NPORT-EX 2 759_0000802716.htm

 

Victory Portfolios Schedule of Portfolio Investments
Victory Integrity Discovery Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.5%)          
Banks (21.1%):          
Atlantic Capital Bancshares, Inc. (a)   32,200   $853 
Central Pacific Financial Corp.   25,400    652 
Civista Bancshares, Inc. (b)   27,600    641 
ConnectOne Bancorp, Inc.   32,800    984 
Dime Community Bancshares, Inc.   26,300    859 
Equity Bancshares, Inc., Class A   17,600    587 
Financial Institutions, Inc.   22,660    695 
First Bank   23,900    337 
First Foundation, Inc.   21,350    561 
First Internet Bancorp   18,650    581 
First Mid Bancshares, Inc.   18,250    749 
FVCBankcorp, Inc. (a)(b)   15,500    310 
German American Bancorp, Inc.   14,800    572 
HarborOne Bancorp, Inc.   43,400    609 
Heritage Commerce Corp. (b)   67,500    785 
Heritage Financial Corp.   15,200    388 
Hometrust Bancshares, Inc.   24,800    694 
Independent Bank Corp.   31,800    683 
Mercantile Bank Corp.   20,600    660 
Origin Bancorp, Inc.   20,900    885 
Peoples Bancorp, Inc.   26,000    822 
Primis Financial Corp.   37,200    538 
QCR Holdings, Inc. (b)   16,600    854 
SmartFinancial, Inc.   26,000    672 
The First Bancshares, Inc.   18,100    702 
Univest Financial Corp.   25,300    693 
Washington Trust Bancorp, Inc.   14,300    758 
         18,124 
Capital Markets (1.6%):          
Cowen, Inc., Class A (b)   20,000    686 
Diamond Hill Investment Group, Inc.   3,775    663 
         1,349 
Communication Services (3.9%):          
Clear Channel Outdoor Holdings, Inc. (a)   280,500    760 
Emerald Holding, Inc. (a)   106,000    460 
Entercom Communications Corp. (a)   146,000    537 
The E.W. Scripps Co., Class A   37,700    681 
The Marcus Corp. (a)(b)   51,900    906 
         3,344 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Consumer Discretionary (11.3%):          
Chico's FAS, Inc. (a)(b)   114,000   $512 
Chuy's Holdings, Inc. (a)(b)   13,700    432 
Del Taco Restaurants, Inc.   54,500    476 
Designer Brands, Inc., Class A (a)(b)   32,915    458 
Funko, Inc., Class A (a)   29,800    543 
Genesco, Inc. (a)   14,850    857 
Lindblad Expeditions Holdings, Inc. (a)(b)   42,000    613 
M/I Homes, Inc. (a)   6,830    395 
Malibu Boats, Inc., Class A (a)   7,400    518 
Modine Manufacturing Co. (a)   46,400    526 
Motorcar Parts of America, Inc. (a)   25,000    487 
OneWater Marine, Inc.   9,680    389 
Potbelly Corp. (a)   92,000    624 
Red Robin Gourmet Burgers, Inc. (a)(b)   23,100    533 
Ruth's Hospitality Group, Inc. (a)   19,503    404 
The Aaron's Co., Inc.   16,100    443 
Universal Electronics, Inc. (a)   9,800    483 
Universal Technical Institute, Inc. (a)   69,500    470 
Zumiez, Inc. (a)   14,200    564 
         9,727 
Consumer Finance (0.9%):          
EZCORP, Inc., Class A (a)(b)   103,900    786 
           
Energy (6.9%):          
Bonanza Creek Energy, Inc. (b)   13,100    628 
Earthstone Energy, Inc., Class A (a)   90,816    836 
International Seaways, Inc.   19,885    362 
Matrix Service Co. (a)   39,200    410 
Northern Oil and Gas, Inc. (b)   52,000    1,113 
ProPetro Holding Corp. (a)   58,626    507 
Solaris Oilfield Infrastructure, Inc., Class A   61,323    511 
Talos Energy, Inc. (a)   37,506    517 
Tidewater, Inc. (a)   40,000    482 
Vine Energy, Inc., Class A (a)   36,800    606 
         5,972 
Health Care (6.8%):          
AngioDynamics, Inc. (a)   34,000    882 
Brookdale Senior Living, Inc. (a)   113,667    716 
Collegium Pharmaceutical, Inc. (a)(b)   21,200    418 
Community Health Systems, Inc. (a)   47,600    557 
Hanger, Inc. (a)   22,700    499 
Invacare Corp. (a)   93,000    443 

 

 

 

 
Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Natus Medical, Inc. (a)   25,989   $652 
Orthofix Medical, Inc. (a)(b)   20,075    765 
RadNet, Inc. (a)   13,898    407 
Vanda Pharmaceuticals, Inc. (a)   31,500    540 
         5,879 
Industrials (17.1%):          
CIRCOR International, Inc. (a)(b)   19,900    657 
Columbus McKinnon Corp.   12,700    614 
Covenant Logistics Group, Inc., Class A (a)   26,950    745 
CRA International, Inc.   4,400    437 
Ducommun, Inc. (a)   13,200    665 
DXP Enterprises, Inc. (a)   21,800    645 
Eagle Bulk Shipping, Inc. (a)(b)   13,000    655 
Echo Global Logistics, Inc. (a)   12,291    586 
Great Lakes Dredge & Dock Corp. (a)   49,000    739 
Hawaiian Holdings, Inc. (a)   20,800    451 
Heidrick & Struggles International, Inc.   10,990    490 
Heritage-Crystal Clean, Inc. (a)   25,000    724 
Interface, Inc.   40,300    611 
Kelly Services, Inc., Class A   28,000    529 
Kimball International, Inc., Class B   44,550    499 
NN, Inc. (a)   93,000    488 
Park Aerospace Corp.   29,500    404 
Park-Ohio Holdings Corp.   17,000    434 
SP Plus Corp. (a)   22,000    675 
Team, Inc. (a)   53,800    162 
The Shyft Group, Inc.   11,400    433 
Titan Machinery, Inc. (a)   28,100    728 
Triumph Group, Inc. (a)(b)   39,400    734 
TrueBlue, Inc. (a)   21,276    576 
VSE Corp.   13,070    630 
Willdan Group, Inc. (a)(b)   12,300    438 
         14,749 
Information Technology (11.7%):          
American Software, Inc., Class A   19,600    466 
Asure Software, Inc. (a)   68,400    616 
Benchmark Electronics, Inc.   18,000    481 
Comtech Telecommunications Corp.   27,600    707 
CTS Corp.   23,600    730 
Diebold Nixdorf, Inc. (a)   39,700    401 
Digi International, Inc. (a)   32,700    687 
Extreme Networks, Inc. (a)   63,800    628 
Harmonic, Inc. (a)   90,300    790 
I3 Verticals, Inc., Class A (a)   15,300    370 

 

 

 

 
Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Ichor Holdings Ltd. (a)   12,800   $526 
Impinj, Inc. (a)(b)   12,436    711 
Kimball Electronics, Inc. (a)   28,500    735 
NeoPhotonics Corp. (a)   50,430    439 
PDF Solutions, Inc. (a)   29,700    684 
Veeco Instruments, Inc. (a)   21,350    474 
Vishay Precision Group, Inc. (a)   17,000    591 
         10,036 
Insurance (1.1%):          
HCI Group, Inc. (b)   4,800    531 
Heritage Insurance Holdings, Inc.   65,600    447 
         978 
Materials (4.2%):          
Haynes International, Inc.   19,750    735 
Koppers Holdings, Inc. (a)   21,300    666 
Schnitzer Steel Industries, Inc.   11,500    504 
SunCoke Energy, Inc. (b)   111,900    703 
Verso Corp., Class A (b)   47,700    990 
         3,598 
Mortgage Real Estate Investment Trusts (0.9%):          
Dynex Capital, Inc. (b)   31,300    541 
Western Asset Mortgage Capital Corp.   100,000    261 
         802 
Real Estate (6.1%):          
CatchMark Timber Trust, Inc., Class A   39,800    472 
Cedar Realty Trust, Inc.   24,500    531 
City Office REIT, Inc.   51,600    922 
Global Medical REIT, Inc.   43,300    637 
NETSTREIT Corp.   21,900    518 
NexPoint Residential Trust, Inc.   9,450    585 
Plymouth Industrial REIT, Inc.   27,000    614 
UMH Properties, Inc.   9,881    226 
Urstadt Biddle Properties, Inc., Class A   41,000    776 
         5,281 
Thrifts & Mortgage Finance (3.9%):          
Bridgewater Bancshares, Inc. (a)   28,400    497 
HomeStreet, Inc.   13,300    547 
Meridian Bancorp, Inc.   35,000    727 
PCSB Financial Corp.   31,400    579 

 

 

 

 
Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Premier Financial Corp.   30,300   $965 
         3,315 
Total Common Stocks (Cost $65,748)        83,940 
           
Collateral for Securities Loaned^ (9.1%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   147,162    147 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (c)   4,362,412    4,362 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   73,441    73 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   585,596    586 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   2,632,953    2,633 
Total Collateral for Securities Loaned (Cost $7,801)        7,801 
           
Total Investments (Cost $73,549) — 106.6%        91,741 
Liabilities in excess of other assets — (6.6)%        (5,701)
NET ASSETS - 100.00%       $86,040 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Integrity Mid-Cap Value Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.7%)          
Communication Services (3.8%):          
Cinemark Holdings, Inc. (a)(b)   76,303   $1,466 
Liberty Media Group Corp.-Liberty Formula One, Class C (a)   33,473    1,721 
Lions Gate Entertainment Corp., Class B (a)   115,300    1,499 
Nexstar Media Group, Inc., Class A   15,637    2,376 
Twitter, Inc. (a)   25,557    1,543 
ViacomCBS, Inc., Class B   30,313    1,198 
         9,803 
Consumer Discretionary (11.6%):          
Advance Auto Parts, Inc.   9,058    1,892 
Aptiv PLC (a)   11,618    1,731 
Aramark   58,460    1,921 
Bath & Body Works, Inc.   28,350    1,787 
BorgWarner, Inc.   35,314    1,526 
Brunswick Corp.   21,200    2,020 
Caesars Entertainment, Inc. (a)   19,650    2,206 
Capri Holdings Ltd. (a)   30,100    1,457 
D.R. Horton, Inc.   15,835    1,330 
Hilton Worldwide Holdings, Inc. (a)   11,300    1,493 
Newell Brands, Inc.   51,300    1,136 
Norwegian Cruise Line Holdings Ltd. (a)(b)   75,241    2,010 
Penske Automotive Group, Inc.   16,449    1,655 
Ralph Lauren Corp.   19,350    2,148 
The Gap, Inc.   60,000    1,362 
Travel + Leisure Co.   39,330    2,144 
Yum! Brands, Inc.   17,766    2,173 
         29,991 
Consumer Staples (4.3%):          
Archer-Daniels-Midland Co.   29,770    1,786 
Coty, Inc., Class A (a)   200,330    1,574 
Darling Ingredients, Inc. (a)   27,910    2,007 
Molson Coors Beverage Co., Class B   42,540    1,973 
Performance Food Group Co. (a)   37,600    1,747 
Tyson Foods, Inc., Class A   26,737    2,111 
         11,198 
Energy (5.6%):          
Devon Energy Corp.   91,392    3,245 
Diamondback Energy, Inc.   29,516    2,794 
Halliburton Co.   112,533    2,433 
Hess Corp.   34,275    2,677 
Pioneer Natural Resources Co.   18,976    3,160 
         14,309 

 

 

 

 
Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Financials (16.5%):          
Ally Financial, Inc.   39,935   $2,039 
Arch Capital Group Ltd. (a)   37,700    1,439 
Arthur J. Gallagher & Co.   21,280    3,163 
Assurant, Inc.   12,540    1,978 
Cincinnati Financial Corp.   18,996    2,170 
CIT Group, Inc.   32,160    1,671 
Comerica, Inc.   35,180    2,832 
Fifth Third Bancorp   36,296    1,540 
Huntington Bancshares, Inc.   194,400    3,006 
Invesco Ltd.   91,500    2,206 
Lincoln National Corp.   28,150    1,935 
LPL Financial Holdings, Inc.   17,695    2,774 
M&T Bank Corp.   17,450    2,606 
Northern Trust Corp.   23,034    2,483 
Regions Financial Corp.   97,344    2,074 
Reinsurance Group of America, Inc.   18,835    2,096 
State Street Corp.   23,694    2,007 
The Hartford Financial Services Group, Inc.   34,342    2,413 
Voya Financial, Inc.   35,392    2,173 
         42,605 
Health Care (8.7%):          
Cerner Corp.   20,362    1,436 
Elanco Animal Health, Inc. (a)   52,294    1,668 
Encompass Health Corp.   30,360    2,278 
Jazz Pharmaceuticals PLC (a)   12,083    1,573 
Laboratory Corp. of America Holdings (a)   10,320    2,905 
McKesson Corp.   15,127    3,016 
Organon & Co.   51,754    1,697 
Perrigo Co. PLC (b)   45,587    2,158 
STERIS PLC   6,505    1,329 
Viatris, Inc.   152,874    2,071 
Zimmer Biomet Holdings, Inc.   16,250    2,378 
         22,509 
Industrials (15.4%):          
AGCO Corp.   13,256    1,624 
Carlisle Cos., Inc.   11,653    2,316 
Crane Co.   19,691    1,867 
Cummins, Inc.   6,253    1,404 
Howmet Aerospace, Inc.   61,000    1,903 
ITT, Inc.   19,080    1,638 
Knight-Swift Transportation Holdings, Inc.   40,201    2,056 
ManpowerGroup, Inc.   19,393    2,100 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Old Dominion Freight Line, Inc.   6,196   $1,772 
Oshkosh Corp.   15,839    1,621 
Otis Worldwide Corp.   27,490    2,262 
Parker-Hannifin Corp.   8,039    2,248 
Quanta Services, Inc.   23,369    2,660 
Republic Services, Inc.   17,329    2,081 
Ryder System, Inc.   22,920    1,896 
Southwest Airlines Co. (a)   46,200    2,376 
Spirit AeroSystems Holdings, Inc., Class A   38,404    1,697 
Textron, Inc.   27,019    1,886 
Trane Technologies PLC   11,230    1,939 
Westinghouse Air Brake Technologies Corp. (b)   26,024    2,244 
         39,590 
Information Technology (10.3%):          
Booz Allen Hamilton Holding Corp.   21,148    1,678 
Ciena Corp. (a)   30,193    1,551 
Citrix Systems, Inc.   10,545    1,132 
DXC Technology Co. (a)   58,037    1,951 
Flex Ltd. (a)   99,392    1,757 
Hewlett Packard Enterprise Co.   115,500    1,646 
Jabil, Inc.   29,836    1,742 
Juniper Networks, Inc.   66,608    1,833 
Marvell Technology, Inc.   30,000    1,809 
MKS Instruments, Inc.   9,800    1,479 
Motorola Solutions, Inc.   9,658    2,244 
NCR Corp. (a)   40,000    1,550 
ON Semiconductor Corp. (a)   39,238    1,796 
Qorvo, Inc. (a)   7,251    1,212 
Verint Systems, Inc. (a)   36,200    1,621 
Western Digital Corp. (a)   27,472    1,551 
         26,552 
Materials (7.8%):          
Alcoa Corp. (a)   38,688    1,893 
Arconic Corp. (a)   57,954    1,828 
CF Industries Holdings, Inc.   46,986    2,623 
Cleveland-Cliffs, Inc. (a)(b)   129,824    2,572 
Crown Holdings, Inc.   19,598    1,975 
Martin Marietta Materials, Inc.   7,353    2,512 
Olin Corp.   39,900    1,925 
The Mosaic Co.   72,781    2,600 
Westlake Chemical Corp.   22,650    2,064 
         19,992 
Real Estate (8.3%):          
Apartment Income REIT Corp.   52,650    2,570 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Duke Realty Corp.   49,630   $2,376 
Essex Property Trust, Inc.   8,980    2,871 
Healthpeak Properties, Inc.   35,100    1,175 
Host Hotels & Resorts, Inc. (a)   121,485    1,984 
Medical Properties Trust, Inc.   114,500    2,298 
Realty Income Corp.   26,834    1,740 
VICI Properties, Inc. (b)   78,912    2,242 
Welltower, Inc.   30,050    2,476 
Weyerhaeuser Co.   47,846    1,702 
         21,434 
Utilities (6.4%):          
CenterPoint Energy, Inc.   90,762    2,233 
DTE Energy Co.   18,320    2,046 
Evergy, Inc.   36,353    2,261 
PPL Corp.   70,346    1,961 
Spire, Inc.   33,053    2,022 
UGI Corp.   36,736    1,566 
Vistra Corp.   118,396    2,025 
Xcel Energy, Inc.   36,563    2,285 
         16,399 
Total Common Stocks (Cost $209,016)        254,382 
           
Collateral for Securities Loaned^ (3.0%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   145,523    145 
Fidelity  Investments Money Market Government Portfolio I Class, 0.01% (c)   4,312,842    4,313 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   72,623    73 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   579,075    579 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   2,603,632    2,604 
Total Collateral for Securities Loaned (Cost $7,714)        7,714 
           
Total Investments (Cost $216,730) — 101.7%        262,096 
Liabilities in excess of other assets — (1.7)%        (4,339)
NET ASSETS - 100.00%       $257,757 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Integrity Small-Cap Value Fund     September 30, 2021
(Amounts in Thousands, Except for Shares)     (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.7%)          
Communication Services (2.7%):          
Cinemark Holdings, Inc. (a)(b)   672,600   $12,921 
Gray Television, Inc.   528,000    12,049 
Lions Gate Entertainment Corp., Class B (a)   664,000    8,632 
TEGNA, Inc.   424,000    8,361 
The Marcus Corp. (a)(b)   437,500    7,634 
         49,597 
Consumer Discretionary (9.7%):          
Abercrombie & Fitch Co. (a)   297,200    11,184 
American Axle & Manufacturing Holdings, Inc. (a)   856,000    7,541 
Asbury Automotive Group, Inc. (a)   52,400    10,309 
Bloomin' Brands, Inc. (a)   552,000    13,800 
Brinker International, Inc. (a)(b)   185,300    9,089 
Brunswick Corp.   114,500    10,909 
Century Communities, Inc.   211,900    13,021 
Dana, Inc. (b)   405,000    9,007 
Guess, Inc. (b)   421,000    8,845 
Jack in the Box, Inc. (b)   131,500    12,799 
Macy's, Inc.   716,200    16,186 
Marriott Vacations Worldwide Corp.   91,300    14,364 
Steven Madden Ltd.   347,800    13,968 
Victoria's Secret & Co. (a)(b)   164,700    9,101 
Visteon Corp. (a)   76,500    7,221 
Wolverine World Wide, Inc.   403,000    12,026 
         179,370 
Consumer Staples (2.5%):          
Coty, Inc., Class A (a)   1,557,900    12,245 
Edgewell Personal Care Co. (b)   220,000    7,986 
Performance Food Group Co. (a)   318,000    14,774 
The Simply Good Foods Co. (a)(b)   328,000    11,313 
         46,318 
Energy (7.7%):          
Antero Resources Corp. (a)   1,011,100    19,019 
Cactus, Inc., Class A   389,200    14,681 
Chesapeake Energy Corp. (b)   300,300    18,495 
Delek U.S. Holdings, Inc. (b)   457,700    8,225 
Green Plains, Inc. (a)   600,000    19,590 
Ovintiv, Inc.   560,500    18,429 
PDC Energy, Inc.   395,600    18,748 
Whiting Petroleum Corp. (a)   415,000    24,240 
         141,427 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund     September 30, 2021
(Amounts in Thousands, Except for Shares)     (Unaudited)

 

Security Description  Shares   Value 
Financials (22.5%):          
Ameris Bancorp   356,000   $18,469 
Assured Guaranty Ltd.   192,000    8,988 
Banc of California, Inc. (b)   632,900    11,702 
Banner Corp.   285,500    15,762 
Blackstone Mortgage Trust, Inc., Class A   445,000    13,492 
Brighthouse Financial, Inc. (a)   172,900    7,820 
Cathay General Bancorp   214,600    8,882 
CNO Financial Group, Inc.   401,000    9,440 
FB Financial Corp.   348,900    14,961 
Federated Hermes, Inc.   461,000    14,982 
First Bancorp/Southern Pines NC   184,600    7,940 
First Merchants Corp.   401,500    16,799 
Hancock Whitney Corp.   445,000    20,968 
Heritage Financial Corp.   255,000    6,503 
Horace Mann Educators Corp. (b)   180,000    7,162 
Investors Bancorp, Inc.   956,000    14,445 
Kinsale Capital Group, Inc.   44,400    7,179 
Ladder Capital Corp.   845,000    9,337 
MGIC Investment Corp.   970,000    14,511 
PacWest Bancorp   470,000    21,300 
Piper Sandler Cos.   84,000    11,631 
Primerica, Inc.   55,900    8,588 
ProAssurance Corp.   367,200    8,732 
Renasant Corp.   463,700    16,716 
RLI Corp. (b)   93,100    9,335 
SouthState Corp.   271,000    20,236 
Starwood Property Trust, Inc.   394,900    9,640 
Stifel Financial Corp. (b)   162,200    11,023 
Synovus Financial Corp.   467,000    20,497 
United Community Banks, Inc.   559,400    18,360 
Veritex Holdings, Inc.   427,100    16,811 
Wintrust Financial Corp.   169,700    13,639 
         415,850 
Health Care (4.1%):          
Brookdale Senior Living, Inc. (a)   1,690,900    10,653 
CONMED Corp. (b)   72,000    9,420 
Patterson Cos., Inc.   425,400    12,821 
Select Medical Holdings Corp.   394,000    14,251 
Supernus Pharmaceuticals, Inc. (a)   454,900    12,132 
Tenet Healthcare Corp. (a)(b)   247,500    16,444 
         75,721 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund     September 30, 2021
(Amounts in Thousands, Except for Shares)     (Unaudited)

 

Security Description  Shares   Value 
Industrials (19.8%):          
AAR Corp. (a)   383,500   $12,437 
Altra Industrial Motion Corp.   256,200    14,181 
ArcBest Corp.   85,600    6,999 
Atkore, Inc. (a)   115,500    10,039 
Avis Budget Group, Inc. (a)   115,500    13,457 
AZZ, Inc.   201,300    10,709 
Beacon Roofing Supply, Inc. (a)   181,000    8,645 
Clean Harbors, Inc. (a)   130,000    13,503 
Crane Co.   135,800    12,875 
EMCOR Group, Inc.   150,500    17,365 
EnPro Industries, Inc.   130,900    11,404 
Granite Construction, Inc. (b)   303,000    11,984 
Hub Group, Inc., Class A (a)   187,100    12,863 
Kirby Corp. (a)   163,000    7,817 
Korn Ferry   204,500    14,798 
ManpowerGroup, Inc.   116,100    12,571 
Meritor, Inc. (a)   487,000    10,378 
MRC Global, Inc. (a)(b)   1,042,000    7,648 
nVent Electric PLC   344,000    11,122 
Rexnord Corp.   330,000    21,216 
Ryder System, Inc.   143,300    11,852 
Saia, Inc. (a)   41,900    9,973 
SkyWest, Inc. (a)   292,800    14,447 
Steelcase, Inc., Class A (b)   808,000    10,245 
Terex Corp.   198,000    8,336 
The Greenbrier Cos., Inc. (b)   211,100    9,075 
Triumph Group, Inc. (a)(b)   637,000    11,867 
Univar Solutions, Inc. (a)   586,400    13,968 
Wabash National Corp. (b)   574,000    8,685 
Werner Enterprises, Inc. (b)   201,300    8,912 
WESCO International, Inc. (a)   146,000    16,837 
         366,208 
Information Technology (7.1%):          
Belden, Inc.   309,800    18,049 
CMC Materials, Inc.   79,000    9,735 
Cohu, Inc. (a)   375,000    11,977 
CommScope Holding Co., Inc. (a)   628,800    8,545 
Conduent, Inc. (a)   1,260,000    8,303 
Diebold Nixdorf, Inc. (a)   780,000    7,886 
Diodes, Inc. (a)   108,400    9,820 
Harmonic, Inc. (a)(b)   885,500    7,748 
Infinera Corp. (a)(b)   1,134,000    9,435 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund     September 30, 2021
(Amounts in Thousands, Except for Shares)     (Unaudited)

 

Security Description  Shares   Value 
Plexus Corp. (a)(b)   106,700   $9,540 
TTM Technologies, Inc. (a)   580,400    7,296 
Verint Systems, Inc. (a)   291,600    13,061 
Vishay Intertechnology, Inc.   519,500    10,437 
         131,832 
Materials (6.5%):          
Alcoa Corp. (a)   369,900    18,103 
Allegheny Technologies, Inc. (a)(b)   890,100    14,802 
Arconic Corp. (a)   460,000    14,508 
Avient Corp.   388,000    17,984 
Olin Corp.   352,000    16,984 
Schnitzer Steel Industries, Inc.   53,600    2,348 
Summit Materials, Inc., Class A (a)   486,000    15,538 
Trinseo SA   55,000    2,969 
Tronox Holdings PLC, Class A   662,100    16,321 
         119,557 
Real Estate (10.0%):          
Alexander & Baldwin, Inc.   566,000    13,267 
CareTrust REIT, Inc.   494,000    10,038 
DiamondRock Hospitality Co. (a)   1,548,000    14,629 
Easterly Government Properties, Inc.   601,900    12,435 
Essential Properties Realty Trust, Inc.   498,900    13,929 
Hudson Pacific Properties, Inc.   434,800    11,422 
Lexington Realty Trust (b)   1,363,000    17,378 
Mack-Cali Realty Corp.   725,000    12,412 
Physicians Realty Trust   565,000    9,955 
Sabra Health Care REIT, Inc.   823,000    12,115 
SITE Centers Corp.   1,120,000    17,293 
STAG Industrial, Inc.   523,200    20,536 
Summit Hotel Properties, Inc. (a)   988,000    9,514 
Sunstone Hotel Investors, Inc. (a)   795,200    9,495 
         184,418 
Utilities (4.1%):          
ALLETE, Inc.   202,200    12,035 
Black Hills Corp.   178,500    11,203 
NorthWestern Corp.   232,500    13,322 
ONE Gas, Inc.   186,600    11,825 
Portland General Electric Co.   281,400    13,223 
Spire, Inc.   229,800    14,059 
         75,667 
Total Common Stocks (Cost $1,324,880)        1,785,965 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund     September 30, 2021
(Amounts in Thousands, Except for Shares)     (Unaudited)

 

Security Description  Shares   Value 
Collateral for Securities Loaned^ (3.7%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   1,284,909   $1,285 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (c)   38,080,640    38,081 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   641,233    641 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   5,112,992    5,113 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   22,989,010    22,989 
Total Collateral for Securities Loaned (Cost $68,109)        68,109 
           
Total Investments (Cost $1,392,989) — 100.4%        1,854,074 
Liabilities in excess of other assets — (0.4)%        (7,371)
NET ASSETS - 100.00%       $1,846,703 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Integrity Small/Mid-Cap Value Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.8%)          
Communication Services (3.3%):          
Cinemark Holdings, Inc. (a)(b)   67,900   $1,304 
Liberty Media Group Corp.-Liberty Formula One, Class C (a)   28,655    1,473 
Lions Gate Entertainment Corp., Class B (a)   82,633    1,074 
Nexstar Media Group, Inc., Class A   11,890    1,807 
TEGNA, Inc.   54,800    1,081 
         6,739 
Consumer Discretionary (11.0%):          
Aramark   51,101    1,679 
Asbury Automotive Group, Inc. (a)   3,926    772 
Bloomin' Brands, Inc. (a)   45,904    1,148 
Brunswick Corp.   17,650    1,682 
Caesars Entertainment, Inc. (a)   14,360    1,612 
Capri Holdings Ltd. (a)   22,937    1,110 
Lear Corp.   6,700    1,048 
Macy's, Inc.   50,556    1,143 
Newell Brands, Inc.   48,800    1,080 
Norwegian Cruise Line Holdings Ltd. (a)(b)   56,530    1,510 
PulteGroup, Inc.   20,600    946 
Ralph Lauren Corp.   15,210    1,689 
Steven Madden Ltd.   31,944    1,283 
The Gap, Inc.   40,079    910 
Travel + Leisure Co.   30,100    1,641 
Victoria's Secret & Co. (a)   18,458    1,020 
Visteon Corp. (a)   10,400    982 
Wolverine World Wide, Inc.   40,100    1,197 
         22,452 
Consumer Staples (2.6%):          
Coty, Inc., Class A (a)   161,150    1,267 
Edgewell Personal Care Co.   19,300    700 
Lamb Weston Holdings, Inc.   20,300    1,246 
Molson Coors Beverage Co., Class B   15,570    722 
Performance Food Group Co. (a)   32,000    1,487 
         5,422 
Energy (6.4%):          
Cactus, Inc., Class A (b)   35,477    1,338 
Cimarex Energy Co.   24,530    2,139 
Devon Energy Corp.   58,751    2,086 
Diamondback Energy, Inc.   19,850    1,879 
Green Plains, Inc. (a)   56,958    1,860 
PDC Energy, Inc.   43,834    2,077 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Whiting Petroleum Corp. (a)   30,430   $1,778 
         13,157 
Financials (19.3%):          
Ally Financial, Inc.   29,810    1,522 
American Financial Group, Inc.   13,317    1,676 
Assurant, Inc.   10,950    1,727 
Assured Guaranty Ltd.   21,900    1,025 
Blackstone Mortgage Trust, Inc., Class A   48,910    1,483 
CIT Group, Inc.   27,110    1,408 
Comerica, Inc.   31,586    2,543 
East West Bancorp, Inc.   24,539    1,903 
Hancock Whitney Corp.   51,810    2,441 
Invesco Ltd.   73,000    1,760 
Investors Bancorp, Inc.   108,000    1,632 
Kinsale Capital Group, Inc.   4,850    784 
Lincoln National Corp.   12,750    877 
LPL Financial Holdings, Inc.   12,990    2,036 
MGIC Investment Corp.   97,950    1,465 
PacWest Bancorp   53,350    2,418 
People's United Financial, Inc.   92,600    1,618 
Primerica, Inc.   8,950    1,375 
Reinsurance Group of America, Inc.   9,015    1,003 
SouthState Corp.   27,100    2,023 
Stifel Financial Corp. (b)   25,145    1,709 
Synovus Financial Corp.   49,008    2,151 
The Hanover Insurance Group, Inc.   9,770    1,266 
Voya Financial, Inc.   25,600    1,572 
         39,417 
Health Care (4.3%):          
Encompass Health Corp.   26,190    1,965 
Jazz Pharmaceuticals PLC (a)   10,735    1,398 
Organon & Co.   58,369    1,914 
Perrigo Co. PLC   40,772    1,930 
Select Medical Holdings Corp.   43,200    1,562 
         8,769 
Industrials (21.2%):          
AGCO Corp.   11,413    1,398 
Alaska Air Group, Inc. (a)   13,119    769 
Altra Industrial Motion Corp.   22,950    1,270 
Atkore, Inc. (a)   12,520    1,088 
Avis Budget Group, Inc. (a)   12,070    1,406 
Beacon Roofing Supply, Inc. (a)   18,186    869 
Carlisle Cos., Inc.   8,520    1,694 
Clean Harbors, Inc. (a)   14,915    1,549 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Crane Co.   15,172   $1,439 
EMCOR Group, Inc.   13,563    1,565 
EnPro Industries, Inc.   12,280    1,070 
Granite Construction, Inc.   27,537    1,089 
Howmet Aerospace, Inc.   52,300    1,632 
ITT, Inc.   18,142    1,557 
Kirby Corp. (a)   20,420    979 
Knight-Swift Transportation Holdings, Inc.   20,859    1,067 
Korn Ferry   18,118    1,311 
ManpowerGroup, Inc.   13,470    1,459 
Meritor, Inc. (a)   49,500    1,055 
MRC Global, Inc. (a)   100,612    739 
nVent Electric PLC   42,140    1,362 
Oshkosh Corp.   12,777    1,308 
Quanta Services, Inc.   18,547    2,111 
Rexnord Corp.   26,710    1,717 
Ryder System, Inc.   17,275    1,429 
Saia, Inc. (a)   6,240    1,485 
SkyWest, Inc. (a)   24,900    1,229 
Spirit AeroSystems Holdings, Inc., Class A   30,250    1,337 
Steelcase, Inc., Class A (b)   74,780    948 
Textron, Inc.   24,800    1,731 
Trinity Industries, Inc.   28,300    769 
Univar Solutions, Inc. (a)   65,400    1,558 
Westinghouse Air Brake Technologies Corp.   15,432    1,330 
         43,319 
Information Technology (8.1%):          
Belden, Inc.   30,310    1,766 
Ciena Corp. (a)   31,300    1,607 
Conduent, Inc. (a)   127,100    838 
Diodes, Inc. (a)   11,474    1,039 
Euronet Worldwide, Inc. (a)   12,100    1,540 
Flex Ltd. (a)   71,400    1,262 
Infinera Corp. (a)   125,800    1,047 
Jabil, Inc.   22,000    1,284 
MKS Instruments, Inc.   7,720    1,165 
NCR Corp. (a)   27,800    1,078 
ON Semiconductor Corp. (a)   36,200    1,657 
Verint Systems, Inc. (a)   31,112    1,394 
Vishay Intertechnology, Inc.   47,050    945 
         16,622 
Materials (7.7%):          
Alcoa Corp. (a)   41,085    2,011 
Allegheny Technologies, Inc. (a)   73,050    1,215 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Arconic Corp. (a)   46,680   $1,472 
CF Industries Holdings, Inc.   31,330    1,749 
Cleveland-Cliffs, Inc. (a)(b)   102,832    2,037 
Olin Corp.   42,970    2,073 
Summit Materials, Inc., Class A (a)(b)   47,972    1,534 
The Mosaic Co.   57,115    2,040 
Westlake Chemical Corp.   17,310    1,577 
         15,708 
Real Estate (9.7%):          
Apartment Income REIT Corp.   41,600    2,030 
DiamondRock Hospitality Co. (a)   158,000    1,493 
Federal Realty Investment Trust   14,800    1,746 
First Industrial Realty Trust, Inc.   29,374    1,530 
Gaming and Leisure Properties, Inc.   38,979    1,806 
Highwoods Properties, Inc.   41,700    1,829 
Hudson Pacific Properties, Inc. (b)   54,500    1,432 
Mack-Cali Realty Corp.   64,449    1,103 
Medical Properties Trust, Inc.   90,040    1,807 
SITE Centers Corp.   107,300    1,657 
STORE Capital Corp.   38,195    1,223 
VICI Properties, Inc. (b)   75,506    2,145 
         19,801 
Utilities (3.2%):          
ALLETE, Inc.   27,432    1,633 
Spire, Inc.   30,661    1,876 
UGI Corp.   37,824    1,612 
Vistra Corp.   85,200    1,457 
         6,578 
Total Common Stocks (Cost $154,383)        197,984 
           
Collateral for Securities Loaned^ (4.8%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   186,582    187 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (c)   5,529,710    5,530 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   93,114    93 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   742,460    742 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   3,338,246    3,338 
Total Collateral for Securities Loaned (Cost $9,890)        9,890 
           
Total Investments (Cost $164,273) — 101.6%        207,874 
Liabilities in excess of other assets — (1.6)%        (3,294)
NET ASSETS - 100.00%       $204,580 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Munder Multi-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (95.5%)          
Communication Services (8.2%):          
Alphabet, Inc., Class A (a)   5,393   $14,418 
Charter Communications, Inc., Class A (a)   5,800    4,220 
Facebook, Inc., Class A (a)   28,100    9,537 
Iridium Communications, Inc. (a)   49,700    1,981 
Nexstar Media Group, Inc., Class A   42,100    6,397 
         36,553 
Consumer Discretionary (13.1%):          
Amazon.com, Inc. (a)   4,210    13,830 
Asbury Automotive Group, Inc. (a)   36,000    7,083 
Brunswick Corp.   54,600    5,202 
D.R. Horton, Inc.   44,000    3,695 
Group 1 Automotive, Inc.   37,600    7,064 
LCI Industries   39,900    5,372 
Lowe's Cos., Inc.   11,000    2,231 
Meritage Homes Corp. (a)   54,300    5,267 
Rent-A-Center, Inc.   110,700    6,222 
Tesla, Inc. (a)   2,700    2,094 
         58,060 
Consumer Staples (4.8%):          
BJ's Wholesale Club Holdings, Inc. (a)(b)   94,100    5,168 
Darling Ingredients, Inc. (a)   35,700    2,567 
PepsiCo, Inc.   31,300    4,708 
Performance Food Group Co. (a)   70,200    3,261 
Philip Morris International, Inc.   60,400    5,725 
         21,429 
Energy (4.5%):          
Chevron Corp.   61,010    6,190 
Matador Resources Co.   117,300    4,462 
Pioneer Natural Resources Co.   28,600    4,762 
Valero Energy Corp.   63,200    4,460 
         19,874 
Financials (13.2%):          
Ally Financial, Inc.   119,500    6,101 
Ameriprise Financial, Inc.   11,500    3,037 
Bank of America Corp.   154,700    6,567 
Chubb Ltd.   15,300    2,654 
JPMorgan Chase & Co.   54,100    8,856 
Morgan Stanley   59,600    5,800 
Primerica, Inc. (b)   36,900    5,669 
ServisFirst Bancshares, Inc.   45,900    3,571 
Signature Bank   16,800    4,574 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
T. Rowe Price Group, Inc.   23,500   $4,622 
Western Alliance Bancorp   64,800    7,052 
         58,503 
Health Care (10.3%):          
AbbVie, Inc.   66,650    7,190 
AmerisourceBergen Corp.   22,100    2,640 
ICON PLC (a)   22,100    5,791 
Insulet Corp. (a)   8,000    2,274 
McKesson Corp.   30,200    6,021 
Regeneron Pharmaceuticals, Inc. (a)   12,400    7,504 
Stryker Corp.   22,900    6,039 
Thermo Fisher Scientific, Inc.   7,800    4,456 
UnitedHealth Group, Inc.   9,025    3,526 
         45,441 
Industrials (10.8%):          
Builders FirstSource, Inc. (a)   111,200    5,754 
Chart Industries, Inc. (a)   16,500    3,153 
GXO Logistics, Inc. (a)   38,000    2,981 
Marten Transport Ltd.   274,600    4,308 
Old Dominion Freight Line, Inc.   19,800    5,662 
Parker-Hannifin Corp.   14,100    3,943 
Patrick Industries, Inc.   62,400    5,198 
Saia, Inc. (a)   18,300    4,356 
Trex Co., Inc. (a)   40,900    4,169 
UFP Industries, Inc.   81,600    5,547 
XPO Logistics, Inc. (a)   38,000    3,024 
         48,095 
Information Technology (24.5%):          
Adobe, Inc. (a)   3,600    2,073 
Advanced Micro Devices, Inc. (a)   72,900    7,501 
Apple, Inc.   179,780    25,439 
Applied Materials, Inc.   40,400    5,201 
Broadcom, Inc.   14,500    7,032 
Cadence Design Systems, Inc. (a)   29,300    4,437 
EPAM Systems, Inc. (a)   9,500    5,420 
Fabrinet (a)   33,600    3,444 
Lam Research Corp.   9,100    5,179 
Lumentum Holdings, Inc. (a)   29,500    2,464 
Microsoft Corp.   89,360    25,192 
NVIDIA Corp.   50,100    10,379 
Qorvo, Inc. (a)   30,200    5,049 
         108,810 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Materials (4.1%):          
Avery Dennison Corp.   21,300   $4,414 
Dow, Inc.   61,900    3,563 
Summit Materials, Inc., Class A (a)   174,300    5,572 
Valvoline, Inc.   143,300    4,468 
         18,017 
Real Estate (2.0%):          
American Tower Corp.   12,800    3,397 
CBRE Group, Inc., Class A (a)   27,400    2,668 
Simon Property Group, Inc.   20,400    2,651 
         8,716 
Total Common Stocks (Cost $283,885)        423,498 
           
Exchange-Traded Funds (3.0%)          
iShares Russell 3000 ETF (b)   52,100    13,278 
           
Total Exchange-Traded Funds (Cost $12,715)        13,278 
           
Collateral for Securities Loaned^ (2.3%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   195,802    196 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (c)   5,802,951    5,803 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   97,715    98 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   779,148    779 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   3,503,200    3,503 
Total Collateral for Securities Loaned (Cost $10,379)        10,379 
           
Total Investments (Cost $306,979) — 100.8%        447,155 
Liabilities in excess of other assets — (0.8)%        (3,655)
NET ASSETS - 100.00%       $443,500 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.7%)          
Communication Services (11.3%):          
Activision Blizzard, Inc.   5,642   $437 
Alphabet, Inc., Class A (a)   2,184    5,839 
Alphabet, Inc., Class C (a)   2,044    5,448 
AT&T, Inc.   51,795    1,399 
Charter Communications, Inc., Class A (a)   920    669 
Comcast Corp., Class A   33,226    1,858 
Discovery, Inc., Class A (a)(b)   1,227    31 
Discovery, Inc., Class C (a)(b)   2,203    53 
DISH Network Corp., Class A (a)   1,806    78 
Electronic Arts, Inc.   2,064    294 
Facebook, Inc., Class A (a)   17,293    5,869 
Fox Corp., Class A   2,346    94 
Fox Corp., Class B   1,076    40 
Live Nation Entertainment, Inc. (a)   956    87 
Lumen Technologies, Inc.   7,216    89 
Match Group, Inc. (a)   2,008    315 
Netflix, Inc. (a)   3,211    1,960 
News Corp., Class A   2,838    67 
News Corp., Class B   883    20 
Omnicom Group, Inc.   1,555    113 
Take-Two Interactive Software, Inc. (a)   845    130 
The Interpublic Group of Cos., Inc.   2,855    105 
The Walt Disney Co. (a)   13,182    2,230 
T-Mobile U.S., Inc. (a)   4,255    544 
Twitter, Inc. (a)   5,789    350 
Verizon Communications, Inc.   30,033    1,622 
ViacomCBS, Inc., Class B   4,395    174 
         29,915 
Communications Equipment (0.8%):          
Arista Networks, Inc. (a)   406    140 
Cisco Systems, Inc.   30,571    1,664 
F5 Networks, Inc. (a)(b)   438    87 
Juniper Networks, Inc.   2,359    65 
Motorola Solutions, Inc.   1,228    285 
         2,241 
Consumer Discretionary (12.3%):          
Advance Auto Parts, Inc.   475    99 
Amazon.com, Inc. (a)   3,159    10,377 
Aptiv PLC (a)   1,962    292 
AutoZone, Inc. (a)   156    265 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Bath & Body Works, Inc.   1,921   $121 
Best Buy Co., Inc.   1,635    173 
Booking Holdings, Inc. (a)   298    707 
BorgWarner, Inc.   1,739    75 
Caesars Entertainment, Inc. (a)   1,548    174 
CarMax, Inc. (a)   1,182    151 
Carnival Corp. (a)   5,793    145 
Chipotle Mexican Grill, Inc. (a)   204    371 
D.R. Horton, Inc.   2,364    199 
Darden Restaurants, Inc.   945    143 
Dollar General Corp.   1,713    363 
Dollar Tree, Inc. (a)   1,683    161 
Domino's Pizza, Inc.   267    127 
eBay, Inc.   4,716    329 
Etsy, Inc. (a)   918    191 
Expedia Group, Inc. (a)   1,054    173 
Ford Motor Co. (a)   28,465    403 
Garmin Ltd.   1,102    171 
General Motors Co. (a)   10,531    555 
Genuine Parts Co.   1,039    126 
Hanesbrands, Inc.   2,533    43 
Hasbro, Inc.   939    84 
Hilton Worldwide Holdings, Inc. (a)   2,022    267 
Las Vegas Sands Corp. (a)(c)   2,494    91 
Leggett & Platt, Inc.   967    43 
Lennar Corp., Class A   1,993    187 
LKQ Corp. (a)   1,961    99 
Lowe's Cos., Inc.   5,128    1,040 
Marriott International, Inc., Class A (a)   1,984    294 
McDonald's Corp.   5,417    1,306 
MGM Resorts International   2,901    125 
Mohawk Industries, Inc. (a)   406    72 
Newell Brands, Inc.   2,746    61 
NIKE, Inc., Class B   9,272    1,347 
Norwegian Cruise Line Holdings Ltd. (a)(b)   2,684    72 
NVR, Inc. (a)   24    115 
O'Reilly Automotive, Inc. (a)   500    306 
Penn National Gaming, Inc. (a)(b)   1,137    82 
Pool Corp.   291    126 
PulteGroup, Inc.   1,883    87 
PVH Corp. (a)   518    53 
Ralph Lauren Corp.   353    39 
Ross Stores, Inc.   2,591    282 
Royal Caribbean Cruises Ltd. (a)   1,626    145 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Starbucks Corp.   8,553   $944 
Tapestry, Inc.   2,023    75 
Target Corp. (c)   3,589    821 
Tesla, Inc. (a)   5,886    4,565 
The Gap, Inc.   1,561    35 
The Home Depot, Inc.   7,713    2,532 
The TJX Cos., Inc.   8,752    577 
Tractor Supply Co.   829    168 
Ulta Beauty, Inc. (a)   397    143 
Under Armour, Inc., Class A (a)   1,368    28 
Under Armour, Inc., Class C (a)   1,512    27 
VF Corp.   2,364    158 
Whirlpool Corp.   455    93 
Wynn Resorts Ltd. (a)(b)   764    65 
Yum! Brands, Inc.   2,145    262 
         32,750 
Consumer Staples (5.8%):          
Altria Group, Inc.   13,377    609 
Archer-Daniels-Midland Co.   4,058    243 
Brown-Forman Corp., Class B   1,325    89 
Campbell Soup Co.   1,473    62 
Church & Dwight Co., Inc.   1,781    147 
Colgate-Palmolive Co.   6,119    462 
Conagra Brands, Inc. (b)   3,484    118 
Constellation Brands, Inc., Class A   1,221    257 
Costco Wholesale Corp.   3,207    1,441 
General Mills, Inc.   4,398    263 
Hormel Foods Corp.   2,045    84 
Kellogg Co. (b)   1,855    119 
Kimberly-Clark Corp.   2,443    324 
Lamb Weston Holdings, Inc.   1,053    65 
McCormick & Co., Inc.   1,808    146 
Molson Coors Beverage Co., Class B   1,367    63 
Mondelez International, Inc., Class A   10,140    590 
Monster Beverage Corp. (a)   2,724    242 
PepsiCo, Inc.   10,026    1,508 
Philip Morris International, Inc.   11,306    1,072 
Sysco Corp.   3,711    291 
The Clorox Co.   891    148 
The Coca-Cola Co.   28,182    1,479 
The Estee Lauder Cos., Inc.   1,682    504 
The Hershey Co.   1,055    179 
The J.M. Smucker Co. (b)   786    94 
The Kraft Heinz Co.   4,881    180 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
The Kroger Co.   4,933   $199 
The Procter & Gamble Co.   17,609    2,462 
Tyson Foods, Inc., Class A   2,139    169 
Walgreens Boots Alliance, Inc.   5,208    245 
Walmart, Inc.   10,367    1,445 
         15,299 
Electronic Equipment, Instruments & Components (0.6%):          
Amphenol Corp., Class A   4,339    318 
CDW Corp.   997    182 
Corning, Inc.   5,576    204 
IPG Photonics Corp. (a)   260    41 
Keysight Technologies, Inc. (a)   1,336    220 
TE Connectivity Ltd.   2,379    326 
Trimble, Inc. (a)   1,825    150 
Zebra Technologies Corp. (a)   387    199 
         1,640 
Energy (2.7%):          
APA Corp.   2,742    59 
Baker Hughes Co.   6,010    149 
Cabot Oil & Gas Corp. (b)   2,899    63 
Chevron Corp.   14,029    1,423 
ConocoPhillips   9,714    658 
Devon Energy Corp.   4,567    162 
Diamondback Energy, Inc.   1,235    117 
EOG Resources, Inc.   4,235    340 
Exxon Mobil Corp.   30,711    1,806 
Halliburton Co.   6,460    140 
Hess Corp.   1,999    156 
Kinder Morgan, Inc.   14,140    237 
Marathon Oil Corp.   5,719    78 
Marathon Petroleum Corp.   4,630    286 
Occidental Petroleum Corp.   6,435    190 
ONEOK, Inc.   3,233    187 
Phillips 66   3,177    223 
Pioneer Natural Resources Co.   1,646    274 
Schlumberger NV   10,145    301 
The Williams Cos., Inc.   8,814    229 
Valero Energy Corp.   2,966    209 
         7,287 
Financials (11.4%):          
Aflac, Inc.   4,476    233 
American Express Co.   4,668    782 
American International Group, Inc.   6,204    341 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Ameriprise Financial, Inc.   825   $218 
Aon PLC, Class A   1,638    468 
Arthur J. Gallagher & Co.   1,500    223 
Assurant, Inc.   427    67 
Bank of America Corp.   53,718    2,280 
Berkshire Hathaway, Inc., Class B (a)   13,447    3,670 
BlackRock, Inc.   1,038    871 
Brown & Brown, Inc.   1,696    94 
Capital One Financial Corp.   3,236    524 
Cboe Global Markets, Inc.   773    96 
Chubb Ltd.   3,183    552 
Cincinnati Financial Corp.   1,087    124 
Citigroup, Inc.   14,703    1,032 
Citizens Financial Group, Inc.   3,091    145 
CME Group, Inc.   2,605    504 
Comerica, Inc.   972    78 
Discover Financial Services   2,172    267 
Everest Re Group Ltd.   289    72 
Fifth Third Bancorp   5,011    213 
First Republic Bank   1,279    247 
Franklin Resources, Inc.   2,043    61 
Globe Life, Inc.   679    60 
Huntington Bancshares, Inc.   10,711    166 
Intercontinental Exchange, Inc.   4,085    469 
Invesco Ltd.   2,477    60 
JPMorgan Chase & Co.   21,677    3,548 
KeyCorp   6,938    150 
Lincoln National Corp.   1,281    88 
Loews Corp.   1,474    79 
M&T Bank Corp.   933    139 
MarketAxess Holdings, Inc.   276    116 
Marsh & McLennan Cos., Inc.   3,675    556 
MetLife, Inc.   5,284    326 
Moody's Corp.   1,175    417 
Morgan Stanley   10,589    1,030 
MSCI, Inc.   598    364 
Nasdaq, Inc.   849    164 
Northern Trust Corp.   1,512    163 
People's United Financial, Inc.   3,104    54 
Principal Financial Group, Inc.   1,811    117 
Prudential Financial, Inc.   2,806    295 
Raymond James Financial, Inc.   1,344    124 
Regions Financial Corp.   6,924    148 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
S&P Global, Inc.   1,748   $743 
State Street Corp.   2,652    225 
SVB Financial Group (a)   426    276 
Synchrony Financial   4,133    202 
T. Rowe Price Group, Inc.   1,646    324 
The Allstate Corp.   2,145    273 
The Bank of New York Mellon Corp.   5,761    299 
The Charles Schwab Corp.   10,890    793 
The Goldman Sachs Group, Inc.   2,445    924 
The Hartford Financial Services Group, Inc.   2,519    177 
The PNC Financial Services Group, Inc.   3,083    603 
The Progressive Corp.   4,245    384 
The Travelers Cos., Inc.   1,810    275 
Truist Financial Corp.   9,683    568 
U.S. Bancorp   9,787    582 
W.R. Berkley Corp.   1,017    74 
Wells Fargo & Co.   29,789    1,383 
Willis Towers Watson PLC   936    218 
Zions Bancorp NA   1,176    73 
         30,191 
Health Care (13.2%):          
Abbott Laboratories   12,860    1,519 
AbbVie, Inc.   12,819    1,383 
ABIOMED, Inc. (a)   329    107 
Agilent Technologies, Inc.   2,201    347 
Align Technology, Inc. (a)   533    355 
AmerisourceBergen Corp.   1,085    130 
Amgen, Inc.   4,119    876 
Anthem, Inc.   1,769    659 
Baxter International, Inc.   3,626    292 
Becton, Dickinson & Co.   2,083    512 
Biogen, Inc. (a)   1,081    306 
Bio-Rad Laboratories, Inc., Class A (a)   156    116 
Bio-Techne Corp.   282    137 
Boston Scientific Corp. (a)   10,329    448 
Bristol-Myers Squibb Co.   16,120    954 
Cardinal Health, Inc.   2,105    104 
Catalent, Inc. (a)   1,236    164 
Centene Corp. (a)   4,230    264 
Cerner Corp.   2,144    151 
Charles River Laboratories International, Inc. (a)   366    151 
Cigna Corp.   2,467    494 
CVS Health Corp.   9,572    812 
Danaher Corp.   4,609    1,403 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

           
Security Description  Shares   Value 
DaVita, Inc. (a)   487   $57 
DENTSPLY SIRONA, Inc.   1,585    92 
DexCom, Inc. (a)   702    384 
Edwards Lifesciences Corp. (a)   4,522    512 
Eli Lilly & Co.   5,760    1,331 
Gilead Sciences, Inc. (c)   9,095    635 
HCA Healthcare, Inc.   1,788    434 
Henry Schein, Inc. (a)   1,013    77 
Hologic, Inc. (a)   1,839    136 
Humana, Inc.   932    363 
IDEXX Laboratories, Inc. (a)   617    384 
Illumina, Inc. (a)   1,064    432 
Incyte Corp. (a)   1,362    94 
Intuitive Surgical, Inc. (a)   863    858 
IQVIA Holdings, Inc. (a)   1,390    333 
Johnson & Johnson (c)   19,097    3,084 
Laboratory Corp. of America Holdings (a)   701    197 
McKesson Corp.   1,122    224 
Medtronic PLC   9,749    1,222 
Merck & Co., Inc.   18,363    1,379 
Mettler-Toledo International, Inc. (a)   168    231 
Moderna, Inc. (a)   2,547    980 
Organon & Co.   1,839    60 
PerkinElmer, Inc.   813    141 
Pfizer, Inc.   40,672    1,749 
Quest Diagnostics, Inc.   886    129 
Regeneron Pharmaceuticals, Inc. (a)   762    461 
ResMed, Inc.   1,056    278 
STERIS PLC   724    148 
Stryker Corp.   2,435    642 
Teleflex, Inc.   340    128 
The Cooper Cos., Inc.   357    147 
Thermo Fisher Scientific, Inc.   2,854    1,631 
UnitedHealth Group, Inc.   6,840    2,673 
Universal Health Services, Inc., Class B   550    76 
Vertex Pharmaceuticals, Inc. (a)   1,882    341 
Viatris, Inc.   8,772    119 
Waters Corp. (a)   445    159 
West Pharmaceutical Services, Inc.   537    228 
Zimmer Biomet Holdings, Inc.   1,515    222 
Zoetis, Inc.   3,438    667 
         35,122 
Industrials (8.1%):          
3M Co.   4,198    736 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Alaska Air Group, Inc. (a)   908   $53 
Allegion PLC   651    86 
American Airlines Group, Inc. (a)(b)   4,697    96 
AMETEK, Inc.   1,677    208 
AO Smith Corp.   966    59 
C.H. Robinson Worldwide, Inc.   955    83 
Carrier Global Corp.   6,294    326 
Caterpillar, Inc.   3,971    762 
Cintas Corp.   635    242 
Copart, Inc. (a)   1,545    214 
CSX Corp.   16,355    486 
Cummins, Inc.   1,042    234 
Deere & Co.   2,059    690 
Delta Air Lines, Inc. (a)   4,642    198 
Dover Corp.   1,044    162 
Eaton Corp. PLC   2,892    432 
Emerson Electric Co.   4,337    409 
Enphase Energy, Inc. (a)   977    147 
Equifax, Inc.   884    224 
Expeditors International of Washington, Inc.   1,232    147 
Fastenal Co.   4,169    215 
FedEx Corp.   1,784    391 
Fortive Corp.   2,600    184 
Fortune Brands Home & Security, Inc.   1,000    89 
Generac Holdings, Inc. (a)   458    187 
General Dynamics Corp.   1,683    330 
General Electric Co.   7,963    820 
Honeywell International, Inc.   5,008    1,063 
Howmet Aerospace, Inc.   2,800    87 
Huntington Ingalls Industries, Inc.   291    56 
IDEX Corp.   551    114 
IHS Markit Ltd.   2,892    337 
Illinois Tool Works, Inc.   2,079    430 
Ingersoll Rand, Inc. (a)(c)   2,939    148 
J.B. Hunt Transport Services, Inc.   610    102 
Jacobs Engineering Group, Inc.   945    125 
Johnson Controls International PLC   5,167    352 
Kansas City Southern   660    179 
L3Harris Technologies, Inc.   1,458    321 
Lockheed Martin Corp.   1,788    617 
Masco Corp.   1,793    100 
Nielsen Holdings PLC   2,603    50 
Norfolk Southern Corp.   1,792    429 
Northrop Grumman Corp.   1,092    393 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Old Dominion Freight Line, Inc.   680   $194 
Otis Worldwide Corp.   3,096    255 
PACCAR, Inc.   2,518    199 
Parker-Hannifin Corp.   936    262 
Pentair PLC   1,203    87 
Quanta Services, Inc.   1,009    115 
Raytheon Technologies Corp.   10,938    940 
Republic Services, Inc. (c)   1,524    183 
Robert Half International, Inc.   812    82 
Rockwell Automation, Inc.   842    248 
Rollins, Inc.   1,642    58 
Roper Technologies, Inc.   765    341 
Snap-on, Inc.   392    82 
Southwest Airlines Co. (a)   4,292    221 
Stanley Black & Decker, Inc.   1,182    207 
Teledyne Technologies, Inc. (a)   338    145 
Textron, Inc.   1,626    114 
The Boeing Co. (a)   3,997    879 
Trane Technologies PLC   1,724    298 
TransDigm Group, Inc. (a)   380    237 
Union Pacific Corp.   4,731    927 
United Airlines Holdings, Inc. (a)   2,348    112 
United Parcel Service, Inc., Class B   5,283    962 
United Rentals, Inc. (a)   525    184 
Verisk Analytics, Inc.   1,170    234 
W.W. Grainger, Inc.   317    125 
Waste Management, Inc.   2,810    420 
Westinghouse Air Brake Technologies Corp.   1,371    118 
Xylem, Inc.   1,307    162 
         21,504 
IT Services (4.9%):          
Accenture PLC, Class A   4,600    1,472 
Akamai Technologies, Inc. (a)   1,181    124 
Automatic Data Processing, Inc.   3,069    614 
Broadridge Financial Solutions, Inc.   843    140 
Cognizant Technology Solutions Corp., Class A   3,813    283 
DXC Technology Co. (a)   1,827    61 
Fidelity National Information Services, Inc.   4,481    545 
Fiserv, Inc. (a)   4,323    469 
FleetCor Technologies, Inc. (a)   599    157 
Gartner, Inc. (a)   607    184 
Global Payments, Inc.   2,131    336 
International Business Machines Corp.   6,502    903 
Jack Henry & Associates, Inc.   539    88 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Leidos Holdings, Inc.   1,027   $99 
Mastercard, Inc., Class A   6,320    2,197 
Paychex, Inc.   2,323    261 
PayPal Holdings, Inc. (a)   8,524    2,218 
The Western Union Co.   2,948    60 
VeriSign, Inc. (a)   706    145 
Visa, Inc., Class A   12,243    2,727 
         13,083 
Materials (2.5%):          
Air Products & Chemicals, Inc.   1,606    411 
Albemarle Corp.   848    186 
Amcor PLC   11,184    130 
Avery Dennison Corp.   601    125 
Ball Corp.   2,369    213 
Celanese Corp.   806    121 
CF Industries Holdings, Inc.   1,560    87 
Corteva, Inc.   5,326    224 
Dow, Inc.   5,410    311 
DuPont de Nemours, Inc.   3,794    258 
Eastman Chemical Co.   985    99 
Ecolab, Inc.   1,806    377 
FMC Corp.   934    85 
Freeport-McMoRan, Inc.   10,650    346 
International Flavors & Fragrances, Inc.   1,807    242 
International Paper Co.   2,835    159 
Linde PLC   3,746    1,099 
LyondellBasell Industries NV, Class A   1,917    180 
Martin Marietta Materials, Inc.   452    154 
Newmont Corp.   5,797    315 
Nucor Corp.   2,131    210 
Packaging Corp. of America   689    95 
PPG Industries, Inc.   1,722    246 
Sealed Air Corp.   1,087    60 
The Mosaic Co.   2,508    90 
The Sherwin-Williams Co.   1,757    491 
Vulcan Materials Co.   962    163 
Westrock Co.   1,937    96 
         6,573 
Real Estate (2.6%):          
Alexandria Real Estate Equities, Inc.   1,006    192 
American Tower Corp.   3,302    876 
AvalonBay Communities, Inc.   1,013    225 
Boston Properties, Inc.   1,031    112 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
CBRE Group, Inc., Class A (a)   2,435   $237 
Crown Castle International Corp.   3,135    543 
Digital Realty Trust, Inc.   2,050    296 
Duke Realty Corp.   2,745    131 
Equinix, Inc.   651    514 
Equity Residential   2,472    200 
Essex Property Trust, Inc.   472    151 
Extra Space Storage, Inc.   971    163 
Federal Realty Investment Trust   508    60 
Healthpeak Properties, Inc.   3,910    131 
Host Hotels & Resorts, Inc. (a)   5,179    85 
Iron Mountain, Inc. (b)   2,100    91 
Kimco Realty Corp.   4,451    92 
Mid-America Apartment Communities, Inc.   842    157 
Prologis, Inc.   5,363    673 
Public Storage   1,106    329 
Realty Income Corp.   2,825    183 
Regency Centers Corp.   1,109    75 
SBA Communications Corp.   795    263 
Simon Property Group, Inc.   2,384    310 
UDR, Inc.   2,024    107 
Ventas, Inc.   2,759    152 
Vornado Realty Trust   1,153    48 
Welltower, Inc.   3,065    253 
Weyerhaeuser Co.   5,439    194 
         6,843 
Semiconductors & Semiconductor Equipment (5.5%):          
Advanced Micro Devices, Inc. (a)   8,799    905 
Analog Devices, Inc.   3,902    654 
Applied Materials, Inc.   6,630    853 
Broadcom, Inc.   2,976    1,443 
Intel Corp.   29,430    1,568 
KLA Corp.   1,108    371 
Lam Research Corp.   1,034    588 
Microchip Technology, Inc.   1,988    305 
Micron Technology, Inc.   8,166    580 
Monolithic Power Systems, Inc.   313    152 
NVIDIA Corp.   18,077    3,745 
NXP Semiconductors NV   1,923    377 
Qorvo, Inc. (a)   806    135 
QUALCOMM, Inc.   8,183    1,055 
Skyworks Solutions, Inc.   1,198    197 
Teradyne, Inc.   1,197    131 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Texas Instruments, Inc.   6,697   $1,287 
Xilinx, Inc.   1,795    271 
         14,617 
Software (9.2%):          
Adobe, Inc. (a)   3,456    1,990 
ANSYS, Inc. (a)   633    215 
Autodesk, Inc. (a)   1,596    455 
Cadence Design Systems, Inc. (a)   2,008    304 
Ceridian HCM Holding, Inc. (a)   978    110 
Citrix Systems, Inc.   901    97 
Fortinet, Inc. (a)   983    287 
Intuit, Inc.   1,982    1,069 
Microsoft Corp. (c)   54,515    15,369 
NortonLifeLock, Inc.   4,217    107 
Oracle Corp.   11,950    1,041 
Paycom Software, Inc. (a)   349    173 
PTC, Inc. (a)   766    92 
salesforce.com, Inc. (a)   7,048    1,912 
ServiceNow, Inc. (a)(c)   1,437    894 
Synopsys, Inc. (a)   1,107    331 
Tyler Technologies, Inc. (a)   296    136 
         24,582 
Technology Hardware, Storage & Peripherals (6.4%):          
Apple, Inc.   113,917    16,119 
Hewlett Packard Enterprise Co.   9,473    135 
HP, Inc.   8,714    238 
NetApp, Inc.   1,625    146 
Seagate Technology Holdings PLC   1,519    125 
Western Digital Corp. (a)   2,223    126 
         16,889 
Utilities (2.4%):          
Alliant Energy Corp.   1,815    102 
Ameren Corp.   1,865    151 
American Electric Power Co., Inc. (c)   3,629    295 
American Water Works Co., Inc.   1,317    223 
Atmos Energy Corp.   949    84 
CenterPoint Energy, Inc.   4,301    106 
CMS Energy Corp.   2,101    125 
Consolidated Edison, Inc. (c)   2,564    186 
Dominion Energy, Inc.   5,865    428 
DTE Energy Co.   1,406    157 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Duke Energy Corp. (c)   5,581   $545 
Edison International   2,754    153 
Entergy Corp.   1,458    145 
Evergy, Inc. (c)   1,663    103 
Eversource Energy (c)   2,493    204 
Exelon Corp.   7,093    343 
FirstEnergy Corp.   3,948    141 
NextEra Energy, Inc. (c)   14,231    1,117 
NiSource, Inc.   2,847    69 
NRG Energy, Inc.   1,776    72 
Pinnacle West Capital Corp.   818    59 
PPL Corp.   5,583    156 
Public Service Enterprise Group, Inc.   3,668    223 
Sempra Energy   2,316    293 
The AES Corp.   4,834    110 
The Southern Co. (c)   7,681    476 
WEC Energy Group, Inc. (c)   2,288    202 
Xcel Energy, Inc. (c)   3,906    244 
         6,512 
Total Common Stocks (Cost $49,665)        265,048 
           
Collateral for Securities Loaned^ (0.4%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (d)   18,819    19 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (d)   557,723    558 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)   9,391    9 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (d)   74,884    75 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)   336,694    337 
Total Collateral for Securities Loaned (Cost $998)        998 
           
Total Investments (Cost $50,663) — 100.1%        266,046 
Liabilities in excess of other assets — (0.1)%        (319)
NET ASSETS - 100.00%       $265,727 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) All or a portion of this security has been segregated as collateral for derivative instruments.
(d) Rate disclosed is the daily yield on September 30, 2021.

 

PLC—Public Limited Company

 

 

 

 

Futures Contracts Purchased    
(Amounts not in thousands)    
   Number
of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation/
(Depreciation)		 
E-Mini S&P 500 Futures  11  12/17/21  $2,468,295   $2,363,763   $(104,532)
                      
   Total unrealized appreciation    $– 
   Total unrealized depreciation     (104,532)
   Total net unrealized appreciation (depreciation)    $(104,532)

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Munder Mid-Cap Core Growth Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.5%)          
Communication Services (2.7%):          
Live Nation Entertainment, Inc. (a)   67,244   $6,128 
Take-Two Interactive Software, Inc. (a)   29,700    4,576 
ViacomCBS, Inc., Class B   80,200    3,168 
         13,872 
Consumer Discretionary (13.5%):          
AutoZone, Inc. (a)   4,700    7,981 
Choice Hotels International, Inc.   19,500    2,464 
D.R. Horton, Inc.   93,300    7,834 
Domino's Pizza, Inc.   14,000    6,678 
Etsy, Inc. (a)   30,700    6,384 
Expedia Group, Inc. (a)   37,400    6,130 
Five Below, Inc. (a)   21,000    3,713 
LCI Industries (b)   40,400    5,439 
Lithia Motors, Inc., Class A   11,400    3,614 
Marriott Vacations Worldwide Corp.   30,521    4,802 
NVR, Inc. (a)   1,400    6,712 
Rent-A-Center, Inc.   59,200    3,328 
YETI Holdings, Inc. (a)   59,300    5,081 
         70,160 
Consumer Staples (1.1%):          
Darling Ingredients, Inc. (a)   81,400    5,853 
           
Energy (2.3%):          
Cheniere Energy, Inc. (a)   59,900    5,850 
Diamondback Energy, Inc.   64,600    6,116 
         11,966 
Financials (11.4%):          
Ally Financial, Inc.   196,000    10,006 
Brown & Brown, Inc.   97,600    5,412 
East West Bancorp, Inc. (b)   80,000    6,203 
Evercore, Inc.   35,600    4,759 
FactSet Research Systems, Inc.   8,900    3,513 
MSCI, Inc.   14,500    8,821 
Radian Group, Inc.   283,877    6,450 
Synchrony Financial   180,000    8,798 
W.R. Berkley Corp.   73,400    5,371 
         59,333 
Health Care (13.5%):          
Agilent Technologies, Inc.   51,493    8,112 
BioCryst Pharmaceuticals, Inc. (a)(b)   237,500    3,413 
Bruker Corp.   86,100    6,724 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
CRISPR Therapeutics AG (a)   10,300   $1,153 
Dynavax Technologies Corp. (a)(b)   342,100    6,572 
Edwards Lifesciences Corp. (a)   49,800    5,638 
Horizon Therapeutics PLC (a)   45,100    4,940 
IDEXX Laboratories, Inc. (a)   10,000    6,219 
Insulet Corp. (a)   14,000    3,979 
IQVIA Holdings, Inc. (a)   33,000    7,905 
NanoString Technologies, Inc. (a)   76,200    3,658 
Veeva Systems, Inc., Class A (a)   19,400    5,590 
Zoetis, Inc.   33,330    6,471 
         70,374 
Industrials (20.0%):          
Advanced Drainage Systems, Inc.   35,500    3,840 
Chart Industries, Inc. (a)(b)   41,200    7,874 
Clean Harbors, Inc. (a)   51,800    5,380 
Copa Holdings SA (a)(b)   61,600    5,013 
Generac Holdings, Inc. (a)   15,800    6,457 
Jacobs Engineering Group, Inc.   49,500    6,560 
Kratos Defense & Security Solutions, Inc. (a)   191,100    4,263 
Old Dominion Freight Line, Inc.   22,150    6,334 
Owens Corning, Inc.   65,000    5,558 
Robert Half International, Inc.   74,100    7,434 
Southwest Airlines Co. (a)   80,800    4,156 
TFI International, Inc.   75,100    7,674 
The Middleby Corp. (a)   37,000    6,309 
Trane Technologies PLC   50,100    8,650 
Trex Co., Inc. (a)   57,400    5,851 
Verisk Analytics, Inc.   32,400    6,489 
WESCO International, Inc. (a)   51,100    5,893 
         103,735 
Information Technology (21.4%):          
Advanced Micro Devices, Inc. (a)   84,300    8,675 
Amphenol Corp., Class A   96,320    7,054 
CDW Corp.   39,959    7,273 
Concentrix Corp. (a)   23,300    4,124 
Crowdstrike Holdings, Inc., Class A (a)   27,300    6,710 
EPAM Systems, Inc. (a)   24,000    13,692 
Fidelity National Information Services, Inc.   19,444    2,366 
Fiserv, Inc. (a)   43,400    4,709 
Global Payments, Inc.   19,600    3,089 
KLA Corp.   21,000    7,025 
Lumentum Holdings, Inc. (a)   36,200    3,024 
Microchip Technology, Inc.   37,287    5,723 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Monolithic Power Systems, Inc.   17,600   $8,530 
ServiceNow, Inc. (a)   7,100    4,418 
SS&C Technologies Holdings, Inc.   91,979    6,383 
SYNNEX Corp.   33,500    3,487 
Synopsys, Inc. (a)   28,300    8,473 
Xilinx, Inc.   18,400    2,778 
Zendesk, Inc. (a)   31,300    3,643 
         111,176 
Materials (6.1%):          
Avery Dennison Corp.   27,900    5,781 
Cleveland-Cliffs, Inc. (a)(b)   296,900    5,882 
Franco-Nevada Corp.   25,200    3,274 
Freeport-McMoRan, Inc.   176,600    5,745 
Louisiana-Pacific Corp.   101,000    6,198 
The Scotts Miracle-Gro Co.   31,800    4,654 
         31,534 
Real Estate (5.3%):          
Digital Realty Trust, Inc.   46,146    6,666 
SBA Communications Corp.   21,103    6,976 
Simon Property Group, Inc.   59,200    7,694 
Sun Communities, Inc.   32,916    6,093 
         27,429 
Utilities (1.2%):          
Atmos Energy Corp.   24,900    2,196 
Sempra Energy   31,039    3,927 
         6,123 
Total Common Stocks (Cost $316,099)        511,555 
           
Exchange-Traded Funds (1.4%)          
SPDR S&P MidCap 400 ETF   14,750    7,093 
           
Total Exchange-Traded Funds (Cost $7,216)        7,093 
           
Collateral for Securities Loaned^ (3.3%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   326,243    326 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (c)   9,668,806    9,669 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   162,811    163 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   1,298,206    1,298 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   5,836,989    5,837 
Total Collateral for Securities Loaned (Cost $17,293)        17,293 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund       September 30, 2021
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Total Investments (Cost $340,608) — 103.2%      $535,941 
Liabilities in excess of other assets — (3.2)%        (16,585)
NET ASSETS - 100.00%       $519,356 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Munder Small Cap Growth Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.3%)          
Biotechnology (16.7%):          
4D Molecular Therapeutics, Inc. (a)   662   $18 
Akero Therapeutics, Inc. (a)   1,608    36 
Alpha Teknova, Inc. (a)   2,306    57 
Annexon, Inc. (a)   439    8 
Arrowhead Pharmaceuticals, Inc. (a)   1,813    113 
Atreca, Inc., Class A (a)   1,590    10 
Aurinia Pharmaceuticals, Inc. (a)(b)   6,904    153 
Avidity Biosciences, Inc. (a)(b)   1,205    30 
Beam Therapeutics, Inc. (a)(b)   1,233    107 
Bicycle Therapeutics PLC, ADR (a)   4,073    169 
BioAtla, Inc. (a)   665    20 
BioCryst Pharmaceuticals, Inc. (a)(b)   7,016    101 
BioMarin Pharmaceutical, Inc. (a)   283    22 
Bolt Biotherapeutics, Inc. (a)   699    9 
C4 Therapeutics, Inc. (a)(b)   249    11 
Cabaletta Bio, Inc. (a)   2,967    36 
Castle Biosciences, Inc. (a)   2,000    133 
Codiak Biosciences, Inc. (a)   6,305    103 
CRISPR Therapeutics AG (a)   410    46 
Deciphera Pharmaceuticals, Inc. (a)   708    24 
Dicerna Pharmaceuticals, Inc. (a)   2,168    44 
Dynavax Technologies Corp. (a)(b)   6,261    120 
Fusion Pharmaceuticals, Inc. (a)   4,261    34 
Gamida Cell Ltd. (a)   9,195    36 
Generation Bio Co. (a)(b)   1,180    30 
Genetron Holdings Ltd., ADR (a)   5,361    74 
IGM Biosciences, Inc. (a)(b)   796    52 
Immunocore Holdings PLC, ADR (a)   699    26 
Instil Bio, Inc. (a)   1,072    19 
Intellia Therapeutics, Inc. (a)   1,502    201 
Iovance Biotherapeutics, Inc. (a)   2,461    61 
Natera, Inc. (a)   2,234    249 
Neurocrine Biosciences, Inc. (a)   336    32 
NexImmune, Inc. (a)   709    11 
Nurix Therapeutics, Inc. (a)(b)   439    13 
ORIC Pharmaceuticals, Inc. (a)   3,909    82 
Oyster Point Pharma, Inc. (a)   396    5 
Recursion Pharmaceuticals, Inc., Class A (a)   218    5 
Stoke Therapeutics, Inc. (a)(b)   1,486    38 
Sutro Biopharma, Inc. (a)   3,661    69 
TCR2 Therapeutics, Inc. (a)   8,824    75 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
TG Therapeutics, Inc. (a)   2,119   $70 
Veracyte, Inc. (a)(b)   3,428    159 
Xencor, Inc. (a)   822    27 
Zai Lab Ltd., ADR (a)   598    63 
         2,801 
Communication Services (2.3%):          
Iridium Communications, Inc. (a)   2,861    114 
Motorsport Games, Inc., Class A (a)   1,701    24 
Vonage Holdings Corp. (a)   15,601    252 
         390 
Consumer Discretionary (13.9%):          
Academy Sports & Outdoors, Inc. (a)   4,217    169 
Brunswick Corp.   1,273    121 
Burlington Stores, Inc. (a)   509    144 
Cavco Industries, Inc. (a)   567    134 
Chegg, Inc. (a)   1,378    94 
Cricut, Inc., Class A (a)(b)   2,547    70 
F45 Training Holdings, Inc. (a)(b)   7,541    113 
Five Below, Inc. (a)   1,001    177 
Group 1 Automotive, Inc.   1,287    242 
Legacy Housing Corp. (a)   5,799    104 
Levi Strauss & Co., Class A   6,726    165 
Nordstrom, Inc. (a)(b)   4,923    130 
Polaris, Inc.   1,361    163 
Skyline Champion Corp. (a)   4,307    259 
Torrid Holdings, Inc. (a)(b)   9,039    139 
Tractor Supply Co.   482    98 
         2,322 
Consumer Staples (3.2%):          
Albertsons Cos., Inc., Class A (b)   4,314    134 
Grocery Outlet Holding Corp. (a)   2,063    45 
Performance Food Group Co. (a)   4,200    195 
Sovos Brands, Inc. (a)(b)   11,486    160 
         534 
Energy (3.3%):          
Magnolia Oil & Gas Corp., Class A   17,139    305 
Talos Energy, Inc. (a)   18,309    252 
         557 
Financials (10.4%):          
American Business Bank (a)   1,652    62 
Coastal Financial Corp. (a)   6,830    218 
Colony Bankcorp, Inc.   2,215    41 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Customers Bancorp, Inc.   3,942   $170 
First Western Financial, Inc. (a)   6,683    194 
Morningstar, Inc.   668    173 
Radian Group, Inc.   5,519    125 
Silvercrest Asset Management Group, Inc., Class A   13,506    210 
SLM Corp.   5,481    96 
South Plains Financial, Inc.   5,120    125 
Tradeweb Markets, Inc., Class A   2,436    197 
WTB Financial Corp., Class B   360    136 
         1,747 
Health Care Equipment & Supplies (3.6%):          
Cerus Corp. (a)   6,712    41 
Insulet Corp. (a)   546    155 
Merit Medical Systems, Inc. (a)   1,525    110 
Outset Medical, Inc. (a)   180    9 
PolyPid Ltd. (a)   7,333    57 
Pulmonx Corp. (a)(b)   1,906    69 
Silk Road Medical, Inc. (a)   2,804    154 
         595 
Health Care Providers & Services (1.3%):          
Guardant Health, Inc. (a)   1,011    126 
RadNet, Inc. (a)   3,159    93 
         219 
Health Care Technology (0.1%):          
Schrodinger, Inc. (a)   217    12 
           
Industrials (10.8%):          
ASGN, Inc. (a)   1,743    197 
BWX Technologies, Inc.   1,070    58 
Casella Waste Systems, Inc. (a)   2,586    196 
Chart Industries, Inc. (a)   1,114    213 
Construction Partners, Inc., Class A (a)   1,877    63 
ESCO Technologies, Inc.   571    44 
Hydrofarm Holdings Group, Inc. (a)   1,950    74 
Kaman Corp.   1,610    57 
Kratos Defense & Security Solutions, Inc. (a)   6,093    136 
McGrath RentCorp   1,522    109 
Owens Corning, Inc.   1,289    110 
Patrick Industries, Inc.   1,209    101 
PGT Innovations, Inc. (a)   3,825    73 
Rexnord Corp.   1,529    98 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Shoals Technologies Group, Inc., Class A (a)   6,736   $188 
The AZEK Co., Inc. (a)   2,561    94 
TuSimple Holdings, Inc., Class A (a)(b)   73    3 
         1,814 
Information Technology (22.8%):          
908 Devices, Inc. (a)   482    16 
ACV Auctions, Inc., Class A (a)   357    6 
Alteryx, Inc., Class A (a)   441    32 
Avaya Holdings Corp. (a)   12,599    249 
Blackline, Inc. (a)   540    64 
BM Technologies, Inc. (a)   606    5 
Brooks Automation, Inc.   1,901    195 
C3.ai, Inc., Class A (a)(b)   848    39 
Cloudflare, Inc., Class A (a)   1,467    165 
Couchbase, Inc. (a)   377    12 
CS Disco, Inc. (a)   755    36 
Digital Turbine, Inc. (a)   1,163    80 
DoubleVerify Holdings, Inc. (a)   363    12 
Dropbox, Inc., Class A (a)   1,247    36 
Elastic NV (a)   1,342    200 
Endava PLC, ADR (a)   977    133 
Flywire Corp. (a)(b)   1,122    49 
ForgeRock, Inc., Class A (a)   383    15 
Freshworks, Inc., Class A (a)   3,873    165 
Globant SA (a)   536    151 
Intapp, Inc. (a)   75    2 
Mitek Systems, Inc. (a)   9,134    169 
Monday.com Ltd. (a)   37    12 
Napco Security Technologies, Inc. (a)   6,551    282 
New Relic, Inc. (a)(b)   422    30 
ON Semiconductor Corp. (a)   5,499    252 
OneSpan, Inc. (a)   6,297    118 
PagerDuty, Inc. (a)   1,680    70 
Ping Identity Holding Corp. (a)   3,255    80 
Powerfleet, Inc. (a)   9,414    63 
Sapiens International Corp. NV   3,065    88 
SiTime Corp. (a)   459    94 
Smartsheet, Inc., Class A (a)   2,908    200 
TaskUS, Inc., Class A (a)(b)   750    50 
Telos Corp. (a)   1,641    47 
Vizio Holding Corp., Class A (a)(b)   2,145    46 
WNS Holdings Ltd., ADR (a)   2,735    224 
Yext, Inc. (a)(b)   4,806    58 
Zeta Global Holdings Corp., Class A (a)   18,751    110 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Zix Corp. (a)   23,117   $163 
         3,818 
Life Sciences Tools & Services (3.1%):          
Adaptive Biotechnologies Corp. (a)   1,407    48 
Berkeley Lights, Inc. (a)(b)   1,468    29 
Maravai LifeSciences Holdings, Inc., Class A (a)   1,150    57 
NanoString Technologies, Inc. (a)   3,309    159 
NeoGenomics, Inc. (a)   3,529    170 
Singular Genomics Systems, Inc. (a)   5,036    56 
         519 
Materials (2.1%):          
Franco-Nevada Corp.   1,104    144 
Summit Materials, Inc., Class A (a)   6,389    204 
         348 
Pharmaceuticals (1.3%):          
Collegium Pharmaceutical, Inc. (a)   1,187    23 
Cymabay Therapeutics, Inc. (a)   1,278    5 
Horizon Therapeutics PLC (a)   987    108 
PMV Pharmaceuticals, Inc. (a)(b)   280    8 
Reata Pharmaceuticals, Inc., Class A (a)(b)   645    65 
Terns Pharmaceuticals, Inc. (a)   175    2 
         211 
Real Estate (3.4%):          
FirstService Corp. (b)   868    157 
Rexford Industrial Realty, Inc.   1,252    71 
The Macerich Co. (b)   11,499    192 
UMH Properties, Inc.   6,434    147 
         567 
Total Common Stocks (Cost $10,755)        16,454 
           
Warrants (0.1%)          
Health Care (0.1%):          
BioNano Genomics, Inc. (c)   8,136    18 
Total Warrants (Cost $–)        18 
           
Collateral for Securities Loaned^ (12.9%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (d)   40,815    41 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (d)   1,209,615    1,210 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)   20,368   $20 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (d)   162,412    162 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)   730,236    730 
Total Collateral for Securities Loaned (Cost $2,163)        2,163 
           
Total Investments (Cost $12,918) — 111.3%        18,635 
Liabilities in excess of other assets — (11.3)%        (1,891)
NET ASSETS - 100.00%       $16,744 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of September 30, 2021, illiquid securities were 0.1% of net assets.
(d) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

 

  

Victory Portfolios Schedule of Portfolio Investments

Victory Trivalent International Fund-Core Equity

 September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.7%)                
Australia (4.0%):              
Consumer Discretionary (0.4%):          
Aristocrat Leisure Ltd.   25,221   $839 
           
Energy (0.6%):          
Santos Ltd.   113,452    581 
Woodside Petroleum Ltd.   44,434    760 
         1,341 
Financials (1.3%):          
Australia & New Zealand Banking Group Ltd.   49,757    999 
Macquarie Group Ltd.   8,445    1,091 
National Australia Bank Ltd.   38,544    760 
         2,850 
Health Care (0.3%):          
Sonic Healthcare Ltd.   25,939    749 
           
Materials (0.7%):          
Rio Tinto Ltd.   20,882    1,486 
           
Real Estate (0.7%):          
Charter Hall Group   71,402    863 
Stockland   199,574    633 
         1,496 
         8,761 
Austria (0.3%):          
Financials (0.3%):          
Raiffeisen Bank International AG   21,508    563 
           
Belgium (0.3%):          
Financials (0.3%):          
KBC Group NV   8,076    728 
           
Brazil (1.8%):          
Consumer Staples (0.5%):          
Sendas Distribuidora SA   280,695    982 
           
Energy (0.5%):          
Petro Rio SA  (a)   248,900    1,144 
           
Financials (0.5%):          
Banco Santander Brasil SA   152,000    987 
           
Utilities (0.3%):          
Cia Energetica de Minas Gerais, Preference Shares   274,800    708 
         3,821 
Canada (5.5%):          
Energy (0.9%):          
Parex Resources, Inc.   70,255    1,278 
Suncor Energy, Inc.   29,309    608 
         1,886 
Financials (2.8%):          
Bank of Montreal   11,621    1,160 
iA Financial Corp., Inc.   18,420    1,045 
IGM Financial, Inc.   31,044    1,109 
National Bank of Canada  (b)   20,496    1,575 
Sun Life Financial, Inc.   25,282    1,302 
         6,191 
Industrials (0.7%):          
Finning International, Inc.   26,216    647 
TFI International, Inc.   7,958    814 
         1,461 
Materials (1.1%):          
Nutrien Ltd.   13,730    891 
Teck Resources Ltd., Class B   27,146    676 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued

Victory Trivalent International Fund-Core Equity

 September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares       Value  
West Fraser Timber Co. Ltd.   10,495   $884 
         2,451 
         11,989 
China (7.3%):          
Communication Services (1.1%):          
Tencent Holdings Ltd.   41,700    2,490 
           
Consumer Discretionary (2.2%):          
Alibaba Group Holding Ltd., ADR  (a)   7,996    1,184 
BYD Co. Ltd., Class H   21,000    653 
Haier Smart Home Co. Ltd., Class H   243,588    851 
Li Ning Co. Ltd.   53,000    611 
Zhongsheng Group Holdings Ltd.   190,000    1,523 
         4,822 
Consumer Staples (0.4%):          
Tingyi Cayman Islands Holding Corp.   430,000    800 
           
Financials (1.4%):          
Bank of China Ltd., Class H   2,461,275    870 
China Construction Bank Corp., Class H   952,000    679 
Huatai Securities Co. Ltd., Class H  (c)   584,000    900 
New China Life Insurance Co. Ltd., Class H   222,900    656 
         3,105 
Health Care (0.4%):          
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H   155,500    796 
           
Industrials (0.6%):          
China Railway Group Ltd., Class H   1,527,000    758 
COSCO SHIPPING Holdings Co. Ltd., Class H  (a)(b)   377,150    572 
         1,330 
Information Technology (0.6%):          
Focus Media Information Technology Co. Ltd., Class A   1,083,700    1,226 
           
Materials (0.6%):          
Anhui Conch Cement Co. Ltd., Class H   237,000    1,280 
         15,849 
Denmark (2.3%):          
Consumer Discretionary (0.3%):          
Pandora A/S   5,508    669 
           
Consumer Staples (0.5%):          
Carlsberg A/S, Class B   6,493    1,059 
           
Health Care (0.7%):          
Novo Nordisk A/S, Class B   15,290    1,474 
           
Industrials (0.6%):          
AP Moller - Maersk A/S, Class B   463    1,254 
           
Utilities (0.2%):          
Orsted A/S  (c)   4,438    585 
         5,041 
Finland (0.4%):          
Industrials (0.4%):          
Metso Outotec Oyj   95,054    867 
           
France (6.4%):          
Communication Services (0.6%):          
Publicis Groupe SA   17,957    1,206 
           
Consumer Discretionary (1.3%):          
Kering SA   901    640 
LVMH Moet Hennessy Louis Vuitton SE   3,004    2,151 
         2,791 
Consumer Staples (0.3%):          
Pernod Ricard SA   3,061    675 
           
Energy (0.6%):          
TotalEnergies SE   28,642    1,369 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares       Value  
Financials (1.1%):          
Amundi SA  (c)   6,666   $560 
AXA SA   24,210    671 
BNP Paribas SA  (b)   18,506    1,184 
         2,415 
Health Care (0.7%):          
Sanofi   9,668    931 
Sartorius Stedim Biotech   1,201    671 
         1,602 
Industrials (0.9%):          
Cie de Saint-Gobain   18,981    1,277 
Teleperformance   1,813    713 
         1,990 
Information Technology (0.6%):          
Capgemini SE   6,399    1,327 
           
Materials (0.3%):          
Arkema SA   5,016    661 
         14,036 
Germany (6.6%):          
Communication Services (0.7%):          
Deutsche Telekom AG   74,764    1,499 
           
Consumer Discretionary (0.9%):          
Volkswagen AG, Preference Shares   9,127    2,034 
           
Financials (1.0%):          
Allianz SE, Registered Shares   4,417    990 
Hannover Rueck SE   3,114    542 
Muenchener Rueckversicherungs-Gesellschaft AG, Class R   1,869    510 
         2,042 
Health Care (0.6%):          
Merck KGaA   6,256    1,354 
           
Industrials (1.1%):          
Deutsche Post AG, Registered Shares   26,347    1,652 
Siemens AG, Registered Shares   4,552    744 
         2,396 
Information Technology (0.7%):          
Infineon Technologies AG   17,715    725 
SAP SE   5,969    807 
         1,532 
Materials (0.5%):          
Covestro AG  (c)   9,180    626 
HeidelbergCement AG   6,013    448 
         1,074 
Real Estate (0.6%):          
alstria office REIT-AG   27,962    507 
LEG Immobilien SE   5,460    771 
         1,278 
Utilities (0.5%):          
E.ON SE   90,658    1,106 
         14,315 
Hong Kong (3.4%):          
Communication Services (0.3%):          
NetDragon Websoft Holdings Ltd.   309,000    695 
           
Consumer Discretionary (0.6%):          
Chow Tai Fook Jewellery Group Ltd.   328,600    625 
Xinyi Glass Holdings Ltd.   246,000    734 
         1,359 
Consumer Staples (0.5%):          
Vinda International Holdings Ltd.  (b)   196,000    578 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares       Value  
WH Group Ltd.  (c)   570,782   $407 
         985 
Energy (0.4%):          
Kunlun Energy Co. Ltd.   854,000    889 
           
Financials (0.3%):          
BOC Hong Kong Holdings Ltd.   207,000    624 
           
Information Technology (0.9%):          
Lenovo Group Ltd.   1,526,000    1,992 
           
Real Estate (0.4%):          
CK Asset Holdings Ltd.   68,895    397 
Sun Hung Kai Properties Ltd.   44,500    556 
         953 
         7,497 
Hungary (0.6%):          
Financials (0.6%):          
OTP Bank Nyrt  (a)   21,694    1,272 
           
India (2.6%):          
Energy (0.6%):          
Reliance Industries Ltd.   40,479    1,370 
           
Financials (0.4%):          
Canara Bank  (a)   371,444    859 
           
Health Care (0.3%):          
Cadila Healthcare Ltd.   78,372    580 
           
Information Technology (0.6%):          
Infosys Ltd.   62,702    1,406 
           
Materials (0.3%):          
UPL Ltd.   61,098    581 
           
Utilities (0.4%):          
Power Grid Corp. of India Ltd.   305,882    780 
         5,576 
Indonesia (0.4%):          
Communication Services (0.4%):          
PT Sarana Menara Nusantara Tbk   9,383,600    865 
           
Ireland (1.3%):          
Health Care (0.8%):          
ICON PLC  (a)   6,630    1,737 
           
Industrials (0.5%):          
DCC PLC   13,895    1,158 
         2,895 
Italy (1.4%):          
Industrials (0.3%):          
Leonardo SpA  (a)   73,379    600 
           
Information Technology (0.3%):          
Nexi SpA  (a)(b)(c)   38,767    723 
           
Utilities (0.8%):          
ACEA SpA   30,853    659 
Enel SpA   136,231    1,045 
         1,704 
         3,027 
Japan (16.4%):          
Communication Services (1.6%):          
Capcom Co. Ltd.   20,900    581 
KDDI Corp.   31,700    1,044 
Nintendo Co. Ltd.   1,500    717 
Nippon Telegraph & Telephone Corp.   30,600    848 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares       Value  
SoftBank Group Corp.     6,500     $ 375  
              3,565  
Consumer Discretionary (3.2%):                
Sony Group Corp.     36,800       4,086  
Toyo Tire Corp.     36,700       654  
Toyota Motor Corp.     128,000       2,281  
              7,021  
Consumer Staples (1.2%):                
Ajinomoto Co., Inc.     29,500       872  
Asahi Group Holdings Ltd.     20,300       980  
Seven & i Holdings Co. Ltd.     15,900       724  
              2,576  
Financials (1.8%):                
Mizuho Financial Group, Inc.     70,510       998  
Nomura Holdings, Inc.     110,900       547  
ORIX Corp.     73,700       1,379  
Sumitomo Mitsui Financial Group, Inc.     30,325       1,067  
              3,991  
Health Care (0.8%):                
Hoya Corp.     6,500       1,014  
Otsuka Holdings Co. Ltd.     15,600       667  
              1,681  
Industrials (3.1%):                
AGC, Inc.     15,900       819  
Fuji Electric Co. Ltd.     15,200       692  
ITOCHU Corp.     48,400       1,410  
Komatsu Ltd.     24,700       591  
Mitsubishi Electric Corp.     45,900       638  
Mitsui & Co. Ltd.     41,000       897  
Nippon Yusen KK     14,100       1,057  
Yamato Holdings Co. Ltd.     24,600       623  
              6,727  
Information Technology (2.9%):                
Canon, Inc.     29,000       710  
Fujitsu Ltd.     7,200       1,301  
Hitachi Ltd.     23,000       1,361  
Murata Manufacturing Co. Ltd.     9,200       814  
NTT Data Corp.     40,800       789  
Tokyo Electron Ltd.     2,900       1,281  
              6,256  
Materials (0.8%):                
Rengo Co. Ltd.     60,100       470  
Shin-Etsu Chemical Co. Ltd.     4,500       759  
Tosoh Corp.     34,700       629  
              1,858  
Real Estate (0.7%):                
Daiwa House Industry Co. Ltd.     19,900       663  
Open House Co. Ltd.     14,800       871  
              1,534  
Utilities (0.3%):                
Osaka Gas Co. Ltd.     31,800       581  
              35,790  
Korea, Republic Of (4.0%):                
Communication Services (0.3%):                
NAVER Corp.     1,943       631  
                 
Consumer Discretionary (0.7%):                
Kia Corp.     10,792       729  
LG Electronics, Inc.     8,694       925  
              1,654  
Consumer Staples (0.3%):                
E-MART, Inc.     4,348       599  

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares       Value  
Financials (0.4%):                
Hana Financial Group, Inc.     20,422     $ 795  
                 
Industrials (0.4%):                
Samsung Engineering Co. Ltd.  (a)     45,670       973  
                 
Information Technology (1.9%):                
LG Innotek Co. Ltd.     8,954       1,554  
Samsung Electronics Co. Ltd.     29,910       1,856  
SK Hynix, Inc.     7,550       647  
              4,057  
              8,709  
Luxembourg (1.2%):                
Energy (0.3%):                
Tenaris SA     59,951       631  
                 
Health Care (0.5%):                
Eurofins Scientific SE     8,658       1,109  
                 
Materials (0.4%):                
ArcelorMittal SA     24,937       763  
              2,503  
Malaysia (0.9%):                
Communication Services (0.4%):                
Telekom Malaysia Bhd     600,400       817  
                 
Financials (0.5%):                
RHB Bank Bhd     891,900       1,160  
              1,977  
Mexico (0.3%):                
Consumer Staples (0.3%):                
Arca Continental SAB de CV     110,008       671  
                 
Netherlands (3.1%):                
Consumer Staples (0.7%):                
Koninklijke Ahold Delhaize NV     47,901       1,595  
                 
Financials (0.7%):                
ING Groep NV     44,666       649  
NN Group NV     17,316       907  
              1,556  
Health Care (0.3%):                
QIAGEN NV  (a)     12,383       640  
                 
Information Technology (1.4%):                
ASML Holding NV     2,049       1,531  
STMicroelectronics NV     32,143       1,403  
              2,934  
              6,725  
Norway (0.3%):                
Energy (0.3%):                
Equinor ASA     29,702       756  
                 
Russian Federation (1.1%):                
Energy (0.6%):                
LUKOIL PJSC, ADR     14,686       1,395  
                 
Financials (0.5%):                
Sberbank of Russia PJSC     214,900       1,005  
              2,400  
Saudi Arabia (0.7%):                
Financials (0.4%):                
Al Rajhi Bank     28,576       931  
                 
Health Care (0.3%):                
Mouwasat Medical Services Co.     14,093       678  
              1,609  

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares       Value  
Singapore (0.7%):                
Consumer Staples (0.3%):                
Wilmar International Ltd.     240,900     $ 744  
                 
Financials (0.4%):                
DBS Group Holdings Ltd.     37,200       825  
              1,569  
South Africa (1.0%):                
Communication Services (0.4%):                
Naspers Ltd., Class N     5,147       851  
                 
Materials (0.6%):                
Impala Platinum Holdings Ltd.     43,526       491  
Kumba Iron Ore Ltd.     24,330       800  
              1,291  
              2,142  
Spain (1.1%):                
Industrials (0.3%):                
ACS Actividades de Construccion y Servicios SA     26,198       709  
                 
Utilities (0.8%):                
Acciona SA     4,582       762  
EDP Renovaveis SA     33,886       841  
              1,603  
              2,312  
Sweden (3.0%):                
Consumer Staples (0.5%):                
Swedish Match AB     120,946       1,059  
                 
Financials (0.4%):                
Skandinaviska Enskilda Banken AB, Class A     64,620       911  
                 
Industrials (1.1%):                
Sandvik AB     26,451       605  
SKF AB, B Shares     33,059       780  
Volvo AB, Class B     40,609       907  
              2,292  
Information Technology (0.3%):                
Telefonaktiebolaget LM Ericsson, Class B  (b)     65,926       744  
                 
Materials (0.4%):                
Boliden AB     25,617       821  
                 
Real Estate (0.3%):                
Fastighets AB Balder, B Shares  (a)     11,514       692  
              6,519  
Switzerland (7.0%):                
Consumer Discretionary (0.4%):                
Cie Financiere Richemont SA, Registered Shares     7,523       780  
                 
Consumer Staples (1.3%):                
Coca-Cola HBC AG     18,907       609  
Nestle SA, Registered Shares     19,258       2,321  
              2,930  
Financials (1.6%):                
Julius Baer Group Ltd.     14,996       996  
Swiss Life Holding AG     3,452       1,740  
UBS Group AG     41,838       668  
              3,404  
Health Care (2.5%):                
Lonza Group AG, Registered Shares     1,221       916  
Novartis AG, Registered Shares     23,670       1,941  
Roche Holding AG     4,861       1,774  
Sonova Holding AG     2,462       931  
              5,562  

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares     Value  
Industrials (0.2%):                
Adecco Group AG     10,287     $ 516  
                 
Information Technology (0.7%):                
Logitech International SA, Class R     16,423       1,461  
                 
Materials (0.3%):                
Holcim Ltd.     14,475       698  
              15,351  
Taiwan (3.7%):                
Financials (1.0%):                
Chailease Holding Co. Ltd.     112,281       986  
Fubon Financial Holding Co. Ltd.     468,600       1,281  
              2,267  
Information Technology (2.7%):                
MediaTek, Inc.     20,000       644  
Realtek Semiconductor Corp.     98,000       1,727  
Taiwan Semiconductor Manufacturing Co. Ltd.     141,000       2,916  
Yageo Corp.     39,000       611  
              5,898  
              8,165  
United Arab Emirates (0.3%):                
Real Estate (0.3%):                
Emaar Development PJSC  (a)     610,352       638  
                 
United Kingdom (8.3%):                
Communication Services (0.3%):                
Vodafone Group PLC     455,552       693  
                 
Consumer Discretionary (1.0%):                
Barratt Developments PLC     81,065       716  
Stellantis NV     73,204       1,393  
              2,109  
Consumer Staples (1.4%):                
British American Tobacco PLC     16,766       586  
Tate & Lyle PLC     64,036       596  
Tesco PLC     336,646       1,146  
Unilever PLC     15,153       820  
              3,148  
Energy (0.6%):                
BP PLC     285,217       1,299  
                 
Financials (1.7%):                
3i Group PLC     91,941       1,579  
Barclays PLC     345,829       879  
Legal & General Group PLC     196,170       737  
Standard Chartered PLC     105,250       615  
              3,810  
Health Care (0.9%):                
AstraZeneca PLC     9,569       1,153  
Hikma Pharmaceuticals PLC     23,747       781  
              1,934  
Industrials (1.5%):                
Ashtead Group PLC     14,687       1,110  
BAE Systems PLC     99,868       756  
Ferguson PLC     4,855       674  
Royal Mail PLC     118,246       669  
              3,209  
Materials (0.9%):                
Anglo American PLC     56,861       1,994  
              18,196  
Total Common Stocks (Cost $183,260)             213,134  

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description     Shares       Value  
Rights (0.0%)(d)                
Taiwan (0.0%):                
Financials (0.0%):                
Fubon Financial Holding Co. Ltd., Expires 10/19/21 (a)(e)     9,883     $ —  
Fubon Financial Holding Co. Ltd., Expires 10/19/21 @ $60.00 (a)(f)     16,230       10  
              10  
Total Rights (Cost $–)             10  
                 
Exchange-Traded Funds (0.9%)                
United States (0.9%):                
iShares Core MSCI EAFE ETF     15,847       1,177  
iShares Core MSCI Emerging Markets ETF     12,882       795  
              1,972  
Total Exchange-Traded Funds (Cost $2,053)             1,972  
                 
Collateral for Securities Loaned^ (2.5%)                
United States (2.5%):                
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (g)     103,768       104  
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (g)     3,074,360       3,074  
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g)     51,785       52  
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (g)     412,921       413  
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)     1,856,573       1,857  
Total Collateral for Securities Loaned (Cost $5,500)             5,500  
                 
Total Investments (Cost $190,813) — 101.1%             220,616  
Liabilities in excess of other assets — (1.1)%             (2,429 )
NET ASSETS - 100.00%           $ 218,187  

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $3,801 (thousands) and amounted to 1.7% of net assets.
(d) Amount represents less than 0.05% of net assets.
(e) Security was fair valued using significant unobservable inputs as of September 30, 2021.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of September 30, 2021, illiquid securities were 0.0% of net assets.
(g) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Common Stocks (98.3%)
Australia (6.2%):    
Consumer Discretionary (0.7%):          
JB Hi-Fi Ltd.   378,983   $12,320 
Super Retail Group Ltd.   1,232,906    10,726 
         23,046 
Consumer Staples (0.5%):          
Elders Ltd.   1,866,809    16,306 
           
Energy (0.4%):          
Beach Energy Ltd.   14,483,973    15,465 
           
Financials (0.9%):          
Bank of Queensland Ltd.  (a)   2,311,727    15,415 
Pendal Group Ltd.   2,860,122    16,638 
         32,053 
Health Care (0.4%):          
Ansell Ltd.   554,452    13,469 
           
Industrials (0.3%):          
Seven Group Holdings Ltd.   792,015    11,602 
           
Information Technology (0.4%):          
Technology One Ltd.   1,610,063    12,997 
           
Materials (1.6%):          
CSR Ltd.   2,414,945    9,598 
Mineral Resources Ltd.   729,356    23,142 
OZ Minerals Ltd.   1,326,711    21,296 
         54,036 
Real Estate (1.0%):          
Charter Hall Group   2,095,318    25,330 
Shopping Centres Australasia Property Group   5,606,309    10,736 
         36,066 
         215,040 
Canada (9.0%):          
Consumer Discretionary (0.9%):          
BRP, Inc.   314,679    29,132 
           
Energy (1.5%):          
ARC Resources Ltd.   2,804,173    26,283 
Parex Resources, Inc.   1,341,190    24,401 
         50,684 
Financials (0.9%):          
Canadian Western Bank  (a)   589,365    17,066 
CI Financial Corp.   757,415    15,377 
         32,443 
Health Care (0.2%):          
Tilray, Inc., Class 2  (a)(b)   582,163    6,592 
           
Industrials (2.4%):          
ATS Automation Tooling System  (a)(b)   599,068    19,007 
Ballard Power Systems, Inc.  (a)(b)   306,351    4,301 
Finning International, Inc.   862,676    21,288 
TFI International, Inc.  (a)   364,141    37,259 
         81,855 
Information Technology (0.4%):          
The Descartes Systems Group, Inc.  (a)(b)   184,988    15,060 
           
Materials (1.2%):          
Canfor Corp.  (b)   496,710    10,912 
Dundee Precious Metals, Inc.   2,270,291    13,660 
Fortuna Silver Mines, Inc.  (a)(b)   1,478,194    5,813 
Kirkland Lake Gold Ltd.   1    —(c)
Stella-Jones, Inc.  (a)   317,540    10,694 
         41,079 
Real Estate (1.1%):          
Boardwalk Real Estate Invest  (a)   380,101    14,194 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Tricon Residential, Inc.  (a)   1,661,110   $22,167 
         36,361 
Utilities (0.4%):          
Northland Power, Inc.  (a)   484,967    15,242 
         308,448 
Denmark (1.2%):          
Consumer Discretionary (0.4%):          
Pandora A/S   116,033    14,089 
           
Consumer Staples (0.5%):          
Royal Unibrew A/S   129,277    15,552 
           
Information Technology (0.3%):          
Netcompany Group A/S  (d)   100,294    11,570 
         41,211 
Finland (1.8%):          
Industrials (1.1%):          
Metso Outotec Oyj   1,428,056    13,031 
Valmet Oyj   740,228    26,722 
         39,753 
Information Technology (0.4%):          
TietoEVRY Oyj   473,583    14,240 
           
Materials (0.3%):          
Kemira Oyj   615,513    9,447 
         63,440 
France (7.0%):          
Communication Services (0.5%):          
Publicis Groupe SA   269,601    18,109 
           
Consumer Discretionary (1.1%):          
Faurecia SE   502,698    23,647 
La Francaise des Jeux SAEM  (d)   249,693    12,837 
         36,484 
Health Care (0.4%):          
Korian SA   413,433    14,454 
           
Industrials (2.2%):          
Eiffage SA   249,418    25,205 
Elis SA  (b)   727,903    13,880 
Nexans SA   222,309    20,726 
Rexel SA   849,887    16,374 
         76,185 
Information Technology (1.2%):          
SOITEC  (b)   102,554    22,166 
Sopra Steria Group   94,178    17,446 
         39,612 
Materials (0.5%):          
Arkema SA   121,610    16,034 
           
Real Estate (1.1%):          
Klepierre SA   928,554    20,763 
Nexity SA   387,014    18,401 
         39,164 
         240,042 
Germany (7.3%):          
Communication Services (1.5%):          
Freenet AG   720,204    18,842 
ProSiebenSat.1 Media SE   1,100,528    20,104 
United Internet AG, Registered Shares   315,546    12,205 
         51,151 
Financials (0.8%):          
Deutsche Pfandbriefbank AG  (d)   1,419,561    15,978 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
DWS Group GmbH & Co. KGaA  (d)   312,834   $13,139 
         29,117 
Health Care (1.3%):          
Carl Zeiss Meditec AG   76,022    14,560 
Dermapharm Holding SE   124,918    12,020 
Gerresheimer AG   185,726    18,170 
         44,750 
Industrials (0.9%):          
Brenntag SE   145,287    13,495 
Rheinmetall AG   189,094    18,468 
         31,963 
Information Technology (0.6%):          
Bechtle AG   290,920    19,895 
           
Materials (1.1%):          
Aurubis AG   169,045    12,693 
Covestro AG  (d)   165,953    11,308 
LANXESS AG   201,650    13,627 
         37,628 
Real Estate (1.1%):          
alstria office REIT-AG   841,161    15,256 
TAG Immobilien AG   730,861    21,366 
         36,622 
         251,126 
Gibraltar (0.5%):          
Consumer Discretionary (0.5%):          
888 Holdings PLC   2,804,156    16,165 
           
Hong Kong (1.5%):          
Health Care (0.2%):          
The United Laboratories International Holdings Ltd.   12,386,000    8,215 
           
Industrials (0.4%):          
Pacific Basin Shipping Ltd.  (a)   29,047,000    13,444 
           
Information Technology (0.3%):          
ASM Pacific Technology Ltd.   893,100    9,750 
           
Real Estate (0.3%):          
Hysan Development Co. Ltd.   3,406,000    11,076 
           
Utilities (0.3%):          
Towngas China Co. Ltd.   15,019,000    9,362 
         51,847 
Ireland (1.3%):          
Consumer Discretionary (0.3%):          
Dalata Hotel Group PLC  (b)   2,495,555    11,884 
           
Consumer Staples (0.4%):          
Glanbia PLC   738,009    12,205 
           
Financials (0.6%):          
Bank of Ireland Group PLC  (b)   3,213,286    19,055 
         43,144 
Israel (1.9%):          
Communication Services (0.3%):          
Perion Network Ltd.  (a)(b)   608,754    10,550 
           
Health Care (1.3%):          
Inmode Ltd.  (b)   281,655    44,910 
           
Information Technology (0.3%):          
Radware Ltd.  (b)   337,057    11,365 
         66,825 
Italy (2.8%):          
Consumer Discretionary (0.3%):          
De' Longhi SpA   287,755    10,330 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Financials (0.5%):          
Banca Mediolanum SpA   1,484,718   $15,986 
           
Industrials (0.4%):          
Interpump Group SpA   223,849    14,425 
           
Information Technology (0.7%):          
Reply SpA   138,749    25,465 
           
Materials (0.4%):          
Buzzi Unicem SpA   617,427    14,023 
           
Utilities (0.5%):          
ACEA SpA   718,980    15,348 
         95,577 
Japan (20.8%):          
Communication Services (1.3%):          
Capcom Co. Ltd.   624,600    17,358 
Internet Initiative Japan, Inc.   782,400    27,033 
         44,391 
Consumer Discretionary (3.5%):          
ASKUL Corp.   712,900    10,455 
Food & Life Cos Ltd.   392,100    18,032 
Izumi Co. Ltd.   260,300    8,662 
Komeri Co. Ltd.   434,400    10,538 
Oisix ra daichi, Inc.  (b)   283,700    12,577 
Resorttrust, Inc.   637,500    12,515 
Starts Corp., Inc.   395,100    9,403 
Sumitomo Forestry Co. Ltd.   640,200    12,161 
Tokyotokeiba Co. Ltd.   209,200    8,198 
Toyo Tire Corp.   1,040,700    18,551 
         121,092 
Consumer Staples (1.0%):          
Morinaga Milk Industry Co. Ltd.   245,000    15,306 
Nichirei Corp.   354,700    9,296 
Valor Holdings Co. Ltd.   498,100    10,762 
         35,364 
Financials (0.8%):          
North Pacific Bank Ltd.   3,824,900    8,696 
Zenkoku Hosho Co. Ltd.   351,100    17,135 
         25,831 
Health Care (1.6%):          
Eiken Chemical Co. Ltd.   672,700    12,628 
Miraca Holdings, Inc.   584,900    15,890 
Sawai Group Holdings Co. Ltd.   278,500    12,959 
Ship Healthcare Holdings, Inc.   541,000    13,936 
         55,413 
Industrials (5.5%):          
BayCurrent Consulting, Inc.   93,500    46,824 
CKD Corp.   537,900    11,442 
Daihen Corp.   293,700    12,939 
Fuji Corp.   738,800    18,763 
FULLCAST Holdings Co. Ltd.   493,000    10,008 
Kanamoto Co. Ltd.   389,300    9,109 
Kintetsu World Express, Inc.   591,800    14,990 
Kumagai Gumi Co. Ltd.   412,300    10,670 
Maeda Corp.  (a)   1,220,300    9,680 
Outsourcing, Inc.   597,800    10,715 
Sankyu, Inc.   225,600    10,377 
Sanwa Holdings Corp.   1,019,000    13,250 
Takeuchi Manufacturing Co. Ltd.   514,300    11,846 
         190,613 
Information Technology (3.6%):          
Freee KK  (a)(b)   87,700    6,382 
Fuji Soft, Inc.   197,600    10,347 
NEC Networks & System Integration Corp.   977,500    18,438 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Nippon Electric Glass Co. Ltd.   792,100   $18,739 
Shinko Electric Industries Co. Ltd.   1,083,400    35,890 
Taiyo Yuden Co. Ltd.   351,600    20,597 
Tokyo Seimitsu Co. Ltd.   284,300    11,670 
         122,063 
Materials (1.6%):          
Denka Co. Ltd.   451,500    15,770 
Kaneka Corp.   363,700    15,193 
Rengo Co. Ltd.   1,945,200    15,200 
Zeon Corp.   685,800    9,655 
         55,818 
Real Estate (1.9%):          
Invincible Investment Corp.   26,677    10,453 
Kenedix Office Investment Corp.   1,670    11,480 
Nippon Accommodations Fund, Inc.   2,378    13,325 
Open House Co. Ltd.  (a)   499,600    29,399 
         64,657 
         715,242 
Korea, Republic Of (5.6%):          
Communication Services (1.1%):          
AfreecaTV Co. Ltd.   219,858    27,679 
Neowiz  (b)   598,812    11,568 
         39,247 
Consumer Discretionary (0.3%):          
Coway Co. Ltd.   153,105    9,564 
           
Consumer Staples (0.5%):          
Cosmax, Inc.  (b)   89,107    9,250 
Maeil Dairies Co. Ltd.   133,760    8,092 
         17,342 
Health Care (1.4%):          
Osstem Implant Co. Ltd.   307,962    34,492 
PharmaResearch Co. Ltd.   212,812    15,092 
         49,584 
Industrials (0.5%):          
Samsung Engineering Co. Ltd.  (b)   833,300    17,750 
           
Information Technology (1.1%):          
LEENO Industrial, Inc.   71,172    10,515 
Partron Co. Ltd.   1,122,064    8,689 
SFA Engineering Corp.   294,768    9,155 
WONIK IPS Co. Ltd.   233,139    7,769 
         36,128 
Materials (0.7%):          
LOTTE Fine Chemical Co. Ltd.   135,558    10,333 
Soulbrain Co. Ltd.   62,959    14,379 
         24,712 
         194,327 
Malta (0.6%):          
Consumer Discretionary (0.6%):          
Kindred Group PLC   1,488,688    22,333 
           
Netherlands (4.3%):          
Energy (0.7%):          
Fugro NV  (b)   1,102,564    11,555 
SBM Offshore NV   673,939    12,013 
         23,568 
Financials (1.3%):          
ASR Nederland NV   463,122    21,183 
Euronext NV  (d)   195,984    22,112 
         43,295 
Industrials (1.2%):          
AerCap Holdings NV  (b)   318,955    18,439 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Signify NV  (d)   485,406   $24,294 
         42,733 
Information Technology (1.1%):          
ASM International NV   97,954    38,356 
         147,952 
Norway (0.3%):          
Financials (0.3%):          
Sparebanken Vest   936,746    10,166 
           
Singapore (0.5%):          
Real Estate (0.5%):          
Frasers Logistics & Commercial Trust  (a)   14,719,200    16,425 
           
Spain (3.4%):          
Consumer Staples (0.3%):          
Viscofan SA   146,357    9,583 
           
Financials (0.5%):          
Bankinter SA   3,083,586    18,040 
           
Health Care (0.6%):          
Laboratorios Farmaceuticos Rovi SA   305,507    19,985 
           
Industrials (0.7%):          
Applus Services SA   1,147,004    10,922 
Cia de Distribucion Integral Logista Holdings SA   648,639    13,639 
         24,561 
Materials (0.4%):          
Acerinox SA   1,008,936    12,930 
           
Real Estate (0.4%):          
Merlin Properties Socimi SA   1,392,610    14,281 
           
Utilities (0.5%):          
Acciona SA   114,433    19,021 
         118,401 
Sweden (2.2%):          
Communication Services (0.3%):          
G5 Entertainment AB  (a)   231,500    10,488 
           
Consumer Discretionary (0.5%):          
Dometic Group AB  (d)   1,044,952    15,785 
           
Health Care (1.1%):          
Arjo AB, Class B   1,109,577    13,670 
Getinge AB, Class B   617,336    24,621 
         38,291 
Real Estate (0.3%):          
Wihlborgs Fastigheter AB   583,769    11,608 
         76,172 
Switzerland (6.7%):          
Consumer Discretionary (0.4%):          
Forbo Holding AG, Registered Shares   6,757    13,349 
           
Consumer Staples (0.5%):          
Coca-Cola HBC AG   312,526    10,070 
Zur Rose Group AG  (a)(b)   20,253    8,104 
         18,174 
Financials (1.6%):          
Julius Baer Group Ltd.   298,353    19,826 
Swissquote Group Holding SA, Registered Shares   61,116    11,260 
Vontobel Holding AG, Class R   264,658    22,270 
         53,356 
Health Care (0.9%):          
Medmix AG  (b)(d)   92,788    4,382 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Tecan Group AG, Class R   45,768   $25,926 
         30,308 
Industrials (2.0%):          
Adecco Group AG   283,109    14,188 
Bossard Holdings AG, Class A   35,085    10,961 
Bucher Industries AG, Registered Shares   41,400    19,660 
Sulzer AG, Registered Shares   92,788    8,808 
Wizz Air Holdings PLC  (b)(d)   231,755    15,572 
         69,189 
Information Technology (0.8%):          
Logitech International SA, Class R   297,572    26,478 
           
Real Estate (0.5%):          
PSP Swiss Property AG, Registered Shares   154,742    18,647 
         229,501 
United Kingdom (12.8%):          
Communication Services (1.0%):          
Future PLC   728,832    36,097 
           
Consumer Discretionary (2.2%):          
Inchcape PLC   880,136    9,576 
Marks & Spencer Group PLC  (b)   5,673,391    13,924 
Pets at Home Group PLC   2,611,631    16,839 
Redrow PLC   2,131,166    19,136 
Vistry Group PLC   1,047,103    17,181 
         76,656 
Consumer Staples (0.7%):          
Cranswick PLC   280,405    13,459 
Tate & Lyle PLC   1,242,745    11,557 
         25,016 
Energy (0.4%):          
Cairn Energy PLC   5,311,697    13,401 
           
Financials (1.7%):          
Close Brothers Group PLC   724,181    15,039 
IG Group Holdings PLC   1,100,489    11,891 
Intermediate Capital Group PLC   471,102    12,898 
OSB Group PLC   2,514,998    16,953 
         56,781 
Health Care (0.5%):          
CVS Group PLC  (b)   208,502    6,770 
Hikma Pharmaceuticals PLC   350,759    11,537 
         18,307 
Industrials (1.9%):          
IMI PLC   1,030,383    22,901 
Royal Mail PLC   2,765,952    15,640 
Serco Group PLC   7,944,593    14,309 
Travis Perkins PLC   617,618    12,697 
         65,547 
Information Technology (1.8%):          
Computacenter PLC   658,102    23,935 
Electrocomponents PLC   926,595    13,412 
Micro Focus International PLC   2,124,434    11,684 
Spirent Communications PLC   3,017,935    11,308 
         60,339 
Materials (0.8%):          
Endeavour Mining PLC  (a)   549,514    12,371 
Synthomer PLC   2,150,848    14,386 
         26,757 
Real Estate (1.5%):          
LondonMetric Property PLC   3,595,507    11,557 
Safestore Holdings PLC   1,413,390    20,000 
The Unite Group PLC   678,271    9,918 
Tritax Big Box REIT PLC   3,510,386    10,035 
         51,510 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Utilities (0.3%):          
Atlantica Sustainable Infrastructure PLC  (a)   312,339   $10,779 
         441,190 
United States (0.6%):          
Consumer Discretionary (0.3%):          
Nexteer Automotive Group Ltd.   9,524,000    9,735 
           
Industrials (0.3%):          
Reliance Worldwide Corp. Ltd.   3,440,615    12,509 
         22,244 
Total Common Stocks (Cost $2,684,838)        3,386,818 
           
Exchange-Traded Funds (0.5%)          
United States (0.5%):          
Vanguard FTSE Developed Markets ETF  (a)   300,483    15,171 
Total Exchange-Traded Funds (Cost $14,333)        15,171 
           
Collateral for Securities Loaned^ (2.5%)          
United States (2.5%):          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (e)   1,612,319    1,612 
Fidelity  Investments Money Market Government Portfolio, I Class, 0.01% (e)   47,784,061    47,784 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)   804,627    805 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (e)   6,415,846    6,416 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)   28,846,895    28,847 
Total Collateral for Securities Loaned (Cost $85,464)        85,464 
           
Total Investments (Cost $2,784,635) — 101.3%        3,487,453 
Liabilities in excess of other assets — (1.3)%        (43,266)
NET ASSETS - 100.00%       $3,444,187 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Non-income producing security.
(c) Rounds to less than $1 thousand.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $146,977 (thousands) and amounted to 4.3% of net assets.
(e) Rate disclosed is the daily yield on September 30, 2021.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares or
Principal
Amount		   Value 
Asset-Backed Securities (3.5%)          
Ameriquest Mortgage Securities, Series 2004-R12, Class M1, 0.94% (LIBOR01M+86bps), 1/25/35, Callable 10/25/21 @ 100 (a)  $5   $5 
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 11/15/23 @ 100   298    298 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 7/16/24 @ 100   245    244 
Home Equity Asset Trust, Series 2005-2, Class M5, 1.18% (LIBOR01M+110bps), 7/25/35, Callable 10/25/21 @ 100 (a)   259    259 
JPMorgan Chase Bank, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 11/25/24 @ 100 (b)   250    250 
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 1.06% (LIBOR01M+98bps), 10/25/34, Callable 10/25/21 @ 100 (a)   5    5 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b)(c)   674    675 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (b)   332    333 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/25 @ 100 (b)   337    338 
Total Asset-Backed Securities (Cost $2,396)        2,407 
           
Collateralized Mortgage Obligations (1.2%)          
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100   290    298 
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100   257    270 
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100   270    274 
Total Collateralized Mortgage Obligations (Cost $838)        842 
           
Preferred Stocks (4.4%)          
Financials (1.9%):          
AMG Capital Trust II, 5.15%, 10/15/37   6,220    358 
Bank of America Corp., Series L, 7.25% (d)   280    404 
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (e)   2,570    203 
Wells Fargo & Co., Series L, 7.50% (d)(e)   245    363 
         1,328 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares or
Principal
Amount		   Value 
Health Care (0.1%):          
Danaher Corp., Series B, 5.00%, 4/15/23 (e)  39   $63 
           
Industrials (0.5%):          
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (e)   3,047    321 
           
Utilities (1.9%):          
American Electric Power Co., Inc., 6.13%, 8/15/23   1,615    80 
CenterPoint Energy, Inc., 4.57%, 9/15/29   1,045    69 
Dominion Energy, Inc., Series A, 7.25%, 6/1/22   3,000    291 
DTE Energy Co., 6.25%, 11/1/22   4,475    225 
NextEra Energy, Inc., 5.28%, 3/1/23   7,295    372 
NiSource, Inc., 7.75%, 3/1/24   210    22 
The Southern Co., Series 2019, 6.75%, 8/1/22   5,037    257 
         1,316 
Total Preferred Stocks (Cost $2,972)        3,028 
           
Corporate Bonds (52.0%)          
Communication Services (2.6%):          
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100  $184    161 
AT&T, Inc.          
4.25%, 3/1/27, Callable 12/1/26 @ 100 (c)   129    146 
1.65%, 2/1/28, Callable 12/1/27 @ 100   117    116 
5.15%, 11/15/46, Callable 5/15/46 @ 100 (c)   312    396 
CenturyLink, Inc., 6.75%, 12/1/23   115    126 
Comcast Corp.          
3.45%, 2/1/50, Callable 8/1/49 @ 100   150    159 
2.80%, 1/15/51, Callable 7/15/50 @ 100   128    121 
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b)   143    144 
Verizon Communications, Inc.          
3.38%, 2/15/25 (c)   116    125 
3.55%, 3/22/51, Callable 9/22/50 @ 100 (c)   275    290 
         1,784 
Consumer Discretionary (7.4%):          
Booking Holdings, Inc., 0.75%, 5/1/25 (e)   305    448 
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (c)   670    702 
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81   110    119 
Expedia Group, Inc.          
3.60%, 12/15/23, Callable 11/15/23 @ 100   201    213 
 2/15/26 (b)(e)   300    324 
Ford Motor Co., 3/15/26 (b)   95    103 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
General Motors Co., 4.88%, 10/2/23 (c)  $229   $247 
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44   110    118 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44   130    134 
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100   112    120 
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 (e)   212    246 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100   326    347 
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100   63    71 
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)   101    102 
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100   198    235 
NVR, Inc.          
3.95%, 9/15/22, Callable 6/15/22 @ 100 (c)   268    274 
3.00%, 5/15/30, Callable 11/15/29 @ 100   267    279 
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (e)   240    278 
Ross Stores, Inc.          
3.38%, 9/15/24, Callable 6/15/24 @ 100   160    169 
0.88%, 4/15/26, Callable 3/15/26 @ 100   186    183 
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100   185    185 
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100   171    172 
         5,069 
Consumer Staples (2.5%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b)   368    368 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (c)   105    118 
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100   167    192 
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (c)   70    71 
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100   105    130 
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100   363    357 
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100   95    105 
Reynolds American, Inc., 6.15%, 9/15/43 (c)   175    219 
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100   135    178 
         1,738 
Energy (3.7%):          
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100   320    361 
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (c)   234    242 
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 (e)   135    179 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (c)   84    88 
HollyFrontier Corp., 2.63%, 10/1/23   265    274 
Marathon Oil Corp., 6.60%, 10/1/37   125    166 
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100   229    272 
Pioneer Natural Resources Co.          
0.25%, 5/15/25   270    436 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
1.90%, 8/15/30, Callable 5/15/30 @ 100  $251   $240 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (c)   245    250 
         2,508 
Financials (12.3%):          
Aflac, Inc.          
2.88%, 10/15/26, Callable 7/15/26 @ 100   335    360 
4.75%, 1/15/49, Callable 7/15/48 @ 100   35    46 
Alleghany Corp.          
3.63%, 5/15/30, Callable 2/15/30 @ 100   130    143 
3.25%, 8/15/51, Callable 2/15/51 @ 100   168    166 
Ares Capital Corp., 4.63%, 3/1/24   345    382 
Bank of America Corp.          
4.20%, 8/26/24, MTN (c)   160    175 
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN   205    221 
Capital One Financial Corp.          
3.30%, 10/30/24, Callable 9/30/24 @ 100 (c)   224    240 
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a)   395    386 
Cincinnati Financial Corp., 6.13%, 11/1/34   230    313 
Citigroup, Inc.          
3.88%, 3/26/25   108    117 
4.60%, 3/9/26 (c)   232    262 
4.45%, 9/29/27 (c)   108    123 
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (a)   94    108 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100   130    132 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (c)(e)   584    623 
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100   290    305 
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100   110    116 
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100   250    248 
JPMorgan Chase & Co.          
2.95%, 10/1/26, Callable 7/1/26 @ 100 (c)(e)   425    455 
5.60%, 7/15/41 (e)   87    121 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b)   265    285 
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (b)   170    165 
Morgan Stanley          
4.88%, 11/1/22 (c)   303    317 
3.13%, 7/27/26, MTN (c)   545    587 
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100   104    113 
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100   228    225 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   90    104 
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100   373    399 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100  $275   $295 
Wells Fargo & Co.          
4.30%, 7/22/27, MTN (c)   410    465 
4.90%, 11/17/45 (c)   155    195 
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100   250    260 
         8,452 
Health Care (6.4%):          
AbbVie, Inc.          
3.20%, 11/21/29, Callable 8/21/29 @ 100   285    307 
4.45%, 5/14/46, Callable 11/14/45 @ 100   142    171 
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100   250    300 
Anthem, Inc.          
2.38%, 1/15/25, Callable 12/15/24 @ 100   148    154 
2.75%, 10/15/42   68    357 
Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100   109    116 
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 (c)   455    504 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13   168    176 
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100   193    216 
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b)   260    260 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (c)   135    139 
Illumina, Inc. , 8/15/23 (e)   280    327 
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100   135    125 
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 (e)   262    299 
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100   146    135 
Universal Health Services, Inc.          
1.65%, 9/1/26, Callable 8/1/26 @ 100 (b)   394    392 
2.65%, 10/15/30, Callable 7/15/30 @ 100 (b)   102    103 
Viatris, Inc.          
2.30%, 6/22/27, Callable 4/22/27 @ 100 (b)   95    97 
4.00%, 6/22/50, Callable 12/22/49 @ 100 (b)   190    202 
         4,380 
Industrials (5.8%):          
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100   241    234 
Air Lease Corp.          
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN   282    280 
0.80%, 8/18/24, Callable 7/18/24 @ 100 (e)   146    145 
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100   195    205 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (c)   275    286 
Fortive Corp., 0.88%, 2/15/22   440    441 
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (c)   420    469 
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100   82    83 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
Norfolk Southern Corp.        
2.30%, 5/15/31, Callable 2/15/31 @ 100  $239   $241 
2.90%, 8/25/51, Callable 2/25/51 @ 100   125    121 
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100   140    147 
Rockwell Automation, Inc.          
3.50%, 3/1/29, Callable 12/1/28 @ 100   165    184 
6.25%, 12/1/37   155    217 
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)(e)   130    131 
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100   115    140 
Southwest Airlines Co., 1.25%, 5/1/25   300    449 
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (c)(e)   146    180 
         3,953 
Information Technology (5.7%):          
Akamai Technologies, Inc., 0.13%, 5/1/25   130    158 
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100   117    152 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (c)   132    140 
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100   315    368 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (c)   342    373 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e)   315    346 
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (c)   166    190 
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (c)   394    469 
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b)   87    91 
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100   150    154 
ServiceNow, Inc. , 6/1/22   5    23 
Square, Inc., 0.25%, 11/1/27 (b)(e)   55    65 
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100   160    199 
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100   287    248 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   105    108 
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100   360    368 
Western Digital Corp., 1.50%, 2/1/24   430    434 
         3,886 
Materials (0.7%):          
Celanese US Holdings LLC, 4.63%, 11/15/22 (c)   210    219 
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100   160    165 
Southern Copper Corp., 5.25%, 11/8/42 (c)   95    118 
         502 
Real Estate (3.0%):          
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (c)   630    649 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)  $108   $115 
Kite Realty Group LP, 0.75%, 4/1/27 (b)   185    184 
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100   138    151 
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100   134    138 
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100   114    139 
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100   339    359 
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100   145    162 
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 (e)   184    185 
         2,082 
Utilities (1.9%):          
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100   225    215 
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37   250    351 
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (c)   310    319 
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100   190    247 
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (c)   159    185 
         1,317 
Total Corporate Bonds (Cost $34,224)        35,671 
           
Residential Mortgage-Backed Securities (0.1%)          
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.41% (LIBOR01M+132bps), 10/25/32, Callable 10/25/21 @ 100 (a)   83    84 
           
Total Residential Mortgage-Backed Securities (Cost $82)        84 
           
Yankee Dollars (8.5%)          
Communication Services (0.4%):          
Vodafone Group PLC, 5.25%, 5/30/48   193    250 
           
Consumer Staples (3.2%):          
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)   638    687 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b)(c)   670    691 
Suntory Holdings Ltd.          
2.55%, 6/28/22, Callable 5/28/22 @ 100 (b)(c)   574    582 
2.25%, 10/16/24, Callable 9/16/24 @ 100 (b)   200    207 
         2,167 
Energy (0.9%):          
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100   140    144 
Ecopetrol SA, 5.88%, 9/18/23 (c)   325    350 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
Statoil ASA, 3.95%, 5/15/43  $100   $115 
         609 
Financials (1.6%):          
Barclays Bank PLC          
2/4/25 (c)(e)   110    161 
2/18/25   65    72 
Newcrest Finance Pty Ltd.          
5.75%, 11/15/41 (b)   155    205 
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)   110    125 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b)   300    319 
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100   195    199 
         1,081 
Industrials (0.9%):          
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100   150    148 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100   150    174 
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100   85    89 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b)   200    204 
         615 
Materials (1.4%):          
Anglo American Capital PLC          
2.88%, 3/17/31, Callable 12/17/30 @ 100 (b)(e)   300    301 
3.95%, 9/10/50, Callable 3/10/50 @ 100 (b)   200    214 
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40   75    100 
Teck Resources Ltd., 3.90%, 7/15/30, Callable 4/15/30 @ 100 (e)   190    206 
Vale Overseas Ltd., 6.25%, 8/10/26   143    170 
         991 
Utilities (0.1%):          
Iberdrola International BV, 6.75%, 9/15/33   50    69 
Total Yankee Dollars (Cost $5,570)        5,782 
           
U.S. Government Mortgage-Backed Agencies (18.2%)          
Federal Home Loan Bank          
Series 000F, 1.00%, 9/30/26   680    679 
Series 2, 1.10%, 9/30/26   680    680 
         1,359 
Federal Home Loan Mortgage Corp.          
9.00%, 4/1/25 (c)   9    9 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares or
Principal
Amount		   Value 
7.50%, 8/1/29 (c)  $8   $9 
Series 4395, Class PA, 2.50%, 4/15/37 (c)   219    227 
5.00%, 7/1/39 (c)   461    525 
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (c)   287    298 
Series 4444, Class CH, 3.00%, 1/15/41 - 10/1/46 (c)   603    632 
4.50%, 7/1/44 - 12/1/45 (c)   770    860 
2.50%, 7/1/50   269    278 
2.00%, 3/1/51 (c)   633    635 
         3,473 
Federal National Mortgage Association          
3.50%, 2/1/32   131    140 
Series 2005-19, Class PB, 5.50%, 3/25/35   287    327 
6.00%, 2/1/37 (c)   86    100 
3.50%, 8/1/39 - 12/25/50 (c)   1,616    1,724 
Series 2011-21, Class PA, 4.50%, 5/25/40 (c)   382    403 
3.00%, 6/1/40 - 2/1/47 (c)   1,787    1,902 
Series 2013-81, Class KA, 2.75%, 9/25/42 (c)   215    223 
3.00%, 9/1/46 - 5/1/48   461    491 
4.00%, 3/1/47 - 6/1/49   123    132 
4.00%, 7/1/47 - 10/1/48 (c)   766    834 
Series 2017-96, Class DA, 2.50%, 12/25/47 (c)   221    228 
4.50%, 5/1/50   43    47 
2.00%, 3/1/51 (c)   1,102    1,109 
         7,660 
Total U.S. Government Mortgage-Backed Agencies (Cost $12,109)        12,492 
           
U.S. Treasury Obligations (8.3%)          
U.S. Treasury Bonds          
2.88%, 5/15/43 (c)   124    142 
1.25%, 5/15/50 (c)   1,750    1,432 
U.S. Treasury Notes          
0.25%, 3/15/24 (c)   1,500    1,495 
0.75%, 4/30/26   2,200    2,184 
1.63%, 5/15/31   400    405 
Total U.S. Treasury Obligations (Cost $5,633)        5,658 
           
Collateral for Securities Loaned^ (5.8%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (f)   75,107    75 
Fidelity Investments Money Market Government Portfolio I Class, 0.01% (f)   2,225,946    2,226 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f)   37,482    37 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (f)   298,872    299 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund September 30, 2021
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount		   Value 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f)   1,343,788   $1,344 
Total Collateral for Securities Loaned (Cost $3,981)        3,981 
           
Total Investments (Cost $67,805) — 102.0%        69,945 
Liabilities in excess of other assets — (2.0)%        (1,346)
NET ASSETS - 100.00%       $68,599 

 

^ Purchased with cash collateral from securities on loan.
(a) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $8,262 (thousands) and amounted to 12.0% of net assets.
(c) All or a portion of this security has been segregated as collateral for derivative instruments.
(d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(e) All or a portion of this security is on loan.
(f) Rate disclosed is the daily yield on September 30, 2021.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

Futures Contracts Purchased

(Amounts not in thousands)

 

   Number
of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation/
(Depreciation)		 
2-Year U.S. Treasury Note Futures  9  12/31/21  $1,981,643   $1,980,492   $(1,151)
5-Year U.S. Treasury Note Futures  39  12/31/21   4,812,801    4,786,945    (25,856)
Japanese Yen Futures  12  12/13/21   1,350,000    1,347,150    (2,850)
Ultra Long Term U.S. Treasury Bond Futures  8  12/21/21   1,579,035    1,528,500    (50,535)
                   $(80,392)

 

Futures Contracts Sold

(Amounts not in thousands)

 

   Number
of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation/
(Depreciation)		 
10-Year U.S. Treasury Note Futures  23  12/21/21  $3,068,373   $3,027,016   $41,357 
British Pound Futures  14  12/13/21   1,202,599    1,179,062    23,537 
Canadian Dollar Futures  13  12/14/21   1,024,140    1,026,870    (2,730)
Mexican Peso Currency Futures  29  12/13/21   717,750    695,855    21,895 
                   $84,059 
                      
   Total unrealized appreciation        $86,789 
   Total unrealized depreciation         (83,122)
   Total net unrealized appreciation (depreciation)        $3,667 

 

 

 

 

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)

 

Underlying Instruments  Fixed Deal
Receive
Rate		  Maturity
Date		  Payment
Frequency		  Implied
Credit
Spread at
September
30, 2021(b)		  Notional
Amount(c)		  Value  Premiums
Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
CDX North America Investment Grade Index; Series 36   1.00% 6/20/26  Quarterly   0.48% $3,000,000  $72,817  $76,238  $(3,421)
                     $72,817  $76,238  $(3,421)

 

(a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. 
(b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.
(c) The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS International Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.9%)          
Australia (6.1%):          
Consumer Discretionary (1.2%):          
Aristocrat Leisure Ltd.   144,570   $4,806,896 
           
Financials (1.2%):          
Macquarie Group Ltd.   38,996    5,037,088 
           
Health Care (1.4%):          
CSL Ltd.   28,765    6,008,655 
           
Materials (1.3%):          
BHP Group Ltd.   211,350    5,643,530 
           
Real Estate (1.0%):          
Scentre Group   1,895,035    4,032,484 
         25,528,653 
Belgium (0.9%):          
Information Technology (0.9%):          
Melexis NV   36,426    3,866,130 
           
China (1.4%):          
Communication Services (0.5%):          
Tencent Holdings Ltd.   38,500    2,298,476 
           
Consumer Discretionary (0.5%):          
China Meidong Auto Holdings Ltd.   410,000    2,063,045 
           
Financials (0.4%):          
China Merchants Bank Co. Ltd., Class H   207,000    1,647,390 
         6,008,911 
Denmark (1.1%):          
Consumer Staples (1.1%):          
Royal Unibrew A/S   38,474    4,628,521 
           
France (9.5%):          
Consumer Discretionary (4.0%):          
La Francaise des Jeux SAEM (a)   93,379    4,800,659 
LVMH Moet Hennessy Louis Vuitton SE   16,405    11,748,776 
         16,549,435 
Energy (1.3%):          
Gaztransport Et Technigaz SA   16,340    1,220,332 
TotalEnergies SE (b)   89,390    4,272,100 
         5,492,432 
Industrials (0.8%):          
Safran SA   28,044    3,546,559 
           
Information Technology (2.1%):          
Capgemini SE   43,296    8,977,410 
           
Materials (1.3%):          
Arkema SA   40,091    5,285,984 
         39,851,820 
Germany (7.1%):          
Consumer Discretionary (1.1%):          
Volkswagen AG, Preference Shares   20,738    4,621,949 
           
Financials (1.6%):          
Allianz SE, Registered Shares   30,183    6,761,486 
           
Industrials (2.3%):          
Siemens AG, Registered Shares   59,019    9,651,355 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS International Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (2.1%):          
SAP SE   65,822   $8,899,892 
         29,934,682 
Hong Kong (3.3%):          
Financials (1.9%):          
AIA Group Ltd.   698,800    8,039,538 
           
Real Estate (1.4%):          
CK Asset Holdings Ltd.   978,500    5,645,906 
         13,685,444 
Italy (4.9%):          
Energy (1.1%):          
Snam SpA   811,768    4,490,024 
           
Financials (1.0%):          
Banca Generali SpA (b)(c)   94,678    4,137,402 
           
Health Care (1.3%):          
Recordati Industria Chimica e Farmaceutica SpA   96,348    5,583,562 
           
Utilities (1.5%):          
Enel SpA   816,635    6,267,031 
         20,478,019 
Japan (23.6%):          
Communication Services (2.1%):          
Capcom Co. Ltd.   155,400    4,318,546 
Kakaku.com, Inc.   142,900    4,615,298 
         8,933,844 
Consumer Discretionary (4.4%):          
Toyota Motor Corp.   732,000    13,044,085 
ZOZO, Inc.   141,300    5,294,519 
         18,338,604 
Consumer Staples (1.2%):          
Toyo Suisan Kaisha Ltd.   114,200    5,057,430 
           
Financials (2.6%):          
JAFCO Group Co. Ltd.   35,500    2,266,290 
Mitsubishi UFJ Financial Group, Inc.   850,900    5,030,632 
Tokio Marine Holdings, Inc.   70,900    3,801,107 
         11,098,029 
Health Care (3.5%):          
Hoya Corp.   58,200    9,081,519 
Shionogi & Co. Ltd.   82,100    5,618,809 
         14,700,328 
Industrials (4.9%):          
en Japan, Inc.   89,600    3,237,161 
Fuji Electric Co. Ltd.   157,500    7,168,132 
Nippon Yusen KK   53,900    4,039,185 
OKUMA Corp.   51,300    2,471,733 
Sanwa Holdings Corp.   277,900    3,613,409 
         20,529,620 
Information Technology (3.2%):          
Fujitsu Ltd.   38,800    7,012,518 
Oracle Corp.   21,500    1,888,947 
Ulvac, Inc.   76,000    4,328,226 
         13,229,691 
Real Estate (0.8%):          
Sumitomo Realty & Development Co. Ltd.   89,400    3,268,115 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS International Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Utilities (0.9%):          
Chubu Electric Power Co., Inc.   303,100   $3,582,742 
         98,738,403 
Netherlands (5.2%):          
Communication Services (1.1%):          
Koninklijke KPN NV   1,388,953    4,370,131 
           
Financials (1.6%):          
ING Groep NV   471,069    6,847,746 
           
Industrials (1.3%):          
Wolters Kluwer NV   51,288    5,435,637 
           
Information Technology (1.2%):          
ASM International NV   12,543    4,911,426 
         21,564,940 
New Zealand (0.7%):          
Health Care (0.7%):          
Fisher & Paykel Healthcare Corp. Ltd. (b)   133,586    2,937,242 
           
Norway (1.6%):          
Energy (0.5%):          
Aker BP ASA   68,655    2,226,185 
           
Financials (1.1%):          
SpareBank 1 SMN   312,736    4,632,619 
         6,858,804 
Spain (2.5%):          
Communication Services (1.3%):          
Telefonica SA   1,131,951    5,311,072 
           
Financials (1.2%):          
Banco Bilbao Vizcaya Argentaria SA   788,528    5,204,085 
         10,515,157 
Sweden (1.8%):          
Industrials (1.8%):          
Atlas Copco AB, Class B   149,875    7,620,510 
           
Switzerland (12.9%):          
Consumer Staples (4.6%):          
Coca-Cola HBC AG   100,758    3,246,363 
Nestle SA, Registered Shares   132,929    16,019,203 
         19,265,566 
Financials (2.3%):          
Partners Group Holding AG   2,971    4,637,406 
UBS Group AG   304,495    4,861,015 
         9,498,421 
Health Care (4.9%):          
Novartis AG, Registered Shares   88,035    7,219,963 
Roche Holding AG   36,811    13,437,072 
         20,657,035 
Industrials (1.1%):          
Adecco Group AG   90,277    4,524,123 
         53,945,145 
United Kingdom (15.3%):          
Communication Services (0.8%):          
ITV PLC (c)   2,348,090    3,357,674 
           
Consumer Discretionary (1.0%):          
Next PLC   38,636    4,249,364 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS International Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Consumer Staples (2.9%):          
Diageo PLC   164,857   $7,980,371 
Imperial Brands PLC   193,270    4,041,962 
         12,022,333 
Energy (2.5%):          
BP PLC   1,015,639    4,625,403 
Royal Dutch Shell PLC, Class A   263,863    5,867,227 
         10,492,630 
Financials (2.5%):          
Close Brothers Group PLC   147,682    3,066,931 
Intermediate Capital Group PLC   129,221    3,537,891 
Legal & General Group PLC   1,037,644    3,897,943 
         10,502,765 
Health Care (0.6%):          
CVS Group PLC (c)   79,014    2,565,820 
           
Industrials (1.6%):          
Ashtead Group PLC   85,050    6,428,267 
           
Materials (3.4%):          
Croda International PLC   53,434    6,121,411 
Evraz PLC   244,456    1,939,226 
Rio Tinto PLC   95,674    6,270,706 
         14,331,343 
         63,950,196 
Total Common Stocks (Cost $344,893,998)        410,112,577 
           
Exchange-Traded Funds (0.5%)          
United States (0.5%):          
iShares MSCI EAFE ETF   26,764    2,087,859 
Total Exchange-Traded Funds (Cost $2,059,755)        2,087,859 
           
Collateral for Securities Loaned^ (1.1%)          
United States (1.1%):          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (d)   84,393    84,393 
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (d)   2,501,141    2,501,141 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)   42,116    42,116 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)   335,822    335,822 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)   1,509,921    1,509,921 
Total Collateral for Securities Loaned (Cost $4,473,393)        4,473,393 
Total Investments (Cost $351,427,146) — 99.5%        416,673,829 
Other assets in excess of liabilities — 0.5%        2,147,607 
NET ASSETS - 100.00%       $418,821,436 

 

^ Purchased with cash collateral from securities on loan.
(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $4,800,659 and amounted to 1.1% of net assets.
(b) All or a portion of this security is on loan.
(c) Non-income producing security.
(d) Rate disclosed is the daily yield on September 30, 2021.

 

ETF—Exchange-Traded Fund

PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Global Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.3%)          
Australia (2.6%):          
Consumer Discretionary (0.9%):          
Aristocrat Leisure Ltd.   80,119   $2,663,925 
           
Financials (0.7%):          
Macquarie Group Ltd.   15,319    1,978,745 
           
Health Care (1.0%):          
CSL Ltd.   14,237    2,973,935 
         7,616,605 
Belgium (0.6%):          
Information Technology (0.6%):          
Melexis NV   16,000    1,698,185 
           
Bermuda (0.6%):          
Industrials (0.6%):          
Triton International Ltd.   32,420    1,687,137 
           
Canada (4.0%):          
Consumer Staples (0.6%):          
Alimentation Couche-Tard, Inc., Class B   47,156    1,804,469 
           
Energy (0.5%):          
Parex Resources, Inc.   87,558    1,592,969 
           
Industrials (0.7%):          
Canadian Pacific Railway Ltd.   30,942    2,020,857 
           
Information Technology (1.3%):          
Constellation Software, Inc.   2,312    3,788,255 
           
Materials (0.9%):          
Kirkland Lake Gold Ltd.   61,216    2,550,345 
         11,756,895 
China (3.1%):          
Communication Services (1.2%):          
Baidu, Inc., ADR (a)   7,362    1,131,907 
Tencent Holdings Ltd.   40,200    2,399,967 
         3,531,874 
Consumer Discretionary (0.3%):          
China Meidong Auto Holdings Ltd.   204,000    1,026,491 
           
Consumer Staples (0.6%):          
Foshan Haitan Flavouring & Food Co. Ltd., Class A   99,772    1,691,884 
           
Financials (1.0%):          
Industrial & Commercial Bank of China Ltd., Class H   5,062,000    2,806,079 
         9,056,328 
Denmark (0.8%):          
Consumer Staples (0.8%):          
Royal Unibrew A/S   19,613    2,359,494 
           
France (3.0%):          
Consumer Discretionary (0.7%):          
La Francaise des Jeux SAEM (b)   41,045    2,110,143 
           
Energy (0.4%):          
Gaztransport Et Technigaz SA   18,061    1,348,863 
           
Industrials (0.8%):          
Safran SA   18,265    2,309,867 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Materials (1.1%):          
Arkema SA   24,580   $3,240,864 
         9,009,737 
Germany (0.8%):          
Consumer Discretionary (0.8%):          
Volkswagen AG, Preference Shares   10,700    2,384,745 
           
Indonesia (1.1%):          
Communication Services (1.1%):          
PT Telkom Indonesia Persero Tbk   12,208,600    3,126,751 
           
Ireland (1.2%):          
Industrials (1.2%):          
Eaton Corp. PLC   24,282    3,625,545 
           
Italy (2.5%):          
Energy (0.7%):          
Snam SpA   375,552    2,077,240 
           
Financials (0.3%):          
Banca Generali SpA (a)   22,714    992,596 
           
Health Care (0.8%):          
Recordati Industria Chimica e Farmaceutica SpA   38,406    2,225,706 
           
Utilities (0.7%):          
Enel SpA   266,038    2,041,632 
         7,337,174 
Japan (6.6%):          
Communication Services (1.5%):          
Capcom Co. Ltd.   68,900    1,914,722 
Kakaku.com, Inc.   78,100    2,522,427 
         4,437,149 
Consumer Discretionary (1.0%):          
ZOZO, Inc.   76,100    2,851,471 
           
Consumer Staples (0.4%):          
Toyo Suisan Kaisha Ltd.   29,500    1,306,429 
           
Financials (1.1%):          
JAFCO Group Co. Ltd.   17,900    1,142,720 
Mitsubishi UFJ Financial Group, Inc.   352,900    2,086,391 
         3,229,111 
Health Care (0.8%):          
Hoya Corp.   16,100    2,512,242 
           
Industrials (1.2%):          
Fuji Electric Co. Ltd.   19,600    892,034 
Nippon Yusen KK   34,400    2,577,884 
         3,469,918 
Information Technology (0.6%):          
Ulvac, Inc.   29,000    1,651,560 
         19,457,880 
Korea, Republic Of (1.4%):          
Information Technology (1.4%):          
Samsung Electronics Co. Ltd.   65,698    4,076,364 
           
Netherlands (0.9%):          
Information Technology (0.9%):          
ASM International NV   6,829    2,674,012 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
New Zealand (0.7%):          
Health Care (0.7%):          
Fisher & Paykel Healthcare Corp. Ltd.   89,904   $1,976,778 
           
Norway (1.1%):          
Energy (0.7%):          
Aker BP ASA   63,302    2,052,610 
           
Financials (0.4%):          
SpareBank 1 SMN   80,093    1,186,433 
         3,239,043 
Singapore (0.5%):          
Financials (0.5%):          
Singapore Exchange Ltd.   203,700    1,491,591 
           
South Africa (0.7%):          
Consumer Discretionary (0.7%):          
Mr Price Group Ltd.   158,581    2,128,746 
           
Spain (0.8%):          
Financials (0.8%):          
Banco Bilbao Vizcaya Argentaria SA   366,420    2,418,279 
           
Sweden (0.8%):          
Industrials (0.8%):          
Atlas Copco AB, Class B   47,208    2,400,327 
           
Switzerland (2.5%):          
Financials (0.6%):          
Partners Group Holding AG   1,234    1,926,139 
           
Health Care (1.3%):          
Roche Holding AG   10,555    3,852,878 
           
Industrials (0.6%):          
Adecco Group AG   32,573    1,632,357 
         7,411,374 
Taiwan (2.4%):          
Financials (1.4%):          
Cathay Financial Holding Co. Ltd.   2,031,000    4,187,859 
           
Information Technology (1.0%):          
Lite-On Technology Corp.   1,296,000    2,888,700 
         7,076,559 
United Kingdom (5.4%):          
Communication Services (0.3%):          
ITV PLC (a)   724,848    1,036,504 
           
Consumer Discretionary (0.5%):          
Next PLC   13,829    1,520,977 
           
Consumer Staples (0.6%):          
Imperial Brands PLC   87,183    1,823,306 
           
Financials (1.0%):          
Close Brothers Group PLC   80,009    1,661,557 
Intermediate Capital Group PLC   42,567    1,165,425 
         2,826,982 
Industrials (0.8%):          
Ashtead Group PLC   30,023    2,269,205 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Materials (2.2%):          
Croda International PLC   24,519   $2,808,902 
Evraz PLC   133,135    1,056,136 
Rio Tinto PLC   40,149    2,631,463 
         6,496,501 
         15,973,475 
United States (53.2%):          
Communication Services (4.9%):          
Alphabet, Inc., Class C (a)   2,977    7,934,628 
Facebook, Inc., Class A (a)   19,553    6,636,092 
         14,570,720 
Consumer Discretionary (7.0%):          
Amazon.com, Inc. (a)   2,291    7,526,027 
McDonald's Corp.   22,791    5,495,138 
PulteGroup, Inc.   59,714    2,742,067 
Ross Stores, Inc.   31,365    3,414,080 
Tesla, Inc. (a)   1,855    1,438,515 
         20,615,827 
Consumer Staples (4.1%):          
Colgate-Palmolive Co.   45,046    3,404,577 
PepsiCo, Inc.   30,222    4,545,691 
The Estee Lauder Cos., Inc.   13,328    3,997,467 
         11,947,735 
Energy (1.4%):          
Cactus, Inc., Class A   37,271    1,405,862 
ConocoPhillips   40,135    2,719,949 
         4,125,811 
Financials (7.3%):          
Bank of America Corp.   99,800    4,236,510 
JPMorgan Chase & Co.   29,805    4,878,781 
LPL Financial Holdings, Inc.   17,167    2,691,099 
S&P Global, Inc. (c)   11,524    4,896,432 
The PNC Financial Services Group, Inc.   11,849    2,318,138 
The Progressive Corp.   28,540    2,579,731 
         21,600,691 
Health Care (7.2%):          
Amedisys, Inc. (a)   6,348    946,487 
Amgen, Inc.   14,296    3,040,044 
CVS Health Corp.   45,448    3,856,717 
Eli Lilly & Co.   16,850    3,893,193 
IDEXX Laboratories, Inc. (a)   6,939    4,315,364 
Johnson & Johnson   31,770    5,130,855 
         21,182,660 
Industrials (1.3%):          
Honeywell International, Inc.   18,079    3,837,810 
           
Information Technology (17.7%):          
Apple, Inc.   99,628    14,097,362 
Cisco Systems, Inc.   90,552    4,928,745 
Fortinet, Inc. (a)   14,740    4,304,670 
Mastercard, Inc., Class A   13,952    4,850,831 
Microsoft Corp.   46,419    13,086,445 
NVIDIA Corp.   28,464    5,896,602 
Texas Instruments, Inc.   25,761    4,951,522 
         52,116,177 
Real Estate (1.4%):          
Prologis, Inc.   32,674    4,098,300 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Utilities (0.9%):          
MGE Energy, Inc. (c)   35,986   $2,644,971 
         156,740,702 
Total Common Stocks (Cost $221,181,203)        286,723,726 
           
Exchange-Traded Funds (0.8%)          
United States (0.8%):          
iShares MSCI ACWI ETF (c)   23,101    2,308,252 
Total Exchange-Traded Funds (Cost $2,286,154)        2,308,252 
           
Collateral for Securities Loaned^ (0.2%)          
United States (0.2%):          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (d)   12,339    12,339 
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (d)   365,676    365,676 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)   6,158    6,158 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)   49,098    49,098 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)   220,756    220,756 
Total Collateral for Securities Loaned (Cost $654,027)        654,027 
Total Investments (Cost $224,121,384) — 98.3%        289,686,005 
Other assets in excess of liabilities — 1.7%        5,074,167 
NET ASSETS - 100.00%       $294,760,172 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $2,110,143 and amounted to 0.7% of net assets.
(c) All or a portion of this security is on loan.
(d) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Sophus Emerging Markets Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.3%)          
Brazil (3.9%):          
Consumer Discretionary (1.3%):          
Lojas Quero Quero SA   530,500   $1,583,248 
Petrobras Distribuidora SA   1,222,400    5,273,591 
         6,856,839 
Consumer Staples (1.1%):          
Sendas Distribuidora SA   877,209    3,067,468 
SLC Agricola SA   284,600    2,383,471 
         5,450,939 
Industrials (0.8%):          
Randon SA Implementos e Participacoes, Preference Shares   941,100    2,036,063 
SIMPAR SA   754,464    1,894,162 
         3,930,225 
Materials (0.7%):          
Dexco SA (a)   666,800    2,078,201 
Vale SA   120,600    1,688,652 
         3,766,853 
         20,004,856 
Canada (0.7%):          
Energy (0.7%):          
Parex Resources, Inc.   204,136    3,713,908 
           
Chile (0.6%):          
Financials (0.6%):          
Banco de Chile   35,073,125    3,239,730 
Banco de Credito e Inversiones SA   1    37 
         3,239,767 
China (28.0%):          
Communication Services (6.3%):          
Baidu, Inc., ADR (a)   29,334    4,510,103 
NetEase, Inc., ADR   64,371    5,497,283 
Tencent Holdings Ltd.   379,215    22,639,392 
         32,646,778 
Consumer Discretionary (6.5%):          
Alibaba Group Holding Ltd., ADR (a)   100,273    14,845,418 
Fuyao Glass Industry Group Co. Ltd., Class H (b)   506,800    2,695,735 
JD.com, Inc., ADR (a)   89,596    6,472,415 
Jiumaojiu International Holdings Ltd. (b)(c)   1,080,000    3,252,983 
Meituan, Class B (a)(b)   127,300    4,063,731 
Topsports International Holdings Ltd. (b)   1,932,000    2,194,246 
         33,524,528 
Consumer Staples (0.8%):          
By-health Co. Ltd., Class A   471,800    2,062,673 
China Feihe Ltd. (b)   1,356,000    2,285,651 
         4,348,324 
Energy (0.5%):          
China Oilfield Services Ltd., Class H   2,958,000    2,799,439 
           
Financials (2.6%):          
China Merchants Bank Co. Ltd., Class H   1,050,000    8,356,323 
Postal Savings Bank of China Co. Ltd., Class H (b)   7,284,000    5,007,584 
         13,363,907 
Health Care (2.8%):          
Hygeia Healthcare Holdings Co. Ltd. (b)(c)   326,800    2,417,696 
Pharmaron Beijing Co. Ltd., Class H (b)   133,900    3,194,412 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   53,200   $3,175,852 
Wuxi Biologics Cayman, Inc. (a)(b)   352,905    5,724,407 
         14,512,367 
Industrials (2.4%):          
Airtac International Group   98,000    3,049,249 
China Railway Group Ltd., Class H   7,283,000    3,614,787 
Luxshare Precision Industry Co. Ltd., Class A   388,600    2,132,067 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H   3,731,400    3,325,145 
         12,121,248 
Information Technology (2.7%):          
Chinasoft International Ltd.   2,944,000    5,199,636 
WUS Printed Circuit Kunshan Co. Ltd., Class A   1,510,850    2,611,048 
Xiaomi Corp., Class B (a)(b)   1,314,600    3,610,634 
Yonyou Network Technology Co. Ltd., Class A   474,000    2,427,243 
         13,848,561 
Materials (2.1%):          
China Hongqiao Group Ltd.   2,966,000    3,764,220 
China Molybdenum Co. Ltd., Class H   4,617,000    2,850,513 
Wanhua Chemical Group Co. Ltd., Class A   273,000    4,463,417 
         11,078,150 
Real Estate (0.4%):          
Shimao Services Holdings Ltd. (b)   923,787    1,910,015 
           
Utilities (0.9%):          
China Longyuan Power Group Corp. Ltd., Class H   1,941,000    4,762,996 
         144,916,313 
Greece (1.0%):          
Financials (0.5%):          
National Bank of Greece SA (a)   917,958    2,555,730 
           
Industrials (0.5%):          
Mytilineos SA   159,604    2,592,626 
         5,148,356 
Hong Kong (3.3%):          
Consumer Discretionary (1.3%):          
Bosideng International Holdings Ltd.   4,770,000    3,373,844 
JS Global Lifestyle Co. Ltd. (b)   1,407,000    3,255,406 
         6,629,250 
Financials (0.8%):          
BOC Hong Kong Holdings Ltd.   1,331,500    4,012,498 
           
Industrials (0.7%):          
Pacific Basin Shipping Ltd.   7,576,000    3,506,572 
           
Information Technology (0.5%):          
ASM Pacific Technology Ltd.   247,300    2,699,687 
         16,848,007 
India (10.7%):          
Consumer Discretionary (0.8%):          
Balkrishna Industries Ltd.   125,349    4,260,919 
           
Energy (1.0%):          
Hindustan Petroleum Corp. Ltd.   1,306,587    5,267,471 
           
Financials (2.0%):          
Cholamandalam Investment & Finance Co. Ltd.   491,534    3,710,914 
Federal Bank Ltd.   2,796,834    3,157,509 
UTI Asset Management Co. Ltd.   230,079    3,299,239 
         10,167,662 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Health Care (2.3%):          
Apollo Hospitals Enterprise Ltd.   59,087   $3,556,174 
Divi's Laboratories Ltd.   66,012    4,262,388 
Dr Reddy's Laboratories Ltd.   60,033    3,938,454 
         11,757,016 
Information Technology (2.3%):          
Infosys Ltd., ADR   549,184    12,219,344 
           
Materials (2.3%):          
Dalmia Bharat Ltd.   140,495    3,964,087 
NMDC Ltd.   1,860,228    3,559,584 
Tata Steel Ltd.   250,282    4,307,444 
         11,831,115 
         55,503,527 
Korea, Republic Of (15.5%):          
Communication Services (1.8%):          
LG Uplus Corp.   343,384    4,320,232 
NAVER Corp.   15,858    5,149,747 
         9,469,979 
Consumer Discretionary (0.7%):          
Hanon Systems   273,996    3,591,649 
           
Financials (3.4%):          
DB Insurance Co. Ltd.   68,718    3,679,773 
Hana Financial Group, Inc.   128,564    5,001,743 
Samsung Securities Co. Ltd.   85,695    3,426,070 
Woori Financial Group, Inc.   529,829    5,175,588 
         17,283,174 
Health Care (1.3%):          
Hugel, Inc. (a)   14,019    2,029,197 
InBody Co. Ltd.   65,841    1,406,353 
Samsung Biologics Co. Ltd. (a)(b)   4,472    3,284,295 
         6,719,845 
Industrials (3.0%):          
CJ Corp.   31,998    2,647,023 
Hanwha Aerospace Co. Ltd.   93,708    3,929,754 
Hyundai Engineering & Construction Co. Ltd.   67,564    2,893,236 
LG Corp.   33,703    2,625,997 
Samsung Engineering Co. Ltd. (a)   169,187    3,603,827 
         15,699,837 
Information Technology (4.6%):          
Samsung Electronics Co. Ltd.   387,173    23,824,177 
         23,824,177 
Materials (0.7%):          
PI Advanced Materials Co. Ltd.   73,838    3,436,816 
         80,025,477 
Luxembourg (0.9%):          
Materials (0.9%):          
Ternium SA, ADR   114,237    4,832,225 
           
Malaysia (1.3%):          
Consumer Discretionary (0.7%):          
MR DIY Group M Bhd (b)   3,680,200    3,417,931 
           
Financials (0.6%):          
Public Bank Bhd   3,465,200    3,365,219 
         6,783,150 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Mexico (3.5%):          
Consumer Discretionary (0.6%):          
Alsea SAB de CV (a)   1,389,303   $2,801,172 
Betterware de Mexico SAB de CV   11,009    391,480 
         3,192,652 
Financials (0.9%):          
Grupo Financiero Banorte SAB de CV, Class O   711,784    4,572,340 
           
Industrials (0.6%):          
Controladora Vuela Cia de Aviacion SAB de CV, ADR (a)   154,463    3,368,838 
           
Materials (0.9%):          
Cemex SAB de CV, ADR (a)   641,654    4,600,659 
           
Real Estate (0.5%):          
Corp Inmobiliaria Vesta SAB de CV   1,452,117    2,547,154 
         18,281,643 
Russian Federation (4.7%):          
Consumer Staples (0.6%):          
Magnit PJSC   38,832    3,242,584 
           
Energy (2.4%):          
Gazprom PJSC   1,511,910    7,535,781 
Rosneft Oil Co. PJSC, GDR   552,557    4,627,856 
         12,163,637 
Financials (1.7%):          
Sberbank of Russia PJSC, ADR   466,342    8,700,563 
         8,700,563 
         24,106,784 
Saudi Arabia (1.7%):          
Consumer Discretionary (0.6%):          
Leejam Sports Co. JSC   108,097    3,018,580 
           
Financials (1.1%):          
The Saudi National Bank   338,769    5,548,564 
         8,567,144 
Singapore (0.7%):          
Communication Services (0.7%):          
Sea Ltd., ADR (a)   10,898    3,473,519 
           
South Africa (4.3%):          
Communication Services (1.5%):          
MTN Group (a)   810,039    7,612,937 
           
Consumer Discretionary (0.6%):          
The Foschini Group Ltd.   331,235    3,012,198 
           
Financials (1.6%):          
Absa Group Ltd. (c)   372,031    3,766,893 
Capitec Bank Holdings Ltd.   35,677    4,328,497 
         8,095,390 
Materials (0.6%):          
Impala Platinum Holdings Ltd.   289,043    3,259,411 
         21,979,936 
Taiwan (11.7%):          
Financials (1.0%):          
Yuanta Financial Holding Co. Ltd.   5,601,760    4,942,838 
           
Health Care (0.5%):          
Pegavision Corp.   144,000    2,672,597 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (9.5%):          
ASE Technology Holding Co. Ltd.   687,000   $2,658,113 
Hon Hai Precision Industry Co. Ltd.   1,115,000    4,162,237 
MediaTek, Inc.   186,000    5,987,411 
Taiwan Semiconductor Manufacturing Co. Ltd.   1,741,998    36,031,388 
         48,839,149 
Materials (0.7%):          
Formosa Plastics Corp.   925,000    3,740,073 
         60,194,657 
Thailand (2.9%):          
Energy (0.7%):          
PTT PCL (c)   3,187,000    3,645,570 
           
Financials (0.8%):          
The Siam Commercial Bank PCL   1,194,200    4,275,836 
           
Health Care (0.2%):          
Mega Lifesciences PCL   732,700    1,076,920 
           
Materials (0.6%):          
Indorama Ventures PCL   2,412,300    3,142,332 
           
Real Estate (0.6%):          
AP Thailand PCL   11,406,300    2,739,999 
         14,880,657 
Turkey (2.0%):          
Communication Services (0.5%):          
Turk Telekomunikasyon A/S   3,147,949    2,657,672 
           
Industrials (1.1%):          
KOC Holding A/S   1,013,248    2,582,032 
Turkiye Sise ve Cam Fabrikalari A/S   3,249,308    2,997,922 
         5,579,954 
Information Technology (0.4%):          
Logo Yazilim Sanayi Ve Ticaret A/S   498,776    2,312,305 
         10,549,931 
United Kingdom (0.9%):          
Materials (0.9%):          
Anglo American PLC   134,479    4,712,610 
Total Common Stocks (Cost $434,356,447)        507,762,467 
           
Rights (0.0%)(d)          
China (0.0%):(d)          
Industrials (0.0%):          
Airtac International, Expires 10/11/21 (a)(e)   4,551    25,648 
           
Korea, Republic Of (0.0%):(d)          
Industrials (0.0%):          
Hyundai Engineering & Construction Co. Ltd., Expires 10/25/21 (a)   1,273    86,302 
Total Rights (Cost $–)        111,950 
           
Collateral for Securities Loaned^ (0.9%)          
United States (0.9%):          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (f)   90,593    90,593 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (f)   2,684,882   $2,684,882 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (f)   45,210    45,210 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (f)   360,492    360,492 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (f)   1,620,844    1,620,844 
Total Collateral for Securities Loaned (Cost $4,802,021)        4,802,021 
Total Investments (Cost $439,158,468) — 99.2%        512,676,438 
Other assets in excess of liabilities — 0.8%        3,984,609 
NET ASSETS - 100.00%       $516,661,047 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $46,314,726 and amounted to 9.0% of net assets.
(c) All or a portion of this security is on loan.
(d) Amount represents less than 0.05% of net assets.
(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.0% of net assets.
(f) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

PCL—Public Company Limited

PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Small Cap Growth Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.8%)          
Biotechnology (12.4%):          
Apellis Pharmaceuticals, Inc. (a)(b)   621,240   $20,476,070 
Beam Therapeutics, Inc. (a)(b)   326,950    28,447,920 
CytomX Therapeutics, Inc. (a)(b)   1,617,680    8,233,991 
DermTech, Inc. (a)(b)   356,210    11,437,903 
Editas Medicine, Inc. (a)(b)   525,400    21,583,432 
Equillium, Inc. (a)(b)   1,561,680    10,650,658 
Fate Therapeutics, Inc. (a)   428,720    25,410,234 
Generation Bio Co. (a)(b)   617,410    15,478,469 
Intellia Therapeutics, Inc. (a)   299,890    40,230,243 
MacroGenics, Inc. (a)   915,380    19,168,057 
Opthea Ltd., ADR (a)   777,420    6,227,134 
ORIC Pharmaceuticals, Inc. (a)(b)   713,120    14,911,339 
Replimune Group, Inc. (a)   408,090    12,095,788 
Rubius Therapeutics, Inc. (a)(b)   879,200    15,720,096 
Scholar Rock Holding Corp. (a)(b)   468,690    15,476,144 
SpringWorks Therapeutics, Inc. (a)(b)   375,730    23,836,311 
Twist Bioscience Corp. (a)(b)   203,340    21,751,280 
         311,135,069 
Communication Services (3.3%):          
Bandwidth, Inc., Class A (a)(b)   497,230    44,889,924 
Vonage Holdings Corp. (a)(b)   1,176,370    18,963,085 
ZipRecruiter, Inc. (a)(b)   651,490    17,981,124 
         81,834,133 
Communications Equipment (1.1%):          
Viavi Solutions, Inc. (a)   1,686,420    26,544,251 
           
Consumer Discretionary (12.0%):          
Acushnet Holdings Corp.   294,290    13,743,343 
Bally's Corp. (a)(b)   318,830    15,986,136 
Canada Goose Holdings, Inc. (a)(b)   568,530    20,279,465 
Crocs, Inc. (a)   174,160    24,988,477 
Fox Factory Holding Corp. (a)(b)   289,560    41,853,002 
Meritage Homes Corp. (a)   260,930    25,310,210 
Papa John's International, Inc.   191,080    24,265,249 
Planet Fitness, Inc., Class A (a)   9,730    764,292 
Porch Group, Inc. (a)(b)   1,094,120    19,344,042 
Skyline Champion Corp. (a)   468,820    28,157,329 
Steven Madden Ltd. (b)   720,100    28,919,216 
Wingstop, Inc. (b)   213,640    35,022,005 
YETI Holdings, Inc. (a)(b)   268,300    22,990,627 
         301,623,393 
Consumer Staples (6.2%):          
BJ's Wholesale Club Holdings, Inc. (a)   524,830    28,823,664 
Celsius Holdings, Inc. (a)(b)   268,220    24,163,940 
elf Beauty, Inc. (a)   1,399,910    40,667,385 
Freshpet, Inc. (a)(b)   347,390    49,569,079 
Lancaster Colony Corp. (b)   78,920    13,322,485 
         156,546,553 
Financials (7.3%):          
Focus Financial Partners, Inc., Class A (a)   646,680    33,866,632 
Green Dot Corp., Class A (a)   329,735    16,595,562 
Open Lending Corp., Class A (a)(b)   720,140    25,975,450 
PRA Group, Inc. (a)   641,550    27,034,917 
PROG Holdings, Inc. (b)   750,660    31,535,227 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Walker & Dunlop, Inc.   421,380   $47,826,630 
         182,834,418 
Health Care Equipment & Supplies (3.6%):          
Axonics, Inc. (a)(b)   213,660    13,907,129 
CONMED Corp. (b)   126,060    16,492,430 
CryoPort, Inc. (a)(b)   544,830    36,236,643 
Nevro Corp. (a)   194,760    22,666,169 
         89,302,371 
Health Care Providers & Services (3.7%):          
HealthEquity, Inc. (a)   579,730    37,543,315 
LHC Group, Inc. (a)(b)   172,940    27,136,015 
Surgery Partners, Inc. (a)(b)   645,950    27,349,523 
         92,028,853 
Health Care Technology (4.1%):          
Definitive Healthcare Corp. (a)(b)   2,880    123,350 
Health Catalyst, Inc. (a)(b)   654,530    32,733,045 
Inspire Medical Systems, Inc. (a)   165,920    38,639,450 
Omnicell, Inc. (a)   209,090    31,035,229 
         102,531,074 
Industrials (13.4%):          
Advanced Drainage Systems, Inc.   257,690    27,874,327 
Arcosa, Inc.   607,470    30,476,770 
Chart Industries, Inc. (a)   131,450    25,121,410 
Driven Brands Holdings, Inc. (a)   626,800    18,108,252 
ESCO Technologies, Inc.   44,470    3,424,190 
Evoqua Water Technologies Corp. (a)   1,139,740    42,808,634 
Herc Holdings, Inc.   17,790    2,907,953 
John Bean Technologies Corp.   171,680    24,129,624 
Kornit Digital Ltd. (a)   96,730    14,000,700 
Saia, Inc. (a)   246,350    58,638,691 
Simpson Manufacturing Co., Inc.   298,260    31,904,872 
SiteOne Landscape Supply, Inc. (a)   145,120    28,947,087 
SPX Flow, Inc.   173,520    12,684,312 
The AZEK Co., Inc. (a)(b)   436,170    15,933,290 
         336,960,112 
IT Services (6.4%):          
DigitalOcean Holdings, Inc. (a)(b)   710,510    55,156,891 
Paya Holdings, Inc. (a)   1,693,750    18,411,063 
Paymentus Holdings, Inc., Class A (a)(b)   561,350    13,831,664 
Shift4 Payments, Inc., Class A (a)   157,170    12,183,818 
Wix.com Ltd. (a)(b)   127,630    25,011,651 
WNS Holdings Ltd., ADR (a)   430,237    35,193,387 
         159,788,474 
Life Sciences Tools & Services (1.3%):          
NeoGenomics, Inc. (a)   169,080    8,156,419 
NeoGenomics, Inc. PIPE (c)(d)   170,580    8,105,962 
Quanterix Corp. (a)(b)   341,510    17,003,783 
         33,266,164 
Materials (2.0%):          
Kronos Bio, Inc. (a)(b)   622,920    13,056,403 
Summit Materials, Inc., Class A (a)   1,137,740    36,373,548 
         49,429,951 
Pharmaceuticals (1.1%):          
Compass Pathways PLC, ADR (a)(b)   442,090    13,205,228 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
PMV Pharmaceuticals, Inc. (a)(b)   520,540   $15,512,092 
         28,717,320 
Real Estate (0.5%):          
National Storage Affiliates Trust   258,750    13,659,413 
           
Semiconductors & Semiconductor Equipment (9.6%):          
Advanced Energy Industries, Inc. (b)   490,620    43,051,905 
Lattice Semiconductor Corp. (a)   972,170    62,850,791 
MACOM Technology Solutions Holdings, Inc. (a)   1,050,923    68,173,375 
Silicon Laboratories, Inc. (a)   261,020    36,584,563 
SiTime Corp. (a)   150,970    30,823,545 
         241,484,179 
Software (11.8%):          
ACI Worldwide, Inc. (a)   1,008,600    30,994,278 
Avaya Holdings Corp. (a)(b)   3,470,610    68,683,372 
Everbridge, Inc. (a)(b)   248,660    37,557,606 
Q2 Holdings, Inc. (a)   287,570    23,045,860 
Smartsheet, Inc., Class A (a)   382,980    26,356,683 
Telos Corp. (a)(b)   1,118,530    31,788,623 
Varonis Systems, Inc. (a)   1,293,880    78,732,598 
         297,159,020 
Total Common Stocks (Cost $1,946,933,895)        2,504,844,748 
           
Collateral for Securities Loaned^ (10.6%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (e)   5,005,918    5,005,918 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)   148,359,627    148,359,627 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)   2,498,200    2,498,200 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)   19,919,875    19,919,875 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)   89,563,643    89,563,643 
Total Collateral for Securities Loaned (Cost $265,347,263)        265,347,263 
Total Investments (Cost $2,212,281,158) — 110.4%        2,770,192,011 
Liabilities in excess of other assets — (10.4)%        (261,523,776)
NET ASSETS - 100.00%       $2,508,668,235 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.3% of net assets.
(d) Restricted security that is not registered under the Securities Act of 1933.
(e) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt

PIPE—Private Investment in Public Equity

PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Select Growth Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares    Value 
Common Stocks (98.4%)          
Biotechnology (5.1%):          
Castle Biosciences, Inc. (a)   52,680   $3,503,220 
Halozyme Therapeutics, Inc. (a)   126,030    5,126,901 
Twist Bioscience Corp. (a)(b)   23,720    2,537,328 
         11,167,449 
Communication Services (2.2%):          
Bandwidth, Inc., Class A (a)   26,790    2,418,601 
IAC/InterActiveCorp. (a)   17,760    2,313,951 
         4,732,552 
Consumer Discretionary (13.9%):          
Chegg, Inc. (a)   35,100    2,387,502 
Churchill Downs, Inc.   19,100    4,585,528 
Crocs, Inc. (a)   21,320    3,058,994 
Marriott Vacations Worldwide Corp.   17,710    2,786,314 
Planet Fitness, Inc., Class A (a)(b)   39,850    3,130,218 
Pool Corp.   9,830    4,270,250 
Tempur Sealy International, Inc. (b)   94,120    4,368,109 
Wingstop, Inc. (b)   14,720    2,413,050 
Wolverine World Wide, Inc.   1,530    45,655 
YETI Holdings, Inc. (a)   39,260    3,364,189 
         30,409,809 
Consumer Staples (2.1%):          
Freshpet, Inc. (a)   32,020    4,568,934 
           
Electronic Equipment, Instruments & Components (0.6%):          
Dolby Laboratories, Inc., Class A   14,090    1,239,920 
           
Energy (0.8%):          
Diamondback Energy, Inc.   19,830    1,877,306 
           
Financials (6.2%):          
Focus Financial Partners, Inc., Class A (a)   91,140    4,773,002 
LPL Financial Holdings, Inc.   28,250    4,428,470 
Western Alliance Bancorp   40,600    4,418,092 
         13,619,564 
Health Care Equipment & Supplies (6.6%):          
CryoPort, Inc. (a)   33,770    2,246,043 
Envista Holdings Corp. (a)   44,010    1,840,058 
Tandem Diabetes Care, Inc. (a)   29,470    3,518,128 
West Pharmaceutical Services, Inc.   16,476    6,994,721 
         14,598,950 
Health Care Providers & Services (3.4%):          
Encompass Health Corp.   31,760    2,383,270 
HealthEquity, Inc. (a)   46,450    3,008,102 
LHC Group, Inc. (a)   13,060    2,049,245 
         7,440,617 
Health Care Technology (1.2%):          
Omnicell, Inc. (a)   17,490    2,596,041 
           
Industrials (16.7%):          
Advanced Drainage Systems, Inc.   34,500    3,731,865 
Axon Enterprise, Inc. (a)   10,880    1,904,218 
Builders FirstSource, Inc. (a)   91,060    4,711,444 
Chart Industries, Inc. (a)(b)   13,730    2,623,940 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Select Growth Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Enphase Energy, Inc. (a)   19,240   $2,885,423 
Evoqua Water Technologies Corp. (a)   108,420    4,072,255 
Saia, Inc. (a)   16,380    3,898,931 
SiteOne Landscape Supply, Inc. (a)   21,570    4,302,568 
The Middleby Corp. (a)   36,700    6,257,717 
Trex Co., Inc. (a)   22,530    2,296,483 
         36,684,844 
IT Services (2.0%):          
Shift4 Payments, Inc., Class A (a)(b)   34,600    2,682,192 
Wix.com Ltd. (a)(b)   9,300    1,822,521 
         4,504,713 
Life Sciences Tools & Services (5.7%):          
Avantor, Inc. (a)   187,300    7,660,570 
Charles River Laboratories International, Inc. (a)   11,840    4,886,013 
         12,546,583 
Pharmaceuticals (4.9%):          
Horizon Therapeutics PLC (a)   62,320    6,826,533 
Jazz Pharmaceuticals PLC (a)   29,820    3,882,862 
         10,709,395 
Semiconductors & Semiconductor Equipment (9.8%):          
Entegris, Inc.   28,420    3,578,078 
Lattice Semiconductor Corp. (a)   57,670    3,728,365 
MACOM Technology Solutions Holdings, Inc. (a)   52,650    3,415,406 
MKS Instruments, Inc.   24,780    3,739,550 
Monolithic Power Systems, Inc.   6,085    2,949,278 
SiTime Corp. (a)   19,930    4,069,108 
         21,479,785 
Software (17.2%):          
ACI Worldwide, Inc. (a)   105,800    3,251,234 
Avaya Holdings Corp. (a)   140,410    2,778,714 
Dynatrace, Inc. (a)   122,710    8,708,729 
Fair Isaac Corp. (a)   7,250    2,884,992 
Five9, Inc. (a)   19,260    3,076,592 
Paylocity Holding Corp. (a)   5,890    1,651,556 
Q2 Holdings, Inc. (a)   35,430    2,839,360 
RingCentral, Inc., Class A (a)   18,710    4,069,425 
Varonis Systems, Inc. (a)(b)   74,570    4,537,585 
Zendesk, Inc. (a)   33,760    3,929,326 
         37,727,513 
Total Common Stocks (Cost $159,262,350)        215,903,975 
           
Collateral for Securities Loaned^ (3.1%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c)   126,544    126,544 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)   3,750,369    3,750,369 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)   63,152    63,152 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)   503,553    503,553 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Select Growth Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares    Value 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)   2,264,071   $2,264,071 
Total Collateral for Securities Loaned (Cost $6,707,689)        6,707,689 
Total Investments (Cost $165,970,039) — 101.5%        222,611,664 
Liabilities in excess of other assets — (1.5)%        (3,235,309)
NET ASSETS - 100.00%       $219,376,355 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Mid Cap Growth Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares    Value 
Common Stocks (98.7%)          
Communication Services (6.1%):          
IAC/InterActiveCorp. (a)(b)   26,400   $3,439,656 
Match Group, Inc. (a)   58,044    9,112,328 
Take-Two Interactive Software, Inc. (a)   30,320    4,671,402 
Twitter, Inc. (a)   73,600    4,444,704 
ZoomInfo Technologies, Inc., Class A (a)   88,520    5,416,539 
         27,084,629 
Communications Equipment (3.7%):          
Arista Networks, Inc. (a)(b)   13,660    4,694,122 
Palo Alto Networks, Inc. (a)   24,680    11,821,720 
         16,515,842 
Consumer Discretionary (17.9%):          
Aptiv PLC (a)   31,300    4,662,761 
Caesars Entertainment, Inc. (a)   48,790    5,478,141 
Chewy, Inc., Class A (a)(b)   49,786    3,390,925 
Chipotle Mexican Grill, Inc. (a)   5,390    9,796,433 
Darden Restaurants, Inc.   24,610    3,727,677 
Farfetch Ltd., Class A (a)(b)   86,330    3,235,648 
Floor & Decor Holdings, Inc., Class A (a)   37,000    4,469,230 
Lithia Motors, Inc., Class A   6,910    2,190,746 
Lululemon Athletica, Inc. (a)   23,680    9,583,296 
Marriott Vacations Worldwide Corp.   22,610    3,557,231 
Meritage Homes Corp. (a)   27,330    2,651,010 
O'Reilly Automotive, Inc. (a)   11,240    6,868,314 
Pool Corp.   15,820    6,872,366 
Roku, Inc. (a)   24,510    7,680,209 
Tempur Sealy International, Inc.   108,580    5,039,198 
         79,203,185 
Consumer Staples (1.5%):          
Freshpet, Inc. (a)   46,490    6,633,658 
           
Electronic Equipment, Instruments & Components (2.9%):          
Dolby Laboratories, Inc., Class A   24,240    2,133,120 
Keysight Technologies, Inc. (a)   32,710    5,373,926 
Trimble, Inc. (a)   67,060    5,515,685 
         13,022,731 
Energy (1.1%):          
Diamondback Energy, Inc.   49,820    4,716,459 
           
Financials (5.6%):          
LPL Financial Holdings, Inc.   49,080    7,693,781 
MSCI, Inc.   12,250    7,452,165 
Tradeweb Markets, Inc., Class A   26,620    2,150,364 
Western Alliance Bancorp (b)   67,910    7,389,966 
         24,686,276 
Health Care (18.8%):          
Align Technology, Inc. (a)   9,350    6,221,770 
AmerisourceBergen Corp.   46,190    5,517,395 
Apellis Pharmaceuticals, Inc. (a)   60,830    2,004,957 
Avantor, Inc. (a)   285,230    11,665,907 
Charles River Laboratories International, Inc. (a)   21,340    8,806,378 
DexCom, Inc. (a)   12,510    6,841,219 
Horizon Therapeutics PLC (a)   52,640    5,766,186 
Insulet Corp. (a)   18,490    5,255,413 
Intellia Therapeutics, Inc. (a)   16,780    2,251,037 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Mid Cap Growth Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares    Value 
Jazz Pharmaceuticals PLC (a)   33,870   $4,410,213 
ResMed, Inc.   14,740    3,884,727 
Veeva Systems, Inc., Class A (a)   24,430    7,039,993 
West Pharmaceutical Services, Inc.   32,030    13,598,016 
         83,263,211 
Industrials (13.7%):          
Advanced Drainage Systems, Inc.   30,590    3,308,920 
Axon Enterprise, Inc. (a)   14,350    2,511,537 
Builders FirstSource, Inc. (a)   113,580    5,876,629 
Carrier Global Corp.   114,300    5,916,168 
Chart Industries, Inc. (a)(b)   13,770    2,631,585 
CoStar Group, Inc. (a)   77,300    6,652,438 
Enphase Energy, Inc. (a)   24,380    3,656,269 
Generac Holdings, Inc. (a)   16,010    6,542,807 
IDEX Corp. (b)   17,730    3,669,223 
Ritchie Bros. Auctioneers, Inc.   66,250    4,084,975 
Teledyne Technologies, Inc. (a)   11,750    5,047,565 
The Middleby Corp. (a)   46,920    8,000,329 
Trex Co., Inc. (a)   28,590    2,914,179 
         60,812,624 
IT Services (4.4%):          
Gartner, Inc. (a)   14,430    4,384,989 
Square, Inc., Class A (a)   15,010    3,599,998 
Twilio, Inc., Class A (a)   9,820    3,133,071 
Wix.com Ltd. (a)(b)   42,870    8,401,234 
         19,519,292 
Semiconductors & Semiconductor Equipment (6.5%):          
Entegris, Inc.   57,280    7,211,552 
Lattice Semiconductor Corp. (a)   77,740    5,025,891 
Marvell Technology, Inc.   78,640    4,742,778 
Microchip Technology, Inc.   28,940    4,442,001 
Monolithic Power Systems, Inc.   15,050    7,294,434 
         28,716,656 
Software (16.5%):          
AppLovin Corp., Class A (a)   17,970    1,300,489 
Bill.com Holdings, Inc. (a)(b)   15,430    4,119,038 
Coupa Software, Inc. (a)   4,900    1,073,982 
Crowdstrike Holdings, Inc., Class A (a)   20,230    4,972,129 
DocuSign, Inc. (a)   30,430    7,833,595 
Dropbox, Inc., Class A (a)   160,440    4,688,057 
Dynatrace, Inc. (a)   118,010    8,375,170 
Fair Isaac Corp. (a)   11,000    4,377,230 
Freshworks, Inc., Class A (a)   113,870    4,861,110 
Lightspeed Commerce, Inc. (a)(b)   31,460    3,033,688 
RingCentral, Inc., Class A (a)   54,400    11,832,000 
Synopsys, Inc. (a)   38,350    11,482,373 
Zscaler, Inc. (a)   18,930    4,963,825 
         72,912,686 
Total Common Stocks (Cost $306,537,332)        437,087,249 

 

Collateral for Securities Loaned^ (4.7%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c)   394,354    394,354 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)   11,687,411    11,687,411 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Mid Cap Growth Fund September 30, 2021
  (Unaudited)

 
Security Description   Shares    Value 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)   196,802   $196,802 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)   1,569,239    1,569,239 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)   7,055,606    7,055,606 
Total Collateral for Securities Loaned (Cost $20,903,412)        20,903,412 
Total Investments (Cost $327,440,744) — 103.4%        457,990,661 
Liabilities in excess of other assets — (3.4)%        (15,190,183)
NET ASSETS - 100.00%       $442,800,478 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Growth Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares    Value 
Common Stocks (100.2%)          
Communication Services (15.5%):          
Activision Blizzard, Inc.   29,150   $2,255,919 
Alphabet, Inc., Class C (a)   9,571    25,509,682 
Facebook, Inc., Class A (a)   40,870    13,870,869 
Netflix, Inc. (a)   5,860    3,576,592 
Twitter, Inc. (a)   81,640    4,930,240 
         50,143,302 
Communications Equipment (2.2%):          
Palo Alto Networks, Inc. (a)   14,720    7,050,880 
           
Consumer Discretionary (19.0%):          
Amazon.com, Inc. (a)   4,620    15,176,885 
Aptiv PLC (a)   27,160    4,046,025 
Caesars Entertainment, Inc. (a)   44,090    4,950,425 
Chipotle Mexican Grill, Inc. (a)   2,460    4,471,099 
Lululemon Athletica, Inc. (a)   10,900    4,411,230 
O'Reilly Automotive, Inc. (a)(b)   6,500    3,971,890 
Target Corp.   23,410    5,355,506 
Tesla, Inc. (a)   16,530    12,818,685 
The Home Depot, Inc.   19,505    6,402,711 
         61,604,456 
Consumer Staples (2.4%):          
Constellation Brands, Inc., Class A   18,250    3,845,092 
Freshpet, Inc. (a)   27,220    3,884,022 
         7,729,114 
Energy (0.5%):          
Diamondback Energy, Inc.   17,820    1,687,019 
           
Financials (0.7%):          
LPL Financial Holdings, Inc.   14,450    2,265,182 
           
Health Care (10.7%):          
Align Technology, Inc. (a)   6,900    4,591,467 
Avantor, Inc. (a)   85,500    3,496,950 
Charles River Laboratories International, Inc. (a)   15,500    6,396,385 
DexCom, Inc. (a)   5,330    2,914,764 
Horizon Therapeutics PLC (a)   24,790    2,715,497 
Jazz Pharmaceuticals PLC (a)   19,190    2,498,730 
West Pharmaceutical Services, Inc.   15,930    6,762,922 
Zoetis, Inc.   27,120    5,265,077 
         34,641,792 
Industrials (4.5%):          
Carrier Global Corp. (b)   67,960    3,517,610 
Generac Holdings, Inc. (a)   7,980    3,261,186 
IDEX Corp.   13,000    2,690,350 
IHS Markit Ltd.   21,910    2,555,144 
United Parcel Service, Inc., Class B   14,200    2,585,820 
         14,610,110 
IT Services (10.6%):          
Fiserv, Inc. (a)   30,720    3,333,120 
Gartner, Inc. (a)   11,600    3,525,008 
PayPal Holdings, Inc. (a)(b)   21,810    5,675,180 
Square, Inc., Class A (a)   13,700    3,285,808 
Twilio, Inc., Class A (a)   26,960    8,601,588 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Growth Fund September 30, 2021
  (Unaudited)

 
Security Description   Shares    Value 
Visa, Inc., Class A   43,027   $9,584,264 
         34,004,968 
Real Estate (0.7%):          
SBA Communications Corp.   6,770    2,237,959 
           
Semiconductors & Semiconductor Equipment (8.0%):          
Advanced Micro Devices, Inc. (a)   47,960    4,935,084 
Lam Research Corp.   8,010    4,558,892 
Marvell Technology, Inc.   59,180    3,569,146 
NVIDIA Corp.   46,680    9,670,229 
STMicroelectronics NV, NYS   73,480    3,205,932 
         25,939,283 
Software (17.4%):          
Fair Isaac Corp. (a)   8,170    3,251,088 
Microsoft Corp.   125,700    35,437,344 
RingCentral, Inc., Class A (a)   21,500    4,676,250 
ServiceNow, Inc. (a)   13,720    8,537,544 
Synopsys, Inc. (a)   14,600    4,371,386 
         56,273,612 
Technology Hardware, Storage & Peripherals (8.0%):          
Apple, Inc.   183,578    25,976,287 
           
Total Common Stocks (Cost $179,716,728)        324,163,964 

 

Collateral for Securities Loaned^ (0.2%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c)   12,292    12,292 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)   364,298    364,298 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)   6,134    6,134 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)   48,913    48,913 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)   219,924    219,924 
Total Collateral for Securities Loaned (Cost $651,561)        651,561 
Total Investments (Cost $180,368,289) — 100.4%        324,815,525 
Liabilities in excess of other assets — (0.4)%        (1,264,807)
NET ASSETS - 100.00%       $323,550,718 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

NYS—New York Registered Shares
PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Science and Technology Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares    Value 
Common Stocks (99.6%)          
Biotechnology (22.2%):          
Alpha Teknova, Inc. (a)(b)   59,780   $1,487,924 
Apellis Pharmaceuticals, Inc. (a)   85,173    2,807,302 
Beam Therapeutics, Inc. (a)(b)   29,950    2,605,950 
Better Therapeutics PIPE (c) (f) (g) (h) (i)   276,000    2,682,720 
Bicycle Therapeutics PLC, ADR (a)   64,929    2,700,397 
Cabaletta Bio, Inc. (a)(b)   120,430    1,464,429 
Caribou Biosciences, Inc. (a)(b)   61,010    1,456,309 
Celcuity, Inc. (a)   62,050    1,116,900 
Codiak Biosciences, Inc. (a)(b)   92,250    1,506,443 
Crinetics Pharmaceuticals, Inc. (a)   134,128    2,823,394 
Cullinan Oncology, Inc. (a)(b)   22,640    510,985 
CytomX Therapeutics, Inc. (a)(d)   148,890    757,850 
DermTech, Inc. (a)(b)   94,083    3,021,005 
Editas Medicine, Inc. (a)(b)   56,230    2,309,928 
Equillium, Inc. (a)(b)   223,930    1,527,203 
Fate Therapeutics, Inc. (a)   48,810    2,892,969 
Fusion Pharmaceuticals, Inc. (a)   138,510    1,096,999 
Generation Bio Co. (a)(b)   59,400    1,489,158 
Gracell Biotechnologies, Inc., ADR (a)   38,120    528,724 
Halozyme Therapeutics, Inc. (a)   29,080    1,182,974 
IGM Biosciences, Inc. (a)(b)   14,650    963,384 
Ikena Oncology, Inc. (a)(b)   68,290    861,820 
Impel Neuropharma, Inc. (a)(b)   61,460    748,583 
Inhibrx, Inc. (a)   99,900    3,327,669 
Intellia Therapeutics, Inc. (a)   31,990    4,291,458 
Iovance Biotherapeutics, Inc. (a)   192,420    4,745,077 
Kezar Life Sciences, Inc. (a)(b)   389,966    3,369,306 
Kinnate Biopharma, Inc. (a)(b)   67,090    1,544,412 
Lyell Immunopharma, Inc. (a)(b)   145,030    2,146,444 
MacroGenics, Inc. (a)   110,970    2,323,712 
Marker Therapeutics, Inc. (a)   659,700    1,114,893 
Merus NV (a)(b)   30,210    664,620 
Nuvalent, Inc., Class A (a)(b)   27,940    630,047 
Omega Therapeutics, Inc. (a)(b)   88,510    1,668,414 
Opthea Ltd., ADR (a)   96,734    774,839 
ORIC Pharmaceuticals, Inc. (a)   87,540    1,830,461 
Rain Therapeutics, Inc. (a)   81,580    1,220,437 
Regulus Therapeutics, Inc. (a)(b)   1,768,489    1,221,319 
Replimune Group, Inc. (a)   37,850    1,121,874 
Rubius Therapeutics, Inc. (a)(b)   75,160    1,343,861 
Scholar Rock Holding Corp. (a)(b)   52,140    1,721,663 
Shattuck Labs, Inc. (a)(b)   98,280    2,002,946 
SpringWorks Therapeutics, Inc. (a)   50,300    3,191,032 
Stoke Therapeutics, Inc. (a)(b)   20,410    519,230 
Surface Oncology, Inc. (a)(b)   230,040    1,741,403 
Sutro Biopharma, Inc. (a)   64,450    1,217,460 
Twist Bioscience Corp. (a)   13,700    1,465,489 
VistaGen Therapeutics, Inc. (a)(b)   538,390    1,475,189 
         85,216,605 
Communication Services (7.2%):          
Chicken Soup For The Soul Entertainment, Inc. (a)(b)   63,860    1,460,478 
Facebook, Inc., Class A (a)   20,370    6,913,374 
IAC/InterActiveCorp. (a)   16,130    2,101,578 
Match Group, Inc. (a)   39,336    6,175,359 
Take-Two Interactive Software, Inc. (a)   22,170    3,415,732 
Twitter, Inc. (a)   115,830    6,994,974 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund September 30, 2021
  (Unaudited)

 
Security Description   Shares    Value 
Vimeo, Inc. (a)   26,187   $769,112 
         27,830,607 
Consumer Discretionary (6.4%):          
Amazon.com, Inc. (a)   3,390    11,136,285 
Arco Platform Ltd., Class A (a)(b)   49,010    1,063,517 
Booking Holdings, Inc. (a)   1,780    4,225,489 
Chegg, Inc. (a)   42,400    2,884,048 
Farfetch Ltd., Class A (a)(b)   42,940    1,609,391 
Roku, Inc. (a)   11,220    3,515,787 
         24,434,517 
Electronic Equipment, Instruments & Components (1.5%):          
908 Devices, Inc. (a)   47,180    1,534,294 
Dolby Laboratories, Inc., Class A   49,590    4,363,920 
         5,898,214 
Financials (1.4%):          
DA32 Life Science Tech Acquisition Corp., Class A (a)(f)   255,530    2,511,860 
Omega Alpha SPAC, Class A (a)   101,380    986,427 
Panacea Acquisition Corp. II (a)(f)   202,190    1,971,353 
         5,469,640 
Health Care Equipment & Supplies (2.4%):          
BioLife Solutions, Inc. (a)   47,960    2,029,667 
Butterfly Network, Inc. (a)(b)   338,740    3,536,446 
CryoPort, Inc. (a)(b)   56,253    3,741,387 
         9,307,500 
Health Care Providers & Services (0.4%):          
Science 37, Inc. PIPE (c) (f) (g) (h) (i)   178,320    1,704,739 
           
Health Care Technology (0.8%):          
Veeva Systems, Inc., Class A (a)   10,400    2,996,968 
           
IT Services (8.0%):          
GoDaddy, Inc., Class A (a)   44,060    3,070,982 
PayPal Holdings, Inc. (a)   15,500    4,033,255 
Twilio, Inc., Class A (a)   32,220    10,279,791 
Visa, Inc., Class A   20,720    4,615,380 
Wix.com Ltd. (a)(b)   44,080    8,638,357 
         30,637,765 
Life Sciences Tools & Services (2.9%):          
10X Genomics, Inc., Class A (a)   19,630    2,857,735 
Absci Corp. (a)(b)   66,170    769,557 
Berkeley Lights, Inc. (a)(b)   59,080    1,155,605 
NeoGenomics, Inc. (a)   47,740    2,302,978 
Quanterix Corp. (a)   48,330    2,406,351 
Singular Genomics Systems, Inc. (a)   129,560    1,449,776 
         10,942,002 
Materials (0.3%):          
Kronos Bio, Inc. (a)(b)   49,570    1,038,987 
           
Pharmaceuticals (1.4%):          
Angion Biomedica Corp. (a)(b)   54,380    531,293 
Compass Pathways PLC, ADR (a)   49,500    1,478,565 
Marinus Pharmaceuticals, Inc. (a)(b)   66,954    761,936 
Nuvation Bio, Inc. (a)(b)   143,070    1,422,116 
PMV Pharmaceuticals, Inc. (a)(b)   37,470    1,116,606 
         5,310,516 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund September 30, 2021
  (Unaudited)

 
Security Description   Shares    Value 
Semiconductors & Semiconductor Equipment (22.5%):          
Ambarella, Inc. (a)(b)   41,190   $6,414,931 
Applied Materials, Inc.   40,190    5,173,659 
Ichor Holdings Ltd. (a)   95,580    3,927,382 
Impinj, Inc. (a)(b)   94,150    5,378,789 
Lam Research Corp.   17,300    9,846,295 
Lattice Semiconductor Corp. (a)   158,070    10,219,225 
MACOM Technology Solutions Holdings, Inc. (a)   139,840    9,071,421 
Marvell Technology, Inc.   97,770    5,896,509 
MKS Instruments, Inc.   33,900    5,115,849 
Monolithic Power Systems, Inc.   10,220    4,953,430 
NVIDIA Corp.   41,160    8,526,705 
SiTime Corp. (a)   33,410    6,821,320 
STMicroelectronics NV, NYS (b)   117,440    5,123,907 
         86,469,422 
Software (22.2%):          
Avaya Holdings Corp. (a)   169,350    3,351,437 
Coupa Software, Inc. (a)   12,470    2,733,175 
DocuSign, Inc. (a)   25,180    6,482,087 
Domo, Inc., Class B (a)(b)   62,320    5,262,301 
Dropbox, Inc., Class A (a)   142,440    4,162,097 
Fair Isaac Corp. (a)   7,280    2,896,930 
Microsoft Corp. (d)   76,400    21,538,688 
Paycom Software, Inc. (a)   13,490    6,687,667 
RingCentral, Inc., Class A (a)   63,500    13,811,250 
ServiceNow, Inc. (a)(d)   12,300    7,653,921 
Varonis Systems, Inc. (a)   128,800    7,837,480 
Zendesk, Inc. (a)   26,320    3,063,385 
         85,480,418 
Total Common Stocks (Cost $221,810,815)        382,737,900 
           

Warrants (0.0%)(e)          
Health Care (0.0%):          
Nuvation Bio, Inc.   48,570    122,882 
Regulus Therapeutics, Inc. PIPE (f) (h)   1,326,367    — 
         122,882 
Total Warrants (Cost $165,796)        122,882 
           

Collateral for Securities Loaned^ (12.4%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (j)   898,562    898,562 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (j)   26,630,537    26,630,537 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (j)   448,427    448,427 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (j)   3,575,615    3,575,615 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (j)   16,076,665    16,076,665 
Total Collateral for Securities Loaned (Cost $47,629,806)        47,629,806 
Total Investments (Cost $269,606,417) — 112.0%        430,490,588 
Liabilities in excess of other assets — (12.0)%        (46,210,027)
NET ASSETS - 100.00%       $384,280,561 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund September 30, 2021
  (Unaudited)

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Security or portion of security purchased on a forward settlement basis.
(d) All or a portion of the security has been segregated as collateral for securities purchased on forward settlement basis.  
(e) Amount represents less than 0.05% of net assets.
(f) The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 2.3% of net assets.
(g) This security is held in connection with special purpose acquisition company transactions.
(h) Restricted security that is not registered under the Securities Act of 1933.
(i) The following table details the acquisition date and cost of the Fund’s restricted securities at September 30, 2021:

 

Security Name  Acquisition Date  Cost 
Better Therapeutics  4/6/2021  $2,760,000 
Science 37, Inc.  5/6/2021   1,783,200 

 

(j) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt
NYS—New York Registered Shares
PIPE—Private Investment in Public Equity
PLC—Public Limited Company

 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Small Cap Equity Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.2%)
Consumer Discretionary (1.5%):          
Acushnet Holdings Corp.   22,790   $1,064,293 
           
Consumer Staples (3.6%):          
elf Beauty, Inc. (a)   91,230    2,650,232 
           
Energy (5.3%):          
Amyris, Inc. (a)(b)   133,020    1,826,365 
Renewable Energy Group, Inc. (a)   41,240    2,070,248 
         3,896,613 
Financials (21.8%):          
Green Dot Corp., Class A (a)   69,080    3,476,796 
Open Lending Corp., Class A (a)(b)   62,240    2,244,997 
PRA Group, Inc. (a)   66,820    2,815,795 
PROG Holdings, Inc. (b)   99,490    4,179,575 
Trupanion, Inc. (a)   31,370    2,436,508 
Upstart Holdings, Inc. (a)   2,340    740,469 
         15,894,140 
Health Care (15.5%):          
Apellis Pharmaceuticals, Inc. (a)   14,210    468,362 
Butterfly Network, Inc. (a)(b)   76,160    795,110 
CryoPort, Inc. (a)(b)   45,830    3,048,153 
DermTech, Inc. (a)(b)   31,870    1,023,346 
Editas Medicine, Inc. (a)   14,430    592,784 
Fate Therapeutics, Inc. (a)   5,750    340,802 
Inspire Medical Systems, Inc. (a)   2,300    535,624 
MacroGenics, Inc. (a)   31,860    667,148 
Quanterix Corp. (a)   19,550    973,395 
Scholar Rock Holding Corp. (a)(b)   21,180    699,364 
SpringWorks Therapeutics, Inc. (a)   17,090    1,084,190 
Twist Bioscience Corp. (a)(b)   9,890    1,057,933 
         11,286,211 
Industrials (10.6%):          
Chart Industries, Inc. (a)   7,510    1,435,236 
Evoqua Water Technologies Corp. (a)   98,700    3,707,172 
John Bean Technologies Corp.   11,950    1,679,572 
Kornit Digital Ltd. (a)   6,540    946,600 
         7,768,580 
IT Services (11.6%):          
Paya Holdings, Inc. (a)   229,460    2,494,230 
Paymentus Holdings, Inc., Class A (a)   89,760    2,211,686 
Payoneer Global, Inc. (a)   240,690    2,057,900 
Repay Holdings Corp. (a)   75,424    1,737,015 
         8,500,831 
           
Semiconductors & Semiconductor Equipment (10.7%):          
Lattice Semiconductor Corp. (a)   17,350    1,121,678 
MACOM Technology Solutions Holdings, Inc. (a)   50,560    3,279,827 
SiTime Corp. (a)   16,700    3,409,639 
         7,811,144 
           
Software (17.6%):          
ACI Worldwide, Inc. (a)   98,680    3,032,436 
Avaya Holdings Corp. (a)(b)   183,460    3,630,673 
BTRS Holdings, Inc. (a)(b)   191,100    2,033,304 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Small Cap Equity Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Q2 Holdings, Inc. (a)   32,900   $2,636,606 
Varonis Systems, Inc. (a)   25,290    1,538,897 
         12,871,916 
Total Common Stocks (Cost $68,864,786)        71,743,960 
 
Collateral for Securities Loaned^ (12.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (c)   173,112    173,112 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (c)   5,130,505    5,130,505 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)   86,392    86,392 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)   688,860    688,860 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)   3,097,249    3,097,249 
Total Collateral for Securities Loaned (Cost $9,176,118)        9,176,118 
Total Investments (Cost $78,040,904) — 110.8%        80,920,078 
Liabilities in excess of other assets — (10.8)%        (7,897,418)
NET ASSETS - 100.00%       $73,022,660 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Partners Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.3%)
Banks (19.3%):          
Ameris Bancorp   143,400   $7,439,592 
Associated Bancorp   174,740    3,742,931 
Banner Corp.   127,480    7,038,171 
Columbia Banking System, Inc.   97,986    3,722,488 
Eastern Bankshares, Inc.   452,250    9,180,675 
First BanCorp/Puerto Rico   797,980    10,493,437 
Pacific Premier Bancorp, Inc.   103,340    4,282,409 
Pinnacle Financial Partners, Inc.   75,010    7,056,941 
SouthState Corp.   52,870    3,947,803 
Synovus Financial Corp.   86,350    3,789,901 
Texas Capital Bancshares, Inc. (a)   59,500    3,571,190 
UMB Financial Corp.   60,562    5,856,951 
         70,122,489 
           
Capital Markets (2.1%):          
Federated Hermes, Inc.   237,290    7,711,925 
           
Communication Services (3.0%):          
Madison Square Garden Sports Corp. (a)   25,200    4,685,940 
World Wrestling Entertainment, Inc., Class A (b)   108,300    6,092,958 
         10,778,898 
Consumer Discretionary (7.7%):          
Carter's, Inc.   92,520    8,996,645 
Dana, Inc.   240,340    5,345,161 
Dine Brands Global, Inc. (a)(b)   42,730    3,470,103 
Penske Automotive Group, Inc. (b)   13,641    1,372,285 
Taylor Morrison Home Corp. (a)   201,610    5,197,506 
Wolverine World Wide, Inc.   117,160    3,496,054 
         27,877,754 
Consumer Staples (3.7%):          
Herbalife Nutrition Ltd. (a)   169,540    7,185,105 
Hostess Brands, Inc. (a)(b)   370,701    6,439,076 
         13,624,181 
Energy (7.9%):          
California Resources Corp. (a)   247,800    10,159,800 
Comstock Resources, Inc. (a)   180,860    1,871,901 
Magnolia Oil & Gas Corp., Class A   424,620    7,553,990 
National Energy Services Reunited Corp. (a)(b)   167,740    2,100,105 
PDC Energy, Inc.   148,660    7,044,997 
         28,730,793 
Health Care (2.7%):          
The Ensign Group, Inc.   46,700    3,497,363 
Tivity Health, Inc. (a)(b)   270,910    6,247,185 
         9,744,548 
Industrials (15.1%):          
Altra Industrial Motion Corp.   60,360    3,340,926 
American Woodmark Corp. (a)(b)   31,550    2,062,424 
ArcBest Corp.   83,230    6,805,717 
Atkore, Inc. (a)   62,980    5,474,222 
Finning International, Inc.   146,940    3,625,928 
GMS, Inc. (a)(b)   113,990    4,992,762 
GrafTech International Ltd.   671,920    6,934,214 
H&E Equipment Services, Inc.   91,820    3,187,072 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Partners Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
McGrath RentCorp (b)   39,870   $2,868,647 
Meritor, Inc. (a)   245,720    5,236,293 
Primoris Services Corp.   197,170    4,828,693 
SkyWest, Inc. (a)   113,030    5,576,900 
         54,933,798 
Information Technology (11.1%):          
Cognyte Software Ltd. (a)   459,090    9,434,300 
Euronet Worldwide, Inc. (a)   72,510    9,229,073 
NCR Corp. (a)   235,350    9,122,166 
Verint Systems, Inc. (a)   169,480    7,591,009 
Verra Mobility Corp. (a)   322,960    4,867,007 
         40,243,555 
Insurance (6.0%):          
Alleghany Corp. (a)   8,280    5,170,115 
Globe Life, Inc.   62,060    5,525,202 
James River Group Holdings Ltd.   141,870    5,352,755 
Primerica, Inc.   37,963    5,832,255 
         21,880,327 
           
Materials (7.1%):          
Constellium SE (a)   211,400    3,970,092 
Graphic Packaging Holding Co.   556,150    10,589,096 
Olin Corp.   142,290    6,865,493 
Summit Materials, Inc., Class A (a)   143,757    4,595,911 
         26,020,592 
Real Estate (8.4%):          
Four Corners Property Trust, Inc.   207,560    5,575,062 
Jones Lang LaSalle, Inc. (a)   30,730    7,623,806 
Kennedy-Wilson Holdings, Inc.   242,960    5,082,723 
Spirit Realty Capital, Inc.   111,360    5,127,014 
Sunstone Hotel Investors, Inc. (a)   604,180    7,213,909 
         30,622,514 
Thrifts & Mortgage Finance (0.5%):          
PCSB Financial Corp.   96,940    1,787,574 
           
Utilities (3.7%):          
Black Hills Corp.   73,935    4,640,161 
NorthWestern Corp.   79,200    4,538,160 
South Jersey Industries, Inc. (b)   208,750    4,438,025 
         13,616,346 
           
Total Common Stocks (Cost $265,949,865)        357,695,294 
           
Preferred Stocks (0.2%)
Health Care (0.2%):          
WellDoc, Inc. Series B (c)(d)   1,587,483    587,369 
Total Preferred Stocks (Cost $1,942,920)        587,369 
           
Collateral for Securities Loaned^ (4.3%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (e)   295,417    295,417 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Partners Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (e)   8,755,223   $8,755,223 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)   147,428    147,428 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (e)   1,175,542    1,175,542 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)   5,285,465    5,285,465 
Total Collateral for Securities Loaned (Cost $15,659,075)        15,659,075 
Total Investments (Cost $283,551,860) — 102.8%        373,941,738 
Liabilities in excess of other assets — (2.8)%        (10,254,873)
NET ASSETS - 100.00%       $363,686,865 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Security was fair valued using significant unobservable inputs as of September 30, 2021.
(d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees and has classified it as a Level 3 security. As of September 30, 2021, illiquid securities were 0.2% of net assets.
(e) Rate disclosed is the daily yield on September 30, 2021.

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Value Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.5%)          
Communication Services (1.6%):          
World Wrestling Entertainment, Inc., Class A (a)   92,090   $5,180,983 
           
Consumer Discretionary (8.8%):          
Adient PLC (b)   138,920    5,758,234 
Carter's, Inc. (a)   76,520    7,440,805 
Dollar Tree, Inc. (b)   49,310    4,719,953 
LKQ Corp. (b)   116,890    5,881,905 
Taylor Morrison Home Corp. (b)   183,130    4,721,091 
         28,521,988 
Consumer Staples (5.6%):          
Herbalife Nutrition Ltd. (a)(b)   139,540    5,913,705 
Hostess Brands, Inc. (a)(b)   322,750    5,606,168 
Keurig Dr Pepper, Inc.   190,445    6,505,601 
         18,025,474 
Energy (5.7%):          
Baker Hughes Co.   111,180    2,749,481 
Chesapeake Energy Corp. (a)   94,730    5,834,421 
Devon Energy Corp.   185,920    6,602,019 
Magnolia Oil & Gas Corp., Class A   177,510    3,157,903 
         18,343,824 
Financials (18.8%):          
Aflac, Inc.   94,240    4,912,731 
Alleghany Corp. (b)   9,110    5,688,375 
Cboe Global Markets, Inc.   76,470    9,471,574 
Citizens Financial Group, Inc.   172,710    8,113,916 
Federated Hermes, Inc.   179,500    5,833,750 
First Horizon Corp.   319,210    5,199,931 
Globe Life, Inc.   111,240    9,903,697 
Hancock Whitney Corp.   94,110    4,434,463 
KeyCorp   333,840    7,217,621 
         60,776,058 
Health Care (7.7%):          
Humana, Inc.   20,380    7,930,877 
Quest Diagnostics, Inc.   24,760    3,597,876 
Sotera Health Co. (b)   382,210    9,994,791 
Zimmer Biomet Holdings, Inc.   22,410    3,279,928 
         24,803,472 
Industrials (13.5%):          
Crane Co.   33,360    3,162,862 
Curtiss-Wright Corp.   39,180    4,943,732 
Fluor Corp. (a)(b)   309,630    4,944,791 
GrafTech International Ltd.   530,070    5,470,322 
nVent Electric PLC   120,650    3,900,614 
Regal Rexnord Corp.   22,750    3,420,235 
Sensata Technologies Holding PLC (b)   84,950    4,648,464 
TFI International, Inc.   46,020    4,702,324 
The Timken Co.   42,550    2,783,621 
Triton International Ltd.   62,530    3,254,061 
United Rentals, Inc. (b)   6,920    2,428,436 
         43,659,462 
Information Technology (14.5%):          
Cognyte Software Ltd. (b)   383,620    7,883,391 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Value Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Euronet Worldwide, Inc. (b)   71,793   $9,137,813 
Fiserv, Inc. (b)   76,970    8,351,245 
FleetCor Technologies, Inc. (b)   16,200    4,232,574 
Leidos Holdings, Inc.   31,310    3,009,830 
NCR Corp. (b)   193,210    7,488,820 
Verint Systems, Inc. (b)   146,320    6,553,673 
         46,657,346 
Materials (9.9%):          
Graphic Packaging Holding Co.   511,460    9,738,199 
Olin Corp.   186,940    9,019,855 
Sealed Air Corp.   165,780    9,083,086 
Summit Materials, Inc., Class A (b)   124,660    3,985,380 
         31,826,520 
Real Estate (6.3%):          
Americold Realty Trust   138,790    4,031,850 
Healthcare Trust of America, Inc., Class A   114,930    3,408,824 
Highwoods Properties, Inc.   73,170    3,209,236 
Host Hotels & Resorts, Inc. (b)   170,420    2,782,959 
MGM Growth Properties LLC, Series A   82,210    3,148,643 
Spirit Realty Capital, Inc.   83,810    3,858,612 
         20,440,124 
Utilities (6.1%):          
Evergy, Inc.   52,230    3,248,706 
FirstEnergy Corp.   89,650    3,193,333 
The AES Corp.   175,690    4,011,003 
Vistra Corp.   538,690    9,211,599 
         19,664,641 
Total Common Stocks (Cost $260,948,593)        317,899,892 
           
Collateral for Securities Loaned^ (5.4%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   331,488    331,488 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (c)   9,824,249    9,824,249 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   165,429    165,429 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   1,319,077    1,319,077 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   5,930,829    5,930,829 
Total Collateral for Securities Loaned (Cost $17,571,072)        17,571,072 
Total Investments (Cost $278,519,665) — 103.9%        335,470,964 
Liabilities in excess of other assets — (3.9)%        (12,565,753)
NET ASSETS - 100.00%       $322,905,211 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Non-income producing security.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

LLC—Limited Liability Company
PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Large Cap Alpha Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
         
Common Stocks (97.6%)
Communication Services (5.2%):          
Alphabet, Inc., Class A (a)   3,850   $10,293,052 
Facebook, Inc., Class A (a)   46,790    15,880,058 
         26,173,110 
Consumer Discretionary (5.4%):          
Dollar Tree, Inc. (a)   86,640    8,293,181 
General Motors Co. (a)   136,480    7,193,861 
Las Vegas Sands Corp. (a)   76,310    2,792,946 
LKQ Corp. (a)   178,690    8,991,681 
         27,271,669 
Consumer Staples (7.7%):          
Keurig Dr Pepper, Inc.   526,310    17,978,750 
Lamb Weston Holdings, Inc.   96,280    5,908,703 
Mondelez International, Inc., Class A   256,560    14,926,661 
         38,814,114 
Energy (5.8%):          
Enterprise Products Partners LP   408,990    8,850,544 
Hess Corp.   84,650    6,612,011 
Pioneer Natural Resources Co.   44,080    7,339,761 
Valero Energy Corp.   93,950    6,630,051 
         29,432,367 
Financials (24.9%):          
Aflac, Inc.   186,890    9,742,576 
Bank of America Corp.   208,700    8,859,315 
Cboe Global Markets, Inc.   144,670    17,918,826 
Citigroup, Inc.   115,200    8,084,736 
Comerica, Inc.   246,530    19,845,665 
Discover Financial Services   81,600    10,024,560 
JPMorgan Chase & Co.   66,920    10,954,135 
KeyCorp   545,630    11,796,520 
RenaissanceRe Holdings Ltd.   38,390    5,351,566 
U.S. Bancorp   271,170    16,118,345 
Voya Financial, Inc.   104,500    6,415,255 
         125,111,499 
Health Care (15.6%):          
AbbVie, Inc.   82,850    8,937,030 
Cigna Corp.   61,430    12,295,829 
Humana, Inc.   41,910    16,309,276 
Johnson & Johnson   45,000    7,267,500 
Medtronic PLC   136,530    17,114,036 
Quest Diagnostics, Inc.   53,570    7,784,257 
UnitedHealth Group, Inc.   22,525    8,801,418 
         78,509,346 
Industrials (10.2%):          
3M Co.   27,080    4,750,374 
Eaton Corp. PLC   45,920    6,856,315 
Johnson Controls International PLC   105,190    7,161,335 
L3Harris Technologies, Inc.   23,790    5,239,510 
Parker-Hannifin Corp.   22,480    6,285,857 
Raytheon Technologies Corp.   73,872    6,350,037 
Sensata Technologies Holding PLC (a)   132,580    7,254,778 
Union Pacific Corp.   37,130    7,277,851 
         51,176,057 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Large Cap Alpha Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (9.1%):          
Euronet Worldwide, Inc. (a)   94,550   $12,034,324 
Fidelity National Information Services, Inc.   129,380    15,742,959 
FleetCor Technologies, Inc. (a)   44,890    11,728,410 
Leidos Holdings, Inc.   65,410    6,287,863 
         45,793,556 
Materials (4.8%):          
Freeport-McMoRan, Inc.   158,190    5,145,921 
Sealed Air Corp.   254,002    13,916,769 
Vale SA, ADR   379,460    5,293,467 
         24,356,157 
Real Estate (2.6%):          
Host Hotels & Resorts, Inc. (a)   789,330    12,889,759 
           
Utilities (6.3%):          
Exelon Corp.   252,760    12,218,419 
FirstEnergy Corp.   156,420    5,571,680 
Vistra Corp.   818,980    14,004,558 
         31,794,657 
Total Common Stocks (Cost $383,633,930)        491,322,291 
Total Investments (Cost $383,633,930) — 97.6%        491,322,291 
Other assets in excess of liabilities — 2.4%        12,094,823 
NET ASSETS - 100.00%       $503,417,114 

 

(a) Non-income producing security.

 

ADR—American Depositary Receipt
LP—Limited Partnership
PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Investors Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
         
Common Stocks (97.2%)
Banks (17.6%):          
Citigroup, Inc.   12,800   $898,304 
Citizens Financial Group, Inc.   24,780    1,164,164 
Comerica, Inc.   17,040    1,371,720 
First Horizon Corp.   52,920    862,067 
KeyCorp   43,670    944,146 
         5,240,401 
           
Capital Markets (3.8%):          
Cboe Global Markets, Inc.   9,170    1,135,796 
           
Communication Services (4.0%):          
Facebook, Inc., Class A (a)   3,470    1,177,683 
           
Consumer Discretionary (6.1%):          
Carter's, Inc.   10,300    1,001,572 
LKQ Corp. (a)   16,110    810,655 
         1,812,227 
Consumer Staples (7.5%):          
Herbalife Nutrition Ltd. (a)   18,650    790,387 
Keurig Dr Pepper, Inc.   41,900    1,431,304 
         2,221,691 
Energy (3.7%):          
PDC Energy, Inc.   23,030    1,091,392 
           
Health Care (9.2%):          
Cigna Corp.   4,460    892,714 
Humana, Inc.   2,700    1,050,705 
Sotera Health Co. (a)   30,780    804,897 
         2,748,316 
Industrials (8.6%):          
Fluor Corp. (a)(b)   57,230    913,963 
GrafTech International Ltd.   96,080    991,546 
Meritor, Inc. (a)   30,890    658,266 
         2,563,775 
Information Technology (14.5%):          
Cognyte Software Ltd. (a)   48,900    1,004,895 
Euronet Worldwide, Inc. (a)   7,620    969,874 
Fidelity National Information Services, Inc. (b)   7,330    891,914 
NCR Corp. (a)   17,000    658,920 
Verint Systems, Inc. (a)   17,660    790,991 
         4,316,594 
Insurance (3.6%):          
Alleghany Corp. (a)   1,730    1,080,229 
           
Materials (13.4%):          
Graphic Packaging Holding Co.   68,510    1,304,430 
Olin Corp.   32,750    1,580,188 
Sealed Air Corp.   20,350    1,114,976 
         3,999,594 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Investors Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares   Value 
Utilities (5.2%):          
Vistra Corp.   89,920   $1,537,632 
Total Common Stocks (Cost $25,186,723)        28,925,330 
           
Collateral for Securities Loaned^ (5.9%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (c)   32,960    32,960 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (c)   976,826    976,826 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)   16,449    16,449 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)   131,156    131,156 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)   589,703    589,703 
Total Collateral for Securities Loaned (Cost $1,747,094)        1,747,094 
Total Investments (Cost $26,933,817) — 103.1%        30,672,424 
Liabilities in excess of other assets — (3.1)%        (934,546)
NET ASSETS - 100.00%       $29,737,878 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on September 30, 2021.

 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Global Energy Transition Fund September 30, 2021

(Unaudited)

 

Security Description  Shares   Value 
Common Stocks (94.0%)          
Chemicals (6.9%):          
Linde PLC   30,947   $9,079,231 
Sociedad Quimica y Minera de Chile SA, ADR   175,696    9,438,389 
         18,517,620 
Financials (2.4%):          
Ipulse (a)   1,609    1,608,540 
Ivanhoe (a)   4,021    4,021,350 
Ivanhoe (a)   969,000    804,270 
         6,434,160 
Metals & Mining (28.3%):          
Antofagasta PLC   214,425    3,851,817 
First Quantum Minerals Ltd.   1,086,384    20,116,634 
Lundin Mining Corp. (b)   544,910    3,919,875 
Newmont Corp.   158,101    8,584,884 
Rio Tinto PLC, ADR (b)   40,319    2,694,116 
Turquoise Hill Resources Ltd. (b)(c)   2,535,580    37,425,161 
         76,592,487 
Oil, Gas & Consumable Fuels (53.3%):          
Antero Resources Corp. (c)   1,355,848    25,503,501 
ARC Resources Ltd.   1,303,458    12,217,346 
Cameco Corp.   595,525    12,941,289 
Cheniere Energy, Inc. (c)   89,928    8,783,268 
Energy Vault SA (a)(d)   36,659    1,797,237 
PDC Energy, Inc.   158,896    7,530,081 
Peyto Exploration & Development Corp.   1,664,693    12,961,049 
Range Resources Corp. (c)   1,179,843    26,699,847 
Tourmaline Oil Corp.   355,458    12,420,259 
Whitecap Resources, Inc.   4,266,261    23,615,358 
         144,469,235 
Utilities (3.1%):          
NextEra Energy, Inc.   108,971    8,556,403 
Total Common Stocks (Cost $152,698,947)        254,569,905 
           

 

Collateral for Securities Loaned^ (4.7%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (e)   241,653    241,653 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (e)   7,161,841    7,161,841 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)   120,597    120,597 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (e)   961,602    961,602 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)   4,323,552    4,323,552 
Total Collateral for Securities Loaned (Cost $12,809,245)        12,809,245 
Total Investments (Cost $165,508,192) — 98.7%        267,379,150 
Other assets in excess of liabilities — 1.3%        3,516,767 
NET ASSETS - 100.00%       $270,895,917 

 

 

 

 

^ Purchased with cash collateral from securities on loan.
(a) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of September 30, 2021, illiquid securities were 3.0% of net assets.
(b) All or a portion of this security is on loan.
(c) Non-income producing security.
(d) Security was fair valued using significant unobservable inputs as of September 30, 2021.
(e) Rate disclosed is the daily yield on September 30, 2021.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description  Shares or Principal  Amount   Value 
Asset-Backed Securities (3.1%)          
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 11/15/23 @ 100  $125,000   $124,955 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 7/16/24 @ 100   105,000    104,745 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)   287,000    287,510 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)   142,000    142,545 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/25 @ 100 (a)   136,000    136,219 
Total Asset-Backed Securities (Cost $794,919)        795,974 

 

Collateralized Mortgage Obligations (1.0%)          
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100   130,000    133,684 
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100   117,000    122,844 
Total Collateralized Mortgage Obligations (Cost $254,219)        256,528 

 

Preferred Stocks (4.6%)          
Financials (2.0%):          
AMG Capital Trust II, 10/15/37, 5.15%   2,435    140,336 
Bank of America Corp., Series L, 7.25% (c)   112    161,551 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (d)   990    78,220 
Wells Fargo & Co., Series L, 7.50% (c)   95    140,790 
         520,897 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00% (d)   17    27,580 
           
Industrials (0.5%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (d)   1,201    126,393 
           
Utilities (2.0%):          
American Electric Power Co., Inc., 8/15/23, 6.13%   655    32,567 
CenterPoint Energy, Inc., 9/15/29, 4.57%   455    30,003 
Dominion Energy, Inc., Series A, 6/1/22, 7.25%   1,180    114,613 
DTE Energy Co., 11/1/22, 6.25%   1,765    88,709 
NextEra Energy, Inc., 3/1/23, 5.28%   2,875    146,510 
NiSource, Inc., 3/1/24, 7.75%   85    8,793 
The Southern Co., Series 2019, 8/1/22, 6.75%   1,962    100,082 
         521,277 
Total Preferred Stocks (Cost $1,169,710)        1,196,147 
           

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description  Principal  Amount   Value 
Corporate Bonds (54.1%)          
Communication Services (2.6%):          
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100  $50,000   $43,683 
AT&T, Inc.          
4.25%, 3/1/27, Callable 12/1/26 @ 100 (b)   46,000    52,067 
1.65%, 2/1/28, Callable 12/1/27 @ 100   51,000    50,531 
5.15%, 11/15/46, Callable 5/15/46 @ 100 (b)   126,000    159,760 
CenturyLink, Inc., 6.75%, 12/1/23   50,000    54,872 
Comcast Corp.          
3.45%, 2/1/50, Callable 8/1/49 @ 100   70,000    74,378 
2.80%, 1/15/51, Callable 7/15/50 @ 100   56,000    52,926 
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (a)   62,000    62,322 
Verizon Communications, Inc.          
3.38%, 2/15/25 (b)   38,000    41,047 
3.55%, 3/22/51, Callable 9/22/50 @ 100 (b)   90,000    94,762 
         686,348 
Consumer Discretionary (8.7%):          
Aptiv PLC, 5.40%, 3/15/49, Callable 9/15/48 @ 100   70,000    95,160 
Booking Holdings, Inc., 0.75%, 5/1/25   120,000    176,118 
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (b)   315,000    329,950 
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81   48,000    51,690 
Expedia Group, Inc.          
3.60%, 12/15/23, Callable 11/15/23 @ 100   87,000    92,079 
  2/15/26 (a)(d)   120,000    129,509 
Ford Motor Co., 3/15/26 (a)   40,000    43,159 
General Motors Co., 4.88%, 10/2/23 (b)   96,000    103,732 
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44   48,000    51,419 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44   55,000    56,882 
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100   18,000    19,265 
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100   93,000    107,976 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100   142,000    151,057 
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100   27,000    30,605 
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a)   43,000    43,279 
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100   100,000    118,743 
NVR, Inc.          
3.95%, 9/15/22, Callable 6/15/22 @ 100 (b)   126,000    129,034 
3.00%, 5/15/30, Callable 11/15/29 @ 100   118,000    123,301 
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (d)   100,000    115,988 
Ross Stores, Inc.          
3.38%, 9/15/24, Callable 6/15/24 @ 100   70,000    74,112 
0.88%, 4/15/26, Callable 3/15/26 @ 100   53,000    52,044 
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100   80,000    80,068 
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100   73,000    73,607 
         2,248,777 
Consumer Staples (2.7%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (a)   156,000    155,911 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (b)   34,000    38,118 
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100   75,000    86,129 
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100   52,000    64,450 
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100   160,000    157,478 
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100   42,000    46,483 
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100   92,000    110,004 
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100   39,000    51,471 
         710,044 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description  Principal  Amount   Value 
Energy (4.5%):          
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100  $135,000   $152,464 
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (b)   113,000    117,001 
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 (d)   65,000    85,972 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (b)   39,000    40,800 
HollyFrontier Corp., 2.63%, 10/1/23   116,000    119,811 
Marathon Oil Corp., 6.60%, 10/1/37   105,000    139,326 
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100   90,000    107,085 
Pioneer Natural Resources Co.          
0.25%, 5/15/25   105,000    169,463 
1.90%, 8/15/30, Callable 5/15/30 @ 100   109,000    104,240 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (b)   120,000    122,666 
         1,158,828 
Financials (12.1%):          
Aflac, Inc.          
2.88%, 10/15/26, Callable 7/15/26 @ 100   185,000    198,829 
4.75%, 1/15/49, Callable 7/15/48 @ 100   20,000    26,170 
Alleghany Corp.          
3.63%, 5/15/30, Callable 2/15/30 @ 100   55,000    60,355 
3.25%, 8/15/51, Callable 2/15/51 @ 100   67,000    66,077 
Ares Capital Corp., 4.63%, 3/1/24   135,000    149,420 
Bank of America Corp.          
4.20%, 8/26/24, MTN (b)   51,000    55,782 
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN   100,000    107,940 
Capital One Financial Corp., 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (e)   230,000    224,876 
Cincinnati Financial Corp., 6.13%, 11/1/34   100,000    136,242 
Citigroup, Inc.          
3.88%, 3/26/25   35,000    38,032 
4.60%, 3/9/26 (b)   36,000    40,694 
4.45%, 9/29/27 (b)   63,000    71,650 
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (d)(e)   51,000    58,315 
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100   200,000    210,022 
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100   49,000    51,776 
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100   110,000    109,073 
JPMorgan Chase & Co.          
2.95%, 10/1/26, Callable 7/1/26 @ 100 (b)   170,000    182,053 
5.60%, 7/15/41   52,000    72,153 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (a)   100,000    107,723 
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a)   75,000    72,560 
Morgan Stanley          
4.88%, 11/1/22 (b)   144,000    150,870 
3.13%, 7/27/26, MTN (b)   280,000    301,356 
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100   42,000    45,501 
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100   89,000    88,002 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   40,000    46,057 
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100   164,000    175,449 
Wells Fargo & Co.          
4.30%, 7/22/27, MTN (b)   180,000    204,282 
4.90%, 11/17/45 (b)   80,000    100,714 
         3,151,973 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description   Principal  Amount    Value 
Health Care (6.2%):          
AbbVie, Inc.          
3.20%, 11/21/29, Callable 8/21/29 @ 100  $66,000   $71,119 
4.45%, 5/14/46, Callable 11/14/45 @ 100   62,000    74,564 
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100   70,000    83,903 
Anthem, Inc.          
2.38%, 1/15/25, Callable 12/15/24 @ 100   65,000    67,737 
2.75%, 10/15/42   27,000    141,983 
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 (b)   220,000    243,813 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13   73,000    76,399 
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100   73,000    81,550 
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (a)   114,000    113,964 
Illumina, Inc., 8/15/23 (d)   110,000    128,635 
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100   59,000    54,843 
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100   91,000    103,752 
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100   63,000    58,155 
Universal Health Services, Inc.          
1.65%, 9/1/26, Callable 8/1/26 @ 100 (a)   154,000    153,115 
2.65%, 10/15/30, Callable 7/15/30 @ 100 (a)   44,000    44,304 
Viatris, Inc.          
2.30%, 6/22/27, Callable 4/22/27 @ 100 (a)   40,000    40,856 
4.00%, 6/22/50, Callable 12/22/49 @ 100 (a)   75,000    79,717 
         1,618,409 
Industrials (6.3%):          
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100   105,000    102,096 
Air Lease Corp.          
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN   120,000    119,280 
0.80%, 8/18/24, Callable 7/18/24 @ 100 (d)   58,000    57,605 
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100   85,000    89,499 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (b)   130,000    135,161 
Fortive Corp., 0.88%, 2/15/22   170,000    170,379 
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (b)   195,000    217,829 
Norfolk Southern Corp.          
2.30%, 5/15/31, Callable 2/15/31 @ 100   100,000    100,963 
2.90%, 8/25/51, Callable 2/25/51 @ 100   50,000    48,410 
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100   60,000    63,049 
Rockwell Automation, Inc.          
3.50%, 3/1/29, Callable 12/1/28 @ 100   65,000    72,367 
6.25%, 12/1/37   60,000    84,158 
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a)   57,000    57,374 
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100   56,000    68,089 
Southwest Airlines Co., 1.25%, 5/1/25   115,000    171,917 
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (b)   60,000    73,769 
         1,631,945 
Information Technology (5.1%):          
Akamai Technologies, Inc., 0.13%, 5/1/25   50,000    60,698 
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100   53,000    68,967 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (b)   57,000    60,458 
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100   123,000    143,733 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (b)   153,000    166,935 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100   125,000    137,349 
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (b)   59,000    67,660 
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (b)   167,000    198,723 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description   Principal  Amount    Value 
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (a)  $38,000   $39,851 
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100   70,000    71,714 
ServiceNow, Inc., 6/1/22   2,000    9,212 
Square, Inc., 0.25%, 11/1/27 (a)(d)   20,000    23,692 
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100   51,000    63,304 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   40,000    41,199 
Western Digital Corp., 1.50%, 2/1/24   170,000    171,477 
         1,324,972 
Materials (0.6%):          
Celanese US Holdings LLC, 4.63%, 11/15/22 (b)   100,000    104,557 
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100   37,000    38,077 
         142,634 
Real Estate (3.5%):          
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (b)   285,000    293,521 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (a)   48,000    50,942 
Kite Realty Group LP, 0.75%, 4/1/27 (a)   70,000    69,728 
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100   60,000    65,857 
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100   58,000    59,697 
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100   49,000    59,679 
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100   155,000    163,995 
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100   65,000    72,736 
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100   80,000    80,365 
         916,520 
Utilities (1.8%):          
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100   100,000    95,464 
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37   110,000    154,415 
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100   105,000    136,365 
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100   65,000    74,797 
         461,041 
Total Corporate Bonds (Cost $13,458,650)        14,051,491 
Residential Mortgage-Backed Securities (0.2%)          
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.41%  (LIBOR01M+132bps), 10/25/32, Callable 10/25/21 @ 100 (e)   55,159    55,254 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 10/25/21 @ 100 (b)   3,690    2,625 
Total Residential Mortgage-Backed Securities (Cost $57,787)        57,879 
Yankee Dollars (9.5%)          
Communication Services (0.5%):          
Vodafone Group PLC, 5.25%, 5/30/48   89,000    115,315 
           
Consumer Staples (3.5%):          
Barry Callebaut Services NV, 5.50%, 6/15/23 (a)   275,000    295,959 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b)   400,000    412,596 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description   Principal  Amount    Value 
Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100 (a)  $200,000   $207,056 
         915,611 
Energy (0.7%):          
Ecopetrol SA, 5.88%, 9/18/23 (b)   133,000    143,173 
Statoil ASA, 3.95%, 5/15/43   20,000    23,067 
         166,240 
Financials (2.1%):          
Barclays Bank PLC          
2/4/25 (b)(d)   45,000    65,924 
2/18/25   30,000    33,290 
Newcrest Finance Pty Ltd.          
5.75%, 11/15/41 (a)   95,000    125,364 
4.20%, 5/13/50, Callable 11/13/49 @ 100 (a)   25,000    28,508 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (a)   200,000    212,888 
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100   85,000    86,554 
         552,528 
Industrials (0.9%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100   150,000    174,080 
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100   60,000    62,863 
         236,943 
Materials (1.6%):          
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (a)   200,000    201,022 
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40   50,000    66,880 
Teck Resources Ltd., 3.90%, 7/15/30, Callable 4/15/30 @ 100   75,000    81,457 
Vale Overseas Ltd., 6.25%, 8/10/26   63,000    74,692 
         424,051 
Utilities (0.2%):          
Iberdrola International BV, 6.75%, 9/15/33   35,000    48,060 
Total Yankee Dollars (Cost $2,354,231)        2,458,748 

 

U.S. Government Mortgage-Backed Agencies (19.0%)          
Federal Home Loan Bank          
Series 000F, 1.00%, 9/30/26   265,000    264,502 
Series 2, 1.10%, 9/30/26   260,000    259,964 
         524,466 
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 (b)   7,330    7,480 
Series 4395, Class PA, 2.50%, 4/15/37 (b)   91,375    94,999 
5.50%, 6/1/38   29,245    33,726 
7.00%, 9/1/38 (b)   5,562    6,619 
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (b)   131,557    137,006 
4.50%, 1/1/41 - 7/1/44 (b)   334,707    372,796 
Series 4444, Class CH, 3.00%, 1/15/41 (b)   32,433    32,858 
2.50%, 7/1/50   111,519    114,978 
2.00%, 3/1/51 (b)   277,463    278,479 
         1,078,941 
Federal National Mortgage Association          
5.50%, 4/1/22 - 1/1/38 (b)   119,528    136,864 
7.00%, 8/1/23 - 12/1/27   59    61 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund September 30, 2021

(Unaudited)

 

Security Description   Shares or Principal  Amount    Value 
7.50%, 12/1/29 (b)  $3,354   $3,918 
8.00%, 6/1/30   1,714    2,041 
8.00%, 9/1/30 (b)   9,103    10,640 
7.50%, 2/1/31   9,647    11,020 
7.00%, 2/1/32 - 6/1/32 (b)   14,096    16,864 
5.00%, 12/1/34 - 3/1/40   55,133    62,730 
Series 2005-19, Class PB, 5.50%, 3/25/35   107,534    122,467 
2.16% (LIBOR12M+166bps), 12/1/36 (b)(e)   25,455    26,190 
6.00%, 2/1/37 (b)   52,371    61,069 
4.50%, 12/1/38 - 5/25/40 (b)   218,530    233,109 
Series 2013-33, Class UD, 2.50%, 4/25/39 - 12/25/47 (b)   149,790    153,772 
3.50%, 8/1/39 - 12/25/50 (b)   613,052    645,802 
3.00%, 6/1/40 - 8/1/46 (b)   527,652    557,813 
4.00%, 11/1/43 - 10/1/48 (b)   563,729    622,329 
3.50%, 7/1/46   34,249    37,458 
3.00%, 9/1/46 - 5/1/48   258,370    276,464 
4.00%, 6/1/49   13,275    14,211 
2.00%, 3/1/51 (b)   322,013    324,059 
         3,318,881 
Government National Mortgage Association          
6.00%, 12/15/33 (b)   12,294    14,256 
Total U.S. Government Mortgage-Backed Agencies (Cost $4,820,605)        4,936,544 

 

U.S. Treasury Obligations (6.0%)          
U.S. Treasury Bonds          
2.88%, 5/15/43 (b)   38,000    43,605 
1.25%, 5/15/50 (b)   110,000    90,011 
U.S. Treasury Notes          
0.25%, 3/15/24 (b)   498,000    496,366 
0.75%, 4/30/26   602,000    597,438 
1.63%, 5/15/31   318,000    321,776 
Total U.S. Treasury Obligations (Cost $1,552,647)        1,549,196 
           

 

Collateral for Securities Loaned^ (3.2%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares, 0.04% (f)   15,788    15,788 
Fidelity  Investments Money Market Government Portfolio, I Shares, 0.01% (f)   467,905    467,905 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (f)   7,879    7,879 
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (f)   62,824    62,824 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (f)   282,471    282,471 
Total Collateral for Securities Loaned (Cost $836,867)        836,867 
Total Investments (Cost $25,299,635) — 100.7%        26,139,374 
Liabilities in excess of other assets — (0.7)%        (183,006)
NET ASSETS - 100.00%       $25,956,368 

 

 

 

 

^ Purchased with cash collateral from securities on loan.
(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $3,337,673 and amounted to 12.9% of net assets.
(b) All or a portion of this security has been segregated as collateral for derivative instruments.
(c) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(d) All or a portion of this security is on loan.
(e) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.
(f) Rate disclosed is the daily yield on September 30, 2021.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

Futures Contracts Purchased

   Number of
Contracts		   Expiration
Date		  Notional
Amount		   Value   Unrealized Appreciation (Depreciation) 
2-Year U.S. Treasury Note Futures   2   12/31/21  $440,365   $440,109   $(256)
5-Year U.S. Treasury Note Futures   13   12/31/21   1,604,708    1,595,648    (9,060)
Japanese Yen Futures   5   12/13/21   562,501    561,313    (1,188)
Ultra Long Term U.S. Treasury Bond Futures   6   12/21/21   1,188,277    1,146,375    (41,902)
                     $(52,406)

 

Futures Contracts Sold

   Number of
Contracts		   Expiration
Date		  Notional
Amount		   Value   Unrealized Appreciation (Depreciation) 
10-Year U.S. Treasury Note Futures   15   12/21/21  $2,001,113   $1,974,141   $26,972 
British Pound Futures   6   12/13/21   515,400    505,313    10,087 
Canadian Dollar Futures   5   12/14/21   393,900    394,950    (1,050)
Mexican Peso Currency Futures   11   12/13/21   272,250    263,945    8,305 
                     $44,314 

 

Total unrealized appreciation  $45,364 
Total unrealized depreciation   (53,456)
Total net unrealized appreciation (depreciation)  $(8,092)

 

 

 

 

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)

 

Underlying Instruments  Fixed Deal ReceiveRate   Maturity Date  Payment Frequency 

Implied Credit

Spread at September 30, 2021(b)

   Notional Amount(c)   Value   Premiums Paid (Received)   Unrealized Appreciation (Depreciation) 
CDX North America Investment Grade Index; Series 36   1.00%  6/20/26  Quarterly   0.48%  $1,000,000   $24,273   $24,916   $(643)
                        $24,273   $24,916   $(643)

 

(a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.
(b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.
(c) The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

 

     
Security Description  Shares or
Principal Amount		   Value 
Asset-Backed Securities (6.5%)          
AmeriCredit Automobile Receivables Trust, Series 2018-1, Class B, 3.26%, 1/18/24, Callable 9/18/22 @ 100 (a)  $500,228   $500,802 
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 2/18/24 @ 100   1,815,000    1,818,797 
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 8/20/23 @ 100   1,168,000    1,165,129 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 7/16/24 @ 100   886,000    883,849 
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 11/25/24 @ 100 (b)   1,100,000    1,101,007 
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 2/15/25 @ 100   915,000    916,556 
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 8/15/23 @ 100   1,144,000    1,148,175 
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 5/15/24 @ 100   1,125,000    1,128,568 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)   2,200,000    2,203,914 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (b)   1,230,000    1,234,718 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/25 @ 100 (b)   1,223,000    1,224,967 
Total Asset-Backed Securities (Cost $13,304,927)        13,326,482 
           
Collateralized Mortgage Obligations (3.3%)          
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.25%  (LIBOR03M+112bps), 1/15/31, Callable 10/15/21 @ 100 (a)(b)(c)   2,000,000    2,000,376 
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.38%  (LIBOR03M+125bps), 1/15/30, Callable 10/15/21 @ 100 (a)(b)(c)   2,825,000    2,819,149 
Voya CLO Ltd., Series 2017-4A, Class A1, 1.26%  (LIBOR03M+113bps), 10/15/30, Callable 10/15/21 @ 100 (a)(b)(c)   2,000,000    1,999,000 
Total Collateralized Mortgage Obligations (Cost $6,825,000)        6,818,525 
           
Preferred Stocks (3.3%)          
Financials (1.5%):          
AMG Capital Trust II, 10/15/37, 5.15%   13,990    806,281 
Bank of America Corp., Series L, 7.25% (d)   655    944,785 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (e)   6,495    513,170 
Wells Fargo & Co., Series L, 7.50% (d)   550    815,100 
         3,079,336 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00% (e)   146    236,866 

 

 

 

  

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
Industrials (0.3%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (e)   6,815   $717,211 
           
Utilities (1.4%):          
American Electric Power Co., Inc., 8/15/23, 6.13%   3,530    175,512 
CenterPoint Energy, Inc., 9/15/29, 4.57%   3,880    255,847 
Dominion Energy, Inc., Series A, 6/1/22, 7.25%   6,660    646,886 
DTE Energy Co., 11/1/22, 6.25%   10,175    511,395 
NextEra Energy, Inc., 3/1/23, 5.28%   14,070    717,007 
NiSource, Inc., 3/1/24, 7.75%   735    76,036 
The Southern Co., Series 2019, 8/1/22, 6.75%   8,901    454,040 
         2,836,723 
Total Preferred Stocks (Cost $6,609,655)        6,870,136 
           
Corporate Bonds (59.2%)          
Communication Services (3.7%):          
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100  $2,500,000    2,532,375 
CenturyLink, Inc., 6.75%, 12/1/23   424,000    465,314 
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100   496,000    536,508 
Comcast Corp., 3.10%, 4/1/25, Callable 3/1/25 @ 100 (a)(e)   1,182,000    1,264,527 
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100   1,388,000    1,488,769 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)   354,000    382,384 
1.22% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c)   827,000    849,073 
         7,518,950 
Consumer Discretionary (10.2%):          
Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100 (e)   2,500,000    2,497,475 
Aptiv Corp., 4.15%, 3/15/24, Callable 12/15/23 @ 100   1,599,000    1,717,566 
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100   2,632,000    2,783,340 
Booking Holdings, Inc., 0.75%, 5/1/25 (e)   525,000    770,516 
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 (a)   3,027,000    3,165,758 
Expedia Group, Inc.          
3.60%, 12/15/23, Callable 11/15/23 @ 100   1,020,000    1,079,548 
 2/15/26 (b)(e)   590,000    636,751 
Ford Motor Co., 3/15/26 (b)   290,000    312,904 
General Motors Co., 4.88%, 10/2/23 (a)   1,297,000    1,401,460 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44   620,000    641,210 
Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100 (e)   1,194,000    1,295,884 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 (e)   1,247,000    1,326,534 
NVR, Inc., 3.95%, 9/15/22, Callable 6/15/22 @ 100 (a)   3,283,000    3,362,055 
         20,991,001 
Consumer Staples (2.2%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b)   1,372,000    1,371,218 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a)   322,000    361,001 
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (a)   792,000    804,410 
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (a)   695,000    734,664 
Tyson Foods, Inc., 3.95%, 8/15/24, Callable 5/15/24 @ 100   1,170,000    1,263,635 
         4,534,928 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

  

Security Description  Principal Amount   Value 
Energy (3.7%):          
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100  $400,000   $411,196 
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   801,000    829,364 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a)   329,000    344,183 
HollyFrontier Corp., 2.63%, 10/1/23   971,000    1,002,897 
Pioneer Natural Resources Co.          
0.55%, 5/15/23   1,130,000    1,130,893 
0.25%, 5/15/25   595,000    960,288 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a)   1,010,000    1,032,442 
Valero Energy Corp.          
2.70%, 4/15/23 (a)   951,000    981,736 
1.20%, 3/15/24   1,020,000    1,029,466 
         7,722,465 
Financials (11.5%):          
Ares Capital Corp., 4.63%, 3/1/24   730,000    807,971 
Bank of America Corp., 4.20%, 8/26/24, MTN (a)(e)   1,660,000    1,815,642 
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)   684,000    733,672 
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 11/8/21 @ 102.88 (a)(b)   772,000    796,017 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100   1,660,000    1,690,245 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)   799,000    852,205 
Ford Motor Credit Co. LLC, 3.10%, 5/4/23 (a)   1,500,000    1,525,770 
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100   1,549,000    1,690,006 
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100 (b)(e)   1,488,000    1,536,539 
JPMorgan Chase & Co., 2.30% (SOFR+116bps), 10/15/25, Callable 10/15/24 @ 100 (c)   3,000,000    3,110,700 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b)   800,000    861,784 
Morgan Stanley          
4.88%, 11/1/22 (a)   1,004,000    1,051,901 
0.53% (SOFR+46bps), 1/25/24, Callable 1/25/23 @ 100 (c)   2,575,000    2,576,468 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   300,000    345,429 
The Bank of New York Mellon Corp., 0.75%, 1/28/26, MTN, Callable 12/28/25 @ 100   1,097,000    1,081,499 
The Goldman Sachs Group, Inc., 1.88% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100 (a)(c)   1,500,000    1,579,710 
Wells Fargo & Co., 0.81% (SOFR+51bps), 5/19/25, MTN, Callable 5/19/24 @ 100 (c)   585,000    586,568 
Zions Bancorp NA, 3.35%, 3/4/22, Callable 2/4/22 @ 100 (a)   1,090,000    1,101,074 
         23,743,200 
Health Care (6.5%):          
AbbVie, Inc., 3.85%, 6/15/24, Callable 3/15/24 @ 100   2,545,000    2,737,300 
Anthem, Inc., 2.75%, 10/15/42   110,000    578,450 
Biogen, Inc., 3.63%, 9/15/22   1,025,000    1,057,503 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13   621,000    649,914 
HCA, Inc., 5.00%, 3/15/24   2,479,000    2,719,017 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a)   560,000    575,893 
Illumina, Inc., 8/15/23 (e)   530,000    619,787 
Mylan, Inc., 3.13%, 1/15/23 (b)   2,479,000    2,560,460 
Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100 (b)   1,387,000    1,379,025 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
Upjohn, Inc., 1.13%, 6/22/22 (b)  $525,000   $527,782 
         13,405,131 
           
Industrials (4.6%):          
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100 (e)   2,480,000    2,465,120 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a)   1,115,000    1,159,266 
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 11/8/21 @ 104.31 (a)   725,000    758,575 
Fortive Corp., 0.88%, 2/15/22   1,005,000    1,007,241 
Roper Technologies, Inc., 0.45%, 8/15/22   1,019,000    1,020,793 
Southwest Airlines Co.          
4.75%, 5/4/23   1,937,000    2,062,053 
1.25%, 5/1/25   710,000    1,061,400 
         9,534,448 
           
Information Technology (6.8%):          
Akamai Technologies, Inc., 0.13%, 5/1/25   375,000    455,239 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (a)(e)   2,175,000    2,306,935 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (a)   1,173,000    1,279,837 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e)   730,000    802,117 
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100   496,000    547,524 
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100   941,000    984,879 
Maxim Integrated Products, Inc., 3.38%, 3/15/23   901,000    932,084 
Micron Technology, Inc., 2.50%, 4/24/23   2,479,000    2,552,081 
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5 (b)   642,000    659,726 
PayPal Holdings, Inc., 2.20%, 9/26/22 (a)   757,000    771,792 
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100   1,000,000    1,077,620 
ServiceNow, Inc., 6/1/22   20,000    92,115 
Square, Inc., 0.25%, 11/1/27 (b)(e)   195,000    230,993 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   225,000    231,746 
Western Digital Corp., 1.50%, 2/1/24   995,000    1,003,647 
         13,928,335 
           
Materials (3.6%):          
Celanese US Holdings LLC, 4.63%, 11/15/22 (a)   855,000    893,962 
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100 (b)   1,987,000    1,973,965 
Nucor Corp., 4.00%, 8/1/23, Callable 5/1/23 @ 100   1,190,000    1,256,247 
Packaging Corp. of America, 4.50%, 11/1/23   1,049,000    1,123,920 
Southern Copper Corp., 3.88%, 4/23/25   2,050,000    2,225,050 
         7,473,144 
           
Real Estate (3.2%):          
American Tower Corp., 3.00%, 6/15/23 (a)   1,000,000    1,041,700 
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100   750,000    778,628 
CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24, Callable 10/15/24 @ 100   883,000    925,269 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)   638,000    677,110 
Kite Realty Group LP, 0.75%, 4/1/27 (b)   435,000    433,312 
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100 (a)   1,629,000    1,685,624 
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100   250,000    256,530 
Weingarten Realty Investors          
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a)   365,000    373,340 
3.50%, 4/15/23, Callable 1/15/23 @ 100   497,000    515,339 
         6,686,852 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

  

Security Description  Principal Amount   Value 
Utilities (3.2%):          
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100 (e)  $588,000   $614,425 
Exelon Corp.          
3.50%, 6/1/22, Callable 5/1/22 @ 100 (a)   2,681,000    2,727,917 
3.95%, 6/15/25, Callable 3/15/25 @ 100 (a)(e)   591,000    644,083 
NextEra Energy Capital Holdings, Inc.          
2.80%, 1/15/23, Callable 12/15/22 @ 100 (a)(e)   1,462,000    1,503,872 
0.65%, 3/1/23   1,129,000    1,133,200 
         6,623,497 
Total Corporate Bonds (Cost $119,718,388)        122,161,951 
           
Residential Mortgage-Backed Securities (3.4%)          
Bear Stearns Alt-A Trust, Series 2003-3, Class 2A, 2.73%, 10/25/33, Callable 10/25/21 @ 100 (a)(f)   1,141,285    1,141,285 
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a)   13,149    13,784 
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.53%, 11/25/34, Callable 10/25/21 @ 100 (a)(f)   896,026    896,026 
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 4/25/29 @ 100 (a)   15,575    15,222 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 10/25/21 @ 100 (a)   6,680    4,753 
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 10/25/21 @ 100 (a)   44,062    43,747 
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.89%, 10/25/29, Callable 6/25/23 @ 100 (a)(b)(f)   1,769,863    1,794,397 
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 12/25/23 @ 100 (a)(b)(f)   870,254    882,069 
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.33%  (LIBOR03M+120bps), 7/29/30, Callable 10/29/21 @ 100 (a)(b)(c)   2,250,000    2,251,033 
Total Residential Mortgage-Backed Securities (Cost $7,025,011)        7,042,316 
           
Yankee Dollars (12.4%)          
Communication Services (0.3%):          
SES SA, 3.60%, 4/4/23 (b)   503,000    523,019 
           
Consumer Discretionary (1.1%):          
Stellantis NV, 5.25%, 4/15/23   2,048,000    2,189,005 
           
Consumer Staples (4.6%):          
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)   2,346,000    2,524,798 
Heineken NV, 3.40%, 4/1/22 (b)   1,570,000    1,593,895 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b)   2,391,000    2,466,293 
Pernod Ricard SA, 4.25%, 7/15/22 (a)(b)(e)   833,000    857,890 
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b)   2,122,000    2,150,859 
         9,593,735 
           
Energy (1.7%):          
Canadian Natural Resources Ltd.          

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

  

Security Description  Shares or
Principal Amount		   Value 
2.95%, 1/15/23, Callable 12/15/22 @ 100  $1,305,000   $1,343,002 
3.80%, 4/15/24, Callable 1/15/24 @ 100   1,180,000    1,256,665 
Ecopetrol SA, 5.88%, 9/18/23 (a)   846,000    910,710 
         3,510,377 
           
Financials (2.1%):          
Barclays Bank PLC          
 2/4/25 (a)(e)   270,000    395,547 
 2/18/25   230,000    255,222 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b)   3,406,000    3,625,482 
         4,276,251 
           
Industrials (0.8%):          
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100   1,100,000    1,087,878 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b)   606,000    616,690 
         1,704,568 
           
Materials (1.5%):          
Anglo American Capital PLC, 3.63%, 9/11/24 (b)(e)   2,880,000    3,091,133 
           
Utilities (0.3%):          
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100 (e)   655,000    698,957 
Total Yankee Dollars (Cost $25,388,383)        25,587,045 
           
U.S. Government Mortgage-Backed Agencies (5.5%)          
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 - 8/1/40 (a)   541,962    616,040 
5.50%, 10/25/23 (a)   1,963    2,028 
7.00%, 9/1/38 (a)   2,670    3,177 
Series 4320, Class AP, 3.50%, 7/15/39 (a)   846,286    896,440 
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a)   2,590,757    2,630,279 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   594,597    602,394 
Series 4049, Class AB, 2.75%, 12/15/41 (a)   204,387    207,152 
         4,957,510 
Federal National Mortgage Association          
6.00%, 2/1/37 (a)   907,828    1,058,599 
Series 2013-33, Class UD, 2.50%, 4/25/39 (a)   479,952    486,156 
Series 2011-21, Class PA, 4.50%, 5/25/40 (a)   1,918,496    2,026,909 
Series 2011-101, Class LA, 3.00%, 10/25/40 (a)   246,160    249,140 
5.00%, 2/1/41 - 10/1/41 (a)   2,170,544    2,468,834 
Series 2018-29, Class PA, 3.50%, 3/25/44 (a)   85,116    85,234 
         6,374,872 
Total U.S. Government Mortgage-Backed Agencies (Cost $11,115,370)        11,332,382 
           
U.S. Treasury Obligations (2.6%)          
U.S. Treasury Notes, 0.13%, 2/15/24   5,271,000    5,241,762 
Total U.S. Treasury Obligations (Cost $5,245,801)        5,241,762 
           
Collateral for Securities Loaned^ (4.0%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (g)   156,462    156,462 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

  

Security Description  Shares   Value 
Fidelity  Investments Money Market Government Portfolio, I Shares, 0.01% (g)   4,637,030   $4,637,030 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional
Class, 0.02% (g)		   78,082    78,082 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (g)   622,602    622,602 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)   2,799,342    2,799,342 
Total Collateral for Securities Loaned (Cost $8,293,518)        8,293,518 
Total Investments (Cost $203,526,053) — 100.2%        206,674,117 
Liabilities in excess of other assets — (0.2)%        (369,800)
NET ASSETS - 100.00%       $206,304,317 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $48,918,275 and amounted to 23.7% of net assets.
(c) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.
(d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(e) All or a portion of this security is on loan.
(f) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at September 30, 2021.
(g) Rate disclosed is the daily yield on September 30, 2021.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

Futures Contracts Purchased    

 

   Number of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation
(Depreciation)		 
2-Year U.S. Treasury Note Futures  44  12/31/21  $9,688,033   $9,682,406   $(5,627)
Japanese Yen Futures  36  12/13/21   4,050,000    4,041,450    (8,550)
                   $(14,177)

 

Futures Contracts Sold    

 

   Number of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized Appreciation (Depreciation) 
10-Year U.S. Treasury Note Futures  22  12/21/21  $2,934,965   $2,895,406   $39,559 
5-Year U.S. Treasury Note Futures  90  12/31/21   11,117,505    11,046,797    70,708 
British Pound Futures  45  12/13/21   3,865,500    3,789,844    75,656 
Canadian Dollar Futures  40  12/14/21   3,151,200    3,159,600    (8,400)
Mexican Peso Currency Futures  89  12/13/21   2,202,749    2,135,555    67,194 
Ultra Long Term U.S. Treasury Bond Futures  5  12/21/21   990,178    955,313    34,865 
                   $279,582 
                      
   Total unrealized appreciation         $287,982 
   Total unrealized depreciation          (22,577)
   Total net unrealized appreciation (depreciation)      $265,405 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund September 30, 2021
  (Unaudited)

   

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)  

 

Underlying Instruments  Fixed Deal
ReceiveRate		  Maturity
Date		  Payment
Frequency		  Implied
Credit
Spread at
September 30,
2021(b)		  Notional
Amount(c)		   Value  Premiums
Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
CDX North America High Yield Index; Series 36   5.00% 6/20/26  Quarterly   2.85% $8,000,000   $79,314  $818,400  $(739,086)
                      $79,314  $818,400  $(739,086)

 

(a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.  
(b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.
(c) The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

 

 

 

 

 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory High Yield Fund  September 30, 2021
   (Unaudited)
     
Security Description  Shares or Principal
Amount		   Value 
Common Stocks (0.8%)          
Communication Services (0.7%):          
AMC Networks, Inc., Class A (a)   5,800   $270,222 
iHeartMedia, Inc., Class A (a)   30,500    763,110 
Nexstar Media Group, Inc., Class A   4,925    748,403 
Sinclair Broadcast Group, Inc., Class A (b)   17,500    554,400 
         2,336,135 
Health Care (0.1%):          
Surgery Partners, Inc. (a)(b)   9,390    397,573 
           
Total Common Stocks (Cost $2,303,926)        2,733,708 
           
Senior Secured Loans (19.8%)          
Air Canada, Term Loan, First Lien, 4.25% (LIBOR06M+350bps), 7/27/28 (c)  $1,200,000    1,203,996 
Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (c)   1,969,231    1,951,074 
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.58% (LIBOR01M+350bps), 6/19/25 (c)   1,985,000    1,985,715 
Dayco Products LLC, Term Loans, First Lien, 4.37% (LIBOR03M+425bps), 5/19/24 (c)   957,500    928,775 
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.65% (LIBOR03M+350bps), 4/8/26 (c)   1,535,766    1,500,736 
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75% (LIBOR03M+500bps), 3/11/28 (c)   2,495,000    2,435,395 
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.75% (LIBOR06M+475bps), 10/2/25 (c)   997,494    1,000,486 
Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25% (LIBOR02M+250bps), 10/4/23 (c)   1,977,556    1,967,134 
Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00% (LIBOR03M+425bps), 3/5/28 (c)   2,985,000    2,993,955 
Hertz Corp. (The), Initial Term B Loans, First Lien, 4.00% (LIBOR01M+350bps), 6/30/28 (c)   2,524,272    2,524,676 
Hertz Corp. (The), Initial Term C Loan, First Lien, 4.00% (LIBOR01M+350bps), 6/30/28 (c)   475,728    475,804 
Hertz Corp., Term Loan B, First Lien, 6/14/28 (d)(e)   841,424    841,559 
Hertz Corp., Term Loan C, First Lien, 6/14/28 (d)(e)   158,576    158,601 
Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.13% (LIBOR03M+500bps), 10/26/25 (c)   2,666,616    2,667,736 
Jo-Ann Stores, LLC, Term B-1 Loan, First Lien, 5.50% (LIBOR03M+475bps), 6/30/28 (c)   3,000,000    2,913,000 
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75% (LIBOR03M+475bps), 12/15/24 (c)   2,488,747    2,505,870 
LifeScan Global Corp., Initial Term Loan, First Lien, 6.15% (LIBOR03M+600bps), 10/1/24 (c)(d)   4,169,537    4,131,302 
Medline Industries, Inc., Bridge Term, First Lien, 8/4/22 (d)(e)   2,435,897    2,435,897 
Medline Industries, Inc., Bridge, First Lien, 8/4/22 (d)(e)(f)   2,564,103    2,564,103 
Men's Wearhouse, Inc., Term loan, First Lien (e)   31,563    44,977 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued  
Victory High Yield Fund September 30, 2021  
  (Unaudited)  

 

Security Description   

Principal Amount

    

Value

 
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 2/25/28 (c)  $3,990,000   $3,988,564 
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (c)   1,675,000    1,677,395 
Polaris Newco LLC, Dollar Term Loan, First Lien, 8/11/28 (d)(e)   4,000,000    4,007,520 
SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.58% (LIBOR01M+850bps), 5/26/26 (c)   1,000,000    1,000,000 
Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00% (LIBOR01M+900bps), 12/23/25 (c)   1,864,865    2,024,553 
Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00% (LIBOR01M+900bps), 12/23/25 (c)   135,135    146,707 
SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.25% (LIBOR06M+375bps), 5/20/28 (c)   500,000    499,790 
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.65% (LIBOR03M+350bps), 4/8/26 (c)   825,681    806,847 
SWF Holdings Corp., TLB, First Lien, 9/17/28 (d)(e)   4,350,000    4,314,678 
Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR01M+275bps), 2/6/24 (c)   1,469,309    1,428,903 
The Men's Wearhouse LLC, Term Loan, First Lien, 9.00% (LIBOR03M+800bps), 12/1/25 (c)   1,701,726    1,417,537 
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00% (LIBOR01M+425bps), 4/15/28 (c)   2,500,000    2,501,125 
Traverse Midstream Partners LLC, Advance, First Lien, 6.50% (LIBOR01M+550bps), 9/27/24 (c)   1,963,470    1,963,470 
United Airlines, Inc., Class B Term Loans, First Lien, 4.50% (LIBOR03M+375bps), 4/21/28 (c)   1,496,250    1,505,437 
Victoria's Secret & Co, Initial Term Loans, First Lien, 3.75% (LIBOR03M+325bps), 8/2/28 (c)   900,000    896,625 
Total Senior Secured Loans (Cost $64,808,234)        65,409,942 
           
Corporate Bonds (67.2%)          
Communication Services (11.5%):          
Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88 (b)(g)   2,500,000    2,558,225 
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88 (g)   4,000,000    4,067,120 
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38 (b)(g)   4,210,000    4,358,150 
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38 (b)(g)   1,800,000    1,814,724 
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (g)   2,250,000    2,362,342 
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (b)(g)   2,750,000    2,703,827 
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19   4,510,000    4,817,853 
Meredith Corp., 6.88%, 2/1/26, Callable 11/8/21 @ 103.44   3,968,000    4,104,698 
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22 (g)   3,000,000    3,177,480 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (b)(g)(h)   3,000,000    2,974,800 
Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75 (g)(h)   2,350,000    2,547,165 
Univision Communications, Inc., 5.13%, 2/15/25, Callable 10/19/21 @ 101.71 (b)(g)   2,500,000    2,540,625 
         38,027,009 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued  
Victory High Yield Fund September 30, 2021  
  (Unaudited)  

 

Security Description  Principal Amount   Value 
Consumer Discretionary (17.7%):          
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103 (g)  $1,800,000   $1,942,956 
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (g)   2,750,000    2,890,360 
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56 (g)   4,800,000    4,766,496 
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94   2,000,000    2,095,540 
Boyd Gaming Corp., 8.63%, 6/1/25, Callable 6/1/22 @ 104.31 (g)   1,700,000    1,840,250 
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25, Callable 10/15/21 @ 101.31 (g)   2,500,000    2,535,325 
Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25 (g)   3,000,000    3,191,790 
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (b)(g)(h)   6,900,000    3,043,521 
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100 (h)   3,000,000    3,608,310 
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (b)(g)   2,750,000    2,748,955 
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13 (g)   1,800,000    1,799,748 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (g)   1,000,000    1,035,160 
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (g)   2,700,000    2,799,954 
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100   2,000,000    2,390,900 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   2,475,000    2,692,033 
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (g)(h)   2,600,000    2,835,456 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (g)   2,000,000    2,022,180 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (g)   2,800,000    2,828,056 
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (g)   3,000,000    3,196,350 
Tenneco, Inc.          
5.00%, 7/15/26, Callable 11/8/21 @ 102.5 (b)   4,350,000    4,290,753 
7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (g)   650,000    725,926 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75 (g)(h)   2,700,000    3,111,156 
         58,391,175 
Consumer Staples (2.7%):          
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 2/15/28, Callable 8/15/22 @ 104.41 (g)   2,750,000    2,927,787 
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31 (g)   2,950,000    2,983,483 
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (g)   2,800,000    2,849,448 
         8,760,718 
Energy (2.8%):          
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (g)   1,950,000    2,013,141 
Antero Resources Corp.          
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (g)   1,964,000    2,224,584 
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (g)   900,000    1,005,714 
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38 (g)   2,426,000    2,621,730 
           
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100   1,350,000    1,401,043 
         9,266,212 
Financials (6.9%):          
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44 (g)   1,500,000    1,520,865 
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31 (g)   3,000,000    3,198,660 
BCPE Ulysses Intermediate, Inc. PIK, 7.75%, 4/1/27, Callable 4/1/23 @ 102 (g)(i)   450,000    448,533 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued  
Victory High Yield Fund September 30, 2021  
  (Unaudited)  

 

Security Description  Principal Amount   Value 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (g)  $1,200,000   $1,254,780 
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25 (g)   3,000,000    3,215,880 
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (g)(h)   2,250,000    2,431,170 
Mozart Debt Merger Sub, Inc.          
3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (g)   2,000,000    1,995,000 
5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (g)   450,000    457,313 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (d)(g)   1,100,000    1,069,354 
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19 (g)   3,800,000    3,640,210 
White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (g)(i)   2,100,000    2,168,145 
Wolverine Escrow LLC, 13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (b)(g)   2,200,000    1,447,050 
         22,846,960 
Health Care (7.2%):          
Air Methods Corp., 8.00%, 5/15/25, Callable 11/8/21 @ 102 (g)(h)   2,500,000    2,392,100 
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (b)(g)(h)   1,250,000    1,165,337 
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06 (b)(g)   3,450,000    3,349,157 
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63 (g)   1,796,000    1,924,055 
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (g)(h)   2,985,000    3,206,935 
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 12/1/21 @ 104.88 (g)   3,000,000    3,172,440 
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (b)(g)   2,500,000    2,705,025 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/25/21 @ 101.59 (b)(g)   2,750,000    2,655,647 
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (g)   3,000,000    3,148,200 
         23,718,896 
Industrials (11.3%):          
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 11/8/21 @ 100 (b)(g)   1,700,000    1,621,749 
American Airlines, Inc., 11.75%, 7/15/25 (g)   3,000,000    3,711,150 
American Airlines, Inc./AAdvantage Loyalty IP Ltd.          
5.50%, 4/20/26 (g)   1,300,000    1,366,209 
5.75%, 4/20/29 (g)   1,850,000    1,993,764 
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 11/8/21 @ 100 (b)(g)   2,000,000    2,004,860 
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/1/22 @ 103.19 (g)   3,000,000    3,158,130 
Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 (g)   1,800,000    1,860,966 
Madison IAQ LLC          
4.13%, 6/30/28, Callable 6/30/24 @ 102.06 (g)   1,800,000    1,799,280 
5.88%, 6/30/29, Callable 6/30/24 @ 102.94 (g)   2,800,000    2,831,052 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (g)   3,000,000    3,264,300 
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (g)   2,050,000    2,127,469 
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75 (g)   2,000,000    2,039,420 
SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (g)   1,125,000    1,158,919 
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31   1,250,000    1,246,875 
Triumph Group, Inc., 6.25%, 9/15/24, Callable 11/8/21 @ 101.56 (g)   1,525,000    1,526,235 
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (d)(g)   3,000,000    2,998,950 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued  
Victory High Yield Fund September 30, 2021  
  (Unaudited)  

 

Security Description  Principal Amount   Value 
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (g)  $2,250,000   $2,492,077 
         37,201,405 
Information Technology (1.3%):          
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (b)(g)   2,250,000    2,528,685 
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 11/8/21 @ 103.75 (g)   1,800,000    1,873,404 
         4,402,089 
Materials (4.7%):          
Allegheny Technologies, Inc.          
4.88%, 10/1/29, Callable 10/1/24 @ 102.44   900,000    902,493 
5.13%, 10/1/31, Callable 10/1/26 @ 102.56   900,000    906,795 
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63 (g)   3,000,000    3,055,860 
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06 (b)(g)   1,800,000    1,887,858 
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 7/15/25, Callable 7/15/22 @ 103.25 (g)   1,200,000    1,284,480 
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25 (g)   2,000,000    2,093,100 
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81 (g)   2,250,000    2,330,010 
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 11/8/21 @ 101.56 (b)(g)   3,000,000    3,053,130 
         15,513,726 
Real Estate (1.1%):          
Adams Homes, Inc., 7.50%, 2/15/25, Callable 2/15/22 @ 103.75 (g)   3,371,000    3,533,617 
Total Corporate Bonds (Cost $215,109,527)        221,661,807 
           
Yankee Dollars (7.1%)          
Consumer Discretionary (1.3%):          
1011778 BC ULC/New Red Finance, Inc., 4.38%, 1/15/28, Callable 11/15/22 @ 102.19 (g)   2,000,000    2,030,100 
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (g)   2,000,000    2,138,360 
         4,168,460 
Energy (1.1%):          
Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 11/8/21 @ 109.75 (b)(g)(h)(i)   500,000    531,330 
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (g)   3,000,000    3,217,620 
         3,748,950 
Health Care (0.8%):          
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 11/8/21 @ 102.04 (g)   2,448,000    2,500,412 
           
Industrials (1.6%):          
Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 10/19/21 @ 102.5 (g)(h)   2,200,000    2,255,022 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued  
Victory High Yield Fund September 30, 2021  
  (Unaudited)  

 

Security Description  Shares or
Principal Amount		   Value 
Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94 (b)(g)  $3,000,000   $3,110,460 
         5,365,482 
Information Technology (0.8%):          
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88 (g)   2,500,000    2,565,200 
           
Materials (1.5%):          
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/8/21 @ 103.88 (g)(h)   2,000,000    2,044,180 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (g)   2,900,000    2,925,955 
         4,970,135 
Total Yankee Dollars (Cost $22,362,983)        23,318,639 
           
Exchange-Traded Funds (1.8%)          
iShares iBoxx High Yield Corporate Bond ETF (b)(h)   21,750    1,902,907 
SPDR Blackstone Senior Loan ETF (h)   50,750    2,335,515 
SPDR Bloomberg Barclays High Yield Bond ETF (h)   16,650    1,820,844 
Total Exchange-Traded Funds (Cost $6,066,229)        6,059,266 
           
Collateral for Securities Loaned^ (11.9%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (j)   737,537    737,537 
Fidelity  Investments Money Market Government Portfolio, I Shares, 0.01% (j)   21,858,282    21,858,282 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (j)   368,068    368,068 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (j)   2,934,857    2,934,857 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (j)   13,195,688    13,195,688 
Total Collateral for Securities Loaned (Cost $39,094,432)        39,094,432 
Total Investments (Cost $349,745,331) — 108.6%        358,277,794 
Liabilities in excess of other assets — (8.6)%        (28,479,809)
NET ASSETS - 100.00%       $329,797,985 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.
(d) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(e) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.8% of net assets.
(g) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $216,523,153 and amounted to 65.7% of net assets.
(h) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(i) All of the coupon is paid in kind.
(j) Rate disclosed is the daily yield on September 30, 2021.

 

 

 

bps—Basis points
ETF—Exchange-Traded Fund
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PIK—Payment-in-Kind
PLC—Public Limited Company
ULC—Unlimited Liability Co.

 

 

 

Victory Portfolios Schedule of Portfolio Investments  
Victory Tax-Exempt Fund September 30, 2021  
  (Unaudited)  

 

Security Description  Principal Amount   Value 
Municipal Bonds (98.4%)          
Arkansas (2.0%):          
Arkansas Development Finance Authority Revenue Bonds, 3.20%, 12/1/49, Continuously Callable @100  $750,000   $784,710 
University of Central Arkansas Revenue Bonds, Series A, 3.00%, 11/1/49, Continuously Callable @100   265,000    275,857 
         1,060,567 
California (2.9%):          
Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100   1,500,000    1,541,865 
           
Colorado (1.6%):          
Colorado Health Facilities Authority Revenue Bonds, Series A, 4.00%, 12/1/50, Continuously Callable @103   750,000    838,552 
           
Connecticut (4.5%):          
Connecticut Health and Educational Facilities Authority Revenue Bonds, Series 2016 CT, 5.00%, 12/1/41, Continuously Callable @100   2,000,000    2,362,060 
           
Florida (10.7%):          
Capital Trust Agency, Inc. Revenue Bonds, 5.00%, 8/1/55, Continuously Callable @100   400,000    472,420 
City of Pompano Beach Revenue Bonds, 4.00%, 9/1/50, Continuously Callable @103   500,000    540,055 
County of Miami-Dade Seaport Department Revenue Bonds, 4.00%, 10/1/50, Continuously Callable @100   500,000    571,785 
Florida Development Finance Corp. Revenue Bonds, Series A, 5.00%, 6/15/55, Continuously Callable @100 (a)   500,000    559,600 
Hillsborough County IDA Revenue Bonds, 4.00%, 8/1/50, Continuously Callable @100   500,000    571,725 
Miami-Dade County Public Facilities Revenue Bonds, Series A, 5.00%, 6/1/33, Continuously Callable @100   2,000,000    2,308,520 
St. Johns County IDA Revenue Bonds, 4.00%, 8/1/55, Continuously Callable @103   500,000    567,570 
         5,591,675 
Georgia (1.9%):          
Appling County Development Authority Revenue Bonds, 0.11%, 9/1/41, Continuously Callable @100 (b)   400,000    400,000 
The Burke County Development Authority Revenue Bonds (NBGA - Southern Co.), 0.11%, 11/1/52, Continuously Callable @100 (b)   500,000    500,000 
The Development Authority of Monroe County Revenue Bonds, 0.11%, 11/1/48, Continuously Callable @100 (b)   100,000    100,000 
         1,000,000 
Guam (2.2%):          
Port Authority of Guam Revenue Bonds, Series A, 5.00%, 7/1/48, Continuously Callable @100   1,000,000    1,166,970 
           
Illinois (25.3%):          
Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100   2,275,000    2,818,202 
Chicago General Obligation Refunding Bonds, Series A, 5.75%, 1/1/33, Continuously Callable @100   1,000,000    1,223,620 
Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series 2014, 5.00%, 12/1/44, Continuously Callable @100   1,450,000    1,630,815 
City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Callable 0 @ 100, Continuously Callable @100   1,000,000    1,222,830 
City of Chicago Wastewater Transmission Revenue Bonds          
Series A, 5.00%, 1/1/47, Continuously Callable @100   1,000,000    1,173,040 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Tax-Exempt Fund  September 30, 2021
   (Unaudited)

 

Security Description  Principal Amount   Value 
Series C, 5.00%, 1/1/34, Continuously Callable @100  $1,000,000   $1,135,090 
Illinois General Obligation Bonds, Series 2013, 5.50%, 7/1/27, Continuously Callable @100   2,000,000    2,160,000 
Sales Tax Securitization Corp. Revenue Bonds, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100   1,500,000    1,833,750 
         13,197,347 
Iowa (1.0%):          
Iowa Finance Authority Revenue Bonds, Series A-1, 4.00%, 5/15/55, Continuously Callable @103   500,000    543,450 
           
Massachusetts (1.8%):          
University of Massachusetts Building Authority Revenue Bonds          
5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100   220,000    251,464 
Series 1-2021, 5.00%, 11/1/39, Continuously Callable @100   410,000    462,173 
Series 1-2021, 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100   190,000    217,174 
         930,811 
Missouri (2.4%):          
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (a)   1,150,000    1,253,293 
           
New Jersey (8.1%):          
New Jersey Economic Development Authority Biomedical Research Facilities Revenue Bonds, Series 2016 A, 5.00%, 7/15/29, Continuously Callable @100   885,000    1,054,708 
New Jersey Transportation Trust Fund Authority Revenue Bonds          
5.00%, 6/15/28, Continuously Callable @100   1,000,000    1,189,170 
Series BB, 3.50%, 6/15/46, Continuously Callable @100   200,000    214,924 
Tobacco Settlement Financing Corp. Revenue Bonds, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100   1,500,000    1,774,815 
         4,233,617 
New York (12.3%):          
Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue Bonds, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100   1,545,000    1,820,798 
Metropolitan Transportation Authority Revenue Bonds, Series D-3, 4.00%, 11/15/49, Continuously Callable @100   500,000    558,870 
New York Counties Tobacco Trust II Revenue Bonds, 5.75%, 6/1/43, Continuously Callable @100   200,000    200,740 
New York State Dormitory Authority Revenue Bonds, 6.00%, 7/1/40, Continuously Callable @100 (a)   440,000    443,995 
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 12/1/32, Continuously Callable @100   1,000,000    1,096,190 
TSASC, Inc. Revenue Bonds, Series A, 5.00%, 6/1/41, Continuously Callable @100   2,000,000    2,329,160 
         6,449,753 
North Carolina (5.4%):          
City of Charlotte Certificate of Participation, 4.00%, 6/1/49, Continuously Callable @100   1,670,000    1,888,686 
North Carolina Medical Care Commission Revenue Bonds          
Series A, 4.00%, 9/1/50, Continuously Callable @100   500,000    525,145 
Series A, 4.00%, 10/1/50, Continuously Callable @103   350,000    387,471 
         2,801,302 
Ohio (7.3%):          
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100   1,000,000    1,132,720 
County of Franklin Revenue Bonds, Series B, 5.00%, 7/1/45, Continuously Callable @103   500,000    583,050 
County of Hardin Economic Development Facilities Revenue Bonds, 5.00%, 5/1/30, Continuously Callable @103   350,000    379,505 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Tax-Exempt Fund  September 30, 2021
   (Unaudited)

 

Security Description  Principal Amount   Value 
Logan Elm Local School District General Obligation Bonds, 4.00%, 11/1/55, Continuously Callable @100  $1,500,000   $1,696,155 
         3,791,430 
Pennsylvania (5.2%):          
Philadelphia School District, General Obligation Bonds, Series A, 5.00%, 9/1/44, Continuously Callable @100   1,000,000    1,230,290 
The Philadelphia School District, General Obligation Bonds, Series A, 5.00%, 9/1/38, Continuously Callable @100   1,200,000    1,468,092 
         2,698,382 
Texas (0.6%):          
Port of Port Arthur Navigation District Revenue Bonds, Series B, 0.12%, 4/1/40, Continuously Callable @100 (b)   300,000    300,000 
           
Utah (3.2%):          
Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a)   483,595    485,254 
Utah Infrastructure Agency Revenue Bonds, Series A, 5.00%, 10/15/40, Continuously Callable @100   1,000,000    1,167,530 
         1,652,784 
Total Municipal Bonds (Cost $47,239,771)        51,413,858 
Total Investments (Cost $47,239,771) — 98.4%        51,413,858 
Other assets in excess of liabilities — 1.6%        835,457 
NET ASSETS - 100.00%       $52,249,315 

 

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $2,742,142 and amounted to 5.2% of net assets.
(b) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

 

IDA—Industrial Development Authority

 

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

 

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

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory High Income Municipal Bond Fund  September 30, 2021
   (Unaudited)

 

Security Description  Principal Amount   Value 
         
Municipal Bonds (96.8%)          
Arizona (3.1%):          
Arizona IDA Revenue Bonds, 4.00%, 12/15/51, Continuously Callable @100 (a)  $700,000   $749,098 
Arizona Industrial Development Authority Revenue Bonds, 4.00%, 7/15/51, Continuously Callable @100 (a)   500,000    540,980 
La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100   280,000    306,247 
         1,596,325 
California (2.6%):          
California County Tobacco Securitization Agency Revenue Bonds, Series B-1, 5.00%, 6/1/49, Continuously Callable @100   250,000    305,083 
Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100   1,000,000    1,027,910 
         1,332,993 
District of Columbia (1.0%):          
District of Columbia Tobacco Settlement Financing Corp. Revenue Bonds, 6.50%, 5/15/33 (b)   460,000    504,997 
           
Florida (7.1%):          
Escambia County Health Facilities Authority Revenue Bonds, 3.00%, 8/15/50, Continuously Callable @100   1,000,000    1,038,930 
Florida Development Finance Corp. Revenue, 4.00%, 7/1/55, Continuously Callable @100   500,000    537,035 
Seminole County Industrial Development Authority Revenue Bonds, 4.00%, 6/15/56, Continuously Callable @100 (a)   705,000    772,877 
Sumter County Village Community Development District No. 10 Special Assessment Revenue Bonds, Series 2014, 5.75%, 5/1/31, Continuously Callable @100   1,225,000    1,297,545 
         3,646,387 
Georgia (3.1%):          
The Burke County Development Authority Revenue, Series 1, 0.11%, 7/1/49, Continuously Callable @100 (c)   1,100,000    1,100,000 
The Burke County Development Authority Revenue Bonds (NBGA - Southern Co.), 0.11%, 11/1/52, Continuously Callable @100 (c)   500,000    500,000 
         1,600,000 
Illinois (12.9%):          
Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100 (b)   1,500,000    1,858,155 
Chicago General Obligation Refunding Bonds, Series 2015 C, 5.00%, 1/1/38, Continuously Callable @100   1,000,000    1,137,730 
City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Callable 0 @ 100, Continuously Callable @100   1,000,000    1,222,830 
Illinois General Obligation Bonds          
5.50%, 7/1/33, Continuously Callable @100   1,000,000    1,073,480 
5.50%, 7/1/38, Continuously Callable @100   1,250,000    1,337,325 
         6,629,520 
Indiana (3.2%):          
Indiana Finance Authority Revenue Bonds          
4.13%, 12/1/26   1,000,000    1,097,720 
Series A, 5.00%, 7/1/55, Continuously Callable @100   500,000    563,085 
         1,660,805 
Iowa (2.2%):          
Iowa Finance Authority Revenue Bonds          
Series A, 5.00%, 5/15/48, Continuously Callable @100   500,000    574,435 
Series A-1, 4.00%, 5/15/55, Continuously Callable @103   500,000    543,450 
         1,117,885 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund  September 30, 2021
   (Unaudited)

 

Security Description  Principal Amount   Value 
Maryland (0.5%):          
Maryland Economic Development Corp. Revenue Bonds, 4.25%, 7/1/50, Continuously Callable @100  $200,000   $230,032 
           
Massachusetts (2.3%):          
Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a)   300,000    323,520 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J          
Series 2011, 5.63%, 7/1/28, Continuously Callable @100 (b)   235,000    235,204 
Series 2011, 5.63%, 7/1/29, Continuously Callable @100 (b)   480,000    480,418 
Series 2011, 5.63%, 7/1/33, Continuously Callable @100 (b)   120,000    120,104 
         1,159,246 
Minnesota (0.8%):          
City of Woodbury Revenue Bonds, 4.00%, 7/1/51, Continuously Callable @103   400,000    431,692 
           
Missouri (1.1%):          
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (a)   500,000    544,910 
           
New Hampshire (2.6%):          
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103   500,000    540,250 
New Hampshire Business Finance Authority Revenue Bonds, Series B, 3.75%, 7/1/45, (Put Date 7/02/40), Callable 7/1/25 @ 100 (a)(d)   750,000    793,658 
         1,333,908 
New Jersey (6.4%):          
New Jersey Economic Development Authority Revenue Bonds, Series S, 4.00%, 6/15/50, Continuously Callable @100   450,000    514,210 
New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series 2015 WW, 5.25%, 6/15/32, Continuously Callable @100 (b)   1,000,000    1,154,840 
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue Bonds, Series A, 5.00%, 7/1/33, Continuously Callable @100   500,000    592,350 
New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.75%, 12/1/28, Continuously Callable @100   495,000    498,500 
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series BB, 3.50%, 6/15/46, Continuously Callable @100   500,000    537,310 
         3,297,210 
New Mexico (1.1%):          
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102   500,000    561,085 
           
New York (9.9%):          
Build NYC Resource Corp. Revenue Bonds          
4.00%, 6/15/51, Continuously Callable @100   500,000    539,630 
Series A, 5.00%, 6/15/51, Continuously Callable @100 (a)   100,000    117,527 
Huntington Local Development Corp. Revenue Bonds, Series S, 3.00%, 7/1/25   500,000    517,440 
Metropolitan Transportation Authority Revenue, Series A-2, 5.00%, 11/15/45, (Put Date 05/15/30) (d)   365,000    464,408 
Metropolitan Transportation Authority Revenue Bonds, Series D-3, 4.00%, 11/15/49, Continuously Callable @100   500,000    558,870 
New York State Dormitory Authority Revenue Bonds          
6.00%, 7/1/40, Continuously Callable @100 (a)   1,000,000    1,009,080 
4.00%, 7/1/40, Continuously Callable @100   200,000    221,076 
New York Transportation Development Corp. Revenue Bonds, 5.00%, 10/1/40, Continuously Callable @100   750,000    918,285 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund  September 30, 2021
   (Unaudited)

 

Security Description  Principal Amount   Value 
Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100  $250,000   $270,202 
Western Regional Off-Track Betting Corp. Revenue Bonds, 4.13%, 12/1/41, Continuously Callable @100 (a)   500,000    500,040 
         5,116,558 
North Carolina (3.5%):          
North Carolina Medical Care Commission Revenue Bonds, 5.00%, 10/1/50, Continuously Callable @103   250,000    283,225 
University of North Carolina Hill Revenue Bonds, 5.00%, 2/1/49   1,000,000    1,528,820 
         1,812,045 
North Dakota (2.0%):          
Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue Bonds, 5.00%, 12/1/36, Continuously Callable @100   1,000,000    1,031,220 
           
Ohio (3.7%):          
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100   1,000,000    1,132,720 
County of Hardin Revenue Bonds, 5.50%, 5/1/50, Continuously Callable @103   500,000    538,220 
Northeast Ohio Medical University Revenue Bonds, Series A, 4.00%, 12/1/45, Continuously Callable @100   225,000    249,989 
         1,920,929 
Oklahoma (0.0%):(e)          
Oklahoma Development Finance Authority Continuing Care Retirement Community Revenue Bonds, Series 2012, 6.00%, 1/1/32, Continuously Callable @100 (f)(g)   1,885,000    22,252 
           
Oregon (1.8%):          
Clackamas County Hospital Facility Authority Revenue Bonds          
Series A, 5.00%, 11/15/52, Continuously Callable @102   500,000    546,060 
Series A, 5.38%, 11/15/55, Continuously Callable @102   100,000    109,180 
Yamhill County Hospital Authority Revenue Bonds, Series A, 5.00%, 11/15/51, Continuously Callable @103   250,000    285,800 
         941,040 
Pennsylvania (2.3%):          
Bucks County IDA Revenue Bonds, 5.00%, 7/1/54, Continuously Callable @100   500,000    591,855 
Pennsylvania Economic Development Financing Authority Revenue Bonds, 9.00%, 4/1/51, (Put Date 4/13/28) (a)(d)   500,000    613,865 
         1,205,720 
South Carolina (3.4%):          
Lancaster County, Walnut Creek Improvement District Assessment Refunding Revenue Bonds, Series 2016 A-1, 5.00%, 12/1/37, Continuously Callable @100   1,675,000    1,769,169 
           
South Dakota (1.1%):          
Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22, Callable 11/8/21 @ 100 (a)   545,000    545,834 
           
Texas (6.3%):          
City of Houston TX Airport System Revenue Bonds, Series C, 4.00%, 7/15/41, Continuously Callable @100   500,000    531,170 
Port of Port Arthur Navigation District Revenue Bonds          
Series B, 0.12%, 4/1/40, Continuously Callable @100 (c)   300,000    300,000 
Series C, 0.13%, 4/1/40, Continuously Callable @100 (c)   1,300,000    1,300,000 
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, NTE Mobility Partners Segments 3 LLC - Segments 3A & 3B Facility, Series 2013, 7.00%, 12/31/38, Continuously Callable @100   1,000,000    1,120,970 
         3,252,140 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund  September 30, 2021
   (Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
Utah (6.8%):          
Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a)  $1,308,378   $1,312,866 
Military Installation Development Authority Revenue Bonds, Series A-1, 4.00%, 6/1/52, Continuously Callable @103   250,000    253,612 
Utah Charter School Finance Authority Revenue Bonds, 2.75%, 4/15/50, Continuously Callable @100   525,000    530,418 
Utah Infrastructure Agency Revenue Bonds, Series A, 5.38%, 10/15/40, Continuously Callable @100   1,150,000    1,377,056 
         3,473,952 
Vermont (1.6%):          
Vermont Economic Development Authority Revenue Bonds, 4.00%, 5/1/45, Continuously Callable @103 (h)   500,000    535,775 
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100   250,000    281,530 
         817,305 
West Virginia (2.3%):          
The County Commission of Monongalia County, WV Special District Excise Tax Revenue Bonds, Series 2017 A, 5.75%, 6/1/43, Continuously Callable @100 (a)   1,000,000    1,156,240 
           
Wisconsin (2.1%):          
Public Finance Authority Revenue Bonds          
Series A, 5.25%, 3/1/55, Continuously Callable @100 (a)   500,000    561,720 
Series A, 5.00%, 7/1/55 (a)   500,000    540,700 
         1,102,420 
Total Municipal Bonds (Cost $46,857,969)        49,813,819 
           
Exchange-Traded Funds (2.4%)          
VanEck Vectors High-Yield Municipal Index ETF   20,000    1,249,600 
Total Exchange-Traded Funds (Cost $1,192,739)        1,249,600 
Total Investments (Cost $48,050,708) — 99.2%        51,063,419 
Other assets in excess of liabilities — 0.8%        412,665 
NET ASSETS - 100.00%       $51,476,084 

 

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $10,082,915 and amounted to 19.6% of net assets.
(b) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(c) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Put Bond.
(e) Amount represents less than 0.05% of net assets.
(f) Defaulted security.
(g) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of September 30, 2021, illiquid securities were 0.0% of net assets.
(h) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.

 

ETF—Exchange-Traded Fund
IDA—Industrial Development Authority
LLC—Limited Liability Company
 

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

 

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

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory Floating Rate Fund  September 30, 2021
   (Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
Warrants (0.0%)(a)          
Communication Services (0.0%):(a)          
Cineworld   377,856   $187,330 
           
Total Warrants (Cost $–)        187,330 
           
Senior Secured Loans (82.7%)          
84 Lumber Co., Term B-1 Loans, First Lien, 3.75%  (LIBOR01M+300bps), 11/13/26 (b)  $16,939,937    16,953,997 
AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 5.50%  (LIBOR03M+475bps), 4/20/28 (b)   17,000,000    17,568,990 
Academy Ltd., Refinancing Term Loans, First Lien, 4.50%  (LIBOR01M+375bps), 11/6/27 (b)   8,216,250    8,224,466 
ACProducts, Inc. Initial Term Loans, First Lien, 4.75%  (LIBOR06M+425bps), 5/17/28 (b)   26,000,000    25,939,680 
Acrisure LLC, 2021-1 Additional Term Loans, First Lien, 3.85%  (LIBOR02M+375bps), 2/15/27 (b)   1,500,000    1,493,130 
Acrisure LLC, Term Loan B 2020, First Lien, 3.61%  (LIBOR02M+350bps), 2/15/27 (b)   15,335,566    15,178,990 
Air Canada, Term Loan, First Lien, 4.25%  (LIBOR06M+350bps), 7/27/28 (b)   20,500,000    20,568,265 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 3/14/25 (c)(d)   3,000,000    3,009,000 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25%  (LIBOR06M+425bps), 3/14/25 (b)   4,886,076    4,900,734 
Air Methods Corp., Initial Term Loans, First Lien, 4.50%  (LIBOR03M+350bps), 4/21/24 (b)(d)   13,872,128    13,744,226 
Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 4.25%  (LIBOR03M+350bps), 10/8/27 (b)   13,398,620    13,410,545 
Alliant Holdings Intermediate LLC, 2020 New Term Loan, First Lien, 4.25%  (LIBOR01M+375bps), 11/6/27 (b)   1,197,481    1,197,816 
American Axle & Manufacturing, Inc., Term Loan B, First Lien, 3.00%  (LIBOR01M+225bps), 4/6/24 (b)   4,736,505    4,721,395 
Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 3.63%  (LIBOR01M+350bps), 3/23/25 (b)   7,716,670    7,604,161 
Anchor Packaging LLC, Initial Term Loans, First Lien, 4.08%  (LIBOR01M+400bps), 7/18/26 (b)   8,918,102    8,901,426 
AOT Packaging Products Acquisitionco LLC, Closing Date Initial Term Loans, First Lien, 3.75%  (LIBOR01M+325bps), 3/3/28 (b)   8,571,920    8,519,460 
AOT Packaging Products Acquisitionco LLC, Delayed Draw Term Loan Commitment, First Lien, 3.75%  (LIBOR01M+325bps), 1/29/28 (b)(d)   2,153,022    2,139,846 
Apex Tool Group LLC, 2019 Term Loan B, First Lien, 6.50%  (LIBOR01M+525bps), 8/21/24 (b)   1,986,928    1,987,425 
At Home Group, Inc., Initial Term Loan, First Lien, 4.75%  (LIBOR03M+425bps), 7/23/28 (b)   12,000,000    12,015,000 
AT Home Group, Inc., Term Loan B, First Lien, 7/23/28 (c)(d)   7,000,000    7,008,750 
AthenaHealth, Inc., Additional Term B-1, First Lien, 4.38%  (LIBOR03M+425bps), 2/11/26 (b)   12,468,750    12,493,688 
Blount International, Inc., Initial Term Loan Repricing, First Lien, 4.75%  (LIBOR01M+375bps), 4/12/23 (b)   5,791,238    5,796,392 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
Boyd Gaming Corp., Refinancing Term B Loans, First Lien, 2.32%  (LIBOR01M+225bps), 9/15/23 (b)  $11,742,586   $11,724,268 
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR03M+425bps), 6/21/24 (b)   7,683,346    7,609,970 
Brookfield Property REIT, Inc., Initial Term B Loans, First Lien, 2.58%  (LIBOR01M+250bps), 8/24/25 (b)   9,948,847    9,822,696 
BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 9.12%  (LIBOR03M+900bps), 5/15/26 (b)   3,000,000    1,800,000 
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.58%  (LIBOR01M+350bps), 6/19/25 (b)   7,947,462    7,950,323 
Calpine Corp., 2020 Term Loans, First Lien, 2.59%  (LIBOR01M+250bps), 12/16/27 (b)   2,980,143    2,972,186 
Chassix, Inc., Term Loan B, First Lien, 6.50%  (LIBOR06M+550bps), 11/10/23 (b)   3,845,416    3,778,121 
CLARIOS GLOBAL LP, Term B-1, First Lien, 3.33%  (LIBOR01M+325bps), 4/30/26 (b)   8,234,783    8,193,609 
Consolidated Communications, Inc., 2020 Term B-1, First Lien, 4.25%  (LIBOR01M+350bps), 10/2/27 (b)   7,644,610    7,648,202 
Cornerstone Building Brands, Inc., New Term Loan B, First Lien, 3.75%  (LIBOR01M+325bps), 4/12/28 (b)   16,770,406    16,714,560 
CP Atlas Buyer, Inc., Term B Loans, First Lien, 11/23/27 (c)(d)   3,200,000    3,188,000 
CP ATLAS BUYER, Inc., Term B Loans, First Lien, 4.25%  (LIBOR03M+375bps), 11/23/27 (b)(d)   26,952,500    26,851,428 
CPM Holdings, Inc., Initial Term Loans, First Lien, 3.59%  (LIBOR01M+350bps), 11/17/25 (b)   2,924,996    2,905,983 
CPM Holdings, Inc., Initial Term Loans, Second Lien, 8.34%  (LIBOR01M+825bps), 11/16/26 (b)   1,595,960    1,568,030 
Cumulus Media New Holdings, Inc., Initial Term Loan, First Lien, 4.75%  (LIBOR03M+375bps), 3/31/26 (b)(d)   10,279,979    10,254,279 
Dayco Products LLC, Term Loans, First Lien, 4.37%  (LIBOR03M+425bps), 5/19/24 (b)   7,660,000    7,430,200 
Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 3.50%  (LIBOR01M+250bps), 2/1/24 (b)   18,000,000    17,932,500 
DELTA AIR LINES, Inc. and SKYMILES IP Ltd., Initial Term Loan, First Lien, 4.75%  (LIBOR03M+375bps), 9/16/27 (b)   7,500,000    7,972,050 
DELTA AIR LINES, Inc. and SKYMILES IP Ltd., Initial Term Loan, First Lien, 10/20/27 (c)   8,411,595    8,941,021 
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.65%  (LIBOR03M+350bps), 4/8/26 (b)   5,519,394    5,393,497 
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75%  (LIBOR03M+500bps), 3/11/28 (b)   16,571,729    16,175,830 
ENTERCOM MEDIA Corp., New Term Loan, First Lien, 2.59%  (LIBOR01M+250bps), 11/17/24 (b)   19,862,888    19,552,630 
Eyemart Express LLC, Term B-1 Loan, First Lien, 4.00%  (LIBOR01M+300bps), 8/5/27 (b)   15,000,000    14,956,200 
First Brands Group LLC, 2021 Term Loans, First Lien, 6.00%  (LIBOR03M+500bps), 3/24/27 (b)   4,987,500    5,032,388 
Forterra Finance LLC, Replacement Term Loan, First Lien, 4.00%  (LIBOR01M+300bps), 10/25/23 (b)   16,464,102    16,451,260 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
Froneri International Ltd., Facility B2 Loan, First Lien, 2.33%  (LIBOR01M+225bps), 1/31/27 (b)  $6,934,962   $6,848,275 
Frontier Communications Corp., DIP Term Loan, First Lien, 4.50%  (LIBOR03M+375bps), 10/8/27 (b)   9,975,000    9,953,155 
Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 3.25%  (LIBOR01M+250bps), 3/31/27 (b)   10,984,115    10,960,829 
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.75%  (LIBOR06M+475bps), 10/2/25 (b)   10,964,975    10,997,870 
Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25%  (LIBOR02M+250bps), 10/4/23 (b)   11,024,589    10,966,490 
Graham Packaging Co., Inc., New Term Loans, First Lien, 3.75%  (LIBOR01M+300bps), 8/4/27 (b)   15,817,983    15,800,425 
Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00%  (LIBOR03M+425bps), 3/5/28 (b)   19,915,000    19,974,745 
Gulf Finance LLC, Term Loan B, First Lien, 6.25%  (LIBOR01M+525bps), 8/25/23 (b)   2,899,245    2,782,058 
Hertz Corp. (The), Initial Term B Loans, First Lien, 4.00%  (LIBOR01M+350bps), 6/30/28 (b)   27,135,922    27,140,264 
Hertz Corp. (The), Initial Term C Loan, First Lien, 4.00%  (LIBOR01M+350bps), 6/30/28 (b)   5,114,078    5,114,896 
Hillman Group, Inc. (The), Initial Term Loans, First Lien, 3.25%  (LIBOR01M+275bps), 7/14/28 (b)   6,694,093    6,684,052 
Hillman Group, Inc., Delayed Draw Term loan, First Lien, 3.25%  (LIBOR01M+275bps), 2/24/28 (b)(d)   827,004    825,764 
Hillman Group, Inc., Term Loan B1, First Lien, 2/24/28 (c)(d)   1,202,532    1,200,728 
Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.13%  (LIBOR03M+500bps), 10/26/25 (b)   7,045,765    7,048,725 
Hub International Ltd., Term Loan B, First Lien, 2.88%  (LIBOR03M+275bps), 4/25/25 (b)   10,259,615    10,155,993 
iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 3.75%  (LIBOR01M+325bps), 5/1/26 (b)   6,975,912    6,972,424 
iHeartCommunications, Inc., Term Loans, First Lien, 3.08%  (LIBOR01M+300bps), 5/1/26 (b)(d)   30,258,671    30,025,377 
Ineos U.S Petrochem LLC, 2026 Tranche B Dollar Term Loans, First Lien, 3.25%  (LIBOR01M+275bps), 1/29/26 (b)   8,000,000    8,000,000 
Ingram Micro Inc, Initial Term Loan, First Lien, 4.00%  (LIBOR02M+350bps), 6/30/28 (b)   3,500,000    3,507,000 
Innio North America Holding, Inc., Facility B USD, First Lien, 2.89%  (LIBOR03M+275bps), 11/6/25 (b)   8,893,785    8,702,035 
Insulet Corp., Term Loan B, First Lien, 3.75%  (LIBOR01M+325bps), 5/3/28 (b)   4,000,000    4,006,680 
Intelsat Jackson Holdings S.A.,Term B-3, First Lien, 8.00%  (PRIME+475bps), 11/27/23 (b)   11,750,000    11,880,072 
Janus International Group LLC Amendment No 3, Refinancing Term Loans, First Lien, 4.25%  (LIBOR03M+325bps), 2/15/25 (b)   12,652,388    12,652,388 
Jo-Ann Stores, LLC, Term B-1 Loan, First Lien, 5.50%  (LIBOR03M+475bps), 6/30/28 (b)   22,500,000    21,847,500 
Kindred Healthcare LLC, Term Loan New, First Lien, 4.63%  (LIBOR01M+450bps), 7/2/25 (b)   15,825,338    15,825,337 
LABL, Inc., Term B USD Facility, First Lien, 4.08%  (LIBOR01M+400bps), 7/2/26 (b)   6,409,636    6,401,624 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
LBM Acquisition LLC, Initial Delayed Draw Term Loan Commitment, First Lien, 12/8/27 (c)(d)  $1,939,394   $1,920,000 
LBM Acquisition LLC, Initial Term Loan, First Lien, 12/17/27 (c)(d)   9,090,909    9,000,000 
LBM Acquisition LLC, Initial Term Loan, First Lien, 4.50%  (LIBOR03M+375bps), 12/17/27 (b)   10,612,500    10,506,375 
Leslie's Poolmart, Inc., Term Loan B, First Lien, 3.25%  (LIBOR03M+275bps), 3/9/28 (b)   20,541,626    20,451,859 
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75%  (LIBOR03M+475bps), 12/15/24 (b)(d)   28,704,376    28,901,862 
Lifepoint Health, Inc., Term B Loans, First Lien, 3.83%  (LIBOR01M+375bps), 11/16/25 (b)   11,474,536    11,453,079 
LifeScan Global Corp., Initial Term Loan, First Lien, 6.15%  (LIBOR03M+600bps), 10/1/24 (b)(d)   23,710,356    23,492,932 
LifeScan Global Corp., Initial Term Loan, Second Lien, 9.65%  (LIBOR03M+950bps), 6/19/25 (b)(d)   3,750,000    3,536,737 
Lower Cadence Holdings LLC, Initial Term Loans, First Lien, 4.08%  (LIBOR01M+400bps), 5/22/26 (b)   6,982,128    6,973,400 
Lsf11 A5 Holdco LLC, 9/30/28 (c)(d)   9,000,000    8,910,000 
Lucid Energy Group II Borrower LLC, Initial Term Loan, First Lien, 4.00%  (LIBOR01M+300bps), 2/18/25 (b)(d)   12,974,227    12,818,536 
Madison IAQ LLC, Initial Term Loans, First Lien, 3.75%  (LIBOR06M+325bps), 6/16/28 (b)   20,500,000    20,465,765 
Majordrive Holdings IV LLC, Initial term Loans, First Lien, 4.50%  (LIBOR03M+400bps), 6/1/28 (b)   3,750,000    3,755,850 
McGraw-Hill Education, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR01M+475bps), 7/30/28 (b)   9,000,000    9,019,260 
Medline Industries, Inc., Bridge Term, First Lien, 8/4/22 (c)(d)   13,884,615    13,884,615 
Medline Industries, Inc., Bridge, First Lien, 8/4/22 (c)(d)(e)   14,615,385    14,615,385 
Men's Wearhouse, Inc., Term loan, First Lien (c)   51,299    73,101 
Meredith Corp., Term B-2 Facility, First Lien, 2.58%  (LIBOR01M+250bps), 1/31/25 (b)   13,400,000    13,365,562 
Meredith Corp., Tranche B-3 Term Loans, First Lien, 5.25%  (LIBOR03M+425bps), 1/31/25 (b)   16,396,548    16,724,479 
MHI Holdings LLC, Initial Term Loans, First Lien, 5.08%  (LIBOR01M+500bps), 9/20/26 (b)   8,879,857    8,917,596 
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25%  (LIBOR03M+525bps), 6/20/27 (b)   16,000,000    16,990,080 
Momentive Performance Materials, Inc., Initial Dollar Term Loan, First Lien, 3.34%  (LIBOR01M+325bps), 5/15/24 (b)   5,696,197    5,683,723 
Navicure, Inc., Initial Term Loans, First Lien, 4.08%  (LIBOR01M+400bps), 10/23/26 (b)   10,943,511    10,943,511 
NorthRiver Midstream Finance LP, Initial Term Loan B, First Lien, 3.39%  (LIBOR03M+325bps), 10/1/25 (b)   5,964,142    5,948,397 
Organon & Co., Dollar Term Loan, First Lien, 3.50%  (LIBOR06M+300bps), 6/2/28 (b)   10,000,000    10,016,100 
Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien, 3.08%  (LIBOR01M+300bps), 5/22/25 (b)   5,097,949    5,091,577 
Packaging Coordinators Midco, Inc., Term B Loans, First Lien, 4.25%  (LIBOR01M+350bps), 12/1/27 (b)   9,476,250    9,482,220 
Park River Holdings, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 1/20/28 (b)   9,975,000    9,931,409 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
Peraton Corp., Term Loan B, First Lien, 4.50%  (LIBOR01M+375bps), 2/1/28 (b)  $11,471,250   $11,473,085 
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 2/25/28 (b)   33,286,625    33,274,642 
PetSmart, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR06M+375bps), 2/12/28 (b)   17,750,000    17,775,382 
PG&E Corp., Term Loan, First Lien, 3.50%  (LIBOR03M+300bps), 6/23/25 (b)   10,904,925    10,710,708 
Polaris Newco LLC, Dollar Term Loan, First Lien, 8/11/28 (c)(d)   20,000,000    20,037,600 
Presidio Holdings, Inc., Term Loan B, First Lien, 3.63%  (LIBOR03M+350bps), 12/19/26 (b)   3,979,899    3,971,184 
Radiology Partners, Inc., Term Loan New, First Lien, 4.33%  (LIBOR01M+425bps), 7/9/25 (b)(d)   17,701,802    17,679,675 
Rent-A-Center, Facility Term Loan B2, First Lien, 3.75%  (LIBOR01M+325bps), 2/17/28 (b)   8,179,500    8,199,949 
Revint Intermediate II LLC, Initial Term Loans, First Lien, 5.75%  (LIBOR01M+500bps), 10/15/27 (b)   9,975,000    10,015,498 
Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 3.33%  (LIBOR01M+325bps), 2/16/26 (b)   6,965,000    6,912,763 
Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 4.25%  (LIBOR01M+375bps), 8/5/28 (b)   7,500,000    7,503,750 
Rising Tide Holdins, Inc., Initial Term Loan, First Lien, 5.50%  (LIBOR01M+475bps), 6/1/28 (b)   6,000,000    6,027,480 
Robertshaw U.S. Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 9.00%  (LIBOR01M+800bps), 2/15/26 (b)   4,000,000    3,450,000 
Robertshaw U.S. Holding Corp., Term Loan B, First Lien, 4.50%  (LIBOR01M+350bps), 2/28/25 (b)   6,404,125    6,195,991 
Ryan Specialty Group LLC, Term Loan, First Lien, 3.75%  (LIBOR01M+300bps), 9/1/27 (b)   7,947,462    7,939,515 
Sabert Corp., Initial Term Loans, First Lien, 5.50%  (LIBOR01M+450bps), 12/10/26 (b)   7,761,889    7,771,591 
Scientific Games International, Inc., Term Loan B-5, First Lien, 2.83%  (LIBOR01M+275bps), 8/14/24 (b)   7,958,869    7,920,109 
Sedgwick Claims Management Services, Inc., Initial Term Loans, First Lien, 3.33%  (LIBOR01M+325bps), 12/31/25 (b)   4,987,212    4,945,918 
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 3.09%  (LIBOR01M+300bps), 3/25/28 (b)   5,000,000    4,942,500 
SIWF Holdings, Inc., Initial Term Loan, First Lien, 4.33%  (LIBOR01M+425bps), 6/15/25 (b)   11,821,306    11,821,306 
SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.58%  (LIBOR01M+850bps), 5/26/26 (b)   1,500,000    1,500,000 
Sparta US Holdco LLC, Initial Term Loan, First Lien, 4.25%  (LIBOR03M+350bps), 4/30/28 (b)   4,000,000    4,005,000 
Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00%  (LIBOR01M+900bps), 12/23/25 (b)   5,594,595    6,073,660 
Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00%  (LIBOR01M+900bps), 12/23/25 (b)   405,405    440,120 
SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.25%  (LIBOR06M+375bps), 5/20/28 (b)   14,500,000    14,493,910 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description   Principal Amount     Value  
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.65%  (LIBOR03M+350bps), 4/8/26 (b)   $ 2,967,416     $ 2,899,729  
Station Casinos LLC, Term B-1 Facility Loans, First Lien, 2.50%  (LIBOR01M+225bps), 2/8/27 (b)     14,428,757       14,282,161  
Surgery Center Holdings, Inc., 2021 New Term Loans, First Lien, 4.50%  (LIBOR01M+375bps), 8/31/26 (b)     12,505,681       12,517,811  
SWF Holdings Corp., TLB, First Lien, 9/17/28 (c)(d)     34,250,000       33,971,890  
Tailwind Smith Cooper Intermediate Corp., Initial Term Loans, Second Lien, 9.09%  (LIBOR01M+900bps), 5/28/27 (b)     3,000,000       2,810,430  
Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75%  (LIBOR01M+275bps), 2/6/24 (b)     17,597,883       17,113,942  
Tenneco, Inc., Tranche B Term Loan, First Lien, 3.08%  (LIBOR01M+300bps), 10/1/25 (b)     15,638,908       15,485,804  
The Men's Wearhouse LLC, Term Loan, First Lien, 9.00%  (LIBOR03M+800bps), 12/1/25 (b)     2,765,859       2,303,960  
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00%  (LIBOR01M+425bps), 4/15/28 (b)     26,000,000       26,011,700  
Thor Industries, Inc., Term B-1, First Lien, 3.13%  (LIBOR01M+300bps), 2/1/26 (b)     8,753,496       8,742,554  
Titan Acquisition Ltd., Initial Term Loan, First Lien, 3.17%  (LIBOR06M+300bps), 3/28/25 (b)     13,794,746       13,534,577  
TransDigm, Inc., Tranche F Refinancing Term Loan, First Lien, 2.33%  (LIBOR01M+225bps), 12/9/25 (b)     14,931,799       14,745,152  
Traverse Midstream Partners LLC, Advance, First Lien, 6.50%  (LIBOR01M+550bps), 9/27/24 (b)     7,815,362       7,815,362  
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 7/29/28 (c)(d)     559,006       559,588  
Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 7/29/28 (c)(d)     3,940,994       3,945,092  
Triton Water Holdings, Inc., Initial Term Loan, First Lien, 3/31/28 (c)(d)     5,000,000       4,990,650  
TRUCK HERO, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR01M+325bps), 1/20/28 (b)(d)     18,977,500       18,926,071  
Twin River Worldwide Holdings, INC., Term Loan B, First Lien, 8/6/28 (c)(d)     15,000,000       14,989,650  
U.S. Renal Care, Inc., Initial Term Loan, First Lien, 5.13%  (LIBOR01M+500bps), 7/26/26 (b)(d)     19,375,641       19,333,209  
United Airlines, Inc., Class B Term Loans, First Lien, 4/21/28 (c)(d)     5,000,000       5,030,700  
United Airlines, Inc., Class B Term Loans, First Lien, 4.50%  (LIBOR03M+375bps), 4/21/28 (b)     9,975,000       10,036,247  
Univision Communications, Inc., 2021 Replacement New First-Lien Term, First Lien, 4.00%  (LIBOR01M+325bps), 3/24/26 (b)     11,842,808       11,821,372  
Univision Communications, Inc., Term Loan B, First Lien, 5/7/28 (c)(d)     3,500,000       3,491,880  
Upstream Rehabilitation, August 2021 Incremental TL, First Lien, 4.33%  (LIBOR01M+425bps), 11/20/26 (b)     5,000,000       4,996,900  
USI, Inc., 2017 New Term Loans, First Lien, 3.15%  (LIBOR01M+300bps), 5/16/24 (b)     12,687,393       12,594,521  
Utz Quality Foodz LLC, 2021 New Term Loans, First Lien, 3.08%  (LIBOR01M+300bps), 1/20/28 (b)     7,960,003       7,945,118  
Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 4.08%  (LIBOR01M+400bps), 8/27/25 (b)     7,877,731       7,884,269  
Vertex Aerospace Services Corp., Term Loan, First Lien, 4.08%  (LIBOR01M+400bps), 6/29/27 (b)     6,907,688       6,886,136  

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description   Principal Amount     Value  
Victoria's Secret & Co, Initial Term Loans, First Lien, 3.75%  (LIBOR03M+325bps), 8/2/28 (b)   $ 3,000,000     $ 2,988,750  
Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00%  (LIBOR01M+325bps), 10/30/27 (b)     13,487,369       13,510,972  
Welbilt, Inc., Facility Term Loan, First Lien, 2.58%  (LIBOR01M+250bps), 10/23/25 (b)     15,000,000       14,950,050  
WestJet Airlines Ltd., Initial Term Loan, First Lien, 4.00%  (LIBOR06M+300bps), 12/11/26 (b)     9,949,495       9,699,663  
Whatabrands LLC, Initial Term B Loans, First Lien, 3.75%  (LIBOR01M+325bps), 7/21/28 (b)     4,000,000       3,994,080  
WHITE CAP BUYER LLC, Initial Closing Date Term Loan, First Lien, 4.50%  (LIBOR01M+400bps), 10/19/27 (b)     11,423,700       11,449,632  
WireCo WorldGroup, Inc., Term Loans, First Lien, 6.00%  (LIBOR06M+500bps), 9/30/23 (b)     9,710,821       9,706,742  
WP CPP Holdings LLC, Term Loan, Second Lien, 8.75%  (LIBOR03M+775bps), 4/30/26 (b)     2,000,000       1,966,880  
WP CPP Holdings LLC, Term Loans, First Lien, 4.75%  (LIBOR03M+375bps), 4/30/25 (b)     9,863,721       9,583,197  
Total Senior Secured Loans (Cost $1,660,802,810)             1,663,942,506  
                 
Corporate Bonds (15.0%)                
Communication Services (2.9%):                
Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88 (f)     2,000,000       2,046,580  
CSC Holdings LLC, 6.50%, 2/1/29, Callable 2/1/24 @ 103.25 (f)     5,000,000       5,414,850  
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38 (f)     10,997,000       11,383,984  
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (f)     8,460,000       8,882,408  
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19     3,000,000       3,204,780  
Nexstar Broadcasting, Inc., 4.75%, 11/1/28, Callable 11/1/23 @ 102.38 (f)     5,000,000       5,186,250  
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (f)(g)     15,350,000       15,221,060  
Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31 (f)     6,500,000       7,049,770  
              58,389,682  
Consumer Discretionary (4.2%):                
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103 (f)     2,000,000       2,158,840  
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (f)     8,000,000       8,408,320  
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56 (f)     6,000,000       5,958,120  
Boyd Gaming Corp., 4.75%, 6/15/31, Callable 6/15/26 @ 102.38 (f)     3,000,000       3,094,260  
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (f)(g)     19,000,000       8,380,710  
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (f)     6,000,000       5,997,720  
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (f)     6,000,000       6,210,960  
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (f)     7,000,000       7,259,140  
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (f)(g)     5,350,000       5,834,496  
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.                
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (f)     1,300,000       1,314,417  
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (f)     5,600,000       5,656,112  

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description   Principal Amount     Value  
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (f)   $ 6,000,000     $ 6,392,700  
Tenneco, Inc.                
5.00%, 7/15/26, Callable 11/8/21 @ 102.5     6,840,000       6,746,839  
7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (f)     4,160,000       4,645,930  
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75 (f)(g)     6,000,000       6,913,680  
              84,972,244  
Consumer Staples (0.5%):                
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (f)     10,595,000       10,782,108  
                 
Energy (0.4%):                
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (f)     2,334,000       2,409,575  
Antero Resources Corp., 8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (f)     3,246,000       3,676,679  
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100     2,000,000       2,075,620  
              8,161,874  
Financials (2.3%):                
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (f)     4,000,000       4,182,600  
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (f)(g)     6,500,000       7,023,380  
Mozart Borrower, LP, 9/30/28     12,500,000       12,375,000  
Mozart Debt Merger Sub, Inc.                
3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (f)     10,200,000       10,174,500  
5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (f)     2,200,000       2,235,750  
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (d)(f)     3,100,000       3,013,634  
White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (f)(h)     2,250,000       2,323,013  
Wolverine Escrow LLC                
9.00%, 11/15/26, Callable 11/15/22 @ 106.75 (f)     2,653,000       2,451,743  
13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (f)     4,750,000       3,124,312  
              46,903,932  
Health Care (2.2%):                
Air Methods Corp., 8.00%, 5/15/25, Callable 11/8/21 @ 102 (f)(g)     14,250,000       13,634,970  
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (f)(g)     10,466,000       9,757,138  
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (f)(g)     2,500,000       2,685,875  
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (f)     2,150,000       2,326,322  
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/25/21 @ 101.59 (f)     8,383,000       8,095,379  
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (f)     7,000,000       7,345,800  
              43,845,484  
Industrials (1.7%):                
American Airlines, Inc., 11.75%, 7/15/25 (f)     17,185,000       21,258,704  
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 11/8/21 @ 100 (f)     4,000,000       4,009,720  
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (f)     4,000,000       4,352,400  
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (d)(f)     3,950,000       3,948,618  
              33,569,442  

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Floating Rate Fund September 30, 2021
  (Unaudited)

 

Security Description   Shares or
Principal Amount		     Value  
Information Technology (0.8%):                
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (f)   $ 13,800,000     $ 15,509,268  
Total Corporate Bonds (Cost $300,252,808)             302,134,034  
                 
Yankee Dollars (1.2%)                
Energy (0.5%):                
Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 11/8/21 @ 109.75 (f)(g)(h)     4,500,000       4,781,970  
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (f)     4,800,000       5,148,192  
              9,930,162  
Industrials (0.6%):                
Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 10/19/21 @ 102.5 (f)(g)     4,000,000       4,100,040  
Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94 (f)     6,500,000       6,739,330  
              10,839,370  
Materials (0.1%):                
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/8/21 @ 103.88 (f)(g)     2,500,000       2,555,225  
                 
Total Yankee Dollars (Cost $22,566,910)             23,324,757  
                 
Exchange-Traded Funds (1.7%)                
iShares iBoxx High Yield Corporate Bond ETF (g)     133,050       11,640,544  
SPDR Blackstone Senior Loan ETF (g)     304,500       14,013,090  
SPDR Bloomberg Barclays High Yield Bond ETF (g)     84,750       9,268,260  
Total Exchange-Traded Funds (Cost $34,959,042)             34,921,894  
Total Investments (Cost $2,018,581,570) — 100.6%             2,024,510,521  
Liabilities in excess of other assets — (0.6)%             (11,540,625 )
NET ASSETS - 100.00%           $ 2,012,969,896  

 

(a) Amount represents less than 0.05% of net assets.
(b) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.
(c) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(d) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of September 30, 2021, illiquid securities were 0.7% of net assets.
(f) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $301,056,552 and amounted to 15.0% of net assets.
(g) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(h) All of the coupon is paid in kind.

 

bps—Basis points
ETF—Exchange-Traded Fund
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PIK—Payment-in-Kind
PLC—Public Limited Company
PRIME—U.S. Prime Rate
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Strategic Income Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
         
Asset-Backed Securities (1.0%)
Commonbond Student Loan Trust, Series 2021-AGS, Class A, 1.20%, 8/25/50, Callable 2/25/30 @ 100 (a)  $240,373   $239,173 
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, 3/26/46, Callable 3/25/24 @ 100 (a)   500,000    499,077 
Total Asset-Backed Securities (Cost $740,318)        738,250 
           
Collateralized Mortgage Obligations (9.1%)          
AIMCO CLO, Series 2017-AA, Class DR, 3.28%  (LIBOR03M+315bps), 4/20/34, Callable 4/20/23 @ 100 (a)(b)   400,000    399,052 
Aimco CLO 14 Ltd., Series 2021-14A, Class D, 3.10%  (LIBOR03M+290bps), 4/20/34, Callable 4/20/23 @ 100 (a)(b)(c)   800,000    791,741 
Battalion CLO XIX Ltd., Series 2021-19A, Class D, 3.38%  (LIBOR03M+325bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c)   800,000    800,721 
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36, Callable 11/5/24 @ 100 (a)   300,000    316,234 
Grace Trust, Series 2020-GRCE, Class C, 2.77%, 12/10/40, Callable 12/10/30 @ 100 (a)(c)(d)   650,000    654,612 
Greywolf CLO II Ltd., Series 2013-1A, Class C2RR, 4.33%  (LIBOR03M+420bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c)   900,000    897,240 
GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45, Callable 2/10/22 @ 100 (c)   155,361    155,861 
GS Mortgage Securities Trust, Series 2017-FARM, Class B, 3.66%, 1/10/43, Callable 1/10/28 @ 100 (a)(d)   650,000    692,592 
Hilton USA Trust, Series 2016-SFP, Class A, 2.83%, 11/5/35 (a)(c)   500,000    500,409 
JPMCC Mortgage Securities Trust, Series 2017-JP5, Class B, 4.08%, 3/15/50 (d)   200,000    219,378 
OHA Credit Funding 2 Ltd., Series 2019-2A, Class CR, 2.33%  (LIBOR03M+220bps), 4/21/34, Callable 4/21/23 @ 100 (a)(b)   600,000    601,387 
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)   600,000    619,714 
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class B, 4.00%, 12/15/50 (d)   150,000    163,539 
Total Collateralized Mortgage Obligations (Cost $6,839,646)        6,812,480 
           
Corporate Bonds (61.5%)
Communication Services (9.5%):          
AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100   625,000    618,850 
Charter Communications Operating LLC/Charter Communications Operating Capital          
2.30%, 2/1/32, Callable 11/1/31 @ 100 (c)   700,000    667,086 
3.70%, 4/1/51, Callable 10/1/50 @ 100   130,000    125,860 
CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75 (a)(c)   1,000,000    1,081,330 
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (a)   500,000    524,965 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Strategic Income Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
iHeartCommunications, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63 (a)(c)  $1,000,000   $1,039,980 
Scripps Escrow, Inc., 5.88%, 7/15/27, Callable 7/15/22 @ 104.41 (a)   250,000    256,242 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (a)(c)   1,500,000    1,487,400 
Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75 (a)(c)   500,000    541,950 
Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100   500,000    605,835 
Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25 (a)   200,000    203,658 
         7,153,156 
Consumer Discretionary (14.4%):          
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (a)   1,500,000    1,576,560 
Expedia Group, Inc., 2.95%, 3/15/31, Callable 12/15/30 @ 100   1,080,000    1,093,997 
General Motors Co., 5.95%, 4/1/49, Callable 10/1/48 @ 100   200,000    264,396 
Kohl's Corp., 5.55%, 7/17/45, Callable 1/17/45 @ 100 (c)(e)   300,000    357,117 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (a)   500,000    517,580 
Lowe's Cos., Inc.          
2.63%, 4/1/31, Callable 1/1/31 @ 100   900,000    924,183 
3.00%, 10/15/50, Callable 4/15/50 @ 100 (e)   300,000    292,227 
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (a)   500,000    518,510 
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100 (c)   1,180,000    1,191,186 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   500,000    543,845 
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (a)(c)   750,000    817,920 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (a)   100,000    101,109 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (a)   200,000    202,004 
Ross Stores, Inc., 1.88%, 4/15/31, Callable 1/15/31 @ 100   1,300,000    1,254,162 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75 (a)(c)   1,000,000    1,152,280 
         10,807,076 
Consumer Staples (3.4%):          
Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100 (c)   1,200,000    1,154,736 
Constellation Brands, Inc. 4.10%, 2/15/48, Callable 8/15/47 @ 100 (c)   400,000    451,868 
Kraft Heinz Foods Co., 4.25%, 3/1/31, Callable 12/1/30 @ 100 (c)   800,000    903,200 
         2,509,804 
Energy (6.6%):          
Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (a)   750,000    838,095 
Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 (c)(e)    750,000    832,050 
ONEOK, Inc.          
3.40%, 9/1/29, Callable 6/1/29 @ 100 (c)   500,000    531,220 
4.45%, 9/1/49, Callable 3/1/49 @ 100 (e)   200,000    222,514 
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100 (c)(e)    1,600,000    1,806,800 
Williams Cos., Inc. (The)          
2.60%, 3/15/31, Callable 12/15/30 @ 100 (e)   600,000    608,400 
4.85%, 3/1/48, Callable 9/1/47 @ 100   100,000    122,226 
         4,961,305 
Financials (11.9%):    
Bank of America Corp.        
2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b)(c)   400,000    408,332 
2.83% (SOFR+188bps), 10/24/51, Callable 10/24/50 @ 100, MTN (b)(c)   500,000    480,875 
Chubb INA Holdings, Inc., 1.38%, 9/15/30, Callable 6/15/30 @ 100 (e)   1,750,000    1,656,305 
CNA Financial Corp., 2.05%, 8/15/30, Callable 5/15/30 @ 100 (c)   1,300,000    1,275,768 
Discover Bank, 2.70%, 2/6/30, Callable 11/6/29 @ 100 (c)   1,650,000    1,711,133 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Strategic Income Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100 (c)  $250,000   $267,812 
Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100 (a)   700,000    689,731 
Liberty Mutual Group, Inc., 3.95%, 10/15/50, Callable 4/15/50 @ 100 (a)(e)   300,000    335,064 
Morgan Stanley          
2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b)   500,000    489,065 
3.22% (SOFR+149bps), 4/22/42, Callable 4/22/41 @ 100 (b)   600,000    627,324 
Mozart Debt Merger Sub, Inc.          
3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (a)   400,000    399,000 
5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (a)   100,000    101,625 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (a)(f)   500,000    486,070 
         8,928,104 
Health Care (2.9%):          
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 (c)   400,000    473,592 
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (a)(c)(e)   1,000,000    932,270 
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (a)(e)   500,000    541,005 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/25/21 @ 101.59 (a)   250,000    241,422 
         2,188,289 
Industrials (8.1%):          
Air Lease Corp.          
4.63%, 10/1/28, Callable 7/1/28 @ 100 (c)(e)   1,100,000    1,237,511 
3.00%, 2/1/30, Callable 11/1/29 @ 100, MTN   300,000    304,698 
American Airlines, Inc., 11.75%, 7/15/25 (a)   200,000    247,410 
Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 (a)   400,000    413,548 
Caterpillar, Inc.          
1.90%, 3/12/31, Callable 12/12/30 @ 100 (e)   400,000    397,912 
3.25%, 4/9/50, Callable 10/9/49 @ 100   100,000    108,781 
Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06 (a)(c)   1,000,000    1,063,010 
The Boeing Co.          
5.15%, 5/1/30, Callable 2/1/30 @ 100 (c)   530,000    622,262 
3.75%, 2/1/50, Callable 8/1/49 @ 100   250,000    253,463 
Waste Connections, Inc., 2.60%, 2/1/30, Callable 11/1/29 @ 100   1,400,000    1,442,966 
         6,091,561 
Information Technology (0.9%):          
Oracle Corp.          
2.88%, 3/25/31, Callable 12/25/30 @ 100   200,000    206,104 
3.95%, 3/25/51, Callable 9/25/50 @ 100   450,000    476,730 
         682,834 
Materials (2.2%):          
Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100   1,300,000    1,331,447 
Freeport-McMoRan, Inc., 5.45%, 3/15/43, Callable 9/15/42 @ 100   250,000    307,633 
         1,639,080 
Real Estate (1.6%):          
Simon Property Group LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100 (c)(e)   1,250,000    1,230,188 
           
Total Corporate Bonds (Cost $45,933,007)        46,191,397 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Strategic Income Fund September 30, 2021
  (Unaudited)

 

Security Description  Principal Amount   Value 
Residential Mortgage-Backed Securities (0.1%)          
Bank of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 9/20/34, Callable 9/20/22 @ 100 (c)  $41,854   $43,361 
Countrywide Home Loans, Inc., Series 2004-5, Class 2A9, 5.25%, 5/25/34, Callable 10/25/21 @ 100 (c)   60,043    63,759 
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 4/25/29 @ 100 (c)   1,614    1,577 
JPMorgan Mortgage Trust, Series 2005-A1, Class 6T1, 2.29%, 2/25/35, Callable 10/25/21 @ 100 (c)(d)   12,090    12,090 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 10/25/21 @ 100 (c)   1,306    929 
Total Residential Mortgage-Backed Securities (Cost $118,913)        121,716 
           
Yankee Dollars (9.8%)          
Consumer Discretionary (0.6%):          
Nissan Motor Co. Ltd., 4.81%, 9/17/30, Callable 6/17/30 @ 100 (a)(e)   450,000    506,435 
           
Consumer Staples (0.9%):          
Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (a)   700,000    695,828 
           
Energy (1.0%):          
Cenovus Energy, Inc.          
2.65%, 1/15/32, Callable 10/15/31 @ 100 (e)   500,000    491,015 
5.40%, 6/15/47, Callable 12/15/46 @ 100   200,000    246,148 
         737,163 
Financials (4.5%):          
Credit Suisse Group AG, 3.87% (LIBOR03M+141bps), 1/12/29, Callable 1/12/28 @ 100 (a)(b)(c)   1,500,000    1,637,310 
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100 (a)(c)   1,600,000    1,733,392 
         3,370,702 
Materials (2.8%):          
Nutrien, Ltd., 2.95%, 5/13/30, Callable 2/13/30 @ 100   1,000,000    1,055,680 
Vale Overseas Ltd., 3.75%, 7/8/30, Callable 4/8/30 @ 100 (c)   1,000,000    1,035,950 
         2,091,630 
Total Yankee Dollars (Cost $7,434,614)        7,401,758 
           
U.S. Government Mortgage-Backed Agencies (0.1%)          
Federal National Mortgage Association 3.50%, 7/1/43 (c)   47,428    51,402 
           
Total U.S. Government Mortgage-Backed Agencies (Cost $48,475)        51,402 
           
U.S. Treasury Obligations (7.2%)          
U.S. Treasury Bonds          
1.88%, 2/15/41 (c)   3,950,000    3,865,445 
1.38%, 8/15/50   500,000    422,110 
U.S. Treasury Notes          
1.25%, 5/31/28   500,000    499,375 
1.63%, 5/15/31   640,000    647,600 
Total U.S. Treasury Obligations (Cost $5,354,184)        5,434,530 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Strategic Income Fund September 30, 2021
  (Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
Exchange-Traded Funds (8.9%)          
Invesco Senior Loan ETF (c)(e)  $148,700   $3,287,757 
SPDR Blackstone Senior Loan ETF (c)   73,850    3,398,577 
Total Exchange-Traded Funds (Cost $6,703,570)        6,686,334 
           
Collateral for Securities Loaned^ (12.6%)          
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.04% (g)   177,902    177,902 
Fidelity  Investments Money Market Government Portfolio I Shares, 0.01% (g)   5,272,448    5,272,448 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g)   88,782    88,782 
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (g)   707,918    707,918 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)   3,182,939    3,182,939 
Total Collateral for Securities Loaned (Cost $9,429,989)        9,429,989 
Total Investments (Cost $82,602,716) — 110.3%        82,867,856 
Liabilities in excess of other assets — (10.3)%        (7,749,723)
NET ASSETS - 100.00%       $75,118,133 

 

^ Purchased with cash collateral from securities on loan.
(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $27,894,656 and amounted to 37.1% of net assets.
(b) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.
(c) All or a portion of this security has been segregated as collateral for derivative instruments.
(d) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at September 30, 2021.
(e) All or a portion of this security is on loan.
(f) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(g) Rate disclosed is the daily yield on September 30, 2021.

 

bps—Basis points
ETF—Exchange-Traded Fund
LIBOR—London InterBank Offered Rate
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2021, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
SOFR—Secured Overnight Financing Rate

 

 

 

 

Futures Contracts Purchased

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation
(Depreciation)		 
2-Year U.S. Treasury Note Futures   54   12/31/21  $11,889,905   $11,882,953   $(6,952)
5-Year U.S. Treasury Note Futures   17   12/31/21   2,096,102    2,086,617    (9,485)
Ultra Long Term U.S. Treasury Bond Futures   17   12/21/21   3,367,999    3,248,063    (119,936)
                     $(136,373)

 

Futures Contracts Sold

 

   Number of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation
(Depreciation)		 
US 10-Year US Treasury Note Futures Dec11  85  12/21/21  $12,620,936   $12,346,250   $274,686 
                      
   Total unrealized appreciation    $274,686 
   Total unrealized depreciation     (136,373)
   Total net unrealized appreciation (depreciation)    $138,313