Data Corp. (b) | 41,800 | 821 | ||||||
Tokyo Electron Ltd. | 3,200 | 1,644 | ||||||
4,371 | ||||||||
Materials (0.9%): | ||||||||
Rengo Co. Ltd. | 88,200 | 564 | ||||||
Shin-Etsu Chemical Co. Ltd. | 6,300 | 957 | ||||||
Tosoh Corp. | 35,500 | 525 | ||||||
2,046 | ||||||||
Real Estate (0.3%): | ||||||||
Daiwa House Industry Co. Ltd. | 27,500 | 717 | ||||||
Utilities (0.3%): | ||||||||
Osaka Gas Co. Ltd. | 42,100 | 722 | ||||||
32,916 | ||||||||
Korea, Republic Of (3.7%): | ||||||||
Communication Services (0.4%): | ||||||||
NAVER Corp. | 2,962 | 823 | ||||||
Consumer Discretionary (0.7%): | ||||||||
Kia Corp. | 13,050 | 791 | ||||||
LG Electronics, Inc. | 8,081 | 795 | ||||||
1,586 | ||||||||
Financials (0.4%): | ||||||||
Hana Financial Group, Inc. | 20,928 | 832 | ||||||
Industrials (0.5%): | ||||||||
Samsung Engineering Co. Ltd. (a) | 46,804 | 1,005 | ||||||
Information Technology (1.7%): | ||||||||
LG Innotek Co. Ltd. | 6,362 | 2,009 | ||||||
Samsung Electronics Co. Ltd. | 30,653 | 1,754 | ||||||
3,763 | ||||||||
8,009 | ||||||||
Luxembourg (0.8%): | ||||||||
Energy (0.4%): | ||||||||
Tenaris SA (b) | 61,521 | 924 | ||||||
Materials (0.4%): | ||||||||
ArcelorMittal SA | 25,590 | 820 | ||||||
1,744 | ||||||||
Malaysia (0.9%): | ||||||||
Consumer Staples (0.3%): | ||||||||
Kuala Lumpur Kepong Bhd | 107,500 | 645 | ||||||
Financials (0.6%): | ||||||||
RHB Bank Bhd | 914,000 | 1,296 | ||||||
1,941 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Mexico (0.4%): | ||||||||
Consumer Staples (0.4%): | ||||||||
Arca Continental SAB de CV | 112,742 | $ | 767 | |||||
Netherlands (3.0%): | ||||||||
Consumer Staples (0.7%): | ||||||||
Koninklijke Ahold Delhaize NV | 49,154 | 1,581 | ||||||
Financials (0.8%): | ||||||||
ING Groep NV | 78,554 | 820 | ||||||
NN Group NV | 17,768 | 900 | ||||||
1,720 | ||||||||
Health Care (0.3%): | ||||||||
QIAGEN NV (a) | 15,684 | 770 | ||||||
Information Technology (1.2%): | ||||||||
ASM International NV | 3,122 | 1,137 | ||||||
STMicroelectronics NV | 32,984 | 1,433 | ||||||
2,570 | ||||||||
6,641 | ||||||||
Norway (0.5%): | ||||||||
Energy (0.5%): | ||||||||
Equinor ASA | 30,480 | 1,139 | ||||||
Philippines (0.4%): | ||||||||
Communication Services (0.4%): | ||||||||
Converge Information and Communications Technology Solutions, Inc. (a) | 1,446,000 | 840 | ||||||
Russian Federation (0.0%):(d) | ||||||||
Consumer Staples (0.0%):(d) | ||||||||
Magnit PJSC, GDR (e)(f) | 36,370 | — | (g) | |||||
Energy (0.0%):(d) | ||||||||
LUKOIL PJSC, ADR (e)(f) | 8,489 | 3 | ||||||
Financials (0.0%):(d) | ||||||||
Sberbank of Russia PJSC (e)(f) | 220,230 | 2 | ||||||
5 | ||||||||
Saudi Arabia (0.8%): | ||||||||
Energy (0.3%): | ||||||||
Aldrees Petroleum and Transport Services Co. | 29,502 | 609 | ||||||
Financials (0.5%): | ||||||||
Alinma Bank | 107,813 | 1,112 | ||||||
1,721 | ||||||||
Singapore (1.4%): | ||||||||
Consumer Staples (0.6%): | ||||||||
Wilmar International Ltd. | 394,600 | 1,367 | ||||||
Financials (0.5%): | ||||||||
DBS Group Holdings Ltd. | 43,800 | 1,148 | ||||||
Utilities (0.3%): | ||||||||
Sembcorp Industries Ltd. | 329,800 | 646 | ||||||
3,161 | ||||||||
South Africa (0.7%): | ||||||||
Financials (0.4%): | ||||||||
Absa Group Ltd. | 59,437 | 771 | ||||||
Materials (0.3%): | ||||||||
Impala Platinum Holdings Ltd. (b) | 44,606 | 687 | ||||||
1,458 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Spain (1.2%): | ||||||||
Financials (0.5%): | ||||||||
Banco Santander SA | 310,235 | $ | 1,055 | |||||
Health Care (0.3%): | ||||||||
Laboratorios Farmaceuticos Rovi SA | 8,136 | 603 | ||||||
Utilities (0.4%): | ||||||||
Acciona SA | 4,702 | 898 | ||||||
2,556 | ||||||||
Sweden (2.5%): | ||||||||
Consumer Staples (0.6%): | ||||||||
Swedish Match AB (a) | 165,514 | 1,245 | ||||||
Financials (0.3%): | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 66,312 | 717 | ||||||
Health Care (0.3%): | ||||||||
Getinge AB, B Shares | 17,712 | 706 | ||||||
Industrials (0.7%): | ||||||||
Sandvik AB | 39,912 | 848 | ||||||
Volvo AB, Class B | 37,036 | 692 | ||||||
1,540 | ||||||||
Materials (0.6%): | ||||||||
Boliden AB | 26,287 | 1,327 | ||||||
5,535 | ||||||||
Switzerland (6.8%): | ||||||||
Consumer Discretionary (0.6%): | ||||||||
Cie Financiere Richemont SA, Registered Shares | 10,548 | 1,337 | ||||||
Consumer Staples (1.6%): | ||||||||
Coca-Cola HBC AG | 26,166 | 546 | ||||||
Nestle SA, Registered Shares (b) | 22,790 | 2,963 | ||||||
3,509 | ||||||||
Financials (1.9%): | ||||||||
Julius Baer Group Ltd. | 15,388 | 891 | ||||||
Swiss Life Holding AG | 3,542 | 2,270 | ||||||
UBS Group AG | 47,463 | 928 | ||||||
4,089 | ||||||||
Health Care (2.4%): | ||||||||
Novartis AG, Registered Shares | 24,290 | 2,133 | ||||||
Roche Holding AG | 7,997 | 3,164 | ||||||
5,297 | ||||||||
Materials (0.3%): | ||||||||
Holcim Ltd. | 14,853 | 723 | ||||||
14,955 | ||||||||
Taiwan (3.8%): | ||||||||
Financials (0.9%): | ||||||||
Chailease Holding Co. Ltd. | 92,281 | 809 | ||||||
Fubon Financial Holding Co. Ltd. | 390,839 | 1,038 | ||||||
1,847 | ||||||||
Information Technology (2.9%): | ||||||||
MediaTek, Inc. | 33,000 | 1,027 | ||||||
Realtek Semiconductor Corp. | 101,000 | 1,501 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 187,000 | 3,837 | ||||||
6,365 | ||||||||
8,212 | ||||||||
Thailand (0.4%): | ||||||||
Health Care (0.4%): | ||||||||
Chularat Hospital PCL | 8,227,700 | 954 | ||||||
United Arab Emirates (0.3%): | ||||||||
Real Estate (0.3%): | ||||||||
Emaar Development PJSC (a) | 625,528 | 754 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
United Kingdom (10.1%): | ||||||||
Communication Services (0.9%): | ||||||||
Vodafone Group PLC | 831,601 | $ | 1,363 | |||||
WPP PLC | 46,586 | 610 | ||||||
1,973 | ||||||||
Consumer Discretionary (1.6%): | ||||||||
Barratt Developments PLC | 83,188 | 566 | ||||||
JD Sports Fashion PLC (a) | 476,712 | 918 | ||||||
Stellantis NV | 126,988 | 2,056 | ||||||
3,540 | ||||||||
Consumer Staples (0.6%): | ||||||||
Tesco PLC | 345,462 | 1,250 | ||||||
Energy (1.1%): | ||||||||
BP PLC | 292,685 | 1,434 | ||||||
Harbour Energy PLC (a) | 142,991 | 904 | ||||||
2,338 | ||||||||
Financials (1.8%): | ||||||||
3i Group PLC | 94,348 | 1,706 | ||||||
Barclays PLC | 355,627 | 689 | ||||||
Legal & General Group PLC | 201,307 | 714 | ||||||
Standard Chartered PLC | 133,669 | 887 | ||||||
3,996 | ||||||||
Health Care (0.6%): | ||||||||
AstraZeneca PLC | 9,820 | 1,302 | ||||||
Industrials (1.5%): | ||||||||
Ashtead Group PLC | 13,728 | 864 | ||||||
Bunzl PLC | 19,874 | 771 | ||||||
Ferguson PLC | 6,991 | 947 | ||||||
Royal Mail PLC | 145,498 | 625 | ||||||
3,207 | ||||||||
Materials (1.2%): | ||||||||
Anglo American PLC | 53,198 | 2,764 | ||||||
Real Estate (0.4%): | ||||||||
Safestore Holdings PLC | 46,679 | 820 | ||||||
Utilities (0.4%): | ||||||||
Drax Group PLC | 92,977 | 956 | ||||||
22,146 | ||||||||
Total Common Stocks (Cost $190,557) | 212,470 | |||||||
Exchange-Traded Funds (1.3%) | ||||||||
United States (1.3%): | ||||||||
iShares Core MSCI EAFE ETF | 31,654 | 2,201 | ||||||
iShares Core MSCI Emerging Markets ETF | 13,395 | 744 | ||||||
2,945 | ||||||||
Total Exchange-Traded Funds (Cost $3,108) | 2,945 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Fair Value | ||||||
Collateral for Securities Loaned (2.0%)^ | ||||||||
United States (2.0%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h) | 84,365 | $ | 84 | |||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h) | 2,366,438 | 2,366 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h) | 42,102 | 42 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h) | 335,712 | 336 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h) | 1,509,426 | 1,509 | ||||||
Total Collateral for Securities Loaned (Cost $4,337) | 4,337 | |||||||
Total Investments (Cost $198,002) — 100.6% | 219,752 | |||||||
Liabilities in excess of other assets — (0.6)% | (1,343 | ) | ||||||
NET ASSETS - 100.00% | $ | 218,409 |
^ | 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 March 31, 2022, the fair value of these securities was $3,611 (thousands) and amounted to 1.7% of net assets. |
(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 March 31, 2022, illiquid securities were 0.0% of net assets. |
(f) | This security is classified as Level 3 within the fair value hierarchy. |
(g) | Rounds to less than $1 thousand. |
(h) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
GDR—Global Depositary Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.6%) | ||||||||
Australia (8.3%): | ||||||||
Communication Services (0.4%): | ||||||||
Nine Entertainment Co. Holdings Ltd. | 6,160,465 | $ | 13,616 | |||||
Consumer Discretionary (0.8%): | ||||||||
JB Hi-Fi Ltd. | 410,348 | 16,582 | ||||||
Super Retail Group Ltd. | 1,334,931 | 10,252 | ||||||
26,834 | ||||||||
Consumer Staples (0.7%): | ||||||||
Elders Ltd. | 2,231,553 | 22,141 | ||||||
Energy (0.6%): | ||||||||
Beach Energy Ltd. | 17,842,001 | 20,815 | ||||||
Financials (0.7%): | ||||||||
Bank of Queensland Ltd. | 2,503,021 | 16,130 | ||||||
Pendal Group Ltd. | 2,726,918 | 9,401 | ||||||
25,531 | ||||||||
Health Care (0.3%): | ||||||||
Healius Ltd. | 3,622,284 | 11,809 | ||||||
Industrials (0.4%): | ||||||||
Seven Group Holdings Ltd. (a) | 857,558 | 13,536 | ||||||
Information Technology (0.4%): | ||||||||
Technology One Ltd. | 1,743,296 | 14,782 | ||||||
Materials (2.7%): | ||||||||
Allkem, Ltd. (b) | 3,647,690 | 30,780 | ||||||
CSR Ltd. | 2,614,786 | 11,950 | ||||||
Iluka Resources Ltd. | 1,703,208 | 14,322 | ||||||
Incitec Pivot, Ltd. | 5,474,746 | 15,493 | ||||||
OZ Minerals Ltd. | 933,788 | 18,618 | ||||||
91,163 | ||||||||
Real Estate (1.3%): | ||||||||
Charter Hall Group | 2,268,706 | 27,563 | ||||||
Shopping Centres Australasia Property Group | 7,120,420 | 15,486 | ||||||
43,049 | ||||||||
283,276 | ||||||||
Canada (10.0%): | ||||||||
Consumer Discretionary (1.0%): | ||||||||
AutoCanada, Inc. (b) | 79,042 | 2,291 | ||||||
BRP, Inc. (a) | 385,641 | 31,579 | ||||||
33,870 | ||||||||
Energy (2.0%): | ||||||||
ARC Resources Ltd. (a) | 2,465,826 | 33,022 | ||||||
Headwater Exploration, Inc. (b) | 480,596 | 2,549 | ||||||
Parex Resources, Inc. | 1,151,644 | 23,632 | ||||||
Vermilion Energy, Inc. (a) | 487,615 | 10,240 | ||||||
69,443 | ||||||||
Financials (0.9%): | ||||||||
Canadian Western Bank (a) | 638,138 | 18,552 | ||||||
CI Financial Corp. | 820,094 | 13,030 | ||||||
31,582 | ||||||||
Health Care (0.2%): | ||||||||
Tilray, Inc., Class 2 (a)(b) | 630,338 | 4,886 | ||||||
Industrials (1.6%): | ||||||||
ATS Automation Tooling Systems, Inc. (b) | 648,645 | 23,403 | ||||||
Ballard Power Systems, Inc. (a)(b) | 331,705 | 3,861 | ||||||
Finning International, Inc. | 934,063 | 28,127 | ||||||
55,391 | ||||||||
Information Technology (0.9%): | ||||||||
Celestica, Inc. (b) | 1,374,088 | 16,346 | ||||||
The Descartes Systems Group, Inc. (b) | 200,297 | 14,667 | ||||||
31,013 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Materials (2.0%): | ||||||||
Aginco Eagle Mines Ltd. | 1 | $ | — | (c) | ||||
Canfor Corp. (a)(b) | 537,814 | 11,083 | ||||||
Dundee Precious Metals, Inc. | 1,898,911 | 11,333 | ||||||
Methanex Corp. (a) | 274,641 | 14,978 | ||||||
Stella-Jones, Inc. | 343,820 | 10,334 | ||||||
Yamana Gold, Inc. | 3,572,589 | 19,949 | ||||||
67,677 | ||||||||
Real Estate (1.4%): | ||||||||
Boardwalk Real Estate Invest (a) | 411,558 | 19,356 | ||||||
Tricon Residential, Inc. (a) | 1,798,568 | 28,590 | ||||||
47,946 | ||||||||
341,808 | ||||||||
Denmark (0.6%): | ||||||||
Consumer Staples (0.3%): | ||||||||
Royal Unibrew A/S | 107,073 | 10,005 | ||||||
Financials (0.3%): | ||||||||
Jyske Bank A/S, Registered Shares (b) | 211,045 | 11,474 | ||||||
21,479 | ||||||||
Finland (1.1%): | ||||||||
Industrials (0.7%): | ||||||||
Valmet Oyj (a) | 801,485 | 24,874 | ||||||
Information Technology (0.4%): | ||||||||
TietoEVRY Oyj | 512,774 | 13,646 | ||||||
38,520 | ||||||||
France (8.1%): | ||||||||
Communication Services (0.3%): | ||||||||
Criteo SA, ADR (b) | 372,865 | 10,157 | ||||||
Consumer Discretionary (0.7%): | ||||||||
Faurecia SE (a) | 544,299 | 14,155 | ||||||
La Francaise des Jeux SAEM (d) | 270,359 | 10,724 | ||||||
24,879 | ||||||||
Energy (0.6%): | ||||||||
Vallourec SA (b) | 1,742,793 | 22,292 | ||||||
Health Care (0.3%): | ||||||||
Korian SA | 447,649 | 10,361 | ||||||
Industrials (2.8%): | ||||||||
Eiffage SA | 270,055 | 27,713 | ||||||
Elis SA (b) | 1,004,974 | 14,806 | ||||||
Nexans SA | 240,706 | 22,522 | ||||||
Rexel SA | 1,001,638 | 21,380 | ||||||
SPIE SA | 425,530 | 10,063 | ||||||
96,484 | ||||||||
Information Technology (1.7%): | ||||||||
Edenred | 214,151 | 10,587 | ||||||
SOITEC (b) | 131,239 | 24,615 | ||||||
Sopra Steria Group | 121,575 | 22,517 | ||||||
57,719 | ||||||||
Materials (0.5%): | ||||||||
Arkema SA | 131,671 | 15,738 | ||||||
Real Estate (1.2%): | ||||||||
Klepierre SA | 1,005,396 | 26,764 | ||||||
Nexity SA | 431,584 | 15,192 | ||||||
41,956 | ||||||||
279,586 | ||||||||
Germany (8.1%): | ||||||||
Communication Services (1.3%): | ||||||||
Freenet AG | 595,080 | 15,923 | ||||||
ProSiebenSat.1 Media SE | 1,191,598 | 15,176 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
United Internet AG, Registered Shares | 448,466 | $ | 15,388 | |||||
46,487 | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Hugo Boss AG (a) | 213,799 | 12,333 | ||||||
Energy (0.3%): | ||||||||
VERBIO Vereinigte BioEnergie AG | 132,540 | 10,194 | ||||||
Financials (1.0%): | ||||||||
Deutsche Pfandbriefbank AG (d) | 1,537,032 | 18,660 | ||||||
DWS Group GmbH & Co. KGaA (d) | 387,225 | 14,150 | ||||||
32,810 | ||||||||
Health Care (0.7%): | ||||||||
Dermapharm Holding SE | 154,899 | 9,848 | ||||||
Gerresheimer AG (a) | 201,096 | 14,687 | ||||||
24,535 | ||||||||
Industrials (1.7%): | ||||||||
GEA Group AG | 379,934 | 15,570 | ||||||
Rheinmetall AG | 190,480 | 40,256 | ||||||
Sixt Se (b) | 27,728 | 3,736 | ||||||
59,562 | ||||||||
Information Technology (0.6%): | ||||||||
Bechtle AG | 347,607 | 19,568 | ||||||
Materials (1.6%): | ||||||||
Aurubis AG | 183,034 | 21,786 | ||||||
K+S AG, Registered Shares (b) | 661,055 | 19,886 | ||||||
LANXESS AG (a) | 276,711 | 12,145 | ||||||
53,817 | ||||||||
Real Estate (0.5%): | ||||||||
TAG Immobilien AG | 791,344 | 17,916 | ||||||
277,222 | ||||||||
Gibraltar (0.2%): | ||||||||
Consumer Discretionary (0.2%): | ||||||||
888 Holdings PLC (a) | 3,036,203 | 7,330 | ||||||
Hong Kong (1.7%): | ||||||||
Health Care (0.2%): | ||||||||
The United Laboratories International Holdings Ltd. | 13,418,000 | 7,018 | ||||||
Industrials (0.9%): | ||||||||
LK Technology Holdings Ltd. (a) | 9,207,500 | 13,736 | ||||||
Pacific Basin Shipping Ltd. | 31,454,000 | 16,842 | ||||||
30,578 | ||||||||
Information Technology (0.3%): | ||||||||
ASM Pacific Technology Ltd. | 1,117,300 | 11,249 | ||||||
Real Estate (0.3%): | ||||||||
Hysan Development Co. Ltd. | 3,692,000 | 10,773 | ||||||
59,618 | ||||||||
Ireland (1.3%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Dalata Hotel Group PLC (b) | 2,879,200 | 12,618 | ||||||
Consumer Staples (0.3%): | ||||||||
Glanbia PLC | 799,082 | 9,269 | ||||||
Financials (0.6%): | ||||||||
Bank of Ireland Group PLC (b) | 3,479,182 | 22,121 | ||||||
44,008 | ||||||||
Israel (1.3%): | ||||||||
Communication Services (0.5%): | ||||||||
Perion Network Ltd. (b) | 820,092 | 18,444 | ||||||
Health Care (0.5%): | ||||||||
Inmode Ltd. (b) | 435,393 | 16,070 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Information Technology (0.3%): | ||||||||
Radware Ltd. (b) | 364,952 | $ | 11,668 | |||||
46,182 | ||||||||
Italy (2.4%): | ||||||||
Consumer Discretionary (0.2%): | ||||||||
De' Longhi SpA | 311,571 | 8,427 | ||||||
Financials (0.4%): | ||||||||
Banca Mediolanum SpA | 1,607,579 | 13,659 | ||||||
Industrials (0.3%): | ||||||||
Interpump Group SpA | 184,996 | 9,269 | ||||||
Information Technology (0.7%): | ||||||||
Reply SpA | 150,227 | 24,678 | ||||||
Materials (0.4%): | ||||||||
Buzzi Unicem SpA | 668,522 | 12,369 | ||||||
Utilities (0.4%): | ||||||||
Iren SpA | 5,575,337 | 14,768 | ||||||
83,170 | ||||||||
Japan (18.7%): | ||||||||
Communication Services (1.2%): | ||||||||
Gungho Online Entertainment, Inc. | 628,700 | 13,351 | ||||||
Internet Initiative Japan, Inc. | 847,300 | 28,146 | ||||||
41,497 | ||||||||
Consumer Discretionary (3.0%): | ||||||||
ASKUL Corp. | 772,200 | 10,138 | ||||||
Komeri Co. Ltd. | 470,600 | 10,119 | ||||||
Open House Group Co. Ltd. | 540,600 | 23,927 | ||||||
Resorttrust, Inc. | 690,600 | 11,776 | ||||||
Saizeriya Co. Ltd. | 503,100 | 11,050 | ||||||
Sumitomo Forestry Co. Ltd. | 858,000 | 15,121 | ||||||
Tokyotokeiba Co. Ltd. | 226,600 | 8,063 | ||||||
Toyo Tire Corp. | 1,127,200 | 14,335 | ||||||
104,529 | ||||||||
Consumer Staples (0.9%): | ||||||||
Morinaga Milk Industry Co. Ltd. | 229,400 | 9,815 | ||||||
Nippon Suisan Kaisha Ltd. | 2,878,500 | 12,898 | ||||||
Valor Holdings Co. Ltd. | 539,600 | 9,327 | ||||||
32,040 | ||||||||
Financials (0.7%): | ||||||||
North Pacific Bank Ltd. (a) | 4,141,700 | 8,064 | ||||||
Zenkoku Hosho Co. Ltd. (a) | 380,100 | 14,608 | ||||||
22,672 | ||||||||
Health Care (1.4%): | ||||||||
Eiken Chemical Co. Ltd. | 845,200 | 11,928 | ||||||
Miraca Holdings, Inc. | 633,700 | 15,053 | ||||||
Sawai Group Holdings Co. Ltd. | 301,600 | 11,014 | ||||||
Suzuken Co. Ltd. | 380,300 | 11,267 | ||||||
49,262 | ||||||||
Industrials (5.0%): | ||||||||
BayCurrent Consulting, Inc. | 57,700 | 20,890 | ||||||
CKD Corp. | 772,600 | 11,791 | ||||||
Daihen Corp. | 318,200 | 10,960 | ||||||
Ebara Corp. | 73,600 | 4,083 | ||||||
Fuji Corp. | 800,200 | 14,435 | ||||||
FULLCAST Holdings Co. Ltd. | 534,100 | 11,374 | ||||||
Infroneer Holdings, Inc. | 1,321,500 | 11,280 | ||||||
Kanamoto Co. Ltd. | 180,800 | 2,955 | ||||||
Kintetsu World Express, Inc. (a) | 641,000 | 16,404 | ||||||
Kumagai Gumi Co. Ltd. | 446,600 | 9,887 | ||||||
Outsourcing, Inc. | 647,500 | 6,673 | ||||||
Sankyu, Inc. | 287,200 | 9,363 | ||||||
Sanwa Holdings Corp. | 1,103,600 | 11,171 | ||||||
Takeuchi Manufacturing Co. Ltd. | 557,200 | 11,984 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
TechnoPro Holdings, Inc. | 388,700 | $ | 10,502 | |||||
Ushio, Inc. | 586,600 | 8,685 | ||||||
172,437 | ||||||||
Information Technology (3.6%): | ||||||||
Fuji Soft, Inc. | 213,800 | 10,733 | ||||||
NEC Networks & System Integration Corp. | 842,000 | 12,257 | ||||||
Nippon Electric Glass Co. Ltd. | 858,000 | 18,981 | ||||||
Shinko Electric Industries Co. Ltd. | 1,086,100 | 51,099 | ||||||
Taiyo Yuden Co. Ltd. | 380,500 | 17,037 | ||||||
Tokyo Seimitsu Co. Ltd. | 308,100 | 12,179 | ||||||
122,286 | ||||||||
Materials (1.3%): | ||||||||
Kaneka Corp. | 394,200 | 11,388 | ||||||
Rengo Co. Ltd. | 2,106,500 | 13,458 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 165,500 | 9,883 | ||||||
Zeon Corp. | 742,900 | 8,247 | ||||||
42,976 | ||||||||
Real Estate (1.2%): | ||||||||
Invincible Investment Corp. | 28,881 | 9,970 | ||||||
Kenedix Office Investment Corp. | 1,805 | 10,808 | ||||||
Nippon Accommodations Fund, Inc. | 2,236 | 11,756 | ||||||
Starts Corp., Inc. | 415,400 | 8,133 | ||||||
40,667 | ||||||||
Utilities (0.4%): | ||||||||
West Holdings Corp. (a) | 328,200 | 12,854 | ||||||
641,220 | ||||||||
Korea, Republic Of (5.0%): | ||||||||
Communication Services (0.4%): | ||||||||
JYP Entertainment Corp. | 255,192 | 12,805 | ||||||
Consumer Discretionary (0.3%): | ||||||||
Coway Co. Ltd. | 165,778 | 9,345 | ||||||
Consumer Staples (0.3%): | ||||||||
Cosmax, Inc. | 96,482 | 6,597 | ||||||
Maeil Dairies Co. Ltd. | 86,415 | 4,829 | ||||||
11,426 | ||||||||
Health Care (1.0%): | ||||||||
Osstem Implant Co. Ltd. (e)(f) | 312,365 | 18,390 | ||||||
PharmaResearch Co. Ltd. | 230,425 | 17,326 | ||||||
35,716 | ||||||||
Industrials (0.8%): | ||||||||
KCC Corp. | 34,787 | 9,711 | ||||||
Samsung Engineering Co. Ltd. (b) | 902,258 | 19,367 | ||||||
29,078 | ||||||||
Information Technology (1.8%): | ||||||||
LEENO Industrial, Inc. | 91,234 | 13,781 | ||||||
LG Innotek Co. Ltd. | 59,701 | 18,852 | ||||||
LX Semicon Co. Ltd. | 136,363 | 16,145 | ||||||
Partron Co. Ltd. | 1,373,032 | 12,227 | ||||||
61,005 | ||||||||
Materials (0.4%): | ||||||||
LOTTE Fine Chemical Co. Ltd. | 194,615 | 12,634 | ||||||
172,009 | ||||||||
Malta (0.3%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
Kindred Group PLC | 924,279 | 10,089 | ||||||
Netherlands (3.3%): | ||||||||
Financials (1.1%): | ||||||||
ASR Nederland NV | 501,449 | 23,407 | ||||||
Euronext NV (d) | 153,767 | 13,968 | ||||||
37,375 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Industrials (1.6%): | ||||||||
AerCap Holdings NV (a)(b) | 210,092 | $ | 10,563 | |||||
Fugro NV (b) | 1,362,550 | 16,308 | ||||||
Signify NV (d) | 562,516 | 26,163 | ||||||
53,034 | ||||||||
Information Technology (0.6%): | ||||||||
BE Semiconductor Industries NV | 251,695 | 21,452 | ||||||
111,861 | ||||||||
Norway (0.3%): | ||||||||
Financials (0.3%): | ||||||||
Sparebanken Vest | 984,024 | 11,492 | ||||||
Singapore (1.0%): | ||||||||
Real Estate (0.5%): | ||||||||
Frasers Logistics & Commercial Trust | 15,937,700 | 17,098 | ||||||
Utilities (0.5%): | ||||||||
SembCorp Industries Ltd. | 8,790,100 | 17,232 | ||||||
34,330 | ||||||||
Spain (3.9%): | ||||||||
Consumer Staples (0.3%): | ||||||||
Viscofan SA | 158,470 | 9,397 | ||||||
Financials (0.6%): | ||||||||
Bankinter SA (a) | 3,469,862 | 20,328 | ||||||
Health Care (0.7%): | ||||||||
Laboratorios Farmaceuticos Rovi SA | 327,459 | 24,262 | ||||||
Industrials (0.7%): | ||||||||
Applus Services SA | 1,241,920 | 10,254 | ||||||
Cia de Distribucion Integral Logista Holdings SA (a) | 702,316 | 12,844 | ||||||
23,098 | ||||||||
Materials (0.4%): | ||||||||
Acerinox SA | 1,423,433 | 15,589 | ||||||
Real Estate (0.5%): | ||||||||
Merlin Properties Socimi SA | 1,507,848 | 17,626 | ||||||
Utilities (0.7%): | ||||||||
Acciona SA (a) | 123,901 | 23,679 | ||||||
133,979 | ||||||||
Sweden (2.5%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
Dometic Group AB (a)(d) | 1,131,424 | 9,741 | ||||||
Health Care (0.6%): | ||||||||
Arjo AB, Class B | 1,159,778 | 9,824 | ||||||
Getinge AB, B Shares | 257,469 | 10,262 | ||||||
20,086 | ||||||||
Industrials (0.7%): | ||||||||
Intrum AB | 439,096 | 11,855 | ||||||
Trelleborg AB, Class B | 577,273 | 13,372 | ||||||
25,227 | ||||||||
Real Estate (0.9%): | ||||||||
Cibus Nordic Real Estate AB | 466,298 | 12,414 | ||||||
Wihlborgs Fastigheter AB | 800,591 | 16,755 | ||||||
29,169 | ||||||||
84,223 | ||||||||
Switzerland (5.0%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Forbo Holding AG, Registered Shares | 7,312 | 12,458 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Financials (1.7%): | ||||||||
Julius Baer Group Ltd. | 323,044 | $ | 18,706 | |||||
Swissquote Group Holding SA, Registered Shares | 93,952 | 16,934 | ||||||
Vontobel Holding AG, Class R | 286,561 | 24,102 | ||||||
59,742 | ||||||||
Health Care (1.0%): | ||||||||
Galenica AG (d) | 250,893 | 19,318 | ||||||
Tecan Group AG, Class R | 40,505 | 16,016 | ||||||
35,334 | ||||||||
Industrials (1.2%): | ||||||||
Adecco Group AG | 244,043 | 11,072 | ||||||
Bucher Industries AG, Registered Shares | 44,823 | 18,121 | ||||||
Sulzer AG, Registered Shares | 142,643 | 11,850 | ||||||
41,043 | ||||||||
Real Estate (0.7%): | ||||||||
PSP Swiss Property AG, Registered Shares | 167,545 | 22,008 | ||||||
170,585 | ||||||||
United Kingdom (13.8%): | ||||||||
Communication Services (1.0%): | ||||||||
Airtel Africa PLC (d) | 5,822,970 | 10,628 | ||||||
Future PLC | 665,580 | 22,612 | ||||||
33,240 | ||||||||
Consumer Discretionary (2.0%): | ||||||||
Inchcape PLC | 1,407,105 | 12,310 | ||||||
Marks & Spencer Group PLC (b) | 6,775,853 | 13,674 | ||||||
Pets at Home Group PLC | 2,827,742 | 13,356 | ||||||
Redrow PLC | 2,307,518 | 15,783 | ||||||
Vistry Group PLC | 1,133,752 | 13,947 | ||||||
69,070 | ||||||||
Consumer Staples (0.8%): | ||||||||
Cranswick PLC | 303,613 | 14,012 | ||||||
Tate & Lyle PLC | 1,345,584 | 12,896 | ||||||
26,908 | ||||||||
Energy (0.4%): | ||||||||
Capricorn Energy PLC (a)(b) | 5,257,599 | 15,178 | ||||||
Financials (1.6%): | ||||||||
IG Group Holdings PLC | 1,371,957 | 14,733 | ||||||
Man Group PLC | 3,976,279 | 12,132 | ||||||
OSB Group PLC | 2,723,111 | 20,166 | ||||||
Virgin Money UK PLC | 4,324,083 | 9,618 | ||||||
56,649 | ||||||||
Health Care (0.7%): | ||||||||
Abcam PLC (b) | 595,876 | 10,768 | ||||||
CVS Group PLC | 526,793 | 12,348 | ||||||
23,116 | ||||||||
Industrials (2.7%): | ||||||||
easyJet PLC (b) | 2,451,141 | 17,779 | ||||||
Electrocomponents PLC | 1,003,275 | 14,167 | ||||||
IMI PLC | 1,115,650 | 19,859 | ||||||
Royal Mail PLC | 3,296,061 | 14,159 | ||||||
Serco Group PLC | 8,602,005 | 16,192 | ||||||
Travis Perkins PLC | 668,728 | 10,782 | ||||||
92,938 | ||||||||
Information Technology (1.5%): | ||||||||
Computacenter PLC | 712,563 | 27,391 | ||||||
Micro Focus International PLC | 2,300,233 | 12,151 | ||||||
Spirent Communications PLC | 3,900,067 | 12,146 | ||||||
51,688 | ||||||||
Materials (0.5%): | ||||||||
Endeavour Mining PLC (a) | 709,449 | 17,600 | ||||||
Real Estate (1.9%): | ||||||||
LondonMetric Property PLC | 3,893,036 | 14,079 | ||||||
Safestore Holdings PLC | 1,530,350 | 26,867 | ||||||
Savills PLC | 787,240 | 11,445 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Tritax Big Box REIT PLC | 3,800,874 | $ | 12,033 | |||||
64,424 | ||||||||
Utilities (0.7%): | ||||||||
Atlantica Sustainable Infrastructure PLC | 338,188 | 11,860 | ||||||
Drax Group PLC | 1,100,507 | 11,315 | ||||||
23,175 | ||||||||
473,986 | ||||||||
United States (0.7%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
International Game Technology PLC (a) | 516,697 | 12,752 | ||||||
Nexteer Automotive Group Ltd. | 3,451,000 | 2,176 | ||||||
14,928 | ||||||||
Industrials (0.3%): | ||||||||
Reliance Worldwide Corp. Ltd. | 2,946,681 | 9,301 | ||||||
24,229 | ||||||||
Total Common Stocks (Cost $3,093,287) | 3,350,202 | |||||||
Exchange-Traded Funds (0.9%) | ||||||||
United States (0.9%): | ||||||||
Vanguard FTSE Developed Markets ETF (a) | 631,680 | 30,339 | ||||||
Total Exchange-Traded Funds (Cost $28,393) | 30,339 | |||||||
Collateral for Securities Loaned (7.8%)^ | ||||||||
United States (7.8%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 5,229,715 | 5,230 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 146,693,006 | 146,693 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 2,609,886 | 2,610 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 20,810,422 | 20,810 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 93,567,718 | 93,568 | ||||||
Total Collateral for Securities Loaned (Cost $268,911) | 268,911 | |||||||
Total Investments (Cost $3,390,591) — 106.3% | 3,649,452 | |||||||
Liabilities in excess of other assets — (6.3)% | (217,356 | ) | ||||||
NET ASSETS - 100.00% | $ | 3,432,096 |
^ | 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 March 31, 2022, the fair value of these securities was $123,352 (thousands) and amounted to 3.6% 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 March 31, 2022, illiquid securities were 0.5% of net assets. |
(f) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(g) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
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 | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (4.6%) | ||||||||
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 (a) | $ | 298 | $ | 294 | ||||
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a) | 245 | 233 | ||||||
Home Equity Asset Trust, Series 2005-2, Class M5, 1.55% (LIBOR01M+110bps), 7/25/35, Callable 4/25/22 @ 100 (b) | 163 | 163 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 3/25/25 @ 100 (c) | 184 | 181 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (a) | 283 | 270 | ||||||
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(c) | 674 | 646 | ||||||
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(c) | 231 | 227 | ||||||
Westlake Automobile Receivables, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 2/15/25 @ 100 (a)(c) | 310 | 306 | ||||||
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(c) | 332 | 322 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(c) | 337 | 321 | ||||||
Total Asset-Backed Securities (Cost $3,053) | 2,963 | |||||||
Collateralized Mortgage Obligations (6.8%) | ||||||||
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 (a) | 290 | 270 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 11/10/25 @ 100 | 158 | 158 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58 | 163 | 161 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 (a) | 244 | 238 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100 | 143 | 144 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a) | 158 | 159 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 (a) | 257 | 246 | ||||||
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a) | 186 | 188 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 4/15/25 @ 100 (a) | 212 | 212 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 7/15/25 @ 100 (a) | 160 | 161 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 (a) | 158 | 160 | ||||||
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 10/15/26 @ 100 | 137 | 137 | ||||||
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a) | 162 | 161 | ||||||
GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 2/10/26 @ 100 (a) | 162 | 159 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 (a) | 376 | 366 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a) | 195 | 193 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 (a) | 161 | 162 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 12/15/26 @ 100 (a) | 158 | 160 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 7/15/25 @ 100 (a) | 181 | 182 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a) | 163 | 165 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 4/15/25 @ 100 (a) | 193 | 194 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 9/15/26 @ 100 | 149 | 146 | ||||||
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100 | 270 | 270 | ||||||
Total Collateralized Mortgage Obligations (Cost $4,550) | 4,392 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Preferred Stocks (4.5%) | ||||||||
Financials (1.9%): | ||||||||
AMG Capital Trust II, 5.15%, 10/15/37 (a) | 5,245 | $ | 291 | |||||
Bank of America Corp., Series L, 7.25% (a)(d) | 280 | 367 | ||||||
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (a) | 2,570 | 191 | ||||||
Wells Fargo & Co., Series L, 7.50% (a)(d) | 245 | 325 | ||||||
1,174 | ||||||||
Health Care (0.1%): | ||||||||
Danaher Corp., Series B, 5.00%, 4/15/23 | 39 | 62 | ||||||
Industrials (0.4%): | ||||||||
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (a) | 3,047 | 268 | ||||||
Utilities (2.1%): | ||||||||
American Electric Power Co., Inc., 6.13%, 8/15/23 (e) | 1,615 | 90 | ||||||
CenterPoint Energy, Inc., 4.57%, 9/15/29 | 1,045 | 53 | ||||||
Dominion Energy, Inc., Series A, 7.25%, 6/1/22 (a) | 3,000 | 305 | ||||||
DTE Energy Co., 6.25%, 11/1/22 (a) | 4,475 | 239 | ||||||
NextEra Energy, Inc., 5.28%, 3/1/23 (a) | 7,295 | 380 | ||||||
NiSource, Inc., 7.75%, 3/1/24 | 210 | 25 | ||||||
The Southern Co., Series 2019, 6.75%, 8/1/22 (a) | 5,037 | 275 | ||||||
1,367 | ||||||||
Total Preferred Stocks (Cost $2,914) | 2,871 | |||||||
Corporate Bonds (47.3%) | ||||||||
Communication Services (2.0%): | ||||||||
AT&T, Inc. | ||||||||
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a) | $ | 129 | 135 | |||||
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a) | 312 | 356 | ||||||
CenturyLink, Inc., 6.75%, 12/1/23 | 115 | 120 | ||||||
Comcast Corp. | ||||||||
3.45%, 2/1/50, Callable 8/1/49 @ 100 (a) | 150 | 141 | ||||||
2.80%, 1/15/51, Callable 7/15/50 @ 100 | 128 | 108 | ||||||
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (a)(c) | 143 | 134 | ||||||
Verizon Communications, Inc. | ||||||||
3.38%, 2/15/25 (a) | 116 | 117 | ||||||
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a) | 205 | 193 | ||||||
1,304 | ||||||||
Consumer Discretionary (7.1%): | ||||||||
Booking Holdings, Inc., 0.75%, 5/1/25 (a)(e) | 305 | 446 | ||||||
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (a) | 670 | 661 | ||||||
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 | 110 | 111 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100 (a) | $ | 201 | $ | 202 | ||||
Expedia Group, Inc., Zero Coupon , 2/15/26 (a)(e) | 300 | 361 | ||||||
Ford Motor Co., Zero Coupon , 3/15/26 | 95 | 113 | ||||||
General Motors Co., 4.88%, 10/2/23 (a) | 229 | 236 | ||||||
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 (a) | 212 | 223 | ||||||
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 (a) | 326 | 330 | ||||||
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 | 63 | 66 | ||||||
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a)(c) | 201 | 184 | ||||||
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 (a) | 198 | 207 | ||||||
NVR, Inc. | ||||||||
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a) | 268 | 269 | ||||||
3.00%, 5/15/30, Callable 11/15/29 @ 100 (a) | 267 | 250 | ||||||
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (a) | 240 | 253 | ||||||
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100 (a) | 160 | 160 | ||||||
The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100 (a)(e) | 188 | 177 | ||||||
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100 (a) | 185 | 169 | ||||||
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 (a) | 171 | 156 | ||||||
4,574 | ||||||||
Consumer Staples (1.9%): | ||||||||
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100 (a)(c) | 368 | 354 | ||||||
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a) | 105 | 109 | ||||||
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 (a) | 167 | 165 | ||||||
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 139 | 127 | ||||||
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 (a) | 105 | 113 | ||||||
Reynolds American, Inc., 6.15%, 9/15/43 (a) | 175 | 185 | ||||||
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 | 135 | 157 | ||||||
1,210 | ||||||||
Energy (4.0%): | ||||||||
Continental Resources, Inc. | ||||||||
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a) | 234 | 237 | ||||||
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(c) | 267 | 250 | ||||||
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 (a) | 135 | 166 | ||||||
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a) | 84 | 85 | ||||||
HollyFrontier Corp., 2.63%, 10/1/23 (a) | 265 | 263 | ||||||
Marathon Oil Corp., 6.60%, 10/1/37 (a) | 255 | 311 | ||||||
Pioneer Natural Resources Co. | ||||||||
0.25%, 5/15/25 (a) | 270 | 642 | ||||||
1.90%, 8/15/30, Callable 5/15/30 @ 100 (a) | 251 | 222 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a) | 245 | 245 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100 (a) | $ | 188 | $ | 188 | ||||
2,609 | ||||||||
Financials (12.1%): | ||||||||
Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100 | 35 | 40 | ||||||
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 (a) | 130 | 131 | ||||||
Ares Capital Corp., 4.63%, 3/1/24 (a) | 345 | 388 | ||||||
Bank of America Corp. | ||||||||
4.20%, 8/26/24 (a) | 160 | 164 | ||||||
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN (a) | 205 | 204 | ||||||
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a)(b) | 340 | 310 | ||||||
Capital One Financial Corp. | ||||||||
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a) | 224 | 225 | ||||||
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a)(b) | 395 | 338 | ||||||
Cincinnati Financial Corp., 6.13%, 11/1/34 (a) | 230 | 283 | ||||||
Citigroup, Inc. | ||||||||
3.88%, 3/26/25 | 108 | 109 | ||||||
4.60%, 3/9/26 (a) | 232 | 241 | ||||||
4.45%, 9/29/27 (a) | 108 | 111 | ||||||
Fifth Third Bancorp | ||||||||
1.63%, 5/5/23, Callable 4/5/23 @ 100 | 130 | 129 | ||||||
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a) | 584 | 592 | ||||||
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 (a) | 290 | 289 | ||||||
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 | 110 | 112 | ||||||
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 (a) | 250 | 224 | ||||||
JPMorgan Chase & Co. | ||||||||
2.95%, 10/1/26, Callable 7/1/26 @ 100 (a) | 425 | 422 | ||||||
2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a)(b) | 376 | 343 | ||||||
5.60%, 7/15/41 | 87 | 106 | ||||||
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (a)(c) | 265 | 290 | ||||||
Morgan Stanley | ||||||||
4.88%, 11/1/22 (a) | 303 | 308 | ||||||
3.13%, 7/27/26, MTN (a) | 545 | 540 | ||||||
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 | 104 | 97 | ||||||
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 (a) | 228 | 205 | ||||||
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 | 90 | 110 | ||||||
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 (a) | 373 | 359 | ||||||
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100 | 275 | 278 | ||||||
Wells Fargo & Co. | ||||||||
4.30%, 7/22/27, MTN (a) | 410 | 426 | ||||||
4.90%, 11/17/45 (a) | 155 | 172 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 | $ | 250 | $ | 241 | ||||
7,787 | ||||||||
Health Care (5.7%): | ||||||||
AbbVie, Inc. | ||||||||
3.20%, 11/21/29, Callable 8/21/29 @ 100 (a) | 285 | 282 | ||||||
4.45%, 5/14/46, Callable 11/14/45 @ 100 (a) | 142 | 151 | ||||||
Anthem, Inc. | ||||||||
2.38%, 1/15/25, Callable 12/15/24 @ 100 (a) | 148 | 146 | ||||||
2.75%, 10/15/42 (a) | 68 | 474 | ||||||
Baxter International, Inc. | ||||||||
2.54%, 2/1/32, Callable 11/1/31 @ 100 (a)(c) | 390 | 357 | ||||||
3.50%, 8/15/46, Callable 2/15/46 @ 100 | 109 | 100 | ||||||
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 (a) | 168 | 169 | ||||||
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 (a) | 193 | 197 | ||||||
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (a)(c) | 260 | 243 | ||||||
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a) | 135 | 136 | ||||||
Illumina, Inc., Zero Coupon , 8/15/23 (a)(e) | 280 | 308 | ||||||
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 (a) | 262 | 265 | ||||||
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 | 146 | 117 | ||||||
Universal Health Services, Inc. | ||||||||
1.65%, 9/1/26, Callable 8/1/26 @ 100 (a)(c) | 394 | 361 | ||||||
2.65%, 10/15/30, Callable 7/15/30 @ 100 (c) | 102 | 93 | ||||||
Viatris, Inc. | ||||||||
2.30%, 6/22/27, Callable 4/22/27 @ 100 | 95 | 86 | ||||||
4.00%, 6/22/50, Callable 12/22/49 @ 100 (a) | 190 | 160 | ||||||
3,645 | ||||||||
Industrials (4.3%): | ||||||||
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 107 | 94 | ||||||
Air Lease Corp. | ||||||||
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN (a) | 282 | 269 | ||||||
0.80%, 8/18/24, Callable 7/18/24 @ 100 (a) | 146 | 137 | ||||||
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 (a) | 195 | 182 | ||||||
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a) | 275 | 278 | ||||||
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (a) | 420 | 429 | ||||||
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 (e) | 82 | 76 | ||||||
Norfolk Southern Corp. | ||||||||
2.30%, 5/15/31, Callable 2/15/31 @ 100 | 239 | 222 | ||||||
2.90%, 8/25/51, Callable 2/25/51 @ 100 | 125 | 108 | ||||||
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 (a) | 140 | 131 | ||||||
Rockwell Automation, Inc., 6.25%, 12/1/37 (a) | 155 | 191 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (c) | $ | 130 | $ | 120 | ||||
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 (a) | 115 | 122 | ||||||
Southwest Airlines Co., 1.25%, 5/1/25 (a) | 300 | 408 | ||||||
2,767 | ||||||||
Information Technology (4.8%): | ||||||||
Akamai Technologies, Inc., 0.13%, 5/1/25 (a) | 130 | 172 | ||||||
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 (a) | 117 | 138 | ||||||
Block, Inc., 0.25%, 11/1/27 | 55 | 50 | ||||||
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 (a) | 315 | 336 | ||||||
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (a) | 342 | 351 | ||||||
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (a)(e) | 315 | 355 | ||||||
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (a) | 394 | 428 | ||||||
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (c) | 87 | 82 | ||||||
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100 (a) | 150 | 151 | ||||||
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 (a) | 160 | 178 | ||||||
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 | 287 | 223 | ||||||
Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 105 | 106 | ||||||
Western Digital Corp. | ||||||||
1.50%, 2/1/24 (a) | 430 | 415 | ||||||
2.85%, 2/1/29, Callable 12/1/28 @ 100 | 147 | 135 | ||||||
3,120 | ||||||||
Materials (0.6%): | ||||||||
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100 | 104 | 96 | ||||||
Southern Copper Corp., 5.25%, 11/8/42 (a) | 95 | 108 | ||||||
The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25 (a) | 188 | 176 | ||||||
380 | ||||||||
Real Estate (3.2%): | ||||||||
Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100 | 131 | 115 | ||||||
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (a) | 630 | 633 | ||||||
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (c) | 108 | 106 | ||||||
Kite Realty Group LP, 0.75%, 4/1/27 (a)(c) | 185 | 194 | ||||||
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100 (a) | 339 | 341 | ||||||
Physicians Realty LP | ||||||||
3.95%, 1/15/28, Callable 10/15/27 @ 100 (a) | 138 | 140 | ||||||
2.63%, 11/1/31, Callable 8/1/31 @ 100 | 128 | 115 | ||||||
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 | 114 | 123 | ||||||
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 (a) | 145 | 148 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 (a) | $ | 184 | $ | 167 | ||||
2,082 | ||||||||
Utilities (1.6%): | ||||||||
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 (a) | 225 | 196 | ||||||
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 | 250 | 313 | ||||||
Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 (a) | 190 | 216 | ||||||
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (a) | 159 | 162 | ||||||
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 | 174 | 149 | ||||||
1,036 | ||||||||
Total Corporate Bonds (Cost $30,989) | 30,514 | |||||||
Residential Mortgage-Backed Securities (0.1%) | ||||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.78% (LIBOR01M+132bps), 10/25/32, Callable 4/25/22 @ 100 (b) | 79 | 80 | ||||||
Total Residential Mortgage-Backed Securities (Cost $78) | 80 | |||||||
Yankee Dollars (8.7%) | ||||||||
Communication Services (0.3%): | ||||||||
Vodafone Group PLC, 5.25%, 5/30/48 (a) | 193 | 217 | ||||||
Consumer Staples (3.2%): | ||||||||
Barry Callebaut Services NV, 5.50%, 6/15/23 (c) | 638 | 653 | ||||||
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(c) | 670 | 673 | ||||||
Suntory Holdings Ltd. | ||||||||
2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(c) | 574 | 575 | ||||||
2.25%, 10/16/24, Callable 9/16/24 @ 100 (a)(c) | 200 | 195 | ||||||
2,096 | ||||||||
Energy (0.9%): | ||||||||
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100 | 140 | 141 | ||||||
Ecopetrol SA, 5.88%, 9/18/23 (a) | 325 | 333 | ||||||
Statoil ASA, 3.95%, 5/15/43 | 100 | 103 | ||||||
577 | ||||||||
Financials (2.1%): | ||||||||
Barclays Bank PLC, Zero Coupon | ||||||||
2/4/25 (a) | 110 | 176 | ||||||
2/18/25 | 65 | 72 | ||||||
HSBC Holdings PLC, 2.87%, 11/22/32, Callable 11/22/31 @ 100 (a) | 340 | 310 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Newcrest Finance Pty Ltd. | ||||||||
5.75%, 11/15/41 (c) | $ | 155 | $ | 177 | ||||
4.20%, 5/13/50, Callable 11/13/49 @ 100 (c) | 110 | 107 | ||||||
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100 (a)(c) | 300 | 305 | ||||||
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 (a) | 195 | 178 | ||||||
1,325 | ||||||||
Industrials (1.0%): | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
6.50%, 7/15/25, Callable 6/15/25 @ 100 (a) | 150 | 159 | ||||||
1.75%, 1/30/26, Callable 12/30/25 @ 100 | 150 | 138 | ||||||
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 (a) | 85 | 80 | ||||||
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100 | 92 | 82 | ||||||
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (c) | 200 | 190 | ||||||
649 | ||||||||
Materials (1.1%): | ||||||||
Anglo American Capital PLC | ||||||||
2.88%, 3/17/31, Callable 12/17/30 @ 100 (a)(c)(e) | 300 | 275 | ||||||
3.95%, 9/10/50, Callable 3/10/50 @ 100 (c)(e) | 200 | 189 | ||||||
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 (a) | 75 | 90 | ||||||
Vale Overseas Ltd., 6.25%, 8/10/26 (a) | 143 | 157 | ||||||
711 | ||||||||
Utilities (0.1%): | ||||||||
Iberdrola International BV, 6.75%, 9/15/33 | 50 | 61 | ||||||
Total Yankee Dollars (Cost $5,755) | 5,636 | |||||||
U.S. Government Mortgage-Backed Agencies (23.6%) | ||||||||
Federal Home Loan Bank | ||||||||
1.10%, 4/29/26 (a) | 680 | 638 | ||||||
Federal Home Loan Mortgage Corp. | ||||||||
9.00%, 4/1/25 (a) | 6 | 6 | ||||||
7.50%, 8/1/29 (a) | 8 | 9 | ||||||
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a) | 411 | 400 | ||||||
5.00%, 7/1/39 (a) | 452 | 488 | ||||||
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a) | 163 | 165 | ||||||
Series 4444, Class CH, 3.00%, 1/15/41 (a) | 100 | 100 | ||||||
4.50%, 7/1/44 - 12/1/45 (a) | 669 | 711 | ||||||
2.00%, 3/1/51 (a) | 582 | 541 | ||||||
Federal National Mortgage Association |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
3.50%, 2/1/32 | $ | 112 | $ | 114 | ||||
Series 2005-19, Class PB, 5.50%, 3/25/35 (a) | 253 | 271 | ||||||
6.00%, 2/1/37 (a) | 72 | 80 | ||||||
3.50%, 8/1/39 - 12/25/50 (a) | 1,224 | 1,240 | ||||||
Series 2011-21, Class PA, 4.50%, 5/25/40 (a) | 315 | 323 | ||||||
3.00%, 6/1/40 - 5/1/48 (a) | 1,914 | 1,901 | ||||||
Series 2013-81, Class KA, 2.75%, 9/25/42 (a) | 178 | 178 | ||||||
4.00%, 11/1/43 - 10/1/48 (a) | 690 | 714 | ||||||
4.00%, 3/1/47 - 6/1/49 | 90 | 92 | ||||||
Series 2017-96, Class DA, 2.50%, 12/25/47 - 7/1/51 (a) | 2,117 | 2,028 | ||||||
4.50%, 5/1/50 | 32 | 33 | ||||||
2.00%, 3/1/51 (a) | 985 | 915 | ||||||
2.00%, 4/25/52 (f) | 1,400 | 1,299 | ||||||
2.50%, 4/25/52 (f) | 2,000 | 1,908 | ||||||
3.00%, 4/25/52 (f) | 500 | 489 | ||||||
3.50%, 5/25/52 (f) | 600 | 599 | ||||||
15,242 | ||||||||
Total U.S. Government Mortgage-Backed Agencies (Cost $15,663) | 15,242 | |||||||
U.S. Treasury Obligations (8.2%) | ||||||||
U.S. Treasury Bonds, 1.25%, 5/15/50 (a) | 3,000 | 2,239 | ||||||
U.S. Treasury Notes | ||||||||
0.13%, 2/15/24 | 152 | 146 | ||||||
0.25%, 3/15/24 (a) | 800 | 769 | ||||||
0.75%, 4/30/26 (a) | 542 | 505 | ||||||
1.25%, 5/31/28 (a) | 419 | 390 | ||||||
1.63%, 5/15/31 (a) | 1,304 | 1,228 | ||||||
Total U.S. Treasury Obligations (Cost $5,565) | 5,277 | |||||||
Collateral for Securities Loaned (3.5%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 44,452 | 44 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 1,246,885 | 1,248 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 22,184 | 22 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 176,888 | 177 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 795,322 | 795 | ||||||
Total Collateral for Securities Loaned (Cost $2,286) | 2,286 | |||||||
Total Investments (Cost $70,853) — 107.3% | 69,261 | |||||||
Liabilities in excess of other assets — (7.3)% | (4,737 | ) | ||||||
NET ASSETS - 100.00% | $ | 64,524 |
^ | Purchased with cash collateral from securities on loan. |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2022 |
(Unaudited) |
(a) | All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $8,110 (thousands) and amounted to 12.6% of net assets. |
(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) | 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 March 31, 2022. |
bps—Basis points |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
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 | 17 | 6/30/22 | $ | 3,652,655 | $ | 3,602,671 | $ | (49,984 | ) | |||||||
5-Year U.S. Treasury Note Futures | 15 | 6/30/22 | 1,751,536 | 1,720,312 | (31,224 | ) | ||||||||||
Mexican Peso Currency Futures | 29 | 6/13/22 | 677,151 | 721,085 | 43,934 | |||||||||||
Ultra Long Term U.S. Treasury Bond Futures | 10 | 6/21/22 | 1,842,535 | 1,771,250 | (71,285 | ) | ||||||||||
$ | (108,559 | ) |
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 | 25 | 6/21/22 | $ | 3,173,634 | $ | 3,071,875 | $ | 101,759 | ||||||||
Canadian Dollar Futures | 13 | 6/14/22 | 1,013,610 | 1,041,170 | (27,560 | ) | ||||||||||
Japanese Yen Futures | 12 | 6/13/22 | 1,305,000 | 1,235,625 | 69,375 | |||||||||||
Micro E-Mini S&P 500 Futures | 85 | 6/20/22 | 1,788,529 | 1,925,568 | (137,039 | ) | ||||||||||
$ | 6,535 | |||||||||||||||
Total unrealized appreciation | $ | 215,068 | ||||||||||||||
Total unrealized depreciation | (317,092 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (102,024 | ) |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS International Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.7%) | ||||||||
Australia (7.4%): | ||||||||
Consumer Discretionary (1.0%): | ||||||||
Aristocrat Leisure Ltd. | 144,570 | $ | 3,922,871 | |||||
Financials (1.3%): | ||||||||
Macquarie Group Ltd. | 33,378 | 5,046,543 | ||||||
Health Care (1.7%): | ||||||||
CSL Ltd. | 34,913 | 6,968,255 | ||||||
Materials (2.3%): | ||||||||
BHP Group Ltd. | 236,453 | 9,112,230 | ||||||
Real Estate (1.1%): | ||||||||
Scentre Group | 1,895,035 | 4,307,508 | ||||||
29,357,407 | ||||||||
Belgium (0.8%): | ||||||||
Information Technology (0.8%): | ||||||||
Melexis NV | 36,426 | 3,353,003 | ||||||
China (1.0%): | ||||||||
Communication Services (0.7%): | ||||||||
Tencent Holdings Ltd. | 58,500 | 2,696,622 | ||||||
Consumer Discretionary (0.0%):(a) | ||||||||
JD.com, Inc., Class A (b) | 2,714 | 77,121 | ||||||
Financials (0.3%): | ||||||||
China Merchants Bank Co. Ltd., Class H | 158,500 | 1,233,879 | ||||||
4,007,622 | ||||||||
Denmark (1.5%): | ||||||||
Consumer Discretionary (0.6%): | ||||||||
Pandora A/S (c) | 24,364 | 2,321,435 | ||||||
Consumer Staples (0.9%): | ||||||||
Royal Unibrew A/S | 38,052 | 3,555,668 | ||||||
5,877,103 | ||||||||
France (8.6%): | ||||||||
Consumer Discretionary (4.0%): | ||||||||
La Francaise des Jeux SAEM (d) | 113,031 | 4,483,616 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 15,928 | 11,367,821 | ||||||
15,851,437 | ||||||||
Energy (0.7%): | ||||||||
Gaztransport Et Technigaz SA | 24,993 | 2,792,088 | ||||||
Industrials (0.8%): | ||||||||
Safran SA | 27,575 | 3,246,107 | ||||||
Information Technology (1.5%): | ||||||||
Capgemini SE | 25,919 | 5,750,711 | ||||||
Materials (1.6%): | ||||||||
Arkema SA | 51,834 | 6,195,384 | ||||||
33,835,727 | ||||||||
Germany (7.3%): | ||||||||
Consumer Discretionary (0.8%): | ||||||||
Volkswagen AG, Preference Shares | 19,352 | 3,325,207 | ||||||
Financials (2.0%): | ||||||||
Allianz SE, Registered Shares | 33,638 | 8,031,917 | ||||||
Industrials (2.4%): | ||||||||
Siemens AG, Registered Shares | 66,917 | 9,264,536 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Information Technology (2.1%): | ||||||||
SAP SE | 74,465 | $ | 8,251,675 | |||||
28,873,335 | ||||||||
Hong Kong (3.2%): | ||||||||
Financials (1.4%): | ||||||||
AIA Group Ltd. | 523,000 | 5,461,316 | ||||||
Real Estate (1.8%): | ||||||||
CK Asset Holdings Ltd. | 1,036,500 | 7,085,195 | ||||||
12,546,511 | ||||||||
Italy (3.4%): | ||||||||
Health Care (1.0%): | ||||||||
Recordati Industria Chimica e Farmaceutica SpA | 83,787 | 4,200,446 | ||||||
Utilities (2.4%): | ||||||||
Enel SpA | 698,733 | 4,664,623 | ||||||
Snam SpA | 811,768 | 4,680,454 | ||||||
9,345,077 | ||||||||
13,545,523 | ||||||||
Japan (21.6%): | ||||||||
Communication Services (1.8%): | ||||||||
Capcom Co. Ltd. | 160,400 | 3,889,429 | ||||||
Kakaku.com, Inc. | 150,800 | 3,368,334 | ||||||
7,257,763 | ||||||||
Consumer Discretionary (4.2%): | ||||||||
Toyota Motor Corp. | 687,100 | 12,395,950 | ||||||
ZOZO, Inc. | 157,800 | 4,214,788 | ||||||
16,610,738 | ||||||||
Consumer Staples (1.1%): | ||||||||
Toyo Suisan Kaisha Ltd. | 117,300 | 4,197,936 | ||||||
Financials (2.8%): | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 1,273,000 | 7,869,884 | ||||||
Tokio Marine Holdings, Inc. | 58,200 | 3,387,404 | ||||||
11,257,288 | ||||||||
Health Care (2.7%): | ||||||||
Hoya Corp. | 55,100 | 6,280,111 | ||||||
Shionogi & Co. Ltd. | 71,800 | 4,412,358 | ||||||
10,692,469 | ||||||||
Industrials (4.5%): | ||||||||
en Japan, Inc. | 74,000 | 1,774,572 | ||||||
Fuji Electric Co. Ltd. | 129,300 | 6,445,478 | ||||||
Nippon Yusen KK (c) | 42,300 | 3,700,777 | ||||||
OKUMA Corp. | 51,900 | 2,149,634 | ||||||
Sanwa Holdings Corp. | 353,100 | 3,574,221 | ||||||
17,644,682 | ||||||||
Information Technology (3.3%): | ||||||||
Fujitsu Ltd. | 38,600 | 5,784,223 | ||||||
Oracle Corp. | 51,400 | 3,562,453 | ||||||
Ulvac, Inc. | 76,000 | 3,865,882 | ||||||
13,212,558 | ||||||||
Real Estate (0.6%): | ||||||||
Sumitomo Realty & Development Co. Ltd. | 81,200 | 2,247,607 | ||||||
Utilities (0.6%): | ||||||||
Chubu Electric Power Co., Inc. | 221,900 | 2,297,006 | ||||||
85,418,047 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Netherlands (5.2%): | ||||||||
Communication Services (1.6%): | ||||||||
Koninklijke KPN NV | 1,878,473 | $ | 6,517,366 | |||||
Financials (1.1%): | ||||||||
ING Groep NV | 408,608 | 4,265,659 | ||||||
Industrials (1.4%): | ||||||||
Wolters Kluwer NV | 51,288 | 5,466,874 | ||||||
Information Technology (1.1%): | ||||||||
ASM International NV | 11,696 | 4,258,295 | ||||||
20,508,194 | ||||||||
New Zealand (0.6%): | ||||||||
Health Care (0.6%): | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 136,293 | 2,286,194 | ||||||
Norway (2.1%): | ||||||||
Energy (0.9%): | ||||||||
Aker BP ASA (c) | 94,075 | 3,510,504 | ||||||
Financials (1.2%): | ||||||||
SpareBank 1 SMN | 292,646 | 4,676,970 | ||||||
8,187,474 | ||||||||
Russian Federation (0.0%):(a) | ||||||||
Materials (0.0%): | ||||||||
Raspadskaya OJSC (e)(f) | 99,909 | 16,251 | ||||||
Spain (1.6%): | ||||||||
Financials (1.6%): | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 1,115,610 | 6,369,174 | ||||||
Sweden (2.7%): | ||||||||
Industrials (2.7%): | ||||||||
Atlas Copco AB, Class B | 149,705 | 6,792,304 | ||||||
Nibe Industrier AB, Class B (b) | 335,219 | 3,717,533 | ||||||
10,509,837 | ||||||||
Switzerland (13.8%): | ||||||||
Consumer Staples (4.8%): | ||||||||
Coca-Cola HBC AG | 83,010 | 1,730,927 | ||||||
Nestle SA, Registered Shares | 132,929 | 17,286,057 | ||||||
19,016,984 | ||||||||
Financials (2.2%): | ||||||||
Partners Group Holding AG | 2,304 | 2,853,282 | ||||||
UBS Group AG | 298,633 | 5,836,627 | ||||||
8,689,909 | ||||||||
Health Care (5.9%): | ||||||||
Novartis AG, Registered Shares | 98,025 | 8,607,164 | ||||||
Roche Holding AG | 37,894 | 14,995,645 | ||||||
23,602,809 | ||||||||
Industrials (0.9%): | ||||||||
Adecco Group AG | 76,824 | 3,485,422 | ||||||
54,795,124 | ||||||||
United Kingdom (16.9%): | ||||||||
Communication Services (0.6%): | ||||||||
ITV PLC (b) | 2,348,090 | 2,512,515 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Consumer Discretionary (0.8%): | ||||||||
Next PLC | 38,636 | $ | 3,038,178 | |||||
Consumer Staples (3.2%): | ||||||||
Diageo PLC | 155,346 | 7,878,388 | ||||||
Imperial Brands PLC | 228,431 | 4,810,942 | ||||||
12,689,330 | ||||||||
Energy (3.9%): | ||||||||
BP PLC | 1,282,436 | 6,285,817 | ||||||
Shell PLC | 340,490 | 9,330,651 | ||||||
15,616,468 | ||||||||
Financials (3.3%): | ||||||||
Barclays PLC | 1,773,615 | 3,437,469 | ||||||
HSBC Holdings PLC | 681,749 | 4,655,862 | ||||||
Intermediate Capital Group PLC | 82,081 | 1,905,325 | ||||||
Legal & General Group PLC | 833,501 | 2,954,535 | ||||||
12,953,191 | ||||||||
Health Care (0.6%): | ||||||||
CVS Group PLC | 97,167 | 2,277,562 | ||||||
Industrials (1.2%): | ||||||||
Ashtead Group PLC | 76,882 | 4,839,926 | ||||||
Materials (3.3%): | ||||||||
Croda International PLC | 47,292 | 4,864,101 | ||||||
Rio Tinto PLC | 101,734 | 8,131,765 | ||||||
12,995,866 | ||||||||
66,923,036 | ||||||||
Total Common Stocks (Cost $352,623,818) | 386,409,562 | |||||||
Exchange-Traded Funds (0.1%) | ||||||||
United States (0.1%): | ||||||||
iShares MSCI EAFE ETF | 5,498 | 404,653 | ||||||
Total Exchange-Traded Funds (Cost $419,552) | 404,653 | |||||||
Collateral for Securities Loaned (2.2%)^ | ||||||||
United States (2.2%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 166,762 | 166,762 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 4,677,644 | 4,677,644 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 83,222 | 83,222 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 663,588 | 663,588 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 2,983,622 | 2,983,622 | ||||||
Total Collateral for Securities Loaned (Cost $8,574,838) | 8,574,838 | |||||||
Total Investments (Cost $361,618,208) — 100.0% | 395,389,053 | |||||||
Other assets in excess of liabilities — 0.0% | 90,343 | |||||||
NET ASSETS - 100.00% | $ | 395,479,396 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Amount represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $4,483,616 and amounted to 1.1% of net assets. |
(e) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were less than 0.05% of net assets. |
(g) | Rate disclosed is the daily yield on March 31, 2022. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Global Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.1%) | ||||||||
Australia (2.2%): | ||||||||
Consumer Discretionary (0.7%): | ||||||||
Aristocrat Leisure Ltd. | 96,070 | $ | 2,606,836 | |||||
Financials (0.7%): | ||||||||
Macquarie Group Ltd. | 17,595 | 2,660,253 | ||||||
Health Care (0.8%): | ||||||||
CSL Ltd. | 15,543 | 3,102,213 | ||||||
8,369,302 | ||||||||
Belgium (0.4%): | ||||||||
Information Technology (0.4%): | ||||||||
Melexis NV | 18,543 | 1,706,878 | ||||||
Bermuda (0.7%): | ||||||||
Industrials (0.7%): | ||||||||
Triton International Ltd. | 37,802 | 2,652,944 | ||||||
Canada (5.4%): | ||||||||
Consumer Staples (1.2%): | ||||||||
Alimentation Couche-Tard, Inc. | 104,048 | 4,687,987 | ||||||
Energy (0.6%): | ||||||||
Parex Resources, Inc. | 119,340 | 2,448,857 | ||||||
Industrials (1.0%): | ||||||||
Canadian Pacific Railway Ltd. | 47,422 | 3,914,402 | ||||||
Information Technology (1.4%): | ||||||||
Constellation Software, Inc. | 3,029 | 5,178,378 | ||||||
Materials (1.2%): | ||||||||
Aginco Eagle Mines Ltd. | 72,740 | 4,451,688 | ||||||
20,681,312 | ||||||||
China (2.7%): | ||||||||
Communication Services (1.4%): | ||||||||
Tencent Holdings Ltd. | 115,400 | 5,319,491 | ||||||
Consumer Discretionary (0.0%):(a) | ||||||||
JD.com, Inc., Class A (b) | 2,790 | 79,280 | ||||||
Consumer Staples (0.4%): | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 104,072 | 1,429,401 | ||||||
Financials (0.9%): | ||||||||
Industrial & Commercial Bank of China Ltd., Class H | 5,828,000 | 3,573,006 | ||||||
10,401,178 | ||||||||
Denmark (0.9%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Pandora A/S (c) | 15,961 | 1,520,786 | ||||||
Consumer Staples (0.5%): | ||||||||
Royal Unibrew A/S | 20,452 | 1,911,083 | ||||||
3,431,869 | ||||||||
France (2.5%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
La Francaise des Jeux SAEM (d) | 54,117 | 2,146,666 | ||||||
Energy (0.7%): | ||||||||
Gaztransport Et Technigaz SA | 22,665 | 2,532,016 | ||||||
Industrials (0.7%): | ||||||||
Safran SA | 23,152 | 2,725,435 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Materials (0.6%): | ||||||||
Arkema SA | 19,130 | $ | 2,286,486 | |||||
9,690,603 | ||||||||
Germany (0.5%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Volkswagen AG, Preference Shares | 12,183 | 2,093,375 | ||||||
Indonesia (1.2%): | ||||||||
Communication Services (1.2%): | ||||||||
Telkom Indonesia Persero Tbk PT | 14,022,200 | 4,461,958 | ||||||
Ireland (1.2%): | ||||||||
Industrials (1.2%): | ||||||||
Eaton Corp. PLC | 30,357 | 4,606,978 | ||||||
Italy (1.5%): | ||||||||
Health Care (0.6%): | ||||||||
Recordati Industria Chimica e Farmaceutica SpA | 47,030 | 2,357,729 | ||||||
Utilities (0.9%): | ||||||||
Enel SpA | 274,732 | 1,834,064 | ||||||
Snam SpA | 312,338 | 1,800,864 | ||||||
3,634,928 | ||||||||
5,992,657 | ||||||||
Japan (5.4%): | ||||||||
Communication Services (1.2%): | ||||||||
Capcom Co. Ltd. | 103,900 | 2,519,399 | ||||||
Kakaku.com, Inc. | 91,700 | 2,048,251 | ||||||
4,567,650 | ||||||||
Consumer Discretionary (0.6%): | ||||||||
ZOZO, Inc. | 85,500 | 2,283,678 | ||||||
Consumer Staples (0.5%): | ||||||||
Toyo Suisan Kaisha Ltd. | 53,400 | 1,911,081 | ||||||
Financials (1.0%): | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 653,100 | 4,037,566 | ||||||
Health Care (0.5%): | ||||||||
Hoya Corp. | 17,500 | 1,994,591 | ||||||
Industrials (1.0%): | ||||||||
Fuji Electric Co. Ltd. | 26,600 | 1,325,984 | ||||||
Nippon Yusen KK (c) | 26,800 | 2,344,700 | ||||||
3,670,684 | ||||||||
Information Technology (0.6%): | ||||||||
Ulvac, Inc. | 43,200 | 2,197,448 | ||||||
20,662,698 | ||||||||
Korea, Republic Of (1.2%): | ||||||||
Information Technology (1.2%): | ||||||||
Samsung Electronics Co. Ltd. | 82,097 | 4,698,417 | ||||||
Netherlands (0.6%): | ||||||||
Information Technology (0.6%): | ||||||||
ASM International NV | 6,103 | 2,221,988 | ||||||
New Zealand (0.3%): | ||||||||
Health Care (0.3%): | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 78,807 | 1,321,918 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Norway (1.1%): | ||||||||
Energy (0.6%): | ||||||||
Aker BP ASA (c) | 65,517 | $ | 2,444,833 | |||||
Financials (0.5%): | ||||||||
SpareBank 1 SMN | 120,303 | 1,922,642 | ||||||
4,367,475 | ||||||||
Russian Federation (0.0%):(a) | ||||||||
Materials (0.0%): | ||||||||
Raspadskaya OJSC (e)(f) | 77,762 | 12,649 | ||||||
Singapore (0.5%): | ||||||||
Financials (0.5%): | ||||||||
Singapore Exchange Ltd. | 262,100 | 1,921,283 | ||||||
South Africa (0.8%): | ||||||||
Consumer Discretionary (0.8%): | ||||||||
Mr Price Group Ltd. | 199,823 | 2,951,879 | ||||||
Spain (0.8%): | ||||||||
Financials (0.8%): | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 533,685 | 3,046,882 | ||||||
Sweden (1.4%): | ||||||||
Industrials (1.4%): | ||||||||
Atlas Copco AB, Class B | 68,960 | 3,128,802 | ||||||
Nibe Industrier AB, Class B (b) | 190,215 | 2,109,458 | ||||||
5,238,260 | ||||||||
Switzerland (2.7%): | ||||||||
Financials (0.4%): | ||||||||
Partners Group Holding AG | 1,372 | 1,699,090 | ||||||
Health Care (1.8%): | ||||||||
Roche Holding AG | 17,906 | 7,085,872 | ||||||
Industrials (0.5%): | ||||||||
Adecco Group AG | 39,548 | 1,794,250 | ||||||
10,579,212 | ||||||||
Taiwan (2.3%): | ||||||||
Financials (1.4%): | ||||||||
Cathay Financial Holding Co. Ltd. | 2,455,000 | 5,481,145 | ||||||
Information Technology (0.9%): | ||||||||
Lite-On Technology Corp. | 1,439,000 | 3,400,805 | ||||||
8,881,950 | ||||||||
United Kingdom (4.6%): | ||||||||
Communication Services (0.3%): | ||||||||
ITV PLC (b) | 916,385 | 980,555 | ||||||
Consumer Discretionary (0.3%): | ||||||||
Next PLC | 16,180 | 1,272,330 | ||||||
Consumer Staples (0.6%): | ||||||||
Imperial Brands PLC | 104,596 | 2,202,876 | ||||||
Financials (1.3%): | ||||||||
Barclays PLC | 922,278 | 1,787,480 | ||||||
HSBC Holdings PLC | 285,342 | 1,948,684 | ||||||
Intermediate Capital Group PLC | 52,105 | 1,209,500 | ||||||
4,945,664 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Industrials (0.5%): | ||||||||
Ashtead Group PLC | 31,694 | $ | 1,995,221 | |||||
Materials (1.6%): | ||||||||
Croda International PLC | 19,098 | 1,964,278 | ||||||
Rio Tinto PLC | 53,220 | 4,253,961 | ||||||
6,218,239 | ||||||||
17,614,885 | ||||||||
United States (56.2%): | ||||||||
Communication Services (4.0%): | ||||||||
Alphabet, Inc., Class C (b) | 3,674 | 10,261,445 | ||||||
Meta Platforms, Inc., Class A (b) | 22,788 | 5,067,140 | ||||||
15,328,585 | ||||||||
Consumer Discretionary (8.0%): | ||||||||
Amazon.com, Inc. (b) | 2,523 | 8,224,854 | ||||||
McDonald's Corp. | 31,364 | 7,755,690 | ||||||
PulteGroup, Inc. | 97,662 | 4,092,038 | ||||||
Ross Stores, Inc. | 58,185 | 5,263,415 | ||||||
Tesla, Inc. (b) | 4,971 | 5,356,749 | ||||||
30,692,746 | ||||||||
Consumer Staples (4.2%): | ||||||||
Colgate-Palmolive Co. | 68,909 | 5,225,370 | ||||||
PepsiCo, Inc. | 38,417 | 6,430,237 | ||||||
The Estee Lauder Cos., Inc. | 17,248 | 4,696,975 | ||||||
16,352,582 | ||||||||
Energy (2.2%): | ||||||||
Cactus, Inc., Class A | 67,147 | 3,809,921 | ||||||
ConocoPhillips | 48,699 | 4,869,900 | ||||||
8,679,821 | ||||||||
Financials (7.2%): | ||||||||
Bank of America Corp. | 146,006 | 6,018,367 | ||||||
JPMorgan Chase & Co. | 38,486 | 5,246,412 | ||||||
LPL Financial Holdings, Inc. | 21,074 | 3,849,798 | ||||||
S&P Global, Inc. | 12,066 | 4,949,232 | ||||||
Synchrony Financial | 76,874 | 2,675,984 | ||||||
The PNC Financial Services Group, Inc. | 15,930 | 2,938,289 | ||||||
Unum Group | 61,473 | 1,937,014 | ||||||
27,615,096 | ||||||||
Health Care (7.7%): | ||||||||
Amedisys, Inc. (b) | 15,565 | 2,681,694 | ||||||
Amgen, Inc. | 20,438 | 4,942,317 | ||||||
CVS Health Corp. | 50,241 | 5,084,891 | ||||||
Eli Lilly & Co. | 18,610 | 5,329,346 | ||||||
IDEXX Laboratories, Inc. (b) | 6,119 | 3,347,460 | ||||||
Johnson & Johnson | 45,681 | 8,096,044 | ||||||
29,481,752 | ||||||||
Industrials (1.2%): | ||||||||
Honeywell International, Inc. | 23,923 | 4,654,937 | ||||||
Information Technology (18.5%): | ||||||||
Apple, Inc. | 121,763 | 21,261,037 | ||||||
Cisco Systems, Inc. | 102,518 | 5,716,404 | ||||||
Fortinet, Inc. (b) | 14,440 | 4,934,726 | ||||||
Mastercard, Inc., Class A | 18,619 | 6,654,058 | ||||||
Microsoft Corp. | 61,994 | 19,113,370 | ||||||
NVIDIA Corp. | 29,023 | 7,919,216 | ||||||
Texas Instruments, Inc. | 30,202 | 5,541,463 | ||||||
71,140,274 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Materials (0.4%): | ||||||||
Alcoa Corp. | 19,257 | $ | 1,733,708 | |||||
Real Estate (1.9%): | ||||||||
Prologis, Inc. | 44,824 | 7,238,180 | ||||||
Utilities (0.9%): | ||||||||
MGE Energy, Inc. | 43,261 | 3,451,795 | ||||||
216,369,476 | ||||||||
Total Common Stocks (Cost $307,627,066) | 373,978,026 | |||||||
Exchange-Traded Funds (1.4%) | ||||||||
United States (1.4%): | ||||||||
iShares MSCI ACWI ETF | 53,763 | 5,364,472 | ||||||
Total Exchange-Traded Funds (Cost $5,414,912) | 5,364,472 | |||||||
Collateral for Securities Loaned (1.3%)^ | ||||||||
United States (1.3%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 97,753 | 97,753 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 2,741,961 | 2,741,961 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 48,784 | 48,784 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 388,985 | 388,985 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 1,748,952 | 1,748,952 | ||||||
Total Collateral for Securities Loaned (Cost $5,026,435) | 5,026,435 | |||||||
Total Investments (Cost $318,068,413) — 99.8% | 384,368,933 | |||||||
Other assets in excess of liabilities — 0.2% | 798,338 | |||||||
NET ASSETS - 100.00% | $ | 385,167,271 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Amount represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $2,146,666 and amounted to 0.6% of net assets. |
(e) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were less than 0.05% of net assets. |
(g) | Rate disclosed is the daily yield on March 31, 2022. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Sophus Emerging Markets Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.3%) | ||||||||
Brazil (7.0%): | ||||||||
Consumer Discretionary (1.3%): | ||||||||
Vibra Energia SA | 1,322,105 | $ | 6,493,459 | |||||
Consumer Staples (1.8%): | ||||||||
Sao Martinho SA | 353,200 | 3,291,379 | ||||||
Sendas Distribuidora SA | 877,209 | 3,001,856 | ||||||
SLC Agricola SA | 237,860 | 2,488,378 | ||||||
8,781,613 | ||||||||
Financials (1.1%): | ||||||||
Itau Unibanco Holding SA, ADR | 941,237 | 5,374,463 | ||||||
Health Care (0.7%): | ||||||||
Hypera SA | 382,800 | 3,112,869 | ||||||
Industrials (1.0%): | ||||||||
Randon SA Implementos e Participacoes, Preference Shares | 1,045,800 | 2,346,311 | ||||||
SIMPAR SA | 984,064 | 2,426,929 | ||||||
4,773,240 | ||||||||
Materials (1.1%): | ||||||||
Dexco SA | 733,480 | 2,261,935 | ||||||
Gerdau SA, Preference Shares | 461,200 | 2,985,016 | ||||||
5,246,951 | ||||||||
33,782,595 | ||||||||
Canada (0.9%): | ||||||||
Energy (0.9%): | ||||||||
Parex Resources, Inc. | 218,258 | 4,478,654 | ||||||
Chile (0.0%):(a) | ||||||||
Financials (0.0%): | ||||||||
Banco de Credito e Inversiones SA (b) | 1 | 36 | ||||||
China (26.0%): | ||||||||
Communication Services (5.4%): | ||||||||
Baidu, Inc., ADR (b) | 27,212 | 3,600,148 | ||||||
NetEase, Inc., ADR | 64,371 | 5,773,435 | ||||||
Tencent Holdings Ltd. | 367,315 | 16,931,792 | ||||||
26,305,375 | ||||||||
Consumer Discretionary (6.0%): | ||||||||
Alibaba Group Holding Ltd., ADR (b) | 101,134 | 11,003,379 | ||||||
BYD Co. Ltd., Class H | 83,000 | 2,308,758 | ||||||
China Meidong Auto Holdings Ltd. (c) | 588,000 | 2,234,770 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H (d) | 425,600 | 1,728,071 | ||||||
JD.com, Inc., ADR (b)(c) | 101,739 | 5,887,636 | ||||||
JD.com, Inc., Class A (b) | 18,048 | 512,852 | ||||||
Jiumaojiu International Holdings Ltd. (c)(d) | 1,080,000 | 2,284,639 | ||||||
Meituan, Class B (b)(d) | 153,100 | 2,900,428 | ||||||
28,860,533 | ||||||||
Consumer Staples (2.0%): | ||||||||
Chacha Food Co. Ltd., Class A | 367,078 | 3,097,253 | ||||||
Chenguang Biotech Group Co. Ltd., Class A (b) | 1,113,400 | 3,083,943 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 624,300 | 3,616,542 | ||||||
9,797,738 | ||||||||
Energy (1.2%): | ||||||||
PetroChina Co. Ltd., Class H | 11,500,000 | 5,840,117 | ||||||
Financials (3.3%): | ||||||||
China Merchants Bank Co. Ltd., Class H | 1,050,000 | 8,173,961 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Postal Savings Bank of China Co. Ltd., Class H (c)(d) | 9,579,000 | $ | 7,713,761 | |||||
15,887,722 | ||||||||
Health Care (1.1%): | ||||||||
Hygeia Healthcare Holdings Co. Ltd. (d) | 356,200 | 1,366,502 | ||||||
Pharmaron Beijing Co. Ltd., Class H (d) | 133,900 | 1,610,394 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 53,200 | 2,570,544 | ||||||
5,547,440 | ||||||||
Industrials (1.9%): | ||||||||
China Railway Group Ltd., Class H | 8,109,000 | 4,516,656 | ||||||
Xinte Energy Co. Ltd., Class H (b) | 1,084,800 | 2,626,222 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 2,575,500 | 2,148,003 | ||||||
9,290,881 | ||||||||
Information Technology (2.2%): | ||||||||
Chinasoft International Ltd. | 1,930,000 | 1,582,005 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 388,600 | 1,927,061 | ||||||
Shenzhen Sunline Tech Co. Ltd., Class A | 991,700 | 2,099,748 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 1,510,850 | 3,136,683 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 474,000 | 1,704,209 | ||||||
10,449,706 | ||||||||
Materials (2.0%): | ||||||||
China Hongqiao Group Ltd. | 2,966,000 | 3,896,725 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 3,552,800 | 2,262,233 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 273,000 | 3,460,934 | ||||||
9,619,892 | ||||||||
Utilities (0.9%): | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 1,875,000 | 4,214,684 | ||||||
125,814,088 | ||||||||
Greece (1.2%): | ||||||||
Financials (0.7%): | ||||||||
National Bank of Greece SA (b) | 917,958 | 3,380,687 | ||||||
Industrials (0.5%): | ||||||||
Mytilineos SA | 151,390 | 2,478,531 | ||||||
5,859,218 | ||||||||
Hong Kong (3.1%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Bosideng International Holdings Ltd. | 5,270,000 | 2,441,904 | ||||||
Financials (0.7%): | ||||||||
BOC Hong Kong Holdings Ltd. | 910,000 | 3,424,266 | ||||||
Industrials (0.8%): | ||||||||
Pacific Basin Shipping Ltd. | 7,576,000 | 4,056,546 | ||||||
Real Estate (1.1%): | ||||||||
China Resources Land Ltd. | 1,156,000 | 5,352,655 | ||||||
15,275,371 | ||||||||
India (10.7%): | ||||||||
Consumer Discretionary (0.8%): | ||||||||
Balkrishna Industries Ltd. | 138,267 | 3,877,725 | ||||||
Consumer Staples (0.4%): | ||||||||
Dabur India Ltd. | 271,624 | 1,915,626 | ||||||
Energy (1.0%): | ||||||||
Hindustan Petroleum Corp. Ltd. | 1,306,587 | 4,626,148 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Financials (2.6%): | ||||||||
Cholamandalam Investment & Finance Co. Ltd. | 491,534 | $ | 4,629,274 | |||||
ICICI Bank Ltd., ADR | 303,304 | 5,744,578 | ||||||
UTI Asset Management Co. Ltd. | 187,784 | 2,451,656 | ||||||
12,825,508 | ||||||||
Health Care (0.8%): | ||||||||
Apollo Hospitals Enterprise Ltd. | 64,721 | 3,841,305 | ||||||
Industrials (1.0%): | ||||||||
Larsen & Toubro Ltd. | 202,698 | 4,701,057 | ||||||
Information Technology (3.2%): | ||||||||
Infosys Ltd., ADR | 463,961 | 11,547,989 | ||||||
WNS Holdings Ltd., ADR (b) | 46,869 | 4,006,831 | ||||||
15,554,820 | ||||||||
Materials (0.9%): | ||||||||
Tata Steel Ltd. (e) | 250,282 | 4,282,006 | ||||||
51,624,195 | ||||||||
Indonesia (1.4%): | ||||||||
Communication Services (0.8%): | ||||||||
Telkom Indonesia Persero Tbk PT | 12,432,900 | 3,956,232 | ||||||
Financials (0.6%): | ||||||||
PT Bank Mandiri Persero Tbk | 5,126,200 | 2,812,021 | ||||||
6,768,253 | ||||||||
Korea, Republic Of (15.4%): | ||||||||
Communication Services (1.6%): | ||||||||
JYP Entertainment Corp. | 76,554 | 3,841,416 | ||||||
LG Uplus Corp. | 347,528 | 3,998,637 | ||||||
7,840,053 | ||||||||
Consumer Discretionary (0.9%): | ||||||||
Hanon Systems | 128,909 | 1,247,557 | ||||||
Shinsegae, Inc. | 16,018 | 3,364,607 | ||||||
4,612,164 | ||||||||
Financials (2.7%): | ||||||||
Hana Financial Group, Inc. | 128,564 | 5,114,031 | ||||||
Samsung Securities Co. Ltd. | 85,695 | 2,943,148 | ||||||
Woori Financial Group, Inc. | 396,508 | 4,970,330 | ||||||
13,027,509 | ||||||||
Health Care (0.9%): | ||||||||
InBody Co. Ltd. | 65,841 | 1,512,723 | ||||||
Samsung Biologics Co. Ltd. (b)(d) | 4,472 | 3,038,998 | ||||||
4,551,721 | ||||||||
Industrials (1.2%): | ||||||||
CJ Corp. | 28,636 | 1,981,035 | ||||||
Samsung Engineering Co. Ltd. (b) | 169,187 | 3,631,716 | ||||||
5,612,751 | ||||||||
Information Technology (7.1%): | ||||||||
Innox Advanced Materials Co. Ltd. | 79,449 | 3,487,662 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 21,357 | 2,875,970 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 380,183 | 21,559,066 | ||||||
SK Hynix, Inc. | 66,850 | 6,431,713 | ||||||
34,354,411 | ||||||||
Materials (1.0%): | ||||||||
Kolon Industries, Inc. | 34,845 | 1,806,361 | ||||||
PI Advanced Materials Co. Ltd. | 81,503 | 3,077,892 | ||||||
4,884,253 | ||||||||
74,882,862 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Malaysia (2.2%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
MR DIY Group M Bhd (d) | 2,268,200 | $ | 1,864,601 | |||||
Consumer Staples (0.5%): | ||||||||
Kuala Lumpur Kepong Bhd | 375,500 | 2,251,881 | ||||||
Financials (0.9%): | ||||||||
Public Bank Bhd | 3,827,400 | 4,247,431 | ||||||
Materials (0.4%): | ||||||||
Petronas Chemicals Group Bhd | 964,300 | 2,200,820 | ||||||
10,564,733 | ||||||||
Mexico (2.1%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Alsea SAB de CV (b) | 947,937 | 2,376,695 | ||||||
Financials (1.1%): | ||||||||
Grupo Financiero Banorte SAB de CV, Class O | 711,784 | 5,352,741 | ||||||
Real Estate (0.5%): | ||||||||
Corp Inmobiliaria Vesta SAB de CV | 1,185,930 | 2,268,513 | ||||||
9,997,949 | ||||||||
Peru (1.0%): | ||||||||
Financials (1.0%): | ||||||||
Credicorp Ltd. | 27,943 | 4,802,563 | ||||||
Philippines (0.6%): | ||||||||
Financials (0.6%): | ||||||||
BDO Unibank, Inc. | 1,198,350 | 3,061,968 | ||||||
Qatar (1.4%): | ||||||||
Financials (0.8%): | ||||||||
Qatar Islamic Bank SAQ | 621,554 | 4,067,838 | ||||||
Industrials (0.6%): | ||||||||
Industries Qatar QSC | 565,687 | 2,948,691 | ||||||
7,016,529 | ||||||||
Russian Federation (0.1%): | ||||||||
Consumer Staples (0.0%):(a) | ||||||||
Magnit PJSC (f)(g) | 41,301 | 1,507 | ||||||
Energy (0.1%): | ||||||||
Gazprom PJSC (f)(g) | 1,511,910 | 182,521 | ||||||
Rosneft Oil Co. PJSC, GDR (f)(g) | 677,591 | 129,664 | ||||||
312,185 | ||||||||
Financials (0.0%):(a) | ||||||||
Sberbank of Russia PJSC, ADR (f)(g) | 446,943 | 9,931 | ||||||
9,931 | ||||||||
323,623 | ||||||||
Saudi Arabia (3.7%): | ||||||||
Consumer Discretionary (0.8%): | ||||||||
Leejam Sports Co. JSC | 108,097 | 3,617,999 | ||||||
Financials (2.2%): | ||||||||
Alinma Bank | 453,611 | 4,677,868 | ||||||
The Saudi National Bank | 318,412 | 5,991,387 | ||||||
10,669,255 | ||||||||
Materials (0.7%): | ||||||||
Saudi Arabian Mining Co. (b) | 101,680 | 3,610,143 | ||||||
17,897,397 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
South Africa (4.2%): | ||||||||
Communication Services (1.0%): | ||||||||
MTN Group Ltd. | 364,826 | $ | 4,722,954 | |||||
Financials (2.3%): | ||||||||
Absa Group Ltd. | 407,241 | 5,283,145 | ||||||
Capitec Bank Holdings Ltd. | 35,677 | 5,684,847 | ||||||
10,967,992 | ||||||||
Materials (0.9%): | ||||||||
Impala Platinum Holdings Ltd. | 289,043 | 4,451,323 | ||||||
20,142,269 | ||||||||
Taiwan (12.7%): | ||||||||
Financials (1.1%): | ||||||||
CTBC Financial Holding Co. Ltd. | 5,378,000 | 5,481,994 | ||||||
Information Technology (10.9%): | ||||||||
Gold Circuit Electronics Ltd. | 1,207,000 | 3,535,330 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,115,000 | 4,095,019 | ||||||
MediaTek, Inc. | 183,000 | 5,696,351 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,792,998 | 36,789,049 | ||||||
Unimicron Technology Corp. | 323,000 | 2,753,698 | ||||||
52,869,447 | ||||||||
Materials (0.7%): | ||||||||
Formosa Plastics Corp. | 866,000 | 3,203,674 | ||||||
61,555,115 | ||||||||
Thailand (3.6%): | ||||||||
Energy (0.8%): | ||||||||
PTT PCL | 3,421,300 | 3,943,103 | ||||||
Financials (0.9%): | ||||||||
The Siam Commercial Bank PCL | 1,272,900 | 4,340,965 | ||||||
Health Care (0.5%): | ||||||||
Mega Lifesciences PCL | 1,817,500 | 2,480,851 | ||||||
Materials (0.7%): | ||||||||
Indorama Ventures PCL | 2,412,300 | 3,358,809 | ||||||
Real Estate (0.7%): | ||||||||
AP Thailand PCL | 9,652,000 | 3,184,822 | ||||||
17,308,550 | ||||||||
United Kingdom (1.0%): | ||||||||
Materials (1.0%): | ||||||||
Anglo American PLC | 95,135 | 4,942,518 | ||||||
Total Common Stocks (Cost $449,498,726) | 476,098,486 | |||||||
Rights (0.0%)(a) | ||||||||
Korea, Republic Of (0.0%): | ||||||||
Health Care (0.0%): | ||||||||
Samsung Biologics Co. Ltd. , Expires 4/11/22 (b) | 296 | — | ||||||
Total Rights (Cost $–) | — | |||||||
Collateral for Securities Loaned (2.6%)^ | ||||||||
United States (2.6%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h) | 247,918 | 247,918 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h) | 6,954,063 | $ | 6,954,063 | |||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h) | 123,723 | 123,723 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h) | 986,530 | 986,530 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h) | 4,435,630 | 4,435,630 | ||||||
Total Collateral for Securities Loaned (Cost $12,747,864) | 12,747,864 | |||||||
Total Investments (Cost $462,246,590) — 100.9% | 488,846,350 | |||||||
Liabilities in excess of other assets — (0.9)% | (4,218,359 | ) | ||||||
NET ASSETS - 100.00% | $ | 484,627,991 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Amount represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $22,507,394 and amounted to 4.6% of net assets. |
(e) | Issuer filed for bankruptcy. |
(f) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(g) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.1% of net assets. |
(h) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
GDR—Global Depositary Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Small Cap Growth Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.8%) | ||||||||
Biotechnology (10.8%): | ||||||||
Apellis Pharmaceuticals, Inc. (a) | 421,950 | $ | 21,439,280 | |||||
Beam Therapeutics, Inc. (a)(b) | 282,770 | 16,202,721 | ||||||
Bicycle Therapeutics PLC, ADR (a)(b) | 196,240 | 8,611,011 | ||||||
BioCryst Pharmaceuticals, Inc. (a)(b) | 1,076,600 | 17,505,516 | ||||||
DermTech, Inc. (a)(b) | 460,690 | 6,762,929 | ||||||
Equillium, Inc. (a)(b) | 1,621,500 | 5,107,725 | ||||||
Fate Therapeutics, Inc. (a)(b) | 415,050 | 16,091,489 | ||||||
Intellia Therapeutics, Inc. (a) | 233,490 | 16,967,718 | ||||||
Karuna Therapeutics, Inc. (a) | 146,980 | 18,635,594 | ||||||
Kezar Life Sciences, Inc. (a) | 650,770 | 10,815,797 | ||||||
Opthea Ltd., ADR (a)(c) | 766,540 | 4,714,221 | ||||||
Rubius Therapeutics, Inc. (a)(b) | 1,288,150 | 7,097,707 | ||||||
Scholar Rock Holding Corp. (a)(b) | 623,180 | 8,032,790 | ||||||
SpringWorks Therapeutics, Inc. (a) | 310,940 | 17,549,454 | ||||||
175,533,952 | ||||||||
Communication Services (1.1%): | ||||||||
ZipRecruiter, Inc. (a) | 759,370 | 17,450,323 | ||||||
Consumer Discretionary (12.3%): | ||||||||
Acushnet Holdings Corp. | 543,060 | 21,863,596 | ||||||
Boot Barn Holdings, Inc. (a) | 155,730 | 14,761,647 | ||||||
Fox Factory Holding Corp. (a) | 133,590 | 13,085,140 | ||||||
Gentherm, Inc. (a) | 297,360 | 21,719,174 | ||||||
Houghton Mifflin Harcourt Co. (a) | 408,470 | 8,581,955 | ||||||
Papa John's International, Inc. | 167,780 | 17,663,878 | ||||||
Planet Fitness, Inc., Class A (a) | 290,010 | 24,500,045 | ||||||
Porch Group, Inc. (a)(b) | 1,155,350 | 8,023,906 | ||||||
SeaWorld Entertainment, Inc. (a) | 305,510 | 22,742,164 | ||||||
Wingstop, Inc. | 186,050 | 21,832,968 | ||||||
YETI Holdings, Inc. (a) | 421,300 | 25,269,574 | ||||||
200,044,047 | ||||||||
Consumer Staples (7.0%): | ||||||||
BJ's Wholesale Club Holdings, Inc. (a) | 388,950 | 26,296,910 | ||||||
e.l.f. Beauty, Inc. (a) | 1,220,130 | 31,515,958 | ||||||
Freshpet, Inc. (a) | 276,200 | 28,349,168 | ||||||
The Beauty Health Co. (a)(b) | 761,540 | 12,854,795 | ||||||
The Simply Good Foods Co. (a) | 412,700 | 15,661,965 | ||||||
114,678,796 | ||||||||
Energy (3.0%): | ||||||||
Matador Resources Co. | 556,540 | 29,485,489 | ||||||
Ranger Oil Corp. (a) | 562,490 | 19,422,780 | ||||||
48,908,269 | ||||||||
Financials (7.7%): | ||||||||
Customers Bancorp, Inc. (a) | 341,020 | 17,780,783 | ||||||
Focus Financial Partners, Inc., Class A (a) | 558,040 | 25,524,749 | ||||||
PacWest Bancorp | 383,170 | 16,526,122 | ||||||
PRA Group, Inc. (a) | 372,500 | 16,792,300 | ||||||
PROG Holdings, Inc. (a)(b) | 250,390 | 7,203,720 | ||||||
Walker & Dunlop, Inc. | 153,290 | 19,838,792 | ||||||
Wintrust Financial Corp. | 234,790 | 21,819,035 | ||||||
125,485,501 | ||||||||
Health Care Equipment & Supplies (6.5%): | ||||||||
Axonics, Inc. (a)(b) | 225,630 | 14,124,438 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Growth Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
CONMED Corp. | 133,040 | $ | 19,763,092 | |||||
CryoPort, Inc. (a)(b) | 587,440 | 20,507,530 | ||||||
LivaNova PLC (a) | 154,580 | 12,649,281 | ||||||
Nevro Corp. (a) | 205,690 | 14,877,558 | ||||||
Shockwave Medical, Inc. (a) | 114,530 | 23,748,941 | ||||||
105,670,840 | ||||||||
Health Care Providers & Services (4.6%): | ||||||||
Acadia Healthcare Co., Inc. (a) | 140,450 | 9,203,689 | ||||||
HealthEquity, Inc. (a) | 479,150 | 32,313,876 | ||||||
Surgery Partners, Inc. (a) | 609,100 | 33,530,955 | ||||||
75,048,520 | ||||||||
Health Care Technology (3.0%): | ||||||||
Health Catalyst, Inc. (a)(b) | 459,500 | 12,006,735 | ||||||
Inspire Medical Systems, Inc. (a) | 141,590 | 36,344,737 | ||||||
48,351,472 | ||||||||
Industrials (9.9%): | ||||||||
Chart Industries, Inc. (a) | 116,570 | 20,023,229 | ||||||
Evoqua Water Technologies Corp. (a) | 957,280 | 44,973,014 | ||||||
Herc Holdings, Inc. | 99,880 | 16,688,949 | ||||||
John Bean Technologies Corp. | 109,150 | 12,931,001 | ||||||
Saia, Inc. (a) | 81,800 | 19,944,476 | ||||||
Simpson Manufacturing Co., Inc. | 151,540 | 16,523,922 | ||||||
The AZEK Co., Inc. (a) | 378,380 | 9,398,959 | ||||||
Zurn Water Solutions Corp. | 576,290 | 20,400,666 | ||||||
160,884,216 | ||||||||
IT Services (4.9%): | ||||||||
DigitalOcean Holdings, Inc. (a)(b) | 370,160 | 21,413,756 | ||||||
Flywire Corp. (a) | 146,530 | 4,480,887 | ||||||
Paya Holdings, Inc. (a) | 1,175,070 | 6,885,910 | ||||||
Paymentus Holdings, Inc., Class A (a)(b) | 459,120 | 9,678,250 | ||||||
WNS Holdings Ltd., ADR (a) | 440,027 | 37,617,908 | ||||||
80,076,711 | ||||||||
Life Sciences Tools & Services (0.7%): | ||||||||
Codexis, Inc. (a) | 533,720 | 11,005,306 | ||||||
Materials (2.3%): | ||||||||
Avient Corp. | 272,010 | 13,056,480 | ||||||
Summit Materials, Inc., Class A (a) | 815,250 | 25,321,665 | ||||||
38,378,145 | ||||||||
Pharmaceuticals (1.3%): | ||||||||
Compass Pathways PLC, ADR (a)(b) | 387,440 | 4,994,102 | ||||||
Intra-Cellular Therapies, Inc. (a) | 264,240 | 16,168,845 | ||||||
21,162,947 | ||||||||
Real Estate (1.4%): | ||||||||
National Storage Affiliates Trust | 356,270 | 22,359,505 | ||||||
Semiconductors & Semiconductor Equipment (9.4%): | ||||||||
Advanced Energy Industries, Inc. | 526,770 | 45,344,362 | ||||||
Impinj, Inc. (a) | 211,210 | 13,420,283 | ||||||
Lattice Semiconductor Corp. (a) | 278,800 | 16,992,860 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 784,763 | 46,983,761 | ||||||
Silicon Laboratories, Inc. (a) | 115,680 | 17,375,136 | ||||||
SiTime Corp. (a) | 54,610 | 13,533,450 | ||||||
153,649,852 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Growth Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Software (11.9%): | ||||||||
ACI Worldwide, Inc. (a) | 626,330 | $ | 19,723,132 | |||||
Avaya Holdings Corp. (a) | 3,174,890 | 40,225,856 | ||||||
Jamf Holding Corp. (a)(b) | 580,320 | 20,200,939 | ||||||
Q2 Holdings, Inc. (a) | 152,160 | 9,380,664 | ||||||
Smartsheet, Inc., Class A (a) | 357,980 | 19,610,144 | ||||||
Sprout Social, Inc., Class A (a) | 160,770 | 12,880,892 | ||||||
Telos Corp. (a) | 780,800 | 7,784,576 | ||||||
Tenable Holdings, Inc. (a) | 239,250 | 13,826,258 | ||||||
Varonis Systems, Inc. (a) | 1,058,760 | 50,333,451 | ||||||
193,965,912 | ||||||||
Total Common Stocks (Cost $1,454,466,840) | 1,592,654,314 | |||||||
Collateral for Securities Loaned (4.8%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d) | 1,519,844 | 1,519,844 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d) | 42,631,483 | 42,631,483 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d) | 758,477 | 758,477 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d) | 6,047,863 | 6,047,863 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d) | 27,192,371 | 27,192,371 | ||||||
Total Collateral for Securities Loaned (Cost $78,150,038) | 78,150,038 | |||||||
Total Investments (Cost $1,532,616,878) — 102.6% | 1,670,804,352 | |||||||
Liabilities in excess of other assets — (2.6)% | (41,630,773 | ) | ||||||
NET ASSETS - 100.00% | $ | 1,629,173,579 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.3% of net assets. |
(d) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory RS Select Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.3%) | ||||||||
Communication Services (0.9%): | ||||||||
IAC/InterActiveCorp (a) | 14,050 | $ | 1,408,934 | |||||
Consumer Discretionary (11.9%): | ||||||||
Churchill Downs, Inc. | 19,330 | 4,287,007 | ||||||
Hyatt Hotels Corp., Class A (a) | 26,710 | 2,549,470 | ||||||
Mattel, Inc. (a)(b) | 129,920 | 2,885,523 | ||||||
Planet Fitness, Inc., Class A (a) | 44,390 | 3,750,067 | ||||||
Wingstop, Inc. | 17,510 | 2,054,799 | ||||||
YETI Holdings, Inc. (a) | 62,900 | 3,772,742 | ||||||
19,299,608 | ||||||||
Consumer Staples (2.8%): | ||||||||
Freshpet, Inc. (a) | 27,460 | 2,818,494 | ||||||
The Simply Good Foods Co. (a) | 45,590 | 1,730,141 | ||||||
4,548,635 | ||||||||
Electronic Equipment, Instruments & Components (1.2%): | ||||||||
Teledyne Technologies, Inc. (a) | 3,970 | 1,876,341 | ||||||
Energy (3.2%): | ||||||||
Diamondback Energy, Inc. | 23,060 | 3,161,065 | ||||||
Matador Resources Co. | 38,350 | 2,031,783 | ||||||
5,192,848 | ||||||||
Financials (5.4%): | ||||||||
Focus Financial Partners, Inc., Class A (a) | 76,900 | 3,517,406 | ||||||
LPL Financial Holdings, Inc. | 17,420 | 3,182,285 | ||||||
Western Alliance Bancorp | 25,200 | 2,087,064 | ||||||
8,786,755 | ||||||||
Health Care (23.2%): | ||||||||
Acadia Healthcare Co., Inc. (a) | 21,030 | 1,378,096 | ||||||
Avantor, Inc. (a)(b) | 98,410 | 3,328,226 | ||||||
BioCryst Pharmaceuticals, Inc. (a)(b) | 199,080 | 3,237,041 | ||||||
Charles River Laboratories International, Inc. (a) | 4,540 | 1,289,224 | ||||||
Codexis, Inc. (a) | 95,040 | 1,959,725 | ||||||
CryoPort, Inc. (a) | 49,810 | 1,738,867 | ||||||
Envista Holdings Corp. (a) | 68,740 | 3,348,325 | ||||||
Horizon Therapeutics PLC (a) | 35,840 | 3,770,726 | ||||||
Intra-Cellular Therapies, Inc. (a) | 66,780 | 4,086,268 | ||||||
Jazz Pharmaceuticals PLC (a) | 30,220 | 4,704,348 | ||||||
Penumbra, Inc. (a) | 8,160 | 1,812,581 | ||||||
Shockwave Medical, Inc. (a) | 9,940 | 2,061,158 | ||||||
Tandem Diabetes Care, Inc. (a) | 22,550 | 2,622,340 | ||||||
Tenet Healthcare Corp. (a) | 24,290 | 2,087,968 | ||||||
37,424,893 | ||||||||
Industrials (18.2%): | ||||||||
Advanced Drainage Systems, Inc. | 27,170 | 3,228,068 | ||||||
Axon Enterprise, Inc. (a) | 12,170 | 1,676,174 | ||||||
Builders FirstSource, Inc. (a) | 57,940 | 3,739,448 | ||||||
Chart Industries, Inc. (a) | 10,180 | 1,748,619 | ||||||
Evoqua Water Technologies Corp. (a) | 104,090 | 4,890,148 | ||||||
Regal Rexnord Corp. | 13,470 | 2,004,067 | ||||||
Saia, Inc. (a) | 10,070 | 2,455,267 | ||||||
SiteOne Landscape Supply, Inc. (a) | 14,660 | 2,370,375 | ||||||
The Middleby Corp. (a) | 17,060 | 2,796,816 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Select Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Trex Co., Inc. (a) | 18,100 | $ | 1,182,473 | |||||
WillScot Mobile Mini Holdings Corp. (a) | 86,570 | 3,387,484 | ||||||
29,478,939 | ||||||||
IT Services (1.3%): | ||||||||
Shift4 Payments, Inc., Class A (a)(b) | 32,760 | 2,028,827 | ||||||
Real Estate (1.1%): | ||||||||
National Storage Affiliates Trust | 27,250 | 1,710,210 | ||||||
Semiconductors & Semiconductor Equipment (11.3%): | ||||||||
Entegris, Inc. | 29,840 | 3,916,799 | ||||||
Lattice Semiconductor Corp. (a) | 44,780 | 2,729,341 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 55,270 | 3,309,015 | ||||||
MKS Instruments, Inc. | 26,000 | 3,900,000 | ||||||
Monolithic Power Systems, Inc. | 6,365 | 3,091,353 | ||||||
SiTime Corp. (a) | 5,420 | 1,343,184 | ||||||
18,289,692 | ||||||||
Software (17.8%): | ||||||||
ACI Worldwide, Inc. (a) | 81,510 | 2,566,750 | ||||||
Avaya Holdings Corp. (a) | 182,260 | 2,309,234 | ||||||
Dynatrace, Inc. (a) | 116,590 | 5,491,389 | ||||||
Fair Isaac Corp. (a) | 2,710 | 1,264,107 | ||||||
Five9, Inc. (a) | 20,880 | 2,305,152 | ||||||
Globant SA (a) | 6,940 | 1,818,766 | ||||||
Paylocity Holding Corp. (a) | 16,880 | 3,473,398 | ||||||
Q2 Holdings, Inc. (a) | 20,970 | 1,292,800 | ||||||
RingCentral, Inc., Class A (a) | 16,800 | 1,969,128 | ||||||
Varonis Systems, Inc. (a) | 94,670 | 4,500,612 | ||||||
Zendesk, Inc. (a) | 14,370 | 1,728,567 | ||||||
28,719,903 | ||||||||
Total Common Stocks (Cost $139,272,870) | 158,765,585 | |||||||
Collateral for Securities Loaned (2.6%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 81,685 | 81,685 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 2,291,247 | 2,291,247 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 40,765 | 40,765 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 325,045 | 325,045 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 1,461,466 | 1,461,466 | ||||||
Total Collateral for Securities Loaned (Cost $4,200,208) | 4,200,208 | |||||||
Total Investments (Cost $143,473,078) — 100.9% | 162,965,793 | |||||||
Liabilities in excess of other assets — (0.9)% | (1,411,104 | ) | ||||||
NET ASSETS - 100.00% | $ | 161,554,689 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory RS Mid Cap Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.0%) | ||||||||
Communication Services (5.8%): | ||||||||
Match Group, Inc. (a) | 23,014 | $ | 2,502,542 | |||||
Take-Two Interactive Software, Inc. (a) | 28,440 | 4,372,365 | ||||||
Twitter, Inc. (a) | 46,840 | 1,812,240 | ||||||
ZoomInfo Technologies, Inc. (a) | 125,440 | 7,493,786 | ||||||
16,180,933 | ||||||||
Communications Equipment (1.7%): | ||||||||
Arista Networks, Inc. (a) | 34,590 | 4,807,318 | ||||||
Consumer Discretionary (13.4%): | ||||||||
Chipotle Mexican Grill, Inc. (a) | 3,410 | 5,394,722 | ||||||
Churchill Downs, Inc. | 7,400 | 1,641,172 | ||||||
Darden Restaurants, Inc. | 10,750 | 1,429,213 | ||||||
Expedia Group, Inc. (a) | 17,440 | 3,412,485 | ||||||
Hyatt Hotels Corp., Class A (a) | 47,180 | 4,503,331 | ||||||
Mattel, Inc. (a) | 189,240 | 4,203,020 | ||||||
O'Reilly Automotive, Inc. (a) | 6,080 | 4,164,557 | ||||||
Tractor Supply Co. | 14,920 | 3,481,880 | ||||||
Ulta Beauty, Inc. (a) | 14,250 | 5,674,635 | ||||||
YETI Holdings, Inc. (a) | 64,460 | 3,866,311 | ||||||
37,771,326 | ||||||||
Consumer Staples (1.6%): | ||||||||
Constellation Brands, Inc., Class A | 6,420 | 1,478,654 | ||||||
Freshpet, Inc. (a)(b) | 29,220 | 2,999,141 | ||||||
4,477,795 | ||||||||
Electronic Equipment, Instruments & Components (3.4%): | ||||||||
Keysight Technologies, Inc. (a) | 23,990 | 3,789,701 | ||||||
Teledyne Technologies, Inc. (a) | 12,100 | 5,718,823 | ||||||
9,508,524 | ||||||||
Energy (2.0%): | ||||||||
Diamondback Energy, Inc. | 40,540 | 5,557,223 | ||||||
Financials (5.7%): | ||||||||
LPL Financial Holdings, Inc. | 25,210 | 4,605,363 | ||||||
MSCI, Inc. | 11,330 | 5,697,630 | ||||||
Tradeweb Markets, Inc., Class A | 34,580 | 3,038,545 | ||||||
Western Alliance Bancorp | 31,720 | 2,627,050 | ||||||
15,968,588 | ||||||||
Health Care (17.9%): | ||||||||
AmerisourceBergen Corp. | 28,270 | 4,373,652 | ||||||
Apellis Pharmaceuticals, Inc. (a) | 39,290 | 1,996,325 | ||||||
Avantor, Inc. (a) | 194,750 | 6,586,445 | ||||||
Charles River Laboratories International, Inc. (a) | 7,540 | 2,141,134 | ||||||
Dexcom, Inc. (a) | 8,700 | 4,450,920 | ||||||
Horizon Therapeutics PLC (a) | 42,250 | 4,445,122 | ||||||
IDEXX Laboratories, Inc. (a) | 5,320 | 2,910,359 | ||||||
Jazz Pharmaceuticals PLC (a) | 26,300 | 4,094,121 | ||||||
Mirati Therapeutics, Inc. (a) | 20,230 | 1,663,311 | ||||||
ResMed, Inc. | 11,630 | 2,820,391 | ||||||
Tandem Diabetes Care, Inc. (a) | 18,530 | 2,154,854 | ||||||
Tenet Healthcare Corp. (a) | 28,080 | 2,413,757 | ||||||
Veeva Systems, Inc., Class A (a) | 16,140 | 3,429,104 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Mid Cap Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
West Pharmaceutical Services, Inc. | 16,930 | $ | 6,953,320 | |||||
50,432,815 | ||||||||
Industrials (11.8%): | ||||||||
Advanced Drainage Systems, Inc. | 16,750 | 1,990,068 | ||||||
Axon Enterprise, Inc. (a) | 13,430 | 1,849,714 | ||||||
Builders FirstSource, Inc. (a) | 41,800 | 2,697,772 | ||||||
Carrier Global Corp. | 77,160 | 3,539,329 | ||||||
Chart Industries, Inc. (a) | 12,470 | 2,141,972 | ||||||
Generac Holdings, Inc. (a) | 9,440 | 2,806,134 | ||||||
IDEX Corp. | 3,480 | 667,221 | ||||||
Regal Rexnord Corp. | 19,790 | 2,944,356 | ||||||
Saia, Inc. (a) | 14,110 | 3,440,300 | ||||||
SiteOne Landscape Supply, Inc. (a) | 13,180 | 2,131,074 | ||||||
The Middleby Corp. (a) | 22,910 | 3,755,865 | ||||||
Trex Co., Inc. (a) | 18,210 | 1,189,659 | ||||||
WillScot Mobile Mini Holdings Corp. (a) | 101,750 | 3,981,478 | ||||||
33,134,942 | ||||||||
IT Services (1.8%): | ||||||||
Gartner, Inc. (a) | 12,000 | 3,569,520 | ||||||
Shift4 Payments, Inc., Class A (a) | 22,480 | 1,392,187 | ||||||
4,961,707 | ||||||||
Materials (1.0%): | ||||||||
Ball Corp. | 15,090 | 1,358,100 | ||||||
Sealed Air Corp. | 21,280 | 1,424,909 | ||||||
2,783,009 | ||||||||
Real Estate (1.1%): | ||||||||
Extra Space Storage, Inc. | 14,960 | 3,075,776 | ||||||
Semiconductors & Semiconductor Equipment (7.1%): | ||||||||
Entegris, Inc. | 31,160 | 4,090,062 | ||||||
Lattice Semiconductor Corp. (a) | 65,470 | 3,990,396 | ||||||
Marvell Technology, Inc. | 81,300 | 5,830,023 | ||||||
Monolithic Power Systems, Inc. | 12,550 | 6,095,284 | ||||||
20,005,765 | ||||||||
Software (23.7%): | ||||||||
AppLovin Corp., Class A (a)(b) | 73,760 | 4,061,963 | ||||||
Bill.com Holdings, Inc. (a) | 11,630 | 2,637,568 | ||||||
Datadog, Inc., Class A (a) | 36,410 | 5,515,023 | ||||||
Dropbox, Inc., Class A (a) | 134,700 | 3,131,775 | ||||||
Dynatrace, Inc. (a) | 108,640 | 5,116,944 | ||||||
Fair Isaac Corp. (a) | 3,340 | 1,557,976 | ||||||
Five9, Inc. (a) | 26,830 | 2,962,032 | ||||||
Freshworks, Inc., Class A (a) | 113,710 | 2,037,683 | ||||||
Palo Alto Networks, Inc. (a) | 17,790 | 11,074,453 | ||||||
Paycom Software, Inc. (a) | 10,390 | 3,598,888 | ||||||
RingCentral, Inc., Class A (a) | 34,580 | 4,053,122 | ||||||
Splunk, Inc. (a) | 25,650 | 3,811,847 | ||||||
Synopsys, Inc. (a) | 31,930 | 10,641,311 | ||||||
Zscaler, Inc. (a) | 27,290 | 6,584,531 | ||||||
66,785,116 | ||||||||
Total Common Stocks (Cost $228,259,876) | 275,450,837 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Mid Cap Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Collateral for Securities Loaned (1.5%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 84,658 | $ | 84,658 | |||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 2,374,646 | 2,374,646 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 42,248 | 42,248 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 336,876 | 336,876 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 1,514,661 | 1,514,661 | ||||||
Total Collateral for Securities Loaned (Cost $4,353,089) | 4,353,089 | |||||||
Total Investments (Cost $232,612,965) — 99.5% | 279,803,926 | |||||||
Other assets in excess of liabilities — 0.5% | 1,498,633 | |||||||
NET ASSETS - 100.00% | $ | 281,302,559 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory RS Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.3%) | ||||||||
Communication Services (11.1%): | ||||||||
Alphabet, Inc., Class C (a) | 9,331 | $ | 26,061,390 | |||||
Meta Platforms, Inc., Class A (a) | 13,890 | 3,088,580 | ||||||
Netflix, Inc. (a) | 6,010 | 2,251,286 | ||||||
Twitter, Inc. (a) | 59,480 | 2,301,281 | ||||||
33,702,537 | ||||||||
Communications Equipment (1.1%): | ||||||||
Arista Networks, Inc. (a) | 24,770 | 3,442,535 | ||||||
Consumer Discretionary (17.9%): | ||||||||
Amazon.com, Inc. (a) | 4,660 | 15,191,367 | ||||||
Booking Holdings, Inc. (a) | 1,810 | 4,250,694 | ||||||
Chipotle Mexican Grill, Inc. (a) | 1,680 | 2,657,810 | ||||||
O'Reilly Automotive, Inc. (a) | 7,560 | 5,178,298 | ||||||
Tesla, Inc. (a) | 14,710 | 15,851,496 | ||||||
Tractor Supply Co. | 19,480 | 4,546,048 | ||||||
Ulta Beauty, Inc. (a) | 17,220 | 6,857,348 | ||||||
54,533,061 | ||||||||
Consumer Staples (1.4%): | ||||||||
Constellation Brands, Inc., Class A | 19,220 | 4,426,750 | ||||||
Electronic Equipment, Instruments & Components (1.3%): | ||||||||
Teledyne Technologies, Inc. (a) | 8,080 | 3,818,850 | ||||||
Energy (0.9%): | ||||||||
Diamondback Energy, Inc. | 19,610 | 2,688,139 | ||||||
Financials (3.3%): | ||||||||
LPL Financial Holdings, Inc. | 15,360 | 2,805,965 | ||||||
MSCI, Inc. | 6,520 | 3,278,778 | ||||||
S&P Global, Inc. | 9,879 | 4,052,168 | ||||||
10,136,911 | ||||||||
Health Care (10.3%): | ||||||||
AbbVie, Inc. | 43,120 | 6,990,183 | ||||||
Charles River Laboratories International, Inc. (a) | 9,490 | 2,694,875 | ||||||
Dexcom, Inc. (a) | 5,090 | 2,604,044 | ||||||
Jazz Pharmaceuticals PLC (a) | 22,930 | 3,569,513 | ||||||
Tenet Healthcare Corp. (a) | 27,170 | 2,335,533 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 30,400 | 7,933,488 | ||||||
West Pharmaceutical Services, Inc. | 12,390 | 5,088,697 | ||||||
31,216,333 | ||||||||
Industrials (2.7%): | ||||||||
Carrier Global Corp. | 46,190 | 2,118,736 | ||||||
Deere & Co. | 6,900 | 2,866,674 | ||||||
Generac Holdings, Inc. (a) | 8,320 | 2,473,203 | ||||||
IDEX Corp. | 4,670 | 895,379 | ||||||
8,353,992 | ||||||||
IT Services (5.6%): | ||||||||
Gartner, Inc. (a) | 11,030 | 3,280,984 | ||||||
Twilio, Inc., Class A (a) | 10,350 | 1,705,783 | ||||||
Visa, Inc., Class A | 53,657 | 11,899,513 | ||||||
16,886,280 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Growth Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Materials (0.5%): | ||||||||
Ball Corp. | 16,130 | $ | 1,451,700 | |||||
Real Estate (1.9%): | ||||||||
Extra Space Storage, Inc. | 16,840 | 3,462,304 | ||||||
SBA Communications Corp. | 6,420 | 2,209,122 | ||||||
5,671,426 | ||||||||
Semiconductors & Semiconductor Equipment (9.5%): | ||||||||
Advanced Micro Devices, Inc. (a) | 36,070 | 3,943,894 | ||||||
Lam Research Corp. | 10,770 | 5,790,060 | ||||||
Marvell Technology, Inc. | 57,860 | 4,149,141 | ||||||
Monolithic Power Systems, Inc. | 4,670 | 2,268,126 | ||||||
NVIDIA Corp. | 46,490 | 12,685,261 | ||||||
28,836,482 | ||||||||
Software (19.3%): | ||||||||
AppLovin Corp., Class A (a)(b) | 45,630 | 2,512,844 | ||||||
Fair Isaac Corp. (a) | 3,610 | 1,683,921 | ||||||
Microsoft Corp. | 122,210 | 37,678,565 | ||||||
Palo Alto Networks, Inc. (a) | 10,040 | 6,250,000 | ||||||
RingCentral, Inc., Class A (a) | 8,020 | 940,024 | ||||||
ServiceNow, Inc. (a) | 9,340 | 5,201,353 | ||||||
Synopsys, Inc. (a) | 14,230 | 4,742,432 | ||||||
59,009,139 | ||||||||
Technology Hardware, Storage & Peripherals (10.5%): | ||||||||
Apple, Inc. | 182,948 | 31,944,550 | ||||||
Total Common Stocks (Cost $165,116,057) | 296,118,685 | |||||||
Collateral for Securities Loaned (0.8%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 49,650 | 49,650 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 1,392,674 | 1,392,674 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 24,778 | 24,778 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 197,570 | 197,570 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 888,313 | 888,313 | ||||||
Total Collateral for Securities Loaned (Cost $2,552,985) | 2,552,985 | |||||||
Total Investments (Cost $167,669,042) — 98.1% | 298,671,670 | |||||||
Other assets in excess of liabilities — 1.9% | 5,614,617 | |||||||
NET ASSETS - 100.00% | $ | 304,286,287 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory RS Science and Technology Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.0%) | ||||||||
Biotechnology (18.8%): | ||||||||
Alpha Teknova, Inc. (a) | 53,170 | $ | 734,278 | |||||
Apellis Pharmaceuticals, Inc. (a) | 101,443 | 5,154,319 | ||||||
Aptinyx, Inc. (a)(b) | 95,140 | 215,968 | ||||||
Ardelyx, Inc. (a)(b) | 202,040 | 216,183 | ||||||
Beam Therapeutics, Inc. (a)(b) | 26,680 | 1,528,764 | ||||||
Bicycle Therapeutics PLC, ADR (a) | 42,809 | 1,878,459 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 134,530 | 2,187,458 | ||||||
Bridgebio Pharma, Inc. (a)(b) | 58,870 | 597,530 | ||||||
Celcuity, Inc. (a)(b) | 53,430 | 499,570 | ||||||
Codiak Biosciences, Inc. (a) | 73,480 | 460,720 | ||||||
Crinetics Pharmaceuticals, Inc. (a) | 71,858 | 1,577,283 | ||||||
Cullinan Oncology, Inc. (a)(b) | 20,620 | 215,891 | ||||||
DermTech, Inc. (a)(b) | 85,743 | 1,258,707 | ||||||
Equillium, Inc. (a) | 261,851 | 824,831 | ||||||
Fate Therapeutics, Inc. (a) | 42,540 | 1,649,276 | ||||||
Fusion Pharmaceuticals, Inc. (a) | 89,510 | 695,493 | ||||||
Inhibrx, Inc. (a) | 60,580 | 1,349,722 | ||||||
Intellia Therapeutics, Inc. (a) | 28,480 | 2,069,642 | ||||||
Iovance Biotherapeutics, Inc. (a) | 132,320 | 2,203,128 | ||||||
Karuna Therapeutics, Inc. (a)(b) | 16,830 | 2,133,876 | ||||||
Karyopharm Therapeutics, Inc. (a)(b) | 133,480 | 983,748 | ||||||
Kezar Life Sciences, Inc. (a)(b) | 223,076 | 3,707,523 | ||||||
Kinnate Biopharma, Inc. (a) | 62,090 | 699,133 | ||||||
Lyell Immunopharma, Inc. (a)(b) | 124,720 | 629,836 | ||||||
Merus NV (a)(b) | 44,920 | 1,187,685 | ||||||
Mirum Pharmaceuticals, Inc. (a) | 33,450 | 736,569 | ||||||
Nuvalent, Inc., Class A (a)(b) | 44,220 | 614,216 | ||||||
Omega Therapeutics, Inc. (a)(b) | 71,720 | 447,533 | ||||||
Opthea Ltd., ADR (a)(c) | 80,050 | 492,307 | ||||||
Rain Therapeutics, Inc. (a) | 66,970 | 339,538 | ||||||
Regulus Therapeutics, Inc. (a)(b) | 1,768,489 | 527,010 | ||||||
Rubius Therapeutics, Inc. (a)(b) | 73,010 | 402,285 | ||||||
Sarepta Therapeutics, Inc. (a) | 28,170 | 2,200,640 | ||||||
Scholar Rock Holding Corp. (a)(b) | 63,950 | 824,315 | ||||||
Shattuck Labs, Inc. (a) | 130,370 | 555,376 | ||||||
SpringWorks Therapeutics, Inc. (a) | 33,970 | 1,917,267 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 20,450 | 5,336,836 | ||||||
49,052,915 | ||||||||
Communication Services (7.5%): | ||||||||
Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 58,010 | 463,500 | ||||||
IAC/InterActiveCorp (a) | 14,130 | 1,416,956 | ||||||
Match Group, Inc. (a) | 36,366 | 3,954,439 | ||||||
Meta Platforms, Inc., Class A (a) | 17,430 | 3,875,735 | ||||||
Take-Two Interactive Software, Inc. (a) | 20,600 | 3,167,044 | ||||||
Twitter, Inc. (a) | 105,210 | 4,070,575 | ||||||
Vimeo, Inc. (a) | 22,137 | 262,987 | ||||||
ZoomInfo Technologies, Inc. (a) | 38,520 | 2,301,185 | ||||||
19,512,421 | ||||||||
Consumer Discretionary (7.1%): | ||||||||
2U, Inc. (a) | 158,470 | 2,104,482 | ||||||
Amazon.com, Inc. (a) | 3,130 | 10,203,643 | ||||||
Arco Platform Ltd., Class A (a)(b) | 52,710 | 1,112,181 | ||||||
Booking Holdings, Inc. (a) | 1,580 | 3,710,551 | ||||||
Peloton Interactive, Inc., Class A (a)(b) | 51,930 | 1,371,991 | ||||||
18,502,848 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Science and Technology Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Financials (1.9%): | ||||||||
DA32 Life Science Tech Acquisition Corp., Class A (a) | 235,925 | $ | 2,300,269 | |||||
Omega Alpha SPAC, Class A (a)(b) | 90,570 | 889,397 | ||||||
Panacea Acquisition Corp. II (a)(b)(c) | 188,540 | 1,843,921 | ||||||
5,033,587 | ||||||||
Health Care Equipment & Supplies (1.4%): | ||||||||
CryoPort, Inc. (a) | 48,463 | 1,691,844 | ||||||
West Pharmaceutical Services, Inc. | 4,820 | 1,979,622 | ||||||
3,671,466 | ||||||||
Health Care Providers & Services (0.4%): | ||||||||
Science 37 Holdings, Inc. PIPE (a) | 178,320 | 954,012 | ||||||
Health Care Technology (1.0%): | ||||||||
Better Therapeutics, Inc. (a) | 272,720 | 539,986 | ||||||
Veeva Systems, Inc., Class A (a) | 9,260 | 1,967,379 | ||||||
2,507,365 | ||||||||
IT Services (6.0%): | ||||||||
Backblaze, Inc., Class A (a) | 53,690 | 572,872 | ||||||
GoDaddy, Inc., Class A (a) | 39,920 | 3,341,304 | ||||||
PayPal Holdings, Inc. (a) | 14,010 | 1,620,257 | ||||||
Twilio, Inc., Class A (a) | 24,710 | 4,072,455 | ||||||
Visa, Inc., Class A (b) | 18,950 | 4,202,541 | ||||||
Wix.com Ltd. (a) | 16,050 | 1,676,583 | ||||||
15,486,012 | ||||||||
Life Sciences Tools & Services (2.3%): | ||||||||
Absci Corp. (a)(b) | 60,310 | 508,413 | ||||||
Avantor, Inc. (a) | 58,840 | 1,989,969 | ||||||
Codexis, Inc. (a) | 69,050 | 1,423,811 | ||||||
PerkinElmer, Inc. | 8,310 | 1,449,763 | ||||||
Singular Genomics Systems, Inc. (a)(b) | 113,280 | 714,797 | ||||||
6,086,753 | ||||||||
Materials (0.2%): | ||||||||
Kronos Bio, Inc. (a) | 74,260 | 536,900 | ||||||
536,900 | ||||||||
Pharmaceuticals (2.1%): | ||||||||
Compass Pathways PLC, ADR (a) | 41,280 | 532,099 | ||||||
Intra-Cellular Therapies, Inc. (a) | 24,310 | 1,487,529 | ||||||
Marinus Pharmaceuticals, Inc. (a) | 73,144 | 683,896 | ||||||
PMV Pharmaceuticals, Inc. (a)(b) | 32,310 | 672,694 | ||||||
Tricida, Inc. (a)(b) | 82,240 | 676,013 | ||||||
Vaxcyte, Inc. (a)(b) | 59,770 | 1,443,446 | ||||||
5,495,677 | ||||||||
Semiconductors & Semiconductor Equipment (25.4%): | ||||||||
Ambarella, Inc. (a) | 38,090 | 3,996,403 | ||||||
Applied Materials, Inc. | 36,920 | 4,866,056 | ||||||
Ichor Holdings Ltd. (a) | 53,640 | 1,910,657 | ||||||
Impinj, Inc. (a)(b) | 86,760 | 5,512,730 | ||||||
Lam Research Corp. | 12,450 | 6,693,244 | ||||||
Lattice Semiconductor Corp. (a) | 74,520 | 4,541,994 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 129,340 | 7,743,586 | ||||||
Marvell Technology, Inc. | 90,680 | 6,502,663 | ||||||
MKS Instruments, Inc. | 35,380 | 5,307,000 | ||||||
Monolithic Power Systems, Inc. | 9,350 | 4,541,108 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Science and Technology Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
NVIDIA Corp. | 38,130 | $ | 10,404,152 | |||||
SiTime Corp. (a) | 16,570 | 4,106,377 | ||||||
66,125,970 | ||||||||
Software (23.3%): | ||||||||
AppLovin Corp., Class A (a)(b) | 46,860 | 2,580,580 | ||||||
Avaya Holdings Corp. (a) | 160,940 | 2,039,110 | ||||||
Datadog, Inc., Class A (a) | 15,090 | 2,285,682 | ||||||
Domo, Inc., Class B (a) | 57,360 | 2,900,695 | ||||||
Dropbox, Inc., Class A (a) | 131,480 | 3,056,910 | ||||||
Dynatrace, Inc. (a) | 44,020 | 2,073,342 | ||||||
Fair Isaac Corp. (a) | 6,670 | 3,111,288 | ||||||
Gitlab, Inc., Class A (a) | 25,560 | 1,391,742 | ||||||
Microsoft Corp. | 70,470 | 21,726,606 | ||||||
Monday.com Ltd. (a)(b) | 15,970 | 2,524,378 | ||||||
Paycom Software, Inc. (a) | 12,370 | 4,284,721 | ||||||
RingCentral, Inc., Class A (a) | 6,990 | 819,298 | ||||||
ServiceNow, Inc. (a) | 11,330 | 6,309,564 | ||||||
Varonis Systems, Inc. (a) | 119,540 | 5,682,931 | ||||||
60,786,847 | ||||||||
Software & Tech Services (0.6%): | ||||||||
HashiCorp., Inc., Class A (a)(b) | 27,020 | 1,459,080 | ||||||
Total Common Stocks (Cost $179,956,275) | 255,211,853 | |||||||
Warrants (0.0%)(d) | ||||||||
Health Care (0.0%): | ||||||||
Nuvation Bio, Inc. | 45,320 | 34,448 | ||||||
Regulus Therapeutics, Inc. (a)(c)(e)(f) | 1,326,367 | — | ||||||
34,448 | ||||||||
Total Warrants (Cost $165,796) | 34,448 | |||||||
Collateral for Securities Loaned (11.4%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 578,958 | 578,958 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 16,239,726 | 16,239,726 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 288,929 | 288,929 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 2,303,829 | 2,303,829 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 10,358,463 | 10,358,463 | ||||||
Total Collateral for Securities Loaned (Cost $29,769,905) | 29,769,905 | |||||||
Total Investments (Cost $209,891,976) — 109.4% | 285,016,206 | |||||||
Liabilities in excess of other assets — (9.4)% | (24,499,149 | ) | ||||||
NET ASSETS - 100.00% | $ | 260,517,057 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.9% of net assets. |
(d) | Amount represents less than 0.05% of net assets. |
(e) | Restricted security that is not registered under the Securities Act of 1933. |
(f) | The following table details the acquisition date and cost of the Fund’s restricted securities at March 31, 2022: |
Security Name | Acquisition Date | Cost | ||||
Regulus Therapeutics, Inc. | 12/3/2020 | $ | 165,796 |
(g) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory RS Small Cap Equity Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.1%) | ||||||||
Communication Services (3.1%): | ||||||||
ZipRecruiter, Inc. (a) | 73,140 | $ | 1,680,757 | |||||
Consumer Discretionary (7.0%): | ||||||||
Acushnet Holdings Corp. (b) | 48,290 | 1,944,155 | ||||||
YETI Holdings, Inc. (a) | 30,020 | 1,800,600 | ||||||
3,744,755 | ||||||||
Consumer Staples (5.8%): | ||||||||
e.l.f. Beauty, Inc. (a) | 76,880 | 1,985,811 | ||||||
The Simply Good Foods Co. (a) | 29,580 | 1,122,561 | ||||||
3,108,372 | ||||||||
Financials (11.0%): | ||||||||
Customers Bancorp, Inc. (a) | 35,550 | 1,853,577 | ||||||
PRA Group, Inc. (a) | 28,250 | 1,273,510 | ||||||
PROG Holdings, Inc. (a) | 18,420 | 529,943 | ||||||
Trupanion, Inc. (a)(b) | 25,140 | 2,240,477 | ||||||
5,897,507 | ||||||||
Health Care (17.4%): | ||||||||
Apellis Pharmaceuticals, Inc. (a) | 21,750 | 1,105,118 | ||||||
Bicycle Therapeutics PLC, ADR (a) | 12,740 | 559,031 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 55,840 | 907,958 | ||||||
Codexis, Inc. (a) | 33,850 | 697,987 | ||||||
CryoPort, Inc. (a) | 40,080 | 1,399,193 | ||||||
DermTech, Inc. (a)(b) | 31,210 | 458,163 | ||||||
Fate Therapeutics, Inc. (a) | 15,550 | 602,873 | ||||||
Inspire Medical Systems, Inc. (a) | 3,000 | 770,070 | ||||||
Intra-Cellular Therapies, Inc. (a) | 8,680 | 531,129 | ||||||
Karuna Therapeutics, Inc. (a)(b) | 5,600 | 710,024 | ||||||
Quanterix Corp. (a) | 21,320 | 622,331 | ||||||
SpringWorks Therapeutics, Inc. (a) | 17,400 | 982,056 | ||||||
9,345,933 | ||||||||
Industrials (18.9%): | ||||||||
Ameresco, Inc., Class A (a)(b) | 9,860 | 783,870 | ||||||
Bloom Energy Corp., Class A (a)(b) | 35,990 | 869,159 | ||||||
CBIZ, Inc. (a) | 19,380 | 813,379 | ||||||
Chart Industries, Inc. (a) | 11,890 | 2,042,345 | ||||||
Evoqua Water Technologies Corp. (a) | 75,330 | 3,539,003 | ||||||
John Bean Technologies Corp. | 4,720 | 559,178 | ||||||
Zurn Water Solutions Corp. | 45,060 | 1,595,124 | ||||||
10,202,058 | ||||||||
IT Services (13.8%): | ||||||||
Flywire Corp. (a) | 50,740 | 1,551,629 | ||||||
Paya Holdings, Inc. (a) | 192,850 | 1,130,101 | ||||||
Paymentus Holdings, Inc., Class A (a)(b) | 84,660 | 1,784,633 | ||||||
Shift4 Payments, Inc., Class A (a)(b) | 48,230 | 2,986,884 | ||||||
7,453,247 | ||||||||
Semiconductors & Semiconductor Equipment (7.8%): | ||||||||
Impinj, Inc. (a) | 17,910 | 1,138,001 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 33,380 | 1,998,461 | ||||||
SiTime Corp. (a) | 4,280 | 1,060,670 | ||||||
4,197,132 | ||||||||
Software (13.3%): | ||||||||
ACI Worldwide, Inc. (a) | 68,790 | 2,166,197 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory RS Small Cap Equity Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Avaya Holdings Corp. (a) | 141,930 | $ | 1,798,253 | |||||
Jamf Holding Corp. (a)(b) | 30,970 | 1,078,066 | ||||||
Q2 Holdings, Inc. (a) | 23,640 | 1,457,406 | ||||||
Varonis Systems, Inc. (a) | 14,310 | 680,297 | ||||||
7,180,219 | ||||||||
Total Common Stocks (Cost $55,725,814) | 52,809,980 | |||||||
Collateral for Securities Loaned (13.1%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 136,710 | 136,710 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 3,834,695 | 3,834,695 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 68,225 | 68,225 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 544,004 | 544,004 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 2,445,949 | 2,445,949 | ||||||
Total Collateral for Securities Loaned (Cost $7,029,583) | 7,029,583 | |||||||
Total Investments (Cost $62,755,397) — 111.2% | 59,839,563 | |||||||
Liabilities in excess of other assets — (11.2)% | (6,023,968 | ) | ||||||
NET ASSETS - 100.00% | $ | 53,815,595 |
^ | 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 March 31, 2022. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Partners Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.2%) | ||||||||
Banks (15.3%): | ||||||||
Associated Banc-Corp. | 84,190 | $ | 1,916,165 | |||||
Banner Corp. | 110,200 | 6,450,006 | ||||||
Columbia Banking System, Inc. (a) | 47,426 | 1,530,437 | ||||||
Eastern Bankshares, Inc. | 489,030 | 10,533,706 | ||||||
First BanCorp/Puerto Rico | 820,380 | 10,763,386 | ||||||
Pinnacle Financial Partners, Inc. | 41,650 | 3,835,132 | ||||||
SouthState Corp. | 47,160 | 3,847,784 | ||||||
Synovus Financial Corp. | 123,750 | 6,063,750 | ||||||
The Bank of NT Butterfield & Son Ltd. | 241,700 | 8,672,196 | ||||||
UMB Financial Corp. | 57,312 | 5,568,434 | ||||||
59,180,996 | ||||||||
Capital Markets (3.2%): | ||||||||
Federated Hermes, Inc. | 360,240 | 12,269,774 | ||||||
Communication Services (3.4%): | ||||||||
Madison Square Garden Sports Corp. (b) | 33,940 | 6,087,478 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 112,340 | 7,014,510 | ||||||
13,101,988 | ||||||||
Consumer Discretionary (6.4%): | ||||||||
Carter's, Inc. | 86,540 | 7,960,815 | ||||||
Dana, Inc. | 234,000 | 4,111,380 | ||||||
Dine Brands Global, Inc. | 95,240 | 7,423,958 | ||||||
Wolverine World Wide, Inc. | 235,120 | 5,304,307 | ||||||
24,800,460 | ||||||||
Consumer Staples (1.5%): | ||||||||
Spectrum Brands Holdings, Inc. | 64,470 | 5,719,778 | ||||||
Energy (10.0%): | ||||||||
California Resources Corp. | 195,150 | 8,729,059 | ||||||
Comstock Resources, Inc. (b) | 535,270 | 6,985,273 | ||||||
Northern Oil and Gas, Inc. (a) | 289,520 | 8,161,569 | ||||||
PDC Energy, Inc. | 135,220 | 9,827,790 | ||||||
Plains GP Holdings LP, Class A | 418,600 | 4,834,830 | ||||||
38,538,521 | ||||||||
Health Care (6.2%): | ||||||||
Halozyme Therapeutics, Inc. (b) | 74,410 | 2,967,471 | ||||||
The Ensign Group, Inc. | 97,580 | 8,783,176 | ||||||
Tivity Health, Inc. (b) | 261,490 | 8,412,133 | ||||||
Zimvie, Inc. (b) | 172,950 | 3,950,178 | ||||||
24,112,958 | ||||||||
Industrials (7.0%): | ||||||||
Altra Industrial Motion Corp. | 95,820 | 3,730,273 | ||||||
Atkore, Inc. (b) | 33,610 | 3,308,568 | ||||||
Finning International, Inc. | 111,110 | 3,345,744 | ||||||
GMS, Inc. (b) | 70,740 | 3,520,730 | ||||||
H&E Equipment Services, Inc. | 88,520 | 3,852,390 | ||||||
McGrath RentCorp | 47,020 | 3,995,760 | ||||||
Primoris Services Corp. | 146,690 | 3,494,156 | ||||||
SkyWest, Inc. (b) | 65,960 | 1,902,946 | ||||||
27,150,567 | ||||||||
Information Technology (10.1%): | ||||||||
Cognyte Software Ltd. (b) | 629,550 | 7,120,210 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Partners Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Euronet Worldwide, Inc. (b) | 59,580 | $ | 7,754,337 | |||||
NCR Corp. (b) | 246,720 | 9,915,677 | ||||||
Verint Systems, Inc. (b) | 141,930 | 7,337,781 | ||||||
Verra Mobility Corp. (b) | 410,410 | 6,681,475 | ||||||
38,809,480 | ||||||||
Insurance (9.9%): | ||||||||
Alleghany Corp. (b) | 9,130 | 7,733,110 | ||||||
Globe Life, Inc. | 95,020 | 9,559,012 | ||||||
Kemper Corp. | 176,510 | 9,979,875 | ||||||
Primerica, Inc. | 63,033 | 8,624,175 | ||||||
White Mountains Insurance Group Ltd. | 2,100 | 2,386,104 | ||||||
38,282,276 | ||||||||
Materials (8.7%): | ||||||||
AdvanSix, Inc. | 75,680 | 3,866,491 | ||||||
Constellium SE (b) | 220,240 | 3,964,320 | ||||||
Graphic Packaging Holding Co. | 555,040 | 11,123,002 | ||||||
Olin Corp. | 169,230 | 8,847,344 | ||||||
Summit Materials, Inc., Class A (b) | 128,207 | 3,982,110 | ||||||
Victoria Gold Corp. (b) | 149,200 | 1,897,824 | ||||||
33,681,091 | ||||||||
Real Estate (9.8%): | ||||||||
Apple Hospitality REIT, Inc. | 434,340 | 7,805,090 | ||||||
Cushman & Wakefield PLC (b) | 332,890 | 6,827,574 | ||||||
Equity Commonwealth (b) | 350,590 | 9,890,144 | ||||||
Four Corners Property Trust, Inc. | 263,380 | 7,121,795 | ||||||
Jones Lang LaSalle, Inc. (b) | 3,740 | 895,580 | ||||||
Kennedy-Wilson Holdings, Inc. | 223,610 | 5,453,848 | ||||||
37,994,031 | ||||||||
Utilities (4.7%): | ||||||||
Black Hills Corp. | 82,775 | 6,375,330 | ||||||
NorthWestern Corp. (a) | 99,840 | 6,039,322 | ||||||
ONE Gas, Inc. | 65,590 | 5,787,662 | ||||||
18,202,314 | ||||||||
Total Common Stocks (Cost $293,203,858) | 371,844,234 | |||||||
Preferred Stocks (0.2%) | ||||||||
Health Care (0.2%): | ||||||||
WellDoc, Inc. Series B (c)(d) | 1,587,483 | 587,369 | ||||||
Total Preferred Stocks (Cost $1,942,921) | 587,369 | |||||||
Collateral for Securities Loaned (2.4%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (e) | 180,619 | 180,619 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (e) | 5,066,334 | 5,066,334 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (e) | 90,138 | 90,138 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (e) | 718,729 | 718,729 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Partners Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (e) | 3,231,547 | $ | 3,231,547 | |||||
Total Collateral for Securities Loaned (Cost $9,287,367) | 9,287,367 | |||||||
Total Investments (Cost $304,434,146) — 98.8% | 381,718,970 | |||||||
Other assets in excess of liabilities — 1.2% | 4,655,160 | |||||||
NET ASSETS - 100.00% | $ | 386,374,130 |
^ | 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) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.2% of net assets. |
(e) | Rate disclosed is the daily yield on March 31, 2022. |
LP—Limited Partnership |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Value Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.9%) | ||||||||
Communication Services (1.7%): | ||||||||
World Wrestling Entertainment, Inc., Class A (a) | 90,370 | $ | 5,642,703 | |||||
Consumer Discretionary (6.4%): | ||||||||
Adient PLC (b) | 66,490 | 2,710,797 | ||||||
Carter's, Inc. | 71,990 | 6,622,360 | ||||||
LKQ Corp. | 154,980 | 7,037,642 | ||||||
The Wendy's Co. | 205,810 | 4,521,646 | ||||||
20,892,445 | ||||||||
Consumer Staples (2.8%): | ||||||||
Keurig Dr Pepper, Inc. | 105,875 | 4,012,662 | ||||||
US Foods Holding Corp. (b) | 132,220 | 4,975,439 | ||||||
8,988,101 | ||||||||
Energy (7.6%): | ||||||||
Baker Hughes Co. | 187,110 | 6,812,675 | ||||||
Chesapeake Energy Corp. (a) | 74,810 | 6,508,470 | ||||||
Devon Energy Corp. | 116,460 | 6,886,280 | ||||||
Marathon Oil Corp. | 186,780 | 4,690,046 | ||||||
24,897,471 | ||||||||
Financials (20.9%): | ||||||||
Alleghany Corp. (b) | 8,190 | 6,936,930 | ||||||
Cboe Global Markets, Inc. | 45,260 | 5,178,649 | ||||||
Citizens Financial Group, Inc. | 69,090 | 3,131,850 | ||||||
Fairfax Financial Holdings Ltd. | 940 | 512,887 | ||||||
Federated Hermes, Inc. | 274,440 | 9,347,426 | ||||||
Globe Life, Inc. | 115,700 | 11,639,420 | ||||||
Interactive Brokers Group, Inc. | 80,790 | 5,324,869 | ||||||
KeyCorp | 143,220 | 3,205,264 | ||||||
State Street Corp. | 51,010 | 4,443,991 | ||||||
The Progressive Corp. | 65,220 | 7,434,428 | ||||||
Willis Towers Watson PLC | 46,420 | 10,965,332 | ||||||
68,121,046 | ||||||||
Health Care (8.6%): | ||||||||
Halozyme Therapeutics, Inc. (b) | 87,790 | 3,501,065 | ||||||
Humana, Inc. | 19,360 | 8,424,891 | ||||||
Sotera Health Co. (a)(b) | 421,640 | 9,132,722 | ||||||
Zimmer Biomet Holdings, Inc. | 52,510 | 6,716,029 | ||||||
Zimvie, Inc. (b) | 5,041 | 115,137 | ||||||
27,889,844 | ||||||||
Industrials (11.8%): | ||||||||
AGCO Corp. | 23,420 | 3,420,023 | ||||||
Crane Co. | 30,030 | 3,251,649 | ||||||
Curtiss-Wright Corp. | 25,090 | 3,767,514 | ||||||
Fluor Corp. (b) | 158,780 | 4,555,398 | ||||||
L3Harris Technologies, Inc. (a) | 7,340 | 1,823,770 | ||||||
Leidos Holdings, Inc. | 56,360 | 6,088,007 | ||||||
nVent Electric PLC | 67,890 | 2,361,214 | ||||||
Regal Rexnord Corp. | 14,350 | 2,134,993 | ||||||
Sensata Technologies Holding PLC (b) | 83,690 | 4,255,637 | ||||||
The Timken Co. | 65,570 | 3,980,099 | ||||||
Triton International Ltd. | 41,730 | 2,928,611 | ||||||
38,566,915 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Value Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Information Technology (11.5%): | ||||||||
Cognyte Software Ltd. (b) | 387,430 | $ | 4,381,833 | |||||
Euronet Worldwide, Inc. (b) | 50,303 | 6,546,936 | ||||||
Fiserv, Inc. (b) | 75,400 | 7,645,560 | ||||||
Global Payments, Inc. | 46,860 | 6,412,322 | ||||||
NCR Corp. (b) | 175,460 | 7,051,737 | ||||||
Verint Systems, Inc. (b) | 107,050 | 5,534,485 | ||||||
37,572,873 | ||||||||
Materials (9.6%): | ||||||||
Agnico Eagle Mines Ltd. | 25,790 | 1,579,380 | ||||||
Graphic Packaging Holding Co. | 492,100 | 9,861,684 | ||||||
Olin Corp. | 144,870 | 7,573,803 | ||||||
Sealed Air Corp. | 132,600 | 8,878,896 | ||||||
Summit Materials, Inc., Class A (b) | 108,980 | 3,384,919 | ||||||
31,278,682 | ||||||||
Real Estate (7.9%): | ||||||||
Americold Realty Trust | 124,280 | 3,464,926 | ||||||
Apple Hospitality REIT, Inc. | 266,480 | 4,788,646 | ||||||
Cushman & Wakefield PLC (b) | 202,610 | 4,155,531 | ||||||
Equity Commonwealth (b) | 223,320 | 6,299,857 | ||||||
Healthcare Trust of America, Inc., Class A | 109,160 | 3,421,074 | ||||||
Highwoods Properties, Inc. | 75,460 | 3,451,541 | ||||||
25,581,575 | ||||||||
Utilities (8.1%): | ||||||||
Constellation Energy Corp. | 35,450 | 1,994,063 | ||||||
Evergy, Inc. | 52,230 | 3,569,398 | ||||||
FirstEnergy Corp. | 89,650 | 4,111,349 | ||||||
The AES Corp. | 181,180 | 4,661,761 | ||||||
Vistra Corp. | 517,600 | 12,034,200 | ||||||
26,370,771 | ||||||||
Total Common Stocks (Cost $257,203,586) | 315,802,426 | |||||||
Collateral for Securities Loaned (5.0%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c) | 315,300 | 315,300 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c) | 8,844,127 | 8,844,127 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c) | 157,350 | 157,350 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c) | 1,254,661 | 1,254,661 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c) | 5,641,201 | 5,641,201 | ||||||
Total Collateral for Securities Loaned (Cost $16,212,639) | 16,212,639 | |||||||
Total Investments (Cost $273,416,225) — 101.9% | 332,015,065 | |||||||
Liabilities in excess of other assets — (1.9)% | (6,130,120 | ) | ||||||
NET ASSETS - 100.00% | $ | 325,884,945 |
^ | 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 March 31, 2022. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Large Cap Alpha Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.1%) | ||||||||
Communication Services (3.4%): | ||||||||
Alphabet, Inc., Class A (a) | 2,640 | $ | 7,342,764 | |||||
Meta Platforms, Inc., Class A (a) | 48,350 | 10,751,106 | ||||||
18,093,870 | ||||||||
Consumer Discretionary (3.3%): | ||||||||
LKQ Corp. | 250,570 | 11,378,384 | ||||||
Target Corp. | 29,150 | 6,186,213 | ||||||
17,564,597 | ||||||||
Consumer Staples (6.5%): | ||||||||
Keurig Dr Pepper, Inc. | 393,710 | 14,921,609 | ||||||
Lamb Weston Holdings, Inc. | 98,100 | 5,877,171 | ||||||
Mondelez International, Inc., Class A | 135,300 | 8,494,134 | ||||||
US Foods Holding Corp. (a) | 124,410 | 4,681,548 | ||||||
33,974,462 | ||||||||
Energy (7.9%): | ||||||||
Enterprise Products Partners LP | 429,620 | 11,088,492 | ||||||
Hess Corp. | 78,390 | 8,390,866 | ||||||
Marathon Oil Corp. | 320,860 | 8,056,795 | ||||||
Pioneer Natural Resources Co. | 31,680 | 7,920,950 | ||||||
Valero Energy Corp. | 59,520 | 6,043,661 | ||||||
41,500,764 | ||||||||
Financials (20.9%): | ||||||||
Cboe Global Markets, Inc. | 115,220 | 13,183,472 | ||||||
Comerica, Inc. | 231,320 | 20,918,268 | ||||||
Fairfax Financial Holdings Ltd. | 6,020 | 3,284,656 | ||||||
Interactive Brokers Group, Inc. | 148,110 | 9,761,930 | ||||||
JPMorgan Chase & Co. | 37,160 | 5,065,651 | ||||||
KeyCorp | 312,410 | 6,991,736 | ||||||
State Street Corp. | 116,040 | 10,109,405 | ||||||
The Progressive Corp. | 198,220 | 22,595,098 | ||||||
Willis Towers Watson PLC | 75,360 | 17,801,539 | ||||||
109,711,755 | ||||||||
Health Care (19.9%): | ||||||||
AbbVie, Inc. | 82,370 | 13,353,001 | ||||||
Cigna Corp. | 61,740 | 14,793,521 | ||||||
Humana, Inc. | 42,360 | 18,433,801 | ||||||
Johnson & Johnson | 47,780 | 8,468,050 | ||||||
Medtronic PLC | 136,980 | 15,197,931 | ||||||
Merck & Co., Inc. | 137,220 | 11,258,901 | ||||||
Sotera Health Co. (a) | 511,160 | 11,071,726 | ||||||
UnitedHealth Group, Inc. | 23,155 | 11,808,355 | ||||||
104,385,286 | ||||||||
Industrials (10.2%): | ||||||||
Johnson Controls International PLC | 88,180 | 5,781,963 | ||||||
L3Harris Technologies, Inc. | 24,040 | 5,973,219 | ||||||
Leidos Holdings, Inc. | 96,180 | 10,389,364 | ||||||
PACCAR, Inc. | 52,940 | 4,662,426 | ||||||
Parker-Hannifin Corp. | 19,010 | 5,394,277 | ||||||
Raytheon Technologies Corp. | 59,462 | 5,890,900 | ||||||
Sensata Technologies Holding PLC (a) | 141,040 | 7,171,884 | ||||||
Union Pacific Corp. | 31,620 | 8,638,900 | ||||||
53,902,933 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Large Cap Alpha Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Information Technology (8.3%): | ||||||||
Euronet Worldwide, Inc. (a) | 80,570 | $ | 10,486,185 | |||||
Fidelity National Information Services, Inc. | 133,410 | 13,397,032 | ||||||
FleetCor Technologies, Inc. (a) | 32,110 | 7,997,317 | ||||||
Global Payments, Inc. | 85,250 | 11,665,610 | ||||||
43,546,144 | ||||||||
Materials (5.1%): | ||||||||
Freeport-McMoRan, Inc. | 98,530 | 4,900,882 | ||||||
Newmont Corp. | 42,290 | 3,359,940 | ||||||
PPG Industries, Inc. | 30,650 | 4,017,296 | ||||||
Sealed Air Corp. | 218,752 | 14,647,634 | ||||||
26,925,752 | ||||||||
Real Estate (2.3%): | ||||||||
Host Hotels & Resorts, Inc. | 611,560 | 11,882,611 | ||||||
Utilities (8.3%): | ||||||||
Constellation Energy Corp. | 103,693 | 5,832,731 | ||||||
Exelon Corp. | 224,460 | 10,691,030 | ||||||
FirstEnergy Corp. | 157,850 | 7,239,001 | ||||||
Vistra Corp. | 864,290 | 20,094,742 | ||||||
43,857,504 | ||||||||
Total Common Stocks (Cost $403,829,793) | 505,345,678 | |||||||
Total Investments (Cost $403,829,793) — 96.1% | 505,345,678 | |||||||
Other assets in excess of liabilities — 3.9% | 20,494,488 | |||||||
NET ASSETS - 100.00% | $ | 525,840,166 |
(a) | Non-income producing security. |
LP—Limited Partnership |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Investors Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.2%) | ||||||||
Banks (7.4%): | ||||||||
Citizens Financial Group, Inc. | 19,630 | $ | 889,828 | |||||
Comerica, Inc. | 14,840 | 1,341,981 | ||||||
2,231,809 | ||||||||
Capital Markets (6.8%): | ||||||||
Cboe Global Markets, Inc. | 9,520 | 1,089,278 | ||||||
Federated Hermes, Inc. | 29,030 | 988,762 | ||||||
2,078,040 | ||||||||
Communication Services (2.5%): | ||||||||
Meta Platforms, Inc., Class A (a) | 3,470 | 771,589 | ||||||
Consumer Discretionary (9.5%): | ||||||||
Carter's, Inc. | 8,740 | 803,993 | ||||||
Dine Brands Global, Inc. | 8,420 | 656,339 | ||||||
LKQ Corp. | 18,770 | 852,346 | ||||||
Wolverine World Wide, Inc. | 25,620 | 577,987 | ||||||
2,890,665 | ||||||||
Consumer Staples (2.0%): | ||||||||
Keurig Dr Pepper, Inc. | 15,770 | 597,683 | ||||||
Energy (5.3%): | ||||||||
Northern Oil and Gas, Inc. | 10,000 | 281,900 | ||||||
PDC Energy, Inc. | 18,090 | 1,314,781 | ||||||
1,596,681 | ||||||||
Health Care (14.3%): | ||||||||
Cigna Corp. | 4,460 | 1,068,660 | ||||||
Humana, Inc. | 2,700 | 1,174,959 | ||||||
Merck & Co., Inc. | 4,000 | 328,200 | ||||||
Sotera Health Co. (a) | 43,280 | 937,445 | ||||||
Zimmer Biomet Holdings, Inc. | 6,460 | 826,234 | ||||||
4,335,498 | ||||||||
Industrials (2.0%): | ||||||||
Fluor Corp. (a) | 20,810 | 597,039 | ||||||
Information Technology (13.8%): | ||||||||
Cognyte Software Ltd. (a) | 60,650 | 685,951 | ||||||
Euronet Worldwide, Inc. (a) | 5,920 | 770,488 | ||||||
Fidelity National Information Services, Inc. | 9,850 | 989,137 | ||||||
NCR Corp. (a) | 22,000 | 884,180 | ||||||
Verint Systems, Inc. (a) | 16,660 | 861,322 | ||||||
4,191,078 | ||||||||
Insurance (13.5%): | ||||||||
Alleghany Corp. (a) | 1,730 | 1,465,310 | ||||||
The Progressive Corp. | 9,500 | 1,082,905 | ||||||
Willis Towers Watson PLC | 6,530 | 1,542,517 | ||||||
4,090,732 | ||||||||
Materials (13.3%): | ||||||||
Graphic Packaging Holding Co. | 68,510 | 1,372,940 | ||||||
Olin Corp. | 31,750 | 1,659,890 | ||||||
Sealed Air Corp. | 15,190 | 1,017,123 | ||||||
4,049,953 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Investors Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Utilities (5.8%): | ||||||||
Vistra Corp. | 75,920 | $ | 1,765,140 | |||||
Total Common Stocks (Cost $24,055,916) | 29,195,907 | |||||||
Total Investments (Cost $24,055,916) — 96.2% | 29,195,907 | |||||||
Other assets in excess of liabilities — 3.8% | 1,154,055 | |||||||
NET ASSETS - 100.00% | $ | 30,349,962 |
(a) | Non-income producing security. |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Global Energy Transition Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (82.0%) | ||||||||
Chemicals (6.7%): | ||||||||
Linde PLC | 66,552 | $ | 21,258,705 | |||||
Sociedad Quimica y Minera de Chile SA, ADR | 107,081 | 9,166,134 | ||||||
30,424,839 | ||||||||
Financials (0.8%): | ||||||||
Ivanhoe (a)(b)(c) | 969,000 | 823,650 | ||||||
Novus Capital (PIPE) (a)(b)(d)(e)(f)(g) | 179,725 | 2,785,737 | ||||||
3,609,387 | ||||||||
Industrials (0.9%): | ||||||||
Energy Vault Holdings, Inc. (a)(e)(f) | 248,310 | 3,948,125 | ||||||
Metals & Mining (34.8%): | ||||||||
First Quantum Minerals Ltd. | 842,739 | 29,178,995 | ||||||
Iluka Resources Ltd. | 840,514 | 7,052,153 | ||||||
Lundin Mining Corp. | 944,011 | 9,568,495 | ||||||
Newmont Corp. | 223,280 | 17,739,596 | ||||||
Norsk Hydro ASA | 1,168,257 | 11,388,962 | ||||||
Sunrise Energy Metals, Ltd. (a) | 2,685,347 | 4,950,039 | ||||||
Turquoise Hill Resources Ltd. (a) | 2,608,571 | 78,361,473 | ||||||
158,239,713 | ||||||||
Oil, Gas & Consumable Fuels (34.1%): | ||||||||
Antero Resources Corp. (a) | 1,046,936 | 31,962,956 | ||||||
Cameco Corp. (i) | 1,098,857 | 32,007,507 | ||||||
Cheniere Energy, Inc. | 54,566 | 7,565,576 | ||||||
Peyto Exploration & Development Corp. | 1,438,190 | 14,588,999 | ||||||
Range Resources Corp. (a) | 538,538 | 16,360,784 | ||||||
Tourmaline Oil Corp. | 426,330 | 19,645,287 | ||||||
Whitecap Resources, Inc. | 3,963,222 | 32,783,772 | ||||||
154,914,881 | ||||||||
Utilities (4.7%): | ||||||||
NextEra Energy, Inc. (h) | 253,084 | 21,438,746 | ||||||
Total Common Stocks (Cost $181,562,941) | 372,575,691 | |||||||
Convertible Corporate Bonds (2.7%) | ||||||||
Construction (2.3%): | ||||||||
Ivanhoe (PIK) | ||||||||
2.00%, 7/31/23 (b)(c) | 4,021,350 | 4,021,350 | ||||||
3.00%, 7/31/23 (b) | 6,422,443 | 6,422,443 | ||||||
10,443,793 | ||||||||
Energy (0.4%): | ||||||||
Ipulse (PIK), 2.00%, 7/31/23(b)(c) | 1,608,540 | 1,608,540 | ||||||
Total Convertible Corporate Bonds (Cost $12,052,333) | 12,052,333 | |||||||
Collateral for Securities Loaned (1.5%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (j) | 135,708 | 135,708 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (j) | 3,806,604 | 3,806,604 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (j) | 67,725 | 67,725 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (j) | 540,019 | 540,019 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Global Energy Transition Fund | March 31, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (j) | 2,428,032 | $ | 2,428,032 | |||||
Total Collateral for Securities Loaned (Cost $6,978,088) | 6,978,088 | |||||||
Total Investments (Cost $200,593,362) — 86.2% | 391,606,112 | |||||||
Other assets in excess of liabilities — 13.8% | 62,944,154 | |||||||
NET ASSETS - 100.00% | $ | 454,550,266 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 3.4% of net assets. |
(c) | Security was fair valued using significant unobservable inputs as of March 31, 2022. |
(d) | This security is held in connection with special purpose acquisition company transactions. |
(e) | Restricted security that is not registered under the Securities Act of 1933. |
(f) | The following table details the acquisition date and cost of the Fund’s restricted securities at March 31, 2022: |
Security Name | Acquisition Date | Cost | ||||
Energy Vault Holding, Inc. | 8/24/2021 | $ | 1,797,237 | |||
Novus Capital | 9/9/2021 | 1,797,250 |
(g) | Security or portion of security purchased on a forward settlement basis. |
(h) | All or a portion of this security has been segregated as collateral for securities purchases on a forward settlement basis. |
(i) | All or a portion of this security is on loan. |
(j) | Rate disclosed is the daily yield on March 31, 2022. |
ADR—American Depositary Receipt |
PIPE—Private Investment in Public Equity |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (4.7%) | ||||||||
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 (a) | $ | 125,000 | $ | 123,332 | ||||
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a) | 105,000 | 99,676 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (a) | 100,000 | 95,455 | ||||||
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b) | 287,000 | 275,223 | ||||||
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b) | 81,000 | 79,692 | ||||||
Westlake Automobile Receivables, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 2/15/25 @ 100 (a)(b) | 106,000 | 104,776 | ||||||
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b) | 142,000 | 137,526 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b) | 136,000 | 129,591 | ||||||
Total Asset-Backed Securities (Cost $1,081,891) | 1,045,271 | |||||||
Collateralized Mortgage Obligations (6.6%) | ||||||||
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 (a) | 130,000 | 120,813 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 11/10/25 @ 100 | 54,525 | 54,625 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58 | 44,000 | 43,466 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 (a) | 117,000 | 111,770 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 (a) | 85,000 | 83,038 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100 | 50,000 | 50,513 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a) | 56,000 | 56,519 | ||||||
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a) | 65,000 | 65,700 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 4/15/25 @ 100 (a) | 73,000 | 73,005 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 7/15/25 @ 100 (a) | 55,000 | 55,211 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 (a) | 54,000 | 54,501 | ||||||
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 10/15/26 @ 100 | 48,000 | 48,094 | ||||||
GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 2/10/26 @ 100 (a) | 57,000 | 56,106 | ||||||
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a) | 57,000 | 56,797 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 (a) | 131,000 | 127,548 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a) | $ | 68,000 | $ | 67,374 | ||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 (a) | 55,707 | 55,966 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 12/15/26 @ 100 (a) | 55,000 | 55,531 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 9/15/26 @ 100 | 51,000 | 50,009 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 4/15/25 @ 100 (a) | 67,000 | 67,243 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a) | 57,000 | 57,737 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 7/15/25 @ 100 (a) | 62,000 | 62,434 | ||||||
Total Collateralized Mortgage Obligations (Cost $1,531,663) | 1,474,000 | |||||||
Preferred Stocks (5.1%) | ||||||||
Financials (2.1%): | ||||||||
AMG Capital Trust II, 10/15/37, 5.15% (a) | 2,050 | 113,776 | ||||||
Bank of America Corp., Series L, 7.25% (a)(c) | 112 | 147,000 | ||||||
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a) | 990 | 73,567 | ||||||
Wells Fargo & Co., Series L, 7.50% (a)(c) | 95 | 125,875 | ||||||
460,218 | ||||||||
Health Care (0.1%): | ||||||||
Danaher Corp., Series B, 4/15/23, 5.00% | 17 | 26,847 | ||||||
Industrials (0.5%): | ||||||||
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a) | 1,201 | 105,580 | ||||||
Utilities (2.4%): | ||||||||
American Electric Power Co., Inc., 8/15/23, 6.13% | 655 | 36,595 | ||||||
CenterPoint Energy, Inc., 9/15/29, 4.57% | 455 | 23,178 | ||||||
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a) | 1,180 | 119,829 | ||||||
DTE Energy Co., 11/1/22, 6.25% (a) | 1,765 | 94,057 | ||||||
NextEra Energy, Inc., 3/1/23, 5.28% (a) | 2,875 | 149,931 | ||||||
NiSource, Inc., 3/1/24, 7.75% | 85 | 10,113 | ||||||
The Southern Co., Series 2019, 8/1/22, 6.75% (a) | 1,962 | 107,145 | ||||||
540,848 | ||||||||
Total Preferred Stocks (Cost $1,151,173) | 1,133,493 | |||||||
Corporate Bonds (49.5%) | ||||||||
Communication Services (2.1%): | ||||||||
AT&T, Inc. | ||||||||
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a) | $ | 46,000 | 48,094 | |||||
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a) | 126,000 | 143,718 | ||||||
CenturyLink, Inc., 6.75%, 12/1/23 | 50,000 | 51,987 | ||||||
Comcast Corp. | ||||||||
3.45%, 2/1/50, Callable 8/1/49 @ 100 (a) | 70,000 | 65,915 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
2.80%, 1/15/51, Callable 7/15/50 @ 100 | $ | 56,000 | $ | 47,110 | ||||
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)(b) | 62,000 | 58,096 | ||||||
Verizon Communications, Inc. | ||||||||
3.38%, 2/15/25 (a) | 38,000 | 38,464 | ||||||
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a) | 20,000 | 18,864 | ||||||
472,248 | ||||||||
Consumer Discretionary (7.5%): | ||||||||
Aptiv PLC, 5.40%, 3/15/49, Callable 9/15/48 @ 100 | 34,000 | 37,569 | ||||||
Booking Holdings, Inc., 0.75%, 5/1/25(a)(d) | 120,000 | 175,278 | ||||||
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 | 48,000 | 48,509 | ||||||
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a) | 87,000 | 87,575 | ||||||
Expedia Group, Inc., 2/15/26(a)(d)(h) | 120,000 | 144,582 | ||||||
Ford Motor Co., 3/15/26(h) | 40,000 | 47,410 | ||||||
General Motors Co., 4.88%, 10/2/23(a)(d) | 96,000 | 98,924 | ||||||
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100(a) | 93,000 | 97,662 | ||||||
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a) | 142,000 | 143,575 | ||||||
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 | 27,000 | 28,415 | ||||||
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a)(b) | 78,000 | 71,482 | ||||||
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100(a) | 73,000 | 76,361 | ||||||
NVR, Inc. | ||||||||
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a) | 126,000 | 126,518 | ||||||
3.00%, 5/15/30, Callable 11/15/29 @ 100 (a) | 118,000 | 110,339 | ||||||
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100(a) | 100,000 | 105,548 | ||||||
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100(a) | 70,000 | 70,182 | ||||||
The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100(a)(d) | 66,000 | 62,105 | ||||||
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100(a) | 80,000 | 73,090 | ||||||
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100(a) | 73,000 | 66,604 | ||||||
1,671,728 | ||||||||
Consumer Staples (2.1%): | ||||||||
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b) | 156,000 | 149,868 | ||||||
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100(a) | 75,000 | 74,150 | ||||||
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 50,000 | 45,662 | ||||||
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100(a) | 52,000 | 56,157 | ||||||
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100(a) | 92,000 | 97,264 | ||||||
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 | 39,000 | 45,343 | ||||||
468,444 | ||||||||
Energy (4.9%): | ||||||||
Continental Resources, Inc. | ||||||||
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a) | 113,000 | 114,571 | ||||||
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b) | 93,000 | 87,021 | ||||||
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100(a) | 65,000 | 79,826 | ||||||
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a) | 39,000 | 39,287 | ||||||
HollyFrontier Corp., 2.63%, 10/1/23(a) | 116,000 | 114,939 | ||||||
Marathon Oil Corp., 6.60%, 10/1/37(a) | 105,000 | 127,950 | ||||||
Pioneer Natural Resources Co. | ||||||||
0.25%, 5/15/25 (a) | 105,000 | 249,804 | ||||||
1.90%, 8/15/30, Callable 5/15/30 @ 100 (a) | 109,000 | 96,612 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a) | 120,000 | 120,201 | ||||||
Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100(a) | 66,000 | 65,965 | ||||||
1,096,176 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Financials (10.7%): | ||||||||
Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100 | $ | 10,000 | $ | 11,461 | ||||
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100(a) | 55,000 | 55,361 | ||||||
Ares Capital Corp., 4.63%, 3/1/24(a) | 135,000 | 151,931 | ||||||
Bank of America Corp. | ||||||||
4.20%, 8/26/24 (a) | 51,000 | 52,264 | ||||||
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN (a) | 100,000 | 99,724 | ||||||
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a)(e) | 120,000 | 109,292 | ||||||
Capital One Financial Corp., 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100(a)(e) | 146,000 | 124,979 | ||||||
Cincinnati Financial Corp., 6.13%, 11/1/34(a)(d) | 75,000 | 92,171 | ||||||
Citigroup, Inc. | ||||||||
3.88%, 3/26/25 (d) | 35,000 | 35,448 | ||||||
4.60%, 3/9/26 (a) | 36,000 | 37,363 | ||||||
4.45%, 9/29/27 (a) | 63,000 | 64,949 | ||||||
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100(a) | 200,000 | 199,494 | ||||||
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 | 49,000 | 49,783 | ||||||
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100(a) | 110,000 | 98,558 | ||||||
JPMorgan Chase & Co. | ||||||||
2.95%, 10/1/26, Callable 7/1/26 @ 100 (a) | 170,000 | 168,910 | ||||||
2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a)(e) | 135,000 | 123,221 | ||||||
5.60%, 7/15/41 | 27,000 | 32,796 | ||||||
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b) | 100,000 | 109,580 | ||||||
Morgan Stanley, 3.13%, 7/27/26, MTN(a) | 205,000 | 203,184 | ||||||
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 | 42,000 | 39,047 | ||||||
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100(a) | 89,000 | 79,870 | ||||||
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 | 40,000 | 48,996 | ||||||
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100(a) | 164,000 | 157,866 | ||||||
Wells Fargo & Co. | ||||||||
4.30%, 7/22/27, MTN (a) | 180,000 | 187,031 | ||||||
4.90%, 11/17/45 (a) | 55,000 | 60,880 | ||||||
2,394,159 | ||||||||
Health Care (5.9%): | ||||||||
AbbVie, Inc. | ||||||||
3.20%, 11/21/29, Callable 8/21/29 @ 100 (a) | 66,000 | 65,215 | ||||||
4.45%, 5/14/46, Callable 11/14/45 @ 100 (a) | 62,000 | 66,019 | ||||||
Anthem, Inc. | ||||||||
2.38%, 1/15/25, Callable 12/15/24 @ 100 (a) | 65,000 | 64,134 | ||||||
2.75%, 10/15/42 (a) | 27,000 | 188,342 | ||||||
Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100(a)(b) | 141,000 | 128,933 | ||||||
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a) | 73,000 | 73,281 | ||||||
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100(a) | 73,000 | 74,342 | ||||||
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)(b) | 114,000 | 106,422 | ||||||
Illumina, Inc., 8/15/23(a)(d)(h) | 110,000 | 121,192 | ||||||
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100(a) | 91,000 | 92,012 | ||||||
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 | 63,000 | 50,476 | ||||||
Universal Health Services, Inc. | ||||||||
1.65%, 9/1/26, Callable 8/1/26 @ 100 (a)(b) | 154,000 | 141,238 | ||||||
2.65%, 10/15/30, Callable 7/15/30 @ 100 (b) | 44,000 | 40,009 | ||||||
Viatris, Inc. | ||||||||
2.30%, 6/22/27, Callable 4/22/27 @ 100 | 40,000 | 36,413 | ||||||
4.00%, 6/22/50, Callable 12/22/49 @ 100 (a) | 75,000 | 63,322 | ||||||
1,311,350 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Industrials (4.9%): | ||||||||
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | $ | 37,000 | $ | 32,519 | ||||
Air Lease Corp. | ||||||||
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN (a) | 120,000 | 114,506 | ||||||
0.80%, 8/18/24, Callable 7/18/24 @ 100 (a) | 58,000 | 54,602 | ||||||
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100(a) | 85,000 | 79,278 | ||||||
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a) | 130,000 | 131,347 | ||||||
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100(a) | 195,000 | 199,350 | ||||||
Norfolk Southern Corp. | ||||||||
2.30%, 5/15/31, Callable 2/15/31 @ 100 | 40,000 | 37,211 | ||||||
2.90%, 8/25/51, Callable 2/25/51 @ 100 | 50,000 | 43,266 | ||||||
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100(a) | 60,000 | 56,055 | ||||||
Rockwell Automation, Inc., 6.25%, 12/1/37(a) | 60,000 | 73,769 | ||||||
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(b) | 57,000 | 52,804 | ||||||
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100(a) | 56,000 | 59,362 | ||||||
Southwest Airlines Co., 1.25%, 5/1/25(a) | 115,000 | 156,451 | ||||||
1,090,520 | ||||||||
Information Technology (5.3%): | ||||||||
Akamai Technologies, Inc., 0.13%, 5/1/25(a) | 50,000 | 66,046 | ||||||
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100(a) | 53,000 | 62,481 | ||||||
Block, Inc., 0.25%, 11/1/27(d) | 20,000 | 18,264 | ||||||
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100(a) | 123,000 | 131,156 | ||||||
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a) | 153,000 | 157,048 | ||||||
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(d) | 125,000 | 140,710 | ||||||
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100(a) | 167,000 | 181,532 | ||||||
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63(b) | 38,000 | 35,994 | ||||||
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100(a) | 70,000 | 70,317 | ||||||
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100(a) | 51,000 | 56,823 | ||||||
Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 40,000 | 40,274 | ||||||
Western Digital Corp. | ||||||||
1.50%, 2/1/24 (a) | 170,000 | 164,246 | ||||||
2.85%, 2/1/29, Callable 12/1/28 @ 100 | 53,000 | 48,588 | ||||||
1,173,479 | ||||||||
Materials (0.4%): | ||||||||
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100 | 36,000 | 33,109 | ||||||
The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25(a) | 66,000 | 61,861 | ||||||
94,970 | ||||||||
Real Estate (4.1%): | ||||||||
Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100 | 56,000 | 49,176 | ||||||
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100(a) | 285,000 | 286,339 | ||||||
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b) | 48,000 | 47,027 | ||||||
Kite Realty Group LP, 0.75%, 4/1/27(a)(b) | 70,000 | 73,426 | ||||||
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100(a) | 155,000 | 155,859 | ||||||
Physicians Realty LP | ||||||||
3.95%, 1/15/28, Callable 10/15/27 @ 100 (a) | 60,000 | 60,655 | ||||||
2.63%, 11/1/31, Callable 8/1/31 @ 100 | 48,000 | 43,293 | ||||||
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 | 49,000 | 52,733 | ||||||
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100(a) | 65,000 | 66,518 | ||||||
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100(a) | 80,000 | 72,612 | ||||||
907,638 | ||||||||
Utilities (1.6%): | ||||||||
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100(a) | 100,000 | 87,268 | ||||||
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 | 40,000 | 50,143 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100(a) | $ | 105,000 | $ | 119,087 | ||||
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100(a) | 65,000 | 65,653 | ||||||
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 | 47,000 | 40,298 | ||||||
362,449 | ||||||||
Total Corporate Bonds (Cost $11,211,572) | 11,043,161 | |||||||
Residential Mortgage-Backed Securities (0.2%) | ||||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.78% (LIBOR01M+132bps), 10/25/32, Callable 4/25/22 @ 100 (e) | 52,378 | 52,790 | ||||||
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a) | 3,690 | 2,410 | ||||||
Total Residential Mortgage-Backed Securities (Cost $55,101) | 55,200 | |||||||
Yankee Dollars (10.7%) | ||||||||
Communication Services (0.5%): | ||||||||
Vodafone Group PLC, 5.25%, 5/30/48(a) | 89,000 | 100,174 | ||||||
Consumer Staples (3.9%): | ||||||||
Barry Callebaut Services NV, 5.50%, 6/15/23(b) | 275,000 | 281,522 | ||||||
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b) | 400,000 | 401,828 | ||||||
Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a)(b) | 200,000 | 194,632 | ||||||
877,982 | ||||||||
Energy (0.7%): | ||||||||
Ecopetrol SA, 5.88%, 9/18/23(a) | 133,000 | 136,230 | ||||||
Statoil ASA, 3.95%, 5/15/43 | 20,000 | 20,708 | ||||||
156,938 | ||||||||
Financials (2.9%): | ||||||||
Barclays Bank PLC, | ||||||||
2/4/25 (a)(h) | 45,000 | 71,924 | ||||||
2/18/25 (h) | 30,000 | 33,292 | ||||||
HSBC Holdings PLC, 2.87%, 11/22/32, Callable 11/22/31 @ 100(a) | 200,000 | 182,076 | ||||||
Newcrest Finance Pty Ltd. | ||||||||
5.75%, 11/15/41 (b) | 45,000 | 51,450 | ||||||
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b) | 25,000 | 24,411 | ||||||
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b) | 200,000 | 202,978 | ||||||
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100(a) | 85,000 | 77,682 | ||||||
643,813 | ||||||||
Industrials (1.1%): | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100(a) | 150,000 | 159,079 | ||||||
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100(a) | 60,000 | 56,402 | ||||||
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100 | 33,000 | 29,345 | ||||||
244,826 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Materials (1.4%): | ||||||||
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100(a)(b)(d) | $ | 200,000 | $ | 183,470 | ||||
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40(a) | 50,000 | 59,963 | ||||||
Vale Overseas Ltd., 6.25%, 8/10/26(a) | 63,000 | 69,112 | ||||||
312,545 | ||||||||
Utilities (0.2%): | ||||||||
Iberdrola International BV, 6.75%, 9/15/33 | 35,000 | 42,776 | ||||||
Total Yankee Dollars (Cost $2,431,979) | 2,379,054 | |||||||
U.S. Government Mortgage-Backed Agencies (25.3%) | ||||||||
Federal Home Loan Bank | ||||||||
1.10%, 4/29/26 (a) | 255,000 | 239,246 | ||||||
Federal Home Loan Mortgage Corp. | ||||||||
5.00%, 6/15/23 (a) | 4,120 | 4,155 | ||||||
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a) | 171,052 | 166,599 | ||||||
5.50%, 6/1/38 | 20,268 | 22,213 | ||||||
7.00%, 9/1/38 (a) | 4,947 | 5,575 | ||||||
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a) | 76,900 | 78,080 | ||||||
4.50%, 1/1/41 - 7/1/44 (a) | 282,563 | 299,991 | ||||||
Series 4444, Class CH, 3.00%, 1/15/41 (a) | 15,545 | 15,615 | ||||||
2.00%, 3/1/51 (a) | 255,058 | 237,334 | ||||||
829,562 | ||||||||
Federal National Mortgage Association | ||||||||
5.50%, 4/1/22 - 1/1/38 (a) | 186,621 | 201,911 | ||||||
7.00%, 8/1/23 - 12/1/27 | 42 | 43 | ||||||
7.50%, 12/1/29 (a) | 2,888 | 3,211 | ||||||
8.00%, 6/1/30 | 1,620 | 1,832 | ||||||
8.00%, 9/1/30 (a) | 6,372 | 7,118 | ||||||
7.50%, 2/1/31 | 8,424 | 9,181 | ||||||
7.00%, 2/1/32 - 6/1/32 (a) | 13,051 | 14,742 | ||||||
5.00%, 12/1/34 - 3/1/40 | 50,140 | 54,050 | ||||||
1.91% (LIBOR12M+166bps), 12/1/36 (a)(e) | 24,686 | 25,198 | ||||||
6.00%, 2/1/37 (a) | 44,144 | 48,998 | ||||||
4.50%, 12/1/38 - 5/25/40 (a) | 185,446 | 191,223 | ||||||
Series 2013-33, Class UD, 2.50%, 4/25/39 - 7/1/51 (a) | 755,472 | 725,110 | ||||||
3.50%, 8/1/39 - 12/25/50 (a) | 313,871 | 317,979 | ||||||
3.00%, 6/1/40 - 5/1/48 (a) | 467,635 | 464,454 | ||||||
4.00%, 11/1/43 - 10/1/48 (a) | 358,304 | 372,324 | ||||||
3.50%, 7/1/46 | 29,037 | 29,483 | ||||||
4.00%, 6/1/49 | 9,559 | 9,765 | ||||||
2.00%, 3/1/51 (a) | 285,770 | 265,647 | ||||||
2.00%, 4/25/52 (f) | 500,000 | 463,744 | ||||||
2.50%, 4/25/52 (f) | 700,000 | 667,658 | ||||||
3.00%, 4/25/52 (f) | 400,000 | 391,124 | ||||||
3.50%, 5/25/52 (f) | 300,000 | 299,307 | ||||||
4,564,102 | ||||||||
Government National Mortgage Association | ||||||||
6.00%, 12/15/33 (a) | 8,956 | 9,876 | ||||||
Total U.S. Government Mortgage-Backed Agencies (Cost $5,806,051) | 5,642,786 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
U.S. Treasury Obligations (2.1%) | ||||||||
U.S. Treasury Bonds, 1.25%, 5/15/50 (a) | $ | 222,000 | $ | 165,702 | ||||
U.S. Treasury Notes | ||||||||
1.25%, 5/31/28 (a) | 86,000 | 80,068 | ||||||
1.63%, 5/15/31 (a) | 247,000 | 232,643 | ||||||
Total U.S. Treasury Obligations (Cost $498,570) | 478,413 | |||||||
Collateral for Securities Loaned (4.5%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 19,607 | 19,607 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 549,985 | 549,985 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 9,785 | 9,785 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 78,023 | 78,023 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 350,806 | 350,806 | ||||||
Total Collateral for Securities Loaned (Cost $1,008,206) | 1,008,206 | |||||||
Total Investments (Cost $24,776,206) — 108.7% | 24,259,584 | |||||||
Liabilities in excess of other assets — (8.7)% | (1,945,693 | ) | ||||||
NET ASSETS - 100.00% | $ | 22,313,891 |
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $3,168,999 and amounted to 14.2% of net assets. |
(c) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(d) | All or a portion of this security is on loan. |
(e) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022. |
(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 March 31, 2022. |
(h) | Zero-coupon bond. |
bps—Basis points |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Futures Contracts Purchased
Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
2-Year U.S. Treasury Note Futures | 5 | 6/30/22 | $ | 1,074,310 | $ | 1,059,609 | $ | (14,701 | ) | |||||||
5-Year U.S. Treasury Note Futures | 5 | 6/30/22 | 584,010 | 573,438 | (10,572 | ) | ||||||||||
Mexican Peso Currency Futures | 10 | 6/13/22 | 233,500 | 248,650 | 15,150 | |||||||||||
Ultra Long Term U.S. Treasury Bond Futures | 8 | 6/21/22 | 1,474,028 | 1,417,000 | (57,028 | ) | ||||||||||
$ | (67,151 | ) |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory INCORE Investment Quality Bond Fund | March 31, 2022 | |
(Unaudited) |
Futures Contracts Sold
Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
10-Year U.S. Treasury Note Futures | 12 | 6/21/22 | $ | 1,520,935 | $ | 1,474,500 | $ | 46,435 | ||||||||
Canadian Dollar Futures | 4 | 6/14/22 | 311,880 | 320,360 | (8,480 | ) | ||||||||||
Japanese Yen Futures | 4 | 6/13/22 | 435,000 | 411,875 | 23,125 | |||||||||||
Micro E-Mini S&P 500 Futures | 39 | 6/20/22 | 820,212 | 883,496 | (63,284 | ) | ||||||||||
$ | (2,204 | ) | ||||||||||||||
Total unrealized appreciation | $ | 84,710 | ||||||||||||||
Total unrealized depreciation | (154,065 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (69,355 | ) |
Victory Portfolios | Schedule of Portfolio Investments | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (6.9%) | ||||||||
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 6/18/24 @ 100 | $ | 1,815,000 | $ | 1,726,309 | ||||
CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 6/15/26, Callable 7/15/24 @ 100 | 434,000 | 410,539 | ||||||
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 7/20/23 @ 100 | 1,168,000 | 1,132,959 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a) | 886,000 | 841,072 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (b) | 811,132 | 795,162 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 12/15/23 @ 100 | 1,144,000 | 1,122,143 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 2/15/24 @ 100 | 1,125,000 | 1,094,093 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 2/15/24 @ 100 | 915,000 | 898,356 | ||||||
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 | 2,109,725 | ||||||
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b) | 731,000 | 719,193 | ||||||
Westlake Automobile Receivables, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 2/15/25 @ 100 (a)(b) | 1,000,000 | 988,455 | ||||||
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b) | 1,230,000 | 1,191,246 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b) | 1,223,000 | 1,165,371 | ||||||
Total Asset-Backed Securities (Cost $14,667,779) | 14,194,623 | |||||||
Collateralized Mortgage Obligations (9.5%) | ||||||||
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class A4, 3.71%, 9/15/48, Callable 9/15/25 @ 100 | 460,000 | 461,425 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 11/10/25 @ 100 | 509,227 | 510,154 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 1/10/48, Callable 12/10/25 @ 100 | 525,000 | 531,666 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58 | 489,000 | 483,062 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100 | 465,000 | 461,822 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a) | 493,000 | 497,567 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100 | 392,000 | 396,021 | ||||||
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a) | 581,000 | 587,255 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 4/15/25 @ 100 (a) | 667,000 | 667,044 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 7/15/25 @ 100 (a) | $ | 517,000 | $ | 518,979 | ||||
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 (a) | 539,000 | 544,006 | ||||||
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5, 3.09%, 1/15/49, Callable 3/15/26 @ 100 | 696,000 | 686,578 | ||||||
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.36% (LIBOR03M+112bps), 1/15/31, Callable 4/15/22 @ 100 (a)(b)(c) | 2,000,000 | 1,989,794 | ||||||
GS Mortgage Securities Trust, Series 2015-GC32, Class A4, 3.76%, 7/10/48, Callable 7/10/25 @ 100 | 743,000 | 750,173 | ||||||
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a) | 504,000 | 502,209 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 (a) | 510,159 | 512,528 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a) | 610,000 | 604,387 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.58%, 3/15/49, Callable 1/15/26 @ 100 | 571,000 | 572,814 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 5/15/49, Callable 3/15/26 @ 100 | 503,000 | 500,296 | ||||||
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.49% (LIBOR03M+125bps), 1/15/30, Callable 4/15/22 @ 100 (a)(b)(c) | 2,825,000 | 2,811,392 | ||||||
Voya CLO Ltd., Series 2017-4A, Class A1, 1.37% (LIBOR03M+113bps), 10/15/30, Callable 4/15/22 @ 100 (a)(b)(c) | 2,000,000 | 1,993,900 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 4/15/25 @ 100 (a) | 732,000 | 734,658 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a) | 532,000 | 538,876 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 7/15/25 @ 100 (a) | 573,000 | 577,016 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.70%, 11/15/48, Callable 10/15/25 @ 100 | 570,000 | 574,750 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.64%, 6/15/48, Callable 6/15/25 @ 100 | 638,000 | 641,881 | ||||||
Total Collateralized Mortgage Obligations (Cost $20,027,576) | 19,650,253 | |||||||
Preferred Stocks (3.1%) | ||||||||
Financials (1.3%): | ||||||||
AMG Capital Trust II, 10/15/37, 5.15% (a) | 11,795 | 654,630 | ||||||
Bank of America Corp., Series L, 7.25% (a)(d) | 655 | 859,688 | ||||||
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a) | 6,495 | 482,643 | ||||||
Wells Fargo & Co., Series L, 7.50% (a)(d) | 550 | 728,750 | ||||||
2,725,711 | ||||||||
Health Care (0.1%): | ||||||||
Danaher Corp., Series B, 4/15/23, 5.00% | 146 | 230,569 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Industrials (0.3%): | ||||||||
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a) | 6,815 | $ | 599,107 | |||||
Utilities (1.4%): | ||||||||
American Electric Power Co., Inc., 8/15/23, 6.13% (e) | 3,530 | 197,221 | ||||||
CenterPoint Energy, Inc., 9/15/29, 4.57% | 3,880 | 197,647 | ||||||
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a) | 6,660 | 676,323 | ||||||
DTE Energy Co., 11/1/22, 6.25% (a) | 10,175 | 542,226 | ||||||
NextEra Energy, Inc., 3/1/23, 5.28% (a) | 14,070 | 733,750 | ||||||
NiSource, Inc., 3/1/24, 7.75% | 735 | 87,450 | ||||||
The Southern Co., Series 2019, 8/1/22, 6.75% (a) | 8,901 | 486,084 | ||||||
2,920,701 | ||||||||
Total Preferred Stocks (Cost $6,503,965) | 6,476,088 | |||||||
Corporate Bonds (51.0%) | ||||||||
Communication Services (2.8%): | ||||||||
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100 | $ | 2,500,000 | 2,371,700 | |||||
CenturyLink, Inc., 6.75%, 12/1/23 | 424,000 | 440,850 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100 | 496,000 | 508,187 | ||||||
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100 | 1,388,000 | 1,417,009 | ||||||
Verizon Communications, Inc. | ||||||||
3.38%, 2/15/25 (a) | 354,000 | 358,322 | ||||||
1.61% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c) | 827,000 | 837,652 | ||||||
5,933,720 | ||||||||
Consumer Discretionary (7.1%): | ||||||||
Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100 | 2,500,000 | 2,345,075 | ||||||
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100 | 2,632,000 | 2,639,606 | ||||||
Booking Holdings, Inc., 0.75%, 5/1/25(a)(e) | 525,000 | 766,841 | ||||||
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100(a) | 3,027,000 | 3,075,765 | ||||||
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a) | 1,020,000 | 1,026,742 | ||||||
Expedia Group, Inc., 2/15/26(a)(e)(h) | 590,000 | 710,862 | ||||||
Ford Motor Co., 3/15/26(h) | 290,000 | 343,723 | ||||||
General Motors Co., 4.88%, 10/2/23(a)(e) | 1,297,000 | 1,336,507 | ||||||
Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100(e) | 1,194,000 | 1,210,274 | ||||||
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a) | 1,247,000 | 1,260,829 | ||||||
14,716,224 | ||||||||
Consumer Staples (1.7%): | ||||||||
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b) | 1,372,000 | 1,318,067 | ||||||
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100(a) | 322,000 | 333,328 | ||||||
Keurig Dr Pepper, Inc., 4.06%, 5/25/23(a) | 695,000 | 706,947 | ||||||
Tyson Foods, Inc., 3.95%, 8/15/24, Callable 5/15/24 @ 100 | 1,170,000 | 1,192,557 | ||||||
3,550,899 | ||||||||
Energy (3.3%): | ||||||||
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100 | 400,000 | 402,020 | ||||||
Continental Resources, Inc. | ||||||||
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a) | 801,000 | 812,134 | ||||||
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b) | 797,000 | 745,761 | ||||||
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a) | 329,000 | 331,418 | ||||||
HollyFrontier Corp., 2.63%, 10/1/23(a) | 971,000 | 962,115 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Pioneer Natural Resources Co. | ||||||||
0.55%, 5/15/23 | $ | 1,130,000 | $ | 1,104,835 | ||||
0.25%, 5/15/25 (a) | 595,000 | 1,415,559 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a) | 1,010,000 | 1,011,697 | ||||||
6,785,539 | ||||||||
Financials (15.2%): | ||||||||
Ares Capital Corp., 4.63%, 3/1/24(a) | 730,000 | 821,556 | ||||||
Bank of America Corp. | ||||||||
4.20%, 8/26/24 (a) | 1,660,000 | 1,701,135 | ||||||
1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (c) | 1,350,000 | 1,291,788 | ||||||
Capital One Financial Corp. | ||||||||
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a) | 684,000 | 688,193 | ||||||
1.34%, 12/6/24, Callable 12/6/23 @ 100 | 1,695,000 | 1,644,964 | ||||||
2.64% (SOFR+129bps), 3/3/26, Callable 3/3/25 @ 100 (c) | 2,052,000 | 2,009,093 | ||||||
Citigroup, Inc., 3.11% (SOFR+284bps), 4/8/26, Callable 4/8/25 @ 100(c) | 2,772,000 | 2,748,687 | ||||||
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 5/13/22 @ 101.44(a)(b) | 772,000 | 779,874 | ||||||
Fifth Third Bancorp | ||||||||
1.63%, 5/5/23, Callable 4/5/23 @ 100 | 1,660,000 | 1,644,313 | ||||||
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a) | 799,000 | 809,275 | ||||||
Ford Motor Credit Co. LLC, 3.10%, 5/4/23(a) | 1,500,000 | 1,498,545 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100 | 1,549,000 | 1,602,921 | ||||||
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100(b) | 1,488,000 | 1,489,503 | ||||||
JPMorgan Chase & Co. | ||||||||
2.30%, 10/15/25, Callable 10/15/24 @ 100 | 3,000,000 | 2,931,210 | ||||||
2.60%, 2/24/26, Callable 2/24/25 @ 100 (e) | 933,000 | 916,430 | ||||||
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b) | 800,000 | 876,640 | ||||||
Morgan Stanley, 0.53%, 1/25/24, Callable 1/25/23 @ 100 | 2,575,000 | 2,533,414 | ||||||
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 | 300,000 | 367,467 | ||||||
The Bank of New York Mellon Corp., 0.75%, 1/28/26, Callable 12/28/25 @ 100, MTN(e) | 1,097,000 | 1,015,624 | ||||||
The Goldman Sachs Group, Inc., 2.03% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100(a)(c)(e) | 1,500,000 | 1,548,195 | ||||||
Wells Fargo & Co. | ||||||||
0.81%, 5/19/25, Callable 5/19/24 @ 100, MTN | 585,000 | 558,769 | ||||||
2.41%, 10/30/25, Callable 10/30/24 @ 100, MTN | 2,077,000 | 2,035,356 | ||||||
31,512,952 | ||||||||
Health Care (6.3%): | ||||||||
AbbVie, Inc., 3.85%, 6/15/24, Callable 3/15/24 @ 100 | 2,545,000 | 2,594,831 | ||||||
Anthem, Inc., 2.75%, 10/15/42(a) | 110,000 | 767,318 | ||||||
Biogen, Inc., 3.63%, 9/15/22 | 1,025,000 | 1,033,712 | ||||||
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a) | 621,000 | 623,391 | ||||||
HCA, Inc., 5.00%, 3/15/24 | 2,479,000 | 2,569,682 | ||||||
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100(a) | 560,000 | 563,522 | ||||||
Illumina, Inc., 8/15/23(a)(e)(h) | 530,000 | 583,928 | ||||||
Mylan, Inc., 3.13%, 1/15/23(b) | 2,479,000 | 2,489,858 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100(a)(b) | 1,387,000 | 1,272,059 | ||||||
Viatris, Inc., 1.13%, 6/22/22 | 525,000 | 524,864 | ||||||
13,023,165 | ||||||||
Industrials (3.5%): | ||||||||
Air Lease Corp., 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN(a) | 2,480,000 | 2,366,466 | ||||||
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a) | 1,115,000 | 1,126,552 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 5/13/22 @ 104.31(a) | $ | 725,000 | $ | 742,806 | ||||
Southwest Airlines Co. | ||||||||
4.75%, 5/4/23 | 1,937,000 | 1,980,466 | ||||||
1.25%, 5/1/25 (a) | 710,000 | 965,912 | ||||||
7,182,202 | ||||||||
Information Technology (4.4%): | ||||||||
Akamai Technologies, Inc., 0.13%, 5/1/25(a) | 375,000 | 495,345 | ||||||
Block, Inc., 0.25%, 11/1/27(e) | 195,000 | 178,074 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(a) | 2,175,000 | 2,201,165 | ||||||
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a) | 1,173,000 | 1,204,038 | ||||||
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(e) | 730,000 | 821,746 | ||||||
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100 | 496,000 | 514,074 | ||||||
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 | 941,000 | 953,779 | ||||||
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5(b) | 642,000 | 615,184 | ||||||
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100 | 1,000,000 | 1,029,450 | ||||||
Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 225,000 | 226,539 | ||||||
Western Digital Corp., 1.50%, 2/1/24(a) | 995,000 | 961,319 | ||||||
9,200,713 | ||||||||
Materials (2.9%): | ||||||||
Celanese US Holdings LLC, 4.63%, 11/15/22(a) | 855,000 | 867,834 | ||||||
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100(b) | 1,987,000 | 1,889,796 | ||||||
Nucor Corp., 4.00%, 8/1/23 | 1,190,000 | 1,213,848 | ||||||
Southern Copper Corp., 3.88%, 4/23/25 | 2,050,000 | 2,072,283 | ||||||
6,043,761 | ||||||||
Real Estate (2.7%): | ||||||||
American Tower Corp., 3.00%, 6/15/23(a) | 1,000,000 | 1,003,970 | ||||||
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100 | 750,000 | 754,965 | ||||||
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b) | 638,000 | 625,068 | ||||||
Kite Realty Group LP, 0.75%, 4/1/27(a)(b) | 435,000 | 456,289 | ||||||
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100(a) | 1,629,000 | 1,631,639 | ||||||
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100 | 250,000 | 250,752 | ||||||
Weingarten Realty Investors | ||||||||
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a) | 365,000 | 366,613 | ||||||
3.50%, 4/15/23, Callable 1/15/23 @ 100 | 497,000 | 500,797 | ||||||
5,590,093 | ||||||||
Utilities (1.1%): | ||||||||
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100 | 588,000 | 579,233 | ||||||
Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100(a) | 591,000 | 604,439 | ||||||
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23 | 1,129,000 | 1,113,217 | ||||||
2,296,889 | ||||||||
Total Corporate Bonds (Cost $106,692,099) | 105,836,157 | |||||||
Residential Mortgage-Backed Securities (3.0%) | ||||||||
Bear Stearns ALT-A Trust, Series 2003-3, Class 2A, 2.82%, 10/25/33, Callable 4/25/22 @ 100 (a)(f) | 1,062,047 | 1,017,991 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a) | 1,047 | 1,047 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.46%, 11/25/34, Callable 4/25/22 @ 100 (a)(f) | $ | 792,224 | $ | 765,772 | ||||
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 8/25/28 @ 100 (a) | 15,494 | 14,755 | ||||||
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a) | 6,680 | 4,362 | ||||||
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 4/25/22 @ 100 (a) | 44,062 | 39,451 | ||||||
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.86%, 10/25/29, Callable 9/25/23 @ 100 (a)(b)(f) | 1,473,596 | 1,447,808 | ||||||
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 6/25/29 @ 100 (a)(b)(f) | 708,846 | 680,191 | ||||||
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.50% (LIBOR03M+120bps), 7/29/30, Callable 4/29/22 @ 100 (a)(b)(c) | 2,250,000 | 2,242,188 | ||||||
Total Residential Mortgage-Backed Securities (Cost $6,369,544) | 6,213,565 | |||||||
Yankee Dollars (12.2%) | ||||||||
Communication Services (0.2%): | ||||||||
SES SA, 3.60%, 4/4/23(b) | 503,000 | 506,511 | ||||||
Consumer Discretionary (1.0%): | ||||||||
Stellantis NV, 5.25%, 4/15/23 | 2,048,000 | 2,094,981 | ||||||
Consumer Staples (3.8%): | ||||||||
Barry Callebaut Services NV, 5.50%, 6/15/23(b) | 2,346,000 | 2,401,642 | ||||||
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b) | 2,391,000 | 2,401,927 | ||||||
Pernod Ricard SA, 4.25%, 7/15/22(a)(b) | 833,000 | 839,689 | ||||||
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100(a)(b) | 2,122,000 | 2,125,713 | ||||||
7,768,971 | ||||||||
Energy (1.6%): | ||||||||
Canadian Natural Resources Ltd. | ||||||||
2.95%, 1/15/23, Callable 12/15/22 @ 100 | 1,305,000 | 1,311,225 | ||||||
3.80%, 4/15/24, Callable 1/15/24 @ 100 | 1,180,000 | 1,196,154 | ||||||
Ecopetrol SA, 5.88%, 9/18/23(a) | 846,000 | 866,549 | ||||||
3,373,928 | ||||||||
Financials (3.1%): | ||||||||
Barclays Bank PLC, | ||||||||
2/4/25 (a)(h) | 270,000 | 431,546 | ||||||
2/18/25 (h) | 230,000 | 255,238 | ||||||
HSBC Holdings PLC, 1.16% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100(c) | 1,000,000 | 966,180 | ||||||
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)(e) | 3,406,000 | 3,456,715 | ||||||
The Toronto-Dominion Bank, 2.35%, 3/8/24(e) | 1,359,000 | 1,350,955 | ||||||
6,460,634 | ||||||||
Industrials (0.8%): | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100 | 1,100,000 | 1,010,691 | ||||||
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b) | 606,000 | 576,864 | ||||||
1,587,555 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Materials (1.4%): | ||||||||
Anglo American Capital PLC, 3.63%, 9/11/24(b) | $ | 2,880,000 | $ | 2,887,719 | ||||
Utilities (0.3%): | ||||||||
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100 | 655,000 | 662,926 | ||||||
Total Yankee Dollars (Cost $25,874,370) | 25,343,225 | |||||||
U.S. Government Mortgage-Backed Agencies (4.0%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
5.00%, 6/15/23 - 8/1/40 (a) | 452,777 | 488,615 | ||||||
5.50%, 10/25/23 (a) | 1,200 | 1,217 | ||||||
7.00%, 9/1/38 (a) | 2,374 | 2,676 | ||||||
Series 4320, Class AP, 3.50%, 7/15/39 (a) | 718,015 | 730,417 | ||||||
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a) | 2,032,708 | 2,026,596 | ||||||
Series 4444, Class CH, 3.00%, 1/15/41 (a) | 284,996 | 286,266 | ||||||
Series 4049, Class AB, 2.75%, 12/15/41 (a) | 68,763 | 68,950 | ||||||
3,604,737 | ||||||||
Federal National Mortgage Association | ||||||||
6.00%, 2/1/37 (a) | 765,206 | 849,354 | ||||||
Series 2013-33, Class UD, 2.50%, 4/25/39 (a) | 259,867 | 260,252 | ||||||
Series 2011-21, Class PA, 4.50%, 5/25/40 (a) | 1,582,977 | 1,620,570 | ||||||
Series 2011-101, Class LA, 3.00%, 10/25/40 (a) | 27,865 | 27,885 | ||||||
5.00%, 2/1/41 - 10/1/41 (a) | 1,793,197 | 1,935,872 | ||||||
4,693,933 | ||||||||
Total U.S. Government Mortgage-Backed Agencies (Cost $8,410,993) | 8,298,670 | |||||||
U.S. Treasury Obligations (5.9%) | ||||||||
U.S. Treasury Notes | ||||||||
0.75%, 11/15/24 (a) | 8,579,000 | 8,199,647 | ||||||
1.50%, 2/15/25 | 4,078,000 | 3,964,581 | ||||||
Total U.S. Treasury Obligations (Cost $12,577,837) | 12,164,228 | |||||||
Collateral for Securities Loaned (1.7%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g) | 70,256 | 70,256 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g) | 1,970,670 | 1,970,670 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g) | 35,061 | 35,061 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g) | 279,567 | 279,567 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g) | 1,256,986 | 1,256,986 | ||||||
Total Collateral for Securities Loaned (Cost $3,612,540) | 3,612,540 | |||||||
Total Investments (Cost $204,736,703) — 97.3% | 201,789,349 | |||||||
Other assets in excess of liabilities — 2.7% | 5,584,683 | |||||||
NET ASSETS - 100.00% | $ | 207,374,032 |
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security has been segregated as collateral for derivative instruments. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $45,889,304 and amounted to 22.1% of net assets. |
(c) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022. |
(d) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory INCORE Low Duration Bond Fund | March 31, 2022 | ||
(Unaudited) |
(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 March 31, 2022. |
(g) | Rate disclosed is the daily yield on March 31, 2022. |
(h) | Zero-coupon bond. |
bps—Basis points |
LIBOR—London InterBank Offered Rate |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Futures Contracts Purchased
Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
2-Year U.S. Treasury Note Futures | 35 | 6/30/22 | $ | 7,520,173 | $ | 7,417,266 | $ | (102,907 | ) | |||||||
Mexican Peso Currency Futures | 91 | 6/13/22 | 2,124,852 | 2,262,715 | 137,863 | |||||||||||
$ | 34,956 |
Futures Contracts Sold
Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
10-Year U.S. Treasury Note Futures | 21 | 6/21/22 | $ | 2,658,321 | $ | 2,580,375 | $ | 77,946 | ||||||||
5-Year U.S. Treasury Note Futures | 82 | 6/30/22 | 9,655,856 | 9,404,375 | 251,481 | |||||||||||
Canadian Dollar Futures | 40 | 6/14/22 | 3,118,799 | 3,203,600 | (84,801 | ) | ||||||||||
Japanese Yen Futures | 38 | 6/13/22 | 4,132,499 | 3,912,812 | 219,687 | |||||||||||
Micro E-Mini S&P 500 Futures | 189 | 6/20/22 | 3,961,442 | 4,281,559 | (320,117 | ) | ||||||||||
Ultra Long Term U.S. Treasury Bond Futures | 4 | 6/21/22 | 736,900 | 708,500 | 28,400 | |||||||||||
$ | 172,596 | |||||||||||||||
Total unrealized appreciation | $ | 715,377 | ||||||||||||||
Total unrealized depreciation | (507,825 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | 207,552 |
Centrally Cleared
Credit Default Swap Agreements - Sell Protection(a)
Underlying Instruments | Fixed
Deal Receive Rate | Maturity
Date | Payment Frequency | Implied
Credit Spread at March 31, 2022 (b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
CDX North America High Yield Index; Series 37 | 5.00 | % | 12/20/26 | Quarterly | 3.45 | % | $ | 8,000,000 | $ | 427,321 | $ | 689,600 | $ | (262,279 | ) | |||||||||||||
$ | 427,321 | $ | 689,600 | $ | (262,279 | ) |
(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 | March 31, 2022 | |
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Common Stocks (0.7%) | ||||||||
Communication Services (0.5%): | ||||||||
Altice USA, Inc., Class A (a) | 38,825 | $ | 484,536 | |||||
iHeartMedia, Inc., Class A (a) | 30,500 | 577,365 | ||||||
Nexstar Media Group, Inc., Class A | 1,481 | 279,139 | ||||||
Sinclair Broadcast Group, Inc., Class A | 17,500 | 490,350 | ||||||
1,831,390 | ||||||||
Consumer Discretionary (0.0%):(b) | ||||||||
Men's Wearhouse, Inc. | 31,563 | 35,508 | ||||||
Health Care (0.2%): | ||||||||
Surgery Partners, Inc. (a) | 9,390 | 516,920 | ||||||
Total Common Stocks (Cost $2,143,123) | 2,383,818 | |||||||
Senior Secured Loans (21.0%) | ||||||||
19th Holdings Golf LLC, Initial Term Loans, First Lien, 3.75% (SOFR03M+325bps), 1/27/29 (c) | $ | 2,250,000 | 2,221,875 | |||||
Air Canada, Term Loan, First Lien, 4.25% (LIBOR06M+350bps), 7/27/28 (c) | 4,200,000 | 4,156,236 | ||||||
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25% (LIBOR06M+425bps), 3/14/25 (c) | 1,989,710 | 1,974,071 | ||||||
Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (c) | 1,953,846 | 1,869,186 | ||||||
Bausch Health Cos., Inc., Term B, First Lien, 1/27/27 (d)(e) | 3,000,000 | 2,966,250 | ||||||
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.25% (SOFR01M+650bps), 2/14/27 (c) | 2,750,000 | 2,516,250 | ||||||
CP Atlas Buyer, Inc., Term B Loans, First Lien, 4.25% (LIBOR03M+375bps), 11/23/27 (c) | 1,990,213 | 1,930,825 | ||||||
Dayco Products LLC, Term Loans, First Lien, 4.76% (LIBOR03M+425bps), 5/19/24 (c) | 952,500 | 931,859 | ||||||
Diamond Sports Group LLC, Term Loan Second Lien, Second Lien, 3.54% (SOFR01M+325bps), 8/24/26 (c)(e) | 7,062,063 | 2,387,895 | ||||||
Diamond Sports Group LLC, Term Loan, First Lien, 9.00% (SOFR01M+800bps), 5/25/26 (c) | 523,623 | 530,241 | ||||||
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75% (LIBOR03M+500bps), 3/25/28 (c) | 3,471,215 | 3,243,781 | ||||||
Envision Healthcare Corp., Initial Term Loans, First Lien, 10/10/25 (d)(e) | 3,125,000 | 2,067,719 | ||||||
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.25% (LIBOR06M+425bps), 10/2/25 (c) | 989,975 | 981,620 | ||||||
Great Outdoors Group LLC, Term B1, First Lien, 4.50% (LIBOR03M+375bps), 3/5/28 (c) | 3,609,363 | 3,591,316 | ||||||
Intelsat Jackson Holdings S.A., Term B Loan, First Lien, 4.75% (SOFR06M+425bps), 1/27/29 (c) | 3,250,000 | 3,192,118 | ||||||
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.50% (LIBOR03M+475bps), 6/30/28 (c) | 1,578,534 | 1,369,946 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Yield Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Knight Health Holdings LLC, Term B Loans, First Lien, 5.75% (LIBOR01M+525bps), 12/17/28 (c) | $ | 3,990,000 | $ | 3,615,938 | ||||
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75% (LIBOR03M+475bps), 12/15/24 (c) | 805,183 | 800,150 | ||||||
LifeScan Global Corp., Initial Term Loan, First Lien, 6.21% (LIBOR03M+600bps), 10/1/24 (c) | 3,904,202 | 3,718,753 | ||||||
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.00% (LIBOR01M+425bps), 11/24/28 (c) | 4,488,750 | 4,446,690 | ||||||
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25% (LIBOR03M+525bps), 6/20/27 (c) | 1,000,000 | 1,036,250 | ||||||
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 2/25/28 (c) | 4,457,487 | 4,409,748 | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (c) | 1,666,625 | 1,659,675 | ||||||
Radiology Partners, Inc., Term Loan New, First Lien, 4.72% (LIBOR01M+425bps), 7/9/25 (c) | 2,000,000 | 1,971,080 | ||||||
SWF Holdings Corp. I, Initial Term Loans, First Lien, 4.75% (LIBOR01M+400bps), 10/6/28 (c) | 4,350,000 | 4,212,236 | ||||||
Team Health Holdings, Inc., Facility EXTENDING TLB, First Lien, 6.25% (SOFR01M+525bps), 2/17/27 (c) | 1,302,979 | 1,237,283 | ||||||
The Men's Wearhouse LLC, Term Loan, First Lien, 9.00% (LIBOR03M+800bps), 12/1/25 (c) | 1,701,726 | 1,584,017 | ||||||
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00% (LIBOR03M+425bps), 4/15/28 (c) | 3,973,731 | 3,719,293 | ||||||
Traverse Midstream Partners LLC, Advance, First Lien, 5.25% (SOFR03M+425bps), 9/27/24 (c) | 1,947,396 | 1,936,841 | ||||||
United Airlines, Inc., Class B Term Loans, First Lien, 4.50% (LIBOR03M+375bps), 4/21/28 (c) | 1,485,000 | 1,465,205 | ||||||
Total Senior Secured Loans (Cost $73,466,539) | 71,744,347 | |||||||
Corporate Bonds (66.3%) | ||||||||
Communication Services (12.1%): | ||||||||
Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88(f)(g) | 3,500,000 | 3,287,515 | ||||||
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(g) | 5,500,000 | 4,898,850 | ||||||
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38(f)(g) | 4,960,000 | 4,960,298 | ||||||
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(g) | 4,200,000 | 3,922,128 | ||||||
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(g)(h) | 3,250,000 | 3,127,637 | ||||||
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(g) | 2,750,000 | 2,554,145 | ||||||
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19 | 4,510,000 | 4,662,258 | ||||||
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22(g) | 4,000,000 | 4,050,280 | ||||||
Scripps Escrow II, Inc., 5.38%, 1/15/31, Callable 1/15/26 @ 102.69(f)(g) | 1,600,000 | 1,537,232 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(g)(h) | 3,500,000 | 3,038,350 | ||||||
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5(h) | 3,000,000 | 3,016,440 | ||||||
Univision Communications, Inc., 5.13%, 2/15/25, Callable 4/25/22 @ 100.85(f)(g) | 2,500,000 | 2,501,425 | ||||||
41,556,558 | ||||||||
Consumer Discretionary (15.4%): | ||||||||
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(g) | 1,800,000 | 1,843,110 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Yield Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(g)(h) | $ | 4,750,000 | $ | 4,640,038 | ||||
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56(f)(g) | 4,800,000 | 4,156,080 | ||||||
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(f) | 4,100,000 | 3,843,873 | ||||||
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94(f) | 2,000,000 | 1,931,680 | ||||||
Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25(g) | 4,000,000 | 4,150,720 | ||||||
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(g) | 2,050,000 | 1,919,599 | ||||||
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(g)(h) | 4,000,000 | 3,995,400 | ||||||
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(g)(h) | 550,000 | 468,881 | ||||||
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100 | 140,000 | 148,954 | ||||||
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | 2,475,000 | 2,509,551 | ||||||
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(g) | 900,000 | 841,617 | ||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88(g)(h) | 3,600,000 | 3,717,648 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (g) | 2,000,000 | 1,721,780 | ||||||
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (g) | 3,800,000 | 3,253,674 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(f)(g) | 3,000,000 | 2,956,200 | ||||||
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 4/14/22 @ 104.13(g) | 3,000,000 | 3,123,750 | ||||||
Tenneco, Inc., 5.00%, 7/15/26, Callable 5/13/22 @ 102.5(f) | 4,350,000 | 4,278,268 | ||||||
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(g)(h) | 2,700,000 | 2,997,243 | ||||||
52,498,066 | ||||||||
Consumer Staples (1.1%): | ||||||||
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) | 1,370,000 | 1,284,690 | ||||||
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(g) | 2,800,000 | 2,392,712 | ||||||
3,677,402 | ||||||||
Energy (5.8%): | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(g) | 3,450,000 | 3,445,550 | ||||||
Antero Resources Corp. | ||||||||
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (g) | 1,964,000 | 2,171,241 | ||||||
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (g)(h) | 750,000 | 811,965 | ||||||
Citgo Holding, Inc., 9.25%, 8/1/24, Callable 5/13/22 @ 104.63(g) | 2,000,000 | 2,020,580 | ||||||
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 6/15/22 @ 103.5(g) | 1,500,000 | 1,517,490 | ||||||
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(g) | 4,776,000 | 4,916,558 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
9.25%, 5/15/25, Callable 5/15/22 @ 104.63 (f)(g) | 2,000,000 | 2,057,760 | ||||||
6.00%, 2/15/28, Callable 2/15/23 @ 103 | 1,750,000 | 1,406,825 | ||||||
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 1,350,000 | 1,361,245 | ||||||
19,709,214 | ||||||||
Financials (7.5%): | ||||||||
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(g) | 1,500,000 | 1,432,905 | ||||||
BCPE Ulysses Intermediate, Inc., 7.75%, 4/1/27, Callable 4/1/23 @ 102(g)(i) | 1,450,000 | 1,316,948 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(g) | 2,200,000 | 2,068,066 | ||||||
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(g) | 1,950,000 | 1,865,195 | ||||||
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(g) | 3,000,000 | 3,128,790 | ||||||
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25(g)(h) | 2,250,000 | 2,258,257 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Yield Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(f)(g)(h) | $ | 4,100,000 | $ | 3,512,675 | ||||
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(g) | 4,390,000 | 4,191,967 | ||||||
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(f)(g) | 4,800,000 | 3,936,480 | ||||||
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/13/22 @ 102(g) | 2,100,000 | 2,069,508 | ||||||
25,780,791 | ||||||||
Health Care (7.7%): | ||||||||
Air Methods Corp., 8.00%, 5/15/25, Callable 5/13/22 @ 102(f)(g)(h) | 3,125,000 | 2,702,875 | ||||||
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(g)(h) | 2,250,000 | 1,771,358 | ||||||
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(f)(g) | 5,450,000 | 5,085,014 | ||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63(g) | 3,714,000 | 3,824,380 | ||||||
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(g)(h) | 2,985,000 | 2,999,268 | ||||||
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 5/13/22 @ 104.88(g) | 3,000,000 | 3,140,850 | ||||||
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(f)(g) | 3,250,000 | 2,924,252 | ||||||
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(g) | 4,000,000 | 4,065,800 | ||||||
26,513,797 | ||||||||
Industrials (12.0%): | ||||||||
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 5/13/22 @ 100(g) | 1,450,000 | 1,348,152 | ||||||
American Airlines, Inc., 11.75%, 7/15/25(g) | 3,500,000 | 4,088,175 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(g) | 1,850,000 | 1,843,673 | ||||||
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/13/22 @ 103.19(g) | 3,000,000 | 3,080,940 | ||||||
Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06(g)(h) | 3,000,000 | 2,786,250 | ||||||
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(g) | 2,800,000 | 2,510,508 | ||||||
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 | 3,123,420 | ||||||
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(g) | 2,050,000 | 2,020,664 | ||||||
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(g) | 2,000,000 | 1,881,880 | ||||||
SRS Distribution, Inc. | ||||||||
6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (f)(g) | 1,125,000 | 1,044,833 | ||||||
6.00%, 12/1/29, Callable 12/1/24 @ 103 (g) | 3,000,000 | 2,783,160 | ||||||
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(g)(h) | 5,000,000 | 4,548,100 | ||||||
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31 | 1,325,000 | 1,239,697 | ||||||
Triumph Group, Inc., 6.25%, 9/15/24, Callable 5/13/22 @ 101.56(g) | 3,525,000 | 3,505,048 | ||||||
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(g) | 3,000,000 | 2,708,760 | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(g) | 2,250,000 | 2,388,352 | ||||||
40,901,612 | ||||||||
Information Technology (1.7%): | ||||||||
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(g) | 3,750,000 | 4,022,287 | ||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 5/13/22 @ 103.75(g) | 1,800,000 | 1,708,218 | ||||||
5,730,505 | ||||||||
Materials (2.0%): | ||||||||
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56 | 3,000,000 | 2,827,500 | ||||||
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(g) | 1,800,000 | 1,806,840 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Yield Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(g) | $ | 2,250,000 | $ | 2,123,798 | ||||
6,758,138 | ||||||||
Real Estate (1.0%): | ||||||||
Adams Homes, Inc., 7.50%, 2/15/25, Callable 4/28/22 @ 103.75(g) | 3,371,000 | 3,367,326 | ||||||
Total Corporate Bonds (Cost $234,360,399) | 226,493,409 | |||||||
Yankee Dollars (8.5%) | ||||||||
Communications (1.4%): | ||||||||
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(g) | 6,050,000 | 4,617,965 | ||||||
Consumer Discretionary (0.6%): | ||||||||
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63(g) | 2,000,000 | 1,995,500 | ||||||
Energy (0.9%): | ||||||||
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(g) | 3,000,000 | 3,107,640 | ||||||
Health Care (0.7%): | ||||||||
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 4/19/22 @ 102.04(g) | 2,448,000 | 2,467,119 | ||||||
Industrials (2.6%): | ||||||||
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/13/22 @ 103.94(f)(g) | 4,500,000 | 4,407,165 | ||||||
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(f)(g) | 4,750,000 | 4,470,082 | ||||||
8,877,247 | ||||||||
Information Technology (0.7%): | ||||||||
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(g) | 2,500,000 | 2,423,200 | ||||||
Materials (1.6%): | ||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/13/22 @ 101.94(g)(h) | 2,000,000 | 1,989,040 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(g) | 3,900,000 | 3,603,483 | ||||||
5,592,523 | ||||||||
Total Yankee Dollars (Cost $30,018,037) | 29,081,194 | |||||||
Exchange-Traded Funds (1.3%) | ||||||||
Invesco Senior Loan ETF (f)(h) | 107,000 | 2,329,390 | ||||||
SPDR Blackstone Senior Loan ETF (f)(h) | 50,750 | 2,281,720 | ||||||
Total Exchange-Traded Funds (Cost $4,706,377) | 4,611,110 | |||||||
Collateral for Securities Loaned (16.6%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (j) | 1,103,765 | 1,103,765 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (j) | 30,960,494 | 30,960,494 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (j) | 550,833 | 550,833 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (j) | 4,392,172 | 4,392,172 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Yield Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (j) | 19,748,064 | $ | 19,748,064 | |||||
Total Collateral for Securities Loaned (Cost $56,755,328) | 56,755,328 | |||||||
Total Investments (Cost $401,449,803) — 114.4% | 391,069,206 | |||||||
Liabilities in excess of other assets — (14.4)% | (49,250,484 | ) | ||||||
NET ASSETS - 100.00% | $ | 341,818,722 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | Amount represents less than 0.05% of net assets. |
(c) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022. |
(d) | 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. |
(e) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(f) | All or a portion of this security is on loan. |
(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 March 31, 2022, the fair value of these securities was $228,348,312 and amounted to 66.8% 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) | Coupon may be 8.50% PIK. |
(j) | Rate disclosed is the daily yield on March 31, 2022. |
bps—Basis points |
ETF—Exchange-Traded Fund |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
PIK—Payment-in-Kind |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory Tax-Exempt Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Municipal Bonds (98.6%) | ||||||||
Arkansas (1.9%): | ||||||||
Arkansas Development Finance Authority Revenue, 3.20%, 12/1/49, Continuously Callable @100 | $ | 750,000 | $ | 668,656 | ||||
University of Central Arkansas Revenue, Series A, 3.00%, 11/1/49, Continuously Callable @100 | 265,000 | 240,237 | ||||||
908,893 | ||||||||
California (1.6%): | ||||||||
Golden State Tobacco Securitization Corp. Revenue, Series A2, 5.00%, 6/1/47, Pre-refunded 6/1/22 @ 100 | 275,000 | 276,770 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series A, 4.00%, 5/1/52, Continuously Callable @100 | 500,000 | 512,475 | ||||||
789,245 | ||||||||
Colorado (1.6%): | ||||||||
Colorado Health Facilities Authority Revenue, Series A, 4.00%, 12/1/50, Continuously Callable @103 | 750,000 | 785,944 | ||||||
Connecticut (4.5%): | ||||||||
Connecticut Health and Educational Facilities Authority Revenue, Series 2016 CT, 5.00%, 12/1/41, Continuously Callable @100 | 2,000,000 | 2,162,282 | ||||||
Florida (10.8%): | ||||||||
Capital Trust Agency, Inc. Revenue, 5.00%, 8/1/55, Continuously Callable @100 | 400,000 | 418,054 | ||||||
City of Pompano Beach Revenue, 4.00%, 9/1/50, Continuously Callable @103 | 500,000 | 490,502 | ||||||
County of Miami-Dade Seaport Department Revenue, 4.00%, 10/1/50, Continuously Callable @100 | 500,000 | 518,254 | ||||||
Florida Development Finance Corp. Revenue, Series A, 5.00%, 6/15/55, Continuously Callable @100 | 500,000 | 533,525 | ||||||
Hillsborough County IDA Revenue, 4.00%, 8/1/50, Continuously Callable @100 | 500,000 | 513,424 | ||||||
Miami-Dade County Public Facilities Revenue, Series A, 5.00%, 6/1/33, Continuously Callable @100 | 2,000,000 | 2,172,660 | ||||||
St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103 | 500,000 | 541,917 | ||||||
5,188,336 | ||||||||
Georgia (1.4%): | ||||||||
Appling County Development Authority Revenue, 0.56%, 9/1/41, Continuously Callable @100 (a) | 650,000 | 650,000 | ||||||
Guam (2.2%): | ||||||||
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 1,000,000 | 1,072,469 | ||||||
Illinois (23.1%): | ||||||||
Chicago Board of Education Revenue, 6.00%, 4/1/46, Continuously Callable @100 | 2,275,000 | 2,573,648 | ||||||
Chicago Transit Authority Sales Tax Receipts Revenue, Series 2014, 5.00%, 12/1/44, Continuously Callable @100 | 1,450,000 | 1,548,617 | ||||||
City of Chicago Wastewater Transmission Revenue | ||||||||
Series A, 5.00%, 1/1/47, Continuously Callable @100 | 1,000,000 | 1,073,314 | ||||||
Series C, 5.00%, 1/1/34, Continuously Callable @100 | 1,000,000 | 1,063,466 | ||||||
City of Chicago, GO, Series A, 5.50%, 1/1/49, Callable 1/1/29 @ 100, Continuously Callable @100 | 1,000,000 | 1,089,948 | ||||||
Illinois, GO, Series 2013, 5.50%, 7/1/27, Continuously Callable @100 | 2,000,000 | 2,082,238 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory Tax-Exempt Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Sales Tax Securitization Corp. Revenue, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100 | $ | 1,500,000 | $ | 1,685,528 | ||||
11,116,759 | ||||||||
Iowa (0.9%): | ||||||||
Iowa Finance Authority Revenue, Series A-1, 4.00%, 5/15/55, Continuously Callable @103 | 500,000 | 445,843 | ||||||
Massachusetts (1.8%): | ||||||||
University of Massachusetts Building Authority Revenue | ||||||||
5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 | 220,000 | 236,886 | ||||||
Series 1-2021, 5.00%, 11/1/39, Continuously Callable @100 | 410,000 | 439,446 | ||||||
Series 1-2021, 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 | 190,000 | 204,584 | ||||||
880,916 | ||||||||
Michigan (1.0%): | ||||||||
Michigan Finance Authority Revenue, 4.00%, 12/1/51, Continuously Callable @100 | 500,000 | 502,545 | ||||||
Missouri (2.5%): | ||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue, 4.25%, 12/1/42, Continuously Callable @100 (b) | 1,150,000 | 1,200,961 | ||||||
New Jersey (8.0%): | ||||||||
New Jersey Economic Development Authority Biomedical Research Facilities Revenue, Series 2016 A, 5.00%, 7/15/29, Continuously Callable @100 | 885,000 | 967,747 | ||||||
New Jersey Transportation Trust Fund Authority Revenue | ||||||||
5.00%, 6/15/28, Continuously Callable @100 | 1,000,000 | 1,106,893 | ||||||
Series BB, 3.50%, 6/15/46, Continuously Callable @100 | 200,000 | 187,769 | ||||||
Tobacco Settlement Financing Corp. Revenue, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100 | 1,500,000 | 1,605,133 | ||||||
3,867,542 | ||||||||
New York (12.3%): | ||||||||
Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100 | 1,545,000 | 1,681,011 | ||||||
Metropolitan Transportation Authority Revenue, Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 500,000 | 509,984 | ||||||
New York Counties Tobacco Trust II Revenue, 5.75%, 6/1/43, Continuously Callable @100 | 200,000 | 201,667 | ||||||
New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (b)(c) | 330,000 | 304,409 | ||||||
Port Authority of New York & New Jersey Revenue, 5.00%, 12/1/32, Continuously Callable @100 | 1,000,000 | 1,042,565 | ||||||
TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 | 2,000,000 | 2,170,342 | ||||||
5,909,978 | ||||||||
North Carolina (5.5%): | ||||||||
City of Charlotte Certificate of Participation, 4.00%, 6/1/49, Continuously Callable @100 | 1,670,000 | 1,763,952 | ||||||
North Carolina Medical Care Commission Revenue | ||||||||
Series A, 4.00%, 9/1/50, Continuously Callable @100 | 500,000 | 491,284 | ||||||
Series A, 4.00%, 10/1/50, Continuously Callable @103 | 350,000 | 365,552 | ||||||
2,620,788 | ||||||||
Ohio (7.3%): | ||||||||
Buckeye Tobacco Settlement Financing Authority Revenue, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 | 1,000,000 | 1,035,140 | ||||||
County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103 | 500,000 | 546,926 | ||||||
County of Hardin Economic Development Facilities Revenue, 5.00%, 5/1/30, Continuously Callable @103 | 350,000 | 361,482 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory Tax-Exempt Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Logan Elm Local School District, GO, 4.00%, 11/1/55, Continuously Callable @100 | $ | 1,500,000 | $ | 1,586,838 | ||||
3,530,386 | ||||||||
Pennsylvania (5.2%): | ||||||||
Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100 | 1,000,000 | 1,131,300 | ||||||
The Philadelphia School District, GO, Series A, 5.00%, 9/1/38, Continuously Callable @100 | 1,200,000 | 1,346,617 | ||||||
2,477,917 | ||||||||
Texas (2.5%): | ||||||||
City of Arlington Tax Allocation, 4.00%, 8/15/50, Continuously Callable @100 | 500,000 | 514,142 | ||||||
Port of Port Arthur Navigation District Revenue, Series B, 0.51%, 4/1/40, Continuously Callable @100 (a) | 700,000 | 700,000 | ||||||
1,214,142 | ||||||||
Utah (3.5%): | ||||||||
Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (b) | 368,503 | 369,581 | ||||||
Military Installation Development Authority Revenue, Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 250,000 | 217,492 | ||||||
Utah Infrastructure Agency Revenue, Series A, 5.00%, 10/15/40, Continuously Callable @100 | 1,000,000 | 1,084,472 | ||||||
1,671,545 | ||||||||
Wisconsin (1.0%): | ||||||||
Wisconsin Health & Educational Facilities Authority Revenue, 4.00%, 1/1/47, Continuously Callable @103 | 500,000 | 457,123 | ||||||
Total Municipal Bonds (Cost $47,291,936) | 47,453,614 | |||||||
Total Investments (Cost $47,291,936) — 98.6% | 47,453,614 | |||||||
Other assets in excess of liabilities — 1.4% | 675,387 | |||||||
NET ASSETS - 100.00% | $ | 48,129,001 |
(a) | 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. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $1,874,951 and amounted to 3.9% of net assets. |
(c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.6% of net assets. |
GO—General Obligation |
IDA—Industrial Development Authority |
Victory Portfolios | Schedule of Portfolio Investments | |
Victory High Income Municipal Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Municipal Bonds (98.8%) | ||||||||
Arizona (6.5%): | ||||||||
Arizona IDA Revenue | ||||||||
4.00%, 7/15/51, Continuously Callable @100 (a) | $ | 500,000 | $ | 475,450 | ||||
4.00%, 12/15/51, Continuously Callable @100 (a) | 700,000 | 662,956 | ||||||
La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100 | 280,000 | 284,743 | ||||||
Maricopa County IDA Revenue, 4.00%, 10/15/47, Continuously Callable @104 (a) | 500,000 | 492,494 | ||||||
The IDA of the City of Phoenix Revenue, 4.00%, 12/1/51, Continuously Callable @100 (a) | 1,000,000 | 815,714 | ||||||
The IDA of the County of Pima Revenue, 4.00%, 6/15/51, Continuously Callable @100 (a) | 500,000 | 457,357 | ||||||
3,188,714 | ||||||||
California (0.9%): | ||||||||
California County Tobacco Securitization Agency Revenue, Series B-1, 5.00%, 6/1/49, Continuously Callable @100 | 250,000 | 276,889 | ||||||
Golden State Tobacco Securitization Corp. Revenue, Series A2, 5.00%, 6/1/47, Pre-refunded 6/1/22 @ 100 | 180,000 | 181,159 | ||||||
458,048 | ||||||||
Delaware (1.0%): | ||||||||
Delaware State Economic Development Authority Revenue, 4.00%, 6/1/52, Continuously Callable @100 | 500,000 | 482,845 | ||||||
District of Columbia (1.0%): | ||||||||
District of Columbia Tobacco Settlement Financing Corp. Revenue, 6.50%, 5/15/33 | 460,000 | 482,284 | ||||||
Florida (7.3%): | ||||||||
Escambia County Health Facilities Authority Revenue, 3.00%, 8/15/50, Continuously Callable @100 | 1,000,000 | 874,605 | ||||||
Florida Development Finance Corp. Revenue, 4.00%, 7/1/55, Continuously Callable @100 | 500,000 | 450,767 | ||||||
Pinellas County Educational Facilities Authority Revenue, Series A, 4.00%, 6/1/46, Continuously Callable @100 (a) | 500,000 | 452,748 | ||||||
Seminole County IDA Revenue, 4.00%, 6/15/56, Continuously Callable @100 (a) | 705,000 | 650,892 | ||||||
Sumter County Village Community Development District No. 10 Special Assessment Revenue, Series 2014, 5.75%, 5/1/31, Continuously Callable @100 | 1,145,000 | 1,180,502 | ||||||
3,609,514 | ||||||||
Georgia (1.6%): | ||||||||
Appling County Development Authority Revenue, 0.56%, 9/1/29, Continuously Callable @100 (b) | 300,000 | 300,000 | ||||||
The Burke County Development Authority Revenue, Series 1, 0.53%, 7/1/49, Continuously Callable @100 (b) | 500,000 | 500,000 | ||||||
800,000 | ||||||||
Illinois (10.4%): | ||||||||
Chicago Board of Education Revenue, 6.00%, 4/1/46, Continuously Callable @100 | 1,500,000 | 1,696,911 | ||||||
City of Chicago, GO, Series A, 5.50%, 1/1/49, Callable 1/1/29 @ 100, Continuously Callable @100 | 1,000,000 | 1,089,948 | ||||||
Illinois, GO | ||||||||
5.50%, 7/1/33, Continuously Callable @100 | 1,000,000 | 1,041,119 | ||||||
5.50%, 7/1/38, Continuously Callable @100 | 1,250,000 | 1,301,399 | ||||||
5,129,377 | ||||||||
Indiana (3.2%): | ||||||||
Indiana Finance Authority Revenue | ||||||||
4.13%, 12/1/26 | 1,000,000 | 1,061,601 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Income Municipal Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Series A, 5.00%, 7/1/55, Continuously Callable @100 | $ | 500,000 | $ | 517,458 | ||||
1,579,059 | ||||||||
Iowa (1.9%): | ||||||||
Iowa Finance Authority Revenue | ||||||||
Series A, 5.00%, 5/15/48, Continuously Callable @100 | 500,000 | 514,388 | ||||||
Series A-1, 4.00%, 5/15/55, Continuously Callable @103 | 500,000 | 445,843 | ||||||
960,231 | ||||||||
Maryland (0.4%): | ||||||||
Maryland Economic Development Corp. Revenue, 4.25%, 7/1/50, Continuously Callable @100 | 200,000 | 207,274 | ||||||
Massachusetts (2.1%): | ||||||||
Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a) | 300,000 | 318,422 | ||||||
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J | ||||||||
Series 2011, 5.63%, 7/1/28, Continuously Callable @100 | 200,000 | 200,121 | ||||||
Series 2011, 5.63%, 7/1/29, Continuously Callable @100 | 410,000 | 410,245 | ||||||
Series 2011, 5.63%, 7/1/33, Continuously Callable @100 | 100,000 | 100,056 | ||||||
1,028,844 | ||||||||
Minnesota (0.8%): | ||||||||
City of Woodbury Revenue, 4.00%, 7/1/51, Continuously Callable @103 | 400,000 | 375,075 | ||||||
Missouri (1.1%): | ||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue, 4.25%, 12/1/42, Continuously Callable @100 (a) | 500,000 | 522,157 | ||||||
New Hampshire (2.6%): | ||||||||
New Hampshire Business Finance Authority Revenue | ||||||||
4.00%, 1/1/51, Continuously Callable @103 | 500,000 | 513,903 | ||||||
Series B, 3.75%, 7/1/45, (Put Date 7/2/40) (a)(c) | 750,000 | 751,217 | ||||||
1,265,120 | ||||||||
New Jersey (6.2%): | ||||||||
New Jersey Economic Development Authority Revenue, Series S, 4.00%, 6/15/50, Continuously Callable @100 | 450,000 | 458,735 | ||||||
New Jersey Economic Development Authority School Facilities Construction Revenue, Series 2015 WW, 5.25%, 6/15/32, Pre-refunded 6/15/25 @ 100 | 1,000,000 | 1,099,688 | ||||||
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue, Series A, 5.00%, 7/1/33, Continuously Callable @100 | 500,000 | 544,896 | ||||||
New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.75%, 12/1/28, Continuously Callable @100 | 495,000 | 495,264 | ||||||
New Jersey Transportation Trust Fund Authority Revenue, Series BB, 3.50%, 6/15/46, Continuously Callable @100 | 500,000 | 469,422 | ||||||
3,068,005 | ||||||||
New Mexico (2.0%): | ||||||||
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102 | 500,000 | 525,814 | ||||||
Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103 (a) | 500,000 | 463,603 | ||||||
989,417 | ||||||||
New York (9.4%): | ||||||||
Build NYC Resource Corp. Revenue | ||||||||
4.00%, 6/15/51, Continuously Callable @100 | 500,000 | 475,565 | ||||||
Series A, 5.00%, 6/15/51, Continuously Callable @100 (a) | 100,000 | 106,038 | ||||||
Huntington Local Development Corp. Revenue, Series S, 3.00%, 7/1/25 | 500,000 | 488,934 | ||||||
Metropolitan Transportation Authority Revenue | ||||||||
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c) | 365,000 | 416,222 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Income Municipal Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | $ | 500,000 | $ | 509,984 | ||||
New York State Dormitory Authority Revenue | ||||||||
6.00%, 7/1/40, Continuously Callable @100 (a)(d) | 1,000,000 | 922,451 | ||||||
4.00%, 7/1/40, Continuously Callable @100 | 200,000 | 205,224 | ||||||
New York Transportation Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100 | 750,000 | 834,878 | ||||||
Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100 | 250,000 | 250,966 | ||||||
Western Regional Off-Track Betting Corp. Revenue, 4.13%, 12/1/41, Continuously Callable @100 (a) | 500,000 | 427,044 | ||||||
4,637,306 | ||||||||
North Carolina (3.0%): | ||||||||
North Carolina Medical Care Commission Revenue, 5.00%, 10/1/50, Continuously Callable @103 | 250,000 | 262,540 | ||||||
University of North Carolina Hill Revenue, 5.00%, 2/1/49 | 1,000,000 | 1,228,940 | ||||||
1,491,480 | ||||||||
North Dakota (2.0%): | ||||||||
Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue, 5.00%, 12/1/36, Continuously Callable @100 | 1,000,000 | 991,744 | ||||||
Ohio (3.6%): | ||||||||
Buckeye Tobacco Settlement Financing Authority Revenue, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 | 1,000,000 | 1,035,140 | ||||||
County of Hardin Revenue, 5.50%, 5/1/50, Continuously Callable @103 | 500,000 | 507,615 | ||||||
Northeast Ohio Medical University Revenue, Series A, 4.00%, 12/1/45, Continuously Callable @100 | 225,000 | 229,547 | ||||||
1,772,302 | ||||||||
Oklahoma (0.0%):(e) | ||||||||
Oklahoma Development Finance Authority Continuing Care Retirement Community Revenue, Series 2012, 1/1/32, Continuously Callable @100 (d)(f)(g) | 1,885,000 | 9,859 | ||||||
Oregon (1.8%): | ||||||||
Clackamas County Hospital Facility Authority Revenue | ||||||||
Series A, 5.00%, 11/15/52, Continuously Callable @102 | 500,000 | 524,716 | ||||||
Series A, 5.38%, 11/15/55, Continuously Callable @102 | 100,000 | 106,223 | ||||||
Yamhill County Hospital Authority Revenue, Series A, 5.00%, 11/15/51, Continuously Callable @103 | 250,000 | 250,282 | ||||||
881,221 | ||||||||
Pennsylvania (2.3%): | ||||||||
Bucks County IDA Revenue, 5.00%, 7/1/54, Continuously Callable @100 | 500,000 | 556,458 | ||||||
Pennsylvania Economic Development Financing Authority Revenue, 9.00%, 4/1/51, (Put Date 4/13/28) (a)(c) | 500,000 | 589,006 | ||||||
1,145,464 | ||||||||
South Carolina (4.0%): | ||||||||
County of Richland SC Special Assessment, 3.63%, 11/1/31, Continuously Callable @103 (a) | 290,000 | 270,939 | ||||||
Lancaster County Walnut Creek Improvement District Assessment Refunding Revenue, Series 2016 A-1, 5.00%, 12/1/37, Continuously Callable @100 | 1,675,000 | 1,715,186 | ||||||
1,986,125 | ||||||||
South Dakota (0.7%): | ||||||||
Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22, Callable 5/13/22 @ 100 (a) | 335,000 | 335,108 | ||||||
Texas (5.5%): | ||||||||
City of Houston TX Airport System Revenue, Series C, 4.00%, 7/15/41, Continuously Callable @100 | 750,000 | 725,625 | ||||||
Port of Port Arthur Navigation District Revenue | ||||||||
Series B, 0.51%, 4/1/40, Continuously Callable @100 (b) | 400,000 | 400,000 |
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory High Income Municipal Bond Fund | March 31, 2022 | |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Series C, 0.54%, 4/1/40, Continuously Callable @100 (b) | $ | 500,000 | $ | 500,000 | ||||
Texas Private Activity Bond Surface Transportation Corp. Revenue, NTE Mobility Partners Segments 3 LLC - Segments 3A & 3B Facility, Series 2013, 7.00%, 12/31/38, Continuously Callable @100 | 1,000,000 | 1,063,278 | ||||||
2,688,903 | ||||||||
Utah (6.9%): | ||||||||
Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a) | 1,299,653 | 1,303,454 | ||||||
Military Installation Development Authority Revenue | ||||||||
Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 250,000 | 217,492 | ||||||
Series A-1, 4.00%, 6/1/52, Continuously Callable @103 | 250,000 | 204,743 | ||||||
Utah Charter School Finance Authority Revenue, 2.75%, 4/15/50, Continuously Callable @100 | 525,000 | 429,442 | ||||||
Utah Infrastructure Agency Revenue, Series A, 5.38%, 10/15/40, Continuously Callable @100 | 1,150,000 | 1,272,374 | ||||||
3,427,505 | ||||||||
Vermont (1.5%): | ||||||||
Vermont Economic Development Authority Revenue, 4.00%, 5/1/45, Continuously Callable @103 | 500,000 | 478,235 | ||||||
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100 | 250,000 | 264,896 | ||||||
743,131 | ||||||||
West Virginia (2.2%): | ||||||||
The County Commission of Monongalia County, WV Special District Excise Tax Revenue, Series 2017 A, 5.75%, 6/1/43, Continuously Callable @100 (a) | 1,000,000 | 1,105,509 | ||||||
Wisconsin (6.9%): | ||||||||
Public Finance Authority Revenue | ||||||||
4.00%, 4/1/52, Continuously Callable @100 (a) | 500,000 | 472,806 | ||||||
Series A, 4.25%, 12/1/51, Continuously Callable @100 (a) | 500,000 | 457,671 | ||||||
Series A, 5.25%, 3/1/55, Continuously Callable @100 (a) | 500,000 | 530,543 | ||||||
Series A, 5.00%, 7/1/55, Continuously Callable @100 (a) | 500,000 | 512,471 | ||||||
Series A-1, 4.00%, 7/1/51, Continuously Callable @100 (a) | 500,000 | 501,695 | ||||||
Wisconsin Health & Educational Facilities Authority Revenue | ||||||||
4.00%, 1/1/47, Continuously Callable @103 | 500,000 | 457,123 | ||||||
4.00%, 12/1/51, Continuously Callable @100 | 500,000 | 467,672 | ||||||
3,399,981 | ||||||||
Total Municipal Bonds (Cost $50,063,783) | 48,761,602 | |||||||
Total Investments (Cost $50,063,783) — 98.8% | 48,761,602 | |||||||
Other assets in excess of liabilities — 1.2% | 597,513 | |||||||
NET ASSETS - 100.00% | $ | 49,359,115 |
(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 March 31, 2022, the fair value of these securities was $13,597,745 and amounted to 27.5% 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. |
(c) | Put Bond. |
(d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 1.89% of net assets. |
(e) | Amount represents less than 0.05% of net assets. |
(f) | Currently the issuer is in default with respect to interest and/or principal payments. |
(g) | Zero-coupon bond. |
GO—General Obligation |
IDA—Industrial Development Authority |
LLC—Limited Liability Company |
Victory Portfolios | Schedule of Portfolio Investments | |||||||
Victory Floating Rate Fund | March 31, 2022 | |||||||
(Unaudited) | ||||||||
Security Description | Shares or Principal Amount | Value | ||||||
Common Stocks (0.0%)(a) | ||||||||
Consumer Discretionary (0.0%): | ||||||||
Men's Wearhouse, Inc. | 51,299 | $ | 57,711 | |||||
Total Common Stocks (Cost $192,371) | 57,711 | |||||||
Warrants (0.0%)(a) | ||||||||
Communication Services (0.0%): | ||||||||
Cineworld | 377,856 | 57,072 | ||||||
Total Warrants (Cost $–) | 57,072 | |||||||
Senior Secured Loans (87.8%) | ||||||||
19th Holdings Golf LLC, Initial Term Loans, First Lien, 3.75% (SOFR03M+325bps), 1/27/29 (b) | $ | 27,500,000 | 27,156,250 | |||||
84 Lumber Co., Term B-1 Loans, First Lien, 3.75% (LIBOR01M+300bps), 11/13/26 (b) | 16,812,249 | 16,656,736 | ||||||
AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 5.50% (LIBOR03M+475bps), 4/20/28 (b) | 37,334,127 | 37,765,709 | ||||||
Academy Ltd., Refinancing Term Loans, First Lien, 4.50% (LIBOR01M+375bps), 11/6/27 (b) | 8,154,474 | 8,088,259 | ||||||
Accelerated Health Systems LLC, Initial Term B Loans, First Lien, 4.91% (SOFR06M+425bps), 2/2/29 (b) | 15,000,000 | 14,878,200 | ||||||
ACProducts, Inc., Initial Term Loans, Fist Lien, 5/17/28 (c) | 5,000,000 | 4,497,200 | ||||||
ACProducts, Inc., Initial Term Loans, First Lien, 4.75% (LIBOR06M+425bps), 5/17/28 (b) | 28,777,400 | 25,883,544 | ||||||
Acrisure LLC, 2021-1 Additional Term Loans, First Lien, 4.25% (LIBOR03M+375bps), 2/15/27 (b) | 1,492,500 | 1,480,381 | ||||||
Acrisure LLC, 2021-2 Additional Term Loan, First Lien, 4.75% (LIBOR03M+425bps), 2/15/27 (b) | 3,990,000 | 3,967,576 | ||||||
Acrisure LLC, Term Loan B 2020, First Lien, 3.72% (LIBOR03M+350bps), 2/15/27 (b) | 15,219,094 | 14,978,175 | ||||||
Air Canada, Term Loan, First Lien, 4.25% (LIBOR06M+350bps), 7/27/28 (b) | 33,000,000 | 32,656,140 | ||||||
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25% (LIBOR06M+425bps), 3/14/25 (b) | 7,832,908 | 7,771,342 | ||||||
Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (b) | 13,763,752 | 13,167,368 | ||||||
Albaugh LLC, Term Loan B, First Lien, 12/21/24 (c)(d) | 16,000,000 | 15,920,000 | ||||||
Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 4.25% (LIBOR03M+350bps), 10/8/27 (b) | 13,296,526 | 13,155,317 | ||||||
Alliant Holdings Intermediate LLC, 2021-2 New Term Loans, First Lien, 4.00% (LIBOR01M+350bps), 11/6/27 (b) | 2,985,000 | 2,962,195 | ||||||
Alterra Mountain Co., Facility 2028 Term Loan B, First Lien, 4.00% (LIBOR01M+350bps), 8/17/28 (b) | 7,967,481 | 7,897,766 | ||||||
American Axle & Manufacturing, Inc., Term Loan B, First Lien, 3.00% (LIBOR01M+225bps), 4/6/24 (b) | 4,597,196 | 4,562,717 | ||||||
Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 3.75% (LIBOR01M+350bps), 3/23/25 (b) | 12,643,643 | 12,431,862 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Anchor Packaging LLC, Initial Term Loans, First Lien, 4.21% (LIBOR01M+400bps), 7/18/26 (b) | $ | 6,904,852 | $ | 6,766,755 | ||||
Apex Tool Group LLC, Initial Term Loan, First Lien, 5.75% (SOFR01M+525bps), 2/8/29 (b) | 11,491,862 | 11,175,835 | ||||||
At Home Group, Inc., Initial Term Loan, First Lien, 4.75% (LIBOR03M+425bps), 7/23/28 (b) | 32,749,401 | 31,296,310 | ||||||
Bally's Corp., Term B Facility Loans, First Lien, 3.75% (LIBOR06M+325bps), 10/1/28 (b) | 14,962,500 | 14,868,984 | ||||||
Bausch Health Cos., Inc., Term B, First Lien, 1/27/27 (c)(d) | 36,000,000 | 35,595,000 | ||||||
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR03M+425bps), 6/21/24 (b) | 7,623,320 | 7,260,145 | ||||||
Brookfield Property REIT, Inc., Initial Term B Loans, First Lien, 2.71% (LIBOR01M+250bps), 8/24/25 (b) | 9,485,042 | 9,237,577 | ||||||
BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 9.49% (LIBOR03M+900bps), 5/15/26 (b) | 3,000,000 | 1,620,000 | ||||||
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.71% (LIBOR01M+350bps), 6/19/25 (b) | 7,887,406 | 7,851,913 | ||||||
Calpine Corp., 2020 Term Loans, First Lien, 2.71% (LIBOR01M+250bps), 12/16/27 (b) | 2,957,680 | 2,929,966 | ||||||
Chariot Buyer LLC, Initial Term Loans, First Lien, 4.00% (LIBOR01M+350bps), 11/3/28 (b) | 12,967,500 | 12,794,643 | ||||||
Chassix, Inc., Term Loan B, First Lien, 6.50% (LIBOR06M+550bps), 11/10/23 (b) | 2,001,299 | 1,772,150 | ||||||
Chassix, Inc., Term Loan B, First Lien, 6.50% (LIBOR03M+550bps), 11/10/23 (b) | 1,814,230 | 1,606,501 | ||||||
Clarios Global LP, Term B-1, First Lien, 3.46% (LIBOR01M+325bps), 4/30/26 (b) | 7,659,794 | 7,554,472 | ||||||
Clydesdale Acquisition Holdings, Inc., TL, First Lien, 3/30/29 (c)(d) | 18,000,000 | 17,699,940 | ||||||
Consolidated Communications, Inc., 2020 Term B-1, First Lien, 4.25% (LIBOR01M+350bps), 10/2/27 (b) | 13,644,610 | 12,738,198 | ||||||
Cornerstone Building Brands, Inc., New Term Loan B, First Lien, 3.75% (LIBOR01M+325bps), 4/12/28 (b) | 16,644,312 | 16,075,576 | ||||||
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.25% (SOFR01M+650bps), 2/14/27 (b) | 17,000,000 | 15,555,000 | ||||||
CP Atlas Buyer, Inc., Term B Loans, First Lien, 4.25% (LIBOR03M+375bps), 11/23/27 (b) | 32,923,047 | 31,940,623 | ||||||
CPM Holdings, Inc., 2nd Lien Initial Term Loans, Second Lien, 8.48% (LIBOR01M+825bps), 11/16/26 (b) | 1,595,960 | 1,580,000 | ||||||
CPM Holdings, Inc., Initial Term Loans, First Lien, 3.73% (LIBOR01M+350bps), 11/17/25 (b) | 2,902,489 | 2,855,324 | ||||||
Cumulus Media New Holdings, Inc., Initial Term Loan, First Lien, 4.75% (LIBOR06M+375bps), 3/31/26 (b)(d) | 19,164,544 | 19,068,722 | ||||||
Dayco Products LLC, Term Loans, First Lien, 4.76% (LIBOR03M+425bps), 5/19/24 (b) | 11,078,218 | 10,838,153 | ||||||
Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 3.50% (LIBOR01M+250bps), 2/1/24 (b) | 24,000,000 | 23,865,120 | ||||||
Delta Air Lines, Inc. and SKYMILES IP Ltd., Initial Term Loan, First Lien, 4.75% (LIBOR03M+375bps), 9/16/27 (b) | 30,911,595 | 31,872,636 | ||||||
Diamond Sports Group LLC, Term Loan Second Lien, Second Lien, 3.54% (SOFR01M+325bps), 8/24/26 (b) | 19,965,096 | 6,750,798 | ||||||
Diamond Sports Group LLC, Term Loan, First Lien, 9.00% (SOFR01M+800bps), 5/25/26 (b) | 1,459,684 | 1,478,135 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.72% (LIBOR03M+350bps), 4/8/26 (b) | $ | 2,778,435 | $ | 2,725,172 | ||||
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75% (LIBOR03M+500bps), 3/25/28 (b) | 24,686,854 | 23,069,371 | ||||||
Entercom Media Corp., New Term Loan, First Lien, 2.95% (LIBOR01M+250bps), 11/17/24 (b) | 19,706,476 | 19,332,053 | ||||||
Envision Healthcare Corp., Initial Term Loans, First Lien, 10/10/25 (c)(d) | 14,250,000 | 9,428,797 | ||||||
Eyemart Express LLC, Term B-1 Loan, First Lien, 4.00% (LIBOR01M+300bps), 8/5/27 (b) | 27,084,911 | 26,543,213 | ||||||
Fertitta Entertainment LLC, Initial B Term Loan, First Lien, 4.50% (SOFR01M+400bps), 1/27/29 (b) | 22,500,000 | 22,359,375 | ||||||
First Brands Group LLC, 2021 Term Loans, First Lien, 6.00% (LIBOR03M+500bps), 3/24/27 (b) | 6,442,462 | 6,378,038 | ||||||
Froneri International Ltd., Facility B2 Loan, First Lien, 2.46% (LIBOR01M+225bps), 1/31/27 (b) | 6,882,425 | 6,748,493 | ||||||
Frontier Communications Corp., Refinancing Term Loans, First Lien, 4.50% (LIBOR03M+375bps), 10/8/27 (b) | 15,884,887 | 15,620,086 | ||||||
Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 3.25% (LIBOR01M+250bps), 3/31/27 (b) | 10,901,321 | 10,732,350 | ||||||
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.25% (LIBOR06M+425bps), 10/2/25 (b) | 10,882,324 | 10,790,478 | ||||||
Graham Packaging Co., Inc., New Term Loans, First Lien, 3.75% (LIBOR01M+300bps), 8/4/27 (b) | 15,699,051 | 15,401,868 | ||||||
Great Outdoors Group LLC, Term B1, First Lien, 4.50% (LIBOR03M+375bps), 3/5/28 (b) | 21,108,887 | 21,003,343 | ||||||
Hertz Corp., Initial Term B Loans, First Lien, 3.75% (LIBOR01M+325bps), 6/30/28 (b)(d) | 29,454,665 | 29,188,689 | ||||||
Hertz Corp., Initial Term C Loan, First Lien, 3.75% (LIBOR01M+325bps), 6/30/28 (b)(d) | 5,591,816 | 5,541,322 | ||||||
Hillman Group, Inc., Initial Delayed Draw Term Loan, First Lien, 3.25% (LIBOR01M+275bps), 2/24/28 (b)(d)(e) | 1,602,734 | 1,571,016 | ||||||
Hillman Group, Inc., Initial Term Loans, First Lien, 3.25% (LIBOR01M+275bps), 7/14/28 (b) | 6,660,622 | 6,528,809 | ||||||
Holley Purchaser, Inc., Delayed Draw Term Commitment, First Lien, 4.50% (LIBOR03M+375bps), 11/18/28 (b)(d)(e) | 2,068,321 | 2,039,013 | ||||||
Holley Purchaser, Inc., Initial Term Loan, First Lien, 4.50% (LIBOR03M+375bps), 11/10/28 (b) | 12,366,429 | 12,191,196 | ||||||
Hub International Ltd., Term Loan B, First Lien, 3.27% (LIBOR03M+300bps), 4/25/25 (b) | 10,180,288 | 10,054,053 | ||||||
Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 4.00% (SOFR03M+350bps), 2/9/29 (b) | 20,000,000 | 19,575,000 | ||||||
iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 3.75% (LIBOR01M+325bps), 5/1/26 (b) | 6,975,912 | 6,927,987 | ||||||
iHeartCommunications, Inc., Term Loans, First Lien, 3.21% (LIBOR01M+300bps), 5/1/26 (b) | 36,258,671 | 35,991,445 | ||||||
Ineos US Petrochem LLC, 2026 Tranche B Dollar Term Loans, First Lien, 1/29/26 (c) | 7,940,000 | 7,789,140 | ||||||
Innio North America Holding, Inc., Facility B USD, First Lien, 2.98% (LIBOR03M+275bps), 11/6/25 (b) | 8,825,371 | 8,524,779 | ||||||
Insulet Corp., Term B Loan, First Lien, 3.75% (LIBOR01M+325bps), 5/3/28 (b) | 3,970,000 | 3,940,225 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Intelsat Jackson Holdings S.A., Term B Loan, First Lien, 4.75% (SOFR06M+425bps), 1/27/29 (b) | $ | 39,000,000 | $ | 38,305,410 | ||||
Janus International Group LLC, Amendment No 3 Refinancing Term Loans, First Lien, 4.25% (LIBOR03M+325bps), 2/15/25 (b)(d) | 19,524,711 | 19,134,217 | ||||||
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.50% (LIBOR03M+475bps), 6/30/28 (b) | 18,397,525 | 15,966,476 | ||||||
Knight Health Holdings LLC, Term B Loans, First Lien, 5.75% (LIBOR01M+525bps), 12/17/28 (b) | 23,441,250 | 21,243,633 | ||||||
LBM Acquisition LLC, Initial Term Loan, First Lien, 4.50% (LIBOR01M+375bps), 12/17/27 (b)(d) | 24,527,019 | 23,892,505 | ||||||
Leslie's Poolmart, Inc., Term Loan B, First Lien, 3.02% (LIBOR06M+250bps), 3/9/28 (b) | 20,387,177 | 20,089,932 | ||||||
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75% (LIBOR03M+475bps), 12/15/24 (b)(d) | 17,796,530 | 17,685,302 | ||||||
Lifepoint Health, Inc., Term B Loans, First Lien, 4.20% (LIBOR01M+375bps), 11/16/25 (b) | 19,231,875 | 19,097,637 | ||||||
LifeScan Global Corp., Initial Term Loan, First Lien, 6.21% (LIBOR03M+600bps), 10/1/24 (b) | 22,201,515 | 21,146,943 | ||||||
LifeScan Global Corp., Initial Term Loan, Second Lien, 9.71% (LIBOR03M+950bps), 6/19/25 (b) | 3,750,000 | 3,534,375 | ||||||
LSF11 A5 Holdco LLC, Term Loans, First Lien, 4.00% (SOFR01M+350bps), 10/15/28 (b) | 14,000,000 | 13,786,500 | ||||||
Lucid Energy Group II Borrower LLC ,Term Loan ,First Lien, 11/22/28 (c)(d) | 3,000,000 | 2,971,890 | ||||||
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.00% (LIBOR01M+425bps), 11/24/28 (b) | 25,940,702 | 25,697,637 | ||||||
Madison IAQ LLC, Initial Term Loans, First Lien, 4.52% (LIBOR06M+325bps), 6/16/28 (b) | 20,346,250 | 20,024,169 | ||||||
MajorDrive Holdings IV LLC, Initial Term Loans, First Lien, 4.56% (LIBOR03M+400bps), 6/1/28 (b) | 3,721,875 | 3,659,087 | ||||||
McGraw Hill Education, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR01M+475bps), 7/30/28 (b) | 44,394 | 43,881 | ||||||
McGraw Hill Education, Inc., Initial Term Loan, First Lien, 5.55% (LIBOR06M+475bps) | 17,624,337 | 17,420,600 | ||||||
Medline Borrower LP, Initial Dollar Term Loans, First Lien, 3.75% (LIBOR01M+325bps), 10/21/28 (b) | 24,500,000 | 24,242,750 | ||||||
MHI Holdings LLC, Initial Term Loans, First Lien, 5.21% (LIBOR01M+500bps), 9/20/26 (b) | 8,812,214 | 8,775,467 | ||||||
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25% (LIBOR03M+525bps), 6/20/27 (b) | 32,000,000 | 33,160,000 | ||||||
Momentive Performance Materials, Inc., Initial Dollar Term Loan, First Lien, 3.42% (LIBOR01M+325bps), 5/15/24 (b) | 8,644,912 | 8,526,044 | ||||||
Navicure, Inc., Initial Term Loans, First Lien, 4.21% (LIBOR01M+400bps), 10/23/26 (b) | 10,860,395 | 10,819,669 | ||||||
Nexstar Broadcasting, Inc., TLB-4, First Lien, 2.73% (LIBOR01M+250bps), 9/19/26 (b) | 5,000,000 | 4,975,900 | ||||||
NorthRiver Midstream Finance LP, Initial Term Loan B, First Lien, 3.46% (LIBOR03M+325bps), 10/1/25 (b) | 9,923,063 | 9,830,084 | ||||||
Organon & Co., Dollar Term Loan, First Lien, 3.56% (LIBOR03M+300bps), 6/2/28 (b) | 5,641,667 | 5,606,406 | ||||||
Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien, 3.23% (LIBOR01M+300bps), 5/22/25 (b) | 2,097,949 | 2,088,110 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount |
Value | ||||||
Packaging Coordinators Midco, Inc., Term B Loans, First Lien, 4.50% (LIBOR03M+375bps), 12/1/27 (b) | $ | 13,119,454 | $ | 13,034,702 | ||||
Park River Holdings, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 1/20/28 (b) | 9,924,968 | 9,692,823 | ||||||
Peraton Corp., Term B Loans, First Lien, 4.50% (LIBOR01M+375bps), 2/1/28 (b) | 11,179,293 | 11,084,940 | ||||||
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 2/25/28 (b) | 38,605,230 | 38,191,768 | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (b) | 28,633,681 | 28,514,279 | ||||||
PG&E CORP., TL, First Lien, 3.50% (LIBOR03M+300bps), 6/23/25 (b) | 10,822,312 | 10,673,505 | ||||||
Phoenix Newco, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR01M+350bps), 11/15/28 (b) | 20,000,000 | 19,835,800 | ||||||
Presidio Holdings, Inc., Term Loan B, First Lien, 3.71% (LIBOR01M+350bps), 12/19/26 | 196,985 | 195,508 | ||||||
Presidio Holdings, Inc., Term Loan B, First Lien, 3.80% (LIBOR03M+350bps), 12/19/26 (b) | 3,762,814 | 3,734,593 | ||||||
Radiology Partners, Inc., Term Loan New, First Lien, 4.72% (LIBOR01M+425bps), 7/9/25 (b) | 26,451,802 | 26,069,309 | ||||||
Renaissance Holding Corp., Second Incremental Term Loans, First Lien, 3/16/27 (c)(d) | 2,500,000 | 2,484,375 | ||||||
Rent-A-Center, Facility Term Loan B2, First Lien, 3.81% (LIBOR01M+325bps), 2/17/28 (b) | 6,118,000 | 5,984,199 | ||||||
Revint Intermediate II LLC, Initial Term Loans, First Lien, 4.75% (LIBOR01M+425bps), 10/15/27 (b) | 14,377,750 | 14,305,861 | ||||||
Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 3.46% (LIBOR01M+325bps), 2/16/26 (b) | 6,912,500 | 6,723,858 | ||||||
Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 4.25% (LIBOR01M+375bps) | 37,500 | 36,867 | ||||||
Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 4.27% (LIBOR06M+375bps), 8/5/28 (b) | 7,462,500 | 7,336,608 | ||||||
Rising Tide Holdings, Inc., Initial Term Loan, First Lien, 5.50% (LIBOR01M+475bps), 6/1/28 (b) | 10,934,937 | 10,561,290 | ||||||
Robertshaw US Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 9.00% (LIBOR06M+800bps), 2/15/26 (b) | 4,000,000 | 3,000,000 | ||||||
Robertshaw US Holding Corp., Term Loan B, First Lien, 4.50% (LIBOR06M+350bps), 2/28/25 (b) | 6,354,481 | 5,705,434 | ||||||
Ryan Specialty Group LLC, TL, First Lien, 3.75% (LIBOR01M+300bps), 9/1/27 (b) | 7,887,406 | 7,821,704 | ||||||
Scientific Games International, Inc., Term Loan B-5, First Lien, 2.96% (LIBOR01M+275bps), 8/14/24 (b) | 7,897,172 | 7,862,662 | ||||||
Sedgwick Claims Management Services, Inc., Initial Term Loans, First Lien, 3.46% (LIBOR01M+325bps), 12/31/25 (b)(d) | 6,948,849 | 6,870,675 | ||||||
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 3.21% (LIBOR01M+300bps), 3/25/28 (b) | 12,934,900 | 12,603,507 | ||||||
Sparta US Holdco LLC, Initial Term Loan, First Lien, 4.25% (LIBOR01M+350bps), 4/30/28 (b) | 3,990,000 | 3,930,150 | ||||||
SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.00% (LIBOR03M+350bps) | 63,819 | 62,968 | ||||||
SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.02% (LIBOR06M+350bps), 6/4/28 (b) | 25,336,112 | 24,998,382 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount |
Value | ||||||
SRS Distribution, Inc., 2022 Refinancing Term Loans, First Lien, 4.00% (SOFR06M+350bps) | $ | 4,987,500 | $ | 4,917,376 | ||||
SRS Distribution, Inc., 2022 Refinancing Term Loans, First Lien, 4.00% (SOFR03M+350bps), 6/4/28 (b) | 12,500 | 12,324 | ||||||
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.72% (LIBOR03M+350bps), 4/8/26 (b) | 1,493,782 | 1,465,146 | ||||||
Station Casinos LLC, Term B-1 Facility Loans, First Lien, 2.50% (LIBOR01M+225bps), 2/8/27 (b) | 14,317,874 | 14,107,115 | ||||||
Surgery Center Holdings, Inc., 2021 New Term Loans, First Lien, 4.50% (LIBOR01M+375bps), 8/31/26 (b) | 22,361,402 | 22,163,056 | ||||||
SWF Holdings Corp. I, Initial Term Loans, First Lien, 4.75% (LIBOR01M+400bps), 10/6/28 (b) | 36,250,000 | 35,101,963 | ||||||
Tailwind Smith Cooper Intermediate Corp., 2nd Lien Initial Term Loans, Second Lien, 9.21% (LIBOR01M+900bps), 5/28/27 (b) | 3,000,000 | 2,795,640 | ||||||
Team Health Holdings, Inc., Facility EXTENDING TLB, First Lien, 6.25% (SOFR01M+525bps), 2/17/27 (b) | 24,501,595 | 23,266,224 | ||||||
TENNECO, Inc., Tranche B Term Loan, First Lien, 3.21% (LIBOR01M+300bps), 10/1/25 (b) | 15,518,609 | 15,302,435 | ||||||
The Men's Wearhouse LLC, Term Loan, First Lien, 9.00% (LIBOR03M+800bps), 12/1/25 (b) | 2,765,859 | 2,574,544 | ||||||
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00% (LIBOR03M+425bps), 4/15/28 (b) | 33,242,343 | 31,113,836 | ||||||
Thor Industries, Inc., Term B-1, First Lien, 3.25% (LIBOR01M+300bps), 2/1/26 (b) | 8,242,356 | 8,187,380 | ||||||
Titan Acquisition Ltd., Initial Term Loan, First Lien, 3.35% (LIBOR06M+300bps), 3/28/25 (b) | 13,687,810 | 13,370,116 | ||||||
Transdigm, Inc., Tranche F Refinancing Term Loan, First Lien, 2.46% (LIBOR01M+225bps), 12/9/25 (b) | 14,818,105 | 14,558,788 | ||||||
Traverse Midstream Partners LLC, Advance, First Lien, 5.25% (SOFR03M+425bps), 9/27/24 (b) | 14,358,069 | 14,280,249 | ||||||
TricorBraun Holdings, Inc., Closing Date Initial Term Loans, First Lien, 3.75% (LIBOR01M+325bps), 3/3/28 (b) | 12,668,754 | 12,332,652 | ||||||
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 9/17/28 (c)(d)(e) | 373,159 | 367,797 | ||||||
Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 9/17/28 (c)(d) | 2,626,841 | 2,589,093 | ||||||
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 4.50% (LIBOR03M+400bps), 9/17/28 (b)(d) | 557,567 | 549,555 | ||||||
Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 4.50% (LIBOR03M+400bps), 9/17/28 (b) | 3,921,289 | 3,864,940 | ||||||
Triton Water Holdings, Inc., Initial Term Loan, First Lien, 4.00% (LIBOR01M+350bps) (b) | 1,416,871 | 1,379,678 | ||||||
Triton Water Holdings, Inc., Initial Term Loan, First Lien, 4.00% (LIBOR03M+350bps), 3/31/28 (b) | 14,415,957 | 14,037,538 | ||||||
Truck Hero, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR01M+325bps), 1/20/28 (b) | 21,819,737 | 21,110,595 | ||||||
U.S. Renal Care, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR01M+500bps), 7/26/26 (b)(d) | 22,720,121 | 20,760,511 | ||||||
United Airlines, Inc., Class B Term Loans, First Lien, 4.50% (LIBOR03M+375bps), 4/21/28 (b) | 20,832,255 | 20,554,561 | ||||||
Univision Communications, Inc., 2021 Replacement New First-Lien Term, First Lien, 4.00% (LIBOR01M+325bps), 3/24/26 (b) | 14,738,949 | 14,634,597 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Univision Communications, Inc., Initial First-Lien Term Loans, First Lien, 4.00% (LIBOR01M+325bps), 5/7/28 (b) | $ | 8,500,000 | $ | 8,400,805 | ||||
Upstream Rehabilitation, August 2021 Incremental TL, First Lien, 4.59% (SOFR01M+425bps), 11/20/26 (b) | 4,962,500 | 4,928,408 | ||||||
USI, Inc., 2017 New Term Loans, First Lien, 3.22% (LIBOR03M+300bps), 5/16/24 (b) | 17,575,475 | 17,443,308 | ||||||
Utz Quality Foods LLC, 2021 New Term Loans, First Lien, 3.21% (LIBOR01M+300bps), 1/20/28 (b) | 7,900,011 | 7,776,613 | ||||||
Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 4.21% (LIBOR01M+400bps), 8/27/25 (b) | 9,813,623 | 9,764,555 | ||||||
Weber-Stephen Products LLC ,Initial Term B Loans ,First Lien, 10/30/27 (c)(d) | 3,000,000 | 2,901,000 | ||||||
Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00% (LIBOR01M+325bps), 10/30/27 (b) | 14,363,846 | 13,889,839 | ||||||
Welbilt, Inc., Facility TL, First Lien, 2.71% (LIBOR01M+250bps), 10/23/25 (b) | 15,000,000 | 14,850,000 | ||||||
WestJet Airlines Ltd., Initial Term Loan, First Lien, 4.00% (LIBOR06M+300bps), 12/11/26 (b) | 23,815,181 | 22,897,344 | ||||||
Whatabrands LLC, Initial Term B Loans, First Lien, 3.75% (LIBOR01M+325bps), 7/21/28 (b) | 3,990,000 | 3,937,651 | ||||||
White Cap Buyer LLC, Initial Closing Date Term Loan, First Lien, 4.25% (SOFR01M+375bps), 10/19/27 (b) | 11,366,150 | 11,219,299 | ||||||
WireCo WorldGroup, Inc., Initial Term Loan, First Lien, 4.75% (LIBOR06M+425bps), 11/13/28 (b) | 15,851,852 | 15,607,416 | ||||||
WP CPP Holdings LLC, Term Loan Second Lien, Second Lien, 8.75% (LIBOR03M+775bps), 4/30/26 (b) | 2,000,000 | 1,948,340 | ||||||
WP CPP Holdings LLC, Term Loans, First Lien, 4.75% (LIBOR03M+375bps), 4/30/25 (b) | 9,791,029 | 9,245,571 | ||||||
Total Senior Secured Loans (Cost $2,122,169,696) | 2,083,768,773 | |||||||
Corporate Bonds (8.5%) | ||||||||
Communication Services (2.1%): | ||||||||
Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88(f) | 2,000,000 | 1,878,580 | ||||||
CSC Holdings LLC, 6.50%, 2/1/29, Callable 2/1/24 @ 103.25(f) | 5,000,000 | 5,044,900 | ||||||
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38(f) | 11,247,000 | 11,247,675 | ||||||
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(f)(g) | 8,460,000 | 8,141,481 | ||||||
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19 | 3,000,000 | 3,101,280 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(f)(g) | 15,350,000 | 13,325,335 | ||||||
Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(f) | 6,500,000 | 6,810,895 | ||||||
49,550,146 | ||||||||
Consumer Discretionary (1.8%): | ||||||||
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(f)(g) | 8,000,000 | 7,814,800 | ||||||
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56(f) | 6,000,000 | 5,195,100 | ||||||
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(f)(g) | 5,500,000 | 5,493,675 | ||||||
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(f)(g) | 1,070,000 | 912,186 | ||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88(f)(g) | 2,350,000 | 2,426,798 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (f) | $ | 1,300,000 | $ | 1,119,157 | ||||
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (f) | 5,600,000 | 4,794,888 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(f) | 2,750,000 | 2,709,850 | ||||||
Tenneco, Inc., 5.00%, 7/15/26, Callable 5/13/22 @ 102.5 | 6,840,000 | 6,727,208 | ||||||
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(f)(g) | 6,000,000 | 6,660,540 | ||||||
43,854,202 | ||||||||
Consumer Staples (0.4%): | ||||||||
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(f) | 10,595,000 | 9,053,851 | ||||||
Energy (0.5%): | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(f) | 2,334,000 | 2,330,989 | ||||||
Antero Resources Corp., 8.38%, 7/15/26, Callable 1/15/24 @ 104.19(f) | 3,246,000 | 3,588,518 | ||||||
Citgo Holding, Inc., 9.25%, 8/1/24, Callable 5/13/22 @ 104.63(f) | 1,750,000 | 1,768,008 | ||||||
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 6/15/22 @ 103.5(f) | 1,250,000 | 1,264,575 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
9.25%, 5/15/25, Callable 5/15/22 @ 104.63 (f) | 1,200,000 | 1,234,656 | ||||||
6.00%, 2/15/28, Callable 2/15/23 @ 103 | 2,000,000 | 1,607,800 | ||||||
11,794,546 | ||||||||
Financials (0.7%): | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(f) | 4,000,000 | 3,760,120 | ||||||
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25(f)(g) | 6,500,000 | 6,523,855 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(f)(g) | 3,100,000 | 2,655,925 | ||||||
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(f) | 1,120,000 | 1,069,477 | ||||||
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/13/22 @ 102(f) | 2,250,000 | 2,217,330 | ||||||
16,226,707 | ||||||||
Health Care (1.4%): | ||||||||
Air Methods Corp., 8.00%, 5/15/25, Callable 5/13/22 @ 102(f)(g) | 14,250,000 | 12,325,110 | ||||||
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(f)(g) | 10,466,000 | 8,239,568 | ||||||
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(f) | 2,000,000 | 1,866,060 | ||||||
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(f)(g) | 2,500,000 | 2,511,950 | ||||||
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(f) | 8,383,000 | 7,542,772 | ||||||
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(f) | 1,000,000 | 1,016,450 | ||||||
33,501,910 | ||||||||
Industrials (1.2%): | ||||||||
American Airlines, Inc., 11.75%, 7/15/25(f) | 17,185,000 | 20,072,939 | ||||||
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 | 4,164,560 | ||||||
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(f) | 3,950,000 | 3,566,534 | ||||||
27,804,033 | ||||||||
Information Technology (0.4%): | ||||||||
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(f) | 8,800,000 | 9,438,968 | ||||||
Total Corporate Bonds (Cost $213,396,784) | 201,224,363 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Floating Rate Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Yankee Dollars (0.8%) | ||||||||
Communications (0.1%): | ||||||||
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(f) | $ | 4,350,000 | $ | 3,320,355 | ||||
Energy (0.2%): | ||||||||
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(f) | 3,800,000 | 3,936,344 | ||||||
Industrials (0.5%): | ||||||||
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/13/22 @ 103.94(f) | 8,000,000 | 7,834,960 | ||||||
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(f) | 3,650,000 | 3,434,905 | ||||||
11,269,865 | ||||||||
Total Yankee Dollars (Cost $19,311,303) | 18,526,564 | |||||||
Exchange-Traded Funds (1.6%) | ||||||||
Invesco Senior Loan ETF (g) | 785,500 | 17,100,335 | ||||||
SPDR Blackstone Senior Loan ETF (g) | 489,250 | 21,996,680 | ||||||
Total Exchange-Traded Funds (Cost $39,851,473) | 39,097,015 | |||||||
Total Investments (Cost $2,394,921,627) — 98.7% | 2,342,731,498 | |||||||
Other assets in excess of liabilities — 1.3% | 30,047,218 | |||||||
NET ASSETS - 100.00% | $ | 2,372,778,716 |
(a) | Amount represents less than 0.05% of net assets. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022. |
(c) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
(d) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(e) | The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. At March 31, 2022, the Fund held unfunded or partially unfunded loan commitments of $3,217,287, which included a $54,724 unrealized loss. |
(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 March 31, 2022, the fair value of these securities was $208,314,639 and amounted to 8.8% 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. |
bps—Basis points |
ETF—Exchange-Traded Fund |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
SOFR—Secured Overnight Financing Rate |
Victory Portfolios | Schedule of Portfolio Investments | |||||||
Victory Strategic Income Fund | March 31, 2022 | |||||||
(Unaudited) | ||||||||
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (1.6%) | ||||||||
Commonbond Student Loan Trust, Series 2021-AGS, Class A, 1.20%, 8/25/50, Callable 10/25/29 @ 100 (a) | $ | 201,071 | $ | 191,365 | ||||
Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A2, 1.60%, 3/10/25, Callable 3/10/26 @ 100 (a) | 300,000 | 296,707 | ||||||
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, 3/26/46, Callable 3/25/24 @ 100 (a)(b) | 500,000 | 461,823 | ||||||
Total Asset-Backed Securities (Cost $1,000,993) | 949,895 | |||||||
Collateralized Mortgage Obligations (10.1%) | ||||||||
AIMCO CLO, Series 2017-AA, Class DR, 3.40% (LIBOR03M+315bps), 4/20/34, Callable 4/20/23 @ 100 (a)(c) | 400,000 | 390,701 | ||||||
AIMCO CLO 14 Ltd., Series 2021-14A, Class D, 3.15% (LIBOR03M+290bps), 4/20/34, Callable 4/20/23 @ 100 (a)(b)(c) | 800,000 | 764,057 | ||||||
Battalion CLO XIX Ltd., Series 2021-19A, Class D, 3.49% (LIBOR03M+325bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c) | 800,000 | 794,962 | ||||||
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36, Callable 11/5/24 @ 100 (a) | 300,000 | 295,273 | ||||||
Grace Trust, Series 2020-GRCE, Class C, 2.68%, 12/10/40, Callable 12/10/30 @ 100 (a)(b)(d) | 650,000 | 576,017 | ||||||
Greywolf CLO II Ltd., Series 2013-1A, Class C2RR, 4.44% (LIBOR03M+420bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c) | 900,000 | 903,120 | ||||||
GS Mortgage Securities Trust, Series 2017-FARM, Class B, 3.54%, 1/10/43, Callable 1/10/28 @ 100 (a)(b)(d) | 650,000 | 638,101 | ||||||
Hilton USA Trust, Series 2016-SFP, Class A, 2.83%, 11/5/35 (a)(b) | 500,000 | 494,834 | ||||||
OHA Credit Funding 2 Ltd., Series 2019-2A, Class CR, 2.46% (LIBOR03M+220bps), 4/21/34, Callable 4/21/23 @ 100 (a)(b)(c) | 600,000 | 592,111 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)(b) | 385,000 | 358,460 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class B, 4.00%, 12/15/50, Callable 12/15/27 @ 100 (d) | 150,000 | 150,058 | ||||||
Total Collateralized Mortgage Obligations (Cost $6,237,458) | 5,957,694 | |||||||
Corporate Bonds (62.2%) | ||||||||
Communication Services (11.8%): | ||||||||
AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100 | 450,000 | 400,302 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/1/32, Callable 11/1/31 @ 100(b) | 820,000 | 700,674 | ||||||
Comcast Corp. | ||||||||
1.50%, 2/15/31, Callable 11/15/30 @ 100 (e) | 500,000 | 435,470 | ||||||
2.94%, 11/1/56, Callable 5/1/56 @ 100 (a) | 100,000 | 83,398 | ||||||
CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75(a)(b) | 1,000,000 | 982,660 | ||||||
Electronic Arts, Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100(b) | 800,000 | 704,280 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Strategic Income Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)(b) | $ | 500,000 | $ | 481,175 | ||||
iHeartCommunications, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63(a)(b) | 500,000 | 494,795 | ||||||
Scripps Escrow, Inc., 5.88%, 7/15/27, Callable 7/15/22 @ 104.41(a) | 250,000 | 250,362 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(a)(b) | 1,500,000 | 1,302,150 | ||||||
Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100(b) | 500,000 | 564,655 | ||||||
Verizon Communications, Inc. | ||||||||
2.36%, 3/15/32, Callable 12/15/31 @ 100 (a)(b) | 400,000 | 361,644 | ||||||
3.88%, 3/1/52, Callable 9/1/51 @ 100 | 200,000 | 201,340 | ||||||
6,962,905 | ||||||||
Communications (0.7%): | ||||||||
T Mobile USA, Inc., 2.70%, 3/15/32, Callable 12/15/31 @ 100(a) | 450,000 | 409,648 | ||||||
Consumer Discretionary (10.0%): | ||||||||
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(a)(b)(e) | 1,500,000 | 1,465,275 | ||||||
Expedia Group, Inc., 2.95%, 3/15/31, Callable 12/15/30 @ 100(b)(e) | 700,000 | 649,523 | ||||||
General Motors Co., 5.95%, 4/1/49, Callable 10/1/48 @ 100 | 100,000 | 111,635 | ||||||
Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(a) | 500,000 | 502,815 | ||||||
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(a)(b) | 200,000 | 170,502 | ||||||
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100(b) | 480,000 | 438,744 | ||||||
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | 350,000 | 354,886 | ||||||
Newell Brands, Inc., 5.75%, 4/1/46, Callable 10/1/45 @ 100 | 150,000 | 156,781 | ||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88(a)(b) | 750,000 | 774,510 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 9/1/31, Callable 9/1/26 @ 102.98(a) | 200,000 | 171,246 | ||||||
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(a)(b) | 1,000,000 | 1,110,090 | ||||||
5,906,007 | ||||||||
Consumer Staples (2.0%): | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 6/1/50, Callable 12/1/49 @ 100 | 300,000 | 322,035 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.75%, 4/1/30, Callable 1/1/30 @ 100 (b) | 750,000 | 751,208 | ||||||
4.88%, 10/1/49, Callable 4/1/49 @ 100 (e) | 100,000 | 105,431 | ||||||
1,178,674 | ||||||||
Energy (8.2%): | ||||||||
Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81(a)(b) | 624,000 | 675,555 | ||||||
Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100(b) | 700,000 | 662,641 | ||||||
Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100(b) | 750,000 | 770,452 | ||||||
Marathon Oil Corp., 4.40%, 7/15/27, Callable 4/15/27 @ 100(b)(e) | 150,000 | 154,853 | ||||||
ONEOK, Inc. | ||||||||
3.40%, 9/1/29, Callable 6/1/29 @ 100 (b) | 100,000 | 96,282 | ||||||
4.45%, 9/1/49, Callable 3/1/49 @ 100 | 100,000 | 96,996 | ||||||
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100(b) | 1,600,000 | 1,696,912 | ||||||
Targa Resources Partners LP, 4.00%, 1/15/32, Callable 7/15/26 @ 102 | 700,000 | 671,867 | ||||||
4,825,558 | ||||||||
Financials (11.5%): | ||||||||
Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100(b) | 730,000 | 698,464 | ||||||
Bank of America Corp. | ||||||||
2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b)(c) | 500,000 | 459,570 | ||||||
2.83% (SOFR+188bps), 10/24/51, Callable 10/24/50 @ 100, MTN (b)(c) | 500,000 | 425,650 | ||||||
Chubb INA Holdings, Inc., 1.38%, 9/15/30, Callable 6/15/30 @ 100(b) | 1,550,000 | 1,350,406 | ||||||
CNA Financial Corp., 2.05%, 8/15/30, Callable 5/15/30 @ 100(b) | 800,000 | 708,368 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Strategic Income Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100(b) | $ | 100,000 | $ | 95,570 | ||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.63%, 10/15/31, Callable 7/15/31 @ 100(b) | 700,000 | 630,448 | ||||||
JPMorgan Chase & Co., 2.96%, 1/25/33, Callable 1/25/32 @ 100 | 650,000 | 613,444 | ||||||
Morgan Stanley | ||||||||
2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b)(c) | 500,000 | 429,250 | ||||||
3.22% (SOFR+149bps), 4/22/42, Callable 4/22/41 @ 100 (c) | 250,000 | 230,160 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(a)(b) | 500,000 | 428,375 | ||||||
The Goldman Sachs Group, Inc., 3.10%, 2/24/33, Callable 2/24/32 @ 100 | 700,000 | 660,520 | ||||||
6,730,225 | ||||||||
Health Care (2.7%): | ||||||||
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100(b) | 300,000 | 313,029 | ||||||
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)(b) | 685,000 | 539,280 | ||||||
Bristol Myers Squibb Co. | ||||||||
2.95%, 3/15/32, Callable 12/15/31 @ 100 | 400,000 | 392,024 | ||||||
3.70%, 3/15/52, Callable 9/15/51 @ 100 | 100,000 | 100,613 | ||||||
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(a) | 250,000 | 224,942 | ||||||
1,569,888 | ||||||||
Industrials (5.5%): | ||||||||
Air Lease Corp., 4.63%, 10/1/28, Callable 7/1/28 @ 100(b) | 650,000 | 662,175 | ||||||
American Airlines, Inc., 11.75%, 7/15/25(a) | 200,000 | 233,610 | ||||||
Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06(a)(b) | 1,000,000 | 928,750 | ||||||
The Boeing Co. | ||||||||
5.15%, 5/1/30, Callable 2/1/30 @ 100 (b) | 800,000 | 852,048 | ||||||
3.75%, 2/1/50, Callable 8/1/49 @ 100 (e) | 100,000 | 89,459 | ||||||
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(a)(b) | 500,000 | 454,810 | ||||||
3,220,852 | ||||||||
Information Technology (3.8%): | ||||||||
NVIDIA Corp., 2.00%, 6/15/31, Callable 3/15/31 @ 100(b) | 1,600,000 | 1,462,768 | ||||||
VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100(b) | 850,000 | 747,609 | ||||||
2,210,377 | ||||||||
Materials (1.0%): | ||||||||
Freeport-McMoRan, Inc., 4.25%, 3/1/30, Callable 3/1/25 @ 102.13(b) | 600,000 | 604,086 | ||||||
Real Estate (4.2%): | ||||||||
Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34, Callable 12/15/33 @ 100(b) | 800,000 | 753,224 | ||||||
Essex Portfolio LP, 4.00%, 3/1/29, Callable 12/1/28 @ 100(b)(e) | 800,000 | 824,536 | ||||||
Life Storage, LP, 2.40%, 10/15/31, Callable 7/15/31 @ 100(b) | 550,000 | 485,628 | ||||||
Simon Property Group LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100(b) | 450,000 | 405,747 | ||||||
2,469,135 | ||||||||
Utilities (0.8%): | ||||||||
Duke Energy Corp., 3.50%, 6/15/51, Callable 12/15/50 @ 100 | 320,000 | 291,712 | ||||||
Pacific Gas and Electric Co., 3.50%, 8/1/50, Callable 2/1/50 @ 100 | 250,000 | 199,108 | ||||||
490,820 | ||||||||
Total Corporate Bonds (Cost $38,896,593) | 36,578,175 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Strategic Income Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Shares
or 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 6/20/25 @ 100 (b) | $ | 33,048 | $ | 33,208 | ||||
Countrywide Home Loans, Inc., Series 2004-5, Class 2A9, 5.25%, 5/25/34, Callable 4/25/22 @ 100 (b) | 57,153 | 57,205 | ||||||
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 8/25/28 @ 100 (b) | 1,605 | 1,529 | ||||||
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (b) | 1,306 | 853 | ||||||
Total Residential Mortgage-Backed Securities (Cost $95,007) | 92,795 | |||||||
Yankee Dollars (4.7%) | ||||||||
Communication Services (1.8%): | ||||||||
Vodafone Group PLC, 4.38%, 5/30/28(b) | 1,000,000 | 1,048,310 | ||||||
Energy (1.1%): | ||||||||
Cenovus Energy, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(b)(e) | 725,000 | 656,285 | ||||||
Financials (1.5%): | ||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100(a)(b) | 1,000,000 | 902,030 | ||||||
Industrials (0.3%): | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100 | 150,000 | 138,276 | ||||||
Total Yankee Dollars (Cost $2,842,540) | 2,744,901 | |||||||
U.S. Government Mortgage-Backed Agencies (0.1%) | ||||||||
Federal National Mortgage Association | ||||||||
3.50%, 7/1/43 (b) | 40,548 | 41,343 | ||||||
Total U.S. Government Mortgage-Backed Agencies (Cost $41,428) | 41,343 | |||||||
U.S. Treasury Obligations (8.9%) | ||||||||
U.S. Treasury Bonds | ||||||||
1.88%, 2/15/41 (b) | 3,950,000 | 3,514,883 | ||||||
1.38%, 8/15/50 (b) | 500,000 | 385,000 | ||||||
U.S. Treasury Notes | ||||||||
1.50%, 2/29/24 | 500,000 | 492,754 | ||||||
1.38%, 11/15/31 | 400,000 | 367,062 | ||||||
1.88%, 2/28/27 | 500,000 | 486,680 | ||||||
Total U.S. Treasury Obligations (Cost $5,580,069) | 5,246,379 | |||||||
Exchange-Traded Funds (9.6%) | ||||||||
Invesco Senior Loan ETF (b)(e) | 130,790 | 2,847,298 | ||||||
SPDR Blackstone Senior Loan ETF (b)(e) | 63,000 | 2,832,480 | ||||||
Total Exchange-Traded Funds (Cost $5,805,972) | 5,679,778 | |||||||
Collateral for Securities Loaned (12.8%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (f) | 145,960 | 145,960 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Strategic Income Fund | March 31, 2022 | ||
(Unaudited) |
Security Description | Shares | Value | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (f) | 4,094,166 | $ | 4,094,166 | |||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (f) | 72,841 | 72,841 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (f) | 580,814 | 580,814 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (f) | 2,611,452 | 2,611,452 | ||||||
Total Collateral for Securities Loaned (Cost $7,505,233) | 7,505,233 | |||||||
Total Investments (Cost $68,005,293) — 110.1% | 64,796,193 | |||||||
Liabilities in excess of other assets — (10.1)% | (5,954,392 | ) | ||||||
NET ASSETS - 100.00% | $ | 58,841,801 |
^ | 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 March 31, 2022, the fair value of these securities was $19,705,153 and amounted to 33.5% of net assets. |
(b) | All or a portion of this security has been segregated as collateral for derivative instruments. |
(c) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022. |
(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 March 31, 2022. |
(e) | All or a portion of this security is on loan. |
(f) | Rate disclosed is the daily yield on March 31, 2022. |
bps—Basis points |
ETF—Exchange-Traded Fund |
LIBOR—London InterBank Offered Rate |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Futures Contracts Purchased | ||||||||||||||||
Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
2-Year U.S. Treasury Note Futures | 11 | 6/30/22 | $ | 2,340,543 | $ | 2,331,140 | $ | (9,403 | ) | |||||||
5-Year U.S. Treasury Note Futures | 21 | 6/30/22 | 2,438,435 | 2,408,437 | (29,998 | ) | ||||||||||
Ultra Long Term U.S. Treasury Bond Futures | 23 | 6/21/22 | 4,227,890 | 4,073,875 | (154,015 | ) | ||||||||||
$ | (193,416 | ) |
Futures Contracts Sold | ||||||||||||||||
Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
10-Year U.S. Treasury Note Futures | 36 | 6/21/22 | $ | 5,115,292 | $ | 4,876,875 | $ | 238,417 | ||||||||
Total unrealized appreciation | $ | 238,417 | ||||||||||||||
Total unrealized depreciation | (193,416 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | 45,001 |
Victory Portfolios | Schedule of Portfolio Investments — continued | ||
Victory Strategic Income Fund | March 31, 2022 | ||
(Unaudited) |
Centrally Cleared
Credit Default Swap Agreements - Buy Protection(a)
Underlying Instruments | Fixed Deal Pay Rate | Maturity Date | Payment Frequency | Implied Credit Spread at March 31, 2022(b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
CDX North America High Yield Index; Series 38 | 5.00 | % | 6/20/27 | Quarterly | 3 .78 | % | $ | 5,500,000 | $ | (296,895 | ) | $ | (260,150 | ) | $ | (36,745 | ) | |||||||||
$ | (296,895 | ) | $ | (260,150 | ) | $ | (36,745 | ) |
(a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) receive 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 may receive as a buyer 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. |