N-Q 1 a14-18303_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number:

811-04852

 

The Victory Portfolios

(Exact name of registrant as specified in charter)

 

3435 Stelzer Road, Columbus, Ohio

 

43219

(Address of principal executive offices)

 

(Zip code)

 

Citi Fund Services Ohio, Inc.,  3435 Stelzer Road, Columbus, Ohio 43219

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

614-470-8000

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

July 31, 2014

 

 



 

Item 1. Schedule of Investments.

 



 

The Victory Portfolios

Schedule of Portfolio Investments

Diversified Stock Fund

July 31, 2014

(Amounts in Thousands, Except for Shares)

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (97.7%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (12.7%):

 

 

 

 

 

Comcast Corp., Class A

 

982,440

 

$

52,786

 

H&R Block, Inc.

 

912,000

 

29,303

 

Newell Rubbermaid, Inc.

 

675,000

 

21,924

 

News Corp., Class A (a)

 

1,128,600

 

19,919

 

PVH Corp.

 

252,900

 

27,865

 

Starbucks Corp.

 

278,000

 

21,595

 

Tractor Supply Co.

 

117,000

 

7,274

 

 

 

 

 

180,666

 

Consumer Staples (7.8%):

 

 

 

 

 

Anheuser-Busch InBev NV, ADR

 

144,720

 

15,627

 

CVS Caremark Corp.

 

352,000

 

26,879

 

The Procter & Gamble Co.

 

399,200

 

30,866

 

Wal-Mart Stores, Inc.

 

516,000

 

37,967

 

 

 

 

 

111,339

 

Energy (11.0%):

 

 

 

 

 

Anadarko Petroleum Corp.

 

308,379

 

32,950

 

BP PLC, ADR

 

875,200

 

42,859

 

Chesapeake Energy Corp.

 

706,600

 

18,633

 

Occidental Petroleum Corp.

 

483,709

 

47,263

 

Weatherford International PLC (a)

 

615,271

 

13,764

 

 

 

 

 

155,469

 

Financials (13.7%):

 

 

 

 

 

Bank of America Corp.

 

2,724,000

 

41,541

 

Bank of New York Mellon Corp.

 

626,700

 

24,466

 

Capital One Financial Corp.

 

264,900

 

21,070

 

Citigroup, Inc.

 

989,650

 

48,405

 

JPMorgan Chase & Co.

 

610,230

 

35,192

 

MetLife, Inc.

 

451,280

 

23,737

 

 

 

 

 

194,411

 

Health Care (12.5%):

 

 

 

 

 

Abbott Laboratories

 

488,000

 

20,555

 

Baxter International, Inc.

 

425,950

 

31,814

 

Eli Lilly & Co.

 

383,000

 

23,386

 

Merck & Co., Inc.

 

754,700

 

42,821

 

Pfizer, Inc.

 

1,221,860

 

35,067

 

Roche Holdings Ltd., ADR

 

658,600

 

23,924

 

 

 

 

 

177,567

 

Industrials (13.2%):

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

316,500

 

21,351

 

Danaher Corp.

 

506,842

 

37,445

 

General Dynamics Corp.

 

121,460

 

14,183

 

Koninklijke Philips NVR, NYS

 

917,400

 

28,256

 

Nielsen Holdings NV

 

558,994

 

25,775

 

Siemens AG, ADR

 

235,900

 

29,137

 

United Parcel Service, Inc., Class B

 

323,148

 

31,375

 

 

 

 

 

187,522

 

Information Technology (22.2%):

 

 

 

 

 

Altera Corp.

 

1,035,000

 

33,865

 

Apple, Inc.

 

441,100

 

42,156

 

Applied Materials, Inc.

 

2,234,200

 

46,830

 

Cisco Systems, Inc.

 

1,910,000

 

48,189

 

EMC Corp.

 

1,879,200

 

55,060

 

Google, Inc., Class C (a)

 

76,970

 

43,996

 

Intel Corp.

 

1,278,000

 

43,311

 

 

 

 

 

313,407

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

Materials (4.6%):

 

 

 

 

 

Air Products & Chemicals, Inc.

 

293,700

 

$

38,754

 

Nucor Corp.

 

339,000

 

17,025

 

The Dow Chemical Co.

 

188,980

 

9,651

 

 

 

 

 

65,430

 

Total Common Stocks (Cost $1,181,750)

 

 

 

1,385,811

 

 

 

 

 

 

 

Investment Companies (1.3%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (b)

 

18,980,187

 

18,980

 

Total Investment Companies (Cost $18,980)

 

 

 

18,980

 

 

 

 

 

 

 

Total Investments (Cost $1,200,730) — 99.0%

 

 

 

1,404,791

 

Other assets in excess of liabilities — 1.0%

 

 

 

13,900

 

NET ASSETS - 100.00%

 

 

 

$

1,418,691

 

 


(a)                   Non-income producing security.

(b)                   Rate disclosed is the daily yield on 7/31/14.

 

ADR—American Depositary Receipt

NYS—New York Registered Shares

PLC—Public Liability Co.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

 

Schedule of Portfolio Investments

Dividend Growth Fund

 

July 31, 2014

(Amounts in Thousands, Except for Shares)

 

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (97.8%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (14.5%):

 

 

 

 

 

CBS Corp., Class B

 

2,240

 

$

127

 

Comcast Corp., Class A

 

5,700

 

307

 

McGraw-Hill Cos., Inc.

 

2,160

 

174

 

Starbucks Corp.

 

770

 

60

 

The Home Depot, Inc.

 

1,600

 

129

 

The Walt Disney Co.

 

1,710

 

147

 

TJX Cos., Inc.

 

2,970

 

159

 

 

 

 

 

1,103

 

Consumer Staples (11.7%):

 

 

 

 

 

Anheuser-Busch InBev NV, ADR

 

1,410

 

152

 

Mondelez International, Inc.

 

2,770

 

100

 

Nu Skin Enterprises, Inc.

 

4,070

 

239

 

PepsiCo, Inc.

 

890

 

78

 

Philip Morris International, Inc.

 

1,640

 

134

 

Walgreen Co.

 

2,730

 

188

 

 

 

 

 

891

 

Energy (11.1%):

 

 

 

 

 

Anadarko Petroleum Corp.

 

1,300

 

139

 

Baker Hughes, Inc.

 

1,920

 

132

 

BP PLC, ADR

 

2,760

 

135

 

Halliburton Co.

 

4,220

 

291

 

Occidental Petroleum Corp.

 

1,580

 

154

 

 

 

 

 

851

 

Financials (15.1%):

 

 

 

 

 

Bank of America Corp.

 

8,610

 

131

 

BlackRock, Inc.

 

600

 

183

 

Capital One Financial Corp.

 

2,560

 

204

 

Citigroup, Inc.

 

3,150

 

154

 

CME Group, Inc.

 

1,870

 

138

 

JPMorgan Chase & Co.

 

2,980

 

172

 

MetLife, Inc.

 

3,240

 

170

 

 

 

 

 

1,152

 

Health Care (14.7%):

 

 

 

 

 

Covidien PLC

 

1,300

 

112

 

Johnson & Johnson

 

1,420

 

143

 

Merck & Co., Inc.

 

2,140

 

121

 

Pfizer, Inc.

 

4,920

 

141

 

Roche Holdings Ltd., ADR

 

3,870

 

141

 

St. Jude Medical, Inc.

 

2,640

 

172

 

Thermo Fisher Scientific, Inc.

 

1,410

 

171

 

Zimmer Holdings, Inc.

 

1,280

 

128

 

 

 

 

 

1,129

 

Industrials (9.0%):

 

 

 

 

 

Honeywell International, Inc.

 

780

 

72

 

Koninklijke Philips NVR, NYS

 

4,020

 

124

 

Norfolk Southern Corp.

 

1,150

 

117

 

Siemens AG, ADR

 

820

 

101

 

Tyco International Ltd.

 

3,700

 

159

 

United Parcel Service, Inc., Class B

 

1,300

 

126

 

 

 

 

 

699

 

Information Technology (14.2%):

 

 

 

 

 

Accenture PLC, Class A

 

1,080

 

86

 

Apple, Inc.

 

3,290

 

314

 

Cisco Systems, Inc.

 

4,410

 

111

 

Intel Corp.

 

6,520

 

221

 

Microsoft Corp.

 

4,050

 

175

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

QUALCOMM, Inc.

 

2,440

 

$

180

 

 

 

 

 

1,087

 

Materials (7.5%):

 

 

 

 

 

Cabot Corp.

 

3,320

 

174

 

Ecolab, Inc.

 

1,180

 

128

 

Monsanto Co.

 

1,280

 

145

 

PPG Industries, Inc.

 

640

 

127

 

 

 

 

 

574

 

Total Common Stocks (Cost $6,111)

 

 

 

7,486

 

 

 

 

 

 

 

Investment Companies (1.8%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (a)

 

134,448

 

134

 

Total Investment Companies (Cost $134)

 

 

 

134

 

 

 

 

 

 

 

Total Investments (Cost $6,245) — 99.6%

 

 

 

7,620

 

Other assets in excess of liabilities — 0.4%

 

 

 

30

 

NET ASSETS - 100.00%

 

 

 

$

7,650

 

 


(a)

 

Rate disclosed is the daily yield on 7/31/14.

 

ADR—American Depositary Receipt

NYS—New York Registered Shares

PLC—Public Liability Co.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

 

Schedule of Portfolio Investments

Established Value Fund

 

July 31, 2014

(Amounts in Thousands, Except for Shares)

 

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (91.6%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (8.6%):

 

 

 

 

 

Autoliv, Inc.

 

199,600

 

$

19,862

 

Gannett Co., Inc.

 

920,300

 

30,112

 

Harley-Davidson, Inc.

 

443,413

 

27,412

 

Johnson Controls, Inc.

 

627,000

 

29,620

 

Marriott International, Inc., Class A

 

399,200

 

25,832

 

Nordstrom, Inc.

 

535,300

 

37,059

 

Penske Automotive Group, Inc.

 

318,599

 

14,799

 

 

 

 

 

184,696

 

Consumer Staples (4.2%):

 

 

 

 

 

Casey’s General Stores, Inc.

 

492,100

 

32,562

 

Ingredion, Inc.

 

386,200

 

28,436

 

J.M. Smucker Co.

 

296,300

 

29,523

 

 

 

 

 

90,521

 

Energy (4.0%):

 

 

 

 

 

Cimarex Energy Co.

 

59,500

 

8,272

 

Denbury Resources, Inc.

 

882,700

 

14,962

 

Devon Energy Corp.

 

737,800

 

55,703

 

Helmerich & Payne, Inc.

 

66,600

 

7,077

 

 

 

 

 

86,014

 

Financials (20.2%):

 

 

 

 

 

Alexandria Real Estate Equities, Inc.

 

472,600

 

37,146

 

Alleghany Corp. (a)

 

104,000

 

43,040

 

City National Corp.

 

277,500

 

20,882

 

Cullen/Frost Bankers, Inc.

 

442,100

 

34,470

 

DDR Corp.

 

1,694,500

 

29,722

 

Fifth Third Bancorp

 

1,367,500

 

28,006

 

Invesco Ltd.

 

800,700

 

30,130

 

Jones Lang LaSalle, Inc.

 

251,900

 

31,160

 

Markel Corp. (a)

 

67,100

 

42,415

 

Marsh & McLennan Cos., Inc.

 

555,400

 

28,198

 

SunTrust Banks, Inc.

 

569,900

 

21,685

 

The Chubb Corp.

 

345,800

 

29,984

 

W.R. Berkley Corp.

 

430,600

 

19,209

 

Willis Group Holdings PLC

 

870,300

 

35,465

 

 

 

 

 

431,512

 

Health Care (7.7%):

 

 

 

 

 

Becton Dickinson & Co.

 

274,100

 

31,861

 

CareFusion Corp. (a)

 

1,167,800

 

51,138

 

Cigna Corp.

 

157,700

 

14,199

 

Hospira, Inc. (a)

 

195,100

 

10,822

 

Patterson Cos., Inc.

 

1,124,500

 

43,867

 

WellPoint, Inc.

 

116,500

 

12,793

 

 

 

 

 

164,680

 

Industrials (19.7%):

 

 

 

 

 

Allison Transmission Holding, Inc.

 

932,000

 

27,290

 

Avery Dennison Corp.

 

798,200

 

37,683

 

Cintas Corp.

 

434,400

 

27,193

 

Clean Harbors, Inc. (a)

 

301,900

 

17,398

 

Dover Corp.

 

243,300

 

20,865

 

Hubbell, Inc., Class B

 

118,800

 

13,892

 

Ingersoll-Rand PLC

 

365,200

 

21,470

 

Kennametal, Inc.

 

565,000

 

23,889

 

Masco Corp.

 

1,312,300

 

27,296

 

MasTec, Inc. (a)

 

822,700

 

22,369

 

Parker Hannifin Corp.

 

157,800

 

18,139

 

Regal-Beloit Corp.

 

356,900

 

25,087

 

Republic Services, Inc.

 

1,043,200

 

39,569

 

Robert Half International, Inc.

 

342,800

 

16,677

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

Rockwell Automation, Inc.

 

142,100

 

$

15,867

 

Southwest Airlines Co.

 

615,700

 

17,412

 

TE Connectivity Ltd.

 

532,000

 

32,925

 

Xylem, Inc.

 

471,500

 

16,639

 

 

 

 

 

421,660

 

Information Technology (13.7%):

 

 

 

 

 

Analog Devices, Inc.

 

642,500

 

31,887

 

Avnet, Inc.

 

758,772

 

32,119

 

Broadridge Financial Solutions, Inc.

 

895,300

 

36,143

 

Fidelity National Information Services, Inc.

 

657,300

 

37,072

 

Juniper Networks, Inc. (a)

 

1,541,400

 

36,285

 

KLA-Tencor Corp.

 

625,600

 

44,723

 

On Semiconductor Corp. (a)

 

3,162,700

 

27,073

 

Synopsys, Inc. (a)

 

692,100

 

26,141

 

Teradata Corp. (a)

 

513,300

 

21,641

 

 

 

 

 

293,084

 

Materials (5.9%):

 

 

 

 

 

Bemis Co., Inc.

 

916,900

 

35,768

 

International Flavors & Fragrances, Inc.

 

222,300

 

22,450

 

Reliance Steel & Aluminum Co.

 

597,600

 

40,786

 

RPM International, Inc.

 

619,400

 

27,366

 

 

 

 

 

126,370

 

Utilities (7.6%):

 

 

 

 

 

Alliant Energy Corp.

 

599,200

 

33,855

 

Atmos Energy Corp.

 

756,100

 

36,535

 

DTE Energy Co.

 

353,300

 

26,081

 

Energen Corp.

 

239,400

 

19,542

 

Sempra Energy

 

114,800

 

11,447

 

Xcel Energy, Inc.

 

1,124,500

 

34,634

 

 

 

 

 

162,094

 

Total Common Stocks (Cost $1,528,332)

 

 

 

1,960,631

 

 

 

 

 

 

 

Exchange-Traded Funds (1.0%)

 

 

 

 

 

iShares Russell Midcap Value Index Fund

 

306,600

 

21,487

 

Total Exchange-Traded Funds (Cost $12,392)

 

 

 

21,487

 

 

 

 

 

 

 

Investment Companies (7.0%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (b)

 

149,690,099

 

149,690

 

Total Investment Companies (Cost $149,690)

 

 

 

149,690

 

 

 

 

 

 

 

Total Investments (Cost $1,690,414) — 99.6%

 

 

 

2,131,808

 

Other assets in excess of liabilities — 0.4%

 

 

 

8,055

 

NET ASSETS - 100.00%

 

 

 

$

2,139,863

 

 


(a)

 

Non-income producing security.

(b)

 

Rate disclosed is the daily yield on 7/31/14.

 

PLC—Public Liability Co.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

Schedule of Portfolio Investments

Special Value Fund

July 31, 2014

(Amounts in Thousands, Except for Shares)

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (99.2%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (14.6%):

 

 

 

 

 

CBS Corp., Class B

 

50,300

 

$

2,859

 

Comcast Corp., Class A

 

127,900

 

6,871

 

McGraw-Hill Cos., Inc.

 

48,500

 

3,891

 

Starbucks Corp.

 

17,200

 

1,336

 

The Home Depot, Inc.

 

36,100

 

2,919

 

The Walt Disney Co.

 

38,600

 

3,315

 

TJX Cos., Inc.

 

67,200

 

3,581

 

 

 

 

 

24,772

 

Consumer Staples (11.8%):

 

 

 

 

 

Anheuser-Busch InBev NV, ADR

 

31,700

 

3,423

 

Mondelez International, Inc.

 

62,200

 

2,239

 

Nu Skin Enterprises, Inc.

 

91,050

 

5,343

 

PepsiCo, Inc.

 

19,900

 

1,753

 

Philip Morris International, Inc.

 

37,100

 

3,043

 

Walgreen Co.

 

61,300

 

4,216

 

 

 

 

 

20,017

 

Energy (11.3%):

 

 

 

 

 

Anadarko Petroleum Corp.

 

29,100

 

3,109

 

Baker Hughes, Inc.

 

43,200

 

2,971

 

BP PLC, ADR

 

61,900

 

3,031

 

Halliburton Co.

 

94,600

 

6,526

 

Occidental Petroleum Corp.

 

35,400

 

3,460

 

 

 

 

 

19,097

 

Financials (15.3%):

 

 

 

 

 

Bank of America Corp.

 

193,200

 

2,946

 

BlackRock, Inc.

 

13,600

 

4,144

 

Capital One Financial Corp.

 

57,700

 

4,589

 

Citigroup, Inc.

 

70,500

 

3,448

 

CME Group, Inc.

 

42,200

 

3,120

 

JPMorgan Chase & Co.

 

66,900

 

3,859

 

MetLife, Inc.

 

72,600

 

3,819

 

 

 

 

 

25,925

 

Health Care (15.0%):

 

 

 

 

 

Covidien PLC

 

29,100

 

2,517

 

Johnson & Johnson

 

31,900

 

3,192

 

Merck & Co., Inc.

 

48,000

 

2,724

 

Pfizer, Inc.

 

110,600

 

3,174

 

Roche Holdings Ltd., ADR

 

87,100

 

3,164

 

St. Jude Medical, Inc.

 

59,400

 

3,873

 

Thermo Fisher Scientific, Inc.

 

31,700

 

3,852

 

Zimmer Holdings, Inc.

 

28,600

 

2,862

 

 

 

 

 

25,358

 

Industrials (9.2%):

 

 

 

 

 

Honeywell International, Inc.

 

17,500

 

1,607

 

Koninklijke Philips NVR, NYS

 

90,300

 

2,781

 

Norfolk Southern Corp.

 

25,700

 

2,613

 

Siemens AG, ADR

 

18,200

 

2,248

 

Tyco International Ltd.

 

83,100

 

3,586

 

United Parcel Service, Inc., Class B

 

29,100

 

2,825

 

 

 

 

 

15,660

 

Information Technology (14.4%):

 

 

 

 

 

Accenture PLC, Class A

 

24,200

 

1,919

 

Apple, Inc.

 

73,800

 

7,053

 

Cisco Systems, Inc.

 

98,900

 

2,495

 

Intel Corp.

 

146,300

 

4,958

 

Microsoft Corp.

 

90,900

 

3,923

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

QUALCOMM, Inc.

 

54,600

 

$

4,024

 

 

 

 

 

24,372

 

Materials (7.6%):

 

 

 

 

 

Cabot Corp.

 

74,400

 

3,899

 

Ecolab, Inc.

 

26,500

 

2,876

 

Monsanto Co.

 

28,600

 

3,234

 

PPG Industries, Inc.

 

14,400

 

2,856

 

 

 

 

 

12,865

 

Total Common Stocks (Cost $171,437)

 

 

 

168,066

 

 

 

 

 

 

 

Investment Companies (1.4%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (a)

 

2,360,138

 

2,360

 

Total Investment Companies (Cost $2,360)

 

 

 

2,360

 

 

 

 

 

 

 

Total Investments (Cost $173,797) — 100.6%

 

 

 

170,426

 

Liabilities in excess of other assets — (0.6)%

 

 

 

(1,089

)

NET ASSETS - 100.00%

 

 

 

$

169,337

 

 


(a)        Rate disclosed is the daily yield on 7/31/14.

 

ADR—American Depositary Receipt

NYS—New York Registered Shares

PLC—Public Liability Co.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

Schedule of Portfolio Investments

Small Company Opportunity Fund

July 31, 2014

(Amounts in Thousands, Except for Shares)

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (92.7%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (9.5%):

 

 

 

 

 

ANN, Inc. (a)

 

380,400

 

$

13,980

 

Brown Shoe Co., Inc.

 

729,600

 

20,567

 

Brunswick Corp.

 

262,100

 

10,571

 

Callaway Golf Co.

 

1,155,400

 

8,781

 

Core-Mark Holding Co., Inc.

 

242,800

 

11,460

 

Dana Holding Corp.

 

740,300

 

16,568

 

DeVry Education Group, Inc.

 

384,200

 

15,356

 

Drew Industries, Inc.

 

116,800

 

5,256

 

Helen of Troy Ltd. (a)

 

281,800

 

15,113

 

La-Z-Boy, Inc.

 

907,880

 

19,102

 

Modine Manufacturing Co. (a)

 

1,034,709

 

14,248

 

Oxford Industries, Inc.

 

136,543

 

8,134

 

Primoris Services Corp.

 

670,105

 

16,002

 

Rush Enterprises, Inc., Class A (a)

 

406,800

 

14,332

 

The Cheesecake Factory, Inc.

 

301,900

 

12,945

 

 

 

 

 

202,415

 

Consumer Staples (1.9%):

 

 

 

 

 

Dean Foods Co.

 

1,789,700

 

27,418

 

Lancaster Colony Corp.

 

153,900

 

13,443

 

 

 

 

 

40,861

 

Energy (5.3%):

 

 

 

 

 

Cloud Peak Energy, Inc. (a)

 

553,600

 

8,570

 

Delek US Holdings, Inc.

 

521,000

 

15,224

 

Helix Energy Solutions Group, Inc. (a)

 

1,189,100

 

30,239

 

Rosetta Resources, Inc. (a)

 

535,800

 

27,363

 

Unit Corp. (a)

 

492,000

 

31,168

 

 

 

 

 

112,564

 

Financials (21.8%):

 

 

 

 

 

American Financial Group, Inc.

 

419,400

 

23,482

 

AMERISAFE, Inc.

 

380,025

 

13,909

 

Argo Group International Holdings

 

487,800

 

24,297

 

Associated Banc-Corp.

 

1,820,409

 

32,622

 

Brown & Brown, Inc.

 

491,200

 

15,119

 

Columbia Banking System, Inc.

 

957,800

 

24,414

 

Endurance Specialty Holdings Ltd.

 

413,800

 

21,886

 

FNB Corp.

 

1,839,200

 

22,622

 

HCC Insurance Holdings

 

656,600

 

30,650

 

IBERIABANK Corp.

 

408,550

 

26,805

 

Independent Bank Corp.

 

602,971

 

22,014

 

Infinity Property & Casualty Corp.

 

246,500

 

15,963

 

Lakeland Financial Corp.

 

374,500

 

13,628

 

LaSalle Hotel Properties

 

889,100

 

30,932

 

Old National Bancorp

 

1,711,500

 

22,900

 

PacWest Bancorp

 

567,600

 

23,652

 

Potlatch Corp.

 

447,000

 

18,461

 

Primerica, Inc.

 

474,517

 

21,866

 

Selective Insurance Group, Inc.

 

578,369

 

12,892

 

StanCorp Financial Group, Inc.

 

460,900

 

27,811

 

Sterling BanCorp/DE

 

1,900,000

 

22,610

 

 

 

 

 

468,535

 

Health Care (6.5%):

 

 

 

 

 

Analogic Corp.

 

268,400

 

19,301

 

Charles River Laboratories International, Inc. (a)

 

276,900

 

15,011

 

ICU Medical, Inc. (a)

 

312,100

 

18,180

 

Integra Lifesciences Holdings (a)

 

646,000

 

30,633

 

Owens & Minor, Inc.

 

878,700

 

29,076

 

STERIS Corp.

 

511,428

 

26,021

 

 

 

 

 

138,222

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

Industrials (22.9%):

 

 

 

 

 

ABM Industries, Inc.

 

1,214,124

 

$

29,879

 

Actuant Corp.

 

573,500

 

18,513

 

Altra Industrial Motion Corp.

 

536,500

 

16,819

 

Astec Industries, Inc.

 

530,000

 

20,601

 

Barnes Group, Inc.

 

430,300

 

14,738

 

Briggs & Stratton Corp.

 

724,100

 

13,273

 

Carlisle Cos., Inc.

 

293,884

 

23,517

 

Celadon Group, Inc.

 

348,600

 

7,404

 

Comfort Systems USA, Inc.

 

741,400

 

11,047

 

EMCOR Group, Inc.

 

779,100

 

31,889

 

Encore Wire Corp.

 

315,500

 

13,232

 

Forward Air Corp.

 

374,200

 

16,753

 

GATX Corp.

 

174,100

 

10,794

 

Granite Construction, Inc.

 

581,300

 

18,921

 

John Bean Technologies Corp.

 

103,500

 

2,696

 

Kennametal, Inc.

 

468,400

 

19,804

 

Korn/Ferry International (a)

 

622,700

 

18,320

 

McGrath RentCorp

 

384,911

 

13,299

 

Mueller Industries, Inc.

 

1,051,600

 

29,265

 

Multi-Color Corp.

 

493,000

 

19,409

 

Pike Electric Corp. (a)

 

1,051,000

 

8,471

 

Quanex Building Products Corp.

 

895,800

 

15,309

 

Seaboard Corp. (a)

 

3,000

 

8,556

 

Sykes Enterprises, Inc. (a)

 

1,219,100

 

25,235

 

TriMas Corp. (a)

 

528,463

 

16,742

 

Watts Water Technologies, Inc., Class A

 

387,800

 

22,670

 

Werner Enterprises, Inc.

 

1,011,500

 

24,863

 

Woodward, Inc.

 

413,800

 

20,674

 

 

 

 

 

492,693

 

Information Technology (13.9%):

 

 

 

 

 

Anixter International, Inc.

 

302,000

 

25,962

 

Diebold, Inc.

 

466,000

 

17,559

 

Entegris, Inc. (a)

 

1,860,800

 

21,381

 

Fair Isaac Corp.

 

345,900

 

19,768

 

Fairchild Semiconductor International, Inc. (a)

 

1,107,771

 

16,860

 

Ingram Micro, Inc. (a)

 

544,200

 

15,619

 

Integrated Device Technology, Inc. (a)

 

950,400

 

13,648

 

Littelfuse, Inc.

 

259,500

 

22,556

 

Microsemi Corp. (a)

 

813,280

 

19,502

 

Microstrategy, Inc., Class A (a)

 

155,600

 

22,271

 

MKS Instruments, Inc.

 

994,851

 

31,617

 

MTS Systems Corp.

 

70,589

 

4,659

 

Plexus Corp. (a)

 

743,500

 

29,242

 

PTC, Inc. (a)

 

727,700

 

26,168

 

Rudolph Technologies, Inc. (a)

 

1,168,633

 

10,763

 

 

 

 

 

297,575

 

Materials (7.1%):

 

 

 

 

 

Cabot Corp.

 

387,957

 

20,325

 

Calgon Carbon Corp. (a)

 

767,929

 

16,280

 

H.B. Fuller Co.

 

516,800

 

23,075

 

Kaiser Aluminum Corp.

 

280,000

 

21,622

 

Olin Corp.

 

965,564

 

25,655

 

Sensient Technologies Corp.

 

399,800

 

20,990

 

Silgan Holdings, Inc.

 

472,092

 

23,236

 

 

 

 

 

151,183

 

Utilities (3.8%):

 

 

 

 

 

ALLETE, Inc.

 

430,500

 

20,199

 

El Paso Electric Co.

 

627,800

 

23,134

 

NorthWestern Corp.

 

369,700

 

17,088

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

South Jersey Industries, Inc.

 

379,700

 

$

20,341

 

 

 

 

 

80,762

 

Total Common Stocks (Cost $1,661,331)

 

 

 

1,984,810

 

 

 

 

 

 

 

Exchange-Traded Funds (0.5%)

 

 

 

 

 

iShares Russell 2000 Value Index Fund

 

110,600

 

10,659

 

Total Exchange-Traded Funds (Cost $7,849)

 

 

 

10,659

 

 

 

 

 

 

 

Investment Companies (6.3%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (b)

 

134,909,671

 

134,910

 

Total Investment Companies (Cost $134,910)

 

 

 

134,910

 

 

 

 

 

 

 

Total Investments (Cost $1,804,090) — 99.5%

 

 

 

2,130,379

 

Other assets in excess of liabilities — 0.5%

 

 

 

10,897

 

NET ASSETS - 100.00%

 

 

 

$

2,141,276

 

 


(a)

Non-income producing security.

(b)

Rate disclosed is the daily yield on 7/31/14.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

Schedule of Portfolio Investments

Large Cap Growth Fund

July 31, 2014

(Amounts in Thousands, Except for Shares)

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (95.2%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (21.9%):

 

 

 

 

 

Amazon.com, Inc. (a)

 

23,600

 

$

7,387

 

Canadian Pacific Railway Ltd.

 

42,500

 

8,073

 

Michael Kors Holdings Ltd. (a)

 

75,700

 

6,168

 

Priceline.com, Inc. (a)

 

7,450

 

9,256

 

Starbucks Corp.

 

93,500

 

7,263

 

Tractor Supply Co.

 

96,350

 

5,990

 

 

 

 

 

44,137

 

Consumer Staples (2.3%):

 

 

 

 

 

Monster Beverage Corp. (a)

 

71,300

 

4,560

 

 

 

 

 

 

 

Energy (6.9%):

 

 

 

 

 

FMC Technologies, Inc. (a)

 

109,000

 

6,627

 

Halliburton Co.

 

105,750

 

7,296

 

 

 

 

 

13,923

 

Financials (6.2%):

 

 

 

 

 

Affiliated Managers Group, Inc. (a)

 

31,400

 

6,256

 

The Charles Schwab Corp.

 

227,400

 

6,311

 

 

 

 

 

12,567

 

Health Care (19.4%):

 

 

 

 

 

Alexion Pharmaceuticals, Inc. (a)

 

29,500

 

4,690

 

Biogen Idec, Inc. (a)

 

21,650

 

7,240

 

Catamaran Corp. (a)

 

89,600

 

4,076

 

Celgene Corp. (a)

 

95,950

 

8,362

 

Cerner Corp. (a)

 

91,800

 

5,067

 

Gilead Sciences, Inc. (a)

 

107,025

 

9,799

 

 

 

 

 

39,234

 

Industrials (5.1%):

 

 

 

 

 

Cummins, Inc.

 

43,550

 

6,070

 

Precision Castparts Corp.

 

18,500

 

4,233

 

 

 

 

 

10,303

 

Internet Software & Services (9.8%):

 

 

 

 

 

Facebook, Inc. (a)

 

123,600

 

8,979

 

Google, Inc., Class A (a)

 

18,800

 

10,811

 

 

 

 

 

19,790

 

IT Services (6.6%):

 

 

 

 

 

Alliance Data Systems Corp. (a)

 

23,300

 

6,111

 

Visa, Inc., Class A

 

33,800

 

7,132

 

 

 

 

 

13,243

 

Materials (5.7%):

 

 

 

 

 

Ecolab, Inc.

 

50,600

 

5,492

 

Monsanto Co.

 

53,100

 

6,005

 

 

 

 

 

11,497

 

Semiconductors & Semiconductor Equipment (1.3%):

 

 

 

 

 

Skyworks Solutions, Inc.

 

52,925

 

2,686

 

 

 

 

 

 

 

Software (6.5%):

 

 

 

 

 

Adobe Systems, Inc. (a)

 

97,000

 

6,704

 

Splunk, Inc. (a)

 

34,250

 

1,610

 

VMware, Inc., Class A (a)

 

48,500

 

4,819

 

 

 

 

 

13,133

 

Technology Hardware, Storage & Peripherals (3.5%):

 

 

 

 

 

Apple, Inc.

 

74,750

 

7,144

 

 

 

 

 

 

 

Total Common Stocks (Cost $126,041)

 

 

 

192,217

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares

 

Value

 

Investment Companies (4.6%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (b)

 

9,315,591

 

9,316

 

Total Investment Companies (Cost $9,316)

 

 

 

$

9,316

 

 

 

 

 

 

 

Total Investments (Cost $135,357) — 99.8%

 

 

 

201,533

 

Other assets in excess of liabilities — 0.2%

 

 

 

458

 

NET ASSETS - 100.00%

 

 

 

$

201,991

 

 


(a)                       Non-income producing security.

(b)                       Rate disclosed is the daily yield on 7/31/14.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

Schedule of Portfolio Investments

Select Fund

July 31, 2014

(Amounts in Thousands, Except for Shares)

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (89.1%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (11.6%):

 

 

 

 

 

H&R Block, Inc.

 

5,226

 

$

168

 

News Corp., Class A (a)

 

4,468

 

79

 

PVH Corp.

 

784

 

86

 

 

 

 

 

333

 

Consumer Staples (13.6%):

 

 

 

 

 

Anheuser-Busch InBev NV, ADR

 

260

 

28

 

CVS Caremark Corp.

 

924

 

71

 

The Procter & Gamble Co.

 

1,966

 

152

 

Wal-Mart Stores, Inc.

 

1,863

 

137

 

 

 

 

 

388

 

Energy (5.2%):

 

 

 

 

 

BP PLC, ADR

 

3,054

 

150

 

 

 

 

 

 

 

Financials (13.7%):

 

 

 

 

 

Bank of America Corp.

 

7,699

 

117

 

Bank of New York Mellon Corp.

 

3,509

 

137

 

Citigroup, Inc.

 

2,822

 

138

 

 

 

 

 

392

 

Health Care (8.4%):

 

 

 

 

 

Baxter International, Inc.

 

1,681

 

125

 

Merck & Co., Inc.

 

2,022

 

115

 

 

 

 

 

240

 

Industrials (11.2%):

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

1,640

 

111

 

Nielsen Holdings NV

 

2,135

 

98

 

Siemens AG, ADR

 

915

 

113

 

 

 

 

 

322

 

Information Technology (18.4%):

 

 

 

 

 

Altera Corp.

 

2,302

 

76

 

Applied Materials, Inc.

 

4,893

 

103

 

EMC Corp.

 

4,752

 

139

 

Google, Inc., Class C (a)

 

207

 

118

 

Intel Corp.

 

2,718

 

92

 

 

 

 

 

528

 

Materials (7.0%):

 

 

 

 

 

Air Products & Chemicals, Inc.

 

1,523

 

201

 

Total Common Stocks (Cost $2,450)

 

 

 

2,554

 

 

 

 

 

 

 

Investment Companies (9.8%)

 

 

 

 

 

Federated Treasury Obligations Fund, Institutional Shares, 0.01% (b)

 

280,154

 

280

 

Total Investment Companies (Cost $280)

 

 

 

280

 

 

 

 

 

 

 

Total Investments (Cost $2,730) — 98.9%

 

 

 

2,834

 

Other assets in excess of liabilities — 1.1%

 

 

 

31

 

NET ASSETS - 100.00%

 

 

 

$

2,865

 

 


(a)

Non-income producing security.

(b)

Rate disclosed is the daily yield on 7/31/14.

 

ADR—American Depositary Receipt

PLC—Public Liability Co.

 

See notes to schedules of investments.

 



 

The Victory Portfolios

Schedule of Portfolio Investments

Balanced Fund

July 31, 2014

(Amounts in Thousands, Except for Shares)

(Unaudited)

 

Security Description

 

Shares

 

Value

 

Common Stocks (64.5%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (8.4%):

 

 

 

 

 

Comcast Corp., Class A

 

7,050

 

$

379

 

H&R Block, Inc.

 

6,640

 

213

 

Newell Rubbermaid, Inc.

 

4,880

 

159

 

News Corp., Class A (a)

 

8,220

 

145

 

PVH Corp.

 

1,840

 

203

 

Starbucks Corp.

 

2,020

 

157

 

Tractor Supply Co.

 

860

 

53

 

 

 

 

 

1,309

 

Consumer Staples (5.1%):

 

 

 

 

 

Anheuser-Busch InBev NV, ADR

 

1,050

 

113

 

CVS Caremark Corp.

 

2,540

 

194

 

The Procter & Gamble Co.

 

2,880

 

223

 

Wal-Mart Stores, Inc.

 

3,700

 

272

 

 

 

 

 

802

 

Energy (7.2%):

 

 

 

 

 

Anadarko Petroleum Corp.

 

2,248

 

240

 

BP PLC, ADR

 

6,300

 

309

 

Chesapeake Energy Corp.

 

5,140

 

136

 

Occidental Petroleum Corp.

 

3,450

 

337

 

Weatherford International PLC (a)

 

4,480

 

100

 

 

 

 

 

1,122

 

Financials (9.1%):

 

 

 

 

 

Bank of America Corp.

 

19,860

 

303

 

Bank of New York Mellon Corp.

 

4,520

 

176

 

Capital One Financial Corp.

 

1,880

 

150

 

Citigroup, Inc.

 

7,220

 

352

 

JPMorgan Chase & Co.

 

4,400

 

254

 

MetLife, Inc.

 

3,290

 

173

 

 

 

 

 

1,408

 

Health Care (8.2%):

 

 

 

 

 

Abbott Laboratories

 

3,560

 

150

 

Baxter International, Inc.

 

3,100

 

231

 

Eli Lilly & Co.

 

2,780

 

170

 

Merck & Co., Inc.

 

5,400

 

306

 

Pfizer, Inc.

 

8,780

 

252

 

Roche Holdings Ltd., ADR

 

4,720

 

172

 

 

 

 

 

1,281

 

Industrials (8.7%):

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

2,300

 

155

 

Danaher Corp.

 

3,690

 

273

 

General Dynamics Corp.

 

870

 

102

 

Koninklijke Philips NVR, NYS

 

6,680

 

206

 

Nielsen Holdings NV

 

4,040

 

186

 

Siemens AG, ADR

 

1,680

 

208

 

United Parcel Service, Inc., Class B

 

2,320

 

225

 

 

 

 

 

1,355

 

Information Technology (14.7%):

 

 

 

 

 

Altera Corp.

 

7,540

 

247

 

Apple, Inc.

 

3,205

 

306

 

Applied Materials, Inc.

 

16,280

 

341

 

Cisco Systems, Inc.

 

13,920

 

351

 

EMC Corp.

 

13,700

 

402

 

Google, Inc., Class C (a)

 

555

 

317

 

Intel Corp.

 

9,320

 

316

 

 

 

 

 

2,280

 

 

See notes to schedules of investments.

 



 

Security Description

 

Shares or Principal
Amount

 

Value

 

Materials (3.1%):

 

 

 

 

 

Air Products & Chemicals, Inc.

 

2,130

 

$

281

 

Nucor Corp.

 

2,480

 

125

 

The Dow Chemical Co.

 

1,370

 

70