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, 2020

Item 1. Reports to Stockholders.

December 31, 2020

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

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Victory Funds' shareholder reports may 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 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 (800-235-8396 for Member Class) 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	90-91
Statement of Operations	98
Statements of Changes in Net Assets	102-104
Financial Highlights	114-117
Victory Integrity Mid-Cap Value Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	13
Statement of Assets and Liabilities	90-91
Statement of Operations	98
Statements of Changes in Net Assets	102-104
Financial Highlights	118-119
Victory Integrity Small-Cap Value Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	17
Statement of Assets and Liabilities	90-91
Statement of Operations	98
Statements of Changes in Net Assets	102-104
Financial Highlights	120-125
Victory Integrity Small/Mid-Cap Value Fund
Investment Objectives & Portfolio Holdings	5
Schedule of Portfolio Investments	22
Statement of Assets and Liabilities	92-93
Statement of Operations	99
Statements of Changes in Net Assets	105-107
Financial Highlights	126-127
Victory Munder Multi-Cap Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	27
Statement of Assets and Liabilities	92-93
Statement of Operations	99
Statements of Changes in Net Assets	105-107
Financial Highlights	128-131
Victory S&P 500 Index Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	30
Statement of Assets and Liabilities	92-93
Statement of Operations	99
Statements of Changes in Net Assets	105-107
Financial Highlights	132-135
Victory Munder Mid-Cap Core Growth Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	42
Statement of Assets and Liabilities	94-95
Statement of Operations	100
Statements of Changes in Net Assets	108-110
Financial Highlights	136-139

1

Table of Contents (continued)

Victory Munder Small Cap Growth Fund
Investment Objectives & Portfolio Holdings	6
Schedule of Portfolio Investments	45
Statement of Assets and Liabilities	94-95
Statement of Operations	100
Statements of Changes in Net Assets	108-110
Financial Highlights	140-141
Victory Trivalent Emerging Markets Small-Cap Fund
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	50
Statement of Assets and Liabilities	94-95
Statement of Operations	100
Statements of Changes in Net Assets	108-110
Financial Highlights	142-143
Victory Trivalent International Fund-Core Equity
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	58
Statement of Assets and Liabilities	96-97
Statement of Operations	101
Statements of Changes in Net Assets	111-113
Financial Highlights	144-147
Victory Trivalent International Small-Cap Fund
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	70
Statement of Assets and Liabilities	96-97
Statement of Operations	101
Statements of Changes in Net Assets	111-113
Financial Highlights	148-151
Victory INCORE Total Return Bond Fund
Investment Objectives & Portfolio Holdings	7
Schedule of Portfolio Investments	81
Statement of Assets and Liabilities	96-97
Statement of Operations	101
Statements of Changes in Net Assets	111-113
Financial Highlights	152-153
Notes to Financial Statements	154
Supplemental Information
Proxy Voting and Portfolio Holdings Information	173
Expense Examples	173
Advisory Contract Approval	176
Privacy Policy (inside back cover)

2

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 (800-235-8396 for Member Class) and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

The Funds are distributed by Victory Capital Services, 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 (800-235-8396 for Member Class). 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)

800-235-8396 for Member Class

Visit our website at:

www.vcm.com

3

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4

Victory Portfolios December 31, 2020

  (Unaudited)

Investment Objectives & Portfolio Holdings:

Integrity Discovery Fund
Seeks to provide capital appreciation.

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

5

Victory Portfolios December 31, 2020

  (Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

6

Victory Portfolios December 31, 2020

  (Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

INCORE Total Return Bond Fund
Seeks to provide a high level of current income.
Its secondary objective is capital appreciation.

Sector Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include futures, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

7

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (99.0%)
Banks (21.4%):
Altabancorp		19,200	$	536
Atlantic Capital Bancshares, Inc. (a)		42,600		678
Bridge Bancorp, Inc.		18,450		446
Central Pacific Financial Corp.		19,500		371
Civista Bancshares, Inc.		33,400		586
ConnectOne Bancorp, Inc.		26,800		530
Equity Bancshares, Inc., Class A (a)		26,900		581
Financial Institutions, Inc.		27,700		623
First Bank/Hamilton NJ		25,400		238
First Foundation, Inc.		28,600		572
First Internet Bancorp		16,600		477
First Mid Bancshares, Inc.		18,200		613
FVCBankcorp, Inc. (a) (b)		20,286		298
German American Bancorp, Inc.		16,650		551
HarborOne Bancorp, Inc.		54,500		592
Heritage Commerce Corp.		74,500		661
Heritage Financial Corp.		8,500		199
Hometrust Bancshares, Inc.		30,500		589
Howard Bancorp, Inc. (a)		22,525		266
Independent Bank Corp.		34,100		630
Mercantile Bank Corp.		24,750		672
Origin Bancorp, Inc.		25,400		705
Peoples Bancorp, Inc.		25,800		699
QCR Holdings, Inc.		18,100		717
SmartFinancial, Inc.		32,100		582
Southern National Bancorp of Virginia, Inc.		49,000		593
The First Bancshares, Inc.		21,700		670
Univest Financial Corp.		35,500		731
Washington Trust Bancorp, Inc.		16,700		749
				16,155
Capital Markets (1.7%):
Cowen, Inc., Class A (b)		27,900		725
Diamond Hill Investment Group, Inc.		3,798		567
				1,292
Communication Services (2.6%):
Emerald Holding, Inc. (b)		50,800		275
Entravision Communications Corp., Class A		107,070		294
The E.W. Scripps Co., Class A		54,300		831
The Marcus Corp.		38,098		514
				1,914
Consumer Discretionary (16.1%):
BJ's Restaurants, Inc.		12,350		475
Caleres, Inc.		45,500		712
Century Communities, Inc. (a)		10,000		438
Chuy's Holdings, Inc. (a)		16,000		424
Dave & Buster's Entertainment, Inc. (b)		26,200		786

See notes to financial statements.

8

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Funko, Inc., Class A (a)		38,100	$	395
Genesco, Inc. (a)		18,850		567
G-III Apparel Group Ltd. (a)		11,600		275
Guess?, Inc. (b)		22,150		501
Hibbett Sports, Inc. (a) (b)		15,450		714
Lindblad Expeditions Holdings, Inc. (a) (b)		30,450		521
M/I Homes, Inc. (a)		11,200		496
Malibu Boats, Inc., Class A (a)		8,300		518
MarineMax, Inc. (a)		10,500		368
Modine Manufacturing Co. (a)		63,000		791
Motorcar Parts of America, Inc. (a) (b)		27,075		531
OneWater Marine, Inc. (a)		10,618		309
Potbelly Corp. (a)		121,500		535
Ruth's Hospitality Group, Inc.		15,600		277
Shoe Carnival, Inc. (b)		14,100		552
The Aaron's Co., Inc. (a)		16,800		319
Universal Electronics, Inc. (a)		9,250		485
Universal Technical Institute, Inc. (a)		55,500		359
Zumiez, Inc. (a)		20,400		751
				12,099
Consumer Finance (0.6%):
EZCORP, Inc., Class A (a)		94,000		450
Consumer Staples (0.2%):
Rite Aid Corp. (a) (b)		8,100		128
Energy (3.8%):
DHT Holdings, Inc.		48,640		254
Earthstone Energy, Inc., Class A (a)		80,000		426
International Seaways, Inc.		15,750		257
Matrix Service Co. (a)		39,850		438
Natural Gas Services Group, Inc. (a)		31,700		301
Newpark Resources, Inc. (a)		109,845		211
ProPetro Holding Corp. (a)		45,500		336
Solaris Oilfield Infrastructure, Inc., Class A		52,174		425
Tidewater, Inc. (a)		32,400		280
				2,928
Health Care (5.5%):
Community Health Systems, Inc. (a)		121,200		902
Hanger, Inc. (a)		27,700		609
Invacare Corp.		74,500		667
Owens & Minor, Inc.		21,200		573
RadNet, Inc. (a)		37,300		730
Surgery Partners, Inc. (a) (b)		23,250		674
				4,155
Industrials (16.7%):
CIRCOR International, Inc. (a)		18,700		718
Columbus McKinnon Corp.		13,400		515
Covenant Logistics Group, Inc., Class A (a)		32,000		474
CRA International, Inc.		10,520		536

See notes to financial statements.

9

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Ducommun, Inc. (a)		10,300	$	553
DXP Enterprise, Inc. (a)		24,100		535
Eagle Bulk Shipping, Inc. (a) (b)		27,300		519
Echo Global Logistics, Inc. (a)		27,300		732
Great Lakes Dredge & Dock Corp. (a)		48,300		636
Hawaiian Holdings, Inc.		24,300		430
Heidrick & Struggles International, Inc.		14,500		426
Heritage-Crystal Clean, Inc. (a)		26,900		567
Kelly Services, Inc., Class A		28,300		582
Knoll, Inc.		21,919		322
Maxar Technologies, Inc.		26,100		1,007
NN, Inc. (a) (b)		87,000		572
Park-Ohio Holdings Corp. (b)		12,500		386
SP Plus Corp. (a)		23,800		686
Team, Inc. (a)		57,900		631
The Shyft Group, Inc.		18,100		514
Titan Machinery, Inc. (a)		25,000		489
TrueBlue, Inc. (a)		15,900		297
VSE Corp.		11,000		423
				12,550
Information Technology (12.4%):
ADTRAN, Inc.		29,300		433
American Software, Inc., Class A		25,400		436
Axcelis Technologies, Inc. (a)		13,700		399
Benchmark Electronics, Inc.		17,700		478
Cohu, Inc.		22,800		870
Comtech Telecommunications Corp.		19,400		401
Conduent, Inc. (a)		78,000		375
CTS Corp.		21,550		740
Diebold Nixdorf, Inc. (a)		49,000		522
Digi International, Inc. (a)		34,400		650
Extreme Networks, Inc. (a)		57,000		393
Harmonic, Inc. (a)		107,700		796
I3 Verticals, Inc., Class A (a)		10,555		350
Ichor Holdings Ltd. (a)		12,211		368
Impinj, Inc. (a) (b)		13,750		576
NeoPhotonics Corp. (a)		51,200		465
Veeco Instruments, Inc. (a)		23,369		406
Vishay Precision Group, Inc. (a)		18,300		576
				9,234
Insurance (1.1%):
HCI Group, Inc. (b)		6,550		343
Heritage Insurance Holdings, Inc. (b)		47,700		483
				826
Materials (4.3%):
Haynes International, Inc.		23,100		551
Koppers Holdings, Inc. (a)		18,550		578
Kraton Corp. (a)		13,800		384

See notes to financial statements.

10

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Schnitzer Steel Industries, Inc.		16,500	$	527
SunCoke Energy, Inc.		131,500		571
Verso Corp., Class A		52,550		632
				3,243
Mortgage Real Estate Investment Trusts (0.9%):
Dynex Capital, Inc. (b)		25,200		449
Western Asset Mortgage Capital Corp. (b)		64,725		211
				660
Real Estate (6.6%):
Bluerock Residential Growth REIT, Inc.		34,500		437
CatchMark Timber Trust, Inc., Class A		51,000		477
Cedar Realty Trust, Inc.		20,976		212
City Office REIT, Inc.		60,400		590
Global Medical REIT, Inc.		41,700		546
NETSTREIT Corp.		23,900		466
New Senior Investment Group, Inc.		68,600		355
NexPoint Residential Trust, Inc.		11,150		472
Plymouth Industrial REIT, Inc.		34,600		519
UMH Properties, Inc.		23,700		351
Urstadt Biddle Properties, Inc., Class A (b)		38,500		544
				4,969
Thrifts & Mortgage Finance (5.1%):
Bridgewater Bancshares, Inc. (a)		43,500		543
Home Bancorp, Inc.		8,800		246
HomeStreet, Inc.		16,400		554
Meridian Bancorp, Inc.		46,000		686
PCSB Financial Corp.		38,500		614
Premier Financial Corp.		39,400		907
Provident Financial Services, Inc.		17,500		313
				3,863
Total Common Stocks (Cost $65,163)				74,466
Collateral for Securities Loaned^ (8.7%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		113,942		114
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (c)		3,914,563		3,915
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		56,863		57
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		453,404		453
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		2,038,593		2,039
Total Collateral for Securities Loaned (Cost $6,578)				6,578
Total Investments (Cost $71,741) — 107.7%				81,044
Liabilities in excess of other assets — (7.7)%				(5,795	)
NET ASSETS — 100.00%			$	75,249

^  Purchased with cash collateral from securities on loan.

See notes to financial statements.

11

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2020

  (Unaudited)

(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, 2020.

REIT — Real Estate Investment Trust

See notes to financial statements.

12

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (99.1%)
Communication Services (1.3%):
Cinemark Holdings, Inc. (a)		53,133	$	925
Nexstar Media Group, Inc., Class A		14,977		1,635
				2,560
Consumer Discretionary (14.6%):
Aptiv PLC		9,526		1,241
Aramark		36,117		1,390
AutoZone, Inc. (b)		772		915
Best Buy Co., Inc.		5,992		598
Brunswick Corp.		20,325		1,550
Caesars Entertainment, Inc. (b)		18,438		1,369
D.R. Horton, Inc.		16,365		1,128
Darden Restaurants, Inc.		16,500		1,966
Ford Motor Co.		130,466		1,147
Hilton Worldwide Holdings, Inc.		10,520		1,170
Kohl's Corp.		23,702		964
Mohawk Industries, Inc. (a) (b)		10,445		1,473
Newell Brands, Inc.		57,718		1,225
Norwegian Cruise Line Holdings Ltd. (a) (b)		50,961		1,296
Penske Automotive Group, Inc.		22,305		1,325
PulteGroup, Inc.		23,200		1,000
Ralph Lauren Corp.		18,683		1,937
Tapestry, Inc.		41,427		1,288
The Gap, Inc.		42,467		857
VF Corp.		16,575		1,416
Visteon Corp. (b)		12,350		1,550
W.W. International, Inc. (b)		36,914		901
Wyndham Destinations, Inc.		37,037		1,662
				29,368
Consumer Staples (3.3%):
Darling Ingredients, Inc. (b)		19,349		1,116
Lamb Weston Holdings, Inc.		16,055		1,264
Performance Food Group Co. (b)		31,250		1,488
The Kroger Co.		44,537		1,414
Tyson Foods, Inc., Class A		21,816		1,406
				6,688
Energy (3.7%):
Cabot Oil & Gas Corp.		45,131		735
Devon Energy Corp.		76,430		1,208
Diamondback Energy, Inc.		26,254		1,271
EOG Resources, Inc.		18,278		912
Hess Corp.		21,495		1,135
Pioneer Natural Resources Co.		12,253		1,395
Schlumberger Ltd.		37,300		814
				7,470

See notes to financial statements.

13

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Financials (16.6%):
Ally Financial, Inc.		53,780	$	1,918
Arch Capital Group Ltd. (b)		35,635		1,285
Arthur J. Gallagher & Co.		20,000		2,475
Assurant, Inc.		12,019		1,637
Capital One Financial Corp.		18,525		1,831
Cincinnati Financial Corp.		12,651		1,105
CIT Group, Inc.		30,466		1,094
Fidelity National Financial, Inc.		36,665		1,433
Invesco Ltd.		74,250		1,294
Lincoln National Corp.		25,993		1,308
LPL Financial Holdings, Inc.		16,765		1,747
M&T Bank Corp.		14,050		1,789
Northern Trust Corp.		21,720		2,024
Regions Financial Corp.		166,800		2,688
Reinsurance Group of America, Inc.		13,541		1,569
State Street Corp.		22,400		1,630
Sterling Bancorp		66,569		1,197
Voya Financial, Inc.		33,446		1,967
W.R. Berkley Corp.		27,855		1,851
Western Alliance Bancorp		24,405		1,463
				33,305
Health Care (6.8%):
Alexion Pharmaceuticals, Inc. (b)		9,391		1,467
Encompass Health Corp.		24,561		2,031
Hill-Rom Holdings, Inc.		11,177		1,095
Jazz Pharmaceuticals PLC (b)		6,898		1,139
Laboratory Corp. of America Holdings (b)		12,733		2,592
McKesson Corp.		9,182		1,597
Perrigo Co. PLC		32,758		1,464
Zimmer Biomet Holdings, Inc.		15,141		2,333
				13,718
Industrials (18.0%):
Allison Transmission Holdings, Inc.		22,601		975
Barnes Group, Inc.		31,390		1,591
Beacon Roofing Supply, Inc. (b)		29,145		1,171
Carlisle Cos., Inc.		9,715		1,517
Clean Harbors, Inc. (b)		14,000		1,065
Colfax Corp. (b)		45,436		1,737
Cummins, Inc.		8,077		1,834
Delta Air Lines, Inc.		30,095		1,210
Fortune Brands Home & Security, Inc.		13,207		1,132
Howmet Aerospace, Inc. (b)		48,450		1,383
ITT, Inc.		25,054		1,930
Kansas City Southern		6,460		1,319
Knight-Swift Transportation Holdings, Inc.		29,770		1,245
ManpowerGroup, Inc.		18,554		1,673
nVent Electric PLC		52,286		1,218
Old Dominion Freight Line, Inc.		4,880		952

See notes to financial statements.

14

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Oshkosh Corp.		19,146	$	1,648
Parker-Hannifin Corp.		7,489		2,040
Quanta Services, Inc.		21,957		1,581
Republic Services, Inc.		12,673		1,221
Sensata Technologies Holding PLC (b)		27,650		1,458
Southwest Airlines Co.		36,310		1,693
Stanley Black & Decker, Inc.		8,538		1,525
Trane Technologies PLC		12,631		1,834
Westinghouse Air Brake Technologies Corp.		21,648		1,585
				36,537
Information Technology (10.7%):
Arrow Electronics, Inc. (b)		16,237		1,580
Corning, Inc.		43,160		1,554
DXC Technology Co.		49,725		1,281
Flex Ltd. (b)		93,553		1,682
Jabil, Inc.		43,983		1,870
Juniper Networks, Inc.		62,000		1,396
Microchip Technology, Inc.		14,508		2,004
MKS Instruments, Inc.		11,764		1,770
NCR Corp. (b)		46,075		1,731
ON Semiconductor Corp. (b)		77,968		2,552
Science Applications International Corp.		13,210		1,250
Skyworks Solutions, Inc.		7,741		1,183
Western Digital Corp.		32,221		1,785
				21,638
Materials (7.2%):
Arconic Corp. (b)		43,500		1,296
FMC Corp.		11,194		1,287
Freeport-McMoRan, Inc.		94,450		2,458
Huntsman Corp.		68,581		1,724
PPG Industries, Inc.		15,389		2,219
Reliance Steel & Aluminum Co.		11,971		1,434
Steel Dynamics, Inc.		31,770		1,171
The Mosaic Co.		58,840		1,354
Westlake Chemical Corp.		20,881		1,704
				14,647
Real Estate (9.5%):
Americold Realty Trust (a)		33,396		1,247
Apartment Income REIT Corp. (b)		45,252		1,738
Camden Property Trust		13,679		1,367
Duke Realty Corp.		48,062		1,921
Essex Property Trust, Inc.		6,982		1,658
Healthpeak Properties, Inc.		63,468		1,919
Host Hotels & Resorts, Inc.		116,348		1,702
Medical Properties Trust, Inc.		88,604		1,930
Realty Income Corp.		25,452		1,582
STORE Capital Corp.		48,266		1,640

See notes to financial statements.

15

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Welltower, Inc.		20,727	$	1,339
Weyerhaeuser Co.		44,388		1,488
				19,531
Utilities (7.4%):
CenterPoint Energy, Inc.		73,390		1,588
DTE Energy Co.		17,200		2,088
Edison International		22,211		1,395
Evergy, Inc.		31,042		1,724
PG&E Corp. (b)		81,876		1,020
Pinnacle West Capital Corp.		14,463		1,156
PPL Corp.		48,162		1,358
Spire, Inc.		20,908		1,339
UGI Corp.		34,443		1,204
Vistra Corp.		61,005		1,199
Xcel Energy, Inc.		13,755		917
				14,988
Total Common Stocks (Cost $160,300)				200,450
Collateral for Securities Loaned^ (1.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		61,631		62
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		2,117,397		2,117
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		30,757		31
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		245,247		245
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		1,102,680		1,103
Total Collateral for Securities Loaned (Cost $3,558)				3,558
Total Investments (Cost $163,858) — 100.9%				204,008
Liabilities in excess of other assets — (0.9)%				(1,811	)
NET ASSETS — 100.00%			$	202,197

^  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, 2020.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

16

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (99.4%)
Communication Services (2.3%):
Cinemark Holdings, Inc. (a)		550,000	$	9,576
Gray Television, Inc. (b)		643,000		11,503
Lions Gate Entertainment Corp., Class B (b)		955,600		9,919
TEGNA, Inc.		532,700		7,431
The Marcus Corp. (a)		342,086		4,611
				43,040
Consumer Discretionary (15.2%):
American Eagle Outfitters, Inc. (a)		634,900		12,743
Asbury Automotive Group, Inc. (b)		92,300		13,453
Bed Bath & Beyond, Inc. (a)		294,000		5,221
Bloomin' Brands, Inc. (a)		682,000		13,244
Brinker International, Inc. (a)		158,000		8,938
Brunswick Corp.		157,200		11,985
Caesars Entertainment, Inc. (b)		190,800		14,171
Century Communities, Inc. (b)		220,900		9,671
Cooper Tire & Rubber Co.		197,200		7,987
Dana, Inc.		489,000		9,545
G-III Apparel Group Ltd. (b)		331,827		7,878
Guess?, Inc. (a)		427,600		9,672
Jack in the Box, Inc.		166,500		15,452
Kohl's Corp.		292,200		11,890
Kontoor Brands, Inc.		244,800		9,929
Marriott Vacations Worldwide Corp.		102,000		13,996
Norwegian Cruise Line Holdings Ltd. (a) (b)		226,200		5,752
Sally Beauty Holdings, Inc. (a) (b)		362,000		4,720
Shoe Carnival, Inc. (a)		160,500		6,288
Steven Madden Ltd.		385,200		13,605
Tapestry, Inc.		354,300		11,012
The Cheesecake Factory, Inc. (a)		247,000		9,154
The ODP Corp. (b)		240,000		7,032
TRI Pointe Group, Inc. (b)		620,300		10,700
Visteon Corp. (b)		93,000		11,673
W.W. International, Inc. (b)		346,000		8,442
Wolverine World Wide, Inc.		455,000		14,218
				278,371
Consumer Staples (2.0%):
Edgewell Personal Care Co.		226,600		7,836
Performance Food Group Co. (b)		343,400		16,349
The Simply Good Foods Co. (b)		408,700		12,817
				37,002
Energy (3.8%):
Cimarex Energy Co.		274,900		10,311
Comstock Resources, Inc. (a) (b)		1,279,500		5,591
Devon Energy Corp.		725,000		11,463
EQT Corp. (b)		545,000		6,927
Ovintiv, Inc.		752,800		10,810

See notes to financial statements.

17

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Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
PDC Energy, Inc. (b)		757,500	$	15,552
ProPetro Holding Corp. (b)		1,180,000		8,720
				69,374
Financials (24.3%):
Ameris Bancorp		422,000		16,066
Banc of California, Inc.		549,000		8,076
BancorpSouth Bank		526,000		14,433
Banner Corp.		289,500		13,488
Blackstone Mortgage Trust, Inc., Class A (a)		453,000		12,470
Cathay General Bancorp		424,500		13,665
CIT Group, Inc.		363,000		13,032
CNO Financial Group, Inc.		410,000		9,114
Essent Group Ltd.		119,400		5,158
First Bancorp, Inc., Class A (a)		193,000		6,529
First Merchants Corp.		398,200		14,897
Hancock Whitney Corp.		566,000		19,254
Heritage Financial Corp.		296,000		6,923
Invesco Ltd.		626,000		10,912
Investors Bancorp, Inc.		1,177,000		12,429
James River Group Holdings Ltd.		182,000		8,945
Kemper Corp.		122,000		9,373
Kinsale Capital Group, Inc.		53,850		10,777
Ladder Capital Corp.		1,084,000		10,602
MGIC Investment Corp.		1,207,000		15,148
PacWest Bancorp		585,200		14,864
People's United Financial, Inc.		793,000		10,253
Piper Sandler Cos.		115,400		11,644
Primerica, Inc.		69,600		9,322
Renasant Corp. (a)		379,700		12,788
RLI Corp.		112,000		11,665
Starwood Property Trust, Inc. (a)		374,600		7,230
Sterling Bancorp		763,000		13,719
Stewart Information Services Corp.		228,000		11,026
Stifel Financial Corp.		368,500		18,594
Synovus Financial Corp.		275,000		8,902
The Hanover Insurance Group, Inc.		98,500		11,517
United Community Banks, Inc.		604,000		17,178
Veritex Holdings, Inc.		619,000		15,884
Washington Federal, Inc.		371,200		9,555
WesBanco, Inc.		434,000		13,003
Western Alliance Bancorp		312,400		18,727
				447,162
Health Care (3.2%):
CONMED Corp. (a)		88,500		9,912
Magellan Health, Inc. (b)		189,000		15,656
Patterson Cos., Inc. (a)		258,000		7,645
Select Medical Holdings Corp. (b)		491,000		13,581
Supernus Pharmaceuticals, Inc. (b)		248,200		6,245
Tenet Healthcare Corp. (b)		183,800		7,339
				60,378

See notes to financial statements.

18

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Industrials (20.2%):
AAR Corp.		438,100	$	15,869
Aerojet Rocketdyne Holdings, Inc. (a) (b)		199,800		10,559
Allison Transmission Holdings, Inc.		159,600		6,884
Atkore International Group, Inc. (b)		275,300		11,318
AZZ, Inc.		253,000		12,002
Barnes Group, Inc.		332,000		16,829
Beacon Roofing Supply, Inc. (b)		345,000		13,865
Builders FirstSource, Inc. (b)		237,000		9,672
Clean Harbors, Inc. (b)		161,400		12,283
Crane Co.		153,600		11,929
Ducommun, Inc. (b)		132,000		7,088
EMCOR Group, Inc.		189,500		17,331
EnPro Industries, Inc.		136,015		10,272
Fluor Corp.		480,000		7,666
HNI Corp.		163,000		5,617
Hub Group, Inc., Class A (b)		162,397		9,257
Kennametal, Inc.		364,000		13,191
Kirby Corp. (b)		118,500		6,142
Korn Ferry		338,500		14,725
ManpowerGroup, Inc.		65,600		5,916
Meritor, Inc. (b)		484,000		13,508
MRC Global, Inc. (b)		1,360,000		9,017
NOW, Inc. (b)		1,189,600		8,541
nVent Electric PLC		278,000		6,475
Ryder System, Inc.		179,000		11,055
Saia, Inc. (b)		72,800		13,162
SkyWest, Inc.		223,585		9,013
Spirit Airlines, Inc. (b)		345,600		8,450
Steelcase, Inc., Class A		456,400		6,184
Terex Corp.		474,000		16,538
Trinity Industries, Inc. (a)		327,475		8,642
TrueBlue, Inc. (b)		280,000		5,233
Tutor Perini Corp. (b)		480,300		6,220
Wabash National Corp.		569,000		9,804
Werner Enterprises, Inc.		239,500		9,393
WESCO International, Inc. (b)		157,000		12,325
				371,975
Information Technology (8.7%):
ADTRAN, Inc.		410,000		6,056
Avnet, Inc.		262,000		9,199
Belden, Inc.		231,500		9,700
Cohu, Inc.		402,200		15,356
Conduent, Inc. (b)		2,055,800		9,868
CTS Corp.		340,000		11,672
Diebold Nixdorf, Inc. (b)		1,040,000		11,086
Diodes, Inc. (b)		152,100		10,723
Infinera Corp. (a) (b)		1,308,000		13,708
KBR, Inc.		248,300		7,680
Perspecta, Inc.		290,300		6,990

See notes to financial statements.

19

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Plexus Corp. (b)		105,000	$	8,212
TTM Technologies, Inc. (b)		765,000		10,553
Verint Systems, Inc. (b)		177,700		11,938
Viavi Solutions, Inc. (b)		520,900		7,800
Vishay Intertechnology, Inc.		506,500		10,490
				161,031
Materials (7.3%):
Alcoa Corp. (b)		678,000		15,628
Allegheny Technologies, Inc. (b)		668,800		11,216
Arconic Corp. (b)		354,400		10,561
Avient Corp.		392,000		15,789
Boise Cascade Co.		171,000		8,174
Carpenter Technology Corp.		300,000		8,736
Cleveland-Cliffs, Inc. (a)		1,065,000		15,506
Kraton Corp. (b)		388,000		10,783
O-I Glass, Inc.		855,000		10,175
Olin Corp.		450,000		11,052
Orion Engineered Carbons SA		485,000		8,313
Tronox Holdings PLC, Class A		670,000		9,795
				135,728
Real Estate (8.3%):
Alexander & Baldwin, Inc.		730,000		12,541
CareTrust REIT, Inc.		471,700		10,462
City Office REIT, Inc.		680,000		6,644
DiamondRock Hospitality Co. (b)		1,614,078		13,316
Essential Properties Realty Trust, Inc. (a)		691,000		14,649
Kite Realty Group Trust		360,200		5,389
Lexington Realty Trust		1,437,300		15,264
Mack Cali Realty Corp.		791,100		9,857
Physicians Realty Trust		699,500		12,451
SITE Centers Corp.		1,410,000		14,269
STAG Industrial, Inc.		531,600		16,651
Summit Hotel Properties, Inc.		1,078,000		9,713
Sunstone Hotel Investors, Inc.		858,200		9,723
				150,929
Utilities (4.1%):
ALLETE, Inc. (a)		185,900		11,514
Black Hills Corp.		230,900		14,188
New Jersey Resources Corp. (a)		227,000		8,070
NorthWestern Corp.		160,000		9,330
ONE Gas, Inc.		103,300		7,930
PNM Resources, Inc.		164,000		7,959
Portland General Electric Co.		175,300		7,498
Spire, Inc.		113,500		7,269
				73,758
Total Common Stocks (Cost $1,380,878)				1,828,748

See notes to financial statements.

20

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Collateral for Securities Loaned^ (5.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		1,720,377	$	1,720
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		59,105,027		59,105
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		858,553		859
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		6,845,837		6,846
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		30,780,218		30,780
Total Collateral for Securities Loaned (Cost $99,310)				99,310
Total Investments (Cost $1,480,188) — 104.8%				1,928,058
Liabilities in excess of other assets — (4.8)%				(87,553	)
NET ASSETS — 100.00%			$	1,840,505

^  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, 2020.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

21

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (99.1%)
Communication Services (2.4%):
Cinemark Holdings, Inc. (a)		44,301	$	771
Lions Gate Entertainment Corp., Class B (b)		81,634		848
Nexstar Media Group, Inc., Class A		10,903		1,191
TEGNA, Inc.		51,050		712
				3,522
Consumer Discretionary (15.0%):
American Eagle Outfitters, Inc. (a)		49,949		1,003
Aramark		25,920		997
Asbury Automotive Group, Inc. (b)		5,958		868
Bed Bath & Beyond, Inc. (a)		23,441		416
Brunswick Corp.		17,171		1,309
Caesars Entertainment, Inc. (b)		13,128		975
Darden Restaurants, Inc.		8,450		1,007
Jack in the Box, Inc.		11,176		1,037
Kohl's Corp.		30,689		1,249
Kontoor Brands, Inc.		15,325		622
Lear Corp.		6,233		991
Mohawk Industries, Inc. (b)		7,106		1,002
Newell Brands, Inc.		53,500		1,136
Norwegian Cruise Line Holdings Ltd. (a) (b)		35,400		900
PulteGroup, Inc.		22,425		967
Ralph Lauren Corp.		13,901		1,442
Steven Madden Ltd.		27,332		965
Tapestry, Inc.		28,639		890
TRI Pointe Group, Inc. (b)		28,600		493
Visteon Corp. (b)		9,691		1,217
W.W. International, Inc. (b)		27,132		662
Wolverine World Wide, Inc.		36,865		1,152
Wyndham Destinations, Inc.		27,575		1,237
				22,537
Consumer Staples (2.5%):
Edgewell Personal Care Co. (a)		18,272		632
Grocery Outlet Holding Corp. (b)		20,170		792
Lamb Weston Holdings, Inc.		15,764		1,241
Performance Food Group Co. (b)		25,667		1,222
				3,887
Energy (2.9%):
Devon Energy Corp.		59,331		938
Diamondback Energy, Inc.		19,470		942
EQT Corp. (b)		53,876		685
Parsley Energy, Inc., Class A		70,822		1,006
PDC Energy, Inc. (b)		40,539		832
				4,403

See notes to financial statements.

22

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Financials (21.6%):
AGNC Investment Corp.		83,541	$	1,303
Ally Financial, Inc.		48,950		1,746
Arch Capital Group Ltd. (b)		17,144		618
Assurant, Inc.		9,994		1,362
Blackstone Mortgage Trust, Inc., Class A (a)		25,893		713
Brown & Brown, Inc.		13,809		655
CIT Group, Inc.		24,904		894
Discover Financial Services		16,030		1,451
East West Bancorp, Inc.		28,700		1,455
Everest Re Group Ltd.		3,407		798
Hancock Whitney Corp.		46,650		1,587
Invesco Ltd.		52,610		917
Investors Bancorp, Inc.		80,400		849
Kinsale Capital Group, Inc.		4,407		882
Lincoln National Corp.		11,974		602
LPL Financial Holdings, Inc.		12,023		1,253
MGIC Investment Corp.		88,050		1,105
PacWest Bancorp		49,677		1,262
People's United Financial, Inc.		78,820		1,019
Primerica, Inc.		8,177		1,095
Reinsurance Group of America, Inc.		8,359		969
Sterling Bancorp		70,164		1,262
Stifel Financial Corp.		23,007		1,161
Synovus Financial Corp.		28,200		913
The Hanover Insurance Group, Inc.		8,785		1,027
Umpqua Holdings Corp.		88,000		1,332
Voya Financial, Inc.		23,100		1,359
WesBanco, Inc.		32,400		971
Western Alliance Bancorp		30,254		1,813
				32,373
Health Care (4.2%):
Encompass Health Corp.		15,808		1,308
Hill-Rom Holdings, Inc.		8,495		832
Jazz Pharmaceuticals PLC (b)		6,420		1,060
Magellan Health, Inc. (b)		13,356		1,106
Perrigo Co. PLC		19,218		859
Select Medical Holdings Corp. (b)		39,482		1,092
				6,257
Industrials (19.3%):
Aerojet Rocketdyne Holdings, Inc. (b)		16,132		853
Alaska Air Group, Inc.		12,292		639
Allison Transmission Holdings, Inc.		12,738		549
Atkore International Group, Inc. (b)		22,450		923
Barnes Group, Inc.		24,725		1,253
Beacon Roofing Supply, Inc. (b)		26,661		1,071
Carlisle Cos., Inc.		8,049		1,257
Clean Harbors, Inc. (b)		13,450		1,024
Crane Co.		12,125		942

See notes to financial statements.

23

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
EMCOR Group, Inc.		15,672	$	1,433
EnPro Industries, Inc.		11,697		883
Flowserve Corp.		17,360		640
Fluor Corp.		40,859		653
Fortune Brands Home & Security, Inc.		9,630		825
ITT, Inc.		16,718		1,289
Kirby Corp. (b)		12,130		629
Knight-Swift Transportation Holdings, Inc.		21,800		912
Korn Ferry		22,720		988
ManpowerGroup, Inc.		11,250		1,015
Meritor, Inc. (b)		38,127		1,064
MRC Global, Inc. (b)		92,142		611
nVent Electric PLC		38,708		902
Oshkosh Corp.		11,841		1,019
Quanta Services, Inc.		11,650		839
Ryder System, Inc.		16,140		997
Saia, Inc. (b)		5,730		1,035
Sensata Technologies Holding PLC (b)		22,287		1,175
SkyWest, Inc.		22,956		926
Steelcase, Inc., Class A		36,916		500
Trinity Industries, Inc.		26,900		710
Tutor Perini Corp. (b)		31,065		402
Westinghouse Air Brake Technologies Corp.		13,830		1,012
				28,970
Information Technology (10.4%):
Arrow Electronics, Inc. (b)		12,406		1,207
Belden, Inc.		19,760		828
Conduent, Inc. (b)		154,396		741
Diodes, Inc. (b)		9,327		658
Euronet Worldwide, Inc. (b)		7,495		1,087
Flex Ltd. (b)		78,225		1,406
Infinera Corp. (a) (b)		91,000		953
Jabil, Inc.		23,942		1,018
MKS Instruments, Inc.		8,650		1,301
NCR Corp. (b)		32,481		1,220
ON Semiconductor Corp. (b)		69,613		2,278
Perspecta, Inc.		18,663		449
Verint Systems, Inc. (b)		17,086		1,148
Viavi Solutions, Inc. (b)		42,251		633
Vishay Intertechnology, Inc.		37,135		769
				15,696
Materials (7.4%):
Alcoa Corp. (b)		50,651		1,168
Allegheny Technologies, Inc. (b)		53,864		903
Arconic Corp. (b)		31,100		927
Boise Cascade Co.		13,183		630
Carpenter Technology Corp.		24,680		719
Huntsman Corp.		43,500		1,094
Kraton Corp. (b)		23,351		649

See notes to financial statements.

24

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
O-I Glass, Inc.		64,614	$	769
Olin Corp.		39,025		958
Orion Engineered Carbons SA		21,314		365
Steel Dynamics, Inc.		20,594		759
The Mosaic Co.		42,000		966
Westlake Chemical Corp.		15,620		1,275
				11,182
Real Estate (9.8%):
Americold Realty Trust (a)		30,420		1,136
Apartment Income REIT Corp. (b)		34,335		1,319
Camden Property Trust		11,674		1,166
DiamondRock Hospitality Co. (b)		129,600		1,069
EPR Properties		13,219		430
First Industrial Realty Trust, Inc.		22,800		961
Gaming and Leisure Properties, Inc.		20,677		877
Highwoods Properties, Inc.		38,000		1,505
Mack Cali Realty Corp.		47,245		589
Medical Properties Trust, Inc.		76,546		1,667
SITE Centers Corp.		115,880		1,173
STORE Capital Corp.		39,200		1,331
VICI Properties, Inc.		49,421		1,260
				14,483
Utilities (3.6%):
ALLETE, Inc.		11,038		684
Black Hills Corp.		13,962		858
PG&E Corp. (b)		60,688		756
Pinnacle West Capital Corp.		11,221		897
Spire, Inc.		8,764		561
UGI Corp.		26,784		937
Vistra Corp.		31,104		612
				5,305
Total Common Stocks (Cost $118,345)				148,615
Collateral for Securities Loaned^ (3.5%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		91,764		92
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (c)		3,152,647		3,152
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		45,795		46
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		365,155		365
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		1,641,809		1,642
Total Collateral for Securities Loaned (Cost $5,297)				5,297
Total Investments (Cost $123,642) — 102.6%				153,912
Liabilities in excess of other assets — (2.6)%				(3,923	)
NET ASSETS — 100.00%			$	149,989

^  Purchased with cash collateral from securities on loan.

See notes to financial statements.

25

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2020

  (Unaudited)

(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, 2020.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

26

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (98.8%)
Communication Services (10.6%):
Alphabet, Inc., Class A (a)		8,693	$	15,236
Charter Communications, Inc., Class A (a)		8,500		5,623
Facebook, Inc., Class A (a)		24,400		6,665
Nexstar Media Group, Inc., Class A		55,500		6,060
T-Mobile U.S., Inc. (a)		32,100		4,329
Zynga, Inc., Class A (a)		456,000		4,501
				42,414
Communications Equipment (1.4%):
Lumentum Holdings, Inc. (a)		56,900		5,394
Consumer Discretionary (17.3%):
Amazon.com, Inc. (a)		4,710		15,340
Asbury Automotive Group, Inc. (a)		36,900		5,378
Boyd Gaming Corp. (a)		102,800		4,412
D.R. Horton, Inc.		45,500		3,136
Dollar General Corp.		24,020		5,051
Group 1 Automotive, Inc.		32,800		4,301
LCI Industries		30,500		3,955
LGI Homes, Inc. (a)		52,800		5,588
Lowe's Cos., Inc.		40,300		6,469
Malibu Boats, Inc., Class A (a)		67,500		4,215
Meritage Homes Corp. (a)		33,900		2,808
TopBuild Corp. (a)		18,600		3,424
Williams-Sonoma, Inc. (b)		39,900		4,063
				68,140
Consumer Staples (5.1%):
Monster Beverage Corp. (a)		45,100		4,171
PepsiCo, Inc.		35,200		5,220
Philip Morris International, Inc.		43,300		3,585
The Procter & Gamble Co.		27,900		3,882
Walmart, Inc.		21,800		3,142
				20,000
Energy (1.3%):
Chevron Corp.		18,310		1,546
Phillips 66		26,775		1,873
Valero Energy Corp.		31,800		1,799
				5,218
Financials (9.2%):
Ameriprise Financial, Inc.		12,800		2,487
Bank of America Corp.		134,900		4,089
Flagstar Bancorp, Inc.		102,300		4,170
JPMorgan Chase & Co.		50,700		6,443
Morgan Stanley		66,900		4,585
Primerica, Inc.		41,500		5,558

See notes to financial statements.

27

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
T. Rowe Price Group, Inc.		26,400	$	3,997
Western Alliance Bancorp		90,700		5,437
				36,766
Health Care (15.1%):
AbbVie, Inc.		74,950		8,031
AmerisourceBergen Corp.		23,300		2,278
Bristol-Myers Squibb Co.		112,700		6,991
Charles River Laboratories International, Inc. (a)		19,700		4,923
Hologic, Inc. (a)		55,200		4,020
ICON PLC (a)		24,800		4,836
Merck & Co., Inc.		69,200		5,661
Pfizer, Inc.		49,500		1,822
Quest Diagnostics, Inc.		31,500		3,753
Regeneron Pharmaceuticals, Inc. (a)		11,200		5,411
Stryker Corp.		19,600		4,803
Thermo Fisher Scientific, Inc.		8,200		3,819
UnitedHealth Group, Inc.		10,125		3,551
Viatris, Inc. (a)		6,090		114
				60,013
Industrials (10.1%):
Kansas City Southern		30,500		6,226
L3Harris Technologies, Inc.		20,100		3,799
Lockheed Martin Corp.		11,200		3,976
Marten Transport Ltd.		229,200		3,949
Masco Corp.		91,200		5,010
Old Dominion Freight Line, Inc.		19,500		3,806
Patrick Industries, Inc.		37,200		2,543
UFP Industries, Inc.		98,000		5,443
XPO Logistics, Inc. (a)		42,800		5,102
				39,854
IT Services (5.5%):
Akamai Technologies, Inc. (a)		47,200		4,956
Booz Allen Hamilton Holding Corp.		58,700		5,117
EPAM Systems, Inc. (a)		12,100		4,336
Fiserv, Inc. (a)		42,400		4,828
Visa, Inc., Class A		13,500		2,953
				22,190
Materials (3.8%):
Avery Dennison Corp.		14,900		2,311
Berry Global Group, Inc. (a)		94,700		5,321
Silgan Holdings, Inc.		137,100		5,084
Valvoline, Inc.		101,000		2,337
				15,053
Real Estate (1.1%):
American Tower Corp.		19,800		4,444

See notes to financial statements.

28

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment (4.8%):
Advanced Micro Devices, Inc. (a)		57,400	$	5,264
Broadcom, Inc.		16,200		7,093
NVIDIA Corp.		13,200		6,893
				19,250
Software (8.5%):
Adobe, Inc. (a)		8,400		4,201
Cadence Design Systems, Inc. (a)		32,900		4,489
Microsoft Corp.		93,560		20,809
ServiceNow, Inc. (a)		8,300		4,568
				34,067
Technology Hardware, Storage & Peripherals (5.0%):
Apple, Inc.		149,480		19,835
Total Common Stocks (Cost $272,162)				392,638
Exchange-Traded Funds (1.0%)
iShares Russell 3000 ETF (b)		18,000		4,024
Total Exchange-Traded Funds (Cost $3,694)				4,024
Collateral for Securities Loaned^ (1.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		74,914		75
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		2,573,720		2,574
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		37,386		37
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		298,101		298
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		1,340,320		1,340
Total Collateral for Securities Loaned (Cost $4,324)				4,324
Total Investments (Cost $280,180) — 100.9%				400,986
Liabilities in excess of other assets — (0.9)%				(3,637	)
NET ASSETS — 100.00%			$	397,349

^  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, 2020.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

29

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (99.3%)
Communication Services (10.6%):
Activision Blizzard, Inc.		5,919	$	550
Alphabet, Inc., Class A (a)		2,302		4,035
Alphabet, Inc., Class C (a)		2,223		3,894
AT&T, Inc.		54,571		1,569
CenturyLink, Inc.		7,562		74
Charter Communications, Inc., Class A (a)		1,117		739
Comcast Corp., Class A		34,966		1,833
Discovery, Inc., Class A (a) (b)		1,228		37
Discovery, Inc., Class C (a)		2,259		59
DISH Network Corp., Class A (a)		1,894		61
Electronic Arts, Inc.		2,221		319
Facebook, Inc., Class A (a)		18,410		5,029
Fox Corp., Class A		2,585		75
Fox Corp., Class B		1,185		34
Live Nation Entertainment, Inc. (a)		1,095		80
Netflix, Inc. (a)		3,383		1,829
News Corp., Class A		2,994		54
News Corp., Class B		933		17
Omnicom Group, Inc.		1,646		103
Take-Two Interactive Software, Inc. (a)		881		183
The Interpublic Group of Cos., Inc.		2,987		70
The Walt Disney Co. (a)		13,865		2,512
T-Mobile U.S., Inc. (a)		4,467		602
Twitter, Inc. (a)		6,091		330
Verizon Communications, Inc.		31,690		1,862
ViacomCBS, Inc., Class B		4,327		161
				26,111
Communications Equipment (0.8%):
Arista Networks, Inc. (a)		417		121
Cisco Systems, Inc.		32,359		1,448
F5 Networks, Inc. (a)		472		83
Juniper Networks, Inc.		2,525		57
Motorola Solutions, Inc.		1,298		221
				1,930
Consumer Discretionary (12.6%):
Advance Auto Parts, Inc.		520		82
Amazon.com, Inc. (a)		3,266		10,637
Aptiv PLC		2,068		269
AutoZone, Inc. (a)		177		210
Best Buy Co., Inc.		1,765		176
Booking Holdings, Inc. (a)		314		699
BorgWarner, Inc.		1,873		72
CarMax, Inc. (a)		1,257		119
Carnival Corp.		5,695		123
Chipotle Mexican Grill, Inc. (a)		214		297
D.R. Horton, Inc.		2,539		175

See notes to financial statements.

30

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Darden Restaurants, Inc.		997	$	119
Dollar General Corp.		1,876		395
Dollar Tree, Inc. (a)		1,801		195
Domino's Pizza, Inc.		302		116
eBay, Inc.		5,015		252
Etsy, Inc. (a)		966		172
Expedia Group, Inc.		1,041		138
Ford Motor Co.		29,924		263
Garmin Ltd.		1,142		137
General Motors Co.		9,646		402
Genuine Parts Co.		1,105		111
Hanesbrands, Inc.		2,667		39
Hasbro, Inc.		976		91
Hilton Worldwide Holdings, Inc.		2,125		236
L Brands, Inc.		1,789		67
Las Vegas Sands Corp.		2,515		150
Leggett & Platt, Inc.		1,015		45
Lennar Corp., Class A		2,107		161
LKQ Corp. (a)		2,144		76
Lowe's Cos., Inc.		5,611		900
Marriott International, Inc., Class A		2,037		269
McDonald's Corp.		5,706		1,223
MGM Resorts International		3,140		99
Mohawk Industries, Inc. (a)		458		65
Newell Brands, Inc.		2,892		61
NIKE, Inc., Class B		9,609		1,360
Norwegian Cruise Line Holdings Ltd. (a) (b)		2,417		61
NVR, Inc. (a)		27		110
O'Reilly Automotive, Inc. (a)		555		251
Pool Corp.		308		114
PulteGroup, Inc.		2,053		89
PVH Corp.		544		51
Ralph Lauren Corp.		369		38
Ross Stores, Inc.		2,726		335
Royal Caribbean Cruises Ltd.		1,426		107
Starbucks Corp.		8,988		961
Tapestry, Inc.		2,124		66
Target Corp.		3,835		676
Tesla, Inc. (a)		5,807		4,098
The Gap, Inc.		1,575		32
The Home Depot, Inc.		8,245		2,189
The TJX Cos., Inc.		9,194		628
Tiffany & Co.		828		109
Tractor Supply Co.		892		125
Ulta Beauty, Inc. (a)		431		124
Under Armour, Inc., Class A (a)		1,444		25
Under Armour, Inc., Class C (a)		1,490		22
VF Corp.		2,449		209
Whirlpool Corp.		479		86

See notes to financial statements.

31

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Wynn Resorts Ltd.		743	$	84
Yum! Brands, Inc.		2,310		251
				30,842
Consumer Staples (6.4%):
Altria Group, Inc.		14,232		584
Archer-Daniels-Midland Co.		4,261		215
Brown-Forman Corp., Class B		1,398		111
Campbell Soup Co.		1,551		75
Church & Dwight Co., Inc.		1,903		166
Colgate-Palmolive Co.		6,564		561
Conagra Brands, Inc.		3,741		136
Constellation Brands, Inc., Class A		1,298		284
Costco Wholesale Corp.		3,379		1,273
General Mills, Inc.		4,681		275
Hormel Foods Corp.		2,150		100
Kellogg Co.		1,948		121
Kimberly-Clark Corp.		2,605		351
Lamb Weston Holdings, Inc.		1,121		88
McCormick & Co., Inc.		1,905		182
Molson Coors Beverage Co., Class B		1,441		65
Mondelez International, Inc., Class A		10,952		641
Monster Beverage Corp. (a)		2,830		262
PepsiCo, Inc.		10,583		1,569
Philip Morris International, Inc.		11,926		987
Sysco Corp.		3,901		290
The Clorox Co.		965		195
The Coca-Cola Co.		29,619		1,625
The Estee Lauder Cos., Inc., Class A		1,735		462
The Hershey Co.		1,130		172
The J.M. Smucker Co.		874		101
The Kraft Heinz Co.		4,962		172
The Kroger Co.		5,930		188
The Procter & Gamble Co.		18,989		2,643
Tyson Foods, Inc., Class A		2,252		145
Walgreens Boots Alliance, Inc.		5,504		219
Walmart, Inc.		10,617		1,531
				15,789
Electronic Equipment, Instruments & Components (0.6%):
Amphenol Corp., Class A		2,291		300
CDW Corp.		1,095		144
Corning, Inc.		5,851		211
FLIR Systems, Inc.		1,004		44
IPG Photonics Corp. (a)		273		61
Keysight Technologies, Inc. (a)		1,419		187
TE Connectivity Ltd.		2,533		307
Vontier Corp. (a)		1,032		34
Zebra Technologies Corp. (a)		408		157
				1,445

See notes to financial statements.

32

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Energy (2.2%):
Apache Corp.		2,891	$	41
Baker Hughes Co.		5,252		110
Cabot Oil & Gas Corp.		3,052		50
Chevron Corp.		14,742		1,245
Concho Resources, Inc.		1,503		88
ConocoPhillips		8,178		327
Devon Energy Corp.		2,929		46
Diamondback Energy, Inc.		1,210		59
EOG Resources, Inc.		4,468		223
Exxon Mobil Corp.		32,380		1,335
Halliburton Co.		6,770		127
Hess Corp.		2,093		110
HollyFrontier Corp.		1,141		29
Kinder Morgan, Inc.		14,909		204
Marathon Oil Corp.		6,045		40
Marathon Petroleum Corp.		4,983		206
National Oilwell Varco, Inc.		2,973		41
Occidental Petroleum Corp.		6,418		111
ONEOK, Inc.		3,403		131
Phillips 66		3,345		234
Pioneer Natural Resources Co.		1,259		143
Schlumberger Ltd.		10,660		233
TechnipFMC PLC		3,235		30
The Williams Cos., Inc.		9,294		186
Valero Energy Corp.		3,123		177
				5,526
Financials (10.3%):
Aflac, Inc.		5,003		222
American Express Co.		4,995		605
American International Group, Inc.		6,598		250
Ameriprise Financial, Inc.		903		175
Aon PLC, Class A		1,751		370
Arthur J. Gallagher & Co.		1,473		182
Assurant, Inc.		454		62
Bank of America Corp.		58,298		1,767
Berkshire Hathaway, Inc., Class B (a)		14,903		3,456
BlackRock, Inc., Class A		1,086		783
Capital One Financial Corp.		3,503		346
Cboe Global Markets, Inc.		827		77
Chubb Ltd.		3,457		531
Cincinnati Financial Corp.		1,146		100
Citigroup, Inc.		15,944		983
Citizens Financial Group, Inc.		3,271		117
CME Group, Inc.		2,749		500
Comerica, Inc.		1,065		59
Discover Financial Services		2,347		212
Everest Re Group Ltd.		306		72
Fifth Third Bancorp		5,456		150
First Republic Bank		1,332		196

See notes to financial statements.

33

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Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Franklin Resources, Inc.		2,087	$	52
Globe Life, Inc.		737		70
Huntington Bancshares, Inc.		7,791		98
Intercontinental Exchange, Inc.		4,298		496
Invesco Ltd.		2,884		50
JPMorgan Chase & Co.		23,343		2,965
KeyCorp		7,478		123
Lincoln National Corp.		1,391		70
Loews Corp.		1,789		81
M&T Bank Corp.		982		125
MarketAxess Holdings, Inc.		291		166
Marsh & McLennan Cos., Inc.		3,884		455
MetLife, Inc.		5,858		275
Moody's Corp.		1,237		359
Morgan Stanley		10,945		750
MSCI, Inc.		635		284
Nasdaq, Inc.		879		117
Northern Trust Corp.		1,594		148
People's United Financial, Inc.		3,254		42
Principal Financial Group, Inc.		1,957		97
Prudential Financial, Inc.		3,033		237
Raymond James Financial, Inc.		933		89
Regions Financial Corp.		7,355		119
S&P Global, Inc.		1,843		606
State Street Corp.		2,702		197
SVB Financial Group (a)		397		154
Synchrony Financial		4,158		144
T. Rowe Price Group, Inc.		1,734		263
The Allstate Corp.		2,329		256
The Bank of New York Mellon Corp.		6,243		265
The Charles Schwab Corp.		11,423		606
The Goldman Sachs Group, Inc.		2,635		695
The Hartford Financial Services Group, Inc.		2,744		134
The PNC Financial Services Group, Inc.		3,245		484
The Progressive Corp.		4,485		443
The Travelers Cos., Inc.		1,940		272
Truist Financial Corp.		10,324		495
U.S. Bancorp		10,498		489
Unum Group		1,560		36
W.R. Berkley Corp.		1,078		72
Wells Fargo & Co.		31,662		956
Willis Towers Watson PLC		987		208
Zions Bancorp NA		1,256		55
				25,313
Health Care (13.4%):
Abbott Laboratories		13,573		1,486
AbbVie, Inc.		13,520		1,449
ABIOMED, Inc. (a)		346		112
Agilent Technologies, Inc.		2,343		278
Alexion Pharmaceuticals, Inc. (a)		1,676		262

See notes to financial statements.

34

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Align Technology, Inc. (a)		549	$	293
AmerisourceBergen Corp.		1,126		110
Amgen, Inc.		4,458		1,025
Anthem, Inc.		1,905		612
Baxter International, Inc.		3,912		314
Becton, Dickinson & Co.		2,221		556
Biogen, Inc. (a)		1,178		288
Bio-Rad Laboratories, Inc., Class A (a)		165		96
Boston Scientific Corp. (a)		10,966		394
Bristol-Myers Squibb Co.		17,305		1,073
Cardinal Health, Inc.		2,247		120
Catalent, Inc. (a)		1,261		131
Centene Corp. (a)		4,440		267
Cerner Corp.		2,348		184
Cigna Corp.		2,767		576
CVS Health Corp.		10,024		685
Danaher Corp.		4,842		1,076
DaVita, Inc. (a)		566		66
DENTSPLY SIRONA, Inc.		1,674		88
DexCom, Inc. (a)		735		272
Edwards Lifesciences Corp. (a)		4,773		435
Eli Lilly & Co.		6,080		1,027
Gilead Sciences, Inc.		9,600		559
HCA Healthcare, Inc.		2,021		332
Henry Schein, Inc. (a)		1,093		73
Hologic, Inc. (a)		1,968		143
Humana, Inc.		1,013		416
IDEXX Laboratories, Inc. (a)		653		326
Illumina, Inc. (a)		1,118		414
Incyte Corp. (a)		1,426		124
Intuitive Surgical, Inc. (a)		900		736
IQVIA Holdings, Inc. (a)		1,468		263
Johnson & Johnson		20,160		3,173
Laboratory Corp. of America Holdings (a)		746		152
McKesson Corp.		1,230		214
Medtronic PLC		10,308		1,207
Merck & Co., Inc.		19,375		1,585
Mettler-Toledo International, Inc. (a)		182		207
PerkinElmer, Inc.		858		123
Perrigo Co. PLC		1,045		47
Pfizer, Inc.		42,566		1,567
Quest Diagnostics, Inc.		1,032		123
Regeneron Pharmaceuticals, Inc. (a)		803		388
ResMed, Inc.		1,110		236
STERIS PLC		653		124
Stryker Corp.		2,504		614
Teleflex, Inc.		357		147
The Cooper Cos., Inc.		376		137
Thermo Fisher Scientific, Inc.		3,035		1,413
UnitedHealth Group, Inc.		7,266		2,547

See notes to financial statements.

35

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Universal Health Services, Inc., Class B		595	$	82
Varian Medical Systems, Inc. (a)		700		123
Vertex Pharmaceuticals, Inc. (a)		1,991		471
Viatris, Inc. (a)		9,239		173
Waters Corp. (a)		475		118
West Pharmaceutical Services, Inc.		566		160
Zimmer Biomet Holdings, Inc.		1,587		245
Zoetis, Inc.		3,640		602
				32,639
Industrials (8.3%):
3M Co.		4,417		772
Alaska Air Group, Inc.		947		49
Allegion PLC		705		82
American Airlines Group, Inc. (b)		4,677		74
AMETEK, Inc.		1,762		213
AO Smith Corp.		1,037		57
C.H. Robinson Worldwide, Inc.		1,041		98
Carrier Global Corp.		6,239		235
Caterpillar, Inc.		4,160		756
Cintas Corp.		673		238
Copart, Inc. (a)		1,591		202
CSX Corp.		5,857		532
Cummins, Inc.		1,133		257
Deere & Co.		2,400		646
Delta Air Lines, Inc.		4,884		196
Dover Corp.		1,104		139
Eaton Corp. PLC		3,052		367
Emerson Electric Co.		4,580		368
Equifax, Inc.		932		180
Expeditors International of Washington, Inc.		1,296		123
Fastenal Co.		4,396		215
FedEx Corp.		1,850		480
Flowserve Corp.		998		37
Fortive Corp.		2,582		183
Fortune Brands Home & Security, Inc.		1,064		91
General Dynamics Corp.		1,780		265
General Electric Co.		67,083		724
Honeywell International, Inc.		5,374		1,144
Howmet Aerospace, Inc. (a)		2,988		85
Huntington Ingalls Industries, Inc.		310		53
IDEX Corp.		580		116
IHS Markit Ltd.		2,854		257
Illinois Tool Works, Inc.		2,206		450
Ingersoll Rand, Inc. (a)		2,847		130
J.B. Hunt Transport Services, Inc.		639		87
Jacobs Engineering Group, Inc.		993		108
Johnson Controls International PLC		5,544		258
Kansas City Southern		717		146
L3Harris Technologies, Inc.		1,609		304
Lockheed Martin Corp.		1,885		669

See notes to financial statements.

36

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Masco Corp.		2,004	$	110
Nielsen Holdings PLC		2,734		57
Norfolk Southern Corp.		1,945		462
Northrop Grumman Corp.		1,187		362
Old Dominion Freight Line, Inc.		737		144
Otis Worldwide Corp.		3,118		211
PACCAR, Inc.		2,653		229
Parker-Hannifin Corp.		986		269
Pentair PLC		1,274		68
Quanta Services, Inc.		1,063		77
Raytheon Technologies Corp.		11,630		832
Republic Services, Inc.		1,611		155
Robert Half International, Inc.		873		55
Rockwell Automation, Inc.		890		223
Rollins, Inc.		1,694		66
Roper Technologies, Inc.		803		346
Snap-on, Inc.		415		71
Southwest Airlines Co.		4,520		211
Stanley Black & Decker, Inc.		1,227		219
Teledyne Technologies, Inc. (a)		282		111
Textron, Inc.		1,753		85
The Boeing Co.		4,064		869
Trane Technologies PLC		1,839		267
TransDigm Group, Inc. (a)		417		258
Union Pacific Corp.		5,161		1,075
United Airlines Holdings, Inc. (a)		2,241		97
United Parcel Service, Inc., Class B		5,477		923
United Rentals, Inc. (a)		552		128
Verisk Analytics, Inc.		1,245		258
W.W. Grainger, Inc.		345		141
Waste Management, Inc.		2,977		352
Westinghouse Air Brake Technologies Corp.		1,370		100
Xylem, Inc.		1,380		140
				20,357
IT Services (5.5%):
Accenture PLC, Class A		4,852		1,267
Akamai Technologies, Inc. (a)		1,247		131
Automatic Data Processing, Inc.		3,284		579
Broadridge Financial Solutions, Inc.		885		136
Cognizant Technology Solutions Corp., Class A		4,094		336
DXC Technology Co.		1,948		50
Fidelity National Information Services, Inc.		4,752		672
Fiserv, Inc. (a)		4,261		485
FleetCor Technologies, Inc. (a)		639		174
Gartner, Inc. (a)		684		110
Global Payments, Inc.		2,292		494
International Business Machines Corp.		6,824		859
Jack Henry & Associates, Inc.		584		95
Leidos Holdings, Inc.		1,025		108
Mastercard, Inc., Class A		6,737		2,405

See notes to financial statements.

37

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Paychex, Inc.		2,450	$	228
PayPal Holdings, Inc. (a)		8,973		2,101
The Western Union Co.		3,148		69
VeriSign, Inc. (a)		769		166
Visa, Inc., Class A		12,986		2,840
				13,305
Materials (2.7%):
Air Products & Chemicals, Inc.		1,693		463
Albemarle Corp.		815		120
Amcor PLC		12,011		141
Avery Dennison Corp.		639		99
Ball Corp.		2,505		233
Celanese Corp.		895		116
CF Industries Holdings, Inc.		1,638		63
Corteva, Inc.		5,705		221
Dow, Inc.		5,680		315
DuPont de Nemours, Inc. (b)		5,620		400
Eastman Chemical Co.		1,037		104
Ecolab, Inc.		1,902		412
FMC Corp.		994		114
Freeport-McMoRan, Inc.		11,126		289
International Flavors & Fragrances, Inc. (b)		819		89
International Paper Co.		3,010		150
Linde PLC		4,019		1,060
LyondellBasell Industries NV, Class A		1,969		180
Martin Marietta Materials, Inc.		477		135
Newmont Corp.		6,152		369
Nucor Corp.		2,312		123
Packaging Corp. of America		726		100
PPG Industries, Inc.		1,809		261
Sealed Air Corp.		1,188		54
The Mosaic Co.		2,642		61
The Sherwin-Williams Co.		626		460
Vulcan Materials Co.		1,015		151
Westrock Co.		2,011		88
				6,371
Real Estate (2.4%):
Alexandria Real Estate Equities, Inc.		948		169
American Tower Corp.		3,402		763
AvalonBay Communities, Inc.		1,069		171
Boston Properties, Inc.		1,085		103
CBRE Group, Inc., Class A (a)		2,569		161
Crown Castle International Corp.		3,303		526
Digital Realty Trust, Inc.		2,146		299
Duke Realty Corp.		2,848		114
Equinix, Inc.		682		487
Equity Residential		2,623		155
Essex Property Trust, Inc.		499		118
Extra Space Storage, Inc.		990		115

See notes to financial statements.

38

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Federal Realty Investment Trust		527	$	45
Healthpeak Properties, Inc.		4,123		125
Host Hotels & Resorts, Inc.		5,401		79
Iron Mountain, Inc. (b)		2,207		65
Kimco Realty Corp.		3,312		50
Mid-America Apartment Communities, Inc.		876		111
Prologis, Inc.		5,661		564
Public Storage		1,165		269
Realty Income Corp.		2,688		167
Regency Centers Corp.		1,208		55
SBA Communications Corp.		851		240
Simon Property Group, Inc.		2,511		214
SL Green Realty Corp.		556		33
UDR, Inc.		2,255		87
Ventas, Inc.		2,868		141
Vornado Realty Trust		1,201		45
Welltower, Inc.		3,196		207
Weyerhaeuser Co.		5,716		192
				5,870
Semiconductors & Semiconductor Equipment (5.2%):
Advanced Micro Devices, Inc. (a)		9,210		845
Analog Devices, Inc.		2,830		418
Applied Materials, Inc.		6,994		604
Broadcom, Inc.		3,098		1,356
Intel Corp.		31,383		1,564
KLA Corp.		1,183		306
Lam Research Corp.		1,103		521
Maxim Integrated Products, Inc.		2,047		181
Microchip Technology, Inc.		1,994		275
Micron Technology, Inc. (a)		8,525		641
NVIDIA Corp.		4,740		2,476
Qorvo, Inc. (a)		873		145
QUALCOMM, Inc.		8,661		1,319
Skyworks Solutions, Inc.		1,272		194
Teradyne, Inc.		1,272		153
Texas Instruments, Inc.		7,030		1,154
Xilinx, Inc.		1,877		266
				12,418
Software (8.6%):
Adobe, Inc. (a)		3,674		1,838
ANSYS, Inc. (a)		658		239
Autodesk, Inc. (a)		1,684		514
Cadence Design Systems, Inc. (a)		2,136		291
Citrix Systems, Inc.		943		123
Fortinet, Inc. (a)		1,032		153
Intuit, Inc.		2,012		764
Microsoft Corp.		57,899		12,879
NortonLifeLock, Inc.		4,533		94
Oracle Corp.		14,526		940

See notes to financial statements.

39

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Paycom Software, Inc. (a)		375	$	170
salesforce.com, Inc. (a)		7,007		1,559
ServiceNow, Inc. (a)		1,494		822
Synopsys, Inc. (a)		1,169		303
Tyler Technologies, Inc. (a)		309		135
				20,824
Technology Hardware, Storage & Peripherals (7.0%):
Apple, Inc.		122,388		16,239
Hewlett Packard Enterprise Co.		9,856		117
HP, Inc.		10,518		259
NetApp, Inc.		1,711		113
Seagate Technology PLC		1,712		106
Western Digital Corp.		2,330		129
Xerox Holdings Corp.		1,276		30
				16,993
Utilities (2.7%):
Alliant Energy Corp.		1,913		99
Ameren Corp.		1,893		148
American Electric Power Co., Inc.		3,801		317
American Water Works Co., Inc.		1,388		213
Atmos Energy Corp.		964		92
CenterPoint Energy, Inc.		4,172		90
CMS Energy Corp.		2,193		134
Consolidated Edison, Inc.		2,620		189
Dominion Energy, Inc.		6,248		471
DTE Energy Co.		1,482		180
Duke Energy Corp.		5,636		516
Edison International		2,899		182
Entergy Corp.		1,533		153
Evergy, Inc.		1,737		96
Eversource Energy		2,625		227
Exelon Corp.		7,471		315
FirstEnergy Corp.		4,155		127
NextEra Energy, Inc.		15,003		1,158
NiSource, Inc.		2,935		67
NRG Energy, Inc.		1,870		70
Pinnacle West Capital Corp.		862		69
PPL Corp.		5,888		166
Public Service Enterprise Group, Inc.		3,874		226
Sempra Energy		2,209		281
The AES Corp.		5,094		120
The Southern Co.		8,089		497
WEC Energy Group, Inc.		2,416		222
Xcel Energy, Inc.		4,024		268
				6,693
Total Common Stocks (Cost $49,202)				242,426

See notes to financial statements.

40

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.3%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		12,589	$	13
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		432,521		433
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		6,283		6
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		50,097		50
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		225,244		225
Total Collateral for Securities Loaned (Cost $727)				727
Total Investments (Cost $49,929) — 99.6%				243,153
Other assets in excess of liabilities — 0.4%				871
NET ASSETS — 100.00%			$	244,024

^  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, 2020.

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		8	3/19/21	$	1,466,232	$	1,499,520	$	33,288
	Total unrealized appreciation							$	33,288
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	33,288

See notes to financial statements.

41

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (99.1%)
Communication Services (2.0%):
Live Nation Entertainment, Inc. (a)		89,544	$	6,580
Take-Two Interactive Software, Inc. (a)		23,600		4,904
				11,484
Consumer Discretionary (15.1%):
AutoZone, Inc. (a)		5,900		6,994
Chipotle Mexican Grill, Inc. (a)		6,000		8,319
Choice Hotels International, Inc.		40,700		4,344
D.R. Horton, Inc.		123,900		8,539
Dollar General Corp.		29,300		6,162
Five Below, Inc. (a)		27,700		4,847
Lear Corp.		48,000		7,633
Lithia Motors, Inc., Class A		21,800		6,380
Lululemon Athletica, Inc. (a)		21,300		7,413
Marriott Vacations Worldwide Corp.		40,421		5,547
NVR, Inc. (a)		1,800		7,344
Penn National Gaming, Inc. (a) (b)		86,600		7,480
YETI Holdings, Inc. (a)		101,200		6,929
				87,931
Consumer Staples (1.8%):
Darling Ingredients, Inc. (a)		85,600		4,937
Monster Beverage Corp. (a)		61,300		5,669
				10,606
Financials (8.9%):
Ally Financial, Inc.		260,300		9,282
Brown & Brown, Inc.		165,400		7,842
East West Bancorp, Inc.		59,200		3,002
MarketAxess Holdings, Inc.		9,800		5,591
MSCI, Inc.		24,500		10,940
Radian Group, Inc.		376,977		7,634
Synchrony Financial		239,000		8,296
				52,587
Health Care (15.2%):
ABIOMED, Inc. (a)		17,700		5,738
Agilent Technologies, Inc.		68,393		8,104
BioCryst Pharmaceuticals, Inc. (a) (b)		561,000		4,179
Dynavax Technologies Corp. (a) (b)		301,100		1,340
Edwards Lifesciences Corp. (a)		66,200		6,039
Horizon Therapeutics PLC (a)		60,000		4,389
IDEXX Laboratories, Inc. (a)		13,200		6,598
Insulet Corp. (a)		27,600		7,056
IQVIA Holdings, Inc. (a)		43,700		7,830
NanoString Technologies, Inc. (a)		122,800		8,212
Neurocrine Biosciences, Inc. (a)		27,700		2,655
Teladoc Health, Inc. (a) (b)		12,700		2,539
Teleflex, Inc.		18,000		7,409

See notes to financial statements.

42

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Veeva Systems, Inc., Class A (a)		33,000	$	8,985
Zoetis, Inc.		44,230		7,320
				88,393
Industrials (17.4%):
ADT, Inc.		453,400		3,559
AMETEK, Inc.		58,718		7,101
Chart Industries, Inc. (a)		54,500		6,420
Clean Harbors, Inc. (a)		68,900		5,243
Copa Holdings SA (b)		67,000		5,174
CSX Corp.		76,900		6,979
FedEx Corp.		23,800		6,179
Jacobs Engineering Group, Inc.		22,200		2,419
Kratos Defense & Security Solutions, Inc. (a)		192,500		5,280
L3Harris Technologies, Inc.		36,501		6,900
Old Dominion Freight Line, Inc.		41,250		8,051
Owens Corning, Inc.		103,800		7,864
The Middleby Corp. (a)		49,000		6,317
Trane Technologies PLC		66,500		9,653
Trex Co., Inc. (a)		42,100		3,525
WESCO International, Inc. (a)		139,600		10,959
				101,623
Information Technology (22.4%):
Advanced Micro Devices, Inc. (a)		146,300		13,417
Amphenol Corp., Class A		64,110		8,384
Atlassian Corp. PLC, Class A (a)		13,300		3,110
CDW Corp.		53,059		6,993
Concentrix Corp. (a)		30,800		3,040
Crowdstrike Holdings, Inc., Class A (a)		29,200		6,185
DocuSign, Inc. (a)		11,700		2,601
EPAM Systems, Inc. (a)		31,900		11,432
Fidelity National Information Services, Inc.		25,944		3,670
Fiserv, Inc. (a)		57,600		6,558
Global Payments, Inc.		26,000		5,601
GoDaddy, Inc., Class A (a)		88,394		7,332
KLA Corp.		27,800		7,198
Lumentum Holdings, Inc. (a)		32,000		3,034
Microchip Technology, Inc.		49,487		6,835
Mimecast Ltd. (a)		52,300		2,973
ServiceNow, Inc. (a)		12,400		6,825
SS&C Technologies Holdings, Inc.		122,379		8,903
SYNNEX Corp.		30,800		2,508
Synopsys, Inc. (a)		37,600		9,748
Zendesk, Inc. (a)		30,900		4,422
				130,769
Materials (8.5%):
Ball Corp.		86,459		8,056
Cleveland-Cliffs, Inc. (b)		607,200		8,841
FMC Corp.		50,732		5,831

See notes to financial statements.

43

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Franco-Nevada Corp. (b)		33,400	$	4,186
Freeport-McMoRan, Inc.		354,800		9,232
Louisiana-Pacific Corp.		195,500		7,267
The Scotts Miracle-Gro Co.		33,200		6,611
				50,024
Real Estate (5.1%):
CyrusOne, Inc.		94,200		6,891
Digital Realty Trust, Inc.		61,346		8,559
SBA Communications Corp.		28,003		7,900
Sun Communities, Inc.		43,616		6,627
				29,977
Utilities (2.7%):
Atmos Energy Corp.		33,100		3,159
Pinnacle West Capital Corp.		40,800		3,262
Sempra Energy		41,239		5,254
Southwest Gas Holdings, Inc.		60,500		3,675
				15,350
Total Common Stocks (Cost $366,698)				578,744
Exchange-Traded Funds (1.0%)
SPDR S&P MidCap 400 ETF		14,200		5,963
Total Exchange-Traded Funds (Cost $5,482)				5,963
Collateral for Securities Loaned^ (3.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (c)		387,157		387
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		13,301,122		13,301
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (c)		193,211		193
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (c)		1,540,602		1,541
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (c)		6,926,846		6,927
Total Collateral for Securities Loaned (Cost $22,349)				22,349
Total Investments (Cost $394,529) — 103.9%				607,056
Liabilities in excess of other assets — (3.9)%				(22,749	)
NET ASSETS — 100.00%			$	584,307

^  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, 2020.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

44

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (97.9%)
Biotechnology (22.1%):
4D Molecular Therapeutics, Inc. (a)		662	$	27
ADC Therapeutics SA (a)		1,091		35
Akero Therapeutics, Inc. (a)		1,608		41
Akouos, Inc. (a)		663		13
Annexon, Inc. (a)		439		11
Aprea Therapeutics, Inc. (a)		867		4
Arrowhead Pharmaceuticals, Inc. (a)		1,813		139
Athenex, Inc. (a)		1,662		18
Atreca, Inc., Class A (a) (b)		1,590		26
Aurinia Pharmaceuticals, Inc. (a) (b)		6,904		95
Avidity Biosciences, Inc. (a)		1,205		31
Beam Therapeutics, Inc. (a)		1,499		122
Bicycle Therapeutics PLC, ADR (a)		5,276		95
BioAtla, Inc. (a)		665		23
BioCryst Pharmaceuticals, Inc. (a) (b)		11,342		84
BioMarin Pharmaceutical, Inc. (a)		283		25
Black Diamond Therapeutics, Inc. (a)		437		14
C4 Therapeutics, Inc. (a) (b)		249		8
Cabaletta Bio, Inc. (a) (b)		2,967		37
Cara Therapeutics, Inc. (a)		1,428		22
Castle Biosciences, Inc. (a)		2,000		134
Codiak Biosciences, Inc. (a) (b)		6,305		205
Cortexyme, Inc. (a)		409		11
CRISPR Therapeutics AG (a)		410		63
Deciphera Pharmaceuticals, Inc. (a)		708		40
Dicerna Pharmaceuticals, Inc. (a)		2,168		48
Dynavax Technologies Corp. (a) (b)		6,261		28
Esperion Therapeutics, Inc. (a) (b)		873		23
Fusion Pharmaceuticals, Inc. (a)		4,261		50
Gamida Cell Ltd. (a)		9,195		77
Generation Bio Co. (a) (b)		1,180		33
Genetron Holdings Ltd., ADR (a)		5,361		75
IGM Biosciences, Inc. (a) (b)		796		70
Intellia Therapeutics, Inc. (a) (b)		1,924		105
Iovance Biotherapeutics, Inc. (a)		2,461		114
Natera, Inc. (a)		2,234		223
Neurocrine Biosciences, Inc. (a)		336		32
Novavax, Inc. (a) (b)		473		53
Nurix Therapeutics, Inc. (a) (b)		439		14
Orchard Therapeutics PLC, ADR (a)		6,720		29
Oyster Point Pharma, Inc. (a)		396		7
Passage Bio, Inc. (a) (b)		1,346		34
Relay Therapeutics, Inc. (a)		44		2
Stoke Therapeutics, Inc. (a) (b)		1,486		92
Sutro Biopharma, Inc. (a)		3,661		79
TCR2 Therapeutics, Inc. (a)		8,824		274
TG Therapeutics, Inc. (a)		2,119		110
Veracyte, Inc. (a)		3,428		169

See notes to financial statements.

45

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Viking Therapeutics, Inc. (a) (b)		5,623	$	32
Xencor, Inc. (a)		822		36
Zai Lab Ltd., ADR (a)		984		133
				3,265
Communication Services (2.1%):
Iridium Communications, Inc. (a)		2,861		113
Vonage Holdings Corp. (a)		15,601		200
				313
Consumer Discretionary (12.7%):
Academy Sports & Outdoors, Inc. (a) (b)		7,777		161
Afya Ltd., Class A (a)		4,565		115
Burlington Stores, Inc. (a)		509		133
Cavco Industries, Inc. (a)		567		99
Chegg, Inc. (a)		1,378		124
Chewy, Inc., Class A (a) (b)		1,303		117
Five Below, Inc. (a)		1,001		175
Group 1 Automotive, Inc.		1,287		169
Legacy Housing Corp. (a)		5,799		88
Levi Strauss & Co., Class A		6,726		135
Marine Products Corp.		3,094		45
Nordstrom, Inc.		4,923		154
Polaris, Inc.		1,361		130
Skyline Champion Corp. (a)		4,307		133
Tractor Supply Co.		724		102
				1,880
Consumer Staples (2.4%):
Albertsons Cos., Inc., Class A (b)		4,314		76
Grocery Outlet Holding Corp. (a)		2,063		81
Performance Food Group Co. (a)		4,200		200
				357
Energy (0.8%):
Magnolia Oil & Gas Corp., Class A (a) (b)		3,428		24
Parsley Energy, Inc., Class A		4,363		62
Talos Energy, Inc. (a)		3,132		26
				112
Financials (8.8%):
Amerant Bancorp, Inc. (a)		4,402		67
American Business Bank (a)		1,502		48
Coastal Financial Corp. (a)		8,400		177
Colony Bankcorp, Inc.		2,215		32
Customers Bancorp, Inc., Class A (a)		3,942		72
First Western Financial, Inc. (a)		6,683		131
Lemonade, Inc. (a) (b)		109		13
Morningstar, Inc.		668		154
Radian Group, Inc.		5,519		112
Silvercrest Asset Management Group, Inc., Class A		3,935		55
SLM Corp.		5,481		68

See notes to financial statements.

46

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
South Plains Financial, Inc.		5,120	$	97
Tradeweb Markets, Inc., Class A		2,436		152
WTB Financial Corp., Class B		360		120
				1,298
Health Care Equipment & Supplies (5.8%):
Brainsway Ltd., ADR (a) (b)		11,679		89
Cerus Corp. (a)		6,712		46
Inari Medical, Inc. (a)		42		4
Insulet Corp. (a)		546		139
Merit Medical Systems, Inc. (a)		1,525		85
Nuvectra Corp. (a) (c) (d)		2,334		—
Outset Medical, Inc. (a)		180		10
PolyPid Ltd. (a) (b)		7,333		73
Pulmonx Corp. (a)		1,906		132
SI-BONE, Inc. (a)		3,500		105
Silk Road Medical, Inc. (a)		2,804		176
				859
Health Care Providers & Services (1.3%):
Guardant Health, Inc. (a)		1,011		130
RadNet, Inc. (a)		3,159		62
				192
Health Care Technology (0.1%):
American Well Corp., Class A (a) (b)		26		1
Schrodinger, Inc. (a)		217		17
				18
Industrials (11.1%):
ASGN, Inc. (a)		1,743		146
BWX Technologies, Inc.		1,070		64
Casella Waste Systems, Inc. (a)		2,586		161
Chart Industries, Inc. (a)		1,114		131
Comfort Systems USA, Inc.		2,713		143
Construction Partners, Inc., Class A (a)		1,877		55
ESCO Technologies, Inc.		571		59
Hydrofarm Holdings Group, Inc. (a)		981		52
Kaman Corp.		1,610		92
Kratos Defense & Security Solutions, Inc. (a)		6,093		168
Marten Transport Ltd.		4,300		74
McGrath RentCorp		1,035		69
Owens Corning, Inc.		1,289		98
Parsons Corp. (a)		3,000		109
PGT Innovations, Inc. (a)		3,825		78
Rexnord Corp.		1,529		60
The AZEK Co., Inc. (a)		2,561		98
				1,657
Information Technology (21.5%):
908 Devices, Inc. (a) (b)		482		27
Alteryx, Inc., Class A (a)		441		54

See notes to financial statements.

47

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Blackline, Inc. (a)		540	$	72
Brooks Automation, Inc.		1,901		129
C3.ai, Inc., Class A (a) (b)		327		45
Cambium Networks Corp. (a)		4,868		122
Cloudflare, Inc., Class A (a)		1,467		111
Dropbox, Inc., Class A (a)		1,247		28
Elastic NV (a)		1,342		196
Endava PLC, ADR (a)		1,434		110
EPAM Systems, Inc. (a)		305		109
Globant SA (a)		753		164
Lumentum Holdings, Inc. (a)		792		75
Marvell Technology Group Ltd.		1,167		55
Napco Security Technologies, Inc. (a)		6,551		172
New Relic, Inc. (a)		422		28
ON Semiconductor Corp. (a)		5,499		180
OneSpan, Inc. (a)		6,297		130
PagerDuty, Inc. (a)		3,709		155
Ping Identity Holding Corp. (a)		3,255		93
Powerfleet, Inc. (a)		9,414		70
QAD, Inc., Class A (b)		1,749		111
RealPage, Inc. (a)		1,156		101
Sapiens International Corp. NV		3,065		94
SiTime Corp. (a)		459		51
Smartsheet, Inc., Class A (a)		2,908		202
Sumo Logic, Inc. (a)		62		2
Telos Corp. (a)		1,641		54
WNS Holdings Ltd., ADR (a)		2,735		197
Yext, Inc. (a)		4,806		76
Zix Corp. (a)		23,117		199
				3,212
Life Sciences Tools & Services (4.1%):
Adaptive Biotechnologies Corp. (a)		1,407		83
Berkeley Lights, Inc. (a) (b)		609		54
Maravai LifeSciences Holdings, Inc., Class A (a) (b)		6,479		182
NanoString Technologies, Inc. (a)		4,359		292
				611
Materials (0.9%):
Summit Materials, Inc., Class A (a)		6,383		128
Pharmaceuticals (1.5%):
Assembly Biosciences, Inc. (a)		1,626		10
Collegium Pharmaceutical, Inc. (a) (b)		1,187		24
Cymabay Therapeutics, Inc. (a)		1,278		7
Horizon Therapeutics PLC (a)		987		72
PMV Pharmaceuticals, Inc. (a)		280		17
Reata Pharmaceuticals, Inc., Class A (a) (b)		645		80
Vaxcyte, Inc. (a)		129		3
				213

See notes to financial statements.

48

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Real Estate (2.7%):
FirstService Corp.		868	$	119
Rexford Industrial Realty, Inc.		1,252		61
The Macerich Co. (b)		11,499		123
UMH Properties, Inc.		6,434		95
				398
Total Common Stocks (Cost $9,145)				14,513
Warrants (0.1%)
Health Care (0.1%):
BioNano Genomics, Inc. (a) (c)		8,136		16
Total Warrants (Cost $—)				16
Collateral for Securities Loaned^ (12.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (e)		33,023		33
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (e)		1,134,529		1,135
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (e)		16,480		16
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (e)		131,407		131
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (e)		590,831		591
Total Collateral for Securities Loaned (Cost $1,906)				1,906
Total Investments (Cost $11,051) — 110.9%				16,435
Liabilities in excess of other assets — (10.9)%				(1,609	)
NET ASSETS — 100.00%			$	14,826

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

(c)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2020, illiquid securities were 0.1% of the Fund's net assets.

(d)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund's net assets as of December 31, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(e)  Rate disclosed is the daily yield on December 31, 2020.

ADR — American Depositary Receipt

PLC — Public Limited Company

See notes to financial statements.

49

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (96.8%)
Brazil (5.3%):
Consumer Discretionary (1.3%):
Afya Ltd., Class A (a)		2,020	$	51
MRV Engenharia e Participacoes SA		22,900		84
				135
Consumer Staples (0.6%):
SLC Agricola SA		13,000		69
Financials (1.0%):
Banco do Estado do Rio Grande do Sul SA, Preference Shares		17,800		50
Porto Seguro SA		5,600		53
				103
Industrials (1.3%):
Randon SA Implementos e Participacoes, Preference Shares		27,800		87
SIMPAR SA		8,251		56
				143
Utilities (1.1%):
Cia de Saneamento do Parana		11,400		57
Omega Geracao SA (a)		7,500		59
				116
				566
China (7.1%):
Consumer Discretionary (1.3%):
China New Higher Education Group Ltd. (b)		95,000		59
Tianneng Power International Ltd. (c)		34,000		82
				141
Consumer Staples (0.7%):
China Modern Dairy Holdings Ltd. (a) (c)		293,000		70
Industrials (1.9%):
Airtac International Group		2,000		64
China Lesso Group Holdings Ltd.		56,000		88
Zhejiang Expressway Co. Ltd., Class H		64,000		54
				206
Information Technology (1.6%):
Chinasoft International Ltd.		100,000		112
JinkoSolar Holding Co., ADR (a) (c)		872		54
				166
Real Estate (1.2%):
China SCE Group Holdings Ltd.		204,000		84
Times Neighborhood Holdings Ltd.		45,798		43
				127

See notes to financial statements.

50

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Utilities (0.4%):
China Tian Lun Gas Holdings Ltd.		50,000	$	48
				758
Cyprus (0.7%):
Financials (0.7%):
TCS Group Holding PLC, GDR		2,313		76
Egypt (0.6%):
Communication Services (0.6%):
Telecom Egypt Co.		80,279		61
Greece (1.7%):
Financials (0.7%):
National Bank of Greece SA (a)		28,249		77
Utilities (1.0%):
Terna Energy SA		6,586		106
				183
Hong Kong (5.1%):
Communication Services (0.5%):
NetDragon Websoft Holdings Ltd.		22,500		51
Financials (0.4%):
Far East Horizon Ltd.		46,000		47
Health Care (0.5%):
The United Laboratories International Holdings Ltd.		74,000		53
Industrials (0.6%):
Sinotruk Hong Kong Ltd.		27,500		70
Materials (1.3%):
China Resources Cement Holdings Ltd.		58,000		65
Nine Dragons Paper Holdings Ltd.		53,000		75
				140
Real Estate (0.9%):
China Overseas Grand Oceans Group Ltd.		177,000		95
Utilities (0.9%):
Canvest Environmental Protection Group Co. Ltd.		108,000		46
China Water Affairs Group Ltd. (c)		64,000		50
				96
				552
Hungary (0.7%):
Health Care (0.7%):
Richter Gedeon Nyrt		3,104		78
India (13.6%):
Communication Services (0.8%):
Tata Communications Ltd.		5,721		86

See notes to financial statements.

51

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Consumer Discretionary (1.0%):
Apollo Tyres Ltd.		20,331	$	50
Crompton Greaves Consumer Electricals Ltd.		10,947		57
				107
Consumer Staples (0.6%):
Kaveri Seed Co. Ltd.		9,159		65
Energy (0.5%):
Hindustan Petroleum Corp. Ltd.		19,025		57
Financials (2.2%):
LIC Housing Finance Ltd.		14,129		70
Muthoot Finance Ltd.		6,367		106
Power Finance Corp. Ltd.		40,835		64
				240
Health Care (2.3%):
Alembic Pharmaceuticals Ltd.		6,300		89
Granules India Ltd.		16,343		79
Ipca Laboratories Ltd.		2,447		73
				241
Industrials (1.7%):
Bharat Electronics Ltd.		33,129		55
Engineers India Ltd.		34,783		37
Escorts Ltd.		5,410		93
				185
Information Technology (1.3%):
eClerx Services Ltd.		5,306		64
Mphasis Ltd.		3,389		72
				136
Materials (2.0%):
Birla Corp. Ltd.		6,154		61
Coromandel International Ltd.		6,033		68
HeidelbergCement India Ltd.		27,428		85
				214
Utilities (1.2%):
CESC Ltd.		5,377		45
Gujarat Gas Ltd.		16,445		85
				130
				1,461
Indonesia (0.7%):
Communication Services (0.7%):
PT Media Nusantara Citra Tbk (a)		900,200		73

See notes to financial statements.

52

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Korea, Republic Of (18.9%):
Communication Services (1.7%):
AfreecaTV Co. Ltd.		1,112	$	62
Echo Marketing, Inc.		2,316		64
Neowiz (a)		2,509		52
				178
Consumer Discretionary (3.0%):
Coway Co. Ltd. (a)		802		54
Danawa Co. Ltd. (a)		1,804		51
GS Home Shopping, Inc.		399		51
S&T Motiv Co. Ltd.		1,330		60
SL Corp.		3,928		59
Youngone Corp.		1,740		51
				326
Consumer Staples (1.3%):
Hite Jinro Co. Ltd. (a)		1,458		43
Maeil Dairies Co. Ltd.		1,425		92
				135
Financials (1.4%):
DB Insurance Co. Ltd.		1,340		54
KIWOOM Securities Co. Ltd.		837		98
				152
Health Care (3.0%):
Chong Kun Dang Pharmaceutical Corp. (a)		626		131
Dongkook Pharmaceutical Co. Ltd. (a)		2,305		62
Osstem Implant Co. Ltd. (a)		1,236		58
Seegene, Inc.		394		70
				321
Industrials (2.1%):
Daelim Industrial Co. Ltd. (d) (f)		1,013		78
Hyundai Glovis Co. Ltd.		426		73
Samsung Engineering Co. Ltd. (a)		6,318		77
				228
Information Technology (4.2%):
Douzone Bizon Co. Ltd.		1,175		112
NHN KCP Corp. (a)		2,019		127
Partron Co. Ltd.		5,863		61
SFA Engineering Corp. (a)		2,099		75
Silicon Works Co. Ltd. (a)		1,437		77
				452
Materials (2.2%):
Korea Petrochemical Ind Co. Ltd.		604		128
Soulbrain Co. Ltd. (a)		429		108
				236
				2,028

See notes to financial statements.

53

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Malaysia (4.8%):
Communication Services (0.8%):
TIME dotCom Bhd		24,700	$	82
Energy (0.6%):
Serba Dinamik Holdings Bhd		135,260		59
Health Care (0.6%):
Supermax Corp. Bhd (a)		43,444		65
Information Technology (1.2%):
V.S. Industry Bhd		199,400		129
Materials (0.5%):
Scientex Bhd		18,200		58
Real Estate (0.6%):
Eco World Development Group Bhd (a)		536,700		66
Utilities (0.5%):
Mega First Corp. Bhd		33,300		57
				516
Mexico (3.8%):
Consumer Staples (0.6%):
La Comer SAB de CV		28,441		65
Energy (0.5%):
Vista Oil & Gas SAB de CV, ADR (a)		19,153		49
Financials (0.5%):
Banco del Bajio SA (a) (b)		35,401		49
Health Care (0.5%):
Genomma Lab Internacional SAB de CV, Class B (a)		53,911		51
Materials (1.1%):
Grupo Cementos de Chihuahua SAB de CV		20,438		123
Real Estate (0.6%):
Prologis Property Mexico SA de CV		29,019		65
				402
Pakistan (0.5%):
Energy (0.5%):
Oil & Gas Development Co. Ltd.		81,803		53
Poland (0.5%):
Communication Services (0.5%):
TEN Square Games SA		355		53
Qatar (0.6%):
Energy (0.6%):
Qatar Gas Transport Co. Ltd.		73,094		64
Russian Federation (1.4%):
Financials (0.5%):
Moscow Exchange MICEX PJSC		24,310		53

See notes to financial statements.

54

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Materials (0.9%):
Polymetal International PLC		4,438	$	102
				155
Saudi Arabia (0.5%):
Health Care (0.5%):
Mouwasat Medical Services Co.		1,467		54
South Africa (5.0%):
Consumer Discretionary (0.5%):
Mr. Price Group Ltd.		4,446		52
Energy (0.5%):
Exxaro Resources Ltd.		6,266		60
Industrials (0.6%):
Barloworld Ltd.		10,381		64
Materials (2.8%):
African Rainbow Minerals Ltd.		8,413		150
Impala Platinum Holdings Ltd.		10,853		149
				299
Real Estate (0.6%):
Redefine Properties Ltd. (a)		265,884		61
				536
Taiwan (18.9%):
Communication Services (0.8%):
International Games System Co. Ltd.		3,000		81
Consumer Discretionary (3.3%):
Gourmet Master Co. Ltd.		15,000		75
Makalot Industrial Co. Ltd.		8,000		55
Merida Industry Co. Ltd.		14,000		118
Nien Made Enterprise Co. Ltd.		4,000		46
Poya International Co. Ltd.		3,000		62
				356
Financials (0.8%):
King's Town Bank Co. Ltd.		58,000		80
Health Care (0.6%):
Ginko International Co. Ltd.		13,000		68
Industrials (2.4%):
Chicony Power Technology Co. Ltd.		30,000		76
Evergreen Marine Corp. Ltd. (a)		91,000		132
Kung Long Batteries Industrial Co. Ltd.		10,000		50
				258
Information Technology (10.4%):
AU Optronics Corp. (a)		115,000		58
Chipbond Technology Corp.		47,000		111
Elan Microelectronics Corp.		24,200		115
Gigabyte Technology Co. Ltd.		23,000		64

See notes to financial statements.

55

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Lite-On Technology Corp.		38,000	$	68
Macronix International		35,000		53
Parade Technologies Ltd.		2,000		79
Radiant Opto-Electronics Corp.		26,000		106
Simplo Technology Co. Ltd.		7,000		87
Sinbon Electronics Co. Ltd.		16,000		123
Tripod Technology Corp.		22,000		93
Unimicron Technology Corp.		30,000		94
Wistron Corp.		60,000		66
				1,117
Real Estate (0.6%):
Chong Hong Construction Co. Ltd.		24,000		68
				2,028
Thailand (2.1%):
Consumer Discretionary (0.5%):
Sri Trang Agro-Industry PCL		57,200		51
Financials (0.5%):
Thanachart Capital PCL		52,500		60
Information Technology (0.5%):
Hana Microelectronics PCL, Class R		38,400		51
Real Estate (0.6%):
Origin Property PCL		257,000		65
				227
Turkey (3.0%):
Consumer Discretionary (0.9%):
Arcelik A/S (a)		24,488		100
Consumer Staples (1.0%):
Coca-Cola Icecek A/S		12,424		110
Industrials (0.4%):
Tekfen Holding A/S		16,250		36
Turkiye Sise ve Cam Fabrikalari A/S		1		—	(e)
				36
Utilities (0.7%):
Enerjisa Enerji A/S (b)		41,872		71
				317
United Arab Emirates (0.7%):
Industrials (0.7%):
Aramex PJSC		62,604		75
United States (0.6%):
Industrials (0.6%):
Bizlink Holding, Inc.		7,000		61
Total Common Stocks (Cost $7,989)				10,377

See notes to financial statements.

56

Victory Portfolios
Victory Trivalent Emerging Markets Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Rights (0.0%) (g)
Taiwan (0.0%):
Information Technology (0.0%):
Simplo Technology Co. Ltd. , Expires 3/26/21 (a) (d) (h)		241	$	—
Total Rights (Cost $—)				—
Exchange-Traded Funds (2.5%)
United States (2.5%):
iShares MSCI Emerging Markets Small-Cap ETF (c)		5,057		267
Total Exchange-Traded Funds (Cost $219)				267
Collateral for Securities Loaned^ (3.9%)
United States (3.9%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (i)		7,321		7
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i)		251,519		252
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (i)		3,654		4
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (i)		29,132		29
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (i)		130,984		131
Total Collateral for Securities Loaned (Cost $423)				423
Total Investments (Cost $8,631) — 103.2%				11,067
Liabilities in excess of other assets — (3.2)%				(347	)
NET ASSETS — 100.00%			$	10,720

^  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, 2020, the fair value of these securities was $179 (thousands) and amounted to 1.7% of net assets.

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

(d)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2020, illiquid securities were 0.7% of the Fund's net assets.

(e)  Rounds to less than $1 thousand.

(f)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.7% of the Fund's net assets as of December 31, 2020. (See Note 2)

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

(h)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund's net assets as of December 31, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(i)  Rate disclosed is the daily yield on December 31, 2020.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

See notes to financial statements.

57

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (97.7%)
Australia (3.9%):
Consumer Discretionary (0.3%):
Aristocrat Leisure Ltd.		24,815	$	596
Energy (0.5%):
Beach Energy Ltd.		780,695		1,089
Financials (0.9%):
Australia & New Zealand Banking Group Ltd.		48,957		859
Macquarie Group Ltd.		8,445		901
				1,760
Health Care (0.3%):
Sonic Healthcare Ltd.		25,522		632
Materials (1.2%):
Rio Tinto Ltd.		26,457		2,326
Real Estate (0.7%):
Charter Hall Group		70,254		798
Stockland		196,363		634
				1,432
				7,835
Austria (0.2%):
Financials (0.2%):
Raiffeisen Bank International AG (a)		21,162		430
Belgium (1.2%):
Consumer Staples (0.4%):
Anheuser-Busch InBev SA/NV		12,323		860
Financials (0.3%):
KBC Group NV (a)		7,946		556
Health Care (0.5%):
UCB SA		9,343		965
				2,381
Brazil (1.2%):
Energy (0.6%):
Petroleo Brasileiro SA, Preference Shares		205,700		1,117
Financials (0.6%):
Banco Santander Brasil SA		147,200		1,278
				2,395
Canada (4.7%):
Consumer Staples (0.4%):
Maple Leaf Foods, Inc.		36,315		805

See notes to financial statements.

58

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Energy (0.7%):
Parex Resources, Inc. (a)		68,158	$	938
Suncor Energy, Inc.		28,434		477
				1,415
Financials (2.3%):
Bank of Montreal		11,274		857
iA Financial Corp., Inc.		17,870		775
IGM Financial, Inc. (b)		30,118		817
National Bank of Canada (b)		19,884		1,119
Sun Life Financial, Inc.		24,527		1,091
				4,659
Industrials (0.6%):
Canadian Pacific Railway Ltd.		3,822		1,326
Materials (0.7%):
Barrick Gold Corp.		30,815		702
First Quantum Minerals Ltd. (b)		39,157		703
				1,405
				9,610
China (8.7%):
Communication Services (2.9%):
Baidu, Inc., ADR (a)		4,957		1,072
NetEase, Inc., ADR		7,876		754
Tencent Holdings Ltd.		55,000		3,958
				5,784
Consumer Discretionary (3.1%):
Alibaba Group Holding Ltd., ADR (a)		18,690		4,350
BYD Co. Ltd., Class H		24,000		632
JD.com, Inc., ADR (a)		6,481		569
Yum China Holdings, Inc.		11,757		671
				6,222
Consumer Staples (0.2%):
Tingyi Cayman Islands Holding Corp.		300,000		513
Financials (1.2%):
Bank of China Ltd., Class H		2,382,275		806
Huatai Securities Co. Ltd., Class H (c)		488,800		770
New China Life Insurance Co. Ltd., Class H		215,800		842
				2,418
Industrials (0.3%):
China Railway Group Ltd., Class H		1,284,000		567
Materials (0.7%):
Anhui Conch Cement Co. Ltd., Class H		229,500		1,438
Real Estate (0.3%):
Agile Group Holdings Ltd.		526,000		700
				17,642

See notes to financial statements.

59

Victory Portfolios
Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description		Shares		Value
Denmark (2.6%):
Consumer Discretionary (0.3%):
Pandora A/S			5,419	$	607
Consumer Staples (0.5%):
Carlsberg A/S, Class B			6,389		1,024
Health Care (0.6%):
Genmab A/S (a)	��		1,424		577
GN Store Nord A/S			8,802		702
					1,279
Industrials (0.5%):
AP Moller — Maersk A/S, Class B			456		1,015
Utilities (0.7%):
Orsted A/S (c)			6,531		1,337
					5,262
Finland (0.5%):
Industrials (0.5%):
Metso Outotec Oyj			93,525		940
France (6.1%):
Communication Services (0.8%):
Publicis Groupe SA			17,668		878
Vivendi SA			22,481		725
					1,603
Consumer Discretionary (0.8%):
LVMH Moet Hennessy Louis Vuitton SE			2,516		1,575
Energy (0.6%):
TOTAL SE (b)			28,181		1,216
Financials (0.9%):
Amundi SA (c)			6,559		535
AXA SA			17,657		423
BNP Paribas SA (a)			18,208		961
					1,919
Health Care (0.6%):
Sanofi			6,248		605
Sartorius Stedim Biotech			1,857		662
					1,267
Industrials (1.0%):
Alstom SA (a)			9,357		533
Cie de Saint-Gobain (a)			18,676		859
Teleperformance			2,190		727
					2,119

See notes to financial statements.

60

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Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Information Technology (0.9%):
Capgemini SE		6,296	$	979
Worldline SA (a) (c)		7,685		747
				1,726
Materials (0.3%):
Arkema SA		4,745		543
Utilities (0.2%):
Rubis SCA		8,341		385
				12,353
Germany (6.6%):
Communication Services (0.7%):
Deutsche Telekom AG		73,562		1,343
Consumer Discretionary (1.1%):
HelloFresh SE (a) (b)		8,037		622
Volkswagen AG, Preference Shares		8,980		1,678
				2,300
Financials (1.1%):
Allianz SE		4,810		1,182
Hannover Rueck SE		3,064		488
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		1,839		546
				2,216
Health Care (0.6%):
Fresenius Medical Care AG & Co. KGaA		7,198		600
Merck KGaA		4,130		708
				1,308
Industrials (1.0%):
Deutsche Post AG, Registered Shares		25,923		1,284
Siemens AG, Registered Shares		5,286		761
				2,045
Information Technology (0.7%):
SAP SE		4,840		627
TeamViewer AG (a) (c)		13,171		707
				1,334
Materials (0.2%):
HeidelbergCement AG		5,916		440
Real Estate (0.7%):
alstria office REIT-AG		27,512		501
LEG Immobilien AG		5,372		833
				1,334
Utilities (0.5%):
E.ON SE		89,200		988
				13,308

See notes to financial statements.

61

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Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Hong Kong (2.3%):
Consumer Staples (0.3%):
WH Group Ltd. (c)		824,000	$	691
Energy (0.4%):
Kunlun Energy Co. Ltd.		826,000		716
Financials (0.3%):
BOC Hong Kong Holdings Ltd.		203,500		617
Information Technology (0.7%):
Lenovo Group Ltd. (b)		1,572,000		1,486
Real Estate (0.4%):
CK Asset Holdings Ltd.		67,895		348
New World Development Co. Ltd.		100,840		469
				817
Utilities (0.2%):
China Water Affairs Group Ltd.		546,000		427
				4,754
Hungary (0.5%):
Financials (0.5%):
OTP Bank Nyrt (a)		21,008		948
India (2.8%):
Energy (0.5%):
Reliance Industries Ltd.		39,199		1,067
Financials (0.7%):
LIC Housing Finance Ltd.		134,932		668
Muthoot Finance Ltd.		42,998		713
				1,381
Health Care (0.7%):
Ipca Laboratories Ltd.		46,143		1,382
Information Technology (0.6%):
HCL Technologies Ltd.		90,351		1,173
Utilities (0.3%):
Power Grid Corp. of India Ltd.		222,154		577
				5,580
Indonesia (0.4%):
Communication Services (0.4%):
PT Sarana Menara Nusantara Tbk		11,375,000		778
Ireland (0.9%):
Health Care (0.6%):
ICON PLC (a)		6,523		1,272
Industrials (0.3%):
DCC PLC		8,469		599
				1,871

See notes to financial statements.

62

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Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Italy (1.4%):
Industrials (0.3%):
Leonardo SpA		72,198	$	522
Utilities (1.1%):
ACEA SpA		30,357		637
Enel SpA		157,268		1,600
				2,237
				2,759
Japan (15.8%):
Communication Services (1.9%):
Capcom Co. Ltd.		10,300		668
KDDI Corp.		31,200		925
Nintendo Co. Ltd.		2,000		1,284
Nippon Telegraph & Telephone Corp.		39,500		1,014
				3,891
Consumer Discretionary (3.2%):
Nitori Holdings Co. Ltd.		2,500		523
Sony Corp.		37,100		3,739
Toyo Tire Corp.		36,100		549
Toyota Motor Corp.		22,100		1,706
				6,517
Consumer Staples (0.7%):
Seven & i Holdings Co. Ltd.		15,600		553
Toyo Suisan Kaisha Ltd.		18,600		905
				1,458
Financials (1.8%):
Mizuho Financial Group, Inc.		69,410		881
Nomura Holdings, Inc.		109,100		577
ORIX Corp.		72,500		1,115
Sumitomo Mitsui Financial Group, Inc.		18,925		587
Sumitomo Mitsui Trust Holdings, Inc.		12,900		398
				3,558
Health Care (1.0%):
Astellas Pharma, Inc.		44,200		684
Ono Pharmaceutical Co. Ltd.		26,500		799
Shionogi & Co. Ltd.		8,900		487
				1,970
Industrials (2.7%):
ITOCHU Corp.		66,000		1,898
Mitsubishi Electric Corp.		45,200		683
Mitsui & Co. Ltd.		40,300		739
Obayashi Corp.		54,600		472
Secom Co. Ltd.		6,900		637

See notes to financial statements.

63

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Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Taisei Corp.		15,000	$	518
Yamato Holdings Co. Ltd.		19,600		500
				5,447
Information Technology (2.7%):
Anritsu Corp.		25,000		558
Fujitsu Ltd.		7,100		1,026
Hitachi Ltd.		17,700		699
Murata Manufacturing Co. Ltd.		15,400		1,394
Obic Co. Ltd.		3,900		784
Tokyo Electron Ltd.		2,800		1,046
				5,507
Materials (0.9%):
Rengo Co. Ltd.		59,100		496
Shin-Etsu Chemical Co. Ltd.		4,400		772
Tosoh Corp.		34,100		533
				1,801
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		19,600		583
Open House Co. Ltd.		14,600		537
				1,120
Utilities (0.3%):
Osaka Gas Co. Ltd.		31,300		642
				31,911
Jersey (0.3%):
Consumer Discretionary (0.3%):
boohoo Group PLC (a)		140,199		658
Korea, Republic Of (4.2%):
Consumer Discretionary (0.6%):
LG Electronics, Inc.		9,891		1,232
Consumer Staples (0.6%):
Hite Jinro Co. Ltd. (a)		18,609		547
Orion Corp.		6,237		712
				1,259
Health Care (0.4%):
Seegene, Inc.		4,822		858
Industrials (0.4%):
Samsung Engineering Co. Ltd. (a)		62,324		762
Information Technology (2.2%):
LG Innotek Co. Ltd.		8,671		1,460
Samsung Electronics Co. Ltd.		39,952		2,984
				4,444
				8,555

See notes to financial statements.

64

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Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Malaysia (1.1%):
Communication Services (0.5%):
Telekom Malaysia Bhd		722,400	$	973
Financials (0.6%):
RHB Bank Bhd		863,600		1,173
				2,146
Netherlands (4.2%):
Consumer Discretionary (1.2%):
Fiat Chrysler Automobiles NV (a)		72,027		1,301
Prosus NV		10,309		1,113
				2,414
Consumer Staples (1.0%):
Koninklijke Ahold Delhaize NV		47,131		1,329
X5 Retail Group NV, GDR		18,325		662
				1,991
Financials (0.5%):
ING Groep NV (a)		43,948		409
NN Group NV		17,038		736
				1,145
Health Care (0.3%):
QIAGEN NV (a) (b)		10,834		562
Information Technology (0.9%):
ASML Holding NV		1,465		709
STMicroelectronics NV		31,626		1,170
				1,879
Materials (0.3%):
Akzo Nobel NV		5,057		543
				8,534
New Zealand (0.2%):
Health Care (0.2%):
Fisher & Paykel Healthcare Corp. Ltd.		20,825		494
Portugal (0.4%):
Communication Services (0.1%):
NOS SGPS SA		73,551		256
Energy (0.3%):
Galp Energia SGPS SA		49,183		521
				777
Russian Federation (1.2%):
Energy (0.5%):
LUKOIL PJSC, ADR		14,221		967
Financials (0.4%):
Sberbank of Russia PJSC		208,090		766

See notes to financial statements.

65

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Victory Trivalent International Fund-Core Equity Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Materials (0.3%):
Polymetal International PLC		29,111	$	670
				2,403
Singapore (1.3%):
Consumer Discretionary (0.3%):
Genting Singapore Ltd.		942,500		607
Consumer Staples (0.3%):
Wilmar International Ltd.		167,000		588
Financials (0.7%):
DBS Group Holdings Ltd.		36,600		694
Singapore Exchange Ltd.		98,700		693
				1,387
				2,582
South Africa (1.2%):
Communication Services (0.7%):
Naspers Ltd., Class N		7,340		1,504
Materials (0.5%):
Kumba Iron Ore Ltd.		23,560		1,003
				2,507
Spain (1.0%):
Industrials (0.5%):
ACS Actividades de Construccion y Servicios SA		29,836		991
Utilities (0.5%):
EDP Renovaveis SA		38,472		1,066
				2,057
Sweden (3.2%):
Consumer Staples (0.5%):
Swedish Match AB		11,900		926
Financials (0.3%):
Skandinaviska Enskilda Banken AB, Class A (a)		63,581		655
Industrials (1.3%):
Sandvik AB (a)		31,345		773
SKF AB, Class B		32,527		847
Volvo AB, Class B		39,956		946
				2,566
Information Technology (0.4%):
Telefonaktiebolaget LM Ericsson, Class B		64,866		772
Materials (0.4%):
Boliden AB		25,205		895
Real Estate (0.3%):
Fastighets AB Balder, Class B (a)		11,329		592
				6,406

See notes to financial statements.

66

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December 31, 2020

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

Security Description	Shares		Value
Switzerland (7.0%):
Consumer Staples (1.5%):
Coca-Cola HBC AG		14,761	$	478
Nestle SA, Registered Shares		21,304		2,519
				2,997
Financials (1.5%):
Julius Baer Group Ltd.		14,755		850
Swiss Life Holding AG		3,396		1,585
UBS Group AG		41,165		580
				3,015
Health Care (2.5%):
Lonza Group AG, Registered Shares		1,682		1,084
Novartis AG, Registered Shares		23,289		2,193
Roche Holding AG		5,281		1,840
				5,117
Industrials (0.3%):
Adecco Group AG		10,122		674
Information Technology (0.8%):
Logitech International SA, Class R		16,159		1,570
Materials (0.4%):
LafargeHolcim Ltd.		14,242		782
				14,155
Taiwan (4.2%):
Communication Services (0.3%):
International Games System Co. Ltd.		23,000		622
Financials (1.0%):
Chailease Holding Co. Ltd.		162,935		975
Fubon Financial Holding Co. Ltd.		565,000		941
				1,916
Information Technology (2.9%):
Radiant Opto-Electronics Corp.		222,000		904
Realtek Semiconductor Corp.		133,000		1,853
Taiwan Semiconductor Manufacturing Co. Ltd.		168,000		3,179
				5,936
				8,474
Thailand (0.4%):
Consumer Staples (0.4%):
Charoen Pokphand Foods PCL		804,100		718
United Arab Emirates (0.3%):
Financials (0.3%):
Emirates NBD Bank PJSC		216,988		611

See notes to financial statements.

67

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December 31, 2020

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

Security Description	Shares		Value
United Kingdom (7.7%):
Consumer Discretionary (0.4%):
Barratt Developments PLC (a)		79,761	$	729
Consumer Staples (2.0%):
British American Tobacco PLC		23,573		875
Tate & Lyle PLC		66,201		610
Tesco PLC		419,560		1,324
Unilever PLC		21,597		1,295
				4,104
Energy (0.8%):
BP PLC		280,629		968
Cairn Energy PLC (a)		241,898		694
				1,662
Financials (1.7%):
3i Group PLC		90,462		1,431
Barclays PLC		340,266		683
Legal & General Group PLC		193,014		703
Standard Chartered PLC		103,556		657
				3,474
Health Care (0.8%):
AstraZeneca PLC		6,583		656
Hikma Pharmaceuticals PLC		29,229		1,005
				1,661
Industrials (1.1%):
Ashtead Group PLC		22,224		1,047
BAE Systems PLC		166,181		1,108
				2,155
Materials (0.9%):
Anglo American PLC		55,947		1,847
				15,632
Total Common Stocks (Cost $169,914)				197,466
Exchange-Traded Funds (0.8%)
United States (0.8%):
iShares Core MSCI EAFE ETF		14,351		992
iShares Core MSCI Emerging Markets ETF		10,394		645
				1,637
Total Exchange-Traded Funds (Cost $1,611)				1,637

See notes to financial statements.

68

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December 31, 2020

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

Security Description	Shares		Value
Collateral for Securities Loaned^ (2.3%)
United States (2.3%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (d)		79,412	$	79
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (d)		2,728,263		2,728
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (d)		39,630		40
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (d)		316,001		316
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (d)		1,420,802		1,421
Total Collateral for Securities Loaned (Cost $4,584)				4,584
Total Investments (Cost $176,109) — 100.8%				203,687
Liabilities in excess of other assets — (0.8)%				(1,586	)
NET ASSETS — 100.00%			$	202,101

^  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, 2020, the fair value of these securities was $4,787 (thousands) and amounted to 2.4% of net assets.

(d)  Rate disclosed is the daily yield on December 31, 2020.

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.

69

Victory Portfolios
Victory Trivalent International Small-Cap Fund Schedule of Portfolio Investments
December 31, 2020

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

Security Description	Shares		Value
Common Stocks (97.6%)
Australia (6.7%):
Consumer Discretionary (0.8%):
Bapcor Ltd.		1,700,014	$	10,221
JB Hi-Fi Ltd.		325,630		12,224
				22,445
Energy (0.8%):
Beach Energy Ltd.		15,163,664		21,148
Financials (0.3%):
Pendal Group Ltd.		1,712,563		8,623
Health Care (0.4%):
Ansell Ltd.		378,998		10,129
Industrials (0.5%):
Seven Group Holdings Ltd.		680,520		12,287
Materials (2.9%):
CSR Ltd.		2,074,989		8,403
Mineral Resources Ltd.		1,204,728		34,825
OZ Minerals Ltd.		1,390,540		20,310
Silver Lake Resources Ltd. (a)		9,215,271		12,715
				76,253
Real Estate (1.0%):
Charter Hall Group		1,800,361		20,442
Shopping Centres Australasia Property Group		3,988,986		7,725
				28,167
				179,052
Belgium (0.5%):
Real Estate (0.5%):
Warehouses De Pauw CVA		344,782		11,952
Bermuda (0.3%):
Industrials (0.3%):
Kerry Logistics Network Ltd.		3,571,000		7,838
Canada (6.5%):
Consumer Discretionary (0.5%):
BRP, Inc.		191,750		12,669
Consumer Staples (0.4%):
Maple Leaf Foods, Inc. (b)		470,660		10,436
Energy (0.6%):
Parex Resources, Inc. (a)		1,152,390		15,864
Financials (0.4%):
Canadian Western Bank (b)		506,397		11,388

See notes to financial statements.

70

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December 31, 2020

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

Security Description	Shares		Value
Industrials (1.1%):
Finning International, Inc.		543,362	$	11,540
TFI International, Inc. (b)		348,155		17,926
				29,466
Information Technology (0.3%):
The Descartes Systems Group, Inc. (a)		137,921		8,068
Materials (1.3%):
Fortuna Silver Mines, Inc. (a) (b)		1,270,108		10,439
Kirkland Lake Gold Ltd.		1		—	(c)
Pretium Resources, Inc. (a)		684,981		7,852
Stella-Jones, Inc.		272,835		9,921
Yamana Gold, Inc.		1,159,352		6,623
				34,835
Real Estate (1.2%):
Canadian Apartment Properties REIT (b)		232,375		9,127
Real Matters, Inc. (a) (b)		589,179		8,893
Tricon Residential, Inc.		1,427,276		12,818
				30,838
Utilities (0.7%):
Northland Power, Inc. (b)		517,848		18,583
				172,147
Denmark (1.4%):
Consumer Discretionary (0.5%):
Pandora A/S		123,948		13,874
Consumer Staples (0.5%):
Royal Unibrew A/S		111,080		12,865
Information Technology (0.4%):
Netcompany Group A/S (a) (b) (d)		111,668		11,453
				38,192
Finland (1.8%):
Industrials (1.1%):
Metso Outotec Oyj		1,459,669		14,664
Valmet Oyj		565,554		16,258
				30,922
Information Technology (0.4%):
TietoEVRY Oyj		303,182		9,975
Materials (0.3%):
Kemira Oyj		528,864		8,382
				49,279
France (8.0%):
Communication Services (0.6%):
Publicis Groupe SA		326,989		16,250

See notes to financial statements.

71

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December 31, 2020

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

Security Description	Shares		Value
Consumer Discretionary (1.4%):
Faurecia SE (a)		392,429	$	20,104
La Francaise des Jeux SAEM (d)		182,014		8,342
SEB SA		49,248		8,954
				37,400
Financials (0.4%):
SCOR SE (a)		321,624		10,431
Health Care (0.4%):
Korian SA (a)		273,931		10,485
Industrials (2.1%):
Alstom SA (a)		171,008		9,739
Eiffage SA		214,307		20,713
Elis SA (a)		625,433		10,360
Nexans SA		224,550		16,246
				57,058
Information Technology (1.4%):
Atos SE (a)		126,157		11,519
SOITEC (a)		73,660		14,282
Sopra Steria Group		66,275		10,682
				36,483
Materials (0.4%):
Arkema SA		94,147		10,771
Real Estate (0.9%):
Gecina SA		89,194		13,868
Klepierre SA		395,571		8,920
				22,788
Utilities (0.4%):
Rubis SCA		247,462		11,438
				213,104
Germany (8.2%):
Communication Services (1.2%):
Freenet AG		549,138		11,547
ProSiebenSat.1 Media SE (a)		685,575		11,541
United Internet AG, Registered Shares		209,193		8,805
				31,893
Consumer Discretionary (0.4%):
HelloFresh SE (a) (b)		142,024		10,984
Financials (0.8%):
Deutsche Pfandbriefbank AG (a) (d)		810,832		8,819
DWS Group GmbH & Co. KGaA (d)		268,791		11,380
				20,199

See notes to financial statements.

72

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December 31, 2020

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

Security Description	Shares		Value
Health Care (1.0%):
Carl Zeiss Meditec AG (b)		86,342	$	11,449
Gerresheimer AG		131,607		14,191
				25,640
Industrials (1.5%):
Brenntag AG		171,909		13,366
KION Group AG		116,872		10,134
Rheinmetall AG		162,475		17,201
				40,701
Information Technology (0.7%):
Bechtle AG		83,328		18,296
Materials (0.7%):
Aurubis AG		127,653		9,961
Covestro AG (d)		155,947		9,607
				19,568
Real Estate (1.3%):
alstria office REIT-AG (b)		797,346		14,505
TAG Immobilien AG		627,975		20,037
				34,542
Utilities (0.6%):
Encavis AG (b)		653,960		17,063
				218,886
Hong Kong (0.5%):
Health Care (0.3%):
The United Laboratories International Holdings Ltd.		10,634,000		7,537
Utilities (0.2%):
Towngas China Co. Ltd.		12,900,000		5,820
				13,357
Ireland (1.3%):
Consumer Discretionary (0.3%):
Dalata Hotel Group PLC (a)		1,939,720		8,950
Financials (0.4%):
Bank of Ireland Group PLC (a)		2,450,699		9,892
Health Care (0.6%):
UDG Healthcare PLC		1,580,093		16,863
				35,705
Isle of Man (0.4%):
Consumer Discretionary (0.4%):
Entain PLC (a)		625,469		9,700
Israel (0.5%):
Health Care (0.5%):
Inmode Ltd. (a)		280,189		13,303

See notes to financial statements.

73

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Victory Trivalent International Small-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares		Value
Italy (2.6%):
Financials (0.3%):
Banca Mediolanum SpA		965,792	$	8,389
Health Care (0.4%):
Amplifon SpA (a) (b)		252,515		10,495
Industrials (0.4%):
Interpump Group SpA		218,367		10,809
Information Technology (0.5%):
Reply SpA		119,220		13,956
Materials (0.5%):
Buzzi Unicem SpA		530,507		12,663
Utilities (0.5%):
ACEA SpA		617,766		12,978
				69,290
Japan (20.9%):
Communication Services (1.1%):
Capcom Co. Ltd.		268,300		17,403
Internet Initiative Japan, Inc.		602,000		11,863
				29,266
Consumer Discretionary (3.7%):
ASKUL Corp.		271,600		10,136
Komeri Co. Ltd.		309,500		8,752
Paltac Corp.		186,100		10,131
Resorttrust, Inc.		547,300		7,832
Starts Corp., Inc.		303,200		8,436
Sumitomo Forestry Co. Ltd.		549,600		11,500
Sushiro Global Holdings Ltd.		518,700		19,901
Tokyotokeiba Co. Ltd.		179,500		8,149
Toyo Tire Corp.		893,700		13,602
				98,439
Consumer Staples (1.3%):
Morinaga Milk Industry Co. Ltd.		139,300		6,865
Nichirei Corp.		304,400		8,555
Valor Holdings Co. Ltd.		427,700		10,968
Yaoko Co. Ltd.		129,500		9,020
				35,408
Financials (1.1%):
North Pacific Bank Ltd.		3,286,000		6,953
The Shiga Bank Ltd.		387,200		7,930
Zenkoku Hosho Co. Ltd.		301,800		13,827
				28,710
Health Care (2.2%):
Eiken Chemical Co. Ltd.		577,500		11,514
Japan Lifeline Co. Ltd.		443,300		6,997
Miraca Holdings, Inc.		332,300		8,956

See notes to financial statements.

74

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December 31, 2020

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

Security Description	Shares		Value
Nikkiso Co. Ltd.		722,700	$	7,042
Sawai Pharmaceutical Co. Ltd.		239,600		10,876
Ship Healthcare Holdings, Inc.		232,400		12,946
				58,331
Industrials (4.8%):
BayCurrent Consulting, Inc.		96,700		16,972
Bell System24 Holdings, Inc.		437,500		6,868
Daihen Corp.		217,100		10,576
Fuji Corp.		634,300		16,722
FULLCAST Holdings Co. Ltd.		423,200		6,594
Kanamoto Co. Ltd.		333,900		7,180
Kintetsu World Express, Inc.		508,100		12,069
Kumagai Gumi Co. Ltd.		353,900		8,925
Penta-Ocean Construction Co. Ltd.		1,767,200		15,215
Sankyu, Inc.		193,700		7,326
Sanwa Holdings Corp.		875,200		10,222
Takeuchi Manufacturing Co. Ltd.		382,600		9,036
				127,705
Information Technology (3.4%):
Anritsu Corp. (b)		640,900		14,309
Fuji Soft, Inc. (b)		170,100		8,511
NEC Networks & System Integration Corp.		396,700		6,860
Net One Systems Co. Ltd.		336,000		11,858
Nippon Electric Glass Co. Ltd.		418,000		9,158
Shinko Electric Industries Co. Ltd.		803,500		18,396
Taiyo Yuden Co. Ltd.		302,500		14,205
Tokyo Seimitsu Co. Ltd.		183,700		8,644
				91,941
Materials (1.7%):
Denka Co. Ltd.		387,600		15,158
Fuso Chemical Co. Ltd.		210,600		7,595
Kaneka Corp.		234,300		8,210
Rengo Co. Ltd.		1,670,900		14,007
				44,970
Real Estate (1.6%):
Invincible Investment Corp.		18,345		5,907
Kenedix Office Investment Corp.		1,440		9,778
Nippon Accommodations Fund, Inc.		2,048		11,514
Open House Co. Ltd.		429,200		15,792
				42,991
				557,761
Korea, Republic Of (5.9%):
Communication Services (0.7%):
Echo Marketing, Inc.		316,169		8,752
Neowiz (a)		514,514		10,656
				19,408

See notes to financial statements.

75

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December 31, 2020

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

Security Description	Shares		Value
Consumer Discretionary (0.5%):
Coway Co. Ltd. (a)		102,989	$	6,903
GS Home Shopping, Inc.		43,139		5,533
				12,436
Consumer Staples (0.8%):
Hite Jinro Co. Ltd. (a)		471,523		13,847
Maeil Dairies Co. Ltd.		114,929		7,402
				21,249
Health Care (1.5%):
Chong Kun Dang Pharmaceutical Corp. (a)		80,665		16,837
Osstem Implant Co. Ltd. (a)		264,608		12,443
Seegene, Inc.		63,606		11,321
				40,601
Industrials (0.3%):
Samsung Engineering Co. Ltd. (a)		575,023		7,031
Information Technology (1.2%):
Douzone Bizon Co. Ltd.		153,238		14,683
Partron Co. Ltd.		964,109		9,967
SFA Engineering Corp. (a)		253,269		9,013
				33,663
Materials (0.9%):
Soulbrain Co. Ltd. (a)		94,097		23,642
				158,030
Luxembourg (0.7%):
Consumer Discretionary (0.7%):
B&M European Value Retail SA		2,513,890		17,695
Malta (0.4%):
Consumer Discretionary (0.4%):
Kindred Group PLC		1,006,763		9,855
Monaco (0.4%):
Materials (0.4%):
Endeavour Mining Corp. (a) (b)		472,154		10,989
Netherlands (4.5%):
Energy (0.4%):
SBM Offshore NV		579,067		10,938
Financials (1.2%):
ASR Nederland NV		328,044		13,124
Euronext NV (d)		168,394		18,546
				31,670
Health Care (0.4%):
Argenx SE (a)		38,724		11,410

See notes to financial statements.

76

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December 31, 2020

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

Security Description	Shares		Value
Industrials (1.3%):
AerCap Holdings NV (a)		183,354	$	8,358
Intertrust NV (a) (d)		440,007		7,462
Signify NV (a) (d)		417,073		17,509
				33,329
Information Technology (1.2%):
ASM International NV		147,867		32,263
				119,610
Norway (0.3%):
Financials (0.3%):
Sparebanken Vest		875,512		7,404
Singapore (0.8%):
Information Technology (0.3%):
AEM Holdings Ltd. (b)		3,362,300		8,790
Real Estate (0.5%):
Frasers Logistics & Commercial Trust		12,753,600		13,636
				22,426
Spain (1.9%):
Consumer Staples (0.4%):
Viscofan SA (b)		125,753		8,901
Financials (0.4%):
Bankinter SA		2,005,557		10,877
Industrials (0.7%):
Applus Services SA (a)		985,538		10,935
Cia de Distribucion Integral Logista Holdings SA		414,507		8,054
				18,989
Real Estate (0.4%):
Merlin Properties Socimi SA		1,196,571		11,408
				50,175
Sweden (3.3%):
Communication Services (1.0%):
Nordic Entertainment Group AB, Class B (a)		202,723		11,348
Stillfront Group AB (a)		1,166,354		14,162
				25,510
Consumer Discretionary (0.4%):
Dometic Group AB (d)		897,851		11,912
Health Care (1.0%):
Getinge AB, Class B		530,433		12,419
Recipharm AB, Class B (a) (b)		579,654		15,479
				27,898
Industrials (0.3%):
Peab AB, Class B (a)		787,758		8,585

See notes to financial statements.

77

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December 31, 2020

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

Security Description	Shares		Value
Real Estate (0.6%):
Wihlborgs Fastigheter AB		658,727	$	14,896
				88,801
Switzerland (7.5%):
Consumer Discretionary (0.3%):
Forbo Holding AG, Registered Shares		5,068		8,727
Consumer Staples (0.4%):
Coca-Cola HBC AG		351,556		11,383
Financials (2.3%):
Cembra Money Bank AG		52,692		6,384
Helvetia Holding AG, Registered Shares		48,496		5,124
Julius Baer Group Ltd.		302,543		17,436
Swiss Life Holding AG		40,611		18,950
Vontobel Holding AG, Class R		180,696		14,370
				62,264
Health Care (0.5%):
Tecan Group AG, Class R		27,099		13,296
Industrials (2.1%):
Adecco Group AG		243,253		16,207
Bucher Industries AG, Registered Shares		29,321		13,453
Sulzer AG, Registered Shares		127,287		13,466
Wizz Air Holdings PLC (a) (d)		221,914		13,853
				56,979
Information Technology (1.2%):
Logitech International SA, Class R		316,104		30,703
Real Estate (0.7%):
PSP Swiss Property AG, Registered Shares		132,959		17,719
				201,071
United Kingdom (11.9%):
Communication Services (0.5%):
Future PLC		626,232		14,842
Consumer Discretionary (2.1%):
Gamesys Group PLC		657,585		10,235
Marks & Spencer Group PLC (a)		4,965,517		9,209
Pets at Home Group PLC		1,787,318		10,167
Redrow PLC		1,831,162		14,282
Vistry Group PLC (a)		899,698		11,561
				55,454
Consumer Staples (1.1%):
Cranswick PLC		185,268		8,902
Stock Spirits Group PLC		2,518,262		9,234
Tate & Lyle PLC		1,214,204		11,186
				29,322

See notes to financial statements.

78

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December 31, 2020

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

Security Description	Shares		Value
Energy (0.6%):
Cairn Energy PLC (a)		5,484,988	$	15,725
Financials (1.2%):
IG Group Holdings PLC		822,134		9,657
Intermediate Capital Group PLC		457,919		10,773
OSB Group PLC (a)		2,160,961		12,516
				32,946
Health Care (0.4%):
Hikma Pharmaceuticals PLC		301,379		10,357
Industrials (1.7%):
IMI PLC		885,335		14,106
Serco Group PLC		5,558,827		9,126
Travis Perkins PLC		669,329		12,321
Ultra Electronics Holdings PLC		336,027		9,456
				45,009
Information Technology (2.2%):
Avast PLC (d)		1,320,815		9,697
Computacenter PLC		565,457		18,933
Electrocomponents PLC		872,950		10,378
Micro Focus International PLC (a)		1,374,861		7,909
Spirent Communications PLC		2,958,033		10,693
				57,610
Materials (0.3%):
Synthomer PLC		1,349,734		8,280
Real Estate (1.4%):
LondonMetric Property PLC		3,890,459		12,198
Safestore Holdings PLC		1,419,561		15,170
The Unite Group PLC (a)		748,897		10,696
				38,064
Utilities (0.4%):
Atlantica Sustainable Infrastructure PLC		268,369		10,193
				317,802
United States (0.4%):
Industrials (0.4%):
Reliance Worldwide Corp. Ltd.		3,435,555		10,755
Total Common Stocks (Cost $1,982,950)				2,604,179
Exchange-Traded Funds (1.2%)
United States (1.2%):
Vanguard FTSE Developed Markets ETF (b)		698,912		32,996
Total Exchange-Traded Funds (Cost $31,626)				32,996

See notes to financial statements.

79

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December 31, 2020

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

Security Description	Shares		Value
Collateral for Securities Loaned^ (2.9%)
United States (2.9%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (e)		1,347,533	$	1,348
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (e)		46,295,647		46,296
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (e)		672,486		672
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (e)		5,362,191		5,362
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (e)		24,109,457		24,109
Total Collateral for Securities Loaned (Cost $77,787)				77,787
Total Investments (Cost $2,092,363) — 101.7%				2,714,962
Liabilities in excess of other assets — (1.7)%				(46,526	)
NET ASSETS — 100.00%			$	2,668,436

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

(c)  Rounds to less than $1 thousand.

(d)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2020, the fair value of these securities was $128,580 (thousands) and amounted to 4.8% of net assets.

(e)  Rate disclosed is the daily yield on December 31, 2020.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

80

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December 31, 2020

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

Security Description	Principal Amount		Value
Asset-Backed Securities (1.5%)
Ameriquest Mortgage Securities, Series 2004-R12, Class M1, 1.00% (LIBOR01M+86bps), 1/25/35, Callable 1/25/21 @ 100 (a)	$	99	$	99
Home Equity Asset Trust, Series 2005-2, Class M5, 1.24% (LIBOR01M+110bps), 7/25/35, Callable 1/25/21 @ 100 (a)		553		553
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 1.12% (LIBOR01M+98bps), 10/25/34, Callable 1/25/21 @ 100 (a)		47		48
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 8/15/23 @ 100 (b)		80		81
Synchrony Credit Card Master Note Trust, Series 2018-1, Class A, 2.97%, 3/15/24		295		296
Total Asset-Backed Securities (Cost $1,055)				1,077
Collateralized Mortgage Obligations (1.2%)
Bank, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100		290		311
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53		257		282
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100		270		269
Total Collateralized Mortgage Obligations (Cost $838)				862
Preferred Stocks (1.9%)
Financials (0.7%):
AMG Capital Trust II, 5.15%, 10/15/37		585		28
Bank of America Corp., Series L, 7.25% (c)		100		151
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (d)		2,010		122
Wells Fargo & Co., Series L, 7.50% (c)		115		174
				475
Health Care (0.2%):
Danaher Corp., Series B, 5.00%, 4/15/23 (e)		98		128
Industrials (0.2%):
Stanley Black & Decker, Inc., 5.25%, 11/15/22		1,455		163
Utilities (0.8%):
American Electric Power Co., Inc., 6.13%, 8/15/23		530		27
Dominion Energy, Inc., Series A, 7.25%, 6/1/22		1,570		157
DTE Energy Co., 6.25%, 11/1/22		2,094		101
NextEra Energy, Inc., 5.28%, 3/1/23		2,740		139
The Southern Co., Series 2019, 6.75%, 8/1/22		2,442		127
				551
Total Preferred Stocks (Cost $1,280)				1,317
Corporate Bonds (53.8%)
Communication Services (2.4%):
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100		184		175

See notes to financial statements.

81

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December 31, 2020

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

Security Description	Principal Amount		Value
AT&T, Inc. 4.25%, 3/1/27, Callable 12/1/26 @ 100 (b)	$	129	$	151
1.65%, 2/1/28, Callable 12/1/27 @ 100		117		120
5.15%, 11/15/46, Callable 5/15/46 @ 100 (b)		312		402
CenturyLink, Inc., 6.75%, 12/1/23		115		128
Comcast Corp. 3.45%, 2/1/50, Callable 8/1/49 @ 100		150		177
2.80%, 1/15/51, Callable 7/15/50 @ 100		128		133
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (f)		143		152
Verizon Communications, Inc. 5.15%, 9/15/23 (b) (e)		142		160
3.38%, 2/15/25 (b)		116		129
				1,727
Consumer Discretionary (5.7%):
Booking Holdings, Inc. 0.90%, 9/15/21		30		35
0.75%, 5/1/25 (e) (f)		100		146
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100		670		715
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81		110		119
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100 (f)		201		214
General Motors Co., 4.88%, 10/2/23 (b)		229		254
Hasbro, Inc., 2.60%, 11/19/22		300		311
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44		110		121
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44		130		137
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100		112		122
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100		212		250
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100		326		349
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100		198		257
NVR, Inc. 3.95%, 9/15/22, Callable 6/15/22 @ 100 (b)		268		282
3.00%, 5/15/30, Callable 11/15/29 @ 100		267		291
Ross Stores, Inc. 3.38%, 9/15/24, Callable 6/15/24 @ 100		160		172
0.88%, 4/15/26, Callable 3/15/26 @ 100		186		186
				3,961
Consumer Staples (3.2%):
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (b)		202		235
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100		167		206
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (b)		70		72
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100		105		138
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100		363		376
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (b)		340		369
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100		95		109
Reynolds American, Inc., 6.15%, 9/15/43 (b)		175		228
The Coca-Cola Co., 2.95%, 3/25/25		263		290
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100		135		193
				2,216

See notes to financial statements.

82

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December 31, 2020

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

Security Description	Principal Amount		Value
Energy (3.8%):
Chevron USA, Inc., 1.02%, 8/12/27, Callable 6/12/27 @ 100	$	320	$	321
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (b)		234		241
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100		135		183
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (b)		248		260
HollyFrontier Corp., 2.63%, 10/1/23		265		271
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100		229		257
Pioneer Natural Resources Co. 0.25%, 5/15/25 (e) (f)		110		146
1.90%, 8/15/30, Callable 5/15/30 @ 100		251		249
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (b)		245		253
Valero Energy Corp. 4.00%, 4/1/29, Callable 1/1/29 @ 100 (b)		102		115
10.50%, 3/15/39		195		338
				2,634
Financials (14.0%):
Aflac, Inc. 2.88%, 10/15/26, Callable 7/15/26 @ 100		335		371
4.75%, 1/15/49, Callable 7/15/48 @ 100		35		49
Alleghany Corp. 3.63%, 5/15/30, Callable 2/15/30 @ 100		130		147
4.90%, 9/15/44, Callable 3/15/44 @ 100		204		263
Ares Capital Corp., 4.63%, 3/1/24		160		169
Bank of America Corp. 2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN		515		523
4.20%, 8/26/24, MTN (b)		160		179
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN		205		230
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (b)		224		246
Cincinnati Financial Corp., 6.13%, 11/1/34		230		321
Citigroup, Inc. 2.75%, 4/25/22, Callable 3/25/22 @ 100		363		374
3.88%, 3/26/25		108		121
4.60%, 3/9/26 (b)		232		272
4.45%, 9/29/27 (b)		108		128
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (a)		94		113
Fifth Third Bancorp 1.63%, 5/5/23, Callable 4/5/23 @ 100		130		134
3.65%, 1/25/24, Callable 12/25/23 @ 100 (b)		584		636
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		290		305
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100		110		118
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100		250		254
JPMorgan Chase & Co. 2.95%, 10/1/26, Callable 7/1/26 @ 100		425		472
5.60%, 7/15/41		87		131
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (f)		120		129
Morgan Stanley 4.88%, 11/1/22 (b)		303		327
3.13%, 7/27/26, MTN		545		609
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22		105		113

See notes to financial statements.

83

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December 31, 2020

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

Security Description	Principal Amount		Value
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100	$	373	$	420
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100		275		303
Truist Financial Corp., 2.75%, 4/1/22, MTN, Callable 3/1/22 @ 100		480		494
Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		195		220
Wells Fargo & Co. 3.45%, 2/13/23		585		620
4.30%, 7/22/27, MTN		410		481
4.90%, 11/17/45 (b)		155		206
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		250		263
				9,741
Health Care (6.2%):
AbbVie, Inc. 3.75%, 11/14/23, Callable 10/14/23 @ 100		317		346
3.20%, 11/21/29, Callable 8/21/29 @ 100		285		321
4.45%, 5/14/46, Callable 11/14/45 @ 100		142		181
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		250		316
Anthem, Inc. 2.38%, 1/15/25, Callable 12/15/24 @ 100		148		158
2.75%, 10/15/42		35		157
Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100		109		124
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100		455		529
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		168		179
Gilead Sciences, Inc., 4.40%, 12/1/21, Callable 9/1/21 @ 100 (b)		660		678
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		193		224
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (f)		260		265
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (b)		135		141
Illumina, Inc. 0.50%, 6/15/21		65		95
0.00%, 8/15/23 (i)		55		62
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100		135		140
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100		146		141
Teladoc Health, Inc., 1.25%, 6/1/27 (f)		55		66
Universal Health Services, Inc., 2.65%, 10/15/30, Callable 7/15/30 @ 100 (f)		102		106
Upjohn, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 (f)		95		101
				4,330
Industrials (5.1%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100		241		244
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		150		161
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100		195		224
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (b)		275		281
Fortive Corp., 0.88%, 2/15/22		160		165
Hillenbrand, Inc., 4.50%, 9/15/26, Callable 7/15/26 @ 100		420		471
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100		82		90
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100		140		152
PACCAR Financial Corp., 0.80%, 6/8/23, MTN		226		228
Rockwell Automation, Inc. 3.50%, 3/1/29, Callable 12/1/28 @ 100		165		192
6.25%, 12/1/37		155		226
Roper Technologies, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 (b)		379		417

See notes to financial statements.

84

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December 31, 2020

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

Security Description	Principal Amount		Value
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (f)	$	130	$	135
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100		115		148
Southwest Airlines Co., 1.25%, 5/1/25		95		138
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (b)		279		327
				3,599
Information Technology (6.4%):
Akamai Technologies, Inc., 0.13%, 5/1/25		80		99
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		117		167
Broadcom Corp., 3.00%, 1/15/22, Callable 12/15/21 @ 100 (b)		160		164
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (b)		132		143
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100		315		384
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100		342		384
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100		120		136
Intel Corp., 3.40%, 3/25/25, Callable 2/25/25 @ 100		228		253
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (b)		166		199
Micron Technology, Inc. 4.19%, 2/15/27, Callable 12/15/26 @ 100		124		145
5.33%, 2/6/29, Callable 11/6/28 @ 100		300		376
3.13%, 5/1/32, Callable 5/4/21 @ 100 (g)		18		135
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (f)		87		93
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100		150		157
Novellus Systems, Inc., 2.63%, 5/15/41		3		44
NVIDIA Corp., 2.20%, 9/16/21, Callable 8/16/21 @ 100		165		167
PayPal Holdings, Inc., 1.65%, 6/1/25, Callable 5/1/25 @ 100		415		434
ServiceNow, Inc. 0.00%, 6/1/22 (i)		5		20
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100		160		214
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 (e)		287		273
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100		360		374
Western Digital Corp., 1.50%, 2/1/24		140		139
				4,500
Materials (1.5%):
Celanese US Holdings LLC, 4.63%, 11/15/22 (b)		210		225
Domtar Corp., 6.75%, 2/15/44, Callable 8/15/43 @ 100		172		217
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100		160		169
Southern Copper Corp., 5.25%, 11/8/42 (b)		95		127
Steel Dynamics, Inc. 2.40%, 6/15/25, Callable 5/15/25 @ 100		50		53
1.65%, 10/15/27, Callable 8/15/27 @ 100		102		105
3.25%, 10/15/50, Callable 4/15/50 @ 100		191		199
				1,095
Real Estate (2.7%):
Duke Realty LP, 3.05%, 3/1/50, Callable 9/1/49 @ 100		159		173
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100		630		656
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (f)		108		117
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100		138		148
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100		134		136
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100		339		348

See notes to financial statements.

85

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December 31, 2020

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

Security Description	Principal Amount		Value
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100	$	145	$	162
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		184		187
				1,927
Utilities (2.8%):
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100		225		227
Arizona Public Service Co., 2.95%, 9/15/27, Callable 6/15/27 @ 100		250		275
CenterPoint Energy, Inc., 4.57%, 9/15/29		1		65
Consolidated Edison, Inc., 6.30%, 8/15/37 (e)		250		363
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (b)		310		324
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100		190		254
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (b)		159		196
Vistra Operations Co. LLC, 3.70%, 1/30/27, Callable 11/30/26 @ 100 (f)		287		316
				2,020
Total Corporate Bonds (Cost $35,108)				37,750
Residential Mortgage-Backed Securities (0.2%)
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.47% (LIBOR01M+132bps), 10/25/32, Callable 1/25/21 @ 100 (a)		96		96
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 12/25/22 @ 100 (b) (f) (h)		51		52
Total Residential Mortgage-Backed Securities (Cost $147)				148
Yankee Dollars (9.0%)
Communication Services (0.9%):
Vodafone Group PLC 3.75%, 1/16/24		321		351
5.25%, 5/30/48		193		268
				619
Consumer Discretionary (0.8%):
Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100		460		504
Consumer Staples (3.0%):
Barry Callebaut Services NV, 5.50%, 6/15/23 (f)		638		700
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b) (f)		670		702
Suntory Holdings Ltd. 2.55%, 6/28/22, Callable 5/28/22 @ 100 (b) (f)		574		591
2.25%, 10/16/24, Callable 9/16/24 @ 100 (f)		200		208
				2,201
Energy (0.9%):
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100		140		146
Ecopetrol SA, 5.88%, 9/18/23 (b)		325		363
Statoil ASA, 3.95%, 5/15/43		100		122
				631

See notes to financial statements.

86

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Principal Amount		Value
Financials (2.1%):
Barclays Bank PLC 0.00%, 2/4/25 (b) (i)	$	75	$	94
0.00%, 2/18/25 (i)		65		72
Enel Finance International NV, 2.88%, 5/25/22 (b) (f)		415		428
Newcrest Finance Pty Ltd. 5.75%, 11/15/41 (f)		155		217
4.20%, 5/13/50, Callable 11/13/49 @ 100 (f)		110		135
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (f)		300		329
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100		195		212
				1,487
Industrials (0.4%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		150		179
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100		85		100
				279
Materials (0.5%):
Rio Tinto Finance USA Ltd. 3.75%, 6/15/25, Callable 3/15/25 @ 100		190		215
5.20%, 11/2/40		75		109
				324
Utilities (0.4%):
Iberdrola International BV 6.75%, 9/15/33		50		68
6.75%, 7/15/36		152		231
				299
Total Yankee Dollars (Cost $5,949)				6,344
U.S. Government Mortgage-Backed Agencies (26.4%)
Federal Home Loan Mortgage Corp. 9.00%, 4/1/25 (b)		13		15
7.50%, 8/1/29 (b)		9		10
Series 4395, Class PA, 2.50%, 4/15/37 – 7/1/50 (b)		608		642
5.00%, 7/1/39 (b)		564		642
Series 4320, Class AP, 3.50%, 7/15/39 – 10/15/40 (b)		543		567
Series 4444, Class CH, 3.00%, 1/15/41 – 10/1/46 (b)		1,019		1,062
Series 4049, Class AB, 2.75%, 12/15/41 (b)		94		96
Series 4494, Class JA, 3.75%, 5/15/42 (b)		489		508
4.50%, 7/1/44 – 12/1/45 (b)		1,019		1,141
				4,683
Federal National Mortgage Association 3.50%, 2/1/32 – 12/25/50		3,462		3,675
6.00%, 2/1/37 (b)		107		125
Series 2011-21, Class PA, 4.50%, 5/25/40 – 5/1/50 (b)		570		610
3.00%, 6/1/40 – 5/1/48		4,872		5,193
2.50%, 7/1/40 – 12/25/47		1,166		1,231
Series 2013-81, Class KA, 2.75%, 9/25/42 (b)		291		302

See notes to financial statements.

87

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2020

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

Security Description	Shares or Principal Amount		Value
Series 2015-61, Class PV, 3.50%, 5/25/44 (b) (h)	$	750	$	831
4.00%, 3/1/47 – 6/1/49		1,444		1,584
				13,551
Government National Mortgage Association 3.00%, 8/20/50		355		372
Total U.S. Government Mortgage-Backed Agencies (Cost $17,896)				18,606
U.S. Treasury Obligations (2.8%)
U.S. Treasury Bonds, 1.25%, 5/15/50		1,150		1,044
U.S. Treasury Notes 2.00%, 8/15/25 (b)		783		843
0.25%, 8/31/25		102		102
Total U.S. Treasury Obligations (Cost $2,034)				1,989
Collateral for Securities Loaned^ (0.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.08% (j)		10,620		11
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (j)		364,842		365
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.04% (j)		5,300		5
JPMorgan Prime Money Market Fund, Capital Class, 0.12% (j)		42,258		42
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.09% (j)		189,999		190
Total Collateral for Securities Loaned (Cost $613)				613
Total Investments (Cost $64,920) — 97.7%				68,706
Other assets in excess of liabilities — 2.3%				1,651
NET ASSETS — 100.00%			$	70,357

^  Purchased with cash collateral from securities on loan.

(a)  Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2020.

(b)  All or a portion of this security has been segregated as collateral for derivative instruments.

(c)  Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.

(d)  Non-income producing security.

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

(f)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2020, the fair value of these securities was $5,348 (thousands) and amounted to 7.6% of net assets.

(g)  Continuously callable with 30 days' notice.

(h)  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, 2020.

(i)  Zero coupon bond.

(j)  Rate disclosed is the daily yield on December 31, 2020.

See notes to financial statements.

88

Victory Portfolios
Victory INCORE Total Return Bond Fund Schedule of Portfolio Investments — continued
December 31, 2020

  (Unaudited)

bps — Basis points

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2020, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2020, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

Futures Contracts Purchased
(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
5-Year U.S. Treasury Note Futures		31	3/31/21	$	3,903,599	$	3,911,085	$	7,486
Ultra Long Term U.S. Treasury Bond Futures		7	3/22/21		1,512,125		1,494,938		(17,187	)
								$	(9,701	)

Futures Contracts Sold
(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
10-Year U.S. Treasury Note Futures		4	3/22/21	$	552,736	$	552,312	$	424
	Total unrealized appreciation							$	7,910
	Total unrealized depreciation								(17,187	)
	Total net unrealized appreciation (depreciation)							$	(9,277	)

See notes to financial statements.

89

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (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 $71,741, $163,858 and $1,480,188)	$	81,044	(a)	$	204,008	(b)	$	1,928,058	(c)
Cash and cash equivalents		536			1,817			9,098
Receivables:
Interest and dividends		64			282			2,677
Capital shares issued		159			120			1,289
Investments sold		483			—			10,860
From Adviser		5			101			1
Prepaid expenses		55			33			144
Total Assets		82,346			206,361			1,952,127
LIABILITIES:
Payables:
Collateral received on loaned securities		6,578			3,558			99,310
Investments purchased		242			254			4,775
Capital shares redeemed		120			184			5,628
Accrued expenses and other payables:
Investment advisory fees		63			126			1,331
Administration fees		4			11			95
Custodian fees		1			—	(d)		14
Transfer agent fees		41			10			274
Compliance fees		—	(d)		—	(d)		1
Trustees' fees		28			—	(d)		33
12b-1 fees		6			1			15
Other accrued expenses		14			20			146
Total Liabilities		7,097			4,164			111,622
NET ASSETS:
Capital		75,405			185,505			1,558,772
Total accumulated earnings/(loss)		(156	)		16,692			281,733
Net Assets	$	75,249		$	202,197		$	1,840,505
Net Assets
Class A Shares	$	37,959		$	10,778		$	100,122
Class C Shares		2,133			65			6,280
Class R Shares		2,556			—			5,980
Class R6 Shares		—			178,669			1,134,665
Class Y Shares		32,469			12,593			593,458
Member Class		132			92			—
Total	$	75,249		$	202,197		$	1,840,505
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		1,124			548			2,900
Class C Shares		93			3			214
Class R Shares		81			—			180
Class R6 Shares		—			8,991			31,578
Class Y Shares		866			635			16,611
Member Class		4			5			—
Total		2,168			10,182			51,483

See notes to financial statements.

90

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)  (continued)

	Victory Integrity Discovery Fund			Victory Integrity Mid-Cap Value Fund			Victory Integrity Small-Cap Value Fund
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	33.77		$	19.68		$	34.52
Class C Shares (f)		22.85			19.83			29.34
Class R Shares		31.49			—			33.28
Class R6 Shares		—			19.87			35.93
Class Y Shares		37.49			19.85			35.73
Member Class		33.78			19.97			—
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	$	35.83		$	20.88		$	36.63

(a)  Includes $6,447 of securities on loan.

(b)  Includes $3,449 of securities on loan.

(c)  Includes $96,126 of securities on loan.

(d)  Rounds to less than $1 thousand.

(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.

91

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (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 $123,642, $280,180 and $49,929)	$	153,912	(a)	$	400,986	(b)	$	243,153	(c)
Cash and cash equivalents		1,277			1,190			1,049
Deposit with brokers for futures contracts		—			—			447
Receivables:
Interest and dividends		172			252			180
Capital shares issued		151			3			19
Investments sold		297			—			—
Variation margin on open futures contracts		—			—			10
From Adviser		35			1			—
Prepaid expenses		32			39			47
Total Assets		155,876			402,471			244,905
LIABILITIES:
Payables:
Collateral received on loaned securities		5,297			4,324			727
Investments purchased		318			—			—
Capital shares redeemed		137			153			4
Accrued expenses and other payables:
Investment advisory fees		100			251			41
Administration fees		8			21			13
Custodian fees		1			3			2
Transfer agent fees		—	(d)		122			30
Compliance fees		—	(d)		—	(d)		—	(d)
Trustees' fees		—	(d)		155			30
12b-1 fees		—	(d)		41			15
Other accrued expenses		26			52			19
Total Liabilities		5,887			5,122			881
NET ASSETS:
Capital		131,407			262,375			45,459
Total accumulated earnings/(loss)		18,582			134,974			198,565
Net Assets	$	149,989		$	397,349		$	244,024
Net Assets
Class A Shares	$	4,220		$	356,408		$	176,182
Class C Shares		—			5,060			—
Class R Shares		—			—			15,538
Class R6 Shares		104,851			—			—
Class Y Shares		40,659			35,881			52,304
Member Class		259			—			—
Total	$	149,989		$	397,349		$	244,024
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		231			7,697			7,801
Class C Shares		—			143			—
Class R Shares		—			—			690
Class R6 Shares		5,661			—			—
Class Y Shares		2,202			706			2,296
Member Class		14			—			—
Total		8,108			8,546			10,787

See notes to financial statements.

92

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)  (continued)

	Victory Integrity Small/Mid-Cap Value Fund			Victory Munder Multi-Cap Fund			Victory S&P 500 Index Fund
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	18.29		$	46.31		$	22.58
Class C Shares (f)		—			35.38			—
Class R Shares		—			—			22.50
Class R6 Shares		18.52			—			—
Class Y Shares		18.46			50.81			22.78
Member Class		18.43			—			—
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	19.41		$	49.14		$	23.10

(a)  Includes $5,084 of securities on loan.

(b)  Includes $4,157 of securities on loan.

(c)  Includes $713 of securities on loan.

(d)  Rounds to less than $1 thousand.

(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.

93

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (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 $394,529, $11,051 and $8,631)	$	607,056	(a)	$	16,435	(b)	$	11,067	(c)
Cash and cash equivalents		1,250			309			76
Receivables:
Interest and dividends		315			4			23
Capital shares issued		344			—			10
From Adviser		2			2			13
Prepaid expenses		54			1			6
Total Assets		609,021			16,751			11,195
LIABILITIES:
Payables:
Collateral received on loaned securities		22,349			1,906			423
Capital shares redeemed		1,623			—			—	(d)
Accrued foreign capital gains taxes		—			—			17
Accrued expenses and other payables:
Investment advisory fees		366			10			10
Administration fees		28			1			1
Custodian fees		6			—	(d)		4
Transfer agent fees		196			—	(d)		3
Compliance fees		1			—	(d)		—	(d)
Trustees' fees		36			—	(d)		—	(d)
12b-1 fees		31			—	(d)		—	(d)
Other accrued expenses		78			8			17
Total Liabilities		24,714			1,925			475
NET ASSETS:
Capital		364,082			9,333			8,852
Total accumulated earnings/(loss)		220,225			5,493			1,868
Net Assets	$	584,307		$	14,826		$	10,720
Net Assets
Class A Shares	$	207,347		$	483		$	1,123
Class C Shares		12,936			—			—
Class I Shares		—			14,224			—
Class R Shares		14,362			—			—
Class R6 Shares		98,699			—			—
Class Y Shares		250,963			119			9,597
Total	$	584,307		$	14,826		$	10,720
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		15,456			27			75
Class C Shares		2,820			—			—
Class I Shares		—			790			—
Class R Shares		1,292			—			—
Class R6 Shares		5,685			—			—
Class Y Shares		15,198			7			644
Total		40,451			824			719

See notes to financial statements.

94

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)  (continued)

	Victory Munder Mid-Cap Core Growth Fund			Victory Munder Small Cap Growth Fund			Victory Trivalent Emerging Markets Small-Cap Fund
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	13.42		$	17.71		$	14.89
Class C Shares (f)		4.59			—			—
Class I Shares		—			18.01			—
Class R Shares		11.11			—			—
Class R6 Shares		17.36			—			—
Class Y Shares		16.51			17.81			14.91
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	$	14.24		$	18.79		$	15.80

(a)  Includes $21,580 of securities on loan.

(b)  Includes $1,851 of securities on loan.

(c)  Includes $404 of securities on loan.

(d)  Rounds to less than $1 thousand.

(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.

95

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (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 $176,109, $2,092,363 and $64,920)	$	203,687	(a)	$	2,714,962	(b)	$	68,706	(c)
Foreign currency, at value (Cost $—(d), $616 and $—)		—	(d)		629			—
Cash and cash equivalents		2,046			30,090			1,135
Deposit with brokers for swap agreements		—			—			602
Deposit with brokers for futures contracts		—			—			356
Receivables:
Interest and dividends		229			3,412			434
Capital shares issued		1,222			2,608			—
Investments sold		164			393			—
Variation margin on open futures contracts		—			—			7
Reclaims		129			2,703			—
From Adviser		147			665			11
Prepaid expenses		63			139			40
Total Assets		207,687			2,755,601			71,291
LIABILITIES:
Payables:
Collateral received on loaned securities		4,584			77,787			613
Investments purchased		652			5,041			222
Capital shares redeemed		1			1,600			—	(d)
Variation margin on open futures contracts		—			—			—	(d)
Accrued foreign capital gains taxes		141			—			—
Accrued expenses and other payables:
Investment advisory fees		133			1,999			24
Administration fees		10			134			4
Custodian fees		4			45			1
Transfer agent fees		3			398			7
Compliance fees		—	(d)		2			—	(d)
Trustees' fees		43			23			49
12b-1 fees		1			10			1
Other accrued expenses		14			126			13
Total Liabilities		5,586			87,165			934
NET ASSETS:
Capital		182,050			2,022,246			70,815
Total accumulated earnings/(loss)		20,051			646,190			(458	)
Net Assets	$	202,101		$	2,668,436		$	70,357
Net Assets
Class A Shares	$	5,123		$	78,214		$	10,798
Class C Shares		121			4,721			670
Class I Shares		3,082			1,627,012			—
Class R6 Shares		186,092			107,801			25,939
Class Y Shares		7,683			850,688			32,950
Total	$	202,101		$	2,668,436		$	70,357

See notes to financial statements.

96

Victory Portfolios Statements of Assets and Liabilities
December 31, 2020 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)  (continued)

	Victory Trivalent International Fund-Core Equity			Victory Trivalent International Small-Cap Fund			Victory INCORE Total Return Bond Fund
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares	$	669		$	4,824		$	1,074
Class C Shares		16			300			66
Class I Shares		401			99,753			—
Class R6 Shares		24,059			6,578			2,575
Class Y Shares		1,006			52,378			3,272
Total		26,151			163,833			6,987
Net asset value, offering (except Class A Shares) and redemption price per share: (e)
Class A Shares	$	7.65		$	16.21		$	10.05
Class C Shares (f)		7.67			15.74			10.12
Class I Shares		7.69			16.31			—
Class R6 Shares		7.73			16.39			10.07
Class Y Shares		7.64			16.24			10.07
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	8.12		$	17.20		$	10.28

(a)  Includes $4,195 of securities on loan.

(b)  Includes $73,940 of securities on loan.

(c)  Includes $596 of securities on loan.

(d)  Rounds to less than $1 thousand.

(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.

97

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2020 (Unaudited)

(Amounts in Thousands)  

	Victory Integrity Discovery Fund			Victory Integrity Mid-Cap Value Fund			Victory Integrity Small-Cap Value Fund
Investment Income:
Dividends	$	696		$	3,663		$	14,824
Interest		—	(a)		—	(a)		3
Securities lending (net of fees)		7			3			115
Total Income		703			3,666			14,942
Expenses:
Investment advisory fees		318			688			6,989
Administration fees		19			55			492
Sub-Administration fees		8			8			8
12b-1 fees — Class A Shares		41			12			107
12b-1 fees — Class C Shares		10			—	(a)		29
12b-1 fees — Class R Shares		5			—			14
Custodian fees		2			6			36
Transfer agent fees — Class A Shares		32			7			109
Transfer agent fees — Class C Shares		2			—	(a)		5
Transfer agent fees — Class R Shares		3			—			8
Transfer agent fees — Class R6 Shares		—			8			38
Transfer agent fees — Class Y Shares		25			11			438
Transfer agent fees — Member Class (b)		—	(a)		—	(a)		—
Trustees' fees		3			8			70
Compliance fees		—	(a)		1			8
Legal and audit fees		6			11			55
State registration and filing fees		31			36			51
Interfund lending fees		—			—			—	(a)
Other expenses		10			20			149
Total Expenses		515			871			8,606
Expenses waived/reimbursed by Adviser		(11	)		(292	)		(5	)
Net Expenses		504			579			8,601
Net Investment Income (Loss)		199			3,087			6,341
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		1,828			(2,388	)		92,302
Net change in unrealized appreciation/depreciation on investment securities		19,766			50,309			476,816
Net realized/unrealized gains (losses) on investments		21,594			47,921			569,118
Change in net assets resulting from operations	$	21,793		$	51,008		$	575,459

(a)  Rounds to less than $1 thousand.

(b)  Victory Integrity Discovery Fund and Victory Integrity Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

See notes to financial statements.

98

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2020 (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	$	2,714		$	2,459		$	1,992
Interest		—	(a)		1			—	(a)
Securities lending (net of fees)		3			1			2
Total Income		2,717			2,461			1,994
Expenses:
Investment advisory fees		513			1,419			231
Administration fees		39			114			70
Sub-Administration fees		8			8			9
12b-1 fees — Class A Shares		4			425			125
12b-1 fees — Class C Shares		—			25			—
12b-1 fees — Class R Shares		—			—			37
Custodian fees		3			8			5
Transfer agent fees — Class A Shares		5			399			59
Transfer agent fees — Class C Shares		—			7			—
Transfer agent fees — Class R Shares		—			—			5
Transfer agent fees — Class R6 Shares		1			—			—
Transfer agent fees — Class Y Shares		7			16			25
Transfer agent fees — Member Class (b)		—	(a)		—			—
Trustees' fees		5			13			10
Compliance fees		1			2			1
Legal and audit fees		8			16			11
State registration and filing fees		27			25			26
Other expenses		24			45			27
Total Expenses		645			2,522			641
Expenses waived/reimbursed by Adviser		(96	)		(5	)		—
Net Expenses		549			2,517			641
Net Investment Income (Loss)		2,168			(56	)		1,353
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		3,401			24,002			12,821
Net realized gains (losses) from futures contracts		—			—			212
Net change in unrealized appreciation/depreciation on investment securities		36,740			47,442			30,869
Net change in unrealized appreciation/depreciation on futures contracts		—			—			35
Net realized/unrealized gains (losses) on investments		40,141			71,444			43,937
Change in net assets resulting from operations	$	42,309		$	71,388		$	45,290

(a)  Rounds to less than $1 thousand

(b)  Victory Integrity Small/Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

See notes to financial statements.

99

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2020 (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	$	2,340		$	24		$	150
Interest		1			—	(a)		—	(a)
Securities lending (net of fees)		15			11			6
Foreign tax withholding		(1	)		—	(a)		(22	)
Total Income		2,355			35			134
Expenses:
Investment advisory fees		2,186			52			53
Administration fees		176			4			3
Sub-Administration fees		8			8			8
12b-1 fees — Class A Shares		247			—	(a)		1
12b-1 fees — Class C Shares		66			—			—
12b-1 fees — Class R Shares		34			—			—
Accounting fees		—	(a)		—	(a)		9
Custodian fees		14			1			17
Transfer agent fees — Class A Shares		169			—	(a)		1
Transfer agent fees — Class C Shares		9			—			—
Transfer agent fees — Class I Shares		—			—	(a)		—
Transfer agent fees — Class R Shares		18			—			—
Transfer agent fees — Class R6 Shares		2			—			—
Transfer agent fees — Class Y Shares		203			—	(a)		5
Trustees' fees		28			1			1
Compliance fees		3			—	(a)		—	(a)
Legal and audit fees		19			4			10
State registration and filing fees		44			5			3
Other expenses		55			3			4
Total Expenses		3,281			78			115
Expenses waived/reimbursed by Adviser		(8	)		(8	)		(41	)
Net Expenses		3,273			70			74
Net Investment Income (Loss)		(918	)		(35	)		60
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		80,752			470			1,079
Foreign taxes on realized gains		—			—			(2	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		66,263			3,464			1,207
Net change in accrued foreign taxes on unrealized gains		—			—			(13	)
Net realized/unrealized gains (losses) on investments		147,015			3,934			2,271
Change in net assets resulting from operations	$	146,097		$	3,899		$	2,331

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

100

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2020 (Unaudited)

(Amounts in Thousands)  

	Victory Trivalent International Fund-Core Equity			Victory Trivalent International Small-Cap Fund			Victory INCORE Total Return Bond Fund
Investment Income:
Dividends	$	2,130		$	20,524		$	26
Interest		—	(a)		7			797
Securities lending (net of fees)		8			294			1
Foreign tax withholding		(215	)		(2,443	)		—
Total Income		1,923			18,382			824
Expenses:
Investment advisory fees		647			10,490			142
Administration fees		49			687			22
Sub-Administration fees		8			8			8
12b-1 fees — Class A Shares		6			135			14
12b-1 fees — Class C Shares		1			22			3
Custodian fees		50			182			5
Transfer agent fees — Class A Shares		6			172			11
Transfer agent fees — Class C Shares		—	(a)		3			1
Transfer agent fees — Class I Shares		—	(a)		889			—
Transfer agent fees — Class R6 Shares		—	(a)		2			—	(a)
Transfer agent fees — Class Y Shares		1			499			7
Trustees' fees		5			89			2
Compliance fees		1			10			—	(a)
Legal and audit fees		14			75			8
State registration and filing fees		34			63			28
Other expenses		21			168			12
Total Expenses		843			13,494			263
Expenses waived/reimbursed by Adviser		(381	)		(1,785	)		(33	)
Net Expenses		462			11,709			230
Net Investment Income (Loss)		1,461			6,673			594
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		1,425			198,027			277
Net realized gains (losses) from futures contracts		—			—			112
Net realized gains (losses) from swap agreements		—			—			18
Net change in unrealized appreciation/depreciation on investment securities		26,846			323,212			880
Net change in unrealized appreciation/depreciation on futures contracts		—			—			(2	)
Net change in accrued foreign taxes on unrealized gains		(97	)		—			—
Net realized/unrealized gains (losses) on investments		28,174			521,239			1,285
Change in net assets resulting from operations	$	29,635		$	527,912		$	1,879

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

101

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  

	Victory Integrity Discovery Fund						Victory Integrity Mid-Cap Value Fund						Victory Integrity Small-Cap Value Fund
	Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
From Investment Activities:
Operations:
Net investment income (loss)	$	199		$	(140	)	$	3,087		$	3,811		$	6,341		$	10,994
Net realized gains (losses) from investments		1,828			(10,099	)		(2,388	)		(20,430	)		92,302			(254,708	)
Net change in unrealized appreciation/depreciation on investments		19,766			(18,876	)		50,309			(17,425	)		476,816			(257,100	)
Change in net assets resulting from operations		21,793			(29,115	)		51,008			(34,044	)		575,459			(500,814	)
Distributions to Shareholders:
Class A Shares		—			(1,198	)		(240	)		(45	)		(90	)		(569	)
Class C Shares		—			(191	)		(1	)		—	(a)		—			(49	)
Class R Shares		—			(98	)		—			—			—			(43	)
Class R6 Shares		—			—			(4,563	)		(1,711	)		(5,456	)		(9,755	)
Class Y Shares		—			(1,529	)		(303	)		(108	)		(1,954	)		(6,764	)
Member Class (b)		—			—			(1	)		—			—			—
Change in net assets resulting from distributions to shareholders		—			(3,016	)		(5,108	)		(1,864	)		(7,500	)		(17,180	)
Change in net assets resulting from capital transactions		(8,861	)		(37,894	)		(46,176	)		153,096			(294,756	)		(238,280	)
Change in net assets		12,932			(70,025	)		(276	)		117,188			273,203			(756,274	)
Net Assets:
Beginning of period		62,317			132,342			202,473			85,285			1,567,302			2,323,576
End of period	$	75,249		$	62,317		$	202,197		$	202,473		$	1,840,505		$	1,567,302

(a)  Rounds to less than $1 thousand.

(b)  Victory Integrity Discovery Fund and Victory Integrity Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

(continues on next page)

See notes to financial statements.

102

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Integrity Discovery Fund						Victory Integrity Mid-Cap Value Fund						Victory Integrity Small-Cap Value Fund
	Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	1,052		$	4,226		$	662		$	3,987		$	11,217		$	23,461
Distributions reinvested		—			1,058			234			44			81			495
Cost of shares redeemed		(5,055	)		(13,704	)		(1,100	)		(1,868	)		(21,311	)		(56,674	)
Total Class A Shares	$	(4,003	)	$	(8,420	)	$	(204	)	$	2,163		$	(10,013	)	$	(32,718	)
Class C Shares
Proceeds from shares issued	$	34		$	219		$	16		$	54		$	139		$	538
Distributions reinvested		—			168			1			—	(a)		—			47
Cost of shares redeemed		(770	)		(3,625	)		(11	)		—			(1,625	)		(3,569	)
Total Class C Shares	$	(736	)	$	(3,238	)	$	6		$	54		$	(1,486	)	$	(2,984	)
Class R Shares
Proceeds from shares issued	$	301		$	1,386		$	—		$	—		$	579		$	2,040
Distributions reinvested		—			85			—			—			—			35
Cost of shares redeemed		(472	)		(1,514	)		—			—			(1,821	)		(5,439	)
Total Class R Shares	$	(171	)	$	(43	)	$	—		$	—		$	(1,242	)	$	(3,364	)
Class R6 Shares
Proceeds from shares issued	$	—		$	—		$	9,102		$	190,734		$	72,502		$	354,199
Distributions reinvested		—			—			4,555			1,707			5,356			9,428
Cost of shares redeemed		—			—			(60,304	)		(31,573	)		(283,141	)		(292,721	)
Total Class R6 Shares	$	—		$	—		$	(46,647	)	$	160,868		$	(205,283	)	$	70,906
Class Y Shares
Proceeds from shares issued	$	5,732		$	24,172		$	1,234		$	4,409		$	59,510		$	224,939
Distributions reinvested		—			1,407			299			107			1,797			6,413
Cost of shares redeemed		(9,806	)		(51,772	)		(950	)		(14,505	)		(138,039	)		(501,472	)
Total Class Y Shares	$	(4,074	)	$	(26,193	)	$	583		$	(9,989	)	$	(76,732	)	$	(270,120	)
Member Class (b)
Proceeds from shares issued	$	125		$	—		$	85		$	—		$	—		$	—
Distributions reinvested		—			—			1			—			—			—
Cost of shares redeemed		(2	)		—			—			—			—			—
Total Member Class	$	123		$	—		$	86		$	—		$	—		$	—
Change in net assets resulting from capital transactions	$	(8,861	)	$	(37,894	)	$	(46,176	)	$	153,096		$	(294,756	)	$	(238,280	)

(a)  Rounds to less than $1 thousand.

(b)  Victory Integrity Discovery Fund and Victory Integrity Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

(continues on next page)

See notes to financial statements.

103

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Integrity Discovery Fund						Victory Integrity Mid-Cap Value Fund						Victory Integrity Small-Cap Value Fund
	Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Share Transactions:
Class A Shares
Issued		38			159			39			250			406			846
Reinvested		—			31			12			2			2			15
Redeemed		(188	)		(495	)		(63	)		(116	)		(764	)		(1,943	)
Total Class A Shares		(150	)		(305	)		(12	)		136			(356	)		(1,082	)
Class C Shares
Issued		2			12			1			3			5			22
Reinvested		—			7			—	(a)		—	(a)		—			2
Redeemed		(43	)		(182	)		(1	)		—			(70	)		(143	)
Total Class C Shares		(41	)		(163	)		—	(b)		3			(65	)		(119	)
Class R Shares
Issued		11			47			—			—			23			81
Reinvested		—			3			—			—			—			1
Redeemed		(19	)		(61	)		—			—			(68	)		(191	)
Total Class R Shares		(8	)		(11	)		—			—			(45	)		(109	)
Class R6 Shares
Issued		—			—			538			10,669			2,471			13,497
Reinvested		—			—			235			88			152			265
Redeemed		—			—			(3,710	)		(1,948	)		(9,774	)		(10,043	)
Total Class R6 Shares		—			—			(2,937	)		8,809			(7,151	)		3,719
Class Y Shares
Issued		171			815			68			259			1,951			8,217
Reinvested		—			37			15			6			51			182
Redeemed		(338	)		(1,830	)		(54	)		(852	)		(4,856	)		(18,245	)
Total Class Y Shares		(167	)		(978	)		29			(587	)		(2,854	)		(9,846	)
Member Class (b)
Issued		4			—			5			—			—			—
Reinvested		—			—			—	(a)		—			—			—
Redeemed		—	(a)		—			—			—			—			—
Total Member Class		4			—			5			—			—			—
Change in Shares		(362	)		(1,457	)		(2,915	)		8,361			(10,471	)		(7,437	)

(a)  Rounds to less than 1 thousand.

(b)  Victory Integrity Discovery Fund and Victory Integrity Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

See notes to financial statements.

104

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
From Investment Activities:
Operations:
Net investment income (loss)	$	2,168		$	1,209		$	(56	)	$	369		$	1,353		$	3,075
Net realized gains (losses) from investments		3,401			(13,324	)		24,002			(9,321	)		13,033			27,234
Net change in unrealized appreciation/depreciation on investments		36,740			(14,023	)		47,442			14,670			30,904			(15,381	)
Change in net assets resulting from operations		42,309			(26,138	)		71,388			5,718			45,290			14,928
Distributions to Shareholders:
Class A Shares		(59	)		(22	)		(244	)		(9,781	)		(11,146	)		(20,471	)
Class C Shares		—			—			—			(265	)		—			—
Class R Shares		—			—			—			—			(946	)		(1,715	)
Class R6 Shares		(1,692	)		(815	)		—			—			—			—
Class Y Shares		(644	)		(283	)		(124	)		(917	)		(3,391	)		(5,159	)
Member Class (a)		(2	)		—			—			—			—			—
Change in net assets resulting from distributions to shareholders		(2,397	)		(1,120	)		(368	)		(10,963	)		(15,483	)		(27,345	)
Change in net assets resulting from capital transactions		(6,020	)		8,516			(21,340	)		(34,098	)		705			(8,722	)
Change in net assets		33,892			(18,742	)		49,680			(39,343	)		30,512			(21,139	)
Net Assets:
Beginning of period		116,097			134,839			347,669			387,012			213,512			234,651
End of period	$	149,989		$	116,097		$	397,349		$	347,669		$	244,024		$	213,512

(a)  Victory Integrity Small/Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

(continues on next page)

See notes to financial statements.

105

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	397		$	1,437		$	2,954		$	8,491		$	4,053		$	12,097
Distributions reinvested		59			22			211			8,468			9,719			17,860
Cost of shares redeemed		(587	)		(1,062	)		(22,186	)		(46,249	)		(12,803	)		(54,473	)
Total Class A Shares	$	(131	)	$	397		$	(19,021	)	$	(29,290	)	$	969		$	(24,516	)
Class C Shares
Proceeds from shares issued	$	—		$	—		$	135		$	401		$	—		$	—
Distributions reinvested		—			—			—			234			—			—
Cost of shares redeemed		—			—			(1,785	)		(4,844	)		—			—
Total Class C Shares	$	—		$	—		$	(1,650	)	$	(4,209	)	$	—		$	—
Class R Shares
Proceeds from shares issued	$	—		$	—		$	—		$	—		$	1,593		$	4,926
Distributions reinvested		—			—			—			—			946			1,715
Cost of shares redeemed		—			—			—			—			(2,614	)		(6,634	)
Total Class R Shares	$	—		$	—		$	—		$	—		$	(75	)	$	7
Class R6 Shares
Proceeds from shares issued	$	7,686		$	22,861		$	—		$	—		$	—		$	—
Distributions reinvested		1,689			813			—			—			—			—
Cost of shares redeemed		(12,496	)		(20,141	)		—			—			—			—
Total Class R6 Shares	$	(3,121	)	$	3,533		$	—		$	—		$	—		$	—
Class Y Shares
Proceeds from shares issued	$	3,004		$	8,038		$	1,556		$	5,469		$	3,700		$	37,717
Distributions reinvested		511			268			82			645			3,202			4,878
Cost of shares redeemed		(6,525	)		(3,720	)		(2,307	)		(6,713	)		(7,091	)		(26,808	)
Total Class Y Shares	$	(3,010	)	$	4,586		$	(669	)	$	(599	)	$	(189	)	$	15,787
Member Class (a)
Proceeds from shares issued	$	249		$	—		$	—		$	—		$	—		$	—
Distributions reinvested		2			—			—			—			—			—
Cost of shares redeemed		(9	)		—			—			—			—			—
Total Member Class	$	242		$	—		$	—		$	—		$	—		$	—
Change in net assets resulting from capital transactions	$	(6,020	)	$	8,516		$	(21,340	)	$	(34,098	)	$	705		$	(8,722	)

(a)  Victory Integrity Small/Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

(continues on next page)

See notes to financial statements.

106

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Share Transactions:
Class A Shares
Issued		26			97			71			214			184			612
Reinvested		3			1			5			204			437			880
Redeemed		(39	)		(74	)		(519	)		(1,212	)		(583	)		(2,651	)
Total Class A Shares		(10	)		24			(443	)		(794	)		38			(1,159	)
Class C Shares
Issued		—			—			4			13			—			—
Reinvested		—			—			—			7			—			—
Redeemed		—			—			(58	)		(157	)		—			—
Total Class C Shares		—			—			(54	)		(137	)		—			—
Class R Shares
Issued		—			—			—			—			73			246
Reinvested		—			—			—			—			43			85
Redeemed		—			—			—			—			(121	)		(326	)
Total Class R Shares		—			—			—			—			(5	)		5
Class R6 Shares
Issued		495			1,535			—			—			—			—
Reinvested		93			46			—			—			—			—
Redeemed		(813	)		(1,330	)		—			—			—			—
Total Class R6 Shares		(225	)		251			—			—			—			—
Class Y Shares
Issued		199			515			34			142			167			1,848
Reinvested		28			15			2			14			143			239
Redeemed		(420	)		(266	)		(50	)		(162	)		(322	)		(1,294	)
Total Class Y Shares		(193	)		264			(14	)		(6	)		(12	)		793
Member Class (a)
Issued		14			—			—			—			—			—
Reinvested		—	(b)		—			—			—			—			—
Redeemed		—	(b)		—			—			—			—			—
Total Member Class		14			—			—			—			—			—
Change in Shares		(414	)		539			(511	)		(937	)		21			(361	)

(a)  Victory Integrity Small/Mid-Cap Value Fund Member Class commenced operations on November 3, 2020.

(b)  Rounds to less than 1 thousand.

See notes to financial statements.

107

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
From Investment Activities:
Operations:
Net investment income (loss)	$	(918	)	$	(2,195	)	$	(35	)	$	(38	)	$	60		$	106
Net realized gains (losses) from investments		80,752			254,589			470			1,238			1,077			(718	)
Net change in unrealized appreciation/depreciation on investments		66,263			(273,091	)		3,464			92			1,194			600
Change in net assets resulting from operations		146,097			(20,697	)		3,899			1,292			2,331			(12	)
Distributions to Shareholders:
Class A Shares		(23,341	)		(127,008	)		(36	)		(18	)		(8	)		(6	)
Class C Shares		(3,462	)		(17,343	)		—			—			—			—
Class I Shares		—			—			(1,071	)		(702	)		—			—
Class R Shares		(1,885	)		(8,983	)		—			—			—			—
Class R6 Shares		(8,673	)		(74,101	)		—			—			—			—
Class Y Shares		(23,441	)		(283,629	)		(9	)		(6	)		(82	)		(74	)
Change in net assets resulting from distributions to shareholders		(60,802	)		(511,064	)		(1,116	)		(726	)		(90	)		(80	)
Change in net assets resulting from capital transactions		(85,351	)		(342,469	)		1,227			950			51			(390	)
Change in net assets		(56	)		(874,230	)		4,010			1,516			2,292			(482	)
Net Assets:
Beginning of period		584,363			1,458,593			10,816			9,300			8,428			8,910
End of period	$	584,307		$	584,363		$	14,826		$	10,816		$	10,720		$	8,428

(continues on next page)

See notes to financial statements.

108

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	9,084		$	29,605		$	29		$	242		$	14		$	173
Distributions reinvested		21,270			114,821			35			18			8			6
Cost of shares redeemed		(35,672	)		(115,796	)		(30	)		(98	)		(76	)		(226	)
Total Class A Shares	$	(5,318	)	$	28,630		$	34		$	162		$	(54	)	$	(47	)
Class C Shares
Proceeds from shares issued	$	85		$	1,741		$	—		$	—		$	—		$	—
Distributions reinvested		3,445			15,847			—			—			—			—
Cost of shares redeemed		(4,452	)		(12,234	)		—			—			—			—
Total Class C Shares	$	(922	)	$	5,354		$	—		$	—		$	—		$	—
Class I Shares
Proceeds from shares issued	$	—		$	—		$	113		$	106		$	—		$	—
Distributions reinvested		—			—			1,071			701			—			—
Cost of shares redeemed		—			—			—			(25	)		—			—
Total Class I Shares	$	—		$	—		$	1,184		$	782		$	—		$	—
Class R Shares
Proceeds from shares issued	$	837		$	2,169		$	—		$	—		$	—		$	—
Distributions reinvested		1,882			8,785			—			—			—			—
Cost of shares redeemed		(2,778	)		(6,902	)		—			—			—			—
Total Class R Shares	$	(59	)	$	4,052		$	—		$	—		$	—		$	—
Class R6 Shares
Proceeds from shares issued	$	7,050		$	24,724		$	—		$	—		$	—		$	—
Distributions reinvested		8,636			73,891			—			—			—			—
Cost of shares redeemed		(47,084	)		(221,336	)		—			—			—			—
Total Class R6 Shares	$	(31,398	)	$	(122,721	)	$	—		$	—		$	—		$	—
Class Y Shares
Proceeds from shares issued	$	7,415		$	133,669		$	—		$	—		$	392		$	449
Distributions reinvested		22,365			256,344			9			6			82			74
Cost of shares redeemed		(77,434	)		(647,797	)		—			—			(369	)		(866	)
Total Class Y Shares	$	(47,654	)	$	(257,784	)	$	9		$	6		$	105		$	(343	)
Change in net assets resulting from capital transactions	$	(85,351	)	$	(342,469	)	$	1,227		$	950		$	51		$	(390	)

(continues on next page)

See notes to financial statements.

109

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Share Transactions:
Class A Shares
Issued		688			2,039			2			18			1			14
Reinvested		1,611			8,445			2			1			1			1
Redeemed		(2,713	)		(7,341	)		(2	)		(8	)		(6	)		(21	)
Total Class A Shares		(414	)		3,143			2			11			(4	)		(6	)
Class C Shares
Issued		16			252			—			—			—			—
Reinvested		762			2,542			—			—			—			—
Redeemed		(824	)		(1,609	)		—			—			—			—
Total Class C Shares		(46	)		1,185			—			—			—			—
Class I Shares
Issued		—			—			6			8			—			—
Reinvested		—			—			61			50			—			—
Redeemed		—			—			—			(1	)		—			—
Total Class I Shares		—			—			67			57			—			—
Class R Shares
Issued		74			188			—			—			—			—
Reinvested		172			752			—			—			—			—
Redeemed		(251	)		(514	)		—			—			—			—
Total Class R Shares		(5	)		426			—			—			—			—
Class R6 Shares
Issued		421			1,234			—			—			—			—
Reinvested		505			4,387			—			—			—			—
Redeemed		(2,884	)		(9,938	)		—			—			—			—
Total Class R6 Shares		(1,958	)		(4,317	)		—			—			—			—
Class Y Shares
Issued		469			6,000			—			—			28			41
Reinvested		1,376			15,847			1			—	(a)		6			6
Redeemed		(4,862	)		(35,576	)		—			—			(28	)		(80	)
Total Class Y Shares		(3,017	)		(13,729	)		1			—	(a)		6			(33	)
Change in Shares		(5,440	)		(13,292	)		70			68			2			(39	)

(a)  Rounds to less than 1 thousand

See notes to financial statements.

110

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
From Investment Activities:
Operations:
Net investment income (loss)	$	1,461		$	2,053		$	6,673		$	14,373		$	594		$	1,552
Net realized gains (losses) from investments		1,425			(4,895	)		198,027			(70,162	)		407			2,336
Net change in unrealized appreciation/depreciation on investments		26,749			(1,138	)		323,212			41,304			878			1,323
Change in net assets resulting from operations		29,635			(3,980	)		527,912			(14,485	)		1,879			5,211
Distributions to Shareholders:
Class A Shares		(62	)		(48	)		—			(1,886	)		(131	)		(300	)
Class C Shares		—	(a)		—	(a)		—			(52	)		(5	)		(10	)
Class I Shares		(46	)		(33	)		(6,561	)		(21,459	)		—			—
Class R6 Shares		(2,687	)		(902	)		(355	)		(989	)		(340	)		(710	)
Class Y Shares		(110	)		(96	)		(2,549	)		(13,429	)		(433	)		(881	)
Change in net assets resulting from distributions to shareholders		(2,905	)		(1,079	)		(9,465	)		(37,815	)		(909	)		(1,901	)
Change in net assets resulting from capital transactions		42,231			116,106			286,004			108,621			(2,266	)		(434	)
Change in net assets		68,961			111,047			804,451			56,321			(1,296	)		2,876
Net Assets:
Beginning of period		133,140			22,093			1,863,985			1,807,664			71,653			68,777
End of period	$	202,101		$	133,140		$	2,668,436		$	1,863,985		$	70,357		$	71,653

(a)  Rounds to less than $1 thousand

(continues on next page)

See notes to financial statements.

111

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	507		$	337		$	19,384		$	35,046		$	321		$	1,275
Distributions reinvested		53			42			—			1,735			115			252
Cost of shares redeemed		(788	)		(892	)		(72,898	)		(62,948	)		(1,263	)		(2,846	)
Total Class A Shares	$	(228	)	$	(513	)	$	(53,514	)	$	(26,167	)	$	(827	)	$	(1,319	)
Class C Shares
Proceeds from shares issued	$	2		$	10		$	229		$	664		$	72		$	340
Distributions reinvested		—	(a)		—	(a)		—			42			5			10
Cost of shares redeemed		(110	)		(118	)		(855	)		(1,180	)		(143	)		(230	)
Total Class C Shares	$	(108	)	$	(108	)	$	(626	)	$	(474	)	$	(66	)	$	120
Class I Shares
Proceeds from shares issued	$	0		$	912		$	454,896		$	350,308		$	—		$	—
Distributions reinvested		46			32			5,005			10,793			—			—
Cost of shares redeemed		(1	)		(469	)		(146,708	)		(266,728	)		—			—
Total Class I Shares	$	45		$	475		$	313,193		$	94,373		$	—		$	—
Class R6 Shares
Proceeds from shares issued	$	41,541		$	118,773		$	30,208		$	46,552		$	222		$	536
Distributions reinvested		2,687			902			354			989			340			710
Cost of shares redeemed		(1,707	)		(2,003	)		(17,300	)		(16,987	)		(976	)		(1,392	)
Total Class R6 Shares	$	42,521		$	117,672		$	13,262		$	30,554		$	(414	)	$	(146	)
Class Y Shares
Proceeds from shares issued	$	145		$	241		$	164,577		$	257,621		$	96		$	1,271
Distributions reinvested		97			87			2,460			11,950			305			617
Cost of shares redeemed		(241	)		(1,748	)		(153,348	)		(259,236	)		(1,360	)		(977	)
Total Class Y Shares	$	1		$	(1,420	)	$	13,689		$	10,335		$	(959	)	$	911
Change in net assets resulting from capital transactions	$	42,231		$	116,106		$	286,004		$	108,621		$	(2,266	)	$	(434	)

(continues on next page)

See notes to financial statements.

112

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, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (unaudited)			Year Ended June 30, 2020
Share Transactions:
Class A Shares
Issued		74			51			1,351			2,784			32			133
Reinvested		7			6			—			124			11			26
Redeemed		(113	)		(134	)		(4,952	)		(5,054	)		(126	)		(297	)
Total Class A Shares		(32	)		(77	)		(3,601	)		(2,146	)		(83	)		(138	)
Class C Shares
Issued		—	(b)		1			16			54			7			35
Reinvested		—	(b)		—	(b)		—			3			1			1
Redeemed		(16	)		(18	)		(62	)		(97	)		(15	)		(23	)
Total Class C Shares		(16	)		(17	)		(46	)		(40	)		(7	)		13
Class I Shares
Issued		—	(b)		135			31,032			27,996			—			—
Reinvested		6			4			316			769			—			—
Redeemed		—	(b)		(72	)		(9,998	)		(23,160	)		—			—
Total Class I Shares		6			67			21,350			5,605			—			—
Class R6 Shares
Issued		5,775			17,546			2,073			3,656			22			55
Reinvested		357			122			22			70			34			74
Redeemed		(240	)		(319	)		(1,171	)		(1,331	)		(97	)		(144	)
Total Class R6 Shares		5,892			17,349			924			2,395			(41	)		(15	)
Class Y Shares
Issued		21			35			11,235			20,940			10			130
Reinvested		13			12			156			855			30			64
Redeemed		(35	)		(275	)		(10,541	)		(21,266	)		(135	)		(102	)
Total Class Y Shares		(1	)		(228	)		850			529			(95	)		92
Change in Shares		5,849			17,094			19,477			6,343			(226	)		(48	)

(a)  Rounds to less than $1 thousand.

(b)  Rounds to less than 1 thousand.

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 Discovery Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	24.03		0.08			9.66			9.74			—		—			—
Year Ended 6/30/20	$	32.28		(0.05	)		(7.38	)		(7.43	)		—		(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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	16.32		(0.02	)		6.55			6.53			—		—			—
Year Ended 6/30/20	$	22.36		(0.22	)		(5.00	)		(5.22	)		—		(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	)

(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.

114

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 12/31/20 (unaudited)		—	$	33.77		40.53	%		1.64	%		0.58	%		1.64	%	$	37,959		19	%
Year Ended 6/30/20		—	$	24.03		(23.78	)%		1.59	%		(0.18	)%		1.59	%	$	30,614		40	%
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	%
Class C
Six Months Ended 12/31/20 (unaudited)		—	$	22.85		40.01	%		2.45	%		(0.24	)%		2.92	%	$	2,133		19	%
Year Ended 6/30/20		—	$	16.32		(24.42	)%		2.46	%		(1.09	)%		2.52	%	$	2,194		40	%
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	%

(continues on next page)

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			Total Distributions
Victory Integrity Discovery Fund
Class R
Six Months Ended 12/31/20 (unaudited)	$	22.45		0.02			9.02			9.04			—			—			—
Year Ended 6/30/20	$	30.36		(0.18	)		(6.91	)		(7.09	)		—			(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	)
Class Y
Six Months Ended 12/31/20 (unaudited)	$	26.64		0.12			10.73			10.85			—			—			—
Year Ended 6/30/20	$	35.65		—	(f)		(8.19	)		(8.19	)		—			(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	)
Member Class
11/3/20(h) through 12/31/20 (unaudited)	$	26.37		0.03			7.38			7.41			—			—			—

(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.

(g)  Amount is less than 0.005%.

(h)  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
	Capital Contributions 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 12/31/20 (unaudited)		—	$	31.49		40.20	%		2.08	%		0.14	%		2.43	%	$	2,556		19	%
Year Ended 6/30/20		—	$	22.45		(24.10	)%		2.08	%		(0.65	)%		2.33	%	$	1,990		40	%
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	%
Class Y
Six Months Ended 12/31/20 (unaudited)		—	$	37.49		40.73	%		1.40	%		0.78	%		1.40	%	$	32,469		19	%
Year Ended 6/30/20		—	$	26.64		(23.64	)%		1.38	%		—	%(g)		1.38	%	$	27,519		40	%
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	%
Member Class
11/3/20(h) through 12/31/20 (unaudited)		—	$	33.78		28.14	%		1.50	%		0.52	%		24.38	%	$	132		19	%

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
Victory Integrity Mid-Cap Value Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	15.30		0.27		4.56			4.83			(0.45	)		—
Year Ended 6/30/20	$	17.86		0.24		(2.70	)		(2.46	)		(0.10	)		—
Year Ended 6/30/19	$	19.17		0.19		(0.32	)		(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	)		0.06			(0.04	)		(0.13	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	15.37		0.20		4.59			4.79			(0.33	)		—
11/4/19(e) through 6/30/20	$	18.75		0.11		(3.39	)		(3.28	)		(0.10	)		—
Class R6
Six Months Ended 12/31/20 (unaudited)	$	15.47		0.30		4.62			4.92			(0.52	)		—
Year Ended 6/30/20	$	18.02		0.33		(2.74	)		(2.41	)		(0.14	)		—
Year Ended 6/30/19	$	19.30		0.26		(0.32	)		(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(e) through 6/30/16	$	14.38		0.06		1.30			1.36			(0.08	)		(0.13	)
Class Y
Six Months Ended 12/31/20 (unaudited)	$	15.44		0.30		4.60			4.90			(0.49	)		—
Year Ended 6/30/20	$	18.02		0.25		(2.68	)		(2.43	)		(0.15	)		—
Year Ended 6/30/19	$	19.34		0.28		(0.37	)		(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	)		0.11			(0.05	)		(0.13	)
Member Class
11/3/20(e) through 12/31/20 (unaudited)	$	16.94		0.26		2.95			3.21			(0.18	)		—

(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.

118

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 Fund
Class A
Six Months Ended 12/31/20 (unaudited)		(0.45	)	$	19.68		31.63	%		1.00	%		3.08	%		1.41	%	$	10,778		23	%
Year Ended 6/30/20		(0.10	)	$	15.30		(13.90	)%		1.00	%		1.40	%		1.43	%	$	8,574		82	%
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	%
Class C
Six Months Ended 12/31/20 (unaudited)		(0.33	)	$	19.83		31.11	%		1.75	%		2.33	%		35.76	%	$	65		23	%
11/4/19(e) through 6/30/20		(0.10	)	$	15.37		(17.55	)%		1.75	%		1.02	%		43.95	%	$	44		82	%
Class R6
Six Months Ended 12/31/20 (unaudited)		(0.52	)	$	19.87		31.90	%		0.60	%		3.37	%		0.89	%	$	178,669		23	%
Year Ended 6/30/20		(0.14	)	$	15.47		(13.53	)%		0.60	%		1.93	%		0.88	%	$	184,503		82	%
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(e) through 6/30/16		(0.21	)	$	15.53		9.50	%		1.04	%		0.75	%		3.10	%	$	726		71	%
Class Y
Six Months Ended 12/31/20 (unaudited)		(0.49	)	$	19.85		31.81	%		0.75	%		3.43	%		1.19	%	$	12,593		23	%
Year Ended 6/30/20		(0.15	)	$	15.44		(13.67	)%		0.75	%		1.46	%		1.21	%	$	9,352		82	%
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	%
Member Class
11/3/20(e) through 12/31/20 (unaudited)		(0.18	)	$	19.97		18.98	%		0.85	%		8.29	%		29.99	%	$	92		23	%

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 Integrity Small-Cap Value Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	24.40		0.05			10.10			10.15			(0.03	)		—			(0.03	)
Year Ended 6/30/20	$	32.37		0.03			(7.86	)		(7.83	)		—			(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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	20.81		(0.06	)		8.59			8.53			—			—			—
Year Ended 6/30/20	$	27.85		(0.17	)		(6.73	)		(6.90	)		—			(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	)

(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.

120

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 Fund
Class A
Six Months Ended 12/31/20 (unaudited)		—		$	34.52		41.61	%		1.47	%		0.37	%		1.47	%	$	100,122		25	%
Year Ended 6/30/20		—		$	24.40		(24.33	)%		1.48	%		0.10	%		1.48	%	$	79,429		80	%
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	%
Class C
Six Months Ended 12/31/20 (unaudited)		—		$	29.34		40.99	%		2.34	%		(0.51	)%		2.34	%	$	6,280		25	%
Year Ended 6/30/20		—		$	20.81		(24.91	)%		2.25	%		(0.69	)%		2.25	%	$	5,796		80	%
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	%

(continues on next page)

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 Integrity Small-Cap Value Fund
Class R
Six Months Ended 12/31/20 (unaudited)	$	23.53		0.01			9.74			9.75			—			—			—
Year Ended 6/30/20	$	31.32		(0.05	)		(7.60	)		(7.65	)		—			(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	)		—	(e)		(0.46	)		(0.46	)
Class R6
Six Months Ended 12/31/20 (unaudited)	$	25.43		0.13			10.54			10.67			(0.17	)		—			(0.17	)
Year Ended 6/30/20	$	33.70		0.19			(8.18	)		(7.99	)		(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	)

(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.

122

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 Fund
Class R
Six Months Ended 12/31/20 (unaudited)		—		$	33.28		41.38	%		1.75	%		0.08	%		1.94	%	$	5,980		25	%
Year Ended 6/30/20		—		$	23.53		(24.54	)%		1.75	%		(0.19	)%		1.86	%	$	5,303		80	%
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	%
Class R6
Six Months Ended 12/31/20 (unaudited)		—		$	35.93		41.98	%		0.97	%		0.86	%		0.97	%	$	1,134,665		25	%
Year Ended 6/30/20		—		$	25.43		(23.95	)%		0.97	%		0.64	%		0.97	%	$	984,938		80	%
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	%

(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 Integrity Small-Cap Value Fund
Class Y
Six Months Ended 12/31/20 (unaudited)	$	25.27		0.10		10.48			10.58			(0.12	)		—			(0.12	)
Year Ended 6/30/20	$	33.49		0.14		(8.13	)		(7.99	)		(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	)		—	(e)		(0.46	)		(0.46	)

(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.

124

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 Fund
Class Y
Six Months Ended 12/31/20 (unaudited)		—		$	35.73		41.86	%		1.14	%		0.70	%		1.14	%	$	593,458		25	%
Year Ended 6/30/20		—		$	25.27		(24.04	)%		1.11	%		0.47	%		1.11	%	$	491,836		80	%
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	%

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
Victory Integrity Small/Mid-Cap Value Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	13.46		0.24		4.85			5.09			(0.26	)		—
Year Ended 6/30/20	$	16.70		0.10		(3.24	)		(3.14	)		(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	)		—
Class R6
Six Months Ended 12/31/20 (unaudited)	$	13.64		0.27		4.91			5.18			(0.30	)		—
Year Ended 6/30/20	$	16.91		0.15		(3.28	)		(3.13	)		(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	)		—
Class Y
Six Months Ended 12/31/20 (unaudited)	$	13.60		0.26		4.90			5.16			(0.30	)		—
Year Ended 6/30/20	$	16.86		0.14		(3.27	)		(3.13	)		(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	)		—
Member Class
11/3/20(e) through 12/31/20 (unaudited)	$	14.86		0.24		3.47			3.71			(0.14	)		—

(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.

126

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 12/31/20 (unaudited)		(0.26	)	$	18.29		37.86	%		1.13	%		3.11	%		1.86	%	$	4,220		25	%
Year Ended 6/30/20		(0.10	)	$	13.46		(18.97	)%		1.13	%		0.67	%		1.65	%	$	3,241		72	%
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	%
Class R6
Six Months Ended 12/31/20 (unaudited)		(0.30	)	$	18.52		38.05	%		0.83	%		3.40	%		0.97	%	$	104,851		25	%
Year Ended 6/30/20		(0.14	)	$	13.64		(18.70	)%		0.83	%		0.97	%		0.97	%	$	80,284		72	%
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	%
Class Y
Six Months Ended 12/31/20 (unaudited)		(0.30	)	$	18.46		37.96	%		0.88	%		3.30	%		0.99	%	$	40,659		25	%
Year Ended 6/30/20		(0.13	)	$	13.60		(18.73	)%		0.88	%		0.92	%		1.01	%	$	32,572		72	%
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	%
Member Class
11/3/20(e) through 12/31/20 (unaudited)		(0.14	)	$	18.43		24.96	%		0.95	%		8.36	%		10.02	%	$	259		25	%

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 Multi-Cap Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	38.28		(0.01	)		8.07			8.06			(0.03	)		—			(0.03	)
Year Ended 6/30/20	$	38.75		0.03			0.65			0.68			(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			—	(e)		(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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	29.35		(0.14	)		6.17			6.03			—			—			—
Year Ended 6/30/20	$	30.10		(0.22	)		0.52			0.30			—			(1.05	)		(1.05	)
Year Ended 6/30/19	$	36.81		(0.16	)		(0.13	)		(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	)

(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.

(f)  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%.

(g)  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.

128

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 12/31/20 (unaudited)		—	$	46.31		21.06	%		1.35	%		(0.05	)%		1.35	%	$	356,408		30	%
Year Ended 6/30/20		—	$	38.28		1.53	%		1.35	%		0.09	%		1.35	%	$	311,642		100	%
Year Ended 6/30/19		—	$	38.75		2.86	%		1.36	%		0.25	%		1.36	%	$	346,180		107	%
Year Ended 6/30/18		—	$	44.99		13.37	%(f)		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	)%(g)		1.46	%		0.03	%		1.46	%	$	318,712		117	%
Class C
Six Months Ended 12/31/20 (unaudited)		—	$	35.38		20.55	%		2.16	%		(0.87	)%		2.34	%	$	5,060		30	%
Year Ended 6/30/20		—	$	29.35		0.69	%		2.18	%		(0.73	)%		2.20	%	$	5,769		100	%
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	%(f)		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	)%(g)		2.28	%		(0.79	)%		2.28	%	$	68,112		117	%

(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 Multi-Cap Fund
Class Y
Six Months Ended 12/31/20 (unaudited)	$	42.05		0.07		8.87			8.94			(0.18	)		—			(0.18	)
Year Ended 6/30/20	$	42.42		0.19		0.72			0.91			(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	)

(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.

(f)  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%.

(g)  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.

130

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 12/31/20 (unaudited)		—	$	50.81		21.26	%		0.98	%		0.32	%		0.98	%	$	35,881		30	%
Year Ended 6/30/20		—	$	42.05		1.92	%		0.99	%		0.46	%		0.99	%	$	30,258		100	%
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	%(f)		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	)%(g)		1.01	%		0.47	%		1.01	%	$	20,477		117	%

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 Investment Income			Net Realized Gains from Investments			Total Distributions
Victory S&P 500 Index Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	19.80		0.13		4.15		4.28		(0.13	)		(1.37	)		(1.50	)
Year Ended 6/30/20	$	21.07		0.29		1.20		1.49		(0.28	)		(2.48	)		(2.76	)
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	)
Class R
Six Months Ended 12/31/20 (unaudited)	$	19.74		0.08		4.14		4.22		(0.09	)		(1.37	)		(1.46	)
Year Ended 6/30/20	$	21.01		0.21		1.21		1.42		(0.21	)		(2.48	)		(2.69	)
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	)

(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 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.

132

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 12/31/20 (unaudited)		—	$	22.58		21.80	%		0.55	%		1.17	%		0.55	%	$	176,182		2	%
Year Ended 6/30/20		—	$	19.80		6.96	%		0.55	%		1.42	%		0.55	%	$	153,714		4	%
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	%
Class R
Six Months Ended 12/31/20 (unaudited)		—	$	22.50		21.50	%		0.97	%		0.74	%		0.97	%	$	15,538		2	%
Year Ended 6/30/20		—	$	19.74		6.57	%		0.95	%		1.02	%		0.95	%	$	13,726		4	%
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	%

(continues on next page)

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			Total Distributions
Victory S&P 500 Index Fund
Class Y
Six Months Ended 12/31/20 (unaudited)	$	19.96		0.14		4.19		4.33		(0.14	)		(1.37	)		(1.51	)
Year Ended 6/30/20	$	21.22		0.32		1.21		1.53		(0.31	)		(2.48	)		(2.79	)
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	)

(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 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.

134

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 12/31/20 (unaudited)		—	$	22.78		21.89	%		0.44	%		1.28	%		0.44	%	$	52,304		2	%
Year Ended 6/30/20		—	$	19.96		7.07	%		0.43	%		1.56	%		0.43	%	$	46,072		4	%
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	%

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 Realized Gains From Investments			Total Distributions
Victory Munder Mid-Cap Core Growth Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	11.76		(0.03	)		3.35			3.32			(1.66	)		(1.66	)
Year Ended 6/30/20	$	22.95		(0.07	)		0.01	(e)		(0.06	)		(11.13	)		(11.13	)
Year Ended 6/30/19	$	34.56		(0.13	)		(0.72	)		(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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	4.90		(0.03	)		1.38			1.35			(1.66	)		(1.66	)
Year Ended 6/30/20	$	15.96		(0.10	)		0.17	(e)		0.07			(11.13	)		(11.13	)
Year Ended 6/30/19	$	27.98		(0.23	)		(1.03	)		(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	)
Class R
Six Months Ended 12/31/20 (unaudited)	$	9.98		(0.04	)		2.83			2.79			(1.66	)		(1.66	)
Year Ended 6/30/20	$	21.16		(0.09	)		0.04	(e)		(0.05	)		(11.13	)		(11.13	)
Year Ended 6/30/19	$	32.91		(0.20	)		(0.79	)		(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	)

(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 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.

136

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 Fund
Class A
Six Months Ended 12/31/20 (unaudited)		—		$	13.42		28.47	%		1.28	%		(0.47	)%		1.28	%	$	207,347		43	%
Year Ended 6/30/20		—		$	11.76		(3.04	)%		1.29	%		(0.40	)%		1.29	%	$	186,571		86	%
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	%
Class C
Six Months Ended 12/31/20 (unaudited)		—		$	4.59		28.09	%		2.08	%		(1.28	)%		2.08	%	$	12,936		43	%
Year Ended 6/30/20		—		$	4.90		(3.82	)%		2.03	%		(1.15	)%		2.03	%	$	14,053		86	%
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	%
Class R
Six Months Ended 12/31/20 (unaudited)		—		$	11.11		28.22	%		1.57	%		(0.76	)%		1.68	%	$	14,362		43	%
Year Ended 6/30/20		—		$	9.98		(3.28	)%		1.57	%		(0.68	)%		1.67	%	$	12,943		86	%
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	%

(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 Realized Gains From Investments			Total Distributions
Victory Munder Mid-Cap Core Growth Fund
Class R6
Six Months Ended 12/31/20 (unaudited)	$	14.80		(0.01	)		4.23			4.22			(1.66	)		(1.66	)
Year Ended 6/30/20	$	26.00		—	(f)		(0.07	)		(0.07	)		(11.13	)		(11.13	)
Year Ended 6/30/19	$	37.36		—	(f)		(0.60	)		(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	)
Class Y
Six Months Ended 12/31/20 (unaudited)	$	14.15		(0.02	)		4.04			4.02			(1.66	)		(1.66	)
Year Ended 6/30/20	$	25.37		(0.04	)		(0.05	)		(0.09	)		(11.13	)		(11.13	)
Year Ended 6/30/19	$	36.79		(0.07	)		(0.59	)		(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	)

(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 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.

138

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

									Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 Fund
Class R6
Six Months Ended 12/31/20 (unaudited)		—		$	17.36		28.70	%		0.88	%		(0.08	)%		0.88	%	$	98,699		43	%
Year Ended 6/30/20		—		$	14.80		(2.60	)%		0.86	%		0.01	%		0.86	%	$	113,104		86	%
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	%
Class Y
Six Months Ended 12/31/20 (unaudited)		—		$	16.51		28.60	%		1.02	%		(0.21	)%		1.02	%	$	250,963		43	%
Year Ended 6/30/20		—		$	14.15		(2.76	)%		1.04	%		(0.18	)%		1.04	%	$	257,692		86	%
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	%

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
Victory Munder Small Cap Growth Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	14.13		(0.07	)		5.09				5.02			(0.02	)		(1.42	)
Year Ended 6/30/20	$	13.39		(0.09	)		1.88				1.79			—			(1.05	)
Year Ended 6/30/19	$	13.81		(0.12	)		1.12				1.00			—			(1.42	)
Year Ended 6/30/18	$	11.14		(0.10	)		2.84				2.74			—			(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	)		—			—
Class I
Six Months Ended 12/31/20 (unaudited)	$	14.35		(0.05	)		5.18				5.13			(0.05	)		(1.42	)
Year Ended 6/30/20	$	13.56		(0.05	)		1.89				1.84			—			(1.05	)
Year Ended 6/30/19	$	13.92		(0.09	)		1.15				1.06			—			(1.42	)
Year Ended 6/30/18	$	11.21		(0.07	)		2.85				2.78			—			(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	)		—			—
Class Y
Six Months Ended 12/31/20 (unaudited)	$	14.20		(0.05	)		5.11				5.06			(0.03	)		(1.42	)
Year Ended 6/30/20	$	13.44		(0.06	)		1.87				1.81			—			(1.05	)
Year Ended 6/30/19	$	13.88		(0.11	)		1.09				0.98			—			(1.42	)
Year Ended 6/30/18	$	11.18		(0.09	)		2.86				2.77			—			(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	)		—			—

(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.

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
	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 Munder Small Cap Growth Fund
Class A
Six Months Ended 12/31/20 (unaudited)		(1.44	)	$	17.71		35.80	%		1.40	%		(0.83	)%		2.12	%	$	483		11	%
Year Ended 6/30/20		(1.05	)	$	14.13		13.64	%		1.40	%		(0.67	)%		2.26	%	$	359		56	%
Year Ended 6/30/19		(1.42	)	$	13.39		10.06	%		1.40	%		(0.90	)%		2.31	%	$	189		108	%
Year Ended 6/30/18		(0.07	)	$	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	%
Class I
Six Months Ended 12/31/20 (unaudited)		(1.47	)	$	18.01		36.02	%		1.15	%		(0.57	)%		1.25	%	$	14,224		11	%
Year Ended 6/30/20		(1.05	)	$	14.35		13.85	%		1.15	%		(0.39	)%		1.32	%	$	10,370		56	%
Year Ended 6/30/19		(1.42	)	$	13.56		10.44	%		1.15	%		(0.65	)%		1.17	%	$	9,034		108	%
Year Ended 6/30/18		(0.07	)	$	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	%
Class Y
Six Months Ended 12/31/20 (unaudited)		(1.45	)	$	17.81		35.96	%		1.25	%		(0.67	)%		2.37	%	$	119		11	%
Year Ended 6/30/20		(1.05	)	$	14.20		13.74	%		1.25	%		(0.49	)%		2.84	%	$	87		56	%
Year Ended 6/30/19		(1.42	)	$	13.44		9.84	%		1.25	%		(0.77	)%		1.45	%	$	77		108	%
Year Ended 6/30/18		(0.07	)	$	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	%

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 Emerging Markets Small-Cap Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	11.74		0.07		3.19			3.26			(0.11	)		—
Year Ended 6/30/20	$	11.77		0.12		(0.06	)		0.06			(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	)		—
Class Y
Six Months Ended 12/31/20 (unaudited)	$	11.75		0.09		3.20			3.29			(0.13	)		—
Year Ended 6/30/20	$	11.78		0.15		(0.07	)		0.08			(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	)		—

(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.

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 Emerging Markets Small-Cap Fund
Class A
Six Months Ended 12/31/20 (unaudited)		(0.11	)	$	14.89		27.76	%		1.73	%		1.03	%		2.75	%	$	1,123		31	%
Year Ended 6/30/20		(0.09	)	$	11.74		0.48	%		1.73	%		1.07	%		3.18	%	$	933		64	%
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	%
Class Y
Six Months Ended 12/31/20 (unaudited)		(0.13	)	$	14.91		28.03	%		1.48	%		1.26	%		2.30	%	$	9,597		31	%
Year Ended 6/30/20		(0.11	)	$	11.75		0.70	%		1.48	%		1.34	%		2.67	%	$	7,495		64	%
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	%

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			Net Realized Gains from Investments			Total Distributions
Victory Trivalent International Fund-Core Equity
Class A
Six Months Ended 12/31/20 (unaudited)	$	6.49		0.05		1.20			1.25			(0.09	)		—			(0.09	)
Year Ended 6/30/20	$	6.87		0.12		(0.44	)		(0.32	)		(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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	6.46		0.04		1.18			1.22			(0.01	)		—			(0.01	)
Year Ended 6/30/20	$	6.84		0.06		(0.43	)		(0.37	)		(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	)
Class I
Six Months Ended 12/31/20 (unaudited)	$	6.53		0.07		1.21			1.28			(0.12	)		—			(0.12	)
Year Ended 6/30/20	$	6.90		0.14		(0.43	)		(0.29	)		(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	)

*  Includes adjustments in accordance with U.S. generally accepted accounting principles.

(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 prior custodian. The corresponding impact to the total return was 0.76% 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 Contributions 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 12/31/20 (unaudited)		—	$	7.65		19.36	%		0.95	%		1.52	%		1.74	%	$	5,123		23	%
Year Ended 6/30/20		—	$	6.49		(4.72	)%		0.95	%		1.73	%		1.84	%	$	4,550		49	%
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	%
Class C
Six Months Ended 12/31/20 (unaudited)		—	$	7.67		18.86	%		1.70	%		1.07	%		10.96	%	$	121		23	%
Year Ended 6/30/20		—	$	6.46		(5.48	)%		1.70	%		0.87	%		6.44	%	$	204		49	%
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	%
Class I
Six Months Ended 12/31/20 (unaudited)		—	$	7.69		19.61	%		0.60	%		1.86	%		1.40	%	$	3,082		23	%
Year Ended 6/30/20		—	$	6.53		(4.36	)%		0.60	%		2.12	%		1.54	%	$	2,579		49	%
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	%

(continues on next page)

See notes to financial statements.

145

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 R6
Six Months Ended 12/31/20 (unaudited)	$	6.57		0.07		1.20			1.27				(0.11	)		—			(0.11	)
Year Ended 6/30/20	$	6.92		0.14		(0.43	)		(0.29	)			(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	)
Class Y
Six Months Ended 12/31/20 (unaudited)	$	6.48		0.06		1.21			1.27				(0.11	)		—			(0.11	)
Year Ended 6/30/20	$	6.87		0.13		(0.44	)		(0.31	)	��		(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	)

*  Includes adjustments in accordance with U.S. generally accepted accounting principles.

(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 prior custodian. The corresponding impact to the total return was 0.76% for the year ended June 30, 2016. (See Note 8).

See notes to financial statements.

146

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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 R6
Six Months Ended 12/31/20 (unaudited)		—	$	7.73		19.44	%		0.55	%		1.81	%		0.99	%	$	186,092		23	%
Year Ended 6/30/20		—	$	6.57		(4.34	)%		0.55	%		2.06	%		1.01	%	$	119,275		49	%
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	%
Class Y
Six Months Ended 12/31/20 (unaudited)		—	$	7.64		19.66	%		0.70	%		1.77	%		1.18	%	$	7,683		23	%
Year Ended 6/30/20		—	$	6.48		(4.60	)%		0.70	%		1.95	%		1.32	%	$	6,532		49	%
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	%

See notes to financial statements.

147

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 Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	12.83		0.02			3.36			3.38			—			—
Year Ended 6/30/20	$	13.02		0.06			(0.02	)		0.04			(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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	12.51		(0.04	)		3.27			3.23			—			—
Year Ended 6/30/20	$	12.71		(0.03	)		(0.03	)		(0.06	)		(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	)
Class I
Six Months Ended 12/31/20 (unaudited)	$	12.94		0.05			3.39			3.44			(0.07	)		—
Year Ended 6/30/20	$	13.13		0.11			(0.02	)		0.09			(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	)
Class R6
Six Months Ended 12/31/20 (unaudited)	$	13.00		0.04			3.41			3.45			(0.06	)		—
Year Ended 6/30/20	$	13.19		0.12			(0.04	)		0.08			(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	)

(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.

148

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 Fund
Class A
Six Months Ended 12/31/20 (unaudited)		—		$	16.21		26.34	%		1.35	%		0.23	%		1.61	%	$	78,214		34	%
Year Ended 6/30/20		(0.23	)	$	12.83		0.15	%		1.35	%		0.47	%		1.63	%	$	108,115		52	%
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	%
Class C
Six Months Ended 12/31/20 (unaudited)		—		$	15.74		25.82	%		2.10	%		(0.50	)%		2.41	%	$	4,721		34	%
Year Ended 6/30/20		(0.14	)	$	12.51		(0.65	)%		2.10	%		(0.28	)%		2.42	%	$	4,327		52	%
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	%
Class I
Six Months Ended 12/31/20 (unaudited)		(0.07	)	$	16.31		26.57	%		0.95	%		0.66	%		1.16	%	$	1,627,012		34	%
Year Ended 6/30/20		(0.28	)	$	12.94		0.54	%		0.95	%		0.88	%		1.18	%	$	1,014,425		52	%
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	%
Class R6
Six Months Ended 12/31/20 (unaudited)		(0.06	)	$	16.39		26.61	%		1.04	%		0.57	%		1.04	%	$	107,801		34	%
Year Ended 6/30/20		(0.27	)	$	13.00		0.36	%		1.06	%		0.94	%		1.06	%	$	73,480		52	%
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	%

(continues on next page)

See notes to financial statements.

149

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 Fund
Class Y
Six Months Ended 12/31/20 (unaudited)	$	12.88		0.04		3.37			3.41			(0.05	)		—
Year Ended 6/30/20	$	13.07		0.10		(0.03	)		0.07			(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	)

(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.

150

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 Fund
Class Y
Six Months Ended 12/31/20 (unaudited)		(0.05	)	$	16.24		26.48	%		1.10	%		0.51	%		1.16	%	$	850,688		34	%
Year Ended 6/30/20		(0.26	)	$	12.88		0.41	%		1.10	%		0.75	%		1.19	%	$	663,638		52	%
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	%

See notes to financial statements.

151

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
Victory INCORE Total Return Bond Fund
Class A
Six Months Ended 12/31/20 (unaudited)	$	9.91		0.07		0.19			0.26			(0.12	)		(0.12	)
Year Ended 6/30/20	$	9.46		0.20		0.50			0.70			(0.25	)		(0.25	)
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	)
Class C
Six Months Ended 12/31/20 (unaudited)	$	9.99		0.04		0.17			0.21			(0.08	)		(0.08	)
Year Ended 6/30/20	$	9.53		0.12		0.52			0.64			(0.18	)		(0.18	)
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	)
Class R6
Six Months Ended 12/31/20 (unaudited)	$	9.94		0.09		0.17			0.26			(0.13	)		(0.13	)
Year Ended 6/30/20	$	9.48		0.22		0.51			0.73			(0.27	)		(0.27	)
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	)
Class Y
Six Months Ended 12/31/20 (unaudited)	$	9.94		0.09		0.17			0.26			(0.13	)		(0.13	)
Year Ended 6/30/20	$	9.47		0.22		0.52			0.74			(0.27	)		(0.27	)
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	)

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

(f)  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.

152

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  

								Ratios to Average Net Assets									Supplemental Data
	Capital Contributions 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)
Victory INCORE Total Return Bond Fund
Class A
Six Months Ended 12/31/20 (unaudited)		—	$	10.05		2.62	%		0.85	%		1.46	%		1.14	%	$	10,798		33	%
Year Ended 6/30/20		—	$	9.91		7.57	%		0.85	%		2.03	%		1.11	%	$	11,472		74	%
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	%(f)		0.85	%		3.04	%		1.08	%	$	15,908		423	%
Class C
Six Months Ended 12/31/20 (unaudited)		—	$	10.12		2.11	%		1.60	%		0.70	%		3.39	%	$	670		33	%
Year Ended 6/30/20		—	$	9.99		6.76	%		1.60	%		1.27	%		3.54	%	$	727		74	%
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	%(f)		1.60	%		2.29	%		2.00	%	$	3,256		423	%
Class R6
Six Months Ended 12/31/20 (unaudited)		—	$	10.07		2.65	%		0.58	%		1.72	%		0.59	%	$	25,939		33	%
Year Ended 6/30/20		—	$	9.94		7.94	%		0.58	%		2.30	%		0.59	%	$	25,999		74	%
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	%(f)		0.58	%		3.25	%		1.59	%	$	2,456		423	%
Class Y
Six Months Ended 12/31/20 (unaudited)		—	$	10.07		2.64	%		0.60	%		1.70	%		0.66	%	$	32,950		33	%
Year Ended 6/30/20		—	$	9.94		7.92	%		0.60	%		2.28	%		0.62	%	$	33,455		74	%
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	%(f)		0.60	%		3.29	%		0.61	%	$	78,705		423	%

See notes to financial statements.

153

Victory Portfolios Notes to Financial Statements
December 31, 2020

  (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, Y and Member Class*
Victory Integrity Mid-Cap Value Fund	Integrity Mid-Cap    Value Fund	Classes A, C, R6, Y and Member Class*
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, Y and Member Class*
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

*  Member Class commenced operations on November 3, 2020.

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 Generally Accepted Accounting Principles 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

154

Victory Portfolios Notes to Financial Statements — continued
December 31, 2020

  (Unaudited)

statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. 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 ("NAV"). 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' NAVs 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, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Integrity Discovery Fund
Common Stocks	$	74,466	$	—	$	—	$	74,466
Collateral for Securities Loaned		6,578		—		—		6,578
Total	$	81,044	$	—	$	—	$	81,044
Integrity Mid-Cap Value Fund
Common Stocks	$	200,450	$	—	$	—	$	200,450
Collateral for Securities Loaned		3,558		—		—		3,558
Total	$	204,008	$	—	$	—	$	204,008
Integrity Small-Cap Value Fund
Common Stocks	$	1,828,748	$	—	$	—	$	1,828,748
Collateral for Securities Loaned		99,310		—		—		99,310
Total	$	1,928,058	$	—	$	—	$	1,928,058
Integrity Small/Mid-Cap Value Fund
Common Stocks	$	148,615	$	—	$	—	$	148,615
Collateral for Securities Loaned		5,297		—		—		5,297
Total	$	153,912	$	—	$	—	$	153,912
Munder Multi-Cap Fund
Common Stocks	$	392,638	$	—	$	—	$	392,638
Exchange-Traded Funds		4,024						4,024
Collateral for Securities Loaned		4,324		—		—		4,324
Total	$	400,986	$	—	$	—	$	400,986
S&P 500 Index Fund
Common Stocks	$	242,426	$	—	$	—	$	242,426
Collateral for Securities Loaned		727		—		—		727
Total	$	243,153	$	—	$	—	$	243,153
Other Financial Investments^:
Assets:
Futures Contracts	$	33	$	—	$	—	$	33
Total	$	33	$	—	$	—	$	33
Munder Mid-Cap Core Growth Fund
Common Stocks	$	578,744	$	—	$	—	$	578,744
Exchange-Traded Funds		5,963		—		—		5,963
Collateral for Securities Loaned		22,349		—		—		22,349
Total	$	607,056	$	—	$	—	$	607,056
Munder Small Cap Growth Fund
Common Stocks	$	14,513	$	—	$	—	$	14,513
Warrants		16		—		—		16
Collateral for Securities Loaned		1,906		—		—		1,906
Total	$	16,435	$	—	$	—	$	16,435

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	Level 1			Level 2		Level 3			Total
Trivalent Emerging Markets Small-Cap Fund
Common Stocks	$	507		$	9,870	$	—		$	10,377
Rights		—			—		—	(a)		—
Exchange-Traded Funds		267			—		—			267
Collateral for Securities Loaned		423			—		—			423
Total	$	1,197		$	9,870	$	—	(a)	$	11,067
Trivalent International Fund-Core Equity
Common Stocks	$	18,299		$	179,167	$	—		$	197,466
Exchange-Traded Funds		1,637			1,637
Collateral for Securities Loaned		4,584			—		—			4,584
Total	$	24,520		$	179,167	$	—		$	203,687
Trivalent International Small-Cap Fund
Common Stocks	$	227,505		$	2,376,674	$	—		$	2,604,179
Exchange-Traded Funds		32,996			—					32,996
Collateral for Securities Loaned		77,787			—		—			77,787
Total	$	338,288		$	2,376,674	$	—		$	2,714,962
INCORE Total Return Bond Fund
Asset-Backed Securities	$	—		$	1,077	$	—		$	1,077
Collateralized Mortgage Obligations		—			862		—			862
Preferred Stocks		1,317			—		—			1,317
Corporate Bonds		—			37,750		—			37,750
Residential Mortgage-Backed Securities		—			148		—			148
Yankee Dollars		—			6,344		—			6,344
U.S. Government Mortgage-Backed Agencies		—			18,606		—			18,606
U.S. Treasury Obligations		—			1,989		—			1,989
Collateral for Securities Loaned		613			—		—			613
Total	$	1,930		$	66,776	$	—		$	68,706
Other Financial Investments ^:
Assets:
Futures Contracts	$	8		$	—	$	—		$	8
Liabilities:
Futures Contracts		(17	)		—		—			(17	)
Total	$	(9	)	$	—	$	—		$	(9	)

^  Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

(a)  Amount is less than $1 thousand.

For the six months ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

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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 NAV. 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 on the Schedules of Portfolio Investments.

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.

Mortgage-Related and Asset-Backed Securities:

The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage- backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Investment Companies:

Exchange-Traded Funds:

The Funds may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities often 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.

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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, 2020, the Funds had no open forward foreign exchange currency contracts.

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 reflected on the Statements of Assets and Liabilities under Deposit with brokers for futures contracts.

As of December 31, 2020, 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.

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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 Fund of centrally cleared 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 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 Deposit with brokers for swap agreements.

The INCORE Total Return Bond Fund entered into centrally cleared CDS agreements primarily for the strategy of asset allocation and risk exposure management during the period. As of December 31, 2020, the INCORE Total Return Bond Fund held no swap agreements.

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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, 2020 (amounts in thousands), discloses both gross information and net information about instruments and transactions eligible for offset on 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.

										Gross Amounts not offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets			Gross Amounts of Available for Offset			Net Amounts Presented in the Statements of Assets and Liabilities			Financial Instruments for offset			Cash Collateral Received		Net Amount
S&P 500 Index Fund
Futures — Goldman Sachs & Co.	$	10		$	—		$	10		$	—		$	—	$	10
INCORE Total Return Bond Fund
Futures — Goldman Sachs & Co.		7			—			7			—	(a)		—		7
										Gross Amounts not offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities			Gross Amounts of Available for Offset			Net Amounts Presented in the Statements of Assets and Liabilities			Financial Instruments for offset			Cash Collateral Pledged*		Net Amount
INCORE Total Return Bond Fund
Futures — Goldman Sachs & Co.	$	—	(a)	$	—	(a)	$	—	(a)	$	—		$	—	$	—

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

(a)  Rounds to less than $1 thousand.

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, 2020, (amounts in thousands):

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
S&P Index 500 Fund	$	33	$	—
Interest Rate Risk Exposure:
INCORE Total Return Bond Fund		8		17

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

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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, 2020, (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	$	212	$	—	$	35		$	—
Credit Risk Exposure:
INCORE Total Return Bond Fund		—		18		—			—
Interest Rate Risk Exposure:
INCORE Total Return Bond Fund		112		—		(2	)		—

All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to the S&P 500 Index Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period. The volume associated with derivative positions in the Total Return Bond Fund was 92% and 8% for futures contracts and swap agreements, respectively, based on average monthly notional amounts in comparison to net assets during 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 on the Funds' Schedules of Portfolio Investments. The Trust does not have effective control of the non-cash collateral and therefore it is not disclosed on 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

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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, 2020. 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.

	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<90 Days		Between 30 & 90 Days		>90 Days		Net Amount
Integrity Discovery Fund	$	6,447	$	6,447	$	—	$	—	$	—	$	—
Integrity Mid-Cap Value Fund		3,449		3,449		—		—		—		—
Integrity Small-Cap Value Fund		96,126		96,126		—		—		—		—
Integrity Small/Mid-Cap Value Fund		5,084		5,084		—		—		—		—
Munder Multi-Cap Fund		4,157		4,157		—		—		—		—
S&P 500 Index Fund		713		713		—		—		—		—
Munder Mid-Cap Core Growth Fund		21,580		21,580		—		—		—		—
Munder Small Cap Growth Fund		1,851		1,851		—		—		—		—
Trivalent Emerging Markets Small-Cap Fund		404		404		—		—		—		—
Trivalent International Fund-Core Equity		4,195		4,195		—		—		—		—
Trivalent International Small-Cap Fund		73,940		73,940		—		—		—		—
INCORE Total Return Bond Fund		596		596		—		—		—		—

*  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 on the Statements of Assets and Liabilities.

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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 investments and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations including foreign currency arising from in-kind redemptions, are disclosed as net realized gains (losses) from investment transactions 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.

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, 2020, 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., the last four tax years, which includes the current fiscal tax year end). 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 fees 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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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, 2020, 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	$	11,688	$	18,610	$	—	$	—
Integrity Mid-Cap Value Fund		42,590		64,383		—		—
Integrity Small-Cap Value Fund		390,501		622,320		—		—
Integrity Small/Mid-Cap Value Fund		31,316		38,067		—		—
Munder Multi-Cap Fund		110,105		129,066		—		—
S&P 500 Index Fund		5,182		18,168				—
Munder Mid-Cap Core Growth Fund		245,633		374,298		—		—
Munder Small Cap Growth Fund						—		—
Trivalent Emerging Markets Small-Cap Fund		3,133		2,983		—		—
Trivalent International Fund-Core Equity		74,550		37,171		—		—
Trivalent International Small-Cap Fund		989,563		768,772		—		—
INCORE Total Return Bond Fund		12,147		9,950		9,706		12,186

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. Amounts incurred and paid to VCM for the six months ended December 31, 2020, are reflected on the Statements of Operations as Investment advisory fees.

Under the terms of the Investment Advisory Agreement, 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	%
	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	%

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	Tier Rate
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 the 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. Amounts incurred for the six months ended December 31, 2020, are reflected on the Statements of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as Sub-Administrator and Sub-Fund Accountant to the Funds pursuant to the 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 out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2020, are reflected on the Statements of Operations as Sub-Administration fees.

Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2020, are reflected on the Statements of Operations as Custodian fees.

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. Amounts incurred for the six months ended December 31, 2020, are reflected on the Statements of Operations as Transfer agent fees.

Victory Capital Transfer Agency, Inc., an affiliate of the Adviser, serves as sub-transfer agent for the Member Class shares of the Funds. Victory Capital Transfer Agency, Inc. receives no fee or other compensation for 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 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. Amounts incurred for the six months ended December 31, 2020, are reflected on the Statements of Operations as Compliance fees.

Sidley Austin LLP provides legal services to the Trust.

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Victory Capital Services, 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. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc. Amounts incurred for the six months ended December 31, 2020, are reflected on the Statements of Operations as 12b-1 fees.

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, 2020, the Distributor received approximately $19 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. As of December 31, 2020, the expense limits (excluding voluntary waivers) are as follows:

	In effect July 1, 2020 until October 31, 2021
	Class A Shares			Class C Shares			Class I Shares			Class R Shares			Class R6 Shares			Class Y Shares			Member Class
Integrity Discovery Fund		1.66	%(a)		2.45	%		N/A			2.08	%		N/A			1.44	%(a)		1.50	%(b)
Integrity Mid-Cap Value Fund		1.00	%		1.75	%		N/A			N/A			0.60	%		0.75	%		0.85	%(b)
Integrity Small-Cap Value Fund		1.50	%		2.35	%(a)		N/A			1.75	%		N/A			N/A			N/A
Integrity Small/Mid-Cap Value Fund		1.13	%		N/A			N/A			N/A			0.83	%		0.88	%		0.95	%(b)
Munder Multi-Cap Fund		N/A			2.16	%		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			N/A
Munder Mid-Cap Core Growth Fund		1.32	%		2.12	%(a)		N/A			1.57	%		N/A			N/A			N/A
Munder Small Cap Growth Fund		1.40	%		N/A			1.15	%		N/A			N/A			1.25	%		N/A
Trivalent Emerging Markets Small-Cap Fund		1.73	%		N/A			N/A			N/A			N/A			1.48	%		N/A
Trivalent International Fund-Core Equity		0.95	%		1.70	%		0.60	%		N/A			0.55	%		0.70	%		N/A
Trivalent International Small-Cap Fund		1.35	%		2.10	%		0.95	%		N/A			1.10	%		1.10	%		N/A
INCORE Total Return Bond Fund		0.85	%		1.60	%		N/A			N/A			0.58	%		0.60	%		N/A

(a)  In Effect November 1, 2020, until at least October 31, 2021.

(b)  In Effect November 3, 2020, until at least October 31, 2021.

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 year, if any, are reflected on the Statements of Operations as Recoupment of prior expenses waived/reimbursed by Adviser.

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As of December 31, 2020, the following amounts are available to be repaid to the Adviser (the amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at December 31, 2020.

	Expires 6/30/21		Expires 6/30/22		Expires 6/30/23		Expires 6/30/24		Total
Integrity Discovery Fund	$	6	$	10	$	9	$	11	$	36
Integrity Mid-Cap Value Fund		195		292		615		292		1,394
Integrity Small-Cap Value Fund		108		170		8		5		291
Integrity Small/Mid-Cap Value Fund		212		189		185		96		682
Munder Multi-Cap Fund		—		—		2		5		7
Munder Mid-Cap Core Growth Fund		23		25		16		8		72
Munder Small Cap Growth Fund		13		5		19		8		45
Trivalent Emerging Markets Small-Cap Fund		113		67		99		41		320
Trivalent International Fund-Core Equity		206		222		522		381		1,331
Trivalent International Small-Cap Fund		2,107		2,605		3,170		1,785		9,667
INCORE Total Return Bond Fund		52		54		52		33		191

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, 2020.

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, Custodian, Distributor and Legal Counsel.

5. Risks:

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

Equity Risk — 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.

Foreign Investments Risk — 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 United States. 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

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U.S. economy in such respects as growth of gross national product, rate of inflation, capital re-investment, resource self- sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

Interest Rate Risk — 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.

Credit Risk — 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.

Sector Risk — To the extent the Funds focus in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Funds' investments and could make the Funds' performance more volatile. For example, the values of companies in the Information Technology sector are particularly vulnerable to economic downturns, short product cycles and aggressive pricing, market competition and changes in government regulation.

Geopolitical/Natural Disaster Risk — An outbreak of disease called COVID-19 has spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and consumer activity, significant challenges in healthcare service preparation and delivery, quarantines and general concern and uncertainty. These negative impacts have caused significant volatility and declines in global financial markets, which have caused losses for Fund investors during and subsequent to period end. The impact of the COVID-19 pandemic may last for an extended period of time, and could result in a substantial economic downturn or recession. Public health crises may exacerbate other pre-existing political, social, economic, market and financial risks. The extent of the impact to the financial performance of the Funds' investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

LIBOR Discontinuation Risk — Many debt securities, derivatives and other financial instruments, including some of the Funds' investments, use the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. However, the use of LIBOR started to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in the financial markets that it measures. In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Funding Rate ("SOFR"), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, expecting that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate ("SONIA") in England. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide the quotations needed to sustain LIBOR. That announcement

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suggests that LIBOR may cease to be published after that time. For U.S. dollar LIBOR, however, the relevant date may be deferred to June 30, 2023, for the most common tenors (overnight and one, three, six and 12 months). As to those tenors, the LIBOR administrator has published a consultation regarding its intention to cease publication of U.S. dollar LIBOR as of June 30, 2023 (instead of December 31, 2021, as previously expected), apparently based on continued rate submissions from banks. It is expected that there will be enough time for market participants to transition to the use of a different benchmark for both new and existing securities and transactions. Various financial industry groups have begun planning for that transition, but there are obstacles to converting certain longer-term securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. Although the foregoing may provide some sense of timing, there is no assurance that LIBOR, nor any particular currency and tenor, will continue to be published until any particular date, and it appears highly likely that LIBOR will be discontinued or modified after December 31, 2021, or June 30, 2023, depending on the currency and tenor. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur before the end of 2021.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended December 31, 2020, the Victory Funds Complex and the USAA Mutual Funds Complex (another series of mutual funds managed by the Adviser) participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020, with a termination date of June 28, 2021. Under the agreement with Citibank, 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. For the six months ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is presented on the Statements of Operations under Line of credit fees.

The Funds did not utilize the Line of Credit during the fiscal six months ended December 31, 2020.

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, that is permitted to participate in the Facility, 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 lending fees. As a Lender, interest earned by each Fund during the period, if applicable, is presented on the Statements of Operations under Interfund lending income.

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The average borrowing for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2020, were as follows (amounts in thousands):

	Borrower or Lender	Amount Outstanding at December 31, 2020		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate			Maximum Borrowing During the Period
Integrity Small-Cap Value Fund	Borrower	$	—	$	5,096		5		0.62	%	$	5,671

*  For the six months ended December 31, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

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.

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending June 30, 2021.

As of the most recent tax year ended June 30, 2020, the following Funds had net capital loss carryforwards ("CLCFs") as summarized in the tables below.

CLCFs not limited as a result as either short-term or long-term depending on the originating capital loss were as follows (amounts in thousands).

	Short-Term Amount		Long-Term Amount		Total
Integrity Discovery Fund	$	3,937	$	6,141	$	10,078
Integrity Mid-Cap Value Fund		19,296		675		19,971
Integrity Small-Cap Value Fund		135,836		94,837		230,673
Integrity Small/Mid-Cap Value Fund		11,685		1,792		13,477
Munder Multi-Cap Fund		7,601		—		7,601
Trivalent Emerging Markets Small-Cap Fund		1,304		343		1,647
Trivalent International Fund-Core Equity		8,097		—		8,097
Trivalent International Small-Cap Fund		138,291		16,504		154,795
INCORE Total Return Bond Fund		614		3,535		4,149

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, 2020, 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 Nominee and Co. LLC		53.7	%
Integrity Mid-Cap Value Fund	Edward D. Jones & Co., L.P.		25.9	%
Integrity Small/Mid-Cap Value Fund	Edward D. Jones & Co., L.P.		48.2	%
Integrity Small-Cap Value Fund	National Financial Services, LLC		28.0	%
Munder Small Cap Growth Fund	Brian S Matuszak		34.2	%
Munder Small Cap Growth Fund	Tony Yee Dong		48.4	%
Trivalent International Fund- Core Equity	Gerlach Nominee and Co. LLC		85.5	%
Trivalent International Small-Cap Fund	National Financial Services, LLC		27.8	%
INCORE Total Return Bond Fund	Comerica Bank		53.9	%
Trivalent Emerging Markets Small Cap Fund	Victory Capital Management, Inc.		54.2	%

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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. Form N-PORT is available on the SEC's web site 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, 2020, through December 31, 2020.

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 HypotheticalExpense 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 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Integrity Discovery Fund
Class A Shares	$	1,000.00	$	1,405.30	$	1,016.94	$	9.94	$	8.34		1.64	%
Class C Shares		1,000.00		1,400.10		1,012.85		14.82		12.43		2.45	%
Class R Shares		1,000.00		1,402.00		1,014.72		12.59		10.56		2.08	%
Class Y Shares		1,000.00		1,407.30		1,018.15		8.49		7.12		1.40	%
Member Class**		1,000.00		1,281.40		1,017.64		2.77		7.63		1.50	%

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	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Integrity Mid-Cap Value Fund
Class A Shares	$	1,000.00	$	1,316.30	$	1,020.16	$	5.84	$	5.09		1.00	%
Class C Shares		1,000.00		1,311.10		1,016.38		10.19		8.89		1.75	%
Class R6 Shares		1,000.00		1,319.00		1,022.18		3.51		3.06		0.60	%
Class Y Shares		1,000.00		1,318.10		1,021.42		4.38		3.82		0.75	%
Member Class**		1,000.00		1,189.80		1,020.92		1.50		4.33		0.85	%
Integrity Small-Cap Value Fund
Class A Shares		1,000.00		1,416.10		1,017.80		8.95		7.48		1.47	%
Class C Shares		1,000.00		1,409.90		1,013.41		14.21		11.88		2.34	%
Class R Shares		1,000.00		1,413.80		1,016.38		10.65		8.89		1.75	%
Class R6 Shares		1,000.00		1,419.80		1,020.32		5.92		4.94		0.97	%
Class Y Shares		1,000.00		1,418.60		1,019.46		6.95		5.80		1.14	%
Integrity Small/Mid-Cap Value Fund
Class A Shares		1,000.00		1,378.60		1,019.51		6.77		5.75		1.13	%
Class R6 Shares		1,000.00		1,380.50		1,021.02		4.98		4.23		0.83	%
Class Y Shares		1,000.00		1,379.60		1,020.77		5.28		4.48		0.88	%
Member Class**		1,000.00		1,249.60		1,020.42		1.73		4.84		0.95	%
Munder Multi-Cap Fund
Class A Shares		1,000.00		1,210.60		1,018.40		7.52		6.87		1.35	%
Class C Shares		1,000.00		1,205.50		1,014.32		12.01		10.97		2.16	%
Class Y Shares		1,000.00		1,212.60		1,020.27		5.47		4.99		0.98	%
S&P 500 Index Fund
Class A Shares		1,000.00		1,218.00		1,022.43		3.07		2.80		0.55	%
Class R Shares		1,000.00		1,215.00		1,020.32		5.42		4.94		0.97	%
Class Y Shares		1,000.00		1,218.90		1,022.99		2.46		2.24		0.44	%
Munder Mid-Cap Core Growth Fund
Class A Shares		1,000.00		1,284.70		1,018.75		7.37		6.51		1.28	%
Class C Shares		1,000.00		1,280.90		1,014.72		11.96		10.56		2.08	%
Class R Shares		1,000.00		1,282.20		1,017.29		9.03		7.98		1.57	%
Class R6 Shares		1,000.00		1,287.00		1,020.77		5.07		4.48		0.88	%
Class Y Shares		1,000.00		1,286.00		1,020.06		5.88		5.19		1.02	%
Munder Small Cap Growth Fund
Class A Shares		1,000.00		1,358.00		1,018.15		8.32		7.12		1.40	%
Class I Shares		1,000.00		1,360.20		1,019.41		6.84	��	5.85		1.15	%
Class Y Shares		1,000.00		1,359.60		1,018.90		7.43		6.36		1.25	%
Trivalent Emerging Markets Small-Cap Fund
Class A Shares		1,000.00		1,277.60		1,016.48		9.93		8.79		1.73	%
Class Y Shares		1,000.00		1,280.30		1,017.74		8.51		7.53		1.48	%
Trivalent International Fund-Core Equity Fund
Class A Shares		1,000.00		1,193.60		1,020.42		5.25		4.84		0.95	%
Class C Shares		1,000.00		1,188.60		1,016.64		9.38		8.64		1.70	%
Class I Shares		1,000.00		1,196.10		1,022.18		3.32		3.06		0.60	%
Class R6 Shares		1,000.00		1,194.40		1,022.43		3.04		2.80		0.55	%
Class Y Shares		1,000.00		1,196.60		1,021.68		3.88		3.57		0.70	%

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	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Trivalent International Small-Cap Fund
Class A Shares	$	1,000.00	$	1,263.40	$	1,018.40	$	7.70	$	6.87		1.35	%
Class C Shares		1,000.00		1,258.20		1,014.62		11.95		10.66		2.10	%
Class I Shares		1,000.00		1,265.70		1,020.42		5.43		4.84		0.95	%
Class R6 Shares		1,000.00		1,266.10		1,019.96		5.94		5.30		1.04	%
Class Y Shares		1,000.00		1,264.80		1,019.66		6.28		5.60		1.10	%
INCORE Total Return Bond Fund
Class A Shares		1,000.00		1,026.20		1,020.92		4.34		4.33		0.85	%
Class C Shares		1,000.00		1,021.10		1,017.14		8.15		8.13		1.60	%
Class R6 Shares		1,000.00		1,026.50		1,022.28		2.96		2.96		0.58	%
Class Y Shares		1,000.00		1,026.40		1,022.18		3.06		3.06		0.60	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent half-year divided by the number of days in the fiscal year).

**  Actual Expenses Paid are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 59/365 to reflect the stub period from commencement of operations November 3, 2020, through December 31, 2020.

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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 a meeting, which was called for that purpose, on December 2, 2020. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at a meeting on October 27, 2020 called for the purpose of reviewing the Agreement. 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, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds' advisory arrangements by an independent consultant retained through their counsel.

The Board took into consideration regular reports from the Adviser throughout the COVID-19 pandemic public health crisis concerning how the ongoing pandemic has affected market volatility, investment risk and the implementation and effectiveness of business continuity plans. These reports also had confirmed that the pandemic had no material impact on the Adviser's operations.

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;

•  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 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

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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 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 also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust.

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 current management 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 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, 2020, to that of the median performance of the Fund's 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, with the exception of 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 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, 2020, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, underperformed the peer group median for the one- and three-year periods, and matched the peer group median for the five-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

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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, 2020, to that of the median performance of the Fund's 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 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.

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, 2020, to that of the median performance of the Fund's 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 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.

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, 2020, to that of the median performance of the Fund's 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, 2020, to that of the median performance of the Fund's 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 the benchmark index for all of the periods reviewed, underperformed the peer group median for the three-, five- and ten-year periods, and

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matched the peer group median for the one-year period. 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.

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, 2020, to that of the median performance of the Fund's 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-, three- and five-year periods ended June 30, 2020, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for all 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, 2020, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark index for all of the periods reviewed, 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 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-, five- and ten-year periods ended June 30, 2020, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods

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reviewed, with the exception of the ten-year period, 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 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 Small-Cap Fund

The Board compared the Fund's Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2020, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for all of the periods reviewed.

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, 2020, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one- and three-year periods, underperformed the peer group median for the five-year period, and matched the peer group median for the ten-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.

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)
	800-235-8396 for Member Class

VP-MUNDER-SAR (12/20)

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 March 3, 2021

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 March 3, 2021

By (Signature and Title)*	/s/ Allan Shaer
	Allan Shaer, Principal Financial Officer

Date March 3, 2021