Victory Portfolios	Schedule of Portfolio Investments
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.9%)
Communication Services (10.8%):
Activision Blizzard, Inc.		5,797	$	539
Alphabet, Inc., Class A (a)		2,250		4,640
Alphabet, Inc., Class C (a)		2,157		4,462
AT&T, Inc. (b)		53,359		1,615
Charter Communications, Inc., Class A (a)		1,058		654
Comcast Corp., Class A		34,201		1,852
Discovery, Inc., Class A (a)(b)		1,216		53
Discovery, Inc., Class C (a)		2,167		80
DISH Network Corp., Class A (a)		1,851		67
Electronic Arts, Inc.		2,152		291
Facebook, Inc., Class A (a)		17,997		5,300
Fox Corp., Class A		2,502		90
Fox Corp., Class B		1,150		40
Live Nation Entertainment, Inc. (a)(b)		1,074		91
Lumen Technologies, Inc.		7,386		99
Netflix, Inc. (a)		3,314		1,729
News Corp., Class A		2,926		74
News Corp., Class B		911		21
Omnicom Group, Inc.		1,609		119
Take-Two Interactive Software, Inc. (a)		862		152
The Interpublic Group of Cos., Inc.		2,923		85
The Walt Disney Co. (a)		13,581		2,506
T-Mobile U.S., Inc. (a)		4,370		548
Twitter, Inc. (a)		5,972		380
Verizon Communications, Inc.		30,961		1,800
ViacomCBS, Inc., Class B		4,246		191
				27,478
Communications Equipment (0.8%):
Arista Networks, Inc. (a)		411		124
Cisco Systems, Inc.		31,587		1,634
F5 Networks, Inc. (a)		461		96
Juniper Networks, Inc.		2,455		62
Motorola Solutions, Inc.		1,265		238
				2,154
Consumer Discretionary (12.3%):
Advance Auto Parts, Inc.		490		90
Amazon.com, Inc. (a)		3,202		9,908
Aptiv PLC (a)		2,020		279
AutoZone, Inc. (a)		166		233
Best Buy Co., Inc.		1,724		198

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Booking Holdings, Inc. (a)		306	$	713
BorgWarner, Inc.		1,788		83
Caesars Entertainment, Inc. (a)(b)		1,558		136
CarMax, Inc. (a)		1,216		161
Carnival Corp. (a)		5,969		158
Chipotle Mexican Grill, Inc. (a)		211		300
D.R. Horton, Inc.		2,476		221
Darden Restaurants, Inc.		975		138
Dollar General Corp.		1,833		371
Dollar Tree, Inc. (a)		1,760		201
Domino’s Pizza, Inc.		290		107
eBay, Inc.		4,836		296
Etsy, Inc. (a)		943		190
Expedia Group, Inc. (a)		1,035		178
Ford Motor Co. (a)		29,238		358
Garmin Ltd.		1,118		147
General Motors Co. (a)		9,487		545
Genuine Parts Co.		1,080		125
Hanesbrands, Inc.		2,610		51
Hasbro, Inc.		956		92
Hilton Worldwide Holdings, Inc. (a)		2,077		251
L Brands, Inc. (a)		1,748		108
Las Vegas Sands Corp. (a)(c)		2,457		149
Leggett & Platt, Inc.		995		45
Lennar Corp., Class A		2,054		208
LKQ Corp. (a)		2,088		88
Lowe’s Cos., Inc.		5,469		1,041
Marriott International, Inc., Class A (a)		1,990		295
McDonald’s Corp.		5,578		1,251
MGM Resorts International		3,073		117
Mohawk Industries, Inc. (a)		441		85
Newell Brands, Inc.		2,827		76
NIKE, Inc., Class B		9,513		1,265
Norwegian Cruise Line Holdings Ltd. (a)(b)		2,718		75
NVR, Inc. (a)		26		122
O’Reilly Automotive, Inc. (a)		525		266
Penn National Gaming, Inc. (a)		1,112		117
Pool Corp.		301		104
PulteGroup, Inc.		1,989		104
PVH Corp. (a)		532		56
Ralph Lauren Corp. (a)		361		44
Ross Stores, Inc.		2,664		319
Royal Caribbean Cruises Ltd. (a)		1,638		140
Starbucks Corp.		8,808		962
Tapestry, Inc. (a)		2,079		86

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Target Corp. (c)		3,747	$	743
Tesla, Inc. (a)		5,745		3,838
The Gap, Inc.		1,539		46
The Home Depot, Inc.		8,055		2,460
The TJX Cos., Inc.		8,983		594
Tractor Supply Co.		870		154
Ulta Beauty, Inc. (a)		422		130
Under Armour, Inc., Class A (a)		1,411		31
Under Armour, Inc., Class C (a)		1,458		27
VF Corp.		2,403		192
Whirlpool Corp.		470		104
Wynn Resorts Ltd. (a)		787		99
Yum! Brands, Inc.		2,245		243
				31,314
Consumer Staples (6.2%):
Altria Group, Inc.		13,906		711
Archer-Daniels-Midland Co.		4,178		238
Brown-Forman Corp., Class B		1,367		94
Campbell Soup Co.		1,519		76
Church & Dwight Co., Inc.		1,834		160
Colgate-Palmolive Co.		6,349		500
Conagra Brands, Inc.		3,655		137
Constellation Brands, Inc., Class A		1,272		290
Costco Wholesale Corp.		3,312		1,167
General Mills, Inc.		4,575		281
Hormel Foods Corp.		2,101		100
Kellogg Co.		1,904		121
Kimberly-Clark Corp.		2,529		352
Lamb Weston Holdings, Inc.		1,095		85
McCormick & Co., Inc.		1,863		166
Molson Coors Beverage Co., Class B (a)(b)		1,408		72
Mondelez International, Inc., Class A		10,565		619
Monster Beverage Corp. (a)		2,766		252
PepsiCo, Inc.		10,322		1,460
Philip Morris International, Inc.		11,652		1,034
Sysco Corp.		3,819		301
The Clorox Co.		941		182
The Coca-Cola Co.		29,017		1,530
The Estee Lauder Cos., Inc.		1,719		500
The Hershey Co.		1,096		173
The J.M. Smucker Co.		820		104
The Kraft Heinz Co.		4,850		194
The Kroger Co.		5,696		205
The Procter & Gamble Co.		18,424		2,495

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Tyson Foods, Inc., Class A		2,205	$	164
Walgreens Boots Alliance, Inc.		5,366		295
Walmart, Inc.		10,372		1,409
				15,467
Electronic Equipment, Instruments & Components (0.6%):
Amphenol Corp., Class A		4,483		296
CDW Corp.		1,055		175
Corning, Inc.		5,749		250
FLIR Systems, Inc.		982		55
IPG Photonics Corp. (a)		268		57
Keysight Technologies, Inc. (a)		1,392		200
TE Connectivity Ltd.		2,476		320
Trimble, Inc. (a)		1,878		146
Zebra Technologies Corp. (a)		400		194
				1,693
Energy (2.7%):
Apa Corp.		2,827		51
Baker Hughes Co.		5,454		118
Cabot Oil & Gas Corp.		2,988		56
Chevron Corp.		14,413		1,510
ConocoPhillips		10,136		537
Devon Energy Corp.		4,432		97
Diamondback Energy, Inc.		1,353		99
EOG Resources, Inc.		4,366		317
Exxon Mobil Corp.		31,674		1,768
Halliburton Co.		6,649		142
Hess Corp.		2,044		145
HollyFrontier Corp.		1,118		40
Kinder Morgan, Inc.		14,566		243
Marathon Oil Corp.		5,906		63
Marathon Petroleum Corp.		4,873		261
NOV, Inc. (a)		2,905		40
Occidental Petroleum Corp.		6,273		167
ONEOK, Inc.		3,329		169
Phillips 66		3,268		266
Pioneer Natural Resources Co.		1,539		244
Schlumberger Ltd.		10,462		284
The Williams Cos., Inc.		9,081		215
Valero Energy Corp.		3,057		219
				7,051
Financials (11.0%):
Aflac, Inc.		4,791		245
American Express Co.		4,882		691

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
American International Group, Inc.		6,470	$	299
Ameriprise Financial, Inc.		874		203
Aon PLC, Class A		1,691		389
Arthur J. Gallagher & Co.		1,450		181
Assurant, Inc.		433		61
Bank of America Corp.		56,841		2,199
Berkshire Hathaway, Inc., Class B (a)		14,266		3,645
BlackRock, Inc.		1,062		801
Capital One Financial Corp.		3,436		437
Cboe Global Markets, Inc.		802		79
Chubb Ltd.		3,369		532
Cincinnati Financial Corp.		1,122		116
Citigroup, Inc.		15,617		1,136
Citizens Financial Group, Inc.		3,181		140
CME Group, Inc.		2,686		549
Comerica, Inc.		1,041		75
Discover Financial Services		2,295		218
Everest Re Group Ltd.		299		74
Fifth Third Bancorp		5,320		199
First Republic Bank		1,317		220
Franklin Resources, Inc.		2,042		60
Globe Life, Inc.		711		69
Huntington Bancshares, Inc.		7,611		120
Intercontinental Exchange, Inc.		4,203		469
Invesco Ltd.		2,816		71
JPMorgan Chase & Co.		22,831		3,475
KeyCorp		7,248		145
Lincoln National Corp.		1,350		84
Loews Corp.		1,698		87
M&T Bank Corp.		962		146
MarketAxess Holdings, Inc.		284		141
Marsh & McLennan Cos., Inc.		3,802		462
MetLife, Inc.		5,624		342
Moody’s Corp.		1,204		360
Morgan Stanley		11,228		872
MSCI, Inc.		618		259
Nasdaq, Inc.		863		127
Northern Trust Corp.		1,559		164
People’s United Financial, Inc.		3,184		57
Principal Financial Group, Inc.		1,897		114
Prudential Financial, Inc.		2,970		271
Raymond James Financial, Inc.		917		112
Regions Financial Corp.		7,188		149
S&P Global, Inc.		1,801		636
State Street Corp.		2,632		221

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
SVB Financial Group (a)		389	$	192
Synchrony Financial		4,064		165
T. Rowe Price Group, Inc.		1,705		293
The Allstate Corp.		2,266		260
The Bank of New York Mellon Corp.		6,036		285
The Charles Schwab Corp.		11,197		730
The Goldman Sachs Group, Inc.		2,574		842
The Hartford Financial Services Group, Inc.		2,675		179
The PNC Financial Services Group, Inc.		3,172		556
The Progressive Corp.		4,382		419
The Travelers Cos., Inc.		1,887		284
Truist Financial Corp.		10,079		588
U.S. Bancorp		10,227		566
Unum Group		1,524		42
W.R. Berkley Corp.		1,048		79
Wells Fargo & Co.		30,931		1,208
Willis Towers Watson PLC		965		221
Zions Bancorp NA		1,229		68
				28,479
Health Care (12.7%):
Abbott Laboratories		13,254		1,588
AbbVie, Inc.		13,212		1,429
ABIOMED, Inc. (a)		338		108
Agilent Technologies, Inc.		2,280		290
Alexion Pharmaceuticals, Inc. (a)		1,645		252
Align Technology, Inc. (a)		539		292
AmerisourceBergen Corp.		1,103		130
Amgen, Inc.		4,321		1,074
Anthem, Inc.		1,832		658
Baxter International, Inc.		3,779		319
Becton, Dickinson & Co.		2,174		529
Biogen, Inc. (a)		1,140		319
Bio-Rad Laboratories, Inc., Class A (a)		161		92
Boston Scientific Corp. (a)		10,603		410
Bristol-Myers Squibb Co.		16,763		1,058
Cardinal Health, Inc.		2,197		133
Catalent, Inc. (a)		1,274		134
Centene Corp. (a)		4,351		278
Cerner Corp.		2,292		165
Cigna Corp.		2,632		636
CVS Health Corp.		9,811		738
Danaher Corp.		4,742		1,067
DaVita, Inc. (a)		540		58
DENTSPLY SIRONA, Inc.		1,639		105

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
DexCom, Inc. (a)		720	$	259
Edwards Lifesciences Corp. (a)		4,673		391
Eli Lilly & Co.		5,952		1,112
Gilead Sciences, Inc. (c)		9,402		608
HCA Healthcare, Inc.		1,984		374
Henry Schein, Inc. (a)		1,066		74
Hologic, Inc. (a)		1,928		143
Humana, Inc.		964		404
IDEXX Laboratories, Inc. (a)		639		313
Illumina, Inc. (a)		1,092		419
Incyte Corp. (a)		1,398		114
Intuitive Surgical, Inc. (a)		881		651
IQVIA Holdings, Inc. (a)		1,431		276
Johnson & Johnson (c)		19,667		3,233
Laboratory Corp. of America Holdings (a)		730		186
McKesson Corp.		1,190		232
Medtronic PLC		10,086		1,191
Merck & Co., Inc.		18,931		1,459
Mettler-Toledo International, Inc. (a)		175		202
PerkinElmer, Inc.		838		108
Perrigo Co. PLC		996		40
Pfizer, Inc.		41,731		1,512
Quest Diagnostics, Inc.		998		128
Regeneron Pharmaceuticals, Inc. (a)		788		373
ResMed, Inc.		1,089		211
STERIS PLC		639		122
Stryker Corp.		2,449		597
Teleflex, Inc.		349		145
The Cooper Cos., Inc.		368		141
Thermo Fisher Scientific, Inc.		2,946		1,345
UnitedHealth Group, Inc.		7,073		2,632
Universal Health Services, Inc., Class B		582		78
Varian Medical Systems, Inc. (a)		687		121
Vertex Pharmaceuticals, Inc. (a)		1,945		418
Viatris, Inc. (a)		9,031		126
Waters Corp. (a)		465		132
West Pharmaceutical Services, Inc.		554		156
Zimmer Biomet Holdings, Inc.		1,555		249
Zoetis, Inc.		3,555		560
				32,697
Industrials (9.0%):
3M Co.		4,333		835
Alaska Air Group, Inc. (a)		929		64
Allegion PLC		679		85
American Airlines Group, Inc. (a)(b)		4,786		114

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
AMETEK, Inc.		1,725	$	220
AO Smith Corp.		1,013		68
C.H. Robinson Worldwide, Inc.		1,001		96
Carrier Global Corp.		6,114		259
Caterpillar, Inc.		4,080		946
Cintas Corp.		660		225
Copart, Inc. (a)		1,556		169
CSX Corp.		5,705		550
Cummins, Inc.		1,107		287
Deere & Co.		2,345		877
Delta Air Lines, Inc. (a)		4,775		231
Dover Corp.		1,075		147
Eaton Corp. PLC		2,979		412
Emerson Electric Co.		4,489		405
Enphase Energy, Inc. (a)		965		156
Equifax, Inc.		911		165
Expeditors International of Washington, Inc.		1,267		136
Fastenal Co.		4,297		216
FedEx Corp.		1,825		518
Fortive Corp.		2,529		179
Fortune Brands Home & Security, Inc.		1,037		99
Generac Holdings, Inc. (a)(b)		470		154
General Dynamics Corp.		1,735		315
General Electric Co.		65,600		861
Honeywell International, Inc.		5,204		1,129
Howmet Aerospace, Inc. (a)		2,920		94
Huntington Ingalls Industries, Inc.		301		62
IDEX Corp.		568		119
IHS Markit Ltd.		2,789		270
Illinois Tool Works, Inc.		2,156		478
Ingersoll Rand, Inc. (a)(c)		2,788		137
J.B. Hunt Transport Services, Inc.		625		105
Jacobs Engineering Group, Inc.		973		126
Johnson Controls International PLC		5,389		322
Kansas City Southern		680		179
L3Harris Technologies, Inc.		1,538		312
Lockheed Martin Corp.		1,844		681
Masco Corp.		1,924		115
Nielsen Holdings PLC		2,677		67
Norfolk Southern Corp.		1,885		506
Northrop Grumman Corp.		1,160		375
Old Dominion Freight Line, Inc.		717		172
Otis Worldwide Corp.		3,050		209
PACCAR, Inc.		2,596		241

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Parker-Hannifin Corp.		966	$	305
Pentair PLC		1,242		77
Quanta Services, Inc.		1,035		91
Raytheon Technologies Corp.		11,368		878
Republic Services, Inc. (c)		1,575		156
Robert Half International, Inc.		846		66
Rockwell Automation, Inc.		869		231
Rollins, Inc.		1,657		57
Roper Technologies, Inc.		785		317
Snap-on, Inc.		406		94
Southwest Airlines Co. (a)		4,419		270
Stanley Black & Decker, Inc.		1,204		240
Teledyne Technologies, Inc. (a)		277		115
Textron, Inc.		1,698		95
The Boeing Co. (a)		4,105		1,047
Trane Technologies PLC		1,784		295
TransDigm Group, Inc. (a)		409		240
Union Pacific Corp.		5,012		1,106
United Airlines Holdings, Inc. (a)		2,383		137
United Parcel Service, Inc., Class B		5,383		915
United Rentals, Inc. (a)		540		178
Verisk Analytics, Inc.		1,218		216
W.W. Grainger, Inc.		329		132
Waste Management, Inc.		2,913		377
Westinghouse Air Brake Technologies Corp.		1,328		105
Xylem, Inc.		1,349		142
				22,370
IT Services (5.2%):
Accenture PLC, Class A		4,745		1,312
Akamai Technologies, Inc. (a)		1,221		124
Automatic Data Processing, Inc.		3,202		603
Broadridge Financial Solutions, Inc.		866		133
Cognizant Technology Solutions Corp., Class A		3,970		310
DXC Technology Co. (a)		1,905		60
Fidelity National Information Services, Inc.		4,647		653
Fiserv, Inc. (a)		4,308		513
FleetCor Technologies, Inc. (a)		624		168
Gartner, Inc. (a)		664		121
Global Payments, Inc.		2,209		445
International Business Machines Corp.		6,686		891
Jack Henry & Associates, Inc.		569		86
Leidos Holdings, Inc.		998		96
Mastercard, Inc., Class A		6,560		2,336
Paychex, Inc.		2,401		235
PayPal Holdings, Inc. (a)		8,763		2,128

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
The Western Union Co.		3,074	$	76
VeriSign, Inc. (a)		745		148
Visa, Inc., Class A		12,690		2,688
				13,126
Materials (2.7%):
Air Products & Chemicals, Inc.		1,656		465
Albemarle Corp.		873		128
Amcor PLC		11,686		136
Avery Dennison Corp.		621		114
Ball Corp.		2,453		208
Celanese Corp.		854		128
CF Industries Holdings, Inc.		1,601		73
Corteva, Inc.		5,567		260
Dow, Inc.		5,576		357
DuPont de Nemours, Inc.		4,028		311
Eastman Chemical Co.		1,016		112
Ecolab, Inc.		1,861		398
FMC Corp.		968		107
Freeport-McMoRan, Inc. (a)		10,912		359
International Flavors & Fragrances, Inc.		1,861		260
International Paper Co.		2,941		159
Linde PLC		3,912		1,096
LyondellBasell Industries NV, Class A		1,925		200
Martin Marietta Materials, Inc.		466		156
Newmont Corp.		5,988		361
Nucor Corp.		2,230		179
Packaging Corp. of America		709		95
PPG Industries, Inc.		1,773		266
Sealed Air Corp.		1,159		53
The Mosaic Co.		2,581		82
The Sherwin-Williams Co.		603		445
Vulcan Materials Co.		992		168
Westrock Co.		1,972		103
				6,779
Real Estate (2.5%):
Alexandria Real Estate Equities, Inc.		951		156
American Tower Corp.		3,325		795
AvalonBay Communities, Inc.		1,044		193
Boston Properties, Inc.		1,061		107
CBRE Group, Inc., Class A (a)		2,511		199
Crown Castle International Corp.		3,227		555
Digital Realty Trust, Inc.		2,103		296

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Duke Realty Corp.	2,796		$	117
Equinix, Inc.		668		454
Equity Residential		2,565		184
Essex Property Trust, Inc.		486		132
Extra Space Storage, Inc.		988		131
Federal Realty Investment Trust		523		53
Healthpeak Properties, Inc.		4,030		128
Host Hotels & Resorts, Inc. (a)		5,277		89
Iron Mountain, Inc. (b)		2,158		80
Kimco Realty Corp.		3,235		61
Mid-America Apartment Communities, Inc.		856		124
Prologis, Inc.		5,533		586
Public Storage		1,138		281
Realty Income Corp.		2,794		177
Regency Centers Corp.		1,182		67
SBA Communications Corp.		818		227
Simon Property Group, Inc.		2,458		280
UDR, Inc.		2,221		97
Ventas, Inc.		2,803		150
Vornado Realty Trust		1,174		53
Welltower, Inc.		3,123		224
Weyerhaeuser Co.		5,595		199
				6,195
Semiconductors & Semiconductor Equipment (5.4%):
Advanced Micro Devices, Inc. (a)		9,066		712
Analog Devices, Inc.		2,760		428
Applied Materials, Inc.		6,866		917
Broadcom, Inc.		3,054		1,416
Intel Corp.		30,399		1,946
KLA Corp.		1,153		381
Lam Research Corp.		1,069		636
Maxim Integrated Products, Inc.		2,005		183
Microchip Technology, Inc.		2,015		313
Micron Technology, Inc. (a)		8,370		738
Monolithic Power Systems, Inc.		321		113
NVIDIA Corp.		4,639		2,476
NXP Semiconductors NV		2,073		418
Qorvo, Inc. (a)		847		155
QUALCOMM, Inc.		8,499		1,127
Skyworks Solutions, Inc.		1,234		226
Teradyne, Inc.		1,247		152
Texas Instruments, Inc.		6,885		1,301

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Xilinx, Inc.		1,839	$	228
				13,866
Software (8.3%):
Adobe, Inc. (a)		3,586		1,704
ANSYS, Inc. (a)		649		220
Autodesk, Inc. (a)		1,645		456
Cadence Design Systems, Inc. (a)		2,087		286
Citrix Systems, Inc.		920		129
Fortinet, Inc. (a)		1,013		187
Intuit, Inc.		2,049		785
Microsoft Corp. (c)		56,429		13,303
NortonLifeLock, Inc.		4,354		93
Oracle Corp.		13,877		974
Paycom Software, Inc. (a)		367		136
salesforce.com, Inc. (a)		6,866		1,455
ServiceNow, Inc. (a)(c)		1,467		734
Synopsys, Inc. (a)		1,140		282
Tyler Technologies, Inc. (a)		304		129
				20,873
Technology Hardware, Storage & Peripherals (6.1%):
Apple, Inc.		118,069		14,421
Hewlett Packard Enterprise Co.		9,735		153
HP, Inc.		9,371		298
NetApp, Inc.		1,665		121
Seagate Technology PLC		1,503		115
Western Digital Corp.		2,290		153
				15,261
Utilities (2.6%):
Alliant Energy Corp.		1,870		101
Ameren Corp.		1,896		154
American Electric Power Co., Inc. (c)		3,716		315
American Water Works Co., Inc.		1,357		203
Atmos Energy Corp.		959		95
CenterPoint Energy, Inc.		4,127		93
CMS Energy Corp.		2,162		132
Consolidated Edison, Inc. (c)		2,562		192
Dominion Energy, Inc.		6,028		458
DTE Energy Co.		1,450		193
Duke Energy Corp. (c)		5,751		555
Edison International		2,838		166
Entergy Corp.		1,500		149

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Evergy, Inc. (c)		1,698	$	101
Eversource Energy (c)		2,566		222
Exelon Corp.		7,305		320
FirstEnergy Corp.		4,064		141
NextEra Energy, Inc. (c)		14,663		1,109
NiSource, Inc.		2,932		71
NRG Energy, Inc.		1,831		69
Pinnacle West Capital Corp.		843		69
PPL Corp.		5,753		166
Public Service Enterprise Group, Inc.		3,779		228
Sempra Energy		2,264		300
The AES Corp.		4,999		134
The Southern Co. (c)		7,905		491
WEC Energy Group, Inc. (c)		2,360		221
Xcel Energy, Inc. (c)		4,023		268
				6,716
Total Common Stocks (Cost $49,616)				251,519
Collateral for Securities Loaned^ (0.3%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.05% (d)		16,063		16
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		413,656		414
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		8,016		8
JPMorgan Prime Money Market Fund, Capital Shares, 0.10% (d)		63,919		64
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		287,390		287
Total Collateral for Securities Loaned (Cost $789)				789
Total Investments (Cost $50,405) — 99.2%				252,308
Other assets in excess of liabilities — 0.8%				2,009
NET ASSETS - 100.00%			$	254,317

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rate disclosed is the daily yield on March 31, 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		14		6/18/21	$	2,738,289	$	2,777,180	$	38,891
	Total unrealized appreciation								$	38,891
	Total unrealized depreciation									–
	Total net unrealized appreciation (depreciation)								$	38,891

Victory Portfolios	Schedule of Portfolio Investments
Victory Munder Multi-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.9%)
Communication Services (8.6%):
Alphabet, Inc., Class A (a)	5,793	$	11,948
Charter Communications, Inc., Class A (a)	8,100		4,998
Facebook, Inc., Class A (a)	23,300		6,863
Iridium Communications, Inc. (a)	53,400		2,203
Nexstar Media Group, Inc., Class A	28,600		4,016
Vonage Holdings Corp. (a)	18,800		222
Zynga, Inc., Class A (a)	548,600		5,601
			35,851
Communications Equipment (1.2%):
Lumentum Holdings, Inc. (a)	54,300		4,960
Consumer Discretionary (15.4%):
Amazon.com, Inc. (a)	4,510		13,954
Asbury Automotive Group, Inc. (a)(b)	28,400		5,580
Boyd Gaming Corp. (a)	66,100		3,897
Brunswick Corp.	26,400		2,518
D.R. Horton, Inc.	47,100		4,198
Group 1 Automotive, Inc. (b)	25,800		4,071
LCI Industries	29,100		3,849
LGI Homes, Inc. (a)	39,500		5,897
Lowe’s Cos., Inc.	22,400		4,260
Malibu Boats, Inc., Class A (a)	47,600		3,793
Meritage Homes Corp. (a)	32,300		2,969
Rent-A-Center, Inc.	72,700		4,192
Tesla, Inc. (a)	2,900		1,937
TopBuild Corp. (a)	17,700		3,707
			64,822
Consumer Staples (5.0%):
BJ’s Wholesale Club Holdings, Inc. (a)	92,500		4,150
Monster Beverage Corp. (a)	43,000		3,917
PepsiCo, Inc.	33,600		4,753
Performance Food Group Co. (a)	75,300		4,338
Philip Morris International, Inc.	41,300		3,665
			20,823
Energy (3.5%):
Chevron Corp.	42,710		4,476
Matador Resources Co. (b)	143,800		3,372
Phillips 66	25,575		2,085
Pioneer Natural Resources Co.	15,500		2,462

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Valero Energy Corp.	30,200	$	2,162
			14,557
Financials (11.2%):
Ameriprise Financial, Inc.	12,200		2,836
Bank of America Corp.	165,800		6,415
Flagstar Bancorp, Inc.	97,500		4,397
JPMorgan Chase & Co.	57,900		8,814
Morgan Stanley	63,800		4,955
Primerica, Inc.	39,600		5,854
ServisFirst Bancshares, Inc.	52,800		3,238
T. Rowe Price Group, Inc.	25,200		4,324
Western Alliance Bancorp	60,400		5,704
			46,537
Health Care (11.8%):
AbbVie, Inc.	71,450		7,732
Bristol-Myers Squibb Co.	40,000		2,526
Charles River Laboratories International, Inc. (a)	18,800		5,449
Hologic, Inc. (a)	52,600		3,912
ICON PLC (a)	23,700		4,654
Insulet Corp. (a)	8,500		2,218
Pfizer, Inc.	47,100		1,706
Quest Diagnostics, Inc.	30,000		3,850
Regeneron Pharmaceuticals, Inc. (a)	10,700		5,063
Stryker Corp.	18,700		4,555
Thermo Fisher Scientific, Inc.	7,800		3,560
UnitedHealth Group, Inc.	9,625		3,581
			48,806
Industrials (11.9%):
Builders FirstSource, Inc. (a)	93,100		4,317
Chart Industries, Inc. (a)	17,600		2,505
Kansas City Southern	22,300		5,885
Marten Transport Ltd.	218,400		3,706
Masco Corp.	86,900		5,205
Masonite International Corp. (a)	21,900		2,524
Old Dominion Freight Line, Inc.	26,800		6,444
Patrick Industries, Inc.	52,100		4,429
Trex Co., Inc. (a)(b)	43,800		4,009
UFP Industries, Inc.	74,900		5,680
XPO Logistics, Inc. (a)(b)	40,800		5,031
			49,735
IT Services (4.0%):
Akamai Technologies, Inc. (a)	45,000		4,586
EPAM Systems, Inc. (a)	11,500		4,562

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Fiserv, Inc. (a)	40,400	$	4,809
Visa, Inc., Class A	12,900		2,731
			16,688
Materials (4.3%):
Avery Dennison Corp.	22,800		4,187
Berry Global Group, Inc. (a)	35,800		2,198
Dow, Inc.	38,900		2,487
Silgan Holdings, Inc.	51,700		2,173
Summit Materials, Inc., Class A (a)	143,400		4,018
Valvoline, Inc. (b)	96,200		2,508
			17,571
Real Estate (1.1%):
American Tower Corp.	18,900		4,518
Semiconductors & Semiconductor Equipment (7.3%):
Advanced Micro Devices, Inc. (a)	78,400		6,154
Applied Materials, Inc.	19,800		2,645
Broadcom, Inc.	15,500		7,187
NVIDIA Corp.	15,900		8,490
Qorvo, Inc. (a)	32,300		5,901
			30,377
Software (7.9%):
Adobe, Inc. (a)	4,000		1,901
Cadence Design Systems, Inc. (a)	31,400		4,302
Microsoft Corp.	95,660		22,555
ServiceNow, Inc. (a)	7,900		3,951
			32,709
Technology Hardware, Storage & Peripherals (4.7%):
Apple, Inc.	161,980		19,786
Total Common Stocks (Cost $276,609)			407,740
Exchange-Traded Funds (2.0%)
iShares Russell 3000 ETF	35,000		8,303
Total Exchange-Traded Funds (Cost $7,930)			8,303
Collateral for Securities Loaned^ (3.3%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.05% (c)	284,108		284
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)	7,316,424		7,316
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)	141,784		142

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund		March 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares			Value
JPMorgan Prime Money Market Fund, Capital Shares, 0.10% (c)	1,130,540		$	1,131
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		5,083,128		5,083
Total Collateral for Securities Loaned (Cost $13,956)				13,956
Total Investments (Cost $298,495) — 103.2%				429,999
Liabilities in excess of other assets — (3.2)%				(13,254	)
NET ASSETS - 100.00%			$	416,745

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

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Munder Mid-Cap Core Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.8%)
Communication Services (2.3%):
Live Nation Entertainment, Inc. (a)(b)		79,344	$	6,716
Take-Two Interactive Software, Inc. (a)		35,000		6,185
				12,901
Consumer Discretionary (15.8%):
AutoZone, Inc. (a)		5,400		7,583
Chipotle Mexican Grill, Inc. (a)		5,400		7,673
Choice Hotels International, Inc.		36,100		3,873
D.R. Horton, Inc.		109,800		9,786
Etsy, Inc. (a)		18,800		3,791
Expedia Group, Inc. (a)		43,900		7,556
Five Below, Inc. (a)		24,600		4,693
Lear Corp.		42,600		7,721
Lithia Motors, Inc., Class A		19,400		7,568
Marriott Vacations Worldwide Corp. (a)		35,821		6,239
NVR, Inc. (a)		1,500		7,066
Penn National Gaming, Inc. (a)(b)		63,100		6,615
Rent-A-Center, Inc.		70,100		4,042
YETI Holdings, Inc. (a)		69,900		5,047
				89,253
Consumer Staples (2.1%):
Darling Ingredients, Inc. (a)		96,000		7,064
Monster Beverage Corp. (a)		54,300		4,946
				12,010
Energy (1.3%):
Diamondback Energy, Inc.		43,400		3,189
U.S. Silica Holdings, Inc. (a)(b)		309,800		3,807
				6,996
Financials (8.9%):
Ally Financial, Inc.		230,900		10,439
Brown & Brown, Inc.		115,300		5,270
East West Bancorp, Inc.		71,200		5,255
MarketAxess Holdings, Inc.		8,800		4,382
MSCI, Inc.		21,900		9,182
Radian Group, Inc.		334,377		7,774
Synchrony Financial		212,000		8,620
				50,922
Health Care (14.0%):
ABIOMED, Inc. (a)		15,700		5,004
Agilent Technologies, Inc.		60,593		7,704
BioCryst Pharmaceuticals, Inc. (a)(b)		373,200		3,795

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Bruker Corp.		53,900	$	3,465
CRISPR Therapeutics AG (a)		12,100		1,474
Dynavax Technologies Corp. (a)(b)		267,100		2,626
Edwards Lifesciences Corp. (a)		58,700		4,910
Horizon Therapeutics PLC (a)		53,200		4,897
IDEXX Laboratories, Inc. (a)		11,700		5,725
Insulet Corp. (a)		24,500		6,393
IQVIA Holdings, Inc. (a)		38,800		7,494
NanoString Technologies, Inc. (a)		90,100		5,920
Teleflex, Inc.		15,900		6,605
Veeva Systems, Inc., Class A (a)		29,300		7,654
Zoetis, Inc.		39,130		6,162
				79,828
Industrials (19.3%):
Advanced Drainage Systems, Inc.		41,900		4,332
Chart Industries, Inc. (a)		48,400		6,890
Clean Harbors, Inc. (a)		61,100		5,136
Copa Holdings SA (a)(b)		59,500		4,807
CSX Corp.		68,200		6,576
Generac Holdings, Inc. (a)		13,700		4,486
Jacobs Engineering Group, Inc.		19,800		2,560
Kratos Defense & Security Solutions, Inc. (a)		225,000		6,138
Old Dominion Freight Line, Inc.		26,050		6,263
Oshkosh Corp.		71,900		8,532
Owens Corning, Inc.		92,000		8,472
Robert Half International, Inc.		87,200		6,808
Southwest Airlines Co. (a)		95,400		5,825
TFI International, Inc.		39,200		2,931
The Middleby Corp. (a)		43,500		7,210
Trane Technologies PLC		59,000		9,768
Trex Co., Inc. (a)(b)		67,600		6,188
WESCO International, Inc. (a)		88,500		7,658
				110,580
Information Technology (20.4%):
Advanced Micro Devices, Inc. (a)		129,800		10,189
Amphenol Corp., Class A		113,620		7,496
Atlassian Corp. PLC, Class A (a)(b)		11,800		2,487
CDW Corp.		47,059		7,800
Concentrix Corp. (a)		27,300		4,087
Crowdstrike Holdings, Inc., Class A (a)		32,000		5,841
DocuSign, Inc. (a)		10,400		2,105
EPAM Systems, Inc. (a)		28,300		11,227
Fidelity National Information Services, Inc.		22,944		3,226

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Fiserv, Inc. (a)		51,100	$	6,083
Global Payments, Inc.		23,100		4,656
KLA Corp.		24,700		8,161
Lumentum Holdings, Inc. (a)		42,800		3,910
Microchip Technology, Inc.		43,787		6,797
Monolithic Power Systems, Inc.		12,600		4,450
ServiceNow, Inc. (a)		11,000		5,501
SS&C Technologies Holdings, Inc.		108,579		7,587
SYNNEX Corp.		27,300		3,135
Synopsys, Inc. (a)		33,300		8,252
Zendesk, Inc. (a)		36,800		4,880
				117,870
Materials (7.9%):
Avery Dennison Corp.		32,700		6,005
Cleveland-Cliffs, Inc.		406,900		8,183
Franco-Nevada Corp.		29,600		3,708
Freeport-McMoRan, Inc. (a)		314,700		10,363
Louisiana-Pacific Corp.		152,900		8,480
The Scotts Miracle-Gro Co.		29,500		7,227
				43,966
Real Estate (4.4%):
Digital Realty Trust, Inc.		54,346		7,655
SBA Communications Corp.		24,803		6,884
Simon Property Group, Inc.		43,100		4,903
Sun Communities, Inc.		38,716		5,809
				25,251
Utilities (1.4%):
Atmos Energy Corp.		29,400		2,906
Sempra Energy		36,539		4,844
				7,750
Total Common Stocks (Cost $350,915)				557,327
Exchange-Traded Funds (2.1%)
SPDR S&P MidCap 400 ETF		25,400		12,092
Total Exchange-Traded Funds (Cost $11,415)				12,092
Collateral for Securities Loaned^ (5.2%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		599,147		599
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		15,433,276		15,433
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		299,079		299
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		2,384,763		2,385

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		10,722,508	$	10,723
Total Collateral for Securities Loaned (Cost $29,439)				29,439
Total Investments (Cost $391,769) — 105.1%				598,858
Liabilities in excess of other assets — (5.1)%				(29,282	)
NET ASSETS - 100.00%			$	569,576

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

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Integrity Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.5%)
Communication Services (2.4%):
Cinemark Holdings, Inc. (a)(b)		55,696	$	1,137
Liberty Media Group Corp.-Liberty Formula One, Class C (a)		33,142		1,434
Lions Gate Entertainment Corp., Class B (a)		87,409		1,128
Nexstar Media Group, Inc., Class A		15,550		2,184
				5,883
Consumer Discretionary (14.2%):
Aptiv PLC (a)		9,900		1,365
Aramark		44,332		1,675
Best Buy Co., Inc.		5,992		688
Brunswick Corp.		21,065		2,009
Caesars Entertainment, Inc. (a)		19,150		1,675
D.R. Horton, Inc.		15,835		1,411
Darden Restaurants, Inc.		17,276		2,452
Ford Motor Co. (a)		172,100		2,108
Hilton Worldwide Holdings, Inc. (a)		10,520		1,272
Kohl’s Corp.		24,400		1,454
Mohawk Industries, Inc. (a)		10,973		2,110
Newell Brands, Inc.		60,740		1,627
Norwegian Cruise Line Holdings Ltd. (a)(b)		74,681		2,060
Penske Automotive Group, Inc.		19,800		1,589
Ralph Lauren Corp. (a)		19,362		2,385
Tapestry, Inc. (a)		42,700		1,760
The Gap, Inc.		53,600		1,596
Travel + Leisure Co.		38,384		2,348
VF Corp.		21,200		1,694
Visteon Corp. (a)		13,015		1,587
				34,865
Consumer Staples (4.0%):
Archer-Daniels-Midland Co.		29,611		1,687
Coty, Inc., Class A (a)(b)		198,907		1,792
Darling Ingredients, Inc. (a)		20,259		1,491
Lamb Weston Holdings, Inc.		16,055		1,244
Performance Food Group Co. (a)		32,500		1,872
Tyson Foods, Inc., Class A		22,700		1,687
				9,773
Energy (4.7%):
Devon Energy Corp.		79,204		1,731
Diamondback Energy, Inc.		24,585		1,807
EOG Resources, Inc.		26,300		1,907
Halliburton Co.		28,961		622
Hess Corp.		26,950		1,907

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Pioneer Natural Resources Co.		11,483	$	1,824
Schlumberger Ltd.		66,128		1,798
				11,596
Financials (17.2%):
Ally Financial, Inc.		44,095		1,994
Arch Capital Group Ltd. (a)		37,700		1,447
Arthur J. Gallagher & Co.		21,121		2,634
Assurant, Inc.		12,150		1,723
Capital One Financial Corp.		16,577		2,109
Cincinnati Financial Corp.		12,651		1,304
CIT Group, Inc.		32,160		1,657
Comerica, Inc.		29,376		2,107
Invesco Ltd.		77,856		1,964
Lincoln National Corp.		27,220		1,695
LPL Financial Holdings, Inc.		17,553		2,495
M&T Bank Corp.		17,000		2,577
Northern Trust Corp.		22,849		2,402
Regions Financial Corp.		120,000		2,479
Reinsurance Group of America, Inc.		14,116		1,779
State Street Corp.		23,503		1,974
Sterling Bancorp		69,269		1,595
The Hartford Financial Services Group, Inc.		28,476		1,902
Voya Financial, Inc.		35,300		2,246
W.R. Berkley Corp.		28,900		2,178
Western Alliance Bancorp		19,612		1,852
				42,113
Health Care (7.0%):
Elanco Animal Health, Inc. (a)		42,449		1,250
Encompass Health Corp.		30,022		2,459
Hill-Rom Holdings, Inc.		16,015		1,769
Jazz Pharmaceuticals PLC (a)		7,200		1,183
Laboratory Corp. of America Holdings (a)		13,207		3,368
McKesson Corp.		9,471		1,847
Perrigo Co. PLC (b)		34,100		1,381
Viatris, Inc. (a)		89,400		1,249
Zimmer Biomet Holdings, Inc.		15,796		2,529
				17,035
Industrials (16.6%):
Avis Budget Group, Inc. (a)		11,395		827
Barnes Group, Inc.		22,974		1,138
Carlisle Cos., Inc.		10,156		1,671
Clean Harbors, Inc. (a)		14,704		1,236
Colfax Corp. (a)		48,000		2,103
Cummins, Inc.		8,339		2,161

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Delta Air Lines, Inc. (a)		31,300	$	1,511
Howmet Aerospace, Inc. (a)		59,100		1,899
ITT, Inc.		21,591		1,963
Kansas City Southern		6,725		1,775
Kirby Corp. (a)		18,500		1,115
Landstar System, Inc.		7,948		1,312
ManpowerGroup, Inc.		19,335		1,912
nVent Electric PLC		55,041		1,536
Old Dominion Freight Line, Inc.		5,164		1,241
Oshkosh Corp.		19,764		2,345
Parker-Hannifin Corp.		7,851		2,476
Quanta Services, Inc.		23,300		2,050
Republic Services, Inc.		13,399		1,331
Rexnord Corp.		32,354		1,524
Sensata Technologies Holding PLC (a)		25,191		1,460
Southwest Airlines Co. (a)		44,814		2,737
Trane Technologies PLC		10,875		1,800
Westinghouse Air Brake Technologies Corp.		22,535		1,784
				40,907
Information Technology (9.7%):
Arrow Electronics, Inc. (a)		14,400		1,596
Ciena Corp. (a)		30,088		1,646
Corning, Inc.		44,930		1,955
DXC Technology Co. (a)		62,224		1,945
Flex Ltd. (a)		98,507		1,804
Hewlett Packard Enterprise Co.		68,000		1,070
Jabil, Inc.		46,104		2,405
Microchip Technology, Inc.		11,100		1,723
MKS Instruments, Inc.		8,040		1,491
NCR Corp. (a)		39,000		1,480
ON Semiconductor Corp. (a)		45,800		1,906
Skyworks Solutions, Inc.		7,741		1,420
Vontier Corp. (a)		48,411		1,465
Western Digital Corp.		26,672		1,781
				23,687
Materials (7.9%):
Arconic Corp. (a)		46,000		1,168
FMC Corp.		19,620		2,170
Freeport-McMoRan, Inc. (a)		77,478		2,552
Huntsman Corp.		81,130		2,339
Martin Marietta Materials, Inc.		3,800		1,276
PPG Industries, Inc.		16,062		2,413
Reliance Steel & Aluminum Co.		12,514		1,906
Steel Dynamics, Inc.		32,890		1,669

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
The Mosaic Co.		61,302	$	1,938
Westlake Chemical Corp.		22,040		1,957
				19,388
Real Estate (8.2%):
Americold Realty Trust		35,250		1,356
Apartment Income REIT Corp.		47,000		2,010
Duke Realty Corp.		49,835		2,090
Essex Property Trust, Inc.		7,380		2,006
Healthpeak Properties, Inc.		65,809		2,089
Host Hotels & Resorts, Inc. (a)		121,120		2,041
Medical Properties Trust, Inc.		91,871		1,955
Realty Income Corp.		26,646		1,692
STORE Capital Corp.		43,948		1,472
Welltower, Inc.		29,250		2,095
Weyerhaeuser Co.		46,446		1,653
				20,459
Utilities (6.6%):
CenterPoint Energy, Inc.		74,200		1,681
DTE Energy Co.		18,200		2,423
Edison International		23,100		1,354
Evergy, Inc.		32,200		1,916
PG&E Corp. (a)		86,000		1,007
Pinnacle West Capital Corp.		14,463		1,177
PPL Corp.		50,200		1,448
Spire, Inc.		22,000		1,625
UGI Corp.		35,736		1,466
Vistra Corp.		61,005		1,079
Xcel Energy, Inc.		13,755		916
				16,092
Total Common Stocks (Cost $176,895)				241,798
Collateral for Securities Loaned^ (1.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		82,191		82
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		2,118,934		2,119
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		41,062		41
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		327,509		328
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		1,472,142		1,472
Total Collateral for Securities Loaned (Cost $4,042)				4,042
Total Investments (Cost $180,937) — 100.1%				245,840
Liabilities in excess of other assets — (0.1)%				(341	)
NET ASSETS - 100.00%			$	245,499

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(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)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

REIT—Real Estate Investment Trust

Victory Portfolios	Schedule of Portfolio Investments
Victory Integrity Small/Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.8%)
Communication Services (2.9%):
Cinemark Holdings, Inc. (a)(b)		43,700	$	892
Liberty Media Group Corp.-Liberty Formula One, Class C (a)		26,740		1,158
Lions Gate Entertainment Corp., Class B (a)		70,400		908
Nexstar Media Group, Inc., Class A		11,030		1,549
TEGNA, Inc.		49,504		932
				5,439
Consumer Discretionary (14.7%):
American Eagle Outfitters, Inc.		49,650		1,452
Aramark		33,250		1,256
Asbury Automotive Group, Inc. (a)		4,793		942
Brunswick Corp.		16,570		1,580
Caesars Entertainment, Inc. (a)		13,128		1,148
Darden Restaurants, Inc.		8,730		1,240
Jack in the Box, Inc.		11,400		1,251
Kohl’s Corp.		25,276		1,507
Kontoor Brands, Inc.		15,325		744
Lear Corp.		6,233		1,130
Mohawk Industries, Inc. (a)		7,350		1,413
Newell Brands, Inc.		55,400		1,484
Norwegian Cruise Line Holdings Ltd. (a)(b)		52,400		1,446
PulteGroup, Inc.		18,458		968
Ralph Lauren Corp. (a)		12,595		1,552
Steven Madden Ltd.		25,038		933
Tapestry, Inc. (a)		29,810		1,228
Travel + Leisure Co.		27,900		1,706
Tri Pointe Homes, Inc. (a)		20,068		409
Visteon Corp. (a)		9,910		1,208
Wolverine World Wide, Inc.		37,300		1,429
WW International, Inc. (a)		27,350		856
				26,882
Consumer Staples (2.9%):
Coty, Inc., Class A (a)(b)		148,800		1,340
Edgewell Personal Care Co.		18,272		724
Lamb Weston Holdings, Inc.		15,950		1,236
Performance Food Group Co. (a)		26,400		1,521
Sanderson Farms, Inc.		4,425		689
				5,510
Energy (4.6%):
Cimarex Energy Co.		22,588		1,342
Devon Energy Corp.		61,200		1,337
Diamondback Energy, Inc.		18,400		1,351

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Green Plains, Inc. (a)		36,153	$	979
Helix Energy Solutions Group, Inc. (a)		189,700		958
PDC Energy, Inc. (a)		44,850		1,542
Whiting Petroleum Corp. (a)		27,927		990
				8,499
Financials (21.7%):
AGNC Investment Corp.		85,300		1,429
Ally Financial, Inc.		39,237		1,774
American Financial Group, Inc.		6,255		714
Arch Capital Group Ltd. (a)		16,454		631
Assurant, Inc.		10,300		1,459
Assured Guaranty Ltd.		20,958		886
Blackstone Mortgage Trust, Inc., Class A (b)		25,893		803
CIT Group, Inc.		24,904		1,283
Comerica, Inc.		25,300		1,815
Discover Financial Services		16,557		1,573
East West Bancorp, Inc.		29,650		2,188
Hancock Whitney Corp.		48,150		2,023
Invesco Ltd.		52,610		1,327
Investors Bancorp, Inc.		80,400		1,181
Kinsale Capital Group, Inc.		4,407		726
Lincoln National Corp.		11,974		746
LPL Financial Holdings, Inc.		12,200		1,735
MGIC Investment Corp.		91,600		1,269
PacWest Bancorp		50,276		1,918
People’s United Financial, Inc.		78,100		1,398
Primerica, Inc.		8,177		1,209
Reinsurance Group of America, Inc.		8,359		1,054
Sterling Bancorp		71,700		1,651
Stifel Financial Corp.		23,235		1,488
Synovus Financial Corp.		35,900		1,642
The Hanover Insurance Group, Inc.		9,100		1,178
Voya Financial, Inc.		23,800		1,515
WesBanco, Inc.		33,400		1,204
Western Alliance Bancorp		23,152		2,186
				40,005
Health Care (3.3%):
Encompass Health Corp.		19,545		1,601
Hill-Rom Holdings, Inc.		12,000		1,326
Jazz Pharmaceuticals PLC (a)		6,400		1,052
Perrigo Co. PLC		18,451		747
Select Medical Holdings Corp. (a)		40,700		1,388
				6,114

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Industrials (20.2%):
Alaska Air Group, Inc. (a)		11,889	$	823
Atkore, Inc. (a)		18,024		1,296
Avis Budget Group, Inc. (a)		8,687		630
Barnes Group, Inc.		19,020		942
Beacon Roofing Supply, Inc. (a)		27,500		1,439
Carlisle Cos., Inc.		8,180		1,346
Clean Harbors, Inc. (a)		13,954		1,173
Crane Co.		12,050		1,132
EMCOR Group, Inc.		16,050		1,800
EnPro Industries, Inc.		11,406		973
Flowserve Corp.		24,250		941
Fluor Corp. (a)		40,859		943
Howmet Aerospace, Inc. (a)		50,300		1,616
ITT, Inc.		16,900		1,535
Kirby Corp. (a)		18,900		1,139
Korn Ferry		23,550		1,469
Landstar System, Inc.		5,990		989
ManpowerGroup, Inc.		11,600		1,147
Meritor, Inc. (a)		38,750		1,140
MRC Global, Inc. (a)		92,142		832
nVent Electric PLC		38,708		1,080
Oshkosh Corp.		11,881		1,410
Parsons Corp. (a)		23,854		965
Quanta Services, Inc.		11,650		1,025
Rexnord Corp.		24,625		1,160
Ryder System, Inc.		16,600		1,256
Saia, Inc. (a)		5,970		1,376
Sensata Technologies Holding PLC (a)		19,707		1,142
SkyWest, Inc. (a)		23,730		1,293
Steelcase, Inc., Class A		59,178		852
Trinity Industries, Inc.		26,900		766
Tutor Perini Corp. (a)		31,065		589
Westinghouse Air Brake Technologies Corp.		14,350		1,136
				37,355
Information Technology (9.0%):
Arrow Electronics, Inc. (a)		11,155		1,236
Belden, Inc.		24,115		1,070
Ciena Corp. (a)		14,134		773
Cognyte Software Ltd. (a)		24,000		667
Conduent, Inc. (a)		140,383		935
Diodes, Inc. (a)		9,327		745
Euronet Worldwide, Inc. (a)		8,109		1,121
Flex Ltd. (a)		66,130		1,211
Infinera Corp. (a)(b)		91,000		877

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Jabil, Inc.		24,537	$	1,280
MKS Instruments, Inc.		5,940		1,101
NCR Corp. (a)		26,500		1,006
ON Semiconductor Corp. (a)		39,000		1,623
Verint Systems, Inc. (a)		20,160		917
Vishay Intertechnology, Inc.		38,800		934
Vontier Corp. (a)		35,600		1,078
				16,574
Materials (8.2%):
Alcoa Corp. (a)		55,044		1,789
Allegheny Technologies, Inc. (a)		53,864		1,134
Arconic Corp. (a)		31,600		802
Boise Cascade Co.		12,697		760
Carpenter Technology Corp.		24,680		1,016
Huntsman Corp.		45,000		1,297
Kraton Corp. (a)		23,351		854
Olin Corp.		39,025		1,482
Orion Engineered Carbons SA (a)		59,610		1,176
Steel Dynamics, Inc.		21,550		1,094
Summit Materials, Inc., Class A (a)		31,016		869
The Mosaic Co.		41,600		1,315
Westlake Chemical Corp.		16,050		1,425
				15,013
Real Estate (8.3%):
Americold Realty Trust		31,400		1,208
Apartment Income REIT Corp.		35,300		1,509
DiamondRock Hospitality Co. (a)		129,600		1,335
EPR Properties		13,219		616
First Industrial Realty Trust, Inc.		23,700		1,085
Gaming and Leisure Properties, Inc.		30,500		1,294
Highwoods Properties, Inc.		39,400		1,692
Mack Cali Realty Corp.		47,245		731
Medical Properties Trust, Inc.		68,700		1,462
SITE Centers Corp.		115,880		1,571
STORE Capital Corp.		35,400		1,186
VICI Properties, Inc. (b)		51,100		1,443
				15,132
Utilities (3.0%):
ALLETE, Inc.		11,038		742
Black Hills Corp.		13,962		932
PG&E Corp. (a)		60,688		711
Pinnacle West Capital Corp.		11,610		944
Spire, Inc.		8,764		648
UGI Corp.		26,750		1,097

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Vistra Corp.		31,104	$	551
				5,625
Total Common Stocks (Cost $128,303)				182,148
Collateral for Securities Loaned^ (2.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class,0.05% (c)		109,295		109
Fidelity Investments Money Market Government Portfolio, Class I,0.01% (c)		2,814,599		2,815
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		54,544		55
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		434,914		435
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		1,955,459		1,955
Total Collateral for Securities Loaned (Cost $5,369)				5,369
Total Investments (Cost $133,672) — 101.7%				187,517
Liabilities in excess of other assets — (1.7)%				(3,112	)
NET ASSETS - 100.00%			$	184,405

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

PLC—Public Limited Company

REIT—Real Estate Investment Trust

Victory Portfolios	Schedule of Portfolio Investments
Victory Integrity Small-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Communication Services (2.4%):
Cinemark Holdings, Inc. (a)(b)		484,000	$	9,879
Gray Television, Inc.		575,000		10,580
Lions Gate Entertainment Corp., Class B (a)		692,000		8,927
TEGNA, Inc.		474,000		8,925
The Marcus Corp. (a)(b)		436,286		8,721
				47,032
Consumer Discretionary (14.7%):
American Eagle Outfitters, Inc.		559,500		16,361
Asbury Automotive Group, Inc. (a)		69,100		13,578
Bloomin’ Brands, Inc. (a)		600,000		16,230
Brinker International, Inc. (a)		140,100		9,956
Brunswick Corp.		126,000		12,017
Caesars Entertainment, Inc. (a)		171,000		14,954
Century Communities, Inc. (a)		120,800		7,287
Cooper Tire & Rubber Co.		178,800		10,009
Dana, Inc.		430,000		10,462
G-III Apparel Group Ltd. (a)		321,000		9,675
Guess?, Inc. (b)		386,000		9,071
Jack in the Box, Inc.		145,500		15,973
Kohl’s Corp.		194,400		11,588
Kontoor Brands, Inc.		209,000		10,143
Macy’s, Inc. (a)(b)		413,700		6,698
Marriott Vacations Worldwide Corp. (a)		101,300		17,644
Norwegian Cruise Line Holdings Ltd. (a)(b)		373,900		10,316
Shoe Carnival, Inc. (b)		108,200		6,695
Steven Madden Ltd.		332,250		12,380
Tapestry, Inc. (a)		250,000		10,303
The Cheesecake Factory, Inc. (a)(b)		177,200		10,368
The ODP Corp. (a)		143,900		6,229
Tri Pointe Homes, Inc. (a)		542,000		11,035
Visteon Corp. (a)		81,500		9,939
Wolverine World Wide, Inc.		394,000		15,097
WW International, Inc. (a)		312,000		9,759
				293,767
Consumer Staples (2.9%):
Coty, Inc., Class A (a)		1,557,900		14,036
Edgewell Personal Care Co.		243,200		9,631
Performance Food Group Co. (a)		305,500		17,600
Sanderson Farms, Inc.		34,100		5,312
The Simply Good Foods Co. (a)		360,000		10,951
				57,530

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Energy (5.7%):
Antero Resources Corp. (a)(b)		1,047,000	$	10,679
Comstock Resources, Inc. (a)(b)		1,875,000		10,388
Delek U.S. Holdings, Inc.		457,700		9,969
Green Plains, Inc. (a)(b)		595,100		16,109
Ovintiv, Inc. (b)		658,000		15,674
PDC Energy, Inc. (a)		583,900		20,086
ProPetro Holding Corp. (a)		1,359,200		14,489
Whiting Petroleum Corp. (a)		460,000		16,307
				113,701
Financials (23.8%):
Ameris Bancorp		367,000		19,271
Assured Guaranty Ltd.		202,300		8,553
Banc of California, Inc.		480,000		8,678
BancorpSouth Bank		460,000		14,941
Banner Corp.		256,500		13,679
Blackstone Mortgage Trust, Inc., Class A (b)		403,000		12,494
Cathay General Bancorp		374,000		15,252
CIT Group, Inc.		315,300		16,241
CNO Financial Group, Inc.		373,500		9,072
First Bancorp/Southern Pines NC		162,500		7,069
First Merchants Corp.		353,000		16,415
First Midwest Bancorp, Inc.		742,200		16,262
Hancock Whitney Corp.		495,500		20,815
Heritage Financial Corp.		265,000		7,484
Horace Mann Educators Corp.		201,000		8,685
Invesco Ltd.		543,500		13,707
Investors Bancorp, Inc.		1,032,000		15,160
James River Group Holdings Ltd.		165,000		7,527
Kinsale Capital Group, Inc.		48,500		7,993
Ladder Capital Corp.		948,000		11,186
MGIC Investment Corp.		1,071,000		14,833
PacWest Bancorp		525,500		20,047
People’s United Financial, Inc.		718,000		12,852
Piper Sandler Cos.		102,000		11,184
Primerica, Inc.		59,400		8,781
ProAssurance Corp.		370,800		9,923
Renasant Corp. (b)		341,000		14,111
RLI Corp.		99,000		11,045
Starwood Property Trust, Inc.		337,000		8,337
Sterling Bancorp		670,000		15,423
Stifel Financial Corp.		330,500		21,172
Synovus Financial Corp.		318,700		14,581
United Community Banks, Inc.		482,000		16,446

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Veritex Holdings, Inc.		450,000	$	14,724
WesBanco, Inc.		377,700		13,620
Western Alliance Bancorp		201,000		18,982
				476,545
Health Care (2.5%):
CONMED Corp. (b)		78,700		10,277
Patterson Cos., Inc.		318,500		10,176
Select Medical Holdings Corp. (a)		424,000		14,458
Supernus Pharmaceuticals, Inc. (a)		222,000		5,812
Tenet Healthcare Corp. (a)		167,500		8,710
				49,433
Industrials (21.3%):
AAR Corp. (a)		394,000		16,410
Atkore, Inc. (a)		199,200		14,323
Avis Budget Group, Inc. (a)(b)		127,500		9,249
AZZ, Inc.		227,000		11,429
Barnes Group, Inc.		247,000		12,236
Beacon Roofing Supply, Inc. (a)		307,000		16,063
Builders FirstSource, Inc. (a)		210,300		9,752
Clean Harbors, Inc. (a)		146,000		12,272
Crane Co.		132,850		12,476
Ducommun, Inc. (a)		114,000		6,840
EMCOR Group, Inc.		165,500		18,562
EnPro Industries, Inc.		119,700		10,207
Fluor Corp. (a)		441,000		10,183
Hub Group, Inc., Class A (a)		144,000		9,688
Kirby Corp. (a)		172,650		10,407
Korn Ferry		298,500		18,617
Landstar System, Inc.		65,000		10,729
ManpowerGroup, Inc.		82,100		8,120
Meritor, Inc. (a)		415,200		12,215
MRC Global, Inc. (a)		1,147,000		10,357
NOW, Inc. (a)		1,060,000		10,695
nVent Electric PLC		377,000		10,522
Parsons Corp. (a)(b)		259,600		10,498
Rexnord Corp.		363,000		17,094
Ryder System, Inc.		160,000		12,104
Saia, Inc. (a)		62,300		14,365
SkyWest, Inc. (a)		200,000		10,896
Spirit Airlines, Inc. (a)(b)		353,900		13,059
Steelcase, Inc., Class A		717,700		10,328
Terex Corp.		415,000		19,119
Trinity Industries, Inc. (b)		300,000		8,547
Triumph Group, Inc. (a)		574,700		10,563

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
TrueBlue, Inc. (a)		280,000	$	6,166
Tutor Perini Corp. (a)		428,000		8,111
Wabash National Corp.		506,000		9,513
WESCO International, Inc. (a)		135,300		11,708
				423,423
Information Technology (7.7%):
ADTRAN, Inc.		420,400		7,012
Belden, Inc.		280,700		12,455
Cognyte Software Ltd. (a)		260,300		7,239
Cohu, Inc. (a)		355,500		14,874
Conduent, Inc. (a)		1,670,000		11,122
CTS Corp.		308,000		9,566
Diebold Nixdorf, Inc. (a)		780,000		11,021
Diodes, Inc. (a)		131,300		10,483
Infinera Corp. (a)(b)		1,170,000		11,267
KBR, Inc.		326,500		12,535
NeoPhotonics Corp. (a)		454,200		5,428
Plexus Corp. (a)		90,900		8,348
TTM Technologies, Inc. (a)		683,009		9,904
Verint Systems, Inc. (a)		207,200		9,426
Vishay Intertechnology, Inc.		454,000		10,932
				151,612
Materials (8.0%):
Alcoa Corp. (a)		600,100		19,497
Allegheny Technologies, Inc. (a)		591,000		12,446
Arconic Corp. (a)		345,600		8,775
Avient Corp.		346,000		16,355
Boise Cascade Co.		147,500		8,825
Carpenter Technology Corp.		255,400		10,510
Cleveland-Cliffs, Inc.		1,042,000		20,955
Kraton Corp. (a)		332,000		12,148
Olin Corp.		395,000		14,998
Orion Engineered Carbons SA (a)		662,000		13,055
Summit Materials, Inc., Class A (a)		333,300		9,339
Tronox Holdings PLC, Class A		592,000		10,834
				157,737
Real Estate (7.3%):
Alexander & Baldwin, Inc.		640,000		10,746
CareTrust REIT, Inc.		415,000		9,663
City Office REIT, Inc.		600,000		6,372
DiamondRock Hospitality Co. (a)		1,419,000		14,616
Essential Properties Realty Trust, Inc.		608,000		13,881
Lexington Realty Trust		1,395,000		15,498
Mack Cali Realty Corp.		678,000		10,495

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Physicians Realty Trust		616,200	$	10,888
SITE Centers Corp.		1,250,000		16,950
STAG Industrial, Inc.		551,200		18,527
Summit Hotel Properties, Inc. (a)		958,000		9,733
Sunstone Hotel Investors, Inc. (a)		742,000		9,245
				146,614
Utilities (3.5%):
ALLETE, Inc.		192,000		12,901
Black Hills Corp.		194,800		13,007
New Jersey Resources Corp.		249,500		9,947
NorthWestern Corp.		170,200		11,097
ONE Gas, Inc.		88,300		6,791
Portland General Electric Co.		154,000		7,310
Spire, Inc.		127,900		9,452
				70,505
Total Common Stocks (Cost $1,297,377)				1,987,899
Collateral for Securities Loaned^ (4.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		1,873,121		1,873
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		48,237,154		48,237
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		934,780		935
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		7,453,645		7,454
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		33,513,042		33,513
Total Collateral for Securities Loaned (Cost $92,012)				92,012
Total Investments (Cost $1,389,389) — 104.4%				2,079,911
Liabilities in excess of other assets — (4.4)%				(88,343	)
NET ASSETS - 100.00%			$	1,991,568

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

PLC—Public Limited Company

REIT—Real Estate Investment Trust

Victory Portfolios	Schedule of Portfolio Investments
Victory Integrity Discovery Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Banks (22.3%):
Altabancorp (a)		10,000	$	420
Atlantic Capital Bancshares, Inc. (b)		42,600		1,028
Central Pacific Financial Corp.		22,200		592
Civista Bancshares, Inc.		31,400		720
ConnectOne Bancorp, Inc.		33,700		854
Dime Community Bancshares, Inc.		20,700		624
Equity Bancshares, Inc., Class A (b)		24,600		674
Financial Institutions, Inc.		26,240		795
First Bank/Hamilton NJ		25,400		309
First Foundation, Inc.		23,500		551
First Internet Bancorp		14,400		507
First Mid Bancshares, Inc.		19,700		865
FVCBankcorp, Inc. (a)(b)		20,286		351
German American Bancorp, Inc.		15,700		726
HarborOne Bancorp, Inc.		50,500		680
Heritage Commerce Corp.		76,900		940
Heritage Financial Corp.		8,500		240
Hometrust Bancshares, Inc.		30,500		743
Howard Bancorp, Inc. (b)		22,525		370
Independent Bank Corp.		32,500		768
Mercantile Bank Corp.		23,500		763
Origin Bancorp, Inc.		23,600		1,002
Peoples Bancorp, Inc.		23,000		763
Primis Financial Corp.		42,000		611
QCR Holdings, Inc.		16,800		793
SmartFinancial, Inc.		30,500		660
The First Bancshares, Inc.		21,700		794
Univest Financial Corp.		28,500		815
Washington Trust Bancorp, Inc.		15,400		795
				19,753
Capital Markets (1.5%):
Cowen, Inc., Class A (a)		20,700		727
Diamond Hill Investment Group, Inc.		3,798		593
				1,320
Communication Services (3.0%):
Emerald Holding, Inc. (a)(b)		91,500		505
Entravision Communications Corp., Class A		100,500		406
The EW Scripps Co., Class A		50,100		966

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
The Marcus Corp. (a)(b)	40,400	$	808
			2,685
Consumer Discretionary (15.3%):
BJ’s Restaurants, Inc. (b)	7,737		449
Caleres, Inc.	35,000		762
Century Communities, Inc. (b)	8,517		514
Chico’s FAS, Inc. (b)	170,000		563
Chuy’s Holdings, Inc. (b)	15,000		665
Dave & Buster’s Entertainment, Inc. (b)	24,500		1,173
Funko, Inc., Class A (b)	28,600		563
Genesco, Inc. (b)	17,200		816
G-III Apparel Group Ltd. (b)	8,000		241
Hibbett Sports, Inc. (b)	9,400		648
Lindblad Expeditions Holdings, Inc. (a)(b)	36,700		694
M/I Homes, Inc. (b)	7,400		437
Malibu Boats, Inc., Class A (b)	7,880		628
Modine Manufacturing Co. (b)	54,000		798
Motorcar Parts of America, Inc. (b)	24,000		540
OneWater Marine, Inc. (b)	9,750		390
Potbelly Corp. (b)	115,000		680
Ruth’s Hospitality Group, Inc. (b)	15,600		387
Shoe Carnival, Inc.	7,100		439
The Aaron’s Co., Inc.	23,800		611
Universal Electronics, Inc. (b)	10,000		550
Universal Technical Institute, Inc. (b)	60,000		350
Zumiez, Inc. (b)	15,500		665
			13,563
Consumer Finance (0.6%):
EZCORP, Inc., Class A (b)	98,500		490
Consumer Staples (0.2%):
Rite Aid Corp. (a)(b)	8,100		166
Energy (5.2%):
DHT Holdings, Inc.	62,200		369
Earthstone Energy, Inc., Class A (b)	88,000		629
International Seaways, Inc.	19,885		385
Matrix Service Co. (b)	37,500		492
Natural Gas Services Group, Inc. (b)	31,700		299
Newpark Resources, Inc. (b)	116,845		367
Northern Oil & Gas, Inc. (b)	47,900		579
ProPetro Holding Corp. (b)	42,800		456
Solaris Oilfield Infrastructure, Inc., Class A	49,000		601

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Tidewater, Inc. (b)		40,300	$	505
				4,682
Enery (0.6%):
Vine Energy, Inc., Class A (a)(b)		37,546		516
Health Care (6.0%):
AngioDynamics, Inc. (b)		30,400		711
Community Health Systems, Inc. (b)		113,400		1,532
Hanger, Inc. (b)		25,000		571
Invacare Corp.		71,000		569
Orthofix Medical, Inc. (a)(b)		8,294		360
Owens & Minor, Inc.		10,851		408
RadNet, Inc. (b)		34,000		740
Surgery Partners, Inc. (b)		11,185		495
				5,386
Industrials (16.8%):
CIRCOR International, Inc. (b)		19,600		683
Columbus McKinnon Corp.		10,200		538
Covenant Logistics Group, Inc., Class A (b)		30,000		618
CRA International, Inc.		6,300		470
Ducommun, Inc. (b)		9,850		591
DXP Enterprise, Inc. (b)		24,300		733
Eagle Bulk Shipping, Inc. (b)		22,450		811
Echo Global Logistics, Inc. (b)		26,100		820
Great Lakes Dredge & Dock Corp. (b)		31,500		459
Hawaiian Holdings, Inc. (b)		23,000		613
Heidrick & Struggles International, Inc.		12,000		429
Heritage-Crystal Clean, Inc. (b)		27,800		754
Kelly Services, Inc., Class A (b)		24,000		534
Knoll, Inc.		25,300		418
Maxar Technologies, Inc.		24,500		927
NN, Inc. (a)(b)		90,000		636
Park Aerospace Corp.		23,300		308
Park-Ohio Holdings Corp.		14,500		457
SP Plus Corp. (b)		23,800		780
Team, Inc. (b)		54,000		623
The Shyft Group, Inc.		15,200		565
Titan Machinery, Inc. (b)		25,000		638
Triumph Group, Inc. (b)		36,040		662
TrueBlue, Inc. (b)		20,800		458
VSE Corp.		14,000		553
				15,078
Information Technology (10.5%):
ADTRAN, Inc.		29,300		489

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
American Software, Inc., Class A		24,000	$	497
Asure Software, Inc. (b)		57,600		440
Benchmark Electronics, Inc.		16,600		513
Cohu, Inc. (b)		12,032		503
Comtech Telecommunications Corp.		23,000		571
Conduent, Inc. (b)		69,107		460
CTS Corp.		21,500		668
Diebold Nixdorf, Inc. (b)		33,556		474
Digi International, Inc. (b)		36,586		695
Extreme Networks, Inc. (b)		57,000		499
Harmonic, Inc. (b)		73,500		576
I3 Verticals, Inc., Class A (b)		10,555		329
Ichor Holdings Ltd. (b)		11,550		622
Impinj, Inc. (a)(b)		5,100		290
NeoPhotonics Corp. (b)		48,200		576
Veeco Instruments, Inc. (b)		22,200		460
Vishay Precision Group, Inc. (b)		18,200		561
				9,223
Insurance (1.2%):
HCI Group, Inc.		6,000		461
Heritage Insurance Holdings, Inc.		51,800		574
				1,035
Materials (4.5%):
Haynes International, Inc.		23,100		685
Koppers Holdings, Inc. (b)		17,200		598
Kraton Corp. (b)		11,700		428
Schnitzer Steel Industries, Inc.		13,400		560
SunCoke Energy, Inc.		124,000		870
Verso Corp., Class A		52,550		767
				3,908
Mortgage Real Estate Investment Trusts (0.7%):
Dynex Capital, Inc.		24,000		455
Western Asset Mortgage Capital Corp. (a)		64,725		206
				661
Real Estate (6.1%):
Bluerock Residential Growth REIT, Inc.		15,000		152
CatchMark Timber Trust, Inc., Class A		41,000		417
Cedar Realty Trust, Inc.		19,200		286
City Office REIT, Inc.		63,200		671
Global Medical REIT, Inc.		47,000		616
NETSTREIT Corp.		25,000		462
New Senior Investment Group, Inc.		95,000		592

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
NexPoint Residential Trust, Inc.		12,000	$	553
Plymouth Industrial REIT, Inc.		32,500		548
UMH Properties, Inc.		19,000		364
Urstadt Biddle Properties, Inc., Class A		42,100		701
				5,362
Thrifts & Mortgage Finance (4.6%):
Bridgewater Bancshares, Inc. (b)		37,500		606
Home Bancorp, Inc.		8,800		317
HomeStreet, Inc.		11,650		513
Meridian Bancorp, Inc.		48,000		884
PCSB Financial Corp.		35,000		581
Premier Financial Corp.		34,300		1,142
				4,043
Total Common Stocks (Cost $64,521)				87,871
Collateral for Securities Loaned^ (4.0%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		72,092		72
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		1,856,499		1,856
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		35,977		36
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		286,872		287
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		1,289,862		1,290
Total Collateral for Securities Loaned (Cost $3,541)				3,541
Total Investments (Cost $68,062) — 103.1%				91,412
Liabilities in excess of other assets — (3.1)%				(2,730	)
NET ASSETS - 100.00%			$	88,682

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

REIT—Real Estate Investment Trust

Victory Portfolios	Schedule of Portfolio Investments
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.4%)
Australia (3.5%):
Consumer Discretionary (0.3%):
Aristocrat Leisure Ltd.		24,815	$	651
Energy (0.5%):
Beach Energy Ltd.		780,695		1,021
Financials (1.0%):
Australia & New Zealand Banking Group Ltd.		48,957		1,051
Macquarie Group Ltd.		8,445		984
				2,035
Health Care (0.3%):
Sonic Healthcare Ltd.		25,522		682
Materials (0.8%):
Rio Tinto Ltd.		20,546		1,736
Real Estate (0.6%):
Charter Hall Group		70,254		691
Stockland		196,363		659
				1,350
				7,475
Austria (0.2%):
Financials (0.2%):
Raiffeisen Bank International AG (a)		21,162		465
Belgium (1.0%):
Consumer Staples (0.3%):
Anheuser-Busch InBev SA		10,577		665
Financials (0.3%):
KBC Group NV (a)		7,946		578
Health Care (0.4%):
UCB SA		9,343		888
				2,131
Brazil (1.2%):
Consumer Staples (0.3%):
Sendas Distribuidora SA (a)		54,362		713
Energy (0.4%):
Petro Rio SA (a)		48,200		790
Financials (0.5%):
Banco Santander Brasil SA		147,200		1,036
				2,539
Canada (5.1%):
Energy (0.8%):
Parex Resources, Inc. (a)		68,158		1,216
Suncor Energy, Inc.		28,434		594
				1,810
Financials (2.6%):
Bank of Montreal		11,274		1,005
iA Financial Corp., Inc.		17,870		972
IGM Financial, Inc. (b)		30,118		918
National Bank of Canada (b)		19,884		1,351
Sun Life Financial, Inc.		24,527		1,240
				5,486
Industrials (0.7%):
Canadian Pacific Railway Ltd. (b)		3,822		1,460
Materials (1.0%):
Barrick Gold Corp.		30,815		611
First Quantum Minerals Ltd.		39,157		746

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
West Fraser Timber Co. Ltd.		10,182	$	733
				2,090
				10,846
China (9.1%):
Communication Services (2.7%):
Baidu, Inc., ADR (a)		4,670		1,016
NetEase, Inc., ADR		5,663		585
Tencent Holdings Ltd.		51,400		4,102
				5,703
Consumer Discretionary (3.0%):
Alibaba Group Holding Ltd., ADR (a)		9,767		2,214
BYD Co. Ltd., Class H		24,000		519
China Tourism Group Duty Free Corp. Ltd., Class A		16,400		769
Haier Smart Home Co. Ltd., Class H (a)		206,988		834
JD.com, Inc., ADR (a)		7,055		595
Vipshop Holdings Ltd., ADR (a)		15,723		470
Zhongsheng Group Holdings Ltd.		153,500		1,088
				6,489
Consumer Staples (0.4%):
Tingyi Cayman Islands Holding Corp.		414,000		761
Financials (1.2%):
Bank of China Ltd., Class H		2,382,275		909
Huatai Securities Co. Ltd., Class H (c)		565,400		869
New China Life Insurance Co. Ltd., Class H		215,800		838
				2,616
Health Care (0.3%):
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		150,500		644
Industrials (0.4%):
China Railway Group Ltd., Class H		1,478,000		784
Materials (0.7%):
Anhui Conch Cement Co. Ltd., Class H		229,500		1,499
Real Estate (0.4%):
Agile Group Holdings Ltd.		526,000		863
				19,359
Denmark (2.0%):
Consumer Discretionary (0.3%):
Pandora A/S (a)		5,419		579
Consumer Staples (0.4%):
Carlsberg A/S, Class B		6,389		980
Health Care (0.3%):
GN Store Nord A/S		8,802		693
Industrials (0.5%):
AP Moller - Maersk A/S, Class B		456		1,059
Utilities (0.5%):
Orsted A/S (c)		6,531		1,055
				4,366
Finland (0.5%):
Industrials (0.5%):
Metso Outotec Oyj (a)		93,525		1,043
France (5.7%):
Communication Services (0.5%):
Publicis Groupe SA		17,668		1,077
Consumer Discretionary (0.8%):
Faurecia SE (a)		1,226		66
LVMH Moet Hennessy Louis Vuitton SE		2,516		1,680
				1,746
Energy (0.6%):
TOTAL SE (b)		28,181		1,314

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Financials (1.0%):
Amundi SA (c)		6,559	$	524
AXA SA		17,657		474
BNP Paribas SA (a)		18,208		1,109
				2,107
Health Care (0.8%):
Sanofi		8,124		803
Sartorius Stedim Biotech		2,073		853
				1,656
Industrials (1.0%):
Alstom SA (a)		9,357		466
Cie de Saint-Gobain		18,676		1,103
Teleperformance		1,784		650
				2,219
Information Technology (0.8%):
Capgemini SE		6,296		1,071
Worldline SA (a)(c)		7,685		643
				1,714
Utilities (0.2%):
Rubis SCA		8,341		395
				12,228
Germany (7.0%):
Communication Services (0.7%):
Deutsche Telekom AG		73,562		1,482
Consumer Discretionary (1.5%):
HelloFresh SE (a)(b)		8,037		599
Volkswagen AG, Preference Shares		8,980		2,513
				3,112
Financials (1.1%):
Allianz SE, Registered Shares		4,810		1,223
Hannover Rueck SE		3,064		560
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		1,839		566
				2,349
Health Care (0.5%):
Merck KGaA		6,155		1,053
Industrials (1.0%):
Deutsche Post AG, Registered Shares		25,923		1,422
Siemens AG, Registered Shares		4,479		736
				2,158
Information Technology (0.6%):
Infineon Technologies AG		17,430		741
SAP SE		4,840		594
				1,335
Materials (0.5%):
Covestro AG (c)		9,032		608
HeidelbergCement AG		5,916		537
				1,145
Real Estate (0.6%):
alstria office REIT-AG		27,512		445
LEG Immobilien SE		5,372		706
				1,151
Utilities (0.5%):
E.ON SE		89,200		1,040
				14,825
Hong Kong (3.5%):
Consumer Discretionary (0.4%):
Xinyi Glass Holdings Ltd.		242,000		795
Consumer Staples (0.6%):
Vinda International Holdings Ltd.		190,000		643

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
WH Group Ltd. (c)		824,000	$	670
				1,313
Energy (0.4%):
Kunlun Energy Co. Ltd.		826,000		871
Financials (0.3%):
BOC Hong Kong Holdings Ltd.		203,500		712
Information Technology (1.0%):
Lenovo Group Ltd.		1,476,000		2,107
Real Estate (0.5%):
CK Asset Holdings Ltd.		67,895		414
Sun Hung Kai Properties Ltd.		44,000		666
				1,080
Utilities (0.3%):
China Water Affairs Group Ltd.		768,000		630
				7,508
Hungary (0.4%):
Financials (0.4%):
OTP Bank Nyrt (a)		21,008		899
India (2.7%):
Energy (0.5%):
Reliance Industries Ltd.		39,199		1,078
Financials (0.7%):
LIC Housing Finance Ltd.		134,932		794
Muthoot Finance Ltd. (a)		42,998		710
				1,504
Health Care (0.6%):
Ipca Laboratories Ltd.		46,143		1,203
Information Technology (0.6%):
HCL Technologies Ltd.		90,351		1,218
Utilities (0.3%):
Power Grid Corp. of India Ltd.		222,154		656
				5,659
Indonesia (0.3%):
Communication Services (0.3%):
PT Sarana Menara Nusantara Tbk		9,086,600		689
Ireland (1.2%):
Health Care (0.6%):
ICON PLC (a)		6,523		1,281
Industrials (0.6%):
DCC PLC		13,672		1,186
				2,467
Italy (1.3%):
Industrials (0.3%):
Leonardo SpA		72,198		584
Utilities (1.0%):
ACEA SpA		30,357		664
Enel SpA		157,268		1,564
				2,228
				2,812
Japan (16.0%):
Communication Services (2.0%):
Capcom Co. Ltd.		20,600		670
KDDI Corp.		31,200		962
Nintendo Co. Ltd.		2,000		1,127
Nippon Telegraph & Telephone Corp.		39,500		1,019

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
SoftBank Group Corp.		6,400	$	545
				4,323
Consumer Discretionary (3.0%):
Sony Group Corp.		36,200		3,832
Toyo Tire Corp.		36,100		641
Toyota Motor Corp.		25,200		1,961
				6,434
Consumer Staples (1.0%):
Asahi Group Holdings Ltd.		16,400		694
Seven & i Holdings Co. Ltd.		15,600		630
Toyo Suisan Kaisha Ltd.		18,600		781
				2,105
Financials (1.8%):
Mizuho Financial Group, Inc.		69,410		1,004
Nomura Holdings, Inc.		109,100		578
ORIX Corp.		72,500		1,227
Sumitomo Mitsui Financial Group, Inc.		18,925		686
Sumitomo Mitsui Trust Holdings, Inc.		12,900		450
				3,945
Health Care (0.7%):
Ono Pharmaceutical Co. Ltd.		36,100		944
Takeda Pharmaceutical Co. Ltd.		15,800		576
				1,520
Industrials (3.1%):
ITOCHU Corp.		66,000		2,143
Komatsu Ltd.		21,000		651
Mitsubishi Electric Corp.		45,200		691
Mitsui & Co. Ltd.		40,300		841
Obayashi Corp.		54,600		501
Secom Co. Ltd.		6,900		582
Taisei Corp.		15,000		579
Yamato Holdings Co. Ltd.		19,600		538
				6,526
Information Technology (2.6%):
Fujitsu Ltd.		7,100		1,033
Hitachi Ltd.		17,700		802
Murata Manufacturing Co. Ltd.		15,400		1,240
NTT Data Corp.		40,100		622
TDK Corp.		4,600		641
Tokyo Electron Ltd.		2,800		1,217
				5,555
Materials (0.9%):
Rengo Co. Ltd.		59,100		514
Shin-Etsu Chemical Co. Ltd.		4,400		746
Tosoh Corp.		34,100		653
				1,913
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		19,600		575
Open House Co. Ltd.		14,600		625
				1,200
Utilities (0.3%):
Osaka Gas Co. Ltd.		31,300		611
				34,132
Jersey (0.3%):
Consumer Discretionary (0.3%):
boohoo Group PLC (a)		140,199		656
Korea, Republic Of (3.7%):
Communication Services (0.3%):
NAVER Corp.		1,882		630
Consumer Discretionary (0.6%):
LG Electronics, Inc.		9,891		1,321
Financials (0.4%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Hana Financial Group, Inc.		19,776	$	748
Industrials (0.4%):
Samsung Engineering Co. Ltd. (a)		62,324		775
Information Technology (2.0%):
LG Innotek Co. Ltd.		8,671		1,585
Samsung Electronics Co. Ltd.		28,964		2,096
SK Hynix, Inc.		5,541		654
				4,335
				7,809
Luxembourg (0.7%):
Health Care (0.4%):
Eurofins Scientific SE (a)		8,519		814
Materials (0.3%):
ArcelorMittal SA (a)		24,536		706
				1,520
Malaysia (0.9%):
Communication Services (0.4%):
Telekom Malaysia Bhd		581,300		860
Financials (0.5%):
RHB Bank Bhd		863,600		1,120
				1,980
Netherlands (4.2%):
Consumer Discretionary (1.1%):
Prosus NV		10,309		1,147
Stellantis NV		72,027		1,274
				2,421
Consumer Staples (0.9%):
Koninklijke Ahold Delhaize NV		47,131		1,314
X5 Retail Group NV, GDR		18,325		591
				1,905
Financials (0.6%):
ING Groep NV		43,948		537
NN Group NV		17,038		831
				1,368
Health Care (0.3%):
QIAGEN NV (a)		12,184		590
Information Technology (1.0%):
ASML Holding NV		1,465		899
STMicroelectronics NV		31,626		1,208
				2,107
Materials (0.3%):
Akzo Nobel NV		5,057		564
				8,955
New Zealand (0.2%):
Health Care (0.2%):
Fisher & Paykel Healthcare Corp. Ltd.		20,825		468
Portugal (0.3%):
Energy (0.3%):
Galp Energia SGPS SA		49,183		570
Russian Federation (1.2%):
Energy (0.5%):
LUKOIL PJSC, ADR		14,221		1,149
Financials (0.4%):
Sberbank of Russia PJSC		208,090		799
Materials (0.3%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Polymetal International PLC		29,111	$	569
				2,517
Singapore (1.4%):
Consumer Discretionary (0.3%):
Genting Singapore Ltd.		942,500		646
Consumer Staples (0.4%):
Wilmar International Ltd.		217,200		877
Financials (0.7%):
DBS Group Holdings Ltd.		36,600		785
Singapore Exchange Ltd.		98,700		732
				1,517
				3,040
South Africa (1.6%):
Communication Services (0.8%):
Naspers Ltd., Class N		7,340		1,759
Materials (0.8%):
Impala Platinum Holdings Ltd.		42,148		779
Kumba Iron Ore Ltd.		23,560		971
				1,750
				3,509
Spain (0.8%):
Industrials (0.4%):
ACS Actividades de Construccion y Servicios SA		25,777		857
Utilities (0.4%):
EDP Renovaveis SA		38,472		821
				1,678
Sweden (3.2%):
Consumer Staples (0.4%):
Swedish Match AB		11,900		929
Financials (0.4%):
Skandinaviska Enskilda Banken AB, Class A (b)		63,581		776
Industrials (1.3%):
Sandvik AB (a)		26,026		713
SKF AB, B Shares (b)		32,527		926
Volvo AB, Class B (b)		39,956		1,012
				2,651
Information Technology (0.4%):
Telefonaktiebolaget LM Ericsson, Class B		64,866		860
Materials (0.4%):
Boliden AB		25,205		935
Real Estate (0.3%):
Fastighets AB Balder, B Shares (a)		11,329		561
				6,712
Switzerland (6.2%):
Consumer Staples (1.3%):
Coca-Cola HBC AG		18,603		591
Nestle SA, Registered Shares		18,948		2,113
				2,704
Financials (1.5%):
Julius Baer Group Ltd.		14,755		943
Swiss Life Holding AG		3,396		1,669
UBS Group AG		41,165		637
				3,249
Health Care (1.9%):
Lonza Group AG, Registered Shares		1,310		733
Novartis AG, Registered Shares		23,289		1,991
Roche Holding AG		4,192		1,358
				4,082

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Industrials (0.3%):
Adecco Group AG		10,122	$	683
Information Technology (0.8%):
Logitech International SA, Class R		16,159		1,695
Materials (0.4%):
LafargeHolcim Ltd.		14,242		838
				13,251
Taiwan (4.1%):
Financials (1.1%):
Chailease Holding Co. Ltd.		162,935		1,128
Fubon Financial Holding Co. Ltd.		565,000		1,128
				2,256
Information Technology (3.0%):
Radiant Opto-Electronics Corp.		222,000		992
Realtek Semiconductor Corp.		107,000		1,868
Taiwan Semiconductor Manufacturing Co. Ltd.		168,000		3,539
				6,399
				8,655
Thailand (0.4%):
Consumer Staples (0.4%):
Charoen Pokphand Foods PCL (b)		804,100		761
United Kingdom (7.5%):
Communication Services (0.4%):
Vodafone Group PLC		448,225		817
Consumer Discretionary (0.4%):
Barratt Developments PLC (a)		79,761		820
Consumer Staples (1.5%):
British American Tobacco PLC		16,496		627
Tate & Lyle PLC		66,201		698
Tesco PLC		331,231		1,046
Unilever PLC		13,822		771
				3,142
Energy (0.7%):
BP PLC		280,629		1,140
Cairn Energy PLC		204,682		480
				1,620
Financials (1.8%):
3i Group PLC		90,462		1,438
Barclays PLC		340,266		871
Legal & General Group PLC		193,014		741
Standard Chartered PLC		103,556		713
				3,763
Health Care (0.6%):
AstraZeneca PLC		6,583		657
Hikma Pharmaceuticals PLC		20,081		630
				1,287
Industrials (1.1%):
Ashtead Group PLC		19,783		1,181
BAE Systems PLC		166,181		1,157
				2,338
Materials (1.0%):
Anglo American PLC		55,947		2,191
				15,978
Total Common Stocks (Cost $173,739)				207,502
Exchange-Traded Funds (1.4%)
United States (1.4%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
iShares Core MSCI EAFE ETF		31,451	$	2,266
iShares Core MSCI Emerging Markets ETF		12,604		811
				3,077
Total Exchange-Traded Funds (Cost $2,997)				3,077
Collateral for Securities Loaned^ (4.3%)
United States (4.3%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		185,287		185
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		4,771,556		4,772
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		92,567		93
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		737,305		737
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		3,315,066		3,315
Total Collateral for Securities Loaned (Cost $9,102)				9,102
Total Investments (Cost $185,838) — 103.1%				219,681
Liabilities in excess of other assets — (3.1)%				(6,589	)
NET ASSETS - 100.00%			$	213,092

^	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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $4,369 (thousands) and amounted to 2.1% of net assets.
(d)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

PCL—Public Company Limited

PLC—Public Limited Company

REIT—Real Estate Investment Trust

Victory Portfolios	Schedule of Portfolio Investments
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (96.9%)
Australia (7.5%):
Consumer Discretionary (0.8%):
Bapcor Ltd.		1,794,451	$	10,256
JB Hi-Fi Ltd.		343,720		13,563
				23,819
Consumer Staples (0.5%):
Elders Ltd.		1,512,009		14,305
Energy (0.7%):
Beach Energy Ltd.		16,006,010		20,925
Financials (0.6%):
Bank of Queensland Ltd.		1,523,714		10,037
Pendal Group Ltd.		1,807,698		8,945
				18,982
Health Care (0.5%):
Ansell Ltd.		502,864		15,030
Industrials (0.4%):
Seven Group Holdings Ltd.		718,325		12,335
Information Technology (0.4%):
Technology One Ltd.		1,460,263		10,408
Materials (2.6%):
CSR Ltd.		2,190,258		9,640
Mineral Resources Ltd.		1,115,532		32,376
OZ Minerals Ltd.		1,467,786		25,597
Silver Lake Resources Ltd. (a)		9,727,185		11,095
				78,708
Real Estate (1.0%):
Charter Hall Group		1,900,373		18,690
Shopping Centres Australasia Property Group		5,084,704		9,736
				28,426
				222,938
Canada (7.7%):
Communication Services (0.4%):
Cogeco Communications, Inc. (b)		132,639		12,456
Consumer Discretionary (0.6%):
BRP, Inc. (b)		202,403		17,554
Energy (0.7%):
Parex Resources, Inc. (a)		1,216,407		21,695
Financials (0.5%):
Canadian Western Bank (b)		534,529		13,609
Health Care (0.4%):
Aphria, Inc. (a)(b)		629,994		11,577
Industrials (2.0%):
Ats Automation Tooling System (a)		543,329		11,446
Ballard Power Systems, Inc. (a)(b)		277,846		6,777
Finning International, Inc.		573,548		14,589
TFI International, Inc.		367,495		27,551
				60,363
Information Technology (0.3%):
The Descartes Systems Group, Inc. (a)		145,583		8,883
Materials (1.3%):
Dundee Precious Metals, Inc. (b)		1,397,074		8,528
Fortuna Silver Mines, Inc. (a)(b)		1,340,664		8,696
Kirkland Lake Gold Ltd.		1		—(c	)
Stella-Jones, Inc.		287,993		11,685
West Fraser Timber Co. Ltd.		130,000		9,354
				38,263
Real Estate (0.8%):
Boardwalk Real Estate Invest (b)		344,732		9,962

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Tricon Residential, Inc.		1,506,563	$	15,419
				25,381
Utilities (0.7%):
Northland Power, Inc. (b)		546,616		19,816
				229,597
China (0.2%):
Financials (0.2%):
Futu Holdings Ltd., ADR (a)(b)		31,816		5,053
Denmark (1.2%):
Consumer Discretionary (0.5%):
Pandora A/S (a)		130,834		13,994
Consumer Staples (0.4%):
Royal Unibrew A/S		117,251		12,258
Information Technology (0.3%):
Netcompany Group A/S (b)(d)		90,962		8,665
				34,917
Finland (2.0%):
Industrials (1.3%):
Metso Outotec Oyj (a)		1,540,755		17,177
Valmet Oyj		596,972		21,734
				38,911
Information Technology (0.4%):
TietoEVRY Oyj		387,493		12,006
Materials (0.3%):
Kemira Oyj		558,244		8,575
				59,492
France (7.5%):
Communication Services (0.7%):
Publicis Groupe SA		345,153		21,046
Consumer Discretionary (1.4%):
Faurecia SE (a)		414,229		22,040
La Francaise des Jeux SAEM (d)		192,126		8,730
SEB SA		57,180		10,072
				40,842
Health Care (0.4%):
Korian SA (a)		289,149		10,034
Industrials (2.0%):
Alstom SA (a)		180,508		8,993
Eiffage SA		226,213		22,617
Elis SA (a)		660,177		10,774
Nexans SA		201,624		17,839
				60,223
Information Technology (1.3%):
Atos SE (a)		114,577		8,932
SOITEC (a)		85,461		17,443
Sopra Steria Group		78,940		13,190
				39,565
Materials (0.3%):
Arkema SA		76,210		9,229
Real Estate (1.0%):
Klepierre SA		842,160		19,600
Nexity SA		207,237		10,212
				29,812
Utilities (0.4%):
Rubis SCA		261,209		12,361
				223,112
Germany (7.1%):
Communication Services (1.4%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Freenet AG		653,195	$	15,646
ProSiebenSat.1 Media SE (a)		815,279		16,648
United Internet AG, Registered Shares		220,816		8,864
				41,158
Consumer Discretionary (0.4%):
HelloFresh SE (a)(b)		149,914		11,169
Financials (0.9%):
Deutsche Pfandbriefbank AG (a)(d)		1,149,492		13,388
DWS Group GmbH & Co. KGaA (d)		283,724		12,266
				25,654
Health Care (0.9%):
Carl Zeiss Meditec AG		80,503		12,133
Gerresheimer AG		138,918		13,796
				25,929
Industrials (1.1%):
Brenntag SE		181,459		15,500
Rheinmetall AG		171,502		17,393
				32,893
Information Technology (0.5%):
Bechtle AG		87,955		16,498
Materials (0.8%):
Aurubis AG		134,745		11,166
Covestro AG (d)		209,808		14,115
				25,281
Real Estate (1.1%):
alstria office REIT-AG		841,640		13,601
TAG Immobilien AG		662,860		18,919
				32,520
Utilities (0.0%):(e)
Encavis AG (b)		60,499		1,147
				212,249
Gibraltar (0.1%):
Consumer Discretionary (0.1%):
888 Holdings PLC		553,850		3,013
Hong Kong (1.1%):
Health Care (0.3%):
The United Laboratories International Holdings Ltd.		11,226,000		8,315
Real Estate (0.6%):
Hysan Development Co. Ltd.		4,166,000		16,303
Utilities (0.2%):
Towngas China Co. Ltd.		13,618,000		6,806
				31,424
Ireland (1.4%):
Consumer Discretionary (0.3%):
Dalata Hotel Group PLC (a)		2,047,473		10,107
Financials (0.5%):
Bank of Ireland Group PLC (a)		2,914,324		14,390
Health Care (0.6%):
UDG Healthcare PLC		1,667,869		18,058
				42,555
Isle of Man (0.4%):
Consumer Discretionary (0.4%):
Entain PLC (a)		513,124		10,729
Israel (0.6%):
Health Care (0.6%):
Inmode Ltd. (a)		255,451		18,487

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Italy (2.3%):
Financials (0.4%):
Banca Mediolanum SpA		1,346,579	$	12,701
Industrials (0.4%):
Interpump Group SpA		203,020		10,231
Information Technology (0.5%):
Reply SpA		125,843		15,925
Materials (0.5%):
Buzzi Unicem SpA		559,979		14,544
Utilities (0.5%):
ACEA SpA		652,085		14,251
				67,652
Japan (20.7%):
Communication Services (1.2%):
Capcom Co. Ltd.		566,000		18,415
Internet Initiative Japan, Inc.		709,400		16,693
				35,108
Consumer Discretionary (3.5%):
ASKUL Corp.		323,000		12,371
Izumi Co. Ltd.		235,800		9,261
Komeri Co. Ltd.		326,800		9,115
Resorttrust, Inc.		577,900		9,683
Starts Corp., Inc. (b)		389,700		10,252
Sumitomo Forestry Co. Ltd.		580,200		12,570
Sushiro Global Holdings Ltd.		355,700		15,772
Tokyotokeiba Co. Ltd.		189,600		9,593
Toyo Tire Corp.		943,500		16,762
				105,379
Consumer Staples (1.0%):
Morinaga Milk Industry Co. Ltd.		222,500		11,686
Nichirei Corp.		321,500		8,264
Valor Holdings Co. Ltd.		451,600		10,168
				30,118
Financials (0.8%):
North Pacific Bank Ltd. (b)		3,468,700		10,035
Zenkoku Hosho Co. Ltd. (b)		318,600		14,666
				24,701
Health Care (2.0%):
Eiken Chemical Co. Ltd.		609,700		11,933
Miraca Holdings, Inc. (b)		405,500		13,630
Nikkiso Co. Ltd.		763,000		7,782
Sawai Pharmaceutical Co. Ltd.		252,800		12,323
Ship Healthcare Holdings, Inc. (b)		490,400		13,805
				59,473
Industrials (5.1%):
BayCurrent Consulting, Inc.		101,900		23,380
Bell System24 Holdings, Inc.		461,900		7,915
Daihen Corp.		266,500		11,756
Fuji Corp.		669,700		17,195
FULLCAST Holdings Co. Ltd.		446,800		8,103
Kanamoto Co. Ltd.		352,600		9,199
Kintetsu World Express, Inc.		536,400		13,944
Kumagai Gumi Co. Ltd.		373,700		10,140
Penta-Ocean Construction Co. Ltd.		1,865,500		14,663
Sankyu, Inc.		204,600		9,003
Sanwa Holdings Corp.		923,900		12,104
Takeuchi Manufacturing Co. Ltd.		466,100		13,040
				150,442
Information Technology (3.6%):
Anritsu Corp. (b)		554,400		12,136
Freee KK (a)(b)		79,800		6,819
Fuji Soft, Inc.		179,400		9,314
NEC Networks & System Integration Corp.		824,200		14,542

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Nippon Electric Glass Co. Ltd.		585,500	$	13,612
Shinko Electric Industries Co. Ltd.		894,300		27,837
Taiyo Yuden Co. Ltd.		319,200		15,077
Tokyo Seimitsu Co. Ltd.		193,700		8,863
				108,200
Materials (1.7%):
Denka Co. Ltd.		409,300		16,373
Kaneka Corp.		247,400		10,183
Rengo Co. Ltd.		1,763,900		15,342
Zeon Corp.		621,600		9,959
				51,857
Real Estate (1.8%):
Invincible Investment Corp.		24,198		9,166
Kenedix Office Investment Corp.		1,519		10,818
Nippon Accommodations Fund, Inc.		2,160		12,676
Open House Co. Ltd.		453,200		19,388
				52,048
				617,326
Korea, Republic Of (4.9%):
Communication Services (0.7%):
AfreecaTV Co. Ltd.		154,351		10,756
Neowiz (a)		543,097		11,273
				22,029
Consumer Discretionary (0.3%):
Coway Co. Ltd.		138,858		8,068
Consumer Staples (0.6%):
Hite Jinro Co. Ltd.		288,140		9,415
Maeil Dairies Co. Ltd.		121,314		7,771
				17,186
Health Care (1.0%):
Osstem Implant Co. Ltd.		279,308		21,074
PHARMA RESEARCH PRODUCTS Co. Ltd.		128,567		7,559
				28,633
Industrials (0.3%):
Samsung Engineering Co. Ltd. (a)		755,769		9,403
Information Technology (1.1%):
Douzone Bizon Co. Ltd.		161,752		14,104
Partron Co. Ltd.		1,017,667		9,679
SFA Engineering Corp.		267,339		9,633
				33,416
Materials (0.9%):
Soulbrain Co. Ltd.		99,323		25,653
				144,388
Luxembourg (0.6%):
Consumer Discretionary (0.6%):
B&M European Value Retail SA		2,653,538		19,303
Malta (0.8%):
Consumer Discretionary (0.8%):
Kindred Group PLC		1,350,181		23,735
Monaco (0.3%):
Materials (0.3%):
Endeavour Mining Corp. (b)		498,384		10,047
Netherlands (4.8%):
Energy (0.4%):
SBM Offshore NV (b)		611,235		11,180
Financials (1.2%):
ASR Nederland NV		420,031		18,771

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Euronext NV (d)		177,749	$	17,889
				36,660
Health Care (0.4%):
Argenx SE (a)		40,873		11,238
Industrials (1.5%):
AerCap Holdings NV (a)		226,319		13,294
Intertrust NV (a)(d)		464,450		7,688
Signify NV (d)		440,243		22,641
				43,623
Information Technology (1.3%):
ASM International NV		133,486		38,700
				141,401
Norway (0.3%):
Financials (0.3%):
Sparebanken Vest		924,148		8,475
Singapore (0.8%):
Information Technology (0.4%):
AEM Holdings Ltd.		3,549,200		10,965
Real Estate (0.4%):
Frasers Logistics & Commercial Trust		11,956,000		12,917
				23,882
Spain (2.8%):
Consumer Staples (0.3%):
Viscofan SA		132,739		9,174
Financials (0.5%):
Bankinter SA		2,116,968		14,731
Health Care (0.4%):
Laboratorios Farmaceuticos Rovi SA		200,296		10,794
Industrials (0.7%):
Applus Services SA (a)		1,040,286		10,801
Cia de Distribucion Integral Logista Holdings SA		588,288		11,672
				22,473
Real Estate (0.4%):
Merlin Properties Socimi SA		1,263,042		12,928
Utilities (0.5%):
Acciona SA		84,765		14,242
				84,342
Sweden (2.0%):
Communication Services (0.2%):
G5 Entertainment AB (a)		72,176		4,112
Consumer Discretionary (0.5%):
Dometic Group AB (d)		947,729		13,781
Health Care (0.5%):
Getinge AB, Class B		559,899		15,556
Industrials (0.3%):
Peab AB, Class B (a)		831,519		10,061
Real Estate (0.5%):
Wihlborgs Fastigheter AB		770,984		14,635
				58,145
Switzerland (6.8%):
Consumer Discretionary (0.3%):
Forbo Holding AG, Registered Shares		5,348		9,709
Consumer Staples (0.5%):
Coca-Cola HBC AG		283,447		9,008
Zur Rose Group AG (a)(b)		18,371		6,923
				15,931
Financials (1.6%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Julius Baer Group Ltd.		270,592	$	17,294
Swiss Life Holding AG		31,077		15,275
Vontobel Holding AG, Class R		190,734		14,560
				47,129
Health Care (0.4%):
Tecan Group AG, Class R		28,604		12,692
Industrials (2.2%):
Adecco Group AG		256,767		17,322
Bucher Industries AG, Registered Shares		34,483		17,574
Sulzer AG, Registered Shares		134,359		15,137
Wizz Air Holdings PLC (a)(d)		210,190		13,967
				64,000
Information Technology (1.2%):
Logitech International SA, Class R		333,664		34,999
Real Estate (0.6%):
PSP Swiss Property AG, Registered Shares		140,346		17,101
				201,561
United Kingdom (12.4%):
Communication Services (0.6%):
Future PLC		661,020		17,449
Consumer Discretionary (1.9%):
Gamesys Group PLC		516,439		13,750
Pets at Home Group PLC		1,886,605		10,756
Redrow PLC		1,932,884		16,732
Vistry Group PLC		949,678		14,259
				55,497
Consumer Staples (1.1%):
Cranswick PLC		195,560		9,790
Stock Spirits Group PLC		2,658,156		10,234
Tate & Lyle PLC		1,281,654		13,519
				33,543
Energy (0.4%):
Cairn Energy PLC		4,817,504		11,306
Financials (1.7%):
Close Brothers Group PLC		549,772		11,749
IG Group Holdings PLC		998,099		12,392
Intermediate Capital Group PLC		483,357		12,270
OSB Group PLC (a)		2,281,005		13,397
				49,808
Health Care (0.7%):
Genus PLC		144,233		9,657
Hikma Pharmaceuticals PLC		318,121		9,978
				19,635
Industrials (2.2%):
IMI PLC		934,516		17,177
Royal Mail PLC (a)		1,753,156		12,200
Serco Group PLC		5,867,624		11,115
Travis Perkins PLC		706,512		15,019
Ultra Electronics Holdings PLC		354,695		9,921
				65,432
Information Technology (1.8%):
Computacenter PLC		596,870		19,496
Electrocomponents PLC		921,444		12,617
Micro Focus International PLC		1,646,444		12,576
Spirent Communications PLC		2,737,146		8,996
				53,685
Materials (0.4%):
Synthomer PLC		1,950,734		12,474
Real Estate (1.3%):
LondonMetric Property PLC		4,106,578		12,089
Safestore Holdings PLC		1,498,418		16,424

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
The Unite Group PLC (a)		790,500	$	11,624
				40,137
Utilities (0.3%):
Atlantica Sustainable Infrastructure PLC (b)		283,277		10,376
				369,342
United States (0.6%):
Consumer Discretionary (0.3%):
Nexteer Automotive Group Ltd.		6,986,000		8,636
Industrials (0.3%):
Reliance Worldwide Corp. Ltd.		3,120,503		10,684
				19,320
Total Common Stocks (Cost $2,216,105)				2,882,485
Exchange-Traded Funds (1.7%)
United States (1.7%):
Vanguard FTSE Developed Markets ETF (b)		1,048,396		51,487
Total Exchange-Traded Funds (Cost $50,813)				51,487
Collateral for Securities Loaned^ (4.2%)
United States (4.2%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (f)		2,567,457		2,567
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (f)		66,117,891		66,118
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f)		1,281,288		1,281
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (f)		10,216,591		10,217
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f)		45,935,787		45,936
Total Collateral for Securities Loaned (Cost $126,119)				126,119
Total Investments (Cost $2,393,037) — 102.8%				3,060,091
Liabilities in excess of other assets — (2.8)%				(83,989	)
NET ASSETS - 100.00%			$	2,976,102

^	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)	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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $133,130 (thousands) and amounted to 4.5% of net assets.
(e)	Amount represents less than 0.05% of net assets.
(f)	Rate disclosed is the daily yield on March 31, 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 Emerging Markets Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (83.4%)
Brazil (5.7%):
Consumer Discretionary (0.7%):
MRV Engenharia e Participacoes SA		22,900	$	74
Consumer Staples (0.9%):
SLC Agricola SA		13,000		103
Energy (0.5%):
Petro Rio SA (a)		3,200		52
Financials (0.8%):
Banco do Estado do Rio Grande do Sul SA, Preference Shares		17,800		38
Porto Seguro SA		5,600		47
				85
Industrials (1.3%):
Randon SA Implementos e Participacoes, Preference Shares		27,800		68
SIMPAR SA		12,190		81
				149
Information Technology (0.6%):
Cielo SA		104,600		69
Utilities (0.9%):
Cia de Saneamento do Parana		11,400		45
Omega Geracao SA (a)		7,500		52
				97
				629
China (7.3%):
Consumer Discretionary (0.6%):
Tianneng Power International Ltd. (b)		34,000		64
Consumer Staples (0.6%):
China Modern Dairy Holdings Ltd. (a)		293,000		70
Financials (0.4%):
360 Digitech, Inc., ADR (a)		1,652		43
Health Care (0.6%):
China Medical System Holdings Ltd.		33,000		66
Industrials (2.2%):
Airtac International Group		2,000		71
China Lesso Group Holdings Ltd.		56,000		121
Zhejiang Expressway Co. Ltd., Class H		64,000		57
				249
Information Technology (1.3%):
Chinasoft International Ltd.		100,000		109
JinkoSolar Holding Co. Ltd., ADR (a)		872		36
				145
Real Estate (1.0%):
China SCE Group Holdings Ltd.		136,000		63
Times Neighborhood Holdings Ltd.		69,798		53
				116
Utilities (0.6%):
China Tian Lun Gas Holdings Ltd. (b)		63,500		62
				815
Cyprus (0.7%):
Financials (0.7%):
TCS Group Holding PLC, GDR		1,338		78
Egypt (0.5%):
Communication Services (0.5%):
Telecom Egypt Co.		80,279		57
Greece (1.5%):
Financials (0.8%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent Emerging Markets Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
National Bank of Greece SA (a)		28,249	$	82
Utilities (0.7%):
Terna Energy SA		5,296		79
				161
Hong Kong (5.8%):
Communication Services (0.5%):
NetDragon Websoft Holdings Ltd.		22,500		58
Financials (0.5%):
Far East Horizon Ltd.		46,000		55
Health Care (0.5%):
The United Laboratories International Holdings Ltd.		74,000		55
Industrials (0.8%):
Sinotruk Hong Kong Ltd.		27,500		83
Information Technology (0.3%):
GCL-Poly Energy Holdings Ltd. (a)(b)		131,000		34
Materials (1.3%):
China Resources Cement Holdings Ltd.		58,000		65
Nine Dragons Paper Holdings Ltd.		53,000		78
				143
Real Estate (1.0%):
China Overseas Grand Oceans Group Ltd.		177,000		116
Utilities (0.9%):
Canvest Environmental Protection Group Co. Ltd.		108,000		50
China Water Affairs Group Ltd. (b)		64,000		52
				102
				646
Hungary (0.8%):
Health Care (0.8%):
Richter Gedeon Nyrt		3,104		92
India (0.1%):
Industrials (0.1%):
Engineers India Ltd.		10,773		11
Indonesia (0.5%):
Communication Services (0.5%):
PT Media Nusantara Citra Tbk (a)		900,200		59
Korea, Republic Of (17.3%):
Communication Services (1.2%):
AfreecaTV Co. Ltd.		1,112		78
Neowiz (a)		2,509		52
				130
Consumer Discretionary (3.3%):
Coway Co. Ltd.		802		47
Danawa Co. Ltd.		1,804		53
GS Home Shopping, Inc.		399		53
S&T Motiv Co. Ltd.		1,330		73
SL Corp.		3,928		78
Youngone Corp.		1,740		62
				366
Consumer Staples (1.3%):
Dongwon F&B Co. Ltd.		322		55
Maeil Dairies Co. Ltd.		1,425		91
				146
Financials (1.4%):
DB Insurance Co. Ltd.		1,340		56
KIWOOM Securities Co. Ltd.		837		94
				150
Health Care (2.5%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent Emerging Markets Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Chong Kun Dang Pharmaceutical Corp.		426	$	52
Dongkook Pharmaceutical Co. Ltd.		2,305		57
Osstem Implant Co. Ltd.		1,236		93
PHARMA RESEARCH PRODUCTS Co. Ltd.		1,336		79
				281
Industrials (2.0%):
DL E&C Co. Ltd. (a)		713		76
Hyundai Glovis Co. Ltd.		426		71
Samsung Engineering Co. Ltd. (a)		6,318		79
				226
Information Technology (3.0%):
Douzone Bizon Co. Ltd.		1,175		102
NHN KCP Corp. (a)		132		6
Partron Co. Ltd.		5,863		56
SFA Engineering Corp.		2,099		76
Silicon Works Co. Ltd.		1,437		96
				336
Materials (2.6%):
Korea Petrochemical Ind Co. Ltd.		604		174
Soulbrain Co. Ltd.		429		111
				285
				1,920
Malaysia (3.4%):
Communication Services (0.6%):
TIME dotCom Bhd		16,700		58
Energy (0.5%):
Serba Dinamik Holdings Bhd		135,260		56
Information Technology (1.1%):
V.S. Industry Bhd		180,000		124
Real Estate (0.7%):
Eco World Development Group Bhd		536,700		80
Utilities (0.5%):
Mega First Corp. Bhd		33,300		58
				376
Mexico (3.7%):
Communication Services (0.5%):
Megacable Holdings SAB de CV		14,825		53
Consumer Staples (0.5%):
La Comer SAB de CV		28,441		57
Energy (0.4%):
Vista Oil & Gas SAB de CV, ADR (a)		19,153		49
Financials (0.4%):
Banco del Bajio SA (a)(c)		35,401		48
Materials (1.3%):
Grupo Cementos de Chihuahua SAB de CV		20,438		142
Real Estate (0.6%):
Prologis Property Mexico SA de CV		29,019		62
				411
Qatar (0.6%):
Energy (0.6%):
Qatar Gas Transport Co. Ltd.		73,094		64
Russian Federation (1.3%):
Financials (0.5%):
Moscow Exchange MICEX PJSC		24,310		56
Materials (0.8%):
Polymetal International PLC		4,438		87
				143

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent Emerging Markets Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Saudi Arabia (0.5%):
Health Care (0.5%):
Mouwasat Medical Services Co.		1,467	$	61
South Africa (5.4%):
Consumer Discretionary (0.5%):
Mr. Price Group Ltd.		4,446		58
Energy (0.7%):
Exxaro Resources Ltd.		6,266		74
Industrials (0.6%):
KAP Industrial Holdings Ltd. (a)		224,706		63
Materials (3.0%):
African Rainbow Minerals Ltd.		8,413		158
Impala Platinum Holdings Ltd.		9,488		175
				333
Real Estate (0.6%):
Redefine Properties Ltd. (a)		265,884		68
				596
Taiwan (21.1%):
Communication Services (0.7%):
International Games System Co. Ltd.		3,000		80
Consumer Discretionary (4.1%):
Gourmet Master Co. Ltd.		15,000		92
Makalot Industrial Co. Ltd.		8,600		75
Merida Industry Co. Ltd.		14,000		172
Nien Made Enterprise Co. Ltd.		4,000		56
Taiwan Paiho Ltd.		20,000		57
				452
Financials (0.7%):
King’s Town Bank Co. Ltd.		58,000		80
Health Care (0.8%):
Ginko International Co. Ltd. (a)		13,000		82
Industrials (2.1%):
Chicony Power Technology Co. Ltd.		30,000		86
Evergreen Marine Corp. Taiwan Ltd. (a)		91,000		146
				232
Information Technology (11.3%):
AU Optronics Corp. (a)		136,000		101
Chipbond Technology Corp.		47,000		128
Elan Microelectronics Corp.		24,200		167
Gigabyte Technology Co. Ltd.		28,000		99
Lite-On Technology Corp.		38,000		84
Macronix International		45,000		71
Parade Technologies Ltd.		2,000		86
Radiant Opto-Electronics Corp.		26,000		116
Simplo Technology Co. Ltd.		7,000		92
Sinbon Electronics Co. Ltd.		14,000		130
Tripod Technology Corp.		22,000		109
Wistron Corp.		60,000		71
				1,254
Materials (0.8%):
China General Plastics Corp.  (a)		67,000		88
Real Estate (0.6%):
Chong Hong Construction Co. Ltd.		24,000		70
				2,338
Thailand (3.6%):
Communication Services (0.5%):
Major Cineplex Group PCL		84,900		61
Consumer Discretionary (0.8%):
Sri Trang Agro-Industry PCL		57,200		86

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent Emerging Markets Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Financials (0.6%):
Thanachart Capital PCL		52,500	$	64
Health Care (0.5%):
Chularat Hospital PCL		593,100		55
Information Technology (0.6%):
Hana Microelectronics PCL, Class R		38,400		68
Real Estate (0.6%):
Origin Property PCL		257,000		70
				404
Turkey (3.0%):
Communication Services (0.4%):
Turk Telekomunikasyon A/S		52,880		44
Consumer Discretionary (0.9%):
Arcelik A/S		24,488		100
Consumer Staples (0.9%):
Coca-Cola Icecek A/S		12,424		104
Industrials (0.3%):
Tekfen Holding A/S		16,250		29
Turkiye Sise ve Cam Fabrikalari A/S		1		—(d	)
				29
Utilities (0.5%):
Enerjisa Enerji A/S (c)		41,872		59
				336
United Arab Emirates (0.6%):
Industrials (0.6%):
Aramex PJSC (a)		62,604		66
Total Common Stocks (Cost $7,111)				9,263
Rights (0.0%) (g)
Taiwan (0.0%) (g)
Information Technology (0.0%) (g)
Simplo Technology Co. Ltd., Expires 4/30/21  (a)(e)(f)		241		—(d	)
Total Rights (Cost $–)				—(d	)
Exchange-Traded Funds (16.0%)
United States (16.0%):
iShares MSCI Emerging Markets Small-Cap ETF		2,207		127
iShares MSCI India Small-Cap ETF		33,552		1,645
				1,772
Total Exchange-Traded Funds (Cost $1,806)				1,772
Security Description		Shares		Fair Value
Collateral for Securities Loaned^ (1.7%)
United States (1.7%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		3,850		4
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h)		99,156		99
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		1,922		2
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		15,322		15
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		68,889		69
Total Collateral for Securities Loaned (Cost $189)				189
Total Investments (Cost $9,106) — 101.1%				11,224
Liabilities in excess of other assets — (1.1)%				(123	)
NET ASSETS - 100.00%			$	11,101

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Trivalent Emerging Markets Small-Cap Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(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)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $107 (thousands) and amounted to 1.0% of net assets.
(d)	Rounds to less than $1 thousand.
(e)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(f)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(g)	Amount represents less than 0.05% of net assets.
(h)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

PCL—Public Company Limited

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (2.4%)
Ameriquest Mortgage Securities, Series 2004-R12, Class M1, 0.96% (LIBOR01M+86bps), 1/25/35, Callable 4/25/21 @ 100 (a)	$	84	$	84
Home Equity Asset Trust, Series 2005-2, Class M5, 1.20% (LIBOR01M+110bps), 7/25/35, Callable 4/25/21 @ 100 (a)		464		464
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 1.08% (LIBOR01M+98bps), 10/25/34, Callable 4/25/21 @ 100 (a)		33		33
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 11/15/23 @ 100 (b)		43		43
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (c)		674		673
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 4/15/24 @ 100 (c)		332		332
Total Asset-Backed Securities (Cost $1,612)				1,629
Collateralized Mortgage Obligations (1.2%)
Bank, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100		290		291
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53, Callable 2/15/30 @ 100		257		264
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)				829
Preferred Stocks (2.0%)
Financials (0.8%):
AMG Capital Trust II, 5.15%, 10/15/37		2,035		114
Bank of America Corp., Series L, 7.25% (d)		100		140
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (e)		1,795		120
Wells Fargo & Co., Series L, 7.50% (d)		115		163
				537
Health Care(0.1%):
Danaher Corp., Series B, 5.00%, 4/15/23 (e)		39		51
Industrials (0.2%):
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (e)		1,332		157
Utilities (0.9%):
American Electric Power Co., Inc., 6.13%, 8/15/23		530		26

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares or Principal Amount		Value
CenterPoint Energy, Inc., 4.57%, 9/15/29		1,045	$	63
Dominion Energy, Inc., Series A, 7.25%, 6/1/22		1,570		154
DTE Energy Co., 6.25%, 11/1/22		1,879		93
NextEra Energy, Inc., 5.28%, 3/1/23		2,740		136
The Southern Co., Series 2019, 6.75%, 8/1/22		2,442		124
				596
Total Preferred Stocks (Cost $1,299)				1,341
Corporate Bonds (55.4%)
Communication Services (2.8%):
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100		184		151
AT&T, Inc.
4.25%, 3/1/27, Callable 12/1/26 @ 100 (b)		129		145
1.65%, 2/1/28, Callable 12/1/27 @ 100		117		113
5.15%, 11/15/46, Callable 5/15/46 @ 100 (b)		312		378
CenturyLink, Inc., 6.75%, 12/1/23		115		127
Comcast Corp.
3.45%, 2/1/50, Callable 8/1/49 @ 100		150		153
2.80%, 1/15/51, Callable 7/15/50 @ 100		128		117
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (c)		143		143
Verizon Communications, Inc.
5.15%, 9/15/23 (b)		142		158
3.38%, 2/15/25 (b)		116		126
3.55%, 3/22/51, Callable 9/22/50 @ 100 (b)		275		273
				1,884
Consumer Discretionary (6.7%):
Booking Holdings, Inc.
0.90%, 9/15/21		30		35
0.75%, 5/1/25 (c)(e)		100		148
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100		670		704
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81		110		118
Darden Restaurants, Inc., 3.85%, 5/1/27, Callable 2/1/27 @ 100 (b)		170		185
Expedia Group, Inc.
3.60%, 12/15/23, Callable 11/15/23 @ 100 (c)		201		213
2/15/26 (c)		25		27
General Motors Co., 4.88%, 10/2/23 (b)		229		251
Hasbro, Inc., 2.60%, 11/19/22		300		309
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44		110		117
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44		130		136
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100		112		117
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100		212		244
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100		326		347

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Principal Amount		Value
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 (c)		101		99
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100		198		223
NVR, Inc.
3.95%, 9/15/22, Callable 6/15/22 @ 100 (b)		268		278
3.00%, 5/15/30, Callable 11/15/29 @ 100		267		274
Ross Stores, Inc.
3.38%, 9/15/24, Callable 6/15/24 @ 100		160		170
0.88%, 4/15/26, Callable 3/15/26 @ 100		186		180
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100		171		164
				4,410
Consumer Staples (2.8%):
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (c)		368		367
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (b)		105		118
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100		167		184
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (b)		70		72
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100		105		123
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100		363		348
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (b)		172		184
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100		95		99
Reynolds American, Inc., 6.15%, 9/15/43 (b)		175		211
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100		135		171
				1,877
Energy (3.5%):
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100		320		357
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (b)		234		242
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100		135		166
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (b)		84		87
HollyFrontier Corp., 2.63%, 10/1/23		265		274
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100		229		249
Pioneer Natural Resources Co.
0.25%, 5/15/25 (c)		100		156
1.90%, 8/15/30, Callable 5/15/30 @ 100		251		233
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (b)		245		253
Valero Energy Corp.
4.00%, 4/1/29, Callable 1/1/29 @ 100 (b)		102		110
4.90%, 3/15/45		125		140
				2,267

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Principal Amount		Value
Financials (14.4%):
Aflac, Inc.
2.88%, 10/15/26, Callable 7/15/26 @ 100	$	335	$	359
4.75%, 1/15/49, Callable 7/15/48 @ 100		35		43
Alleghany Corp.
3.63%, 5/15/30, Callable 2/15/30 @ 100		130		140
4.90%, 9/15/44, Callable 3/15/44 @ 100		204		243
Ares Capital Corp., 4.63%, 3/1/24		160		174
Bank of America Corp.
2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN		515		521
4.20%, 8/26/24 (b)		160		176
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN		205		220
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (b)		224		241
Cincinnati Financial Corp., 6.13%, 11/1/34 (e)		230		305
Citigroup, Inc.
2.75%, 4/25/22, Callable 3/25/22 @ 100		363		372
3.88%, 3/26/25		108		118
4.60%,  3/9/26 (b)		232		261
4.45%, 9/29/27 (b)		108		121
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (a)		94		102
Fifth Third Bancorp
1.63%, 5/5/23, Callable 4/5/23 @ 100		130		133
3.65%, 1/25/24, Callable 12/25/23 @ 100 (b)		584		630
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		290		303
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100		110		118
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100		250		240
JPMorgan Chase & Co.
2.95%, 10/1/26, Callable 7/1/26 @ 100		425		454
5.60%, 7/15/41		87		116
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (c)		120		133
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (c)		170		166
Morgan Stanley
4.88%, 11/1/22 (b)		303		323
3.13%, 7/27/26, MTN		545		587
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22		105		114
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100		373		388
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100		275		297
Truist Financial Corp., 2.75%, 4/1/22, MTN, Callable 3/1/22 @ 100		480		491
Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		195		211
Wells Fargo & Co.
3.45%, 2/13/23		585		616
4.30%, 7/22/27, MTN		410		464
4.90%, 11/17/45 (b)		155		185

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Principal Amount		Value
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100	$	250	$	252
				9,617
Health Care (5.5%):
AbbVie, Inc.
3.75%, 11/14/23, Callable 10/14/23 @ 100		317		342
3.20%, 11/21/29, Callable 8/21/29 @ 100		285		302
4.45%, 5/14/46, Callable 11/14/45 @ 100		142		164
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		250		287
Anthem, Inc.
2.38%, 1/15/25, Callable 12/15/24 @ 100		148		155
2.75%, 10/15/42		35		177
Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100		109		113
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100		455		497
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		213
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (c)		260		257
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (b)		135		140
Illumina, Inc.
0.50%, 6/15/21		61		92
8/15/23 (e)		55		65
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100		135		119
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100		262		296
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100		146		125
Universal Health Services, Inc., 2.65%, 10/15/30, Callable 7/15/30 @ 100 (c)		102		99
Upjohn, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 (c)		95		96
				3,715
Industrials (6.2%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 (e)		241		229
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100		282		278
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		150		151
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100		195		191
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (b)		275		282
Fortive Corp., 0.88%, 2/15/22		160		163
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100		420		461
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100		82		78
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100		140		144
PACCAR Financial Corp., 0.80%, 6/8/23, MTN		226		228
Rockwell Automation, Inc.
3.50%, 3/1/29, Callable 12/1/28 @ 100		165		182
6.25%, 12/1/37		155		205

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Principal Amount		Value
Roper Technologies, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 (b)	$	379	$	395
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (c)		130		128
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100		115		132
Southwest Airlines Co., 1.25%, 5/1/25		87		149
The Boeing Co., 2.20%, 2/4/26, Callable 2/4/23 @ 100		470		469
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (b)		279		307
				4,172
Information Technology (6.4%):
Akamai Technologies, Inc., 0.13%, 5/1/25		80		97
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		117		146
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (b)		132		141
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100		315		359
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100		342		379
Citrix Systems, Inc., 1.25%, 3/1/26, Callable 2/1/26 @ 100		275		271
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e)		120		137
Intel Corp., 3.40%, 3/25/25, Callable 2/25/25 @ 100 (e)		228		248
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (b)		166		188
Micron Technology, Inc.
5.33%, 2/6/29, Callable 11/6/28 @ 100		394		461
3.13%, 5/1/32, Callable 5/10/21 @ 100 (f)		18		159
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (c)		87		88
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100		150		156
Novellus Systems, Inc., 2.63%, 5/15/41		3		57
PayPal Holdings, Inc., 1.65%, 6/1/25, Callable 5/1/25 @ 100		415		422
ServiceNow, Inc. , 6/1/22		5		18
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100		160		190
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100		287		232
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100		360		372
Western Digital Corp., 1.50%, 2/1/24		140		143
				4,264
Materials (1.3%):
Celanese US Holdings LLC, 4.63%, 11/15/22 (b)		210		223
Domtar Corp., 6.75%, 2/15/44, Callable 8/15/43 @ 100		172		218
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100		160		165
Southern Copper Corp., 5.25%, 11/8/42 (b)		95		115
Steel Dynamics, Inc., 3.25%, 10/15/50, Callable 4/15/50 @ 100		191		178
				899
Real Estate (2.9%):
Duke Realty LP, 3.05%, 3/1/50, Callable 9/1/49 @ 100		90		83
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100		630		654

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 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 (c)	$	108	$	111
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100		138		147
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100		134		131
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100		114		125
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100		339		354
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100		145		161
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		184		180
				1,946
Utilities (2.9%):
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100		225		210
American Water Capital Corp., 2.80%, 5/1/30, Callable 2/1/30 @ 100		135		139
Arizona Public Service Co., 2.95%, 9/15/27, Callable 6/15/27 @ 100		250		268
Consolidated Edison, Inc., 6.30%, 8/15/37 (e)		250		339
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (b)		310		322
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100		190		232
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (b)		159		176
Vistra Operations Co. LLC, 3.70%, 1/30/27, Callable 11/30/26 @ 100 (c)		287		299
				1,985
Total Corporate Bonds (Cost $35,891)				37,036
Residential Mortgage-Backed Securities (0.2%)
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.43% (LIBOR01M+132bps), 10/25/32, Callable 4/25/21 @ 100 (a)		94		94
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/22 @ 100 (b)(c)(g)		14		14
Total Residential Mortgage-Backed Securities (Cost $106)				108
Yankee Dollars (9.9%)
Communication Services (0.4%):
Vodafone Group PLC, 5.25%, 5/30/48		193		241
Consumer Discretionary (0.8%):
Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100		460		498
Consumer Staples (3.2%):
Barry Callebaut Services NV, 5.50%, 6/15/23 (c)		638		695
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b)(c)		670		697
Suntory Holdings Ltd.

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Principal Amount		Value
2.55%, 6/28/22, Callable 5/28/22 @ 100 (b)(c)	$	574	$	588
2.25%, 10/16/24, Callable 9/16/24 @ 100 (c)		200		208
				2,188
Energy (0.9%):
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100		140		145
Ecopetrol SA, 5.88%, 9/18/23 (b)		325		358
Statoil ASA, 3.95%, 5/15/43		100		109
				612
Financials (2.1%):
Barclays Bank PLC
2/4/25 (b)		75		98
2/18/25		65		72
Enel Finance International NV, 2.88%, 5/25/22 (b)(c)		415		426
Newcrest Finance Pty Ltd.
5.75%, 11/15/41 (c)		155		197
4.20%, 5/13/50, Callable 11/13/49 @ 100 (c)		110		120
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (c)		300		325
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100		195		187
				1,425
Industrials (0.9%):
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100		150		146
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		150		175
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100		85		86
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (c)		200		204
				611
Materials (1.2%):
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (c)		300		298
Rio Tinto Finance USA Ltd.
3.75%, 6/15/25, Callable 3/15/25 @ 100		190		209
5.20%, 11/2/40		75		97
Vale Overseas Ltd., 6.25%, 8/10/26		143		170
				774
Utilities (0.4%):
Iberdrola International BV
6.75%, 9/15/33		50		66

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares or Principal Amount		Value
6.75%, 7/15/36	$	152	$	221
				287
Total Yankee Dollars (Cost $6,412)				6,636
U.S. Government Mortgage-Backed Agencies (25.6%)
Federal Home Loan Mortgage Corp.
9.00%, 4/1/25 (b)		12		14
7.50%, 8/1/29 (b)		9		10
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (b)		566		585
5.00%, 7/1/39 (b)		543		619
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (b)		444		465
Series 4444, Class CH, 3.00%, 1/15/41 - 10/1/46 (b)		857		893
4.50%, 7/1/44 - 12/1/45 (b)		943		1,057
2.00%, 3/1/51		650		649
				4,292
Federal National Mortgage Association
3.50%, 2/1/32 - 12/25/50		2,318		2,447
6.00%, 2/1/37 (b)		99		115
Series 2011-21, Class PA, 4.50%, 5/25/40 - 5/1/50 (b)		519		552
3.00%, 6/1/40 - 5/1/48		2,688		2,835
2.50%, 7/1/40 - 12/25/47		264		265
Series 2013-81, Class KA, 2.75%, 9/25/42 (b)		273		284
4.00%, 3/1/47 - 6/1/49		1,251		1,370
2.00%, 3/1/51 - 5/25/51		2,549		2,540
2.50%, 5/25/51(h)		2,000		2,046
				12,454
Government National Mortgage Association
3.00%, 8/20/50		346		362
Total U.S. Government Mortgage-Backed Agencies (Cost $16,684)				17,108
U.S. Treasury Obligations (3.4%)
U.S. Treasury Bonds, 1.25%, 5/15/50		1,350		1,017
U.S. Treasury Notes
0.25%, 3/15/24		650		648
0.38%, 1/31/26		600		585
Total U.S. Treasury Obligations (Cost $2,424)				2,250
Collateral for Securities Loaned^ (2.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (i)		28,968		29

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i)		746,001	$	746
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (i)		14,457		14
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (i)		115,273		115
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (i)		518,289		518
Total Collateral for Securities Loaned (Cost $1,422)				1,422
Total Investments (Cost $66,688) — 102.2%				68,359
Liabilities in excess of other assets — (2.2)%				(1,471	)
NET ASSETS - 100.00%			$	66,888

^	Purchased with cash collateral from securities on loan.
(a)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(b)	All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis.
(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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $7,307 (thousands) and amounted to 10.9% of net assets.
(d)	Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(e)	All or a portion of this security is on loan.
(f)	Continuously callable with 30 days’ notice.
(g)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021.
(h)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(i)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 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

Futures Contracts Purchased
(Amounts not in thousands)
	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Mexican Peso Currency Futures		19		6/14/21	$	461,700	$	461,130	$	(570	)
Ultra Long Term U.S. Treasury Bond Futures		11		6/21/21		2,093,517		1,993,406		(100,111	)
									$	(100,681	)

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		35		6/21/21		4,621,641		4,582,813		38,828
2-Year U.S. Treasury Note Futures		7		6/30/21	$	1,544,984	$	1,545,086	$	(102	)
5-Year U.S. Treasury Note Futures		2		6/30/21		247,478		246,797		681
Canadian Dollar Futures		9		6/15/21		711,720		716,130		(4,410	)
									$	34,997
		Total unrealized appreciation							$	39,509
		Total unrealized depreciation								(105,193	)
		Total net unrealized appreciation (depreciation)							$	(65,684	)

Centrally Cleared

(Amounts not in thousands)

Credit Default Swap Agreements - Sell Protection(a)

Underlying Instruments	Fixed Deal Received Rate			Maturity Date	Payment Frequency	Implied Credit Spread at March 31, 2021(b)			Notional Amount(c)		Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX North America High Yield Index; Series 35		5.00	%	12/20/25	Quarterly		2.86	%	$	2,100,000	$	(191,088	)	$	(190,796	)	$	(292	)
											$	(191,088	)	$	(190,796	)	$	(292	)

(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 and take delivery of the 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 Munder Small Cap Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Biotechnology (21.3%):
4D Molecular Therapeutics, Inc. (a)		662	$	29
Akero Therapeutics, Inc. (a)(b)		1,608		47
Akouos, Inc. (a)		663		9
Annexon, Inc. (a)		439		12
Arrowhead Pharmaceuticals, Inc. (a)		1,813		120
Athenex, Inc. (a)(b)		1,662		7
Atreca, Inc., Class A (a)		1,590		24
Aurinia Pharmaceuticals, Inc. (a)		6,904		89
Avidity Biosciences, Inc. (a)(b)		1,205		26
Beam Therapeutics, Inc. (a)(b)		1,499		120
Bicycle Therapeutics PLC, ADR (a)		5,276		158
BioAtla, Inc. (a)(b)		665		34
BioCryst Pharmaceuticals, Inc. (a)(b)		11,342		115
BioMarin Pharmaceutical, Inc. (a)		283		21
Black Diamond Therapeutics, Inc. (a)(b)		437		11
Bolt Biotherapeutics, Inc. (a)		699		23
C4 Therapeutics, Inc. (a)(b)		249		9
Cabaletta Bio, Inc. (a)		2,967		33
Cara Therapeutics, Inc. (a)		1,428		31
Castle Biosciences, Inc. (a)(b)		2,000		137
Codiak Biosciences, Inc. (a)		6,305		95
Cortexyme, Inc. (a)(b)		409		15
CRISPR Therapeutics AG (a)		410		50
Decibel Therapeutics, Inc. (a)		3,545		40
Deciphera Pharmaceuticals, Inc. (a)		708		32
Dicerna Pharmaceuticals, Inc. (a)		2,168		55
Dynavax Technologies Corp. (a)(b)		6,261		62
Esperion Therapeutics, Inc. (a)		873		24
Fusion Pharmaceuticals, Inc. (a)		4,261		46
Gamida Cell Ltd. (a)		9,195		74
Generation Bio Co. (a)		1,180		34
Genetron Holdings Ltd., ADR (a)		5,361		115
IGM Biosciences, Inc. (a)(b)		796		61
Immunocore Holdings PLC, ADR (a)		699		30
Instil Bio, Inc. (a)		1,072		27
Intellia Therapeutics, Inc. (a)(b)		1,924		154
Iovance Biotherapeutics, Inc. (a)		2,461		78
Natera, Inc. (a)		2,234		227
Neurocrine Biosciences, Inc. (a)		336		33
Neximmune, Inc. (a)		709		14

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Novavax, Inc. (a)		473	$	86
Nurix Therapeutics, Inc. (a)		439		14
Orchard Therapeutics PLC, ADR (a)(b)		6,720		49
Oyster Point Pharma, Inc. (a)		396		7
Passage Bio, Inc. (a)		1,346		24
Stoke Therapeutics, Inc. (a)(b)		1,486		58
Sutro Biopharma, Inc. (a)		3,661		83
TCR2 Therapeutics, Inc. (a)		8,824		195
TG Therapeutics, Inc. (a)		2,119		102
Veracyte, Inc. (a)		3,428		184
Viking Therapeutics, Inc. (a)(b)		5,623		36
Xencor, Inc. (a)		822		35
Zai Lab Ltd., ADR (a)		984		131
				3,325
Communication Services (2.2%):
Bumble, Inc., Class A (a)		71		4
Iridium Communications, Inc. (a)		2,861		118
Motorsport Games, Inc., Class A (a)		1,701		40
Vonage Holdings Corp. (a)		15,601		184
				346
Consumer Discretionary (13.7%):
Academy Sports & Outdoors, Inc. (a)(b)		7,777		210
Burlington Stores, Inc. (a)		509		152
Cavco Industries, Inc. (a)		567		128
Chegg, Inc. (a)		1,378		118
Chewy, Inc., Class A (a)(b)		809		69
Cricut, Inc., Class A (a)		4,698		93
Five Below, Inc. (a)		1,001		191
Group 1 Automotive, Inc.		1,287		203
Legacy Housing Corp. (a)		5,799		103
Levi Strauss & Co., Class A		6,726		161
Marine Products Corp.		3,094		50
Nordstrom, Inc. (a)(b)		4,923		186
Polaris, Inc.		1,361		182
Skyline Champion Corp. (a)		4,307		195
Tractor Supply Co.		724		128
				2,169
Consumer Staples (2.5%):
Albertsons Cos., Inc., Class A		4,314		82
Grocery Outlet Holding Corp. (a)(b)		2,063		76
Performance Food Group Co. (a)		4,200		242
				400

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Energy (1.0%):
Magnolia Oil & Gas Corp., Class A (a)(b)		3,428	$	39
Pioneer Natural Resources Co.		546		87
Talos Energy, Inc. (a)		3,132		38
				164
Financials (9.9%):
Amerant Bancorp, Inc. (a)		4,402		82
American Business Bank (a)		1,502		60
Coastal Financial Corp. (a)		8,400		220
Colony Bankcorp, Inc.		2,215		35
Customers Bancorp, Inc., Class A		3,942		125
First Western Financial, Inc. (a)		6,683		167
Morningstar, Inc.		668		150
Radian Group, Inc.		5,519		128
Silvercrest Asset Management Group, Inc., Class A		3,935		57
SLM Corp.		5,481		98
South Plains Financial, Inc.		5,120		116
Tradeweb Markets, Inc., Class A		2,436		180
WTB Financial Corp., Class B		360		139
				1,557
Health Care Equipment & Supplies (4.4%):
Ambu A/S, Class B		—		—
Brainsway Ltd., ADR (a)(b)		11,679		106
Cerus Corp. (a)		6,712		40
Inari Medical, Inc. (a)		42		4
Insulet Corp. (a)		546		143
Merit Medical Systems, Inc. (a)		1,525		91
Outset Medical, Inc. (a)		180		10
PolyPid Ltd. (a)		7,333		67
Pulmonx Corp. (a)		1,906		87
Silk Road Medical, Inc. (a)		2,804		143
				691
Health Care Providers & Services (1.4%):
Guardant Health, Inc. (a)		1,011		154
RadNet, Inc. (a)		3,159		69
				223
Health Care Technology (0.1%):
Schrodinger, Inc. (a)(b)		217		17
Industrials (11.8%):
ASGN, Inc. (a)		1,743		166
BWX Technologies, Inc.		1,070		71

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Casella Waste Systems, Inc. (a)		2,586	$	165
Chart Industries, Inc. (a)		1,114		159
Comfort Systems USA, Inc.		2,713		203
Construction Partners, Inc., Class A (a)		1,877		56
ESCO Technologies, Inc.		571		62
Hydrofarm Holdings Group, Inc. (a)		981		59
Kaman Corp.		1,610		83
Kratos Defense & Security Solutions, Inc. (a)		6,093		166
Marten Transport Ltd.		4,300		73
McGrath RentCorp		1,035		83
Owens Corning, Inc.		1,289		118
Parsons Corp. (a)		3,000		121
PGT Innovations, Inc. (a)		3,825		97
Rexnord Corp.		1,529		72
The AZEK Co. Inc. (a)		2,561		108
				1,862
Information Technology (20.7%):
908 Devices, Inc. (a)		482		23
Acv Auctions, Inc., Class A (a)		357		12
Alteryx, Inc., Class A (a)		441		37
Blackline, Inc. (a)		540		59
BM Technologies, Inc. (a)		606		7
Brooks Automation, Inc.		1,901		155
C3.ai, Inc., Class A (a)		848		56
Cambium Networks Corp. (a)		3,412		160
Cloudflare, Inc., Class A (a)		1,467		103
Dropbox, Inc., Class A (a)		1,247		33
Elastic NV (a)		1,342		149
Endava PLC, ADR (a)		1,434		121
EPAM Systems, Inc. (a)		305		121
Globant SA (a)		753		156
Lumentum Holdings, Inc. (a)		792		72
Marvell Technology Group Ltd.		1,167		57
Napco Security Technologies, Inc. (a)		6,551		229
New Relic, Inc. (a)		422		26
ON Semiconductor Corp. (a)		5,499		229
OneSpan, Inc. (a)		6,297		154
PagerDuty, Inc. (a)(b)		3,709		149
Ping Identity Holding Corp. (a)		3,255		71
Powerfleet, Inc. (a)		9,414		77
QAD, Inc., Class A		1,749		116
Sapiens International Corp. NV		3,065		97
SiTime Corp. (a)		459		45
Smartsheet, Inc., Class A (a)		2,908		186

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Telos Corp. (a)		1,641	$	62
Vizio Holding Corp., Class A (a)		2,145		52
WNS Holdings Ltd., ADR (a)		2,735		198
Yext, Inc. (a)		4,806		70
Zix Corp. (a)		23,117		175
				3,257
Life Sciences Tools & Services (4.1%):
Adaptive Biotechnologies Corp. (a)		1,407		57
Berkeley Lights, Inc. (a)		1,468		74
Maravai LifeSciences Holdings, Inc., Class A (a)		6,479		231
NanoString Technologies, Inc. (a)		4,359		286
				648
Materials (1.9%):
Franco-Nevada Corp.		1,104		138
Summit Materials, Inc., Class A (a)		6,383		179
				317
Pharmaceuticals (1.3%):
Collegium Pharmaceutical, Inc. (a)		1,187		28
Cymabay Therapeutics, Inc. (a)		1,278		6
Horizon Therapeutics PLC (a)		987		91
PMV Pharmaceuticals, Inc. (a)		280		9
Reata Pharmaceuticals, Inc., Class A (a)		645		64
Terns Pharmaceuticals, Inc. (a)		175		4
Vaxcyte, Inc. (a)		129		3
				205
Real Estate (2.8%):
FirstService Corp.		868		129
Rexford Industrial Realty, Inc.		1,252		63
The Macerich Co.		11,499		135
UMH Properties, Inc.		6,434		123
				450
Total Common Stocks (Cost $9,321)				15,631
Warrants (0.2%)
Health Care (0.2%):
BioNano Genomics, Inc. (a)(c)		8,136		38
Total Warrants (Cost $–)				38

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund	March 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (10.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		33,582	$	34
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		864,805		864
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		16,759		17
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		133,630		134
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		600,828		601
Total Collateral for Securities Loaned (Cost $1,650)				1,650
Total Investments (Cost $10,971) — 109.7%				17,319
Liabilities in excess of other assets — (9.7)%				(1,526)
NET ASSETS - 100.00%			$	15,793

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2021, illiquid securities were 0.2% of net assets.
(d)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS International Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.9%)
Australia (5.0%):
Financials (0.9%):
Macquarie Group Ltd.		30,525	$	3,557,863
Health Care (1.1%):
CSL Ltd.		21,833		4,411,660
Materials (2.1%):
BHP Group Ltd.		227,129		7,877,411
Real Estate (0.9%):
Scentre Group		1,589,327		3,421,293
				19,268,227
Belgium (0.9%):
Information Technology (0.9%):
Melexis NV		33,418		3,534,581
China (2.4%):
Communication Services (0.8%):
Tencent Holdings Ltd.		40,300		3,216,368
Consumer Discretionary (0.8%):
China Meidong Auto Holdings Ltd.		672,000		3,120,987
Financials (0.8%):
China Merchants Bank Co. Ltd., Class H		393,000		3,010,964
				9,348,319
Denmark (1.2%):
Consumer Staples (1.2%):
Royal Unibrew A/S		43,490		4,546,634
France (9.7%):
Consumer Discretionary (4.5%):
Cie Generale des Etablissements Michelin SCA		34,976		5,237,891
Faurecia SE (a)		52,891		2,814,148
LVMH Moet Hennessy Louis Vuitton SE		14,051		9,384,541
				17,436,580
Energy (1.4%):
Gaztransport Et Technigaz SA		16,340		1,301,738
TOTAL SE (b)		83,263		3,881,351
				5,183,089
Industrials (1.1%):
Safran SA (a)		30,155		4,101,540
Information Technology (1.7%):
Capgemini SE		37,920		6,446,840
Materials (1.0%):
Arkema SA		32,635		3,951,917
				37,119,966
Germany (7.4%):
Financials (1.9%):
Allianz SE, Registered Shares		28,925		7,356,558
Industrials (2.3%):
Siemens AG, Registered Shares		52,596		8,641,352
Information Technology (2.1%):
SAP SE		65,281		8,006,429
Real Estate (1.1%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS International Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Vonovia SE		66,914	$	4,372,387
				28,376,726
Hong Kong (3.1%):
Financials (1.6%):
AIA Group Ltd.		486,600		5,954,642
Real Estate (1.5%):
CK Asset Holdings Ltd.		975,000		5,935,621
				11,890,263
Italy (4.9%):
Energy (1.0%):
Snam SpA		700,919		3,885,497
Financials (1.0%):
Banca Generali SpA (a)		104,214		3,666,873
Health Care (0.9%):
Recordati Industria Chimica e Farmaceutica SpA		66,215		3,560,686
Utilities (2.0%):
Enel SpA		771,801		7,676,686
				18,789,742
Japan (22.4%):
Communication Services (2.0%):
Capcom Co. Ltd.		126,000		4,099,463
Kakaku.com, Inc.		138,100		3,780,641
				7,880,104
Consumer Discretionary (3.2%):
Hikari Tsushin, Inc.		8,000		1,613,153
Toyota Motor Corp.		136,100		10,592,740
				12,205,893
Consumer Staples (0.7%):
Toyo Suisan Kaisha Ltd.		69,100		2,900,456
Financials (2.3%):
JAFCO Group Co. Ltd. (b)		41,300		2,466,995
Mitsubishi UFJ Financial Group, Inc.		658,700		3,522,738
Tokio Marine Holdings, Inc.		56,800		2,703,542
				8,693,275
Health Care (2.8%):
Hoya Corp.		56,600		6,662,543
Shionogi & Co. Ltd.		73,300		3,957,628
				10,620,171
Industrials (6.5%):
en-japan, Inc.		85,900		2,664,528
Fuji Electric Co. Ltd.		124,800		5,222,444
ITOCHU Corp.		131,300		4,263,366
Nippon Yusen KK		138,300		4,730,560
OKUMA Corp.		63,600		3,651,915
Sanwa Holdings Corp.		347,400		4,551,364
				25,084,177
Information Technology (3.2%):
Fujitsu Ltd.		41,900		6,097,850
Oracle Corp.		33,600		3,289,730
Ulvac, Inc.		68,400		2,888,990
				12,276,570
Real Estate (0.8%):
Sumitomo Realty & Development Co. Ltd.		82,400		2,919,290
Utilities (0.9%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS International Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Chubu Electric Power Co., Inc.		261,500	$	3,370,011
				85,949,947
Netherlands (4.7%):
Communication Services (1.1%):
Koninklijke KPN NV		1,260,362		4,274,823
Financials (1.3%):
ING Groep NV		390,430		4,768,316
Industrials (1.1%):
Wolters Kluwer NV		49,161		4,269,486
Information Technology (1.2%):
ASM International NV		15,553		4,509,084
				17,821,709
New Zealand (0.9%):
Health Care (0.9%):
Fisher & Paykel Healthcare Corp. Ltd.		144,236		3,237,546
Norway (1.5%):
Energy (0.5%):
Aker BP ASA		75,604		2,145,646
Financials (1.0%):
SpareBank 1 SMN		295,326		3,715,163
				5,860,809
Spain (1.1%):
Communication Services (1.1%):
Telefonica SA		946,006		4,252,746
Sweden (2.6%):
Industrials (2.6%):
Atlas Copco AB, Class B		127,947		6,670,905
Epiroc AB, Class B		157,323		3,278,583
				9,949,488
Switzerland (14.7%):
Consumer Staples (4.7%):
Coca-Cola HBC AG		106,867		3,396,200
Nestle SA, Registered Shares		131,443		14,655,117
				18,051,317
Financials (3.1%):
Cembra Money Bank AG		27,154		2,992,891
Partners Group Holding AG		3,534		4,516,907
UBS Group AG		296,967		4,595,251
				12,105,049
Health Care (5.3%):
Novartis AG, Registered Shares		95,738		8,185,052
Roche Holding AG		37,456		12,135,550
				20,320,602
Industrials (1.6%):
Adecco Group AG		90,492		6,104,826
				56,581,794
United Kingdom (15.4%):
Communication Services (0.8%):
ITV PLC (a)		1,908,078		3,158,202
Consumer Discretionary (1.1%):
Next PLC (a)		38,636		4,186,840

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS International Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Consumer Staples (3.2%):
Diageo PLC		167,496	$	6,879,980
Imperial Brands PLC		260,627		5,342,311
				12,222,291
Energy (2.3%):
BP PLC		828,200		3,363,619
Royal Dutch Shell PLC, Class A		275,532		5,355,271
				8,718,890
Financials (2.7%):
Close Brothers Group PLC		176,212		3,765,625
HSBC Holdings PLC		419,011		2,441,921
Legal & General Group PLC		1,102,185		4,231,240
				10,438,786
Health Care (0.4%):
Smith & Nephew PLC		83,265		1,580,552
Industrials (1.0%):
Ashtead Group PLC		66,737		3,983,325
Materials (3.9%):
Croda International PLC		31,480		2,753,979
Evraz PLC		485,423		3,865,244
Rio Tinto PLC		109,325		8,338,982
				14,958,205
				59,247,091
Total Common Stocks (Cost $318,683,685)				375,775,588
Rights (0.0%)(c)
Italy (0.0%):(c)
Energy (0.0%):(c)
Snam SpA , Expires 4/8/21 (a)(d)(e)		700,919		—
Total Rights (Cost $–)				—
Exchange-Traded Funds (0.3%)
United States (0.3%):
iShares MSCI EAFE ETF		12,630		958,238
Total Exchange-Traded Funds (Cost $950,758)				958,238
Collateral for Securities Loaned^ (1.6%)
United States (1.6%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (g)		133,569		133,569
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (g)		3,439,698		3,439,698
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g)		66,657		66,657
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (g)		531,505		531,505
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)		2,389,750		2,389,750
Total Collateral for Securities Loaned (Cost $6,561,179)				6,561,179
Total Investments (Cost $326,195,622) — 99.8%				383,295,005
Other assets in excess of liabilities — 0.2%				713,060
NET ASSETS - 100.00%			$	384,008,065

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS International Fund	March 31, 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)	Amount represents less than 0.05% of net assets.
(d)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(e)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(g)	Rate disclosed is the daily yield on March 31, 2021.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Global Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.3%)
Australia (1.3%):
Financials (0.6%):
Macquarie Group Ltd.		11,939	$	1,391,559
Health Care (0.7%):
CSL Ltd.		8,524		1,722,392
				3,113,951
Belgium (0.5%):
Information Technology (0.5%):
Melexis NV		11,672		1,234,533
Bermuda (1.0%):
Industrials (1.0%):
Triton International Ltd.		44,516		2,447,935
Canada (3.3%):
Energy (0.7%):
Parex Resources, Inc. (a)		98,554		1,757,736
Industrials (1.0%):
Canadian Pacific Railway Ltd. (b)		6,024		2,301,249
Information Technology (1.1%):
Constellation Software, Inc.		1,876		2,620,338
Materials (0.5%):
Kirkland Lake Gold Ltd. (b)		32,299		1,090,943
				7,770,266
China (4.5%):
Communication Services (2.1%):
Baidu, Inc., ADR (a)		7,212		1,568,971
Tencent Holdings Ltd.		43,400		3,463,781
				5,032,752
Consumer Discretionary (0.5%):
China Meidong Auto Holdings Ltd.		272,000		1,263,257
Consumer Staples (0.7%):
Foshan Haitan Flavouring & Food Co. Ltd., Class A		67,149		1,643,517
Financials (1.2%):
Industrial & Commercial Bank of China Ltd., Class H		3,761,000		2,705,393
				10,644,919
Denmark (0.7%):
Consumer Staples (0.7%):
Royal Unibrew A/S		15,323		1,601,933
France (4.8%):
Consumer Discretionary (1.3%):
Faurecia SE (a)		23,547		1,252,855
LVMH Moet Hennessy Louis Vuitton SE		2,735		1,826,682
				3,079,537
Energy (0.8%):
Gaztransport Et Technigaz SA		14,091		1,122,570
TOTAL SE (b)		18,580		866,117
				1,988,687
Financials (0.9%):
BNP Paribas SA (a)		34,357		2,093,160
Industrials (0.7%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Global Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Safran SA (a)		12,132	$	1,650,137
Materials (1.1%):
Arkema SA		20,970		2,539,350
				11,350,871
Indonesia (1.2%):
Communication Services (1.2%):
PT Telkom Indonesia Persero Tbk		12,460,400		2,942,112
Ireland (1.2%):
Industrials (1.2%):
Eaton Corp. PLC		20,894		2,889,222
Italy (2.9%):
Energy (0.7%):
Snam SpA		307,839		1,706,485
Financials (0.5%):
Banca Generali SpA (a)		32,374		1,139,111
Health Care (0.9%):
Recordati Industria Chimica e Farmaceutica SpA		39,203		2,108,126
Utilities (0.8%):
Enel SpA		180,924		1,799,553
				6,753,275
Japan (6.4%):
Communication Services (1.3%):
Capcom Co. Ltd.		60,400		1,965,139
Kakaku.com, Inc.		38,900		1,064,931
				3,030,070
Consumer Discretionary (0.8%):
Toyota Motor Corp.		24,600		1,914,632
Consumer Staples (0.3%):
Toyo Suisan Kaisha Ltd.		16,100		675,794
Financials (1.0%):
JAFCO Group Co. Ltd. (b)		16,600		991,577
Mitsubishi UFJ Financial Group, Inc.		272,400		1,456,799
				2,448,376
Health Care (0.9%):
As One Corp.		7,079		891,202
Hoya Corp.		9,800		1,153,585
				2,044,787
Industrials (1.5%):
Nippon Yusen KK (b)		73,200		2,503,810
OKUMA Corp.		20,200		1,159,885
				3,663,695
Information Technology (0.6%):
Ulvac, Inc.		33,600		1,419,153
				15,196,507
Korea, Republic Of (1.7%):
Information Technology (1.7%):
Samsung Electronics Co. Ltd.		55,387		4,007,483
Mexico (0.3%):
Industrials (0.3%):
Promotora y Operadora de Infraestructura SAB de CV		87,252		667,658

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Global Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Netherlands (1.1%):
Information Technology (1.1%):
ASM International NV		8,714	$	2,526,339
New Zealand (0.6%):
Health Care (0.6%):
Fisher & Paykel Healthcare Corp. Ltd.		60,278		1,353,010
Norway (1.0%):
Energy (0.6%):
Aker BP ASA		52,506		1,490,123
Financials (0.4%):
SpareBank 1 SMN		69,798		878,050
				2,368,173
Singapore (0.5%):
Financials (0.5%):
Singapore Exchange Ltd.		169,200		1,255,190
South Africa (0.2%):
Consumer Discretionary (0.2%):
Mr. Price Group Ltd.		26,727		350,349
Sweden (0.9%):
Industrials (0.9%):
Atlas Copco AB, Class B		41,642		2,171,132
Switzerland (3.0%):
Financials (0.7%):
Partners Group Holding AG		1,278		1,633,448
Health Care (1.2%):
Roche Holding AG		8,343		2,703,089
Industrials (1.1%):
Adecco Group AG		39,724		2,679,885
				7,016,422
Taiwan (1.9%):
Financials (1.6%):
Cathay Financial Holding Co. Ltd.		2,254,000		3,796,420
Information Technology (0.3%):
Lite-On Technology Corp.		300,000		665,483
				4,461,903
United Kingdom (6.1%):
Communication Services (0.6%):
ITV PLC (a)		838,491		1,387,849
Consumer Discretionary (0.6%):
Next PLC (a)		13,645		1,478,658
Consumer Staples (0.6%):
Imperial Brands PLC		63,665		1,305,000
Financials (0.7%):
Close Brothers Group PLC		78,393		1,675,247
Industrials (0.9%):
Ashtead Group PLC		36,317		2,167,649
Materials (2.7%):
Croda International PLC		17,937		1,569,191
Evraz PLC		259,758		2,068,357

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Global Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Rio Tinto PLC		36,516	$	2,785,331
				6,422,879
				14,437,282
United States (53.2%):
Communication Services (4.4%):
Alphabet, Inc., Class C (a)		2,689		5,562,546
Facebook, Inc., Class A (a)		16,749		4,933,083
				10,495,629
Consumer Discretionary (7.5%):
Amazon.com, Inc. (a)		1,954		6,045,832
McDonald’s Corp.		17,703		3,967,951
PulteGroup, Inc.		56,507		2,963,227
Ross Stores, Inc.		20,276		2,431,295
Tesla, Inc. (a)		1,412		943,117
The TJX Cos., Inc.		19,374		1,281,590
				17,633,012
Consumer Staples (4.3%):
Colgate-Palmolive Co.		38,889		3,065,620
PepsiCo, Inc.		24,856		3,515,881
The Estee Lauder Cos., Inc.		12,138		3,530,337
				10,111,838
Energy (1.7%):
Cactus, Inc., Class A		32,796		1,004,214
ConocoPhillips		37,467		1,984,627
Phillips 66		11,698		953,855
				3,942,696
Financials (8.4%):
Bank of America Corp.		107,033		4,141,107
JPMorgan Chase & Co.		34,340		5,227,578
LPL Financial Holdings, Inc.		14,229		2,022,795
MSCI, Inc.		3,327		1,394,945
S&P Global, Inc.		6,590		2,325,413
The PNC Financial Services Group, Inc.		14,521		2,547,129
The Progressive Corp.		21,835		2,087,644
				19,746,611
Health Care (7.2%):
Amedisys, Inc. (a)		4,309		1,140,980
Amgen, Inc.		11,988		2,982,734
CVS Health Corp.		38,732		2,913,809
Eli Lilly & Co.		14,544		2,717,110
IDEXX Laboratories, Inc. (a)		5,954		2,913,352
Johnson & Johnson		26,712		4,390,117
				17,058,102
Industrials (1.7%):
Honeywell International, Inc.		18,798		4,080,482
Information Technology (16.9%):
Apple, Inc.		85,733		10,472,286
Cisco Systems, Inc.		79,098		4,090,157
Fortinet, Inc. (a)		13,588		2,505,899
Mastercard, Inc., Class A		12,974		4,619,393
Microsoft Corp.		40,457		9,538,547
NVIDIA Corp.		7,510		4,009,814
Texas Instruments, Inc.		25,004		4,725,506
				39,961,602
Real Estate (0.6%):
Prologis, Inc.		13,652		1,447,112

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Global Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Utilities (0.5%):
MGE Energy, Inc. (b)		17,462	$	1,246,612
				125,723,696
Total Common Stocks (Cost $177,153,013)				232,284,161
Rights (0.0%)(c)
Italy (0.0%):(c)
Energy (0.0%):(c)
Snam SpA , Expires 4/8/21 (a)(d)(e)		307,839		—
Total Rights (Cost $–)				—
Exchange-Traded Funds (0.1%)
United States (0.1%):
iShares MSCI ACWI ETF (b)		2,379		226,362
Total Exchange-Traded Funds (Cost $176,010)				226,362
Collateral for Securities Loaned^ (2.5%)
United States (2.5%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (f)		122,013		122,013
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (f)		3,142,123		3,142,123
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f)		60,891		60,891
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (f)		485,524		485,524
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f)		2,183,008		2,183,008
Total Collateral for Securities Loaned (Cost $5,993,559)				5,993,559
Total Investments (Cost $183,322,582) — 100.9%				238,504,082
Liabilities in excess of other assets — (0.9)%				(2,128,481	)
NET ASSETS - 100.00%			$	236,375,601

^	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)	Amount represents less than 0.05% of net assets.
(d)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(e)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(f)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Sophus Emerging Markets Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.6%)
Bermuda (0.5%):
Health Care (0.5%):
Alibaba Health Information Technology Ltd. (a)		924,000	$	2,640,261
Brazil (5.9%):
Communication Services (0.5%):
TIM SA		1,133,343		2,551,477
Consumer Discretionary (0.9%):
Lojas Americanas SA, Preference Shares		500,100		1,986,929
Petrobras Distribuidora SA		700,600		2,748,671
				4,735,600
Financials (1.2%):
Banco Bradesco SA, ADR		705,205		3,314,463
Banco do Brasil SA		544,200		2,944,418
				6,258,881
Industrials (0.8%):
Randon SA Implementos e Participacoes, Preference Shares		863,700		2,102,505
SIMPAR SA		334,041		2,217,483
				4,319,988
Materials (1.6%):
Klabin SA (a)		578,200		2,838,655
Vale SA		311,700		5,426,047
				8,264,702
Real Estate (0.5%):
Multiplan Empreendimentos Imobiliarios SA		648,300		2,821,100
Utilities (0.4%):
Neoenergia SA		635,400		1,879,815
				30,831,563
Canada (0.5%):
Energy (0.5%):
Parex Resources, Inc. (a)		159,019		2,836,145
Chile (0.7%):
Financials (0.7%):
Banco de Chile		32,358,637		3,815,206
Banco de Credito e Inversiones SA		1		53
				3,815,259
China (30.9%):
Communication Services (7.0%):
Baidu, Inc., ADR (a)(b)		29,464		6,409,893
Tencent Holdings Ltd.		379,215		30,265,390
				36,675,283
Consumer Discretionary (8.7%):
Alibaba Group Holding Ltd., ADR (a)		100,375		22,758,024
China Yongda Automobiles Services Holdings Ltd.		1,832,000		3,354,161
JD.com, Inc., ADR (a)		68,823		5,803,843
Jiumaojiu International Holdings Ltd. (a)(c)		628,000		2,517,708
Meituan Dianping, Class B (a)(c)		171,900		6,708,518
Topsports International Holdings Ltd. (c)		1,516,000		2,260,627
Xiabuxiabu Catering Management China Holdings Co. Ltd. (c)		1,070,000		2,174,058
				45,576,939
Consumer Staples (1.6%):
By-health Co. Ltd., Class A		471,800		2,066,163
China Feihe Ltd. (c)		1,184,000		3,361,557

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Wuliangye Yibin Co. Ltd., Class A		73,600	$	3,027,727
				8,455,447
Energy (0.2%):
China Oilfield Services Ltd., Class H		820,000		843,860
Financials (4.4%):
China Merchants Bank Co. Ltd., Class H		1,015,000		7,776,407
CSC Financial Co. Ltd., Class H (b)(c)		2,788,000		3,674,043
Ping An Insurance Group Co. of China Ltd.		687,500		8,223,750
Postal Savings Bank of China Co. Ltd., Class H (c)		4,714,000		3,533,016
				23,207,216
Health Care (1.4%):
Hansoh Pharmaceutical Group Co. Ltd. (a)(c)		596,000		2,859,123
Wuxi Biologics Cayman, Inc. (a)(c)		352,905		4,450,571
				7,309,694
Industrials (2.7%):
COSCO SHIPPING Holdings Co. Ltd., Class H (a)		4,031,500		5,218,127
Hangcha Group Co. Ltd., Class A		955,160		3,423,380
Sany Heavy Industry Co. Ltd., Class A		395,900		2,074,774
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		2,193,600		3,146,970
				13,863,251
Information Technology (2.6%):
21Vianet Group, Inc., ADR (a)		122,087		3,943,410
Chinasoft International Ltd.		3,306,000		3,584,833
Xiaomi Corp., Class B (a)(c)		1,092,200		3,648,207
Yonyou Network Technology Co. Ltd., Class A		474,000		2,595,668
				13,772,118
Materials (1.0%):
China Hongqiao Group Ltd.		2,756,000		3,686,180
China Molybdenum Co. Ltd., Class H		2,184,000		1,323,245
				5,009,425
Real Estate (0.8%):
Shimao Services Holdings Ltd. (a)(c)		1,909,787		4,220,537
Utilities (0.5%):
China Longyuan Power Group Corp. Ltd., Class H		1,763,000		2,407,929
				161,341,699
Greece (1.0%):
Financials (0.5%):
National Bank of Greece SA (a)		917,958		2,672,688
Industrials (0.5%):
Mytilineos SA (a)		142,632		2,350,403
				5,023,091
Hong Kong (2.3%):
Energy (0.8%):
Kunlun Energy Co. Ltd.		3,864,000		4,076,742
Financials (0.8%):
BOC Hong Kong Holdings Ltd.		1,200,500		4,199,987
Information Technology (0.7%):
Lenovo Group Ltd.		2,684,000		3,830,748
				12,107,477
India (7.7%):
Energy (1.3%):
Hindustan Petroleum Corp. Ltd.		1,235,036		3,970,351

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Petronet LNG Ltd.		861,620	$	2,652,011
				6,622,362
Financials (3.5%):
Bandhan Bank Ltd. (a)(c)		706,390		3,304,563
Cholamandalam Investment and Finance Co. Ltd.		597,932		4,595,705
Federal Bank Ltd. (a)		2,796,834		2,909,863
HDFC Bank Ltd., ADR (a)		47,224		3,668,833
LIC Housing Finance Ltd.		626,875		3,689,450
				18,168,414
Health Care (0.5%):
Dr. Reddy’s Laboratories Ltd.		46,344		2,867,295
Information Technology (1.8%):
Infosys Ltd., ADR		512,232		9,588,983
Materials (0.6%):
Asian Paints Ltd.		84,996		2,957,474
				40,204,528
Indonesia (1.2%):
Consumer Discretionary (0.5%):
PT Astra International Tbk		7,494,000		2,732,083
Financials (0.7%):
PT Bank Negara Indonesia Persero Tbk (a)		8,776,700		3,467,699
				6,199,782
Korea, Republic Of (17.4%):
Communication Services (1.7%):
LG Uplus Corp.		343,384		3,726,509
NAVER Corp.		15,203		5,090,674
				8,817,183
Consumer Discretionary (0.7%):
LG Electronics, Inc.		28,726		3,835,568
Consumer Staples (1.0%):
Cosmax, Inc. (a)		25,121		2,719,155
Orion Corp.		19,302		2,239,060
				4,958,215
Financials (2.5%):
DB Insurance Co. Ltd.		60,227		2,518,801
Hana Financial Group, Inc.		107,277		4,058,074
Samsung Securities Co. Ltd.		85,695		3,000,147
Woori Financial Group, Inc.		404,337		3,609,462
				13,186,484
Health Care (0.8%):
Hugel, Inc. (a)		9,609		1,520,006
Samsung Biologics Co. Ltd. (a)(c)		3,543		2,358,497
				3,878,503
Industrials (2.0%):
CJ Corp.		30,808		2,569,683
CJ Logistics Corp. (a)		13,787		2,236,809
Hanwha Aerospace Co. Ltd.		78,719		2,863,284
LG Corp.		36,972		2,966,894
				10,636,670
Information Technology (6.8%):
Samsung Electro-Mechanics Co. Ltd.		19,670		3,283,676
Samsung Electronics Co. Ltd.		296,470		21,450,854
Samsung Electronics Co. Ltd., Preference Shares		42,343		2,742,844
SK Hynix, Inc.		67,475		7,967,271
				35,444,645

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Materials (1.9%):
Korea Petrochemical Ind Co. Ltd.		15,553	$	4,498,723
LG Chem Ltd.		3,661		2,620,242
PI Advanced Materials Co. Ltd.		69,360		2,821,461
				9,940,426
				90,697,694
Luxembourg (0.9%):
Materials (0.9%):
Ternium SA, ADR (a)		114,237		4,436,965
Mexico (2.2%):
Communication Services (0.5%):
America Movil SAB de CV, ADR		194,548		2,641,962
Industrials (0.4%):
Controladora Vuela Cia de Aviacion SAB de CV, ADR (a)(b)		137,122		1,955,360
Materials (0.8%):
Cemex SAB de CV, ADR (a)		625,146		4,357,268
Real Estate (0.5%):
Corp Inmobiliaria Vesta SAB de CV		1,219,152		2,554,803
				11,509,393
Philippines (0.4%):
Financials (0.4%):
BDO Unibank, Inc.		1,020,330		2,147,467
Poland (0.6%):
Financials (0.6%):
Bank Polska Kasa Opieki SA (a)		173,816		3,102,823
Russian Federation (2.7%):
Consumer Discretionary (0.7%):
Detsky Mir PJSC (c)		1,815,590		3,427,233
Energy (0.8%):
Rosneft Oil Co. PJSC, GDR		566,814		4,283,283
Financials (1.2%):
Sberbank of Russia PJSC, ADR		421,552		6,483,605
				6,483,605
				14,194,121
Singapore (0.5%):
Communication Services (0.5%):
Sea Ltd., ADR (a)		10,898		2,432,760
South Africa (4.3%):
Communication Services (1.8%):
MTN Group Ltd.		734,600		4,317,907
Naspers Ltd., Class N		21,747		5,212,553
				9,530,460
Consumer Discretionary (0.6%):
Mr. Price Group Ltd.		244,658		3,207,080
Financials (0.6%):
Absa Group Ltd.		340,165		2,908,117
Materials (1.3%):
Impala Platinum Holdings Ltd.		353,848		6,537,498
				22,183,155

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Taiwan (12.7%):
Consumer Discretionary (1.2%):
Gourmet Master Co. Ltd.		181,000	$	1,112,272
Makalot Industrial Co. Ltd.		352,000		3,047,017
Topkey Corp.		302,000		1,895,012
				6,054,301
Financials (0.8%):
Yuanta Financial Holding Co. Ltd.		5,663,760		4,475,594
Industrials (0.9%):
Evergreen Marine Corp. Taiwan Ltd. (a)		2,406,000		3,862,787
Sunonwealth Electric Machine Industry Co. Ltd.		363,000		676,295
				4,539,082
Information Technology (9.8%):
Hon Hai Precision Industry Co. Ltd.		885,000		3,883,196
MediaTek, Inc.		196,000		6,743,430
Nanya Technology Corp.		1,840,000		5,992,945
Taiwan Semiconductor Manufacturing Co. Ltd.		1,374,998		28,963,480
Walsin Technology Corp.		360,000		3,177,903
Zhen Ding Technology Holding Ltd.		564,000		2,395,441
				51,156,395
				66,225,372
Thailand (2.2%):
Consumer Staples (0.5%):
Carabao Group PCL		611,400		2,528,453
Energy (0.5%):
PTT PCL (b)		1,901,500		2,498,667
Financials (0.7%):
The Siam Commercial Bank PCL (b)		1,107,400		3,956,409
Real Estate (0.5%):
AP Thailand PCL		9,839,400		2,589,638
				11,573,167
Turkey (1.1%):
Consumer Staples (0.4%):
Anadolu Efes Biracilik Ve Malt Sanayii A/S		699,749		1,790,942
Industrials (0.3%):
Turkiye Sise ve Cam Fabrikalari A/S		2,007,912		1,771,030
Information Technology (0.4%):
Logo Yazilim Sanayi Ve Ticaret A/S (a)		114,361		2,157,752
				5,719,724
United Kingdom (1.9%):
Materials (1.9%):
Anglo American PLC		126,005		4,934,620
Antofagasta PLC		212,669		4,952,997
				9,887,617
Total Common Stocks (Cost $392,008,419)				509,110,063
Collateral for Securities Loaned^ (1.2%)
United States (1.2%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		133,632		133,632

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		3,441,329	$	3,441,329
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		66,689		66,689
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		531,757		531,757
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		2,390,883		2,390,883
Total Collateral for Securities Loaned (Cost $6,564,290)				6,564,290
Total Investments (Cost $398,572,709) — 98.8%				515,674,353
Other assets in excess of liabilities — 1.2%				6,174,990
NET ASSETS - 100.00%			$	521,849,343

^	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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $48,498,258 and amounted to 9.3% of net assets.
(d)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

PCL—Public Company Limited

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Sophus Emerging Markets Small Cap Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.7%)
Belgium (1.1%):
Materials (1.1%):
Titan Cement International SA		2,151	$	40,355
Brazil (5.8%):
Consumer Discretionary (2.3%):
Lojas Quero-Quero SA		10,300		28,038
Petrobras Distribuidora SA		5,900		23,148
Tupy SA (a)		9,600		35,566
				86,752
Financials (0.6%):
Banco do Estado do Rio Grande do Sul SA, Preference Shares		10,300		22,035
Industrials (1.6%):
Randon SA Implementos e Participacoes, Preference Shares		14,600		35,541
SIMPAR SA		4,064		26,978
				62,519
Real Estate (0.8%):
Iguatemi Empresa de Shopping Centers SA		4,400		29,240
Utilities (0.5%):
Neoenergia SA		6,700		19,822
				220,368
Canada (1.5%):
Energy (1.5%):
Canacol Energy Ltd.		7,347		21,050
Parex Resources, Inc. (a)		2,077		37,044
				58,094
Chile (0.8%):
Materials (0.8%):
CAP SA		1,986		32,163
China (9.1%):
Consumer Discretionary (4.0%):
China Kepei Education Group Ltd.		38,000		26,407
China Yongda Automobiles Services Holdings Ltd.		22,500		41,195
Jiumaojiu International Holdings Ltd. (a)(b)		8,000		32,073
Minth Group Ltd.		6,000		25,137
Xiabuxiabu Catering Management China Holdings Co. Ltd. (b)		12,500		25,398
				150,210
Health Care (0.5%):
Amoy Diagnostics Co. Ltd., Class A		1,900		20,762
Industrials (2.2%):
Binjiang Service Group Co. Ltd.		11,000		28,161
S-Enjoy Service Group Co. Ltd.		9,000		27,716
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		18,600		26,684
				82,561
Information Technology (1.6%):
21Vianet Group, Inc., ADR (a)		978		31,589
Chinasoft International Ltd.		28,000		30,362
				61,951
Utilities (0.8%):
China Tian Lun Gas Holdings Ltd.		30,000		29,210
				344,694

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Small Cap Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Greece (3.2%):
Financials (1.4%):
National Bank of Greece SA (a)		17,911	$	52,149
Industrials (1.0%):
Mytilineos SA (a)		2,324		38,297
Utilities (0.8%):
Terna Energy SA		2,073		30,643
				121,089
Hong Kong (2.9%):
Communication Services (0.6%):
iClick Interactive Asia Group Ltd., ADR (a)		1,952		22,975
Financials (0.6%):
Guotai Junan International Holdings Ltd.		130,000		24,008
Industrials (1.7%):
Johnson Electric Holdings Ltd.		10,000		26,972
Orient Overseas International Ltd. (a)		2,500		36,924
				63,896
				110,879
India (14.7%):
Consumer Discretionary (1.3%):
Balkrishna Industries Ltd.		977		22,616
Garware Technical Fibres Ltd. (a)		802		28,242
				50,858
Energy (1.4%):
Hindustan Petroleum Corp. Ltd.		9,863		31,708
Petronet LNG Ltd.		7,355		22,638
				54,346
Financials (3.1%):
Cholamandalam Investment and Finance Co. Ltd.		6,408		49,252
Federal Bank Ltd. (a)		33,936		35,307
LIC Housing Finance Ltd.		5,868		34,536
				119,095
Health Care (2.0%):
Alkem Laboratories Ltd.		625		23,707
Sequent Scientific Ltd. (a)		15,189		50,224
				73,931
Industrials (2.7%):
Ashoka Buildcon Ltd. (a)		16,442		23,021
Polycab India Ltd. (a)		1,688		31,955
RITES Ltd.		4,869		16,076
Somany Ceramics Ltd.		5,195		30,486
				101,538
Information Technology (1.0%):
Mphasis Ltd.		1,513		36,810
Materials (2.3%):
APL Apollo Tubes Ltd. (a)		2,454		47,160
JK Lakshmi Cement Ltd. (a)		6,878		40,804
				87,964
Utilities (0.9%):
CESC Ltd.		4,146		33,749
				558,291
Indonesia (2.0%):
Financials (0.8%):

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Small Cap Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
PT Bank Danamon Indonesia Tbk		150,000	$	28,276
Industrials (0.6%):
PT Buana Lintas Lautan Tbk (a)		1,126,100		22,962
Materials (0.6%):
PT Merdeka Copper Gold Tbk (a)		163,100		24,269
				75,507
Korea, Republic Of (23.0%):
Communication Services (0.9%):
AfreecaTV Co. Ltd.		498		34,705
Consumer Discretionary (1.4%):
Danawa Co. Ltd.		880		26,089
Handsome Co. Ltd.		772		27,800
				53,889
Consumer Staples (2.2%):
Cosmax, Inc. (a)		288		31,174
Newtree Co. Ltd.		1,065		27,752
Orion Corp.		198		22,968
				81,894
Financials (2.2%):
DB Insurance Co. Ltd.		721		30,154
JB Financial Group Co. Ltd.		5,258		30,450
KIWOOM Securities Co. Ltd.		202		22,660
				83,264
Health Care (2.8%):
Classys, Inc.		1,754		22,539
Daewon Pharmaceutical Co. Ltd.		1,448		20,605
Hugel, Inc. (a)		152		24,044
Huons Co. Ltd.		21		1,064
I-Sens, Inc.		737		16,066
Samjin Pharmaceutical Co. Ltd.		943		20,291
				104,609
Industrials (5.8%):
CJ Corp.		296		24,689
CJ Logistics Corp. (a)		190		30,826
Hanwha Aerospace Co. Ltd.		1,224		44,521
HMM Co. Ltd. (a)		2,486		64,018
Jinsung T.E.C.		1,740		23,567
Posco International Corp.		1,827		32,673
				220,294
Information Technology (3.6%):
Hana Materials, Inc.		838		28,996
Silicon Works Co. Ltd.		480		32,265
TES Co. Ltd.		1,353		41,114
WONIK IPS Co. Ltd.		761		35,017
				137,392
Materials (4.1%):
Hansol Chemical Co. Ltd.		258		55,235
Korea Petrochemical Ind Co. Ltd.		110		31,818
PI Advanced Materials Co. Ltd.		771		31,363
SK Materials Co. Ltd.		137		37,882
				156,298
				872,345
Luxembourg (1.2%):
Materials (1.2%):
Ternium SA, ADR (a)		1,209		46,958

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Small Cap Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Malaysia (2.7%):
Financials (0.9%):
Hong Leong Financial Group Bhd		8,000	$	33,653
Industrials (1.0%):
MMC Corp. Bhd		150,100		37,373
Information Technology (0.8%):
Inari Amertron Bhd		41,500		32,913
				103,939
Mexico (2.9%):
Industrials (2.0%):
Controladora Vuela Cia de Aviacion SAB de CV, ADR (a)(c)		2,196		31,315
Grupo Traxion SAB de CV (a)(b)		31,771		45,790
				77,105
Real Estate (0.9%):
Concentradora Fibra Danhos SA de CV		26,318		32,843
				109,948
Philippines (0.8%):
Real Estate (0.8%):
Filinvest Land, Inc.		1,307,000		29,648
Poland (1.5%):
Financials (0.9%):
Bank Polska Kasa Opieki SA (a)		1,946		34,738
Industrials (0.6%):
Famur SA (a)		38,605		23,209
				57,947
Russian Federation (0.7%):
Consumer Discretionary (0.7%):
Detsky Mir PJSC (b)		13,600		25,672
South Africa (3.2%):
Consumer Discretionary (0.8%):
Mr. Price Group Ltd.		2,303		30,189
Financials (1.0%):
Transaction Capital Ltd. (a)		18,466		38,825
Materials (1.4%):
Impala Platinum Holdings Ltd.		2,756		50,918
				119,932
Taiwan (17.9%):
Consumer Discretionary (2.0%):
Makalot Industrial Co. Ltd.		5,000		43,282
Topkey Corp.		5,000		31,374
				74,656
Industrials (2.3%):
Chicony Power Technology Co. Ltd.		11,000		31,606
Sunonwealth Electric Machine Industry Co. Ltd.		9,000		16,768
Yang Ming Marine Transport Corp. (a)		29,000		38,666
				87,040
Information Technology (10.5%):
ADATA Technology Co. Ltd. (a)		10,000		30,240
Chipbond Technology Corp.		13,000		35,499
Holy Stone Enterprise Co. Ltd.		7,000		32,093
King Yuan Electronics Co. Ltd.		23,000		33,408
Lelon Electronics Corp.		14,000		37,216

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Small Cap Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Parade Technologies Ltd.		1,000	$	43,192
Phison Electronics Corp.		2,000		34,535
Powertech Technology, Inc.		7,000		25,989
Sigurd Microelectronics Corp.		19,000		35,033
Tripod Technology Corp.		8,000		39,590
Walsin Technology Corp.		3,000		26,482
Zhen Ding Technology Holding Ltd.		6,000		25,483
				398,760
Materials (3.1%):
China General Plastics Corp. (a)		33,000		43,174
Taiwan Hon Chuan Enterprise Co. Ltd.		12,000		29,195
Tung Ho Steel Enterprise Corp.		29,000		45,257
				117,626
				678,082
Thailand (1.9%):
Consumer Staples (0.8%):
Carabao Group PCL		6,900		28,535
Real Estate (1.1%):
AP Thailand PCL		158,300		41,663
				70,198
Turkey (1.8%):
Consumer Staples (0.6%):
Anadolu Efes Biracilik Ve Malt Sanayii A/S		9,071		23,217
Industrials (0.6%):
Turkiye Sise ve Cam Fabrikalari A/S		25,741		22,704
Information Technology (0.6%):
Logo Yazilim Sanayi Ve Ticaret A/S (a)		1,272		24,000
				69,921
Total Common Stocks (Cost $3,003,224)				3,746,030
Collateral for Securities Loaned^ (0.8%)
United States (0.8%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e)		642		642
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e)		16,530		16,530
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)		320		320
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e)		2,554		2,554
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)		11,485		11,485
Total Collateral for Securities Loaned (Cost $31,531)				31,531
Total Investments (Cost $3,034,755) — 99.5%				3,777,561
Other assets in excess of liabilities — 0.5%				17,139
NET ASSETS - 100.00%			$	3,794,700

^	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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $128,933 and amounted to 3.4% of net assets.
(c)	All or a portion of this security is on loan.
(e)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

PCL—Public Company Limited

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Small Cap Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Biotechnology (19.2%):
Allogene Therapeutics, Inc. (a)(b)		506,820	$	17,890,746
Apellis Pharmaceuticals, Inc. (a)(b)		773,690		33,199,037
Arcus Biosciences, Inc. (a)(b)		812,730		22,821,458
Ascendis Pharma A/S, ADR (a)		149,620		19,283,026
Avidity Biosciences, Inc. (a)(b)		518,660		11,311,975
Beam Therapeutics, Inc. (a)(b)		297,020		23,773,481
bluebird bio, Inc. (a)		556,149		16,767,892
Blueprint Medicines Corp. (a)		240,588		23,392,371
Celyad SA, ADR (a)(b)		399,608		2,789,264
Constellation Pharmaceuticals, Inc. (a)		834,100		19,509,599
CytomX Therapeutics, Inc. (a)		1,451,320		11,218,704
DermTech, Inc. (a)(b)		368,350		18,708,497
Equillium, Inc. (a)(b)		1,439,240		10,290,566
Fate Therapeutics, Inc. (a)		384,650		31,714,392
Generation Bio Co. (a)		553,950		15,765,417
Iovance Biotherapeutics, Inc. (a)		675,025		21,371,292
Jounce Therapeutics, Inc. (a)		1,260,200		12,942,254
Kura Oncology, Inc. (a)		870,400		24,606,207
MacroGenics, Inc. (a)		654,120		20,833,722
Opthea Ltd., ADR (a)(c)		725,400		7,000,110
ORIC Pharmaceuticals, Inc. (a)(b)		552,060		13,525,470
Replimune Group, Inc. (a)		564,480		17,222,285
REVOLUTION Medicines, Inc. (a)		390,410		17,912,011
Rubius Therapeutics, Inc. (a)(b)		633,890		16,798,085
Sage Therapeutics, Inc. (a)		238,540		17,854,719
Scholar Rock Holding Corp. (a)(b)		340,110		17,229,973
SpringWorks Therapeutics, Inc. (a)		414,290		30,479,314
TCR2 Therapeutics, Inc. (a)		575,920		12,716,314
Turning Point Therapeutics, Inc. (a)		235,000		22,228,650
Twist Bioscience Corp. (a)		182,480		22,601,973
				553,758,804
Communication Services (3.6%):
Bandwidth, Inc., Class A (a)(b)		504,130		63,893,437
EverQuote, Inc., Class A (a)		615,580		22,339,398
Vonage Holdings Corp. (a)(b)		1,424,970		16,843,145
				103,075,980
Communications Equipment (1.0%):
Viavi Solutions, Inc. (a)(b)		1,869,410		29,349,737
Consumer Discretionary (11.3%):
Arco Platform Ltd., Class A (a)(b)		821,620		20,819,851
Bally’s Corp. (a)(b)		301,090		19,564,828
Brinker International, Inc. (a)		494,650		35,149,829
Canada Goose Holdings, Inc. (a)		533,030		20,921,428
Churchill Downs, Inc. (b)		220,380		50,118,820
Fox Factory Holding Corp. (a)		266,450		33,855,137
Lithia Motors, Inc., Class A		91,590		35,728,343
Meritage Homes Corp. (a)		207,470		19,070,642
Skyline Champion Corp. (a)		537,310		24,318,651
Steven Madden Ltd.		596,240		22,215,902
Wingstop, Inc.		119,410		15,185,370
YETI Holdings, Inc. (a)		455,940		32,923,427
				329,872,228

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Consumer Staples (5.4%):
BellRing Brands, Inc., Class A (a)		1,180,580	$	27,873,494
BJ’s Wholesale Club Holdings, Inc. (a)(b)		627,710		28,159,071
elf Beauty, Inc. (a)		1,256,090		33,700,895
Freshpet, Inc. (a)		427,850		67,946,859
				157,680,319
Electronic Equipment, Instruments & Components (1.3%):
Itron, Inc. (a)		437,150		38,753,348
Financials (3.9%):
Green Dot Corp., Class A (a)		427,490		19,574,767
PRA Group, Inc. (a)		803,560		29,787,969
PROG Holdings, Inc.		476,350		20,621,192
Walker & Dunlop, Inc.		415,920		42,731,621
				112,715,549
Health Care Equipment & Supplies (4.4%):
CryoPort, Inc. (a)(b)		443,900		23,087,239
Eargo, Inc. (a)(b)		189,470		9,464,027
iRhythm Technologies, Inc. (a)		135,000		18,746,100
Nevro Corp. (a)(b)		222,020		30,971,789
Silk Road Medical, Inc. (a)(b)		414,980		21,018,737
SmileDirectClub, Inc. (a)(b)		2,426,850		25,020,824
				128,308,716
Health Care Providers & Services (4.6%):
AdaptHealth Corp. (a)		673,810		24,769,256
Hanger, Inc. (a)		561,000		12,802,020
HealthEquity, Inc. (a)		400,170		27,211,560
Innovage Holding Corp. (a)		590,060		15,217,647
LHC Group, Inc. (a)		182,160		34,830,814
Surgery Partners, Inc. (a)(b)		445,400		19,713,404
				134,544,701
Health Care Technology (3.1%):
Health Catalyst, Inc. (a)(b)		476,210		22,272,342
Inspire Medical Systems, Inc. (a)		205,110		42,455,719
Omnicell, Inc. (a)		187,660		24,371,404
				89,099,465
Industrials (15.1%):
Advanced Drainage Systems, Inc.		433,510		44,820,600
Arcosa, Inc.		496,240		32,300,262
Builders FirstSource, Inc. (a)		956,190		44,338,530
Chart Industries, Inc. (a)(b)		224,820		32,003,127
ESCO Technologies, Inc.		312,080		33,982,391
Evoqua Water Technologies Corp. (a)		1,506,030		39,608,589
Kornit Digital Ltd. (a)		296,820		29,420,798
Plug Power, Inc. (a)(b)		839,800		30,098,432
Saia, Inc. (a)		204,180		47,079,824
Simpson Manufacturing Co., Inc.		271,010		28,111,867
SiteOne Landscape Supply, Inc. (a)		271,400		46,338,836
Sunrun, Inc. (a)(b)		336,700		20,363,616
The AZEK Co., Inc. (a)		305,620		12,851,321
				441,318,193
IT Services (5.8%):
DigitalOcean Holdings, Inc. (a)(b)		483,680		20,377,438
LiveRamp Holdings, Inc. (a)		340,690		17,674,997

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Repay Holdings Corp. (a)		1,127,050	$	26,463,135
Shift4 Payments, Inc., Class A (a)(b)		288,340		23,646,763
Wix.com Ltd. (a)		186,600		52,102,452
WNS Holdings Ltd., ADR (a)		385,997		27,961,623
				168,226,408
Life Sciences Tools & Services (0.7%):
Quanterix Corp. (a)		341,760		19,982,707
Materials (0.6%):
Kronos Bio, Inc. (a)(b)		558,890		16,358,710
Pharmaceuticals (0.9%):
Compass Pathways PLC, ADR (a)(b)		333,830		12,291,621
PMV Pharmaceuticals, Inc. (a)(b)		416,860		13,710,525
				26,002,146
Semiconductors & Semiconductor Equipment (7.7%):
Advanced Energy Industries, Inc.		440,200		48,056,634
CMC Materials, Inc.		173,030		30,589,974
Lattice Semiconductor Corp. (a)		1,246,950		56,137,688
MACOM Technology Solutions Holdings, Inc. (a)		942,933		54,708,973
Silicon Laboratories, Inc. (a)		234,260		33,047,058
				222,540,327
Software (11.0%):
ACI Worldwide, Inc. (a)		970,880		36,941,984
Avaya Holdings Corp. (a)		3,114,080		87,287,661
Everbridge, Inc. (a)(b)		304,410		36,888,404
Five9, Inc. (a)		123,120		19,247,350
Medallia, Inc. (a)(b)		536,260		14,956,291
Q2 Holdings, Inc. (a)		238,720		23,919,744
Telos Corp. (a)(b)		724,150		27,459,768
Varonis Systems, Inc. (a)		1,329,530		68,258,070
				314,959,272
Total Common Stocks (Cost $2,068,897,539)				2,886,546,610
Collateral for Securities Loaned^ (9.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		5,815,032		5,815,032
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (d)		149,750,390		149,750,390
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		2,901,988		2,901,988
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		23,139,554		23,139,554
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		104,039,949		104,039,949
Total Collateral for Securities Loaned (Cost $285,646,913)				285,646,913
Total Investments (Cost $2,354,544,452) — 109.4%				3,172,193,523
Liabilities in excess of other assets — (9.4)%				(271,639,671	)
NET ASSETS - 100.00%			$	2,900,553,852

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets.
(d)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Select Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.4%)
Biotechnology (6.3%):
Castle Biosciences, Inc. (a)(b)		64,320	$	4,403,347
Halozyme Therapeutics, Inc. (a)		153,390		6,394,829
Twist Bioscience Corp. (a)		29,360		3,636,530
				14,434,706
Communication Services (3.7%):
Bandwidth, Inc., Class A (a)(b)		27,890		3,534,779
IAC/InterActiveCorp. (a)		23,410		5,063,817
				8,598,596
Consumer Discretionary (13.4%):
Bright Horizons Family Solutions, Inc. (a)		13,730		2,354,009
Brinker International, Inc. (a)		39,400		2,799,764
Chegg, Inc. (a)		62,380		5,343,470
Churchill Downs, Inc.		12,990		2,954,186
Marriott Vacations Worldwide Corp. (a)		11,650		2,029,197
Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		23,910		2,080,170
Planet Fitness, Inc., Class A (a)		33,520		2,591,096
Pool Corp.		11,770		4,063,475
Tempur Sealy International, Inc. (b)		172,450		6,304,772
				30,520,139
Consumer Staples (3.3%):
Beyond Meat, Inc. (a)(b)		16,130		2,098,836
Freshpet, Inc. (a)		33,630		5,340,780
				7,439,616
Electronic Equipment, Instruments & Components (1.2%):
Dolby Laboratories, Inc., Class A		28,470		2,810,558
Financials (5.4%):
Focus Financial Partners, Inc., Class A (a)		100,660		4,189,469
LPL Financial Holdings, Inc.		26,100		3,710,376
Western Alliance Bancorp		45,130		4,262,077
				12,161,922
Health Care Equipment & Supplies (6.0%):
Novocure Ltd. (a)(b)		37,520		4,959,394
SmileDirectClub, Inc. (a)(b)		231,340		2,385,115
Tandem Diabetes Care, Inc. (a)		25,650		2,263,613
West Pharmaceutical Services, Inc.		13,996		3,943,793
				13,551,915
Health Care Providers & Services (3.5%):
Encompass Health Corp.		33,080		2,709,252
HealthEquity, Inc. (a)		32,960		2,241,280
LHC Group, Inc. (a)		16,190		3,095,690
				8,046,222
Health Care Technology (1.0%):
Omnicell, Inc. (a)		18,220		2,366,231
Industrials (16.6%):
Advanced Drainage Systems, Inc.		58,300		6,027,637
Axon Enterprise, Inc. (a)(b)		19,960		2,842,703
Enphase Energy, Inc. (a)		23,450		3,802,652
Evoqua Water Technologies Corp. (a)		144,970		3,812,711

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Select Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Generac Holdings, Inc. (a)		11,960	$	3,916,302
MSA Safety, Inc.		17,790		2,668,856
Pentair PLC		63,990		3,987,857
SiteOne Landscape Supply, Inc. (a)		27,990		4,779,013
The Middleby Corp. (a)		21,420		3,550,365
Trex Co., Inc. (a)		29,310		2,683,037
				38,071,133
IT Services (2.7%):
GoDaddy, Inc., Class A (a)		27,467		2,131,989
Shift4 Payments, Inc., Class A (a)		23,430		1,921,494
Wix.com Ltd. (a)		7,600		2,122,072
				6,175,555
Life Sciences Tools & Services (1.6%):
Charles River Laboratories International, Inc. (a)		12,330		3,573,604
Pharmaceuticals (8.6%):
Horizon Therapeutics PLC (a)		92,860		8,546,834
Ocular Therapeutix, Inc. (a)		271,620		4,457,284
Royalty Pharma PLC, Class A (b)		154,280		6,729,694
				19,733,812
Semiconductors & Semiconductor Equipment (9.4%):
Entegris, Inc.		44,730		5,000,815
Lattice Semiconductor Corp. (a)		74,010		3,331,930
MACOM Technology Solutions Holdings, Inc. (a)		54,820		3,180,656
MKS Instruments, Inc.		26,800		4,969,256
Monolithic Power Systems, Inc.		7,635		2,696,758
SiTime Corp. (a)		25,560		2,520,216
				21,699,631
Software (16.7%):
ACI Worldwide, Inc. (a)		121,540		4,624,597
Dynatrace, Inc. (a)		112,760		5,439,542
Fair Isaac Corp. (a)		7,800		3,791,190
Five9, Inc. (a)		30,930		4,835,287
Proofpoint, Inc. (a)		22,230		2,796,312
Q2 Holdings, Inc. (a)(b)		26,490		2,654,298
RingCentral, Inc., Class A (a)		19,480		5,802,702
Varonis Systems, Inc. (a)(b)		46,560		2,390,390
Zendesk, Inc. (a)		46,190		6,125,718
				38,460,036
Total Common Stocks (Cost $162,946,817)				227,643,676
Collateral for Securities Loaned^ (9.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		458,793		458,793
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c)		11,814,970		11,814,970
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		228,960		228,960
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		1,825,659		1,825,659

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Select Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		8,208,519	$	8,208,519
Total Collateral for Securities Loaned (Cost $22,536,901)				22,536,901
Total Investments (Cost $185,483,718) — 109.3%				250,180,577
Liabilities in excess of other assets — (9.3)%				(21,380,240	)
NET ASSETS - 100.00%			$	228,800,337

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

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Mid Cap Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (6.5%):
IAC/InterActiveCorp. (a)		54,840	$	11,862,440
Match Group, Inc. (a)		73,104		10,043,028
Take-Two Interactive Software, Inc. (a)		29,160		5,152,572
Twitter, Inc. (a)		168,900		10,747,107
				37,805,147
Communications Equipment (1.7%):
Palo Alto Networks, Inc. (a)		31,900		10,273,714
Consumer Discretionary (13.1%):
Bright Horizons Family Solutions, Inc. (a)		29,400		5,040,630
Burlington Stores, Inc. (a)		23,350		6,976,980
CarMax, Inc. (a)		26,880		3,565,901
Chewy, Inc., Class A (a)(b)		78,436		6,644,314
Chipotle Mexican Grill, Inc. (a)		8,880		12,616,882
Darden Restaurants, Inc.		28,640		4,066,880
Lululemon Athletica, Inc. (a)		31,980		9,808,586
Marriott Vacations Worldwide Corp. (a)		24,630		4,290,053
Meritage Homes Corp. (a)		27,290		2,508,497
Nordstrom, Inc. (a)(b)		98,820		3,742,313
Pool Corp.		29,280		10,108,627
Roku, Inc. (a)		23,310		7,593,699
				76,963,362
Consumer Staples (3.1%):
Freshpet, Inc. (a)		52,160		8,283,530
The Boston Beer Co., Inc., Class A (a)		8,170		9,855,308
				18,138,838
Electronic Equipment, Instruments & Components (4.3%):
Amphenol Corp., Class A		63,440		4,185,137
Dolby Laboratories, Inc., Class A		69,630		6,873,874
Keysight Technologies, Inc. (a)		46,580		6,679,572
Trimble, Inc. (a)		95,380		7,419,610
				25,158,193
Financials (5.3%):
LPL Financial Holdings, Inc.		57,300		8,145,768
MarketAxess Holdings, Inc.		13,170		6,557,606
MSCI, Inc.		25,060		10,507,157
Western Alliance Bancorp		64,760		6,115,934
				31,326,465
Health Care (21.4%):
10X Genomics, Inc., Class A (a)		22,460		4,065,260
Align Technology, Inc. (a)		15,480		8,382,883
AmerisourceBergen Corp.		54,270		6,407,659
Apellis Pharmaceuticals, Inc. (a)		70,010		3,004,129
Ascendis Pharma A/S, ADR (a)		15,480		1,995,062
Centene Corp. (a)		68,371		4,369,591
Charles River Laboratories International, Inc. (a)		30,300		8,781,849
DexCom, Inc. (a)		17,730		6,371,985
Encompass Health Corp.		67,230		5,506,137
Exact Sciences Corp. (a)		51,040		6,726,050
Fate Therapeutics, Inc. (a)		39,850		3,285,633
Horizon Therapeutics PLC (a)		74,910		6,894,716
Insulet Corp. (a)		26,350		6,875,242

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Mid Cap Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Iovance Biotherapeutics, Inc. (a)		91,410	$	2,894,041
Mirati Therapeutics, Inc. (a)		14,170		2,427,321
Novocure Ltd. (a)		39,160		5,176,169
ResMed, Inc.		34,430		6,680,109
Royalty Pharma PLC, Class A (b)		193,120		8,423,894
Sage Therapeutics, Inc. (a)		41,750		3,124,988
SmileDirectClub, Inc. (a)(b)		486,080		5,011,485
Teladoc Health, Inc. (a)(b)		24,630		4,476,503
Veeva Systems, Inc., Class A (a)		29,610		7,735,316
West Pharmaceutical Services, Inc.		25,390		7,154,394
				125,770,416
Industrials (12.0%):
Advanced Drainage Systems, Inc.		45,660		4,720,787
Axon Enterprise, Inc. (a)		42,710		6,082,758
Builders FirstSource, Inc. (a)		145,670		6,754,718
Carrier Global Corp.		133,390		5,631,726
CoStar Group, Inc. (a)		8,630		7,092,911
Generac Holdings, Inc. (a)		21,870		7,161,332
IDEX Corp.		34,010		7,118,973
Pentair PLC		119,700		7,459,704
Ritchie Bros. Auctioneers, Inc. (b)		79,670		4,664,679
The Middleby Corp. (a)		40,010		6,631,658
Trex Co., Inc. (a)		57,850		5,295,589
Verisk Analytics, Inc.		17,020		3,007,264
				71,622,099
IT Services (9.0%):
Black Knight, Inc. (a)		39,794		2,944,358
Gartner, Inc. (a)		17,190		3,138,035
GoDaddy, Inc., Class A (a)		91,650		7,113,873
Square, Inc., Class A (a)		16,300		3,700,915
Twilio, Inc., Class A (a)		51,580		17,576,400
Wix.com Ltd. (a)		65,070		18,168,845
				52,642,426
Materials (1.0%):
The Scotts Miracle-Gro Co.		25,200		6,173,244
Semiconductors & Semiconductor Equipment (7.3%):
Entegris, Inc.		81,530		9,115,054
KLA Corp.		27,880		9,211,552
Lattice Semiconductor Corp. (a)		110,580		4,978,312
Marvell Technology Group Ltd.		106,070		5,195,309
Microchip Technology, Inc.		59,680		9,263,529
Monolithic Power Systems, Inc.		14,070		4,969,665
				42,733,421
Software (14.9%):
Bill.com Holdings, Inc. (a)		27,940		4,065,270
Coupa Software, Inc. (a)		21,840		5,557,843
Crowdstrike Holdings, Inc., Class A (a)		28,460		5,194,235
DocuSign, Inc. (a)		19,500		3,947,775
Dropbox, Inc., Class A (a)		183,890		4,902,507
Fair Isaac Corp. (a)(b)		10,200		4,957,710
Lightspeed POS, Inc. (a)		80,420		5,051,180
Paycom Software, Inc. (a)		15,750		5,828,445
Proofpoint, Inc. (a)		32,040		4,030,312
RingCentral, Inc., Class A (a)		73,960		22,031,204
Synopsys, Inc. (a)		54,570		13,521,354

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Mid Cap Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Zendesk, Inc. (a)		60,360	$	8,004,943
				87,092,778
Total Common Stocks (Cost $403,042,254)				585,700,103
Collateral for Securities Loaned^ (3.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		369,163		369,163
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c)		9,506,795		9,506,795
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		184,231		184,231
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		1,468,998		1,468,998
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		6,604,901		6,604,901
Total Collateral for Securities Loaned (Cost $18,134,088)				18,134,088
Total Investments (Cost $421,176,342) — 102.7%				603,834,191
Liabilities in excess of other assets — (2.7)%				(15,751,066	)
NET ASSETS - 100.00%			$	588,083,125

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

ADR—American Depositary Receipt

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Communication Services (15.2%):
Activision Blizzard, Inc.		52,830	$	4,913,190
Alphabet, Inc., Class C (a)		9,851		20,378,074
Facebook, Inc., Class A (a)		38,640		11,380,639
Netflix, Inc. (a)		2,780		1,450,215
Twitter, Inc. (a)		119,940		7,631,782
				45,753,900
Communications Equipment (1.1%):
Palo Alto Networks, Inc. (a)		10,750		3,462,145
Consumer Discretionary (16.9%):
Amazon.com, Inc. (a)		4,670		14,449,354
Aptiv PLC (a)		23,440		3,232,376
Booking Holdings, Inc. (a)		1,850		4,310,204
Caesars Entertainment, Inc. (a)		17,090		1,494,521
Chipotle Mexican Grill, Inc. (a)		3,050		4,333,501
Dollar General Corp.		13,760		2,788,051
NIKE, Inc., Class B		39,740		5,281,049
Target Corp.		17,270		3,420,669
Tesla, Inc. (a)		8,980		5,998,011
The Home Depot, Inc.		12,275		3,746,944
The TJX Cos., Inc.		36,520		2,415,798
				51,470,478
Consumer Staples (3.1%):
Constellation Brands, Inc., Class A		17,500		3,990,000
The Boston Beer Co., Inc., Class A (a)		4,580		5,524,762
				9,514,762
Electronic Equipment, Instruments & Components (0.9%):
Amphenol Corp., Class A		42,560		2,807,683
Health Care (12.1%):
Align Technology, Inc. (a)		7,720		4,180,612
Ascendis Pharma A/S, ADR (a)		12,850		1,656,108
Charles River Laboratories International, Inc. (a)		17,500		5,072,025
DexCom, Inc. (a)		6,020		2,163,528
Exact Sciences Corp. (a)		16,230		2,138,789
Fate Therapeutics, Inc. (a)		23,290		1,920,261
Horizon Therapeutics PLC (a)		18,050		1,661,322
Novocure Ltd. (a)(b)		8,590		1,135,426
Royalty Pharma PLC, Class A		106,980		4,666,468
UnitedHealth Group, Inc.		13,830		5,145,728
Vertex Pharmaceuticals, Inc. (a)		19,680		4,229,035
West Pharmaceutical Services, Inc.		11,340		3,195,385
				37,164,687
Industrials (4.2%):
IDEX Corp.		24,350		5,096,942
IHS Markit Ltd.		24,730		2,393,369
United Parcel Service, Inc., Class B		30,460		5,177,895
				12,668,206
IT Services (12.3%):
Fiserv, Inc. (a)		50,880		6,056,755
Gartner, Inc. (a)		10,580		1,931,379
PayPal Holdings, Inc. (a)		24,630		5,981,149

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Growth Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Square, Inc., Class A (a)		9,220	$	2,093,401
Twilio, Inc., Class A (a)		30,380		10,352,289
Visa, Inc., Class A		49,587		10,499,055
				36,914,028
Materials (1.2%):
The Scotts Miracle-Gro Co.		15,470		3,789,686
Real Estate (0.7%):
SBA Communications Corp.		8,080		2,242,604
Semiconductors & Semiconductor Equipment (7.8%):
Advanced Micro Devices, Inc. (a)		33,050		2,594,425
Lam Research Corp.		8,920		5,309,541
Marvell Technology Group Ltd.		65,690		3,217,497
Microchip Technology, Inc.		22,010		3,416,392
NVIDIA Corp.		11,590		6,188,249
STMicroelectronics NV, NYS (b)		81,570		3,126,578
				23,852,682
Software (16.8%):
Fair Isaac Corp. (a)		6,850		3,329,443
Microsoft Corp.		126,160		29,744,742
RingCentral, Inc., Class A (a)		24,250		7,223,589
salesforce.com, Inc. (a)		5,800		1,228,846
Synopsys, Inc. (a)		11,460		2,839,559
Workday, Inc., Class A (a)		19,060		4,735,076
Zoom Video Communications, Inc., Class A (a)		5,040		1,619,302
				50,720,557
Technology Hardware, Storage & Peripherals (7.5%):
Apple, Inc.		184,258		22,507,115
Total Common Stocks (Cost $174,361,251)				302,868,533
Collateral for Securities Loaned^ (1.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		86,073		86,073
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c)		2,216,577		2,216,577
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		42,955		42,955
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		342,507		342,507
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		1,539,980		1,539,980
Total Collateral for Securities Loaned (Cost $4,228,092)				4,228,092
Total Investments (Cost $178,589,343) — 101.2%				307,096,625
Liabilities in excess of other assets — (1.2)%				(3,665,139	)
NET ASSETS - 100.00%			$	303,431,486

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

ADR—American Depositary Receipt

NYS—New York Registered Shares

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Science and Technology Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.6%)
Biotechnology (24.2%):
Adverum Biotechnologies, Inc. (a)		61,050	$	601,953
Akouos, Inc. (a)(b)		32,370		448,972
Albireo Pharma, Inc. (a)		23,060		812,865
Allogene Therapeutics, Inc. (a)(b)		34,890		1,231,617
Apellis Pharmaceuticals, Inc. (a)		70,553		3,027,429
Arcus Biosciences, Inc. (a)		65,020		1,825,762
Ascendis Pharma A/S, ADR (a)		10,810		1,393,193
Avidity Biosciences, Inc. (a)(b)		59,530		1,298,349
Avrobio, Inc. (a)(b)		81,550		1,034,870
Beam Therapeutics, Inc. (a)(b)		29,360		2,349,974
Bicycle Therapeutics PLC, ADR (a)		71,089		2,123,429
bluebird bio, Inc. (a)		86,550		2,609,483
Blueprint Medicines Corp. (a)		10,090		981,051
Celyad SA, ADR (a)		45,980		320,940
Centogene NV (a)		67,370		817,198
Codiak Biosciences, Inc. (a)		132,290		1,994,933
Constellation Pharmaceuticals, Inc. (a)		79,770		1,865,820
Crinetics Pharmaceuticals, Inc. (a)(b)		55,888		853,969
Cullinan Oncology, Inc. (a)		24,790		1,032,999
CytomX Therapeutics, Inc. (a)		163,010		1,260,067
DermTech, Inc. (a)(b)		103,013		5,232,029
Editas Medicine, Inc. (a)(b)		24,240		1,018,080
Equillium, Inc. (a)(b)		245,170		1,752,966
Exact Sciences Corp. (a)		19,270		2,539,401
Fate Therapeutics, Inc. (a)		75,420		6,218,378
Fusion Pharmaceuticals, Inc. (a)(b)		151,650		1,625,688
Generation Bio Co. (a)		65,040		1,851,038
Gracell Biotechnologies, Inc., ADR (a)		41,740		642,796
Halozyme Therapeutics, Inc. (a)		34,030		1,418,711
IGM Biosciences, Inc. (a)(b)		16,030		1,229,341
Ikena Oncology, Inc. (a)		68,290		1,929,193
Inhibrx, Inc. (a)		50,990		1,023,369
Invitae Corp. (a)(b)		34,185		1,306,209
Iovance Biotherapeutics, Inc. (a)		78,660		2,490,376
Jounce Therapeutics, Inc. (a)		93,990		965,277
Kezar Life Sciences, Inc. (a)(b)		310,586		1,851,093
Kinnate Biopharma, Inc. (a)(b)		73,460		2,289,014
Kura Oncology, Inc. (a)		90,170		2,549,106
MacroGenics, Inc. (a)		57,370		1,827,235
Marker Therapeutics, Inc. (a)(b)		722,250		1,617,840
Matinas BioPharma Holdings, Inc. (a)(b)		659,340		692,307
Merus NV (a)		33,080		691,041
Mirati Therapeutics, Inc. (a)		7,940		1,360,122
Opthea Ltd., ADR (a)		100,560		970,404
ORIC Pharmaceuticals, Inc. (a)		95,840		2,348,080
Passage Bio, Inc. (a)(b)		46,670		815,792
Regulus Therapeutics, Inc. PIPE (a)(b)		1,768,489		2,758,843
Replimune Group, Inc. (a)		45,590		1,390,951
REVOLUTION Medicines, Inc. (a)		44,160		2,026,061
Rubius Therapeutics, Inc. (a)		72,400		1,918,600
Sage Therapeutics, Inc. (a)		18,840		1,410,174
Scholar Rock Holding Corp. (a)(b)		32,790		1,661,141
Shattuck Labs, Inc. (a)(b)		38,590		1,128,372
Sigilon Therapeutics, Inc. (a)		44,780		1,000,833
Silverback Therapeutics, Inc. (a)(b)		21,840		952,879
SpringWorks Therapeutics, Inc. (a)		55,060		4,050,763

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Stoke Therapeutics, Inc. (a)(b)		22,350	$	868,074
Surface Oncology, Inc. (a)(b)		251,850		1,964,430
Sutro Biopharma, Inc. (a)(b)		70,570		1,606,173
TCR2 Therapeutics, Inc. (a)		83,660		1,847,213
Turning Point Therapeutics, Inc. (a)		27,890		2,638,115
Twist Bioscience Corp. (a)		24,760		3,066,774
VistaGen Therapeutics, Inc. (a)		298,340		635,464
Zymeworks, Inc. (a)(b)		27,130		856,765
				107,921,384
Communication Services (6.5%):
Facebook, Inc., Class A (a)		20,370		5,999,576
IAC/InterActiveCorp. (a)		16,130		3,489,080
Match Group, Inc. (a)		39,336		5,403,980
Take-Two Interactive Software, Inc. (a)		23,840		4,212,528
Twitter, Inc. (a)		118,600		7,546,518
Yelp, Inc. (a)		51,650		2,014,350
				28,666,032
Communications Equipment (0.7%):
Viavi Solutions, Inc. (a)		197,350		3,098,395
Consumer Discretionary (6.3%):
Amazon.com, Inc. (a)		3,430		10,612,694
Arco Platform Ltd., Class A (a)		49,010		1,241,913
Booking Holdings, Inc. (a)		1,870		4,356,801
Chegg, Inc. (a)(b)		44,740		3,832,428
Roku, Inc. (a)		11,960		3,896,209
Sonos, Inc. (a)		95,550		3,580,259
				27,520,304
Electronic Equipment, Instruments & Components (2.1%):
908 Devices, Inc. (a)		14,850		720,225
Dolby Laboratories, Inc., Class A		50,710		5,006,091
Keysight Technologies, Inc. (a)		23,350		3,348,390
				9,074,706
Financials (0.2%):
Omega Alpha SPAC, Class A (a)		101,380		1,003,662
Health Care Equipment & Supplies (2.3%):
BioLife Solutions, Inc. (a)(b)		55,790		2,008,440
Butterfly Network, Inc. (a)(b)		242,950		4,088,849
CryoPort, Inc. (a)(b)		72,133		3,751,637
Quotient Ltd. (a)		103,280		380,070
				10,228,996
Health Care Providers & Services (0.3%):
Exagen, Inc. (a)		71,772		1,256,010
Health Care Technology (0.8%):
iCAD, Inc. (a)		16,950		359,679
Veeva Systems, Inc., Class A (a)		12,010		3,137,492
				3,497,171
IT Services (9.1%):
Global Payments, Inc.		15,390		3,102,316
GoDaddy, Inc., Class A (a)		44,060		3,419,937
Twilio, Inc., Class A (a)		47,100		16,049,797
Visa, Inc., Class A		29,010		6,142,287

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Wix.com Ltd. (a)		41,160	$	11,492,696
				40,207,033
Life Sciences Tools & Services (3.1%):
10X Genomics, Inc., Class A (a)		23,960		4,336,760
Berkeley Lights, Inc. (a)(b)		45,400		2,280,442
NeoGenomics, Inc. (a)(b)		58,790		2,835,442
Quanterix Corp. (a)		75,500		4,414,485
				13,867,129
Materials (0.4%):
Kronos Bio, Inc. (a)(b)		54,270		1,588,483
Pharmaceuticals (1.5%):
Angion Biomedica Corp. (a)		59,540		1,075,888
Compass Pathways PLC, ADR (a)(b)		44,490		1,638,122
Foghorn Therapeutics, Inc. (a)		11,380		149,988
Marinus Pharmaceuticals, Inc. (a)(b)		60,004		928,862
Nuvation Bio, Inc. (a)(b)		143,070		1,495,081
PMV Pharmaceuticals, Inc. (a)(b)		41,030		1,349,477
				6,637,418
Semiconductors & Semiconductor Equipment (18.0%):
Ambarella, Inc. (a)		42,450		4,261,556
Applied Materials, Inc.		42,560		5,686,016
Cohu, Inc. (a)		165,930		6,942,511
Ichor Holdings Ltd. (a)		98,660		5,307,908
Lam Research Corp.		17,890		10,648,843
Lattice Semiconductor Corp. (a)		181,430		8,167,979
MACOM Technology Solutions Holdings, Inc. (a)		176,210		10,223,704
Marvell Technology Group Ltd.		100,290		4,912,204
MKS Instruments, Inc.		33,900		6,285,738
Monolithic Power Systems, Inc.		10,420		3,680,448
NVIDIA Corp.		10,290		5,494,140
SiTime Corp. (a)		35,110		3,461,846
STMicroelectronics NV, NYS (b)		121,620		4,661,695
				79,734,588
Software (21.1%):
Avaya Holdings Corp. (a)		169,350		4,746,881
Coupa Software, Inc. (a)		24,410		6,211,857
DocuSign, Inc. (a)		33,770		6,836,737
Domo, Inc., Class B (a)		63,890		3,596,368
Dropbox, Inc., Class A (a)		142,440		3,797,450
Fair Isaac Corp. (a)		7,420		3,606,491
Microsoft Corp.		80,450		18,967,697
Paycom Software, Inc. (a)		13,490		4,992,109
Proofpoint, Inc. (a)		32,169		4,046,539
RingCentral, Inc., Class A (a)		67,380		20,071,153
ServiceNow, Inc. (a)		12,540		6,271,379
Varonis Systems, Inc. (a)		130,350		6,692,169
Zendesk, Inc. (a)		26,320		3,490,558
				93,327,388
Technology Hardware, Storage & Peripherals (1.0%):
Western Digital Corp.		66,570		4,443,549
Total Common Stocks (Cost $236,040,930)				432,072,248

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Warrants (0.3%)
Health Care (0.3%):
Nuvation Bio, Inc.		48,570	$	129,682
Regulus Therapeutics, Inc. PIPE (a)(c)		1,326,367		1,074,357
				1,204,039
Total Warrants (Cost $165,796)				1,204,039
Collateral for Securities Loaned^ (9.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		880,464		880,464
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (d)		22,673,953		22,673,953
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		439,395		439,395
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		3,503,598		3,503,598
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		15,752,860		15,752,860
Total Collateral for Securities Loaned (Cost $43,250,270)				43,250,270
Total Investments (Cost $279,456,996) — 107.7%				476,526,557
Liabilities in excess of other assets — (7.7)%				(33,886,799	)
NET ASSETS - 100.00%			$	442,639,758

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets.
(d)	Rate disclosed is the daily yield on March 31, 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	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Communication Services (5.5%):
Bandwidth, Inc., Class A (a)(b)		13,450	$	1,704,653
EverQuote, Inc., Class A (a)		74,890		2,717,758
				4,422,411
Consumer Staples (1.3%):
BellRing Brands, Inc., Class A (a)		43,490		1,026,799
Electronic Equipment, Instruments & Components (3.8%):
Itron, Inc. (a)		34,300		3,040,695
Energy (4.3%):
Amyris, Inc. (a)(b)		44,580		851,478
Renewable Energy Group, Inc. (a)		38,750		2,559,050
				3,410,528
Financials (16.4%):
Green Dot Corp., Class A (a)		51,680		2,366,427
Open Lending Corp., Class A (a)		58,810		2,083,050
PRA Group, Inc. (a)		64,810		2,402,507
PROG Holdings, Inc.		73,220		3,169,693
Trupanion, Inc. (a)		20,650		1,573,737
Upstart Holdings, Inc. (a)(b)		11,780		1,517,971
				13,113,385
Health Care (20.7%):
Apellis Pharmaceuticals, Inc. (a)		31,410		1,347,804
Blueprint Medicines Corp. (a)		10,280		999,524
Butterfly Network, Inc. (a)(b)		48,760		820,631
CryoPort, Inc. (a)(b)		46,790		2,433,548
DermTech, Inc. (a)(b)		17,760		902,030
Fate Therapeutics, Inc. (a)		11,560		953,122
Inspire Medical Systems, Inc. (a)		9,640		1,995,384
Iovance Biotherapeutics, Inc. (a)		24,271		768,420
iRhythm Technologies, Inc. (a)		6,300		874,818
Ocular Therapeutix, Inc. (a)		45,610		748,460
Quanterix Corp. (a)		13,760		804,547
Scholar Rock Holding Corp. (a)(b)		14,250		721,905
SmileDirectClub, Inc. (a)(b)		95,730		986,976
SpringWorks Therapeutics, Inc. (a)		15,410		1,133,714
Twist Bioscience Corp. (a)		8,470		1,049,094
				16,539,977
Industrials (11.0%):
Chart Industries, Inc. (a)		18,960		2,698,956
Evoqua Water Technologies Corp. (a)		148,220		3,898,186
SiteOne Landscape Supply, Inc. (a)		12,550		2,142,787
				8,739,929
IT Services (3.3%):
Repay Holdings Corp. (a)		112,864		2,650,047
Semiconductors & Semiconductor Equipment (9.8%):
Lattice Semiconductor Corp. (a)		65,220		2,936,204
MACOM Technology Solutions Holdings, Inc. (a)		57,800		3,353,556
SiTime Corp. (a)		15,630		1,541,118
				7,830,878

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Small Cap Equity Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Software (23.0%):
ACI Worldwide, Inc. (a)		111,100	$	4,227,355
Avaya Holdings Corp. (a)		175,380		4,915,901
BTRS Holdings, Inc. (a)(b)		172,060		2,489,708
Q2 Holdings, Inc. (a)		19,280		1,931,856
The Descartes Systems Group, Inc. (a)		29,900		1,821,209
Varonis Systems, Inc. (a)		57,650		2,959,751
				18,345,780
Total Common Stocks (Cost $69,082,423)				79,120,429
Collateral for Securities Loaned^ (10.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		176,839		176,839
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c)		4,554,006		4,554,006
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		88,251		88,251
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		703,689		703,689
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		3,163,922		3,163,922
Total Collateral for Securities Loaned (Cost $8,686,707)				8,686,707
Total Investments (Cost $77,769,130) — 110.0%				87,807,136
Liabilities in excess of other assets — (10.0)%				(7,965,690	)
NET ASSETS - 100.00%			$	79,841,446

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

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Partners Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.3%)
Banks (23.3%):
Ameris Bancorp		241,930	$	12,703,743
Associated Bancorp		243,150		5,188,821
Banner Corp.		133,600		7,124,888
Columbia Banking System, Inc.		141,286		6,088,014
Eastern Bankshares, Inc.		401,340		7,741,849
Independent Bank Corp.		49,380		4,157,302
Investors Bancorp, Inc.		460,070		6,758,428
Pacific Premier Bancorp, Inc.		120,170		5,220,185
Pinnacle Financial Partners, Inc.		97,970		8,686,020
South State Corp.		86,010		6,752,645
Synovus Financial Corp.		156,360		7,153,470
Texas Capital Bancshares, Inc. (a)		27,180		1,927,606
UMB Financial Corp.		68,592		6,333,099
				85,836,070
Capital Markets (1.6%):
Federated Hermes, Inc.		186,500		5,837,450
Communication Services (2.0%):
Madison Square Garden Sports Corp. (a)		9,750		1,749,735
World Wrestling Entertainment, Inc., Class A (b)		104,740		5,683,192
				7,432,927
Consumer Discretionary (11.5%):
Brinker International, Inc. (a)		67,700		4,810,762
Carter’s, Inc. (a)		90,230		8,024,154
Dana, Inc.		367,660		8,945,168
Penske Automotive Group, Inc.		70,821		5,682,677
Taylor Morrison Home Corp. (a)		185,320		5,709,709
Wolverine World Wide, Inc.		106,130		4,066,902
WW International, Inc. (a)		168,640		5,275,059
				42,514,431
Consumer Staples (1.8%):
Hostess Brands, Inc. (a)(b)		472,551		6,776,381
Energy (5.6%):
Cimarex Energy Co.		93,420		5,548,214
Magnolia Oil & Gas Corp., Class A (a)(b)		594,610		6,826,123
National Energy Services Reunited Corp. (a)		24,280		300,344
PDC Energy, Inc. (a)		225,290		7,749,975
				20,424,656
Health Care (2.2%):
The Ensign Group, Inc.		22,490		2,110,462
Tivity Health, Inc. (a)(b)		270,910		6,046,711
				8,157,173
Industrials (18.9%):
Altra Industrial Motion Corp.		60,360		3,339,115
American Woodmark Corp. (a)		31,550		3,110,199
ArcBest Corp.		74,500		5,242,565
Atkore, Inc. (a)		111,200		7,995,280
Crane Co.		33,810		3,175,097
Evoqua Water Technologies Corp. (a)		75,800		1,993,540
Finning International, Inc.		192,210		4,889,002
GMS, Inc. (a)		144,920		6,050,410

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Partners Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
GrafTech International Ltd.		433,040	$	5,296,079
H&E Equipment Services, Inc.		91,820		3,489,160
McGrath RentCorp		39,870		3,215,516
Meritor, Inc. (a)		168,950		4,970,509
MYR Group, Inc. (a)		50,680		3,632,235
Primoris Services Corp.		97,090		3,216,592
Ryder System, Inc.		40,090		3,032,809
SkyWest, Inc. (a)		48,940		2,666,251
TFI International, Inc.		49,940		3,744,010
				69,058,369
Information Technology (9.3%):
Cognyte Software Ltd. (a)		186,700		5,192,127
Euronet Worldwide, Inc. (a)		58,320		8,065,656
NCR Corp. (a)		296,530		11,253,314
Talend SA, ADR (a)		14,680		934,235
Verint Systems, Inc. (a)		186,700		8,492,983
				33,938,315
Insurance (6.2%):
Alleghany Corp. (a)		9,330		5,843,285
Axis Capital Holdings Ltd.		120,820		5,989,047
Globe Life, Inc.		57,560		5,562,023
Primerica, Inc.		36,363		5,375,179
				22,769,534
Materials (7.7%):
Constellium SE (a)		303,670		4,463,949
Graphic Packaging Holding Co.		594,910		10,803,566
Olin Corp.		126,700		4,810,799
Summit Materials, Inc., Class A (a)		300,437		8,418,245
				28,496,559
Real Estate (5.2%):
Four Corners Property Trust, Inc.		47,840		1,310,816
Jones Lang LaSalle, Inc. (a)		36,540		6,542,122
Kennedy-Wilson Holdings, Inc.		76,440		1,544,852
Spirit Realty Capital, Inc.		36,010		1,530,425
Sunstone Hotel Investors, Inc. (a)		530,260		6,607,040
Washington Real Estate Investment Trust (b)		63,580		1,405,118
				18,940,373
Thrifts & Mortgage Finance (1.9%):
PCSB Financial Corp.		114,480		1,901,513
TFS Financial Corp.		246,310		5,017,335
				6,918,848
Utilities (2.1%):
Black Hills Corp.		43,665		2,915,512
NorthWestern Corp.		40,670		2,651,684
South Jersey Industries, Inc.		98,850		2,232,033
				7,799,229
Total Common Stocks (Cost $241,960,786)				364,900,315

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Partners Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Preferred Stocks (0.2%)
Health Care (0.2%):
WellDoc, Inc.Series B (a)(c) (d)		1,587,483	$	587,369
Total Preferred Stocks (Cost $1,942,920)				587,369
Collateral for Securities Loaned^ (3.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e)		234,012		234,012
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e)		6,026,337		6,026,337
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)		116,783		116,783
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e)		931,195		931,195
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)		4,186,832		4,186,832
Total Collateral for Securities Loaned (Cost $11,495,159)				11,495,159
Total Investments (Cost $255,398,865) — 102.6%				376,982,843
Liabilities in excess of other assets — (2.6)%				(9,702,577	)
NET ASSETS - 100.00%			$	367,280,266

^	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 March 31, 2021.
(d)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets.
(e)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Value Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.4%)
Communication Services (1.5%):
World Wrestling Entertainment, Inc., Class A (a)		93,040	$	5,048,350
Consumer Discretionary (11.9%):
Adient PLC (b)		164,200		7,257,640
Carter’s, Inc. (b)		79,580		7,077,049
Dollar Tree, Inc. (b)		64,240		7,352,910
LKQ Corp. (b)		198,900		8,419,437
Magna International, Inc.		36,960		3,253,958
Taylor Morrison Home Corp. (b)		145,320		4,477,309
WW International, Inc. (b)		56,330		1,762,002
				39,600,305
Consumer Staples (4.5%):
Herbalife Nutrition Ltd. (b)		106,210		4,711,476
Hostess Brands, Inc. (a)(b)		349,780		5,015,845
Keurig Dr Pepper, Inc.		157,165		5,401,761
				15,129,082
Energy (4.8%):
Baker Hughes Co.		61,430		1,327,502
Chesapeake Energy Corp. (a)(b)		79,200		3,436,488
Cimarex Energy Co.		27,150		1,612,439
Devon Energy Corp.		253,240		5,533,293
Magnolia Oil & Gas Corp., Class A (a)(b)		360,620		4,139,918
				16,049,640
Financials (19.5%):
Aflac, Inc.		68,670		3,514,531
Alleghany Corp. (b)		13,260		8,304,605
Cboe Global Markets, Inc.		63,360		6,252,998
Citizens Financial Group, Inc.		187,830		8,292,695
Fidelity National Financial, Inc.		73,520		2,989,323
First Horizon Corp.		260,390		4,403,195
Hancock Whitney Corp.		137,530		5,777,635
KeyCorp		423,170		8,454,937
RenaissanceRe Holdings Ltd.		58,980		9,451,545
Voya Financial, Inc.		105,700		6,726,748
				64,168,212
Health Care (6.2%):
Hill-Rom Holdings, Inc.		62,170		6,868,541
Humana, Inc.		15,830		6,636,728
Quest Diagnostics, Inc.		26,050		3,343,257
Zimmer Biomet Holdings, Inc.		22,410		3,587,393
				20,435,919
Industrials (13.2%):
Allison Transmission Holdings, Inc.		78,490		3,204,747
Carrier Global Corp.		55,910		2,360,520
Crane Co.		48,900		4,592,199
Curtiss-Wright Corp.		44,250		5,248,050
GrafTech International Ltd.		145,980		1,785,335
nVent Electric PLC		120,650		3,367,342
Sensata Technologies Holding PLC (b)		161,980		9,386,741
Textron, Inc.		36,730		2,059,818
TFI International, Inc.		59,810		4,471,396

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Value Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
The Timken Co.		40,800	$	3,311,736
United Rentals, Inc. (b)		11,820		3,892,444
				43,680,328
Information Technology (14.5%):
Alliance Data Systems Corp.		14,170		1,588,315
Cognyte Software Ltd. (b)		210,120		5,843,437
Euronet Worldwide, Inc. (b)		56,153		7,765,960
Fiserv, Inc. (b)		43,990		5,236,570
FleetCor Technologies, Inc. (b)		15,130		4,064,372
Leidos Holdings, Inc.		32,770		3,155,096
NCR Corp. (b)		281,860		10,696,587
Verint Systems, Inc. (b)		210,120		9,558,359
				47,908,696
Materials (10.6%):
Graphic Packaging Holding Co.		713,530		12,957,706
Olin Corp.		134,320		5,100,130
Sealed Air Corp.		248,940		11,406,431
Summit Materials, Inc., Class A (b)		195,700		5,483,514
				34,947,781
Real Estate (7.2%):
Healthcare Trust of America, Inc., Class A		176,210		4,859,872
Highwoods Properties, Inc.		95,450		4,098,623
MGM Growth Properties LLC, Series A		141,060		4,601,377
National Retail Properties, Inc.		118,480		5,221,415
Spirit Realty Capital, Inc.		119,980		5,099,150
				23,880,437
Utilities (5.5%):
FirstEnergy Corp.		103,170		3,578,967
The AES Corp.		175,690		4,710,249
Vistra Corp.		564,480		9,980,006
				18,269,222
Total Common Stocks (Cost $255,275,634)				329,117,972
Collateral for Securities Loaned^ (3.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		230,677		230,677
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		5,940,456		5,940,456
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		115,119		115,119
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		917,924		917,924
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		4,127,166		4,127,166
Total Collateral for Securities Loaned (Cost $11,331,342)				11,331,342
Total Investments (Cost $266,606,976) — 102.8%				340,449,314
Liabilities in excess of other assets — (2.8)%				(9,380,548	)
NET ASSETS - 100.00%			$	331,068,766

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

LLC—Limited Liability Company

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Large Cap Alpha Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.4%)
Banks (14.9%):
Bank of America Corp.		346,020	$	13,387,514
Citigroup, Inc.		199,960		14,547,091
Comerica, Inc.		180,430		12,944,048
JPMorgan Chase & Co.		66,920		10,187,232
KeyCorp		512,910		10,247,942
U.S. Bancorp		255,210		14,115,665
				75,429,492
Capital Markets (2.5%):
Cboe Global Markets, Inc.		129,960		12,825,752
Communication Services (5.1%):
Alphabet, Inc., Class A (a)		5,780		11,921,366
Facebook, Inc., Class A (a)		46,790		13,781,058
				25,702,424
Consumer Discretionary (7.6%):
Dollar Tree, Inc. (a)		99,330		11,369,312
General Motors Co. (a)		136,480		7,842,141
LKQ Corp. (a)		304,780		12,901,337
Magna International, Inc.		83,330		7,336,373
				39,449,163
Consumer Finance (2.0%):
Discover Financial Services		104,570		9,933,104
Consumer Staples (6.4%):
Keurig Dr Pepper, Inc.		509,130		17,498,798
Mondelez International, Inc., Class A		256,560		15,016,457
				32,515,255
Diversified Financial Services (1.5%):
Voya Financial, Inc. (b)		119,860		7,627,890
Energy (6.1%):
Enterprise Products Partners LP		438,310		9,651,586
Hess Corp.		118,210		8,364,540
Pioneer Natural Resources Co.		52,860		8,395,225
Valero Energy Corp.		62,570		4,480,012
				30,891,363
Health Care (13.5%):
Cigna Corp.		62,950		15,217,533
Hill-Rom Holdings, Inc.		122,040		13,482,979
Humana, Inc.		24,240		10,162,620
Johnson & Johnson		42,560		6,994,736
Medtronic PLC		69,900		8,257,287
Quest Diagnostics, Inc.		46,930		6,022,996
UnitedHealth Group, Inc.		20,515		7,633,016
				67,771,167
Industrials (15.3%):
3M Co.		27,080		5,217,774
Eaton Corp. PLC		76,540		10,583,951
Johnson Controls International PLC		178,510		10,651,692
L3Harris Technologies, Inc.		27,830		5,640,584
Parker-Hannifin Corp.		30,850		9,731,016

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Large Cap Alpha Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Raytheon Technologies Corp.		106,432	$	8,224,001
Sensata Technologies Holding PLC (a)		142,910		8,281,635
Union Pacific Corp.		46,960		10,350,454
United Rentals, Inc. (a)		29,850		9,829,904
				78,511,011
Information Technology (7.6%):
Euronet Worldwide, Inc. (a)		94,550		13,076,265
Fidelity National Information Services, Inc.		56,240		7,907,906
FleetCor Technologies, Inc. (a)		36,820		9,890,957
Leidos Holdings, Inc.		73,000		7,028,440
				37,903,568
Insurance (5.7%):
Aflac, Inc.		158,360		8,104,865
Chubb Ltd.		32,920		5,200,372
RenaissanceRe Holdings Ltd.		99,300		15,912,825
				29,218,062
Materials (3.2%):
Sealed Air Corp.		355,742		16,300,098
Real Estate (2.5%):
Host Hotels & Resorts, Inc. (a)		555,320		9,357,142
National Retail Properties, Inc.		81,810		3,605,367
				12,962,509
Utilities (5.5%):
Exelon Corp.		222,890		9,749,208
FirstEnergy Corp.		118,750		4,119,438
Vistra Corp.		818,980		14,479,566
				28,348,212
Total Common Stocks (Cost $378,786,347)				505,389,070
Collateral for Securities Loaned^ (0.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		88,680		88,680
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c)		2,283,719		2,283,719
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		44,256		44,256
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		352,882		352,882
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		1,586,627		1,586,627
Total Collateral for Securities Loaned (Cost $4,356,164)				4,356,164
Total Investments (Cost $383,142,511) — 100.3%				509,745,234
Liabilities in excess of other assets — (0.3)%				(1,290,802	)
NET ASSETS - 100.00%			$	508,454,432

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

LP—Limited Partnership

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory RS Investors Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.9%)
Banks (12.6%):
Citigroup, Inc.		12,800	$	931,200
Citizens Financial Group, Inc.		24,780		1,094,036
Comerica, Inc.		12,600		903,924
KeyCorp		43,670		872,527
				3,801,687
Capital Markets (2.7%):
Cboe Global Markets, Inc.		8,150		804,324
Communication Services (6.3%):
Alphabet, Inc., Class A (a)		452		932,259
Facebook, Inc., Class A (a)		3,230		951,332
				1,883,591
Consumer Discretionary (9.2%):
Carter’s, Inc. (a)		9,000		800,370
Dollar Tree, Inc. (a)		8,740		1,000,380
LKQ Corp. (a)		22,380		947,345
				2,748,095
Consumer Staples (4.8%):
Keurig Dr Pepper, Inc.		41,900		1,440,103
Energy (1.3%):
Pioneer Natural Resources Co.		2,500		397,050
Health Care (8.4%):
Cigna Corp.		4,300		1,039,482
Hill-Rom Holdings, Inc.		8,300		916,984
Humana, Inc.		1,330		557,603
				2,514,069
Industrials (8.0%):
Atkore, Inc. (a)		7,100		510,490
Meritor, Inc. (a)		16,100		473,662
Sensata Technologies Holding PLC (a)		15,510		898,805
TFI International, Inc.		6,910		518,044
				2,401,001
Information Technology (15.0%):
Cognyte Software Ltd. (a)		28,480		792,029
Euronet Worldwide, Inc. (a)		6,740		932,142
NCR Corp. (a)		17,000		645,150
Talend SA, ADR (a)		13,500		859,140
Verint Systems, Inc. (a)		28,480		1,295,555
				4,524,016
Insurance (13.8%):
Alleghany Corp. (a)		1,730		1,083,482
RenaissanceRe Holdings Ltd.		8,370		1,341,293
Safety Insurance Group, Inc.		10,520		886,310
Stewart Information Services Corp.		15,570		810,107
				4,121,192
Materials (11.5%):
Graphic Packaging Holding Co.		102,190		1,855,769
Sealed Air Corp.		35,230		1,614,239
				3,470,008

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory RS Investors Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Utilities (5.3%):
Vistra Corp.		89,920	$	1,589,786
Total Common Stocks (Cost $22,444,234)				29,694,922
Total Investments (Cost $22,444,234) — 98.9%				29,694,922
Other assets in excess of liabilities — 1.1%				331,235
NET ASSETS - 100.00%			$	30,026,157

(a) Non-income producing security.

ADR—American Depositary Receipt

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Global Natural Resources Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (93.8%)
Chemicals (4.8%):
Linde PLC		19,330	$	5,415,106
Sociedad Quimica y Minera de Chile SA, ADR (a)		120,385		6,388,832
				11,803,938
Metals & Mining (31.8%):
Antofagasta PLC		232,229		5,409,757
First Quantum Minerals Ltd.		849,349		16,189,342
Lundin Mining Corp.		549,493		5,654,552
Newmont Corp.		149,187		8,991,500
Rio Tinto PLC, ADR (a)		33,120		2,571,768
Turquoise Hill Resources Ltd. (b)		2,360,566		37,981,507
				76,798,426
Oil, Gas & Consumable Fuels (57.2%):
Antero Resources Corp. (b)		1,887,291		19,250,368
ARC Resources Ltd. (a)		1,894,524		11,640,052
Cameco Corp. (a)		528,545		8,766,317
Cheniere Energy, Inc. (b)		105,517		7,598,279
PDC Energy, Inc. (b)		311,427		10,713,089
Peyto Exploration & Development Corp.		2,695,337		11,433,463
Pioneer Natural Resources Co.		68,779		10,923,481
Range Resources Corp. (b)		2,316,142		23,925,747
Tourmaline Oil Corp.		612,750		11,664,926
Whitecap Resources, Inc.		5,042,982		22,154,605
				138,070,327
Total Common Stocks (Cost $177,083,128)				226,672,691
Rights (0.0%)(c)
Materials (0.0%):(c)
Sociedad Quimica y Minera de Chile SA, Expires 4/8/21 (b)(d)		22,439		69,561
Total Rights (Cost $–)				69,561
Collateral for Securities Loaned^ (6.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e)		313,488		313,488
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e)		8,073,038		8,073,038
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)		156,446		156,446
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e)		1,247,453		1,247,453
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)		5,608,790		5,608,790
Total Collateral for Securities Loaned (Cost $15,399,215)				15,399,215
Total Investments (Cost $192,482,343) — 100.2%				242,141,467
Liabilities in excess of other assets — (0.2)%				(583,940	)
NET ASSETS - 100.00%			$	241,557,527

^	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)	Amount represents less than 0.05% of net assets.
(d)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2021, illiquid securities were less than 0.05% of net assets.
(e)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (1.6%)
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 11/15/23 @ 100 (a)	$	19,329	$	19,373
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b)		287,000		286,814
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 4/15/24 @ 100 (b)		142,000		141,889
Total Asset-Backed Securities (Cost $448,279)				448,076
Collateralized Mortgage Obligations (0.9%)
Bank, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100		130,000		130,023
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53, Callable 2/15/30 @ 100		117,000		120,372
Total Collateralized Mortgage Obligations (Cost $254,278)				250,395
Preferred Stocks (2.0%)
Financials (0.8%):
AMG Capital Trust II, 10/15/37, 5.15%		875		49,021
Bank of America Corp., Series L, 7.25% (c)		45		62,910
KKR & Co., Inc., Series C, 9/15/23, 6.00% (d)		765		50,987
Wells Fargo & Co., Series L, 7.50% (c)		50		70,871
				233,789
Health Care (0.1%):
Danaher Corp., Series B, 4/15/23, 5.00% (d)		17		22,018
Industrials (0.2%):
Stanley Black & Decker, Inc., 11/15/22, 5.25% (d)		571		67,367
Utilities (0.9%):
American Electric Power Co., Inc., 8/15/23, 6.13%		230		11,238
CenterPoint Energy, Inc., 9/15/29, 4.57%		455		27,327
Dominion Energy, Inc., Series A, 6/1/22, 7.25%		680		67,211
DTE Energy Co., 11/1/22, 6.25%		806		40,050
NextEra Energy, Inc., 3/1/23, 5.28%		1,190		58,941
The Southern Co., Series 2019, 8/1/22, 6.75%		1,057		53,833
				258,600
Total Preferred Stocks (Cost $563,310)				581,774
Corporate Bonds (55.8%)
Communication Services (2.8%):
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100		80,000		65,831
AT&T, Inc.
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a)		76,000		85,437
1.65%, 2/1/28, Callable 12/1/27 @ 100		51,000		49,341
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a)		126,000		152,547
CenturyLink, Inc., 6.75%, 12/1/23		50,000		55,191
Comcast Corp.
3.45%, 2/1/50, Callable 8/1/49 @ 100		70,000		71,498
2.80%, 1/15/51, Callable 7/15/50 @ 100		56,000		51,141
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b)		62,000		62,060
Verizon Communications, Inc.
5.15%, 9/15/23 (a)		60,000		66,601

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
3.38%, 2/15/25 (a)	$	38,000	$	41,202
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a)		120,000		119,324
				820,173
Consumer Discretionary (7.0%):
Booking Holdings, Inc.
0.90%, 9/15/21		10,000		11,768
0.75%, 5/1/25 (b)(d)		45,000		66,362
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100		315,000		331,251
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81		48,000		51,337
Darden Restaurants, Inc., 3.85%, 5/1/27, Callable 2/1/27 @ 100 (a)		75,000		81,511
Expedia Group, Inc.
3.60%, 12/15/23, Callable 11/15/23 @ 100 (b)		87,000		92,386
2/15/26 (b)		11,000		12,015
General Motors Co., 4.88%, 10/2/23 (a)		96,000		105,162
Hasbro, Inc., 2.60%, 11/19/22		130,000		134,018
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44		48,000		50,880
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44		55,000		57,386
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100		52,000		54,396
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100		93,000		106,905
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100		142,000		151,274
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100		27,000		30,361
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)		43,000		42,264
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 (d)		100,000		112,717
NVR, Inc.
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a)		126,000		130,871
3.00%, 5/15/30, Callable 11/15/29 @ 100		118,000		120,879
Ross Stores, Inc.
3.38%, 9/15/24, Callable 6/15/24 @ 100		70,000		74,257
0.88%, 4/15/26, Callable 3/15/26 @ 100		82,000		79,428
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100		73,000		70,166
				1,967,594
Consumer Staples (2.8%):
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b)		156,000		155,451
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a)		34,000		38,247
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100		75,000		82,790
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (a)		30,000		30,749
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100		52,000		61,045
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100		160,000		153,752
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (a)		82,000		87,964
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100		42,000		43,707
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		92,000		109,139
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100		39,000		49,289
				812,133
Energy (4.0%):
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100		135,000		150,394
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)		113,000		116,827
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100		65,000		79,947
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a)		39,000		40,486
HollyFrontier Corp., 2.63%, 10/1/23		116,000		119,495
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100		90,000		97,984
Pioneer Natural Resources Co.
0.25%, 5/15/25 (b)		43,000		67,249
1.90%, 8/15/30, Callable 5/15/30 @ 100		109,000		101,177

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a)	$	120,000	$	123,198
Valero Energy Corp.
4.00%, 4/1/29, Callable 1/1/29 @ 100 (a)		62,000		67,148
6.63%, 6/15/37		140,000		181,336
				1,145,241
Financials (13.7%):
Aflac, Inc.
2.88%, 10/15/26, Callable 7/15/26 @ 100		185,000		198,218
4.75%, 1/15/49, Callable 7/15/48 @ 100		20,000		24,776
Alleghany Corp.
3.63%, 5/15/30, Callable 2/15/30 @ 100		55,000		59,256
4.90%, 9/15/44, Callable 3/15/44 @ 100		89,000		106,009
Ares Capital Corp., 4.63%, 3/1/24		70,000		76,202
Bank of America Corp.
2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN		285,000		288,298
4.20%, 8/26/24 (a)		51,000		56,215
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN		100,000		107,355
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)		72,000		77,603
Cincinnati Financial Corp., 6.13%, 11/1/34		100,000		132,526
Citigroup, Inc.
2.75%, 4/25/22, Callable 3/25/22 @ 100		175,000		179,144
3.88%, 3/26/25		35,000		38,096
4.60%, 3/9/26 (a)		36,000		40,564
4.45%, 9/29/27 (a)		63,000		70,821
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (e)		51,000		55,153
Fifth Third Bancorp
1.63%, 5/5/23, Callable 4/5/23 @ 100		55,000		56,234
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)		261,000		281,445
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		200,000		209,150
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100		49,000		52,386
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100		110,000		105,391
JPMorgan Chase & Co.
2.95%, 10/1/26, Callable 7/1/26 @ 100		170,000		181,553
5.60%, 7/15/41		52,000		69,109
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (b)		75,000		73,314
Morgan Stanley
4.88%, 11/1/22 (a)		144,000		153,583
3.75%, 2/25/23 (a)		300,000		318,051
3.13%, 7/27/26, MTN		305,000		328,075
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22		50,000		54,358
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100		164,000		170,458
Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		92,000		99,662
Wells Fargo & Co.
4.30%, 7/22/27, MTN		180,000		203,497
4.90%, 11/17/45 (a)		80,000		95,301
				3,961,803
Health Care (5.1%):
AbbVie, Inc.
3.20%, 11/21/29, Callable 8/21/29 @ 100		135,000		143,212
4.45%, 5/14/46, Callable 11/14/45 @ 100		62,000		71,506
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		70,000		80,467
Anthem, Inc.
2.38%, 1/15/25, Callable 12/15/24 @ 100		65,000		67,925
2.75%, 10/15/42		15,000		75,781
Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100		48,000		49,838

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100	$	220,000	$	240,139
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		73,000		76,746
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		91,000		100,706
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b)		114,000		112,570
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a)		65,000		67,365
Illumina, Inc.
0.50%, 6/15/21		26,000		39,110
8/15/23 (d)		25,000		29,680
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100		59,000		52,039
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100		112,000		126,724
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100		63,000		54,132
Universal Health Services, Inc., 2.65%, 10/15/30, Callable 7/15/30 @ 100 (b)		44,000		42,512
Upjohn, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 (b)		40,000		40,360
				1,470,812
Industrials (6.4%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 (d)		105,000		99,699
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100		120,000		118,493
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		75,000		75,463
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100		85,000		83,414
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a)		130,000		133,368
Fortive Corp., 0.88%, 2/15/22		70,000		71,106
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100		195,000		214,424
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100		60,000		61,764
PACCAR Financial Corp., 0.80%, 6/8/23, MTN		100,000		100,839
Rockwell Automation, Inc.
3.50%, 3/1/29, Callable 12/1/28 @ 100		65,000		71,724
6.25%, 12/1/37		60,000		79,439
Roper Technologies, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 (a)		167,000		174,032
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)		57,000		56,238
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100		56,000		64,109
Southwest Airlines Co., 1.25%, 5/1/25		38,000		65,244
The Boeing Co., 2.20%, 2/4/26, Callable 2/4/23 @ 100		201,000		200,489
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (a)		137,000		150,585
				1,820,430
Information Technology (6.6%):
Akamai Technologies, Inc., 0.13%, 5/1/25		35,000		42,258
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		53,000		66,149
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (a)		57,000		61,087
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100		140,000		159,533
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100		153,000		169,732
Citrix Systems, Inc., 1.25%, 3/1/26, Callable 2/1/26 @ 100		106,000		104,399
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (d)		55,000		62,781
Intel Corp., 3.40%, 3/25/25, Callable 2/25/25 @ 100		102,000		111,058
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (a)		59,000		66,926
Micron Technology, Inc.
5.33%, 2/6/29, Callable 11/6/28 @ 100		167,000		195,524
3.13%, 5/1/32, Callable 5/10/21 @ 100 (f)		8,000		70,490
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b)		38,000		38,472
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100		70,000		72,578
Novellus Systems, Inc., 2.63%, 5/15/41		1,000		18,885
PayPal Holdings, Inc., 1.65%, 6/1/25, Callable 5/1/25 @ 100		184,000		187,371
ServiceNow, Inc., 6/1/22		2,000		7,181

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100	$	66,000	$	78,261
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100		123,000		99,291
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100		170,000		175,449
Western Digital Corp., 1.50%, 2/1/24		65,000		66,422
				1,853,847
Materials (1.2%):
Celanese US Holdings LLC, 4.63%, 11/15/22 (a)		100,000		106,117
Domtar Corp., 6.75%, 2/15/44, Callable 8/15/43 @ 100		74,000		93,720
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100		71,000		73,035
Steel Dynamics, Inc., 3.25%, 10/15/50, Callable 4/15/50 @ 100		84,000		78,241
				351,113
Real Estate (3.0%):
Duke Realty LP, 3.05%, 3/1/50, Callable 9/1/49 @ 100		46,000		42,302
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100		285,000		295,594
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)(d)		48,000		49,513
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100		60,000		63,991
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100		58,000		56,526
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100		49,000		53,884
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100		155,000		161,670
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100		65,000		72,305
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		80,000		78,244
				874,029
Utilities (3.2%):
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100		100,000		93,182
American Water Capital Corp., 2.80%, 5/1/30, Callable 2/1/30 @ 100		55,000		56,726
Arizona Public Service Co., 2.95%, 9/15/27, Callable 6/15/27 @ 100		120,000		128,839
Consolidated Edison, Inc., 6.30%, 8/15/37		110,000		149,254
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (a)		145,000		150,659
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100		105,000		128,162
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100		65,000		70,779
Vistra Operations Co. LLC, 3.70%, 1/30/27, Callable 11/30/26 @ 100 (b)		134,000		139,428
				917,029
Total Corporate Bonds (Cost $15,483,255)				15,994,204
Residential Mortgage-Backed Securities (0.3%)
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.43%  (LIBOR01M+132bps), 10/25/32, Callable 4/25/21 @ 100 (e)		62,203		62,251
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/21 @ 100 (a)		3,690		2,708
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/22 @ 100 (a)(b)(g)		9,236		9,268
Total Residential Mortgage-Backed Securities (Cost $74,052)				74,227
Yankee Dollars (12.3%)
Communication Services (0.4%):
Vodafone Group PLC, 5.25%, 5/30/48		89,000		111,300
Consumer Discretionary (1.0%):
Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100		245,000		265,086

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Consumer Staples (4.0%):
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)	$	275,000	$	299,783
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b)		400,000		416,599
Suntory Holdings Ltd.
2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b)		258,000		263,890
2.25%, 10/16/24, Callable 9/16/24 @ 100 (b)		200,000		208,418
				1,188,690
Energy (0.8%):
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100		65,000		67,471
Ecopetrol SA, 5.88%, 9/18/23 (a)		133,000		146,622
Statoil ASA, 3.95%, 5/15/43		20,000		21,745
				235,838
Financials (2.6%):
Barclays Bank PLC
2/4/25 (a)		35,000		45,648
2/18/25		30,000		33,387
Enel Finance International NV, 2.88%, 5/25/22 (a)(b)		200,000		205,216
Newcrest Finance Pty Ltd.
5.75%, 11/15/41 (b)		95,000		121,192
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)		25,000		27,221
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b)		200,000		216,598
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100		85,000		81,413
				730,675
Industrials (1.5%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		150,000		174,935
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100		60,000		60,958
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b)		200,000		204,068
				439,961
Materials (1.6%):
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (b)		200,000		198,432
Rio Tinto Finance USA Ltd.
3.75%, 6/15/25, Callable 3/15/25 @ 100		80,000		87,722
5.20%, 11/2/40		50,000		64,816
Vale Overseas Ltd., 6.25%, 8/10/26		63,000		74,784
				425,754
Utilities (0.4%):
Iberdrola International BV
6.75%, 9/15/33		35,000		45,979
6.75%, 7/15/36 (d)		47,000		68,420
				114,399
Total Yankee Dollars (Cost $3,390,413)				3,511,703
U.S. Government Mortgage-Backed Agencies (24.4%)
Federal Home Loan Mortgage Corp.
5.00%, 6/15/23 (a)		11,404		11,714
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a)		235,306		243,491
5.50%, 6/1/38		32,368		37,175
7.00%, 9/1/38 (a)		6,835		8,109
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a)		200,761		210,500
4.50%, 1/1/41 - 7/1/44 (a)		415,181		464,131

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Series 4444, Class CH, 3.00%, 1/15/41 (a)	$	60,382	$	61,697
2.00%, 3/1/51		285,000		284,492
				1,321,309
Federal National Mortgage Association
6.00%, 8/1/21 - 2/1/37 (a)		62,014		71,485
5.50%, 4/1/22 - 1/1/38 (a)		124,157		141,277
7.00%, 8/1/23 - 6/1/32		17,004		20,006
7.50%, 12/1/29 - 2/1/31 (a)		16,322		18,805
8.00%, 6/1/30 - 9/1/30		11,633		13,630
5.00%, 12/1/34 - 3/1/40		61,244		69,781
2.16% (LIBOR12M+166bps), 12/1/36 (a)(e)		26,127		26,796
4.50%, 12/1/38 - 5/25/40 (a)		256,073		273,697
Series 2013-33, Class UD, 2.50%, 4/25/39 - 12/25/47 (a)		199,415		202,496
3.50%, 8/1/39 - 12/25/50		937,869		986,081
3.00%, 6/1/40 - 5/1/48		1,001,762		1,054,296
4.00%, 11/1/43 - 6/1/49 (a)		711,196		784,121
2.00%, 3/1/51 - 5/25/51(h)		1,084,409		1,081,349
2.50%, 5/25/51 (h)		800,000		818,592
				5,562,412
Government National Mortgage Association
3.00%, 8/20/50		96,064		100,425
Multi-family (0.1%):
Collateralized Mortgage Obligations (0.1%):
Government National Mortgage Association
6.00%, 12/15/33 (a)		14,334		16,489
Total U.S. Government Mortgage-Backed Agencies (Cost $6,878,122)				7,000,635
U.S. Treasury Obligations (2.8%)
U.S. Treasury Bonds, 1.25%, 5/15/50		517,000		389,042
U.S. Treasury Notes
0.25%, 3/15/24		355,000		354,002
0.38%, 1/31/26		75,000		73,107
Total U.S. Treasury Obligations (Cost $827,349)				816,151
Collateral for Securities Loaned^ (2.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (i)		12,436		12,436
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i)		320,262		320,262
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (i)		6,206		6,206
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (i)		49,487		49,487
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (i)		222,504		222,504
Total Collateral for Securities Loaned (Cost $610,895)				610,895
Total Investments (Cost $28,529,953) — 102.2%				29,288,060
Liabilities in excess of other assets — (2.2)%				(628,181	)
NET ASSETS - 100.00%			$	28,659,879

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis.
(b)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $3,612,714 and amounted to 12.6% of net assets.
(c)	Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(d)	All or a portion of this security is on loan.
(e)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(f)	Continuously callable with 30 days’ notice.
(g)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021.
(h)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(i)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

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

LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 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

Futures Contracts Purchased	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mexican Peso Currency Futures	8	6/14/21	$	194,400	$	194,160	$	(240)
Ultra Long Term U.S. Treasury Bond Futures	5	6/21/21		950,806		906,093		(44,713)
							$	(44,953)

Futures Contracts Sold	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Futures	17	6/21/21	2,248,833	2,225,937		22,896
2-Year U.S. Treasury Note Futures	3	6/30/21	662,173	662,180		(7)
5-Year U.S. Treasury Note Futures	1	6/30/21	123,676	123,398		278
Canadian Dollar Futures	4	6/15/21	316,321	318,280		(1,959)
					$	21,208
	Total unrealized appreciation				$	23,174
	Total unrealized depreciation					(46,919	)
	Total net unrealized appreciation (depreciation)				$	(23,745	)

Centrally Cleared

Credit Default Swap Agreements - Sell Protection (a)

Underlying Instruments	Fixed Deal Received Rate		Maturity Date	Payment Frequency	Implied Credit Spread at March 31, 2021 (b)		Notional Amount (c)		Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX North America High Yield Index; Series 35	5.00	%	12/20/25	Quarterly	2.86	%	$	900,000	$	(81,530)	$	(81,405)	$	(125)
									$	(81,530)	$	(81,405)	$	(125)

(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 and take delivery of the 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	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Asset-Backed Securities (4.5%)
AmeriCredit Automobile Receivables Trust, Series 2018-1, Class B, 3.26%, 1/18/24, Callable 12/18/22 @ 100 (a)	$	3,200,000	$	3,230,333
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 11/18/24 @ 100		1,815,000		1,806,030
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 8/20/23 @ 100		1,168,000		1,161,861
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 11/15/23 @ 100 (a)		149,110		149,450
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 1/15/26 @ 100		1,144,000		1,141,187
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b)		2,200,000		2,198,577
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 4/15/24 @ 100 (b)		1,230,000		1,229,037
Total Asset-Backed Securities (Cost $10,904,920)				10,916,475
Collateralized Mortgage Obligations (3.4%)
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class AIR, 1.47%  (LIBOR03M+125bps), 7/20/29, Callable 4/20/21 @ 100 (a)(b)(c)		1,497,580		1,497,826
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.36%  (LIBOR03M+112bps), 1/15/31, Callable 4/15/21 @ 100 (a)(b)(c)		2,000,000		2,000,444
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.49%  (LIBOR03M+125bps), 1/15/30, Callable 4/15/21 @ 100 (a)(b)(c)		2,825,000		2,817,250
Voya CLO Ltd., Series 2017-4A, Class A1, 1.37%  (LIBOR03M+113bps), 10/15/30, Callable 4/15/21 @ 100 (a)(b)(c)		2,000,000		2,000,106
Total Collateralized Mortgage Obligations (Cost $8,268,135)				8,315,626
Preferred Stocks (2.1%)
Financials (0.8%):
AMG Capital Trust II, 10/15/37, 5.15%		7,530		421,861
Bank of America Corp., Series L, 7.25% (d)		370		517,260
KKR & Co., Inc., Series C, 9/15/23, 6.00% (e)		6,495		432,891
Wells Fargo & Co., Series L, 7.50% (d)		450		637,835
				2,009,847
Health Care (0.1%):
Danaher Corp., Series B, 4/15/23, 5.00% (e)		146		189,099
Industrials (0.2%):
Stanley Black & Decker, Inc., 11/15/22, 5.25% (e)		4,805		566,894
Utilities (1.0%):
American Electric Power Co., Inc., 8/15/23, 6.13%		3,530		172,476
CenterPoint Energy, Inc., 9/15/29, 4.57%		3,880		233,033
Dominion Energy, Inc., Series A, 6/1/22, 7.25%		5,730		566,353
DTE Energy Co., 11/1/22, 6.25%		6,774		336,600
NextEra Energy, Inc., 3/1/23, 5.28%		9,950		492,823

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
The Southern Co., Series 2019, 8/1/22, 6.75%	$	8,901	$	453,328
				2,254,613
Total Preferred Stocks (Cost $4,867,060)				5,020,453
Corporate Bonds (52.0%)
Communication Services (4.3%):
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100		2,500,000		2,500,349
CenturyLink, Inc., 6.75%, 12/1/23		424,000		468,020
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100 (e)		496,000		542,485
Comcast Corp., 3.10%, 4/1/25, Callable 3/1/25 @ 100 (a)		1,182,000		1,274,716
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100		1,388,000		1,507,119
Sirius XM Radio, Inc., 4.63%, 7/15/24, Callable 7/15/21 @ 102.31 (a)(b)		836,000		860,578
Verizon Communications, Inc.
5.15%, 9/15/23 (a)		1,866,000		2,071,279
3.38%, 2/15/25 (a)		354,000		383,825
1.30% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c)		827,000		845,632
				10,454,003
Consumer Discretionary (7.4%):
Aptiv Corp., 4.15%, 3/15/24, Callable 12/15/23 @ 100		1,599,000		1,745,340
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100		2,632,000		2,805,396
Booking Holdings, Inc.
0.90%, 9/15/21		105,000		123,563
0.75%, 5/1/25 (b)(e)		360,000		530,899
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 (a)		3,027,000		3,224,996
Expedia Group, Inc.
3.60%, 12/15/23, Callable 11/15/23 @ 100 (b)		1,020,000		1,083,148
2/15/26 (b)		105,000		114,687
General Motors Co., 4.88%, 10/2/23 (a)		1,297,000		1,420,786
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44		620,000		646,902
Kohl’s Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100 (e)		1,194,000		1,307,132
LGI Homes, Inc., 6.88%, 7/15/26, Callable 7/15/21 @ 103.44 (a)(b)		244,000		255,326
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100		1,247,000		1,328,442
NVR, Inc., 3.95%, 9/15/22, Callable 6/15/22 @ 100 (a)		3,283,000		3,409,921
				17,996,538
Consumer Staples (2.3%):
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b)		1,372,000		1,367,171
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a)		322,000		362,218
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (a)		792,000		811,784
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (a)		695,000		745,547
Tyson Foods, Inc.
2.25%, 8/23/21, Callable 7/23/21 @ 100		1,080,000		1,086,372
3.95%, 8/15/24, Callable 5/15/24 @ 100		1,170,000		1,279,138
				5,652,230
Energy (2.6%):
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100		400,000		414,792
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)		801,000		828,130
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a)		329,000		341,538
HollyFrontier Corp., 2.63%, 10/1/23		971,000		1,000,256
Pioneer Natural Resources Co., 0.25%, 5/15/25 (b)		365,000		570,838
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a)		1,010,000		1,036,918

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Valero Energy Corp.
2.70%, 4/15/23 (a)	$	951,000	$	987,537
1.20%, 3/15/24		1,020,000		1,023,131
				6,203,140
Financials (9.5%):
Ares Capital Corp., 4.63%, 3/1/24		590,000		642,268
Bank of America Corp., 4.20%, 8/26/24 (a)		1,660,000		1,829,751
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)		684,000		737,229
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 5/10/21 @ 102.88 (a)(b)		772,000		796,079
Fifth Third Bancorp
1.63%, 5/5/23, Callable 4/5/23 @ 100		1,660,000		1,697,234
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)		799,000		861,586
Ford Motor Credit Co. LLC, 3.10%, 5/4/23 (a)		1,500,000		1,524,795
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100		1,549,000		1,713,565
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100 (b)		1,488,000		1,545,333
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b)		435,000		482,385
Morgan Stanley
4.88%, 11/1/22 (a)		1,004,000		1,070,816
0.53% (SOFR+46bps), 1/25/24, Callable 1/25/23 @ 100 (c)		2,575,000		2,570,340
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22		465,000		505,525
The Bank of New York Mellon Corp., 0.75%, 1/28/26, MTN, Callable 12/28/25 @ 100 (e)		1,097,000		1,072,690
The Goldman Sachs Group, Inc., 1.97% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100 (a)(c)		1,500,000		1,569,990
Unum Group, 4.00%, 3/15/24		1,310,000		1,423,538
Zions Bancorp NA
3.50%, 8/27/21 (a)		1,785,000		1,806,151
3.35%, 3/4/22, Callable 2/4/22 @ 100 (a)		1,090,000		1,115,114
				22,964,389
Health Care (5.5%):
AbbVie, Inc.
2.30%, 5/14/21, Callable 4/14/21 @ 100 (a)		1,211,000		1,211,557
3.85%, 6/15/24, Callable 3/15/24 @ 100		2,545,000		2,766,007
Anthem, Inc., 2.75%, 10/15/42		125,000		631,507
Biogen, Inc., 3.63%, 9/15/22		1,025,000		1,071,310
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		621,000		652,864
HCA, Inc., 5.00%, 3/15/24		2,479,000		2,760,415
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a)		560,000		580,373
Illumina, Inc.
0.50%, 6/15/21		233,000		350,486
8/15/23 (e)		195,000		231,506
Mylan, Inc., 3.13%, 1/15/23 (b)		2,479,000		2,582,572
Upjohn, Inc., 1.13%, 6/22/22 (b)		525,000		528,056
				13,366,653
Industrials (4.3%):
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100		2,480,000		2,448,851
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a)		1,115,000		1,143,890
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 10/15/21 @ 104.31 (a)		725,000		768,819
Fortive Corp., 0.88%, 2/15/22		580,000		589,164
Roper Technologies, Inc., 0.45%, 8/15/22		1,019,000		1,018,613
Southwest Airlines Co.
4.75%, 5/4/23		1,937,000		2,091,301
1.25%, 5/1/25		315,000		540,836

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
The Boeing Co., 2.20%, 2/4/26, Callable 2/4/23 @ 100	$	1,784,000	$	1,779,469
				10,380,943
Information Technology (6.3%):
Akamai Technologies, Inc., 0.13%, 5/1/25		305,000		368,248
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (a)		2,175,000		2,330,969
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e)		445,000		507,959
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100		496,000		554,632
Lam Research Group, 2.80%, 6/15/21, Callable 5/15/21 @ 100 (a)		3,328,000		3,337,251
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100		941,000		1,008,187
Maxim Integrated Products, Inc., 3.38%, 3/15/23, Callable 12/15/22 @ 100		901,000		943,527
Micron Technology, Inc.
2.50%, 4/24/23		2,479,000		2,571,194
3.13%, 5/1/32, Callable 5/10/21 @ 100 (f)		69,000		607,976
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5 (b)		642,000		648,484
Novellus Systems, Inc., 2.63%, 5/15/41		10,000		188,852
PayPal Holdings, Inc., 2.20%, 9/26/22 (a)		757,000		777,128
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100		1,000,000		1,073,351
ServiceNow, Inc., 6/1/22		20,000		71,811
Western Digital Corp., 1.50%, 2/1/24		505,000		516,049
				15,505,618
Materials (2.2%):
Celanese US Holdings LLC, 4.63%, 11/15/22 (a)		855,000		907,300
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100 (b)		1,987,000		1,980,324
Nucor Corp., 4.00%, 8/1/23, Callable 5/1/23 @ 100		1,190,000		1,273,526
Packaging Corp. of America, 4.50%, 11/1/23, Callable 8/1/23 @ 100		1,049,000		1,142,791
				5,303,941
Real Estate (3.7%):
American Tower Corp., 3.00%, 6/15/23 (a)		1,000,000		1,052,550
Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100 (a)		1,230,000		1,293,099
Equinix, Inc., 5.38%, 5/15/27, Callable 5/15/22 @ 102.69		1,676,000		1,800,107
Highwoods Realty LP, 3.20%, 6/15/21, Callable 4/15/21 @ 100 (a)		1,019,000		1,020,804
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)		638,000		658,110
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100 (a)		1,629,000		1,693,996
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		500,000		519,295
Weingarten Realty Investors
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a)		365,000		377,315
3.50%, 4/15/23, Callable 1/15/23 @ 100		497,000		519,892
				8,935,168
Utilities (3.9%):
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100		588,000		618,652
Exelon Corp.
3.50%, 6/1/22, Callable 5/1/22 @ 100 (a)		2,681,000		2,765,049
3.95%, 6/15/25, Callable 3/15/25 @ 100 (a)		591,000		647,913
NextEra Energy Capital Holdings, Inc.
2.80%, 1/15/23, Callable 12/15/22 @ 100 (a)		1,462,000		1,519,062
0.65%, 3/1/23		1,129,000		1,132,489
Vistra Operations Co. LLC, 3.55%, 7/15/24, Callable 6/15/24 @ 100 (b)		2,500,000		2,614,550
				9,297,715
Total Corporate Bonds (Cost $123,069,435)				126,060,338

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Residential Mortgage-Backed Securities (3.4%)
Bear Stearns Alt-A Trust, Series 2003-3, Class 2A, 2.86%, 10/25/33, Callable 4/25/21 @ 100 (a)(g)	$	1,252,307	$	1,252,307
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a)		13,270		13,636
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.68%, 11/25/34, Callable 4/25/21 @ 100 (a)(g)		1,050,415		1,050,415
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 10/25/30 @ 100 (a)		15,727		15,631
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/21 @ 100 (a)		6,680		4,903
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/22 @ 100 (a)(b)(g)		115,452		115,847
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 4/25/21 @ 100 (a)		44,062		40,824
JPMorgan Mortgage Trust, Series 2016-3, Class 1A3, 3.46%, 10/25/46, Callable 11/25/22 @ 100 (a)(b)(g)		92,429		92,680
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.93%, 10/25/29, Callable 7/25/24 @ 100 (a)(b)(g)		2,325,850		2,366,874
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 12/25/23 @ 100 (a)(b)(g)		1,096,878		1,107,118
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.41%  (LIBOR03M+120bps), 7/29/30, Callable 4/29/21 @ 100 (a)(b)(c)		2,250,000		2,249,439
Total Residential Mortgage-Backed Securities (Cost $8,289,862)				8,309,674
Yankee Dollars (12.0%)
Communication Services (0.2%):
SES SA, 3.60%, 4/4/23 (b)		503,000		529,418
Consumer Staples (4.1%):
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)		2,346,000		2,557,422
Heineken NV, 3.40%, 4/1/22 (b)		1,570,000		1,614,981
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b)		2,391,000		2,490,227
Pernod Ricard SA, 4.25%, 7/15/22 (a)(b)		833,000		870,976
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b)		2,122,000		2,170,445
				9,704,051
Energy (1.5%):
Canadian Natural Resources Ltd.
2.95%, 1/15/23, Callable 12/15/22 @ 100		1,305,000		1,354,616
3.80%, 4/15/24, Callable 1/15/24 @ 100 (e)		1,180,000		1,263,839
Ecopetrol SA, 5.88%, 9/18/23 (a)		846,000		932,647
				3,551,102
Financials (3.4%):
Barclays Bank PLC
2/4/25 (a)		270,000		352,139
2/18/25		230,000		255,967
Enel Finance International NV, 2.88%, 5/25/22 (a)(b)		1,675,000		1,718,684
Newcrest Finance Pty Ltd., 4.20%, 10/1/22 (a)(b)		2,214,000		2,329,947
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b)		3,406,000		3,688,663
				8,345,400

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Industrials (0.7%):
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100	$	1,100,000	$	1,068,793
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b)		606,000		618,326
				1,687,119
Materials (1.8%):
Anglo American Capital PLC
4.13%, 4/15/21 (a)(b)		1,524,000		1,525,280
3.63%, 9/11/24 (b)		2,880,000		3,113,338
				4,638,618
Utilities (0.3%):
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100 (e)		655,000		704,505
Total Yankee Dollars (Cost $28,907,399)				29,160,213
U.S. Government Mortgage-Backed Agencies (6.4%)
Federal Home Loan Mortgage Corp.
5.00%, 6/15/23 - 8/1/40 (a)		689,599		782,758
5.50%, 10/25/23 (a)		2,924		3,057
7.00%, 9/1/38 (a)		3,281		3,892
Series 4320, Class AP, 3.50%, 7/15/39 (a)		1,009,939		1,083,472
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a)		3,352,849		3,442,340
Series 4444, Class CH, 3.00%, 1/15/41 (a)		1,106,996		1,131,108
Series 4049, Class AB, 2.75%, 12/15/41 (a)		372,230		379,618
				6,826,245
Federal National Mortgage Association
6.00%, 2/1/37 (a)		1,053,832		1,217,919
Series 2013-33, Class UD, 2.50%, 4/25/39 (a)		793,614		818,933
Series 2011-21, Class PA, 4.50%, 5/25/40 (a)		2,297,830		2,435,101
Series 2011-101, Class LA, 3.00%, 10/25/40 (a)		545,554		554,702
5.00%, 2/1/41 - 10/1/41 (a)		2,633,021		2,990,209
Series 2018-29, Class PA, 3.50%, 3/25/44 (a)		587,046		592,460
				8,609,324
Total U.S. Government Mortgage-Backed Agencies (Cost $15,107,230)				15,435,569
U.S. Treasury Obligations (10.5%)
U.S. Treasury Notes
0.13%, 4/15/22 (a)		8,455,267		8,688,374
0.13%, 6/30/22 (a)		11,526,000		11,528,701
0.13%, 7/15/23		5,328,000		5,317,178
Total U.S. Treasury Obligations (Cost $25,305,536)				25,534,253
Collateral for Securities Loaned^ (2.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		129,461		129,461
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h)		3,333,910		3,333,910
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		64,607		64,607
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		515,158		515,158
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		2,316,253		2,316,253
Total Collateral for Securities Loaned (Cost $6,359,389)				6,359,389
Total Investments (Cost $231,078,966) — 96.9%				235,111,990
Other assets in excess of liabilities — 3.1%				7,631,741
NET ASSETS - 100.00%			$	242,743,731

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund	March 31, 2021
	(Unaudited)

^	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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $57,248,622 and amounted to 23.6% of net assets.
(c)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 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)	Continuously callable with 30 days’ notice.
(g)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021.
(h)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

LIBOR—London InterBank Offered Rate

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 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)
Mexican Peso Currency Futures		70		6/14/21	$	1,701,001	$	1,698,900	$	(2,101	)

Futures Contracts Sold

	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Futures		24		6/21/21		3,224,372		3,142,500		81,872
5-Year U.S. Treasury Note Futures		100		6/30/21		12,495,866		12,339,845		156,021
Canadian Dollar Futures		33		6/15/21		2,609,640		2,625,810		(16,170	)
Ultra Long Term U.S. Treasury Bond Futures		4		6/21/21		735,486		724,875		10,611
									$	232,334
		Total unrealized appreciation							$	248,504
		Total unrealized depreciation								(18,271	)
		Total net unrealized appreciation (depreciation)							$	230,233

Centrally Cleared

Credit Default Swap Agreements - Sell Protection (a)

Underlying Instruments	Fixed Deal Received Rate			Maturity Date		Payment Frequency		Implied Credit Spread at March 31, 2021 (b)			Notional Amount (c)		Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX North America High Yield Index; Series 35		5.00	%		12/20/25		Quarterly		2.86	%	$	8,000,000	$	(724,711	)	$	(723,600	)	$	(1,111	)
													$	(724,711	)	$	(723,600	)	$	(1,111	)

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

Victory Portfolios	Schedule of Portfolio Investments
Victory High Yield Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Common Stocks (0.7%)
Communication Services (0.7%):
iHeartMedia, Inc., Class A (a)		30,500	$	553,575
Nexstar Media Group, Inc., Class A		7,250		1,018,118
Sinclair Broadcast Group, Inc., Class A		14,500		424,270
				1,995,963
Consumer Discretionary (0.0%):
Men’s Wearhouse, Inc.		31,563		23,672
Total Common Stocks (Cost $1,764,006)				2,019,635
Senior Secured Loans (15.1%)
Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (b)	$	1,974,359		1,908,475
Alphabet Holding Co., Inc., Initial Term Loan Second Lien, 7.86% (LIBOR01M+775bps), 8/15/25 (b)		1,500,000		1,500,810
Caesars Resort Collection, LLC, Term B-1 Loans, First Lien, 4.61% (LIBOR01M+450bps), 6/19/25 (b)		1,990,000		1,992,488
Dayco Products LLC, Term Loans, First Lien, 4.44% (LIBOR03M+425bps), 5/19/24 (b)		962,500		869,686
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.75% (LIBOR03M+350bps), 4/8/26 (b)		1,539,674		1,489,712
Froneri International Ltd., Second Lien Term Loan USD, 5.86% (LIBOR01M+575bps), 1/30/28 (b)		500,000		505,940
Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25% (LIBOR02M+250bps), 10/4/23 (b)		1,983,167		1,949,949
Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00% (LIBOR01M+425bps), 2/26/28 (b)(c)		2,992,500		2,993,996
Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.21% (LIBOR03M+500bps), 10/26/25 (b)		2,673,453		2,656,076
Jo-Ann Stores LLC, Loan, First Lien, 6.00% (LIBOR03M+500bps), 10/16/23 (b)		3,000,000		2,986,620
LIFE TIME, Inc., 2021 Refinancing Term Loan, First Lien, 12/15/24 (b)(c)		2,000,000		1,995,000
LifeScan Global Corp., Initial Term Loan, First Lien, 6.24% (LIBOR03M+600bps), 6/19/24 (b)		1,715,557		1,662,014
Navistar, Inc., Tranche B Term Loan, First Lien, 3.62% (LIBOR01M+350bps), 11/6/24 (b)		2,952,278		2,951,540
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 3/4/28 (b)(c)		3,000,000		2,986,410
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (b)		675,000		673,448
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06+325bps), 2/12/28 (b)(c)		1,000,000		997,700
Reynolds Group Holdings Inc., 2017 Incremental US Term Loans, First Lien, 2.86% (LIBOR01M+275bps), 2/5/23 (b)		671,629		668,378
SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.61% (LIBOR01M+850bps), 5/26/26 (b)		1,000,000		995,000
Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00% (LIBOR03M+900bps), 12/23/25 (b)		1,864,865		2,032,703

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Yield Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00% (LIBOR03M+900bps), 12/23/25 (b)	$	135,135	$	147,297
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.75% (LIBOR03M+350bps), 4/8/26 (b)		827,782		800,920
Stars Group Holdings BV, Term Loan, First Lien, 3.75% (LIBOR03M+350bps), 6/27/25 (b)		876,075		876,566
Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR01M+275bps), 2/6/24 (b)		1,473,146		1,366,431
The Enterprise Development Authority, Term Loan B, First Lien, 2/19/28 (b)(c)		3,000,000		3,007,500
The Men’s Wearhouse LLC, Term Loan, First Lien, 3.25% (LIBOR03M+225bps), 12/1/25 (b)		1,677,874		1,275,184
Total Senior Secured Loans (Cost $40,761,321)				41,289,843
Corporate Bonds (68.2%)
Communication Services (12.3%):
AMC Networks, Inc., 4.75%, 8/1/25, Callable 8/1/21 @ 102.38		3,000,000		3,079,739
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 8/1/22 @ 102.5 (d)		1,000,000		1,057,780
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38 (d)(e)		2,710,000		2,760,216
Entercom Media Corp.
7.25%, 11/1/24, Callable 4/10/21 @ 103.63 (d)(e)		1,750,000		1,814,873
6.50%, 5/1/27, Callable 5/1/22 @ 104.88 (d)(e)		2,500,000		2,597,150
6.75%, 3/31/29, Callable 3/31/24 @ 103.38 (d)		1,800,000		1,872,018
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (d)		2,750,000		2,719,805
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19		2,520,000		2,706,354
Meredith Corp., 6.88%, 2/1/26, Callable 5/10/21 @ 103.44 (e)		2,468,000		2,529,256
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22 (d)		3,000,000		3,154,679
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (d)		3,000,000		2,922,180
Sirius XM Radio, Inc.
4.63%, 7/15/24, Callable 7/15/21 @ 102.31 (d)(f)		1,000,000		1,029,400
5.50%, 7/1/29, Callable 7/1/24 @ 102.75 (d)(f)		2,350,000		2,541,596
Univision Communications, Inc., 5.13%, 2/15/25, Callable 4/20/21 @ 101.71 (d)(e)		2,500,000		2,532,225
				33,317,271
Consumer Discretionary (15.7%):
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (d)		2,750,000		2,901,195
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94 (e)		2,000,000		2,071,480
Boyd Gaming Corp.
8.63%, 6/1/25, Callable 6/1/22 @ 104.31 (d)		1,700,000		1,890,162
6.38%, 4/1/26, Callable 4/26/21 @ 103.19		2,250,000		2,323,103
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25, Callable 4/20/21 @ 102.63 (d)		2,500,000		2,522,125
Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25 (d)		3,000,000		3,230,280
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (d)(e)(f)		6,000,000		3,151,680
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100 (f)		3,000,000		3,631,710
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (d)		2,750,000		2,739,220
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (d)		2,000,000		2,085,860
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13 (d)		1,800,000		1,854,000

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Yield Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100	$	2,000,000	$	2,199,020
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100		2,475,000		2,659,610
Michaels Stores, Inc., 8.00%, 7/15/27 (d)		2,750,000		3,043,480
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (d)		250,000		270,373
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (d)		3,000,000		3,225,839
Tenneco, Inc.
5.00%, 7/15/26, Callable 7/15/21 @ 102.5 (e)		2,350,000		2,228,834
7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (d)		650,000		730,477
				42,758,448
Consumer Staples (3.6%):
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 2/15/28, Callable 8/15/22 @ 104.41 (d)		2,750,000		2,924,295
Dole Food Co., Inc., 7.25%, 6/15/25, Callable 5/10/21 @ 103.63 (d)		3,000,000		3,084,480
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31 (d)		2,950,000		2,973,482
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (d)		900,000		917,541
				9,899,798
Energy (4.2%):
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24, Callable 4/26/21 @ 102.69		2,750,000		2,778,518
Antero Resources Corp.
5.63%, 6/1/23, Callable 5/10/21 @ 101.41		1,184,000		1,187,824
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (d)(e)		3,000,000		3,306,299
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (d)		900,000		957,654
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38 (d)		900,000		937,656
Occidental Petroleum Corp., 5.50%, 12/1/25, Callable 9/1/25 @ 100		950,000		1,002,792
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 (e)		1,350,000		1,374,030
				11,544,773
Financials (7.0%):
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31 (d)		3,000,000		3,300,900
BCPE Ulysses Intermediate, Inc. PIK, 7.75%, 4/1/27, Callable 4/1/23 @ 102 (d)(g)		450,000		466,727
Compass Group Diversified Holdings LLC
8.00%, 5/1/26 (d)(f)		3,000,000		3,138,450
5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (d)		1,200,000		1,258,584
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25 (d)		3,000,000		3,259,590
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (d)(f)		2,250,000		2,504,633
Resideo Funding, Inc., 6.13%, 11/1/26, Callable 11/1/21 @ 104.59 (d)		1,300,000		1,371,851
White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (d)(g)		2,100,000		2,188,326
Wolverine Escrow LLC, 13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (d)(e)		2,200,000		1,848,154
				19,337,215
Health Care (6.9%):
Air Methods Corp., 8.00%, 5/15/25, Callable 5/10/21 @ 104 (d)(f)		1,500,000		1,417,215
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 6/30/28, Callable 6/30/23 @ 104.5 (d)		3,000,000		2,463,510
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63 (d)		1,796,000		1,970,966
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (d)(f)		2,500,000		2,736,625

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Yield Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 12/1/21 @ 104.88 (d)	$	3,000,000	$	3,247,499
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (d)(e)		2,000,000		2,209,080
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/26/21 @ 101.59 (d)(e)		2,000,000		1,767,400
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (d)		3,000,000		3,123,690
				18,935,985
Industrials (12.7%):
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 5/10/21 @ 101.84 (d)		2,000,000		1,800,400
American Airlines, Inc., 11.75%, 7/15/25 (d)		3,000,000		3,708,419
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (d)		1,300,000		1,355,796
5.75%, 4/20/29 (d)		1,850,000		1,971,120
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 5/10/21 @ 100 (d)(e)		2,000,000		2,002,500
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/1/22 @ 103.19 (d)		3,000,000		3,180,570
Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 (d)		1,800,000		1,857,276
Delta Air Lines, Inc., 7.00%, 5/1/25 (d)		3,000,000		3,453,480
Hillenbrand, Inc., 3.75%, 3/1/31, Callable 3/1/26 @ 101.88 (e)		800,000		783,592
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (d)		3,000,000		3,285,360
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (c)(d)		1,050,000		1,076,597
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75 (d)		2,000,000		2,036,080
Pisces Midco, Inc., 8.00%, 4/15/26, Callable 4/15/21 @ 104 (d)		3,000,000		3,124,710
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31 (d)		1,250,000		1,230,663
Triumph Group, Inc., 6.25%, 9/15/24, Callable 5/10/21 @ 103.13 (d)		1,525,000		1,547,753
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (d)		2,250,000		2,512,305
				34,926,621
Information Technology (1.6%):
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (d)		2,250,000		2,475,338
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 9/1/21 @ 103.75 (d)		1,800,000		1,871,226
				4,346,564
Materials (3.5%):
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63 (d)		3,000,000		3,059,760
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 7/15/25, Callable 7/15/22 @ 103.25 (d)		1,200,000		1,291,956
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25 (d)		2,000,000		2,108,420
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 5/10/21 @ 103.13 (d)(e)		3,000,000		3,088,080
				9,548,216
Real Estate (0.7%):
Adams Homes, Inc., 7.50%, 2/15/25, Callable 2/15/22 @ 103.75 (d)		1,800,000		1,884,510
Total Corporate Bonds (Cost $177,550,344)				186,499,401
Yankee Dollars (7.9%)
Consumer Discretionary (1.7%):
1011778 BC ULC/New Red Finance, Inc., 4.38%, 1/15/28, Callable 11/15/22 @ 102.19 (d)		2,000,000		2,009,960
Viking Cruises, Ltd., 7.00%, 2/15/29, Callable 2/15/24 @ 103.5 (d)		1,800,000		1,853,730

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Yield Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Viking Ocean Cruises Ship VII, Ltd., 5.63%, 2/15/29, Callable 2/15/24 @ 102.81 (d)	$	900,000	$	910,026
				4,773,716
Energy (1.1%):
Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 5/10/21 @ 109.75 (d)(e)(f)(g)		500,000		545,860
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (d)		2,300,000		2,405,802
				2,951,662
Financials (0.5%):
Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 5/10/21 @ 106.38 (d)(e)(h)		2,000,000		1,259,020
Health Care (1.1%):
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 5/10/21 @ 102.04 (d)		3,000,000		3,075,239
Industrials (1.9%):
Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 4/20/21 @ 102.5 (d)(f)		2,200,000		2,245,078
Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94 (d)		3,000,000		2,936,580
				5,181,658
Materials (1.6%):
Intertape Polymer Group, Inc., 7.00%, 10/15/26, Callable 10/15/21 @ 103.5 (d)		1,330,000		1,394,306
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/10/21 @ 103.88 (d)(f)		2,000,000		2,082,140
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (d)		900,000		927,891
				4,404,337
Total Yankee Dollars (Cost $21,394,665)				21,645,632
Collateral for Securities Loaned^ (10.3%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (i)		576,465		576,465
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i)		14,845,293		14,845,293
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (i)		287,685		287,685
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (i)		2,293,907		2,293,907
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (i)		10,313,853		10,313,853
Total Collateral for Securities Loaned (Cost $28,317,203)				28,317,203
Total Investments (Cost $269,787,539) — 102.2%				279,771,714
Liabilities in excess of other assets — (2.2)%				(5,909,182	)
NET ASSETS - 100.00%			$	273,862,532

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(c)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.

(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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $177,589,171 and amounted to 64.8% of net assets.
(e)	All or a portion of this security is on loan.
(f)	All or a portion of the security has been segregated as collateral for securities purchased on a when-issued basis.
(g)	Cash interest 13.0%, PIK interest 13.75%.
(h)	Defaulted security.
(i)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

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

LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 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	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Municipal Bonds (98.8%)
Arkansas (2.0%):
Arkansas Development Finance Authority Revenue Bonds, 3.20%, 12/1/49, Continuously Callable @100	$	750,000	$	754,575
University of Central Arkansas Revenue Bonds, Series A, 3.00%, 11/1/49, Continuously Callable @100		265,000		272,688
				1,027,263
California (3.0%):
Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100		1,500,000		1,550,325
Colorado (1.6%):
Colorado Health Facilities Authority Revenue, Series A, 4.00%, 12/1/50, Continuously Callable @103		750,000		800,453
Connecticut (4.6%):
Connecticut Health and Educational Facilities Authority Revenue Bonds, Series 2016 CT, 5.00%, 12/1/41, Continuously Callable @100		2,000,000		2,379,199
Florida (9.5%):
Capital Trust Agency, Inc. Revenue, 5.00%, 8/1/55, Continuously Callable @100		400,000		463,420
City of Pompano Beach Revenue, 4.00%, 9/1/50, Continuously Callable @103		500,000		530,455
Florida Development Finance Corp. Revenue, Series A, 5.00%, 6/15/55, Continuously Callable @100		500,000		550,365
Hillsborough County Industrial Development Authority Revenue Bonds, 4.00%, 8/1/50, Continuously Callable @100		500,000		563,050
Miami-Dade County Public Facilities Revenue Bonds, Series A, 5.00%, 6/1/33, Continuously Callable @100		2,000,000		2,339,040
St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103		500,000		530,275
				4,976,605
Georgia (1.0%):
Development Authority of Applying County Revenue Bonds, 0.11%, 9/1/41, Continuously Callable @100 (a)		400,000		400,000
The Development Authority of Monroe County Revenue, 0.11%, 11/1/48, Continuously Callable @100 (a)		100,000		100,000
				500,000
Guam (2.3%):
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100		1,000,000		1,164,500
Illinois (25.2%):
Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100		2,275,000		2,685,887
Chicago General Obligation Refunding Bonds, Series A, 5.75%, 1/1/33, Continuously Callable @100		1,000,000		1,207,770
Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series 2014, 5.00%, 12/1/44, Continuously Callable @100		1,450,000		1,632,497
City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Continuously Callable @100		1,000,000		1,183,420
City of Chicago Wastewater Transmission Revenue
Series A, 5.00%, 1/1/47, Continuously Callable @100		1,000,000		1,157,000
Series C, 5.00%, 1/1/34, Continuously Callable @100		1,000,000		1,150,910
Illinois General Obligation Bonds, Series 2013, 5.50%, 7/1/27, Continuously Callable @100		2,000,000		2,186,800

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Tax-Exempt Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Sales Tax Securitization Corp. Revenue Bonds, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100	$	1,500,000	$	1,799,835
				13,004,119
Iowa (1.1%):
Iowa Finance Authority Revenue Bonds, Series A-1, 4.00%, 5/15/55, Continuously Callable @103		500,000		542,940
Massachusetts (1.8%):
University of Massachusetts Building Authority Revenue
5.00%, 11/1/39, Continuously Callable @100		600,000		689,355
5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100		220,000		256,234
				945,589
Missouri (2.5%):
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (b)		1,150,000		1,278,927
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		1,053,318
New Jersey Transportation Trust Fund Authority Revenue Bonds
5.00%, 6/15/28, Continuously Callable @100		1,000,000		1,175,280
Series BB, 3.50%, 6/15/46, Continuously Callable @100		200,000		210,510
Tobacco Settlement Financing Corp. Revenue Bonds, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100		1,500,000		1,750,530
				4,189,638
New York (12.7%):
Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue Bonds, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100		1,545,000		1,801,115
Metropolitan Transportation Authority Revenue, Series D-3, 4.00%, 11/15/49, Continuously Callable @100		500,000		554,305
New York Counties Tobacco Trust II Revenue Bonds, 5.75%, 6/1/43, Continuously Callable @100		200,000		200,734
New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (c)		500,000		497,845
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 12/1/32, Continuously Callable @100		1,000,000		1,111,020
TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100		2,000,000		2,314,940
				6,479,959
North Carolina (5.4%):
City of Charlotte Certificate of Participation, 4.00%, 6/1/49, Continuously Callable @100		1,670,000		1,914,772
North Carolina Medical Care Commission Revenue, Series A, 4.00%, 10/1/50, Continuously Callable @103		350,000		376,201
North Carolina Medical Care Commission Revenue Bonds, Series A, 4.00%, 9/1/50, Continuously Callable @100		500,000		524,785
				2,815,758
Ohio (7.3%):
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100		1,000,000		1,126,040
County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103		500,000		571,235
County of Hardin Economic Development Facilities Revenue Bonds, 5.00%, 5/1/30, Continuously Callable @103		350,000		376,971
Logan Elm Local School District General Obligation Bonds, 4.00%, 11/1/55, Continuously Callable @100		1,500,000		1,671,900
				3,746,146

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Tax-Exempt Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Oregon (0.4%):
Oregon State Lottery Revenue Bonds, Series A, 5.25%, 4/1/30, Continuously Callable @100	$	205,000	$	205,467
Pennsylvania (5.3%):
Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100		1,000,000		1,226,900
The School District of Philadelphia, GO, Series A, 5.00%, 9/1/38, Continuously Callable @100		1,200,000		1,474,116
				2,701,016
Texas (1.5%):
New Hope Cultural Education Facilities Finance Corp. Revenue, 5.00%, 7/1/47, Continuously Callable @102		500,000		449,935
Port of Port Arthur Navigation District Revenue, Series B, 0.08%, 4/1/40, Continuously Callable @100 (a)		300,000		300,000
				749,935
Utah (3.5%):
Jordanelle Special Service District, Series C, 12.00%, 8/1/30, Continuously Callable @100 (b)		600,000		601,998
Utah Infrastructure Agency Revenue Bonds, Series A, 5.00%, 10/15/40, Continuously Callable @100		1,000,000		1,159,330
				1,761,328
Total Municipal Bonds (Cost $47,114,062)				50,819,167
Total Investments (Cost $47,114,062) — 98.8%				50,819,167
Other assets in excess of liabilities — 1.2%				618,350
NET ASSETS - 100.00%			$	51,437,517

(a)	Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.
(b)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $2,378,770 and amounted to 4.6% of net assets.
(c)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 1.0% of net assets.

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

IDA—Industrial Development Authority

Victory Portfolios	Schedule of Portfolio Investments
Victory High Income Municipal Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Municipal Bonds (93.6%)
Arizona (0.7%):
La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100	$	280,000	$	304,828
California (2.9%):
California County Tobacco Securitization Agency Revenue Bonds, Series B-1, 5.00%, 6/1/49, Continuously Callable @100		250,000		304,198
Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100		1,000,000		1,033,550
				1,337,748
District of Columbia (1.7%):
District of Columbia Tobacco Settlement Financing Corp. Revenue Bonds, 6.50%, 5/15/33		715,000		782,753
Florida (6.2%):
Escambia County Health Facilities Authority Revenue Bonds, 3.00%, 8/15/50, Continuously Callable @100		1,000,000		1,006,230
Florida Development Finance Corp. Revenue, 4.00%, 7/1/55, Continuously Callable @100		500,000		528,780
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		1,315,099
				2,850,109
Illinois (15.2%):
Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100		1,500,000		1,770,914
Chicago General Obligation Refunding Bonds, Series 2015 C, 5.00%, 1/1/38, Continuously Callable @100		1,000,000		1,103,970
City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Continuously Callable @100		1,000,000		1,183,420
Illinois Finance Authority Revenue Bonds, 4.75%, 10/15/40, (Put Date 8/01/30) (a)(b)		500,000		523,740
Illinois General Obligation Bonds
5.50%, 7/1/33, Continuously Callable @100		1,000,000		1,075,240
5.50%, 7/1/38, Continuously Callable @100		1,250,000		1,341,438
				6,998,722
Indiana (3.5%):
Indiana Finance Authority Revenue Bonds
4.13%, 12/1/26		1,000,000		1,055,030
Series A, 5.00%, 7/1/55, Continuously Callable @100		500,000		540,765
				1,595,795
Iowa (2.4%):
Iowa Finance Authority Revenue, Series A, 5.00%, 5/15/48, Continuously Callable @100		500,000		565,265
Iowa Finance Authority Revenue Bonds, Series A-1, 4.00%, 5/15/55, Continuously Callable @103		500,000		542,940
				1,108,205
Maryland (0.5%):
Maryland Economic Development Corp. Revenue Bonds, 4.25%, 7/1/50, Continuously Callable @100		200,000		219,738
Massachusetts (2.8%):
Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a)		300,000		323,217
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J
Series 2011, 5.63%, 7/1/28, Continuously Callable @100		275,000		277,478
Series 2011, 5.63%, 7/1/29, Continuously Callable @100		560,000		565,029

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Series 2011, 5.63%, 7/1/33, Continuously Callable @100	$	140,000	$	141,242
				1,306,966
Missouri (1.2%):
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (a)		500,000		556,055
New Hampshire (2.9%):
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103		500,000		542,855
New Hampshire Business Finance Authority Revenue Bonds, Series B, 3.75%, 7/1/45, (Put Date 7/02/40) (a)(b)		750,000		770,700
				1,313,555
New Jersey (7.2%):
New Jersey Economic Development Authority Revenue Bonds, Series S, 4.00%, 6/15/50, Continuously Callable @100		450,000		501,170
New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series 2015 WW, 5.25%, 6/15/32, Continuously Callable @100		1,000,000		1,159,070
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue Bonds, Series A, 5.00%, 7/1/33, Continuously Callable @100		500,000		579,075
New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.75%, 12/1/28, Continuously Callable @100		540,000		554,812
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series BB, 3.50%, 6/15/46, Continuously Callable @100		500,000		526,275
				3,320,402
New Mexico (1.2%):
New Mexico Hospital Equipment Loan Council Revenue, Series A, 5.00%, 7/1/49, Continuously Callable @102		500,000		553,335
New York (8.5%):
Huntington Local Development Corp. Revenue, Series S, 3.00%, 7/1/25		500,000		500,115
Metropolitan Transportation Authority Revenue
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (b)		365,000		460,637
Series D-3, 4.00%, 11/15/49, Continuously Callable @100		500,000		554,305
New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (a)(d)		1,000,000		995,690
New York State Dormitory Authority Revenue Bonds, 4.00%, 7/1/40, Continuously Callable @100		200,000		213,414
New York Transportation Development Corp. Revenue Bonds, 5.00%, 10/1/40, Continuously Callable @100		750,000		911,610
Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100		250,000		250,853
				3,886,624
North Carolina (3.9%):
North Carolina Medical Care Commission Revenue Bonds, 5.00%, 10/1/50, Continuously Callable @103		250,000		271,620
University of North Carolina Hill Revenue Bonds, 5.00%, 2/1/49		1,000,000		1,497,119
				1,768,739
North Dakota (2.2%):
Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue Bonds, 5.00%, 12/1/36, Continuously Callable @100		1,000,000		1,021,950
Ohio (4.0%):
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100		1,000,000		1,126,040
County of Hardin Revenue Bonds, 5.50%, 5/1/50, Continuously Callable @103		500,000		520,350

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Northeast Ohio Medical University Revenue Bonds, Series A, 4.00%, 12/1/45, Continuously Callable @100	$	225,000	$	242,046
				1,888,436
Oklahoma (0.0%):(c)
Oklahoma Development Finance Authority Continuing Care Retirement Community Revenue Bonds, Series 2012, 6.00%, 1/1/32, Continuously Callable @100 (d)		1,885,000		21,037
Oregon (1.4%):
Clackamas County Hospital Facility Authority Revenue Bonds
Series A, 5.00%, 11/15/52, Continuously Callable @102		500,000		544,385
Series A, 5.38%, 11/15/55, Continuously Callable @102		100,000		106,827
				651,212
Pennsylvania (1.2%):
Bucks County IDA Revenue, 5.00%, 7/1/54, Continuously Callable @100		500,000		574,385
South Carolina (3.9%):
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		1,756,974
South Dakota (1.2%):
Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22, Callable 5/10/21 @ 100 (a)		545,000		545,554
Texas (6.8%):
New Hope Cultural Education Facilities Finance Corp. Revenue, 5.00%, 7/1/47, Continuously Callable @102		1,000,000		688,310
Port of Port Arthur Navigation District Revenue
Series A, 0.08%, 4/1/40, Continuously Callable @100 (e)		700,000		700,000
Series C, 0.10%, 4/1/40, Continuously Callable @100 (e)		600,000		600,000
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		1,137,900
				3,126,210
Utah (7.0%):
Jordanelle Special Service District, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a)		1,337,656		1,342,110
Utah Charter School Finance Authority Revenue Bonds, 2.75%, 4/15/50, Continuously Callable @100		525,000		526,969
Utah Infrastructure Agency Revenue Bonds, Series A, 5.38%, 10/15/40, Continuously Callable @100		1,150,000		1,365,843
				3,234,922
Vermont (0.6%):
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100		250,000		264,655
West Virginia (2.2%):
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		1,027,310
Wisconsin (2.3%):
Public Finance Authority Revenue Bonds
Series A, 5.25%, 3/1/55, Continuously Callable @100 (a)		500,000		532,580
Series A, 5.00%, 7/1/55, Continuously Callable @100 (a)		500,000		510,505
				1,043,085
Total Municipal Bonds (Cost $41,172,597)				43,059,304
Exchange-Traded Funds (5.2%)
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF		8,000		474,640

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
VanEck Vectors High-Yield Municipal Index ETF		31,000	$	1,926,650
Total Exchange-Traded Funds (Cost $2,310,942)				2,401,290
Total Investments (Cost $43,483,539) — 98.8%				45,460,594
Other assets in excess of liabilities — 1.2%				541,201
NET ASSETS - 100.00%			$	46,001,795

(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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $7,127,461 and amounted to 15.5% of net assets.
(b)	Put Bond.
(c)	Amount represents less than 0.05% of net assets.
(d)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 2.2% of net assets.
(e)	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.

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

ETF—Exchange-Traded Fund

IDA—Industrial Development Authority

LLC—Limited Liability Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Common Stocks (0.0%)(a)
Consumer Discretionary (0.0%):
Men’s Wearhouse, Inc.		51,299	$	38,474
Total Common Stocks (Cost $192,371)				38,474
Warrants (0.0%)(a)
Communication Services (0.0%):
Cineworld		377,856		311,981
Total Warrants (Cost $–)				311,981
Senior Secured Loans (81.8%)
84 Lumber Co., Term B-1 Loans, First Lien, 3.75%  (LIBOR01M+300bps), 11/13/26 (b)(c)	$	7,000,000		6,987,750
AAdvantage Loyalty IP Ltd, Initial Term Loan, First Lien, 3/10/28 (b)(c)		8,500,000		8,699,240
Acrisure, LLC, Term Loan B 2020, First Lien, 3.61%  (LIBOR01M+350bps), 2/15/27 (b)(c)		13,384,466		13,206,052
Admi Corp., Amendment No. 4 Refinancing Term Loans, First Lien, 3.75%  (LIBOR01M+325bps), 12/23/27 (b)(c)		13,500,000		13,368,781
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25%  (LIBOR06M+425bps), 3/14/25 (b)		4,911,392		4,877,209
Air Methods Corp., Initial Term Loans, First Lien, 4.50%  (LIBOR03M+350bps), 4/21/24 (b)		10,900,440		10,536,693
Aldevron LLC, Term Loan B, First Lien, 4.25%  (LIBOR01M+325bps), 10/11/26 (b)		7,147,900		7,135,963
Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 4.25%  (LIBOR03M+350bps), 10/8/27 (b)		8,578,500		8,557,912
Alphabet Holding Co., Inc., Initial Term Loan Second Lien, 7.86%  (LIBOR01M+775bps), 8/15/25 (b)		4,950,000		4,952,673
Alphabet Holding Co., Inc., Term Loan B, First Lien, 3.61%  (LIBOR01M+350bps), 9/28/24 (b)(c)		10,396,248		10,306,944
American Axle & Manufacturing, Inc., Term Loan B, First Lien, 3.00%  (LIBOR01M+225bps), 4/6/24 (b)		5,510,156		5,476,599
Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 3.63%  (LIBOR01M+350bps), 3/23/25 (b)		7,736,670		7,586,114
Anchor Packaging LLC, Initial Term Loans, First Lien, 4.11%  (LIBOR01M+400bps), 7/18/26 (b)		8,940,853		8,940,853
AOT Packaging Products Acquisition Co. LLC, Closing Date Initial Term Loans, First Lien, 1/29/28 (b)(c)		8,571,920		8,482,601
AOT Packaging Products Acquisition Co. LLC, Delayed Draw Term Loan Commitment, First Lien, 1/29/28 (b)(c)		1,928,080		1,907,989
Asurion, LLC, Term B7, First Lien, 3.11%  (LIBOR01M+300bps), 11/3/24 (b)		3,830,226		3,812,875
Athenahealth, Inc., Additional Term B-1, First Lien, 4.45%  (LIBOR03M+425bps), 2/11/26 (b)		12,500,000		12,510,375
Blount International, Inc., Initial Term Loan Repricing, First Lien, 4.75%  (LIBOR01M+375bps), 4/12/23 (b)		5,821,013		5,828,289
Boyd Gaming Corp., Refinancing Term B Loans, First Lien, 2.33%  (LIBOR01M+225bps), 9/15/23 (b)		4,511,284		4,497,660
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR02M+425bps), 6/21/24 (b)		60,026		59,029

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR03M+425bps), 6/21/24 (b)	$	7,643,328	$	7,516,296
Brookfield Property REIT, Inc., Initial Term B Loans, First Lien, 2.61%  (LIBOR01M+250bps), 8/24/25 (b)		10,000,000		9,539,300
BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 9.19%  (LIBOR03M+900bps), 5/15/26 (b)		3,000,000		1,650,000
BWAY Holding Co., Initial Term Loan, First Lien, 3.41%  (LIBOR03M+325bps), 4/3/24 (b)		9,974,093		9,749,677
Caesars Resort Collection, LLC, Term B-1 Loans, First Lien, 4.61%  (LIBOR01M+450bps), 6/19/25 (b)		7,967,481		7,977,441
Calpine Corp., 2020 Term Loans, First Lien, 2.62%  (LIBOR01M+250bps), 12/16/27 (b)		2,987,631		2,966,837
Chassix, Inc., Term Loan B, First Lien, 6.50%  (LIBOR03M+550bps), 11/10/23 (b)		1,854,079		1,752,105
Chassix, Inc., Term Loan B, First Lien, 6.50%  (LIBOR06M+550bps), 11/10/23 (b)		2,001,299		1,891,227
CIBT Holdings, Inc., Initial Term Loan, First Lien, 4.75%  (LIBOR03M+375bps), 6/1/24 (b)		3,810,714		3,108,133
CityCenter Holdings LLC, Term B Loan, First Lien, 3.00%  (LIBOR01M+225bps), 4/18/24 (b)		9,974,093		9,838,346
CLARIOS GLOBAL LP, Term B-1, First Lien, 3.35%  (LIBOR01M+325bps), 4/30/26 (b)		8,765,531		8,666,919
Consolidated Communications, Inc., Initial Term Loan, First Lien, 10/2/27 (b)		4,644,610		4,642,194
Cornerstone Building Brands, Inc., Term Loan B, First Lien, 4/12/28 (b)(c)		3,000,000		2,985,000
CP ATLAS BUYER, Inc., Term B Loans, First Lien, 4.25%  (LIBOR06M+375bps), 11/23/27 (b)(c)		14,000,000		13,897,239
CPM Holdings, Inc., 2nd Lien Initial Term Loans, Second Lien, 8.37%  (LIBOR01M+825bps), 11/16/26 (b)		2,000,000		1,954,000
CPM Holdings, Inc., Initial Term Loans, First Lien, 3.62%  (LIBOR01M+350bps), 11/17/25 (b)		2,932,498		2,849,655
Crown Finance US, Inc., Initial Term B-1 Loan, First Lien, 7.00%  (LIBOR+700bps), 5/23/24 (b)		1,150,591		1,451,183
Dayco Products LLC, Term Loans, First Lien, 4.44%  (LIBOR03M+425bps), 5/19/24 (b)		7,700,000		6,957,489
Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 3.50%  (LIBOR01M+250bps), 2/1/24 (b)(c)		8,000,000		7,912,480
DELTA AIR LINES, Inc., and SKYMILES IP LTD, Initial Term Loan, First Lien, 4.75%  (LIBOR03M+375bps), 9/16/27 (b)		7,500,000		7,867,500
Dole Food Company, Inc., Tranche B Term Loan, First Lien, 3.75%  (LIBOR01M+275bps), 4/6/24 (b)		10,729,133		10,718,725
Dole Food Company, Inc., Tranche B Term Loan, First Lien, 5.00%  (Prime+175bps), 3/24/24		110,507		110,399
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.75%  (LIBOR03M+350bps), 4/8/26 (b)		5,533,438		5,353,878
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 3/11/28 (b)(c)		4,500,000		4,449,375
Endo Luxembourg Finance Co. I S.a.r.l.,Term B-1, First Lien, 5.75%  (LIBOR01M+500bps), 4/29/24 (b)		10,890,725		10,768,205
Engineered Machinery Holdings, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+300bps), 7/19/24 (b)		3,733,275		3,715,393

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
ENTERCOM MEDIA Corp., New Term Loan, First Lien, 2.61%  (LIBOR01M+250bps), 11/17/24 (b)(c)	$	14,242,019	$	13,910,892
First Brands Group LLC, 2021 Term Loans, First Lien, 3/24/27 (b)(c)		5,000,000		4,993,750
First Brands Group LLC, Tranche B-3 Term Loan, First Lien, 8.50%  (LIBOR03M+750bps), 2/2/24 (b)(c)		10,399,840		10,564,469
Forterra Finance LLC, Replacement Term Loan, First Lien, 4.00%  (LIBOR01M+300bps), 10/25/23 (b)		8,490,118		8,492,241
Froneri International Ltd., Facility B2 Loan, First Lien, 2.36%  (LIBOR01M+225bps), 1/31/27 (b)		6,952,475		6,852,012
Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 3.50%  (LIBOR01M+275bps), 3/31/27 (b)(c)		11,024,214		10,987,503
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.75%  (LIBOR06M+475bps), 10/2/25 (b)		4,987,500		4,967,550
Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25%  (LIBOR02M+250bps), 10/4/23 (b)		11,055,870		10,870,684
Graham Packaging Co., Inc., New term Loans, First Lien, 8/4/27 (b)(c)		4,000,000		3,972,280
Graham Packaging Co., Inc., New Term Loans, First Lien, 3.75%  (LIBOR01M+300bps), 8/4/27 (b)(c)		11,857,627		11,775,454
Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00%  (LIBOR01M+425bps), 2/26/28 (b)(c)		16,962,500		16,970,981
GTT Communications B.V., Delayed Draw Term Loan, First Lien, 6.00%  (LIBOR01M+500bps), 12/31/21 (b)		516,906		524,014
Gulf Finance, LLC, Term Loan B, First Lien, 6.25%  (LIBOR01M+525bps), 8/25/23 (b)		3,984,413		3,289,970
Hillman Group, Inc., Delayed Draw Term loan, First Lien, 2/24/28 (b)(c)		1,603,376		1,594,028
Hillman Group, Inc., Term Loan B, First Lien, 4.11%  (LIBOR01M+400bps), 5/31/25 (b)		5,946,584		5,936,356
Hillman Group, Inc., Term Loan B1, First Lien, 2/24/28 (b)(c)		1,202,532		1,195,521
Hillman Group, Inc., Term Loan B1, First Lien, 2/24/28 (b)(c)		6,694,093		6,655,066
Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.21%  (LIBOR03M+500bps), 10/26/25 (b)		7,063,831		7,017,917
Hub International Ltd., Term Loan B, First Lien, 3.22%  (LIBOR03M+300bps), 4/25/25 (b)		10,286,058		10,134,133
iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 4.75%  (LIBOR01M+400bps), 5/1/26 (b)		4,982,437		4,983,982
iHeartCommunications, Inc., Term Loans, First Lien, 3.11%  (LIBOR01M+300bps), 5/1/26 (b)(c)		12,431,253		12,270,020
Ineos U.S Petrochem LLC, 2026 Tranche B Dollar Term Loans, First Lien, 3.25%  (LIBOR01M+275bps), 1/29/26 (b)		8,000,000		7,970,000
Innio North America Holding, Inc., Facility B USD, First Lien, 3.23%  (LIBOR06M+300bps), 11/6/25 (b)		8,916,589		8,619,399
Intelsat Jackson Holdings S.A., DIP Term Loan Commitment, First Lien, 6.50%  (LIBOR03M+550bps), 7/13/21 (b)		4,172,613		4,216,425
Intelsat Jackson Holdings S.A.,Term B-3, First Lien, 8.00%  (Prime+475bps), 11/27/23 (b)(d)		6,750,000		6,851,250
Janus International Group LLC, Amendment No 3 Refinancing Term Loans, First Lien, 4.25%  (LIBOR02M+325bps), 2/15/25 (b)		5,886,919		5,869,729

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Jo-Ann Stores LLC, Loan, First Lien, 6.00%  (LIBOR03M+500bps), 10/16/23 (b)	$	15,000,000	$	14,933,099
Kindred Healthcare LLC., Term Loan New, First Lien, 4.63%  (LIBOR01M+450bps), 7/2/25 (b)		8,865,000		8,865,000
LABL, Inc., Term B USD Facility, First Lien, 4.11%  (LIBOR01M+400bps), 7/2/26 (b)		6,425,946		6,403,455
LBM Acquisition LLC, Delayed Draw Term Loan, First Lien, 12/8/27 (b)(c)		1,212,121		1,206,279
LBM Acquisition LLC, Initial Term Loan, First Lien, 4.50%  (LIBOR01M+375bps), 12/17/27 (b)		5,454,545		5,428,255
Leslie’s Poolmart, Inc., Term Loan B, First Lien, 3/8/28 (b)(c)		7,000,000		6,953,310
Leslie’s Poolmart, Inc., Tranche B Term Loans, First Lien, 3.25%  (LIBOR01M+275bps), 8/16/23 (b)		5,593,109		5,555,803
LIFE TIME, Inc., 2021 Refinancing Term Loan, First Lien, 12/15/24 (b)(c)		5,000,000		4,987,500
Lifepoint Health, Inc., Term B Loans, First Lien, 3.86%  (LIBOR01M+375bps), 11/16/25 (b)		4,934,991		4,920,877
LifeScan Global Corp., Initial Term Loan, First Lien, 6.24%  (LIBOR03M+600bps), 6/19/24 (b)		3,033,000		2,938,340
LifeScan Global Corp., Initial Term Loan, Second Lien, 9.74%  (LIBOR03M+950bps), 6/19/25 (b)		2,250,000		2,025,000
Meredith Corp., Term B-2 Facility, First Lien, 1/31/25 (b)(c)		5,000,000		4,939,400
Meredith Corp., Tranche B-3 Term Loans, First Lien, 5.25%  (LIBOR03M+425bps), 1/31/25 (b)		10,433,712		10,579,367
MHI Holdings, LLC, Initial Term Loans, First Lien, 5.11%  (LIBOR01M+500bps), 9/20/26 (b)		8,902,405		8,920,031
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25%  (LIBOR03M+525bps), 6/20/27 (b)		11,000,000		11,675,510
Momentive Performance Materials, Inc., Initial Dollar Term Loan, First Lien, 3.37%  (LIBOR01M+325bps), 5/15/24 (b)		5,710,729		5,610,791
Navicure, Inc., Initial Term Loans, First Lien, 4.11%  (LIBOR01M+400bps), 10/22/26 (b)		6,467,418		6,463,408
Navistar, Inc., Tranche B Term Loan, First Lien, 3.62%  (LIBOR01M+350bps), 11/6/24 (b)		9,969,242		9,966,750
Northriver Midstream Finance LP, Initial Term Loan B, First Lien, 10/1/25 (b)(c)		2,000,000		1,970,320
Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien, 3.36%  (LIBOR01M+325bps), 5/22/25 (b)		5,097,949		5,086,479
Packaging Coordinators Midco, Inc., Term B Loans, First Lien, 4.50%  (LIBOR06M+375bps), 12/1/27 (b)		6,500,000		6,491,875
Park River Holdings, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 1/20/28 (b)		10,000,000		9,931,300
Peraton Corp., Term Loan B, First Lien, 4.50%  (LIBOR02M+375bps), 2/1/28 (b)		4,166,807		4,163,349
Peraton Corp., Term Loan B, First Lien, 2/24/28 (b)(c)		7,333,193		7,327,106
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 3/4/28 (b)(c)		18,350,000		18,266,875
PetSmart, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR06M+375bps), 2/12/28 (b)		8,750,000		8,729,875

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
PetSmart, Inc., Initial Term Loans, First Lien, 2/12/28 (b)(c)	$	9,000,000	$	8,979,300
PG&E CORP, TL, First Lien, 3.50%  (LIBOR01M+300bps), 6/23/25 (b)		10,932,462		10,908,520
Pluto Acquisition I, Inc., 2020 Incremental Term Loans, First Lien, 5.50%  (LIBOR01M+500bps), 6/20/26 (b)		997,500		997,500
Pluto Acquisition I, Inc., Term Loan B Reprice, First Lien, 4.61%  (LIBOR01M+450bps), 6/20/26 (b)		7,417,500		7,398,956
Ply Gem Midco, Inc., Term Loan, First Lien, 3.86%  (LIBOR01M+375bps), 4/14/25 (b)		8,812,437		8,797,015
Presidio Holdings, Inc., Term Loan B, First Lien, 3.72%  (LIBOR03M+350bps), 12/19/26 (b)(c)		3,994,975		3,979,993
Radiology Partners, Inc., Term Loan New, First Lien, 5.29%  (LIBOR12M+425bps), 7/9/25 (b)		4,247,670		4,210,503
Radiology Partners, Inc., Term Loan New, First Lien, 4.36%  (LIBOR01M+425bps), 7/9/25		4,954,132		4,910,784
Rent-A-Center, Initial Term Loans, First Lien, 4.75%  (LIBOR01M+400bps), 1/17/28 (b)		8,200,000		8,234,194
Revint Intermediate II LLC, Initial Term Loans, First Lien, 5.75%  (LIBOR01M+500bps), 10/15/27 (b)		10,000,000		10,016,700
Reynolds Group Holdings Inc., 2017 Incremental US Term Loans, First Lien, 2.86%  (LIBOR01M+275bps), 2/5/23 (b)		1,122,333		1,116,901
Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 3.36%  (LIBOR01M+325bps), 2/16/26 (b)		6,982,500		6,898,710
Robertshaw US Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 9.00%  (LIBOR01M+800bps), 2/15/26 (b)		4,000,000		3,426,680
Robertshaw US Holding Corp., Term Loan B, First Lien, 4.50%  (LIBOR01M+350bps), 2/28/25 (b)		5,945,000		5,579,383
Ryan Specialty Group LLC, TL, First Lien, 4.00%  (LIBOR01M+325bps), 9/1/27 (b)		7,967,481		7,954,176
Sabert Corp., Initial Term Loans, First Lien, 5.50%  (LIBOR01M+450bps), 12/10/26 (b)		7,802,331		7,792,578
Scientific Games International, Inc., Term Loan B-5, First Lien, 8/14/24 (b)(c)		8,000,000		7,839,440
SIWF Holdings, Inc., Initial Term Loan, First Lien, 4.36%  (LIBOR01M+425bps), 6/15/25 (b)		9,851,773		9,798,377
SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.61%  (LIBOR01M+850bps), 5/26/26 (b)		1,500,000		1,492,500
Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00%  (LIBOR03M+900bps), 12/23/25 (b)		5,594,595		6,098,108
Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00%  (LIBOR03M+900bps), 12/23/25 (b)		405,405		441,892
SRS Distribution, Inc., First Amendment Incremental Term Loans, First Lien, 4.36%  (LIBOR01M+425bps), 5/23/25 (b)		2,468,750		2,456,406
SRS Distribution, Inc., Initial Term Loans, First Lien, 3.11%  (LIBOR01M+300bps), 5/19/25 (b)(c)		6,900,000		6,801,399
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.75%  (LIBOR03M+350bps), 4/8/26 (b)		2,974,967		2,878,429
Station Casinos LLC, Term B-1 Facility Loans, First Lien, 2.50%  (LIBOR01M+225bps), 2/8/27 (b)(c)		14,466,382		14,219,729
Surgery Center Holdings, Inc., Initial Term Loans, First Lien, 4.25%  (LIBOR01M+325bps), 8/31/24 (b)(c)		12,044,775		11,914,933

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Tailwind Smith Cooper Intermediate Corp., 2nd Lien Initial Term Loans, Second Lien, 9.12%  (LIBOR01M+900bps), 5/28/27 (b)	$	3,000,000	$	2,529,690
Tailwind Smith Cooper Intermediate Corp., Initial Term Loans, First Lien, 5.12%  (LIBOR01M+500bps), 5/28/26 (b)		4,925,000		4,805,569
Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75%  (LIBOR01M+275bps), 2/6/24 (b)		9,633,387		8,935,544
TENNECO, Inc., Tranche B Term Loan, First Lien, 3.11%  (LIBOR01M+300bps), 10/1/25 (b)		8,356,262		8,128,554
The Enterprise Development Authority, Term Loan B, First Lien, 2/19/28 (b)(c)		11,250,000		11,278,125
The Men’s Wearhouse LLC, Term Loan, First Lien, 3.25%  (LIBOR03M+225bps), 12/1/25 (b)		2,727,093		2,072,590
Thor Industries, Inc., Term Loan B, First Lien, 3.13%  (LIBOR01M+300bps), 2/1/26 (b)		8,753,496		8,754,896
Titan Acquisition Ltd., Initial Term Loan, First Lien, 3.27%  (LIBOR06M+300bps), 3/28/25 (b)		4,842,841		4,737,896
TransDigm, Inc., Tranche F Refinancing Term Loan, First Lien, 2.36%  (LIBOR01M+225bps), 12/9/25 (b)		11,969,697		11,710,313
Traverse Midstream Partners LLC, Advance, First Lien, 6.50%  (LIBOR01M+550bps), 9/27/24 (b)		4,960,764		4,913,636
TRUCK HERO, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR01M+375bps), 1/20/28 (b)		9,000,000		8,971,290
U.S. Renal Care, Inc., Initial Term Loan, First Lien, 6/26/26 (b)		9,937,424		9,872,235
Univision Communications, Inc., 2020 Replacement New First-Lien Term Loans, First Lien, 4.75%  (LIBOR01M+375bps), 3/24/26 (b)(c)		11,882,295		11,862,094
USI, Inc., 2017 New Term Loans, First Lien, 3.25%  (LIBOR03M+300bps), 5/16/24 (b)(c)		12,730,683		12,578,424
Utz Quality Foodz LLC, 2021 New Term Loans, First Lien, 3.11%  (LIBOR01M+300bps), 1/20/28 (b)		7,980,000		7,961,726
Verscend Holding Corp, Term B Loans, First Lien, 4.61%  (LIBOR01M+450bps), 8/10/25 (b)		6,877,731		6,869,959
Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 8/27/25 (b)(c)		1,000,000		998,870
Vertex Aerospace Services Corp., Term Loan, First Lien, 4.09%  (LIBOR01M+400bps), 6/29/27 (b)		6,925,000		6,920,707
Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00%  (LIBOR01M+325bps), 10/30/27 (b)(c)		11,975,000		11,960,031
Welbilt, Inc., Facility TL, First Lien, 2.61%  (LIBOR01M+250bps), 10/23/25 (b)(c)		12,000,000		11,460,000
Westjet Airlines Ltd, Initial Term Loan, First Lien, 4.00%  (LIBOR06M+300bps), 12/11/26 (b)		9,974,747		9,666,129
WHITE CAP BUYER LLC, Initial Closing Date Term Loan, First Lien, 4.50%  (LIBOR06M+400bps), 10/19/27 (b)		7,481,250		7,462,547
Wireco Worldgroup, Inc., Term Loans, First Lien, 6.00%  (LIBOR06M+500bps), 9/30/23 (b)		9,973,890		9,705,892
WP CPP Holdings, LLC, Term Loan Second Lien, Second Lien, 8.75%  (LIBOR03M+775bps), 4/30/26 (b)		2,000,000		1,763,340
WP CPP Holdings, LLC, Term Loans, First Lien, 4.75%  (LIBOR01M+375bps), 4/30/25 (b)		9,912,183		9,627,207

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Zaxby’s Operating Co. LP, Second Lien Initial Loans, 7.25%  (LIBOR01M+650bps), 12/8/28 (b)	$	6,000,000	$	6,060,000
Total Senior Secured Loans (Cost $1,044,134,732)				1,040,595,947
Corporate Bonds (9.9%)
Consumer Discretionary (2.9%):
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (e)		5,000,000		5,274,900
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (e)(f)		10,000,000		5,252,800
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (e)		6,000,000		5,976,480
Michaels Stores, Inc., 8.00%, 7/15/27 (e)		5,000,000		5,533,600
Scientific Games International, Inc.
8.63%, 7/1/25, Callable 7/1/22 @ 104.31 (e)		1,000,000		1,086,810
8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (e)		6,000,000		6,451,679
Tenneco, Inc.
5.00%, 7/15/26, Callable 7/15/21 @ 102.5		3,840,000		3,642,009
7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (e)		2,160,000		2,427,430
				35,645,708
Energy (1.0%):
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24, Callable 4/26/21 @ 102.69		3,000,000		3,031,110
Antero Resources Corp.
5.63%, 6/1/23, Callable 5/10/21 @ 101.41		1,000,000		1,003,230
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (e)		5,000,000		5,510,500
Occidental Petroleum Corp., 5.50%, 12/1/25, Callable 9/1/25 @ 100		1,500,000		1,583,355
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100		2,000,000		2,035,600
				13,163,795
Financials (2.4%):
Capitol Investment Merger Sub 2 LLC, 10.00%, 8/1/24 (e)		2,500,000		2,702,475
Compass Group Diversified Holdings LLC
8.00%, 5/1/26 (e)(f)		5,000,000		5,230,750
5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (e)		4,000,000		4,195,280
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (e)(f)		6,500,000		7,235,605
White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (e)(g)		2,250,000		2,344,635
Wolverine Escrow LLC
9.00%, 11/15/26, Callable 11/15/22 @ 106.75 (e)		4,453,000		4,450,506
13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (e)		4,750,000		3,990,333
				30,149,584
Health Care (2.0%):
Air Methods Corp., 8.00%, 5/15/25, Callable 5/10/21 @ 104 (e)(f)		1,250,000		1,181,013
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 6/30/28, Callable 6/30/23 @ 104.5 (e)		10,000,000		8,211,700
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.38%, 6/1/25, Callable 6/1/22 @ 103.69 (e)(f)		1,196,000		1,286,011
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (e)(f)		2,500,000		2,736,625
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (e)		500,000		552,270
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/26/21 @ 101.59 (e)		4,000,000		3,534,800
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (e)		7,000,000		7,288,610
				24,791,029
Industrials (1.4%):
American Airlines, Inc., 11.75%, 7/15/25 (e)		6,000,000		7,416,840

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Floating Rate Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 5/10/21 @ 100 (e)	$	4,000,000	$	4,005,000
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (e)		4,000,000		4,380,480
SRS Distribution, Inc., 8.25%, 7/1/26, Callable 7/1/21 @ 104.13 (e)(f)		3,000,000		3,158,310
				18,960,630
Information Technology (0.2%):
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (e)		2,500,000		2,750,375
Total Corporate Bonds (Cost $121,355,181)				125,461,121
Yankee Dollars (1.1%)
Energy (0.6%):
Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 5/10/21 @ 109.75 (e)(f)(g)		4,500,000		4,912,740
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (e)		2,000,000		2,092,001
				7,004,741
Industrials (0.3%):
Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 4/20/21 @ 102.5 (e)(f)		4,000,000		4,081,960
Materials (0.2%):
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/10/21 @ 103.88 (e)(f)		2,500,000		2,602,675
Total Yankee Dollars (Cost $12,920,123)				13,689,376
Total Investments (Cost $1,178,602,407) — 92.8%				1,180,096,899
Other assets in excess of liabilities — 7.2%				92,241,502
NET ASSETS - 100.00%			$	1,272,338,401

(a)	Amount represents less than 0.05% of net assets.
(b)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(c)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(d)	Defaulted security.
(e)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $127,855,193 and amounted to 10.0% of net assets.
(f)	All or a portion of the security has been segregated as collateral for securities purchased on a when-issued basis.
(g)	All of the coupon is paid in kind.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

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

LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 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	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (1.2%)
Commonbond Student Loan Trust, Series 2021-AGS, Class A, 1.20%, 8/25/50, Callable 6/25/29 @ 100 (a)	$	300,000	$	299,260
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, 3/26/46, Callable 3/25/24 @ 100 (a)		500,000		497,109
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, 11/25/48, Callable 5/25/21 @ 100 (a)		293,250		294,538
Total Asset-Backed Securities (Cost $1,099,883)				1,090,907
Collateralized Mortgage Obligations (7.3%)
AIMCO CLO, Series 2017-AA, Class DR  (US0003M+315bps), 4/20/34 (a)(b)(c)		400,000		399,958
AIMCO CLO 14 Ltd., Series 2021-14A, Class D  (US0003M+290bps), 4/20/34 (a)(b)(c)		800,000		800,082
Battalion CLO XIX Ltd., Series 2021-19A, Class D  (US0003M+325bps), 4/15/34 (a)(b)(c)(d)		800,000		800,083
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 8/15/50 (d)		590,000		641,112
Grace Trust, Series 2020-GRCE, Class C, 2.68%, 12/10/40, Callable 12/10/30 @ 100 (a)(d)(e)		650,000		640,392
Greywolf CLO II Ltd., Series 2013-1A, Class C2RR  (US0003M+420bps), 4/15/34 (a)(b)(c)		900,000		891,000
GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45, Callable 2/10/22 @ 100 (d)		484,454		488,534
GS Mortgage Securities Trust, Series 2019-GC42, Class A4, 3.00%, 9/1/52, Callable 9/10/29 @ 100 (d)		690,000		726,369
GS Mortgage Securities Trust, Series 2013-GC12, Class AS, 3.38%, 6/10/46, Callable 5/10/23 @ 100		300,000		312,783
Hilton USA Trust, Series 2016-SFP, Class A, 2.83%, 11/5/35 (a)(d)		500,000		500,384
JPMCC Mortgage Securities Trust, Series 2017-JP5, Class B, 4.08%, 3/15/50 (e)		200,000		213,940
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class B, 4.00%, 12/15/50 (e)		150,000		161,962
Total Collateralized Mortgage Obligations (Cost $6,613,715)				6,576,599
Corporate Bonds (64.9%)
Communication Services (10.1%):
AT&T, Inc.
4.30%, 2/15/30, Callable 11/15/29 @ 100 (d)		1,200,000		1,351,056
3.50%, 9/15/53, Callable 3/15/53 @ 100 (a)(d)		1,600,000		1,473,472
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5/1/27, Callable 5/1/22 @ 102.56 (a)(d)		800,000		846,160
Charter Communications Operating LLC/Charter Communications Operating capital, 3.70%, 4/1/51, Callable 10/1/50 @ 100		500,000		467,060
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/1/32, Callable 11/1/31 @ 100 (d)		2,600,000		2,414,932
T-Mobile USA, Inc.
3.50%, 4/15/31, Callable 4/15/26 @ 101.75		960,000		969,974
3.30%, 2/15/51, Callable 8/15/50 @ 100 (a)(d)		600,000		557,640
Verizon Communications, Inc., 3.55%, 3/22/51, Callable 9/22/50 @ 100 (d)		600,000		596,622
ViacomCBS, Inc.
4.38%, 3/15/43		150,000		162,020

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Strategic Income Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
4.95%, 5/19/50, Callable 11/19/49 @ 100 (f)	$	250,000	$	292,595
				9,131,531
Consumer Discretionary (11.3%):
Expedia Group, Inc., 2.95%, 3/15/31, Callable 12/15/30 @ 100 (a)(d)		2,300,000		2,265,753
General Motors Co., 5.95%, 4/1/49, Callable 10/1/48 @ 100		400,000		506,436
Kohl’s Corp.
3.38%, 5/1/31, Callable 2/1/31 @ 100		500,000		500,085
5.55%, 7/17/45, Callable 1/17/45 @ 100 (d)(f)		1,000,000		1,132,900
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100 (d)		2,600,000		2,553,590
MDC Holdings, Inc., 2.50%, 1/15/31, Callable 7/15/30 @ 100		900,000		851,814
Nissan Motor Acceptance Corp., 2.75%, 3/9/28, Callable 1/9/28 @ 100 (a)(d)(f)		2,500,000		2,480,025
				10,290,603
Consumer Staples (5.1%):
BAT Capital Corp.
3.46%, 9/6/29, Callable 6/6/29 @ 100 (d)		1,500,000		1,564,185
2.73%, 3/25/31, Callable 12/25/30 @ 100 (d)		1,300,000		1,262,404
Kraft Heinz Foods Co., 4.25%, 3/1/31, Callable 12/1/30 @ 100 (d)		1,600,000		1,765,280
				4,591,869
Energy (14.7%):
Energy Transfer LP
3.75%, 5/15/30, Callable 2/15/30 @ 100 (d)		1,100,000		1,134,661
5.00%, 5/15/50, Callable 11/15/49 @ 100 (d)		500,000		514,535
Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 (d)		2,100,000		2,289,882
Marathon Petroleum Corp., 4.50%, 4/1/48, Callable 10/1/47 @ 100 (d)		650,000		685,100
MPLX LP
4.80%, 2/15/29, Callable 11/15/28 @ 100 (d)		2,200,000		2,516,426
5.50%, 2/15/49, Callable 8/15/48 @ 100		100,000		118,848
ONEOK, Inc.
3.40%, 9/1/29, Callable 6/1/29 @ 100 (d)		1,900,000		1,952,459
4.45%, 9/1/49, Callable 3/1/49 @ 100		150,000		149,621
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100 (d)		2,500,000		2,745,299
Valero Energy Corp., 4.00%, 4/1/29, Callable 1/1/29 @ 100 (d)		1,200,000		1,299,636
				13,406,467
Financials (6.1%):
Arch Capital Group Ltd., 3.64%, 6/30/50, Callable 12/30/49 @ 100 (d)		700,000		699,853
Bank of America Corp., 2.83% (SOFR+200bps ), 10/24/51, MTN, Callable 10/24/50 @ 100 (b)(d)		1,000,000		910,790
Ford Motor Credit Co. LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100 (d)		1,000,000		992,070
General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100 (d)		1,100,000		1,159,301
Wells Fargo & Co.
3.07% (SOFR+253bps), 4/30/41, Callable 4/30/40 @ 100 (b)		250,000		244,633
3.90%, 5/1/45 (d)		500,000		547,905
Willis North America, Inc., 3.88%, 9/15/49, Callable 3/15/49 @ 100 (d)(f)		850,000		901,876
				5,456,428
Health Care (1.0%):
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 (d)		800,000		902,424
Industrials (5.4%):
Air Lease Corp., 4.63%, 10/1/28, Callable 7/1/28 @ 100 (d)		2,200,000		2,417,294
Boeing Co. (The), 3.75%, 2/1/50, Callable 8/1/49 @ 100		600,000		571,860

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Strategic Income Fund	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
The Boeing Co., 5.15%, 5/1/30, Callable 2/1/30 @ 100 (d)	$	1,600,000	$	1,841,184
				4,830,338
Information Technology (2.6%):
Dell International LLC / EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100 (a)(d)		1,900,000		2,361,966
Materials (4.1%):
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.5 (d)(f)		3,475,000		3,691,110
Real Estate (1.4%):
Simon Property Group LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100		1,300,000		1,241,435
Utilities (3.1%):
FirstEnergy Corp., 2.65%, 3/1/30, Callable 12/1/29 @ 100 (d)(f)		2,900,000		2,808,998
Total Corporate Bonds (Cost $59,857,539)				58,713,169
Residential Mortgage-Backed Securities (0.2%)
Bank of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 9/20/34, Callable 2/20/24 @ 100 (d)		55,199		56,996
Countrywide Home Loans, Inc., Series 2004-5, Class 2A9, 5.25%, 5/25/34, Callable 4/25/21 @ 100 (d)		74,705		77,715
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 10/25/30 @ 100 (d)		1,629		1,619
JPMorgan Mortgage Trust, Series 2005-A1, Class 6T1, 2.59%, 2/25/35, Callable 4/25/21 @ 100 (d)(e)		15,326		15,326
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/21 @ 100 (d)		1,306		958
Total Residential Mortgage-Backed Securities (Cost $150,811)				152,614
Yankee Dollars (8.1%)
Energy (0.6%):
Cenovus Energy, Inc., 5.40%, 6/15/47, Callable 12/15/46 @ 100		500,000		555,015
Financials (3.4%):
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100 (a)(d)		2,950,000		3,110,657
Industrials (3.1%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.65%, 7/21/27, Callable 4/21/27 @ 100 (d)		1,200,000		1,255,032
3.88%, 1/23/28, Callable 10/23/27 @ 100 (d)(f)		1,500,000		1,570,575
				2,825,607
Materials (1.0%):
Teck Resources, Ltd., 6.25%, 7/15/41, Callable 1/15/41 @ 100		700,000		862,652
Total Yankee Dollars (Cost $7,454,695)				7,353,931
U.S. Government Mortgage-Backed Agencies (0.2%)
Federal National Mortgage Association
Series 2018-M1, Class A2, 2.98%, 12/25/27 (e)		65,000		70,842
3.50%, 7/1/43 (d)		60,972		65,875
				136,717
Total U.S. Government Mortgage-Backed Agencies (Cost $125,016)				136,717
U.S. Treasury Obligations (11.7%)
U.S. Treasury Bonds, 1.38%, 8/15/50		500,000		388,984
U.S. Treasury Notes
0.13%, 4/30/22 (d)		2,100,000		2,100,902
0.13%, 6/30/22 (d)		4,500,000		4,501,055

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Strategic Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
0.13%, 11/30/22 (d)	$	3,600,000	$	3,599,016
Total U.S. Treasury Obligations (Cost $10,663,347)				10,589,957
Exchange-Traded Funds (4.6%)
iShares iBoxx High Yield Corporate Bond ETF (d)(f)		30,000		2,615,400
VanEck Vectors Fallen Angel High Yield Bond ETF (d)		48,300		1,542,219
Total Exchange-Traded Funds (Cost $3,967,811)				4,157,619
Collateral for Securities Loaned^ (11.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (g)		204,255		204,255
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (g)		5,260,024		5,260,024
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g)		101,933		101,933
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (g)		812,783		812,783
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)		3,654,432		3,654,432
Total Collateral for Securities Loaned (Cost $10,033,427)				10,033,427
Total Investments (Cost $99,966,244) — 109.3%				98,804,940
Liabilities in excess of other assets — (9.3)%				(8,440,179	)
NET ASSETS - 100.00%			$	90,364,761

^	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 based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $18,218,479 and amounted to 20.2% of net assets.
(b)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(c)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(d)	All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis.
(e)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021.
(f)	All or a portion of this security is on loan.
(g)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

ETF—Exchange-Traded Fund

LIBOR—London InterBank Offered Rate

LLC—Limited Liability Company

LP—Limited Partnership

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

US0003M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

Futures Contracts Purchased
	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Futures		38		6/30/21	$	8,392,836	$	8,387,609	$	(5,227	)
30-Year U.S. Treasury Bond Futures		74		6/21/21	$	11,876,193	$	11,439,938	$	(436,255	)
									$	(441,482	)

Futures Contracts Sold
	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Futures	161	6/21/21	23,876,356	23,133,687		742,669
Ultra Long Term U.S. Treasury Bond Futures	7	6/21/21	1,285,211	1,268,531		16,680
					$	759,349
	Total unrealized appreciation				$	759,349
	Total unrealized depreciation					(441,482	)
	Total net unrealized appreciation (depreciation)				$	317,867