NPORT-P
    false
    
      
      
        
          0000802716
          XXXXXXXX
        
      
      
      
      
        S000046391
        C000155525
        C000144969
        C000144971
        C000144970
      
      
    
  
  
    
      Victory Portfolios
      811-04852
      0000802716
      549300V07N3HJP1EW330
      4900 Tiedeman Road 4th Floor
      Brooklyn
      
      44144
      800-539-3863
      Victory INCORE Total Return Bond Fund
      S000046391
      549300VQYIXD1I5A0C93
      2022-06-30
      2022-03-31
      N
    
    
      71325265.42
      6801317.92
      64523947.50
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1569521.15
      
        
          CAD
          
          
        
        
          JPY
          
          
        
        
          MXN
          
          
        
        
          USD
          
          
        
      
      
      
      
        
        
        
        
        
        
        
        
        
        
      
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        CHURCH & DWIGHT CO., INC.
        POOXSI30AWAQGYJZC921
        CHURCH DWIGHT CO INC
        17136MAA0
        
          
        
        139000.00000000
        PA
        USD
        126938.97000000
        0.196731562339
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-12-15
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CORPORATION
        ZUE8T73ROZOF6FLBAR73
        CAPITAL ONE FINANCIAL CORP
        14040HBT1
        
          
        
        224000.00000000
        PA
        USD
        225373.12000000
        0.349286007338
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-30
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE
        54930036474DURYNB481
        CANADIAN PACIFIC RAILWAY CO
        13645RBH6
        
          
        
        92000.00000000
        PA
        USD
        81811.00000000
        0.126791684591
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2051-12-02
          Fixed
          3.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3136AWD20
        
          
        
        190653.24000000
        PA
        USD
        193212.65000000
        0.299443319087
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2050-12-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3137BEWK6
        
          
        
        181713.80000000
        PA
        USD
        180374.37000000
        0.279546396320
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2037-04-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE SOUTHERN COMPANY
        549300FC3G3YU2FBZD92
        SOUTHERN CO
        842587602
        
          
        
        5037.00000000
        NS
        USD
        275070.57000000
        0.426307720865
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ARES CAPITAL CORPORATION
        WEQ82666OJYSI5GUAB47
        ARES CAPITAL CORP
        04010LAW3
        
          
        
        345000.00000000
        PA
        USD
        388269.90000000
        0.601745421728
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-01
          Fixed
          4.62500000
          N
          N
          N
          N
          N
          
            
              ARES CAPITAL CORPORATION
              ARES CAPITAL CORPORATION
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        ALLEGHANY CORPORATION
        549300DCJE6AYX159479
        ALLEGHANY CORP
        017175AE0
        
          
        
        130000.00000000
        PA
        USD
        130852.80000000
        0.202797263760
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iberdrola International B.V.
        549300ZMLFJKWC63XN87
        IBERDROLA INTERNATIONAL
        29266MAE9
        
          
        
        50000.00000000
        PA
        USD
        61108.50000000
        0.094706697850
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2033-09-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC
        3137B8Q75
        
          
        
        139295.07000000
        PA
        USD
        141701.00000000
        0.219609936295
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-07-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWCREST FINANCE PTY LIMITED
        549300I0XDZ4K7PDSS04
        NEWCREST FINANCE PTY LTD
        65120FAB0
        
          
        
        155000.00000000
        PA
        USD
        177216.15000000
        0.274651748484
        Long
        DBT
        CORP
        AU
        
        Y
        
        2
        
          2041-11-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TYSON FOODS, INC.
        WD6L6041MNRW1JE49D58
        TYSON FOODS INC
        902494BH5
        
          
        
        135000.00000000
        PA
        USD
        156955.05000000
        0.243250848841
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-09-28
          Fixed
          5.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND
        N/A
        Goldman Sachs Financial Sq Prime Obligations- FPOXX 0.2% 7/30/2020 - Extendable
        38141W364
        
          
        
        22183.94000000
        NS
        USD
        22183.94000000
        0.034380940502
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        VIATRIS INC.
        254900ZZTSW7NL773X71
        VIATRIS INC
        92556VAC0
        
          
        
        95000.00000000
        PA
        USD
        86481.35000000
        0.134029849925
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-22
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HILLENBRAND, INC.
        U246OE781574J2BUD366
        HILLENBRAND INC
        431571AB4
        
          
        
        420000.00000000
        PA
        USD
        429370.20000000
        0.665443167437
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-09-15
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONTINENTAL RESOURCES, INC.
        XXRTID9RYWOZ0UPIVR53
        CONTINENTAL RESOURCES INC OK
        212015AU5
        
          
        
        267000.00000000
        PA
        USD
        249834.57000000
        0.387196660588
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-11-15
          Fixed
          2.26800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGIONS FINANCIAL CORPORATION
        CW05CS5KW59QTC0DG824
        REGIONS FINANCIAL CORP
        7591EPAT7
        
          
        
        228000.00000000
        PA
        USD
        204611.76000000
        0.317109798652
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-08-12
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN DIGITAL CORPORATION
        549300QQXOOYEF89IC56
        WESTERN DIGITAL CORP
        958102AP0
        
          
        
        430000.00000000
        PA
        USD
        415444.50000000
        0.643860947906
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-01
          Fixed
          1.50000000
          N
          N
          N
          N
          N
          
            
              WESTERN DIGITAL CORPORATION
              WESTERN DIGITAL CORPORATION
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        KITE REALTY GROUP, L.P.
        549300X6R2GYI8Y3OD81
        KITE REALTY GROUP LP
        49803XAB9
        
          
        
        185000.00000000
        PA
        USD
        194053.90000000
        0.300747098586
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-04-01
          Fixed
          0.75000000
          N
          N
          N
          N
          N
          
            
              KITE REALTY GROUP, L.P.
              KITE REALTY GROUP, L.P.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        ACUITY BRANDS LIGHTING, INC.
        549300OTPVPFLUC38K21
        ACUITY BRANDS LIGHTING
        00510RAD5
        
          
        
        107000.00000000
        PA
        USD
        94042.30000000
        0.145747902358
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-12-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SANTANDER DRIVE AUTO RECEIVABLES TRUST
        N/A
        SANTANDER DRIVE AUTO RECEIVABLES TRUST 2021 4
        80285VAE9
        
          
        
        283000.00000000
        PA
        USD
        270138.99000000
        0.418664698095
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2027-02-16
          Fixed
          1.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE
        3136AFC51
        
          
        
        178422.34000000
        PA
        USD
        177844.00000000
        0.275624798064
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2042-09-25
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COMMERCIAL MORTGAGE TRUST
        N/A
        WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015 P2
        95000AAU1
        
          
        
        163000.00000000
        PA
        USD
        165106.88000000
        0.255884654298
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-12-15
          Fixed
          3.80900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROCKWELL AUTOMATION, INC.
        VH3R4HHBHH12O0EXZJ88
        ROCKWELL AUTOMATION
        773903AE9
        
          
        
        155000.00000000
        PA
        USD
        190569.40000000
        0.295346778031
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2037-12-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140XAD82
        
          
        
        422711.94000000
        PA
        USD
        392914.13000000
        0.608943105968
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F030645
        
          
        
        500000.00000000
        PA
        USD
        488904.50000000
        0.757710150948
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-04-25
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST 2015 GC33
        29425AAD5
        
          
        
        143000.00000000
        PA
        USD
        144466.68000000
        0.223896220856
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2058-09-10
          Fixed
          3.77800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31418DPR7
        
          
        
        31869.71000000
        PA
        USD
        33152.44000000
        0.051380055443
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2050-05-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CCB5
        
          
        
        1304000.00000000
        PA
        USD
        1228205.00000000
        1.903487073539
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2031-05-15
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        B.A.T CAPITAL CORPORATION
        2138005GYEXN7XRHFA84
        BAT CAPITAL CORP
        05526DBQ7
        
          
        
        167000.00000000
        PA
        USD
        165107.89000000
        0.255886219608
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-04-02
          Fixed
          5.28200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CREDIT SUISSE FIRST BOSTON CORPORATION
        N/A
        CREDIT SUISSE FIRST BOSTON MORTGAGE
        22540V2L5
        
          
        
        79290.03000000
        PA
        USD
        79913.46000000
        0.123850853979
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2032-10-25
          Floating
          1.77657000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NETAPP, INC.
        QTX3D84DZDD5JYOCYH15
        NETAPP INC
        64110DAD6
        
          
        
        150000.00000000
        PA
        USD
        150679.50000000
        0.233524924990
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-12-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CCE9
        
          
        
        419000.00000000
        PA
        USD
        390095.55000000
        0.604574836342
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2028-05-31
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CFCRE COMMERCIAL MORTGAGE TRUST
        N/A
        CFCRE COMMERCIAL MORTGAGE TRUST 2016 C3
        12531WBA9
        
          
        
        157733.76400000
        PA
        USD
        158020.96000000
        0.244902809146
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-01-10
          Fixed
          3.59700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEMPFUND
        N/A
        Blackrock Liquidity Funds Temp Fund Portfolio - TMPXX 1.67% 1/30/2020 - Extendable
        09248U619
        
          
        
        44452.39000000
        NS
        USD
        44452.39000000
        0.068892855633
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY
        6174824M3
        
          
        
        303000.00000000
        PA
        USD
        308135.85000000
        0.477552694679
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-11-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MSILF PRIME PORTFOLIO
        N/A
        Morgan Stanley Institutional Liquidity Fund - MPFXX 0.25% 7/31/2020 - Extendable
        61747C715
        
          
        
        795322.21000000
        NS
        USD
        795322.20999999
        1.232600051322
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST 2016 P4
        29429EAD3
        
          
        
        244000.00000000
        PA
        USD
        238366.59000000
        0.369423445457
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-07-10
          Fixed
          2.90200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DANAHER CORPORATION
        S4BKK9OTCEWQ3YHPFM11
        DANAHER CORP PFD
        235851409
        
          
        
        39.00000000
        NS
        USD
        61590.36000000
        0.095453490349
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140H2ZD3
        
          
        
        619472.58000000
        PA
        USD
        627447.45000000
        0.972425702875
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-11-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST
        N/A
        WESTLAKE AUTOMOBILE RECEIVABLES
        96042WAF4
        
          
        
        310000.00000000
        PA
        USD
        306421.21000000
        0.474895324716
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2027-03-15
          Fixed
          3.11000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CANADIAN NATURAL RESOURCES LIMITED
        N/A
        CANADIAN NATL RESOURCES
        136385AW1
        
          
        
        140000.00000000
        PA
        USD
        140667.80000000
        0.218008670346
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2023-01-15
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSAIL COMMERCIAL MORTGAGE TRUST
        N/A
        CSAIL 2015 C4 COMMERCIAL MORTGAGE TRUST
        12635RAX6
        
          
        
        158000.00000000
        PA
        USD
        159467.41000000
        0.247144534980
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-11-15
          Fixed
          3.80790000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CENTERPOINT ENERGY
        N/A
        CENTERPOINT ENERGY
        15189T206
        
          
        
        1045.00000000
        NS
        USD
        53232.30000000
        0.082500067126
        Long
        EP
        CORP
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LUMEN TECHNOLOGIES, INC.
        8M3THTGWLTYZVE6BBY25
        CENTURYLINK INC
        156700AX4
        
          
        
        115000.00000000
        PA
        USD
        119570.10000000
        0.185311197830
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-12-01
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DRIVE AUTO RECEIVABLES TRUST
        N/A
        DRIVE AUTO RECEIVABLES TRUST
        262108AE3
        
          
        
        298000.00000000
        PA
        USD
        294022.63000000
        0.455679854367
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2027-06-15
          Fixed
          1.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINOR ASA
        OW6OFBNCKXC4US5C7523
        STATOIL ASA
        85771PAL6
        
          
        
        100000.00000000
        PA
        USD
        103538.00000000
        0.160464453914
        Long
        DBT
        CORP
        NO
        
        N
        
        2
        
          2043-05-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NORFOLK SOUTHERN CORPORATION
        54930036C8MWP850MI84
        NORFOLK SOUTHERN CORP
        655844CK2
        
          
        
        239000.00000000
        PA
        USD
        222334.53000000
        0.344576763534
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-05-15
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK
        N/A
        BANK
        06540JBP6
        
          
        
        290000.00000000
        PA
        USD
        269507.09000000
        0.417685371776
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2063-03-15
          Fixed
          2.68700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE CO
        46625HRV4
        
          
        
        425000.00000000
        PA
        USD
        422275.75000000
        0.654448102388
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-01
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOOKING HOLDINGS INC.
        FXM8FAOHMYDIPD38UZ17
        BOOKING HOLDINGS INC
        09857LAN8
        
          
        
        305000.00000000
        PA
        USD
        445498.25000000
        0.690438615833
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          0.75000000
          N
          N
          N
          N
          N
          
            
              BOOKING HOLDINGS INC.
              BOOKING HOLDINGS INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31416VQQ0
        
          
        
        72114.71000000
        PA
        USD
        80044.96000000
        0.124054654281
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2037-02-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Compagnie des chemins de fer nationaux du Canada
        3SU7BEP7TH9YEQOZCS77
        CANADIAN NATL RAILWAY
        136375CK6
        
          
        
        85000.00000000
        PA
        USD
        79902.55000000
        0.123833945528
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2046-08-02
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST
        N/A
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021 1
        96043FAE3
        
          
        
        332000.00000000
        PA
        USD
        321539.67000000
        0.498326098228
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2026-03-16
          Fixed
          0.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL PLC
        TINT358G1SSHR3L3PW36
        ANGLO AMERICAN CAPITAL
        034863BA7
        
          
        
        300000.00000000
        PA
        USD
        275205.00000000
        0.426516062117
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2031-03-17
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F020646
        
          
        
        1400000.00000000
        PA
        USD
        1298481.80000000
        2.012402914437
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-04-25
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OKLAHOMA GAS AND ELECTRIC COMPANY
        549300VJ8YXGPO8EV472
        OKLAHOMA G E CO
        678858BM2
        
          
        
        190000.00000000
        PA
        USD
        215490.40000000
        0.333969647470
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2041-05-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NORFOLK SOUTHERN CORPORATION
        54930036C8MWP850MI84
        NORFOLK SOUTHERN CORP
        655844CL0
        
          
        
        125000.00000000
        PA
        USD
        108165.00000000
        0.167635434890
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-08-25
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC.
        2S72QS2UO2OESLG6Y829
        VERIZON COMMUNICATIONS
        92343VGB4
        
          
        
        205000.00000000
        PA
        USD
        193356.00000000
        0.299665484663
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-03-22
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABBVIE INC.
        FR5LCKFTG8054YNNRU85
        ABBVIE INC
        00287YAW9
        
          
        
        142000.00000000
        PA
        USD
        151204.44000000
        0.234338483397
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-05-14
          Fixed
          4.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        5 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        15.00000000
        NC
        USD
        -31223.93000000
        -0.04839122714
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US 5-Year Note (consolidated) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-30
            1751536.43000000
            USD
            -31223.93000000
          
        
        
          N
          N
          N
        
      
      
        Highwoods Realty Limited Partnership
        JUJNVZX73BIYHLR58F51
        HIGHWOODS REALTY LP
        431282AM4
        
          
        
        630000.00000000
        PA
        USD
        632961.00000000
        0.980970669843
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-01-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PLAINS ALL AMERICAN PIPELINE, L.P.
        5521FA2ITF25TVH63740
        PLAINS ALL AMER PIPELINE
        72650RBB7
        
          
        
        245000.00000000
        PA
        USD
        245411.60000000
        0.380341887792
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-01-31
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Suntory Holdings Limited
        54930074QUY8RD0UZM08
        SUNTORY HOLDINGS LTD
        86803UAD3
        
          
        
        200000.00000000
        PA
        USD
        194632.00000000
        0.301643045010
        Long
        DBT
        CORP
        JP
        
        Y
        
        2
        
          2024-10-16
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        06051GKD0
        
          
        
        340000.00000000
        PA
        USD
        309661.80000000
        0.479917630582
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-10-20
          Fixed
          2.57200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F032658
        
          
        
        600000.00000000
        PA
        USD
        598614.60000000
        0.927740200644
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-05-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YUM! Brands, Inc.
        549300JE8XHZZ7OHN517
        YUM BRANDS INC
        988498AN1
        
          
        
        171000.00000000
        PA
        USD
        156018.69000000
        0.241799666705
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-03-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140J9EB3
        
          
        
        50676.73000000
        PA
        USD
        52440.47000000
        0.081272879344
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2048-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL PLC
        TINT358G1SSHR3L3PW36
        ANGLO AMERICAN CAPITAL
        034863AY6
        
          
        
        200000.00000000
        PA
        USD
        188646.00000000
        0.292365869276
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2050-09-10
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        AerCap Ireland Capital Designated Activity Company
        549300TI38531ODB1G63
        AERCAP IRELAND CAP GLOBA
        00774MAN5
        
          
        
        150000.00000000
        PA
        USD
        159079.50000000
        0.246543347336
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2025-07-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COMMERCIAL MORTGAGE TRUST
        N/A
        WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015 C28
        94989JAZ9
        
          
        
        193000.00000000
        PA
        USD
        193700.86000000
        0.300199952893
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-05-15
          Fixed
          3.54000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BROADCOM INC.
        549300WV6GIDOZJTV909
        BROADCOM INC
        11135FBD2
        
          
        
        315000.00000000
        PA
        USD
        335887.65000000
        0.520562772449
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CANADIAN DOLLAR FUTURE JUN22
        N/A
        CANADIAN DOLLAR FUTURE JUN22
        N/A
        
          
          
        
        -13.00000000
        NC
        USD
        -27560.26000000
        -0.04271322674
        N/A
        DFE
        
        CA
        
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                Currency Futures
                CAD/USD Future (Globex) (IMM) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-14
            -1013609.74000000
            USD
            -27560.26000000
          
        
        
          N
          N
          N
        
      
      
        CENTENE CORPORATION
        549300Z7JJ4TQSQGT333
        CENTENE CORP
        15135BAR2
        
          
        
        168000.00000000
        PA
        USD
        168646.80000000
        0.261370865444
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31394CJS2
        
          
        
        252883.88000000
        PA
        USD
        270730.34000000
        0.419581179530
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2035-03-25
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CFCRE COMMERCIAL MORTGAGE TRUST
        N/A
        CFCRE COMMERCIAL MORTGAGE TRUST 2016 C4
        12531YAN8
        
          
        
        163000.00000000
        PA
        USD
        161020.71000000
        0.249551858246
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2058-05-10
          Fixed
          3.28300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140X4S72
        
          
        
        414320.09000000
        PA
        USD
        419692.67000000
        0.650444813532
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-08-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECOPETROL S.A.
        254900IDGKCJICKBPA66
        ECOPETROL SA
        279158AC3
        
          
        
        325000.00000000
        PA
        USD
        332894.25000000
        0.515923564657
        Long
        DBT
        CORP
        CO
        
        N
        
        2
        
          2023-09-18
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        BARCLAYS BANK PLC
        06738G8A1
        
          
        
        110000.00000000
        PA
        USD
        175815.20000000
        0.272480539105
        Long
        DBT
        RF
        GB
        
        N
        
        2
        
          2025-02-04
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              BARCLAYS BANK PLC
              BARCLAYS BANK PLC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        JPMORGAN PRIME MONEY MARKET FUND
        N/A
        JPMorgan Prime Money Market Fund - CJPXX 1.67% 1/31/2020 - Extendable
        4812A0367
        
          
        
        176887.83000000
        NS
        USD
        176887.83000000
        0.274142914148
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        UNIVERSAL HEALTH SERVICES, INC.
        549300YGMGQDO0NMJD09
        UNIVERSAL HEALTH SERVICES INC
        913903AX8
        
          
        
        394000.00000000
        PA
        USD
        361349.22000000
        0.560023423861
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-09-01
          Fixed
          1.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARRIOTT INTERNATIONAL, INC.
        225YDZ14ZO8E1TXUSU86
        MARRIOTT INTERNATIONAL
        571900BB4
        
          
        
        326000.00000000
        PA
        USD
        329615.34000000
        0.510841869989
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-04-15
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MOTORS FINANCIAL COMPANY, INC.
        5493008B6JBRUJ90QL97
        GENERAL MOTORS FINL CO
        37045XCL8
        
          
        
        110000.00000000
        PA
        USD
        111756.70000000
        0.173201895311
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-19
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLOBE LIFE INC.
        5493001JFHKQOPP6XA71
        GLOBE LIFE INC
        37959EAA0
        
          
        
        250000.00000000
        PA
        USD
        223995.00000000
        0.347150180171
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-08-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140J9QR5
        
          
        
        264999.82000000
        PA
        USD
        263130.60000000
        0.407803009882
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2048-05-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WJ5W4
        
          
        
        13508.32000000
        PA
        USD
        13951.38000000
        0.021622018708
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sensata Technologies B.V.
        PUCKW5P5O3XMOZVH7T53
        SENSATA TECHNOLOGIES BV
        81725WAK9
        
          
        
        200000.00000000
        PA
        USD
        190384.00000000
        0.295059442852
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2029-04-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST
        N/A
        MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST
        61691GAS9
        
          
        
        158000.00000000
        PA
        USD
        159524.53000000
        0.247233060252
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-12-15
          Variable
          3.72000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHASE AUTO CREDIT LINKED NOTES
        N/A
        JPMORGAN CHASE BANK NA CACLN
        48128U2N8
        
          
        
        184348.16000000
        PA
        USD
        180810.09000000
        0.280221680485
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2028-12-26
          Fixed
          0.96900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31418DP89
        
          
        
        349059.86000000
        PA
        USD
        346870.34000000
        0.537583879225
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-06-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WHST0
        
          
        
        420980.65000000
        PA
        USD
        418011.19000000
        0.647838835340
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2046-08-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOLOGIC, INC.
        549300DYP6F5ZJL0LB74
        HOLOGIC INC
        436440AP6
        
          
        
        260000.00000000
        PA
        USD
        242717.80000000
        0.376167003731
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-02-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLOCK, INC.
        549300OHIIUWSTIZME52
        SQUARE INC
        852234AK9
        
          
        
        55000.00000000
        PA
        USD
        50226.00000000
        0.077840866757
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-11-01
          Fixed
          0.25000000
          N
          N
          N
          N
          N
          
            
              BLOCK, INC.
              BLOCK, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140X92S3
        
          
        
        561815.93000000
        PA
        USD
        522316.17000000
        0.809491964204
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMCAST CORPORATION
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP
        20030NCZ2
        
          
        
        150000.00000000
        PA
        USD
        141246.00000000
        0.218904771751
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-02-01
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NCR CORPORATION
        549300YKTY8JX1DV2R67
        NCR CORP
        62886EAZ1
        
          
        
        87000.00000000
        PA
        USD
        82408.14000000
        0.127717139438
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-10-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUMANA INC.
        529900YLDW34GJAO4J06
        HUMANA INC
        444859BJ0
        
          
        
        135000.00000000
        PA
        USD
        135849.15000000
        0.210540667865
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-12-15
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        S P500 MIC EMINI FUTURE JUN22
        N/A
        S P500 MIC EMINI FUTURE JUN22
        N/A
        
          
          
        
        -85.00000000
        NC
        USD
        -137039.28000000
        -0.21238514584
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              NEW YORK MERCANTILE EXCHANGE, INC.
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX MISO Michigan Hub 5 MW Peak Calendar Month Day Ahead Electronic Energy Future Jun 2022
                HWAM22
              
            
            2022-05-31
            -1788529.47000000
            USD
            -137039.28000000
          
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CBW0
        
          
        
        542000.00000000
        PA
        USD
        504864.53000000
        0.782445199900
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2026-04-30
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST
        N/A
        JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRU
        46590MAR1
        
          
        
        376000.00000000
        PA
        USD
        366092.34000000
        0.567374369027
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-08-15
          Fixed
          2.82180000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY
        61761J3R8
        
          
        
        545000.00000000
        PA
        USD
        540171.30000000
        0.837164062226
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-27
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31418ACN6
        
          
        
        111991.16000000
        PA
        USD
        114456.33000000
        0.177385814778
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2032-02-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        17328RBB4
        
          
        
        257000.00000000
        PA
        USD
        245512.41000000
        0.380498124359
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2053-01-15
          Variable
          2.91800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARATHON OIL CORPORATION
        1FRVQX2CRLGC1XLP5727
        MARATHON OIL CORP
        565849AE6
        
          
        
        255000.00000000
        PA
        USD
        310735.35000000
        0.481581431452
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2037-10-01
          Fixed
          6.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGENCY CENTERS, L.P.
        5493008PTR2GAOYBXW28
        REGENCY CENTERS LP
        75884RAY9
        
          
        
        114000.00000000
        PA
        USD
        122684.52000000
        0.190137963893
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-03-15
          Fixed
          4.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VODAFONE GROUP PUBLIC LIMITED COMPANY
        213800TB53ELEUKM7Q61
        VODAFONE GROUP PLC
        92857WBM1
        
          
        
        193000.00000000
        PA
        USD
        217231.15000000
        0.336667483030
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2048-05-30
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F022642
        
          
        
        2000000.00000000
        PA
        USD
        1907594.00000000
        2.956412423464
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-04-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES COMPANY
        FY8JBF7CCL2VE4F1B628
        PIONEER NATURAL RESOURCE
        723787AQ0
        
          
        
        251000.00000000
        PA
        USD
        222473.85000000
        0.344792683367
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-08-15
          Fixed
          1.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSAIL COMMERCIAL MORTGAGE TRUST
        N/A
        CSAIL 2015 C2 COMMERCIAL MORTGAGE TRUST
        12634NAT5
        
          
        
        212000.00000000
        PA
        USD
        212013.95000000
        0.328581802903
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2057-06-15
          Fixed
          3.50400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CORPORATION
        ZUE8T73ROZOF6FLBAR73
        CAPITAL ONE FINANCIAL CO
        14040HCG8
        
          
        
        395000.00000000
        PA
        USD
        338127.90000000
        0.524034739195
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-07-29
          Fixed
          2.35900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        06051GFH7
        
          
        
        160000.00000000
        PA
        USD
        163964.80000000
        0.254114644799
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-26
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE
        31397QHQ4
        
          
        
        315129.79000000
        PA
        USD
        322613.56000000
        0.499990426035
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-05-25
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANTHEM, INC.
        8MYN82XMYQH89CTMTH67
        ANTHEM INC
        036752AJ2
        
          
        
        148000.00000000
        PA
        USD
        146027.16000000
        0.226314671773
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC SERVICE ELECTRIC AND GAS COMPANY
        549300RUHPVD434XUK18
        PUB SVC ELEC GAS
        74456QAZ9
        
          
        
        159000.00000000
        PA
        USD
        162214.98000000
        0.251402752443
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2042-05-01
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        10 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        -25.00000000
        NC
        USD
        101759.00000000
        0.157707338039
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Short
            
              
                United States of America
                US 10 Year Treasury Note Future (consolidated) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-21
            -3173634.00000000
            USD
            101759.00000000
          
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY BOND
        912810SN9
        
          
        
        3000000.00000000
        PA
        USD
        2239218.75000000
        3.470368501555
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2050-05-15
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RIO TINTO FINANCE (USA) LIMITED
        213800RX94ZKEZXPKH58
        RIO TINTO FINANCE USA LTD
        767201AL0
        
          
        
        75000.00000000
        PA
        USD
        89944.50000000
        0.139397081990
        Long
        DBT
        CORP
        AU
        
        N
        
        2
        
          2040-11-02
          Fixed
          5.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZIONS BANCORPORATION, NATIONAL ASSOCIATION
        8WH0EE09O9V05QJZ3V89
        ZIONS BANCORP NA
        98971DAB6
        
          
        
        250000.00000000
        PA
        USD
        240860.00000000
        0.373287762655
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-29
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MOTORS COMPANY
        54930070NSV60J38I987
        GENERAL MOTORS CO
        37045VAE0
        
          
        
        229000.00000000
        PA
        USD
        235975.34000000
        0.365717457072
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-10-02
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHYSICIANS REALTY L.P.
        549300P6Q1UMT0X60U20
        PHYSICIANS REALTY LP
        71951QAB8
        
          
        
        138000.00000000
        PA
        USD
        139505.58000000
        0.216207447630
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WJXK9
        
          
        
        739692.33000000
        PA
        USD
        734474.78000000
        1.138297962938
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-02-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST
        N/A
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015 C3
        46644YAU4
        
          
        
        161257.27000000
        PA
        USD
        162005.88000000
        0.251078686715
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-08-15
          Fixed
          3.80140000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140QLHL3
        
          
        
        1926775.70000000
        PA
        USD
        1844431.18000000
        2.858521915448
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-07-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VISHAY INTERTECHNOLOGY, INC.
        5493009O8F3QQJTCQR75
        VISHAY INTERTECHNOLOGY
        928298AP3
        
          
        
        105000.00000000
        PA
        USD
        105718.20000000
        0.163843354438
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          2.25000000
          N
          N
          N
          N
          N
          
            
              VISHAY INTERTECHNOLOGY, INC.
              VISHAY INTERTECHNOLOGY, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        SVB FINANCIAL GROUP
        549300D2KJ20JMXE7542
        SVB FINANCIAL GROUP
        78486QAE1
        
          
        
        373000.00000000
        PA
        USD
        359049.80000000
        0.556459754729
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-06-05
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEXICAN PESO CURRENCY FUTURE JUN22
        N/A
        MEXICAN PESO CURRENCY FUTURE JUN22
        N/A
        
          
          
        
        29.00000000
        NC
        USD
        43934.42000000
        0.068090099416
        N/A
        DFE
        
        US
        
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                Currency Futures
                MXN/USD Future (Consolidated) (GEM) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-13
            677150.58000000
            USD
            43934.42000000
          
        
        
          N
          N
          N
        
      
      
        VISA INC.
        549300JZ4OKEHW3DPJ59
        VISA INC
        92826CAQ5
        
          
        
        287000.00000000
        PA
        USD
        222709.13000000
        0.345157323178
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-08-15
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TotalEnergies Capital International SA
        549300U37G2I8G4RUG09
        TOTAL CAPITAL INTL SA
        89153VAX7
        
          
        
        195000.00000000
        PA
        USD
        178210.50000000
        0.276192804229
        Long
        DBT
        CORP
        FR
        
        N
        
        2
        
          2041-06-29
          Fixed
          2.98600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST
        N/A
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021 2
        96042RAE8
        
          
        
        337000.00000000
        PA
        USD
        321120.16000000
        0.497675936519
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2026-07-15
          Fixed
          0.89000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COMMERCIAL MORTGAGE TRUST
        N/A
        WF RBS COMMERCIAL MORTGAGE TRUST
        92890NAW9
        
          
        
        270000.00000000
        PA
        USD
        269628.23000000
        0.417873116024
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2045-12-15
          Fixed
          3.24100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSAIL COMMERCIAL MORTGAGE TRUST
        N/A
        CSAIL 2015 C3 COMMERCIAL MORTGAGE TRUST
        12635FAT1
        
          
        
        160000.00000000
        PA
        USD
        160612.51000000
        0.248919224912
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-08-15
          Fixed
          3.71820000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STORE CAPITAL CORPORATION
        5493004EA6C9IHDZ7N66
        STORE CAPITAL CORP
        862121AC4
        
          
        
        184000.00000000
        PA
        USD
        167007.60000000
        0.258830413312
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-11-18
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        312934HF2
        
          
        
        452315.55000000
        PA
        USD
        488137.28000000
        0.756521104044
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE FINANCIAL COMPANY LLC
        549300NJFDJOFYVV6789
        JPMORGAN CHASE FINANCIAL
        48129KAE0
        
          
        
        265000.00000000
        PA
        USD
        290387.00000000
        0.450045310696
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2023-05-01
          Fixed
          0.25000000
          N
          N
          N
          N
          N
          
            
              JPMORGAN CHASE FINANCIAL COMPANY LLC
              JPMORGAN CHASE FINANCIAL COMPANY LLC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO COMPANY
        94974BGQ7
        
          
        
        155000.00000000
        PA
        USD
        171569.50000000
        0.265900501515
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2045-11-17
          Fixed
          4.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIVERSAL HEALTH SERVICES, INC.
        549300YGMGQDO0NMJD09
        UNIVERSAL HEALTH SERVICES INC
        913903AV2
        
          
        
        102000.00000000
        PA
        USD
        92747.58000000
        0.143741329527
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-10-15
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Suntory Holdings Limited
        54930074QUY8RD0UZM08
        SUNTORY HOLDINGS LTD
        86803UAC5
        
          
        
        574000.00000000
        PA
        USD
        575004.50000000
        0.891148979996
        Long
        DBT
        CORP
        JP
        
        Y
        
        2
        
          2022-06-28
          Fixed
          2.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAXTER INTERNATIONAL INC.
        J5OIVXX3P24RJRW5CK77
        BAXTER INTERNATIONAL INC
        071813CQ0
        
          
        
        390000.00000000
        PA
        USD
        356623.80000000
        0.552699910370
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2032-02-01
          Fixed
          2.53900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN ELECTRIC POWER COMPANY, INC.
        1B4S6S7G0TW5EE83BO58
        AMERICAN ELECTRIC POWER PFD
        02557T307
        
          
        
        1615.00000000
        NS
        USD
        90230.05000000
        0.139839630859
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        06051GGA1
        
          
        
        205000.00000000
        PA
        USD
        204434.20000000
        0.316834614001
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-21
          Fixed
          3.24800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC HOLDINGS PLC
        MLU0ZO3ML4LN2LL2TL39
        HSBC HOLDINGS PLC
        404280CY3
        
          
        
        340000.00000000
        PA
        USD
        309529.20000000
        0.479712125486
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2032-11-22
          Fixed
          2.87100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        BARCLAYS BANK PLC
        06739GCF4
        
          
        
        65000.00000000
        PA
        USD
        72132.45000000
        0.111791749877
        Long
        DBT
        RF
        GB
        
        N
        
        2
        
          2025-02-18
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              BARCLAYS BANK PLC
              BARCLAYS BANK PLC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        NXP B.V.
        724500RKKW4NOJ9YQF60
        NXP BV NXP FUNDING LLC
        62947QAV0
        
          
        
        300000.00000000
        PA
        USD
        304467.00000000
        0.471866666248
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2023-06-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIR LEASE CORPORATION
        5493004NW4M4P8TMMK63
        AIR LEASE CORP
        00914AAL6
        
          
        
        282000.00000000
        PA
        USD
        269090.04000000
        0.417039022604
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-15
          Fixed
          0.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CBR1
        
          
        
        800000.00000000
        PA
        USD
        768500.00000000
        1.191030663460
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2024-03-15
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EOG RESOURCES, INC.
        XWTZDRYZPBUHIQBKDB46
        EOG RESOURCES INC
        26875PAT8
        
          
        
        135000.00000000
        PA
        USD
        165793.50000000
        0.256948786340
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-04-15
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        7-ELEVEN, INC.
        549300K23JPL0SS3LB18
        7 ELEVEN INC
        817826AB6
        
          
        
        368000.00000000
        PA
        USD
        353533.92000000
        0.547911176699
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-02-10
          Fixed
          0.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        APPLE INC.
        HWUPKR0MPOU8FGXBT394
        APPLE INC
        037833BX7
        
          
        
        117000.00000000
        PA
        USD
        137928.96000000
        0.213763982744
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-02-23
          Fixed
          4.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COMMERCIAL MORTGAGE TRUST
        N/A
        WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015 C30
        94989NBE6
        
          
        
        181000.00000000
        PA
        USD
        182268.55000000
        0.282482019563
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2058-09-15
          Fixed
          3.66400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967JL6
        
          
        
        108000.00000000
        PA
        USD
        109382.40000000
        0.169522176243
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-26
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO COMPANY
        94974BGL8
        
          
        
        410000.00000000
        PA
        USD
        426014.60000000
        0.660242617673
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-22
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140J92D2
        
          
        
        514773.75000000
        PA
        USD
        531594.64000000
        0.823871850060
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-07-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MORTGAGE SECURITIES TRUST
        N/A
        GS MORTGAGE SECURITIES TRUST 2015 GC30
        36250GAP0
        
          
        
        162000.00000000
        PA
        USD
        161424.32000000
        0.250177377941
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2050-05-10
          Fixed
          3.38200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967KJ9
        
          
        
        232000.00000000
        PA
        USD
        240785.84000000
        0.373172828584
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-09
          Fixed
          4.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DELTA AIR LINES, INC.
        Q2CCMS6R0AS67HJMBN42
        DELTA AIR LINES INC
        247361ZP6
        
          
        
        275000.00000000
        PA
        USD
        277849.00000000
        0.430613765532
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-04-19
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WHWW8
        
          
        
        139615.08000000
        PA
        USD
        138630.28000000
        0.214850897025
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2046-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEXAS INSTRUMENTS INCORPORATED
        WDJNR2L6D8RWOEB8T652
        TEXAS INSTRUMENTS INC
        882508BD5
        
          
        
        160000.00000000
        PA
        USD
        178268.80000000
        0.276283158280
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-05-15
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AT&T INC.
        549300Z40J86GGSTL398
        AT T INC
        00206RHA3
        
          
        
        312000.00000000
        PA
        USD
        355873.44000000
        0.551536993300
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-11-15
          Fixed
          5.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VIATRIS INC.
        254900ZZTSW7NL773X71
        VIATRIS INC
        92556VAF3
        
          
        
        190000.00000000
        PA
        USD
        160415.10000000
        0.248613276489
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-06-22
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        2 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        17.00000000
        NC
        USD
        -49983.51000000
        -0.07746505280
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US 2-Year Note (CBT) Consolidated Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-30
            3652655.39000000
            USD
            -49983.51000000
          
        
        
          N
          N
          N
        
      
      
        DTE ENERGY COMPANY
        549300IX8SD6XXD71I78
        DTE ENERGY CO PFD
        233331842
        
          
        
        4475.00000000
        NS
        USD
        238472.75000000
        0.369587973519
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AFLAC INCORPORATED
        549300N0B7DOGLXWPP39
        AFLAC INC
        001055AY8
        
          
        
        35000.00000000
        PA
        USD
        40111.75000000
        0.062165678874
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Reynolds American Inc.
        02S2RPPVO9RP4NEU2740
        REYNOLDS AMERICAN INC
        761713AZ9
        
          
        
        175000.00000000
        PA
        USD
        185431.75000000
        0.287384385464
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2043-09-15
          Fixed
          6.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AKAMAI TECHNOLOGIES, INC.
        OC1LZNN2LF5WTJ5RIL89
        AKAMAI TECHNOLOGIES INC
        00971TAJ0
        
          
        
        130000.00000000
        PA
        USD
        171719.60000000
        0.266133128324
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          0.12500000
          N
          N
          N
          N
          N
          
            
              AKAMAI TECHNOLOGIES, INC.
              AKAMAI TECHNOLOGIES, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        OSHKOSH CORPORATION
        549300FEKNPCFSA2B506
        OSHKOSH CORP
        688225AH4
        
          
        
        140000.00000000
        PA
        USD
        130795.00000000
        0.202707684615
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-01
          Fixed
          3.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ILLUMINA, INC.
        SQ95QG8SR5Q56LSNF682
        ILLUMINA INC
        452327AK5
        
          
        
        280000.00000000
        PA
        USD
        308490.00000000
        0.478101560664
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-08-15
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              ILLUMINA, INC.
              ILLUMINA, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        CONTINENTAL RESOURCES, INC.
        XXRTID9RYWOZ0UPIVR53
        CONTINENTAL RESOURCES
        212015AL5
        
          
        
        234000.00000000
        PA
        USD
        237252.60000000
        0.367696970183
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-04-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWCREST FINANCE PTY LIMITED
        549300I0XDZ4K7PDSS04
        NEWCREST FINANCE PTY LTD
        65120FAE4
        
          
        
        110000.00000000
        PA
        USD
        107409.50000000
        0.166464551785
        Long
        DBT
        CORP
        AU
        
        Y
        
        2
        
          2050-05-13
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominion Energy, Inc.
        ILUL7B6Z54MRYCF6H308
        DOMINION ENERGY INC PREFERRED STOCK
        25746U133
        
          
        
        3000.00000000
        NS
        USD
        304650.00000000
        0.472150281877
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED AUTO CREDIT SECURITIZATION TRUST
        N/A
        UNITED AUTO CREDIT SECURITIZATION TRUST 2022 1
        90944DAE1
        
          
        
        231000.00000000
        PA
        USD
        227268.78000000
        0.352223924303
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2027-06-10
          Fixed
          2.61000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIRIUS XM RADIO INC.
        WP5O65E6BMU84LNO4227
        SIRIUS XM RADIO INC
        82967NBG2
        
          
        
        143000.00000000
        PA
        USD
        133995.29000000
        0.207667533050
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-07-01
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSX Corporation
        549300JVQR4N1MMP3Q88
        CSX CORP
        126408HR7
        
          
        
        195000.00000000
        PA
        USD
        181872.60000000
        0.281868371429
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-09-15
          Fixed
          3.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE GOLDMAN SACHS GROUP, INC.
        784F5XWPLTWKTBV3E584
        GOLDMAN SACHS GROUP INC
        38148LAC0
        
          
        
        275000.00000000
        PA
        USD
        277744.50000000
        0.430451810159
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-23
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KERRY GROUP FINANCIAL SERVICES UNLIMITED COMPANY
        635400SE9OHFJ8SLDG45
        KERRY GROUP FIN SERVICES
        49245PAA4
        
          
        
        670000.00000000
        PA
        USD
        673061.90000000
        1.043119533255
        Long
        DBT
        CORP
        IE
        
        Y
        
        2
        
          2023-04-09
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQM Midstream Partners, LP
        549300NELT611CL6XM83
        EQT MIDSTREAM PARTNERS LP
        26885BAD2
        
          
        
        84000.00000000
        PA
        USD
        84617.40000000
        0.131141077504
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-07-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        NVR INC
        62944TAF2
        
          
        
        267000.00000000
        PA
        USD
        249666.36000000
        0.386935966681
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSAIL COMMERCIAL MORTGAGE TRUST
        N/A
        CSAIL 2016 C7 COMMERCIAL MORTGAGE TRUST
        12637UAW9
        
          
        
        137000.00000000
        PA
        USD
        137268.59000000
        0.212740533272
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-11-15
          Fixed
          3.50200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HCA INC.
        L3CJ6J7LJ2DX62FTXD46
        HCA INC
        404119BX6
        
          
        
        193000.00000000
        PA
        USD
        196549.27000000
        0.304614453416
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MURPHY OIL USA, INC.
        N32S6DTR2ZZ5222WHV58
        MURPHY OIL USA INC
        626738AF5
        
          
        
        201000.00000000
        PA
        USD
        184204.44000000
        0.285482285472
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COMMERCIAL MORTGAGE TRUST
        N/A
        WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016 NXS6
        95000KBB0
        
          
        
        149000.00000000
        PA
        USD
        146105.04000000
        0.226435371146
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-11-15
          Fixed
          2.91800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140QBBK3
        
          
        
        76472.48000000
        PA
        USD
        78116.80000000
        0.121066368420
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2049-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SANTANDER RETAIL AUTO LEASE TRUST
        N/A
        SANTANDER RETAIL AUTO LEASE TRUST 2021 A
        80286TAF0
        
          
        
        674000.00000000
        PA
        USD
        646342.94000000
        1.001710163501
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2026-03-20
          Fixed
          1.14000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        ULTRA LONG TERM US TREASURY BOND FUTURE JUN22
        N/A
        
          
        
        10.00000000
        NC
        USD
        -71284.70000000
        -0.11047789659
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US Ultra T-Bond Futures (Composite) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-21
            1842534.70000000
            USD
            -71284.70000000
          
        
        
          N
          N
          N
        
      
      
        THE GOODYEAR TIRE & RUBBER COMPANY
        5493002BI0S2ZQUY3437
        GOODYEAR TIRE RUBBER
        382550BJ9
        
          
        
        188000.00000000
        PA
        USD
        176904.24000000
        0.274168346566
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-04-30
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        MERITAGE HOMES CORPORATION
        52990044W9UMFJO2FB97
        MERITAGE HOMES CORP
        59001AAY8
        
          
        
        63000.00000000
        PA
        USD
        66300.57000000
        0.102753431196
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NISOURCE INC.
        549300D8GOWWH0SJB189
        NISOURCE INC
        65473P121
        
          
        
        210.00000000
        NS
        USD
        24985.80000000
        0.038723297268
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        IRON MOUNTAIN INCORPORATED
        SQL3F6CKNNBM3SQGHX24
        IRON MOUNTAIN INC
        46284VAJ0
        
          
        
        108000.00000000
        PA
        USD
        105810.84000000
        0.163986929039
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-07-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMM MORTGAGE TRUST
        N/A
        COMM 2015 CCRE25 MORTGAGE TRUST
        12593PAW2
        
          
        
        186000.00000000
        PA
        USD
        188002.50000000
        0.291368565136
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-08-10
          Fixed
          3.75900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO CO
        949746804
        
          
        
        245.00000000
        NS
        USD
        324625.00000000
        0.503107780254
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST
        N/A
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015 C2
        46644FAD3
        
          
        
        195000.00000000
        PA
        USD
        193205.81000000
        0.299432718371
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-10-15
          Fixed
          3.22740000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION
        3133KLKJ5
        
          
        
        581711.82000000
        PA
        USD
        541288.36000000
        0.838895295425
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CBM2
        
          
        
        152000.00000000
        PA
        USD
        145967.50000000
        0.226222209978
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2024-02-15
          Fixed
          0.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP, INC.
        N/A
        EXPEDIA GROUP INC
        30212PBJ3
        
          
        
        201000.00000000
        PA
        USD
        202328.61000000
        0.313571344964
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-12-15
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AT&T INC.
        549300Z40J86GGSTL398
        AT T INC
        00206RDQ2
        
          
        
        129000.00000000
        PA
        USD
        134873.37000000
        0.209028392133
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KITE REALTY GROUP, L.P.
        549300X6R2GYI8Y3OD81
        RETAIL PROPERTIES OF AME
        76131VAA1
        
          
        
        339000.00000000
        PA
        USD
        340878.06000000
        0.528296970671
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altria Group, Inc.
        XSGZFLO9YTNO9VCQV219
        ALTRIA GROUP INC
        02209SBC6
        
          
        
        105000.00000000
        PA
        USD
        108693.90000000
        0.168455130554
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-14
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EURONET WORLDWIDE, INC.
        YG3575C4DSHJPA5KET68
        EURONET WORLDWIDE INC
        298736AL3
        
          
        
        315000.00000000
        PA
        USD
        354589.20000000
        0.549546662500
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-03-15
          Fixed
          0.75000000
          N
          N
          N
          N
          N
          
            
              EURONET WORLDWIDE, INC.
              EURONET WORLDWIDE, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        THE SCOTTS MIRACLE-GRO COMPANY
        2TH9E0JTOUXOEGI2R879
        SCOTTS MIRACLE GRO CO THE
        810186AS5
        
          
        
        188000.00000000
        PA
        USD
        176210.52000000
        0.273093210857
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE
        3136B0AV8
        
          
        
        190321.80000000
        PA
        USD
        183979.53000000
        0.285133717214
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-12-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN DIGITAL CORPORATION
        549300QQXOOYEF89IC56
        WESTERN DIGITAL CORP
        958102AQ8
        
          
        
        147000.00000000
        PA
        USD
        134762.25000000
        0.208856177003
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-01
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LENNAR CORPORATION
        529900G61XVRLX5TJX09
        LENNAR CORP
        526057CV4
        
          
        
        212000.00000000
        PA
        USD
        222627.56000000
        0.345030904998
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DANA INCORPORATED
        KVWHW7YLZPFJM8QYNJ51
        DANA INC
        235825AG1
        
          
        
        110000.00000000
        PA
        USD
        111166.00000000
        0.172286421254
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION
        3128MAGF0
        
          
        
        29436.12000000
        PA
        USD
        31237.49000000
        0.048412242601
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2044-07-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHYSICIANS REALTY L.P.
        549300P6Q1UMT0X60U20
        PHYSICIANS REALTY LP
        71951QAC6
        
          
        
        128000.00000000
        PA
        USD
        115448.32000000
        0.178923212966
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-11-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3137BGJD2
        
          
        
        99748.57000000
        PA
        USD
        100193.08000000
        0.155280456143
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2041-01-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WHIRLPOOL CORPORATION
        WHENKOULSSK7WUM60H03
        WHIRLPOOL CORP
        963320AY2
        
          
        
        185000.00000000
        PA
        USD
        169021.55000000
        0.261951657560
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-05-15
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3133KJJP8
        
          
        
        229461.49000000
        PA
        USD
        220065.00000000
        0.341059418288
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2050-07-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SABRA HEALTH CARE LIMITED PARTNERSHIP
        549300OVKLRFSIQG0H81
        SABRA HEALTH CARE LP
        14162VAB2
        
          
        
        145000.00000000
        PA
        USD
        148387.20000000
        0.229972290520
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ESSENTIAL PROPERTIES, L.P.
        254900XX9FNFCDE1NX02
        ESSENTIAL PROPER
        29670VAA7
        
          
        
        131000.00000000
        PA
        USD
        115036.34000000
        0.178284721343
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-07-15
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP, INC.
        N/A
        EXPEDIA GROUP INC
        30212PBE4
        
          
        
        300000.00000000
        PA
        USD
        361455.00000000
        0.560187362994
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-15
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              EXPEDIA GROUP, INC.
              EXPEDIA GROUP, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138EMUW9
        
          
        
        124280.03000000
        PA
        USD
        129535.41000000
        0.200755556686
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2043-11-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARRY CALLEBAUT SERVICES N.V.
        213800R1F1EJYM4ICO85
        BARRY CALLEBAUT SERVICES NV
        N/A
        
          
        
        638000.00000000
        PA
        USD
        653131.95000000
        1.012231853917
        Long
        DBT
        CORP
        BE
        
        Y
        
        2
        
          2023-06-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CINCINNATI FINANCIAL CORPORATION
        254900Q4WEDMZBOZ0002
        CINCINNATI FINANCIAL CORP
        172062AE1
        
          
        
        230000.00000000
        PA
        USD
        282656.20000000
        0.438064022663
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2034-11-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JAPANESE YEN FUTURE JUN22
        N/A
        JAPANESE YEN FUTURE JUN22
        N/A
        
          
          
        
        -12.00000000
        NC
        USD
        69374.76000000
        0.107517848315
        N/A
        DFE
        
        JP
        
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                Currency Futures
                JPY/USD Future (Consolidated) (IMM) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-13
            -1304999.76000000
            USD
            69374.76000000
          
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        31293VJE3
        
          
        
        7843.41000000
        PA
        USD
        8534.33000000
        0.013226608616
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2029-08-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE CO
        46647PCR5
        
          
        
        376000.00000000
        PA
        USD
        343194.00000000
        0.531886242700
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-11-08
          Fixed
          2.54500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SNAP-ON INCORPORATED
        HHWAT5TDOYZMM26KKQ73
        SNAP ON INC
        833034AL5
        
          
        
        115000.00000000
        PA
        USD
        121903.45000000
        0.188927452090
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-03-01
          Fixed
          4.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALE OVERSEAS LIMITED
        254900BA3U6G5DNV5V04
        VALE OVERSEAS LIMITED
        91911TAP8
        
          
        
        143000.00000000
        PA
        USD
        156872.43000000
        0.243122803359
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2026-08-10
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABBVIE INC.
        FR5LCKFTG8054YNNRU85
        ABBVIE INC
        00287YBX6
        
          
        
        285000.00000000
        PA
        USD
        281611.35000000
        0.436444701403
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-21
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIFTH THIRD BANCORP
        THRNG6BD57P9QWTQLG42
        FIFTH THIRD BANCORP
        316773CZ1
        
          
        
        130000.00000000
        PA
        USD
        128771.50000000
        0.199571639661
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-05-05
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR COMPANY
        20S05OYHG0MQM4VUIC57
        FORD MOTOR COMPANY
        345370CZ1
        
          
        
        95000.00000000
        PA
        USD
        112598.75000000
        0.174506914661
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-15
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              FORD MOTOR COMPANY
              FORD MOTOR COMPANY
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        FIDELITY GOVERNMENT PORTFOLIO
        N/A
        FIDELITY GOVERNMENT PORTFOLIO FRGXX 0.01% 11/12/2021 - Extendable
        1849969A6
        
          
        
        1246885.23000000
        NS
        USD
        1246885.23000000
        1.932437921594
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES COMPANY
        FY8JBF7CCL2VE4F1B628
        PIONEER NATURAL RESOURCE
        723787AP2
        
          
        
        270000.00000000
        PA
        USD
        642354.30000000
        0.995528520631
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-15
          Fixed
          0.25000000
          N
          N
          N
          N
          N
          
            
              PIONEER NATURAL RESOURCES COMPANY
              PIONEER NATURAL RESOURCES COMPANY
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        FIFTH THIRD BANCORP
        THRNG6BD57P9QWTQLG42
        FIFTH THIRD BANCORP
        316773CX6
        
          
        
        584000.00000000
        PA
        USD
        591510.24000000
        0.916729776956
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-01-25
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3137AN2J3
        
          
        
        23342.08000000
        PA
        USD
        23401.57000000
        0.036268038312
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-10-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHERN COPPER CORPORATION
        2549007U6NAP46Q9TU15
        SOUTHERN COPPER CORP
        84265VAG0
        
          
        
        95000.00000000
        PA
        USD
        107822.15000000
        0.167104081782
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2042-11-08
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967KA8
        
          
        
        108000.00000000
        PA
        USD
        111341.52000000
        0.172558444289
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-29
          Fixed
          4.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mylan Inc.
        30ZMPDNA1RHIBH89C294
        MYLAN INC
        628530BK2
        
          
        
        262000.00000000
        PA
        USD
        264913.44000000
        0.410566077036
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-15
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OLD REPUBLIC INTERNATIONAL CORPORATION
        549300IV6O2YY2A1KH37
        OLD REPUBLIC INTL CORP
        680223AL8
        
          
        
        104000.00000000
        PA
        USD
        96688.80000000
        0.149849480303
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-06-11
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Banks
        N/A
        FEDERAL HOME LOAN BANK
        3130APJX4
        
          
        
        680000.00000000
        PA
        USD
        637989.60000000
        0.988764055391
        Long
        DBT
        USGSE
        US
        
        N
        
        2
        
          2026-04-29
          Fixed
          1.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST
        N/A
        GM FINANCIAL SECURITIZED AUTOMOBILE RECEIVABLES TR
        380149AF1
        
          
        
        245000.00000000
        PA
        USD
        232576.26000000
        0.360449521474
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2027-01-19
          Fixed
          1.28000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        31283GQ83
        
          
        
        6184.59000000
        PA
        USD
        6436.43000000
        0.009975257635
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2025-04-01
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGENERON PHARMACEUTICALS, INC.
        549300RCBFWIRX3HYQ56
        REGENERON PHARMACEUTICALS INC
        75886FAF4
        
          
        
        146000.00000000
        PA
        USD
        116975.20000000
        0.181289590194
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-09-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NIKE, INC.
        787RXPR0UX0O0XUXPZ81
        NIKE INC
        654106AE3
        
          
        
        198000.00000000
        PA
        USD
        207115.92000000
        0.320990776331
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2045-11-01
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE ESTEE LAUDER COMPANIES INC.
        549300VFZ8XJ9NUPU221
        ESTEE LAUDER COS INC
        29736RAK6
        
          
        
        105000.00000000
        PA
        USD
        113394.75000000
        0.175740565159
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2047-03-15
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST 2015 P1
        17324DAU8
        
          
        
        158000.00000000
        PA
        USD
        159463.60000000
        0.247138630196
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-09-15
          Fixed
          3.71700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIR LEASE CORPORATION
        5493004NW4M4P8TMMK63
        AIR LEASE CORP
        00914AAP7
        
          
        
        146000.00000000
        PA
        USD
        137447.32000000
        0.213017531204
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-18
          Fixed
          0.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR CREDIT COMPANY LLC
        UDSQCVRUX5BONN0VY111
        FORD MOTOR CREDIT CO LLC
        345397ZX4
        
          
        
        290000.00000000
        PA
        USD
        289266.30000000
        0.448308436181
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-01
          Fixed
          4.06300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CADENCE DESIGN SYSTEMS, INC.
        GCT7RXJOGLXPV0NXZY22
        CADENCE DESIGN SYSTEMS INC
        127387AL2
        
          
        
        342000.00000000
        PA
        USD
        351049.32000000
        0.544060513346
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMCAST CORPORATION
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP
        20030NDL2
        
          
        
        128000.00000000
        PA
        USD
        107678.72000000
        0.166881792221
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-01-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC.
        ISRPG12PN4EIEOEMW547
        HONEYWELL INTERNATIONAL INC
        438516CA2
        
          
        
        82000.00000000
        PA
        USD
        75651.56000000
        0.117245709432
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-06-01
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE CO
        46625HJB7
        
          
        
        87000.00000000
        PA
        USD
        105677.16000000
        0.163779750146
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2041-07-15
          Fixed
          5.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AerCap Ireland Capital Designated Activity Company
        549300TI38531ODB1G63
        AERCAP IRELAND CAPITAL DAC
        00774MAS4
        
          
        
        150000.00000000
        PA
        USD
        137821.50000000
        0.213597439927
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2026-01-30
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOLLYFRONTIER CORPORATION
        549300J3U2WK73C9ZK26
        HOLLYFRONTIER CORP
        436106AB4
        
          
        
        265000.00000000
        PA
        USD
        262575.25000000
        0.406942321686
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-10-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MORTGAGE SECURITIES TRUST
        N/A
        GS MORTGAGE SECURITIES TRUST 2016 GS2
        36252TAR6
        
          
        
        162000.00000000
        PA
        USD
        159458.73000000
        0.247131082610
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-05-10
          Fixed
          3.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WISCONSIN PUBLIC SERVICE CORPORATION
        549300BJRHJVYNUMQZ30
        WISCONSIN PUBLIC SERVICE CORP
        976843BN1
        
          
        
        174000.00000000
        PA
        USD
        149189.34000000
        0.231215456865
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-12-01
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
        VZFZPMWDHTQCFKYOBP05
        CONS EDISON CO OF NY
        209111ES8
        
          
        
        250000.00000000
        PA
        USD
        313397.50000000
        0.485707263958
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2037-08-15
          Fixed
          6.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAXTER INTERNATIONAL INC.
        J5OIVXX3P24RJRW5CK77
        BAXTER INTERNATIONAL INC
        071813BP3
        
          
        
        109000.00000000
        PA
        USD
        99930.11000000
        0.154872902033
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-08-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN MIDSTREAM OPERATING, LP
        L6D8A6MLSY454J2JXJ60
        WESTERN MIDSTREAM OPERATING LP
        958667AC1
        
          
        
        188000.00000000
        PA
        USD
        187900.36000000
        0.291210267319
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-01
          Variable
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANTHEM, INC.
        8MYN82XMYQH89CTMTH67
        ANTHEM INC
        94973VBG1
        
          
        
        68000.00000000
        PA
        USD
        474342.16000000
        0.735141258987
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2042-10-15
          Fixed
          2.75000000
          N
          N
          N
          N
          N
          
            
              ANTHEM, INC.
              ANTHEM, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        SIXTH STREET SPECIALTY LENDING, INC.
        549300TX61566GJWCN05
        TPG SPECIALTY LENDING IN
        87265KAD4
        
          
        
        90000.00000000
        PA
        USD
        110240.10000000
        0.170851450153
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-08-01
          Fixed
          4.50000000
          N
          N
          N
          N
          N
          
            
              SIXTH STREET SPECIALTY LENDING, INC.
              SIXTH STREET SPECIALTY LENDING, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO.
        UDTZ87G0STFETI6HGH41
        SOUTHWEST AIRLINES CO
        844741BG2
        
          
        
        300000.00000000
        PA
        USD
        408132.00000000
        0.632527946310
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          1.25000000
          N
          N
          N
          N
          N
          
            
              SOUTHWEST AIRLINES CO.
              SOUTHWEST AIRLINES CO.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY, INC.
        N/A
        NEXTERA ENERGY INC PFD
        65339F770
        
          
        
        7295.00000000
        NS
        USD
        380434.25000000
        0.589601635888
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PULTEGROUP, INC.
        N/A
        PULTEGROUP INC
        745867AX9
        
          
        
        240000.00000000
        PA
        USD
        253315.20000000
        0.392590983370
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMEREN ILLINOIS COMPANY
        RC71E2BZ6UOMFPDJSE79
        AMEREN ILLINOIS CO
        02361DAV2
        
          
        
        225000.00000000
        PA
        USD
        196353.00000000
        0.304310271779
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-11-15
          Fixed
          1.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC.
        2S72QS2UO2OESLG6Y829
        VERIZON COMMUNICATIONS
        92343VEN0
        
          
        
        116000.00000000
        PA
        USD
        117416.36000000
        0.181973305337
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-15
          Fixed
          3.37600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MICRON TECHNOLOGY, INC.
        B3DXGBC8GAIYWI2Z0172
        MICRON TECHNOLOGY INC
        595112BN2
        
          
        
        394000.00000000
        PA
        USD
        428285.88000000
        0.663762675090
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-06
          Fixed
          5.32700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOME EQUITY ASSET TRUST (CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP)
        N/A
        HOME EQUITY ASSET TRUST
        437084JU1
        
          
        
        163447.66000000
        PA
        USD
        163451.55000000
        0.253319203695
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2035-07-25
          Floating
          1.55157000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STANLEY BLACK & DECKER, INC.
        549300DJ09SMTO561131
        STANLEY BLACK DECKER I PFD
        854502846
        
          
        
        3047.00000000
        NS
        USD
        267861.77000000
        0.415135434793
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NEWMONT CORPORATION
        549300VSP3RIX7FGDZ51
        NEWMONT CORP
        651639AZ9
        
          
        
        104000.00000000
        PA
        USD
        95648.80000000
        0.148237675631
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-07-15
          Fixed
          2.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        NVR INC
        62944TAE5
        
          
        
        268000.00000000
        PA
        USD
        269101.48000000
        0.417056752456
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-09-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        31335B7H3
        
          
        
        639604.89000000
        PA
        USD
        679827.13000000
        1.053604369137
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2045-12-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMG CAPITAL TRUST II
        N/A
        AMG CAPITAL TRUST II
        00170F209
        
          
        
        5245.00000000
        NS
        USD
        291100.65000000
        0.451151334161
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SENSATA TECHNOLOGIES, INC.
        5493002MMDDCUNV7NY90
        SENSATA TECHNOLOGIES INC
        81728UAB0
        
          
        
        130000.00000000
        PA
        USD
        120429.40000000
        0.186642951440
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROSS STORES, INC.
        549300ENZFLPGRDFZQ60
        ROSS STORES INC
        778296AA1
        
          
        
        160000.00000000
        PA
        USD
        160416.00000000
        0.248614671320
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-09-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR & CO. INC.
        549300JOHU21WRN2Z451
        KKR CO INC PFD
        48251W401
        
          
        
        2570.00000000
        NS
        USD
        190976.70000000
        0.295978016534
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        D.R. HORTON, INC.
        529900ZIUEYVSB8QDD25
        DR HORTON INC
        23331ABM0
        
          
        
        670000.00000000
        PA
        USD
        660553.00000000
        1.023733087626
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        060505682
        
          
        
        280.00000000
        NS
        USD
        367500.00000000
        0.569555977646
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-02
      Victory Portfolios
      Allan Shaer
      Allan Shaer
      Treasurer
    
  
  XXXX




 

Victory Portfolios Schedule of Portfolio Investments
Victory Integrity Discovery Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.2%)          
Banks (20.8%):          
Business First Bancshares, Inc.   24,800   $603 
Central Pacific Financial Corp.   18,100    505 
Civista Bancshares, Inc.   21,700    523 
ConnectOne Bancorp, Inc.   29,400    941 
Dime Community Bancshares, Inc.   25,400    878 
Financial Institutions, Inc.   19,500    588 
First Bank   19,400    276 
First Foundation, Inc.   33,600    816 
First Internet Bancorp   16,600    714 
First Mid Bancshares, Inc.   19,900    766 
German American Bancorp, Inc.   18,000    684 
HarborOne Bancorp, Inc.   45,600    639 
Heritage Commerce Corp.   69,500    782 
Heritage Financial Corp.   19,500    489 
Hometrust Bancshares, Inc.   20,500    605 
Independent Bank Corp.   30,650    674 
Mercantile Bank Corp.   18,800    666 
Origin Bancorp, Inc.   20,000    846 
Peoples Bancorp, Inc.   24,850    778 
Primis Financial Corp.   43,700    611 
QCR Holdings, Inc.   15,250    863 
SmartFinancial, Inc.   23,500    601 
The First Bancshares, Inc. (a)   21,600    727 
Third Coast Bancshares, Inc. (b)   23,450    542 
Univest Financial Corp.   28,600    765 
Washington Trust Bancorp, Inc.   13,000    683 
         17,565 
Capital Markets (1.8%):          
Cowen, Inc., Class A   28,500    772 
Diamond Hill Investment Group, Inc.   3,775    707 
         1,479 
Communication Services (4.2%):          
Clear Channel Outdoor Holdings, Inc. (b)   268,000    927 
Emerald Holding, Inc. (b)   106,000    361 
Entercom Communications Corp. (b)   201,765    583 
The EW Scripps Co., Class A (b)   37,100    771 
The Marcus Corp. (a)(b)   50,200    889 
         3,531 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Consumer Discretionary (11.1%):          
Chico's FAS, Inc. (b)   119,000   $571 
Chuy's Holdings, Inc. (b)   19,200    518 
Designer Brands, Inc., Class A (a)(b)   32,915    445 
Funko, Inc., Class A (b)   34,500    595 
Genesco, Inc. (a)(b)   12,950    824 
Lindblad Expeditions Holdings, Inc. (a)(b)   43,350    654 
M/I Homes, Inc. (b)   7,330    325 
Malibu Boats, Inc., Class A (b)   7,400    429 
Modine Manufacturing Co. (b)   68,000    613 
Motorcar Parts of America, Inc. (b)   39,400    703 
OneWater Marine, Inc. (a)   10,300    355 
Potbelly Corp. (b)   101,000    677 
Red Robin Gourmet Burgers, Inc. (a)(b)   33,400    563 
Ruth's Hospitality Group, Inc.   33,100    757 
Universal Electronics, Inc. (b)   10,250    320 
Universal Technical Institute, Inc. (b)   58,700    519 
Zumiez, Inc. (a)(b)   13,400    512 
         9,380 
Consumer Finance (0.8%):          
EZCORP, Inc., Class A (a)(b)   107,000    646 
           
Energy (8.9%):          
Berry Corp. (a)   55,499    573 
CONSOL Energy, Inc. (b)   32,000    1,204 
Earthstone Energy, Inc., Class A (b)   59,500    752 
International Seaways, Inc.   25,061    452 
Northern Oil and Gas, Inc.   42,505    1,198 
ProPetro Holding Corp. (b)   67,000    933 
Solaris Oilfield Infrastructure, Inc., Class A   83,200    939 
Talos Energy, Inc. (b)   38,700    611 
Tidewater, Inc. (a)(b)   40,000    870 
         7,532 
Health Care (6.7%):          
AngioDynamics, Inc. (b)   40,800    879 
Brookdale Senior Living, Inc. (b)   110,000    775 
Collegium Pharmaceutical, Inc. (b)   21,200    432 
Community Health Systems, Inc. (b)   45,300    538 
Hanger, Inc. (b)   24,000    440 
HealthStream, Inc. (b)   20,941    417 
Natus Medical, Inc. (b)   24,700    649 
Orthofix Medical, Inc. (a)(b)   26,700    873 
RadNet, Inc. (b)   13,898    311 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Vanda Pharmaceuticals, Inc. (b)   32,600   $369 
         5,683 
Industrials (16.8%):          
CIRCOR International, Inc. (a)(b)   26,400    703 
Columbus McKinnon Corp.   18,800    797 
Covenant Logistics Group, Inc., Class A   26,650    574 
CRA International, Inc.   5,400    455 
Ducommun, Inc. (b)   15,100    791 
DXP Enterprises, Inc. (b)   24,000    650 
Eagle Bulk Shipping, Inc. (a)   10,900    742 
Great Lakes Dredge & Dock Corp. (b)   54,000    758 
Hawaiian Holdings, Inc. (b)   22,100    435 
Heritage-Crystal Clean, Inc. (b)   23,700    702 
Interface, Inc.   53,800    730 
Kelly Services, Inc., Class A   35,000    759 
Kimball International, Inc., Class B   66,000    558 
Matrix Service Co. (b)   39,200    322 
NN, Inc. (b)   93,000    268 
Park Aerospace Corp.   38,800    506 
Park-Ohio Holdings Corp.   18,800    264 
SP Plus Corp. (b)   21,000    659 
Titan Machinery, Inc. (b)   29,700    839 
Triumph Group, Inc. (b)   32,300    817 
TrueBlue, Inc. (b)   21,276    615 
VSE Corp.   12,500    576 
Willdan Group, Inc. (b)   20,949    643 
         14,163 
Information Technology (11.6%):          
American Software, Inc., Class A   24,000    500 
Asure Software, Inc. (b)   54,323    323 
Benchmark Electronics, Inc.   20,400    511 
Comtech Telecommunications Corp.   32,900    516 
CTS Corp.   20,300    717 
Diebold Nixdorf, Inc. (b)   49,211    331 
Digi International, Inc. (b)   32,200    693 
EMCORE Corp. (b)   73,000    270 
Extreme Networks, Inc. (b)   42,572    520 
Harmonic, Inc. (b)   89,000    827 
I3 Verticals, Inc., Class A (b)   17,400    485 
Ichor Holdings Ltd. (b)   12,800    456 
Impinj, Inc. (b)   6,108    388 
Kimball Electronics, Inc. (b)   38,100    762 
Lantronix, Inc. (b)   79,600    532 
PDF Solutions, Inc. (b)   29,500    822 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Veeco Instruments, Inc. (b)   21,350   $581 
Vishay Precision Group, Inc. (b)   17,700    569 
         9,803 
Insurance (1.2%):          
HCI Group, Inc. (a)   7,500    511 
Heritage Insurance Holdings, Inc.   69,000    493 
         1,004 
Materials (5.3%):          
AdvanSix, Inc.   16,100    822 
Clearwater Paper Corp. (b)   18,400    516 
Haynes International, Inc.   17,900    762 
Koppers Holdings, Inc.   24,850    684 
Schnitzer Steel Industries, Inc.   15,500    805 
SunCoke Energy, Inc.   94,800    845 
         4,434 
Mortgage Real Estate Investment Trusts (1.1%):          
Dynex Capital, Inc. (a)   40,000    648 
Western Asset Mortgage Capital Corp.   156,600    268 
         916 
Real Estate (5.5%):          
CatchMark Timber Trust, Inc., Class A   52,000    426 
City Office REIT, Inc.   51,030    901 
Global Medical REIT, Inc.   44,600    728 
NETSTREIT Corp. (a)   25,300    568 
NexPoint Residential Trust, Inc.   6,200    560 
Plymouth Industrial REIT, Inc.   26,100    707 
Urstadt Biddle Properties, Inc., Class A   39,800    749 
         4,639 
Thrifts & Mortgage Finance (3.4%):          
Bridgewater Bancshares, Inc. (b)   36,500    609 
HomeStreet, Inc.   15,500    734 
PCSB Financial Corp.   30,300    579 
Premier Financial Corp.   30,000    910 
         2,832 
Total Common Stocks (Cost $67,841)        83,607 
           
Collateral for Securities Loaned (6.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   100,006    100 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   2,805,148    2,805 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   49,908    50 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Discovery Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   397,949   $398 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   1,789,256    1,789 
Total Collateral for Securities Loaned (Cost $5,142)        5,142 
           
Total Investments (Cost $72,983) — 105.3%        88,749 
Liabilities in excess of other assets — (5.3)%        (4,503)
NET ASSETS - 100.00%       $84,246 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Non-income producing security.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Integrity Mid-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.7%)          
Communication Services (2.7%):          
Lions Gate Entertainment Corp., Class B (a)   141,520   $2,127 
Nexstar Media Group, Inc., Class A   15,830    2,984 
Paramount Global, Class B   68,456    2,588 
         7,699 
Consumer Discretionary (11.0%):          
Advance Auto Parts, Inc.   10,070    2,084 
Aptiv PLC (a)   18,142    2,172 
Aramark   58,460    2,198 
Brunswick Corp.   21,200    1,715 
Caesars Entertainment, Inc. (a)   26,491    2,049 
Capri Holdings Ltd. (a)   34,000    1,747 
D.R. Horton, Inc.   22,740    1,694 
Hilton Worldwide Holdings, Inc. (a)   12,898    1,957 
Newell Brands, Inc.   88,300    1,890 
Norwegian Cruise Line Holdings Ltd. (a)(b)   95,000    2,079 
Penske Automotive Group, Inc.   16,342    1,532 
Ralph Lauren Corp.   20,390    2,313 
The Gap, Inc. (b)   112,200    1,580 
Travel + Leisure Co.   39,003    2,260 
Victoria's Secret & Co. (a)   34,805    1,788 
Yum! Brands, Inc.   20,550    2,436 
         31,494 
Consumer Staples (5.1%):          
Archer-Daniels-Midland Co.   29,770    2,687 
Coty, Inc., Class A (a)   229,787    2,066 
Darling Ingredients, Inc. (a)   31,850    2,560 
Molson Coors Beverage Co., Class B   45,780    2,444 
Performance Food Group Co. (a)   37,600    1,914 
Tyson Foods, Inc., Class A   30,600    2,743 
         14,414 
Energy (6.9%):          
Devon Energy Corp.   76,600    4,529 
Diamondback Energy, Inc.   25,920    3,553 
Halliburton Co.   93,450    3,539 
Hess Corp.   33,942    3,633 
Pioneer Natural Resources Co.   17,200    4,301 
         19,555 
Financials (16.3%):          
American Financial Group, Inc.   19,360    2,819 
Arthur J Gallagher & Co.   21,560    3,764 
Artisan Partners Asset Management, Inc., Class A   47,000    1,849 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Assurant, Inc.   12,540   $2,280 
Cincinnati Financial Corp.   18,975    2,580 
Comerica, Inc.   29,192    2,640 
Fifth Third Bancorp   76,360    3,287 
Huntington Bancshares, Inc.   196,000    2,866 
Invesco Ltd.   90,692    2,091 
Lincoln National Corp.   35,000    2,288 
LPL Financial Holdings, Inc.   15,500    2,832 
M&T Bank Corp.   19,808    3,357 
Northern Trust Corp.   23,300    2,713 
Regions Financial Corp.   97,344    2,167 
Reinsurance Group of America, Inc.   21,129    2,313 
State Street Corp.   23,470    2,045 
The Hartford Financial Services Group, Inc.   34,470    2,475 
Western Alliance Bancorp   26,480    2,193 
         46,559 
Health Care (8.1%):          
Centene Corp. (a)   22,700    1,911 
Elanco Animal Health, Inc. (a)   75,800    1,978 
Encompass Health Corp.   30,360    2,159 
Jazz Pharmaceuticals PLC (a)   12,083    1,881 
Laboratory Corp. of America Holdings (a)   7,920    2,088 
McKesson Corp.   15,687    4,802 
Organon & Co.   58,450    2,042 
STERIS PLC   7,621    1,842 
Tenet Healthcare Corp. (a)   27,650    2,377 
Zimmer Biomet Holdings, Inc.   16,122    2,062 
         23,142 
Industrials (16.2%):          
AGCO Corp.   13,256    1,936 
Booz Allen Hamilton Holding Corp.   24,936    2,190 
BWX Technologies, Inc.   39,025    2,102 
Carlisle Cos., Inc.   10,331    2,541 
Crane Co.   19,571    2,119 
Delta Air Lines, Inc. (a)   61,600    2,437 
Dover Corp.   15,731    2,468 
Hertz Global Holdings, Inc. (a)(b)   62,364    1,381 
Howmet Aerospace, Inc.   72,700    2,613 
ITT, Inc.   19,080    1,435 
JB Hunt Transport Services, Inc.   14,033    2,818 
ManpowerGroup, Inc.   13,253    1,245 
Old Dominion Freight Line, Inc.   9,227    2,756 
Oshkosh Corp.   15,839    1,594 
Parker-Hannifin Corp.   9,363    2,657 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Regal Rexnord Corp.   10,857   $1,615 
Republic Services, Inc.   17,329    2,296 
Spirit AeroSystems Holdings, Inc., Class A   58,233    2,847 
Trane Technologies PLC   14,490    2,213 
WESCO International, Inc. (a)   19,232    2,503 
Westinghouse Air Brake Technologies Corp.   26,017    2,502 
         46,268 
Information Technology (9.5%):          
Ciena Corp. (a)   33,377    2,024 
DXC Technology Co. (a)   57,906    1,889 
Flex Ltd. (a)   128,164    2,377 
Hewlett Packard Enterprise Co.   138,248    2,310 
Jabil, Inc.   29,623    1,829 
Marvell Technology, Inc.   36,400    2,610 
MKS Instruments, Inc.   9,757    1,463 
Motorola Solutions, Inc.   12,200    2,955 
NCR Corp. (a)   26,440    1,063 
ON Semiconductor Corp. (a)   33,510    2,098 
Teledyne Technologies, Inc. (a)   4,838    2,287 
Verint Systems, Inc. (a)   35,546    1,838 
Western Digital Corp. (a)   48,000    2,383 
         27,126 
Materials (7.0%):          
Alcoa Corp.   25,735    2,317 
CF Industries Holdings, Inc.   22,639    2,333 
Cleveland-Cliffs, Inc. (a)   94,208    3,034 
Crown Holdings, Inc.   19,461    2,434 
Martin Marietta Materials, Inc.   7,028    2,705 
Olin Corp.   39,489    2,065 
The Mosaic Co.   36,599    2,434 
Westlake Corp.   22,522    2,779 
         20,101 
Real Estate (8.2%):          
Apartment Income REIT Corp.   52,650    2,815 
Duke Realty Corp.   50,620    2,939 
Essex Property Trust, Inc.   9,980    3,448 
Host Hotels & Resorts, Inc.   123,269    2,395 
Realty Income Corp.   44,680    3,096 
VICI Properties, Inc. (b)   104,500    2,974 
Welltower, Inc.   39,550    3,802 
Weyerhaeuser Co.   47,083    1,785 
         23,254 
Utilities (6.7%):          
CenterPoint Energy, Inc.   90,169    2,763 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Mid-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Constellation Energy Corp.   31,336   $1,763 
DTE Energy Co.   18,572    2,456 
Evergy, Inc.   36,353    2,484 
PPL Corp.   75,415    2,154 
UGI Corp.   51,243    1,856 
Vistra Corp.   123,324    2,867 
Xcel Energy, Inc.   39,052    2,818 
         19,161 
Total Common Stocks (Cost $214,187)        278,773 
           
Collateral for Securities Loaned (1.9%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   103,431    103 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   2,901,220    2,901 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   51,617    52 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   411,578    412 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   1,850,535    1,850 
Total Collateral for Securities Loaned (Cost $5,318)        5,318 
           
Total Investments (Cost $219,505) — 99.6%        284,091 
Other assets in excess of liabilities — 0.4%        1,143 
NET ASSETS - 100.00%       $285,234 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Integrity Small-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.7%)          
Communication Services (2.5%):          
Cinemark Holdings, Inc. (a)(b)   731,400   $12,639 
Gray Television, Inc.   695,300    15,345 
Lions Gate Entertainment Corp., Class B (a)   780,000    11,723 
The Marcus Corp. (a)(b)   437,500    7,744 
         47,451 
Consumer Discretionary (9.9%):          
Abercrombie & Fitch Co. (a)(b)   401,900    12,857 
Asbury Automotive Group, Inc. (a)   67,000    10,734 
Bloomin' Brands, Inc.   642,000    14,086 
Brinker International, Inc. (a)   281,500    10,742 
Brunswick Corp.   108,500    8,777 
Century Communities, Inc.   205,000    10,982 
Dana, Inc.   446,500    7,845 
Dave & Buster's Entertainment, Inc. (a)   332,000    16,301 
Macy's, Inc.   689,300    16,791 
Marriott Vacations Worldwide Corp.   87,700    13,830 
Steven Madden Ltd.   335,000    12,944 
The Goodyear Tire & Rubber Co. (a)(b)   716,400    10,237 
Victoria's Secret & Co. (a)   263,000    13,508 
Visteon Corp. (a)   120,400    13,139 
Wolverine World Wide, Inc.   459,500    10,366 
         183,139 
Consumer Staples (2.7%):          
Coty, Inc., Class A (a)   1,640,000    14,744 
Performance Food Group Co. (a)   302,600    15,405 
The Andersons, Inc.   168,400    8,464 
The Simply Good Foods Co. (a)   316,000    11,992 
         50,605 
Energy (10.4%):          
Antero Resources Corp. (a)   1,014,000    30,957 
Cactus, Inc., Class A   351,600    19,950 
Chesapeake Energy Corp. (b)   301,400    26,222 
CONSOL Energy, Inc. (a)   581,500    21,882 
Green Plains, Inc. (a)   533,000    16,528 
Ovintiv, Inc.   558,500    30,198 
PDC Energy, Inc.   335,000    24,348 
Whiting Petroleum Corp.   288,500    23,516 
         193,601 
Financials (23.5%):          
Ameris Bancorp   376,300    16,512 
Artisan Partners Asset Management, Inc., Class A   315,000    12,395 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Assured Guaranty Ltd.   192,000   $12,223 
Atlantic Union Bankshares Corp.   416,500    15,281 
Banc of California, Inc.   666,200    12,898 
Banner Corp.   269,000    15,745 
Blackstone Mortgage Trust, Inc., Class A   532,000    16,912 
Brighthouse Financial, Inc. (a)   198,300    10,244 
CNO Financial Group, Inc.   484,000    12,144 
FB Financial Corp.   337,500    14,992 
Federated Hermes, Inc.   456,000    15,531 
First Bancorp/Southern Pines NC   215,200    8,989 
First Merchants Corp.   392,000    16,307 
Hancock Whitney Corp.   424,000    22,112 
Heritage Financial Corp.   276,000    6,917 
Horace Mann Educators Corp.   245,500    10,269 
Kinsale Capital Group, Inc.   51,600    11,766 
Ladder Capital Corp.   899,200    10,673 
MGIC Investment Corp.   920,000    12,466 
PacWest Bancorp   446,000    19,236 
Piper Sandler Cos.   44,000    5,775 
Primerica, Inc.   67,000    9,167 
ProAssurance Corp.   421,400    11,327 
RLI Corp.   91,800    10,156 
Sandy Spring Bancorp, Inc. (b)   289,500    13,004 
SouthState Corp.   271,000    22,111 
Starwood Property Trust, Inc.   410,600    9,924 
Stifel Financial Corp.   137,400    9,329 
Synovus Financial Corp.   450,000    22,050 
United Community Banks, Inc.   568,300    19,777 
Veritex Holdings, Inc.   398,000    15,192 
Wintrust Financial Corp.   162,900    15,138 
         436,562 
Health Care (3.8%):          
Brookdale Senior Living, Inc. (a)   1,588,000    11,195 
Haemonetics Corp. (a)   14,000    885 
Patterson Cos., Inc.   401,000    12,980 
Select Medical Holdings Corp.   488,400    11,717 
Supernus Pharmaceuticals, Inc. (a)   438,700    14,179 
Tenet Healthcare Corp. (a)   225,750    19,406 
         70,362 
Industrials (20.6%):          
AAR Corp. (a)   348,800    16,892 
ArcBest Corp.   118,100    9,507 
Arcosa, Inc.   222,400    12,732 
Atkore, Inc. (a)   127,400    12,541 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Beacon Roofing Supply, Inc. (a)   204,828   $12,142 
BWX Technologies, Inc.   265,500    14,300 
CACI International, Inc., Class A (a)   43,700    13,165 
Clean Harbors, Inc. (a)   150,900    16,847 
Crane Co.   123,500    13,373 
EMCOR Group, Inc.   166,300    18,730 
EnPro Industries, Inc.   126,301    12,343 
FTI Consulting, Inc. (a)   95,000    14,936 
Hawaiian Holdings, Inc. (a)   583,500    11,495 
Hub Group, Inc., Class A (a)   179,300    13,844 
Kirby Corp. (a)   224,400    16,199 
ManpowerGroup, Inc.   84,400    7,927 
Maxar Technologies, Inc.   492,000    19,414 
MillerKnoll, Inc.   391,300    13,523 
nVent Electric PLC   330,000    11,477 
Ryder System, Inc.   133,500    10,591 
Saia, Inc. (a)   40,600    9,899 
Terex Corp.   225,000    8,024 
The Greenbrier Cos., Inc.   244,000    12,569 
Triumph Group, Inc. (a)   615,400    15,557 
Univar Solutions, Inc. (a)   504,600    16,218 
Wabash National Corp.   628,300    9,324 
Werner Enterprises, Inc.   227,000    9,307 
WESCO International, Inc. (a)   136,000    17,699 
Zurn Water Solutions Corp.   365,300    12,932 
         383,507 
Information Technology (5.8%):          
Belden, Inc.   298,300    16,526 
Conduent, Inc. (a)   1,574,000    8,122 
Diebold Nixdorf, Inc. (a)   1,088,000    7,322 
FormFactor, Inc. (a)   257,700    10,831 
Harmonic, Inc. (a)(b)   1,020,200    9,478 
Infinera Corp. (a)(b)   1,196,000    10,369 
Plexus Corp. (a)   122,000    9,981 
Veeco Instruments, Inc. (a)   368,900    10,031 
Verint Systems, Inc. (a)   281,400    14,548 
Vishay Intertechnology, Inc.   589,200    11,548 
         108,756 
Materials (4.6%):          
AdvanSix, Inc.   215,000    10,984 
Arconic Corp. (a)   468,500    12,003 
Avient Corp.   380,000    18,240 
Methanex Corp.   184,000    10,039 
Schnitzer Steel Industries, Inc.   387,000    20,101 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Integrity Small-Cap Value Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Summit Materials, Inc., Class A (a)   429,200   $13,331 
         84,698 
Real Estate (10.2%):          
Alexander & Baldwin, Inc.   433,300    10,048 
CareTrust REIT, Inc.   547,000    10,557 
DiamondRock Hospitality Co. (a)   1,545,000    15,604 
Easterly Government Properties, Inc.   584,000    12,346 
Essential Properties Realty Trust, Inc.   480,600    12,159 
Hudson Pacific Properties, Inc.   486,700    13,506 
LXP Industrial Trust   1,256,000    19,719 
Physicians Realty Trust   540,000    9,472 
Sabra Health Care REIT, Inc.   950,000    14,146 
SITE Centers Corp.   1,080,000    18,047 
STAG Industrial, Inc.   484,600    20,038 
Summit Hotel Properties, Inc. (a)   1,097,400    10,930 
Sunstone Hotel Investors, Inc. (a)   965,500    11,374 
Veris Residential, Inc. (a)   674,000    11,721 
         189,667 
Utilities (4.7%):          
ALLETE, Inc.   227,000    15,204 
Black Hills Corp.   277,500    21,373 
NorthWestern Corp.   222,000    13,429 
ONE Gas, Inc.   229,700    20,269 
Portland General Electric Co.   297,800    16,424 
         86,699 
Total Common Stocks (Cost $1,378,379)        1,835,047 
           
Collateral for Securities Loaned (3.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   1,106,802    1,107 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   31,045,676    31,046 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   552,349    552 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   4,404,257    4,404 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   19,802,397    19,802 
Total Collateral for Securities Loaned (Cost $56,911)        56,911 
           
Total Investments (Cost $1,435,290) — 101.8%        1,891,958 
Liabilities in excess of other assets — (1.8)%        (34,151)
NET ASSETS - 100.00%       $1,857,807 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Integrity Small/Mid-Cap Value Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.0%)          
Communication Services (2.1%):          
Cinemark Holdings, Inc. (a)   82,300   $1,422 
Lions Gate Entertainment Corp., Class B (a)   92,700    1,393 
Nexstar Media Group, Inc., Class A   12,900    2,432 
         5,247 
Consumer Discretionary (11.1%):          
Aramark   55,500    2,087 
Asbury Automotive Group, Inc. (a)   8,500    1,362 
Bloomin' Brands, Inc.   76,300    1,674 
Brunswick Corp.   19,150    1,549 
Caesars Entertainment, Inc. (a)   21,793    1,686 
Capri Holdings Ltd. (a)   33,825    1,738 
Lear Corp.   7,420    1,058 
Macy's, Inc.   54,000    1,315 
Newell Brands, Inc.   88,000    1,884 
Norwegian Cruise Line Holdings Ltd. (a)(b)   89,000    1,947 
PulteGroup, Inc.   26,500    1,110 
Ralph Lauren Corp.   18,800    2,133 
Steven Madden Ltd.   42,068    1,626 
The Gap, Inc. (b)   91,800    1,293 
Travel + Leisure Co.   33,000    1,912 
Victoria's Secret & Co. (a)   34,000    1,746 
Visteon Corp. (a)   13,300    1,451 
         27,571 
Consumer Staples (2.9%):          
Coty, Inc., Class A (a)   203,000    1,825 
MGP Ingredients, Inc. (b)   21,416    1,833 
Molson Coors Beverage Co., Class B   33,076    1,766 
Performance Food Group Co. (a)   34,500    1,756 
         7,180 
Energy (7.9%):          
Cactus, Inc., Class A   36,645    2,079 
CONSOL Energy, Inc. (a)   55,300    2,081 
Coterra Energy, Inc.   95,000    2,562 
Devon Energy Corp.   55,650    3,291 
Diamondback Energy, Inc.   18,000    2,467 
Green Plains, Inc. (a)   62,500    1,938 
PDC Energy, Inc.   36,100    2,624 
Whiting Petroleum Corp.   30,900    2,519 
         19,561 
Financials (19.9%):          
American Financial Group, Inc.   14,468    2,107 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Artisan Partners Asset Management, Inc., Class A   40,000   $1,574 
Assurant, Inc.   12,000    2,182 
Assured Guaranty Ltd.   24,300    1,547 
Atlantic Union Bankshares Corp.   47,350    1,737 
Blackstone Mortgage Trust, Inc., Class A   56,000    1,780 
Comerica, Inc.   27,750    2,509 
East West Bancorp, Inc.   27,200    2,149 
Federated Hermes, Inc.   47,000    1,601 
Hancock Whitney Corp.   56,200    2,931 
Invesco Ltd.   79,000    1,822 
Kinsale Capital Group, Inc.   6,115    1,394 
Lincoln National Corp.   23,036    1,506 
LPL Financial Holdings, Inc.   13,010    2,377 
MGIC Investment Corp.   107,500    1,457 
PacWest Bancorp   58,650    2,529 
Reinsurance Group of America, Inc.   13,380    1,465 
SouthState Corp.   30,000    2,448 
Stifel Financial Corp.   27,085    1,839 
Synovus Financial Corp.   53,300    2,612 
The Hanover Insurance Group, Inc.   10,720    1,603 
Unum Group   54,400    1,714 
Voya Financial, Inc. (b)   28,000    1,858 
Western Alliance Bancorp   28,200    2,335 
Wintrust Financial Corp.   23,580    2,191 
         49,267 
Health Care (4.6%):          
Encompass Health Corp.   28,830    2,050 
Jazz Pharmaceuticals PLC (a)   11,700    1,821 
Organon & Co.   64,730    2,261 
Perrigo Co. PLC   44,850    1,724 
Select Medical Holdings Corp.   62,000    1,487 
Tenet Healthcare Corp. (a)   22,800    1,960 
         11,303 
Industrials (21.7%):          
AGCO Corp.   12,010    1,754 
Alaska Air Group, Inc. (a)   33,782    1,960 
Arcosa, Inc.   31,400    1,798 
Atkore, Inc. (a)   16,820    1,656 
BWX Technologies, Inc.   34,743    1,871 
CACI International, Inc., Class A (a)   5,766    1,737 
Carlisle Cos., Inc.   9,580    2,356 
Clean Harbors, Inc. (a)   19,840    2,215 
Crane Co.   16,700    1,808 
EMCOR Group, Inc.   18,220    2,052 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
EnPro Industries, Inc.   17,458   $1,706 
FTI Consulting, Inc. (a)   12,000    1,887 
Hertz Global Holdings, Inc. (a)(b)   62,200    1,378 
Howmet Aerospace, Inc.   68,383    2,458 
ITT, Inc.   20,000    1,504 
Kirby Corp. (a)   28,618    2,066 
Knight-Swift Transportation Holdings, Inc.   30,400    1,534 
ManpowerGroup, Inc.   11,639    1,093 
MillerKnoll, Inc.   47,800    1,652 
nVent Electric PLC   46,300    1,610 
Oshkosh Corp.   14,000    1,409 
Regal Rexnord Corp.   10,750    1,599 
Ryder System, Inc.   19,372    1,537 
Saia, Inc. (a)   7,030    1,714 
Spirit AeroSystems Holdings, Inc., Class A   51,071    2,497 
Trinity Industries, Inc. (b)   41,500    1,426 
Univar Solutions, Inc. (a)   64,581    2,076 
WESCO International, Inc. (a)   18,752    2,440 
Westinghouse Air Brake Technologies Corp.   16,960    1,631 
Zurn Water Solutions Corp.   40,000    1,416 
         53,840 
Information Technology (7.8%):          
Belden, Inc.   33,000    1,828 
Ciena Corp. (a)   34,000    2,061 
Conduent, Inc. (a)   199,888    1,032 
Euronet Worldwide, Inc. (a)   16,000    2,082 
Flex Ltd. (a)   103,990    1,929 
FormFactor, Inc. (a)   31,700    1,332 
Infinera Corp. (a)(b)   166,000    1,439 
Jabil, Inc.   24,200    1,494 
MKS Instruments, Inc.   8,400    1,260 
NCR Corp. (a)   22,025    885 
ON Semiconductor Corp. (a)   35,337    2,213 
Verint Systems, Inc. (a)   34,500    1,784 
         19,339 
Materials (7.8%):          
Alcoa Corp.   29,400    2,647 
Arconic Corp. (a)   55,500    1,422 
CF Industries Holdings, Inc.   26,453    2,726 
Cleveland-Cliffs, Inc. (a)   96,962    3,123 
Olin Corp.   47,000    2,457 
Summit Materials, Inc., Class A (a)   57,993    1,801 
The Mosaic Co.   41,308    2,747 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Integrity Small/Mid-Cap Value Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Westlake Corp.   19,000   $2,345 
         19,268 
Real Estate (9.0%):          
Apartment Income REIT Corp.   45,950    2,456 
DiamondRock Hospitality Co. (a)   186,500    1,884 
Federal Realty Investment Trust   18,700    2,283 
First Industrial Realty Trust, Inc.   32,510    2,013 
Gaming and Leisure Properties, Inc.   42,800    2,008 
Highwoods Properties, Inc.   46,700    2,136 
Hudson Pacific Properties, Inc.   76,900    2,134 
Medical Properties Trust, Inc.   55,325    1,169 
SITE Centers Corp.   116,500    1,947 
Veris Residential, Inc. (a)   93,250    1,622 
VICI Properties, Inc.   94,800    2,698 
         22,350 
Utilities (3.2%):          
ALLETE, Inc.   30,100    2,016 
Black Hills Corp.   27,144    2,091 
UGI Corp.   50,000    1,811 
Vistra Corp.   92,600    2,153 
         8,071 
Total Common Stocks (Cost $190,292)        242,997 
           
Collateral for Securities Loaned (3.6%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   173,904    174 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   4,877,986    4,878 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   86,787    87 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   692,010    692 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   3,111,410    3,111 
Total Collateral for Securities Loaned (Cost $8,942)        8,942 
           
Total Investments (Cost $199,234) — 101.6%        251,939 
Liabilities in excess of other assets — (1.6)%        (3,998)
NET ASSETS - 100.00%       $247,941 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Munder Multi-Cap Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.5%)          
Communication Services (8.1%):          
Alphabet, Inc., Class A (a)   8,193   $22,788 
Nexstar Media Group, Inc., Class A   40,400    7,615 
World Wrestling Entertainment, Inc., Class A (b)   104,300    6,512 
         36,915 
Communications Equipment (1.1%):          
Lumentum Holdings, Inc. (a)(b)   50,300    4,909 
           
Consumer Discretionary (12.1%):          
Amazon.com, Inc. (a)   2,010    6,552 
Asbury Automotive Group, Inc. (a)   34,600    5,543 
Brunswick Corp.   49,600    4,012 
Crocs, Inc. (a)   43,800    3,346 
D.R. Horton, Inc.   40,800    3,040 
Group 1 Automotive, Inc.   23,200    3,894 
Lithia Motors, Inc.   16,000    4,802 
MarineMax, Inc. (a)   103,300    4,159 
Meritage Homes Corp. (a)   26,100    2,068 
Tempur Sealy International, Inc.   101,500    2,834 
Tesla, Inc. (a)   8,200    8,836 
Vista Outdoor, Inc. (a)   62,200    2,220 
Winnebago Industries, Inc.   65,000    3,512 
         54,818 
Consumer Staples (4.2%):          
BJ's Wholesale Club Holdings, Inc. (a)   90,600    6,126 
Darling Ingredients, Inc. (a)   34,300    2,757 
PepsiCo, Inc.   43,000    7,197 
Philip Morris International, Inc.   31,300    2,940 
         19,020 
Electronic Equipment, Instruments & Components (3.0%):          
Fabrinet (a)   63,600    6,686 
Jabil, Inc.   109,900    6,784 
         13,470 
Energy (6.9%):          
Chevron Corp.   36,310    5,912 
Diamondback Energy, Inc.   24,200    3,317 
EOG Resources, Inc.   58,700    6,999 
Matador Resources Co.   70,000    3,709 
Pioneer Natural Resources Co.   20,200    5,051 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Schlumberger NV   160,500   $6,630 
         31,618 
Financials (11.8%):          
Ally Financial, Inc.   62,900    2,735 
Ameriprise Financial, Inc.   21,100    6,338 
Bank of America Corp.   148,800    6,133 
Chubb Ltd.   33,900    7,251 
Customers Bancorp, Inc. (a)   53,300    2,779 
JPMorgan Chase & Co.   44,300    6,039 
Morgan Stanley   57,200    4,999 
ServisFirst Bancshares, Inc.   70,500    6,718 
Signature Bank   19,500    5,723 
Western Alliance Bancorp   62,300    5,160 
         53,875 
Health Care (13.1%):          
AbbVie, Inc.   54,550    8,843 
AmerisourceBergen Corp.   41,600    6,436 
AMN Healthcare Services, Inc. (a)   42,700    4,455 
Cigna Corp.   29,100    6,973 
ICON PLC (a)   21,300    5,181 
McKesson Corp.   21,600    6,612 
Regeneron Pharmaceuticals, Inc. (a)   12,000    8,381 
Stryker Corp.   8,800    2,353 
Thermo Fisher Scientific, Inc.   3,900    2,303 
UnitedHealth Group, Inc.   16,225    8,274 
         59,811 
Industrials (8.2%):          
Builders FirstSource, Inc. (a)   42,000    2,711 
Chart Industries, Inc. (a)   38,800    6,665 
GXO Logistics, Inc. (a)   36,500    2,604 
Marten Transport Ltd.   339,300    6,026 
Old Dominion Freight Line, Inc.   13,400    4,002 
Parker-Hannifin Corp.   14,100    4,001 
Saia, Inc. (a)   17,600    4,291 
Trex Co., Inc. (a)   39,300    2,567 
UFP Industries, Inc.   54,600    4,213 
         37,080 
Materials (2.7%):          
Graphic Packaging Holding Co.   114,200    2,289 
Greif, Inc., Class A   28,000    1,822 
Summit Materials, Inc., Class A (a)   119,000    3,696 
Valvoline, Inc.   140,500    4,434 
         12,241 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Multi-Cap Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Real Estate (2.1%):        
American Tower Corp.   12,300   $3,090 
CBRE Group, Inc., Class A (a)   26,400    2,416 
Simon Property Group, Inc.   30,500    4,013 
         9,519 
Semiconductors & Semiconductor Equipment (10.3%):          
Advanced Micro Devices, Inc. (a)   68,300    7,468 
Alpha & Omega Semiconductor Ltd. (a)   66,200    3,618 
Applied Materials, Inc.   38,900    5,127 
Broadcom, Inc.   15,200    9,571 
NVIDIA Corp.   51,400    14,025 
QUALCOMM, Inc.   46,400    7,091 
         46,900 
Software (6.3%):          
Cadence Design Systems, Inc. (a)   28,200    4,638 
Microsoft Corp.   77,460    23,882 
         28,520 
Technology Hardware, Storage & Peripherals (7.6%):          
Apple, Inc.   172,980    30,204 
HP, Inc.   123,100    4,469 
         34,673 
Total Common Stocks (Cost $310,193)        443,369 
           
Exchange-Traded Funds (2.0%)          
iShares Russell 3000 ETF (b)   35,000    9,183 
Total Exchange-Traded Funds (Cost $8,701)        9,183 
           
Collateral for Securities Loaned (3.2%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   282,872    283 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   7,934,534    7,934 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   141,167    141 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   1,125,623    1,126 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   5,061,020    5,061 
Total Collateral for Securities Loaned (Cost $14,545)        14,545 
Total Investments (Cost $333,439) — 102.7%        467,097 
Liabilities in excess of other assets — (2.7)%        (12,261)
NET ASSETS - 100.00%       $454,836 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.0%)          
Communication Services (9.3%):          
Activision Blizzard, Inc.   5,602   $449 
Alphabet, Inc., Class A (a)   2,163    6,016 
Alphabet, Inc., Class C (a)   1,997    5,578 
AT&T, Inc.   51,349    1,213 
Charter Communications, Inc., Class A (a)   857    467 
Comcast Corp., Class A   32,529    1,523 
Discovery, Inc., Class A (a)   1,219    30 
Discovery, Inc., Class C (a)   2,184    54 
DISH Network Corp., Class A (a)   1,796    57 
Electronic Arts, Inc.   2,022    256 
Fox Corp., Class A   2,271    90 
Fox Corp., Class B   1,048    38 
Live Nation Entertainment, Inc. (a)   971    114 
Lumen Technologies, Inc.   6,626    75 
Match Group, Inc. (a)   2,036    221 
Meta Platforms, Inc., Class A (a)   16,604    3,692 
Netflix, Inc. (a)   3,192    1,196 
News Corp., Class A   2,811    62 
News Corp., Class B   871    20 
Omnicom Group, Inc.   1,503    128 
Paramount Global, Class B   4,363    165 
Take-Two Interactive Software, Inc. (a)   830    128 
The Interpublic Group of Cos., Inc.   2,830    100 
The Walt Disney Co. (a)   13,092    1,796 
T-Mobile U.S., Inc. (a)   4,222    542 
Twitter, Inc. (a)   5,750    222 
Verizon Communications, Inc.   30,186    1,538 
         25,770 
Communications Equipment (0.9%):          
Arista Networks, Inc. (a)   1,613    224 
Cisco Systems, Inc.   30,327    1,691 
F5, Inc. (a)   437    91 
Juniper Networks, Inc.   2,338    87 
Motorola Solutions, Inc.   1,214    294 
         2,387 
           
Consumer Discretionary (11.9%):          
Advance Auto Parts, Inc.   448    93 
Amazon.com, Inc. (a)   3,147    10,259 
Aptiv PLC (a)   1,945    233 
AutoZone, Inc. (a)   148    303 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Bath & Body Works, Inc.   1,853   $89 
Best Buy Co., Inc.   1,557    141 
Booking Holdings, Inc. (a)   295    693 
BorgWarner, Inc.   1,724    67 
Caesars Entertainment, Inc. (a)   1,537    119 
CarMax, Inc. (a)   1,163    112 
Carnival Corp. (a)(b)   5,816    118 
Chipotle Mexican Grill, Inc. (a)   202    320 
D.R. Horton, Inc.   2,319    173 
Darden Restaurants, Inc.   918    122 
Dollar General Corp.   1,666    371 
Dollar Tree, Inc. (a)   1,618    259 
Domino's Pizza, Inc.   262    107 
eBay, Inc.   4,501    258 
Etsy, Inc. (a)(c)   912    113 
Expedia Group, Inc. (a)   1,080    211 
Ford Motor Co.   28,284    478 
Garmin Ltd.   1,093    130 
General Motors Co. (a)   10,448    457 
Genuine Parts Co.   1,024    129 
Hasbro, Inc.   932    76 
Hilton Worldwide Holdings, Inc. (a)   2,004    304 
Las Vegas Sands Corp. (a)(c)   2,472    96 
Lennar Corp., Class A   1,879    152 
LKQ Corp.   1,928    87 
Lowe's Cos., Inc.   4,845    980 
Marriott International, Inc., Class A (a)   1,967    346 
McDonald's Corp.   5,373    1,329 
MGM Resorts International   2,708    114 
Mohawk Industries, Inc. (a)   395    49 
Newell Brands, Inc.   2,722    58 
NIKE, Inc., Class B   9,177    1,235 
Norwegian Cruise Line Holdings Ltd. (a)(b)   2,998    66 
NVR, Inc. (a)   24    107 
O'Reilly Automotive, Inc. (a)   484    331 
Penn National Gaming, Inc. (a)   1,195    51 
Pool Corp.   288    122 
PulteGroup, Inc.   1,788    75 
PVH Corp.   503    38 
Ralph Lauren Corp.   333    38 
Ross Stores, Inc.   2,541    230 
Royal Caribbean Cruises Ltd. (a)   1,612    135 
Starbucks Corp.   8,271    752 
Tapestry, Inc.   1,898    70 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Target Corp. (c)   3,445   $731 
Tesla, Inc. (a)   6,020    6,487 
The Home Depot, Inc.   7,509    2,248 
The TJX Cos., Inc.   8,578    520 
Tractor Supply Co.   818    191 
Ulta Beauty, Inc. (a)   389    155 
Under Armour, Inc., Class A (a)   1,356    23 
Under Armour, Inc., Class C (a)   1,546    24 
VF Corp.   2,321    132 
Whirlpool Corp.   424    73 
Wynn Resorts Ltd. (a)   757    60 
Yum! Brands, Inc.   2,078    246 
         33,086 
Consumer Staples (6.0%):          
Altria Group, Inc.   13,110    685 
Archer-Daniels-Midland Co.   4,024    363 
Brown-Forman Corp., Class B   1,314    88 
Campbell Soup Co.   1,454    65 
Church & Dwight Co., Inc.   1,740    173 
Colgate-Palmolive Co.   6,061    460 
Conagra Brands, Inc.   3,449    116 
Constellation Brands, Inc., Class A   1,182    272 
Costco Wholesale Corp.   3,189    1,836 
General Mills, Inc.   4,337    294 
Hormel Foods Corp. (b)   2,029    105 
Kellogg Co.   1,840    119 
Kimberly-Clark Corp.   2,422    298 
Lamb Weston Holdings, Inc.   1,044    63 
McCormick & Co., Inc.   1,796    179 
Molson Coors Beverage Co., Class B   1,355    72 
Mondelez International, Inc., Class A   9,983    627 
Monster Beverage Corp. (a)   2,701    216 
PepsiCo, Inc.   9,948    1,665 
Philip Morris International, Inc.   11,144    1,047 
Sysco Corp.   3,649    298 
The Clorox Co.   885    123 
The Coca-Cola Co.   27,954    1,733 
The Estee Lauder Cos., Inc.   1,671    455 
The Hershey Co.   1,045    226 
The J.M. Smucker Co.   779    105 
The Kraft Heinz Co.   5,105    201 
The Kroger Co.   4,811    276 
The Procter & Gamble Co.   17,236    2,634 
Tyson Foods, Inc., Class A   2,103    188 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Walgreens Boots Alliance, Inc.   5,152   $231 
Walmart, Inc.   10,172    1,515 
         16,728 
Electronic Equipment, Instruments & Components (0.6%):          
Amphenol Corp., Class A   4,307    325 
CDW Corp.   976    175 
Corning, Inc.   5,371    198 
IPG Photonics Corp. (a)   257    28 
Keysight Technologies, Inc. (a)   1,316    208 
TE Connectivity Ltd.   2,341    307 
Teledyne Technologies, Inc. (a)   335    158 
Trimble, Inc. (a)   1,805    130 
Zebra Technologies Corp. (a)   382    158 
         1,687 
Energy (3.8%):          
APA Corp.   2,612    108 
Baker Hughes Co.   6,512    237 
Chevron Corp.   13,861    2,257 
ConocoPhillips   9,364    936 
Coterra Energy, Inc.   5,850    158 
Devon Energy Corp.   4,527    268 
Diamondback Energy, Inc.   1,225    168 
EOG Resources, Inc.   4,207    502 
Exxon Mobil Corp.   30,442    2,514 
Halliburton Co.   6,461    245 
Hess Corp.   1,982    212 
Kinder Morgan, Inc.   14,022    265 
Marathon Oil Corp.   5,598    141 
Marathon Petroleum Corp.   4,163    356 
Occidental Petroleum Corp.   6,380    362 
ONEOK, Inc.   3,207    226 
Phillips 66   3,364    291 
Pioneer Natural Resources Co.   1,633    408 
Schlumberger NV   10,091    417 
The Williams Cos., Inc.   8,737    292 
Valero Energy Corp.   2,940    298 
         10,661 
Financials (11.0%):          
Aflac, Inc.   4,314    278 
American Express Co.   4,423    827 
American International Group, Inc.   5,970    375 
Ameriprise Financial, Inc.   797    239 
Aon PLC, Class A   1,545    503 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Arthur J Gallagher & Co.   1,499   $262 
Assurant, Inc.   410    75 
Bank of America Corp.   51,115    2,107 
Berkshire Hathaway, Inc., Class B (a)   13,169    4,647 
BlackRock, Inc.   1,025    783 
Brown & Brown, Inc.   1,686    122 
Capital One Financial Corp.   2,976    391 
Cboe Global Markets, Inc.   767    88 
Chubb Ltd.   3,097    662 
Cincinnati Financial Corp.   1,078    147 
Citigroup, Inc.   14,269    762 
Citizens Financial Group, Inc.   3,065    139 
CME Group, Inc.   2,584    615 
Comerica, Inc.   940    85 
Discover Financial Services   2,071    228 
Everest Re Group Ltd.   283    85 
FactSet Research Systems, Inc.   272    118 
Fifth Third Bancorp   4,917    212 
First Republic Bank   1,289    209 
Franklin Resources, Inc. (b)   2,022    56 
Globe Life, Inc.   668    67 
Huntington Bancshares, Inc.   10,338    151 
Intercontinental Exchange, Inc.   4,040    534 
Invesco Ltd.   2,454    57 
JPMorgan Chase & Co.   21,250    2,897 
KeyCorp   6,679    150 
Lincoln National Corp.   1,198    78 
Loews Corp.   1,410    91 
M&T Bank Corp.   925    157 
MarketAxess Holdings, Inc.   273    93 
Marsh & McLennan Cos., Inc.   3,631    619 
MetLife, Inc.   5,046    355 
Moody's Corp.   1,163    392 
Morgan Stanley   10,193    891 
MSCI, Inc.   584    294 
Nasdaq, Inc.   842    150 
Northern Trust Corp.   1,494    174 
People's United Financial, Inc.   3,077    62 
Principal Financial Group, Inc.   1,747    128 
Prudential Financial, Inc.   2,718    321 
Raymond James Financial, Inc.   1,344    148 
Regions Financial Corp.   6,774    151 
S&P Global, Inc.   2,547    1,045 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Signature Bank   451   $132 
State Street Corp.   2,632    229 
SVB Financial Group (a)   422    236 
Synchrony Financial   3,748    130 
T. Rowe Price Group, Inc.   1,648    249 
The Allstate Corp.   2,018    280 
The Bank of New York Mellon Corp.   5,320    264 
The Charles Schwab Corp.   10,810    911 
The Goldman Sachs Group, Inc.   2,441    806 
The Hartford Financial Services Group, Inc.   2,408    173 
The PNC Financial Services Group, Inc.   3,020    557 
The Progressive Corp.   4,202    479 
The Travelers Cos., Inc.   1,734    317 
Truist Financial Corp.   9,599    544 
U.S. Bancorp   9,711    516 
W.R. Berkley Corp.   1,506    100 
Wells Fargo & Co.   27,941    1,354 
Willis Towers Watson PLC   878    207 
Zions Bancorp NA   1,090    71 
         30,575 
Health Care (13.5%):          
Abbott Laboratories   12,715    1,505 
AbbVie, Inc.   12,712    2,061 
ABIOMED, Inc. (a)   327    108 
Agilent Technologies, Inc.   2,160    286 
Align Technology, Inc. (a)   527    230 
AmerisourceBergen Corp.   1,083    168 
Amgen, Inc.   4,050    979 
Anthem, Inc.   1,745    857 
Baxter International, Inc.   3,600    279 
Becton Dickinson & Co.   2,048    545 
Biogen, Inc. (a)   1,056    222 
Bio-Rad Laboratories, Inc., Class A (a)   155    87 
Bio-Techne Corp.   283    123 
Boston Scientific Corp. (a)   10,247    454 
Bristol-Myers Squibb Co.   15,674    1,145 
Cardinal Health, Inc.   1,992    113 
Catalent, Inc. (a)   1,288    143 
Centene Corp. (a)   4,196    353 
Cerner Corp.   2,116    198 
Charles River Laboratories International, Inc. (a)   363    103 
Cigna Corp.   2,322    556 
CVS Health Corp.   9,438    955 
Danaher Corp.   4,576    1,342 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
DaVita, Inc. (a)   443   $50 
DENTSPLY SIRONA, Inc.   1,572    77 
Dexcom, Inc. (a)   697    357 
Edwards Lifesciences Corp. (a)   4,489    528 
Eli Lilly & Co.   5,709    1,635 
Gilead Sciences, Inc. (c)   9,020    536 
HCA Healthcare, Inc.   1,722    432 
Henry Schein, Inc. (a)   997    87 
Hologic, Inc. (a)   1,798    138 
Humana, Inc.   924    402 
IDEXX Laboratories, Inc. (a)   610    334 
Illumina, Inc. (a)   1,124    393 
Incyte Corp. (a)   1,353    107 
Intuitive Surgical, Inc. (a)   2,572    776 
IQVIA Holdings, Inc. (a)   1,374    318 
Johnson & Johnson (c)   18,930    3,355 
Laboratory Corp. of America Holdings (a)   669    176 
McKesson Corp.   1,077    330 
Medtronic PLC   9,668    1,073 
Merck & Co., Inc.   18,163    1,490 
Mettler-Toledo International, Inc. (a)   165    227 
Moderna, Inc. (a)   2,536    437 
Molina Healthcare, Inc. (a)   420    140 
Organon & Co.   1,823    64 
PerkinElmer, Inc.   907    158 
Pfizer, Inc.   40,360    2,089 
Quest Diagnostics, Inc.   856    117 
Regeneron Pharmaceuticals, Inc. (a)   767    536 
ResMed, Inc.   1,052    255 
STERIS PLC   720    174 
Stryker Corp.   2,414    645 
Teleflex, Inc.   337    120 
The Cooper Cos., Inc.   354    148 
Thermo Fisher Scientific, Inc.   2,833    1,673 
UnitedHealth Group, Inc.   6,773    3,454 
Universal Health Services, Inc., Class B   526    76 
Vertex Pharmaceuticals, Inc. (a)   1,831    478 
Viatris, Inc.   8,696    95 
Waters Corp. (a)   439    136 
West Pharmaceutical Services, Inc.   533    219 
Zimmer Biomet Holdings, Inc.   1,502    192 
Zoetis, Inc.   3,402    642 
         37,481 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Industrials (7.8%):          
3M Co.   4,107   $611 
Alaska Air Group, Inc. (a)   905    53 
Allegion PLC   645    71 
American Airlines Group, Inc. (a)(b)   4,658    85 
AMETEK, Inc.   1,663    221 
AO Smith Corp.   945    60 
C.H. Robinson Worldwide, Inc.   935    101 
Carrier Global Corp.   6,152    282 
Caterpillar, Inc.   3,890    867 
Cintas Corp.   634    270 
Copart, Inc. (a)   1,535    193 
CSX Corp.   15,949    597 
Cummins, Inc.   1,024    210 
Deere & Co.   2,017    838 
Delta Air Lines, Inc. (a)   4,602    182 
Dover Corp.   1,035    162 
Eaton Corp. PLC   2,866    435 
Emerson Electric Co.   4,271    419 
Equifax, Inc.   877    208 
Expeditors International of Washington, Inc.   1,218    126 
Fastenal Co.   4,139    246 
FedEx Corp.   1,753    406 
Fortive Corp.   2,578    157 
Fortune Brands Home & Security, Inc.   976    73 
Generac Holdings, Inc. (a)   454    135 
General Dynamics Corp.   1,657    400 
General Electric Co.   7,905    723 
Honeywell International, Inc.   4,931    959 
Howmet Aerospace, Inc.   2,729    98 
Huntington Ingalls Industries, Inc.   288    57 
IDEX Corp.   547    105 
Illinois Tool Works, Inc.   2,054    430 
Ingersoll Rand, Inc. (c)   2,931    148 
J.B. Hunt Transport Services, Inc.   604    121 
Jacobs Engineering Group, Inc.   929    128 
Johnson Controls International PLC   5,052    331 
L3Harris Technologies, Inc.   1,411    351 
Leidos Holdings, Inc.   1,009    109 
Lockheed Martin Corp.   1,743    769 
Masco Corp.   1,725    88 
Nielsen Holdings PLC   2,580    70 
Nordson Corp.   389    88 
Norfolk Southern Corp.   1,724    492 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Northrop Grumman Corp.   1,055   $472 
Old Dominion Freight Line, Inc.   670    200 
Otis Worldwide Corp.   3,056    235 
PACCAR, Inc.   2,497    220 
Parker-Hannifin Corp.   924    262 
Pentair PLC   1,190    65 
Quanta Services, Inc.   1,025    135 
Raytheon Technologies Corp.   10,731    1,063 
Republic Services, Inc. (c)   1,502    199 
Robert Half International, Inc.   787    90 
Rockwell Automation, Inc.   836    234 
Rollins, Inc.   1,628    57 
Roper Technologies, Inc.   759    358 
Snap-on, Inc.   384    79 
Southwest Airlines Co. (a)   4,259    195 
Stanley Black & Decker, Inc.   1,172    164 
Textron, Inc.   1,585    118 
The Boeing Co. (a)   3,941    755 
Trane Technologies PLC   1,679    256 
TransDigm Group, Inc. (a)   379    247 
Union Pacific Corp.   4,580    1,251 
United Airlines Holdings, Inc. (a)   2,328    108 
United Parcel Service, Inc., Class B   5,243    1,124 
United Rentals, Inc. (a)   521    185 
Verisk Analytics, Inc.   1,159    249 
W.W. Grainger, Inc.   311    160 
Waste Management, Inc.   2,767    439 
Westinghouse Air Brake Technologies Corp.   1,343    129 
Xylem, Inc.   1,297    111 
         21,635 
IT Services (4.2%):          
Accenture PLC, Class A   4,545    1,533 
Akamai Technologies, Inc. (a)   1,168    139 
Automatic Data Processing, Inc.   3,020    687 
Broadridge Financial Solutions, Inc.   840    131 
Cognizant Technology Solutions Corp., Class A   3,777    339 
DXC Technology Co. (a)   1,758    57 
EPAM Systems, Inc. (a)   408    121 
Fidelity National Information Services, Inc.   4,379    440 
Fiserv, Inc. (a)   4,273    433 
FleetCor Technologies, Inc. (a)   584    145 
Gartner, Inc. (a)   591    176 
Global Payments, Inc.   2,048    280 
International Business Machines Corp.   6,449    838 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Jack Henry & Associates, Inc.   524   $103 
Mastercard, Inc., Class A   6,206    2,218 
Paychex, Inc.   2,309    315 
PayPal Holdings, Inc. (a)   8,377    969 
VeriSign, Inc. (a)   695    155 
Visa, Inc., Class A   11,925    2,645 
         11,724 
Materials (2.6%):          
Air Products and Chemicals, Inc.   1,594    398 
Albemarle Corp.   841    186 
Amcor PLC   10,885    123 
Avery Dennison Corp.   595    104 
Ball Corp.   2,329    210 
Celanese Corp.   777    111 
CF Industries Holdings, Inc.   1,542    159 
Corteva, Inc.   5,228    300 
Dow, Inc.   5,291    337 
DuPont de Nemours, Inc.   3,688    271 
Eastman Chemical Co.   928    104 
Ecolab, Inc.   1,793    317 
FMC Corp.   911    120 
Freeport-McMoRan, Inc.   10,556    525 
International Flavors & Fragrances, Inc.   1,830    240 
International Paper Co.   2,785    129 
Linde PLC   3,686    1,177 
LyondellBasell Industries NV, Class A   1,890    194 
Martin Marietta Materials, Inc.   449    173 
Newmont Corp.   5,734    456 
Nucor Corp.   1,956    291 
Packaging Corp. of America   683    107 
PPG Industries, Inc.   1,707    224 
Sealed Air Corp.   1,065    71 
The Mosaic Co.   2,663    177 
The Sherwin-Williams Co.   1,735    433 
Vulcan Materials Co.   954    175 
Westrock Co.   1,893    89 
         7,201 
Real Estate (2.7%):          
Alexandria Real Estate Equities, Inc.   1,047    211 
American Tower Corp.   3,275    823 
AvalonBay Communities, Inc.   1,005    250 
Boston Properties, Inc.   1,022    132 
CBRE Group, Inc., Class A (a)   2,406    220 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Crown Castle International Corp.   3,108   $574 
Digital Realty Trust, Inc.   2,041    289 
Duke Realty Corp.   2,739    159 
Equinix, Inc.   647    480 
Equity Residential   2,457    221 
Essex Property Trust, Inc.   469    162 
Extra Space Storage, Inc.   963    198 
Federal Realty Investment Trust   509    62 
Healthpeak Properties, Inc.   3,878    133 
Host Hotels & Resorts, Inc.   5,134    100 
Iron Mountain, Inc.   2,082    115 
Kimco Realty Corp.   4,434    109 
Mid-America Apartment Communities, Inc.   829    174 
Prologis, Inc.   5,321    859 
Public Storage   1,097    428 
Realty Income Corp.   4,068    282 
Regency Centers Corp.   1,108    79 
SBA Communications Corp.   782    269 
Simon Property Group, Inc.   2,363    311 
UDR, Inc.   2,150    123 
Ventas, Inc.   2,870    177 
Vornado Realty Trust   1,143    52 
Welltower, Inc.   3,130    301 
Weyerhaeuser Co.   5,374    204 
         7,497 
Semiconductors & Semiconductor Equipment (5.9%):          
Advanced Micro Devices, Inc. (a)   11,755    1,285 
Analog Devices, Inc.   3,777    624 
Applied Materials, Inc.   6,385    842 
Broadcom, Inc.   2,969    1,870 
Enphase Energy, Inc. (a)   963    194 
Intel Corp.   29,280    1,451 
KLA Corp.   1,084    397 
Lam Research Corp.   1,003    539 
Microchip Technology, Inc.   3,998    300 
Micron Technology, Inc.   8,052    627 
Monolithic Power Systems, Inc.   312    152 
NVIDIA Corp.   17,977    4,905 
NXP Semiconductors NV   1,912    354 
Qorvo, Inc. (a)   780    97 
QUALCOMM, Inc.   8,104    1,238 
Skyworks Solutions, Inc.   1,179    157 
SolarEdge Technologies, Inc. (a)   378    122 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Teradyne, Inc.   1,172   $139 
Texas Instruments, Inc.   6,641    1,218 
         16,511 
Software (8.8%):          
Adobe, Inc. (a)   3,392    1,545 
ANSYS, Inc. (a)   627    199 
Autodesk, Inc. (a)   1,582    339 
Cadence Design Systems, Inc. (a)   1,993    328 
Ceridian HCM Holding, Inc. (a)   984    67 
Citrix Systems, Inc.   897    90 
Fortinet, Inc. (a)   976    334 
Intuit, Inc.   2,036    979 
Microsoft Corp. (c)   53,907    16,620 
NortonLifeLock, Inc.   4,184    111 
Oracle Corp.   11,329    937 
Paycom Software, Inc. (a)   346    120 
PTC, Inc. (a)   757    82 
Salesforce, Inc. (a)   7,083    1,504 
ServiceNow, Inc. (a)(c)   1,438    801 
Synopsys, Inc. (a)   1,103    368 
Tyler Technologies, Inc. (a)   295    131 
         24,555 
Technology Hardware, Storage & Peripherals (7.3%):          
Apple, Inc.   111,480    19,465 
Hewlett Packard Enterprise Co.   9,301    155 
HP, Inc.   7,785    283 
NetApp, Inc.   1,598    133 
Seagate Technology Holdings PLC   1,448    130 
Western Digital Corp. (a)   2,250    112 
         20,278 
Utilities (2.7%):          
Alliant Energy Corp.   1,800    112 
Ameren Corp.   1,852    174 
American Electric Power Co., Inc. (c)   3,622    361 
American Water Works Co., Inc.   1,305    216 
Atmos Energy Corp.   974    116 
CenterPoint Energy, Inc.   4,522    139 
CMS Energy Corp.   2,084    146 
Consolidated Edison, Inc. (c)   2,544    241 
Constellation Energy Corp.   2,348    132 
Dominion Energy, Inc.   5,824    495 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
DTE Energy Co.   1,393   $184 
Duke Energy Corp. (c)   5,531    618 
Edison International   2,732    191 
Entergy Corp.   1,445    169 
Evergy, Inc. (c)   1,649    113 
Eversource Energy (c)   2,472    218 
Exelon Corp.   7,043    335 
FirstEnergy Corp.   4,100    188 
NextEra Energy, Inc. (c)   14,109    1,195 
NiSource, Inc.   2,824    90 
NRG Energy, Inc.   1,761    68 
Pinnacle West Capital Corp.   811    63 
PPL Corp.   5,398    154 
Public Service Enterprise Group, Inc.   3,636    255 
Sempra Energy   2,296    386 
The AES Corp.   4,794    123 
The Southern Co. (c)   7,621    553 
WEC Energy Group, Inc. (c)   2,268    226 
Xcel Energy, Inc. (c)   3,873    279 
         7,540 
Total Common Stocks (Cost $53,715)        275,316 
           
Collateral for Securities Loaned (0.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d)   6,959    7 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)   195,186    195 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d)   3,473    3 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d)   27,690    28 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d)   124,499    125 
Total Collateral for Securities Loaned (Cost $358)        358 
           
Total Investments (Cost $54,073) — 99.1%        275,674 
Other assets in excess of liabilities — 0.9%        2,364 
NET ASSETS - 100.00%       $278,038 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) All or a portion of this security has been segregated as collateral for derivative instruments.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory S&P 500 Index Fund       March 31, 2022
        (Unaudited)

 

Futures Contracts Purchased      
(Amounts not in thousands)      
    Number
of
Contracts
  Expiration
Date
  Notional
Amount
    Value     Unrealized Appreciation/ (Depreciation)  
E-Mini S&P 500 Futures   11   6/20/22   $ 2,363,274     $ 2,491,913     $ 128,639  
                                 
    Total unrealized appreciation      $ 128,639  
    Total unrealized depreciation         
    Total net unrealized appreciation (depreciation)      $ 128,639  

 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Munder Mid-Cap Core Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.0%)          
Communication Services (1.5%):          
Live Nation Entertainment, Inc. (a)   59,844   $7,040 
           
Consumer Discretionary (9.0%):          
Airbnb, Inc., Class A (a)   21,800    3,744 
AutoZone, Inc. (a)   3,400    6,951 
Choice Hotels International, Inc.   17,400    2,467 
D.R. Horton, Inc.   54,300    4,046 
Expedia Group, Inc. (a)   33,400    6,535 
Lithia Motors, Inc.   10,200    3,061 
Marriott Vacations Worldwide Corp.   27,221    4,293 
NVR, Inc. (a)   1,200    5,361 
Pool Corp.   10,800    4,567 
         41,025 
Consumer Staples (4.3%):          
Church & Dwight Co., Inc.   61,400    6,102 
Darling Ingredients, Inc. (a)   86,900    6,985 
McCormick & Co., Inc.   63,400    6,327 
         19,414 
Energy (5.9%):          
Cheniere Energy, Inc.   63,800    8,846 
Diamondback Energy, Inc.   66,800    9,157 
EOG Resources, Inc.   76,100    9,073 
         27,076 
Financials (12.0%):          
Ally Financial, Inc.   101,900    4,431 
Brown & Brown, Inc.   135,500    9,792 
East West Bancorp, Inc.   71,100    5,618 
Evercore, Inc.   27,000    3,006 
FactSet Research Systems, Inc.   13,400    5,818 
Kinsale Capital Group, Inc.   27,300    6,225 
MSCI, Inc.   13,000    6,537 
Radian Group, Inc.   252,777    5,614 
W R Berkley Corp.   115,950    7,721 
         54,762 
Health Care (10.0%):          
Agilent Technologies, Inc.   45,993    6,086 
BioCryst Pharmaceuticals, Inc. (a)(b)   358,500    5,829 
Bruker Corp.   34,000    2,186 
Edwards Lifesciences Corp. (a)   44,200    5,203 
Horizon Therapeutics PLC (a)   52,600    5,534 
IDEXX Laboratories, Inc. (a)   8,900    4,869 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Insulet Corp. (a)   12,600   $3,357 
IQVIA Holdings, Inc. (a)   29,600    6,844 
Zoetis, Inc.   29,730    5,607 
         45,515 
Industrials (16.1%):          
Advanced Drainage Systems, Inc.   46,700    5,548 
AMETEK, Inc.   42,300    5,634 
Chart Industries, Inc. (a)(b)   31,400    5,394 
Copa Holdings SA (a)(b)   67,600    5,654 
HEICO Corp.   45,800    7,032 
IDEX Corp.   11,400    2,186 
Masco Corp.   66,200    3,376 
Old Dominion Freight Line, Inc.   17,550    5,242 
Robert Half International, Inc.   47,400    5,412 
TFI International, Inc.   56,200    5,986 
The Middleby Corp. (a)   26,000    4,263 
Trane Technologies PLC   14,100    2,153 
Trex Co., Inc. (a)   50,900    3,325 
Verisk Analytics, Inc.   29,000    6,224 
WESCO International, Inc. (a)   45,700    5,947 
         73,376 
Information Technology (19.0%):          
Advanced Micro Devices, Inc. (a)   75,200    8,222 
Amphenol Corp., Class A   85,520    6,444 
CDW Corp.   43,759    7,828 
Concentrix Corp.   20,800    3,465 
Crowdstrike Holdings, Inc., Class A (a)   24,400    5,541 
Fair Isaac Corp. (a)   13,300    6,204 
Global Payments, Inc.   43,400    5,939 
KLA Corp.   18,800    6,882 
Monolithic Power Systems, Inc.   13,200    6,411 
ServiceNow, Inc. (a)   6,400    3,564 
Synopsys, Inc. (a)   25,200    8,398 
Teledyne Technologies, Inc. (a)   16,300    7,704 
The Trade Desk, Inc., Class A (a)   79,700    5,519 
VeriSign, Inc. (a)   20,200    4,494 
         86,615 
Materials (7.4%):          
Avery Dennison Corp.   36,900    6,419 
FMC Corp.   59,600    7,842 
Freeport-McMoRan, Inc.   157,300    7,824 
Huntsman Corp.   165,500    6,208 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Mid-Cap Core Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Louisiana-Pacific Corp.   89,900   $5,585 
         33,878 
Real Estate (6.6%):          
Crown Castle International Corp.   31,800    5,870 
Digital Realty Trust, Inc.   41,146    5,835 
SBA Communications Corp.   18,903    6,505 
Sun Communities, Inc.   35,416    6,208 
Ventas, Inc.   93,400    5,768 
         30,186 
Utilities (5.2%):          
Atmos Energy Corp.   69,900    8,352 
Essential Utilities, Inc.   140,200    7,168 
Sempra Energy   47,439    7,976 
         23,496 
Total Common Stocks (Cost $307,431)        442,383 
           
Exchange-Traded Funds (1.7%)          
SPDR S&P MidCap 400 ETF   15,750    7,725 
Total Exchange-Traded Funds (Cost $7,572)        7,725 
           
Collateral for Securities Loaned (1.4%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   126,601    127 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   3,551,143    3,551 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   63,180    63 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   503,778    504 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   2,265,086    2,265 
Total Collateral for Securities Loaned (Cost $6,510)        6,510 
           
Total Investments (Cost $321,513) — 100.1%        456,618 
Liabilities in excess of other assets — (0.1)%        (623)
NET ASSETS - 100.00%       $455,995 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Munder Small Cap Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.3%)          
Communication Services (1.5%):          
Cian PLC, ADR (a)(b)(c)(d)   77   $(e)
Iridium Communications, Inc. (a)   2,861    115 
Radius Global Infrastructure, Inc., Class A (a)(f)   6,300    90 
         205 
Consumer Discretionary (12.7%):          
Academy Sports & Outdoors, Inc.   4,217    166 
Brunswick Corp.   1,273    103 
Burlington Stores, Inc. (a)   509    93 
Cavco Industries, Inc. (a)   567    137 
Chegg, Inc. (a)(f)   1,378    50 
F45 Training Holdings, Inc. (a)   7,541    81 
Five Below, Inc. (a)   616    98 
Group 1 Automotive, Inc.   882    148 
Kohl's Corp.   2,352    142 
Kura Sushi USA, Inc., Class A (a)   2,130    117 
Legacy Housing Corp. (a)   5,799    124 
Polaris, Inc. (f)   1,361    143 
Skyline Champion Corp. (a)   3,307    181 
Sweetgreen, Inc., Class A (a)(f)   2,488    80 
Torrid Holdings, Inc. (a)(f)   9,039    55 
Udemy, Inc. (a)(f)   77    1 
         1,719 
Consumer Staples (4.2%):          
Albertsons Cos., Inc., Class A   2,824    94 
Celsius Holdings, Inc. (a)(f)   1,710    94 
Performance Food Group Co. (a)   4,200    214 
Sovos Brands, Inc. (a)   11,486    163 
         565 
Energy (5.0%):          
Magnolia Oil & Gas Corp., Class A   13,744    325 
New Fortress Energy, Inc.   1,580    68 
Talos Energy, Inc. (a)   18,309    289 
         682 
Financials (13.0%):          
American Business Bank (a)   1,652    69 
Coastal Financial Corp. (a)   5,370    246 
Colony Bankcorp, Inc.   2,215    41 
Customers Bancorp, Inc. (a)   3,942    205 
First Western Financial, Inc. (a)   4,543    142 
Morningstar, Inc.   668    182 
Radian Group, Inc.   5,519    123 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Silvercrest Asset Management Group, Inc., Class A   13,506   $276 
SLM Corp.   5,481    101 
South Plains Financial, Inc.   5,120    136 
Tradeweb Markets, Inc., Class A   1,226    108 
WTB Financial Corp., Class B   360    138 
         1,767 
Health Care (19.6%):          
4D Molecular Therapeutics, Inc. (a)(f)   662    10 
Akero Therapeutics, Inc. (a)   1,608    23 
Alpha Teknova, Inc. (a)   2,306    32 
Annexon, Inc. (a)   439    1 
Arrowhead Pharmaceuticals, Inc. (a)   1,813    83 
Aurinia Pharmaceuticals, Inc. (a)   6,904    85 
Avidity Biosciences, Inc. (a)(f)   1,205    22 
Beam Therapeutics, Inc. (a)   1,233    71 
Bicycle Therapeutics PLC, ADR (a)   4,073    179 
BioAtla, Inc. (a)   665    3 
BioCryst Pharmaceuticals, Inc. (a)   7,016    114 
BioMarin Pharmaceutical, Inc. (a)   283    22 
C4 Therapeutics, Inc. (a)   249    6 
Cabaletta Bio, Inc. (a)(f)   2,967    6 
Castle Biosciences, Inc. (a)   2,000    90 
Cerus Corp. (a)   6,712    37 
Codiak Biosciences, Inc. (a)   6,305    40 
Collegium Pharmaceutical, Inc. (a)   1,187    24 
CRISPR Therapeutics AG (a)(f)   410    26 
CryoPort, Inc. (a)   1,655    58 
Dynavax Technologies Corp. (a)(f)   6,261    68 
Fusion Pharmaceuticals, Inc. (a)   4,261    33 
Gamida Cell Ltd. (a)(f)   9,195    38 
Generation Bio Co. (a)(f)   1,180    9 
Genetron Holdings Ltd., ADR (a)(f)   5,361    12 
Horizon Therapeutics PLC (a)   987    104 
IGM Biosciences, Inc. (a)(f)   796    21 
Immunocore Holdings PLC, ADR (a)   699    21 
Inari Medical, Inc. (a)   930    84 
Instil Bio, Inc. (a)(f)   1,072    12 
Insulet Corp. (a)   546    145 
Intellia Therapeutics, Inc. (a)   1,502    109 
IO Biotech, Inc. (a)   77    (e)
Iovance Biotherapeutics, Inc. (a)   2,461    41 
LianBio, ADR (a)   13,402    50 
Maravai LifeSciences Holdings, Inc., Class A (a)   1,150    41 
Merit Medical Systems, Inc. (a)   1,525    101 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
NanoString Technologies, Inc. (a)   3,309   $115 
Natera, Inc. (a)   1,954    79 
NeoGenomics, Inc. (a)   3,529    43 
Neurocrine Biosciences, Inc. (a)   336    31 
Nurix Therapeutics, Inc. (a)   439    6 
ORIC Pharmaceuticals, Inc. (a)   3,909    21 
Oyster Point Pharma, Inc. (a)   396    5 
PMV Pharmaceuticals, Inc. (a)(f)   280    6 
PolyPid Ltd. (a)   7,333    40 
Pulmonx Corp. (a)(f)   1,906    47 
RadNet, Inc. (a)   3,159    71 
Reata Pharmaceuticals, Inc., Class A (a)(f)   645    21 
Recursion Pharmaceuticals, Inc., Class A (a)(f)   218    2 
Repligen Corp. (a)   370    70 
Singular Genomics Systems, Inc. (a)   5,036    32 
Stoke Therapeutics, Inc. (a)   1,486    31 
Sutro Biopharma, Inc. (a)   3,661    30 
TCR2 Therapeutics, Inc. (a)   8,824    24 
TG Therapeutics, Inc. (a)   2,119    20 
Veracyte, Inc. (a)(f)   3,428    95 
Xencor, Inc. (a)   822    22 
Zai Lab Ltd., ADR (a)   598    26 
         2,658 
Industrials (13.8%):          
AGCO Corp.   520    76 
ASGN, Inc. (a)   1,743    203 
BWX Technologies, Inc.   1,070    58 
Casella Waste Systems, Inc. (a)   2,176    191 
Chart Industries, Inc. (a)   1,114    191 
Construction Partners, Inc., Class A (a)   1,877    49 
ESCO Technologies, Inc.   571    40 
Kaman Corp.   1,610    70 
Kratos Defense & Security Solutions, Inc. (a)   6,093    125 
McGrath RentCorp   1,522    129 
Meritor, Inc. (a)   3,130    111 
Owens Corning   2,069    189 
PGT Innovations, Inc. (a)   3,825    69 
Regal Rexnord Corp.   340    51 
Sensata Technologies Holding PLC (a)   1,260    64 
Shoals Technologies Group, Inc., Class A (a)   8,596    147 
The AZEK Co., Inc. (a)   2,561    64 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Zurn Water Solutions Corp.   1,529   $54 
         1,881 
Information Technology (22.3%):          
ACV Auctions, Inc., Class A (a)   357    5 
Alteryx, Inc., Class A (a)   441    32 
Avaya Holdings Corp. (a)   12,599    160 
Blackline, Inc. (a)   2,235    164 
BM Technologies, Inc. (a)(f)   606    5 
C3.ai, Inc., Class A (a)   848    19 
Couchbase, Inc. (a)   377    7 
CS Disco, Inc. (a)   4,343    148 
Datto Holding Corp. (a)(f)   6,030    161 
Digital Turbine, Inc. (a)   1,163    51 
DoubleVerify Holdings, Inc. (a)   363    9 
Dropbox, Inc., Class A (a)   1,247    29 
Elastic NV (a)   2,367    211 
Endava PLC, ADR (a)   977    130 
Expensify, Inc., Class A (a)(f)   5,375    94 
Flywire Corp. (a)   1,122    34 
ForgeRock, Inc., Class A (a)(f)   383    8 
Freshworks, Inc., Class A (a)   3,873    69 
Globant SA (a)   536    141 
Intapp, Inc. (a)   75    2 
JFrog Ltd. (a)   2,610    70 
Mitek Systems, Inc. (a)   9,134    134 
Monday.com Ltd. (a)   37    6 
Napco Security Technologies, Inc. (a)   10,722    220 
PagerDuty, Inc. (a)   4,305    147 
Ping Identity Holding Corp. (a)   3,255    89 
Shift4 Payments, Inc., Class A (a)(f)   1,480    92 
SiTime Corp. (a)   711    176 
Smartsheet, Inc., Class A (a)   2,908    159 
Switch, Inc., Class A   3,475    107 
TaskUS, Inc., Class A (a)(f)   1,602    62 
Vizio Holding Corp., Class A (a)   6,005    53 
WNS Holdings Ltd., ADR (a)   2,735    234 
         3,028 
Materials (4.4%):          
CF Industries Holdings, Inc.   720    74 
Compass Minerals International, Inc.   1,115    70 
FMC Corp.   550    72 
Franco-Nevada Corp.   1,104    176 
Intrepid Potash, Inc. (a)   875    72 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Munder Small Cap Growth Fund       March 31, 2022
(Amounts in Thousands, Except for Shares)       (Unaudited)

 

Security Description  Shares   Value 
Summit Materials, Inc., Class A (a)   4,179   $130 
         594 
Real Estate (2.8%):          
FirstService Corp.   868    126 
Rexford Industrial Realty, Inc.   1,252    93 
UMH Properties, Inc.   6,434    158 
         377 
Total Common Stocks (Cost $11,057)        13,476 
           
Warrants (0.1%)          
Health Care (0.1%):          
Bionano Genomics, Inc. (a)(c)   8,136    5 
Total Warrants (Cost $–)        5 
           
Collateral for Securities Loaned (9.7%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   25,689    26 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   720,579    720 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   12,820    13 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   102,224    102 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   459,619    460 
Total Collateral for Securities Loaned (Cost $1,321)        1,321 
           
Total Investments (Cost $12,378) — 109.1%        14,802 
Liabilities in excess of other assets — (9.1)%        (1,231)
NET ASSETS - 100.00%       $13,571 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.1% of net assets.
(d) This security is classified as Level 3 within the fair value hierarchy.
(e) Rounds to less than $1 thousand.
(f) All or a portion of this security is on loan.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
         
Common Stocks (97.3%)
Australia (4.9%):    
Consumer Discretionary (0.3%):          
Aristocrat Leisure Ltd.   25,881   $702 
           
Energy (0.9%):          
Santos Ltd.   147,322    854 
Woodside Petroleum Ltd.   45,597    1,095 
         1,949 
Financials (1.4%):          
Macquarie Group Ltd.   8,435    1,275 
National Australia Bank Ltd.   70,925    1,707 
         2,982 
Health Care (0.5%):          
Sonic Healthcare Ltd.   37,390    987 
           
Materials (0.5%):          
Rio Tinto Ltd.   13,391    1,197 
           
Real Estate (0.8%):          
Charter Hall Group   73,272    890 
Stockland   273,796    868 
         1,758 
Utilities (0.5%):          
Origin Energy Ltd.   225,881    1,051 
         10,626 
Austria (0.4%):          
Industrials (0.4%):          
ANDRITZ AG  (a)   17,446    806 
           
Brazil (2.0%):          
Energy (0.6%):          
Petro Rio SA  (a)   255,000    1,276 
           
Financials (0.5%):          
Banco Santander Brasil SA   155,600    1,206 
           
Materials (0.5%):          
Gerdau SA, Preference Shares   166,900    1,080 
           
Utilities (0.4%):          
Cia Energetica de Minas Gerais, Preference Shares   281,500    899 
         4,461 
Canada (6.5%):          
Consumer Discretionary (0.4%):          
BRP, Inc.   10,928    895 
           
Energy (1.0%):          
Headwater Exploration, Inc.  (a)   30,614    162 
Parex Resources, Inc.   54,751    1,124 
Suncor Energy, Inc.   27,265    888 
         2,174 
Financials (3.1%):          
Bank of Montreal   13,930    1,639 
iA Financial Corp., Inc.   19,083    1,161 
IGM Financial, Inc.   32,162    1,137 
National Bank of Canada   21,002    1,610 
Sun Life Financial, Inc.   21,962    1,226 
         6,773 
Industrials (0.4%):          
Finning International, Inc.   27,160    818 
           
Materials (1.6%):          
Nutrien Ltd.   14,048    1,452 
Teck Resources Ltd., Class B   28,123    1,136 
West Fraser Timber Co. Ltd.   10,629    874 
         3,462 
         14,122 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Chile (0.7%):          
Consumer Discretionary (0.4%):          
Falabella SA   241,597   $772 
           
Consumer Staples (0.3%):          
Cencosud SA   377,939    744 
         1,516 
China (6.9%):          
Communication Services (1.2%):          
Focus Media Information Technology Co. Ltd., Class A   891,600    853 
Tencent Holdings Ltd.   39,300    1,812 
         2,665 
Consumer Discretionary (1.8%):          
Alibaba Group Holding Ltd., ADR  (a)   6,937    755 
BYD Co. Ltd., Class H   28,500    793 
Haier Smart Home Co. Ltd., Class H   249,188    797 
JD.com, Inc., ADR  (a)(b)   7,903    457 
JD.com, Inc., Class A  (a)   2,057    59 
Zhongsheng Group Holdings Ltd.   163,500    1,149 
         4,010 
Consumer Staples (0.3%):          
Tingyi Cayman Islands Holding Corp.   438,000    734 
           
Financials (1.5%):          
Bank of China Ltd., Class H   2,195,275    876 
China Construction Bank Corp., Class H  (b)   1,046,000    784 
Huatai Securities Co. Ltd., Class H  (c)   598,400    916 
New China Life Insurance Co. Ltd., Class H   228,300    633 
         3,209 
Health Care (0.4%):          
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H   159,000    771 
           
Industrials (0.7%):          
China Railway Group Ltd., Class H   1,564,000    871 
COSCO SHIPPING Holdings Co. Ltd., Class H  (a)(b)   386,150    664 
         1,535 
Materials (0.6%):          
Anhui Conch Cement Co. Ltd., Class H   242,500    1,240 
           
Utilities (0.4%):          
China Longyuan Power Group Corp. Ltd., Class H   368,000    827 
         14,991 
Denmark (2.0%):          
Consumer Discretionary (0.2%):          
Pandora A/S   5,652    538 
           
Health Care (1.1%):          
Novo Nordisk A/S, Class B   21,804    2,419 
           
Industrials (0.7%):          
AP Moller - Maersk A/S, Class B   475    1,428 
         4,385 
Finland (0.7%):          
           
Industrials (0.3%):          
Metso Outotec Oyj   81,905    690 
           
Information Technology (0.4%):          
Nokia Oyj  (a)   133,433    735 
         1,425 
France (6.7%):          
Communication Services (0.8%):          
Publicis Groupe SA   18,426    1,118 
Vivendi SE   51,517    673 
         1,791 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Consumer Discretionary (1.1%):          
LVMH Moet Hennessy Louis Vuitton SE   3,327   $2,374 
           
Consumer Staples (0.7%):          
Pernod Ricard SA   6,810    1,496 
           
Financials (1.0%):          
Amundi SA  (c)   6,841    468 
AXA SA   24,844    727 
BNP Paribas SA   18,990    1,085 
         2,280 
Health Care (0.2%):          
Sartorius Stedim Biotech   1,233    505 
           
Industrials (1.2%):          
Cie de Saint-Gobain   19,477    1,159 
Eiffage SA   6,593    676 
Teleperformance   1,861    709 
         2,544 
Information Technology (1.0%):          
Capgemini SE   6,567    1,457 
Edenred   12,740    630 
         2,087 
Materials (0.4%):          
Arkema SA   7,407    885 
           
Real Estate (0.3%):          
Klepierre SA   27,268    726 
         14,688 
Germany (5.5%):          
Communication Services (0.8%):          
Deutsche Telekom AG   89,774    1,672 
           
Energy (0.4%):          
VERBIO Vereinigte BioEnergie AG   11,742    903 
           
Financials (1.0%):          
Allianz SE, Registered Shares   4,532    1,082 
Hannover Rueck SE  (b)   6,150    1,045 
         2,127 
Health Care (1.1%):          
Bayer AG, Registered Shares   12,604    862 
Merck KGaA   7,744    1,617 
         2,479 
Industrials (0.8%):          
Deutsche Post AG, Registered Shares   27,036    1,291 
Siemens AG, Registered Shares   4,045    560 
         1,851 
Information Technology (0.6%):          
Infineon Technologies AG   23,136    783 
SAP SE   5,245    581 
         1,364 
Materials (0.5%):          
Covestro AG  (c)   20,311    1,022 
           
Real Estate (0.3%):          
LEG Immobilien SE   5,603    638 
         12,056 
Hong Kong (1.4%):          
Consumer Discretionary (0.3%):          
Chow Tai Fook Jewellery Group Ltd.   427,000    771 
           
Information Technology (0.8%):          
Lenovo Group Ltd.   1,562,000    1,692 
           
Real Estate (0.3%):          
CK Asset Holdings Ltd.   92,895    635 
         3,098 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
India (3.5%):          
Energy (0.7%):          
Reliance Industries Ltd.   41,484   $1,435 
           
Financials (0.8%):          
Canara Bank  (a)   380,681    1,136 
ICICI Securities Ltd.  (c)   70,599    577 
         1,713 
Health Care (0.4%):          
Sun Pharmaceutical Industries Ltd.   78,212    942 
           
Information Technology (0.7%):          
Infosys Ltd.   64,259    1,609 
           
Materials (0.5%):          
UPL Ltd.   101,042    1,021 
           
Utilities (0.4%):          
Power Grid Corp. of India Ltd.   313,487    894 
         7,614 
Indonesia (0.3%):          
Communication Services (0.3%):          
PT Sarana Menara Nusantara Tbk   9,616,700    716 
           
Ireland (1.3%):          
Health Care (0.8%):          
ICON PLC  (a)   6,804    1,655 
           
Industrials (0.5%):          
DCC PLC   14,259    1,104 
         2,759 
Israel (0.4%):          
Information Technology (0.4%):          
Check Point Software Technologies Ltd.  (a)   6,003    830 
           
Italy (1.3%):          
Industrials (0.3%):          
Leonardo SpA  (a)   75,301    748 
           
Information Technology (0.3%):          
Nexi SpA  (a)(b)(c)   54,423    628 
           
Utilities (0.7%):          
Enel SpA   139,799    933 
Iren SpA   231,813    614 
         1,547 
         2,923 
Japan (15.1%):          
Communication Services (0.6%):          
Nippon Telegraph & Telephone Corp.   41,800    1,215 
           
Consumer Discretionary (3.4%):          
Open House Group Co. Ltd.   15,200    673 
Sony Group Corp.   37,700    3,879 
Toyota Motor Corp.   162,100    2,924 
         7,476 
Consumer Staples (1.3%):          
Ajinomoto Co., Inc.   33,300    945 
Asahi Group Holdings Ltd.   17,700    645 
Seven & i Holdings Co. Ltd.   27,300    1,302 
         2,892 
Financials (1.6%):          
Mizuho Financial Group, Inc.   72,310    923 
ORIX Corp.   75,600    1,507 
Sumitomo Mitsui Financial Group, Inc.   31,125    983 
         3,413 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Health Care (0.7%):          
Hoya Corp.   6,700   $763 
Ono Pharmaceutical Co. Ltd.   27,200    682 
         1,445 
Industrials (4.0%):          
AGC, Inc.   19,500    779 
Fuji Electric Co. Ltd.   20,500    1,022 
Hitachi Ltd.   23,600    1,181 
ITOCHU Corp.   49,700    1,681 
Komatsu Ltd.   34,500    829 
Mitsui & Co. Ltd.   42,100    1,143 
Nippon Express Holdings, Inc.   10,400    715 
Nippon Yusen KK   14,500    1,269 
         8,619 
Information Technology (2.0%):          
Fujitsu Ltd.   7,400    1,109 
Murata Manufacturing Co. Ltd.  (b)   12,100    797 
NTT Data Corp.  (b)   41,800    821 
Tokyo Electron Ltd.   3,200    1,644 
         4,371 
Materials (0.9%):          
Rengo Co. Ltd.   88,200    564 
Shin-Etsu Chemical Co. Ltd.   6,300    957 
Tosoh Corp.   35,500    525 
         2,046 
Real Estate (0.3%):          
Daiwa House Industry Co. Ltd.   27,500    717 
           
Utilities (0.3%):          
Osaka Gas Co. Ltd.   42,100    722 
         32,916 
Korea, Republic Of (3.7%):          
Communication Services (0.4%):          
NAVER Corp.   2,962    823 
           
Consumer Discretionary (0.7%):          
Kia Corp.   13,050    791 
LG Electronics, Inc.   8,081    795 
         1,586 
Financials (0.4%):          
Hana Financial Group, Inc.   20,928    832 
           
Industrials (0.5%):          
Samsung Engineering Co. Ltd.  (a)   46,804    1,005 
           
Information Technology (1.7%):          
LG Innotek Co. Ltd.   6,362    2,009 
Samsung Electronics Co. Ltd.   30,653    1,754 
         3,763 
         8,009 
Luxembourg (0.8%):          
Energy (0.4%):          
Tenaris SA  (b)   61,521    924 
           
Materials (0.4%):          
ArcelorMittal SA   25,590    820 
         1,744 
Malaysia (0.9%):          
Consumer Staples (0.3%):          
Kuala Lumpur Kepong Bhd   107,500    645 
           
Financials (0.6%):          
RHB Bank Bhd   914,000    1,296 
         1,941 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Mexico (0.4%):          
Consumer Staples (0.4%):          
Arca Continental SAB de CV   112,742   $767 
           
Netherlands (3.0%):          
Consumer Staples (0.7%):          
Koninklijke Ahold Delhaize NV   49,154    1,581 
           
Financials (0.8%):          
ING Groep NV   78,554    820 
NN Group NV   17,768    900 
         1,720 
Health Care (0.3%):          
QIAGEN NV  (a)   15,684    770 
           
Information Technology (1.2%):          
ASM International NV   3,122    1,137 
STMicroelectronics NV   32,984    1,433 
         2,570 
         6,641 
Norway (0.5%):          
Energy (0.5%):          
Equinor ASA   30,480    1,139 
           
Philippines (0.4%):          
Communication Services (0.4%):          
Converge Information and Communications Technology Solutions, Inc.  (a)   1,446,000    840 
           
Russian Federation (0.0%):(d)          
Consumer Staples (0.0%):(d)          
Magnit PJSC, GDR  (e)(f)   36,370    (g)
           
Energy (0.0%):(d)          
LUKOIL PJSC, ADR  (e)(f)   8,489    3 
           
Financials (0.0%):(d)          
Sberbank of Russia PJSC  (e)(f)   220,230    2 
         5 
Saudi Arabia (0.8%):          
Energy (0.3%):          
Aldrees Petroleum and Transport Services Co.   29,502    609 
           
Financials (0.5%):          
Alinma Bank   107,813    1,112 
         1,721 
Singapore (1.4%):          
Consumer Staples (0.6%):          
Wilmar International Ltd.   394,600    1,367 
           
Financials (0.5%):          
DBS Group Holdings Ltd.   43,800    1,148 
           
Utilities (0.3%):          
Sembcorp Industries Ltd.   329,800    646 
         3,161 
South Africa (0.7%):          
Financials (0.4%):          
Absa Group Ltd.   59,437    771 
           
Materials (0.3%):          
Impala Platinum Holdings Ltd.  (b)   44,606    687 
         1,458 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Spain (1.2%):          
Financials (0.5%):          
Banco Santander SA   310,235   $1,055 
           
Health Care (0.3%):          
Laboratorios Farmaceuticos Rovi SA   8,136    603 
           
Utilities (0.4%):          
Acciona SA   4,702    898 
         2,556 
Sweden (2.5%):          
Consumer Staples (0.6%):          
Swedish Match AB  (a)   165,514    1,245 
           
Financials (0.3%):          
Skandinaviska Enskilda Banken AB, Class A   66,312    717 
           
Health Care (0.3%):          
Getinge AB, B Shares   17,712    706 
           
Industrials (0.7%):          
Sandvik AB   39,912    848 
Volvo AB, Class B   37,036    692 
         1,540 
Materials (0.6%):          
Boliden AB   26,287    1,327 
         5,535 
Switzerland (6.8%):          
Consumer Discretionary (0.6%):          
Cie Financiere Richemont SA, Registered Shares   10,548    1,337 
           
Consumer Staples (1.6%):          
Coca-Cola HBC AG   26,166    546 
Nestle SA, Registered Shares  (b)   22,790    2,963 
         3,509 
Financials (1.9%):          
Julius Baer Group Ltd.   15,388    891 
Swiss Life Holding AG   3,542    2,270 
UBS Group AG   47,463    928 
         4,089 
Health Care (2.4%):          
Novartis AG, Registered Shares   24,290    2,133 
Roche Holding AG   7,997    3,164 
         5,297 
Materials (0.3%):          
Holcim Ltd.   14,853    723 
         14,955 
Taiwan (3.8%):          
Financials (0.9%):          
Chailease Holding Co. Ltd.   92,281    809 
Fubon Financial Holding Co. Ltd.   390,839    1,038 
         1,847 
Information Technology (2.9%):          
MediaTek, Inc.   33,000    1,027 
Realtek Semiconductor Corp.   101,000    1,501 
Taiwan Semiconductor Manufacturing Co. Ltd.   187,000    3,837 
         6,365 
         8,212 
Thailand (0.4%):          
Health Care (0.4%):          
Chularat Hospital PCL   8,227,700    954 
           
United Arab Emirates (0.3%):          
Real Estate (0.3%):          
Emaar Development PJSC  (a)   625,528    754 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
United Kingdom (10.1%):          
Communication Services (0.9%):          
Vodafone Group PLC   831,601   $1,363 
WPP PLC   46,586    610 
         1,973 
Consumer Discretionary (1.6%):          
Barratt Developments PLC   83,188    566 
JD Sports Fashion PLC  (a)   476,712    918 
Stellantis NV   126,988    2,056 
         3,540 
Consumer Staples (0.6%):          
Tesco PLC   345,462    1,250 
           
Energy (1.1%):          
BP PLC   292,685    1,434 
Harbour Energy PLC  (a)   142,991    904 
         2,338 
Financials (1.8%):          
3i Group PLC   94,348    1,706 
Barclays PLC   355,627    689 
Legal & General Group PLC   201,307    714 
Standard Chartered PLC   133,669    887 
         3,996 
Health Care (0.6%):          
AstraZeneca PLC   9,820    1,302 
           
Industrials (1.5%):          
Ashtead Group PLC   13,728    864 
Bunzl PLC   19,874    771 
Ferguson PLC   6,991    947 
Royal Mail PLC   145,498    625 
         3,207 
Materials (1.2%):          
Anglo American PLC   53,198    2,764 
           
Real Estate (0.4%):          
Safestore Holdings PLC   46,679    820 
           
Utilities (0.4%):          
Drax Group PLC   92,977    956 
         22,146 
Total Common Stocks (Cost $190,557)        212,470 
           
Exchange-Traded Funds (1.3%)          
United States (1.3%):          
iShares Core MSCI EAFE ETF   31,654    2,201 
iShares Core MSCI Emerging Markets ETF   13,395    744 
         2,945 
Total Exchange-Traded Funds (Cost $3,108)        2,945 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Fund-Core Equity March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares    Fair Value 
Collateral for Securities Loaned (2.0%)^          
United States (2.0%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   84,365   $84 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   2,366,438    2,366 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   42,102    42 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   335,712    336 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   1,509,426    1,509 
Total Collateral for Securities Loaned (Cost $4,337)        4,337 
           
Total Investments (Cost $198,002) — 100.6%        219,752 
Liabilities in excess of other assets — (0.6)%        (1,343)
NET ASSETS - 100.00%       $218,409 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $3,611 (thousands) and amounted to 1.7% of net assets.
(d) Amount represents less than 0.05% of net assets.
(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.0% of net assets.
(f) This security is classified as Level 3 within the fair value hierarchy.
(g) Rounds to less than $1 thousand.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
PCL—Public Company Limited
PLC—Public Limited Company

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.6%)          
Australia (8.3%):          
Communication Services (0.4%):          
Nine Entertainment Co. Holdings Ltd.   6,160,465   $13,616 
           
Consumer Discretionary (0.8%):          
JB Hi-Fi Ltd.   410,348    16,582 
Super Retail Group Ltd.   1,334,931    10,252 
         26,834 
Consumer Staples (0.7%):          
Elders Ltd.   2,231,553    22,141 
           
Energy (0.6%):          
Beach Energy Ltd.   17,842,001    20,815 
           
Financials (0.7%):          
Bank of Queensland Ltd.   2,503,021    16,130 
Pendal Group Ltd.   2,726,918    9,401 
         25,531 
Health Care (0.3%):          
Healius Ltd.   3,622,284    11,809 
           
Industrials (0.4%):          
Seven Group Holdings Ltd.  (a)   857,558    13,536 
           
Information Technology (0.4%):          
Technology One Ltd.   1,743,296    14,782 
           
Materials (2.7%):          
Allkem, Ltd.  (b)   3,647,690    30,780 
CSR Ltd.   2,614,786    11,950 
Iluka Resources Ltd.   1,703,208    14,322 
Incitec Pivot, Ltd.   5,474,746    15,493 
OZ Minerals Ltd.   933,788    18,618 
         91,163 
Real Estate (1.3%):          
Charter Hall Group   2,268,706    27,563 
Shopping Centres Australasia Property Group   7,120,420    15,486 
         43,049 
         283,276 
Canada (10.0%):          
Consumer Discretionary (1.0%):          
AutoCanada, Inc.  (b)   79,042    2,291 
BRP, Inc.  (a)   385,641    31,579 
         33,870 
Energy (2.0%):          
ARC Resources Ltd.  (a)   2,465,826    33,022 
Headwater Exploration, Inc.  (b)   480,596    2,549 
Parex Resources, Inc.   1,151,644    23,632 
Vermilion Energy, Inc.  (a)   487,615    10,240 
         69,443 
Financials (0.9%):          
Canadian Western Bank  (a)   638,138    18,552 
CI Financial Corp.   820,094    13,030 
         31,582 
Health Care (0.2%):          
Tilray, Inc., Class 2  (a)(b)   630,338    4,886 
           
Industrials (1.6%):          
ATS Automation Tooling Systems, Inc.  (b)   648,645    23,403 
Ballard Power Systems, Inc.  (a)(b)   331,705    3,861 
Finning International, Inc.   934,063    28,127 
         55,391 
Information Technology (0.9%):          
Celestica, Inc.  (b)   1,374,088    16,346 
The Descartes Systems Group, Inc.  (b)   200,297    14,667 
         31,013 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Materials (2.0%):          
Aginco Eagle Mines Ltd.   1   $(c)
Canfor Corp.  (a)(b)   537,814    11,083 
Dundee Precious Metals, Inc.   1,898,911    11,333 
Methanex Corp.  (a)   274,641    14,978 
Stella-Jones, Inc.   343,820    10,334 
Yamana Gold, Inc.   3,572,589    19,949 
         67,677 
Real Estate (1.4%):          
Boardwalk Real Estate Invest  (a)   411,558    19,356 
Tricon Residential, Inc.  (a)   1,798,568    28,590 
         47,946 
         341,808 
Denmark (0.6%):          
Consumer Staples (0.3%):          
Royal Unibrew A/S   107,073    10,005 
           
Financials (0.3%):          
Jyske Bank A/S, Registered Shares  (b)   211,045    11,474 
         21,479 
Finland (1.1%):          
Industrials (0.7%):          
Valmet Oyj  (a)   801,485    24,874 
           
Information Technology (0.4%):          
TietoEVRY Oyj   512,774    13,646 
         38,520 
France (8.1%):          
Communication Services (0.3%):          
Criteo SA, ADR  (b)   372,865    10,157 
           
Consumer Discretionary (0.7%):          
Faurecia SE  (a)   544,299    14,155 
La Francaise des Jeux SAEM  (d)   270,359    10,724 
         24,879 
Energy (0.6%):          
Vallourec SA  (b)   1,742,793    22,292 
           
Health Care (0.3%):          
Korian SA   447,649    10,361 
           
Industrials (2.8%):          
Eiffage SA   270,055    27,713 
Elis SA  (b)   1,004,974    14,806 
Nexans SA   240,706    22,522 
Rexel SA   1,001,638    21,380 
SPIE SA   425,530    10,063 
         96,484 
Information Technology (1.7%):          
Edenred   214,151    10,587 
SOITEC  (b)   131,239    24,615 
Sopra Steria Group   121,575    22,517 
         57,719 
Materials (0.5%):          
Arkema SA   131,671    15,738 
           
Real Estate (1.2%):          
Klepierre SA   1,005,396    26,764 
Nexity SA   431,584    15,192 
         41,956 
         279,586 
Germany (8.1%):          
Communication Services (1.3%):          
Freenet AG   595,080    15,923 
ProSiebenSat.1 Media SE   1,191,598    15,176 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
United Internet AG, Registered Shares   448,466   $15,388 
         46,487 
Consumer Discretionary (0.4%):          
Hugo Boss AG  (a)   213,799    12,333 
           
Energy (0.3%):          
VERBIO Vereinigte BioEnergie AG   132,540    10,194 
           
Financials (1.0%):          
Deutsche Pfandbriefbank AG  (d)   1,537,032    18,660 
DWS Group GmbH & Co. KGaA  (d)   387,225    14,150 
         32,810 
Health Care (0.7%):          
Dermapharm Holding SE   154,899    9,848 
Gerresheimer AG  (a)   201,096    14,687 
         24,535 
Industrials (1.7%):          
GEA Group AG   379,934    15,570 
Rheinmetall AG   190,480    40,256 
Sixt Se  (b)   27,728    3,736 
         59,562 
Information Technology (0.6%):          
Bechtle AG   347,607    19,568 
           
Materials (1.6%):          
Aurubis AG   183,034    21,786 
K+S AG, Registered Shares  (b)   661,055    19,886 
LANXESS AG  (a)   276,711    12,145 
         53,817 
Real Estate (0.5%):          
TAG Immobilien AG   791,344    17,916 
         277,222 
Gibraltar (0.2%):          
Consumer Discretionary (0.2%):          
888 Holdings PLC  (a)   3,036,203    7,330 
           
Hong Kong (1.7%):          
Health Care (0.2%):          
The United Laboratories International Holdings Ltd.   13,418,000    7,018 
           
Industrials (0.9%):          
LK Technology Holdings Ltd.  (a)   9,207,500    13,736 
Pacific Basin Shipping Ltd.   31,454,000    16,842 
         30,578 
Information Technology (0.3%):          
ASM Pacific Technology Ltd.   1,117,300    11,249 
           
Real Estate (0.3%):          
Hysan Development Co. Ltd.   3,692,000    10,773 
         59,618 
Ireland (1.3%):          
Consumer Discretionary (0.4%):          
Dalata Hotel Group PLC  (b)   2,879,200    12,618 
           
Consumer Staples (0.3%):          
Glanbia PLC   799,082    9,269 
           
Financials (0.6%):          
Bank of Ireland Group PLC  (b)   3,479,182    22,121 
         44,008 
Israel (1.3%):          
Communication Services (0.5%):          
Perion Network Ltd.  (b)   820,092    18,444 
           
Health Care (0.5%):          
Inmode Ltd.  (b)   435,393    16,070 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Information Technology (0.3%):          
Radware Ltd.  (b)   364,952   $11,668 
         46,182 
Italy (2.4%):          
Consumer Discretionary (0.2%):          
De' Longhi SpA   311,571    8,427 
           
Financials (0.4%):          
Banca Mediolanum SpA   1,607,579    13,659 
           
Industrials (0.3%):          
Interpump Group SpA   184,996    9,269 
           
Information Technology (0.7%):          
Reply SpA   150,227    24,678 
           
Materials (0.4%):          
Buzzi Unicem SpA   668,522    12,369 
           
Utilities (0.4%):          
Iren SpA   5,575,337    14,768 
         83,170 
Japan (18.7%):          
Communication Services (1.2%):          
Gungho Online Entertainment, Inc.   628,700    13,351 
Internet Initiative Japan, Inc.   847,300    28,146 
         41,497 
Consumer Discretionary (3.0%):          
ASKUL Corp.   772,200    10,138 
Komeri Co. Ltd.   470,600    10,119 
Open House Group Co. Ltd.   540,600    23,927 
Resorttrust, Inc.   690,600    11,776 
Saizeriya Co. Ltd.   503,100    11,050 
Sumitomo Forestry Co. Ltd.   858,000    15,121 
Tokyotokeiba Co. Ltd.   226,600    8,063 
Toyo Tire Corp.   1,127,200    14,335 
         104,529 
Consumer Staples (0.9%):          
Morinaga Milk Industry Co. Ltd.   229,400    9,815 
Nippon Suisan Kaisha Ltd.   2,878,500    12,898 
Valor Holdings Co. Ltd.   539,600    9,327 
         32,040 
Financials (0.7%):          
North Pacific Bank Ltd.  (a)   4,141,700    8,064 
Zenkoku Hosho Co. Ltd.  (a)   380,100    14,608 
         22,672 
Health Care (1.4%):          
Eiken Chemical Co. Ltd.   845,200    11,928 
Miraca Holdings, Inc.   633,700    15,053 
Sawai Group Holdings Co. Ltd.   301,600    11,014 
Suzuken Co. Ltd.   380,300    11,267 
         49,262 
Industrials (5.0%):          
BayCurrent Consulting, Inc.   57,700    20,890 
CKD Corp.   772,600    11,791 
Daihen Corp.   318,200    10,960 
Ebara Corp.   73,600    4,083 
Fuji Corp.   800,200    14,435 
FULLCAST Holdings Co. Ltd.   534,100    11,374 
Infroneer Holdings, Inc.   1,321,500    11,280 
Kanamoto Co. Ltd.   180,800    2,955 
Kintetsu World Express, Inc.  (a)   641,000    16,404 
Kumagai Gumi Co. Ltd.   446,600    9,887 
Outsourcing, Inc.   647,500    6,673 
Sankyu, Inc.   287,200    9,363 
Sanwa Holdings Corp.   1,103,600    11,171 
Takeuchi Manufacturing Co. Ltd.   557,200    11,984 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
TechnoPro Holdings, Inc.   388,700   $10,502 
Ushio, Inc.   586,600    8,685 
         172,437 
Information Technology (3.6%):          
Fuji Soft, Inc.   213,800    10,733 
NEC Networks & System Integration Corp.   842,000    12,257 
Nippon Electric Glass Co. Ltd.   858,000    18,981 
Shinko Electric Industries Co. Ltd.   1,086,100    51,099 
Taiyo Yuden Co. Ltd.   380,500    17,037 
Tokyo Seimitsu Co. Ltd.   308,100    12,179 
         122,286 
Materials (1.3%):          
Kaneka Corp.   394,200    11,388 
Rengo Co. Ltd.   2,106,500    13,458 
Tokyo Ohka Kogyo Co. Ltd.   165,500    9,883 
Zeon Corp.   742,900    8,247 
         42,976 
Real Estate (1.2%):          
Invincible Investment Corp.   28,881    9,970 
Kenedix Office Investment Corp.   1,805    10,808 
Nippon Accommodations Fund, Inc.   2,236    11,756 
Starts Corp., Inc.   415,400    8,133 
         40,667 
Utilities (0.4%):          
West Holdings Corp.  (a)   328,200    12,854 
         641,220 
Korea, Republic Of (5.0%):          
Communication Services (0.4%):          
JYP Entertainment Corp.   255,192    12,805 
           
Consumer Discretionary (0.3%):          
Coway Co. Ltd.   165,778    9,345 
           
Consumer Staples (0.3%):          
Cosmax, Inc.   96,482    6,597 
Maeil Dairies Co. Ltd.   86,415    4,829 
         11,426 
Health Care (1.0%):          
Osstem Implant Co. Ltd.  (e)(f)   312,365    18,390 
PharmaResearch Co. Ltd.   230,425    17,326 
         35,716 
Industrials (0.8%):          
KCC Corp.   34,787    9,711 
Samsung Engineering Co. Ltd.  (b)   902,258    19,367 
         29,078 
Information Technology (1.8%):          
LEENO Industrial, Inc.   91,234    13,781 
LG Innotek Co. Ltd.   59,701    18,852 
LX Semicon Co. Ltd.   136,363    16,145 
Partron Co. Ltd.   1,373,032    12,227 
         61,005 
Materials (0.4%):          
LOTTE Fine Chemical Co. Ltd.   194,615    12,634 
         172,009 
Malta (0.3%):          
Consumer Discretionary (0.3%):          
Kindred Group PLC   924,279    10,089 
           
Netherlands (3.3%):          
Financials (1.1%):          
ASR Nederland NV   501,449    23,407 
Euronext NV  (d)   153,767    13,968 
         37,375 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Industrials (1.6%):          
AerCap Holdings NV  (a)(b)   210,092   $10,563 
Fugro NV  (b)   1,362,550    16,308 
Signify NV  (d)   562,516    26,163 
         53,034 
Information Technology (0.6%):          
BE Semiconductor Industries NV   251,695    21,452 
         111,861 
Norway (0.3%):          
Financials (0.3%):          
Sparebanken Vest   984,024    11,492 
           
Singapore (1.0%):          
Real Estate (0.5%):          
Frasers Logistics & Commercial Trust   15,937,700    17,098 
           
Utilities (0.5%):          
SembCorp Industries Ltd.   8,790,100    17,232 
         34,330 
Spain (3.9%):          
Consumer Staples (0.3%):          
Viscofan SA   158,470    9,397 
           
Financials (0.6%):          
Bankinter SA  (a)   3,469,862    20,328 
           
Health Care (0.7%):          
Laboratorios Farmaceuticos Rovi SA   327,459    24,262 
           
Industrials (0.7%):          
Applus Services SA   1,241,920    10,254 
Cia de Distribucion Integral Logista Holdings SA  (a)   702,316    12,844 
         23,098 
Materials (0.4%):          
Acerinox SA   1,423,433    15,589 
           
Real Estate (0.5%):          
Merlin Properties Socimi SA   1,507,848    17,626 
           
Utilities (0.7%):          
Acciona SA  (a)   123,901    23,679 
         133,979 
Sweden (2.5%):          
Consumer Discretionary (0.3%):          
Dometic Group AB  (a)(d)   1,131,424    9,741 
           
Health Care (0.6%):          
Arjo AB, Class B   1,159,778    9,824 
Getinge AB, B Shares   257,469    10,262 
         20,086 
Industrials (0.7%):          
Intrum AB   439,096    11,855 
Trelleborg AB, Class B   577,273    13,372 
         25,227 
Real Estate (0.9%):          
Cibus Nordic Real Estate AB   466,298    12,414 
Wihlborgs Fastigheter AB   800,591    16,755 
         29,169 
         84,223 
Switzerland (5.0%):          
Consumer Discretionary (0.4%):          
Forbo Holding AG, Registered Shares   7,312    12,458 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Financials (1.7%):        
Julius Baer Group Ltd.   323,044   $18,706 
Swissquote Group Holding SA, Registered Shares   93,952    16,934 
Vontobel Holding AG, Class R   286,561    24,102 
         59,742 
Health Care (1.0%):          
Galenica AG  (d)   250,893    19,318 
Tecan Group AG, Class R   40,505    16,016 
         35,334 
Industrials (1.2%):          
Adecco Group AG   244,043    11,072 
Bucher Industries AG, Registered Shares   44,823    18,121 
Sulzer AG, Registered Shares   142,643    11,850 
         41,043 
Real Estate (0.7%):          
PSP Swiss Property AG, Registered Shares   167,545    22,008 
         170,585 
United Kingdom (13.8%):          
Communication Services (1.0%):          
Airtel Africa PLC  (d)   5,822,970    10,628 
Future PLC   665,580    22,612 
         33,240 
Consumer Discretionary (2.0%):          
Inchcape PLC   1,407,105    12,310 
Marks & Spencer Group PLC  (b)   6,775,853    13,674 
Pets at Home Group PLC   2,827,742    13,356 
Redrow PLC   2,307,518    15,783 
Vistry Group PLC   1,133,752    13,947 
         69,070 
Consumer Staples (0.8%):          
Cranswick PLC   303,613    14,012 
Tate & Lyle PLC   1,345,584    12,896 
         26,908 
Energy (0.4%):          
Capricorn Energy PLC  (a)(b)   5,257,599    15,178 
           
Financials (1.6%):          
IG Group Holdings PLC   1,371,957    14,733 
Man Group PLC   3,976,279    12,132 
OSB Group PLC   2,723,111    20,166 
Virgin Money UK PLC   4,324,083    9,618 
         56,649 
Health Care (0.7%):          
Abcam PLC  (b)   595,876    10,768 
CVS Group PLC   526,793    12,348 
         23,116 
Industrials (2.7%):          
easyJet PLC  (b)   2,451,141    17,779 
Electrocomponents PLC   1,003,275    14,167 
IMI PLC   1,115,650    19,859 
Royal Mail PLC   3,296,061    14,159 
Serco Group PLC   8,602,005    16,192 
Travis Perkins PLC   668,728    10,782 
         92,938 
Information Technology (1.5%):          
Computacenter PLC   712,563    27,391 
Micro Focus International PLC   2,300,233    12,151 
Spirent Communications PLC   3,900,067    12,146 
         51,688 
Materials (0.5%):          
Endeavour Mining PLC  (a)   709,449    17,600 
           
Real Estate (1.9%):          
LondonMetric Property PLC   3,893,036    14,079 
Safestore Holdings PLC   1,530,350    26,867 
Savills PLC   787,240    11,445 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Trivalent International Small-Cap Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Tritax Big Box REIT PLC   3,800,874   $12,033 
         64,424 
Utilities (0.7%):          
Atlantica Sustainable Infrastructure PLC   338,188    11,860 
Drax Group PLC   1,100,507    11,315 
         23,175 
         473,986 
United States (0.7%):          
Consumer Discretionary (0.4%):          
International Game Technology PLC  (a)   516,697    12,752 
Nexteer Automotive Group Ltd.   3,451,000    2,176 
         14,928 
Industrials (0.3%):          
Reliance Worldwide Corp. Ltd.   2,946,681    9,301 
         24,229 
Total Common Stocks (Cost $3,093,287)        3,350,202 
           
Exchange-Traded Funds (0.9%)          
United States (0.9%):          
Vanguard FTSE Developed Markets ETF  (a)   631,680    30,339 
           
Total Exchange-Traded Funds (Cost $28,393)        30,339 
           
Collateral for Securities Loaned (7.8%)^          
United States (7.8%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   5,229,715    5,230 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   146,693,006    146,693 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   2,609,886    2,610 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   20,810,422    20,810 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   93,567,718    93,568 
Total Collateral for Securities Loaned (Cost $268,911)        268,911 
Total Investments (Cost $3,390,591) — 106.3%        3,649,452 
Liabilities in excess of other assets — (6.3)%        (217,356)
NET ASSETS - 100.00%       $3,432,096 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Non-income producing security.
(c) Rounds to less than $1 thousand.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $123,352 (thousands) and amounted to 3.6% of net assets.
(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.5% of net assets.
(f) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

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

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount
   Value 
Asset-Backed Securities (4.6%)          
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 (a)  $298   $294 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)   245    233 
Home Equity Asset Trust, Series 2005-2, Class M5, 1.55% (LIBOR01M+110bps), 7/25/35, Callable 4/25/22 @ 100 (b)   163    163 
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 3/25/25 @ 100 (c)   184    181 
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (a)   283    270 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(c)   674    646 
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(c)   231    227 
Westlake Automobile Receivables, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 2/15/25 @ 100 (a)(c)   310    306 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(c)   332    322 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(c)   337    321 
Total Asset-Backed Securities (Cost $3,053)        2,963 
           
Collateralized Mortgage Obligations (6.8%)          
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 (a)   290    270 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 11/10/25 @ 100   158    158 
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58   163    161 
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 (a)   244    238 
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100   143    144 
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)   158    159 
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 (a)   257    246 
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)   186    188 
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 4/15/25 @ 100 (a)   212    212 
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 7/15/25 @ 100 (a)   160    161 
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 (a)   158    160 
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 10/15/26 @ 100   137    137 
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)   162    161 
GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 2/10/26 @ 100 (a)   162    159 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 (a)   376    366 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)   195    193 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 (a)   161    162 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 12/15/26 @ 100 (a)   158    160 
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 7/15/25 @ 100 (a)   181    182 
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)   163    165 
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 4/15/25 @ 100 (a)   193    194 
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 9/15/26 @ 100   149    146 
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100   270    270 
Total Collateralized Mortgage Obligations (Cost $4,550)        4,392 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
Preferred Stocks (4.5%)          
Financials (1.9%):          
AMG Capital Trust II, 5.15%, 10/15/37 (a)   5,245   $291 
Bank of America Corp., Series L, 7.25% (a)(d)   280    367 
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (a)   2,570    191 
Wells Fargo & Co., Series L, 7.50% (a)(d)   245    325 
         1,174 
Health Care (0.1%):          
Danaher Corp., Series B, 5.00%, 4/15/23   39    62 
           
Industrials (0.4%):          
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (a)   3,047    268 
           
Utilities (2.1%):          
American Electric Power Co., Inc., 6.13%, 8/15/23 (e)   1,615    90 
CenterPoint Energy, Inc., 4.57%, 9/15/29   1,045    53 
Dominion Energy, Inc., Series A, 7.25%, 6/1/22 (a)   3,000    305 
DTE Energy Co., 6.25%, 11/1/22 (a)   4,475    239 
NextEra Energy, Inc., 5.28%, 3/1/23 (a)   7,295    380 
NiSource, Inc., 7.75%, 3/1/24   210    25 
The Southern Co., Series 2019, 6.75%, 8/1/22 (a)   5,037    275 
         1,367 
Total Preferred Stocks (Cost $2,914)        2,871 
           
Corporate Bonds (47.3%)          
Communication Services (2.0%):          
AT&T, Inc.          
4.25%,  3/1/27, Callable 12/1/26 @ 100 (a)  $129    135 
5.15%,  11/15/46, Callable 5/15/46 @ 100 (a)   312    356 
CenturyLink, Inc., 6.75%, 12/1/23   115    120 
Comcast Corp.          
3.45%,  2/1/50, Callable 8/1/49 @ 100 (a)   150    141 
2.80%,  1/15/51, Callable 7/15/50 @ 100   128    108 
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (a)(c)   143    134 
Verizon Communications, Inc.          
3.38%,  2/15/25 (a)   116    117 
3.55%,  3/22/51, Callable 9/22/50 @ 100 (a)   205    193 
         1,304 
Consumer Discretionary (7.1%):          
Booking Holdings, Inc., 0.75%, 5/1/25 (a)(e)   305    446 
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (a)   670    661 
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81   110    111 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100 (a)  $201   $202 
Expedia Group, Inc., Zero Coupon , 2/15/26 (a)(e)   300    361 
Ford Motor Co., Zero Coupon , 3/15/26   95    113 
General Motors Co., 4.88%, 10/2/23 (a)   229    236 
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 (a)   212    223 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 (a)   326    330 
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100   63    66 
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a)(c)   201    184 
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 (a)   198    207 
NVR, Inc.          
3.95%,  9/15/22, Callable 6/15/22 @ 100 (a)   268    269 
3.00%,  5/15/30, Callable 11/15/29 @ 100 (a)   267    250 
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (a)   240    253 
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100 (a)   160    160 
The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100 (a)(e)   188    177 
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100 (a)   185    169 
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 (a)   171    156 
         4,574 
Consumer Staples (1.9%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100 (a)(c)   368    354 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a)   105    109 
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 (a)   167    165 
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100   139    127 
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 (a)   105    113 
Reynolds American, Inc., 6.15%, 9/15/43 (a)   175    185 
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100   135    157 
         1,210 
Energy (4.0%):          
Continental Resources, Inc.          
4.50%,  4/15/23, Callable 1/15/23 @ 100 (a)   234    237 
2.27%,  11/15/26, Callable 11/15/23 @ 100 (a)(c)   267    250 
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 (a)   135    166 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a)   84    85 
HollyFrontier Corp., 2.63%, 10/1/23 (a)   265    263 
Marathon Oil Corp., 6.60%, 10/1/37 (a)   255    311 
Pioneer Natural Resources Co.          
0.25%,  5/15/25 (a)   270    642 
1.90%,  8/15/30, Callable 5/15/30 @ 100 (a)   251    222 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a)   245    245 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100 (a)  $188   $188 
         2,609 
Financials (12.1%):          
Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100   35    40 
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 (a)   130    131 
Ares Capital Corp., 4.63%, 3/1/24 (a)   345    388 
Bank of America Corp.          
4.20%,  8/26/24 (a)   160    164 
3.25%,  10/21/27, Callable 10/21/26 @ 100, MTN (a)   205    204 
2.57% (SOFR+121bps),  10/20/32, Callable 10/20/31 @ 100 (a)(b)   340    310 
Capital One Financial Corp.          
3.30%,  10/30/24, Callable 9/30/24 @ 100 (a)   224    225 
2.36% (SOFR+134bps),  7/29/32, Callable 7/29/31 @ 100 (a)(b)   395    338 
Cincinnati Financial Corp., 6.13%, 11/1/34 (a)   230    283 
Citigroup, Inc.          
3.88%,  3/26/25   108    109 
4.60%,  3/9/26 (a)   232    241 
4.45%,  9/29/27 (a)   108    111 
Fifth Third Bancorp          
1.63%,  5/5/23, Callable 4/5/23 @ 100   130    129 
3.65%,  1/25/24, Callable 12/25/23 @ 100 (a)   584    592 
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 (a)   290    289 
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100   110    112 
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 (a)   250    224 
JPMorgan Chase & Co.          
2.95%,  10/1/26, Callable 7/1/26 @ 100 (a)   425    422 
2.55% (SOFR+118bps),  11/8/32, Callable 11/8/31 @ 100 (a)(b)   376    343 
5.60%,  7/15/41   87    106 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (a)(c)   265    290 
Morgan Stanley          
4.88%,  11/1/22 (a)   303    308 
3.13%,  7/27/26, MTN (a)   545    540 
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100   104    97 
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 (a)   228    205 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   90    110 
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 (a)   373    359 
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100   275    278 
Wells Fargo & Co.          
4.30%,  7/22/27, MTN (a)   410    426 
4.90%,  11/17/45 (a)   155    172 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100  $250   $241 
         7,787 
Health Care (5.7%):          
AbbVie, Inc.          
3.20%,  11/21/29, Callable 8/21/29 @ 100 (a)   285    282 
4.45%,  5/14/46, Callable 11/14/45 @ 100 (a)   142    151 
Anthem, Inc.          
2.38%,  1/15/25, Callable 12/15/24 @ 100 (a)   148    146 
2.75%,  10/15/42 (a)   68    474 
Baxter International, Inc.          
2.54%,  2/1/32, Callable 11/1/31 @ 100 (a)(c)   390    357 
3.50%,  8/15/46, Callable 2/15/46 @ 100   109    100 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 (a)   168    169 
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 (a)   193    197 
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (a)(c)   260    243 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a)   135    136 
Illumina, Inc., Zero Coupon , 8/15/23 (a)(e)   280    308 
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 (a)   262    265 
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100   146    117 
Universal Health Services, Inc.          
1.65%,  9/1/26, Callable 8/1/26 @ 100 (a)(c)   394    361 
2.65%,  10/15/30, Callable 7/15/30 @ 100 (c)   102    93 
Viatris, Inc.          
2.30%,  6/22/27, Callable 4/22/27 @ 100   95    86 
4.00%,  6/22/50, Callable 12/22/49 @ 100 (a)   190    160 
         3,645 
Industrials (4.3%):          
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100   107    94 
Air Lease Corp.          
0.70%,  2/15/24, Callable 1/15/24 @ 100, MTN (a)   282    269 
0.80%,  8/18/24, Callable 7/18/24 @ 100 (a)   146    137 
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 (a)   195    182 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a)   275    278 
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (a)   420    429 
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 (e)   82    76 
Norfolk Southern Corp.          
2.30%,  5/15/31, Callable 2/15/31 @ 100   239    222 
2.90%,  8/25/51, Callable 2/25/51 @ 100   125    108 
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 (a)   140    131 
Rockwell Automation, Inc., 6.25%, 12/1/37 (a)   155    191 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (c)  $130   $120 
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 (a)   115    122 
Southwest Airlines Co., 1.25%, 5/1/25 (a)   300    408 
         2,767 
Information Technology (4.8%):          
Akamai Technologies, Inc., 0.13%, 5/1/25 (a)   130    172 
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 (a)   117    138 
Block, Inc., 0.25%, 11/1/27   55    50 
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 (a)   315    336 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (a)   342    351 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (a)(e)   315    355 
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (a)   394    428 
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (c)   87    82 
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100 (a)   150    151 
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 (a)   160    178 
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100   287    223 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   105    106 
Western Digital Corp.          
1.50%,  2/1/24 (a)   430    415 
2.85%,  2/1/29, Callable 12/1/28 @ 100   147    135 
         3,120 
Materials (0.6%):          
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100   104    96 
Southern Copper Corp., 5.25%, 11/8/42 (a)   95    108 
The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25 (a)   188    176 
         380 
Real Estate (3.2%):          
Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100   131    115 
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (a)   630    633 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (c)   108    106 
Kite Realty Group LP, 0.75%, 4/1/27 (a)(c)   185    194 
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100 (a)   339    341 
Physicians Realty LP          
3.95%,  1/15/28, Callable 10/15/27 @ 100 (a)   138    140 
2.63%,  11/1/31, Callable 8/1/31 @ 100   128    115 
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100   114    123 
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 (a)   145    148 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 (a)  $184   $167 
         2,082 
Utilities (1.6%):          
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 (a)   225    196 
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37   250    313 
Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 (a)   190    216 
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (a)   159    162 
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100   174    149 
         1,036 
Total Corporate Bonds (Cost $30,989)        30,514 
           
Residential Mortgage-Backed Securities (0.1%)          
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.78% (LIBOR01M+132bps), 10/25/32, Callable 4/25/22 @ 100 (b)   79    80 
Total Residential Mortgage-Backed Securities (Cost $78)        80 
           
Yankee Dollars (8.7%)          
Communication Services (0.3%):          
Vodafone Group PLC, 5.25%, 5/30/48 (a)   193    217 
           
Consumer Staples (3.2%):          
Barry Callebaut Services NV, 5.50%, 6/15/23 (c)   638    653 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(c)   670    673 
Suntory Holdings Ltd.          
2.55%,  6/28/22, Callable 5/28/22 @ 100 (a)(c)   574    575 
2.25%,  10/16/24, Callable 9/16/24 @ 100 (a)(c)   200    195 
         2,096 
Energy (0.9%):          
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100   140    141 
Ecopetrol SA, 5.88%, 9/18/23 (a)   325    333 
Statoil ASA, 3.95%, 5/15/43   100    103 
         577 
Financials (2.1%):          
Barclays Bank PLC, Zero Coupon          
 2/4/25 (a)   110    176 
 2/18/25   65    72 
HSBC Holdings PLC, 2.87%, 11/22/32, Callable 11/22/31 @ 100 (a)   340    310 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Newcrest Finance Pty Ltd.          
5.75%,  11/15/41 (c)  $155   $177 
4.20%,  5/13/50, Callable 11/13/49 @ 100 (c)   110    107 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100 (a)(c)   300    305 
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 (a)   195    178 
         1,325 
Industrials (1.0%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
6.50%,  7/15/25, Callable 6/15/25 @ 100 (a)   150    159 
1.75%,  1/30/26, Callable 12/30/25 @ 100   150    138 
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 (a)   85    80 
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100   92    82 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (c)   200    190 
         649 
Materials (1.1%):          
Anglo American Capital PLC          
2.88%,  3/17/31, Callable 12/17/30 @ 100 (a)(c)(e)   300    275 
3.95%,  9/10/50, Callable 3/10/50 @ 100 (c)(e)   200    189 
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 (a)   75    90 
Vale Overseas Ltd., 6.25%, 8/10/26 (a)   143    157 
         711 
Utilities (0.1%):          
Iberdrola International BV, 6.75%, 9/15/33   50    61 
Total Yankee Dollars (Cost $5,755)        5,636 
           
U.S. Government Mortgage-Backed Agencies (23.6%)          
Federal Home Loan Bank          
1.10%, 4/29/26 (a)   680    638 
Federal Home Loan Mortgage Corp.          
9.00%, 4/1/25 (a)   6    6 
7.50%, 8/1/29 (a)   8    9 
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a)   411    400 
5.00%, 7/1/39 (a)   452    488 
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a)   163    165 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   100    100 
4.50%, 7/1/44 - 12/1/45 (a)   669    711 
2.00%, 3/1/51 (a)   582    541 
Federal National Mortgage Association          

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares or Principal
Amount
   Value 
3.50%, 2/1/32  $112   $114 
Series 2005-19, Class PB, 5.50%, 3/25/35 (a)   253    271 
6.00%, 2/1/37 (a)   72    80 
3.50%, 8/1/39 - 12/25/50 (a)   1,224    1,240 
Series 2011-21, Class PA, 4.50%, 5/25/40 (a)   315    323 
3.00%, 6/1/40 - 5/1/48 (a)   1,914    1,901 
Series 2013-81, Class KA, 2.75%, 9/25/42 (a)   178    178 
4.00%, 11/1/43 - 10/1/48 (a)   690    714 
4.00%, 3/1/47 - 6/1/49   90    92 
Series 2017-96, Class DA, 2.50%, 12/25/47 - 7/1/51 (a)   2,117    2,028 
4.50%, 5/1/50   32    33 
2.00%, 3/1/51 (a)   985    915 
2.00%, 4/25/52 (f)   1,400    1,299 
2.50%, 4/25/52 (f)   2,000    1,908 
3.00%, 4/25/52 (f)   500    489 
3.50%, 5/25/52 (f)   600    599 
         15,242 
Total U.S. Government Mortgage-Backed Agencies (Cost $15,663)        15,242 
           
U.S. Treasury Obligations (8.2%)          
U.S. Treasury Bonds, 1.25%, 5/15/50 (a)   3,000    2,239 
U.S. Treasury Notes          
0.13%, 2/15/24   152    146 
0.25%, 3/15/24 (a)   800    769 
0.75%, 4/30/26 (a)   542    505 
1.25%, 5/31/28 (a)   419    390 
1.63%, 5/15/31 (a)   1,304    1,228 
Total U.S. Treasury Obligations (Cost $5,565)        5,277 
           
Collateral for Securities Loaned (3.5%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   44,452    44 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   1,246,885    1,248 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   22,184    22 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   176,888    177 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   795,322    795 
Total Collateral for Securities Loaned (Cost $2,286)        2,286 
           
Total Investments (Cost $70,853) — 107.3%        69,261 
Liabilities in excess of other assets — (7.3)%        (4,737)
NET ASSETS - 100.00%       $64,524 

 

^ Purchased with cash collateral from securities on loan.

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Total Return Bond Fund March 31, 2022
  (Unaudited)

 

(a) All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities.
(b) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $8,110 (thousands) and amounted to 12.6% of net assets.
(d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(e) All or a portion of this security is on loan.
(f) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

Futures Contracts Purchased

(Amounts not in thousands)

 

   Number
of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation/
(Depreciation)
 
2-Year U.S. Treasury Note Futures  17  6/30/22  $3,652,655   $3,602,671   $(49,984)
5-Year U.S. Treasury Note Futures  15  6/30/22   1,751,536    1,720,312    (31,224)
Mexican Peso Currency Futures  29  6/13/22   677,151    721,085    43,934 
Ultra Long Term U.S. Treasury Bond Futures  10  6/21/22   1,842,535    1,771,250    (71,285)
                   $(108,559)

 

Futures Contracts Sold

(Amounts not in thousands)

 

   Number
of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation/
(Depreciation)
 
10-Year U.S. Treasury Note Futures  25  6/21/22   $3,173,634    $3,071,875    $101,759 
Canadian Dollar Futures  13  6/14/22   1,013,610    1,041,170    (27,560)
Japanese Yen Futures  12  6/13/22   1,305,000    1,235,625    69,375 
Micro E-Mini S&P 500 Futures  85  6/20/22   1,788,529    1,925,568    (137,039)
                   $6,535 
                      
   Total unrealized appreciation   $215,068 
   Total unrealized depreciation    (317,092)
   Total net unrealized appreciation (depreciation)   $(102,024)

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS International Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.7%)          
Australia (7.4%):          
Consumer Discretionary (1.0%):          
Aristocrat Leisure Ltd.   144,570   $3,922,871 
           
Financials (1.3%):          
Macquarie Group Ltd.   33,378    5,046,543 
           
Health Care (1.7%):          
CSL Ltd.   34,913    6,968,255 
           
Materials (2.3%):          
BHP Group Ltd.   236,453    9,112,230 
           
Real Estate (1.1%):          
Scentre Group   1,895,035    4,307,508 
         29,357,407 
Belgium (0.8%):          
Information Technology (0.8%):          
Melexis NV   36,426    3,353,003 
           
China (1.0%):          
Communication Services (0.7%):          
Tencent Holdings Ltd.   58,500    2,696,622 
           
Consumer Discretionary (0.0%):(a)          
JD.com, Inc., Class A  (b)   2,714    77,121 
           
Financials (0.3%):          
China Merchants Bank Co. Ltd., Class H   158,500    1,233,879 
         4,007,622 
Denmark (1.5%):          
Consumer Discretionary (0.6%):          
Pandora A/S  (c)   24,364    2,321,435 
           
Consumer Staples (0.9%):          
Royal Unibrew A/S   38,052    3,555,668 
         5,877,103 
France (8.6%):          
Consumer Discretionary (4.0%):          
La Francaise des Jeux SAEM  (d)   113,031    4,483,616 
LVMH Moet Hennessy Louis Vuitton SE   15,928    11,367,821 
         15,851,437 
Energy (0.7%):          
Gaztransport Et Technigaz SA   24,993    2,792,088 
           
Industrials (0.8%):          
Safran SA   27,575    3,246,107 
           
Information Technology (1.5%):          
Capgemini SE   25,919    5,750,711 
           
Materials (1.6%):          
Arkema SA   51,834    6,195,384 
         33,835,727 
Germany (7.3%):          
Consumer Discretionary (0.8%):          
Volkswagen AG, Preference Shares   19,352    3,325,207 
           
Financials (2.0%):          
Allianz SE, Registered Shares   33,638    8,031,917 
           
Industrials (2.4%):          
Siemens AG, Registered Shares   66,917    9,264,536 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS International Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (2.1%):          
SAP SE   74,465   $8,251,675 
         28,873,335 
Hong Kong (3.2%):          
Financials (1.4%):          
AIA Group Ltd.   523,000    5,461,316 
           
Real Estate (1.8%):          
CK Asset Holdings Ltd.   1,036,500    7,085,195 
         12,546,511 
Italy (3.4%):          
Health Care (1.0%):          
Recordati Industria Chimica e Farmaceutica SpA   83,787    4,200,446 
           
Utilities (2.4%):          
Enel SpA   698,733    4,664,623 
Snam SpA   811,768    4,680,454 
         9,345,077 
         13,545,523 
Japan (21.6%):          
Communication Services (1.8%):          
Capcom Co. Ltd.   160,400    3,889,429 
Kakaku.com, Inc.   150,800    3,368,334 
         7,257,763 
Consumer Discretionary (4.2%):          
Toyota Motor Corp.   687,100    12,395,950 
ZOZO, Inc.   157,800    4,214,788 
         16,610,738 
Consumer Staples (1.1%):          
Toyo Suisan Kaisha Ltd.   117,300    4,197,936 
           
Financials (2.8%):          
Mitsubishi UFJ Financial Group, Inc.   1,273,000    7,869,884 
Tokio Marine Holdings, Inc.   58,200    3,387,404 
         11,257,288 
Health Care (2.7%):          
Hoya Corp.   55,100    6,280,111 
Shionogi & Co. Ltd.   71,800    4,412,358 
         10,692,469 
Industrials (4.5%):          
en Japan, Inc.   74,000    1,774,572 
Fuji Electric Co. Ltd.   129,300    6,445,478 
Nippon Yusen KK  (c)   42,300    3,700,777 
OKUMA Corp.   51,900    2,149,634 
Sanwa Holdings Corp.   353,100    3,574,221 
         17,644,682 
Information Technology (3.3%):          
Fujitsu Ltd.   38,600    5,784,223 
Oracle Corp.   51,400    3,562,453 
Ulvac, Inc.   76,000    3,865,882 
         13,212,558 
Real Estate (0.6%):          
Sumitomo Realty & Development Co. Ltd.   81,200    2,247,607 
           
Utilities (0.6%):          
Chubu Electric Power Co., Inc.   221,900    2,297,006 
         85,418,047 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS International Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Netherlands (5.2%):          
Communication Services (1.6%):          
Koninklijke KPN NV   1,878,473   $6,517,366 
           
Financials (1.1%):          
ING Groep NV   408,608    4,265,659 
           
Industrials (1.4%):          
Wolters Kluwer NV   51,288    5,466,874 
           
Information Technology (1.1%):          
ASM International NV   11,696    4,258,295 
         20,508,194 
New Zealand (0.6%):          
Health Care (0.6%):          
Fisher & Paykel Healthcare Corp. Ltd.   136,293    2,286,194 
           
Norway (2.1%):          
Energy (0.9%):          
Aker BP ASA  (c)   94,075    3,510,504 
           
Financials (1.2%):          
SpareBank 1 SMN   292,646    4,676,970 
         8,187,474 
Russian Federation (0.0%):(a)          
Materials (0.0%):          
Raspadskaya OJSC  (e)(f)   99,909    16,251 
           
Spain (1.6%):          
Financials (1.6%):          
Banco Bilbao Vizcaya Argentaria SA   1,115,610    6,369,174 
           
Sweden (2.7%):          
Industrials (2.7%):          
Atlas Copco AB, Class B   149,705    6,792,304 
Nibe Industrier AB, Class B  (b)   335,219    3,717,533 
         10,509,837 
Switzerland (13.8%):          
Consumer Staples (4.8%):          
Coca-Cola HBC AG   83,010    1,730,927 
Nestle SA, Registered Shares   132,929    17,286,057 
         19,016,984 
Financials (2.2%):          
Partners Group Holding AG   2,304    2,853,282 
UBS Group AG   298,633    5,836,627 
         8,689,909 
Health Care (5.9%):          
Novartis AG, Registered Shares   98,025    8,607,164 
Roche Holding AG   37,894    14,995,645 
         23,602,809 
Industrials (0.9%):          
Adecco Group AG   76,824    3,485,422 
         54,795,124 
United Kingdom (16.9%):          
Communication Services (0.6%):          
ITV PLC  (b)   2,348,090    2,512,515 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS International Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Consumer Discretionary (0.8%):          
Next PLC   38,636   $3,038,178 
           
Consumer Staples (3.2%):          
Diageo PLC   155,346    7,878,388 
Imperial Brands PLC   228,431    4,810,942 
         12,689,330 
Energy (3.9%):          
BP PLC   1,282,436    6,285,817 
Shell PLC   340,490    9,330,651 
         15,616,468 
Financials (3.3%):          
Barclays PLC   1,773,615    3,437,469 
HSBC Holdings PLC   681,749    4,655,862 
Intermediate Capital Group PLC   82,081    1,905,325 
Legal & General Group PLC   833,501    2,954,535 
         12,953,191 
Health Care (0.6%):          
CVS Group PLC   97,167    2,277,562 
           
Industrials (1.2%):          
Ashtead Group PLC   76,882    4,839,926 
           
Materials (3.3%):          
Croda International PLC   47,292    4,864,101 
Rio Tinto PLC   101,734    8,131,765 
         12,995,866 
         66,923,036 
Total Common Stocks (Cost $352,623,818)        386,409,562 
           
Exchange-Traded Funds (0.1%)          
United States (0.1%):          
iShares MSCI EAFE ETF   5,498    404,653 
Total Exchange-Traded Funds (Cost $419,552)        404,653 
           
Collateral for Securities Loaned (2.2%)^          
United States (2.2%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   166,762    166,762 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   4,677,644    4,677,644 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   83,222    83,222 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   663,588    663,588 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   2,983,622    2,983,622 
Total Collateral for Securities Loaned (Cost $8,574,838)        8,574,838 
           
Total Investments (Cost $361,618,208) — 100.0%        395,389,053 
Other assets in excess of liabilities — 0.0%        90,343 
NET ASSETS - 100.00%       $395,479,396 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) All or a portion of this security is on loan.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $4,483,616 and amounted to 1.1% of net assets.

(e) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were less than 0.05% of net assets.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company
 

 

 

 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory RS Global Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.1%)          
Australia (2.2%):          
Consumer Discretionary (0.7%):          
Aristocrat Leisure Ltd.   96,070   $2,606,836 
           
Financials (0.7%):          
Macquarie Group Ltd.   17,595    2,660,253 
           
Health Care (0.8%):          
CSL Ltd.   15,543    3,102,213 
         8,369,302 
Belgium (0.4%):          
Information Technology (0.4%):          
Melexis NV   18,543    1,706,878 
           
Bermuda (0.7%):          
Industrials (0.7%):          
Triton International Ltd.   37,802    2,652,944 
           
Canada (5.4%):          
Consumer Staples (1.2%):          
Alimentation Couche-Tard, Inc.   104,048    4,687,987 
           
Energy (0.6%):          
Parex Resources, Inc.   119,340    2,448,857 
           
Industrials (1.0%):          
Canadian Pacific Railway Ltd.   47,422    3,914,402 
           
Information Technology (1.4%):          
Constellation Software, Inc.   3,029    5,178,378 
           
Materials (1.2%):          
Aginco Eagle Mines Ltd.   72,740    4,451,688 
         20,681,312 
China (2.7%):          
Communication Services (1.4%):          
Tencent Holdings Ltd.   115,400    5,319,491 
           
Consumer Discretionary (0.0%):(a)          
JD.com, Inc., Class A  (b)   2,790    79,280 
           
Consumer Staples (0.4%):          
Foshan Haitian Flavouring & Food Co. Ltd., Class A   104,072    1,429,401 
           
Financials (0.9%):          
Industrial & Commercial Bank of China Ltd., Class H   5,828,000    3,573,006 
         10,401,178 
Denmark (0.9%):          
Consumer Discretionary (0.4%):          
Pandora A/S  (c)   15,961    1,520,786 
           
Consumer Staples (0.5%):          
Royal Unibrew A/S   20,452    1,911,083 
         3,431,869 
France (2.5%):          
Consumer Discretionary (0.5%):          
La Francaise des Jeux SAEM  (d)   54,117    2,146,666 
           
Energy (0.7%):          
Gaztransport Et Technigaz SA   22,665    2,532,016 
           
Industrials (0.7%):          
Safran SA   23,152    2,725,435 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Materials (0.6%):          
Arkema SA   19,130   $2,286,486 
         9,690,603 
Germany (0.5%):          
Consumer Discretionary (0.5%):          
Volkswagen AG, Preference Shares   12,183    2,093,375 
           
Indonesia (1.2%):          
Communication Services (1.2%):          
Telkom Indonesia Persero Tbk PT   14,022,200    4,461,958 
           
Ireland (1.2%):          
Industrials (1.2%):          
Eaton Corp. PLC   30,357    4,606,978 
           
Italy (1.5%):          
Health Care (0.6%):          
Recordati Industria Chimica e Farmaceutica SpA   47,030    2,357,729 
           
Utilities (0.9%):          
Enel SpA   274,732    1,834,064 
Snam SpA   312,338    1,800,864 
         3,634,928 
         5,992,657 
Japan (5.4%):          
Communication Services (1.2%):          
Capcom Co. Ltd.   103,900    2,519,399 
Kakaku.com, Inc.   91,700    2,048,251 
         4,567,650 
Consumer Discretionary (0.6%):          
ZOZO, Inc.   85,500    2,283,678 
           
Consumer Staples (0.5%):          
Toyo Suisan Kaisha Ltd.   53,400    1,911,081 
           
Financials (1.0%):          
Mitsubishi UFJ Financial Group, Inc.   653,100    4,037,566 
           
Health Care (0.5%):          
Hoya Corp.   17,500    1,994,591 
           
Industrials (1.0%):          
Fuji Electric Co. Ltd.   26,600    1,325,984 
Nippon Yusen KK  (c)   26,800    2,344,700 
         3,670,684 
Information Technology (0.6%):          
Ulvac, Inc.   43,200    2,197,448 
         20,662,698 
Korea, Republic Of (1.2%):          
Information Technology (1.2%):          
Samsung Electronics Co. Ltd.   82,097    4,698,417 
           
Netherlands (0.6%):          
Information Technology (0.6%):          
ASM International NV   6,103    2,221,988 
           
New Zealand (0.3%):          
Health Care (0.3%):          
Fisher & Paykel Healthcare Corp. Ltd.   78,807    1,321,918 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Norway (1.1%):          
Energy (0.6%):          
Aker BP ASA  (c)   65,517   $2,444,833 
           
Financials (0.5%):          
SpareBank 1 SMN   120,303    1,922,642 
         4,367,475 
Russian Federation (0.0%):(a)          
Materials (0.0%):          
Raspadskaya OJSC  (e)(f)   77,762    12,649 
           
Singapore (0.5%):          
Financials (0.5%):          
Singapore Exchange Ltd.   262,100    1,921,283 
           
South Africa (0.8%):          
Consumer Discretionary (0.8%):          
Mr Price Group Ltd.   199,823    2,951,879 
           
Spain (0.8%):          
Financials (0.8%):          
Banco Bilbao Vizcaya Argentaria SA   533,685    3,046,882 
           
Sweden (1.4%):          
Industrials (1.4%):          
Atlas Copco AB, Class B   68,960    3,128,802 
Nibe Industrier AB, Class B  (b)   190,215    2,109,458 
         5,238,260 
Switzerland (2.7%):          
Financials (0.4%):          
Partners Group Holding AG   1,372    1,699,090 
           
Health Care (1.8%):          
Roche Holding AG   17,906    7,085,872 
           
Industrials (0.5%):          
Adecco Group AG   39,548    1,794,250 
         10,579,212 
Taiwan (2.3%):          
Financials (1.4%):          
Cathay Financial Holding Co. Ltd.   2,455,000    5,481,145 
           
Information Technology (0.9%):          
Lite-On Technology Corp.   1,439,000    3,400,805 
         8,881,950 
United Kingdom (4.6%):          
Communication Services (0.3%):          
ITV PLC  (b)   916,385    980,555 
           
Consumer Discretionary (0.3%):          
Next PLC   16,180    1,272,330 
           
Consumer Staples (0.6%):          
Imperial Brands PLC   104,596    2,202,876 
           
Financials (1.3%):          
Barclays PLC   922,278    1,787,480 
HSBC Holdings PLC   285,342    1,948,684 
Intermediate Capital Group PLC   52,105    1,209,500 
         4,945,664 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Industrials (0.5%):          
Ashtead Group PLC   31,694   $1,995,221 
           
Materials (1.6%):          
Croda International PLC   19,098    1,964,278 
Rio Tinto PLC   53,220    4,253,961 
         6,218,239 
         17,614,885 
United States (56.2%):          
Communication Services (4.0%):          
Alphabet, Inc., Class C  (b)   3,674    10,261,445 
Meta Platforms, Inc., Class A  (b)   22,788    5,067,140 
         15,328,585 
Consumer Discretionary (8.0%):          
Amazon.com, Inc.  (b)   2,523    8,224,854 
McDonald's Corp.   31,364    7,755,690 
PulteGroup, Inc.   97,662    4,092,038 
Ross Stores, Inc.   58,185    5,263,415 
Tesla, Inc.  (b)   4,971    5,356,749 
         30,692,746 
Consumer Staples (4.2%):          
Colgate-Palmolive Co.   68,909    5,225,370 
PepsiCo, Inc.   38,417    6,430,237 
The Estee Lauder Cos., Inc.   17,248    4,696,975 
         16,352,582 
Energy (2.2%):          
Cactus, Inc., Class A   67,147    3,809,921 
ConocoPhillips   48,699    4,869,900 
         8,679,821 
Financials (7.2%):          
Bank of America Corp.   146,006    6,018,367 
JPMorgan Chase & Co.   38,486    5,246,412 
LPL Financial Holdings, Inc.   21,074    3,849,798 
S&P Global, Inc.   12,066    4,949,232 
Synchrony Financial   76,874    2,675,984 
The PNC Financial Services Group, Inc.   15,930    2,938,289 
Unum Group   61,473    1,937,014 
         27,615,096 
Health Care (7.7%):          
Amedisys, Inc.  (b)   15,565    2,681,694 
Amgen, Inc.   20,438    4,942,317 
CVS Health Corp.   50,241    5,084,891 
Eli Lilly & Co.   18,610    5,329,346 
IDEXX Laboratories, Inc.  (b)   6,119    3,347,460 
Johnson & Johnson   45,681    8,096,044 
         29,481,752 
Industrials (1.2%):          
Honeywell International, Inc.   23,923    4,654,937 
           
Information Technology (18.5%):          
Apple, Inc.   121,763    21,261,037 
Cisco Systems, Inc.   102,518    5,716,404 
Fortinet, Inc.  (b)   14,440    4,934,726 
Mastercard, Inc., Class A   18,619    6,654,058 
Microsoft Corp.   61,994    19,113,370 
NVIDIA Corp.   29,023    7,919,216 
Texas Instruments, Inc.   30,202    5,541,463 
         71,140,274 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory RS Global Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Materials (0.4%):          
Alcoa Corp.   19,257   $1,733,708 
           
Real Estate (1.9%):          
Prologis, Inc.   44,824    7,238,180 
           
Utilities (0.9%):          
MGE Energy, Inc.   43,261    3,451,795 
         216,369,476 
Total Common Stocks (Cost $307,627,066)        373,978,026 
           
Exchange-Traded Funds (1.4%)          
United States (1.4%):          
iShares MSCI ACWI ETF   53,763    5,364,472 
Total Exchange-Traded Funds (Cost $5,414,912)        5,364,472 
           
Collateral for Securities Loaned (1.3%)^          
United States (1.3%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   97,753    97,753 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   2,741,961    2,741,961 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   48,784    48,784 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   388,985    388,985 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   1,748,952    1,748,952 
Total Collateral for Securities Loaned (Cost $5,026,435)        5,026,435 
           
Total Investments (Cost $318,068,413) — 99.8%        384,368,933 
Other assets in excess of liabilities — 0.2%        798,338 
NET ASSETS - 100.00%       $385,167,271 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) All or a portion of this security is on loan.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $2,146,666 and amounted to 0.6% of net assets.
(e) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were less than 0.05% of net assets.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company
 

 

 

Victory Portfolios Schedule of Portfolio Investments
Victory Sophus Emerging Markets Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.3%)          
Brazil (7.0%):          
Consumer Discretionary (1.3%):          
Vibra Energia SA   1,322,105   $6,493,459 
           
Consumer Staples (1.8%):          
Sao Martinho SA   353,200    3,291,379 
Sendas Distribuidora SA   877,209    3,001,856 
SLC Agricola SA   237,860    2,488,378 
         8,781,613 
Financials (1.1%):          
Itau Unibanco Holding SA, ADR   941,237    5,374,463 
           
Health Care (0.7%):          
Hypera SA   382,800    3,112,869 
           
Industrials (1.0%):          
Randon SA Implementos e Participacoes, Preference Shares   1,045,800    2,346,311 
SIMPAR SA   984,064    2,426,929 
         4,773,240 
Materials (1.1%):          
Dexco SA   733,480    2,261,935 
Gerdau SA, Preference Shares   461,200    2,985,016 
         5,246,951 
         33,782,595 
Canada (0.9%):          
Energy (0.9%):          
Parex Resources, Inc.   218,258    4,478,654 
           
Chile (0.0%):(a)          
Financials (0.0%):          
Banco de Credito e Inversiones SA  (b)   1    36 
           
China (26.0%):          
Communication Services (5.4%):          
Baidu, Inc., ADR  (b)   27,212    3,600,148 
NetEase, Inc., ADR   64,371    5,773,435 
Tencent Holdings Ltd.   367,315    16,931,792 
         26,305,375 
Consumer Discretionary (6.0%):          
Alibaba Group Holding Ltd., ADR  (b)   101,134    11,003,379 
BYD Co. Ltd., Class H   83,000    2,308,758 
China Meidong Auto Holdings Ltd.  (c)   588,000    2,234,770 
Fuyao Glass Industry Group Co. Ltd., Class H  (d)   425,600    1,728,071 
JD.com, Inc., ADR  (b)(c)   101,739    5,887,636 
JD.com, Inc., Class A  (b)   18,048    512,852 
Jiumaojiu International Holdings Ltd.  (c)(d)   1,080,000    2,284,639 
Meituan, Class B  (b)(d)   153,100    2,900,428 
         28,860,533 
Consumer Staples (2.0%):          
Chacha Food Co. Ltd., Class A   367,078    3,097,253 
Chenguang Biotech Group Co. Ltd., Class A  (b)   1,113,400    3,083,943 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   624,300    3,616,542 
         9,797,738 
Energy (1.2%):          
PetroChina Co. Ltd., Class H   11,500,000    5,840,117 
           
Financials (3.3%):          
China Merchants Bank Co. Ltd., Class H   1,050,000    8,173,961 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Postal Savings Bank of China Co. Ltd., Class H  (c)(d)   9,579,000   $7,713,761 
         15,887,722 
Health Care (1.1%):          
Hygeia Healthcare Holdings Co. Ltd.  (d)   356,200    1,366,502 
Pharmaron Beijing Co. Ltd., Class H  (d)   133,900    1,610,394 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   53,200    2,570,544 
         5,547,440 
Industrials (1.9%):          
China Railway Group Ltd., Class H   8,109,000    4,516,656 
Xinte Energy Co. Ltd., Class H  (b)   1,084,800    2,626,222 
Zhefu Holding Group Co. Ltd., Class A   2,575,500    2,148,003 
         9,290,881 
Information Technology (2.2%):          
Chinasoft International Ltd.   1,930,000    1,582,005 
Luxshare Precision Industry Co. Ltd., Class A   388,600    1,927,061 
Shenzhen Sunline Tech Co. Ltd., Class A   991,700    2,099,748 
WUS Printed Circuit Kunshan Co. Ltd., Class A   1,510,850    3,136,683 
Yonyou Network Technology Co. Ltd., Class A   474,000    1,704,209 
         10,449,706 
Materials (2.0%):          
China Hongqiao Group Ltd.   2,966,000    3,896,725 
Shandong Nanshan Aluminum Co. Ltd., Class A   3,552,800    2,262,233 
Wanhua Chemical Group Co. Ltd., Class A   273,000    3,460,934 
         9,619,892 
Utilities (0.9%):          
China Longyuan Power Group Corp. Ltd., Class H   1,875,000    4,214,684 
         125,814,088 
Greece (1.2%):          
Financials (0.7%):          
National Bank of Greece SA  (b)   917,958    3,380,687 
           
Industrials (0.5%):          
Mytilineos SA   151,390    2,478,531 
         5,859,218 
Hong Kong (3.1%):          
Consumer Discretionary (0.5%):          
Bosideng International Holdings Ltd.   5,270,000    2,441,904 
           
Financials (0.7%):          
BOC Hong Kong Holdings Ltd.   910,000    3,424,266 
           
Industrials (0.8%):          
Pacific Basin Shipping Ltd.   7,576,000    4,056,546 
           
Real Estate (1.1%):          
China Resources Land Ltd.   1,156,000    5,352,655 
         15,275,371 
India (10.7%):          
Consumer Discretionary (0.8%):          
Balkrishna Industries Ltd.   138,267    3,877,725 
           
Consumer Staples (0.4%):          
Dabur India Ltd.   271,624    1,915,626 
           
Energy (1.0%):          
Hindustan Petroleum Corp. Ltd.   1,306,587    4,626,148 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Financials (2.6%):          
Cholamandalam Investment & Finance Co. Ltd.   491,534   $4,629,274 
ICICI Bank Ltd., ADR   303,304    5,744,578 
UTI Asset Management Co. Ltd.   187,784    2,451,656 
         12,825,508 
Health Care (0.8%):          
Apollo Hospitals Enterprise Ltd.   64,721    3,841,305 
           
Industrials (1.0%):          
Larsen & Toubro Ltd.   202,698    4,701,057 
           
Information Technology (3.2%):          
Infosys Ltd., ADR   463,961    11,547,989 
WNS Holdings Ltd., ADR  (b)   46,869    4,006,831 
         15,554,820 
Materials (0.9%):          
Tata Steel Ltd.  (e)   250,282    4,282,006 
         51,624,195 
Indonesia (1.4%):          
Communication Services (0.8%):          
Telkom Indonesia Persero Tbk PT   12,432,900    3,956,232 
           
Financials (0.6%):          
PT Bank Mandiri Persero Tbk   5,126,200    2,812,021 
         6,768,253 
Korea, Republic Of (15.4%):          
Communication Services (1.6%):          
JYP Entertainment Corp.   76,554    3,841,416 
LG Uplus Corp.   347,528    3,998,637 
         7,840,053 
Consumer Discretionary (0.9%):          
Hanon Systems   128,909    1,247,557 
Shinsegae, Inc.   16,018    3,364,607 
         4,612,164 
Financials (2.7%):          
Hana Financial Group, Inc.   128,564    5,114,031 
Samsung Securities Co. Ltd.   85,695    2,943,148 
Woori Financial Group, Inc.   396,508    4,970,330 
         13,027,509 
Health Care (0.9%):          
InBody Co. Ltd.   65,841    1,512,723 
Samsung Biologics Co. Ltd.  (b)(d)   4,472    3,038,998 
         4,551,721 
Industrials (1.2%):          
CJ Corp.   28,636    1,981,035 
Samsung Engineering Co. Ltd.  (b)   169,187    3,631,716 
         5,612,751 
Information Technology (7.1%):          
Innox Advanced Materials Co. Ltd.   79,449    3,487,662 
Samsung Electro-Mechanics Co. Ltd.   21,357    2,875,970 
Samsung Electronics Co. Ltd., Preference Shares   380,183    21,559,066 
SK Hynix, Inc.   66,850    6,431,713 
         34,354,411 
Materials (1.0%):          
Kolon Industries, Inc.   34,845    1,806,361 
PI Advanced Materials Co. Ltd.   81,503    3,077,892 
         4,884,253 
         74,882,862 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Malaysia (2.2%):          
Consumer Discretionary (0.4%):          
MR DIY Group M Bhd  (d)   2,268,200   $1,864,601 
           
Consumer Staples (0.5%):          
Kuala Lumpur Kepong Bhd   375,500    2,251,881 
           
Financials (0.9%):          
Public Bank Bhd   3,827,400    4,247,431 
           
Materials (0.4%):          
Petronas Chemicals Group Bhd   964,300    2,200,820 
         10,564,733 
Mexico (2.1%):          
Consumer Discretionary (0.5%):          
Alsea SAB de CV  (b)   947,937    2,376,695 
           
Financials (1.1%):          
Grupo Financiero Banorte SAB de CV, Class O   711,784    5,352,741 
           
Real Estate (0.5%):          
Corp Inmobiliaria Vesta SAB de CV   1,185,930    2,268,513 
         9,997,949 
Peru (1.0%):          
Financials (1.0%):          
Credicorp Ltd.   27,943    4,802,563 
           
Philippines (0.6%):          
Financials (0.6%):          
BDO Unibank, Inc.   1,198,350    3,061,968 
           
Qatar (1.4%):          
Financials (0.8%):          
Qatar Islamic Bank SAQ   621,554    4,067,838 
           
Industrials (0.6%):          
Industries Qatar QSC   565,687    2,948,691 
         7,016,529 
Russian Federation (0.1%):          
Consumer Staples (0.0%):(a)          
Magnit PJSC  (f)(g)   41,301    1,507 
           
Energy (0.1%):          
Gazprom PJSC  (f)(g)   1,511,910    182,521 
Rosneft Oil Co. PJSC, GDR  (f)(g)   677,591    129,664 
         312,185 
Financials (0.0%):(a)          
Sberbank of Russia PJSC, ADR  (f)(g)   446,943    9,931 
         9,931 
         323,623 
Saudi Arabia (3.7%):          
Consumer Discretionary (0.8%):          
Leejam Sports Co. JSC   108,097    3,617,999 
           
Financials (2.2%):          
Alinma Bank   453,611    4,677,868 
The Saudi National Bank   318,412    5,991,387 
         10,669,255 
Materials (0.7%):          
Saudi Arabian Mining Co.  (b)   101,680    3,610,143 
         17,897,397 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
South Africa (4.2%):          
Communication Services (1.0%):          
MTN Group Ltd.   364,826   $4,722,954 
           
Financials (2.3%):          
Absa Group Ltd.   407,241    5,283,145 
Capitec Bank Holdings Ltd.   35,677    5,684,847 
         10,967,992 
Materials (0.9%):          
Impala Platinum Holdings Ltd.   289,043    4,451,323 
         20,142,269 
Taiwan (12.7%):          
Financials (1.1%):          
CTBC Financial Holding Co. Ltd.   5,378,000    5,481,994 
           
Information Technology (10.9%):          
Gold Circuit Electronics Ltd.   1,207,000    3,535,330 
Hon Hai Precision Industry Co. Ltd.   1,115,000    4,095,019 
MediaTek, Inc.   183,000    5,696,351 
Taiwan Semiconductor Manufacturing Co. Ltd.   1,792,998    36,789,049 
Unimicron Technology Corp.   323,000    2,753,698 
         52,869,447 
Materials (0.7%):          
Formosa Plastics Corp.   866,000    3,203,674 
         61,555,115 
Thailand (3.6%):          
Energy (0.8%):          
PTT PCL   3,421,300    3,943,103 
           
Financials (0.9%):          
The Siam Commercial Bank PCL   1,272,900    4,340,965 
           
Health Care (0.5%):          
Mega Lifesciences PCL   1,817,500    2,480,851 
           
Materials (0.7%):          
Indorama Ventures PCL   2,412,300    3,358,809 
           
Real Estate (0.7%):          
AP Thailand PCL   9,652,000    3,184,822 
         17,308,550 
United Kingdom (1.0%):          
Materials (1.0%):          
Anglo American PLC   95,135    4,942,518 
Total Common Stocks (Cost $449,498,726)        476,098,486 
           
Rights (0.0%)(a)          
Korea, Republic Of (0.0%):          
Health Care (0.0%):          
Samsung Biologics Co. Ltd. , Expires 4/11/22  (b)   296     
Total Rights (Cost $–)         
           
Collateral for Securities Loaned (2.6%)^          
United States (2.6%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   247,918    247,918 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   6,954,063   $6,954,063 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   123,723    123,723 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   986,530    986,530 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   4,435,630    4,435,630 
Total Collateral for Securities Loaned (Cost $12,747,864)        12,747,864 
           
Total Investments (Cost $462,246,590) — 100.9%        488,846,350 
Liabilities in excess of other assets — (0.9)%        (4,218,359)
NET ASSETS - 100.00%       $484,627,991 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) All or a portion of this security is on loan.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $22,507,394 and amounted to 4.6% of net assets.
(e) Issuer filed for bankruptcy.
(f) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(g) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.1% of net assets.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PCL—Public Company Limited
PLC—Public Limited Company

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Small Cap Growth Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.8%)          
Biotechnology (10.8%):          
Apellis Pharmaceuticals, Inc. (a)   421,950   $21,439,280 
Beam Therapeutics, Inc. (a)(b)   282,770    16,202,721 
Bicycle Therapeutics PLC, ADR (a)(b)   196,240    8,611,011 
BioCryst Pharmaceuticals, Inc. (a)(b)   1,076,600    17,505,516 
DermTech, Inc. (a)(b)   460,690    6,762,929 
Equillium, Inc. (a)(b)   1,621,500    5,107,725 
Fate Therapeutics, Inc. (a)(b)   415,050    16,091,489 
Intellia Therapeutics, Inc. (a)   233,490    16,967,718 
Karuna Therapeutics, Inc. (a)   146,980    18,635,594 
Kezar Life Sciences, Inc. (a)   650,770    10,815,797 
Opthea Ltd., ADR (a)(c)   766,540    4,714,221 
Rubius Therapeutics, Inc. (a)(b)   1,288,150    7,097,707 
Scholar Rock Holding Corp. (a)(b)   623,180    8,032,790 
SpringWorks Therapeutics, Inc. (a)   310,940    17,549,454 
         175,533,952 
Communication Services (1.1%):          
ZipRecruiter, Inc. (a)   759,370    17,450,323 
           
Consumer Discretionary (12.3%):          
Acushnet Holdings Corp.   543,060    21,863,596 
Boot Barn Holdings, Inc. (a)   155,730    14,761,647 
Fox Factory Holding Corp. (a)   133,590    13,085,140 
Gentherm, Inc. (a)   297,360    21,719,174 
Houghton Mifflin Harcourt Co. (a)   408,470    8,581,955 
Papa John's International, Inc.   167,780    17,663,878 
Planet Fitness, Inc., Class A (a)   290,010    24,500,045 
Porch Group, Inc. (a)(b)   1,155,350    8,023,906 
SeaWorld Entertainment, Inc. (a)   305,510    22,742,164 
Wingstop, Inc.   186,050    21,832,968 
YETI Holdings, Inc. (a)   421,300    25,269,574 
         200,044,047 
Consumer Staples (7.0%):          
BJ's Wholesale Club Holdings, Inc. (a)   388,950    26,296,910 
e.l.f. Beauty, Inc. (a)   1,220,130    31,515,958 
Freshpet, Inc. (a)   276,200    28,349,168 
The Beauty Health Co. (a)(b)   761,540    12,854,795 
The Simply Good Foods Co. (a)   412,700    15,661,965 
         114,678,796 
Energy (3.0%):          
Matador Resources Co.   556,540    29,485,489 
Ranger Oil Corp. (a)   562,490    19,422,780 
         48,908,269 
Financials (7.7%):          
Customers Bancorp, Inc. (a)   341,020    17,780,783 
Focus Financial Partners, Inc., Class A (a)   558,040    25,524,749 
PacWest Bancorp   383,170    16,526,122 
PRA Group, Inc. (a)   372,500    16,792,300 
PROG Holdings, Inc. (a)(b)   250,390    7,203,720 
Walker & Dunlop, Inc.   153,290    19,838,792 
Wintrust Financial Corp.   234,790    21,819,035 
         125,485,501 
Health Care Equipment & Supplies (6.5%):          
Axonics, Inc. (a)(b)   225,630    14,124,438 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
CONMED Corp.   133,040   $19,763,092 
CryoPort, Inc. (a)(b)   587,440    20,507,530 
LivaNova PLC (a)   154,580    12,649,281 
Nevro Corp. (a)   205,690    14,877,558 
Shockwave Medical, Inc. (a)   114,530    23,748,941 
         105,670,840 
Health Care Providers & Services (4.6%):          
Acadia Healthcare Co., Inc. (a)   140,450    9,203,689 
HealthEquity, Inc. (a)   479,150    32,313,876 
Surgery Partners, Inc. (a)   609,100    33,530,955 
         75,048,520 
Health Care Technology (3.0%):          
Health Catalyst, Inc. (a)(b)   459,500    12,006,735 
Inspire Medical Systems, Inc. (a)   141,590    36,344,737 
         48,351,472 
Industrials (9.9%):          
Chart Industries, Inc. (a)   116,570    20,023,229 
Evoqua Water Technologies Corp. (a)   957,280    44,973,014 
Herc Holdings, Inc.   99,880    16,688,949 
John Bean Technologies Corp.   109,150    12,931,001 
Saia, Inc. (a)   81,800    19,944,476 
Simpson Manufacturing Co., Inc.   151,540    16,523,922 
The AZEK Co., Inc. (a)   378,380    9,398,959 
Zurn Water Solutions Corp.   576,290    20,400,666 
         160,884,216 
IT Services (4.9%):          
DigitalOcean Holdings, Inc. (a)(b)   370,160    21,413,756 
Flywire Corp. (a)   146,530    4,480,887 
Paya Holdings, Inc. (a)   1,175,070    6,885,910 
Paymentus Holdings, Inc., Class A (a)(b)   459,120    9,678,250 
WNS Holdings Ltd., ADR (a)   440,027    37,617,908 
         80,076,711 
Life Sciences Tools & Services (0.7%):          
Codexis, Inc. (a)   533,720    11,005,306 
           
Materials (2.3%):          
Avient Corp.   272,010    13,056,480 
Summit Materials, Inc., Class A (a)   815,250    25,321,665 
         38,378,145 
Pharmaceuticals (1.3%):          
Compass Pathways PLC, ADR (a)(b)   387,440    4,994,102 
Intra-Cellular Therapies, Inc. (a)   264,240    16,168,845 
         21,162,947 
Real Estate (1.4%):          
National Storage Affiliates Trust   356,270    22,359,505 
           
Semiconductors & Semiconductor Equipment (9.4%):          
Advanced Energy Industries, Inc.   526,770    45,344,362 
Impinj, Inc. (a)   211,210    13,420,283 
Lattice Semiconductor Corp. (a)   278,800    16,992,860 
MACOM Technology Solutions Holdings, Inc. (a)   784,763    46,983,761 
Silicon Laboratories, Inc. (a)   115,680    17,375,136 
SiTime Corp. (a)   54,610    13,533,450 
         153,649,852 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Software (11.9%):          
ACI Worldwide, Inc. (a)   626,330   $19,723,132 
Avaya Holdings Corp. (a)   3,174,890    40,225,856 
Jamf Holding Corp. (a)(b)   580,320    20,200,939 
Q2 Holdings, Inc. (a)   152,160    9,380,664 
Smartsheet, Inc., Class A (a)   357,980    19,610,144 
Sprout Social, Inc., Class A (a)   160,770    12,880,892 
Telos Corp. (a)   780,800    7,784,576 
Tenable Holdings, Inc. (a)   239,250    13,826,258 
Varonis Systems, Inc. (a)   1,058,760    50,333,451 
         193,965,912 
Total Common Stocks (Cost $1,454,466,840)        1,592,654,314 
           
Collateral for Securities Loaned (4.8%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d)   1,519,844    1,519,844 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)   42,631,483    42,631,483 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d)   758,477    758,477 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d)   6,047,863    6,047,863 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d)   27,192,371    27,192,371 
Total Collateral for Securities Loaned (Cost $78,150,038)        78,150,038 
Total Investments (Cost $1,532,616,878) — 102.6%        1,670,804,352 
Liabilities in excess of other assets — (2.6)%        (41,630,773)
NET ASSETS - 100.00%       $1,629,173,579 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.3% of net assets.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory RS Select Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.3%)                
Communication Services (0.9%):          
IAC/InterActiveCorp (a)   14,050   $1,408,934 
           
Consumer Discretionary (11.9%):          
Churchill Downs, Inc.   19,330    4,287,007 
Hyatt Hotels Corp., Class A (a)   26,710    2,549,470 
Mattel, Inc. (a)(b)   129,920    2,885,523 
Planet Fitness, Inc., Class A (a)   44,390    3,750,067 
Wingstop, Inc.   17,510    2,054,799 
YETI Holdings, Inc. (a)   62,900    3,772,742 
         19,299,608 
Consumer Staples (2.8%):          
Freshpet, Inc. (a)   27,460    2,818,494 
The Simply Good Foods Co. (a)   45,590    1,730,141 
         4,548,635 
Electronic Equipment, Instruments & Components (1.2%):          
Teledyne Technologies, Inc. (a)   3,970    1,876,341 
           
Energy (3.2%):          
Diamondback Energy, Inc.   23,060    3,161,065 
Matador Resources Co.   38,350    2,031,783 
         5,192,848 
Financials (5.4%):          
Focus Financial Partners, Inc., Class A (a)   76,900    3,517,406 
LPL Financial Holdings, Inc.   17,420    3,182,285 
Western Alliance Bancorp   25,200    2,087,064 
         8,786,755 
Health Care (23.2%):          
Acadia Healthcare Co., Inc. (a)   21,030    1,378,096 
Avantor, Inc. (a)(b)   98,410    3,328,226 
BioCryst Pharmaceuticals, Inc. (a)(b)   199,080    3,237,041 
Charles River Laboratories International, Inc. (a)   4,540    1,289,224 
Codexis, Inc. (a)   95,040    1,959,725 
CryoPort, Inc. (a)   49,810    1,738,867 
Envista Holdings Corp. (a)   68,740    3,348,325 
Horizon Therapeutics PLC (a)   35,840    3,770,726 
Intra-Cellular Therapies, Inc. (a)   66,780    4,086,268 
Jazz Pharmaceuticals PLC (a)   30,220    4,704,348 
Penumbra, Inc. (a)   8,160    1,812,581 
Shockwave Medical, Inc. (a)   9,940    2,061,158 
Tandem Diabetes Care, Inc. (a)   22,550    2,622,340 
Tenet Healthcare Corp. (a)   24,290    2,087,968 
         37,424,893 
Industrials (18.2%):          
Advanced Drainage Systems, Inc.   27,170    3,228,068 
Axon Enterprise, Inc. (a)   12,170    1,676,174 
Builders FirstSource, Inc. (a)   57,940    3,739,448 
Chart Industries, Inc. (a)   10,180    1,748,619 
Evoqua Water Technologies Corp. (a)   104,090    4,890,148 
Regal Rexnord Corp.   13,470    2,004,067 
Saia, Inc. (a)   10,070    2,455,267 
SiteOne Landscape Supply, Inc. (a)   14,660    2,370,375 
The Middleby Corp. (a)   17,060    2,796,816 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Select Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Trex Co., Inc. (a)   18,100   $1,182,473 
WillScot Mobile Mini Holdings Corp. (a)   86,570    3,387,484 
         29,478,939 
IT Services (1.3%):          
Shift4 Payments, Inc., Class A (a)(b)   32,760    2,028,827 
           
Real Estate (1.1%):          
National Storage Affiliates Trust   27,250    1,710,210 
           
Semiconductors & Semiconductor Equipment (11.3%):          
Entegris, Inc.   29,840    3,916,799 
Lattice Semiconductor Corp. (a)   44,780    2,729,341 
MACOM Technology Solutions Holdings, Inc. (a)   55,270    3,309,015 
MKS Instruments, Inc.   26,000    3,900,000 
Monolithic Power Systems, Inc.   6,365    3,091,353 
SiTime Corp. (a)   5,420    1,343,184 
         18,289,692 
           
Software (17.8%):          
ACI Worldwide, Inc. (a)   81,510    2,566,750 
Avaya Holdings Corp. (a)   182,260    2,309,234 
Dynatrace, Inc. (a)   116,590    5,491,389 
Fair Isaac Corp. (a)   2,710    1,264,107 
Five9, Inc. (a)   20,880    2,305,152 
Globant SA (a)   6,940    1,818,766 
Paylocity Holding Corp. (a)   16,880    3,473,398 
Q2 Holdings, Inc. (a)   20,970    1,292,800 
RingCentral, Inc., Class A (a)   16,800    1,969,128 
Varonis Systems, Inc. (a)   94,670    4,500,612 
Zendesk, Inc. (a)   14,370    1,728,567 
         28,719,903 
Total Common Stocks (Cost $139,272,870)        158,765,585 
           
Collateral for Securities Loaned (2.6%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   81,685    81,685 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   2,291,247    2,291,247 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   40,765    40,765 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   325,045    325,045 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   1,461,466    1,461,466 
Total Collateral for Securities Loaned (Cost $4,200,208)        4,200,208 
Total Investments (Cost $143,473,078) — 100.9%        162,965,793 
Liabilities in excess of other assets — (0.9)%        (1,411,104)
NET ASSETS - 100.00%       $161,554,689 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory RS Mid Cap Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.0%)                
Communication Services (5.8%):          
Match Group, Inc. (a)   23,014   $2,502,542 
Take-Two Interactive Software, Inc. (a)   28,440    4,372,365 
Twitter, Inc. (a)   46,840    1,812,240 
ZoomInfo Technologies, Inc. (a)   125,440    7,493,786 
         16,180,933 
Communications Equipment (1.7%):          
Arista Networks, Inc. (a)   34,590    4,807,318 
           
Consumer Discretionary (13.4%):          
Chipotle Mexican Grill, Inc. (a)   3,410    5,394,722 
Churchill Downs, Inc.   7,400    1,641,172 
Darden Restaurants, Inc.   10,750    1,429,213 
Expedia Group, Inc. (a)   17,440    3,412,485 
Hyatt Hotels Corp., Class A (a)   47,180    4,503,331 
Mattel, Inc. (a)   189,240    4,203,020 
O'Reilly Automotive, Inc. (a)   6,080    4,164,557 
Tractor Supply Co.   14,920    3,481,880 
Ulta Beauty, Inc. (a)   14,250    5,674,635 
YETI Holdings, Inc. (a)   64,460    3,866,311 
         37,771,326 
Consumer Staples (1.6%):          
Constellation Brands, Inc., Class A   6,420    1,478,654 
Freshpet, Inc. (a)(b)   29,220    2,999,141 
         4,477,795 
Electronic Equipment, Instruments & Components (3.4%):          
Keysight Technologies, Inc. (a)   23,990    3,789,701 
Teledyne Technologies, Inc. (a)   12,100    5,718,823 
         9,508,524 
Energy (2.0%):          
Diamondback Energy, Inc.   40,540    5,557,223 
           
Financials (5.7%):          
LPL Financial Holdings, Inc.   25,210    4,605,363 
MSCI, Inc.   11,330    5,697,630 
Tradeweb Markets, Inc., Class A   34,580    3,038,545 
Western Alliance Bancorp   31,720    2,627,050 
         15,968,588 
Health Care (17.9%):          
AmerisourceBergen Corp.   28,270    4,373,652 
Apellis Pharmaceuticals, Inc. (a)   39,290    1,996,325 
Avantor, Inc. (a)   194,750    6,586,445 
Charles River Laboratories International, Inc. (a)   7,540    2,141,134 
Dexcom, Inc. (a)   8,700    4,450,920 
Horizon Therapeutics PLC (a)   42,250    4,445,122 
IDEXX Laboratories, Inc. (a)   5,320    2,910,359 
Jazz Pharmaceuticals PLC (a)   26,300    4,094,121 
Mirati Therapeutics, Inc. (a)   20,230    1,663,311 
ResMed, Inc.   11,630    2,820,391 
Tandem Diabetes Care, Inc. (a)   18,530    2,154,854 
Tenet Healthcare Corp. (a)   28,080    2,413,757 
Veeva Systems, Inc., Class A (a)   16,140    3,429,104 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Mid Cap Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
West Pharmaceutical Services, Inc.   16,930   $6,953,320 
         50,432,815 
Industrials (11.8%):          
Advanced Drainage Systems, Inc.   16,750    1,990,068 
Axon Enterprise, Inc. (a)   13,430    1,849,714 
Builders FirstSource, Inc. (a)   41,800    2,697,772 
Carrier Global Corp.   77,160    3,539,329 
Chart Industries, Inc. (a)   12,470    2,141,972 
Generac Holdings, Inc. (a)   9,440    2,806,134 
IDEX Corp.   3,480    667,221 
Regal Rexnord Corp.   19,790    2,944,356 
Saia, Inc. (a)   14,110    3,440,300 
SiteOne Landscape Supply, Inc. (a)   13,180    2,131,074 
The Middleby Corp. (a)   22,910    3,755,865 
Trex Co., Inc. (a)   18,210    1,189,659 
WillScot Mobile Mini Holdings Corp. (a)   101,750    3,981,478 
         33,134,942 
IT Services (1.8%):          
Gartner, Inc. (a)   12,000    3,569,520 
Shift4 Payments, Inc., Class A (a)   22,480    1,392,187 
         4,961,707 
Materials (1.0%):          
Ball Corp.   15,090    1,358,100 
Sealed Air Corp.   21,280    1,424,909 
         2,783,009 
Real Estate (1.1%):          
Extra Space Storage, Inc.   14,960    3,075,776 
           
Semiconductors & Semiconductor Equipment (7.1%):          
Entegris, Inc.   31,160    4,090,062 
Lattice Semiconductor Corp. (a)   65,470    3,990,396 
Marvell Technology, Inc.   81,300    5,830,023 
Monolithic Power Systems, Inc.   12,550    6,095,284 
         20,005,765 
Software (23.7%):          
AppLovin Corp., Class A (a)(b)   73,760    4,061,963 
Bill.com Holdings, Inc. (a)   11,630    2,637,568 
Datadog, Inc., Class A (a)   36,410    5,515,023 
Dropbox, Inc., Class A (a)   134,700    3,131,775 
Dynatrace, Inc. (a)   108,640    5,116,944 
Fair Isaac Corp. (a)   3,340    1,557,976 
Five9, Inc. (a)   26,830    2,962,032 
Freshworks, Inc., Class A (a)   113,710    2,037,683 
Palo Alto Networks, Inc. (a)   17,790    11,074,453 
Paycom Software, Inc. (a)   10,390    3,598,888 
RingCentral, Inc., Class A (a)   34,580    4,053,122 
Splunk, Inc. (a)   25,650    3,811,847 
Synopsys, Inc. (a)   31,930    10,641,311 
Zscaler, Inc. (a)   27,290    6,584,531 
         66,785,116 
Total Common Stocks (Cost $228,259,876)        275,450,837 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Mid Cap Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Collateral for Securities Loaned (1.5%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   84,658   $84,658 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   2,374,646    2,374,646 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   42,248    42,248 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   336,876    336,876 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   1,514,661    1,514,661 
Total Collateral for Securities Loaned (Cost $4,353,089)        4,353,089 
Total Investments (Cost $232,612,965) — 99.5%        279,803,926 
Other assets in excess of liabilities — 0.5%        1,498,633 
NET ASSETS - 100.00%       $281,302,559 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory RS Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.3%)                
Communication Services (11.1%):          
Alphabet, Inc., Class C (a)   9,331   $26,061,390 
Meta Platforms, Inc., Class A (a)   13,890    3,088,580 
Netflix, Inc. (a)   6,010    2,251,286 
Twitter, Inc. (a)   59,480    2,301,281 
         33,702,537 
Communications Equipment (1.1%):          
Arista Networks, Inc. (a)   24,770    3,442,535 
           
Consumer Discretionary (17.9%):          
Amazon.com, Inc. (a)   4,660    15,191,367 
Booking Holdings, Inc. (a)   1,810    4,250,694 
Chipotle Mexican Grill, Inc. (a)   1,680    2,657,810 
O'Reilly Automotive, Inc. (a)   7,560    5,178,298 
Tesla, Inc. (a)   14,710    15,851,496 
Tractor Supply Co.   19,480    4,546,048 
Ulta Beauty, Inc. (a)   17,220    6,857,348 
         54,533,061 
Consumer Staples (1.4%):          
Constellation Brands, Inc., Class A   19,220    4,426,750 
           
Electronic Equipment, Instruments & Components (1.3%):          
Teledyne Technologies, Inc. (a)   8,080    3,818,850 
           
Energy (0.9%):          
Diamondback Energy, Inc.   19,610    2,688,139 
           
Financials (3.3%):          
LPL Financial Holdings, Inc.   15,360    2,805,965 
MSCI, Inc.   6,520    3,278,778 
S&P Global, Inc.   9,879    4,052,168 
         10,136,911 
Health Care (10.3%):          
AbbVie, Inc.   43,120    6,990,183 
Charles River Laboratories International, Inc. (a)   9,490    2,694,875 
Dexcom, Inc. (a)   5,090    2,604,044 
Jazz Pharmaceuticals PLC (a)   22,930    3,569,513 
Tenet Healthcare Corp. (a)   27,170    2,335,533 
Vertex Pharmaceuticals, Inc. (a)   30,400    7,933,488 
West Pharmaceutical Services, Inc.   12,390    5,088,697 
         31,216,333 
Industrials (2.7%):          
Carrier Global Corp.   46,190    2,118,736 
Deere & Co.   6,900    2,866,674 
Generac Holdings, Inc. (a)   8,320    2,473,203 
IDEX Corp.   4,670    895,379 
         8,353,992 
IT Services (5.6%):          
Gartner, Inc. (a)   11,030    3,280,984 
Twilio, Inc., Class A (a)   10,350    1,705,783 
Visa, Inc., Class A   53,657    11,899,513 
         16,886,280 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Growth Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Materials (0.5%):          
Ball Corp.   16,130   $1,451,700 
           
Real Estate (1.9%):          
Extra Space Storage, Inc.   16,840    3,462,304 
SBA Communications Corp.   6,420    2,209,122 
         5,671,426 
Semiconductors & Semiconductor Equipment (9.5%):          
Advanced Micro Devices, Inc. (a)   36,070    3,943,894 
Lam Research Corp.   10,770    5,790,060 
Marvell Technology, Inc.   57,860    4,149,141 
Monolithic Power Systems, Inc.   4,670    2,268,126 
NVIDIA Corp.   46,490    12,685,261 
         28,836,482 
Software (19.3%):          
AppLovin Corp., Class A (a)(b)   45,630    2,512,844 
Fair Isaac Corp. (a)   3,610    1,683,921 
Microsoft Corp.   122,210    37,678,565 
Palo Alto Networks, Inc. (a)   10,040    6,250,000 
RingCentral, Inc., Class A (a)   8,020    940,024 
ServiceNow, Inc. (a)   9,340    5,201,353 
Synopsys, Inc. (a)   14,230    4,742,432 
         59,009,139 
Technology Hardware, Storage & Peripherals (10.5%):          
Apple, Inc.   182,948    31,944,550 
Total Common Stocks (Cost $165,116,057)        296,118,685 
           
Collateral for Securities Loaned (0.8%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   49,650    49,650 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   1,392,674    1,392,674 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   24,778    24,778 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   197,570    197,570 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   888,313    888,313 
Total Collateral for Securities Loaned (Cost $2,552,985)        2,552,985 
Total Investments (Cost $167,669,042) — 98.1%        298,671,670 
Other assets in excess of liabilities — 1.9%        5,614,617 
NET ASSETS - 100.00%       $304,286,287 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory RS Science and Technology Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.0%)          
Biotechnology (18.8%):          
Alpha Teknova, Inc. (a)   53,170   $734,278 
Apellis Pharmaceuticals, Inc. (a)   101,443    5,154,319 
Aptinyx, Inc. (a)(b)   95,140    215,968 
Ardelyx, Inc. (a)(b)   202,040    216,183 
Beam Therapeutics, Inc. (a)(b)   26,680    1,528,764 
Bicycle Therapeutics PLC, ADR (a)   42,809    1,878,459 
BioCryst Pharmaceuticals, Inc. (a)   134,530    2,187,458 
Bridgebio Pharma, Inc. (a)(b)   58,870    597,530 
Celcuity, Inc. (a)(b)   53,430    499,570 
Codiak Biosciences, Inc. (a)   73,480    460,720 
Crinetics Pharmaceuticals, Inc. (a)   71,858    1,577,283 
Cullinan Oncology, Inc. (a)(b)   20,620    215,891 
DermTech, Inc. (a)(b)   85,743    1,258,707 
Equillium, Inc. (a)   261,851    824,831 
Fate Therapeutics, Inc. (a)   42,540    1,649,276 
Fusion Pharmaceuticals, Inc. (a)   89,510    695,493 
Inhibrx, Inc. (a)   60,580    1,349,722 
Intellia Therapeutics, Inc. (a)   28,480    2,069,642 
Iovance Biotherapeutics, Inc. (a)   132,320    2,203,128 
Karuna Therapeutics, Inc. (a)(b)   16,830    2,133,876 
Karyopharm Therapeutics, Inc. (a)(b)   133,480    983,748 
Kezar Life Sciences, Inc. (a)(b)   223,076    3,707,523 
Kinnate Biopharma, Inc. (a)   62,090    699,133 
Lyell Immunopharma, Inc. (a)(b)   124,720    629,836 
Merus NV (a)(b)   44,920    1,187,685 
Mirum Pharmaceuticals, Inc. (a)   33,450    736,569 
Nuvalent, Inc., Class A (a)(b)   44,220    614,216 
Omega Therapeutics, Inc. (a)(b)   71,720    447,533 
Opthea Ltd., ADR (a)(c)   80,050    492,307 
Rain Therapeutics, Inc. (a)   66,970    339,538 
Regulus Therapeutics, Inc. (a)(b)   1,768,489    527,010 
Rubius Therapeutics, Inc. (a)(b)   73,010    402,285 
Sarepta Therapeutics, Inc. (a)   28,170    2,200,640 
Scholar Rock Holding Corp. (a)(b)   63,950    824,315 
Shattuck Labs, Inc. (a)   130,370    555,376 
SpringWorks Therapeutics, Inc. (a)   33,970    1,917,267 
Vertex Pharmaceuticals, Inc. (a)   20,450    5,336,836 
         49,052,915 
Communication Services (7.5%):          
Chicken Soup For The Soul Entertainment, Inc. (a)(b)   58,010    463,500 
IAC/InterActiveCorp (a)   14,130    1,416,956 
Match Group, Inc. (a)   36,366    3,954,439 
Meta Platforms, Inc., Class A (a)   17,430    3,875,735 
Take-Two Interactive Software, Inc. (a)   20,600    3,167,044 
Twitter, Inc. (a)   105,210    4,070,575 
Vimeo, Inc. (a)   22,137    262,987 
ZoomInfo Technologies, Inc. (a)   38,520    2,301,185 
         19,512,421 
Consumer Discretionary (7.1%):          
2U, Inc. (a)   158,470    2,104,482 
Amazon.com, Inc. (a)   3,130    10,203,643 
Arco Platform Ltd., Class A (a)(b)   52,710    1,112,181 
Booking Holdings, Inc. (a)   1,580    3,710,551 
Peloton Interactive, Inc., Class A (a)(b)   51,930    1,371,991 
         18,502,848 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Financials (1.9%):          
DA32 Life Science Tech Acquisition Corp., Class A (a)   235,925   $2,300,269 
Omega Alpha SPAC, Class A (a)(b)   90,570    889,397 
Panacea Acquisition Corp. II (a)(b)(c)   188,540    1,843,921 
         5,033,587 
Health Care Equipment & Supplies (1.4%):          
CryoPort, Inc. (a)   48,463    1,691,844 
West Pharmaceutical Services, Inc.   4,820    1,979,622 
         3,671,466 
Health Care Providers & Services (0.4%):          
Science 37 Holdings, Inc. PIPE (a)   178,320    954,012 
           
Health Care Technology (1.0%):          
Better Therapeutics, Inc. (a)   272,720    539,986 
Veeva Systems, Inc., Class A (a)   9,260    1,967,379 
         2,507,365 
IT Services (6.0%):          
Backblaze, Inc., Class A (a)   53,690    572,872 
GoDaddy, Inc., Class A (a)   39,920    3,341,304 
PayPal Holdings, Inc. (a)   14,010    1,620,257 
Twilio, Inc., Class A (a)   24,710    4,072,455 
Visa, Inc., Class A (b)   18,950    4,202,541 
Wix.com Ltd. (a)   16,050    1,676,583 
         15,486,012 
Life Sciences Tools & Services (2.3%):          
Absci Corp. (a)(b)   60,310    508,413 
Avantor, Inc. (a)   58,840    1,989,969 
Codexis, Inc. (a)   69,050    1,423,811 
PerkinElmer, Inc.   8,310    1,449,763 
Singular Genomics Systems, Inc. (a)(b)   113,280    714,797 
         6,086,753 
Materials (0.2%):          
Kronos Bio, Inc. (a)   74,260    536,900 
         536,900 
Pharmaceuticals (2.1%):          
Compass Pathways PLC, ADR (a)   41,280    532,099 
Intra-Cellular Therapies, Inc. (a)   24,310    1,487,529 
Marinus Pharmaceuticals, Inc. (a)   73,144    683,896 
PMV Pharmaceuticals, Inc. (a)(b)   32,310    672,694 
Tricida, Inc. (a)(b)   82,240    676,013 
Vaxcyte, Inc. (a)(b)   59,770    1,443,446 
         5,495,677 
Semiconductors & Semiconductor Equipment (25.4%):          
Ambarella, Inc. (a)   38,090    3,996,403 
Applied Materials, Inc.   36,920    4,866,056 
Ichor Holdings Ltd. (a)   53,640    1,910,657 
Impinj, Inc. (a)(b)   86,760    5,512,730 
Lam Research Corp.   12,450    6,693,244 
Lattice Semiconductor Corp. (a)   74,520    4,541,994 
MACOM Technology Solutions Holdings, Inc. (a)   129,340    7,743,586 
Marvell Technology, Inc.   90,680    6,502,663 
MKS Instruments, Inc.   35,380    5,307,000 
Monolithic Power Systems, Inc.   9,350    4,541,108 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Science and Technology Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
NVIDIA Corp.   38,130   $10,404,152 
SiTime Corp. (a)   16,570    4,106,377 
         66,125,970 
Software (23.3%):          
AppLovin Corp., Class A (a)(b)   46,860    2,580,580 
Avaya Holdings Corp. (a)   160,940    2,039,110 
Datadog, Inc., Class A (a)   15,090    2,285,682 
Domo, Inc., Class B (a)   57,360    2,900,695 
Dropbox, Inc., Class A (a)   131,480    3,056,910 
Dynatrace, Inc. (a)   44,020    2,073,342 
Fair Isaac Corp. (a)   6,670    3,111,288 
Gitlab, Inc., Class A (a)   25,560    1,391,742 
Microsoft Corp.   70,470    21,726,606 
Monday.com Ltd. (a)(b)   15,970    2,524,378 
Paycom Software, Inc. (a)   12,370    4,284,721 
RingCentral, Inc., Class A (a)   6,990    819,298 
ServiceNow, Inc. (a)   11,330    6,309,564 
Varonis Systems, Inc. (a)   119,540    5,682,931 
         60,786,847 
Software & Tech Services (0.6%):          
HashiCorp., Inc., Class A (a)(b)   27,020    1,459,080 
Total Common Stocks (Cost $179,956,275)        255,211,853 
           
Warrants (0.0%)(d)          
Health Care (0.0%):          
Nuvation Bio, Inc.   45,320    34,448 
Regulus Therapeutics, Inc. (a)(c)(e)(f)   1,326,367     
         34,448 
Total Warrants (Cost $165,796)        34,448 
           
Collateral for Securities Loaned (11.4%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   578,958    578,958 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   16,239,726    16,239,726 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   288,929    288,929 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   2,303,829    2,303,829 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   10,358,463    10,358,463 
Total Collateral for Securities Loaned (Cost $29,769,905)        29,769,905 
Total Investments (Cost $209,891,976) — 109.4%        285,016,206 
Liabilities in excess of other assets — (9.4)%        (24,499,149)
NET ASSETS - 100.00%       $260,517,057 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.9% of net assets.
(d) Amount represents less than 0.05% of net assets.
(e) Restricted security that is not registered under the Securities Act of 1933.
(f) The following table details the acquisition date and cost of the Fund’s restricted securities at March 31, 2022:

 

Security Name  Acquisition Date  Cost 
Regulus Therapeutics, Inc.  12/3/2020  $165,796 

 

(g) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory RS Small Cap Equity Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.1%)                
Communication Services (3.1%):          
ZipRecruiter, Inc. (a)   73,140   $1,680,757 
           
Consumer Discretionary (7.0%):          
Acushnet Holdings Corp. (b)   48,290    1,944,155 
YETI Holdings, Inc. (a)   30,020    1,800,600 
         3,744,755 
Consumer Staples (5.8%):          
e.l.f. Beauty, Inc. (a)   76,880    1,985,811 
The Simply Good Foods Co. (a)   29,580    1,122,561 
         3,108,372 
Financials (11.0%):          
Customers Bancorp, Inc. (a)   35,550    1,853,577 
PRA Group, Inc. (a)   28,250    1,273,510 
PROG Holdings, Inc. (a)   18,420    529,943 
Trupanion, Inc. (a)(b)   25,140    2,240,477 
         5,897,507 
Health Care (17.4%):          
Apellis Pharmaceuticals, Inc. (a)   21,750    1,105,118 
Bicycle Therapeutics PLC, ADR (a)   12,740    559,031 
BioCryst Pharmaceuticals, Inc. (a)   55,840    907,958 
Codexis, Inc. (a)   33,850    697,987 
CryoPort, Inc. (a)   40,080    1,399,193 
DermTech, Inc. (a)(b)   31,210    458,163 
Fate Therapeutics, Inc. (a)   15,550    602,873 
Inspire Medical Systems, Inc. (a)   3,000    770,070 
Intra-Cellular Therapies, Inc. (a)   8,680    531,129 
Karuna Therapeutics, Inc. (a)(b)   5,600    710,024 
Quanterix Corp. (a)   21,320    622,331 
SpringWorks Therapeutics, Inc. (a)   17,400    982,056 
         9,345,933 
Industrials (18.9%):          
Ameresco, Inc., Class A (a)(b)   9,860    783,870 
Bloom Energy Corp., Class A (a)(b)   35,990    869,159 
CBIZ, Inc. (a)   19,380    813,379 
Chart Industries, Inc. (a)   11,890    2,042,345 
Evoqua Water Technologies Corp. (a)   75,330    3,539,003 
John Bean Technologies Corp.   4,720    559,178 
Zurn Water Solutions Corp.   45,060    1,595,124 
         10,202,058 
IT Services (13.8%):          
Flywire Corp. (a)   50,740    1,551,629 
Paya Holdings, Inc. (a)   192,850    1,130,101 
Paymentus Holdings, Inc., Class A (a)(b)   84,660    1,784,633 
Shift4 Payments, Inc., Class A (a)(b)   48,230    2,986,884 
         7,453,247 
Semiconductors & Semiconductor Equipment (7.8%):          
Impinj, Inc. (a)   17,910    1,138,001 
MACOM Technology Solutions Holdings, Inc. (a)   33,380    1,998,461 
SiTime Corp. (a)   4,280    1,060,670 
         4,197,132 
Software (13.3%):          
ACI Worldwide, Inc. (a)   68,790    2,166,197 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory RS Small Cap Equity Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Avaya Holdings Corp. (a)   141,930   $1,798,253 
Jamf Holding Corp. (a)(b)   30,970    1,078,066 
Q2 Holdings, Inc. (a)   23,640    1,457,406 
Varonis Systems, Inc. (a)   14,310    680,297 
         7,180,219 
Total Common Stocks (Cost $55,725,814)        52,809,980 
           
Collateral for Securities Loaned (13.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   136,710    136,710 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   3,834,695    3,834,695 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   68,225    68,225 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   544,004    544,004 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   2,445,949    2,445,949 
Total Collateral for Securities Loaned (Cost $7,029,583)        7,029,583 
Total Investments (Cost $62,755,397) — 111.2%        59,839,563 
Liabilities in excess of other assets — (11.2)%        (6,023,968)
NET ASSETS - 100.00%       $53,815,595 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Partners Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.2%)          
Banks (15.3%):          
Associated Banc-Corp.   84,190   $1,916,165 
Banner Corp.   110,200    6,450,006 
Columbia Banking System, Inc. (a)   47,426    1,530,437 
Eastern Bankshares, Inc.   489,030    10,533,706 
First BanCorp/Puerto Rico   820,380    10,763,386 
Pinnacle Financial Partners, Inc.   41,650    3,835,132 
SouthState Corp.   47,160    3,847,784 
Synovus Financial Corp.   123,750    6,063,750 
The Bank of NT Butterfield & Son Ltd.   241,700    8,672,196 
UMB Financial Corp.   57,312    5,568,434 
         59,180,996 
Capital Markets (3.2%):          
Federated Hermes, Inc.   360,240    12,269,774 
           
Communication Services (3.4%):          
Madison Square Garden Sports Corp. (b)   33,940    6,087,478 
World Wrestling Entertainment, Inc., Class A (a)   112,340    7,014,510 
         13,101,988 
Consumer Discretionary (6.4%):          
Carter's, Inc.   86,540    7,960,815 
Dana, Inc.   234,000    4,111,380 
Dine Brands Global, Inc.   95,240    7,423,958 
Wolverine World Wide, Inc.   235,120    5,304,307 
         24,800,460 
Consumer Staples (1.5%):          
Spectrum Brands Holdings, Inc.   64,470    5,719,778 
           
Energy (10.0%):          
California Resources Corp.   195,150    8,729,059 
Comstock Resources, Inc. (b)   535,270    6,985,273 
Northern Oil and Gas, Inc. (a)   289,520    8,161,569 
PDC Energy, Inc.   135,220    9,827,790 
Plains GP Holdings LP, Class A   418,600    4,834,830 
         38,538,521 
Health Care (6.2%):          
Halozyme Therapeutics, Inc. (b)   74,410    2,967,471 
The Ensign Group, Inc.   97,580    8,783,176 
Tivity Health, Inc. (b)   261,490    8,412,133 
Zimvie, Inc. (b)   172,950    3,950,178 
         24,112,958 
Industrials (7.0%):          
Altra Industrial Motion Corp.   95,820    3,730,273 
Atkore, Inc. (b)   33,610    3,308,568 
Finning International, Inc.   111,110    3,345,744 
GMS, Inc. (b)   70,740    3,520,730 
H&E Equipment Services, Inc.   88,520    3,852,390 
McGrath RentCorp   47,020    3,995,760 
Primoris Services Corp.   146,690    3,494,156 
SkyWest, Inc. (b)   65,960    1,902,946 
         27,150,567 
Information Technology (10.1%):          
Cognyte Software Ltd. (b)   629,550    7,120,210 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Partners Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Euronet Worldwide, Inc. (b)   59,580   $7,754,337 
NCR Corp. (b)   246,720    9,915,677 
Verint Systems, Inc. (b)   141,930    7,337,781 
Verra Mobility Corp. (b)   410,410    6,681,475 
         38,809,480 
Insurance (9.9%):          
Alleghany Corp. (b)   9,130    7,733,110 
Globe Life, Inc.   95,020    9,559,012 
Kemper Corp.   176,510    9,979,875 
Primerica, Inc.   63,033    8,624,175 
White Mountains Insurance Group Ltd.   2,100    2,386,104 
         38,282,276 
Materials (8.7%):          
AdvanSix, Inc.   75,680    3,866,491 
Constellium SE (b)   220,240    3,964,320 
Graphic Packaging Holding Co.   555,040    11,123,002 
Olin Corp.   169,230    8,847,344 
Summit Materials, Inc., Class A (b)   128,207    3,982,110 
Victoria Gold Corp. (b)   149,200    1,897,824 
         33,681,091 
Real Estate (9.8%):          
Apple Hospitality REIT, Inc.   434,340    7,805,090 
Cushman & Wakefield PLC (b)   332,890    6,827,574 
Equity Commonwealth (b)   350,590    9,890,144 
Four Corners Property Trust, Inc.   263,380    7,121,795 
Jones Lang LaSalle, Inc. (b)   3,740    895,580 
Kennedy-Wilson Holdings, Inc.   223,610    5,453,848 
         37,994,031 
Utilities (4.7%):          
Black Hills Corp.   82,775    6,375,330 
NorthWestern Corp. (a)   99,840    6,039,322 
ONE Gas, Inc.   65,590    5,787,662 
         18,202,314 
Total Common Stocks (Cost $293,203,858)        371,844,234 
           
Preferred Stocks (0.2%)          
Health Care (0.2%):          
WellDoc, Inc. Series B (c)(d)   1,587,483    587,369 
Total Preferred Stocks (Cost $1,942,921)        587,369 
           
Collateral for Securities Loaned (2.4%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (e)   180,619    180,619 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (e)   5,066,334    5,066,334 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (e)   90,138    90,138 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (e)   718,729    718,729 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Partners Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (e)   3,231,547   $3,231,547 
Total Collateral for Securities Loaned (Cost $9,287,367)        9,287,367 
Total Investments (Cost $304,434,146) — 98.8%        381,718,970 
Other assets in excess of liabilities — 1.2%        4,655,160 
NET ASSETS - 100.00%       $386,374,130 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Non-income producing security.
(c) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2022, illiquid securities were 0.2% of net assets.
(e) Rate disclosed is the daily yield on March 31, 2022.

 

LP—Limited Partnership
PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Value Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.9%)          
Communication Services (1.7%):          
World Wrestling Entertainment, Inc., Class A (a)   90,370   $5,642,703 
           
Consumer Discretionary (6.4%):          
Adient PLC (b)   66,490    2,710,797 
Carter's, Inc.   71,990    6,622,360 
LKQ Corp.   154,980    7,037,642 
The Wendy's Co.   205,810    4,521,646 
         20,892,445 
Consumer Staples (2.8%):          
Keurig Dr Pepper, Inc.   105,875    4,012,662 
US Foods Holding Corp. (b)   132,220    4,975,439 
         8,988,101 
Energy (7.6%):          
Baker Hughes Co.   187,110    6,812,675 
Chesapeake Energy Corp. (a)   74,810    6,508,470 
Devon Energy Corp.   116,460    6,886,280 
Marathon Oil Corp.   186,780    4,690,046 
         24,897,471 
Financials (20.9%):          
Alleghany Corp. (b)   8,190    6,936,930 
Cboe Global Markets, Inc.   45,260    5,178,649 
Citizens Financial Group, Inc.   69,090    3,131,850 
Fairfax Financial Holdings Ltd.   940    512,887 
Federated Hermes, Inc.   274,440    9,347,426 
Globe Life, Inc.   115,700    11,639,420 
Interactive Brokers Group, Inc.   80,790    5,324,869 
KeyCorp   143,220    3,205,264 
State Street Corp.   51,010    4,443,991 
The Progressive Corp.   65,220    7,434,428 
Willis Towers Watson PLC   46,420    10,965,332 
         68,121,046 
Health Care (8.6%):          
Halozyme Therapeutics, Inc. (b)   87,790    3,501,065 
Humana, Inc.   19,360    8,424,891 
Sotera Health Co. (a)(b)   421,640    9,132,722 
Zimmer Biomet Holdings, Inc.   52,510    6,716,029 
Zimvie, Inc. (b)   5,041    115,137 
         27,889,844 
Industrials (11.8%):          
AGCO Corp.   23,420    3,420,023 
Crane Co.   30,030    3,251,649 
Curtiss-Wright Corp.   25,090    3,767,514 
Fluor Corp. (b)   158,780    4,555,398 
L3Harris Technologies, Inc. (a)   7,340    1,823,770 
Leidos Holdings, Inc.   56,360    6,088,007 
nVent Electric PLC   67,890    2,361,214 
Regal Rexnord Corp.   14,350    2,134,993 
Sensata Technologies Holding PLC (b)   83,690    4,255,637 
The Timken Co.   65,570    3,980,099 
Triton International Ltd.   41,730    2,928,611 
         38,566,915 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Value Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (11.5%):          
Cognyte Software Ltd. (b)   387,430   $4,381,833 
Euronet Worldwide, Inc. (b)   50,303    6,546,936 
Fiserv, Inc. (b)   75,400    7,645,560 
Global Payments, Inc.   46,860    6,412,322 
NCR Corp. (b)   175,460    7,051,737 
Verint Systems, Inc. (b)   107,050    5,534,485 
         37,572,873 
Materials (9.6%):          
Agnico Eagle Mines Ltd.   25,790    1,579,380 
Graphic Packaging Holding Co.   492,100    9,861,684 
Olin Corp.   144,870    7,573,803 
Sealed Air Corp.   132,600    8,878,896 
Summit Materials, Inc., Class A (b)   108,980    3,384,919 
         31,278,682 
Real Estate (7.9%):          
Americold Realty Trust   124,280    3,464,926 
Apple Hospitality REIT, Inc.   266,480    4,788,646 
Cushman & Wakefield PLC (b)   202,610    4,155,531 
Equity Commonwealth (b)   223,320    6,299,857 
Healthcare Trust of America, Inc., Class A   109,160    3,421,074 
Highwoods Properties, Inc.   75,460    3,451,541 
         25,581,575 
Utilities (8.1%):          
Constellation Energy Corp.   35,450    1,994,063 
Evergy, Inc.   52,230    3,569,398 
FirstEnergy Corp.   89,650    4,111,349 
The AES Corp.   181,180    4,661,761 
Vistra Corp.   517,600    12,034,200 
         26,370,771 
Total Common Stocks (Cost $257,203,586)        315,802,426 
           
Collateral for Securities Loaned (5.0%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (c)   315,300    315,300 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   8,844,127    8,844,127 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (c)   157,350    157,350 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (c)   1,254,661    1,254,661 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (c)   5,641,201    5,641,201 
           
Total Collateral for Securities Loaned (Cost $16,212,639)        16,212,639 
Total Investments (Cost $273,416,225) — 101.9%        332,015,065 
Liabilities in excess of other assets — (1.9)%        (6,130,120)
NET ASSETS - 100.00%       $325,884,945 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Non-income producing security.
(c) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Large Cap Alpha Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.1%)          
Communication Services (3.4%):          
Alphabet, Inc., Class A (a)   2,640   $7,342,764 
Meta Platforms, Inc., Class A (a)   48,350    10,751,106 
         18,093,870 
Consumer Discretionary (3.3%):          
LKQ Corp.   250,570    11,378,384 
Target Corp.   29,150    6,186,213 
         17,564,597 
Consumer Staples (6.5%):          
Keurig Dr Pepper, Inc.   393,710    14,921,609 
Lamb Weston Holdings, Inc.   98,100    5,877,171 
Mondelez International, Inc., Class A   135,300    8,494,134 
US Foods Holding Corp. (a)   124,410    4,681,548 
         33,974,462 
Energy (7.9%):          
Enterprise Products Partners LP   429,620    11,088,492 
Hess Corp.   78,390    8,390,866 
Marathon Oil Corp.   320,860    8,056,795 
Pioneer Natural Resources Co.   31,680    7,920,950 
Valero Energy Corp.   59,520    6,043,661 
         41,500,764 
Financials (20.9%):          
Cboe Global Markets, Inc.   115,220    13,183,472 
Comerica, Inc.   231,320    20,918,268 
Fairfax Financial Holdings Ltd.   6,020    3,284,656 
Interactive Brokers Group, Inc.   148,110    9,761,930 
JPMorgan Chase & Co.   37,160    5,065,651 
KeyCorp   312,410    6,991,736 
State Street Corp.   116,040    10,109,405 
The Progressive Corp.   198,220    22,595,098 
Willis Towers Watson PLC   75,360    17,801,539 
         109,711,755 
Health Care (19.9%):          
AbbVie, Inc.   82,370    13,353,001 
Cigna Corp.   61,740    14,793,521 
Humana, Inc.   42,360    18,433,801 
Johnson & Johnson   47,780    8,468,050 
Medtronic PLC   136,980    15,197,931 
Merck & Co., Inc.   137,220    11,258,901 
Sotera Health Co. (a)   511,160    11,071,726 
UnitedHealth Group, Inc.   23,155    11,808,355 
         104,385,286 
Industrials (10.2%):          
Johnson Controls International PLC   88,180    5,781,963 
L3Harris Technologies, Inc.   24,040    5,973,219 
Leidos Holdings, Inc.   96,180    10,389,364 
PACCAR, Inc.   52,940    4,662,426 
Parker-Hannifin Corp.   19,010    5,394,277 
Raytheon Technologies Corp.   59,462    5,890,900 
Sensata Technologies Holding PLC (a)   141,040    7,171,884 
Union Pacific Corp.   31,620    8,638,900 
         53,902,933 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Large Cap Alpha Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (8.3%):          
Euronet Worldwide, Inc. (a)   80,570   $10,486,185 
Fidelity National Information Services, Inc.   133,410    13,397,032 
FleetCor Technologies, Inc. (a)   32,110    7,997,317 
Global Payments, Inc.   85,250    11,665,610 
         43,546,144 
Materials (5.1%):          
Freeport-McMoRan, Inc.   98,530    4,900,882 
Newmont Corp.   42,290    3,359,940 
PPG Industries, Inc.   30,650    4,017,296 
Sealed Air Corp.   218,752    14,647,634 
         26,925,752 
Real Estate (2.3%):          
Host Hotels & Resorts, Inc.   611,560    11,882,611 
           
Utilities (8.3%):          
Constellation Energy Corp.   103,693    5,832,731 
Exelon Corp.   224,460    10,691,030 
FirstEnergy Corp.   157,850    7,239,001 
Vistra Corp.   864,290    20,094,742 
         43,857,504 
Total Common Stocks (Cost $403,829,793)        505,345,678 
Total Investments (Cost $403,829,793) — 96.1%        505,345,678 
Other assets in excess of liabilities — 3.9%        20,494,488 
NET ASSETS - 100.00%       $525,840,166 

 

(a) Non-income producing security.

 

LP—Limited Partnership
PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory RS Investors Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.2%)                
Banks (7.4%):          
Citizens Financial Group, Inc.   19,630   $889,828 
Comerica, Inc.   14,840    1,341,981 
         2,231,809 
Capital Markets (6.8%):          
Cboe Global Markets, Inc.   9,520    1,089,278 
Federated Hermes, Inc.   29,030    988,762 
         2,078,040 
Communication Services (2.5%):          
Meta Platforms, Inc., Class A (a)   3,470    771,589 
           
Consumer Discretionary (9.5%):          
Carter's, Inc.   8,740    803,993 
Dine Brands Global, Inc.   8,420    656,339 
LKQ Corp.   18,770    852,346 
Wolverine World Wide, Inc.   25,620    577,987 
         2,890,665 
Consumer Staples (2.0%):          
Keurig Dr Pepper, Inc.   15,770    597,683 
           
Energy (5.3%):          
Northern Oil and Gas, Inc.   10,000    281,900 
PDC Energy, Inc.   18,090    1,314,781 
         1,596,681 
Health Care (14.3%):          
Cigna Corp.   4,460    1,068,660 
Humana, Inc.   2,700    1,174,959 
Merck & Co., Inc.   4,000    328,200 
Sotera Health Co. (a)   43,280    937,445 
Zimmer Biomet Holdings, Inc.   6,460    826,234 
         4,335,498 
Industrials (2.0%):          
Fluor Corp. (a)   20,810    597,039 
           
Information Technology (13.8%):          
Cognyte Software Ltd. (a)   60,650    685,951 
Euronet Worldwide, Inc. (a)   5,920    770,488 
Fidelity National Information Services, Inc.   9,850    989,137 
NCR Corp. (a)   22,000    884,180 
Verint Systems, Inc. (a)   16,660    861,322 
         4,191,078 
Insurance (13.5%):          
Alleghany Corp. (a)   1,730    1,465,310 
The Progressive Corp.   9,500    1,082,905 
Willis Towers Watson PLC   6,530    1,542,517 
         4,090,732 
Materials (13.3%):          
Graphic Packaging Holding Co.   68,510    1,372,940 
Olin Corp.   31,750    1,659,890 
Sealed Air Corp.   15,190    1,017,123 
         4,049,953 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory RS Investors Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Utilities (5.8%):          
Vistra Corp.   75,920   $1,765,140 
Total Common Stocks (Cost $24,055,916)        29,195,907 
Total Investments (Cost $24,055,916) — 96.2%        29,195,907 
Other assets in excess of liabilities — 3.8%        1,154,055 
NET ASSETS - 100.00%       $30,349,962 

 

(a) Non-income producing security.

 

PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory Global Energy Transition Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (82.0%)          
Chemicals (6.7%):          
Linde PLC   66,552   $21,258,705 
Sociedad Quimica y Minera de Chile SA, ADR   107,081    9,166,134 
         30,424,839 
Financials (0.8%):          
Ivanhoe (a)(b)(c)   969,000    823,650 
Novus Capital (PIPE) (a)(b)(d)(e)(f)(g)   179,725    2,785,737 
         3,609,387 
Industrials (0.9%):          
Energy Vault Holdings, Inc. (a)(e)(f)   248,310    3,948,125 
           
Metals & Mining (34.8%):          
First Quantum Minerals Ltd.   842,739    29,178,995 
Iluka Resources Ltd.   840,514    7,052,153 
Lundin Mining Corp.   944,011    9,568,495 
Newmont Corp.   223,280    17,739,596 
Norsk Hydro ASA   1,168,257    11,388,962 
Sunrise Energy Metals, Ltd. (a)   2,685,347    4,950,039 
Turquoise Hill Resources Ltd. (a)   2,608,571    78,361,473 
         158,239,713 
Oil, Gas & Consumable Fuels (34.1%):          
Antero Resources Corp. (a)   1,046,936    31,962,956 
Cameco Corp. (i)   1,098,857    32,007,507 
Cheniere Energy, Inc.   54,566    7,565,576 
Peyto Exploration & Development Corp.   1,438,190    14,588,999 
Range Resources Corp. (a)   538,538    16,360,784 
Tourmaline Oil Corp.   426,330    19,645,287 
Whitecap Resources, Inc.   3,963,222    32,783,772 
         154,914,881 
Utilities (4.7%):          
NextEra Energy, Inc. (h)   253,084    21,438,746 
Total Common Stocks (Cost $181,562,941)        372,575,691 
           
Convertible Corporate Bonds (2.7%)          
Construction (2.3%):          
Ivanhoe (PIK)          
2.00%, 7/31/23 (b)(c)   4,021,350    4,021,350 
3.00%, 7/31/23 (b)   6,422,443    6,422,443 
         10,443,793 
Energy (0.4%):          
Ipulse (PIK), 2.00%, 7/31/23(b)(c)   1,608,540    1,608,540 
Total Convertible Corporate Bonds (Cost $12,052,333)        12,052,333 
           
Collateral for Securities Loaned (1.5%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (j)   135,708    135,708 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (j)   3,806,604    3,806,604 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (j)   67,725    67,725 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (j)   540,019    540,019 

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments — continued
Victory Global Energy Transition Fund March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (j)   2,428,032   $2,428,032 
Total Collateral for Securities Loaned (Cost $6,978,088)        6,978,088 
Total Investments (Cost $200,593,362) — 86.2%        391,606,112 
Other assets in excess of liabilities — 13.8%        62,944,154 
NET ASSETS - 100.00%       $454,550,266 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 3.4% of net assets.
(c) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(d) This security is held in connection with special purpose acquisition company transactions.
(e) Restricted security that is not registered under the Securities Act of 1933.
(f) The following table details the acquisition date and cost of the Fund’s restricted securities at March 31, 2022:

 

Security Name  Acquisition Date  Cost 
Energy Vault Holding, Inc.  8/24/2021  $1,797,237 
Novus Capital  9/9/2021   1,797,250 

 

(g) Security or portion of security purchased on a forward settlement basis.
(h) All or a portion of this security has been segregated as collateral for securities purchases on a forward settlement basis.
(i) All or a portion of this security is on loan.
(j) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PIPEPrivate Investment in Public Equity
PLC—Public Limited Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Principal
Amount
   Value 
Asset-Backed Securities (4.7%)          
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 (a)  $125,000   $123,332 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)   105,000    99,676 
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (a)   100,000    95,455 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)   287,000    275,223 
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)   81,000    79,692 
Westlake Automobile Receivables, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 2/15/25 @ 100 (a)(b)   106,000    104,776 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b)   142,000    137,526 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b)   136,000    129,591 
Total Asset-Backed Securities (Cost $1,081,891)        1,045,271 
           
Collateralized Mortgage Obligations (6.6%)          
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 (a)   130,000    120,813 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 11/10/25 @ 100   54,525    54,625 
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58   44,000    43,466 
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 (a)   117,000    111,770 
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 (a)   85,000    83,038 
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100   50,000    50,513 
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)   56,000    56,519 
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)   65,000    65,700 
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 4/15/25 @ 100 (a)   73,000    73,005 
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 7/15/25 @ 100 (a)   55,000    55,211 
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 (a)   54,000    54,501 
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 10/15/26 @ 100   48,000    48,094 
GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 2/10/26 @ 100 (a)   57,000    56,106 
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)   57,000    56,797 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 (a)   131,000    127,548 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)  $68,000   $67,374 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 (a)   55,707    55,966 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 12/15/26 @ 100 (a)   55,000    55,531 
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 9/15/26 @ 100   51,000    50,009 
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 4/15/25 @ 100 (a)   67,000    67,243 
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)   57,000    57,737 
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 7/15/25 @ 100 (a)   62,000    62,434 
Total Collateralized Mortgage Obligations (Cost $1,531,663)        1,474,000 
           
Preferred Stocks (5.1%)          
Financials (2.1%):          
AMG Capital Trust II, 10/15/37, 5.15% (a)   2,050    113,776 
Bank of America Corp., Series L, 7.25% (a)(c)   112    147,000 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a)   990    73,567 
Wells Fargo & Co., Series L, 7.50% (a)(c)   95    125,875 
         460,218 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00%   17    26,847 
           
Industrials (0.5%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a)   1,201    105,580 
           
Utilities (2.4%):          
American Electric Power Co., Inc., 8/15/23, 6.13%   655    36,595 
CenterPoint Energy, Inc., 9/15/29, 4.57%   455    23,178 
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a)   1,180    119,829 
DTE Energy Co., 11/1/22, 6.25% (a)   1,765    94,057 
NextEra Energy, Inc., 3/1/23, 5.28% (a)   2,875    149,931 
NiSource, Inc., 3/1/24, 7.75%   85    10,113 
The Southern Co., Series 2019, 8/1/22, 6.75% (a)   1,962    107,145 
         540,848 
Total Preferred Stocks (Cost $1,151,173)        1,133,493 
           
Corporate Bonds (49.5%)          
Communication Services (2.1%):          
AT&T, Inc.          
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a)  $46,000    48,094 
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a)   126,000    143,718 
CenturyLink, Inc., 6.75%, 12/1/23   50,000    51,987 
Comcast Corp.          
3.45%, 2/1/50, Callable 8/1/49 @ 100 (a)   70,000    65,915 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Principal
Amount
   Value 
2.80%, 1/15/51, Callable 7/15/50 @ 100  $56,000   $47,110 
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)(b)   62,000    58,096 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)   38,000    38,464 
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a)   20,000    18,864 
         472,248 
Consumer Discretionary (7.5%):          
Aptiv PLC, 5.40%, 3/15/49, Callable 9/15/48 @ 100   34,000    37,569 
Booking Holdings, Inc., 0.75%, 5/1/25(a)(d)   120,000    175,278 
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81   48,000    48,509 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a)   87,000    87,575 
Expedia Group, Inc., 2/15/26(a)(d)(h)   120,000    144,582 
Ford Motor Co., 3/15/26(h)   40,000    47,410 
General Motors Co., 4.88%, 10/2/23(a)(d)   96,000    98,924 
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100(a)   93,000    97,662 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a)   142,000    143,575 
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100   27,000    28,415 
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a)(b)   78,000    71,482 
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100(a)   73,000    76,361 
NVR, Inc.          
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a)   126,000    126,518 
3.00%, 5/15/30, Callable 11/15/29 @ 100 (a)   118,000    110,339 
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100(a)   100,000    105,548 
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100(a)   70,000    70,182 
The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100(a)(d)   66,000    62,105 
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100(a)   80,000    73,090 
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100(a)   73,000    66,604 
         1,671,728 
Consumer Staples (2.1%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b)   156,000    149,868 
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100(a)   75,000    74,150 
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100   50,000    45,662 
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100(a)   52,000    56,157 
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100(a)   92,000    97,264 
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100   39,000    45,343 
         468,444 
Energy (4.9%):          
Continental Resources, Inc.          
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   113,000    114,571 
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b)   93,000    87,021 
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100(a)   65,000    79,826 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a)   39,000    39,287 
HollyFrontier Corp., 2.63%, 10/1/23(a)   116,000    114,939 
Marathon Oil Corp., 6.60%, 10/1/37(a)   105,000    127,950 
Pioneer Natural Resources Co.          
0.25%, 5/15/25 (a)   105,000    249,804 
1.90%, 8/15/30, Callable 5/15/30 @ 100 (a)   109,000    96,612 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a)   120,000    120,201 
Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100(a)   66,000    65,965 
         1,096,176 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Principal
Amount
   Value 
Financials (10.7%):          
Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100  $10,000   $11,461 
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100(a)   55,000    55,361 
Ares Capital Corp., 4.63%, 3/1/24(a)   135,000    151,931 
Bank of America Corp.          
4.20%, 8/26/24 (a)   51,000    52,264 
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN (a)   100,000    99,724 
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a)(e)   120,000    109,292 
Capital One Financial Corp., 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100(a)(e)   146,000    124,979 
Cincinnati Financial Corp., 6.13%, 11/1/34(a)(d)   75,000    92,171 
Citigroup, Inc.          
3.88%, 3/26/25 (d)   35,000    35,448 
4.60%, 3/9/26 (a)   36,000    37,363 
4.45%, 9/29/27 (a)   63,000    64,949 
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100(a)   200,000    199,494 
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100   49,000    49,783 
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100(a)   110,000    98,558 
JPMorgan Chase & Co.          
2.95%, 10/1/26, Callable 7/1/26 @ 100 (a)   170,000    168,910 
2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a)(e)   135,000    123,221 
5.60%, 7/15/41   27,000    32,796 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b)   100,000    109,580 
Morgan Stanley, 3.13%, 7/27/26, MTN(a)   205,000    203,184 
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100   42,000    39,047 
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100(a)   89,000    79,870 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   40,000    48,996 
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100(a)   164,000    157,866 
Wells Fargo & Co.          
4.30%, 7/22/27, MTN (a)   180,000    187,031 
4.90%, 11/17/45 (a)   55,000    60,880 
         2,394,159 
Health Care (5.9%):          
AbbVie, Inc.          
3.20%, 11/21/29, Callable 8/21/29 @ 100 (a)   66,000    65,215 
4.45%, 5/14/46, Callable 11/14/45 @ 100 (a)   62,000    66,019 
Anthem, Inc.          
2.38%, 1/15/25, Callable 12/15/24 @ 100 (a)   65,000    64,134 
2.75%, 10/15/42 (a)   27,000    188,342 
Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100(a)(b)   141,000    128,933 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)   73,000    73,281 
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100(a)   73,000    74,342 
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)(b)   114,000    106,422 
Illumina, Inc., 8/15/23(a)(d)(h)   110,000    121,192 
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100(a)   91,000    92,012 
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100   63,000    50,476 
Universal Health Services, Inc.          
1.65%, 9/1/26, Callable 8/1/26 @ 100 (a)(b)   154,000    141,238 
2.65%, 10/15/30, Callable 7/15/30 @ 100 (b)   44,000    40,009 
Viatris, Inc.          
2.30%, 6/22/27, Callable 4/22/27 @ 100   40,000    36,413 
4.00%, 6/22/50, Callable 12/22/49 @ 100 (a)   75,000    63,322 
         1,311,350 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Principal
Amount
   Value 
Industrials (4.9%):          
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100  $37,000   $32,519 
Air Lease Corp.          
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN (a)   120,000    114,506 
0.80%, 8/18/24, Callable 7/18/24 @ 100 (a)   58,000    54,602 
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100(a)   85,000    79,278 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a)   130,000    131,347 
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100(a)   195,000    199,350 
Norfolk Southern Corp.          
2.30%, 5/15/31, Callable 2/15/31 @ 100   40,000    37,211 
2.90%, 8/25/51, Callable 2/25/51 @ 100   50,000    43,266 
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100(a)   60,000    56,055 
Rockwell Automation, Inc., 6.25%, 12/1/37(a)   60,000    73,769 
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(b)   57,000    52,804 
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100(a)   56,000    59,362 
Southwest Airlines Co., 1.25%, 5/1/25(a)   115,000    156,451 
         1,090,520 
Information Technology (5.3%):          
Akamai Technologies, Inc., 0.13%, 5/1/25(a)   50,000    66,046 
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100(a)   53,000    62,481 
Block, Inc., 0.25%, 11/1/27(d)   20,000    18,264 
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100(a)   123,000    131,156 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a)   153,000    157,048 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(d)   125,000    140,710 
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100(a)   167,000    181,532 
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63(b)   38,000    35,994 
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100(a)   70,000    70,317 
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100(a)   51,000    56,823 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   40,000    40,274 
Western Digital Corp.          
1.50%, 2/1/24 (a)   170,000    164,246 
2.85%, 2/1/29, Callable 12/1/28 @ 100   53,000    48,588 
         1,173,479 
Materials (0.4%):          
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100   36,000    33,109 
The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25(a)   66,000    61,861 
         94,970 
Real Estate (4.1%):          
Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100   56,000    49,176 
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100(a)   285,000    286,339 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b)   48,000    47,027 
Kite Realty Group LP, 0.75%, 4/1/27(a)(b)   70,000    73,426 
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100(a)   155,000    155,859 
Physicians Realty LP          
3.95%, 1/15/28, Callable 10/15/27 @ 100 (a)   60,000    60,655 
2.63%, 11/1/31, Callable 8/1/31 @ 100   48,000    43,293 
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100   49,000    52,733 
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100(a)   65,000    66,518 
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100(a)   80,000    72,612 
         907,638 
Utilities (1.6%):          
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100(a)   100,000    87,268 
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37   40,000    50,143 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Principal
Amount
   Value 
Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100(a)  $105,000   $119,087 
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100(a)   65,000    65,653 
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100   47,000    40,298 
         362,449 
Total Corporate Bonds (Cost $11,211,572)        11,043,161 
           
Residential Mortgage-Backed Securities (0.2%)          
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.78% (LIBOR01M+132bps), 10/25/32, Callable 4/25/22 @ 100 (e)   52,378    52,790 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a)   3,690    2,410 
Total Residential Mortgage-Backed Securities (Cost $55,101)        55,200 
           
Yankee Dollars (10.7%)          
Communication Services (0.5%):          
Vodafone Group PLC, 5.25%, 5/30/48(a)   89,000    100,174 
           
Consumer Staples (3.9%):          
Barry Callebaut Services NV, 5.50%, 6/15/23(b)   275,000    281,522 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b)   400,000    401,828 
Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a)(b)   200,000    194,632 
         877,982 
Energy (0.7%):          
Ecopetrol SA, 5.88%, 9/18/23(a)   133,000    136,230 
Statoil ASA, 3.95%, 5/15/43   20,000    20,708 
         156,938 
Financials (2.9%):          
Barclays Bank PLC,          
 2/4/25 (a)(h)   45,000    71,924 
 2/18/25 (h)   30,000    33,292 
HSBC Holdings PLC, 2.87%, 11/22/32, Callable 11/22/31 @ 100(a)   200,000    182,076 
Newcrest Finance Pty Ltd.          
5.75%, 11/15/41 (b)   45,000    51,450 
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)   25,000    24,411 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)   200,000    202,978 
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100(a)   85,000    77,682 
         643,813 
Industrials (1.1%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100(a)   150,000    159,079 
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100(a)   60,000    56,402 
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100   33,000    29,345 
         244,826 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Principal
Amount
   Value 
Materials (1.4%):          
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100(a)(b)(d)  $200,000   $183,470 
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40(a)   50,000    59,963 
Vale Overseas Ltd., 6.25%, 8/10/26(a)   63,000    69,112 
         312,545 
Utilities (0.2%):          
Iberdrola International BV, 6.75%, 9/15/33   35,000    42,776 
Total Yankee Dollars (Cost $2,431,979)        2,379,054 
           
U.S. Government Mortgage-Backed Agencies (25.3%)          
Federal Home Loan Bank          
1.10%, 4/29/26 (a)   255,000    239,246 
           
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 (a)   4,120    4,155 
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a)   171,052    166,599 
5.50%, 6/1/38   20,268    22,213 
7.00%, 9/1/38 (a)   4,947    5,575 
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a)   76,900    78,080 
4.50%, 1/1/41 - 7/1/44 (a)   282,563    299,991 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   15,545    15,615 
2.00%, 3/1/51 (a)   255,058    237,334 
         829,562 
Federal National Mortgage Association          
5.50%, 4/1/22 - 1/1/38 (a)   186,621    201,911 
7.00%, 8/1/23 - 12/1/27   42    43 
7.50%, 12/1/29 (a)   2,888    3,211 
8.00%, 6/1/30   1,620    1,832 
8.00%, 9/1/30 (a)   6,372    7,118 
7.50%, 2/1/31   8,424    9,181 
7.00%, 2/1/32 - 6/1/32 (a)   13,051    14,742 
5.00%, 12/1/34 - 3/1/40   50,140    54,050 
1.91% (LIBOR12M+166bps), 12/1/36 (a)(e)   24,686    25,198 
6.00%, 2/1/37 (a)   44,144    48,998 
4.50%, 12/1/38 - 5/25/40 (a)   185,446    191,223 
Series 2013-33, Class UD, 2.50%, 4/25/39 - 7/1/51 (a)   755,472    725,110 
3.50%, 8/1/39 - 12/25/50 (a)   313,871    317,979 
3.00%, 6/1/40 - 5/1/48 (a)   467,635    464,454 
4.00%, 11/1/43 - 10/1/48 (a)   358,304    372,324 
3.50%, 7/1/46   29,037    29,483 
4.00%, 6/1/49   9,559    9,765 
2.00%, 3/1/51 (a)   285,770    265,647 
2.00%, 4/25/52 (f)   500,000    463,744 
2.50%, 4/25/52 (f)   700,000    667,658 
3.00%, 4/25/52 (f)   400,000    391,124 
3.50%, 5/25/52 (f)   300,000    299,307 
         4,564,102 
Government National Mortgage Association          
6.00%, 12/15/33 (a)   8,956    9,876 
Total U.S. Government Mortgage-Backed Agencies (Cost $5,806,051)        5,642,786 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
U.S. Treasury Obligations (2.1%)          
U.S. Treasury Bonds, 1.25%, 5/15/50 (a)  $222,000   $165,702 
U.S. Treasury Notes          
1.25%, 5/31/28 (a)   86,000    80,068 
1.63%, 5/15/31 (a)   247,000    232,643 
Total U.S. Treasury Obligations (Cost $498,570)        478,413 
           
Collateral for Securities Loaned (4.5%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   19,607    19,607 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   549,985    549,985 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   9,785    9,785 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   78,023    78,023 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   350,806    350,806 
Total Collateral for Securities Loaned (Cost $1,008,206)        1,008,206 
Total Investments (Cost $24,776,206) — 108.7%        24,259,584 
Liabilities in excess of other assets — (8.7)%        (1,945,693)
NET ASSETS - 100.00%       $22,313,891 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $3,168,999 and amounted to 14.2% of net assets.
(c) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(d) All or a portion of this security is on loan.
(e) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(f) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(g) Rate disclosed is the daily yield on March 31, 2022.
(h) Zero-coupon bond.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
 

 

Futures Contracts Purchased    

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
2-Year U.S. Treasury Note Futures  5  6/30/22  $1,074,310   $1,059,609   $(14,701)
5-Year U.S. Treasury Note Futures  5  6/30/22   584,010    573,438    (10,572)
Mexican Peso Currency Futures  10  6/13/22   233,500    248,650    15,150 
Ultra Long Term U.S. Treasury Bond Futures  8  6/21/22   1,474,028    1,417,000    (57,028)
                   $(67,151)

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond Fund March 31, 2022
    (Unaudited)

 

Futures Contracts Sold

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
10-Year U.S. Treasury Note Futures  12  6/21/22  $1,520,935   $1,474,500   $46,435 
Canadian Dollar Futures  4  6/14/22   311,880    320,360    (8,480)
Japanese Yen Futures  4  6/13/22   435,000    411,875    23,125 
Micro E-Mini S&P 500 Futures  39  6/20/22   820,212    883,496    (63,284)
                   $(2,204)
                      
   Total unrealized appreciation   $84,710 
   Total unrealized depreciation    (154,065)
   Total net unrealized appreciation (depreciation)   $(69,355)

 

 

 

Victory Portfolios  Schedule of Portfolio Investments
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Principal
Amount
   Value 
Asset-Backed Securities (6.9%)          
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 6/18/24 @ 100  $1,815,000   $1,726,309 
CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 6/15/26, Callable 7/15/24 @ 100   434,000    410,539 
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 7/20/23 @ 100   1,168,000    1,132,959 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)   886,000    841,072 
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (b)   811,132    795,162 
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 12/15/23 @ 100   1,144,000    1,122,143 
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 2/15/24 @ 100   1,125,000    1,094,093 
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 2/15/24 @ 100   915,000    898,356 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)   2,200,000    2,109,725 
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)   731,000    719,193 
Westlake Automobile Receivables, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 2/15/25 @ 100 (a)(b)   1,000,000    988,455 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b)   1,230,000    1,191,246 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b)   1,223,000    1,165,371 
Total Asset-Backed Securities (Cost $14,667,779)        14,194,623 
           
Collateralized Mortgage Obligations (9.5%)          
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class A4, 3.71%, 9/15/48, Callable 9/15/25 @ 100   460,000    461,425 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 11/10/25 @ 100   509,227    510,154 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 1/10/48, Callable 12/10/25 @ 100   525,000    531,666 
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58   489,000    483,062 
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100   465,000    461,822 
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)   493,000    497,567 
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100   392,000    396,021 
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)   581,000    587,255 
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 4/15/25 @ 100 (a)   667,000    667,044 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 7/15/25 @ 100 (a)  $517,000   $518,979 
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 (a)   539,000    544,006 
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5, 3.09%, 1/15/49, Callable 3/15/26 @ 100   696,000    686,578 
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.36%  (LIBOR03M+112bps), 1/15/31, Callable 4/15/22 @ 100 (a)(b)(c)   2,000,000    1,989,794 
GS Mortgage Securities Trust, Series 2015-GC32, Class A4, 3.76%, 7/10/48, Callable 7/10/25 @ 100   743,000    750,173 
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)   504,000    502,209 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 (a)   510,159    512,528 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)   610,000    604,387 
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.58%, 3/15/49, Callable 1/15/26 @ 100   571,000    572,814 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 5/15/49, Callable 3/15/26 @ 100   503,000    500,296 
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.49%  (LIBOR03M+125bps), 1/15/30, Callable 4/15/22 @ 100 (a)(b)(c)   2,825,000    2,811,392 
Voya CLO Ltd., Series 2017-4A, Class A1, 1.37%  (LIBOR03M+113bps), 10/15/30, Callable 4/15/22 @ 100 (a)(b)(c)   2,000,000    1,993,900 
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 4/15/25 @ 100 (a)   732,000    734,658 
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)   532,000    538,876 
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 7/15/25 @ 100 (a)   573,000    577,016 
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.70%, 11/15/48, Callable 10/15/25 @ 100   570,000    574,750 
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.64%, 6/15/48, Callable 6/15/25 @ 100   638,000    641,881 
Total Collateralized Mortgage Obligations (Cost $20,027,576)        19,650,253 
           
Preferred Stocks (3.1%)          
Financials (1.3%):          
AMG Capital Trust II, 10/15/37, 5.15% (a)   11,795    654,630 
Bank of America Corp., Series L, 7.25% (a)(d)   655    859,688 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a)   6,495    482,643 
Wells Fargo & Co., Series L, 7.50% (a)(d)   550    728,750 
         2,725,711 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00%   146    230,569 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
Industrials (0.3%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a)   6,815   $599,107 
           
Utilities (1.4%):          
American Electric Power Co., Inc., 8/15/23, 6.13% (e)   3,530    197,221 
CenterPoint Energy, Inc., 9/15/29, 4.57%   3,880    197,647 
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a)   6,660    676,323 
DTE Energy Co., 11/1/22, 6.25% (a)   10,175    542,226 
NextEra Energy, Inc., 3/1/23, 5.28% (a)   14,070    733,750 
NiSource, Inc., 3/1/24, 7.75%   735    87,450 
The Southern Co., Series 2019, 8/1/22, 6.75% (a)   8,901    486,084 
         2,920,701 
Total Preferred Stocks (Cost $6,503,965)        6,476,088 
           
Corporate Bonds (51.0%)          
Communication Services (2.8%):          
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100  $2,500,000    2,371,700 
CenturyLink, Inc., 6.75%, 12/1/23   424,000    440,850 
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100   496,000    508,187 
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100   1,388,000    1,417,009 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)   354,000    358,322 
1.61% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c)   827,000    837,652 
         5,933,720 
Consumer Discretionary (7.1%):          
Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100   2,500,000    2,345,075 
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100   2,632,000    2,639,606 
Booking Holdings, Inc., 0.75%, 5/1/25(a)(e)   525,000    766,841 
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100(a)   3,027,000    3,075,765 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a)   1,020,000    1,026,742 
Expedia Group, Inc., 2/15/26(a)(e)(h)   590,000    710,862 
Ford Motor Co., 3/15/26(h)   290,000    343,723 
General Motors Co., 4.88%, 10/2/23(a)(e)   1,297,000    1,336,507 
Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100(e)   1,194,000    1,210,274 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a)   1,247,000    1,260,829 
         14,716,224 
Consumer Staples (1.7%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b)   1,372,000    1,318,067 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100(a)   322,000    333,328 
Keurig Dr Pepper, Inc., 4.06%, 5/25/23(a)   695,000    706,947 
Tyson Foods, Inc., 3.95%, 8/15/24, Callable 5/15/24 @ 100   1,170,000    1,192,557 
         3,550,899 
Energy (3.3%):          
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100   400,000    402,020 
Continental Resources, Inc.          
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   801,000    812,134 
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b)   797,000    745,761 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a)   329,000    331,418 
HollyFrontier Corp., 2.63%, 10/1/23(a)   971,000    962,115 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Principal
Amount
   Value 
Pioneer Natural Resources Co.          
0.55%, 5/15/23  $1,130,000   $1,104,835 
0.25%, 5/15/25 (a)   595,000    1,415,559 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a)   1,010,000    1,011,697 
         6,785,539 
Financials (15.2%):          
Ares Capital Corp., 4.63%, 3/1/24(a)   730,000    821,556 
Bank of America Corp.          
4.20%, 8/26/24 (a)   1,660,000    1,701,135 
1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (c)   1,350,000    1,291,788 
Capital One Financial Corp.          
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)   684,000    688,193 
1.34%, 12/6/24, Callable 12/6/23 @ 100   1,695,000    1,644,964 
2.64% (SOFR+129bps), 3/3/26, Callable 3/3/25 @ 100 (c)   2,052,000    2,009,093 
Citigroup, Inc., 3.11% (SOFR+284bps), 4/8/26, Callable 4/8/25 @ 100(c)   2,772,000    2,748,687 
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 5/13/22 @ 101.44(a)(b)   772,000    779,874 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100   1,660,000    1,644,313 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)   799,000    809,275 
Ford Motor Credit Co. LLC, 3.10%, 5/4/23(a)   1,500,000    1,498,545 
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100   1,549,000    1,602,921 
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100(b)   1,488,000    1,489,503 
JPMorgan Chase & Co.          
2.30%, 10/15/25, Callable 10/15/24 @ 100   3,000,000    2,931,210 
2.60%, 2/24/26, Callable 2/24/25 @ 100 (e)   933,000    916,430 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b)   800,000    876,640 
Morgan Stanley, 0.53%, 1/25/24, Callable 1/25/23 @ 100   2,575,000    2,533,414 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   300,000    367,467 
The Bank of New York Mellon Corp., 0.75%, 1/28/26, Callable 12/28/25 @ 100, MTN(e)   1,097,000    1,015,624 
The Goldman Sachs Group, Inc., 2.03% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100(a)(c)(e)   1,500,000    1,548,195 
Wells Fargo & Co.          
0.81%, 5/19/25, Callable 5/19/24 @ 100, MTN   585,000    558,769 
2.41%, 10/30/25, Callable 10/30/24 @ 100, MTN   2,077,000    2,035,356 
         31,512,952 
Health Care (6.3%):          
AbbVie, Inc., 3.85%, 6/15/24, Callable 3/15/24 @ 100   2,545,000    2,594,831 
Anthem, Inc., 2.75%, 10/15/42(a)   110,000    767,318 
Biogen, Inc., 3.63%, 9/15/22   1,025,000    1,033,712 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)   621,000    623,391 
HCA, Inc., 5.00%, 3/15/24   2,479,000    2,569,682 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100(a)   560,000    563,522 
Illumina, Inc., 8/15/23(a)(e)(h)   530,000    583,928 
Mylan, Inc., 3.13%, 1/15/23(b)   2,479,000    2,489,858 
Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100(a)(b)   1,387,000    1,272,059 
Viatris, Inc., 1.13%, 6/22/22   525,000    524,864 
         13,023,165 
Industrials (3.5%):          
Air Lease Corp., 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN(a)   2,480,000    2,366,466 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a)   1,115,000    1,126,552 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Principal
Amount
   Value 
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 5/13/22 @ 104.31(a)  $725,000   $742,806 
Southwest Airlines Co.          
4.75%, 5/4/23   1,937,000    1,980,466 
1.25%, 5/1/25 (a)   710,000    965,912 
         7,182,202 
Information Technology (4.4%):          
Akamai Technologies, Inc., 0.13%, 5/1/25(a)   375,000    495,345 
Block, Inc., 0.25%, 11/1/27(e)   195,000    178,074 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(a)   2,175,000    2,201,165 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a)   1,173,000    1,204,038 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(e)   730,000    821,746 
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100   496,000    514,074 
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100   941,000    953,779 
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5(b)   642,000    615,184 
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100   1,000,000    1,029,450 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   225,000    226,539 
Western Digital Corp., 1.50%, 2/1/24(a)   995,000    961,319 
         9,200,713 
Materials (2.9%):          
Celanese US Holdings LLC, 4.63%, 11/15/22(a)   855,000    867,834 
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100(b)   1,987,000    1,889,796 
Nucor Corp., 4.00%, 8/1/23   1,190,000    1,213,848 
Southern Copper Corp., 3.88%, 4/23/25   2,050,000    2,072,283 
         6,043,761 
Real Estate (2.7%):          
American Tower Corp., 3.00%, 6/15/23(a)   1,000,000    1,003,970 
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100   750,000    754,965 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b)   638,000    625,068 
Kite Realty Group LP, 0.75%, 4/1/27(a)(b)   435,000    456,289 
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100(a)   1,629,000    1,631,639 
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100   250,000    250,752 
Weingarten Realty Investors          
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a)   365,000    366,613 
3.50%, 4/15/23, Callable 1/15/23 @ 100   497,000    500,797 
         5,590,093 
Utilities (1.1%):          
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100   588,000    579,233 
Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100(a)   591,000    604,439 
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23   1,129,000    1,113,217 
         2,296,889 
Total Corporate Bonds (Cost $106,692,099)        105,836,157 
           
Residential Mortgage-Backed Securities (3.0%)          
Bear Stearns ALT-A Trust, Series 2003-3, Class 2A, 2.82%, 10/25/33, Callable 4/25/22 @ 100 (a)(f)   1,062,047    1,017,991 
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a)   1,047    1,047 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Principal
Amount
   Value 
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.46%, 11/25/34, Callable 4/25/22 @ 100 (a)(f)  $792,224   $765,772 
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 8/25/28 @ 100 (a)   15,494    14,755 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a)   6,680    4,362 
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 4/25/22 @ 100 (a)   44,062    39,451 
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.86%, 10/25/29, Callable 9/25/23 @ 100 (a)(b)(f)   1,473,596    1,447,808 
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 6/25/29 @ 100 (a)(b)(f)   708,846    680,191 
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.50%  (LIBOR03M+120bps), 7/29/30, Callable 4/29/22 @ 100 (a)(b)(c)   2,250,000    2,242,188 
Total Residential Mortgage-Backed Securities (Cost $6,369,544)        6,213,565 
           
Yankee Dollars (12.2%)          
Communication Services (0.2%):          
SES SA, 3.60%, 4/4/23(b)   503,000    506,511 
           
Consumer Discretionary (1.0%):          
Stellantis NV, 5.25%, 4/15/23   2,048,000    2,094,981 
           
Consumer Staples (3.8%):          
Barry Callebaut Services NV, 5.50%, 6/15/23(b)   2,346,000    2,401,642 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b)   2,391,000    2,401,927 
Pernod Ricard SA, 4.25%, 7/15/22(a)(b)   833,000    839,689 
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100(a)(b)   2,122,000    2,125,713 
         7,768,971 
Energy (1.6%):          
Canadian Natural Resources Ltd.          
2.95%, 1/15/23, Callable 12/15/22 @ 100   1,305,000    1,311,225 
3.80%, 4/15/24, Callable 1/15/24 @ 100   1,180,000    1,196,154 
Ecopetrol SA, 5.88%, 9/18/23(a)   846,000    866,549 
         3,373,928 
Financials (3.1%):          
Barclays Bank PLC,          
 2/4/25 (a)(h)   270,000    431,546 
 2/18/25 (h)   230,000    255,238 
HSBC Holdings PLC, 1.16% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100(c)   1,000,000    966,180 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)(e)   3,406,000    3,456,715 
The Toronto-Dominion Bank, 2.35%, 3/8/24(e)   1,359,000    1,350,955 
         6,460,634 
Industrials (0.8%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100   1,100,000    1,010,691 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)   606,000    576,864 
         1,587,555 

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
Materials (1.4%):          
Anglo American Capital PLC, 3.63%, 9/11/24(b)  $2,880,000   $2,887,719 
           
Utilities (0.3%):          
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100   655,000    662,926 
Total Yankee Dollars (Cost $25,874,370)        25,343,225 
           
U.S. Government Mortgage-Backed Agencies (4.0%)          
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 - 8/1/40 (a)   452,777    488,615 
5.50%, 10/25/23 (a)   1,200    1,217 
7.00%, 9/1/38 (a)   2,374    2,676 
Series 4320, Class AP, 3.50%, 7/15/39 (a)   718,015    730,417 
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a)   2,032,708    2,026,596 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   284,996    286,266 
Series 4049, Class AB, 2.75%, 12/15/41 (a)   68,763    68,950 
         3,604,737 
Federal National Mortgage Association          
6.00%, 2/1/37 (a)   765,206    849,354 
Series 2013-33, Class UD, 2.50%, 4/25/39 (a)   259,867    260,252 
Series 2011-21, Class PA, 4.50%, 5/25/40 (a)   1,582,977    1,620,570 
Series 2011-101, Class LA, 3.00%, 10/25/40 (a)   27,865    27,885 
5.00%, 2/1/41 - 10/1/41 (a)   1,793,197    1,935,872 
         4,693,933 
Total U.S. Government Mortgage-Backed Agencies (Cost $8,410,993)        8,298,670 
           
U.S. Treasury Obligations (5.9%)          
U.S. Treasury Notes          
0.75%, 11/15/24 (a)   8,579,000    8,199,647 
1.50%, 2/15/25   4,078,000    3,964,581 
Total U.S. Treasury Obligations (Cost $12,577,837)        12,164,228 
           
Collateral for Securities Loaned (1.7%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   70,256    70,256 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   1,970,670    1,970,670 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   35,061    35,061 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   279,567    279,567 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   1,256,986    1,256,986 
Total Collateral for Securities Loaned (Cost $3,612,540)        3,612,540 
Total Investments (Cost $204,736,703) — 97.3%        201,789,349 
Other assets in excess of liabilities — 2.7%        5,584,683 
NET ASSETS - 100.00%       $207,374,032 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $45,889,304 and amounted to 22.1% of net assets.
(c) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.

 

 

 

Victory Portfolios Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond Fund March 31, 2022
      (Unaudited)

 

(e) All or a portion of this security is on loan.
(f) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(g) Rate disclosed is the daily yield on March 31, 2022.
(h) Zero-coupon bond.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
 

 

Futures Contracts Purchased    

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
2-Year U.S. Treasury Note Futures  35  6/30/22  $7,520,173   $7,417,266   $(102,907)
Mexican Peso Currency Futures  91  6/13/22   2,124,852    2,262,715    137,863 
                   $34,956 

 

Futures Contracts Sold    

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
10-Year U.S. Treasury Note Futures  21  6/21/22  $2,658,321   $2,580,375   $77,946 
5-Year U.S. Treasury Note Futures  82  6/30/22   9,655,856    9,404,375    251,481 
Canadian Dollar Futures  40  6/14/22   3,118,799    3,203,600    (84,801)
Japanese Yen Futures  38  6/13/22   4,132,499    3,912,812    219,687 
Micro E-Mini S&P 500 Futures  189  6/20/22   3,961,442    4,281,559    (320,117)
Ultra Long Term U.S. Treasury Bond Futures  4  6/21/22   736,900    708,500    28,400 
                   $172,596 
                      
   Total unrealized appreciation    $715,377 
   Total unrealized depreciation     (507,825)
   Total net unrealized appreciation (depreciation)    $207,552 

 

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)

 

Underlying Instruments  Fixed Deal
Receive
Rate
   Maturity
Date
  Payment
Frequency
  Implied
Credit
Spread at
March 31,
2022 (b)
   Notional
Amount(c)
   Value   Premiums
Paid
(Received)
   Unrealized
Appreciation
(Depreciation)
 
CDX North America High Yield Index; Series 37   5.00%  12/20/26  Quarterly   3.45%  $8,000,000   $427,321   $689,600   $(262,279)
                        $427,321   $689,600   $(262,279)

 

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

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory High Yield Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
Common Stocks (0.7%)          
Communication Services (0.5%):          
Altice USA, Inc., Class A (a)   38,825   $484,536 
iHeartMedia, Inc., Class A (a)   30,500    577,365 
Nexstar Media Group, Inc., Class A   1,481    279,139 
Sinclair Broadcast Group, Inc., Class A   17,500    490,350 
         1,831,390 
Consumer Discretionary (0.0%):(b)          
Men's Wearhouse, Inc.   31,563    35,508 
           
Health Care (0.2%):          
Surgery Partners, Inc. (a)   9,390    516,920 
Total Common Stocks (Cost $2,143,123)        2,383,818 
           
Senior Secured Loans (21.0%)          
19th Holdings Golf LLC, Initial Term Loans, First Lien, 3.75%  (SOFR03M+325bps), 1/27/29 (c)  $2,250,000    2,221,875 
Air Canada, Term Loan, First Lien, 4.25%  (LIBOR06M+350bps), 7/27/28 (c)   4,200,000    4,156,236 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25%  (LIBOR06M+425bps), 3/14/25 (c)   1,989,710    1,974,071 
Air Methods Corp., Initial Term Loans, First Lien, 4.50%  (LIBOR03M+350bps), 4/21/24 (c)   1,953,846    1,869,186 
Bausch Health Cos., Inc., Term B, First Lien, 1/27/27 (d)(e)   3,000,000    2,966,250 
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.25%  (SOFR01M+650bps), 2/14/27 (c)   2,750,000    2,516,250 
CP Atlas Buyer, Inc., Term B Loans, First Lien, 4.25%  (LIBOR03M+375bps), 11/23/27 (c)   1,990,213    1,930,825 
Dayco Products LLC, Term Loans, First Lien, 4.76%  (LIBOR03M+425bps), 5/19/24 (c)   952,500    931,859 
Diamond Sports Group LLC, Term Loan Second Lien, Second Lien, 3.54%  (SOFR01M+325bps), 8/24/26 (c)(e)   7,062,063    2,387,895 
Diamond Sports Group LLC, Term Loan, First Lien, 9.00%  (SOFR01M+800bps), 5/25/26 (c)   523,623    530,241 
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75%  (LIBOR03M+500bps), 3/25/28 (c)   3,471,215    3,243,781 
Envision Healthcare Corp., Initial Term Loans, First Lien, 10/10/25 (d)(e)   3,125,000    2,067,719 
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.25%  (LIBOR06M+425bps), 10/2/25 (c)   989,975    981,620 
Great Outdoors Group LLC, Term B1, First Lien, 4.50%  (LIBOR03M+375bps), 3/5/28 (c)   3,609,363    3,591,316 
Intelsat Jackson Holdings S.A., Term B Loan, First Lien, 4.75%  (SOFR06M+425bps), 1/27/29 (c)   3,250,000    3,192,118 
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.50%  (LIBOR03M+475bps), 6/30/28 (c)   1,578,534    1,369,946 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Yield Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Knight Health Holdings LLC, Term B Loans, First Lien, 5.75%  (LIBOR01M+525bps), 12/17/28 (c)  $3,990,000   $3,615,938 
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75%  (LIBOR03M+475bps), 12/15/24 (c)   805,183    800,150 
LifeScan Global Corp., Initial Term Loan, First Lien, 6.21%  (LIBOR03M+600bps), 10/1/24 (c)   3,904,202    3,718,753 
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.00%  (LIBOR01M+425bps), 11/24/28 (c)   4,488,750    4,446,690 
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25%  (LIBOR03M+525bps), 6/20/27 (c)   1,000,000    1,036,250 
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 2/25/28 (c)   4,457,487    4,409,748 
PetSmart, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR06M+375bps), 2/12/28 (c)   1,666,625    1,659,675 
Radiology Partners, Inc., Term Loan New, First Lien, 4.72%  (LIBOR01M+425bps), 7/9/25 (c)   2,000,000    1,971,080 
SWF Holdings Corp. I, Initial Term Loans, First Lien, 4.75%  (LIBOR01M+400bps), 10/6/28 (c)   4,350,000    4,212,236 
Team Health Holdings, Inc., Facility EXTENDING TLB, First Lien, 6.25%  (SOFR01M+525bps), 2/17/27 (c)   1,302,979    1,237,283 
The Men's Wearhouse LLC, Term Loan, First Lien, 9.00%  (LIBOR03M+800bps), 12/1/25 (c)   1,701,726    1,584,017 
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00%  (LIBOR03M+425bps), 4/15/28 (c)   3,973,731    3,719,293 
Traverse Midstream Partners LLC, Advance, First Lien, 5.25%  (SOFR03M+425bps), 9/27/24 (c)   1,947,396    1,936,841 
United Airlines, Inc., Class B Term Loans, First Lien, 4.50%  (LIBOR03M+375bps), 4/21/28 (c)   1,485,000    1,465,205 
Total Senior Secured Loans (Cost $73,466,539)        71,744,347 
           
Corporate Bonds (66.3%)          
Communication Services (12.1%):          
Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88(f)(g)   3,500,000    3,287,515 
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(g)   5,500,000    4,898,850 
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38(f)(g)   4,960,000    4,960,298 
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(g)   4,200,000    3,922,128 
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(g)(h)   3,250,000    3,127,637 
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(g)   2,750,000    2,554,145 
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19   4,510,000    4,662,258 
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22(g)   4,000,000    4,050,280 
Scripps Escrow II, Inc., 5.38%, 1/15/31, Callable 1/15/26 @ 102.69(f)(g)   1,600,000    1,537,232 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(g)(h)   3,500,000    3,038,350 
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5(h)   3,000,000    3,016,440 
Univision Communications, Inc., 5.13%, 2/15/25, Callable 4/25/22 @ 100.85(f)(g)   2,500,000    2,501,425 
         41,556,558 
Consumer Discretionary (15.4%):          
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(g)   1,800,000    1,843,110 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Yield Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(g)(h)  $4,750,000   $4,640,038 
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56(f)(g)   4,800,000    4,156,080 
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(f)   4,100,000    3,843,873 
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94(f)   2,000,000    1,931,680 
Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25(g)   4,000,000    4,150,720 
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(g)   2,050,000    1,919,599 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(g)(h)   4,000,000    3,995,400 
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(g)(h)   550,000    468,881 
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100   140,000    148,954 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   2,475,000    2,509,551 
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(g)   900,000    841,617 
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88(g)(h)   3,600,000    3,717,648 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (g)   2,000,000    1,721,780 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (g)   3,800,000    3,253,674 
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(f)(g)   3,000,000    2,956,200 
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 4/14/22 @ 104.13(g)   3,000,000    3,123,750 
Tenneco, Inc., 5.00%, 7/15/26, Callable 5/13/22 @ 102.5(f)   4,350,000    4,278,268 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(g)(h)   2,700,000    2,997,243 
         52,498,066 
Consumer Staples (1.1%):          
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(g)   1,370,000    1,284,690 
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(g)   2,800,000    2,392,712 
         3,677,402 
Energy (5.8%):          
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(g)   3,450,000    3,445,550 
Antero Resources Corp.          
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (g)   1,964,000    2,171,241 
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (g)(h)   750,000    811,965 
Citgo Holding, Inc., 9.25%, 8/1/24, Callable 5/13/22 @ 104.63(g)   2,000,000    2,020,580 
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 6/15/22 @ 103.5(g)   1,500,000    1,517,490 
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(g)   4,776,000    4,916,558 
PBF Holding Co. LLC/PBF Finance Corp.          
9.25%, 5/15/25, Callable 5/15/22 @ 104.63 (f)(g)   2,000,000    2,057,760 
6.00%, 2/15/28, Callable 2/15/23 @ 103   1,750,000    1,406,825 
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100   1,350,000    1,361,245 
         19,709,214 
Financials (7.5%):          
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(g)   1,500,000    1,432,905 
BCPE Ulysses Intermediate, Inc., 7.75%, 4/1/27, Callable 4/1/23 @ 102(g)(i)   1,450,000    1,316,948 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(g)   2,200,000    2,068,066 
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(g)   1,950,000    1,865,195 
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(g)   3,000,000    3,128,790 
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25(g)(h)   2,250,000    2,258,257 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Yield Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(f)(g)(h)  $4,100,000   $3,512,675 
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(g)   4,390,000    4,191,967 
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(f)(g)   4,800,000    3,936,480 
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/13/22 @ 102(g)   2,100,000    2,069,508 
         25,780,791 
Health Care (7.7%):          
Air Methods Corp., 8.00%, 5/15/25, Callable 5/13/22 @ 102(f)(g)(h)   3,125,000    2,702,875 
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(g)(h)   2,250,000    1,771,358 
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(f)(g)   5,450,000    5,085,014 
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63(g)   3,714,000    3,824,380 
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(g)(h)   2,985,000    2,999,268 
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 5/13/22 @ 104.88(g)   3,000,000    3,140,850 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(f)(g)   3,250,000    2,924,252 
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(g)   4,000,000    4,065,800 
         26,513,797 
Industrials (12.0%):          
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 5/13/22 @ 100(g)   1,450,000    1,348,152 
American Airlines, Inc., 11.75%, 7/15/25(g)   3,500,000    4,088,175 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(g)   1,850,000    1,843,673 
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/13/22 @ 103.19(g)   3,000,000    3,080,940 
Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06(g)(h)   3,000,000    2,786,250 
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(g)   2,800,000    2,510,508 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(g)   3,000,000    3,123,420 
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(g)   2,050,000    2,020,664 
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(g)   2,000,000    1,881,880 
SRS Distribution, Inc.          
6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (f)(g)   1,125,000    1,044,833 
6.00%, 12/1/29, Callable 12/1/24 @ 103 (g)   3,000,000    2,783,160 
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(g)(h)   5,000,000    4,548,100 
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31   1,325,000    1,239,697 
Triumph Group, Inc., 6.25%, 9/15/24, Callable 5/13/22 @ 101.56(g)   3,525,000    3,505,048 
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(g)   3,000,000    2,708,760 
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(g)   2,250,000    2,388,352 
         40,901,612 
Information Technology (1.7%):          
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(g)   3,750,000    4,022,287 
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 5/13/22 @ 103.75(g)   1,800,000    1,708,218 
         5,730,505 
Materials (2.0%):          
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56   3,000,000    2,827,500 
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(g)   1,800,000    1,806,840 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Yield Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares or
Principal
Amount
   Value 
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(g)  $2,250,000   $2,123,798 
         6,758,138 
Real Estate (1.0%):          
Adams Homes, Inc., 7.50%, 2/15/25, Callable 4/28/22 @ 103.75(g)   3,371,000    3,367,326 
Total Corporate Bonds (Cost $234,360,399)        226,493,409 
           
Yankee Dollars (8.5%)          
Communications (1.4%):          
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(g)   6,050,000    4,617,965 
           
Consumer Discretionary (0.6%):          
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63(g)   2,000,000    1,995,500 
           
Energy (0.9%):          
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(g)   3,000,000    3,107,640 
           
Health Care (0.7%):          
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 4/19/22 @ 102.04(g)   2,448,000    2,467,119 
           
Industrials (2.6%):          
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/13/22 @ 103.94(f)(g)   4,500,000    4,407,165 
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(f)(g)   4,750,000    4,470,082 
         8,877,247 
Information Technology (0.7%):          
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(g)   2,500,000    2,423,200 
           
Materials (1.6%):          
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/13/22 @ 101.94(g)(h)   2,000,000    1,989,040 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(g)   3,900,000    3,603,483 
         5,592,523 
Total Yankee Dollars (Cost $30,018,037)        29,081,194 
           
Exchange-Traded Funds (1.3%)          
Invesco Senior Loan ETF (f)(h)   107,000    2,329,390 
SPDR Blackstone Senior Loan ETF (f)(h)   50,750    2,281,720 
Total Exchange-Traded Funds (Cost $4,706,377)        4,611,110 
           
Collateral for Securities Loaned (16.6%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (j)   1,103,765    1,103,765 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (j)   30,960,494    30,960,494 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (j)   550,833    550,833 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (j)   4,392,172    4,392,172 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Yield Fund  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (j)   19,748,064   $19,748,064 
Total Collateral for Securities Loaned (Cost $56,755,328)        56,755,328 
Total Investments (Cost $401,449,803) — 114.4%        391,069,206 
Liabilities in excess of other assets — (14.4)%        (49,250,484)
NET ASSETS - 100.00%       $341,818,722 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) Amount represents less than 0.05% of net assets.
(c) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(d) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(e) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(f) All or a portion of this security is on loan.
(g) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $228,348,312 and amounted to 66.8% of net assets.
(h) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(i) Coupon may be 8.50% PIK.
(j) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
ETF—Exchange-Traded Fund
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PIK—Payment-in-Kind
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory Tax-Exempt Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Municipal Bonds (98.6%)          
Arkansas (1.9%):          
Arkansas Development Finance Authority Revenue, 3.20%, 12/1/49, Continuously Callable @100  $750,000   $668,656 
University of Central Arkansas Revenue, Series A, 3.00%, 11/1/49, Continuously Callable @100   265,000    240,237 
         908,893 
California (1.6%):          
Golden State Tobacco Securitization Corp. Revenue, Series A2, 5.00%, 6/1/47, Pre-refunded  6/1/22 @ 100   275,000    276,770 
San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series A, 4.00%, 5/1/52, Continuously Callable @100   500,000    512,475 
         789,245 
Colorado (1.6%):          
Colorado Health Facilities Authority Revenue, Series A, 4.00%, 12/1/50, Continuously Callable @103   750,000    785,944 
           
Connecticut (4.5%):          
Connecticut Health and Educational Facilities Authority Revenue, Series 2016 CT, 5.00%, 12/1/41, Continuously Callable @100   2,000,000    2,162,282 
           
Florida (10.8%):          
Capital Trust Agency, Inc. Revenue, 5.00%, 8/1/55, Continuously Callable @100   400,000    418,054 
City of Pompano Beach Revenue, 4.00%, 9/1/50, Continuously Callable @103   500,000    490,502 
County of Miami-Dade Seaport Department Revenue, 4.00%, 10/1/50, Continuously Callable @100   500,000    518,254 
Florida Development Finance Corp. Revenue, Series A, 5.00%, 6/15/55, Continuously Callable @100   500,000    533,525 
Hillsborough County IDA Revenue, 4.00%, 8/1/50, Continuously Callable @100   500,000    513,424 
Miami-Dade County Public Facilities Revenue, Series A, 5.00%, 6/1/33, Continuously Callable @100   2,000,000    2,172,660 
St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103   500,000    541,917 
         5,188,336 
Georgia (1.4%):          
Appling County Development Authority Revenue, 0.56%, 9/1/41, Continuously Callable @100 (a)   650,000    650,000 
           
Guam (2.2%):          
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100   1,000,000    1,072,469 
           
Illinois (23.1%):          
Chicago Board of Education Revenue, 6.00%, 4/1/46, Continuously Callable @100   2,275,000    2,573,648 
Chicago Transit Authority Sales Tax Receipts Revenue, Series 2014, 5.00%, 12/1/44, Continuously Callable @100   1,450,000    1,548,617 
City of Chicago Wastewater Transmission Revenue          
Series A, 5.00%, 1/1/47, Continuously Callable @100   1,000,000    1,073,314 
Series C, 5.00%, 1/1/34, Continuously Callable @100   1,000,000    1,063,466 
City of Chicago, GO, Series A, 5.50%, 1/1/49, Callable 1/1/29 @ 100, Continuously Callable @100   1,000,000    1,089,948 
Illinois, GO, Series 2013, 5.50%, 7/1/27, Continuously Callable @100   2,000,000    2,082,238 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Tax-Exempt Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Sales Tax Securitization Corp. Revenue, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100  $1,500,000   $1,685,528 
         11,116,759 
Iowa (0.9%):          
Iowa Finance Authority Revenue, Series A-1, 4.00%, 5/15/55, Continuously Callable @103   500,000    445,843 
           
Massachusetts (1.8%):          
University of Massachusetts Building Authority Revenue          
5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100   220,000    236,886 
Series 1-2021, 5.00%, 11/1/39, Continuously Callable @100   410,000    439,446 
Series 1-2021, 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100   190,000    204,584 
         880,916 
Michigan (1.0%):          
Michigan Finance Authority Revenue, 4.00%, 12/1/51, Continuously Callable @100   500,000    502,545 
           
Missouri (2.5%):          
Health & Educational Facilities Authority of the State of Missouri Revenue, 4.25%, 12/1/42, Continuously Callable @100 (b)   1,150,000    1,200,961 
           
New Jersey (8.0%):          
New Jersey Economic Development Authority Biomedical Research Facilities Revenue, Series 2016 A, 5.00%, 7/15/29, Continuously Callable @100   885,000    967,747 
New Jersey Transportation Trust Fund Authority Revenue          
5.00%, 6/15/28, Continuously Callable @100   1,000,000    1,106,893 
Series BB, 3.50%, 6/15/46, Continuously Callable @100   200,000    187,769 
Tobacco Settlement Financing Corp. Revenue, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100   1,500,000    1,605,133 
         3,867,542 
New York (12.3%):          
Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100   1,545,000    1,681,011 
Metropolitan Transportation Authority Revenue, Series D-3, 4.00%, 11/15/49, Continuously Callable @100   500,000    509,984 
New York Counties Tobacco Trust II Revenue, 5.75%, 6/1/43, Continuously Callable @100   200,000    201,667 
New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (b)(c)   330,000    304,409 
Port Authority of New York & New Jersey Revenue, 5.00%, 12/1/32, Continuously Callable @100   1,000,000    1,042,565 
TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100   2,000,000    2,170,342 
         5,909,978 
North Carolina (5.5%):          
City of Charlotte Certificate of Participation, 4.00%, 6/1/49, Continuously Callable @100   1,670,000    1,763,952 
North Carolina Medical Care Commission Revenue          
Series A, 4.00%, 9/1/50, Continuously Callable @100   500,000    491,284 
Series A, 4.00%, 10/1/50, Continuously Callable @103   350,000    365,552 
         2,620,788 
Ohio (7.3%):          
Buckeye Tobacco Settlement Financing Authority Revenue, Series B-2, 5.00%, 6/1/55, Continuously Callable @100   1,000,000    1,035,140 
County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103   500,000    546,926 
County of Hardin Economic Development Facilities Revenue, 5.00%, 5/1/30, Continuously Callable @103   350,000    361,482 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory Tax-Exempt Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Logan Elm Local School District, GO, 4.00%, 11/1/55, Continuously Callable @100  $1,500,000   $1,586,838 
         3,530,386 
Pennsylvania (5.2%):          
Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100   1,000,000    1,131,300 
The Philadelphia School District, GO, Series A, 5.00%, 9/1/38, Continuously Callable @100   1,200,000    1,346,617 
         2,477,917 
Texas (2.5%):          
City of Arlington Tax Allocation, 4.00%, 8/15/50, Continuously Callable @100   500,000    514,142 
Port of Port Arthur Navigation District Revenue, Series B, 0.51%, 4/1/40, Continuously Callable @100 (a)   700,000    700,000 
         1,214,142 
Utah (3.5%):          
Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (b)   368,503    369,581 
Military Installation Development Authority Revenue, Series A-1, 4.00%, 6/1/41, Continuously Callable @103   250,000    217,492 
Utah Infrastructure Agency Revenue, Series A, 5.00%, 10/15/40, Continuously Callable @100   1,000,000    1,084,472 
         1,671,545 
Wisconsin (1.0%):          
Wisconsin Health & Educational Facilities Authority Revenue, 4.00%, 1/1/47, Continuously Callable @103   500,000    457,123 
Total Municipal Bonds (Cost $47,291,936)        47,453,614 
Total Investments (Cost $47,291,936) — 98.6%        47,453,614 
Other assets in excess of liabilities — 1.4%        675,387 
NET ASSETS - 100.00%       $48,129,001 

 

(a) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $1,874,951 and amounted to 3.9% of net assets.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.6% of net assets.

 

GO—General Obligation
IDA—Industrial Development Authority

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments
Victory High Income Municipal Bond Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Municipal Bonds (98.8%)          
Arizona (6.5%):          
Arizona IDA Revenue          
4.00%, 7/15/51, Continuously Callable @100 (a)  $500,000   $475,450 
4.00%, 12/15/51, Continuously Callable @100 (a)   700,000    662,956 
La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100   280,000    284,743 
Maricopa County IDA Revenue, 4.00%, 10/15/47, Continuously Callable @104 (a)   500,000    492,494 
The IDA of the City of Phoenix Revenue, 4.00%, 12/1/51, Continuously Callable @100 (a)   1,000,000    815,714 
The IDA of the County of Pima Revenue, 4.00%, 6/15/51, Continuously Callable @100 (a)   500,000    457,357 
         3,188,714 
California (0.9%):          
California County Tobacco Securitization Agency Revenue, Series B-1, 5.00%, 6/1/49, Continuously Callable @100   250,000    276,889 
Golden State Tobacco Securitization Corp. Revenue, Series A2, 5.00%, 6/1/47, Pre-refunded  6/1/22 @ 100   180,000    181,159 
         458,048 
Delaware (1.0%):          
Delaware State Economic Development Authority Revenue, 4.00%, 6/1/52, Continuously Callable @100   500,000    482,845 
           
District of Columbia (1.0%):          
District of Columbia Tobacco Settlement Financing Corp. Revenue, 6.50%, 5/15/33   460,000    482,284 
           
Florida (7.3%):          
Escambia County Health Facilities Authority Revenue, 3.00%, 8/15/50, Continuously Callable @100   1,000,000    874,605 
Florida Development Finance Corp. Revenue, 4.00%, 7/1/55, Continuously Callable @100   500,000    450,767 
Pinellas County Educational Facilities Authority Revenue, Series A, 4.00%, 6/1/46, Continuously Callable @100 (a)   500,000    452,748 
Seminole County IDA Revenue, 4.00%, 6/15/56, Continuously Callable @100 (a)   705,000    650,892 
Sumter County Village Community Development District No. 10 Special Assessment Revenue, Series 2014, 5.75%, 5/1/31, Continuously Callable @100   1,145,000    1,180,502 
         3,609,514 
Georgia (1.6%):          
Appling County Development Authority Revenue, 0.56%, 9/1/29, Continuously Callable @100 (b)   300,000    300,000 
The Burke County Development Authority Revenue, Series 1, 0.53%, 7/1/49, Continuously Callable @100 (b)   500,000    500,000 
         800,000 
Illinois (10.4%):          
Chicago Board of Education Revenue, 6.00%, 4/1/46, Continuously Callable @100   1,500,000    1,696,911 
City of Chicago, GO, Series A, 5.50%, 1/1/49, Callable 1/1/29 @ 100, Continuously Callable @100   1,000,000    1,089,948 
Illinois, GO          
5.50%, 7/1/33, Continuously Callable @100   1,000,000    1,041,119 
5.50%, 7/1/38, Continuously Callable @100   1,250,000    1,301,399 
         5,129,377 
Indiana (3.2%):          
Indiana Finance Authority Revenue          
4.13%, 12/1/26   1,000,000    1,061,601 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Series A, 5.00%, 7/1/55, Continuously Callable @100  $500,000   $517,458 
         1,579,059 
Iowa (1.9%):          
Iowa Finance Authority Revenue          
Series A, 5.00%, 5/15/48, Continuously Callable @100   500,000    514,388 
Series A-1, 4.00%, 5/15/55, Continuously Callable @103   500,000    445,843 
         960,231 
Maryland (0.4%):          
Maryland Economic Development Corp. Revenue, 4.25%, 7/1/50, Continuously Callable @100   200,000    207,274 
           
Massachusetts (2.1%):          
Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a)   300,000    318,422 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J          
Series 2011, 5.63%, 7/1/28, Continuously Callable @100   200,000    200,121 
Series 2011, 5.63%, 7/1/29, Continuously Callable @100   410,000    410,245 
Series 2011, 5.63%, 7/1/33, Continuously Callable @100   100,000    100,056 
         1,028,844 
Minnesota (0.8%):          
City of Woodbury Revenue, 4.00%, 7/1/51, Continuously Callable @103   400,000    375,075 
           
Missouri (1.1%):          
Health & Educational Facilities Authority of the State of Missouri Revenue, 4.25%, 12/1/42, Continuously Callable @100 (a)   500,000    522,157 
           
New Hampshire (2.6%):          
New Hampshire Business Finance Authority Revenue          
4.00%, 1/1/51, Continuously Callable @103   500,000    513,903 
Series B, 3.75%, 7/1/45, (Put Date 7/2/40) (a)(c)   750,000    751,217 
         1,265,120 
New Jersey (6.2%):          
New Jersey Economic Development Authority Revenue, Series S, 4.00%, 6/15/50, Continuously Callable @100   450,000    458,735 
New Jersey Economic Development Authority School Facilities Construction Revenue, Series 2015 WW, 5.25%, 6/15/32, Pre-refunded  6/15/25 @ 100   1,000,000    1,099,688 
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue, Series A, 5.00%, 7/1/33, Continuously Callable @100   500,000    544,896 
New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.75%, 12/1/28, Continuously Callable @100   495,000    495,264 
New Jersey Transportation Trust Fund Authority Revenue, Series BB, 3.50%, 6/15/46, Continuously Callable @100   500,000    469,422 
         3,068,005 
New Mexico (2.0%):          
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102   500,000    525,814 
Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103 (a)   500,000    463,603 
         989,417 
New York (9.4%):          
Build NYC Resource Corp. Revenue          
4.00%, 6/15/51, Continuously Callable @100   500,000    475,565 
Series A, 5.00%, 6/15/51, Continuously Callable @100 (a)   100,000    106,038 
Huntington Local Development Corp. Revenue, Series S, 3.00%, 7/1/25   500,000    488,934 
Metropolitan Transportation Authority Revenue          
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c)   365,000    416,222 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Series D-3, 4.00%, 11/15/49, Continuously Callable @100  $500,000   $509,984 
New York State Dormitory Authority Revenue          
6.00%, 7/1/40, Continuously Callable @100 (a)(d)   1,000,000    922,451 
4.00%, 7/1/40, Continuously Callable @100   200,000    205,224 
New York Transportation Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100   750,000    834,878 
Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100   250,000    250,966 
Western Regional Off-Track Betting Corp. Revenue, 4.13%, 12/1/41, Continuously Callable @100 (a)   500,000    427,044 
         4,637,306 
North Carolina (3.0%):          
North Carolina Medical Care Commission Revenue, 5.00%, 10/1/50, Continuously Callable @103   250,000    262,540 
University of North Carolina Hill Revenue, 5.00%, 2/1/49   1,000,000    1,228,940 
         1,491,480 
North Dakota (2.0%):          
Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue, 5.00%, 12/1/36, Continuously Callable @100   1,000,000    991,744 
           
Ohio (3.6%):          
Buckeye Tobacco Settlement Financing Authority Revenue, Series B-2, 5.00%, 6/1/55, Continuously Callable @100   1,000,000    1,035,140 
County of Hardin Revenue, 5.50%, 5/1/50, Continuously Callable @103   500,000    507,615 
Northeast Ohio Medical University Revenue, Series A, 4.00%, 12/1/45, Continuously Callable @100   225,000    229,547 
         1,772,302 
Oklahoma (0.0%):(e)          
Oklahoma Development Finance Authority Continuing Care Retirement Community Revenue, Series 2012, 1/1/32, Continuously Callable @100 (d)(f)(g)   1,885,000    9,859 
           
Oregon (1.8%):          
Clackamas County Hospital Facility Authority Revenue          
Series A, 5.00%, 11/15/52, Continuously Callable @102   500,000    524,716 
Series A, 5.38%, 11/15/55, Continuously Callable @102   100,000    106,223 
Yamhill County Hospital Authority Revenue, Series A, 5.00%, 11/15/51, Continuously Callable @103   250,000    250,282 
         881,221 
Pennsylvania (2.3%):          
Bucks County IDA Revenue, 5.00%, 7/1/54, Continuously Callable @100   500,000    556,458 
Pennsylvania Economic Development Financing Authority Revenue, 9.00%, 4/1/51, (Put Date 4/13/28) (a)(c)   500,000    589,006 
         1,145,464 
South Carolina (4.0%):          
County of Richland SC Special Assessment, 3.63%, 11/1/31, Continuously Callable @103 (a)   290,000    270,939 
Lancaster County Walnut Creek Improvement District Assessment Refunding Revenue, Series 2016 A-1, 5.00%, 12/1/37, Continuously Callable @100   1,675,000    1,715,186 
         1,986,125 
South Dakota (0.7%):          
Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22, Callable 5/13/22 @ 100 (a)   335,000    335,108 
           
Texas (5.5%):          
City of Houston TX Airport System Revenue, Series C, 4.00%, 7/15/41, Continuously Callable @100   750,000    725,625 
Port of Port Arthur Navigation District Revenue          
Series B, 0.51%, 4/1/40, Continuously Callable @100 (b)   400,000    400,000 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued
Victory High Income Municipal Bond Fund  March 31, 2022
   (Unaudited)

 

Security Description  Principal
Amount
   Value 
Series C, 0.54%, 4/1/40, Continuously Callable @100 (b)  $500,000   $500,000 
Texas Private Activity Bond Surface Transportation Corp. Revenue, NTE Mobility Partners Segments 3 LLC - Segments 3A & 3B Facility, Series 2013, 7.00%, 12/31/38, Continuously Callable @100   1,000,000    1,063,278 
         2,688,903 
Utah (6.9%):          
Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a)   1,299,653    1,303,454 
Military Installation Development Authority Revenue          
Series A-1, 4.00%, 6/1/41, Continuously Callable @103   250,000    217,492 
Series A-1, 4.00%, 6/1/52, Continuously Callable @103   250,000    204,743 
Utah Charter School Finance Authority Revenue, 2.75%, 4/15/50, Continuously Callable @100   525,000    429,442 
Utah Infrastructure Agency Revenue, Series A, 5.38%, 10/15/40, Continuously Callable @100   1,150,000    1,272,374 
         3,427,505 
Vermont (1.5%):          
Vermont Economic Development Authority Revenue, 4.00%, 5/1/45, Continuously Callable @103   500,000    478,235 
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100   250,000    264,896 
         743,131 
West Virginia (2.2%):          
The County Commission of Monongalia County, WV Special District Excise Tax Revenue, Series 2017 A, 5.75%, 6/1/43, Continuously Callable @100 (a)   1,000,000    1,105,509 
           
Wisconsin (6.9%):          
Public Finance Authority Revenue          
4.00%, 4/1/52, Continuously Callable @100 (a)   500,000    472,806 
Series A, 4.25%, 12/1/51, Continuously Callable @100 (a)   500,000    457,671 
Series A, 5.25%, 3/1/55, Continuously Callable @100 (a)   500,000    530,543 
Series A, 5.00%, 7/1/55, Continuously Callable @100 (a)   500,000    512,471 
Series A-1, 4.00%, 7/1/51, Continuously Callable @100 (a)   500,000    501,695 
Wisconsin Health & Educational Facilities Authority Revenue          
4.00%, 1/1/47, Continuously Callable @103   500,000    457,123 
4.00%, 12/1/51, Continuously Callable @100   500,000    467,672 
         3,399,981 
Total Municipal Bonds (Cost $50,063,783)        48,761,602 
Total Investments (Cost $50,063,783) — 98.8%        48,761,602 
Other assets in excess of liabilities — 1.2%        597,513 
NET ASSETS - 100.00%       $49,359,115 

 

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $13,597,745 and amounted to 27.5% of net assets.
(b) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.
(c) Put Bond.
(d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 1.89% of net assets.
(e) Amount represents less than 0.05% of net assets.
(f) Currently the issuer is in default with respect to interest and/or principal payments.
(g) Zero-coupon bond.

 

GO—General Obligation
IDA—Industrial Development Authority
LLC—Limited Liability Company

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments 
Victory Floating Rate Fund  March 31, 2022 
   (Unaudited) 
     
Security Description  Shares or Principal Amount   Value 
Common Stocks (0.0%)(a)          
Consumer Discretionary (0.0%):          
Men's Wearhouse, Inc.   51,299   $57,711 
Total Common Stocks (Cost $192,371)        57,711 
           
Warrants (0.0%)(a)          
Communication Services (0.0%):          
Cineworld   377,856    57,072 
Total Warrants (Cost $–)        57,072 
           
Senior Secured Loans (87.8%)          
19th Holdings Golf LLC, Initial Term Loans, First Lien, 3.75%  (SOFR03M+325bps), 1/27/29 (b)  $27,500,000    27,156,250 
84 Lumber Co., Term B-1 Loans, First Lien, 3.75%  (LIBOR01M+300bps), 11/13/26 (b)   16,812,249    16,656,736 
AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 5.50%  (LIBOR03M+475bps), 4/20/28 (b)   37,334,127    37,765,709 
Academy Ltd., Refinancing Term Loans, First Lien, 4.50%  (LIBOR01M+375bps), 11/6/27 (b)   8,154,474    8,088,259 
Accelerated Health Systems LLC, Initial Term B Loans, First Lien, 4.91%  (SOFR06M+425bps), 2/2/29 (b)   15,000,000    14,878,200 
ACProducts, Inc., Initial Term Loans, Fist Lien, 5/17/28 (c)   5,000,000    4,497,200 
ACProducts, Inc., Initial Term Loans, First Lien, 4.75%  (LIBOR06M+425bps), 5/17/28 (b)   28,777,400    25,883,544 
Acrisure LLC, 2021-1 Additional Term Loans, First Lien, 4.25%  (LIBOR03M+375bps), 2/15/27 (b)   1,492,500    1,480,381 
Acrisure LLC, 2021-2 Additional Term Loan, First Lien, 4.75%  (LIBOR03M+425bps), 2/15/27 (b)   3,990,000    3,967,576 
Acrisure LLC, Term Loan B 2020, First Lien, 3.72%  (LIBOR03M+350bps), 2/15/27 (b)   15,219,094    14,978,175 
Air Canada, Term Loan, First Lien, 4.25%  (LIBOR06M+350bps), 7/27/28 (b)   33,000,000    32,656,140 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25%  (LIBOR06M+425bps), 3/14/25 (b)   7,832,908    7,771,342 
Air Methods Corp., Initial Term Loans, First Lien, 4.50%  (LIBOR03M+350bps), 4/21/24 (b)   13,763,752    13,167,368 
Albaugh LLC, Term Loan B, First Lien, 12/21/24 (c)(d)   16,000,000    15,920,000 
Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 4.25%  (LIBOR03M+350bps), 10/8/27 (b)   13,296,526    13,155,317 
Alliant Holdings Intermediate LLC, 2021-2 New Term Loans, First Lien, 4.00%  (LIBOR01M+350bps), 11/6/27 (b)   2,985,000    2,962,195 
Alterra Mountain Co., Facility 2028 Term Loan B, First Lien, 4.00%  (LIBOR01M+350bps), 8/17/28 (b)   7,967,481    7,897,766 
American Axle & Manufacturing, Inc., Term Loan B, First Lien, 3.00%  (LIBOR01M+225bps), 4/6/24 (b)   4,597,196    4,562,717 
Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 3.75%  (LIBOR01M+350bps), 3/23/25 (b)   12,643,643    12,431,862 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
Anchor Packaging LLC, Initial Term Loans, First Lien, 4.21%  (LIBOR01M+400bps), 7/18/26 (b)  $6,904,852   $6,766,755 
Apex Tool Group LLC, Initial Term Loan, First Lien, 5.75%  (SOFR01M+525bps), 2/8/29 (b)   11,491,862    11,175,835 
At Home Group, Inc., Initial Term Loan, First Lien, 4.75%  (LIBOR03M+425bps), 7/23/28 (b)   32,749,401    31,296,310 
Bally's Corp., Term B Facility Loans, First Lien, 3.75%  (LIBOR06M+325bps), 10/1/28 (b)   14,962,500    14,868,984 
Bausch Health Cos., Inc., Term B, First Lien, 1/27/27 (c)(d)   36,000,000    35,595,000 
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR03M+425bps), 6/21/24 (b)   7,623,320    7,260,145 
Brookfield Property REIT, Inc., Initial Term B Loans, First Lien, 2.71%  (LIBOR01M+250bps), 8/24/25 (b)   9,485,042    9,237,577 
BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 9.49%  (LIBOR03M+900bps), 5/15/26 (b)   3,000,000    1,620,000 
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.71%  (LIBOR01M+350bps), 6/19/25 (b)   7,887,406    7,851,913 
Calpine Corp., 2020 Term Loans, First Lien, 2.71%  (LIBOR01M+250bps), 12/16/27 (b)   2,957,680    2,929,966 
Chariot Buyer LLC, Initial Term Loans, First Lien, 4.00%  (LIBOR01M+350bps), 11/3/28 (b)   12,967,500    12,794,643 
Chassix, Inc., Term Loan B, First Lien, 6.50%  (LIBOR06M+550bps), 11/10/23 (b)   2,001,299    1,772,150 
Chassix, Inc., Term Loan B, First Lien, 6.50%  (LIBOR03M+550bps), 11/10/23 (b)   1,814,230    1,606,501 
Clarios Global LP, Term B-1, First Lien, 3.46%  (LIBOR01M+325bps), 4/30/26 (b)   7,659,794    7,554,472 
Clydesdale Acquisition Holdings, Inc., TL, First Lien, 3/30/29 (c)(d)   18,000,000    17,699,940 
Consolidated Communications, Inc., 2020 Term B-1, First Lien, 4.25%  (LIBOR01M+350bps), 10/2/27 (b)   13,644,610    12,738,198 
Cornerstone Building Brands, Inc., New Term Loan B, First Lien, 3.75%  (LIBOR01M+325bps), 4/12/28 (b)   16,644,312    16,075,576 
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.25%  (SOFR01M+650bps), 2/14/27 (b)   17,000,000    15,555,000 
CP Atlas Buyer, Inc., Term B Loans, First Lien, 4.25%  (LIBOR03M+375bps), 11/23/27 (b)   32,923,047    31,940,623 
CPM Holdings, Inc., 2nd Lien Initial Term Loans, Second Lien, 8.48%  (LIBOR01M+825bps), 11/16/26 (b)   1,595,960    1,580,000 
CPM Holdings, Inc., Initial Term Loans, First Lien, 3.73%  (LIBOR01M+350bps), 11/17/25 (b)   2,902,489    2,855,324 
Cumulus Media New Holdings, Inc., Initial Term Loan, First Lien, 4.75%  (LIBOR06M+375bps), 3/31/26 (b)(d)   19,164,544    19,068,722 
Dayco Products LLC, Term Loans, First Lien, 4.76%  (LIBOR03M+425bps), 5/19/24 (b)   11,078,218    10,838,153 
Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 3.50%  (LIBOR01M+250bps), 2/1/24 (b)   24,000,000    23,865,120 
Delta Air Lines, Inc. and SKYMILES IP Ltd., Initial Term Loan, First Lien, 4.75%  (LIBOR03M+375bps), 9/16/27 (b)   30,911,595    31,872,636 
Diamond Sports Group LLC, Term Loan Second Lien, Second Lien, 3.54%  (SOFR01M+325bps), 8/24/26 (b)   19,965,096    6,750,798 
Diamond Sports Group LLC, Term Loan, First Lien, 9.00%  (SOFR01M+800bps), 5/25/26 (b)   1,459,684    1,478,135 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.72%  (LIBOR03M+350bps), 4/8/26 (b)  $2,778,435   $2,725,172 
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 5.75%  (LIBOR03M+500bps), 3/25/28 (b)   24,686,854    23,069,371 
Entercom Media Corp., New Term Loan, First Lien, 2.95%  (LIBOR01M+250bps), 11/17/24 (b)   19,706,476    19,332,053 
Envision Healthcare Corp., Initial Term Loans, First Lien, 10/10/25 (c)(d)   14,250,000    9,428,797 
Eyemart Express LLC, Term B-1 Loan, First Lien, 4.00%  (LIBOR01M+300bps), 8/5/27 (b)   27,084,911    26,543,213 
Fertitta Entertainment LLC, Initial B Term Loan, First Lien, 4.50%  (SOFR01M+400bps), 1/27/29 (b)   22,500,000    22,359,375 
First Brands Group LLC, 2021 Term Loans, First Lien, 6.00%  (LIBOR03M+500bps), 3/24/27 (b)   6,442,462    6,378,038 
Froneri International Ltd., Facility B2 Loan, First Lien, 2.46%  (LIBOR01M+225bps), 1/31/27 (b)   6,882,425    6,748,493 
Frontier Communications Corp., Refinancing Term Loans, First Lien, 4.50%  (LIBOR03M+375bps), 10/8/27 (b)   15,884,887    15,620,086 
Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 3.25%  (LIBOR01M+250bps), 3/31/27 (b)   10,901,321    10,732,350 
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.25%  (LIBOR06M+425bps), 10/2/25 (b)   10,882,324    10,790,478 
Graham Packaging Co., Inc., New Term Loans, First Lien, 3.75%  (LIBOR01M+300bps), 8/4/27 (b)   15,699,051    15,401,868 
Great Outdoors Group LLC, Term B1, First Lien, 4.50%  (LIBOR03M+375bps), 3/5/28 (b)   21,108,887    21,003,343 
Hertz Corp., Initial Term B Loans, First Lien, 3.75%  (LIBOR01M+325bps), 6/30/28 (b)(d)   29,454,665    29,188,689 
Hertz Corp., Initial Term C Loan, First Lien, 3.75%  (LIBOR01M+325bps), 6/30/28 (b)(d)   5,591,816    5,541,322 
Hillman Group, Inc., Initial Delayed Draw Term Loan, First Lien, 3.25%  (LIBOR01M+275bps), 2/24/28 (b)(d)(e)   1,602,734    1,571,016 
Hillman Group, Inc., Initial Term Loans, First Lien, 3.25%  (LIBOR01M+275bps), 7/14/28 (b)   6,660,622    6,528,809 
Holley Purchaser, Inc., Delayed Draw Term Commitment, First Lien, 4.50%  (LIBOR03M+375bps), 11/18/28 (b)(d)(e)   2,068,321    2,039,013 
Holley Purchaser, Inc., Initial Term Loan, First Lien, 4.50%  (LIBOR03M+375bps), 11/10/28 (b)   12,366,429    12,191,196 
Hub International Ltd., Term Loan B, First Lien, 3.27%  (LIBOR03M+300bps), 4/25/25 (b)   10,180,288    10,054,053 
Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 4.00%  (SOFR03M+350bps), 2/9/29 (b)   20,000,000    19,575,000 
iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 3.75% (LIBOR01M+325bps), 5/1/26 (b)   6,975,912    6,927,987 
iHeartCommunications, Inc., Term Loans, First Lien, 3.21%  (LIBOR01M+300bps), 5/1/26 (b)   36,258,671    35,991,445 
Ineos US Petrochem LLC, 2026 Tranche B Dollar Term Loans, First Lien, 1/29/26 (c)   7,940,000    7,789,140 
Innio North America Holding, Inc., Facility B USD, First Lien, 2.98%  (LIBOR03M+275bps), 11/6/25 (b)   8,825,371    8,524,779 
Insulet Corp., Term B Loan, First Lien, 3.75%  (LIBOR01M+325bps), 5/3/28 (b)   3,970,000    3,940,225 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
Intelsat Jackson Holdings S.A., Term B Loan, First Lien, 4.75%  (SOFR06M+425bps), 1/27/29 (b)  $39,000,000   $38,305,410 
Janus International Group LLC, Amendment No 3 Refinancing Term Loans, First Lien, 4.25% (LIBOR03M+325bps), 2/15/25 (b)(d)   19,524,711    19,134,217 
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.50%  (LIBOR03M+475bps), 6/30/28 (b)   18,397,525    15,966,476 
Knight Health Holdings LLC, Term B Loans, First Lien, 5.75%  (LIBOR01M+525bps), 12/17/28 (b)   23,441,250    21,243,633 
LBM Acquisition LLC, Initial Term Loan, First Lien, 4.50%  (LIBOR01M+375bps), 12/17/27 (b)(d)   24,527,019    23,892,505 
Leslie's Poolmart, Inc., Term Loan B, First Lien, 3.02%  (LIBOR06M+250bps), 3/9/28 (b)   20,387,177    20,089,932 
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75%  (LIBOR03M+475bps), 12/15/24 (b)(d)   17,796,530    17,685,302 
Lifepoint Health, Inc., Term B Loans, First Lien, 4.20%  (LIBOR01M+375bps), 11/16/25 (b)   19,231,875    19,097,637 
LifeScan Global Corp., Initial Term Loan, First Lien, 6.21%  (LIBOR03M+600bps), 10/1/24 (b)   22,201,515    21,146,943 
LifeScan Global Corp., Initial Term Loan, Second Lien, 9.71%  (LIBOR03M+950bps), 6/19/25 (b)   3,750,000    3,534,375 
LSF11 A5 Holdco LLC, Term Loans, First Lien, 4.00%  (SOFR01M+350bps), 10/15/28 (b)   14,000,000    13,786,500 
Lucid Energy Group II Borrower LLC ,Term Loan ,First Lien, 11/22/28 (c)(d)   3,000,000    2,971,890 
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.00%  (LIBOR01M+425bps), 11/24/28 (b)   25,940,702    25,697,637 
Madison IAQ LLC, Initial Term Loans, First Lien, 4.52%  (LIBOR06M+325bps), 6/16/28 (b)   20,346,250    20,024,169 
MajorDrive Holdings IV LLC, Initial Term Loans, First Lien, 4.56%  (LIBOR03M+400bps), 6/1/28 (b)   3,721,875    3,659,087 
McGraw Hill Education, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR01M+475bps), 7/30/28 (b)   44,394    43,881 
McGraw Hill Education, Inc., Initial Term Loan, First Lien, 5.55%  (LIBOR06M+475bps)   17,624,337    17,420,600 
Medline Borrower LP, Initial Dollar Term Loans, First Lien, 3.75%  (LIBOR01M+325bps), 10/21/28 (b)   24,500,000    24,242,750 
MHI Holdings LLC, Initial Term Loans, First Lien, 5.21%  (LIBOR01M+500bps), 9/20/26 (b)   8,812,214    8,775,467 
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25%  (LIBOR03M+525bps), 6/20/27 (b)   32,000,000    33,160,000 
Momentive Performance Materials, Inc., Initial Dollar Term Loan, First Lien, 3.42%  (LIBOR01M+325bps), 5/15/24 (b)   8,644,912    8,526,044 
Navicure, Inc., Initial Term Loans, First Lien, 4.21%  (LIBOR01M+400bps), 10/23/26 (b)   10,860,395    10,819,669 
Nexstar Broadcasting, Inc., TLB-4, First Lien, 2.73%  (LIBOR01M+250bps), 9/19/26 (b)   5,000,000    4,975,900 
NorthRiver Midstream Finance LP, Initial Term Loan B, First Lien, 3.46%  (LIBOR03M+325bps), 10/1/25 (b)   9,923,063    9,830,084 
Organon & Co., Dollar Term Loan, First Lien, 3.56%  (LIBOR03M+300bps), 6/2/28 (b)   5,641,667    5,606,406 
Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien, 3.23%  (LIBOR01M+300bps), 5/22/25 (b)   2,097,949    2,088,110 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description   Principal
Amount
    Value  
Packaging Coordinators Midco, Inc., Term B Loans, First Lien, 4.50%  (LIBOR03M+375bps), 12/1/27 (b)   $ 13,119,454     $ 13,034,702  
Park River Holdings, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 1/20/28 (b)     9,924,968       9,692,823  
Peraton Corp., Term B Loans, First Lien, 4.50%  (LIBOR01M+375bps), 2/1/28 (b)     11,179,293       11,084,940  
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 2/25/28 (b)     38,605,230       38,191,768  
PetSmart, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR06M+375bps), 2/12/28 (b)     28,633,681       28,514,279  
PG&E CORP., TL, First Lien, 3.50%  (LIBOR03M+300bps), 6/23/25 (b)     10,822,312       10,673,505  
Phoenix Newco, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR01M+350bps), 11/15/28 (b)     20,000,000       19,835,800  
Presidio Holdings, Inc., Term Loan B, First Lien, 3.71%  (LIBOR01M+350bps), 12/19/26     196,985       195,508  
Presidio Holdings, Inc., Term Loan B, First Lien, 3.80%  (LIBOR03M+350bps), 12/19/26 (b)     3,762,814       3,734,593  
Radiology Partners, Inc., Term Loan New, First Lien, 4.72%  (LIBOR01M+425bps), 7/9/25 (b)     26,451,802       26,069,309  
Renaissance Holding Corp., Second Incremental Term Loans, First Lien, 3/16/27 (c)(d)     2,500,000       2,484,375  
Rent-A-Center, Facility Term Loan B2, First Lien, 3.81%  (LIBOR01M+325bps), 2/17/28 (b)     6,118,000       5,984,199  
Revint Intermediate II LLC, Initial Term Loans, First Lien, 4.75%  (LIBOR01M+425bps), 10/15/27 (b)     14,377,750       14,305,861  
Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 3.46%  (LIBOR01M+325bps), 2/16/26 (b)     6,912,500       6,723,858  
Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 4.25%  (LIBOR01M+375bps)     37,500       36,867  
Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 4.27%  (LIBOR06M+375bps), 8/5/28 (b)     7,462,500       7,336,608  
Rising Tide Holdings, Inc., Initial Term Loan, First Lien, 5.50%  (LIBOR01M+475bps), 6/1/28 (b)     10,934,937       10,561,290  
Robertshaw US Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 9.00%  (LIBOR06M+800bps), 2/15/26 (b)     4,000,000       3,000,000  
Robertshaw US Holding Corp., Term Loan B, First Lien, 4.50%  (LIBOR06M+350bps), 2/28/25 (b)     6,354,481       5,705,434  
Ryan Specialty Group LLC, TL, First Lien, 3.75%  (LIBOR01M+300bps), 9/1/27 (b)     7,887,406       7,821,704  
Scientific Games International, Inc., Term Loan B-5, First Lien, 2.96%  (LIBOR01M+275bps), 8/14/24 (b)     7,897,172       7,862,662  
Sedgwick Claims Management Services, Inc., Initial Term Loans, First Lien, 3.46%  (LIBOR01M+325bps), 12/31/25 (b)(d)     6,948,849       6,870,675  
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 3.21%  (LIBOR01M+300bps), 3/25/28 (b)     12,934,900       12,603,507  
Sparta US Holdco LLC, Initial Term Loan, First Lien, 4.25%  (LIBOR01M+350bps), 4/30/28 (b)     3,990,000       3,930,150  
SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.00%  (LIBOR03M+350bps)     63,819       62,968  
SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 4.02%  (LIBOR06M+350bps), 6/4/28 (b)     25,336,112       24,998,382  

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description   Principal
Amount
    Value  
SRS Distribution, Inc., 2022 Refinancing Term Loans, First Lien, 4.00%  (SOFR06M+350bps)   $ 4,987,500     $ 4,917,376  
SRS Distribution, Inc., 2022 Refinancing Term Loans, First Lien, 4.00%  (SOFR03M+350bps), 6/4/28 (b)     12,500       12,324  
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.72%  (LIBOR03M+350bps), 4/8/26 (b)     1,493,782       1,465,146  
Station Casinos LLC, Term B-1 Facility Loans, First Lien, 2.50%  (LIBOR01M+225bps), 2/8/27 (b)     14,317,874       14,107,115  
Surgery Center Holdings, Inc., 2021 New Term Loans, First Lien, 4.50%  (LIBOR01M+375bps), 8/31/26 (b)     22,361,402       22,163,056  
SWF Holdings Corp. I, Initial Term Loans, First Lien, 4.75%  (LIBOR01M+400bps), 10/6/28 (b)     36,250,000       35,101,963  
Tailwind Smith Cooper Intermediate Corp., 2nd Lien Initial Term Loans, Second Lien, 9.21% (LIBOR01M+900bps), 5/28/27 (b)     3,000,000       2,795,640  
Team Health Holdings, Inc., Facility EXTENDING TLB, First Lien, 6.25%  (SOFR01M+525bps), 2/17/27 (b)     24,501,595       23,266,224  
TENNECO, Inc., Tranche B Term Loan, First Lien, 3.21%  (LIBOR01M+300bps), 10/1/25 (b)     15,518,609       15,302,435  
The Men's Wearhouse LLC, Term Loan, First Lien, 9.00%  (LIBOR03M+800bps), 12/1/25 (b)     2,765,859       2,574,544  
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00%  (LIBOR03M+425bps), 4/15/28 (b)     33,242,343       31,113,836  
Thor Industries, Inc., Term B-1, First Lien, 3.25%  (LIBOR01M+300bps), 2/1/26 (b)     8,242,356       8,187,380  
Titan Acquisition Ltd., Initial Term Loan, First Lien, 3.35%  (LIBOR06M+300bps), 3/28/25 (b)     13,687,810       13,370,116  
Transdigm, Inc., Tranche F Refinancing Term Loan, First Lien, 2.46%  (LIBOR01M+225bps), 12/9/25 (b)     14,818,105       14,558,788  
Traverse Midstream Partners LLC, Advance, First Lien, 5.25%  (SOFR03M+425bps), 9/27/24 (b)     14,358,069       14,280,249  
TricorBraun Holdings, Inc., Closing Date Initial Term Loans, First Lien, 3.75%  (LIBOR01M+325bps), 3/3/28 (b)     12,668,754       12,332,652  
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 9/17/28 (c)(d)(e)     373,159       367,797  
Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 9/17/28 (c)(d)     2,626,841       2,589,093  
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 4.50%  (LIBOR03M+400bps), 9/17/28 (b)(d)     557,567       549,555  
Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 4.50%  (LIBOR03M+400bps), 9/17/28 (b)     3,921,289       3,864,940  
Triton Water Holdings, Inc., Initial Term Loan, First Lien, 4.00%  (LIBOR01M+350bps) (b)     1,416,871       1,379,678  
Triton Water Holdings, Inc., Initial Term Loan, First Lien, 4.00%  (LIBOR03M+350bps), 3/31/28 (b)     14,415,957       14,037,538  
Truck Hero, Inc., Initial Term Loans, First Lien, 4.00%  (LIBOR01M+325bps), 1/20/28 (b)     21,819,737       21,110,595  
U.S. Renal Care, Inc., Initial Term Loan, First Lien, 5.25%  (LIBOR01M+500bps), 7/26/26 (b)(d)     22,720,121       20,760,511  
United Airlines, Inc., Class B Term Loans, First Lien, 4.50%  (LIBOR03M+375bps), 4/21/28 (b)     20,832,255       20,554,561  
Univision Communications, Inc., 2021 Replacement New First-Lien Term, First Lien, 4.00% (LIBOR01M+325bps), 3/24/26 (b)     14,738,949       14,634,597  

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
Univision Communications, Inc., Initial First-Lien Term Loans, First Lien, 4.00%  (LIBOR01M+325bps), 5/7/28 (b)  $8,500,000   $8,400,805 
Upstream Rehabilitation, August 2021 Incremental TL, First Lien, 4.59%  (SOFR01M+425bps), 11/20/26 (b)   4,962,500    4,928,408 
USI, Inc., 2017 New Term Loans, First Lien, 3.22%  (LIBOR03M+300bps), 5/16/24 (b)   17,575,475    17,443,308 
Utz Quality Foods LLC, 2021 New Term Loans, First Lien, 3.21%  (LIBOR01M+300bps), 1/20/28 (b)   7,900,011    7,776,613 
Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 4.21%  (LIBOR01M+400bps), 8/27/25 (b)   9,813,623    9,764,555 
Weber-Stephen Products LLC ,Initial Term B Loans ,First Lien, 10/30/27 (c)(d)   3,000,000    2,901,000 
Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00%  (LIBOR01M+325bps), 10/30/27 (b)   14,363,846    13,889,839 
Welbilt, Inc., Facility TL, First Lien, 2.71%  (LIBOR01M+250bps), 10/23/25 (b)   15,000,000    14,850,000 
WestJet Airlines Ltd., Initial Term Loan, First Lien, 4.00%  (LIBOR06M+300bps), 12/11/26 (b)   23,815,181    22,897,344 
Whatabrands LLC, Initial Term B Loans, First Lien, 3.75%  (LIBOR01M+325bps), 7/21/28 (b)   3,990,000    3,937,651 
White Cap Buyer LLC, Initial Closing Date Term Loan, First Lien, 4.25%  (SOFR01M+375bps), 10/19/27 (b)   11,366,150    11,219,299 
WireCo WorldGroup, Inc., Initial Term Loan, First Lien, 4.75%  (LIBOR06M+425bps), 11/13/28 (b)   15,851,852    15,607,416 
WP CPP Holdings LLC, Term Loan Second Lien, Second Lien, 8.75%  (LIBOR03M+775bps), 4/30/26 (b)   2,000,000    1,948,340 
WP CPP Holdings LLC, Term Loans, First Lien, 4.75%  (LIBOR03M+375bps), 4/30/25 (b)   9,791,029    9,245,571 
Total Senior Secured Loans (Cost $2,122,169,696)        2,083,768,773 
           
Corporate Bonds (8.5%)          
Communication Services (2.1%):          
Audacy Capital Corp., 6.50%, 5/1/27, Callable 5/1/22 @ 104.88(f)   2,000,000    1,878,580 
CSC Holdings LLC, 6.50%, 2/1/29, Callable 2/1/24 @ 103.25(f)   5,000,000    5,044,900 
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38(f)   11,247,000    11,247,675 
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(f)(g)   8,460,000    8,141,481 
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19   3,000,000    3,101,280 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(f)(g)   15,350,000    13,325,335 
Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(f)   6,500,000    6,810,895 
         49,550,146 
Consumer Discretionary (1.8%):          
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(f)(g)   8,000,000    7,814,800 
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56(f)   6,000,000    5,195,100 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(f)(g)   5,500,000    5,493,675 
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(f)(g)   1,070,000    912,186 
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88(f)(g)   2,350,000    2,426,798 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (f)  $1,300,000   $1,119,157 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (f)   5,600,000    4,794,888 
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(f)   2,750,000    2,709,850 
Tenneco, Inc., 5.00%, 7/15/26, Callable 5/13/22 @ 102.5   6,840,000    6,727,208 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(f)(g)   6,000,000    6,660,540 
         43,854,202 
Consumer Staples (0.4%):          
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(f)   10,595,000    9,053,851 
           
Energy (0.5%):          
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(f)   2,334,000    2,330,989 
Antero Resources Corp., 8.38%, 7/15/26, Callable 1/15/24 @ 104.19(f)   3,246,000    3,588,518 
Citgo Holding, Inc., 9.25%, 8/1/24, Callable 5/13/22 @ 104.63(f)   1,750,000    1,768,008 
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 6/15/22 @ 103.5(f)   1,250,000    1,264,575 
PBF Holding Co. LLC/PBF Finance Corp.          
9.25%, 5/15/25, Callable 5/15/22 @ 104.63 (f)   1,200,000    1,234,656 
6.00%, 2/15/28, Callable 2/15/23 @ 103   2,000,000    1,607,800 
         11,794,546 
Financials (0.7%):          
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(f)   4,000,000    3,760,120 
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25(f)(g)   6,500,000    6,523,855 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(f)(g)   3,100,000    2,655,925 
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(f)   1,120,000    1,069,477 
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/13/22 @ 102(f)   2,250,000    2,217,330 
         16,226,707 
Health Care (1.4%):          
Air Methods Corp., 8.00%, 5/15/25, Callable 5/13/22 @ 102(f)(g)   14,250,000    12,325,110 
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(f)(g)   10,466,000    8,239,568 
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(f)   2,000,000    1,866,060 
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(f)(g)   2,500,000    2,511,950 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(f)   8,383,000    7,542,772 
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(f)   1,000,000    1,016,450 
         33,501,910 
Industrials (1.2%):          
American Airlines, Inc., 11.75%, 7/15/25(f)   17,185,000    20,072,939 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(f)   4,000,000    4,164,560 
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(f)   3,950,000    3,566,534 
         27,804,033 
Information Technology (0.4%):          
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(f)   8,800,000    9,438,968 
Total Corporate Bonds (Cost $213,396,784)        201,224,363 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Floating Rate Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Shares or
Principal
Amount
   Value 
Yankee Dollars (0.8%)          
Communications (0.1%):          
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(f)  $4,350,000   $3,320,355 
           
Energy (0.2%):          
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(f)   3,800,000    3,936,344 
           
Industrials (0.5%):          
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/13/22 @ 103.94(f)   8,000,000    7,834,960 
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(f)   3,650,000    3,434,905 
         11,269,865 
Total Yankee Dollars (Cost $19,311,303)        18,526,564 
           
Exchange-Traded Funds (1.6%)          
Invesco Senior Loan ETF (g)   785,500    17,100,335 
SPDR Blackstone Senior Loan ETF (g)   489,250    21,996,680 
Total Exchange-Traded Funds (Cost $39,851,473)        39,097,015 
Total Investments (Cost $2,394,921,627) — 98.7%        2,342,731,498 
Other assets in excess of liabilities — 1.3%        30,047,218 
NET ASSETS - 100.00%       $2,372,778,716 

 

(a) Amount represents less than 0.05% of net assets.
(b) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(c) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(d) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(e) The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. At March 31, 2022, the Fund held unfunded or partially unfunded loan commitments of $3,217,287, which included a $54,724 unrealized loss.
(f) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $208,314,639 and amounted to 8.8% of net assets.
(g) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.

 

bps—Basis points
ETF—Exchange-Traded Fund
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PLC—Public Limited Company
REIT—Real Estate Investment Trust
SOFR—Secured Overnight Financing Rate

 

 

 

 

Victory Portfolios  Schedule of Portfolio Investments 
Victory Strategic Income Fund  March 31, 2022 
   (Unaudited) 
     
Security Description  Principal
Amount
   Value 
Asset-Backed Securities (1.6%)          
Commonbond Student Loan Trust, Series 2021-AGS, Class A, 1.20%, 8/25/50, Callable 10/25/29 @ 100 (a)  $201,071   $191,365 
Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A2, 1.60%, 3/10/25, Callable 3/10/26 @ 100 (a)   300,000    296,707 
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, 3/26/46, Callable 3/25/24 @ 100 (a)(b)   500,000    461,823 
Total Asset-Backed Securities (Cost $1,000,993)        949,895 
           
Collateralized Mortgage Obligations (10.1%)          
AIMCO CLO, Series 2017-AA, Class DR, 3.40%  (LIBOR03M+315bps), 4/20/34, Callable 4/20/23 @ 100 (a)(c)   400,000    390,701 
AIMCO CLO 14 Ltd., Series 2021-14A, Class D, 3.15%  (LIBOR03M+290bps), 4/20/34, Callable 4/20/23 @ 100 (a)(b)(c)   800,000    764,057 
Battalion CLO XIX Ltd., Series 2021-19A, Class D, 3.49%  (LIBOR03M+325bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c)   800,000    794,962 
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36, Callable 11/5/24 @ 100 (a)   300,000    295,273 
Grace Trust, Series 2020-GRCE, Class C, 2.68%, 12/10/40, Callable 12/10/30 @ 100 (a)(b)(d)   650,000    576,017 
Greywolf CLO II Ltd., Series 2013-1A, Class C2RR, 4.44%  (LIBOR03M+420bps), 4/15/34, Callable 4/15/23 @ 100 (a)(b)(c)   900,000    903,120 
GS Mortgage Securities Trust, Series 2017-FARM, Class B, 3.54%, 1/10/43, Callable 1/10/28 @ 100 (a)(b)(d)   650,000    638,101 
Hilton USA Trust, Series 2016-SFP, Class A, 2.83%, 11/5/35 (a)(b)   500,000    494,834 
OHA Credit Funding 2 Ltd., Series 2019-2A, Class CR, 2.46%  (LIBOR03M+220bps), 4/21/34, Callable 4/21/23 @ 100 (a)(b)(c)   600,000    592,111 
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)(b)   385,000    358,460 
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class B, 4.00%, 12/15/50, Callable 12/15/27 @ 100 (d)   150,000    150,058 
Total Collateralized Mortgage Obligations (Cost $6,237,458)        5,957,694 
           
Corporate Bonds (62.2%)          
Communication Services (11.8%):          
AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100   450,000    400,302 
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/1/32, Callable 11/1/31 @ 100(b)   820,000    700,674 
Comcast Corp.          
1.50%, 2/15/31, Callable 11/15/30 @ 100 (e)   500,000    435,470 
2.94%, 11/1/56, Callable 5/1/56 @ 100 (a)   100,000    83,398 
CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75(a)(b)   1,000,000    982,660 
Electronic Arts, Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100(b)   800,000    704,280 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Strategic Income Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)(b)  $500,000   $481,175 
iHeartCommunications, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63(a)(b)   500,000    494,795 
Scripps Escrow, Inc., 5.88%, 7/15/27, Callable 7/15/22 @ 104.41(a)   250,000    250,362 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(a)(b)   1,500,000    1,302,150 
Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100(b)   500,000    564,655 
Verizon Communications, Inc.          
2.36%, 3/15/32, Callable 12/15/31 @ 100 (a)(b)   400,000    361,644 
3.88%, 3/1/52, Callable 9/1/51 @ 100   200,000    201,340 
         6,962,905 
Communications (0.7%):          
T Mobile USA, Inc., 2.70%, 3/15/32, Callable 12/15/31 @ 100(a)   450,000    409,648 
           
Consumer Discretionary (10.0%):          
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(a)(b)(e)   1,500,000    1,465,275 
Expedia Group, Inc., 2.95%, 3/15/31, Callable 12/15/30 @ 100(b)(e)   700,000    649,523 
General Motors Co., 5.95%, 4/1/49, Callable 10/1/48 @ 100   100,000    111,635 
Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(a)   500,000    502,815 
Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(a)(b)   200,000    170,502 
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100(b)   480,000    438,744 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   350,000    354,886 
Newell Brands, Inc., 5.75%, 4/1/46, Callable 10/1/45 @ 100   150,000    156,781 
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88(a)(b)   750,000    774,510 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 9/1/31, Callable 9/1/26 @ 102.98(a)   200,000    171,246 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(a)(b)   1,000,000    1,110,090 
         5,906,007 
Consumer Staples (2.0%):          
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 6/1/50, Callable 12/1/49 @ 100   300,000    322,035 
Kraft Heinz Foods Co.          
3.75%, 4/1/30, Callable 1/1/30 @ 100 (b)   750,000    751,208 
4.88%, 10/1/49, Callable 4/1/49 @ 100 (e)   100,000    105,431 
         1,178,674 
Energy (8.2%):          
Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81(a)(b)   624,000    675,555 
Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100(b)   700,000    662,641 
Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100(b)   750,000    770,452 
Marathon Oil Corp., 4.40%, 7/15/27, Callable 4/15/27 @ 100(b)(e)   150,000    154,853 
ONEOK, Inc.          
3.40%, 9/1/29, Callable 6/1/29 @ 100 (b)   100,000    96,282 
4.45%, 9/1/49, Callable 3/1/49 @ 100   100,000    96,996 
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100(b)   1,600,000    1,696,912 
Targa Resources Partners LP, 4.00%, 1/15/32, Callable 7/15/26 @ 102   700,000    671,867 
         4,825,558 
Financials (11.5%):          
Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100(b)   730,000    698,464 
Bank of America Corp.          
2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b)(c)   500,000    459,570 
2.83% (SOFR+188bps), 10/24/51, Callable 10/24/50 @ 100, MTN (b)(c)   500,000    425,650 
Chubb INA Holdings, Inc., 1.38%, 9/15/30, Callable 6/15/30 @ 100(b)   1,550,000    1,350,406 
CNA Financial Corp., 2.05%, 8/15/30, Callable 5/15/30 @ 100(b)   800,000    708,368 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Strategic Income Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Principal
Amount
   Value 
General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100(b)  $100,000   $95,570 
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.63%, 10/15/31, Callable 7/15/31 @ 100(b)   700,000    630,448 
JPMorgan Chase & Co., 2.96%, 1/25/33, Callable 1/25/32 @ 100   650,000    613,444 
Morgan Stanley          
2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b)(c)   500,000    429,250 
3.22% (SOFR+149bps), 4/22/42, Callable 4/22/41 @ 100 (c)   250,000    230,160 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(a)(b)   500,000    428,375 
The Goldman Sachs Group, Inc., 3.10%, 2/24/33, Callable 2/24/32 @ 100   700,000    660,520 
         6,730,225 
Health Care (2.7%):          
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100(b)   300,000    313,029 
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)(b)   685,000    539,280 
Bristol Myers Squibb Co.          
2.95%, 3/15/32, Callable 12/15/31 @ 100   400,000    392,024 
3.70%, 3/15/52, Callable 9/15/51 @ 100   100,000    100,613 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(a)   250,000    224,942 
         1,569,888 
Industrials (5.5%):          
Air Lease Corp., 4.63%, 10/1/28, Callable 7/1/28 @ 100(b)   650,000    662,175 
American Airlines, Inc., 11.75%, 7/15/25(a)   200,000    233,610 
Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06(a)(b)   1,000,000    928,750 
The Boeing Co.          
5.15%, 5/1/30, Callable 2/1/30 @ 100 (b)   800,000    852,048 
3.75%, 2/1/50, Callable 8/1/49 @ 100 (e)   100,000    89,459 
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(a)(b)   500,000    454,810 
         3,220,852 
Information Technology (3.8%):          
NVIDIA Corp., 2.00%, 6/15/31, Callable 3/15/31 @ 100(b)   1,600,000    1,462,768 
VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100(b)   850,000    747,609 
         2,210,377 
Materials (1.0%):          
Freeport-McMoRan, Inc., 4.25%, 3/1/30, Callable 3/1/25 @ 102.13(b)   600,000    604,086 
           
Real Estate (4.2%):          
Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34, Callable 12/15/33 @ 100(b)   800,000    753,224 
Essex Portfolio LP, 4.00%, 3/1/29, Callable 12/1/28 @ 100(b)(e)   800,000    824,536 
Life Storage, LP, 2.40%, 10/15/31, Callable 7/15/31 @ 100(b)   550,000    485,628 
Simon Property Group LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100(b)   450,000    405,747 
         2,469,135 
Utilities (0.8%):          
Duke Energy Corp., 3.50%, 6/15/51, Callable 12/15/50 @ 100   320,000    291,712 
Pacific Gas and Electric Co., 3.50%, 8/1/50, Callable 2/1/50 @ 100   250,000    199,108 
         490,820 
Total Corporate Bonds (Cost $38,896,593)        36,578,175 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Strategic Income Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Shares or
Principal
Amount
   Value 
Residential Mortgage-Backed Securities (0.1%)          
Bank of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 9/20/34, Callable 6/20/25 @ 100 (b)  $33,048   $33,208 
Countrywide Home Loans, Inc., Series 2004-5, Class 2A9, 5.25%, 5/25/34, Callable 4/25/22 @ 100 (b)   57,153    57,205 
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 8/25/28 @ 100 (b)   1,605    1,529 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (b)   1,306    853 
Total Residential Mortgage-Backed Securities (Cost $95,007)        92,795 
           
Yankee Dollars (4.7%)          
Communication Services (1.8%):          
Vodafone Group PLC, 4.38%, 5/30/28(b)   1,000,000    1,048,310 
           
Energy (1.1%):          
Cenovus Energy, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(b)(e)   725,000    656,285 
           
Financials (1.5%):          
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100(a)(b)   1,000,000    902,030 
           
Industrials (0.3%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100   150,000    138,276 
Total Yankee Dollars (Cost $2,842,540)        2,744,901 
           
U.S. Government Mortgage-Backed Agencies (0.1%)          
Federal National Mortgage Association          
3.50%, 7/1/43 (b)   40,548    41,343 
Total U.S. Government Mortgage-Backed Agencies (Cost $41,428)        41,343 
           
U.S. Treasury Obligations (8.9%)          
U.S. Treasury Bonds          
1.88%, 2/15/41 (b)   3,950,000    3,514,883 
1.38%, 8/15/50 (b)   500,000    385,000 
U.S. Treasury Notes          
1.50%, 2/29/24   500,000    492,754 
1.38%, 11/15/31   400,000    367,062 
1.88%, 2/28/27   500,000    486,680 
Total U.S. Treasury Obligations (Cost $5,580,069)        5,246,379 
           
Exchange-Traded Funds (9.6%)          
Invesco Senior Loan ETF (b)(e)   130,790    2,847,298 
SPDR Blackstone Senior Loan ETF (b)(e)   63,000    2,832,480 
Total Exchange-Traded Funds (Cost $5,805,972)        5,679,778 
           
Collateral for Securities Loaned (12.8%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (f)   145,960    145,960 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Strategic Income Fund   March 31, 2022  
    (Unaudited)  

 

Security Description  Shares   Value 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (f)   4,094,166   $4,094,166 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (f)   72,841    72,841 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (f)   580,814    580,814 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (f)   2,611,452    2,611,452 
Total Collateral for Securities Loaned (Cost $7,505,233)        7,505,233 
Total Investments (Cost $68,005,293) — 110.1%        64,796,193 
Liabilities in excess of other assets — (10.1)%        (5,954,392)
NET ASSETS - 100.00%       $58,841,801 

 

^ Purchased with cash collateral from securities on loan.
(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $19,705,153 and amounted to 33.5% of net assets.
(b) All or a portion of this security has been segregated as collateral for derivative instruments.
(c) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(d) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(e) All or a portion of this security is on loan.
(f) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
ETF—Exchange-Traded Fund
LIBOR—London InterBank Offered Rate
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
 

 

Futures Contracts Purchased    
   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
2-Year U.S. Treasury Note Futures  11  6/30/22  $2,340,543   $2,331,140   $(9,403)
5-Year U.S. Treasury Note Futures  21  6/30/22   2,438,435    2,408,437    (29,998)
Ultra Long Term U.S. Treasury Bond Futures  23  6/21/22   4,227,890    4,073,875    (154,015)
                   $(193,416)

 

Futures Contracts Sold    
   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
10-Year U.S. Treasury Note Futures  36  6/21/22  $5,115,292   $4,876,875   $238,417 
                      
   Total unrealized appreciation   $238,417 
   Total unrealized depreciation    (193,416)
   Total net unrealized appreciation (depreciation)   $45,001 

 

 

 

 

Victory Portfolios   Schedule of Portfolio Investments — continued  
Victory Strategic Income Fund   March 31, 2022  
    (Unaudited)  

 

Centrally Cleared

 

Credit Default Swap Agreements - Buy Protection(a)

  

Underlying Instruments  Fixed Deal
Pay Rate
   Maturity
Date
  Payment
Frequency
  Implied
Credit
Spread at
March 31,
2022(b)
  Notional
Amount(c)
   Value   Premiums
Paid
(Received)
   Unrealized
Appreciation
(Depreciation)
 
CDX North America High Yield Index; Series 38   5.00%  6/20/27  Quarterly  3 .78%   $5,500,000   $(296,895)  $(260,150)  $(36,745)
                      $(296,895)  $(260,150)  $(36,745)

 

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