Victory High Yield Fund - Class Y (RSYYX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04852
Victory Portfolios
(Exact name of registrant as specified in charter)
4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio					44144
(Address of principal executive offices)					(Zip code)
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code:				800-539-3863
Date of fiscal year end:	June 30
Date of reporting period:		December 31, 2019

Item 1. Reports to Stockholders.

December 31, 2019

Semi Annual Report

Victory Integrity Discovery Fund

Victory Integrity Mid-Cap Value Fund

Victory Integrity Small-Cap Value Fund

Victory Integrity Small/Mid-Cap Value Fund

Victory Munder Multi-Cap Fund

Victory S&P 500 Index Fund

Victory Munder Mid-Cap Core Growth Fund

Victory Munder Small Cap Growth Fund

Victory Trivalent Emerging Markets Small-Cap Fund

Victory Trivalent International Fund-Core Equity

Victory Trivalent International Small-Cap Fund

Victory INCORE Total Return Bond Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Victory Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Victory Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you need not take any action.

You may elect to receive shareholder reports and other communications from the Victory Funds or your financial intermediary electronically sooner than January 1, 2021 by notifying your financial intermediary directly or, if you are a direct investor, by calling 800-539-3863 or by sending an e-mail request to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with the Victory Funds, you can call 800-539-3863 or send an e-mail request to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all Victory Funds you hold directly or through your financial intermediary.

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Funds site gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

Victory Portfolios

Table of Contents

Financial Statements
Victory Integrity Discovery Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	8
Statement of Assets and Liabilities	84
Statement of Operations	88
Statements of Changes in Net Assets	92-94
Financial Highlights	104-107
Victory Integrity Mid-Cap Value Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	12
Statement of Assets and Liabilities	84
Statement of Operations	88
Statements of Changes in Net Assets	92-94
Financial Highlights	108-109
Victory Integrity Small-Cap Value Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	16
Statement of Assets and Liabilities	84
Statement of Operations	88
Statements of Changes in Net Assets	92-94
Financial Highlights	110-115
Victory Integrity Small/Mid-Cap Value Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	20
Statement of Assets and Liabilities	85
Statement of Operations	89
Statements of Changes in Net Assets	95-97
Financial Highlights	116-117
Victory Munder Multi-Cap Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	24
Statement of Assets and Liabilities	85
Statement of Operations	89
Statements of Changes in Net Assets	95-97
Financial Highlights	118-121
Victory S&P 500 Index Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	27
Statement of Assets and Liabilities	85
Statement of Operations	89
Statements of Changes in Net Assets	95-97
Financial Highlights	122-125
Victory Munder Mid-Cap Core Growth Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	39
Statement of Assets and Liabilities	86
Statement of Operations	90
Statements of Changes in Net Assets	98-100
Financial Highlights	126-131

1

Table of Contents (continued)

Victory Munder Small Cap Growth Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	42
Statement of Assets and Liabilities	86
Statement of Operations	90
Statements of Changes in Net Assets	98-100
Financial Highlights	132-133
Victory Trivalent Emerging Markets Small-Cap Fund
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	47
Statement of Assets and Liabilities	86
Statement of Operations	90
Statements of Changes in Net Assets	98-100
Financial Highlights	134-135
Victory Trivalent International Fund-Core Equity
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	55
Statement of Assets and Liabilities	87
Statement of Operations	91
Statements of Changes in Net Assets	101-103
Financial Highlights	136-141
Victory Trivalent International Small-Cap Fund
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	67
Statement of Assets and Liabilities	87
Statement of Operations	91
Statements of Changes in Net Assets	101-103
Financial Highlights	142-143
Victory INCORE Total Return Bond Fund
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	77
Statement of Assets and Liabilities	87
Statement of Operations	91
Statements of Changes in Net Assets	101-103
Financial Highlights	144-145
Notes to Financial Statements	146
Supplemental Information
Proxy Voting and Portfolio Holdings Information	165
Expense Examples	165
Advisory Contract Approval	168
Privacy Policy (inside back cover)

2

The Funds are distributed by Victory Capital Advisers, Inc. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds.

For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at www.vcm.com or call 800-539-3863. Read it carefully before you invest or
send money.

The information in this semi annual report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Funds, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

3

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4

Victory Portfolios December 31, 2019

  (Unaudited)

Investment Objectives & Portfolio Holdings:

Integrity Discovery Fund
Seeks to provide capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

Integrity Mid-Cap Value Fund
Seeks to provide capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

Integrity Small-Cap Value Fund
Seeks to provide long-term capital growth.

Portfolio Holdings

As a Percentage of Total Investments

Integrity Small/Mid-Cap Value Fund
Seeks to provide capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

5

Victory Portfolios December 31, 2019

  (Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

Munder Multi-Cap Fund
Seeks to provide long-term capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

S&P 500 Index Fund
Seeks to provide performance and income that is
comparable to the S&P 500 Index.

Portfolio Holdings

As a Percentage of Total Investments

Munder Mid-Cap Core Growth Fund
Seeks to provide long-term capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

Munder Small Cap Growth Fund
Seeks to provide long-term capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

6

Victory Portfolios December 31, 2019

  (Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

Trivalent Emerging Markets Small-Cap Fund
Seeks to provide long-term growth of capital.

Portfolio Holdings

As a Percentage of Total Investments

Trivalent International Fund-Core Equity
Seeks to provide long-term growth of capital.

Portfolio Holdings

As a Percentage of Total Investments

Trivalent International Small-Cap Fund
Seeks to provide long-term growth of capital.

Portfolio Holdings

As a Percentage of Total Investments

INCORE Total Return Bond Fund
Seeks to provide a high level of current income
together with capital appreciation.

Portfolio Holdings

As a Percentage of Total Investments

7

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (96.8%)
Banks (24.7%):
Atlantic Capital Bancshares, Inc. (a)		63,300	$	1,162
Bridge Bancorp, Inc.		37,300		1,251
Carolina Financial Corp. (b)		17,600		761
Civista Bancshares, Inc.		44,000		1,056
Equity Bancshares, Inc. (a)		23,200		716
Financial Institutions, Inc.		16,700		536
First Bancorp, Inc., Class A		8,000		319
First Bancshares, Inc. (The)		30,500		1,083
First Bank/Hamilton NJ		69,100		764
First Foundation, Inc.		80,000		1,392
First Internet Bancorp		33,700		799
First Mid Bancshares, Inc.		31,500		1,110
Franklin Financial Network, Inc.		29,800		1,023
FVCBankcorp, Inc., Class A (a)		22,500		393
German American Bancorp, Inc., Class A		40,000		1,424
HarborOne Bancorp, Inc. (a)		102,000		1,121
Heritage Commerce Corp.		101,924		1,308
Heritage Financial Corp.		28,000		792
Hometrust Bancshares, Inc.		45,100		1,210
Howard Bancorp, Inc. (a)		49,700		839
Independent Bank Corp.		60,000		1,359
Mercantile Bank Corp.		34,850		1,271
Origin Bancorp, Inc.		29,200		1,105
Peoples Bancorp, Inc.		39,000		1,352
People's Utah Bancorp		30,000		904
QCR Holdings, Inc.		29,700		1,303
SB One Bancorp		32,300		805
Smartfinancial, Inc.		47,000		1,112
Southern National Bancorp of Virginia, Inc.		75,330		1,232
Trico Bancshares		10,000		408
Univest Financial Corp.		51,400		1,376
Washington Trust Bancorp, Inc.		22,700		1,221
				32,507
Capital Markets (1.6%):
Cowen, Inc., Class A (a) (b)		80,500		1,268
Diamond Hill Investment Group, Inc.		5,475		769
				2,037
Communication Services (2.0%):
Entravision Communications Corp., Class A		179,000		469
Glu Mobile, Inc. (a) (b)		131,000		793
The Marcus Corp. (b)		40,314		1,280
				2,542
Consumer Discretionary (8.2%):
BJ's Restaurants, Inc.		17,600		668
Carrols Restaurant Group, Inc. (a) (b)		122,000		860
Century Communities, Inc. (a)		26,500		725

See notes to financial statements.

8

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hibbett Sports, Inc. (a) (b)		30,800	$	864
M/I Homes, Inc. (a)		19,100		751
Malibu Boats, Inc., Class A (a)		26,700		1,093
MarineMax, Inc. (a)		44,845		748
Modine Manufacturing Co. (a)		57,636		444
Motorcar Parts of America, Inc. (a) (b)		63,700		1,403
Ruth's Hospitality Group, Inc.		34,000		740
Shoe Carnival, Inc. (b)		29,600		1,103
Zumiez, Inc. (a) (b)		42,000		1,451
				10,850
Consumer Finance (0.9%):
EZCORP, Inc., Class A (a) (b)		172,000		1,173
Energy (6.2%):
DHT Holdings, Inc.		87,000		720
Earthstone Energy, Inc., Class A (a)		188,539		1,193
International Seaways, Inc. (a)		25,700		765
Matrix Service Co. (a)		69,650		1,594
Natural Gas Services Group, Inc. (a)		56,432		692
Newpark Resources, Inc. (a)		191,500		1,201
Solaris Oilfield Infrastructure, Inc., Class A (b)		74,000		1,036
Tidewater, Inc. (a)		52,770		1,017
				8,218
Health Care (5.1%):
Addus HomeCare Corp. (a) (b)		19,900		1,935
Capital Senior Living Corp. (a)		157,400		486
Hanger, Inc. (a)		42,392		1,170
Invacare Corp. (b)		104,500		942
RadNet, Inc. (a)		68,800		1,397
RTI Surgical, Inc. (a)		294,800		808
				6,738
Industrials (15.2%):
CIRCOR International, Inc. (a) (b)		16,400		758
Columbus McKinnon Corp.		30,900		1,237
Covenant Transport Group, Inc., Class A (a)		50,000		646
CRA International, Inc.		23,000		1,253
Ducommon, Inc. (a) (b)		13,600		687
DXP Enterprise, Inc. (a)		30,730		1,224
Eagle Bulk Shipping, Inc. (a) (b)		241,000		1,109
Echo Global Logistics, Inc. (a)		43,908		909
Foundation Building Materials, Inc. (a)		32,000		619
Great Lakes Dredge & Dock Corp. (a)		88,000		997
Heidrick & Struggles International, Inc.		25,700		835
Heritage-Crystal Clean, Inc. (a)		30,000		941
Kelly Services, Inc., Class A (b)		52,300		1,181
MYR Group, Inc. (a)		28,500		929
NN, Inc. (b)		146,000		1,351
Park-Ohio Holdings Corp. (b)		22,200		747
SP Plus Corp. (a)		29,800		1,265

See notes to financial statements.

9

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Spartan Motors, Inc.		61,000	$	1,103
Team, Inc. (a) (b)		71,700		1,145
Triumph Group, Inc.		26,600		672
USA Truck, Inc. (a) (b)		35,724		266
				19,874
Information Technology (14.0%):
Axcelis Technologies, Inc. (a)		63,400		1,528
BEL Fuse, Inc.		44,500		912
Cohu, Inc.		56,264		1,286
CTS Corp.		32,400		973
Diebold Nixdorf, Inc. (a) (b)		85,000		898
Digi International, Inc. (a) (b)		70,000		1,240
Extreme Networks, Inc. (a) (b)		122,721		904
Harmonic, Inc. (a)		236,700		1,847
I3 Verticals, Inc. (a)		50,650		1,431
Infinera Corp. (a) (b)		200,500		1,592
Mitek Systems, Inc. (a)		105,000		803
Mobileiron, Inc. (a)		127,000		617
Onto Innovation, Inc. (a)		47,600		1,739
Perficient, Inc. (a)		14,500		668
Photronics, Inc. (a) (b)		117,800		1,856
				18,294
Insurance (1.6%):
HCI Group, Inc. (b)		20,700		945
Heritage Insurance Holdings, Inc.		85,500		1,133
				2,078
Materials (3.9%):
Haynes International, Inc.		28,500		1,020
Koppers Holdings, Inc. (a)		19,766		755
Schnitzer Steel Industries, Inc.		54,000		1,170
SunCoke Energy, Inc.		167,500		1,044
Verso Corp., Class A (a)		57,050		1,029
				5,018
Mortgage Real Estate Investment Trusts (0.9%):
Western Asset Mortgage Capital Corp.		108,000		1,116
Real Estate (7.1%):
Bluerock Residential Growth REIT, Inc.		76,000		916
Catchmark Timber Trust, Inc.		92,000		1,054
Cedar Realty Trust, Inc.		290,000		856
City Office REIT, Inc.		77,500		1,048
Community Healthcare Trust, Inc.		15,000		643
Global Medical REIT, Inc.		77,000		1,018
Jernigan Capital, Inc. (b)		37,000		708
NexPoint Residential Trust, Inc.		16,500		743
Plymouth Industrial REIT, Inc.		48,758		897
UMH Properties, Inc.		50,000		787
Urstadt Biddle Properties, Inc., Class A		30,147		749
				9,419

See notes to financial statements.

10

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Thrifts & Mortgage Finance (5.4%):
Bridgewater Bancshares, Inc. (a)		80,000	$	1,102
First Defiance Financial Corp. (b)		39,500		1,244
Home Bancorp, Inc.		17,700		694
Homestreet, Inc. (a)		37,000		1,258
PCSB Financial Corp.		62,500		1,266
United Community Financial Corp.		127,500		1,486
				7,050
Total Common Stocks (Cost $109,231)				126,914
Collateral for Securities Loaned (11.9%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		744,246		744
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		4,100,262		4,100
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		124,307		124
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		2,476,982		2,477
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		2,724,872		2,725
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		5,449,558		5,450
Total Collateral for Securities Loaned (Cost $15,620)				15,620
Total Investments (Cost $124,851) — 108.7%				142,534
Liabilities in excess of other assets — (8.7)%				(11,438	)
NET ASSETS — 100.00%			$	131,096

^  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 December 31, 2019.

REIT — Real Estate Investment Trust

See notes to financial statements.

11

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (98.9%)
Communication Services (1.5%):
Cinemark Holdings, Inc. (a)		49,268	$	1,668
ViacomCBS, Inc., Class B		54,176		2,274
				3,942
Consumer Discretionary (9.2%):
Advance Auto Parts, Inc.		9,531		1,526
Aramark		62,024		2,692
Bed Bath & Beyond, Inc.		78,300		1,355
BorgWarner, Inc.		49,677		2,155
Brunswick Corp.		37,533		2,251
D.R. Horton, Inc.		36,976		1,950
Dollar Tree, Inc. (b)		18,835		1,771
Kohl's Corp.		42,350		2,158
Newell Brands, Inc.		97,393		1,872
Ralph Lauren Corp.		15,382		1,803
Royal Caribbean Cruises Ltd.		18,370		2,453
Wyndham Destinations, Inc.		39,159		2,024
				24,010
Consumer Staples (3.8%):
Post Holdings, Inc. (b)		19,403		2,117
The Kroger Co.		66,922		1,940
Tyson Foods, Inc., Class A		36,295		3,304
U.S. Foods Holding Corp. (b)		59,242		2,482
				9,843
Energy (6.1%):
Concho Resources, Inc.		27,695		2,425
Diamondback Energy, Inc.		28,820		2,677
Hess Corp.		28,990		1,937
HollyFrontier Corp.		40,771		2,067
Noble Energy, Inc.		82,940		2,060
Pioneer Natural Resources Co.		13,951		2,112
WPX Energy, Inc. (b)		186,337		2,560
				15,838
Financials (18.7%):
American Financial Group, Inc.		25,639		2,811
Arthur J. Gallagher & Co.		34,283		3,265
Assurant, Inc.		16,210		2,125
Everest Re Group Ltd.		9,417		2,607
Fidelity National Financial, Inc., Class A		60,672		2,751
Fifth Third Bancorp.		127,285		3,914
Lincoln National Corp.		44,984		2,655
LPL Financial Holdings, Inc.		25,809		2,381
M&T Bank Corp.		18,948		3,216
Northern Trust Corp.		34,046		3,617

See notes to financial statements.

12

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Raymond James Financial, Inc.		25,606	$	2,291
Regions Financial Corp.		187,028		3,209
Sterling Bancorp		89,779		1,893
Voya Financial, Inc.		55,141		3,362
W.R. Berkley Corp.		30,990		2,141
Western Alliance Bancorp		48,552		2,767
Zions Bancorp NA		71,192		3,697
				48,702
Health Care (7.6%):
Encompass Health Corp.		39,055		2,705
Hill-Rom Holdings, Inc.		19,834		2,252
Hologic, Inc. (b)		59,820		3,123
Laboratory Corp. of America Holdings (b)		19,254		3,257
McKesson Corp.		17,813		2,464
Perrigo Co. PLC		39,624		2,047
Zimmer Biomet Holdings, Inc.		27,173		4,067
				19,915
Industrials (14.6%):
AGCO Corp.		21,743		1,680
Beacon Roofing Supply, Inc. (a) (b)		63,264		2,023
Colfax Corp. (b)		60,332		2,195
Crane Co.		18,221		1,574
Curtiss-Wright Corp.		13,609		1,917
Dycom Industries, Inc. (b)		45,814		2,160
ITT, Inc.		22,697		1,678
Kansas City Southern (a)		21,231		3,252
Knight-Swift Transportation Holdings, Inc. (a)		45,156		1,618
L3Harris Technologies, Inc.		10,667		2,111
Old Dominion Freight Line, Inc.		10,793		2,048
Oshkosh Corp.		25,822		2,444
Quanta Services, Inc.		58,731		2,391
Regal Beloit Corp.		21,267		1,821
Republic Services, Inc., Class A		31,365		2,811
Stanley Black & Decker, Inc.		17,040		2,823
Textron, Inc.		40,079		1,788
United Airlines Holdings, Inc. (b)		22,925		2,019
				38,353
Information Technology (11.5%):
Arrow Electronics, Inc. (b)		30,569		2,590
Flex Ltd. (b)		208,623		2,633
Leidos Holdings, Inc.		22,004		2,154
Lumentum Holdings, Inc. (b)		17,176		1,362
Microchip Technology, Inc. (a)		24,640		2,581
MKS Instruments, Inc.		20,255		2,228
Motorola Solutions, Inc.		11,554		1,862
NCR Corp. (b)		70,739		2,487
NortonLifeLock, Inc.		83,599		2,133

See notes to financial statements.

13

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Nuance Communications, Inc. (b)		140,057	$	2,498
ON Semiconductor Corp. (b)		90,437		2,205
Qorvo, Inc. (b)		13,803		1,604
SYNNEX Corp.		19,028		2,451
Western Digital Corp.		22,551		1,431
				30,219
Materials (6.6%):
Allegheny Technologies, Inc. (a) (b)		60,548		1,251
Carpenter Technology Corp.		25,663		1,278
Celanese Corp., Series A		15,529		1,911
FMC Corp.		19,153		1,912
Freeport-McMoRan, Inc.		228,888		3,003
Huntsman Corp.		79,122		1,912
Martin Marietta Materials, Inc.		6,952		1,944
Newmont Goldcorp Corp.		46,225		2,008
Westrock Co.		46,565		1,998
				17,217
Real Estate (10.5%):
Alexandria Real Estate Equities, Inc.		8,209		1,326
Americold Realty Trust		62,718		2,199
Apartment Investment & Management Co.		61,365		3,170
Camden Property Trust		29,546		3,135
Duke Realty Investments, Inc.		104,645		3,629
Healthpeak Properties, Inc.		101,079		3,484
Host Hotels & Resorts, Inc.		156,913		2,911
Medical Properties Trust, Inc.		119,499		2,523
STORE Capital Corp.		65,331		2,433
Weyerhaeuser Co.		88,460		2,671
				27,481
Utilities (8.8%):
Alliant Energy Corp.		45,155		2,471
Atmos Energy Corp.		20,357		2,277
DTE Energy Co.		23,685		3,076
Edison International		29,956		2,259
Evergy, Inc.		30,354		1,976
FirstEnergy Corp.		60,797		2,954
Pinnacle West Capital Corp.		19,506		1,754
PPL Corp.		113,370		4,067
UGI Corp.		46,452		2,098
				22,932
Total Common Stocks (Cost $231,669)				258,452

See notes to financial statements.

14

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (2.6%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		323,401	$	323
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		1,781,708		1,782
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		54,016		54
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		1,076,336		1,076
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		1,184,053		1,184
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		2,368,525		2,369
Total Collateral for Securities Loaned (Cost $6,788)				6,788
Total Investments (Cost $238,457) — 101.5%				265,240
Liabilities in excess of other assets — (1.5)%				(3,966	)
NET ASSETS — 100.00%			$	261,274

^  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 December 31, 2019.

PLC — Public Limited Company

See notes to financial statements.

15

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (98.7%)
Communication Services (2.0%):
AMC Entertainment Holdings, Inc. (a)		1,105,501	$	8,004
Gray Television, Inc. (a) (b)		930,980		19,960
Lions Gate Entertainment (b)		970,200		9,634
The Marcus Corp. (a)		325,200		10,332
				47,930
Consumer Discretionary (9.0%):
American Eagle Outfitters, Inc. (a)		1,084,481		15,942
Asbury Automotive Group, Inc. (b)		134,602		15,047
Bed Bath & Beyond, Inc. (a)		1,052,300		18,205
Brunswick Corp.		319,486		19,163
Caleres, Inc.		811,347		19,269
Century Communities, Inc. (a) (b)		666,600		18,232
Dana, Inc.		830,100		15,108
G-III Apparel Group Ltd. (b)		622,910		20,868
Helen of Troy Ltd. (b)		70,800		12,729
Jack in the Box, Inc.		221,141		17,256
Penn National Gaming, Inc. (b)		1,164,977		29,776
Wolverine World Wide, Inc.		545,200		18,395
				219,990
Consumer Staples (3.1%):
BJ's Wholesale Club Holdings, Inc. (b)		691,600		15,727
Performance Food Group Co. (b)		472,786		24,339
Sanderson Farms, Inc.		106,400		18,749
The Simply Good Foods Co. (a) (b)		487,200		13,905
				72,720
Energy (4.8%):
Callon Petroleum Co. (b)		1,435,500		6,933
Delek US Holdings, Inc.		444,453		14,903
Helix Energy Solutions Group, Inc. (a) (b)		2,508,302		24,155
Magnolia Oil & Gas Corp. (a) (b)		1,852,094		23,300
Matador Resources Co. (a) (b)		830,900		14,931
PDC Energy, Inc. (a) (b)		538,600		14,095
World Fuel Services Corp. (a)		423,200		18,375
				116,692
Financials (24.8%):
American Equity Investment Life Holding Co.		506,500		15,160
Banc of California, Inc.		509,900		8,760
BancorpSouth Bank (a)		1,015,553		31,898
BankUnited, Inc.		721,505		26,378
Berkshire Hills Bancorp, Inc. (a)		740,700		24,354
Carolina Financial Corp.		245,300		10,604
Cathay General Bancorp		623,400		23,720
First Bancorp, Inc., Class A		249,000		9,938
First Commonwealth Financial Corp. (a)		1,328,480		19,276
First Financial Bancorp		570,468		14,513

See notes to financial statements.

16

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
First Merchants Corp.		551,700	$	22,945
Fulton Financial Corp. (a)		1,315,248		22,925
Great Western Bancorp, Inc. (a)		880,700		30,595
Hancock Whitney Corp., Class B (a)		539,286		23,664
Heritage Financial Corp.		345,100		9,766
IBERIABANK Corp.		76,866		5,752
Kemper Corp.		226,159		17,527
Ladder Capital Corp.		225,300		4,065
MGIC Investment Corp.		1,168,500		16,558
PacWest Bancorp		471,300		18,037
Piper Jaffray Co.		178,213		14,246
Primerica, Inc.		137,480		17,949
Prosperity Bancshares, Inc.		236,805		17,024
RLI Corp. (a)		248,513		22,371
Sterling Bancorp		769,479		16,221
Stewart Information Services Corp. (a)		231,000		9,422
Stifel Financial Corp.		421,039		25,536
The Hanover Insurance Group, Inc.		132,967		18,173
United Community Banks, Inc.		746,116		23,040
Veritex Holdings, Inc.		829,300		24,158
WesBanco, Inc.		619,100		23,396
Western Alliance Bancorp		472,923		26,957
Western Asset Mortgage Capital Corp.		334,200		3,452
				598,380
Health Care (4.8%):
Brookdale Senior Living, Inc. (b)		1,524,126		11,080
CONMED Corp.		199,824		22,346
Magellan Health, Inc. (b)		377,806		29,564
Select Medical Holdings Corp. (b)		1,222,467		28,532
Syneos Health, Inc. (b)		404,200		24,040
				115,562
Industrials (14.8%):
AAR Corp.		431,000		19,438
Aerojet Rocketdyne Holdings, Inc. (a) (b)		362,867		16,569
AZZ, Inc.		456,600		20,981
Beacon Roofing Supply, Inc. (b)		590,272		18,877
Chart Industries, Inc. (b)		329,400		22,231
Clean Harbors, Inc. (b)		219,800		18,848
Colfax Corp. (a) (b)		486,800		17,710
Continental Building Products, Inc. (b)		542,600		19,767
Dycom Industries, Inc. (b)		492,922		23,241
EMCOR Group, Inc.		193,856		16,730
Hub Group, Inc., Class A (b)		319,452		16,385
Kennametal, Inc. (a)		488,300		18,013
Meritor, Inc. (b)		869,778		22,780
Regal Beloit Corp.		189,700		16,240
Saia, Inc. (b)		233,981		21,789
SkyWest, Inc.		400,701		25,897
Team, Inc. (a) (b)		713,082		11,388

See notes to financial statements.

17

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Triumph Group, Inc.		489,600	$	12,372
Werner Enterprises, Inc. (a)		432,900		15,753
				355,009
Information Technology (14.2%):
Belden, Inc.		336,100		18,485
Cohu, Inc. (a)		478,900		10,943
Conduent, Inc. (b)		1,710,900		10,608
CTS Corp.		381,900		11,461
Diebold Nixdorf, Inc. (a) (b)		1,435,900		15,163
Diodes, Inc. (a) (b)		332,256		18,729
Flex Ltd. (b)		1,373,796		17,337
FormFactor, Inc. (b)		916,176		23,793
Infinera Corp. (a) (b)		1,632,800		12,964
KBR, Inc. (a)		871,889		26,592
Knowles Corp. (b)		531,300		11,237
Lumentum Holdings, Inc. (b)		282,800		22,426
MACOM Technology Solutions Holdings, Inc. (a) (b)		802,600		21,349
NCR Corp. (b)		550,239		19,347
Nuance Communications, Inc. (b)		1,181,245		21,061
Perspecta, Inc.		628,728		16,624
Sanmina Corp. (b)		468,685		16,048
TTM Technologies, Inc. (b)		1,202,630		18,100
Verint Systems, Inc. (b)		275,246		15,238
Viavi Solutions, Inc. (a) (b)		1,145,400		17,181
				344,686
Materials (4.5%):
Allegheny Technologies, Inc. (a) (b)		566,180		11,697
Carpenter Technology Corp.		239,679		11,931
Cleveland-Cliffs, Inc. (a)		2,375,000		19,950
Ingevity Corp. (b)		181,321		15,844
Louisiana-Pacific Corp.		716,300		21,253
Summit Materials, Inc., Class A (b)		682,600		16,314
US Concrete, Inc. (b)		245,300		10,219
				107,208
Real Estate (10.4%):
Alexander & Baldwin, Inc.		660,100		13,836
CareTrust REIT, Inc.		828,000		17,082
City Office REIT, Inc.		601,800		8,136
DiamondRock Hospitality Co.		1,425,541		15,795
Essential Properties Realty Trust, Inc.		737,800		18,305
First Industrial Realty Trust, Inc.		697,497		28,952
Kite Realty Group Trust		809,498		15,809
Lexington Realty Trust		1,670,800		17,744
Mack Cali Realty Corp.		961,435		22,238
Pennsylvania Real Estate Investment Trust (a)		1,160,305		6,184
Physicians Realty Trust (a)		1,243,082		23,544
SITE Centers Corp.		1,311,521		18,388
STAG Industrial, Inc.		727,237		22,959

See notes to financial statements.

18

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Summit Hotel Properties, Inc.		1,261,505	$	15,567
Sunstone Hotel Investors, Inc.		509,242		7,089
				251,628
Utilities (6.3%):
ALLETE, Inc.		252,969		20,532
Black Hills Corp.		228,723		17,964
New Jersey Resources Corp.		387,485		17,270
NorthWestern Corp.		242,991		17,415
ONE Gas, Inc.		180,901		16,927
PNM Resources, Inc.		430,325		21,822
Southwest Gas Holdings, Inc. (a)		282,370		21,452
Spire, Inc.		197,400		16,446
				149,828
Total Common Stocks (Cost $1,985,142)				2,379,633
Exchange-Traded Funds (0.5%)
iShares Russell 2000 Value Index Fund (a)		85,034		10,934
Total Exchange-Traded Funds (Cost $9,757)				10,934
Collateral for Securities Loaned (5.7%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		6,597,433		6,597
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		36,347,687		36,348
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		1,101,949		1,102
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		21,957,761		21,958
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		24,155,239		24,155
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		48,308,830		48,309
Total Collateral for Securities Loaned (Cost $138,469)				138,469
Total Investments (Cost $2,133,368) — 104.9%				2,529,036
Liabilities in excess of other assets — (4.9)%				(117,015	)
NET ASSETS — 100.00%			$	2,412,021

^  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 December 31, 2019.

REIT — Real Estate Investment Trust

See notes to financial statements.

19

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.3%)
Communication Services (1.2%):
Cinemark Holdings, Inc.		31,742	$	1,074
Lions Gate Entertainment (a)		66,028		656
				1,730
Consumer Discretionary (10.9%):
American Eagle Outfitters, Inc. (b)		64,001		941
Aramark		35,511		1,541
Bed Bath & Beyond, Inc.		69,227		1,198
Brunswick Corp.		21,831		1,309
Caleres, Inc.		30,922		734
Dana, Inc.		38,427		699
G-III Apparel Group Ltd. (a)		35,009		1,173
Kohl's Corp.		27,923		1,423
Macy's, Inc. (b)		45,346		771
Newell Brands, Inc.		53,474		1,028
PulteGroup, Inc.		31,243		1,212
Ralph Lauren Corp.		11,558		1,354
Wolverine World Wide, Inc.		32,143		1,085
Wyndham Destinations, Inc.		26,985		1,395
				15,863
Consumer Staples (4.5%):
BJ's Wholesale Club Holdings, Inc. (a)		38,340		872
Grocery Outlet Holding Corp. (a) (b)		20,778		674
Lamb Weston Holdings, Inc.		16,029		1,379
Performance Food Group Co. (a)		29,969		1,543
Pilgrim's Pride Corp. (a) (b)		30,145		986
Post Holdings, Inc. (a)		10,695		1,167
				6,621
Energy (5.6%):
Callon Petroleum Co. (a)		85,834		415
Delek US Holdings, Inc. (b)		26,653		894
Diamondback Energy, Inc.		16,295		1,513
Helix Energy Solutions Group, Inc. (a)		145,400		1,400
HollyFrontier Corp.		23,548		1,194
Parsley Energy, Inc., Class A		56,582		1,070
WPX Energy, Inc. (a)		121,919		1,675
				8,161
Financials (21.9%):
Agnc Investment Corp.		101,947		1,802
American Financial Group, Inc.		18,090		1,985
Arthur J. Gallagher & Co.		12,867		1,225
Assurant, Inc.		10,231		1,341
BankUnited, Inc.		46,467		1,699
East West Bancorp, Inc.		35,980		1,752
Everest Re Group Ltd.		3,537		979
First American Financial Corp.		18,285		1,066

See notes to financial statements.

20

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Great Western Bancorp, Inc.		42,545	$	1,478
Hancock Whitney Corp., Class B		18,588		816
IBERIABANK Corp.		4,574		342
Kemper Corp.		14,804		1,147
LPL Financial Holdings, Inc.		14,835		1,368
MGIC Investment Corp.		75,903		1,076
People's United Financial, Inc.		78,060		1,319
Primerica, Inc.		7,875		1,028
Sterling Bancorp		61,694		1,301
Stifel Financial Corp.		18,630		1,130
The Hanover Insurance Group, Inc.		9,186		1,255
Umpqua Holdings Corp.		90,538		1,603
Voya Financial, Inc.		31,376		1,913
WesBanco, Inc.		37,174		1,405
Western Alliance Bancorp		29,714		1,694
Zions Bancorp NA		29,969		1,556
				32,280
Health Care (5.3%):
Brookdale Senior Living, Inc. (a)		81,253		591
Encompass Health Corp.		21,912		1,517
Hill-Rom Holdings, Inc.		11,601		1,317
Hologic, Inc. (a)		23,807		1,243
Magellan Health, Inc. (a)		16,967		1,328
Perrigo Co. PLC		14,188		733
STERIS PLC		7,590		1,157
				7,886
Industrials (14.0%):
Alaska Air Group, Inc.		12,894		874
Beacon Roofing Supply, Inc. (a)		35,480		1,135
Chart Industries, Inc. (a)		19,883		1,341
Clean Harbors, Inc. (a)		13,715		1,176
Colfax Corp. (a)		29,701		1,081
Curtiss-Wright Corp.		8,188		1,154
Dycom Industries, Inc. (a)		27,582		1,301
EMCOR Group, Inc.		12,420		1,072
Kennametal, Inc.		29,482		1,088
Kirby Corp. (a)		12,660		1,133
Knight-Swift Transportation Holdings, Inc. (b)		29,241		1,048
Meritor, Inc. (a)		42,825		1,122
Old Dominion Freight Line, Inc.		6,167		1,170
Oshkosh Corp.		13,315		1,260
Quanta Services, Inc.		30,225		1,230
Regal Beloit Corp.		12,755		1,092
SkyWest, Inc.		17,775		1,148
Textron, Inc.		22,253		992
				20,417
Information Technology (13.0%):
Arrow Electronics, Inc. (a)		17,153		1,454
Belden, Inc.		19,070		1,049

See notes to financial statements.

21

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Conduent, Inc. (a)		99,192	$	615
Diodes, Inc. (a) (b)		18,325		1,033
Flex Ltd. (a)		116,424		1,469
Leidos Holdings, Inc.		14,820		1,451
Lumentum Holdings, Inc. (a)		14,743		1,169
MACOM Technology Solutions Holdings, Inc. (a)		47,917		1,275
MKS Instruments, Inc.		11,373		1,251
NCR Corp. (a)		37,000		1,301
Nuance Communications, Inc. (a)		86,838		1,548
ON Semiconductor Corp. (a)		66,035		1,610
SYNNEX Corp.		11,979		1,542
Verint Systems, Inc. (a)		22,555		1,249
Viavi Solutions, Inc. (a)		64,259		964
				18,980
Materials (6.0%):
Allegheny Technologies, Inc. (a) (b)		34,191		706
Carpenter Technology Corp.		14,551		724
Cleveland-Cliffs, Inc. (b)		144,047		1,211
Graphic Packaging Holding Co.		64,280		1,070
Huntsman Corp.		44,619		1,078
Ingevity Corp. (a)		11,762		1,028
Louisiana-Pacific Corp.		37,463		1,112
Summit Materials, Inc., Class A (a)		49,250		1,177
US Concrete, Inc. (a)		18,174		757
				8,863
Real Estate (11.7%):
Americold Realty Trust		46,167		1,619
Apartment Investment & Management Co.		35,042		1,810
Camden Property Trust		17,947		1,904
DiamondRock Hospitality Co.		96,519		1,069
Duke Realty Investments, Inc.		68,891		2,389
Highwoods Properties, Inc.		39,519		1,933
Kimco Realty Corp.		35,713		740
Mack Cali Realty Corp.		47,838		1,106
Medical Properties Trust, Inc.		77,982		1,646
SITE Centers Corp.		99,756		1,399
STORE Capital Corp.		44,440		1,655
				17,270
Utilities (5.2%):
ALLETE, Inc.		11,342		921
Alliant Energy Corp.		31,589		1,728
Black Hills Corp.		16,250		1,276
Pinnacle West Capital Corp.		11,558		1,039
PNM Resources, Inc.		29,202		1,481
UGI Corp.		26,997		1,219
				7,664
Total Common Stocks (Cost $127,729)				145,735

See notes to financial statements.

22

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (4.3%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		301,726	$	302
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		1,662,295		1,662
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		50,396		50
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		1,004,198		1,004
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		1,104,496		1,105
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		2,209,316		2,210
Total Collateral for Securities Loaned (Cost $6,333)				6,333
Total Investments (Cost $134,062) — 103.6%				152,068
Liabilities in excess of other assets — (3.6)%				(5,284	)
NET ASSETS — 100.00%			$	146,784

^  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 December 31, 2019.

PLC — Public Limited Company

See notes to financial statements.

23

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (98.7%)
Communication Services (11.8%):
Alphabet, Inc., Class A (a)		11,193	$	14,991
Comcast Corp., Class A		187,950		8,452
Facebook, Inc., Class A (a)		49,700		10,201
Nexstar Media Group, Inc., Class A (b)		53,400		6,261
The Walt Disney Co.		28,000		4,050
T-Mobile US, Inc. (a)		39,000		3,058
				47,013
Communications Equipment (0.8%):
Cisco Systems, Inc.		64,300		3,084
Consumer Discretionary (12.0%):
Aaron's, Inc.		41,300		2,359
Amazon.com, Inc. (a)		4,910		9,073
Boot Barn Holdings, Inc. (a) (b)		103,100		4,591
D.R. Horton, Inc.		101,800		5,371
Dollar General Corp.		14,520		2,265
Group 1 Automotive, Inc.		27,600		2,760
LCI Industries		22,700		2,432
LGI Homes, Inc. (a)		34,300		2,423
Marriott Vacations Worldwide Corp.		19,100		2,459
Meritage Homes Corp. (a)		64,200		3,923
Skechers USA, Inc., Class A (a)		99,400		4,293
Target Corp.		47,100		6,039
				47,988
Consumer Staples (6.6%):
PepsiCo, Inc.		41,300		5,644
The Coca-Cola Co.		104,600		5,790
The Procter & Gamble Co.		57,100		7,132
US Foods Holding Corp. (a)		136,200		5,706
Walmart, Inc.		19,365		2,301
				26,573
Electronic Equipment, Instruments & Components (3.6%):
CDW Corp.		40,800		5,828
Jabil, Inc.		146,700		6,063
Zebra Technologies Corp. (a)		10,350		2,644
				14,535
Energy (3.9%):
Chevron Corp.		34,310		4,135
Exxon Mobil Corp.		65,900		4,598
Phillips 66		31,775		3,540
Valero Energy Corp.		37,700		3,531
				15,804
Financials (14.6%):
Ally Financial, Inc.		188,065		5,747
Ameriprise Financial, Inc.		35,800		5,964

See notes to financial statements.

24

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Citigroup, Inc.		104,100	$	8,317
Discover Financial Services		69,000		5,853
Essent Group Ltd.		111,555		5,800
LPL Financial Holdings, Inc.		69,500		6,411
Meta Financial Group, Inc.		68,200		2,490
NMI Holdings, Inc., Class A (a) (b)		186,200		6,178
Primerica, Inc.		42,700		5,575
Western Alliance Bancorp		110,600		6,304
				58,639
Health Care (12.3%):
AbbVie, Inc.		88,250		7,814
Anthem, Inc.		20,100		6,071
Biogen, Inc. (a)		18,200		5,400
Bristol-Myers Squibb Co.		133,200		8,550
CVS Health Corp.		47,200		3,506
HCA Healthcare, Inc.		35,600		5,262
Jazz Pharmaceuticals PLC (a)		25,300		3,777
Medtronic PLC		17,200		1,951
Regeneron Pharmaceuticals, Inc. (a)		10,600		3,980
UnitedHealth Group, Inc.		10,025		2,947
				49,258
Industrials (9.5%):
Air Lease Corp.		131,100		6,230
EMCOR Group, Inc.		61,300		5,290
Federal Signal Corp.		158,400		5,108
Kansas City Southern		15,500		2,374
L3Harris Technologies, Inc.		23,700		4,690
Lockheed Martin Corp.		17,600		6,853
SkyWest, Inc.		74,360		4,806
Universal Forest Products, Inc.		55,400		2,643
				37,994
IT Services (8.0%):
Booz Allen Hamilton Holdings Corp.		52,800		3,756
EPAM Systems, Inc. (a)		19,200		4,073
Euronet Worldwide, Inc. (a)		35,200		5,546
Fiserv, Inc. (a)		49,300		5,700
Mastercard, Inc., Class A		12,000		3,583
Visa, Inc., Class A		23,800		4,472
WNS Holdings Ltd., ADR (a)		87,400		5,782
				32,912
Materials (1.4%):
Vulcan Materials Co.		39,400		5,673
Real Estate (1.5%):
CBRE Group, Inc., Class A (a)		100,000		6,129
Semiconductors & Semiconductor Equipment (1.4%):
Broadcom, Inc.		17,200		5,436

See notes to financial statements.

25

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Software (6.6%):
Adobe, Inc. (a)		9,700	$	3,199
Microsoft Corp.		122,460		19,311
Oracle Corp.		83,800		4,440
				26,950
Technology Hardware, Storage & Peripherals (4.7%):
Apple, Inc.		64,820		19,034
Total Common Stocks (Cost $314,616)				397,022
Exchange-Traded Funds (0.5%)
iShares Russell 3000 ETF		9,800		1,847
Total Exchange-Traded Funds (Cost $1,826)				1,847
Collateral for Securities Loaned (0.8%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		147,356		147
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		811,826		812
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		24,612		25
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		490,427		490
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		539,508		540
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		1,078,979		1,079
Total Collateral for Securities Loaned (Cost $3,093)				3,093
Total Investments (Cost $319,535) — 100.0%				401,962
Other assets in excess of liabilities — 0.0% (d)				24
NET ASSETS — 100.00%			$	401,986

^  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 December 31, 2019.

(d)  Amount represents less than 0.05% of net assets.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

26

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.2%)
Communication Services (10.3%):
Activision Blizzard, Inc.		6,432	$	382
Alphabet, Inc., Class A (a)		2,509		3,361
Alphabet, Inc., Class C (a)		2,502		3,345
AT&T, Inc.		61,158		2,390
CenturyLink, Inc.		8,215		109
Charter Communications, Inc., Class A (a)		1,313		637
Comcast Corp., Class A		38,008		1,709
Discovery, Inc., Class A (a) (b)		1,324		43
Discovery, Inc., Class C (a)		2,808		86
DISH Network Corp., Class A (a)		2,135		76
Electronic Arts, Inc. (a)		2,444		263
Facebook, Inc., Class A (a)		20,147		4,135
Fox Corp., Class A		2,968		110
Fox Corp., Class B		1,359		49
Live Nation Entertainment, Inc. (a)		1,180		84
Netflix, Inc. (a)		3,669		1,187
News Corp., Class A		3,253		46
News Corp., Class B		1,020		15
Omnicom Group, Inc.		1,823		148
Take-Two Interactive Software, Inc. (a)		948		116
The Interpublic Group of Co., Inc.		3,246		75
The Walt Disney Co.		15,090		2,183
T-Mobile US, Inc. (a)		2,650		208
Twitter, Inc. (a)		6,500		208
Verizon Communications, Inc.		34,625		2,126
ViacomCBS, Inc., Class B		4,524		190
				23,281
Consumer Discretionary (9.5%):
Advance Auto Parts, Inc.		580		93
Amazon.com, Inc. (a)		3,487		6,443
Aptiv PLC		2,137		203
AutoZone, Inc. (a)		199		237
Best Buy Co., Inc.		1,907		167
Booking Holdings, Inc. (a)		350		719
BorgWarner, Inc.		1,729		75
Capri Holdings Ltd. (a)		1,269		48
CarMax, Inc. (a)		1,377		121
Carnival Corp.		3,354		170
Chipotle Mexican Grill, Inc. (a)		214		179
D.R. Horton, Inc.		2,807		148
Darden Restaurants, Inc.		1,026		112
Dollar General Corp.		2,132		333
Dollar Tree, Inc. (a)		1,981		186
eBay, Inc.		6,402		231
Expedia Group, Inc.		1,170		127
Ford Motor Co.		32,601		303
Garmin Ltd.		1,210		118

See notes to financial statements.

27

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
General Motors Co., Class C		10,526	$	385
Genuine Parts Co.		1,216		129
H&R Block, Inc.		1,635		38
Hanesbrands, Inc.		3,028		45
Harley-Davidson, Inc. (b)		1,292		48
Hasbro, Inc.		1,065		112
Hilton Worldwide Holdings, Inc.		2,362		262
Kohl's Corp.		1,311		67
L Brands, Inc.		1,944		35
Las Vegas Sands Corp.		2,829		195
Leggett & Platt, Inc.		1,102		56
Lennar Corp., Class A		2,343		131
LKQ Corp. (a)		2,566		92
Lowe's Cos., Inc.		6,417		768
Macy's, Inc.		2,587		44
Marriott International, Inc., Class A		2,272		344
McDonald's Corp.		6,305		1,247
MGM Resorts International		4,311		143
Mohawk Industries, Inc. (a)		498		68
Newell Brands, Inc.		3,190		61
Nike, Inc., Class B		10,432		1,058
Nordstrom, Inc. (b)		897		37
Norwegian Cruise Line Holdings Ltd. (a)		1,781		104
NVR, Inc. (a)		29		110
O'Reilly Automotive, Inc. (a)		633		277
PulteGroup, Inc.		2,133		83
PVH Corp.		621		65
Ralph Lauren Corp.		416		49
Ross Stores, Inc.		3,028		353
Royal Caribbean Cruises Ltd.		1,439		192
Starbucks Corp.		9,887		869
Tapestry, Inc.		2,310		62
Target Corp.		4,242		543
The Gap, Inc.		1,781		31
The Home Depot, Inc.		9,133		1,995
The TJX Cos., Inc.		10,153		620
Tiffany & Co.		904		121
Tractor Supply Co.		991		93
Ulta Beauty, Inc. (a)		479		121
Under Armour, Inc., Class A (a) (b)		1,576		34
Under Armour, Inc., Class C (a)		1,629		31
VF Corp.		2,742		273
Whirlpool Corp.		529		78
Wynn Resorts Ltd.		809		112
Yum! Brands, Inc.		2,532		255
				21,849
Consumer Staples (7.1%):
Altria Group, Inc.		15,640		781
Archer-Daniels-Midland Co.		4,661		216
Brown-Forman Corp., Class B		1,525		103

See notes to financial statements.

28

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Campbell Soup Co. (b)		1,414	$	70
Church & Dwight Co., Inc.		2,055		145
Colgate-Palmolive Co.		7,175		494
Conagra Brands, Inc.		4,074		139
Constellation Brands, Inc., Class A		1,402		266
Costco Wholesale Corp.		3,699		1,087
Coty, Inc., Class A		2,475		28
General Mills, Inc.		5,060		271
Hormel Foods Corp. (b)		2,328		105
Kellogg Co.		2,085		144
Kimberly-Clark Corp.		2,870		395
Lamb Weston Holdings, Inc.		1,223		105
McCormick & Co., Inc.		1,035		176
Molson Coors Beverage Co., Class B		1,573		85
Mondelez International, Inc., Class A		12,054		664
Monster Beverage Corp. (a)		3,196		203
PepsiCo, Inc.		11,674		1,595
Philip Morris International, Inc.		13,026		1,108
Sysco Corp.		4,272		365
The Clorox Co.		1,051		161
The Coca-Cola Co.		32,283		1,787
The Estee Lauder Cos., Inc., Class A		1,863		385
The Hershey Co.		1,242		183
The J.M. Smucker Co.		955		99
The Kraft Heinz Co.		5,214		168
The Kroger Co.		6,714		195
The Procter & Gamble Co.		20,878		2,607
Tyson Foods, Inc., Class A		2,471		225
Walgreens Boots Alliance, Inc.		6,277		370
Walmart, Inc.		11,876		1,412
				16,137
Energy (4.3%):
Apache Corp.		3,148		81
Baker Hughes Co.		5,441		139
Cabot Oil & Gas Corp.		3,415		59
Chevron Corp.		15,830		1,908
Cimarex Energy Co.		852		45
Concho Resources, Inc.		1,683		147
ConocoPhillips		9,186		597
Devon Energy Corp.		3,240		84
Diamondback Energy, Inc.		1,349		125
EOG Resources, Inc.		4,871		408
Exxon Mobil Corp.		35,423		2,472
Halliburton Co.		7,349		180
Helmerich & Payne, Inc.		908		41
Hess Corp.		2,168		145
HollyFrontier Corp.		1,243		63
Kinder Morgan, Inc.		16,308		345
Marathon Oil Corp.		6,697		91
Marathon Petroleum Corp.		5,436		328

See notes to financial statements.

29

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
National Oilwell Varco, Inc.		3,230	$	81
Noble Energy, Inc.		4,004		99
Occidental Petroleum Corp.		7,479		308
ONEOK, Inc.		3,458		262
Phillips 66		3,720		414
Pioneer Natural Resources Co.		1,387		210
Schlumberger Ltd.		11,590		466
TechnipFMC PLC		3,518		75
The Williams Cos., Inc.		10,147		241
Valero Energy Corp.		3,438		322
				9,736
Financials (12.8%):
Aflac, Inc.		6,145		325
American Express Co.		5,618		699
American International Group, Inc.		7,283		374
Ameriprise Financial, Inc.		1,061		177
Aon PLC		1,960		409
Arthur J. Gallagher & Co.		1,562		149
Assurant, Inc.		508		67
Bank of America Corp.		67,777		2,386
Berkshire Hathaway, Inc., Class B (a)		16,376		3,709
BlackRock, Inc., Class A		987		496
Capital One Financial Corp.		3,899		401
Cboe Global Markets, Inc.		928		111
Chubb Ltd.		3,794		591
Cincinnati Financial Corp.		1,272		134
Citigroup, Inc.		18,278		1,460
Citizens Financial Group, Inc.		3,639		148
CME Group, Inc.		3,000		602
Comerica, Inc.		1,207		87
Discover Financial Services		2,624		223
E*TRADE Financial Corp.		1,891		86
Everest Re Group Ltd.		341		94
Fifth Third Bancorp.		5,941		183
First Republic Bank		1,411		166
Franklin Resources, Inc.		2,335		61
Globe Life, Inc. (b)		834		88
Huntington Bancshares, Inc.		8,646		130
Intercontinental Exchange, Inc.		4,662		431
Invesco Ltd. (b)		3,116		56
JPMorgan Chase & Co.		26,259		3,660
KeyCorp		8,246		167
Lincoln National Corp.		1,660		98
Loews Corp.		2,142		112
M&T Bank Corp.		1,105		188
MarketAxess Holdings, Inc.		318		121
Marsh & McLennan Cos., Inc.		4,225		470
MetLife, Inc.		6,544		334
Moody's Corp.		1,359		323
Morgan Stanley		10,299		526

See notes to financial statements.

30

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
MSCI, Inc.		709	$	183
Nasdaq, Inc.		961		103
Northern Trust Corp.		1,774		188
People's United Financial, Inc.		3,718		63
Principal Financial Group, Inc.		2,162		119
Prudential Financial, Inc.		3,366		316
Raymond James Financial, Inc.		1,034		93
Regions Financial Corp.		8,076		139
S&P Global, Inc.		2,046		559
State Street Corp.		3,044		241
SVB Financial Group (a)		432		108
Synchrony Financial		4,977		179
T. Rowe Price Group, Inc.		1,956		238
The Allstate Corp.		2,712		305
The Bank of New York Mellon Corp.		7,026		354
The Charles Schwab Corp.		9,572		455
The Goldman Sachs Group, Inc.		2,668		613
The Hartford Financial Services Group, Inc.		3,017		183
The PNC Financial Services Group, Inc.		3,668		586
The Progressive Corp.		4,895		354
The Travelers Cos., Inc.		2,161		296
Truist Financial Corp.		11,227		632
U.S. Bancorp		11,899		705
Unum Group		1,727		50
W.R. Berkley Corp.		1,215		84
Wells Fargo & Co.		32,222		1,733
Willis Towers Watson PLC		1,076		217
Zions Bancorp NA		1,427		74
				29,012
Health Care (14.1%):
Abbott Laboratories		14,797		1,286
AbbVie, Inc.		12,381		1,097
ABIOMED, Inc. (a)		378		64
Agilent Technologies, Inc.		2,591		221
Alexion Pharmaceuticals, Inc. (a)		1,853		200
Align Technology, Inc. (a)		600		167
Allergan PLC		2,748		525
AmerisourceBergen Corp.		1,259		107
Amgen, Inc.		4,975		1,200
Anthem, Inc.		2,123		641
Baxter International, Inc.		4,274		357
Becton, Dickinson & Co.		2,264		616
Biogen, Inc. (a)		1,511		448
Boston Scientific Corp. (a)		11,669		528
Bristol-Myers Squibb Co.		19,626		1,260
Cardinal Health, Inc.		2,449		124
Centene Corp. (a)		3,464		218
Cerner Corp.		2,630		193
Cigna Corp.		3,126		639
CVS Health Corp.		10,892		810

See notes to financial statements.

31

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Danaher Corp.		5,352	$	822
DaVita, Inc. (a)		751		56
DENTSPLY SIRONA, Inc.		1,862		105
Edwards Lifesciences Corp. (a)		1,746		407
Eli Lilly & Co.		7,074		930
Gilead Sciences, Inc.		10,592		688
HCA Healthcare, Inc.		2,215		327
Henry Schein, Inc. (a)		1,229		82
Hologic, Inc. (a)		2,245		117
Humana, Inc.		1,109		406
IDEXX Laboratories, Inc. (a)		718		187
Illumina, Inc. (a)		1,231		408
Incyte Pharmaceuticals, Inc. (a)		1,497		131
Intuitive Surgical, Inc. (a)		968		572
IQVIA Holdings, Inc. (a)		1,511		233
Johnson & Johnson		22,034		3,213
Laboratory Corp. of America Holdings (a)		813		138
McKesson Corp.		1,509		209
Medtronic PLC		11,222		1,274
Merck & Co., Inc.		21,315		1,939
Mettler-Toledo International, Inc. (a)		204		162
Mylan NV (a)		4,321		87
PerkinElmer, Inc.		930		90
Perrigo Co. PLC		1,140		59
Pfizer, Inc.		46,332		1,815
Quest Diagnostics, Inc.		1,128		120
Regeneron Pharmaceuticals, Inc. (a)		669		251
ResMed, Inc.		1,204		187
STERIS PLC		710		108
Stryker Corp.		2,696		566
Teleflex, Inc.		388		146
The Cooper Cos., Inc.		415		133
Thermo Fisher Scientific, Inc.		3,357		1,092
UnitedHealth Group, Inc.		7,932		2,333
Universal Health Services, Inc., Class B		672		96
Varian Medical Systems, Inc. (a)		761		108
Vertex Pharmaceuticals, Inc. (a)		2,153		471
Waters Corp. (a)		539		126
WellCare Health Plans, Inc. (a)		421		139
Zimmer Biomet Holdings, Inc.		1,722		258
Zoetis, Inc.		3,988		528
				31,820
Industrials (8.9%):
3M Co.		4,814		849
Alaska Air Group, Inc.		1,031		70
Allegion PLC		778		97
American Airlines Group, Inc. (b)		3,264		94
AMETEK, Inc.		1,914		191
AO Smith Corp.		1,147		55
Arconic, Inc.		3,243		100

See notes to financial statements.

32

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Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
C.H. Robinson Worldwide, Inc.		1,132	$	89
Caterpillar, Inc.		4,627		682
Cintas Corp.		702		189
Copart, Inc. (a)		1,713		156
CSX Corp.		6,510		471
Cummins, Inc.		1,283		230
Deere & Co.		2,636		457
Delta Air Lines, Inc.		4,819		282
Dover Corp.		1,216		140
Eaton Corp. PLC		3,461		328
Emerson Electric Co.		5,100		389
Equifax, Inc.		1,014		142
Expeditors International of Washington, Inc.		1,426		111
Fastenal Co. (b)		4,802		177
FedEx Corp.		2,010		304
Flowserve Corp.		1,096		55
Fortive Corp.		2,474		189
Fortune Brands Home & Security, Inc.		1,165		76
General Dynamics Corp.		1,962		346
General Electric Co.		73,118		816
Honeywell International, Inc.		5,982		1,059
Huntington Ingalls Industries, Inc.		342		86
IDEX Corp.		637		110
IHS Markit Ltd. (a)		3,357		253
Illinois Tool Works, Inc.		2,449		440
Ingersoll-Rand PLC		2,006		266
J.B. Hunt Transport Services, Inc.		714		83
Jacobs Engineering Group, Inc.		1,134		102
Johnson Controls International PLC		6,458		263
Kansas City Southern		830		127
L3Harris Technologies, Inc.		1,851		366
Lockheed Martin Corp.		2,078		809
Masco Corp.		2,379		114
Nielsen Holdings PLC		2,979		60
Norfolk Southern Corp.		2,183		424
Northrop Grumman Corp.		1,312		451
Old Dominion Freight Line, Inc. (b)		535		102
PACCAR, Inc.		2,896		229
Parker-Hannifin Corp.		1,076		221
Pentair PLC		1,407		65
Quanta Services, Inc.		1,191		48
Raytheon Co.		2,331		512
Republic Services, Inc., Class A		1,763		158
Robert Half International, Inc.		984		62
Rockwell Automation, Inc.		967		196
Rollins, Inc.		1,179		39
Roper Technologies, Inc.		871		309
Snap-on, Inc.		459		78
Southwest Airlines Co.		3,965		214
Stanley Black & Decker, Inc.		1,273		211

See notes to financial statements.

33

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Textron, Inc.		1,911	$	85
The Boeing Co.		4,476		1,459
TransDigm Group, Inc.		417		234
Union Pacific Corp.		5,812		1,051
United Airlines Holdings, Inc. (a)		1,822		160
United Parcel Service, Inc., Class B		5,867		687
United Rentals, Inc. (a)		629		105
United Technologies Corp.		6,792		1,017
Verisk Analytics, Inc., Class A		1,372		206
W.W. Grainger, Inc.		365		124
Wabtec Corp.		1,525		119
Waste Management, Inc.		3,268		372
Xylem, Inc.		1,508		119
				20,280
Information Technology (23.3%):
Accenture PLC, Class A		5,317		1,120
Adobe, Inc. (a)		4,053		1,337
Advanced Micro Devices, Inc. (a)		9,323		428
Akamai Technologies, Inc. (a)		1,353		117
Alliance Data Systems Corp.		343		38
Amphenol Corp., Class A		2,482		270
Analog Devices, Inc.		3,083		366
ANSYS, Inc. (a)		716		184
Apple, Inc.		34,967		10,268
Applied Materials, Inc.		7,734		472
Arista Networks, Inc. (a)		454		92
Autodesk, Inc. (a)		1,842		338
Automatic Data Processing, Inc.		3,623		618
Broadcom, Inc.		3,321		1,050
Broadridge Financial Solutions, Inc.		960		119
Cadence Design Systems, Inc. (a)		2,349		163
CDW Corp.		1,203		172
Cisco Systems, Inc.		35,516		1,704
Citrix Systems, Inc.		1,025		114
Cognizant Technology Solutions Corp., Class A		4,584		284
Corning, Inc.		6,439		187
DXC Technology Co.		2,143		81
F5 Networks, Inc. (a)		509		71
Fidelity National Information Services, Inc.		5,145		716
Fiserv, Inc. (a)		4,781		553
FleetCor Technologies, Inc. (a)		727		209
FLIR Systems, Inc.		1,123		58
Fortinet, Inc. (a)		1,188		127
Gartner, Inc. (a)		749		115
Global Payments, Inc.		2,516		459
Hewlett Packard Enterprises Co.		10,833		172
HP, Inc.		12,407		255
Intel Corp.		36,418		2,181
International Business Machines Corp.		7,415		994
Intuit, Inc.		2,179		571

See notes to financial statements.

34

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
IPG Photonics Corp. (a)		298	$	43
Jack Henry & Associates, Inc.		644		94
Juniper Networks, Inc.		2,802		69
Keysight Technologies, Inc. (a)		1,570		161
KLA Corp.		1,321		235
Lam Research Corp.		1,215		355
Leidos Holdings, Inc.		1,114		109
Mastercard, Inc., Class A		7,432		2,219
Maxim Integrated Products, Inc.		2,266		139
Microchip Technology, Inc.		2,001		210
Micron Technology, Inc. (a)		9,268		498
Microsoft Corp.		63,869		10,071
Motorola Solutions, Inc.		1,434		231
NetApp, Inc.		1,911		119
NortonLifeLock, Inc.		4,800		122
NVIDIA Corp.		5,124		1,206
Oracle Corp.		18,138		961
Paychex, Inc.		2,667		227
PayPal Holdings, Inc. (a)		9,830		1,063
Qorvo, Inc. (a)		973		113
QUALCOMM, Inc.		9,560		843
Salesforce.com, Inc. (a)		7,426		1,208
Seagate Technology PLC		1,936		115
ServiceNow, Inc. (a)		1,579		446
Skyworks Solutions, Inc.		1,426		172
Synopsys, Inc. (a)		1,259		175
TE Connectivity Ltd.		2,800		268
Texas Instruments, Inc.		7,826		1,004
The Western Union Co. (b)		3,510		94
VeriSign, Inc. (a)		865		167
Visa, Inc., Class A		14,332		2,693
Western Digital Corp.		2,490		158
Xerox Holdings Corp.		1,557		57
Xilinx, Inc.		2,105		206
Zebra Technologies Corp. (a)		451		115
				51,969
Materials (2.7%):
Air Products & Chemicals, Inc.		1,845		435
Albemarle Corp. (b)		888		65
Amcor PLC (b)		13,564		147
Avery Dennison Corp.		699		91
Ball Corp.		2,739		177
Celanese Corp., Series A		1,012		125
CF Industries Holdings, Inc.		1,820		87
Corteva, Inc.		6,266		185
Dow, Inc.		6,208		340
DuPont de Nemours, Inc.		6,202		398
Eastman Chemical Co.		1,138		90
Ecolab, Inc.		2,099		405
FMC Corp.		1,085		108

See notes to financial statements.

35

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Freeport-McMoRan, Inc.		12,147	$	159
International Flavors & Fragrances, Inc. (b)		894		115
International Paper Co.		3,283		151
Linde PLC		4,497		958
LyondellBasell Industries NV, Class A		2,149		203
Martin Marietta Materials, Inc.		523		146
Newmont Goldcorp Corp.		6,864		299
Nucor Corp.		2,539		143
Packaging Corp. of America		792		89
PPG Industries, Inc.		1,980		264
Sealed Air Corp.		1,294		52
The Mosaic Co.		2,927		63
The Sherwin-Williams Co.		688		401
Vulcan Materials Co.		1,108		160
Westrock Co.		2,159		93
				5,949
Real Estate (2.9%):
Alexandria Real Estate Equities, Inc.		964		156
American Tower Corp.		3,708		852
Apartment Investment & Management Co.		1,246		64
AvalonBay Communities, Inc.		1,169		245
Boston Properties, Inc.		1,204		166
CBRE Group, Inc., Class A (a)		2,803		172
Crown Castle International Corp.		3,481		495
Digital Realty Trust, Inc. (b)		1,747		209
Duke Realty Investments, Inc.		3,077		107
Equinix, Inc.		714		417
Equity Residential		2,922		236
Essex Property Trust, Inc.		553		166
Extra Space Storage, Inc.		1,084		114
Federal Realty Investment Trust		588		76
Healthpeak Properties, Inc.		4,144		143
Host Hotels & Resorts, Inc.		6,004		111
Iron Mountain, Inc. (b)		2,404		77
Kimco Realty Corp.		3,535		73
Mid-America Apartment Communities, Inc.		955		126
Prologis, Inc.		5,289		471
Public Storage		1,258		268
Realty Income Corp.		2,729		201
Regency Centers Corp.		1,403		89
SBA Communications Corp.		943		227
Simon Property Group, Inc.		2,569		383
SL Green Realty Corp.		682		63
UDR, Inc.		2,453		115
Ventas, Inc.		3,121		180
Vornado Realty Trust		1,326		88
Welltower, Inc.		3,397		278
Weyerhaeuser Co.		6,238		188
				6,556

See notes to financial statements.

36

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Utilities (3.3%):
AES Corp.		5,558	$	110
Alliant Energy Corp.		2,012		110
Ameren Corp.		2,060		158
American Electric Power Co., Inc.		4,135		391
American Water Works Co., Inc.		1,513		186
Atmos Energy Corp.		999		112
CenterPoint Energy, Inc.		4,205		115
CMS Energy Corp.		2,376		149
Consolidated Edison, Inc.		2,783		252
Dominion Energy, Inc.		6,891		571
DTE Energy Co.		1,608		209
Duke Energy Corp.		6,104		557
Edison International		3,002		226
Entergy Corp.		1,667		200
Evergy, Inc.		1,908		124
Eversource Energy		2,711		231
Exelon Corp.		8,139		371
FirstEnergy Corp.		4,524		220
NextEra Energy, Inc.		4,092		990
NiSource, Inc.		3,127		87
NRG Energy, Inc.		2,106		84
Pinnacle West Capital Corp.		941		85
PPL Corp.		6,053		217
Public Service Enterprise Group, Inc.		4,234		250
Sempra Energy		2,360		357
The Southern Co.		8,780		559
WEC Energy Group, Inc.		2,641		244
Xcel Energy, Inc.		4,390		279
				7,444
Total Common Stocks (Cost $49,260)				224,033
Collateral for Securities Loaned (0.7%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		74,571		75
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		410,833		411
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		12,455		12
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		248,186		248
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		273,024		273
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		546,029		546
Total Collateral for Securities Loaned (Cost $1,565)				1,565
Total Investments (Cost $50,825) — 99.9%				225,598
Other assets in excess of liabilities — 0.1%				279
NET ASSETS — 100.00%			$	225,877

See notes to financial statements.

37

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

(b)  All or a portion of this security is on loan.

(c)  Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased
(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures		11	3/20/20	$	1,747,692	$	1,777,105	$	29,413

Total unrealized appreciation	$	29,413
Total unrealized depreciation		—
Total net unrealized appreciation(depreciation)	$	29,413

See notes to financial statements.

38

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (97.2%)
Communication Services (2.0%):
Live Nation Entertainment, Inc. (a)		297,944	$	21,294
Consumer Discretionary (16.0%):
AutoZone, Inc. (a)		16,000		19,061
Chipotle Mexican Grill, Inc. (a)		15,800		13,226
D.R. Horton, Inc.		217,000		11,447
Dollar General Corp.		132,600		20,683
Five Below, Inc. (a)		57,100		7,301
Lithia Motors, Inc.		62,700		9,217
LKQ Corp. (a)		326,200		11,645
Marriott Vacations Worldwide Corp.		113,921		14,669
Newell Brands, Inc.		620,200		11,920
NVR, Inc. (a)		4,700		17,900
Ross Stores, Inc.		135,836		15,814
Thor Industries, Inc. (b)		158,600		11,782
YETI Holdings, Inc. (a) (b)		174,400		6,066
				170,731
Consumer Staples (1.1%):
The Hershey Co.		77,400		11,376
Energy (1.5%):
Cheniere Energy, Inc. (a)		131,265		8,017
Delek US Holdings, Inc. (b)		227,478		7,627
				15,644
Financials (9.3%):
Ally Financial, Inc.		428,600		13,098
Brown & Brown, Inc.		419,500		16,562
MSCI, Inc.		33,500		8,649
Radian Group, Inc.		764,077		19,224
Reinsurance Group of America, Inc.		76,998		12,555
SLM Corp.		1,130,943		10,077
Synchrony Financial		402,000		14,476
Zions Bancorp NA		106,500		5,529
				100,170
Health Care (12.3%):
Agilent Technologies, Inc.		148,293		12,651
Baxter International, Inc.		158,999		13,295
Edwards Lifesciences Corp. (a)		88,800		20,716
Incyte Pharmaceuticals, Inc. (a)		141,800		12,382
Insulet Corp. (a)		45,000		7,704
IQVIA Holdings, Inc. (a)		90,200		13,937
Teleflex, Inc. (b)		36,900		13,891
Veeva Systems, Inc., Class A (a)		90,100		12,673
Zoetis, Inc.		180,430		23,880
				131,129

See notes to financial statements.

39

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Industrials (14.2%):
AerCap Holdings NV (a) (b)		277,400	$	17,052
AMETEK, Inc.		152,118		15,172
AO Smith Corp. (b)		149,829		7,138
Chart Industries, Inc. (a)		118,100		7,971
Copa Holdings SA (b)		105,500		11,402
HEICO Corp.		115,800		13,219
Ingersoll-Rand PLC		170,900		22,716
Kratos Defense & Security Solutions, Inc. (a)		392,400		7,067
L3Harris Technologies, Inc.		128,501		25,426
Old Dominion Freight Line, Inc.		72,600		13,778
Owens Corning, Inc. (b)		170,400		11,096
				152,037
Information Technology (22.5%):
Advanced Micro Devices, Inc. (a)		647,600		29,699
Alteryx, Inc., Class A (a) (b)		46,800		4,683
Amphenol Corp., Class A		140,610		15,218
CDW Corp.		106,759		15,250
EPAM Systems, Inc. (a)		101,000		21,428
Fidelity National Information Services, Inc.		89,344		12,427
Fiserv, Inc. (a)		293,100		33,892
Global Payments, Inc.		100,200		18,293
GoDaddy, Inc., Class A (a)		189,094		12,843
Microchip Technology, Inc. (b)		161,587		16,921
ON Semiconductor Corp. (a)		131,872		3,215
Palo Alto Networks, Inc. (a)		59,276		13,708
Proofpoint, Inc. (a)		24,300		2,789
ServiceNow, Inc. (a)		27,900		7,877
SS&C Technologies Holdings, Inc.		263,279		16,165
SYNNEX Corp.		64,100		8,256
Synopsys, Inc. (a)		55,400		7,712
				240,376
Materials (5.7%):
Ball Corp.		188,559		12,194
CF Industries Holdings, Inc.		136,113		6,498
FMC Corp.		109,232		10,904
Livent Corp. (a)		326,599		2,792
Packaging Corp. of America		48,700		5,454
Vulcan Materials Co.		115,772		16,670
Westlake Chemical Corp.		73,200		5,135
				59,647
Real Estate (8.5%):
CBRE Group, Inc., Class A (a)		305,690		18,736
Cyrusone, Inc.		200,700		13,132
Digital Realty Trust, Inc. (b)		125,746		15,057
SBA Communications Corp.		125,603		30,268
Sun Communities, Inc.		92,716		13,917
				91,110

See notes to financial statements.

40

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Utilities (4.1%):
Atmos Energy Corp.		101,800	$	11,387
CenterPoint Energy, Inc.		330,634		9,016
Sempra Energy		89,039		13,488
Southwest Gas Holdings, Inc.		127,800		9,709
				43,600
Total Common Stocks (Cost $749,882)				1,037,114
Exchange-Traded Funds (3.0%)
SPDR S&P MidCap 400 ETF		83,961		31,517
Total Exchange-Traded Funds (Cost $31,179)				31,517
Collateral for Securities Loaned (5.0%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (c)		2,563,597		2,564
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (c)		14,122,585		14,123
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (c)		428,150		428
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (c)		8,531,441		8,531
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (c)		9,385,246		9,385
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (c)		18,769,852		18,770
Total Collateral for Securities Loaned (Cost $53,801)				53,801
Total Investments (Cost $834,862) — 105.2%				1,122,432
Liabilities in excess of other assets — (5.2)%				(55,019	)
NET ASSETS — 100.00%			$	1,067,413

^  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 December 31, 2019.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

41

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (97.4%)
Biotechnology (15.2%):
Akero Therapeutics, Inc. (a)		1,608	$	36
Aprea Therapeutics, Inc. (a)		867		40
ArQule, Inc. (a)		2,402		48
Arrowhead Pharmaceuticals, Inc. (a)		1,813		115
Athenex, Inc. (a) (b)		1,662		25
Aurinia Pharmaceuticals, Inc. (a)		6,904		140
Avrobio, Inc. (a)		2,901		58
Bicycle Therapeutics Ltd., ADR (a) (b)		5,276		50
bluebird bio, Inc. (a)		226		20
Cabaletta Bio, Inc. (a)		2,967		41
Cara Therapeutics, Inc. (a) (b)		1,428		23
Castle Biosciences, Inc. (a)		2,000		69
Cellectis SA, ADR (a)		660		11
Deciphera Pharmaceuticals, Inc. (a)		708		44
Esperion Therapeutics, Inc. (a) (b)		273		16
Gamida Cell Ltd. (a)		1,000		4
Iovance Biotherapeutics, Inc. (a)		2,461		68
Lexicon Pharmaceuticals (a) (b)		1,505		6
LogicBio Therapeutics, Inc., Class B (a)		3,000		22
NextCure, Inc. (a)		2,025		114
Orchard Therapeutics PLC, ADR (a)		6,720		92
Oyster Point Pharma, Inc. (a)		396		10
Portola Pharmaceuticals, Inc. (a)		1,539		37
Principia Biopharma, Inc. (a)		1,464		80
Stemline Therapeutics, Inc. (a)		1,609		17
Stoke Therapeutics, Inc. (a)		2,500		71
Sutro Biopharma Inc. (a)		3,661		40
TCR2 Therapeutics, Inc. (a)		11,000		158
TG Therapeutics, Inc. (a) (b)		2,119		24
UroGen Pharma Ltd. (a) (b)		853		29
Viking Therapeutics, Inc. (a) (b)		5,623		45
Xencor, Inc. (a) (b)		822		28
Zai Lab Ltd., ADR (a)		984		41
				1,622
Communication Services (2.0%):
Liberty Broadband Corp., Class A (a)		959		119
Vonage Holdings Corp. (a)		12,998		96
				215
Consumer Discretionary (12.4%):
Afya Ltd., Class A (a) (b)		3,208		87
Burlington Stores, Inc. (a)		360		82
Cavco Industries, Inc. (a) (b)		330		64
Chewy, Inc. (a) (b)		1,562		45
Dana, Inc.		2,298		42
Five Below, Inc. (a)		396		51
Group 1 Automotive, Inc.		652		65

See notes to financial statements.

42

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Legacy Housing Corp. (a)		5,799	$	96
Levi Strauss & Co., Class A		6,726		130
Luckin Coffee, Inc., ADR (a) (b)		10,898		429
Modine Manufacturing Co. (a)		3,014		23
Planet Fitness, Inc., Class A (a)		479		36
Skyline Champion Corp. (a)		4,307		138
Stoneridge, Inc. (a)		1,520		45
				1,333
Consumer Staples (0.9%):
Grocery Outlet Holding Corp. (a) (b)		2,920		95
Energy (2.4%):
Lonestar Resources US, Inc., Class A (a)		14,914		39
Magnolia Oil & Gas Corp. (a) (b)		3,428		43
Parsley Energy, Inc., Class A		4,363		83
Talos Energy, Inc. (a)		3,132		94
				259
Financials (13.2%):
Amerant Bancorp, Inc. (a)		7,129		155
American Business Bank (a)		728		26
Bank OZK, Class A		1,311		40
Coastal Financial Corp. (a)		8,400		138
Colony Bankcorp, Inc.		2,215		37
Crawford & Co., Class A (b)		5,701		65
Customers Bancorp, Inc., Class A (a)		3,942		94
First Western Financial, Inc. (a)		9,051		149
HBT Financial, Inc. (a)		4,966		94
Morningstar, Inc.		668		101
Radian Group, Inc.		4,070		102
Silvercrest Asset Management Group, Inc.		3,935		50
SLM Corp.		5,481		49
South Plains Financial, Inc.		5,120		107
Southwest Georgia Financial Corp.		1,625		57
WTB Financial Corp., Class B		360		138
				1,402
Health Care Equipment & Supplies (8.1%):
ABIOMED, Inc. (a)		205		35
Axogen, Inc. (a)		1,370		25
Brainsway Ltd., ADR (a) (b)		15,000		146
Dexcom, Inc. (a)		459		100
Insulet Corp. (a)		902		154
Merit Medical Systems, Inc. (a)		3,199		100
Neuronetics, Inc. (a)		3,996		18
Nuvectra Corp. (a)		2,334		—	(c)
SI-BONE, Inc. (a)		8,957		193
Silk Road Medical, Inc. (a) (b)		2,110		85
				856

See notes to financial statements.

43

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Health Care Providers & Services (1.6%):
Encompass Health Corp.		778	$	54
Guardant Health, Inc. (a)		605		47
RadNet, Inc. (a)		3,159		64
				165
Health Care Technology (0.1%):
Veeva Systems, Inc., Class A (a)		58		8
Industrials (11.1%):
ASGN, Inc. (a)		1,743		124
BWX Technologies, Inc.		1,070		66
Casella Waste Systems, Inc. (a)		2,586		119
Chart Industries, Inc. (a)		1,114		75
Comfort Systems USA, Inc.		1,322		66
Construction Partners, Inc. (a) (b)		5,757		97
Headhunter Group PLC, ADR		3,514		75
Kratos Defense & Security Solutions, Inc. (a)		4,884		88
Marten Transport Ltd.		4,570		98
Mueller Industries, Inc.		1,499		48
Owens Corning, Inc.		1,289		84
Parsons Corp. (a)		3,000		124
PGT Innovations, Inc. (a)		3,825		57
Rexnord Corp. (a)		1,529		50
Tutor Perini Corp. (a) (b)		1,665		21
				1,192
Information Technology (22.8%):
Bill.com Holdings, Inc. (a)		46		2
Cambium Networks Corp. (a)		10,000		87
Cloudflare, Inc., Class A (a) (b)		5,960		102
Datadog, Inc., Class A (a)		1,041		39
DocuSign, Inc., Class A (a)		1,229		91
Dropbox, Inc. (a)		1,247		22
Elastic NV (a)		588		38
EPAM Systems, Inc. (a)		1,043		221
Globant SA (a)		940		100
GoDaddy, Inc., Class A (a)		730		50
Lumentum Holdings, Inc. (a)		792		63
Marvell Technology Group Ltd.		1,167		31
Napco Security Technologies, Inc (a) (b)		5,034		148
New Relic, Inc. (a)		422		28
ON Semiconductor Corp. (a)		5,499		134
PagerDuty, Inc. (a) (b)		2,991		70
Ping Identity Holding Corp. (a) (b)		7,102		173
Pluralsight, Inc. (a)		3,382		58
Powerfleet, Inc. (a)		9,414		61
Proofpoint, Inc. (a)		577		66
QAD, Inc.		3,137		160
RealPage, Inc. (a)		695		37
Sapiens International Corp. NV		1,993		46

See notes to financial statements.

44

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Smartsheet, Inc., Class A (a)		2,908	$	131
Sprout Social, Inc. (a)		2,026		33
SS&C Technologies Holdings, Inc.		894		55
WNS Holdings Ltd., ADR (a)		3,344		221
Zendesk, Inc. (a)		591		45
Zix Corp. (a)		14,158		96
				2,408
Life Sciences Tools & Services (0.4%):
10X Genomics, Inc., Class A (a) (b)		24		2
Adaptive Biotechnologies Corp. (a) (b)		1,407		42
				44
Materials (1.9%):
FMC Corp.		875		87
Livent Corp. (a)		818		7
Summit Materials, Inc., Class A (a)		4,441		106
				200
Pharmaceuticals (2.6%):
Collegium Pharmaceutical, Inc. (a)		1,187		24
Cymabay Therapeutics, Inc. (a)		1,278		3
Foamix Pharmaceuticals Ltd. (a)		4,125		14
Fulcrum Therapeutics, Inc. (a)		3,957		66
NGM Biopharmaceuticals, Inc. (a) (b)		1,990		37
Reata Pharmaceuticals, Inc., Class A (a)		645		131
				275
Real Estate (2.7%):
Firstservice Corp.		868		81
Rexford Industrial Realty, Inc.		1,252		57
Sun Communities, Inc.		299		45
UMH Properties, Inc.		6,434		101
				284
Total Common Stocks (Cost $7,709)				10,358
Warrants (0.0%) (d)
Health Care (0.0%): (d)
BioNano Genomics, Inc. (e)		8,136		3
Total Warrant (Cost $—)				3

See notes to financial statements.

45

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (16.4%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (f)		82,937	$	83
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (f)		456,925		457
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (f)		13,853		14
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (f)		276,030		276
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (f)		303,655		304
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (f)		607,288		607
Total Collateral for Securities Loaned (Cost $1,741)				1,741
Total Investments (Cost $9,450) — 113.8%				12,102
Liabilities in excess of other assets — (13.8)%				(1,469	)
NET ASSETS — 100.00%			$	10,633

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

(b)  All or a portion of this security is on loan.

(c)  Rounds to less than $1.

(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 December 31, 2019, illiquid securities were less than 0.05% of the Fund's net assets.

(f)  Rate disclosed is the daily yield on December 31, 2019.

ADR — American Depositary Receipt

PLC — Public Limited Company

See notes to financial statements.

46

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (97.5%)
Brazil (8.0%):
Consumer Discretionary (3.0%):
Construtora Tenda SA		23,200	$	175
Tupy SA		13,700		86
				261
Energy (0.9%):
Enauta Participacoes SA		19,200		77
Health Care (0.9%):
Notre Dame Intermedica Participacoes SA		4,800		82
Industrials (0.9%):
JSL SA		11,300		76
Utilities (2.3%):
Eneva SA (a)		14,200		154
Omega Geracao SA (a)		5,700		52
				206
				702
Chile (0.9%):
Real Estate (0.5%):
Parque Arauco SA		17,993		44
Utilities (0.4%):
AES Gener SA		162,629		35
				79
China (8.0%):
Consumer Discretionary (0.9%):
Hisense Home Appliances Group Co. Ltd., Class H		37,000		41
Tianneng Power International Ltd.		46,000		35
				76
Consumer Staples (0.5%):
China Modern Dairy Holdings Ltd. (a)		300,000		44
Energy (0.6%):
Hilong Holdings Ltd.		451,000		50
Health Care (1.5%):
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		52,000		63
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H (b)		12,000		68
				131
Industrials (2.2%):
China Lesso Group Holdings Ltd.		60,000		77
Sany Heavy Equipment International Holdings Co. Ltd.		94,000		51
Shenzhen Expressway Co. Ltd., Class H		48,000		69
				197

See notes to financial statements.

47

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Information Technology (0.6%):
Chinasoft International Ltd.		90,000	$	51
Real Estate (1.2%):
China SCE Group Holdings Ltd.		184,000		107
Utilities (0.5%):
China Tian Lun Gas Holdings Ltd.		51,000		46
				702
Cyprus (0.5%):
Financials (0.5%):
TCS Group Holding PLC, GDR		2,051		44
Egypt (1.1%):
Communication Services (0.6%):
Telecom Egypt Co.		82,361		52
Financials (0.5%):
Credit Agricole Egypt SAE		16,468		45
				97
Greece (1.2%):
Industrials (0.5%):
Mytilineos Holdings SA		3,859		42
Utilities (0.7%):
Terna Energy SA		7,774		67
				109
Hong Kong (5.3%):
Communication Services (0.6%):
NetDragon Websoft Holdings Ltd.		23,000		54
Consumer Discretionary (0.4%):
Stella International Holdings Ltd.		21,000		34
Consumer Staples (0.5%):
Vinda International Holdings Ltd.		23,000		42
Financials (0.5%):
Far East Horizon Ltd.		47,000		44
Industrials (0.7%):
Sinotruk Hong Kong Ltd.		28,000		60
Materials (1.0%):
China Resources Cement Holdings Ltd.		70,000		89
Real Estate (0.7%):
China Overseas Grand Oceans Group Ltd.		85,000		59
Utilities (0.9%):
Canvest Environmental Protection Group Co. Ltd.		97,000		45
China Water Affairs Group Ltd. (c)		54,000		40
				85
				467

See notes to financial statements.

48

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hungary (0.6%):
Health Care (0.6%):
Richter Gedeon Nyrt		2,520	$	55
India (13.4%):
Consumer Discretionary (1.3%):
Crompton Greaves Consumer Electricals Ltd.		11,231		38
Trident Ltd.		819,890		77
				115
Consumer Staples (0.5%):
Kaveri Seed Co. Ltd.		6,209		44
Financials (3.4%):
City Union Bank Ltd.		15,303		50
Federal Bank Ltd.		34,584		43
Multi Commodity Exchange of India Ltd.		2,905		47
Muthoot Finance Ltd.		8,220		88
Power Finance Corp. Ltd. (a)		41,894		69
				297
Health Care (2.2%):
Alembic Pharmaceuticals Ltd.		5,350		43
Granules India Ltd.		44,219		76
Ipca Laboratories Ltd.		4,888		78
				197
Industrials (1.6%):
Engineers India Ltd.		25,770		36
Escorts Ltd.		5,550		49
PNC Infratech Ltd.		21,804		58
				143
Materials (2.7%):
APL Apollo Tubes Ltd.		2,144		57
Birla Corp. Ltd.		8,103		69
Coromandel International Ltd.		6,190		46
HeidelbergCement India Ltd.		28,139		69
				241
Real Estate (0.4%):
Sobha Ltd.		6,399		36
Utilities (1.3%):
CESC Ltd.		4,478		46
Gujarat Gas Ltd.		19,046		64
				110
				1,183
Indonesia (2.0%):
Communication Services (0.6%):
PT Media Nusantara Citra Tbk		447,200		53

See notes to financial statements.

49

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.5%):
PT Mitra Adiperkasa Tbk		595,800	$	45
Industrials (0.9%):
PT Wijaya Karya Persero Tbk		569,300		81
				179
Jersey (1.1%):
Information Technology (1.1%):
WNS Holdings Ltd., ADR (a)		1,494		99
Korea, Republic Of (13.8%):
Communication Services (0.6%):
AfreecaTV Co. Ltd.		856		51
Consumer Discretionary (2.0%):
F&F Co. Ltd.		485		47
GS Home Shopping, Inc.		297		38
SL Corp.		2,591		40
Youngone Corp.		1,786		53
				178
Consumer Staples (1.2%):
Maeil Dairies Co. Ltd.		1,462		109
Financials (0.7%):
KIWOOM Securities Co. Ltd.		858		59
Health Care (2.0%):
Korea United Pharmaceuticals, Inc.		3,226		51
Seegene, Inc. (a)		2,644		70
Value Added Technology Co. Ltd.		2,282		57
				178
Industrials (2.4%):
KEPCO Plant Service & Engineering Co. Ltd.		1,478		50
Posco International Corp.		4,446		72
Samsung Engineering Co. Ltd. (a)		5,631		93
				215
Information Technology (3.5%):
Douzone Bizon Co. Ltd.		1,206		84
NHN KCP Corp.		2,450		47
Partron Co. Ltd.		6,015		69
SFA Engineering Corp.		2,738		109
				309
Materials (1.4%):
Korea Petrochemical Ind Co. Ltd.		288		29
Soulbrain Co. Ltd.		1,214		89
				118
				1,217

See notes to financial statements.

50

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Luxembourg (1.1%):
Communication Services (0.5%):
Play Communications SA (b)		5,137	$	48
Materials (0.6%):
Ternium SA, ADR		2,189		48
				96
Malaysia (4.4%):
Communication Services (0.6%):
TIME dotCom BHD		25,300		57
Consumer Discretionary (0.4%):
Padini Holdings BHD		46,300		37
Energy (1.0%):
Serba Dinamik Holdings BHD		160,860		86
Financials (0.6%):
Syarikat Takaful Malaysia Keluarga BHD		41,500		58
Health Care (0.0%): (d)
Supermax Corp. BHD		2,412		1
Information Technology (0.8%):
V.S. Industry Berhad		204,600		67
Materials (0.5%):
Scientex BHD		18,600		43
Real Estate (0.5%):
Eco World Development Group BHD (a)		236,400		43
				392
Mexico (4.6%):
Consumer Staples (0.8%):
La Comer SAB de CV (a)		56,101		69
Financials (1.0%):
Banco del Bajio SA (b)		24,524		41
Credito Real SAB de CV SOFOM ER		39,269		50
				91
Industrials (1.0%):
Grupo Aeroportuario del Centro Norte SAB de CV		12,136		91
Materials (0.6%):
Grupo Cementos de Chihuahua SAB de CV		9,293		50
Real Estate (1.2%):
Concentradora Fibra Danhos SA de CV		42,462		64
Prologis Property Mexico SA de CV		19,726		44
				108
				409

See notes to financial statements.

51

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Philippines (2.0%):
Consumer Discretionary (0.5%):
Bloomberry Resorts Corp.		198,000	$	44
Industrials (0.6%):
Cebu Air, Inc.		28,080		49
Materials (0.4%):
Nickel Asia Corp.		562,000		38
Real Estate (0.5%):
Vista Land & Lifescapes, Inc.		298,700		46
				177
Qatar (0.6%):
Energy (0.6%):
Qatar Gas Transport Co. Ltd.		74,990		49
Russian Federation (0.5%):
Energy (0.5%):
TMK PJSC		49,120		46
Saudi Arabia (0.6%):
Consumer Discretionary (0.6%):
Leejam Sports Co. JSC		2,408		52
South Africa (4.4%):
Consumer Discretionary (0.8%):
Super Group Ltd. (a)		35,289		72
Energy (0.7%):					��
Exxaro Resources Ltd.		6,428		60
Materials (2.0%):
African Rainbow Minerals Ltd.		8,631		101
Impala Platinum Holdings Ltd. (a)		7,950		81
				182
Real Estate (0.9%):
Resilient REIT Ltd.		15,849		77
				391
Taiwan (18.2%):
Consumer Discretionary (2.5%):
Fulgent Sun International Holding Co. Ltd.		11,000		49
Johnson Health Tech Co. Ltd.		16,000		46
Merida Industry Co. Ltd.		14,000		82
Poya International Co. Ltd.		3,000		42
				219
Financials (0.6%):
King's Town Bank Co. Ltd.		52,000		58
Health Care (0.9%):
Bioteque Corp.		19,000		83

See notes to financial statements.

52

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Industrials (3.2%):
Chicony Power Technology Co. Ltd.		38,000	$	80
Kung Long Batteries Industrial Co. Ltd.		17,000		84
Teco Electric & Machinery Co. Ltd.		72,000		63
Wisdom Marine Lines Co. Ltd.		55,000		54
				281
Information Technology (10.2%):
Accton Technology Corp.		15,000		84
Chipbond Technology Corp.		31,000		70
Elan Microelectronics Corp.		25,200		77
King Yuan Electronics Co. Ltd.		71,000		89
Macronix International Co. Ltd.		40,000		50
Parade Technologies Ltd.		3,000		62
Radiant Opto-Electronics Corp.		21,000		84
Simplo Technology Co. Ltd.		6,000		61
Sinbon Electronics Co. Ltd.		26,000		107
Taiwan Union Technology Corp.		11,000		54
Tripod Technology Corp.		27,000		113
Unimicron Technology Corp.		34,000		48
				899
Real Estate (0.8%):
Chong Hong Construction Co. Ltd.		25,000		68
				1,608
Thailand (2.6%):
Communication Services (0.5%):
Major Cineplex Group PCL		53,700		45
Consumer Discretionary (0.4%):
Somboon Advance Technology PCL		71,300		37
Financials (0.9%):
AEON Thana Sinsap Thailand PCL		5,800		37
Thanachart Capital PCL		25,600		46
				83
Real Estate (0.8%):
Supalai PCL		114,500		68
				233
Turkey (2.6%):
Consumer Staples (0.6%):
Coca-Cola Icecek AS		8,573		56
Industrials (0.6%):
Tekfen Holding AS		16,671		54
Materials (1.4%):
Anadolu Cam Sanayii AS		92,088		68
Soda Sanayii AS		50,092		52
				120
				230
Total Common Stocks (Cost $7,439)				8,616

See notes to financial statements.

53

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Preferred Stocks (0.7%)
Brazil (0.7%):
Financials (0.7%):
Banco do Estado do Rio Grande do Sul SA, Class B		10,700	$	58
Total Preferred Stocks (Cost $51)				58
Exchange-Traded Funds (1.0%)
United States (1.0%):
iShares MSCI Emerging Markets Small-Cap ETF		1,897		86
Total Exchange-Traded Funds (Cost $78)				86
Collateral for Securities Loaned^ (0.4%)
United States (0.4%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (e)		1,830		2
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (e)		10,080		10
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (e)		306		—	(f)
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (e)		6,089		6
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (e)		6,699		7
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (e)		13,397		13
Total Collateral for Securities Loaned (Cost $38)				38
Total Investments (Cost $7,606) — 99.6%				8,798
Other assets in excess of liabilities — 0.4%				37
NET ASSETS — 100.00%			$	8,835

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

(b)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $157 (thousands) and amounted to 1.8% of net assets.

(c)  All or a portion of this security is on loan.

(d)  Amount represents less than 0.05% of net assets.

(e)  Rate disclosed is the daily yield on December 31, 2019.

(f)  Rounds to less than $1.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

54

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (96.3%)
Australia (4.7%):
Consumer Discretionary (0.3%):
Aristocrat Leisure Ltd.		18,933	$	447
Energy (1.2%):
Beach Energy Ltd.		512,927		907
Santos Ltd.		132,380		762
				1,669
Financials (1.0%):
Australia & New Zealand Banking Group Ltd.		21,176		365
Macquarie Group Ltd.		9,615		931
				1,296
Industrials (0.3%):
Qantas Airways Ltd.		91,567		456
Materials (1.3%):
Rio Tinto Ltd.		25,393		1,796
Real Estate (0.6%):
Lendlease Group		29,201		361
Mirvac Group		215,117		482
				843
				6,507
Austria (0.6%):
Financials (0.6%):
Erste Group Bank AG		12,248		460
Raiffeisen Bank International AG		16,145		404
				864
Belgium (0.3%):
Financials (0.3%):
KBC Group NV		6,063		457
Brazil (1.6%):
Communication Services (0.4%):
TIM Participacoes SA		138,600		542
Financials (0.9%):
Banco Santander Brasil SA		97,300		1,204
Materials (0.3%):
Vale SA		31,800		423
				2,169
Canada (6.0%):
Consumer Discretionary (0.3%):
BRP, Inc.		11,013		502

See notes to financial statements.

55

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Staples (0.4%):
Alimentation Couche-Tard, Inc., Class B		16,154	$	513
Energy (1.4%):
Encana Corp.		99,857		468
Parex Resources, Inc. (a)		48,890		909
Suncor Energy, Inc.		16,608		544
				1,921
Financials (2.5%):
Bank of Montreal		8,089		627
Canadian Imperial Bank of Commerce		6,709		558
iA Financial Corp., Inc.		12,820		704
National Bank of Canada		14,265		792
Sun Life Financial, Inc.		17,595		803
				3,484
Industrials (0.6%):
Air Canada (a)		21,433		801
Materials (0.8%):
Kirkland Lake Gold Ltd.		15,995		705
Teck Resources Ltd., Class B		23,406		406
				1,111
				8,332
China (7.3%):
Communication Services (2.0%):
HUYA, Inc., ADR (a) (b)		17,846		320
Momo, Inc., ADR (b)		11,944		400
NetEase, Inc., ADR (b)		1,532		470
Tencent Holdings Ltd.		30,900		1,489
				2,679
Consumer Discretionary (2.3%):
Alibaba Group Holding Ltd., ADR (a)		11,407		2,419
ANTA Sports Products Ltd.		77,000		690
				3,109
Financials (1.5%):
Bank of China Ltd.		1,564,275		669
Industrial & Commercial Bank of China Ltd., Class H		1,274,250		983
Ping An Insurance Group Co. of China Ltd. (b)		38,000		450
				2,102
Health Care (0.3%):
Sinopharm Group Co. Ltd., Class H		112,800		412
Materials (0.8%):
Anhui Conch Cement Co. Ltd., Class H		152,500		1,111
Real Estate (0.4%):
Country Garden Holdings Co. Ltd.		370,000		592
				10,005

See notes to financial statements.

56

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Denmark (1.3%):
Consumer Staples (0.5%):
Carlsberg A/S, Class B		4,336	$	647
Health Care (0.4%):
Novo Nordisk A/S, Class B		9,360		543
Utilities (0.4%):
Orsted A/S (c)		6,167		638
				1,828
Faroe Islands (0.3%):
Consumer Staples (0.3%):
Bakkafrost P/F		6,153		456
Finland (0.3%):
Industrials (0.3%):
Metso Oyj		8,742		345
France (7.7%):
Communication Services (0.4%):
Vivendi SA		21,139		612
Consumer Discretionary (1.5%):
Kering SA		1,068		704
LVMH Moet Hennessy Louis Vuitton SE		2,993		1,394
				2,098
Consumer Staples (0.7%):
L'Oreal SA		2,182		645
Pernod Ricard SA		2,005		359
				1,004
Energy (0.7%):
Total SA		17,077		947
Financials (0.3%):
AXA SA		13,471		381
Health Care (0.9%):
Korian SA		9,214		434
Sanofi		8,083		812
				1,246
Industrials (1.6%):
Airbus SE		3,462		508
Alstom SA		8,045		382
Teleperformance		3,355		820
Vinci SA		4,027		448
				2,158
Information Technology (0.9%):
Alten SA		3,486		441
Capgemini SE		2,979		364
Ingenico Group SA		4,531		493
				1,298

See notes to financial statements.

57

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Materials (0.4%):
Arkema SA		4,729	$	506
Real Estate (0.3%):
Nexity SA		7,950		400
				10,650
Germany (4.1%):
Financials (1.3%):
Allianz SE		3,673		900
Hannover Rueck SE		4,363		841
				1,741
Health Care (0.4%):
Fresenius Medical Care AG & Co. KGaA		6,495		478
Industrials (0.6%):
MTU Aero Engines AG		2,782		793
Information Technology (0.5%):
SAP SE		5,235		704
Materials (0.2%):
HeidelbergCement AG		4,514		328
Real Estate (0.6%):
Alstria Office REIT-AG		20,990		394
Leg Immobilien AG		4,102		485
				879
Utilities (0.5%):
E.ON SE		68,053		727
				5,650
Hong Kong (2.6%):
Communication Services (0.3%):
HKT Trust & HKT Ltd.		250,000		352
Consumer Discretionary (0.3%):
Galaxy Entertainment Group Ltd.		56,000		412
Energy (0.6%):
CNOOC Ltd.		303,000		504
Kunlun Energy Co. Ltd.		406,000		359
				863
Financials (0.4%):
BOC Hong Kong Holdings Ltd.		154,000		535
Industrials (0.6%):
CK Hutchison Holdings Ltd.		81,500		777
Real Estate (0.2%):
CK Asset Holdings Ltd.		44,895		324
Utilities (0.2%):
China Water Affairs Group Ltd.		354,000		265
				3,528

See notes to financial statements.

58

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hungary (0.5%):
Financials (0.5%):
OTP Bank Nyrt		13,884	$	728
India (2.0%):
Energy (0.4%):
Reliance Industries Ltd.		25,884		549
Financials (0.6%):
HDFC Bank Ltd.		27,823		496
Power Finance Corp. Ltd. (a)		191,579		317
				813
Health Care (0.4%):
Ipca Laboratories Ltd.		30,467		485
Information Technology (0.3%):
HCL Technologies Ltd.		59,718		476
Utilities (0.3%):
Power Grid Corp. of India Ltd.		148,229		395
				2,718
Indonesia (0.6%):
Industrials (0.4%):
Wijaya Karya Persero Tbk PT		3,904,000		559
Utilities (0.2%):
Perusahaan Gas Negara Tbk PT		2,041,200		318
				877
Ireland (0.8%):
Health Care (0.8%):
ICON PLC (a)		6,147		1,059
Isle of Man (0.3%):
Consumer Discretionary (0.3%):
GVC Holdings PLC		32,952		386
Italy (1.4%):
Financials (0.3%):
Mediobanca Banca di Credito Finanziario SpA		39,771		438
Utilities (1.1%):
ACEA SpA		23,161		479
Enel SpA		119,982		953
				1,432
				1,870
Japan (16.6%):
Communication Services (1.0%):
KDDI Corp.		21,800		651
Nippon Telegraph & Telephone Corp.		30,200		763
				1,414

See notes to financial statements.

59

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Discretionary (2.9%):
Bandai Namco Holdings, Inc.		9,100	$	554
Sony Corp.		28,400		1,928
Toyota Motor Corp.		21,600		1,522
				4,004
Consumer Staples (0.9%):
Matsumotokiyoshi Holdings Co. Ltd.		12,000		465
Nippon Suisan Kaisha Ltd.		82,100		490
Toyo Suisan Kaisha Ltd.		7,900		335
				1,290
Financials (2.4%):
Mizuho Financial Group, Inc.		236,300		364
ORIX Corp.		55,100		913
Shinsei Bank Ltd.		23,400		357
Sumitomo Mitsui Financial Group, Inc.		14,525		537
Sumitomo Mitsui Trust Holdings, Inc.		9,800		387
Tokio Marine Holdings, Inc.		12,200		683
				3,241
Health Care (1.9%):
Astellas Pharma, Inc.		43,100		736
Hoya Corp.		11,100		1,060
Shionogi & Co. Ltd.		12,300		761
				2,557
Industrials (3.6%):
Central Japan Railway Co.		4,300		865
ITOCHU Corp.		58,900		1,365
Mitsubishi Electric Corp.		34,400		468
Mitsui & Co. Ltd.		35,600		633
Obayashi Corp.		41,600		462
Secom Co. Ltd.		4,200		375
Seibu Holdings, Inc.		21,200		349
Taisei Corp.		9,500		394
				4,911
Information Technology (2.4%):
Advantest Corp.		13,800		778
FUJIFILM Holdings Corp.		9,800		468
Hitachi Ltd.		13,400		566
Murata Manufacturing Co. Ltd.		7,400		456
NTT Data Corp.		32,700		437
Obic Co. Ltd.		4,700		633
				3,338
Materials (0.8%):
Showa Denko KK		9,500		250
Tosoh Corp.		19,400		299
Ube Industries Ltd.		25,300		548
				1,097

See notes to financial statements.

60

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Real Estate (0.4%):
Daiwa House Industry Co. Ltd.		19,300	$	598
Utilities (0.3%):
The Kansai Electric Power Co., Inc.		32,700		379
				22,829
Korea, Republic Of (2.5%):
Consumer Discretionary (0.3%):
Hyundai Motor Co.		3,612		376
Consumer Staples (0.3%):
Orion Corp.		4,909		448
Industrials (0.3%):
Samsung Engineering Co. Ltd. (a)		27,418		453
Information Technology (1.4%):
LG Innotek Co. Ltd.		5,987		722
Samsung Electronics Co. Ltd.		24,422		1,177
				1,899
Materials (0.2%):
POSCO		1,598		325
				3,501
Luxembourg (0.4%):
Materials (0.4%):
ArcelorMittal		34,127		601
Malaysia (0.6%):
Financials (0.6%):
RHB Capital Berhad		569,600		805
Mexico (1.0%):
Consumer Discretionary (0.2%):
El Puerto de Liverpool Sab de CV		67,859		337
Consumer Staples (0.4%):
Wal-Mart de Mexico SAB de CV		184,620		529
Industrials (0.4%):
Grupo Aeroportuario del Centro Norte SAB de CV		69,447		521
				1,387
Netherlands (2.0%):
Consumer Staples (0.4%):
Koninklijke Ahold Delhaize NV		23,866		598
Financials (0.6%):
ING Groep NV		33,527		403
NN Group NV		12,998		494
				897
Industrials (0.5%):
AerCap Holdings NV (a) (b)		10,614		653

See notes to financial statements.

61

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Information Technology (0.5%):
NXP Semiconductor NV		5,046	$	642
				2,790
Norway (0.5%):
Financials (0.5%):
DNB ASA		36,807		689
Poland (0.4%):
Consumer Staples (0.4%):
Dino Polska SA (a) (c)		15,475		587
Portugal (0.7%):
Communication Services (0.2%):
NOS SGPS SA		56,110		303
Energy (0.5%):
Galp Energia SGPS SA		37,523		630
				933
Russian Federation (1.1%):
Energy (0.7%):
LUKOIL PJSC, ADR		8,980		888
				888
Financials (0.4%):
Sberbank of Russia PJSC		136,120		561
				1,449
Saudi Arabia (0.3%):
Health Care (0.3%):
Mouwasat Medical Services Co.		19,048		447
Singapore (0.7%):
Financials (0.7%):
DBS Group Holdings Ltd.		30,800		594
Singapore Exchange Ltd.		57,900		381
				975
South Africa (0.8%):
Communication Services (0.5%):
Naspers Ltd.		3,741		613
Materials (0.3%):
Kumba Iron Ore Ltd.		15,561		463
				1,076
Spain (1.8%):
Communication Services (0.3%):
Masmovil Ibercom SA (a)		18,172		415
Energy (0.4%):
Repsol SA		31,112		489

See notes to financial statements.

62

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Health Care (0.2%):
Almirall SA		20,423	$	336
Industrials (0.6%):
ACS, Actividades de Construccion y Servicios SA		20,892		838
Utilities (0.3%):
Atlantica Yield PLC		16,572		437
				2,515
Sweden (2.0%):
Communication Services (0.3%):
Tele2 AB		25,234		366
Financials (0.3%):
Skandinaviska Enskilda Banken AB, Class A		48,506		456
Industrials (0.7%):
Sandvik AB		25,224		492
Volvo AB, Class B		27,644		463
				955
Materials (0.4%):
Boliden AB		19,231		511
Real Estate (0.3%):
Fastighets AB Balder (a)		9,876		457
				2,745
Switzerland (7.0%):
Consumer Staples (2.3%):
Barry Callebaut AG, Registered Shares		151		333
Coca-Cola HBC AG		11,261		383
Nestle SA, Registered Shares		22,335		2,419
				3,135
Financials (1.2%):
Partners Group Holding AG		459		421
Swiss Life Holding AG		2,597		1,303
				1,724
Health Care (3.1%):
Lonza Group AG, Registered Shares		1,293		471
Novartis AG		17,769		1,683
Roche Holding AG		6,509		2,116
				4,270
Information Technology (0.4%):
Logitech International SA, Class R		12,329		584
				9,713
Taiwan (3.1%):
Financials (0.8%):
Chailease Holding Co. Ltd.		129,630		598
Fubon Financial Holding Co. Ltd.		321,000		497
				1,095

See notes to financial statements.

63

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Information Technology (2.3%):
Accton Technology Corp.		123,000	$	690
Radiant Opto-Electronics Corp.		131,000		525
Realtek Semiconductor Corp.		104,000		817
Taiwan Semiconductor Manufacturing Co. Ltd.		104,000		1,151
				3,183
				4,278
Thailand (0.6%):
Communication Services (0.3%):
Advanced Info Service PCL		53,200		378
Consumer Staples (0.3%):
Charoen Pokphand Foods PCL		497,600		456
				834
United Arab Emirates (0.4%):
Financials (0.4%):
Emirates NBD Bank PJSC		161,127		570
United Kingdom (11.4%):
Communication Services (0.5%):
Cineworld Group PLC		122,893		356
Vodafone Group PLC		181,156		352
				708
Consumer Discretionary (1.3%):
Barratt Developments PLC		60,848		603
Fiat Chrysler Automobiles NV		24,962		370
JD Sports Fashion PLC		78,536		872
				1,845
Consumer Staples (2.1%):
British American Tobacco PLC		15,511		659
Diageo PLC		20,044		844
Tate & Lyle PLC		50,504		509
Tesco PLC		272,559		921
				2,933
Energy (1.2%):
BP PLC		196,652		1,237
Cairn Energy PLC (a)		134,790		369
				1,606
Financials (2.3%):
3i Group PLC		90,238		1,313
Barclays PLC		205,815		491
HSBC Holdings PLC		43,145		338
Legal & General Group PLC		147,247		591
Lloyds Banking Group PLC		494,079		409
				3,142

See notes to financial statements.

64

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Health Care (1.5%):
AstraZeneca PLC		6,128	$	613
GlaxoSmithKline PLC		34,553		812
Hikma Pharmaceuticals PLC		22,301		588
				2,013
Industrials (1.3%):
Ashtead Group PLC		36,043		1,152
CNH Industrial NV		56,688		623
				1,775
Information Technology (0.3%):
Avast PLC (c)		67,832		407
Materials (0.9%):
Anglo American PLC		42,683		1,228
				15,657
Total Common Stocks (Cost $120,236)				132,810
Preferred Stocks (1.4%)
Brazil (0.4%):
Energy (0.4%):
Petroleo Brasileiro SA		80,000		604
Germany (1.0%):
Consumer Discretionary (1.0%):
Volkswagen AG		6,855		1,349
Total Preferred Stocks (Cost $1,697)				1,953
Rights (0.0%) (d)
Spain (0.0%): (d)
Energy (0.0%): (d)
Repsol SA Expires 1/8/20 @ $0.00 (a)		31,112		15
Total Rights (Cost $14)				15
Exchange-Traded Funds (1.2%)
United States (1.2%):
iShares Core MSCI EAFE ETF		21,172		1,381
iShares Core MSCI Emerging Markets ETF		6,273		336
				1,717
Total Exchange-Traded Funds (Cost $1,697)				1,717
Collateral for Securities Loaned^ (1.6%)
United States (1.6%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (e)		101,456		101
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (e)		559,401		559
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (e)		16,962		17

See notes to financial statements.

65

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (e)		337,997	$	338
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (e)		371,823		372
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (e)		743,620		744
Total Collateral for Securities Loaned (Cost $2,131)				2,131
Total Investments (Cost $125,775) — 100.5%				138,626
Liabilities in excess of other assets — (0.5)%				(699	)
NET ASSETS — 100.00%			$	137,927

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

(b)  All or a portion of this security is on loan.

(c)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $1,632 (thousands) and amounted to 1.2% of net assets.

(d)  Amount represents less than 0.05% of net assets.

(e)  Rate disclosed is the daily yield on December 31, 2019.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

66

Victory Portfolios
Victory Trivalent International Small-Cap Fund Schedule of Portfolio Investments
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (98.6%)
Australia (5.4%):
Energy (1.1%):
Beach Energy Ltd.		12,046,227	$	21,302
Financials (0.3%):
Magellan Financial Group Ltd.		171,112		6,854
Industrials (0.8%):
Downer EDI Ltd.		1,479,250		8,469
Seven Group Holdings Ltd.		604,479		8,259
				16,728
Information Technology (0.4%):
Appen Ltd.		487,231		7,694
Materials (1.7%):
Mineral Resources Ltd. (a)		989,174		11,469
Northern Star Resources Ltd.		1,089,891		8,587
OZ Minerals Ltd.		1,124,717		8,345
Saracen Mineral Holdings Ltd. (b)		2,378,138		5,514
				33,915
Real Estate (1.1%):
Charter Hall Group		2,800,141		21,804
				108,297
Belgium (0.6%):
Real Estate (0.6%):
Warehouses De Pauw SCA		62,529		11,386
Canada (8.0%):
Communication Services (0.3%):
IMAX Corp. (b)		288,766		5,899
Consumer Discretionary (1.2%):
BRP, Inc.		275,178		12,538
Canada Goose Holdings, Inc. (a) (b)		299,336		10,848
				23,386
Energy (1.1%):
Parex Resources, Inc. (b)		860,728		16,010
Tamarack Valley Energy Ltd. (b)		3,569,385		5,498
				21,508
Financials (0.4%):
Canadian Western Bank (a)		308,057		7,566
Industrials (1.3%):
Finning International, Inc.		403,360		7,860
Stantec, Inc.		308,071		8,708
TFI International, Inc.		309,380		10,429
				26,997

See notes to financial statements.

67

Victory Portfolios
Victory Trivalent International Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Materials (2.4%):
B2Gold Corp.		2,354,001	$	9,446
Detour Gold Corp. (b)		646,803		12,523
Kirkland Lake Gold Ltd.		202,760		8,939
Norbord, Inc.		234,031		6,260
Pan American Silver Corp.		439,791		10,419
				47,587
Real Estate (0.8%):
Canadian Apartment Properties REIT		206,445		8,429
Tricon Capital Group, Inc.		1,043,620		8,544
				16,973
Utilities (0.5%):
Northland Power, Inc. (a)		460,017		9,637
				159,553
Denmark (1.8%):
Consumer Staples (0.8%):
Royal Unibrew		187,170		17,147
Health Care (0.5%):
GN Store Nord A/S		194,764		9,163
Industrials (0.5%):
Dfds A/S (a)		198,047		9,669
				35,979
Faroe Islands (0.4%):
Consumer Staples (0.4%):
Bakkafrost P/F		104,438		7,745
Finland (1.9%):
Industrials (1.2%):
Adapteo Oyj (b)		423,252		5,236
Outotec OYJ (b)		1,147,013		7,416
Valmet Oyj		456,329		10,942
				23,594
Information Technology (0.3%):
TietoEVRY Oyj		201,927		6,280
Materials (0.4%):
Kemira Oyj		604,683		8,998
				38,872
France (8.3%):
Communication Services (0.4%):
Television Francaise		880,892		7,342
Consumer Discretionary (0.7%):
Faurecia SE		174,254		9,459
Fnac Darty SA (a) (b)		84,329		5,011
				14,470

See notes to financial statements.

68

Victory Portfolios
Victory Trivalent International Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Financials (0.3%):
SCOR SE		151,497	$	6,377
Health Care (0.6%):
Korian SA		245,359		11,565
Industrials (3.3%):
Alstom SA		151,925		7,219
Eiffage SA		173,618		19,917
Nexans SA		195,105		9,546
Teleperformance		123,897		30,268
				66,950
Information Technology (1.6%):
Alten SA		126,802		16,032
SOITEC (b)		86,913		9,175
Worldline SA (b) (c)		108,740		7,708
				32,915
Materials (0.9%):
Arkema SA		164,607		17,599
Real Estate (0.5%):
Nexity SA		185,333		9,314
				166,532
Germany (6.2%):
Communication Services (0.3%):
CTS Eventim AG & Co. KGAA		95,620		5,999
Consumer Discretionary (0.3%):
Hellofresh SE (b)		338,052		7,046
Financials (0.9%):
Aurelius Equity Opportunities Se & Co. KGAA		147,297		6,440
Deutsche Pfandbriefbank AG (c)		719,127		11,711
				18,151
Health Care (1.4%):
Carl Zeiss Meditec AG		168,408		21,408
Gerresheimer AG		95,215		7,363
				28,771
Industrials (1.3%):
Fraport AG Frankfurt Airport Services Worldwide		100,663		8,544
Kion Group AG		142,990		9,832
Rheinmetall AG		60,699		6,960
				25,336
Information Technology (0.6%):
Bechtle AG		79,169		11,053
Real Estate (1.4%):
alstria office REIT-AG		708,249		13,302
TAG Immobilien AG		557,865		13,854
				27,156
				123,512

See notes to financial statements.

69

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hong Kong (0.9%):
Consumer Discretionary (0.6%):
Melco International Development Ltd.		4,020,000	$	11,294
Utilities (0.3%):
Towngas China Co. Ltd.		8,206,000		5,685
				16,979
Ireland (0.9%):
Consumer Discretionary (0.3%):
Dalata Hotel Group PLC		1,072,801		6,201
Health Care (0.6%):
UDG Healthcare PLC		1,163,815		12,441
				18,642
Isle of Man (0.5%):
Consumer Discretionary (0.5%):
GVC Holdings PLC		833,799		9,775
Israel (0.3%):
Financials (0.3%):
Israel Discount Bank Ltd., Class A		1,307,276		6,074
Italy (3.4%):
Communication Services (0.4%):
Infrastructure Wireless Italiane SpA (c)		785,082		7,683
Energy (0.3%):
Saras SpA		3,330,338		5,359
Financials (0.3%):
Banca Mediolanum SpA		593,829		5,901
Health Care (1.2%):
Amplifon SpA		556,573		16,016
Diasorin SpA		68,138		8,824
				24,840
Materials (0.6%):
Buzzi Unicem SpA		471,278		11,878
Utilities (0.6%):
ACEA SpA		548,747		11,355
				67,016
Japan (22.0%):
Communication Services (0.9%):
Capcom Co. Ltd.		257,900		7,140
Dip Corp.		351,400		10,381
				17,521
Consumer Discretionary (2.9%):
Adastria Co. Ltd.		355,000		8,079
Paltac Corp.		218,100		10,419

See notes to financial statements.

70

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Resorttrust, Inc.		337,500	$	5,722
Starts Corp., Inc.		269,800		6,866
Sushiro Global Holdings Ltd.		134,200		11,559
Tomy Co. Ltd.		559,300		7,247
Toyo Tire Corp.		576,200		8,266
				58,158
Consumer Staples (1.2%):
Fuji Oil Holdings, Inc.		192,700		5,184
Matsumotokiyoshi Holdings Co. Ltd.		227,800		8,821
Nippon Suisan Kaisha Ltd.		1,530,600		9,142
				23,147
Financials (1.3%):
North Pacific Bank Ltd.		2,231,600		4,972
The Shiga Bank Ltd.		344,300		8,745
Zenkoku Hosho Co. Ltd.		313,600		13,318
				27,035
Health Care (1.7%):
Eiken Chemical Co. Ltd.		458,500		8,487
Japan Lifeline Co. Ltd.		394,200		5,365
Sawai Pharmaceutical Co. Ltd.		173,300		10,981
Ship Healthcare Holdings, Inc.		207,100		9,555
				34,388
Industrials (5.6%):
Daihen Corp.		193,400		6,372
Daiseki Co. Ltd.		240,600		6,923
Fuji Corp./Aichi		409,800		7,489
Fullcast Holdings Co. Ltd.		313,400		7,115
Kanamotoc Co. Ltd.		251,600		6,473
Kumagai Gumi Co. Ltd.		240,900		7,328
Maeda Corp. (a)		870,500		8,476
Makino Milling Machine Co. Ltd.		133,900		6,085
Penta-Ocean Construction Co. Ltd.		1,570,200		9,722
Sankyu, Inc.		147,100		7,393
Sanwa Holdings Corp.		777,700		8,716
Seino Holdings Co. Ltd.		592,300		8,003
Takasago Thermal Engineering Co. Ltd.		435,300		7,789
Toda Corp.		919,600		6,071
UT Group Co. Ltd. (a)		252,000		7,511
				111,466
Information Technology (4.3%):
Advantest Corp.		164,200		9,262
Anritsu Corp. (a)		520,400		10,302
Lasertec Corp.		389,600		19,761
Net One Systems Co. Ltd.		752,400		19,213
Taiyo Yuden Co. Ltd.		269,100		8,209
TIS, Inc.		323,400		19,120
				85,867

See notes to financial statements.

71

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Materials (1.9%):
Denka Co. Ltd.		213,000	$	6,333
Rengo Co. Ltd.		782,400		5,961
Sumitomo Bakelite Co. Ltd.		139,100		5,198
Tokai Carbon Co. Ltd. (a)		657,000		6,555
Tokyo Steel Manufacturing Co. Ltd.		995,400		7,194
Yamato Kogyo Co. Ltd.		251,600		6,301
				37,542
Real Estate (2.2%):
Invincible Investment Corp.		20,245		11,540
Kenedix Office Investment Corp.		1,286		9,937
Nippon Accommodations Fund, Inc.		1,826		11,532
Open House Co. Ltd.		381,700		10,915
				43,924
				439,048
Korea, Republic Of (4.2%):
Communication Services (0.4%):
AfreecaTV Co. Ltd.		151,243		9,002
Consumer Discretionary (0.8%):
F&F Co. Ltd.		75,960		7,335
GS Home Shopping, Inc.		38,320		4,929
SL Corp.		268,615		4,213
				16,477
Consumer Staples (0.4%):
Maeil Dairies Co. Ltd.		102,126		7,595
Health Care (0.3%):
Korea United Pharmaceuticals, Inc.		195,339		3,088
Seegene, Inc. (b)		83,748		2,212
				5,300
Industrials (0.4%):
Samsung Engineering Co. Ltd. (b)		471,358		7,791
Information Technology (1.2%):
Douzone Bizon Co. Ltd.		140,246		9,805
Partron Co. Ltd.		519,443		5,920
SFA Engineering Corp.		224,993		8,988
				24,713
Materials (0.7%):
Soulbrain Co. Ltd.		183,608		13,419
				84,297
Luxembourg (0.3%):
Consumer Discretionary (0.3%):
B&M European Value Retail SA		1,148,825		6,233

See notes to financial statements.

72

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Netherlands (3.3%):
Energy (0.5%):
SBM Offshore NV		514,357	$	9,609
Financials (1.2%):
ASR Nederland NV		291,429		10,920
Euronext NV (c)		165,377		13,517
				24,437
Health Care (0.3%):
Argenx SE (b)		41,805		6,723
Industrials (0.6%):
Intertrust NV (c)		329,969		6,416
TKH Group NV		107,102		6,019
				12,435
Information Technology (0.7%):
Asm International NV		120,239		13,571
				66,775
New Zealand (0.4%):
Health Care (0.4%):
Summerset Group Holdings Ltd.		1,454,592		8,715
Singapore (0.5%):
Real Estate (0.5%):
Frasers Logistics & Industrial Trust		11,172,700		10,303
Spain (2.6%):
Communication Services (0.5%):
Masmovil Ibercom SA (b)		456,762		10,438
Financials (0.2%):
Bankinter SA		672,585		4,940
Health Care (0.4%):
Almirall SA		428,672		7,046
Industrials (0.7%):
Applus Services SA		390,748		5,004
Cia de Distribucion Integral Logista Holdings SA		368,161		8,303
				13,307
Real Estate (0.5%):
Merlin Properties Socimi SA		670,563		9,637
Utilities (0.3%):
Atlantica Yield PLC		238,357		6,290
				51,658
Sweden (3.3%):
Communication Services (0.4%):
Stillfront Group AB (b)		190,650		7,495

See notes to financial statements.

73

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Victory Trivalent International Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Discretionary (1.0%):
Dometic Group AB (c)		767,765	$	7,746
Evolution Gaming Group AB (c)		413,447		12,482
				20,228
Financials (0.3%):
Resurs Holdings AB (c)		1,066,635		6,853
Industrials (0.9%):
Loomis AB, Class B (a)		241,651		10,020
Peab AB		699,658		6,998
				17,018
Real Estate (0.7%):
Wihlborgs Fastigheter AB		800,624		14,728
				66,322
Switzerland (8.5%):
Consumer Discretionary (0.4%):
Forbo Holding AG		5,113		8,702
Consumer Staples (1.0%):
Barry Callebaut AG, Registered Shares		2,922		6,452
Coca-Cola HBC AG		377,329		12,823
				19,275
Financials (2.7%):
Cembra Money Bank AG		56,651		6,199
Helvetia Holding AG, Registered Shares		43,068		6,085
Julius Baer Group Ltd.		127,859		6,593
Swiss Life Holding AG		46,163		23,163
Vontobel Holding AG		160,548		11,459
				53,499
Health Care (0.6%):
Straumann Holding AG		12,472		12,237
Industrials (2.1%):
Adecco Group AG, Registered Shares		121,755		7,699
Bucher Industries AG		19,870		6,975
Georg Fischer AG		6,298		6,388
Sulzer AG		77,806		8,675
Wizz Air Holdings PLC (b) (c)		236,671		12,232
				41,969
Information Technology (1.1%):
Logitech International SA, Class R		441,909		20,939
Real Estate (0.6%):
Psp Swiss Property AG		92,696		12,802
				169,423

See notes to financial statements.

74

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
United Kingdom (14.3%):
Communication Services (0.9%):
Auto Trader Group PLC (c)		1,228,409	$	9,699
Cineworld Group PLC (a)		3,015,021		8,741
				18,440
Consumer Discretionary (2.4%):
Bellway PLC		140,557		7,093
JD Sports Fashion PLC		2,129,670		23,652
Redrow PLC		956,446		9,439
Trainline PLC (b) (c)		1,146,746		7,766
				47,950
Consumer Staples (1.7%):
Cranswick PLC		164,582		7,387
Nomad Foods Ltd. (b)		335,792		7,512
Stock Spirits Group PLC		2,240,144		6,112
Tate & Lyle PLC		1,286,681		12,962
				33,973
Energy (0.7%):
Cairn Energy PLC (b)		2,953,371		8,079
Flex Lng Ltd. (a)		514,687		5,358
				13,437
Financials (2.0%):
Ashmore Group PLC		1,661,884		11,398
Beazley PLC		808,606		5,949
Intermediate Capital Group PLC		592,897		12,644
Onesavings Bank PLC		1,716,487		9,840
				39,831
Health Care (0.9%):
Clinigen Group PLC		665,221		8,163
Hikma Pharmaceuticals PLC		394,372		10,399
				18,562
Industrials (2.1%):
Aggreko PLC		625,422		6,906
HomeServe PLC		381,204		6,384
Meggitt PLC		1,198,250		10,435
National Express Group PLC		1,706,126		10,632
Vesuvius PLC		1,097,072		7,272
				41,629
Information Technology (1.7%):
Avast PLC (c)		1,353,706		8,134
Aveva Group PLC		105,613		6,514
Computacenter PLC		502,441		11,768
Electrocomponents PLC		898,850		8,083
				34,499

See notes to financial statements.

75

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Real Estate (1.9%):
Londonmetric Property PLC		2,727,984	$	8,545
Safestore Holdings PLC		1,431,575		15,308
The Unite Group PLC		818,157		13,665
				37,518
				285,839
United States (0.6%):
Information Technology (0.6%):
Globant SA (b)		103,931		11,022
Total Common Stocks (Cost $1,530,350)				1,969,997
Exchange-Traded Funds (0.3%)
United States (0.3%):
Vanguard FTSE Developed Markets ETF		145,006		6,389
Total Exchange-Traded Funds (Cost $6,268)				6,389
Collateral for Securities Loaned^ (2.5%)
United States (2.5%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		2,365,326		2,365
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		13,031,256		13,031
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		395,067		395
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		7,872,226		7,872
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		8,660,059		8,660
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		17,319,527		17,320
Total Collateral for Securities Loaned (Cost $49,643)				49,643
Total Investments (Cost $1,586,261) — 101.4%				2,026,029
Liabilities in excess of other assets — (1.4)%				(28,800	)
NET ASSETS — 100.00%			$	1,997,229

^  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)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $111,947 (thousands) and amounted to 5.6% of net assets.

(d)  Rate disclosed is the daily yield on December 31, 2019.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

76

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Asset Backed Securities (2.5%)
Ameriquest Mortgage Securities, Series 2004-R12, Class M1, 2.65%(LIBOR01M+86bps), 1/25/35, Callable 1/25/20 @ 100 (a)	$	236	$	236
Drive Auto Receivables Trust, Series 2017-AA, Class C, 2.98%, 1/18/22, Callable 3/15/21 @ 100 (b) (c)		2		2
Home Equity Asset Trust, Series 2005-2, Class M5, 2.89%(LIBOR01M+110bps), 7/25/35, Callable 1/25/20 @ 100 (a)		852		852
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 2.77%(LIBOR01M+98bps), 10/25/34, Callable 1/25/20 @ 100 (a)		97		97
Popular ABS Mortgage Pass-Through Trust, Series 2005-2, Class AV1B, 2.05%(LIBOR01M+26bps), 4/25/35, Callable 1/25/20 @ 100 (a)		26		26
Santander Retail Auto Lease Trust, Series 2018-A, Class B, 3.20%, 4/20/22, Callable 2/20/21 @ 100 (b) (c)		525		529
Total Asset Backed Securities (Cost $1,700)				1,742
Collateralized Mortgage Obligations (2.8%)
Commercial Mortgage Trust, Series 2013-LC6, Class B, 3.74%, 1/10/46 (b)		320		330
GS Mortgage Securities Trust, Series 2012-GC6, Class B, 5.65%, 1/10/45 (b) (c) (d)		500		528
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class B, 3.74%, 12/15/45		585		597
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45		270		275
WFRBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.72%, 3/15/47, Callable 3/1/24 @ 100 (d)		208		219
Total Collateralized Mortgage Obligations (Cost $2,001)				1,949
Corporate Bonds (40.7%)
Communication Services (2.1%):
Activision Blizzard, Inc., 2.60%, 6/15/22, Callable 5/15/22 @ 100		110		111
AT&T, Inc. 3.20%, 3/1/22, Callable 2/1/22 @ 100 (b)		158		162
4.25%, 3/1/27, Callable 12/1/26 @ 100 (b)		227		249
5.15%, 11/15/46, Callable 5/15/46 @ 100 (b)		207		247
Comcast Corp., 3.45%, 2/1/50, Callable 8/1/49 @ 100		150		154
Verizon Communications, Inc. 5.15%, 9/15/23 (b) (e)		144		160
3.38%, 2/15/25 (b)		155		164
Vodafone Group PLC, 5.25%, 5/30/48 (e)		193		232
				1,479
Consumer Discretionary (4.3%):
Best Buy Co., Inc., 4.45%, 10/1/28, Callable 7/1/28 @ 100 (b)		196		215
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100		670		670
General Motors Co., 4.88%, 10/2/23 (b)		231		249
Hasbro, Inc., 6.35%, 3/15/40		160		186
Lear Corp., 5.25%, 5/15/49, Callable 11/15/48 @ 100		158		165
Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100		460		485
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 (e)		198		226

See notes to financial statements.

77

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
NVR, Inc., 3.95%, 9/15/22, Callable 6/15/22 @ 100 (b)	$	268	$	280
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100		160		166
Starbucks Corp., 3.80%, 8/15/25, Callable 6/15/25 @ 100		254		274
				2,916
Consumer Staples (3.1%):
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (b)		268		291
Constellation Brands, Inc., 4.65%, 11/15/28, Callable 8/15/28 @ 100 (b)		166		187
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100		105		123
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (c)		300		305
Keurig Dr Pepper, Inc. 4.06%, 5/25/23, Callable 4/25/23 @ 100		340		358
5.09%, 5/25/48, Callable 11/25/47 @ 100 (e)		70		85
Mead Johnson Nutrition Co., 4.60%, 6/1/44, Callable 12/1/43 @ 100 (b)		204		243
Reynolds American, Inc., 6.15%, 9/15/43 (b) (e)		175		203
Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100 (c)		200		199
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100		135		170
				2,164
Energy (3.6%):
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100		140		143
Continental Resources, 4.50%, 4/15/23, Callable 1/15/23 @ 100 (b)		234		245
Ecopetrol SA, 5.88%, 9/18/23 (b)		327		363
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100		248		249
Exxon Mobil Corp., 4.11%, 3/1/46, Callable 9/1/45 @ 100		85		100
Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100		229		252
Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100		272		276
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100		245		247
Statoil ASA, 3.95%, 5/15/43		100		111
Valero Energy Corp. 4.00%, 4/1/29, Callable 1/1/29 @ 100 (b)		180		194
10.50%, 3/15/39		195		328
				2,508
Financials (13.5%):
Aflac, Inc. 2.88%, 10/15/26, Callable 7/15/26 @ 100		335		345
4.75%, 1/15/49, Callable 7/15/48 @ 100		35		43
Alleghany Corp., 4.90%, 9/15/44, Callable 3/15/44 @ 100		204		236
Bank of America Corp. 2.33%(LIBOR03M+63bps), 10/1/21, Callable 10/1/20 @ 100 (a) (b)		265		266
2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN		515		520
4.20%, 8/26/24, MTN (b)		212		228
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (b)		297		309
Cincinnati Financial Corp., 6.13%, 11/1/34		320		437
Citigroup, Inc. 2.75%, 4/25/22, Callable 3/25/22 @ 100		363		369
3.88%, 3/26/25 (e)		144		152
4.60%, 3/9/26 (b)		76		84

See notes to financial statements.

78

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December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
4.45%, 9/29/27 (b)	$	190	$	209
3.88%(LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (a)		94		104
Enel Finance International NV, 2.88%, 5/25/22 (c)		415		420
Fifth Third Bancorp, 3.65%, 1/25/24, Callable 12/25/23 @ 100 (b)		346		365
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 (e)		290		296
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100		110		116
JPMorgan Chase & Co. 2.95%, 10/1/26, Callable 7/1/26 @ 100		425		438
5.60%, 7/15/41		87		120
Morgan Stanley 2.65%, 1/27/20 (b)		630		631
4.88%, 11/1/22 (b)		303		325
3.13%, 7/27/26, MTN		545		563
Newcrest Finance Pty Ltd., 5.75%, 11/15/41 (c)		155		183
The Goldman Sachs Group, Inc. 2.35%, 11/15/21, Callable 11/15/20 @ 100		265		266
3.50%, 1/23/25, Callable 10/23/24 @ 100		275		289
Truist Financial Corp., 2.75%, 4/1/22, MTN, Callable 3/1/22 @ 100		480		488
Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		195		206
Wells Fargo & Co. 3.45%, 2/13/23		585		606
4.30%, 7/22/27, MTN		157		172
4.90%, 11/17/45 (b)		155		190
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		250		246
				9,222
Health Care (3.3%):
AbbVie, Inc. 2.30%, 5/14/21, Callable 4/14/21 @ 100 (b)		317		318
3.20%, 11/21/29, Callable 8/21/29 @ 100 (c)		285		291
Amgen, Inc., 6.90%, 6/1/38		125		175
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 (c)		455		487
Gilead Sciences, Inc., 4.40%, 12/1/21, Callable 9/1/21 @ 100 (b)		660		688
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		193		205
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100		135		138
				2,302
Industrials (3.1%):
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100		85		88
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100		275		285
Fortive Corp., 3.15%, 6/15/26, Callable 3/15/26 @ 100 (b)		198		203
Hillenbrand, Inc., 4.50%, 9/15/26, Callable 7/15/26 @ 100		420		440
Kansas City Southern, 4.95%, 8/15/45, Callable 2/15/45 @ 100		210		249
Rockwell Automation, Inc. 3.50%, 3/1/29, Callable 12/1/28 @ 100		165		178
6.25%, 12/1/37		155		212
Roper Technologies, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100		102		103
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 (e)		115		130
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (b)		279		285
				2,173

See notes to financial statements.

79

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Information Technology (2.5%):
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100	$	117	$	147
Broadcom Corp., 3.00%, 1/15/22, Callable 12/15/21 @ 100 (b)		160		162
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (b)		177		195
Micron Technology, Inc., 4.19%, 2/15/27, Callable 12/15/26 @ 100		225		241
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100		150		154
NVIDIA Corp., 2.20%, 9/16/21, Callable 8/16/21 @ 100		165		166
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100		160		191
Tyco Electronics Group SA, 7.13%, 10/1/37		82		121
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100		360		367
				1,744
Materials (1.3%):
Celanese US Holdings LLC, 4.63%, 11/15/22		210		222
LYB International Finance II BV, 3.50%, 3/2/27, Callable 12/2/26 @ 100 (b)		243		255
Rio Tinto Finance USA Ltd. 3.75%, 6/15/25, Callable 3/15/25 @ 100		190		205
5.20%, 11/2/40		75		98
Southern Copper Corp., 5.25%, 11/8/42 (b)		95		109
				889
Real Estate (1.3%):
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100		166		171
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100		339		345
Service Properties Trust, 4.35%, 10/1/24, Callable 9/1/24 @ 100		340		351
				867
Utilities (2.6%):
Arizona Public Service Co., 2.95%, 9/15/27, Callable 6/15/27 @ 100		250		256
Consolidated Edison, Inc., 6.30%, 8/15/37 (e)		250		344
Iberdrola International BV 6.75%, 9/15/33		50		65
6.75%, 7/15/36		110		153
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100		310		315
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100		190		228
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (b)		159		177
Vistra Operations Co. LLC, 3.70%, 1/30/27, Callable 11/30/26 @ 100 (c)		287		285
				1,823
Total Corporate Bonds (Cost $26,927)				28,087
Residential Mortgage Backed Securities (0.4%)
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 3.11%(LIBOR01M+132bps), 10/25/32, Callable 1/25/20 @ 100 (a)		110		110
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/29 @ 100 (b) (c) (d)		155		158
Total Residential Mortgage Backed Securities (Cost $266)				268

See notes to financial statements.

80

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares or Principal Amount		Value
U.S. Government Mortgage Backed Agencies (39.3%)
Federal Home Loan Mortgage Corp. 9.00%, 4/1/25 (b)	$	16	$	18
Series 4139, Class DA, 1.25%, 12/15/27 (b)		872		847
7.50%, 8/1/29 (b)		10		10
Series 4395, Class PA, 2.50%, 4/15/37 (b)		338		340
5.00%, 7/1/39 (b)		674		745
Series 4320, Class AP, 3.50%, 7/15/39 – 3/1/49 (b)		3,135		3,272
Series 3713, Class PA, 2.00%, 2/15/40 – 3/15/40 (b)		1,009		996
Series 4444, Class CH, 3.00%, 1/15/41 – 10/1/46 (b)		1,020		1,045
Series 4049, Class AB, 2.75%, 12/15/41 (b)		162		164
Series 4494, Class JA, 3.75%, 5/15/42 (b)		642		662
4.50%, 7/1/44 – 12/1/45 (b)		1,370		1,493
				9,592
Federal National Mortgage Association 6.00%, 2/1/37 (b)		125		144
Series 2013-33, Class UD, 2.50%, 4/25/39 – 12/25/47 (b)		666		671
Series 2013-137, Class A, 3.50%, 3/25/40 – 12/25/50 (b)		4,013		4,163
Series 2011-21, Class PA, 4.50%, 5/25/40 (b)		693		721
Series 2011-101, Class LA, 3.00%, 10/25/40 – 2/25/49 (b)		4,990		5,108
Series 2013-81, Class KA, 2.75%, 9/25/42 (b)		727		736
Series 2013-44, Class PB, 1.75%, 1/25/43 (b)		162		158
Series 2015-61, Class PV, 3.50%, 5/25/44 (b) (d)		836		880
4.00%, 3/1/47 – 6/1/49 (b)		3,860		4,044
				16,625
Government National Mortgage Association Series 2019-85, Class KG, 3.00%, 6/20/43		547		556
4.50%, 10/20/49		368		387
				943
Total U.S. Government Mortgage Backed Agencies (Cost $26,664)				27,160
U.S. Treasury Obligations (11.9%)
U.S. Treasury Bills, 1.47%, 3/26/20 (f)		3,900		3,886
U.S. Treasury Bonds, 3.00%, 2/15/49		3,750		4,242
U.S. Treasury Notes, 1.25%, 8/31/24		110		108
Total U.S. Treasury Obligations (Cost $7,867)				8,236
Collateral for Securities Loaned (1.9%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (g)		63,828		64
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (g)		351,647		352
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (g)		10,661		11
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (g)		212,431		212
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (g)		233,690		234

See notes to financial statements.

81

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (g)		467,365	$	467
Total Collateral for Securities Loaned (Cost $1,340)				1,340
Total Investments (Cost $66,765) — 99.5%				68,782
Other assets in excess of liabilities — 0.5%				379
NET ASSETS — 100.00%			$	69,161

^  Purchased with cash collateral from securities on loan.

(a)  Variable- or Floating-Rate Security. Rate disclosed is as of December 31, 2019.

(b)  All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis.

(c)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $3,387 (thousands) and amounted to 4.9% of net assets.

(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 December 31, 2019.

(e)  All or a portion of this security is on loan.

(f)  Rate represents the effective yield at December 31, 2019.

(g)  Rate disclosed is the daily yield on December 31, 2019.

bps — Basis points

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2019, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2019, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

See notes to financial statements.

82

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2019

(Amounts in Thousands, Except for Shares)  (Unaudited)

Futures Contracts Purchased
(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Future		9	3/20/20	$	1,164,266	$	1,155,797	$	(8,469	)
2-Year U.S. Treasury Note Future		10	3/31/20		2,156,814		2,155,000		(1,814	)
5-Year U.S. Treasury Note Future		16	3/31/20		1,904,131		1,897,750		(6,381	)
								$	(16,664	)

Total unrealized appreciation	$	—
Total unrealized depreciation		(16,664	)
Total net unrealized appreciation(depreciation)	$	(16,664	)

Centrally Cleared

Credit Default Swap Agreements — Sell Protection (a)
(Amounts not in thousands)

Underlying Instruments*	Fixed Deal Received Rate			Maturity Date	Payment Frequency	Implied Credit Spread at December 31, 2019 (b)			Notional Amount (c)		Value		Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX North America High Yield Index; Series 33		5.00	%	12/20/24	Quarterly		2.79	%	$	1,584,000	$	152,918	$	120,701	$	32,217
											$	152,918	$	120,701	$	32,217

*  As of December 31, 2019, the CDX North America High Yield Index (the "Index") included securities which had defaulted and represented 1% of the Index. Reflects the notional amount after the default of securities.

(a)  When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

(b)  Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

(c)  The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the Index.

See notes to financial statements.

83

Victory Portfolios Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)

	Victory Integrity Discovery Fund			Victory Integrity Mid-Cap Value Fund			Victory Integrity Small-Cap Value Fund
ASSETS:
Investments, at value (Cost $124,851, $238,457 and $2,133,368)	$	142,534	(a)	$	265,240	(b)	$	2,529,036	(c)
Cash and cash equivalents		3,813			2,787			20,311
Interest and dividends receivable		146			447			3,644
Receivable for capital shares issued		40			238			1,514
Receivable for investments sold		809			—	(d)		18,766
Receivable from Adviser		1			126			—
Prepaid expenses		37			32			104
Total Assets		147,380			268,870			2,573,375
LIABILITIES:
Payables:
Collateral received on loaned securities		15,620			6,788			138,469
Investments purchased		291			483			5,356
Capital shares redeemed		143			110			15,018
Payable to Adviser		—			—			17
Accrued expenses and other payables:
Investment advisory fees		111			165			1,742
Administration fees		6			13			116
Custodian fees		1			1			16
Transfer agent fees		47			11			420
Compliance fees		—	(d)		—	(d)		1
Trustees' fees		38	��		2			39
12b-1 fees		9			1			21
Other accrued expenses		18			22			139
Total Liabilities		16,284			7,596			161,354
NET ASSETS:
Capital		113,095			236,003			2,048,257
Total distributable earnings/(loss)		18,001			25,271			363,764
Net Assets	$	131,096		$	261,274		$	2,412,021
Net Assets
Class A Shares	$	50,279		$	9,193		$	125,607
Class C Shares		5,486			56			10,027
Class R Shares		3,683			—			9,091
Class R6 Shares		—			237,557			1,250,686
Class Y Shares		71,648			14,468			1,016,610
Total	$	131,096		$	261,274		$	2,412,021
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		1,466			479			3,667
Class C Shares		235			3			342
Class R Shares		115			—			275
Class R6 Shares		—			12,268			35,104
Class Y Shares		1,885			749			28,699
Total		3,701			13,499			68,087
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	34.29		$	19.19		$	34.26
Class C Shares (f)		23.39			19.36			29.34
Class R Shares		32.11			—			33.10
Class R6 Shares		—			19.36			35.63
Class Y Shares		37.99			19.34			35.42
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	36.38		$	20.36		$	36.35

(a)  Includes $15,206 of securities on loan.

(b)  Includes $6,659 of securities on loan.

(c)  Includes $135,387 of securities on loan.

(d)  Rounds to less than $1.

(e)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

(f)  Redemption price per share varies by the length of time shares are held.

See notes to financial statements.

84

Victory Portfolios Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)

	Victory Integrity Small/Mid-Cap Value Fund			Victory Munder Multi-Cap Fund			Victory S&P 500 Index Fund
ASSETS:
Investments, at value (Cost $134,062, $319,535 and $50,825)	$	152,068	(a)	$	401,962	(b)	$	225,598	(c)
Cash and cash equivalents		537			476			1,627
Deposits with brokers for futures contracts		—			—			142
Interest and dividends receivable		211			157			237
Receivable for capital shares issued		187			106			51
Receivable for investments sold		698			3,305			—
Variation margin receivable on open futures contracts		—			—			5
Receivable from Adviser		33			—			—
Prepaid expenses		21			34			37
Total Assets		153,755			406,040			227,697
LIABILITIES:
Payables:
Collateral received on loaned securities		6,333			3,093			1,565
Investments purchased		376			—			—
Capital shares redeemed		127			233			103
Accrued expenses and other payables:
Investment advisory fees		98			256			38
Administration fees		7			19			11
Custodian fees		1			3			2
Transfer agent fees		4			152			32
Compliance fees		—	(d)		—	(d)		—	(d)
Trustees' fees		—	(d)		213			41
12b-1 fees		—	(d)		43			14
Other accrued expenses		25			42			14
Total Liabilities		6,971			4,054			1,820
NET ASSETS:
Capital		132,459			304,546			46,322
Total distributable earnings/(loss)		14,325			97,440			179,555
Net Assets	$	146,784		$	401,986		$	225,877
Net Assets
Class A Shares	$	4,123		$	361,047		$	169,140
Class C Shares		—			8,379			—
Class R Shares		—			—			14,269
Class R6 Shares		104,445			—			—
Class Y Shares		38,216			32,560			42,468
Total	$	146,784		$	401,986		$	225,877
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		233			8,662			8,197
Class C Shares		—			261			—
Class R Shares		—			—			694
Class R6 Shares		5,825			—			—
Class Y Shares		2,138			713			2,042
Total		8,196			9,636			10,933
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	17.72		$	41.68		$	20.63
Class C Shares (f)		—			32.08			—
Class R Shares		—			—			20.56
Class R6 Shares		17.93			—			—
Class Y Shares		17.88			45.69			20.80
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		2.50	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	18.80		$	44.22		$	21.16

(a)  Includes $6,219 of securities on loan.

(b)  Includes $3,032 of securities on loan.

(c)  Includes $1,535 of securities on loan.

(d)  Rounds to less than $1.

(e)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

(f)  Redemption price per share varies by the length of time shares are held.

See notes to financial statements.

85

Victory Portfolios Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)

	Victory Munder Mid-Cap Core Growth Fund			Victory Munder Small Cap Growth Fund			Victory Trivalent Emerging Markets Small-Cap Fund
ASSETS:
Investments, at value (Cost $834,862, $9,450 and $7,606)	$	1,122,432	(a)	$	12,102	(b)	$	8,798	(c)
Foreign currency, at value (Cost $—, $— and $3)		—			—			3
Cash and cash equivalents		2,177			275			46
Interest and dividends receivable		899			4			22
Receivable for capital shares issued		1,525			28			—
Receivable for investments sold		—			—			18
Receivable from Adviser		3			3			17
Prepaid expenses		52			2			7
Total Assets		1,127,088			12,414			8,911
LIABILITIES:
Payables:
Collateral received on loaned securities		53,801			1,741			38
Capital shares redeemed		4,362			23			—	(d)
Accrued foreign capital gains taxes		—			—			—	(d)
Accrued expenses and other payables:
Investment advisory fees		674			7			8
Administration fees		49			—	(d)		—	(d)
Custodian fees		12			—			2
Transfer agent fees		520			—	(d)		3
Accounting Fees		2			—	(d)		5
Audit Fees		18			4			10
Compliance fees		—	(d)		—	(d)		—	(d)
Trustees' fees		44			—	(d)		—	(d)
12b-1 fees		39			—	(d)		—	(d)
Other accrued expenses		154			6			10
Total Liabilities		59,675			1,781			76
NET ASSETS:
Capital		752,876			7,953			8,997
Total distributable earnings/(loss)		314,537			2,680			(162	)
Net Assets	$	1,067,413		$	10,633		$	8,835
Net Assets
Class A Shares	$	243,163		$	289		$	946
Class C Shares		20,643			—			—
Class I Shares		—			10,257			—
Class R Shares		16,055			—			—
Class R6 Shares		174,873			—			—
Class Y Shares		612,679			87			7,889
Total	$	1,067,413		$	10,633		$	8,835
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		17,298			20			79
Class C Shares		3,069			—			—
Class I Shares		—			717			—
Class R Shares		1,320			—			—
Class R6 Shares		10,120			—			—
Class Y Shares		36,924			6			659
Total		68,731			743			738
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	14.06		$	14.10		$	11.96
Class C Shares (f)		6.73			—			—
Class I Shares		—			14.31			—
Class R Shares		12.16			—			—
Class R6 Shares		17.28			—			—
Class Y Shares		16.59			14.17			11.97
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	14.92		$	14.96		$	12.69

(a)  Includes $52,696 of securities on loan.

(b)  Includes $1,702 of securities on loan.

(c)  Includes $36 of securities on loan.

(d)  Rounds to less than $1.

(e)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

(f)  Redemption price per share varies by the length of time shares are held.

See notes to financial statements.

86

Victory Portfolios Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)

	Victory Trivalent International Fund-Core Equity			Victory Trivalent International Small-Cap Fund			Victory INCORE Total Return Bond Fund
ASSETS:
Investments, at value (Cost $125,775, $1,586,261 and $66,765)	$	138,626	(a)	$	2,026,029	(b)	$	68,782	(c)
Foreign currency, at value (Cost $1, $— and $—)		1			—			—
Cash and cash equivalents		661			17,939			1,256
Deposits with brokers for futures contracts		—			—			237
Deposits with brokers for swap agreements		—			—			473
Unrealized appreciation on foreign currency spot contracts		—			—	(d)		—
Interest and dividends receivable		186			3,194			387
Receivable for capital shares issued		425			6,379			1
Receivable for investments sold		152			1,165			—
Variation margin receivable on open futures contracts		—			—			—	(d)
Reclaims receivable		45			1,610			—
Receivable from Adviser		113			517			9
Prepaid expenses		61			98			37
Total Assets		140,270			2,056,931			71,182
LIABILITIES:
Payables:
Collateral received on loaned securities		2,131			49,643			1,340
Investments purchased		—			4,006			560
Capital shares redeemed		1			3,880			—	(d)
Variation margin on open futures contracts		—			—			1
Variation margin on open swap agreements		—			—			1
Accrued foreign capital gains taxes		27			—			—
Accrued expenses and other payables:
Investment advisory fees		91			1,539			23
Administration fees		7			95			3
Custodian fees		3			46			2
Transfer agent fees		4			366			11
Compliance fees		—	(d)		1			—	(d)
Trustees' fees		59			20			67
12b-1 fees		1			15			2
Other accrued expenses		19			91			11
Total Liabilities		2,343			59,702			2,021
NET ASSETS:
Capital		128,715			1,670,524			73,148
Total distributable earnings/(loss)		9,212			326,705			(3,987	)
Net Assets	$	137,927		$	1,997,229		$	69,161
Net Assets
Class A Shares	$	5,579		$	118,535		$	11,813
Class C Shares		340			5,305			662
Class I Shares		3,118			1,087,113			—
Class R6 Shares		120,346			52,954			25,336
Class Y Shares		8,544			733,322			31,350
Total	$	137,927		$	1,997,229		$	69,161
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		760			8,405			1,236
Class C Shares		46			384			69
Class I Shares		423			76,612			—
Class R6 Shares		16,252			3,713			2,646
Class Y Shares		1,167			51,877			3,274
Total		18,648			140,991			7,225
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	7.34		$	14.10		$	9.55
Class C Shares (f)		7.33			13.80			9.63
Class I Shares		7.37			14.19			—
Class R6 Shares		7.41			14.26			9.58
Class Y Shares		7.32			14.14			9.57
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		2.00	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	7.79		$	14.96		$	9.74

(a)  Includes $1,694 of securities on loan.

(b)  Includes $47,598 of securities on loan.

(c)  Includes $1,294 of securities on loan.

(d)  Rounds to less than $1.

(e)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

(f)  Redemption price per share varies by the length of time shares are held.

See notes to financial statements.

87

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

(Amounts in Thousands)

	Victory Integrity Discovery Fund			Victory Integrity Mid-Cap Value Fund			Victory Integrity Small-Cap Value Fund
Investment Income:
Dividends	$	996		$	2,020		$	19,495
Interest		38			29			356
Securities lending (net of fees)		9			1			426
Total Income		1,043			2,050			20,277
Expenses:
Investment advisory fees		645			715			9,918
Administration fees		38			56			684
12b-1 fees — Class A Shares		62			10			168
12b-1 fees — Class C Shares		29			—	(a)		51
12b-1 fees — Class R Shares		8			—			24
Custodian fees		3			3			49
Transfer agent fees — Class A Shares		43			6			198
Transfer agent fees — Class C Shares		3			—	(a)		8
Transfer agent fees — Class R Shares		6			—			18
Transfer agent fees — Class R6 Shares		—			1			45
Transfer agent fees — Class Y Shares		66			24			704
Trustees' fees		5			6			96
Compliance fees		—	(a)		1			8
Legal and audit fees		8			8			65
State registration and filing fees		26			29			84
Other expenses		23			28			178
Total Expenses		965			887			12,298
Expenses waived/reimbursed by Adviser		(4	)		(283	)		(14	)
Net Expenses		961			604			12,284
Net Investment Income (Loss)		82			1,446			7,993
Realized/Unrealized Gains (Losses) from Investments :
Net realized gains (losses) from investment securities		1,500			(529	)		(26,331	)
Net change in unrealized appreciation/depreciation on investment securities		9,270			19,518			167,514
Net realized/unrealized gains (losses) on investments		10,770			18,989			141,183
Change in net assets resulting from operations	$	10,852		$	20,435		$	149,176

(a)  Rounds to less than $1.

See notes to financial statements.

88

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

(Amounts in Thousands)

	Victory Integrity Small/Mid-Cap Value Fund			Victory Munder Multi-Cap Fund		Victory S&P 500 Index Fund
Investment Income:
Dividends	$	1,304		$	2,747	$	2,245
Interest		20			36		13
Securities lending (net of fees)		10			4		2
Total Income		1,334			2,787		2,260
Expenses:
Investment advisory fees		552			1,465		226
Administration fees		41			115		67
12b-1 fees — Class A Shares		5			437		126
12b-1 fees — Class C Shares		—			49		—
12b-1 fees — Class R Shares		—			—		37
Custodian fees		3			9		5
Transfer agent fees — Class A Shares		4			407		60
Transfer agent fees — Class C Shares		—			10		—
Transfer agent fees — Class R Shares		—			—		4
Transfer agent fees — Class R6 Shares		—	(a)		—		—
Transfer agent fees — Class Y Shares		6			17		19
Trustees' fees		6			10		9
Compliance fees		—	(a)		1		1
Legal and audit fees		8			15		11
State registration and filing fees		25			26		22
Other expenses		33			58		32
Total Expenses		683			2,619		619
Expenses waived/reimbursed by Adviser		(97	)		—		—
Net Expenses		586			2,619		619
Net Investment Income (Loss)		748			168		1,641
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(1,684	)		15,303		23,274
Net realized gains (losses) from futures contracts		—			—		132
Net change in unrealized appreciation/depreciation on investment securities		10,453			23,733		(2,932	)
Net change in unrealized appreciation/depreciation on futures contracts		—			—		—	(a)
Net realized/unrealized gains (losses) on investments		8,769			39,036		20,474
Change in net assets resulting from operations	$	9,517		$	39,204	$	22,115

(a)  Rounds to less than $1.

See notes to financial statements.

89

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

(Amounts in Thousands)

	Victory Munder Mid-Cap Core Growth Fund			Victory Munder Small Cap Growth Fund			Victory Trivalent Emerging Markets Small-Cap Fund
Investment Income:
Dividends	$	5,599		$	17		$	162
Interest		75			1			1
Securities lending (net of fees)		140			28			1
Foreign tax withholding		—			—			(23	)
Total Income		5,814			46			141
Expenses:
Investment advisory fees		4,588			41			47
Administration fees		362			3			3
12b-1 fees — Class A Shares		344			—	(a)		1
12b-1 fees — Class C Shares		124			—			—
12b-1 fees — Class R Shares		43			—			—
Custodian fees		29			1			15
Transfer agent fees — Class A Shares		261			—	(a)		1
Transfer agent fees — Class C Shares		15			—			—
Transfer agent fees — Class I Shares		—			—	(a)		—
Transfer agent fees — Class R Shares		24			—			—
Transfer agent fees — Class R6 Shares		2			—			—
Transfer agent fees — Class Y Shares		795			—	(a)		6
Trustees' fees		55			1			—	(a)
Compliance fees		5			—	(a)		—	(a)
Accounting Fees		1			—	(a)		8
Sub-Administration Fees		8			8			8
Legal and audit fees		39			4			16
State registration and filing fees		61			4			3
Interfund lending fees		—	(a)		—			—
Other expenses		118			3			7
Total Expenses		6,874			65			115
Expenses waived/reimbursed by Adviser		(9	)		(10	)		(51	)
Net Expenses		6,865			55			64
Net Investment Income (Loss)		(1,051	)		(9	)		77
Realized/Unrealized Gains (Losses) from Investments :
Net realized gains (losses) from investment securities and foreign currency translations		175,907			447			(445	)
Foreign taxes on realized gains		—			—	(a)		—
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(131,784	)		824			566
Net change in accrued foreign taxes on unrealized gains		—			—			1
Net realized/unrealized gains (losses) on investments		44,123			1,271			122
Change in net assets resulting from operations	$	43,072		$	1,262		$	199

(a)  Rounds to less than $1.

See notes to financial statements.

90

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

(Amounts in Thousands)

	Victory Trivalent International Fund-Core Equity			Victory Trivalent International Small-Cap Fund			Victory INCORE Total Return Bond Fund
Investment Income:
Cash Dividends	$	792		$	15,393		$	—
Non-cash dividends		46			—			—
Interest		10			144			1,025
Securities lending (net of fees)		1			171			—	(a)
Foreign tax withholding		(74	)		(1,793	)		—
Total Income		775			13,915			1,025
Expenses:
Investment advisory fees		310			8,623			139
Administration fees		23			550			21
12b-1 fees — Class A Shares		7			151			15
12b-1 fees — Class C Shares		2			25			3
Custodian fees		41			137			5
Transfer agent fees — Class A Shares		6			201			12
Transfer agent fees — Class C Shares		—	(a)		3			1
Transfer agent fees — Class I Shares		—	(a)		570			—
Transfer agent fees — Class R6 Shares		—	(a)		1			—	(a)
Transfer agent fees — Class Y Shares		2			449			6
Trustees' fees		1			75			1
Compliance fees		—	(a)		7			—	(a)
Legal and audit fees		9			59			7
State registration and filing fees		33			62			27
Other expenses		23			152			18
Total Expenses		457			11,065			255
Expenses waived/reimbursed by Adviser		(224	)		(1,438	)		(31	)
Net Expenses		233			9,627			224
Net Investment Income (Loss)		542			4,288			801
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		379			(1,290	)		114
Net realized gains (losses) from futures contracts		—			—			136
Net realized gains (losses) from swap agreements		—			—			158
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		11,017			181,479			644
Net change in unrealized appreciation/depreciation on futures contracts		—			—			(136	)
Net change in unrealized appreciation/depreciation on swap agreements		—			—			(51	)
Net change in accrued foreign taxes on unrealized gains		(27	)		—			—
Net realized/unrealized gains (losses) on investments		11,369			180,189			865
Change in net assets resulting from operations	$	11,911		$	184,477		$	1,666

(a)  Rounds to less than $1.

See notes to financial statements.

91

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)

	Victory Integrity Discovery Fund						Victory Integrity Mid-Cap Value Fund (a)						Victory Integrity Small-Cap Value Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	82		$	(330	)	$	1,446		$	1,103		$	7,993		$	13,966
Net realized gains (losses) from investments		1,500			8,051			(529	)		381			(26,331	)		93,034
Net change in unrealized appreciation (depreciation) on investments		9,270			(26,515	)		19,518			53			167,514			(275,994	)
Change in net assets resulting from operations		10,852			(18,794	)		20,435			1,537			149,176			(168,994	)
Distributions to Shareholders:
Class A Shares		(1,198	)		(7,176	)		(46	)		(344	)		(569	)		(19,964	)
Class C Shares		(191	)		(1,331	)		—	(b)		—			(49	)		(1,740	)
Class R Shares		(98	)		(416	)		—			—			(43	)		(1,388	)
Class R6 Shares		—			—			(1,710	)		(3,355	)		(9,755	)		(132,215	)
Class Y Shares		(1,529	)		(7,675	)		(108	)		(1,186	)		(6,764	)		(119,134	)
Change in net assets resulting from distributions to shareholders		(3,016	)		(16,598	)		(1,864	)		(4,885	)		(17,180	)		(274,441	)
Change in net assets resulting from capital transactions		(9,082	)		8,479			157,418			17,762			(43,551	)		106,806
Change in net assets		(1,246	)		(26,913	)		175,989			14,414			88,445			(336,629	)
Net Assets:
Beginning of period		132,342			159,255			85,285			70,871			2,323,576			2,660,205
End of period	$	131,096		$	132,342		$	261,274		$	85,285		$	2,412,021		$	2,323,576

(a)  Class C shares commenced operations on November 4, 2019.

(b)  Rounds to less than $1.

(continues on next page)

See notes to financial statements.

92

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Integrity Discovery Fund						Victory Integrity Mid-Cap Value Fund (a)						Victory Integrity Small-Cap Value Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	1,573		$	5,964		$	1,612		$	4,527		$	10,429		$	34,166
Distributions reinvested		1,058			6,337			44			341			495			15,897
Cost of shares redeemed		(6,253	)		(13,955	)		(631	)		(1,512	)		(33,079	)		(96,628	)
Total Class A Shares	$	(3,622	)	$	(1,654	)	$	1,025		$	3,356		$	(22,155	)	$	(46,565	)
Class C Shares
Proceeds from shares issued	$	83		$	1,696		$	54		$	—		$	317		$	999
Distributions reinvested		168			1,211			—	(b)		—			47			1,688
Cost of shares redeemed		(1,629	)		(3,611	)		—			—			(1,921	)		(5,266	)
Total Class C Shares	$	(1,378	)	$	(704	)	$	54		$	—		$	(1,557	)	$	(2,579	)
Class R Shares
Proceeds from shares issued	$	1,140		$	757		$	—		$	—		$	825		$	3,717
Distributions reinvested		85			319			—			—			35			1,050
Cost of shares redeemed		(760	)		(631	)		—			—			(2,744	)		(6,857	)
Total Class R Shares	$	465		$	445		$	—		$	—		$	(1,884	)	$	(2,090	)
Class R6 Shares
Proceeds from shares issued	$	—		$	—		$	176,053		$	61,340		$	131,843		$	642,491
Distributions reinvested		—			—			1,707			3,354			9,428			131,665
Cost of shares redeemed		—			—			(13,053	)		(11,093	)		(138,794	)		(297,839	)
Total Class R6 Shares	$	—		$	—		$	164,707		$	53,601		$	2,477		$	476,317
Class Y Shares
Proceeds from shares issued	$	10,779		$	38,967		$	2,097		$	11,068		$	91,823		$	396,927
Distributions reinvested		1,407			6,287			107			1,151			6,413			107,455
Cost of shares redeemed		(16,733	)		(34,862	)		(10,572	)		(51,414	)		(118,668	)		(822,659	)
Total Class Y Shares	$	(4,547	)	$	10,392		$	(8,368	)	$	(39,195	)	$	(20,432	)	$	(318,277	)
Change in net assets resulting from capital transactions	$	(9,082	)	$	8,479		$	157,418		$	17,762		$	(43,551	)	$	106,806

(a)  Class C shares commenced operations on November 4, 2019.

(b)  Rounds to less than $1.

(continues on next page)

See notes to financial statements.

93

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Integrity Discovery Fund						Victory Integrity Mid-Cap Value Fund (a)						Victory Integrity Small-Cap Value Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Share Transactions:
Class A Shares
Issued		48			164			88			266			326			1,018
Reinvested		31			220			2			22			14			564
Redeemed		(192	)		(392	)		(35	)		(86	)		(1,011	)		(2,780	)
Total Class A Shares		(113	)		(8	)		55			202			(671	)		(1,198	)
Class C Shares
Issued		4			71			3			—			11			31
Reinvested		7			60			—	(b)		—			2			69
Redeemed		(73	)		(145	)		—			—			(69	)		(175	)
Total Class C Shares		(62	)		(14	)		3			—			(56	)		(75	)
Class R Shares
Issued		37			22			—			—			26			115
Reinvested		3			12			—			—			1			38
Redeemed		(25	)		(19	)		—			—			(86	)		(202	)
Total Class R Shares		15			15			—			—			(59	)		(49	)
Class R6 Shares
Issued		—			—			9,759			3,175			3,945			16,509
Reinvested		—			—			88			216			265			4,473
Redeemed		—			—			(699	)		(622	)		(4,116	)		(8,587	)
Total Class R6 Shares		—			—			9,148			2,769			94			12,395
Class Y Shares
Issued		304			1,053			115			623			2,759			11,317
Reinvested		37			198			6			74			182			3,678
Redeemed		(467	)		(920	)		(564	)		(2,599	)		(3,553	)		(21,266	)
Total Class Y Shares		(126	)		331			(443	)		(1,902	)		(612	)		(6,271	)
Change in Shares		(286	)		324			8,763			1,069			(1,304	)		4,802

(a)  Class C shares commenced operations on November 4, 2019.

(b)  Rounds to less than 1.

See notes to financial statements.

94

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)

	Victory Integrity Small/ Mid-Cap Value Fund						Victory Munder Multi-Cap Fund						Victory S&P 500 Index Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	748		$	1,287		$	168		$	1,013		$	1,641		$	3,317
Net realized gains (losses) from investments		(1,684	)		(615	)		15,303			9,639			23,406			13,230
Net change in unrealized appreciation (depreciation) on investments		10,453			(2,393	)		23,733			(1,122	)		(2,932	)		4,953
Change in net assets resulting from operations		9,517			(1,721	)		39,204			9,530			22,115			21,500
Distributions to Shareholders:
Class A Shares		(22	)		(133	)		(9,781	)		(51,484	)		(19,455	)		(18,352	)
Class C Shares		—			—			(265	)		(2,164	)		—			—
Class R Shares		—			—			—			(42	)		(1,652	)		(1,523	)
Class R6 Shares		(815	)		(3,648	)		—			—			—			—
Class Y Shares		(283	)		(1,460	)		(917	)		(4,322	)		(4,854	)		(3,239	)
Change in net assets resulting from distributions to shareholders		(1,120	)		(5,241	)		(10,963	)		(58,012	)		(25,961	)		(23,114	)
Change in net assets resulting from capital transactions		3,548			21,860			(13,267	)		8,923			(4,928	)		6,751
Change in net assets		11,945			14,898			14,974			(39,559	)		(8,774	)		5,137
Net Assets:
Beginning of period		134,839			119,941			387,012			426,571			234,651			229,514
End of period	$	146,784		$	134,839		$	401,986		$	387,012		$	225,877		$	234,651

(continues on next page)

See notes to financial statements.

95

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Integrity Small/ Mid-Cap Value Fund						Victory Munder Multi-Cap Fund						Victory S&P 500 Index Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	671		$	1,941		$	5,453		$	16,228		$	6,212		$	18,921
Distributions reinvested		22			133			8,468			43,987			16,971			16,274
Cost of shares redeemed		(431	)		(1,278	)		(24,308	)		(45,595	)		(39,630	)		(38,679	)
Total Class A Shares	$	262		$	796		$	(10,387	)	$	14,620		$	(16,447	)	$	(3,484	)
Class C Shares
Proceeds from shares issued	$	—		$	—		$	249		$	827		$	—		$	—
Distributions reinvested		—			—			234			1,880			—			—
Cost of shares redeemed		—			—			(2,805	)		(9,030	)		—			—
Total Class C Shares	$	—		$	—		$	(2,322	)	$	(6,323	)	$	—		$	—
Class R Shares
Proceeds from shares issued	$	—		$	—		$	—		$	121		$	2,030		$	2,718
Distributions reinvested		—			—			—			41			1,652			1,523
Cost of shares redeemed		—			—			—			(536	)		(3,725	)		(6,607	)
Total Class R Shares	$	—		$	—		$	—		$	(374	)	$	(43	)	$	(2,366	)
Class R6 Shares
Proceeds from shares issued	$	12,168		$	87,432		$	—		$	—		$	—		$	—
Distributions reinvested		813			3,640			—			—			—			—
Cost of shares redeemed		(9,754	)		(13,808	)		—			—			—			—
Total Class R6 Shares	$	3,227		$	77,264		$	—		$	—		$	—		$	—
Class Y Shares
Proceeds from shares issued	$	1,903		$	15,525		$	2,280		$	5,746		$	28,476		$	18,127
Distributions reinvested		268			1,442			645			2,912			4,592			3,035
Cost of shares redeemed		(2,112	)		(73,167	)		(3,483	)		(7,658	)		(21,506	)		(8,561	)
Total Class Y Shares	$	59		$	(56,200	)	$	(558	)	$	1,000		$	11,562		$	12,601
Change in net assets resulting from capital transactions	$	3,548		$	21,860		$	(13,267	)	$	8,923		$	(4,928	)	$	6,751

(continues on next page)

See notes to financial statements.

96

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Integrity Small/ Mid-Cap Value Fund						Victory Munder Multi-Cap Fund						Victory S&P 500 Index Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Share Transactions:
Class A Shares
Issued		41			119			133			420			295			922
Reinvested		1			9			204			1,330			828			885
Redeemed		(26	)		(80	)		(609	)		(1,134	)		(1,848	)		(1,833	)
Total Class A Shares		16			48			(272	)		616			(725	)		(26	)
Class C Shares
Issued		—			—			8			29			—			—
Reinvested		—			—			7			73			—			—
Redeemed		—			—			(88	)		(267	)		—			—
Total Class C Shares		—			—			(73	)		(165	)		—			—
Class R Shares
Issued		—			—			—			3			95			130
Reinvested		—			—			—			1			81			84
Redeemed		—			—			—			(14	)		(172	)		(318	)
Total Class R Shares		—			—			—			(10	)		4			(104	)
Class R6 Shares
Issued		720			4,833			—			—			—			—
Reinvested		46			251			—			—			—			—
Redeemed		(576	)		(837	)		—			—			—			—
Total Class R6 Shares		190			4,247			—			—			—			—
Class Y Shares
Issued		115			876			52			130			1,315			841
Reinvested		15			100			14			81			222			165
Redeemed		(123	)		(3,980	)		(79	)		(178	)		(1,010	)		(411	)
Total Class Y Shares		7			(3,004	)		(13	)		33			527			595
Change in Shares		213			1,291			(358	)		474			(194	)		465

See notes to financial statements.

97

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)

	Victory Munder Mid-Cap Core Growth Fund						Victory Munder Small Cap Growth Fund						Victory Trivalent Emerging Markets Small-Cap Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	(1,051	)	$	(5,485	)	$	(9	)	$	(60	)	$	77		$	134
Net realized gains (losses) from investments		175,907			814,693			447			750			(445	)		(914	)
Net change in unrealized appreciation (depreciation) on investments		(131,784	)		(788,921	)		824			27			566			264
Change in net assets resulting from operations		43,072			20,287			1,262			717			199			(516	)
Distributions to Shareholders:
Class A Shares		(104,197	)		(122,371	)		(18	)		(19	)		(7	)		(88	)
Class C Shares		(13,317	)		(15,428	)		—			—			—			—
Class I Shares		—			—			(702	)		(836	)		—			—
Class R Shares		(7,152	)		(7,032	)		—			—			—			—
Class R6 Shares		(63,127	)		(237,841	)		—			—			—			—
Class Y Shares		(244,448	)		(392,568	)		(6	)		(7	)		(73	)		(593	)
Change in net assets resulting from distributions to shareholders		(432,241	)		(775,240	)		(726	)		(862	)		(80	)		(681	)
Change in net assets resulting from capital transactions		(2,011	)		(1,366,402	)		797			1,683			(194	)		1,083
Change in net assets		(391,180	)		(2,121,355	)		1,333			1,538			(75	)		(114	)
Net Assets:
Beginning of period		1,458,593			3,579,948			9,300			7,762			8,910			9,024
End of period	$	1,067,413		$	1,458,593		$	10,633		$	9,300		$	8,835		$	8,910

(continues on next page)

See notes to financial statements.

98

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Munder Mid-Cap Core Growth Fund						Victory Munder Small Cap Growth Fund						Victory Trivalent Emerging Markets Small-Cap Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	17,520		$	50,553		$	94		$	20		$	—		$	229
Distributions reinvested		94,049			106,318			18			19			7			88
Cost of shares redeemed		(66,612	)		(320,275	)		(23	)		(19	)		(76	)		(390	)
Total Class A Shares	$	44,957		$	(163,404	)	$	89		$	20		$	(69	)	$	(73	)
Class C Shares
Proceeds from shares issued	$	1,237		$	3,646		$	—		$	—		$	—		$	—
Distributions reinvested		12,131			13,704			—			—			—			—
Cost of shares redeemed		(7,041	)		(27,433	)		—			—			—			—
Total Class C Shares	$	6,327		$	(10,083	)	$	—		$	—		$	—		$	—
Class I Shares
Proceeds from shares issued	$	—		$	—		$	—		$	696		$	—		$	—
Distributions reinvested		—			—			702			836			—			—
Cost of shares redeemed		—			—			—			—			—			—
Total Class I Shares	$	—		$	—		$	702		$	1,532		$	—		$	—
Class R Shares
Proceeds from shares issued	$	879		$	3,677		$	—		$	—		$	—		$	—
Distributions reinvested		6,993			6,797			—			—			—			—
Cost of shares redeemed		(3,733	)		(11,444	)		—			—			—			—
Total Class R Shares	$	4,139		$	(970	)	$	—		$	—		$	—		$	—
Class R6 Shares
Proceeds from shares issued	$	15,621		$	481,940		$	—		$	—		$	—		$	—
Distributions reinvested		62,948			236,091			—			—			—			—
Cost of shares redeemed		(160,062	)		(844,200	)		—			—			—			—
Total Class R6 Shares	$	(81,493	)	$	(126,169	)	$	—		$	—		$	—		$	—
Class Y Shares
Proceeds from shares issued	$	113,605		$	209,143		$	—		$	1,194		$	107		$	1,370
Distributions reinvested		220,312			365,981			6			7			73			593
Cost of shares redeemed		(309,858	)		(1,640,900	)		—			(1,070	)		(305	)		(807	)
Total Class Y Shares	$	24,059		$	(1,065,776	)	$	6		$	131		$	(125	)	$	1,156
Change in net assets resulting from capital transactions	$	(2,011	)	$	(1,366,402	)	$	797		$	1,683		$	(194	)	$	1,083

(continues on next page)

See notes to financial statements.

99

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Munder Mid-Cap Core Growth Fund						Victory Munder Small Cap Growth Fund						Victory Trivalent Emerging Markets Small-Cap Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Share Transactions:
Class A Shares
Issued		1,010			2,084			7			1			—			18
Reinvested		6,761			5,520			1			2			1			8
Redeemed		(3,199	)		(11,543	)		(2	)		(2	)		(7	)		(33	)
Total Class A Shares		4,572			(3,939	)		6			1			(6	)		(7	)
Class C Shares
Issued		159			196			—			—			—			—
Reinvested		1,821			1,012			—			—			—			—
Redeemed		(593	)		(1,393	)		—			—			—			—
Total Class C Shares		1,387			(185	)		—			—			—			—
Class I Shares
Issued		—			—			—			47			—			—
Reinvested		—			—			50			79			—			—
Total Class I Shares		—			—			50			126			—			—
Class R Shares
Issued		49			155			—			—			—			—
Reinvested		581			381			—			—			—			—
Redeemed		(182	)		(453	)		—			—			—			—
Total Class R Shares		448			83			—			—			—			—
Class R6 Shares
Issued		619			13,171			—			—			—			—
Reinvested		3,681			10,877			—			—			—			—
Redeemed		(6,140	)		(30,440	)		—			—			—			—
Total Class R6 Shares		(1,840	)		(6,392	)		—			—			—			—
Class Y Shares
Issued		4,620			7,541			—			85			9			114
Reinvested		13,417			17,244			—	(a)		1			6			55
Redeemed		(13,057	)		(53,734	)		—			(85	)		(27	)		(69	)
Total Class Y Shares		4,980			(28,949	)		—	(a)		1			(12	)		100
Change in Shares		9,547			(39,382	)		56			128			(18	)		93

(a)  Rounds to less than 1.

See notes to financial statements.

100

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)

	Victory Trivalent International Fund-Core Equity						Victory Trivalent International Small-Cap Fund						Victory INCORE Total Return Bond Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	542		$	561		$	4,288		$	22,210		$	801		$	2,074
Net realized gains (losses) from investments		379			(34	)		(1,290	)		(85,679	)		408			(1,146	)
Net change in unrealized appreciation (depreciation) on investments		10,990			(1,045	)		181,479			(66,159	)		457			3,342
Change in net assets resulting from operations		11,911			(518	)		184,477			(129,628	)		1,666			4,270
Distributions to Shareholders:
Class A Shares		(48	)		(201	)		(1,886	)		(3,262	)		(151	)		(363	)
Class C Shares		—	(a)		(16	)		(52	)		(105	)		(5	)		(18	)
Class I Shares		(33	)		(84	)		(21,459	)		(25,515	)		—			—
Class R6 Shares		(902	)		(215	)		(989	)		(1,115	)		(353	)		(829	)
Class Y Shares		(96	)		(463	)		(13,429	)		(20,518	)		(433	)		(1,392	)
Change in net assets resulting from distributions to shareholders		(1,079	)		(979	)		(37,815	)		(50,515	)		(942	)		(2,602	)
Change in net assets resulting from capital transactions		105,002			(3,741	)		42,903			195,590			(340	)		(24,527	)
Change in net assets		115,834			(5,238	)		189,565			15,447			384			(22,859	)
Net Assets:
Beginning of period		22,093			27,331			1,807,664			1,792,217			68,777			91,636
End of period	$	137,927		$	22,093		$	1,997,229		$	1,807,664		$	69,161		$	68,777

(a)  Rounds to less than $1.

(continues on next page)

See notes to financial statements.

101

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Trivalent International Fund-Core Equity						Victory Trivalent International Small-Cap Fund						Victory INCORE Total Return Bond Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	205		$	667		$	13,814		$	64,032		$	822		$	2,034
Distributions reinvested		42			171			1,735			3,045			125			294
Cost of shares redeemed		(372	)		(3,818	)		(42,807	)		(41,068	)		(1,508	)		(2,977	)
Total Class A Shares	$	(125	)	$	(2,980	)	$	(27,258	)	$	26,009		$	(561	)	$	(649	)
Class C Shares
Proceeds from shares issued	$	8		$	212		$	371		$	1,086		$	240		$	110
Distributions reinvested		—	(a)		14			42			93			5			17
Cost of shares redeemed		(26	)		(324	)		(427	)		(1,833	)		(163	)		(537	)
Total Class C Shares	$	(18	)	$	(98	)	$	(14	)	$	(654	)	$	82		$	(410	)
Class I Shares
Proceeds from shares issued	$	702		$	51		$	127,533		$	366,357		$	—		$	—
Distributions reinvested		33			84			10,793			12,641			—			—
Cost of shares redeemed		(42	)		(332	)		(86,803	)		(205,751	)		—			—
Total Class I Shares	$	693		$	(197	)	$	51,523		$	173,247		$	—		$	—
Class R6 Shares
Proceeds from shares issued	$	104,455		$	552		$	12,282		$	17,109		$	185		$	602
Distributions reinvested		902			215			989			1,115			353			829
Cost of shares redeemed		(448	)		(806	)		(7,171	)		(11,123	)		(397	)		(2,574	)
Total Class R6 Shares	$	104,909		$	(39	)	$	6,100		$	7,101		$	141		$	(1,143	)
Class Y Shares
Proceeds from shares issued	$	198		$	3,441		$	107,984		$	314,622		$	211		$	1,395
Distributions reinvested		87			435			11,950			17,845			304			1,108
Cost of shares redeemed		(742	)		(4,303	)		(107,382	)		(342,580	)		(517	)		(24,828	)
Total Class Y Shares	$	(457	)	$	(427	)	$	12,552		$	(10,113	)	$	(2	)	$	(22,325	)
Change in net assets resulting from capital transactions	$	105,002		$	(3,741	)	$	42,903		$	195,590		$	(340	)	$	(24,527	)

(a)  Rounds to less than $1.

(continues on next page)

See notes to financial statements.

102

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Trivalent International Fund-Core Equity						Victory Trivalent International Small-Cap Fund						Victory INCORE Total Return Bond Fund
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
Share Transactions:
Class A Shares
Issued		30			99			1,046			4,915			86			222
Reinvested		6			28			124			270			13			32
Redeemed		(54	)		(534	)		(3,336	)		(3,114	)		(158	)		(326	)
Total Class A Shares		(18	)		(407	)		(2,166	)		2,071			(59	)		(72	)
Class C Shares
Issued		1			33			28			86			25			12
Reinvested		—	(a)		2			3			8			1			2
Redeemed		(4	)		(48	)		(33	)		(148	)		(17	)		(59	)
Total Class C Shares		(3	)		(13	)		(2	)		(54	)		9			(45	)
Class I Shares
Issued		97			7			9,562			28,604			—			—
Reinvested		4			14			769			1,114			—			—
Redeemed		(6	)		(46	)		(6,517	)		(16,348	)		—			—
Total Class I Shares		95			(25	)		3,814			13,370			—			—
Class R6 Shares
Issued		15,376			81			919			1,299			19			65
Reinvested		122			35			70			98			37			90
Redeemed		(64	)		(115	)		(535	)		(835	)		(41	)		(280	)
Total Class R6 Shares		15,434			1			454			562			15			(125	)
Class Y Shares
Issued		29			475			8,115			24,496			22			153
Reinvested		12			72			855			1,580			32			121
Redeemed		(109	)		(649	)		(8,092	)		(27,208	)		(55	)		(2,703	)
Total Class Y Shares		(68	)		(102	)		878			(1,132	)		(1	)		(2,429	)
Change in Shares		15,440			(546	)		2,978			14,817			(36	)		(2,671	)

(a)  Rounds to less than 1.

See notes to financial statements.

103

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income		Net Realized Gains from Investments			Total Distributions
Victory Integrity Discovery Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	32.28		0.01			2.82			2.83			—		(0.82	)		(0.82	)
Year Ended 6/30/19	$	42.75		(0.11	)		(5.61	)		(5.72	)		—		(4.75	)		(4.75	)
Year Ended 6/30/18	$	41.01		(0.16	)		6.40			6.24			—		(4.50	)		(4.50	)
Year Ended 6/30/17	$	32.71		(0.19	)		10.10			9.91			—		(1.61	)		(1.61	)
Year Ended 6/30/16	$	38.13		(0.09	)		(2.73	)		(2.82	)		—		(2.65	)		(2.65	)
Year Ended 6/30/15	$	37.51		(0.24	)		4.22			3.98			—		(3.36	)		(3.36	)
Class C
Six Months Ended 12/31/19 (unaudited)	$	22.36		(0.09	)		1.94			1.85			—		(0.82	)		(0.82	)
Year Ended 6/30/19	$	31.69		(0.28	)		(4.30	)		(4.58	)		—		(4.75	)		(4.75	)
Year Ended 6/30/18	$	31.69		(0.34	)		4.84			4.50			—		(4.50	)		(4.50	)
Year Ended 6/30/17	$	25.76		(0.38	)		7.92			7.54			—		(1.61	)		(1.61	)
Year Ended 6/30/16	$	30.85		(0.28	)		(2.21	)		(2.49	)		—		(2.65	)		(2.65	)
Year Ended 6/30/15	$	31.20		(0.43	)		3.44			3.01			—		(3.36	)		(3.36	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  The Fund received monies related to a nonrecurring refund from the prior custodian. The corresponding impact to the total return was 0.16% for the year ended June 30, 2016 (See Note 8).

See notes to financial statements.

104

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Discovery Fund
Class A
Six Months Ended 12/31/19 (unaudited)		—	$	34.29		8.77	%		1.58	%		0.04	%		1.58	%	$	50,279		16	%
Year Ended 6/30/19		—	$	32.28		(12.02	)%		1.55	%		(0.29	)%		1.55	%	$	50,963		40	%
Year Ended 6/30/18		—	$	42.75		15.76	%		1.54	%		(0.39	)%		1.54	%	$	67,840		45	%
Year Ended 6/30/17		—	$	41.01		30.36	%		1.55	%		(0.50	)%		1.55	%	$	85,228		110	%
Year Ended 6/30/16		0.05	$	32.71		(7.34	)%(e)		1.60	%		(0.27	)%		1.60	%	$	48,759		42	%
Year Ended 6/30/15		—	$	38.13		11.32	%		1.70	%		(0.66	)%		1.70	%	$	60,621		38	%
Class C
Six Months Ended 12/31/19 (unaudited)		—	$	23.39		8.33	%		2.45	%		(0.84	)%		2.45	%	$	5,486		16	%
Year Ended 6/30/19		—	$	22.36		(12.74	)%		2.34	%		(1.07	)%		2.34	%	$	6,633		40	%
Year Ended 6/30/18		—	$	31.69		14.88	%		2.32	%		(1.10	)%		2.32	%	$	9,871		45	%
Year Ended 6/30/17		—	$	31.69		29.33	%		2.36	%		(1.28	)%		2.36	%	$	15,796		110	%
Year Ended 6/30/16		0.05	$	25.76		(8.04	)%(e)		2.38	%		(1.05	)%		2.38	%	$	14,096		42	%
Year Ended 6/30/15		—	$	30.85		10.41	%		2.50	%		(1.45	)%		2.50	%	$	16,989		38	%

(continues on next page)

See notes to financial statements.

105

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Integrity Discovery Fund
Class R
Six Months Ended 12/31/19 (unaudited)	$	30.36		(0.07	)		2.64			2.57			—			(0.82	)		(0.82	)
Year Ended 6/30/19	$	40.76		(0.28	)		(5.37	)		(5.65	)		—			(4.75	)		(4.75	)
Year Ended 6/30/18	$	39.49		(0.28	)		6.05			5.77			—			(4.50	)		(4.50	)
Year Ended 6/30/17	$	31.71		(0.37	)		9.76			9.39			—			(1.61	)		(1.61	)
Year Ended 6/30/16	$	37.21		(0.24	)		(2.66	)		(2.90	)		—			(2.65	)		(2.65	)
Year Ended 6/30/15	$	36.81		(0.36	)		4.12			3.76			—			(3.36	)		(3.36	)
Class Y
Six Months Ended 12/31/19 (unaudited)	$	35.65		0.05			3.11			3.16			—			(0.82	)		(0.82	)
Year Ended 6/30/19	$	46.47		(0.03	)		(6.04	)		(6.07	)		—			(4.75	)		(4.75	)
Year Ended 6/30/18	$	44.11		(0.05	)		6.91			6.86			—	(f)		(4.50	)		(4.50	)
Year Ended 6/30/17	$	35.02		(0.13	)		10.83			10.70			—			(1.61	)		(1.61	)
Year Ended 6/30/16	$	40.52		(0.01	)		(2.89	)		(2.90	)		—			(2.65	)		(2.65	)
Year Ended 6/30/15	$	39.55		(0.15	)		4.48			4.33			—			(3.36	)		(3.36	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  The Fund received monies related to a nonrecurring refund from the prior custodian. The corresponding impact to the total return was 0.16% for the year ended June 30, 2016 (See Note 8).

(f)  Amount is less than $0.005 per share

See notes to financial statements.

106

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Discovery Fund
Class R
Six Months Ended 12/31/19 (unaudited)		—	$	32.11		8.50	%		2.08	%		(0.46	)%		2.33	%	$	3,683		16	%
Year Ended 6/30/19		—	$	30.36		(12.49	)%		2.08	%		(0.84	)%		2.41	%	$	3,038		40	%
Year Ended 6/30/18		—	$	40.76		15.15	%		2.08	%		(0.70	)%		2.27	%	$	3,465		45	%
Year Ended 6/30/17		—	$	39.49		29.67	%		2.08	%		(0.99	)%		2.56	%	$	2,291		110	%
Year Ended 6/30/16		0.05	$	31.71		(7.76	)%(e)		2.08	%		(0.75	)%		2.39	%	$	1,696		42	%
Year Ended 6/30/15		—	$	37.21		10.88	%		2.08	%		(1.00	)%		2.75	%	$	1,232		38	%
Class Y
Six Months Ended 12/31/19 (unaudited)		—	$	37.99		8.93	%		1.33	%		0.29	%		1.33	%	$	71,648		16	%
Year Ended 6/30/19		—	$	35.65		(11.81	)%		1.30	%		(0.06	)%		1.30	%	$	71,708		40	%
Year Ended 6/30/18		—	$	46.47		16.08	%		1.28	%		(0.12	)%		1.28	%	$	78,079		45	%
Year Ended 6/30/17		—	$	44.11		30.62	%		1.38	%		(0.30	)%		1.38	%	$	49,468		110	%
Year Ended 6/30/16		0.05	$	35.02		(7.10	)%(e)		1.35	%		(0.03	)%		1.35	%	$	27,622		42	%
Year Ended 6/30/15		—	$	40.52		11.60	%		1.45	%		(0.39	)%		1.45	%	$	36,217		38	%

See notes to financial statements.

107

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Integrity Mid-Cap Value
Class A
Six Months Ended 12/31/19 (unaudited)	$	17.86		0.09			1.34			1.43			(0.10	)		—
Year Ended 6/30/19	$	19.17		0.19			(0.32	)(e)		(0.13	)		(0.19	)		(0.99	)
Year Ended 6/30/18	$	17.91		0.19			1.84			2.03			(0.15	)		(0.62	)
Year Ended 6/30/17	$	15.43		0.03			2.45			2.48			—			—
Year Ended 6/30/16	$	15.54		0.07			(0.01	)(e)		0.06			(0.04	)		(0.13	)
Year Ended 6/30/15	$	15.83		(0.02	)		0.16			0.14			—			(0.43	)
Class C
11/4/19(f) through 12/31/19 (unaudited)	$	18.75		0.03			0.68			0.71			(0.10	)		—
Class R6
Six Months Ended 12/31/19 (unaudited)	$	18.02		0.15			1.33			1.48			(0.14	)		—
Year Ended 6/30/19	$	19.30		0.26			(0.32	)(e)		(0.06	)		(0.23	)		(0.99	)
Year Ended 6/30/18	$	18.02		0.22			1.87			2.09			(0.19	)		(0.62	)
Year Ended 6/30/17	$	15.53		0.12			2.43			2.55			(0.06	)		—
12/15/15(f) through 6/30/16	$	14.38		0.06			1.30	(e)		1.36			(0.08	)		(0.13	)
Class Y
Six Months Ended 12/31/19 (unaudited)	$	18.02		0.10			1.37			1.47			(0.15	)		—
Year Ended 6/30/19	$	19.34		0.28			(0.37	)(e)		(0.09	)		(0.24	)		(0.99	)
Year Ended 6/30/18	$	18.06		0.24			1.85			2.09			(0.19	)		(0.62	)
Year Ended 6/30/17	$	15.58		0.13			2.43			2.56			(0.08	)		—
Year Ended 6/30/16	$	15.65		0.13			(0.02	)(e)		0.11			(0.05	)		(0.13	)
Year Ended 6/30/15	$	15.89		0.01			0.18			0.19			—			(0.43	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(f)  Commencement of operations.

See notes to financial statements.

108

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Mid-Cap Value
Class A
Six Months Ended 12/31/19 (unaudited)		(0.10	)	$	19.19		7.99	%		1.00	%		1.01	%		1.42	%	$	9,193		35	%
Year Ended 6/30/19		(1.18	)	$	17.86		0.36	%		1.00	%		1.05	%		1.51	%	$	7,567		73	%
Year Ended 6/30/18		(0.77	)	$	19.17		11.32	%		1.09	%		1.01	%		1.67	%	$	4,255		73	%
Year Ended 6/30/17		—		$	17.91		16.07	%		1.35	%		0.19	%		1.94	%	$	2,864		68	%
Year Ended 6/30/16		(0.17	)	$	15.43		0.41	%		1.50	%		0.44	%		1.63	%	$	11,086		71	%
Year Ended 6/30/15		(0.43	)	$	15.54		0.84	%		1.50	%		(0.14	)%		2.10	%	$	10,396		58	%
Class C
11/4/19(f) through 12/31/19 (unaudited)		(0.10	)	$	19.36		3.78	%		1.75	%		0.96	%		31.08	%	$	56		35	%
Class R6
Six Months Ended 12/31/19 (unaudited)		(0.14	)	$	19.36		8.22	%		0.60	%		1.58	%		0.87	%	$	237,557		35	%
Year Ended 6/30/19		(1.22	)	$	18.02		0.72	%		0.60	%		1.43	%		0.94	%	$	56,232		73	%
Year Ended 6/30/18		(0.81	)	$	19.30		11.68	%		0.77	%		1.14	%		1.17	%	$	6,750		73	%
Year Ended 6/30/17		(0.06	)	$	18.02		16.42	%		0.89	%		0.71	%		3.01	%	$	1,375		68	%
12/15/15(f) through 6/30/16		(0.21	)	$	15.53		9.50	%		1.04	%		0.75	%		3.10	%	$	726		71	%
Class Y
Six Months Ended 12/31/19 (unaudited)		(0.15	)	$	19.34		8.14	%		0.75	%		1.13	%		1.22	%	$	14,468		35	%
Year Ended 6/30/19		(1.23	)	$	18.02		0.58	%		0.75	%		1.52	%		1.17	%	$	21,486		73	%
Year Ended 6/30/18		(0.81	)	$	19.34		11.58	%		0.84	%		1.25	%		1.13	%	$	59,866		73	%
Year Ended 6/30/17		(0.08	)	$	18.06		16.43	%		0.89	%		0.74	%		1.18	%	$	47,989		68	%
Year Ended 6/30/16		(0.18	)	$	15.58		0.73	%		1.15	%		0.85	%		1.15	%	$	8,442		71	%
Year Ended 6/30/15		(0.43	)	$	15.65		1.15	%		1.25	%		0.08	%		1.75	%	$	4,507		58	%

See notes to financial statements.

109

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income		Net Realized Gains from Investments			Total Distributions
Victory Integrity Small-Cap Value
Class A
Six Months Ended 12/31/19 (unaudited)	$	32.37		0.04			1.99			2.03			—		(0.14	)		(0.14	)
Year Ended 6/30/19	$	40.06		0.09			(3.59	)		(3.50	)		—		(4.19	)		(4.19	)
Year Ended 6/30/18	$	37.70		(0.04	)		4.76			4.72			—		(2.36	)		(2.36	)
Year Ended 6/30/17	$	30.72		(0.08	)		7.06			6.98			—		—			—
Year Ended 6/30/16	$	33.48		0.01			(2.31	)		(2.30	)		—		(0.46	)		(0.46	)
Year Ended 6/30/15	$	32.77		(0.03	)		0.74			0.71			—		—			—
Class C
Six Months Ended 12/31/19 (unaudited)	$	27.85		(0.07	)		1.70			1.63			—		(0.14	)		(0.14	)
Year Ended 6/30/19	$	35.40		(0.13	)		(3.23	)		(3.36	)		—		(4.19	)		(4.19	)
Year Ended 6/30/18	$	33.76		(0.24	)		4.24			4.00			—		(2.36	)		(2.36	)
Year Ended 6/30/17	$	27.69		(0.28	)		6.35			6.07			—		—			—
Year Ended 6/30/16	$	30.45		(0.19	)		(2.11	)		(2.30	)		—		(0.46	)		(0.46	)
Year Ended 6/30/15	$	30.03		(0.25	)		0.67			0.42			—		—			—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  Amount is less than $0.005 per share.

See notes to financial statements.

110

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Small-Cap Value
Class A
Six Months Ended 12/31/19 (unaudited)		—		$	34.26		6.25	%		1.50	%		0.25	%		1.51	%	$	125,607		32	%
Year Ended 6/30/19		—		$	32.37		(7.16	)%		1.50	%		0.25	%		1.58	%	$	140,439		72	%
Year Ended 6/30/18		—		$	40.06		12.55	%		1.50	%		(0.10	)%		1.54	%	$	221,775		70	%
Year Ended 6/30/17		—		$	37.70		22.72	%		1.50	%		(0.22	)%		1.52	%	$	219,113		58	%
Year Ended 6/30/16		—	(e)	$	30.72		(6.87	)%		1.50	%		0.04	%		1.57	%	$	216,492		47	%
Year Ended 6/30/15		—		$	33.48		2.17	%		1.50	%		(0.08	)%		1.53	%	$	246,351		38	%
Class C
Six Months Ended 12/31/19 (unaudited)		—		$	29.34		5.87	%		2.23	%		(0.50	)%		2.23	%	$	10,027		32	%
Year Ended 6/30/19		—		$	27.85		(7.79	)%		2.16	%		(0.42	)%		2.16	%	$	11,083		72	%
Year Ended 6/30/18		—		$	35.40		11.86	%		2.13	%		(0.70	)%		2.13	%	$	16,746		70	%
Year Ended 6/30/17		—		$	33.76		21.92	%		2.16	%		(0.89	)%		2.16	%	$	27,015		58	%
Year Ended 6/30/16		—	(e)	$	27.69		(7.56	)%		2.22	%		(0.68	)%		2.22	%	$	27,987		47	%
Year Ended 6/30/15		—		$	30.45		1.40	%		2.25	%		(0.85	)%		2.25	%	$	28,090		38	%

(continues on next page)

See notes to financial statements.

111

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Integrity Small-Cap Value
Class R
Six Months Ended 12/31/19 (unaudited)	$	31.32		—	(e)		1.92			1.92			—			(0.14	)		(0.14	)
Year Ended 6/30/19	$	39.02		(0.01	)		(3.50	)		(3.51	)		—			(4.19	)		(4.19	)
Year Ended 6/30/18	$	36.86		(0.13	)		4.65			4.52			—			(2.36	)		(2.36	)
Year Ended 6/30/17	$	30.11		(0.16	)		6.91			6.75			—			—			—
Year Ended 6/30/16	$	33.00		(0.06	)		(2.37	)		(2.43	)		—			(0.46	)		(0.46	)
Year Ended 6/30/15	$	32.29		(0.12	)		0.83			0.71			—			—			—
Class R6
Six Months Ended 12/31/19 (unaudited)	$	33.70		0.13			2.08			2.21			(0.14	)		(0.14	)		(0.28	)
Year Ended 6/30/19	$	41.51		0.24			(3.67	)		(3.43	)		(0.19	)		(4.19	)		(4.38	)
Year Ended 6/30/18	$	38.86		0.18			4.92			5.10			(0.09	)		(2.36	)		(2.45	)
Year Ended 6/30/17	$	31.60		0.12			7.28			7.40			(0.14	)		—			(0.14	)
Year Ended 6/30/16	$	34.31		0.18			(2.38	)		(2.20	)		(0.05	)		(0.46	)		(0.51	)
Year Ended 6/30/15	$	33.43		0.13			0.75			0.88			—			—			—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  Amount is less than $0.005 per share.

See notes to financial statements.

112

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Small-Cap Value
Class R
Six Months Ended 12/31/19 (unaudited)		—		$	33.10		6.11	%		1.75	%		(0.01	)%		1.91	%	$	9,091		32	%
Year Ended 6/30/19		—		$	31.32		(7.39	)%		1.75	%		(0.03	)%		1.99	%	$	10,451		72	%
Year Ended 6/30/18		—		$	39.02		12.29	%		1.75	%		(0.35	)%		1.89	%	$	14,952		70	%
Year Ended 6/30/17		—		$	36.86		22.42	%		1.75	%		(0.46	)%		2.06	%	$	15,317		58	%
Year Ended 6/30/16		—	(e)	$	30.11		(7.36	)%		1.75	%		(0.19	)%		1.96	%	$	15,042		47	%
Year Ended 6/30/15		—		$	33.00		2.20	%		1.75	%		(0.37	)%		2.02	%	$	11,850		38	%
Class R6
Six Months Ended 12/31/19 (unaudited)		—		$	35.63		6.56	%		0.96	%		0.79	%		0.96	%	$	1,250,686		32	%
Year Ended 6/30/19		—		$	33.70		(6.67	)%		0.96	%		0.65	%		0.96	%	$	1,179,915		72	%
Year Ended 6/30/18		—		$	41.51		13.17	%		0.95	%		0.45	%		0.95	%	$	938,831		70	%
Year Ended 6/30/17		—		$	38.86		23.40	%		0.96	%		0.33	%		0.96	%	$	871,150		58	%
Year Ended 6/30/16		—	(e)	$	31.60		(6.41	)%		1.00	%		0.57	%		1.00	%	$	608,927		47	%
Year Ended 6/30/15		—		$	34.31		2.63	%		1.04	%		0.37	%		1.04	%	$	423,831		38	%

(continues on next page)

See notes to financial statements.

113

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Integrity Small-Cap Value
Class Y
Six Months Ended 12/31/19 (unaudited)	$	33.49		0.11		2.05			2.16			(0.09	)		(0.14	)		(0.23	)
Year Ended 6/30/19	$	41.25		0.21		(3.67	)		(3.46	)		(0.11	)		(4.19	)		(4.30	)
Year Ended 6/30/18	$	38.63		0.11		4.89			5.00			(0.02	)		(2.36	)		(2.38	)
Year Ended 6/30/17	$	31.45		0.05		7.23			7.28			(0.10	)		—			(0.10	)
Year Ended 6/30/16	$	34.15		0.13		(2.37	)		(2.24	)		—			(0.46	)		(0.46	)
Year Ended 6/30/15	$	33.33		0.07		0.75			0.82			—			—			—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  Amount is less than $0.005 per share.

See notes to financial statements.

114

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Small-Cap Value
Class Y
Six Months Ended 12/31/19 (unaudited)		—		$	35.42		6.47	%		1.10	%		0.65	%		1.10	%	$	1,016,610		32	%
Year Ended 6/30/19		—		$	33.49		(6.83	)%		1.12	%		0.58	%		1.12	%	$	981,688		72	%
Year Ended 6/30/18		—		$	41.25		13.01	%		1.12	%		0.28	%		1.12	%	$	1,467,901		70	%
Year Ended 6/30/17		—		$	38.63		23.14	%		1.15	%		0.13	%		1.15	%	$	1,329,435		58	%
Year Ended 6/30/16		—	(e)	$	31.45		(6.54	)%		1.15	%		0.40	%		1.15	%	$	981,741		47	%
Year Ended 6/30/15		—		$	34.15		2.46	%		1.20	%		0.22	%		1.20	%	$	726,193		38	%

See notes to financial statements.

115

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Integrity Small/Mid-Cap Value Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	16.70		0.07			1.05			1.12			(0.10	)		—
Year Ended 6/30/19	$	17.75		0.12			(0.53	)		(0.41	)		(0.12	)		(0.52	)
Year Ended 6/30/18	$	16.04		0.07			1.89			1.96			(0.05	)		(0.20	)
Year Ended 6/30/17	$	13.26		0.02			2.76			2.78			—			—
Year Ended 6/30/16	$	14.08		0.02			(0.81	)		(0.79	)		(0.03	)		—
Year Ended 6/30/15	$	15.15		(0.05	)		(0.14	)		(0.19	)		—			(0.88	)
Class R6
Six Months Ended 12/31/19 (unaudited)	$	16.91		0.09			1.07			1.16			(0.14	)		—
Year Ended 6/30/19	$	17.96		0.14			(0.51	)		(0.37	)		(0.16	)		(0.52	)
Year Ended 6/30/18	$	16.20		0.05			1.99			2.04			(0.08	)		(0.20	)
Year Ended 6/30/17	$	13.35		0.03			2.82			2.85			—			—
Year Ended 6/30/16	$	14.17		0.05			(0.81	)		(0.76	)		(0.06	)		—
3/4/15(e) through 6/30/15	$	14.41		0.02			(0.26	)		(0.24	)		—			—
Class Y
Six Months Ended 12/31/19 (unaudited)	$	16.86		0.09			1.06			1.15			(0.13	)		—
Year Ended 6/30/19	$	17.92		0.22			(0.60	)		(0.38	)		(0.16	)		(0.52	)
Year Ended 6/30/18	$	16.17		0.12			1.91			2.03			(0.08	)		(0.20	)
Year Ended 6/30/17	$	13.35		0.06			2.78			2.84			(0.02	)		—
Year Ended 6/30/16	$	14.16		0.05			(0.81	)		(0.76	)		(0.05	)		—
Year Ended 6/30/15	$	15.20		(0.01	)		(0.15	)		(0.16	)		—			(0.88	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)  Commencement of operations.

See notes to financial statements.

116

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Small/Mid-Cap Value Fund
Class A
Six Months Ended 12/31/19 (unaudited)		(0.10	)	$	17.72		6.68	%		1.13	%		0.81	%		1.69	%	$	4,123		30	%
Year Ended 6/30/19		(0.64	)	$	16.70		(1.66	)%		1.13	%		0.70	%		1.71	%	$	3,626		67	%
Year Ended 6/30/18		(0.25	)	$	17.75		12.16	%		1.13	%		0.42	%		1.74	%	$	2,996		77	%
Year Ended 6/30/17		—		$	16.04		20.97	%		1.21	%		0.13	%		2.40	%	$	2,304		65	%
Year Ended 6/30/16		(0.03	)	$	13.26		(5.59	)%		1.50	%		0.13	%		2.15	%	$	716		60	%
Year Ended 6/30/15		(0.88	)	$	14.08		(1.34	)%		1.50	%		(0.35	)%		3.71	%	$	516		57	%
Class R6
Six Months Ended 12/31/19 (unaudited)		(0.14	)	$	17.93		6.87	%		0.83	%		1.11	%		0.96	%	$	104,445		30	%
Year Ended 6/30/19		(0.68	)	$	16.91		(1.39	)%		0.83	%		0.86	%		0.96	%	$	95,286		67	%
Year Ended 6/30/18		(0.28	)	$	17.96		12.54	%		0.83	%		0.28	%		1.26	%	$	24,926		77	%
Year Ended 6/30/17		—		$	16.20		21.35	%		1.09	%		0.20	%		1.96	%	$	18		65	%
Year Ended 6/30/16		(0.06	)	$	13.35		(5.33	)%		1.21	%		0.40	%		1.58	%	$	3,381		60	%
3/4/15(e) through 6/30/15		—		$	14.17		(1.67	)%		1.21	%		0.48	%		3.21	%	$	3,586		57	%
Class Y
Six Months Ended 12/31/19 (unaudited)		(0.13	)	$	17.88		6.84	%		0.88	%		1.06	%		1.00	%	$	38,216		30	%
Year Ended 6/30/19		(0.68	)	$	16.86		(1.45	)%		0.88	%		1.30	%		1.03	%	$	35,927		67	%
Year Ended 6/30/18		(0.28	)	$	17.92		12.51	%		0.88	%		0.67	%		1.13	%	$	92,019		77	%
Year Ended 6/30/17		(0.02	)	$	16.17		21.25	%		0.96	%		0.38	%		1.21	%	$	53,509		65	%
Year Ended 6/30/16		(0.05	)	$	13.35		(5.34	)%		1.25	%		0.37	%		1.26	%	$	18,918		60	%
Year Ended 6/30/15		(0.88	)	$	14.16		(1.14	)%		1.25	%		(0.04	)%		1.70	%	$	18,821		57	%

See notes to financial statements.

117

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Munder Multi-Cap Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	38.75		0.02			4.06			4.08			(0.10	)		(1.05	)		(1.15	)
Year Ended 6/30/19	$	44.99		0.10			0.08			0.18			—			(6.42	)		(6.42	)
Year Ended 6/30/18	$	41.77		(0.03	)		5.71			5.68			—			(2.46	)		(2.46	)
Year Ended 6/30/17	$	35.58		0.02			6.17			6.19			—			—			—
Year Ended 6/30/16	$	44.91		0.01			(1.58	)		(1.57	)		—			(7.80	)		(7.80	)
Year Ended 6/30/15	$	40.23		(0.12	)		4.93			4.81			—			(0.13	)		(0.13	)
Class C
Six Months Ended 12/31/19 (unaudited)	$	30.10		(0.11	)		3.14			3.03			—			(1.05	)		(1.05	)
Year Ended 6/30/19	$	36.81		(0.16	)		(0.13	)(g)		(0.29	)		—			(6.42	)		(6.42	)
Year Ended 6/30/18	$	34.82		(0.34	)		4.79			4.45			—			(2.46	)		(2.46	)
Year Ended 6/30/17	$	29.90		(0.26	)		5.18			4.92			—			—			—
Year Ended 6/30/16	$	39.29		(0.27	)		(1.36	)		(1.63	)		—			(7.80	)		(7.80	)
Year Ended 6/30/15	$	35.50		(0.41	)		4.33			3.92			—			(0.13	)		(0.13	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  During the year ended June 30, 2018, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.22%.

(f)  The Fund received monies related to a nonrecurring refund from the prior custodian. The corresponding impact to the total return was 0.10% for the year ended June 30, 2016 (See Note 8).

(g)  The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

See notes to financial statements.

118

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Multi-Cap Fund
Class A
Six Months Ended 12/31/19 (unaudited)		—	$	41.68		10.54	%		1.35	%		0.08	%		1.35	%	$	361,047		49	%
Year Ended 6/30/19		—	$	38.75		2.86	%		1.36	%		0.26	%		1.36	%	$	346,180		107	%
Year Ended 6/30/18		—	$	44.99		13.37	%(e)		1.36	%		(0.07	)%		1.36	%	$	374,259		123	%
Year Ended 6/30/17		—	$	41.77		17.40	%		1.38	%		0.04	%		1.38	%	$	341,279		109	%
Year Ended 6/30/16		0.04	$	35.58		(4.01	)%(f)		1.46	%		0.03	%		1.46	%	$	318,712		117	%
Year Ended 6/30/15		—	$	44.91		11.96	%		1.49	%		(0.28	)%		1.49	%	$	378,192		118	%
Class C
Six Months Ended 12/31/19 (unaudited)		—	$	32.08		10.06	%		2.19	%		(0.74	)%		2.19	%	$	8,379		49	%
Year Ended 6/30/19		—	$	30.10		2.21	%		2.07	%		(0.48	)%		2.07	%	$	10,056		107	%
Year Ended 6/30/18		—	$	36.81		12.48	%(e)		2.16	%		(0.91	)%		2.16	%	$	18,383		123	%
Year Ended 6/30/17		—	$	34.82		16.45	%		2.21	%		(0.80	)%		2.21	%	$	57,690		109	%
Year Ended 6/30/16		0.04	$	29.90		(4.82	)%(f)		2.28	%		(0.79	)%		2.28	%	$	68,112		117	%
Year Ended 6/30/15		—	$	39.29		11.05	%		2.31	%		(1.10	)%		2.31	%	$	81,474		118	%

(continues on next page)

See notes to financial statements.

119

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Munder Multi-Cap Fund
Class Y
Six Months Ended 12/31/19 (unaudited)	$	42.42		0.10		4.45			4.55			(0.23	)		(1.05	)		(1.28	)
Year Ended 6/30/19	$	48.41		0.27		0.16			0.43			—			(6.42	)		(6.42	)
Year Ended 6/30/18	$	44.62		0.14		6.11			6.25			—			(2.46	)		(2.46	)
Year Ended 6/30/17	$	37.86		0.17		6.59			6.76			—			—			—
Year Ended 6/30/16	$	47.10		0.20		(1.68	)		(1.48	)		—			(7.80	)		(7.80	)
Year Ended 6/30/15	$	42.05		0.02		5.16			5.18			—			(0.13	)		(0.13	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  During the year ended June 30, 2018, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.22%.

(f)  The Fund received monies related to a nonrecurring refund from the prior custodian. The corresponding impact to the total return was 0.10% for the year ended June 30, 2016 (See Note 8).

See notes to financial statements.

120

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Multi-Cap Fund
Class Y
Six Months Ended 12/31/19 (unaudited)		—	$	45.69		10.75	%		0.99	%		0.44	%		0.99	%	$	32,560		49	%
Year Ended 6/30/19		—	$	42.42		3.21	%		1.00	%		0.61	%		1.00	%	$	30,776		107	%
Year Ended 6/30/18		—	$	48.41		13.81	%(e)		1.00	%		0.29	%		1.00	%	$	33,503		123	%
Year Ended 6/30/17		—	$	44.62		17.86	%		1.01	%		0.42	%		1.01	%	$	24,032		109	%
Year Ended 6/30/16		0.04	$	37.86		(3.61	)%(f)		1.01	%		0.47	%		1.01	%	$	20,477		117	%
Year Ended 6/30/15		—	$	47.10		12.32	%		1.16	%		0.04	%		1.16	%	$	25,409		118	%

See notes to financial statements.

121

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities						Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory S&P 500 Index Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	21.07		0.16		2.04		2.20		(0.16	)		(2.48	)		(2.64	)
Year Ended 6/30/19	$	21.52		0.31		1.43		1.74		(0.33	)		(1.86	)		(2.19	)
Year Ended 6/30/18	$	22.20		0.31		2.65		2.96		(0.31	)		(3.33	)		(3.64	)
Year Ended 6/30/17	$	20.54		0.31		3.08		3.39		(0.34	)		(1.39	)		(1.73	)
Year Ended 6/30/16	$	22.24		0.34		0.36		0.70		(0.35	)		(2.07	)		(2.42	)
Year Ended 6/30/15	$	22.75		0.31		1.24		1.55		(0.32	)		(1.74	)		(2.06	)
Class R
Six Months Ended 12/31/19 (unaudited)	$	21.01		0.11		2.03		2.14		(0.11	)		(2.48	)		(2.59	)
Year Ended 6/30/19	$	21.47		0.22		1.43		1.65		(0.25	)		(1.86	)		(2.11	)
Year Ended 6/30/18	$	22.15		0.21		2.66		2.87		(0.22	)		(3.33	)		(3.55	)
Year Ended 6/30/17	$	20.51		0.22		3.06		3.28		(0.25	)		(1.39	)		(1.64	)
Year Ended 6/30/16	$	22.23		0.25		0.35		0.60		(0.27	)		(2.07	)		(2.34	)
Year Ended 6/30/15	$	22.73		0.22		1.24		1.46		(0.22	)		(1.74	)		(1.96	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The Fund is receiving monies related to a nonrecurring refund from the prior custodian. The corresponding impact to the total return was 0.09% for the year ended June 30, 2016 (See Note 8).

See notes to financial statements.

122

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory S&P 500 Index Fund
Class A
Six Months Ended 12/31/19 (unaudited)		—	$	20.63		10.62	%		0.55	%		1.45	%		0.55	%	$	169,140		2	%
Year Ended 6/30/19		—	$	21.07		9.80	%		0.53	%		1.46	%		0.53	%	$	188,004		3	%
Year Ended 6/30/18		—	$	21.52		13.73	%		0.55	%		1.38	%		0.55	%	$	192,530		2	%
Year Ended 6/30/17		—	$	22.20		17.16	%		0.58	%		1.47	%		0.58	%	$	192,390		4	%
Year Ended 6/30/16		0.02	$	20.54		3.49	%(e)		0.58	%		1.66	%		0.58	%	$	186,089		4	%
Year Ended 6/30/15		—	$	22.24		6.76	%		0.64	%		1.37	%		0.64	%	$	205,737		4	%
Class R
Six Months Ended 12/31/19 (unaudited)		—	$	20.56		10.40	%		0.94	%		1.06	%		0.94	%	$	14,269		2	%
Year Ended 6/30/19		—	$	21.01		9.31	%		0.96	%		1.04	%		0.96	%	$	14,501		3	%
Year Ended 6/30/18		—	$	21.47		13.31	%		0.97	%		0.97	%		0.97	%	$	17,052		2	%
Year Ended 6/30/17		—	$	22.15		16.59	%		1.03	%		1.02	%		1.03	%	$	15,487		4	%
Year Ended 6/30/16		0.02	$	20.51		3.03	%(e)		1.02	%		1.23	%		1.02	%	$	13,221		4	%
Year Ended 6/30/15		—	$	22.23		6.35	%		1.03	%		0.96	%		1.03	%	$	14,423		4	%

(continues on next page)

See notes to financial statements.

123

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities						Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory S&P 500 Index Fund
Class Y
Six Months Ended 12/31/19 (unaudited)	$	21.22		0.18		2.05		2.23		(0.17	)		(2.48	)		(2.65	)
Year Ended 6/30/19	$	21.66		0.33		1.45		1.78		(0.36	)		(1.86	)		(2.22	)
Year Ended 6/30/18	$	22.31		0.35		2.67		3.02		(0.34	)		(3.33	)		(3.67	)
Year Ended 6/30/17	$	20.64		0.36		3.08		3.44		(0.38	)		(1.39	)		(1.77	)
Year Ended 6/30/16	$	22.33		0.39		0.36		0.75		(0.39	)		(2.07	)		(2.46	)
Year Ended 6/30/15	$	22.83		0.36		1.24		1.60		(0.36	)		(1.74	)		(2.10	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The Fund is receiving monies related to a nonrecurring refund from the prior custodian. The corresponding impact to the total return was 0.09% for the year ended June 30, 2016 (See Note 8).

See notes to financial statements.

124

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory S&P 500 Index Fund
Class Y
Six Months Ended 12/31/19 (unaudited)		—	$	20.80		10.69	%		0.42	%		1.63	%		0.42	%	$	42,468		2	%
Year Ended 6/30/19		—	$	21.22		9.93	%		0.43	%		1.57	%		0.43	%	$	32,146		3	%
Year Ended 6/30/18		—	$	21.66		13.96	%		0.39	%		1.57	%		0.39	%	$	19,932		2	%
Year Ended 6/30/17		—	$	22.31		17.33	%		0.40	%		1.66	%		0.40	%	$	28,148		4	%
Year Ended 6/30/16		0.02	$	20.64		3.74	%(e)		0.38	%		1.86	%		0.38	%	$	35,777		4	%
Year Ended 6/30/15		—	$	22.33		6.94	%		0.45	%		1.57	%		0.45	%	$	40,122		4	%

See notes to financial statements.

125

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Munder Mid-Cap Core Growth
Class A
Six Months Ended 12/31/2019 (unaudited)	$	22.95		(0.04	)		0.86			0.82			—			(9.71	)		(9.71	)
Year Ended 6/30/19	$	34.56		(0.13	)		(0.72	)(e)		(0.85	)		—			(10.76	)		(10.76	)
Year Ended 6/30/18	$	37.21		(0.11	)		4.55			4.44			—			(7.09	)		(7.09	)
Year Ended 6/30/17	$	35.99		(0.08	)		5.79			5.71			—			(4.49	)		(4.49	)
Year Ended 6/30/16	$	43.31		(0.08	)		(3.36	)		(3.44	)		—			(3.88	)		(3.88	)
Year Ended 6/30/15	$	43.91		(0.12	)		4.35			4.23			—	(f)		(4.83	)		(4.83	)
Class C
Six Months Ended 12/31/2019 (unaudited)	$	15.96		(0.08	)		0.56			0.48			—			(9.71	)		(9.71	)
Year Ended 6/30/19	$	27.98		(0.23	)		(1.03	)(e)		(1.26	)		—			(10.76	)		(10.76	)
Year Ended 6/30/18	$	31.54		(0.29	)		3.82			3.53			—			(7.09	)		(7.09	)
Year Ended 6/30/17	$	31.34		(0.27	)		4.96			4.69			—			(4.49	)		(4.49	)
Year Ended 6/30/16	$	38.51		(0.29	)		(3.00	)		(3.29	)		—			(3.88	)		(3.88	)
Year Ended 6/30/15	$	39.81		(0.38	)		3.91			3.53			—	(f)		(4.83	)		(4.83	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(f)  Amount is less than $0.005 per share.

See notes to financial statements.

126

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Mid-Cap Core Growth
Class A
Six Months Ended 12/31/2019 (unaudited)		—		$	14.06		3.99	%		1.30	%		(0.34	)%		1.30	%	$	243,163		46	%
Year Ended 6/30/19		—		$	22.95		4.18	%		1.28	%		(0.49	)%		1.28	%	$	292,120		82	%
Year Ended 6/30/18		—		$	34.56		12.08	%		1.28	%		(0.29	)%		1.28	%	$	575,926		50	%
Year Ended 6/30/17		—		$	37.21		17.18	%		1.31	%		(0.21	)%		1.31	%	$	657,496		55	%
Year Ended 6/30/16		—	(f)	$	35.99		(7.94	)%		1.32	%		(0.21	)%		1.34	%	$	970,418		40	%
Year Ended 6/30/15		—		$	43.31		10.03	%		1.32	%		(0.27	)%		1.33	%	$	1,266,891		27	%
Class C
Six Months Ended 12/31/2019 (unaudited)		—		$	6.73		3.66	%		2.03	%		(1.07	)%		2.03	%	$	20,643		46	%
Year Ended 6/30/19		—		$	15.96		3.51	%		1.94	%		(1.14	)%		1.94	%	$	26,825		82	%
Year Ended 6/30/18		—		$	27.98		11.28	%		1.96	%		(0.94	)%		1.96	%	$	52,210		50	%
Year Ended 6/30/17		—		$	31.54		16.43	%		1.97	%		(0.88	)%		1.97	%	$	148,305		55	%
Year Ended 6/30/16		—	(f)	$	31.34		(8.58	)%		2.00	%		(0.89	)%		2.00	%	$	200,199		40	%
Year Ended 6/30/15		—		$	38.51		9.26	%		2.02	%		(0.96	)%		2.02	%	$	253,359		27	%

(continues on next page)

See notes to financial statements.

127

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Munder Mid-Cap Core Growth
Class R
Six Months Ended 12/31/2019 (unaudited)	$	21.16		(0.06	)		0.77			0.71			—			(9.71	)		(9.71	)
Year Ended 6/30/19	$	32.91		(0.20	)		(0.79	)(e)		(0.99	)		—			(10.76	)		(10.76	)
Year Ended 6/30/18	$	35.82		(0.20	)		4.38			4.18			—			(7.09	)		(7.09	)
Year Ended 6/30/17	$	34.89		(0.16	)		5.58			5.42			—			(4.49	)		(4.49	)
Year Ended 6/30/16	$	42.22		(0.17	)		(3.28	)		(3.45	)		—			(3.88	)		(3.88	)
Year Ended 6/30/15	$	43.02		(0.22	)		4.25			4.03			—			(4.83	)		(4.83	)
Class R6
Six Months Ended 12/31/2019 (unaudited)	$	26.00		0.01			0.98			0.99			—			(9.71	)		(9.71	)
Year Ended 6/30/19	$	37.36		—	(f)		(0.60	)(e)		(0.60	)		—			(10.76	)		(10.76	)
Year Ended 6/30/18	$	39.55		0.06			4.84			4.90			—			(7.09	)		(7.09	)
Year Ended 6/30/17	$	37.82		0.10			6.12			6.22			—			(4.49	)		(4.49	)
Year Ended 6/30/16	$	45.11		0.10			(3.51	)		(3.41	)		—			(3.88	)		(3.88	)
Year Ended 6/30/15	$	45.38		0.08			4.51			4.59			(0.03	)		(4.83	)		(4.86	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(f)  Amount is less than $0.005 per share.

See notes to financial statements.

128

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Mid-Cap Core Growth
Class R
Six Months Ended 12/31/2019 (unaudited)		—		$	12.16		3.82	%		1.57	%		(0.61	)%		1.68	%	$	16,055		46	%
Year Ended 6/30/19		—		$	21.16		3.85	%		1.57	%		(0.79	)%		1.69	%	$	18,438		82	%
Year Ended 6/30/18		—		$	32.91		11.79	%		1.57	%		(0.58	)%		1.65	%	$	25,939		50	%
Year Ended 6/30/17		—		$	35.82		16.87	%		1.57	%		(0.47	)%		1.64	%	$	32,913		55	%
Year Ended 6/30/16		—	(f)	$	34.89		(8.19	)%		1.57	%		(0.46	)%		1.62	%	$	39,928		40	%
Year Ended 6/30/15		—		$	42.22		9.76	%		1.57	%		(0.51	)%		1.68	%	$	56,807		27	%
Class R6
Six Months Ended 12/31/2019 (unaudited)		—		$	17.28		4.21	%		0.90	%		0.04	%		0.90	%	$	174,873		46	%
Year Ended 6/30/19		—		$	26.00		4.57	%		0.87	%		(0.01	)%		0.87	%	$	310,949		82	%
Year Ended 6/30/18		—		$	37.36		12.56	%		0.84	%		0.15	%		0.84	%	$	685,568		50	%
Year Ended 6/30/17		—		$	39.55		17.73	%		0.85	%		0.26	%		0.85	%	$	761,607		55	%
Year Ended 6/30/16		—	(f)	$	37.82		(7.54	)%		0.87	%		0.25	%		0.87	%	$	752,971		40	%
Year Ended 6/30/15		—		$	45.11		10.51	%		0.89	%		0.18	%		0.90	%	$	735,002		27	%

(continues on next page)

See notes to financial statements.

129

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Munder Mid-Cap Core Growth
Class Y
Six Months Ended 12/31/2019 (unaudited)	$	25.37		(0.02	)		0.95			0.93			—			(9.71	)		(9.71	)
Year Ended 6/30/19	$	36.79		(0.07	)		(0.59	)(e)		(0.66	)		—			(10.76	)		(10.76	)
Year Ended 6/30/18	$	39.10		(0.01	)		4.79			4.78			—			(7.09	)		(7.09	)
Year Ended 6/30/17	$	37.51		0.02			6.06			6.08			—			(4.49	)		(4.49	)
Year Ended 6/30/16	$	44.85		0.02			(3.48	)		(3.46	)		—			(3.88	)		(3.88	)
Year Ended 6/30/15	$	45.22		(0.01	)		4.48			4.47			(0.01	)		(4.83	)		(4.84	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(f)  Amount is less than $0.005 per share.

See notes to financial statements.

130

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Mid-Cap Core Growth
Class Y
Six Months Ended 12/31/2019 (unaudited)		—		$	16.59		4.07	%		1.09	%		(0.13	)%		1.09	%	$	612,679		46	%
Year Ended 6/30/19		—		$	25.37		4.47	%		1.02	%		(0.22	)%		1.02	%	$	810,261		82	%
Year Ended 6/30/18		—		$	36.79		12.38	%		1.01	%		(0.02	)%		1.01	%	$	2,240,305		50	%
Year Ended 6/30/17		—		$	39.10		17.49	%		1.04	%		0.06	%		1.05	%	$	2,345,812		55	%
Year Ended 6/30/16		—	(f)	$	37.51		(7.71	)%		1.06	%		0.05	%		1.06	%	$	2,965,306		40	%
Year Ended 6/30/15		—		$	44.85		10.29	%		1.07	%		(0.01	)%		1.08	%	$	4,026,757		27	%

See notes to financial statements.

131

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Realized Gains from Investments			Total Distributions
Victory Munder Small Cap Growth Fund
Class A
Six Months Ended 12/31/2019 (unaudited)	$	13.39		(0.03	)		1.79			1.76			(1.05	)		(1.05	)
Year Ended 6/30/19	$	13.81		(0.12	)		1.12			1.00			(1.42	)		(1.42	)
Year Ended 6/30/18	$	11.14		(0.10	)		2.84			2.74			(0.07	)		(0.07	)
Year Ended 6/30/17	$	8.59		(0.05	)		2.60			2.55			—			—
Year Ended 6/30/16	$	10.47		(0.07	)		(1.81	)		(1.88	)		—			—
5/1/15(e) through 6/30/15	$	10.00		(0.01	)		0.48			0.47			—			—
Class I
Six Months Ended 12/31/2019 (unaudited)	$	13.56		(0.01	)		1.81			1.80			(1.05	)		(1.05	)
Year Ended 6/30/19	$	13.92		(0.09	)		1.15			1.06			(1.42	)		(1.42	)
Year Ended 6/30/18	$	11.21		(0.07	)		2.85			2.78			(0.07	)		(0.07	)
Year Ended 6/30/17	$	8.62		(0.01	)		2.60			2.59			—			—
Year Ended 6/30/16	$	10.48		(0.05	)		(1.81	)		(1.86	)		—			—
5/1/15(e) through 6/30/15	$	10.00		—	(f)		0.48			0.48			—			—
Class Y
Six Months Ended 12/31/2019 (unaudited)	$	13.44		(0.02	)		1.80			1.78			(1.05	)		(1.05	)
Year Ended 6/30/19	$	13.88		(0.11	)		1.09			0.98			(1.42	)		(1.42	)
Year Ended 6/30/18	$	11.18		(0.09	)		2.86			2.77			(0.07	)		(0.07	)
Year Ended 6/30/17	$	8.61		(0.02	)		2.59			2.57			—			—
Year Ended 6/30/16	$	10.48		(0.05	)		(1.82	)		(1.87	)		—			—
5/1/15(e) through 6/30/15	$	10.00		(0.01	)		0.49			0.48			—			—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  Commencement of operations.

(f)  Amount is less than $0.005 per share.

See notes to financial statements.

132

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Small Cap Growth Fund
Class A
Six Months Ended 12/31/2019 (unaudited)	$	14.10		13.40	%		1.40	%		(0.43	)%		2.35	%	$	289		18	%
Year Ended 6/30/19	$	13.39		10.06	%		1.40	%		(0.90	)%		2.31	%	$	189		108	%
Year Ended 6/30/18	$	13.81		24.73	%		1.40	%		(0.86	)%		2.69	%	$	174		62	%
Year Ended 6/30/17	$	11.14		29.69	%		1.40	%		(0.52	)%		4.67	%	$	83		56	%
Year Ended 6/30/16	$	8.59		(17.96	)%		1.40	%		(0.73	)%		11.23	%	$	49		55	%
5/1/15(e) through 6/30/15	$	10.47		4.70	%		1.40	%		(0.50	)%		7.95	%	$	52		6	%
Class I
Six Months Ended 12/31/2019 (unaudited)	$	14.31		13.53	%		1.15	%		(0.18	)%		1.32	%	$	10,257		18	%
Year Ended 6/30/19	$	13.56		10.44	%		1.15	%		(0.65	)%		1.17	%	$	9,034		108	%
Year Ended 6/30/18	$	13.92		24.94	%		1.15	%		(0.61	)%		1.31	%	$	7,518		62	%
Year Ended 6/30/17	$	11.21		30.05	%		1.15	%		(0.12	)%		1.37	%	$	6,049		56	%
Year Ended 6/30/16	$	8.62		(17.75	)%		1.15	%		(0.51	)%		2.49	%	$	4,337		55	%
5/1/15(e) through 6/30/15	$	10.48		4.80	%		1.15	%		(0.23	)%		1.28	%	$	4,346		6	%
Class Y
Six Months Ended 12/31/2019 (unaudited)	$	14.17		13.50	%		1.25	%		(0.28	)%		3.41	%	$	87		18	%
Year Ended 6/30/19	$	13.44		9.84	%		1.25	%		(0.77	)%		1.45	%	$	77		108	%
Year Ended 6/30/18	$	13.88		24.92	%		1.25	%		(0.71	)%		2.98	%	$	70		62	%
Year Ended 6/30/17	$	11.18		29.85	%		1.25	%		(0.22	)%		3.98	%	$	56		56	%
Year Ended 6/30/16	$	8.61		(17.84	)%		1.25	%		(0.59	)%		13.34	%	$	43		55	%
5/1/15(e) through 6/30/15	$	10.48		4.80	%		1.25	%		(0.35	)%		7.70	%	$	52		6	%

See notes to financial statements.

133

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Trivalent Emerging Markets Small-Cap
Class A
Six Months Ended 12/31/19 (unaudited)	$	11.77		0.09		0.19			0.28			(0.09	)		—
Year Ended 6/30/19	$	13.62		0.16		(1.07	)		(0.91	)		(0.16	)		(0.78	)
Year Ended 6/30/18	$	12.34		0.12		1.51			1.63			(0.11	)		(0.24	)
Year Ended 6/30/17	$	10.40		0.13		1.90			2.03			(0.09	)		—
Year Ended 6/30/16	$	11.48		0.10		(1.13	)		(1.03	)		(0.05	)		—
Year Ended 6/30/15	$	11.39		0.07		0.08			0.15			(0.06	)		—
Class Y
Six Months Ended 12/31/19 (unaudited)	$	11.78		0.11		0.19			0.30			(0.11	)		—
Year Ended 6/30/19	$	13.62		0.19		(1.08	)		(0.89	)		(0.17	)		(0.78	)
Year Ended 6/30/18	$	12.38		0.17		1.50			1.67			(0.19	)		(0.24	)
Year Ended 6/30/17	$	10.43		0.12		1.94			2.06			(0.11	)		—
Year Ended 6/30/16	$	11.51		0.13		(1.13	)		(1.00	)		(0.08	)		—
Year Ended 6/30/15	$	11.41		0.11		0.06			0.17			(0.07	)		—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

134

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Trivalent Emerging Markets Small-Cap
Class A
Six Months Ended 12/31/19 (unaudited)		(0.09	)	$	11.96		2.36	%		1.73	%		1.62	%		3.76	%	$	946		30	%
Year Ended 6/30/19		(0.94	)	$	11.77		(5.97	)%		1.73	%		1.32	%		2.72	%	$	1,003		78	%
Year Ended 6/30/18		(0.35	)	$	13.62		13.12	%		1.73	%		0.86	%		3.46	%	$	1,257		93	%
Year Ended 6/30/17		(0.09	)	$	12.34		19.71	%		1.73	%		1.16	%		4.46	%	$	690		81	%
Year Ended 6/30/16		(0.05	)	$	10.40		(8.93	)%		1.73	%		0.95	%		1.74	%	$	278		104	%
Year Ended 6/30/15		(0.06	)	$	11.48		1.35	%		1.73	%		0.62	%		7.74	%	$	361		97	%
Class Y
Six Months Ended 12/31/19 (unaudited)		(0.11	)	$	11.97		2.59	%		1.48	%		1.85	%		2.59	%	$	7,889		30	%
Year Ended 6/30/19		(0.95	)	$	11.78		(5.76	)%		1.48	%		1.57	%		2.22	%	$	7,907		78	%
Year Ended 6/30/18		(0.43	)	$	13.62		13.38	%		1.48	%		1.22	%		3.02	%	$	7,767		93	%
Year Ended 6/30/17		(0.11	)	$	12.38		20.01	%		1.48	%		1.08	%		3.46	%	$	4,894		81	%
Year Ended 6/30/16		(0.08	)	$	10.43		(8.69	)%		1.48	%		1.29	%		2.40	%	$	3,671		104	%
Year Ended 6/30/15		(0.07	)	$	11.51		1.54	%		1.48	%		1.00	%		4.90	%	$	3,877		97	%

See notes to financial statements.

135

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Trivalent International Fund-Core Equity
Class A
Six Months Ended 12/31/19 (unaudited)	$	6.87		0.05		0.48			0.53			(0.06	)		—			(0.06	)
Year Ended 6/30/19	$	7.28		0.14		(0.30	)		(0.16	)		(0.13	)		(0.12	)		(0.25	)
Year Ended 6/30/18	$	7.21		0.13		0.44			0.57			(0.13	)		(0.37	)		(0.50	)
Year Ended 6/30/17	$	6.18		0.08		1.07			1.15			(0.12	)		—			(0.12	)
Year Ended 6/30/16	$	7.01		0.08		(0.86	)		(0.78	)		(0.10	)		—			(0.10	)
Year Ended 6/30/15	$	7.21		0.09		(0.22	)		(0.13	)		(0.07	)		—			(0.07	)
Class C
Six Months Ended 12/31/19 (unaudited)	$	6.84		0.03		0.47			0.50			(0.01	)		—			(0.01	)
Year Ended 6/30/19	$	7.22		0.08		(0.27	)		(0.19	)		(0.07	)		(0.12	)		(0.19	)
Year Ended 6/30/18	$	7.16		0.05		0.45			0.50			(0.07	)		(0.37	)		(0.44	)
Year Ended 6/30/17	$	6.14		0.03		1.07			1.10			(0.08	)		—			(0.08	)
Year Ended 6/30/16	$	6.96		0.04		(0.86	)		(0.82	)		(0.05	)		—			(0.05	)
Year Ended 6/30/15	$	7.16		0.04		(0.22	)		(0.18	)		(0.02	)		—			(0.02	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The Fund received monies related to a nonrecurring refund from prior custodian. The corresponding impact to the total return was 0.76% for the year ended June 30, 2016. (See Note 8)

(f)  During the period, the Fund paid overdraft fees. Excluding these fees, the ratio of net expenses to average net assets of the year was 1.47%, 2.22%, 0.96%, 0.96%, and 1.22% for Class A, Class C, Class I, Class R6 and Class Y, respectively.

See notes to financial statements.

136

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Trivalent International Fund-Core Equity
Class A
Six Months Ended 12/31/19 (unaudited)		—	$	7.34		7.60	%		0.95	%		1.47	%		1.91	%	$	5,579		18	%
Year Ended 6/30/19		—	$	6.87		(1.69	)%		0.95	%		2.08	%		1.96	%	$	5,347		56	%
Year Ended 6/30/18		—	$	7.28		7.74	%		1.11	%		1.71	%		1.91	%	$	8,620		51	%
Year Ended 6/30/17		—	$	7.21		18.95	%		1.38	%		1.22	%		2.27	%	$	5,658		91	%
Year Ended 6/30/16		0.05	$	6.18		(10.43	)%(e)		1.47	%		1.31	%		1.80	%	$	4,687		61	%
Year Ended 6/30/15		—	$	7.01		(1.72	)%		1.48	%(f)		1.33	%		2.25	%	$	5,885		61	%
Class C
Six Months Ended 12/31/19 (unaudited)		—	$	7.33		7.25	%		1.70	%		0.73	%		5.98	%	$	340		18	%
Year Ended 6/30/19		—	$	6.84		(2.19	)%		1.70	%		1.22	%		5.22	%	$	335		56	%
Year Ended 6/30/18		—	$	7.22		6.81	%		1.87	%		0.64	%		3.61	%	$	449		51	%
Year Ended 6/30/17		—	$	7.16		18.01	%		2.14	%		0.42	%		2.97	%	$	773		91	%
Year Ended 6/30/16		0.05	$	6.14		(11.08	)%(e)		2.22	%		0.63	%		2.33	%	$	1,111		61	%
Year Ended 6/30/15		—	$	6.96		(2.50	)%		2.23	%(f)		0.57	%		3.64	%	$	1,283		61	%

(continues on next page)

See notes to financial statements.

137

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Trivalent International Fund-Core Equity
Class I
Six Months Ended 12/31/19 (unaudited)	$	6.90		0.06		0.48			0.54			(0.08	)		—			(0.08	)
Year Ended 6/30/19	$	7.29		0.17		(0.30	)		(0.13	)		(0.14	)		(0.12	)		(0.26	)
Year Ended 6/30/18	$	7.23		0.24		0.34			0.58			(0.15	)		(0.37	)		(0.52	)
Year Ended 6/30/17	$	6.20		0.12		1.06			1.18			(0.15	)		—			(0.15	)
Year Ended 6/30/16	$	7.03		0.11		(0.85	)		(0.74	)		(0.14	)		—			(0.14	)
Year Ended 6/30/15	$	7.22		0.28		(0.37	)		(0.09	)		(0.10	)		—			(0.10	)
Class R6
Six Months Ended 12/31/19 (unaudited)	$	6.92		0.05		0.50			0.55			(0.06	)		—			(0.06	)
Year Ended 6/30/19	$	7.31		0.17		(0.29	)		(0.12	)		(0.15	)		(0.12	)		(0.27	)
Year Ended 6/30/18	$	7.23		0.21		0.39			0.60			(0.15	)		(0.37	)		(0.52	)
Year Ended 6/30/17	$	6.21		0.11		1.07			1.18			(0.16	)		—			(0.16	)
Year Ended 6/30/16	$	7.03		0.12		(0.86	)		(0.74	)		(0.13	)		—			(0.13	)
3/4/15(g) through 6/30/15	$	6.94		0.10		(0.01	)		0.09			—			—			—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The Fund received monies related to a nonrecurring refund from prior custodian. The corresponding impact to the total return was 0.76% for the year ended June 30, 2016. (See Note 8)

(f)  During the period, the Fund paid overdraft fees. Excluding these fees, the ratio of net expenses to average net assets of the year was 1.47%, 2.22%, 0.96%, 0.96%, and 1.22% for Class A, Class C, Class I, Class R6 and Class Y, respectively.

(g)  Commencement of operations.

See notes to financial statements.

138

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Trivalent International Fund-Core Equity
Class I
Six Months Ended 12/31/19 (unaudited)		—	$	7.37		7.78	%		0.60	%		1.83	%		1.68	%	$	3,118		18	%
Year Ended 6/30/19		—	$	6.90		(1.19	)%		0.60	%		2.48	%		1.76	%	$	2,268		56	%
Year Ended 6/30/18		—	$	7.29		8.07	%		0.72	%		3.17	%		2.67	%	$	2,575		51	%
Year Ended 6/30/17		—	$	7.23		19.47	%		0.90	%		1.84	%		6.48	%	$	378		91	%
Year Ended 6/30/16		0.05	$	6.20		(9.92	)%(e)		0.96	%		1.78	%		4.02	%	$	192		61	%
Year Ended 6/30/15		—	$	7.03		(1.24	)%		0.98	%(f)		3.96	%		8.04	%	$	246		61	%
Class R6
Six Months Ended 12/31/19 (unaudited)		—	$	7.41		7.90	%		0.55	%		1.34	%		1.04	%	$	120,346		18	%
Year Ended 6/30/19		—	$	6.92		(1.12	)%		0.55	%		2.53	%		1.45	%	$	5,661		56	%
Year Ended 6/30/18		—	$	7.31		8.14	%		0.71	%		2.71	%		1.71	%	$	5,975		51	%
Year Ended 6/30/17		—	$	7.23		19.39	%		0.91	%		1.63	%		2.44	%	$	1,628		91	%
Year Ended 6/30/16		0.05	$	6.21		(9.86	)%(e)		0.96	%		1.86	%		2.19	%	$	1,575		61	%
3/4/15(g) through 6/30/15		—	$	7.03		1.30	%		0.98	%(f)		4.22	%		2.70	%	$	1,743		61	%

(continues on next page)

See notes to financial statements.

139

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments			Total Distributions
Victory Trivalent International Fund-Core Equity
Class Y
Six Months Ended 12/31/19 (unaudited)	$	6.87		0.06		0.47			0.53			(0.08	)		—			(0.08	)
Year Ended 6/30/19	$	7.26		0.15		(0.28	)		(0.13	)		(0.14	)		(0.12	)		(0.26	)
Year Ended 6/30/18	$	7.20		0.12		0.46			0.58			(0.15	)		(0.37	)		(0.52	)
Year Ended 6/30/17	$	6.17		0.09		1.08			1.17			(0.14	)		—			(0.14	)
Year Ended 6/30/16	$	7.00		0.10		(0.86	)		(0.76	)		(0.12	)		—			(0.12	)
Year Ended 6/30/15	$	7.21		0.11		(0.23	)		(0.12	)		(0.09	)		—			(0.09	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  The Fund received monies related to a nonrecurring refund from prior custodian. The corresponding impact to the total return was 0.76% for the year ended June 30, 2016. (See Note 8)

(f)  During the period, the Fund paid overdraft fees. Excluding these fees, the ratio of net expenses to average net assets of the year was 1.47%, 2.22%, 0.96%, 0.96%, and 1.22% for Class A, Class C, Class I, Class R6 and Class Y, respectively.

See notes to financial statements.

140

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Trivalent International Fund-Core Equity
Class Y
Six Months Ended 12/31/19 (unaudited)		—	$	7.32		7.77	%		0.70	%		1.72	%		1.41	%	$	8,544		18	%
Year Ended 6/30/19		—	$	6.87		(1.34	)%		0.70	%		2.26	%		1.40	%	$	8,482		56	%
Year Ended 6/30/18		—	$	7.26		8.01	%		0.87	%		1.62	%		1.49	%	$	9,712		51	%
Year Ended 6/30/17		—	$	7.20		19.28	%		1.14	%		1.39	%		1.58	%	$	14,086		91	%
Year Ended 6/30/16		0.05	$	6.17		(10.19	)%(e)		1.22	%		1.53	%		1.28	%	$	12,958		61	%
Year Ended 6/30/15		—	$	7.00		(1.61	)%		1.23	%(f)		1.54	%		1.73	%	$	18,877		61	%

See notes to financial statements.

141

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Trivalent International Small-Cap
Class A
Six Months Ended 12/31/19 (unaudited)	$	13.02		0.01			1.30			1.31			(0.23	)		—
Year Ended 6/30/19	$	14.46		0.13			(1.22	)		(1.09	)		(0.09	)		(0.26	)
Year Ended 6/30/18	$	12.87		0.10			1.72			1.82			(0.15	)		(0.08	)
Year Ended 6/30/17	$	10.67		0.11			2.22			2.33			(0.13	)		—
Year Ended 6/30/16	$	11.86		0.10			(1.05	)		(0.95	)		(0.10	)		(0.14	)
Year Ended 6/30/15	$	11.59		0.12			0.28			0.40			(0.13	)		—
Class C
Six Months Ended 12/31/19 (unaudited)	$	12.71		(0.04	)		1.27			1.23			(0.14	)		—
Year Ended 6/30/19	$	14.12		0.02			(1.17	)		(1.15	)		—			(0.26	)
Year Ended 6/30/18	$	12.58		—	(e)		1.67			1.67			(0.05	)		(0.08	)
Year Ended 6/30/17	$	10.42		0.02			2.18			2.20			(0.04	)		—
Year Ended 6/30/16	$	11.62		0.02			(1.04	)		(1.02	)		(0.04	)		(0.14	)
Year Ended 6/30/15	$	11.37		0.03			0.30			0.33			(0.08	)		—
Class I
Six Months Ended 12/31/19 (unaudited)	$	13.13		0.04			1.30			1.34			(0.28	)		—
Year Ended 6/30/19	$	14.58		0.18			(1.23	)		(1.05	)		(0.14	)		(0.26	)
Year Ended 6/30/18	$	12.96		0.18			1.71			1.89			(0.19	)		(0.08	)
Year Ended 6/30/17	$	10.75		0.17			2.21			2.38			(0.17	)		—
Year Ended 6/30/16	$	11.93		0.16			(1.07	)		(0.91	)		(0.13	)		(0.14	)
Year Ended 6/30/15	$	11.64		0.14			0.32			0.46			(0.17	)		—
Class R6
Six Months Ended 12/31/19 (unaudited)	$	13.19		0.03			1.31			1.34			(0.27	)		—
Year Ended 6/30/19	$	14.65		0.17			(1.24	)		(1.07	)		(0.13	)		(0.26	)
Year Ended 6/30/18	$	13.02		0.15			1.73			1.88			(0.17	)		(0.08	)
Year Ended 6/30/17	$	10.80		0.18			2.20			2.38			(0.16	)		—
Year Ended 6/30/16	$	11.99		0.17			(1.10	)		(0.93	)		(0.12	)		(0.14	)
Year Ended 6/30/15	$	11.69		0.17			0.28			0.45			(0.15	)		—
Class Y
Six Months Ended 12/31/19 (unaudited)	$	13.07		0.03			1.30			1.33			(0.26	)		—
Year Ended 6/30/19	$	14.52		0.16			(1.22	)		(1.06	)		(0.13	)		(0.26	)
Year Ended 6/30/18	$	12.91		0.15			1.71			1.86			(0.17	)		(0.08	)
Year Ended 6/30/17	$	10.71		0.15			2.21			2.36			(0.16	)		—
Year Ended 6/30/16	$	11.89		0.18			(1.10	)		(0.92	)		(0.12	)		(0.14	)
Year Ended 6/30/15	$	11.61		0.12			0.31			0.43			(0.15	)		—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  Amount is less than $0.005 per share.

See notes to financial statements.

142

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Trivalent International Small-Cap
Class A
Six Months Ended 12/31/19 (unaudited)		(0.23	)	$	14.10		10.06	%		1.35	%		0.15	%		1.63	%	$	118,535		22	%
Year Ended 6/30/19		(0.35	)	$	13.02		(7.12	)%		1.35	%		1.02	%		1.59	%	$	137,665		54	%
Year Ended 6/30/18		(0.23	)	$	14.46		14.14	%		1.35	%		0.68	%		1.56	%	$	122,933		62	%
Year Ended 6/30/17		(0.13	)	$	12.87		22.04	%		1.35	%		0.99	%		1.52	%	$	92,295		55	%
Year Ended 6/30/16		(0.24	)	$	10.67		(8.13	)%		1.35	%		0.88	%		1.75	%	$	78,511		85	%
Year Ended 6/30/15		(0.13	)	$	11.86		3.62	%		1.35	%		1.08	%		1.71	%	$	68,475		70	%
Class C
Six Months Ended 12/31/19 (unaudited)		(0.14	)	$	13.80		9.59	%		2.10	%		(0.60	)%		2.41	%	$	5,305		22	%
Year Ended 6/30/19		(0.26	)	$	12.71		(7.78	)%		2.10	%		0.15	%		2.42	%	$	4,909		54	%
Year Ended 6/30/18		(0.13	)	$	14.12		13.28	%		2.10	%		(0.03	)%		2.36	%	$	6,211		62	%
Year Ended 6/30/17		(0.04	)	$	12.58		21.14	%		2.10	%		0.17	%		2.47	%	$	5,161		55	%
Year Ended 6/30/16		(0.18	)	$	10.42		(8.87	)%		2.10	%		0.22	%		2.36	%	$	5,788		85	%
Year Ended 6/30/15		(0.08	)	$	11.62		2.97	%		2.06	%		0.25	%		2.70	%	$	4,472		70	%
Class I
Six Months Ended 12/31/19 (unaudited)		(0.28	)	$	14.19		10.25	%		0.95	%		0.55	%		1.15	%	$	1,087,113		22	%
Year Ended 6/30/19		(0.40	)	$	13.13		(6.69	)%		0.95	%		1.41	%		1.16	%	$	955,568		54	%
Year Ended 6/30/18		(0.27	)	$	14.58		14.60	%		0.95	%		1.22	%		1.14	%	$	866,643		62	%
Year Ended 6/30/17		(0.17	)	$	12.96		22.45	%		0.95	%		1.45	%		1.16	%	$	539,822		55	%
Year Ended 6/30/16		(0.27	)	$	10.75		(7.74	)%		0.95	%		1.41	%		1.18	%	$	378,011		85	%
Year Ended 6/30/15		(0.17	)	$	11.93		4.12	%		0.95	%		1.24	%		1.17	%	$	316,834		70	%
Class R6
Six Months Ended 12/31/19 (unaudited)		(0.27	)	$	14.26		10.17	%		1.06	%		0.44	%		1.06	%	$	52,954		22	%
Year Ended 6/30/19		(0.39	)	$	13.19		(6.86	)%		1.08	%		1.31	%		1.08	%	$	42,975		54	%
Year Ended 6/30/18		(0.25	)	$	14.65		14.49	%		1.08	%		1.01	%		1.08	%	$	39,497		62	%
Year Ended 6/30/17		(0.16	)	$	13.02		22.28	%		1.10	%		1.50	%		1.16	%	$	30,033		55	%
Year Ended 6/30/16		(0.26	)	$	10.80		(7.90	)%		1.10	%		1.51	%		1.30	%	$	13,179		85	%
Year Ended 6/30/15		(0.15	)	$	11.99		4.01	%		1.10	%		1.49	%		1.73	%	$	5,654		70	%
Class Y
Six Months Ended 12/31/19 (unaudited)		(0.26	)	$	14.14		10.23	%		1.10	%		0.40	%		1.17	%	$	733,322		22	%
Year Ended 6/30/19		(0.39	)	$	13.07		(6.88	)%		1.10	%		1.21	%		1.18	%	$	666,547		54	%
Year Ended 6/30/18		(0.25	)	$	14.52		14.45	%		1.10	%		1.05	%		1.19	%	$	756,933		62	%
Year Ended 6/30/17		(0.16	)	$	12.91		22.27	%		1.10	%		1.26	%		1.32	%	$	450,441		55	%
Year Ended 6/30/16		(0.26	)	$	10.71		(7.87	)%		1.10	%		1.64	%		1.37	%	$	360,989		85	%
Year Ended 6/30/15		(0.15	)	$	11.89		3.90	%		1.10	%		1.07	%		1.35	%	$	172,761		70	%

See notes to financial statements.

143

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
INCORE Total Return Bond Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	9.46		0.10		0.11			0.21			(0.12	)		(0.12	)
Year Ended 6/30/19	$	9.21		0.21		0.32			0.53			(0.28	)		(0.28	)
Year Ended 6/30/18	$	9.54		0.20		(0.24	)		(0.04	)		(0.29	)		(0.29	)
Year Ended 6/30/17	$	9.79		0.23		(0.14	)		0.09			(0.34	)		(0.34	)
Year Ended 6/30/16	$	9.79		0.29		0.02			0.31			(0.32	)		(0.32	)
Year Ended 6/30/15	$	10.08		0.36		(0.36	)		—			(0.29	)		(0.29	)
Class C
Six Months Ended 12/31/19 (unaudited)	$	9.53		0.06		0.13			0.19			(0.09	)		(0.09	)
Year Ended 6/30/19	$	9.28		0.15		0.31			0.46			(0.21	)		(0.21	)
Year Ended 6/30/18	$	9.60		0.14		(0.25	)		(0.11	)		(0.21	)		(0.21	)
Year Ended 6/30/17	$	9.86		0.15		(0.14	)		0.01			(0.27	)		(0.27	)
Year Ended 6/30/16	$	9.86		0.22		0.02			0.24			(0.25	)		(0.25	)
Year Ended 6/30/15	$	10.16		0.28		(0.37	)		(0.09	)		(0.21	)		(0.21	)
Class R6
Six Months Ended 12/31/19 (unaudited)	$	9.48		0.11		0.12			0.23			(0.13	)		(0.13	)
Year Ended 6/30/19	$	9.23		0.24		0.31			0.55			(0.30	)		(0.30	)
Year Ended 6/30/18	$	9.55		0.22		(0.23	)		(0.01	)		(0.31	)		(0.31	)
Year Ended 6/30/17	$	9.81		0.25		(0.14	)		0.11			(0.37	)		(0.37	)
Year Ended 6/30/16	$	9.81		0.31		0.02			0.33			(0.34	)		(0.34	)
3/4/15(f) through 6/30/15	$	10.02		0.10		(0.21	)		(0.11	)		(0.10	)		(0.10	)
Class Y
Six Months Ended 12/31/19 (unaudited)	$	9.47		0.11		0.12			0.23			(0.13	)		(0.13	)
Year Ended 6/30/19	$	9.23		0.24		0.30			0.54			(0.30	)		(0.30	)
Year Ended 6/30/18	$	9.55		0.23		(0.24	)		(0.01	)		(0.31	)		(0.31	)
Year Ended 6/30/17	$	9.81		0.25		(0.14	)		0.11			(0.37	)		(0.37	)
Year Ended 6/30/16	$	9.81		0.32		0.01			0.33			(0.34	)		(0.34	)
Year Ended 6/30/15	$	10.10		0.36		(0.34	)		0.02			(0.31	)		(0.31	)

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)  Portfolio turnover rates excluding mortgage dollar roll transactions were 103%, 57%, 64%, and 62% for the years ended June 30, 2018, June 30, 2017, June 30, 2016 and June 30, 2015, respectively.

(f)  Commencement of operations.

(g)  The Fund received monies related to a nonrecurring refund from prior custodian. The corresponding impact to the total return was 0.05% for the year ended June 30, 2016. (see Note 8)

See notes to financial statements.

144

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contribution from Prior Custodian, Net (See Note 8)		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)(e)
INCORE Total Return Bond Fund
Class A
Six Months Ended 12/31/19 (unaudited)		—	$	9.55		2.35	%		0.85	%		2.11	%		1.12	%	$	11,813		35	%
Year Ended 6/30/19		—	$	9.46		5.77	%		0.85	%		2.32	%		1.09	%	$	12,248		150	%
Year Ended 6/30/18		—	$	9.21		(0.49	)%		0.85	%		2.15	%		1.11	%	$	12,592		110	%
Year Ended 6/30/17		—	$	9.54		0.97	%		0.85	%		2.35	%		1.07	%	$	14,569		210	%
Year Ended 6/30/16		0.01	$	9.79		3.34	%(g)		0.85	%		3.04	%		1.08	%	$	15,908		423	%
Year Ended 6/30/15		—	$	9.79		(0.06	)%		0.85	%		3.56	%		1.14	%	$	18,529		259	%
Class C
Six Months Ended 12/31/19 (unaudited)		—	$	9.63		1.96	%		1.60	%		1.32	%		3.80	%	$	662		35	%
Year Ended 6/30/19		—	$	9.53		5.05	%		1.60	%		1.67	%		3.12	%	$	574		150	%
Year Ended 6/30/18		—	$	9.28		(1.12	)%		1.60	%		1.43	%		2.31	%	$	973		110	%
Year Ended 6/30/17		—	$	9.60		0.13	%		1.60	%		1.60	%		1.61	%	$	2,073		210	%
Year Ended 6/30/16		0.01	$	9.86		2.56	%(g)		1.60	%		2.29	%		2.00	%	$	3,256		423	%
Year Ended 6/30/15		—	$	9.86		(0.87	)%		1.60	%		2.80	%		2.02	%	$	3,601		259	%
Class R6
Six Months Ended 12/31/19 (unaudited)		—	$	9.58		2.58	%		0.58	%		2.37	%		0.60	%	$	25,336		35	%
Year Ended 6/30/19		—	$	9.48		6.05	%		0.57	%		2.61	%		0.57	%	$	24,929		150	%
Year Ended 6/30/18		—	$	9.23		(0.12	)%		0.58	%		2.37	%		0.62	%	$	25,438		110	%
Year Ended 6/30/17		—	$	9.55		1.19	%		0.58	%		2.63	%		0.91	%	$	6,698		210	%
Year Ended 6/30/16		0.01	$	9.81		3.60	%(g)		0.58	%		3.25	%		1.59	%	$	2,456		423	%
3/4/15(f) through 6/30/15		—	$	9.81		(1.16	)%		0.58	%		2.93	%		1.51	%	$	1,418		259	%
Class Y
Six Months Ended 12/31/19 (unaudited)		—	$	9.57		2.47	%		0.60	%		2.35	%		0.63	%	$	31,350		35	%
Year Ended 6/30/19		—	$	9.47		5.99	%		0.60	%		2.63	%		0.63	%	$	31,026		150	%
Year Ended 6/30/18		—	$	9.23		(0.13	)%		0.59	%		2.43	%		0.59	%	$	52,633		110	%
Year Ended 6/30/17		—	$	9.55		1.17	%		0.60	%		2.61	%		0.62	%	$	76,263		210	%
Year Ended 6/30/16		0.01	$	9.81		3.59	%(g)		0.60	%		3.29	%		0.61	%	$	78,705		423	%
Year Ended 6/30/15		—	$	9.81		0.18	%		0.60	%		3.59	%		0.71	%	$	89,310		259	%

See notes to financial statements.

145

Victory Portfolios Notes to Financial Statements
December 31, 2019

  (Unaudited)

1. Organization:

Victory Portfolios (the "Trust") was organized on December 6, 1995 as a Delaware statutory trust as a successor to a company named "The Victory Portfolios," which was organized as a Massachusetts business trust on February 5, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 42 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with a par value of $0.001 per share. Each Fund is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the following 12 Funds (collectively, the "Funds" and individually, a "Fund"):

Funds (Legal Name)	Funds (Short Name)	Investment Share Classes Offered
Victory Integrity Discovery Fund	Integrity Discovery Fund	Classes A, C, R and Y
Victory Integrity Mid-Cap Value Fund	Integrity Mid-Cap Value Fund	Classes A, C*, R6 and Y
Victory Integrity Small-Cap Value Fund	Integrity Small-Cap Value Fund	Classes A, C, R, R6 and Y
Victory Integrity Small/Mid-Cap Value Fund	Integrity Small/Mid-Cap Value Fund	Classes A, R6 and Y
Victory Munder Multi-Cap Fund	Munder Multi-Cap Fund	Classes A, C and Y
Victory S&P 500 Index Fund	S&P 500 Index Fund	Classes A, R and Y
Victory Munder Mid-Cap Core Growth Fund	Munder Mid-Cap Core Growth Fund	Classes A, C, R, R6 and Y
Victory Munder Small Cap Growth Fund	Munder Small Cap Growth Fund	Classes A, I and Y
Victory Trivalent Emerging Markets Small-Cap Fund	Trivalent Emerging Markets Small-Cap Fund	Classes A and Y
Victory Trivalent International Fund-Core Equity	Trivalent International Fund-Core Equity	Classes A, C, I, R6 and Y
Victory Trivalent International Small-Cap Fund	Trivalent International Small-Cap Fund	Classes A, C, I, R6 and Y
Victory INCORE Total Return Bond Fund	INCORE Total Return Bond Fund	Classes A, C, R6 and Y

*  Integrity Mid-Cap Value Fund, Class C, commenced operations on November 4, 2019

Each class of shares of a Fund has substantially identical rights and privileges except with respect to sales charges, fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

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The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

Investment Valuation:

The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

Portfolio securities listed or traded on securities exchanges, including exchange-traded funds ("ETFs"), American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are valued at the mean between the current bid and ask prices. To the extent this model is utilized, these valuations are considered as Level 2 in the fair value hierarchy.

Debt securities of United States ("U.S.") issuers (other than short-term investments maturing in 60 days or less), including corporate and municipal securities, are valued on the basis of bid valuations provided by dealers or an independent pricing service approved by the Trust's Board of Trustees (the "Board"). Short-term investments maturing in 60 days or less may be valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Funds' net asset values are calculated. The Trivalent Emerging Markets Small-Cap Fund, Trivalent International Fund-Core Equity and Trivalent International Small-Cap Fund use a systematic valuation model, provided daily by an independent third party to fair value their international equity securities. These valuations are considered as Level 2 in the fair value hierarchy.

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A summary of the valuations as of December 31, 2019, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments (amounts in thousands).

	Level 1		Level 2		Total
Integrity Discovery Fund
Common Stocks	$	126,914	$	—	$	126,914
Collateral for Securities Loaned		15,620		—		15,620
Total		142,534		—		142,534
Integrity Mid-Cap Value Fund
Common Stocks		258,452		—		258,452
Collateral for Securities Loaned		6,788		—		6,788
Total		265,240		—		265,240
Integrity Small-Cap Value Fund
Common Stocks		2,379,633		—		2,379,633
Exchange-Traded Funds		10,934		—		10,934
Collateral for Securities Loaned		138,469		—		138,469
Total		2,529,036		—		2,529,036
Integrity Small/Mid-Cap Value Fund
Common Stocks		145,735		—		145,735
Collateral for Securities Loaned		6,333		—		6,333
Total		152,068		—		152,068
Munder Multi-Cap Fund
Common Stocks		397,022		—		397,022
Exchange-Traded Funds		1,847		—		1,847
Collateral for Securities Loaned		3,093		—		3,093
Total		401,962		—		401,962
S&P 500 Index Fund
Common Stocks		224,033		—		224,033
Collateral for Securities Loaned		1,565		—		1,565
Total		225,598		—		225,598
Other Financial Investments^:
Assets:
Futures Contracts		29		—		29
Total		29		—		29
Munder Mid-Cap Core Growth Fund
Common Stocks		1,037,114		—		1,037,114
Exchange-Traded Funds				31,517		31,517
Collateral for Securities Loaned		53,801		—		53,801
Total		1,122,432		—		1,122,432
Munder Small Cap Growth Fund
Common Stocks		10,358		—		10,358
Warrants		3		—		3
Collateral for Securities Loaned		1,741		—		1,741
Total		12,102		—		12,102

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	Level 1			Level 2		Total
Trivalent Emerging Markets Small-Cap Fund
Common Stocks	$	556		$	8,060	$	8,616
Preferred Stocks		—			58		58
Exchange-Traded Funds		86			—		86
Collateral for Securities Loaned		38			—		38
Total		680			8,118		8,798
Trivalent International Fund-Core Equity
Common Stocks		16,810			116,000		132,810
Preferred Stocks		—			1,953		1,953
Rights		15			—		15
Exchange-Traded Funds		1,717			—		1,717
Collateral for Securities Loaned		2,131			—		2,131
Total		20,673			117,953		138,626
Trivalent International Small-Cap Fund
Common Stocks		184,376			1,785,621		1,969,997
Exchange-Traded Funds					6,389		6,389
Collateral for Securities Loaned		49,643			—		49,643
Total		240,408			1,785,621		2,026,029
INCORE Total Return Bond Fund
Asset Backed Securities		—			1,742		1,742
Collateralized Mortgage Obligations		—			1,949		1,949
Corporate Bonds		—			28,087		28,087
Residential Mortgage Backed Securities		—			268		268
U.S. Government Mortgage Backed Agencies		—			27,160		27,160
U.S. Treasury Obligations		—			8,236		8,236
Collateral for Securities Loaned		1,340			—		1,340
Total		1,340			67,442		68,782
Other Financial Investments ^:
Assets:
Credit Default Swaps		—			32		32
Liabilities:
Futures Contracts		(17	)		—		(17	)
Total		(17	)		32		15

^  Other Financial Investments are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

Securities Purchased on a When-Issued Basis:

The Funds may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond normal settlement periods at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time a Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. No interest accrues to the Fund until the transaction settles and payment takes place. Normally, the settlement date occurs within one month of the purchase. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for when-issued securities. If a Fund owns when-issued securities, these values are included in Payable for investments purchased on the accompanying Statements of Assets and Liabilities and the segregated assets are identified in the Schedules of Portfolio Investments.

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Real Estate Investment Trusts ("REITs"):

The Funds may invest in REITs which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known.

Investment Companies:

Exchange-Traded Funds:

The Funds may invest in ETFs. Shares of an ETF are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A Fund may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Derivative Instruments:

Foreign Exchange Currency Contracts:

The Trivalent Emerging Markets Small-Cap Fund, Trivalent International Fund-Core Equity and Trivalent International Small-Cap Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Trivalent Emerging Markets Small-Cap Fund, Trivalent International Fund-Core Equity and Trivalent International Small-Cap Fund enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2019, the Funds had no open forward foreign exchange currency contracts.

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Futures Contracts:

The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. A Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of a Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting a Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is presented on the Statements of Assets and Liabilities under Deposits with brokers for futures contracts.

As of December 31, 2019, the S&P 500 Index Fund and INCORE Total Return Bond Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Credit Derivatives:

The INCORE Total Return Bond Fund may enter into credit derivatives, including centrally cleared credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund's asset allocation or risk exposure, or (iii) for hedging purposes. The use by the centrally cleared Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Fund's Statement of Additional Information.

Centrally cleared credit default swap ("CDS") agreements on credit indices involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of a specific sector of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the CDS.

The counterparty risk for cleared swap agreements is generally lower than uncleared over-the-counter swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees each party's performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to the Fund.

The Fund may enter into CDS agreements either as a buyer or seller. The Fund may buy protection under a CDS to attempt to mitigate the risk of default or credit quality deterioration in one or more

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individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a CDS in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a CDS agreement in the event of the default or bankruptcy of the counterparty. CDS agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

Upon entering into a cleared CDS, the Fund may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 3% to 6% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as "initial margin", is in the nature of a performance bond or good faith deposit on the CDS and is returned to a Fund upon termination of the CDS, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as "marking-to-market." The premium (discount) payments are built into the daily price of the CDS and thus are amortized through the variation margin. The variation margin payment also includes the daily portion of the periodic payment stream.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a CDS agreement equals the notional amount of the agreement. Notional amounts of each individual CDS agreement outstanding as of period end for which the Fund is the seller of protection are disclosed on the Schedule of Portfolio Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, periodic interest payments, or net amounts received from the settlement of buy protection CDS agreements entered into by the Fund for the same referenced entity or entities. The collateral held by the Funds is presented on the Statements of Assets and Liabilities under Deposits with brokers for centrally cleared swap agreements.

As of December 31, 2019, the INCORE Total Return Bond Fund entered into centrally cleared CDS agreements primarily for the strategy of asset allocation and risk exposure management.

Offsetting of Financial Assets and Derivatives Assets:

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of December 31, 2019 (amounts in thousands), discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties.

Assets	Gross Amounts of Recognized Assets			Gross Amounts Available for Offset			Net Amounts Presented in the Statements of Assets and Liabilities		Cash Collateral Received		Net Amount
S&P 500 Index Fund
Futures — Goldman Sachs & Co.	$	5		$	—		$	5	$	—	$	5
INCORE Total Return Bond Fund
Futures — Goldman Sachs & Co.		—	(a)		—	(a)		��		—		—

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Liabilities	Gross Amounts of Recognized Liabilities		Gross Amounts Available for Offset			Net Amounts Presented in the Statements of Assets and Liabilities		Cash Collateral Pledged*			Net Amount
INCORE Total Return Bond Fund
Futures — Goldman Sachs & Co.	$	1	$	—	(a)	$	1	$	(1	)	$	—

(a)  Rounds to less than $1.

*  Cash collateral pledged may be in excess of the amounts shown in the table. The total cash collateral pledged by the Fund is disclosed in the Statements of Asset and Liabilities.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019 (amounts in thousands):

	Assets				Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Receivable on Open Swap Agreements*		Variation Margin Payable on Open Futures Contracts*		Variation Margin Receivable on Open Swap Agreements*
Equity Risk Exposure:
S&P Index 500 Fund	$	29	$	—	$	—	$	—
Credit Risk Exposure:
INCORE Total Return Bond Fund		—		32		—		—
Interest Rate Risk Exposure:
INCORE Total Return Bond Fund		—		—		17		—

*  Includes cumulative appreciation/depreciation of futures contracts and credit default swap agreements as reported on the Schedules of Portfolio Investments. Only current day's variation margin for both futures contracts and credit default swap agreements is reported within the Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the six months ended December 31, 2019 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations				Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Realized Gains (Losses) from Swap Agreements		Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts			Net Change in Unrealized Appreciation/ Depreciation on Swap Agreements
Equity Risk Exposure:
S&P 500 Index Fund	$	132	$	—	$	—	(a)	$	—
Credit Risk Exposure:
INCORE Total Return Bond Fund		—		158		—			(51	)
Interest Rate Risk Exposure:
INCORE Total Return Bond Fund		136		—		(136	)		—

(a)  Rounds to less than $1.

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All open derivative positions at period end are reflected in each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Trust has entered into a Master Securities Lending Agreement ("MSLA") with Citibank, N.A.("Citibank" or the "Agent"). Under the terms of the MSLA, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are adjusted the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities, letters of credit and certificates of deposit. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted in the Funds' Schedules of Portfolio Investments. The Trust does not have effective control of the non-cash collateral and therefore it is not disclosed in the Funds' Schedules of Portfolio Investments. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay the Agent various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them.

Securities lending transactions are entered into by a Fund under the MSLA, which permits the Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

The following table (amounts in thousands) is a summary of the Funds' securities lending transactions which are subject to offset under the MSLA as of December 31, 2019. These transactions are accounted for as secured borrowings with an overnight and continuous contractual maturity for cash collateral, and greater than overnight and continuous contractual maturity for non-cash collateral.

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	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<30 Days		Between 30 & 90 days		>90 Days		Net Amount
Integrity Discovery Fund	$	15,206	$	15,206	$	—	$	—	$	—	$	—
Integrity Mid-Cap Value Fund		6,659		6,659		—		—		—		—
Integrity Small-Cap Value Fund		135,387		135,387		—		—		—		—
Integrity Small/Mid-Cap Value Fund		6,219		6,219		—		—		—		—
Munder Multi-Cap Fund		3,032		3,032		—		—		—		—
S&P 500 Index Fund		1,535		1,535		—		—		—		—
Munder Mid-Cap Core Growth Fund		52,696		52,696		—		—		—		—
Munder Small Cap Growth Fund		1,702		1,702		—		—		—		—
Trivalent Emerging Markets Small-Cap Fund		36		36		—		—		—		—
Trivalent International Fund — Core Equity		1,694		1,694		—		—		—		—
Trivalent International Small-Cap Fund		47,598		47,598		—		—		—		—
INCORE Total Return Bond Fund		1,294		1,294		—		—		—		—

*  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Statements of Assets and Liabilities.

Foreign Currency Translations:

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency translations on the Statements of Operations.

Foreign Taxes:

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

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Distributions to Shareholders:

Each of the Funds (except for INCORE Total Return Bond Fund and S&P 500 Index Fund) intend to declare and distribute net investment income at least annually, if any. INCORE Total Return Bond Fund declares and pays dividends from net investment income monthly, if any. S&P 500 Index Fund declares and pays dividends from net investment income quarterly, if any. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Mortgage Dollar Rolls:

The INCORE Total Return Bond Fund may enter into mortgage dollar roll transactions in which the Fund sells a mortgage-backed security to a counterparty to buy back similar, but not identical, securities on a specific future date at a predetermined price. Mortgage dollar rolls may be renewed by a new sale and repurchased with a cash settlement at each renewal without physical delivery of the securities. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to meet the terms of their commitments. Additionally, the value of such securities may change adversely before the Fund is able to repurchase them. Mortgage dollar rolls are treated as financing transactions unless the sale and repurchase are determined to involve securities that are not substantially the same. Therefore, any gain or loss is considered unrealized until the roll reaches ultimate disposition or the sale and repurchase are determined to involve securities that are not substantially the same. Income is generated as consideration for entering into these transactions and is included in mortgage dollar roll income on the Fund's Statement of Operations. For the six months ended December 31, 2019, there were no mortgage dollar roll transactions.

Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

Expenses directly attributable to a Fund are charged to the Fund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

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Affiliated Securities Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended December 31, 2019, the Funds did not engage in any Rule 17a-7 transactions under the 1940 Act.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended December 31, 2019 were as follows (amounts in thousands):

	Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
Integrity Discovery Fund	$	20,376	$	34,055	$	—	$	—
Integrity Mid-Cap Value Fund		220,577		65,485		—		—
Integrity Small-Cap Value Fund		718,058		746,068		—		—
Integrity Small/Mid-Cap Value Fund		45,001		40,745		—		—
Munder Multi-Cap Fund		186,927		209,898		—		—
S&P 500 Index Fund		3,668		32,242		—		—
Munder Mid-Cap Core Growth Fund		567,435		1,003,039		—		—
Munder Small Cap Growth Fund		1,675		1,847		—		—
Trivalent Emerging Markets Small-Cap Fund		2,478		2,691		—		—
Trivalent International Fund-Core Equity		116,879		13,669		—		—
Trivalent International Small-Cap Fund		419,072		400,519		—		—
INCORE Total Return Bond Fund		13,273		3,583		11,498		18,164

4. Fees and Transactions with Affiliates and Related Parties:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory Agreements, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below. The Adviser may use its resources to assist with the Funds' distribution and marketing expenses.

	Flat Rate
Integrity Discovery Fund		1.00	%
Munder Small Cap Growth Fund		0.85	%
Trivalent Emerging Markets Small-Cap Fund		1.10	%
INCORE Total Return Bond Fund		0.40	%

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	Adviser Fee Tier Rate
S&P 500 Index Fund
Up to $250 million		0.20	%
$250 Million — $500 million		0.12	%
Over $500 million		0.07	%
Integrity Small-Cap Value Fund
Up to $300 million		0.90	%
Over $300 million		0.85	%
Integrity Small/Mid-Cap Value
Up to $300 million		0.80	%
Over $300 million		0.75	%
Integrity Mid-Cap Value
Up to $500 million		0.75	%
Over $500 million		0.70	%
Munder Multi-Cap Fund
Up to $1 billion		0.75	%
$1 billion — $2 billion		0.72	%
Over $2 billion		0.70	%
Trivalent International Small-Cap Fund
Up to $1 billion		0.95	%
Over $1 billion		0.90	%
Trivalent International Fund-Core Equity
Up to $1 billion		0.80	%
Over $1 billion		0.75	%
Munder Mid-Cap Core Growth Fund
Up to $6 billion		0.75	%
$6 billion — $8 billion		0.70	%
Over $8 billion		0.65	%

VCM also serves as the Funds' administrator and fund accountant. Under an Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.08% of the first $15 billion in average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios II (collectively, the "Victory Funds Complex"), 0.05% of the average daily net assets above $15 billion to $30 billion of the Victory Funds Complex and 0.04% of the average daily net assets over $30 billion of the Victory Funds Complex.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for all of their reasonable out-of-pocket expenses incurred in providing these services.

FIS Investor Services, LLC ("FIS") serves as the Funds' transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Chief Compliance Officer ("CCO") is an employee of the Adviser, which pays the compensation of the CCO and his support staff. The Trust has entered into an Agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the

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services of the CCO, and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The Funds in the Victory Funds Complex, in aggregate, compensate the Adviser for these services.

The Victory Funds Complex pays an annual retainer to each Independent Trustee, plus an additional annual retainer to the Chairman of the Board. The aggregate amount of the fees and expenses of the Independent Trustees are allocated amongst all the funds in the Victory Funds Complex and are presented in the Statements of Operations.

Shearman & Sterling LLP provides legal services to the Trust.

Victory Capital Advisers, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A Shares, except for S&P 500 Index Fund, at an annual rate of up to 0.50% of the average daily net assets of Class R Shares and 1.00% of the average daily net assets of Class C Shares of the Funds. The Distributor may receive a monthly distribution and service fee at an annual rate of up to 0.15% of the average daily net assets of Class A Shares of S&P 500 Index Fund. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A, Class R or Class C Shares of the Funds.

In addition, the Distributor is entitled to receive commissions on sales of the Class A Shares and of the Funds. For the six months ended December 31, 2019, the Distributor received approximately $35 thousand from commissions earned on sales of Class A Shares of the Funds.

The Adviser has entered into expense limitation agreements with certain Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. For the six months end December 31, 2019, the expense limits (excluding voluntary waivers) are as follows:

	In effect July 1, 2019 until October 31, 2020
	Class A Shares			Class C Shares			Class I Shares			Class R Shares			Class R6 Shares			Class Y Shares
Integrity Discovery Fund		N/A			N/A			N/A			2.08	%		N/A			N/A
Integrity Mid-Cap Value Fund		1.00	%		1.75	%(a)		N/A			N/A			0.60	%		0.75	%
Integrity Small-Cap Value Fund		1.50	%		N/A			N/A			1.75	%		N/A			N/A
Integrity Small/Mid-Cap Value Fund		1.13	%		N/A			N/A			N/A			0.83	%		0.88	%
Munder Multi-Cap Fund		N/A			N/A			N/A			N/A			N/A			N/A
S&P 500 Index Fund		N/A			N/A			N/A			N/A			N/A			N/A
Munder Mid-Cap Core Growth Fund		1.32	%		N/A			N/A			1.57	%		N/A			N/A
Munder Small Cap Growth Fund		1.40	%		N/A			1.15	%		N/A			N/A			1.25	%
Trivalent Emerging Markets Small-Cap Fund		1.73	%		N/A			N/A			N/A			N/A			1.48	%
Trivalent International Fund-Core Equity		0.95	%		1.70	%		0.60	%		N/A			0.55	%		0.70	%
Trivalent International Small-Cap Fund		1.35	%		2.10	%		0.95	%		N/A			1.10	%		1.10	%
INCORE Total Return Bond Fund		0.85	%		1.60	%		N/A			N/A			0.58	%		0.60	%

(a)  In Effect November 4, 2019 until at least October 31, 2020

The Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three fiscal years after such waiver or reimbursement was made to the extent such payments or repayments would not cause the expenses of a class to exceed the original expense limitation in place at the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment. Amounts repaid to the Adviser during the six months ended, if any, are

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reflected on the Statements of Operations as Recoupment of prior expenses waived/reimbursed by Adviser.

As of December 31, 2019, the following amounts are available to be repaid to the Adviser (amounts in thousands):

	Expires 6/30/20		Expires 6/30/21		Expires 6/30/22		Expires 6/30/23		Total
Integrity Discovery Fund	$	10	$	6	$	10	$	4	$	30
Integrity Mid-Cap Value Fund		137		195		292		283		907
Integrity Small-Cap Value Fund		102		108		170		14		394
Integrity Small/Mid-Cap Value Fund		114		212		189		97		612
Munder Mid-Cap Core Growth Fund		276		23		25		9		333
Munder Small Cap Growth Fund		16		13		5		10		44
Trivalent Emerging Markets Small-Cap Fund		91		113		67		51		322
Trivalent International Fund- Core Equity		153		206		222		224		805
Trivalent International Small -Cap Fund		1,935		2,107		2,605		1,438		8,085
INCORE Total Return Bond Fund		67		52		54		31		204

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended December 31, 2019.

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, Administrator, Fund Accountant, Sub-Administrator, Sub-Fund Accountant, and Legal Counsel.

5. Risks:

Each Fund may be subject to other risks in addition to these identified risks.

An investment in the Funds' shares represents an indirect investment in the securities owned by the Funds, some of which will be traded on a national securities exchange or in the over-the-counter markets. The value of the securities in which the Funds invest, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of the securities in which the Funds invest may affect the value of the Funds' shares. An investment in the Funds' shares at any point in time may be worth less than the original investment, even after taking into account the reinvestment of the Funds' distributions.

The Trivalent Emerging Markets Small-Cap Fund, Trivalent International Fund-Core Equity and Trivalent International Small-Cap Fund invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised and continue to exercise substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital re-investment, resource self-sufficiency and

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balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

The INCORE Total Return Bond Fund is subject to credit and interest rate risk with respect to fixed income securities. Credit risk refers to the ability of an issuer to make timely payments of interest and principal. Interest rates may rise, or the rate of inflation may increase, impacting the value if investments in fixed income securities. A debt issuer's credit quality may be downgraded, or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

The Funds will be subject to credit risk with respect to the amount each expects to receive from counterparties for financial instruments entered into by the Funds. The Funds may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Funds may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding and the Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds typically enter into transactions with counterparties whose credit ratings are investment grade, as determined by a nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended December 31, 2019, the Victory Funds Complex participated in a short-term, demand note "Line of Credit" with Citibank. Under the agreement with Citibank, for the period January 1, 2019 to June 30, 2019, the Victory Funds Complex could borrow up to $250 million, of which $100 million was committed and $150 million was uncommitted. Effective July 1, 2019, the agreement was amended to include the USAA Mutual Funds Complex (another series of mutual funds managed by the Adviser) and has a new termination date of June 29, 2020. Under this amended agreement, the Victory Funds Complex and USAA Mutual Funds Complex, combined, may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund (herein the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. For the period July 1, 2019 to December 31, 2019, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. For the six months ended December 31, 2019, Citibank earned approximately $150 thousand in commitment fees from the combined Victory Funds Complex and USAA Mutual Funds Complex. Each fund in the Victory Funds Complex and the USAA Mutual Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Interest charged to the Fund during the period, if applicable, is presented on the Statement of Operations under Line of credit fees.

The Funds did not utilize the Line of Credit during the six months ended December 31, 2019.

Interfund Lending:

The Trust and Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows each Fund to directly lend money to and borrow money from any other Victory Fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to each Fund during the period, if applicable, is presented on the Statements of Operations under Interfund

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lending fees. As a Lender, interest earned by each Fund during the period, if applicable, is presented on the Statement of Operations under Income on interfund lending.

The average borrowing and lending for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2019 were as follows (amounts in thousands):

	Borrower or Lender	Amount Outstanding at December 31, 2019		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
Munder Mid-Cap Core Growth Fund	Borrower	$	—	$	1,506		1		2.13	%	$	1,506

*  For the six months ended December 31, 2019, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

The tax character of distributions paid and the tax basis of current components of accumulated earnings/(deficit) will be determined at the end of the current tax year ending June 30, 2020.

The tax character of distributions during the most recent tax year ended June 30, 2019, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

	Year Ended June 30, 2019
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Integrity Discovery Fund	$	2,016	$	14,582	$	16,598	$	—	$	16,598
Integrity Mid-Cap Value Fund		1,902		2,983		4,885		—		4,885
Integrity Small-Cap Value Fund		40,869		233,572		274,441		—		274,441
Integrity Small/Mid-Cap Value Fund		1,265		3,976		5,241		—		5,241
Munder Multi-Cap Fund		23,717		34,295		58,012		—		58,012
S&P 500 Index Fund		3,685		19,429		23,114		—		23,114
Munder Mid-Cap Core Growth Fund		—		775,240		775,240		—		775,240
Munder Small Cap Growth Fund		505		357		862		—		862
Trivalent Emerging Markets Small-Cap Fund		128		553		681		—		681
Trivalent International Fund-Core Equity		743		236		979		—		979
Trivalent International Small-Cap Fund		17,127		33,388		50,515		—		50,515
INCORE Total Return Bond Fund		2,602		—		2,602		—		2,602

As of the most recent tax year ended June 30, 2019, the components of distributable earnings/accumulated deficit on a tax basis were as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses		Qualified Late-Year Losses*			Unrealized Appreciation (Depreciation)**		Total Accumulated Earnings (Deficit)
Integrity Discovery Fund	$	—	$	3,014	$	3,014	$	—	$	(752	)	$	7,903	$	10,165
Integrity Mid-Cap Value Fund		355		—		355		—		(729	)		7,074		6,700
Integrity Small-Cap Value Fund		3,890		9,795		13,685		—		—			218,083		231,768

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	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses			Qualified Late-Year Losses*			Unrealized Appreciation (Depreciation)**		Total Accumulated Earnings (Deficit)
Integrity Small/Mid-Cap Value Fund	$	275	$	—	$	275	$	—		$	(1,689	)	$	7,342	$	5,928
Munder Multi-Cap Fund		1,013		9,950		10,963		—			—			58,236		69,199
S&P 500 Index Fund		—		6,731		6,731		—			—			176,670		183,401
Munder Mid-Cap Core Growth Fund		—		294,751		294,751		—			(1,789	)		410,744		703,706
Munder Small Cap Growth Fund		258		119		377		—			—			1,767		2,144
Trivalent Emerging Markets Small-Cap Fund		78		—		78		(906	)		—			547		(281	)
Trivalent International Fund-Core Equity		—		—		—		(3,288	)		—			1,668		(1,620	)
Trivalent International Small-Cap Fund		34,889		—		34,889		(84,742	)		—			229,896		180,043
INCORE Total Return Bond Fund		—		—		—		(5,584	)		—			873		(4,711	)

*  Under the current tax law, net investment losses realized after October 31 or December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes.

**  The difference between the book-basis and tax-basis of unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales.

As of the end of their tax year ended June 30, 2019, the following Funds had net capital loss carryforwards ("CLCFs") as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss or long-term.

CLCFs that are not subject to expiration are applied as either short-term or long-term depending on the originating capital loss and must be utilized before those that are subject to expiration.

CLCFs subject to expiration that are limited as a result of changes in Fund ownership during the year and in prior years (amounts in thousands):

	Short-Term Amount		Long-Term Amount		Total
Trivalent International Fund-Core Equity	$	745	$	—	$	745

CLCFs not subject to expiration (amounts in thousands):

	Short-Term Amount		Long-Term Amount		Total
Trivalent Emerging Markets Small-Cap Fund	$	906	$	—	$	906
Trivalent International Fund-Core Equity		2,543		—		2,543
Trivalent International Small-Cap Fund		84,742		—		84,742
INCORE Total Return Bond Fund		551		5,033		5,584

8. Capital Contribution from Prior Custodian:

During 2016, certain Funds received notification from their prior custodian, State Street Bank and Trust ("State Street"), concerning issues related to billing on certain categories of expenses during the approximately 16-year period from 1998 through October 31, 2014. The over-billing primarily related to categories of expenses that involved an allocation of general costs among multiple clients.

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State Street paid the refunded amounts during January 2017. Based on billing information received during 2016 from State Street and an analysis of any expense limitation agreements that were in place during the period of the activities in question, including the application of any recoupment provisions in such agreements, the Adviser received a portion of the refund.

The portion of the refund retained by the Funds was accounted for as a capital contribution and is reflected on the Financial Highlights as "Capital Contribution from Prior Custodian, Net."

9. Fund Ownership:

Ownership of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2(a)(9) of the 1940 Act. As of December 31, 2019, the shareholders listed below held more than 25% of the shares outstanding of the Funds and may be deemed to control those Funds.

	Shareholder	Percent
Integrity Mid-Cap Value Fund	Gerlach Co. LLC Citibank Open We0		62.9	%
Integrity Small-Cap Value Fund	National Financial Services		27.0	%
Integrity Small/Mid-Cap Value Fund	Edward D. Jones & Co., L.P.		49.9	%
Munder Small-Cap Growth Fund	Tony Y. Dong		49.5	%
Munder Small-Cap Growth Fund	Brian S. Matuszak		34.9	%
Trivalent Emerging Markets Small Cap Fund	Victory Capital Management Inc.		51.4	%
Trivalent International Fund — Core Equity	Gerlach Co. LLC		81.5	%
INCORE Total Return Bond Fund	Comerica Bank		52.3	%

10. Subsequent Events:

The Funds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the Funds' financial statements.

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Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Prior to the implementation of Form N-PORT, the Trust filed a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-PORT and Forms N-Q are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2019 through December 31, 2019 (unless otherwise noted).

The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19- 12/31/19*		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19*		Annualized Expense Ratio During Period 7/1/19- 12/31/19
Integrity Discovery Fund
Class A Shares	$	1,000.00	$	1,087.70	$	1,017.19	$	8.29	$	8.01		1.58	%
Class C Shares		1,000.00		1,083.30		1,012.82		12.83		12.40		2.45	%
Class R Shares		1,000.00		1,085.00		1,014.68		10.90		10.53		2.08	%
Class Y Shares		1,000.00		1,089.30		1,018.45		6.98		6.75		1.33	%

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	Beginning Account Value 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19- 12/31/19*		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19*		Annualized Expense Ratio During Period 7/1/19- 12/31/19
Integrity Mid-Cap Value
Class A Shares	$	1,000.00	$	1,079.90	$	1,020.11	$	5.23	$	5.08		1.00	%
Class C Shares**		1,000.00		1,037.80		1,016.34		2.83		8.87		1.75	%
Class R6 Shares		1,000.00		1,082.20		1,022.12		3.14		3.05		0.60	%
Class Y Shares		1,000.00		1,081.40		1,021.37		3.92		3.81		0.75	%
Integrity Small-Cap Value
Class A Shares		1,000.00		1,062.50		1,017.60		7.78		7.61		1.50	%
Class C Shares		1,000.00		1,058.70		1,013.93		11.54		11.29		2.23	%
Class R Shares		1,000.00		1,000.00		1,016.34		8.80		8.87		1.75	%
Class R6 Shares		1,000.00		1,065.60		1,020.31		4.98		4.88		0.96	%
Class Y Shares		1,000.00		1,064.70		1,019.61		5.71		5.58		1.10	%
Integrity Small/Mid-Cap Value Fund
Class A Shares		1,000.00		1,066.80		1,019.46		5.87		5.74		1.13	%
Class R6 Shares		1,000.00		1,068.70		1,020.96		4.32		4.22		0.83	%
Class Y Shares		1,000.00		1,068.40		1,020.71		4.58		4.47		0.88	%
Munder Multi-Cap Fund
Class A Shares		1,000.00		1,105.40		1,018.35		7.14		6.85		1.35	%
Class C Shares		1,000.00		1,100.60		1,014.13		11.56		11.09		2.19	%
Class Y Shares		1,000.00		1,107.50		1,020.16		5.24		5.03		0.99	%
S&P 500 Index Fund
Class A Shares		1,000.00		1,106.20		1,022.37		2.91		2.80		0.55	%
Class R Shares		1,000.00		1,104.00		1,020.41		4.97		4.77		0.94	%
Class Y Shares		1,000.00		1,106.90		1,023.03		2.22		2.14		0.42	%
Munder Mid-Cap Core Growth
Class A Shares		1,000.00		1,039.90		1,018.60		6.67		6.60		1.30	%
Class C Shares		1,000.00		1,036.60		1,014.93		10.39		10.28		2.03	%
Class R Shares		1,000.00		1,038.20		1,017.24		8.04		7.96		1.57	%
Class R6 Shares		1,000.00		1,042.10		1,020.61		4.62		4.57		0.90	%
Class Y Shares		1,000.00		1,040.70		1,019.66		5.59		5.53		1.09	%
Munder Small Cap Growth Fund
Class A Shares		1,000.00		1,134.00		1,018.10		7.51		7.10		1.40	%
Class I Shares		1,000.00		1,135.30		1,019.36		6.17		5.84		1.15	%
Class Y Shares		1,000.00		1,135.00		1,018.85		6.71		6.34		1.25	%
Trivalent Emerging Markets Small-Cap
Class A Shares		1,000.00		1,023.60		1,016.44		8.80		8.77		1.73	%
Class Y Shares		1,000.00		1,025.90		1,017.70		7.54		7.51		1.48	%
Trivalent International Core Equity
Class A Shares		1,000.00		1,076.00		1,020.36		4.96		4.82		0.95	%
Class C Shares		1,000.00		1,072.50		1,016.59		8.86		8.62		1.70	%
Class I Shares		1,000.00		1,077.80		1,022.12		3.13		3.05		0.60	%
Class R6 Shares		1,000.00		1,079.00		1,022.37		2.87		2.80		0.55	%
Class Y Shares		1,000.00		1,077.70		1,021.62		3.66		3.56		0.70	%

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	Beginning Account Value 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19- 12/31/19*		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19*		Annualized Expense Ratio During Period 7/1/19- 12/31/19
Trivalent International Small-Cap
Class A Shares	$	1,000.00	$	1,100.60	$	1,018.35	$	7.13	$	6.85		1.35	%
Class C Shares		1,000.00		1,095.90		1,014.58		11.06		10.63		2.10	%
Class I Shares		1,000.00		1,102.50		1,020.36		5.02		4.82		0.95	%
Class R6 Shares		1,000.00		1,101.70		1,019.81		5.60		5.38		1.06	%
Class Y Shares		1,000.00		1,102.30		1,019.61		5.81		5.58		1.10	%
INCORE Total Return Bond Fund
Class A Shares		1,000.00		1,023.50		1,020.86		4.32		4.32		0.85	%
Class C Shares		1,000.00		1,019.60		1,017.09		8.12		8.11		1.60	%
Class R6 Shares		1,000.00		1,025.80		1,022.22		2.95		2.95		0.58	%
Class Y Shares		1,000.00		1,024.70		1,022.12		3.05		3.05		0.60	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**  Information shown for Actual Ending Account Value and Actual Expenses Paid reflects values for the period November 4, 2019 (commencement of operations) to December 31, 2019 and has been calculated using expense ratios and rates of return of the same period.

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Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

The Board approved the Agreement on behalf of each of the Funds at an in-person meeting, which was called for that purpose, on December 4, 2019. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at a meeting on October 22, 2019. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions.

The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds, which also serves as independent legal counsel to the Independent Trustees. In addition, in 2017 the Independent Trustees, through their counsel, retained an independent consultant to assist with a review of the overall process for conducting the annual review of these advisory arrangements.

The Board considered each Fund's advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors:

•  The requirements of the Funds for the services provided by the Adviser;

•  The nature, quality and extent of the services provided and expected to be provided;

•  The performance of the Funds as compared to comparable funds;

•  The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow;

•  Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds;

•  The fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds;

•  The total expenses of each Fund, taking into consideration any distribution or shareholder servicing fees;

•  Management's commitment to operating the Funds at competitive expense levels;

•  The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

•  Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

•  Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, and distribution;

•  The capabilities and financial condition of the Adviser;

•  Current economic and industry trends; and

•  The historical relationship between each Fund and the Adviser.

The Board reviewed each Fund's current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser's profitability with respect to each Fund individually. In addition, the Board compared each Fund's gross management fees and total operating expense ratio on a net and gross basis, taking into consideration any distribution or shareholder servicing fees, with the median gross management fee and median expense ratio of a universe of comparable mutual funds compiled by an independent consultant and a peer group of funds with similar investment strategies selected by that independent consultant from the universe. The Board reviewed the factors and methodology used by the independent consultant in the selection of each Fund's peer group, including the independent consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the independent consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any. With respect to certain Funds, the Board also reviewed fees and other information related to the Adviser's management of similarly managed institutional or private accounts, and the differences in the services provided to the other

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accounts. The Board also noted that the breakpoints in the advisory fee schedule for some of the Funds evidenced one way in which the Adviser has shown a willingness to share in its economies of scale.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board noted that, except for the Integrity Discovery Fund, Munder Small Cap Growth Fund, Trivalent Emerging Markets Small-Cap Fund and INCORE Total Return Bond Fund, each Fund's advisory fee structure contained at least one breakpoint. The Board also found that each Fund's Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund, except for the S&P 500 Index Fund, to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over one-, three-, five- and ten-year periods (as applicable) against the performance of the Fund's selected peer group and benchmark index. The Board recognized that the performance of the Funds and the peer group funds are net of expenses, while the performance of the benchmark index reflects gross returns. The Board considered the additional resources that the Adviser has committed to enhance portfolio analysis, compliance and trading systems.

The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors.

Integrity Discovery Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for the one- and three-year periods, outperformed the benchmark index for the five- and ten-year periods, and outperformed the peer group median for all of the periods reviewed, with the exception of the one-year period.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Integrity Mid-Cap Value Fund

Noting that the Fund commenced operations in 2011, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for the one- and five-year periods, outperformed the benchmark index for the three-year period, outperformed the peer group median for the one-year period, and matched the peer group median for the three- and five-year periods.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Integrity Small-Cap Value Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the one- and five-year periods, underperformed the benchmark index for the three-year period, outperformed the benchmark index for the ten-year period, and matched the peer group median for the three- and ten-year periods. The Board brought the Fund's underperformance to management's attention and discussed with the Adviser any steps that had been or could be taken to enhance performance in the future.

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Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Integrity Small/Mid-Cap Value Fund

Noting that the Fund commenced operations in 2011, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark index for the one-year period, outperformed both the benchmark index and the peer group median for the three-year period, underperformed the benchmark index for the five-year period, outperformed the peer group median for the five-year period, and matched the peer group median for the one-year period.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Munder Multi-Cap Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board discussed the Fund's investment strategy, the Adviser's implementation of the strategy, and related market conditions, together with relevant fee and expense considerations. The Board also discussed the steps that had been or could be taken by the Adviser to enhance performance in the future, and the Board's continued monitoring of the Fund's performance.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

S&P 500 Index Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods, noting that the Fund's investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of the Fund is net of expenses, while the performance of the benchmark index is gross returns and as a result, the Fund generally will underperform its benchmark due to fees and expenses. The Board considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board also considered the Fund's tracking error as a factor in evaluating performance. The Board discussed with the Adviser the implementation of the Fund's strategy, together with relevant fee and expense considerations, and any steps that had been or could be taken by the Adviser to enhance performance in the future.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; and (3) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

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Munder Mid-Cap Core Growth Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board discussed the Fund's investment strategy, the Adviser's implementation of the strategy, and related market conditions, together with relevant fee and expense considerations. The Board also discussed the steps that had been or could be taken by the Adviser to enhance performance in the future, and the Board's continued monitoring of the Fund's performance.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Munder Small Cap Growth Fund

Noting that the Fund commenced operations in 2015, the Board compared the Fund's Class A performance for the one- and three-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same period and considered the fact that the Fund outperformed both the benchmark index and the peer group median for both of the periods reviewed.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Trivalent Emerging Markets Small-Cap Fund

Noting that the Fund commenced operations in 2013, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the one-year period, outperformed both the benchmark index and the peer group median for the three-year period, and outperformed the peer group median for the five-year period (benchmark index data was not available for the five-year period).

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Trivalent International Fund — Core Equity

The Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the one-year period, underperformed the benchmark index for the three- and five-year periods, outperformed the benchmark index for the ten-year period, and outperformed the peer group median for the three-, five- and ten-year periods.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

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Trivalent International Small-Cap Fund

The Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the one-year period, and outperformed both the benchmark index and the peer group median for the three-, five- and ten-year periods.

Having considered, among other things: (1) the Fund's management fee was compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

INCORE Total Return Bond Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the one-, three- and five-year periods, and outperformed both the benchmark index and the peer group median for the ten-year period. The Board brought the Fund's underperformance to management's attention and discussed with the Adviser any steps that had been or could be taken to enhance performance in the future.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Conclusion

Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others:

•  The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies;

•  The nature, quality and extent of the investment advisory services provided by the Adviser;

•  The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which could entail a substantial commitment of the Adviser's resources to the successful operation of the Funds;

•  The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience;

•  The Adviser's efforts to enhance investment results by, among other things, developing quality portfolio management teams; and

•  The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and performance of the Adviser.

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Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:	Call Victory at:
www.vcm.com	800-539-FUND (800-539-3863)

VP-MUNDER-SAR  (12/19)

Item 2. Code of Ethics.

Not applicable — only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable — only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable — only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)Not applicable.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)(1)	Not applicable.
(a)(2)	Not applicable.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		Victory Portfolios
By (Signature and Title)*			/s/ Allan Shaer
			Allan Shaer, Principal Financial Officer
Date	February 27, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Christopher K. Dyer
		Christopher K. Dyer, Principal Executive Officer
Date	February 27, 2020
By (Signature and Title)*		/s/ Allan Shaer
		Allan Shaer, Principal Financial Officer
Date	February 27, 2020