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, 2021

Item 1. Reports to Stockholders.

December 31, 2021

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 International Fund - Core Equity

Victory Trivalent International Small-Cap Fund

Victory INCORE Total Return Bond Fund

www.vcm.com

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

The Victory Capital website 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

Investment Objective & Portfolio Holdings (Unaudited)	4
Schedules of Portfolio Investments
Victory Integrity Discovery Fund	15
Victory Integrity Mid-Cap Value Fund	19
Victory Integrity Small-Cap Value Fund	23
Victory Integrity Small/Mid-Cap Value Fund	27
Victory Munder Multi-Cap Fund	31
Victory S&P 500 Index Fund	34
Victory Munder Mid-Cap Core Growth Fund	46
Victory Munder Small Cap Growth Fund	49
Victory Trivalent International Fund - Core Equity	54
Victory Trivalent International Small-Cap Fund	66
Victory INCORE Total Return Bond Fund	77
Financial Statements
Statements of Assets and Liabilities	87
Statements of Operations	95
Statements of Changes in Net Assets	99
Financial Highlights	112
Notes to Financial Statements	148
Supplemental Information (Unaudited)	166
Proxy Voting and Portfolio Holdings Information	166
Expense Examples	166
Advisory Contract Approval	169
Privacy Policy (inside back cover)

1

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 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 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

2

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3

Victory Portfolios
Victory Integrity Discovery Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide capital appreciation.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Northern Oil and Gas, Inc.	1.3	%
Harmonic, Inc.	1.2	%
Earthstone Energy, Inc., Class A	1.2	%
City Office REIT, Inc.	1.1	%
ConnectOne Bancorp, Inc.	1.1	%
Dime Community Bancshares, Inc.	1.1	%
AngioDynamics, Inc.	1.1	%
Premier Financial Corp.	1.1	%
QCR Holdings, Inc.	1.1	%
The Marcus Corp.	1.0	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

4

Victory Portfolios
Victory Integrity Mid-Cap Value Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide capital appreciation.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Devon Energy Corp.	1.4	%
McKesson Corp.	1.4	%
Arthur J. Gallagher & Co.	1.3	%
Pioneer Natural Resources Co.	1.2	%
Fifth Third Bancorp	1.2	%
Duke Realty Corp.	1.2	%
Laboratory Corp. of America Holdings	1.2	%
Martin Marietta Materials, Inc.	1.2	%
Diamondback Energy, Inc.	1.1	%
Essex Property Trust, Inc.	1.1	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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
Victory Integrity Small-Cap Value Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital growth.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

STAG Industrial, Inc.	1.3	%
SouthState Corp.	1.1	%
Hancock Whitney Corp.	1.1	%
Synovus Financial Corp.	1.1	%
Avient Corp.	1.1	%
Whiting Petroleum Corp.	1.1	%
PacWest Bancorp	1.1	%
LXP Industrial Trust	1.1	%
Chesapeake Energy Corp.	1.1	%
PDC Energy, Inc.	1.0	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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
Victory Integrity Small/Mid-Cap Value Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide capital appreciation.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Hancock Whitney Corp.	1.2	%
Olin Corp.	1.1	%
Alcoa Corp.	1.1	%
PacWest Bancorp	1.1	%
Synovus Financial Corp.	1.1	%
VICI Properties, Inc.	1.0	%
Apartment Income REIT Corp.	1.0	%
Builders FirstSource, Inc.	1.0	%
The Mosaic Co.	1.0	%
Devon Energy Corp.	1.0	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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 Munder Multi-Cap Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital appreciation.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Apple, Inc.	6.4	%
Microsoft Corp.	6.1	%
Alphabet, Inc., Class A	3.9	%
NVIDIA Corp.	2.1	%
PepsiCo, Inc.	2.0	%
Broadcom, Inc.	1.9	%
Builders FirstSource, Inc.	1.9	%
Meta Platforms, Inc., Class A	1.9	%
Chevron Corp.	1.9	%
AbbVie, Inc.	1.8	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

8

Victory Portfolios
Victory S&P 500 Index Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Apple, Inc.	6.8	%
Microsoft Corp.	6.2	%
Amazon.com, Inc.	3.6	%
Alphabet, Inc., Class A	2.1	%
Tesla, Inc.	2.1	%
Alphabet, Inc., Class C	2.0	%
Meta Platforms, Inc., Class A	2.0	%
NVIDIA Corp.	1.8	%
Berkshire Hathaway, Inc., Class B	1.3	%
UnitedHealth Group, Inc.	1.2	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

9

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital appreciation.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

EPAM Systems, Inc.	2.4	%
Advanced Micro Devices, Inc.	2.2	%
Monolithic Power Systems, Inc.	2.2	%
Synopsys, Inc.	1.9	%
D.R. Horton, Inc.	1.8	%
AutoZone, Inc.	1.8	%
Simon Property Group, Inc.	1.7	%
IQVIA Holdings, Inc.	1.7	%
KLA Corp.	1.7	%
MSCI, Inc.	1.6	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

10

Victory Portfolios
Victory Munder Small Cap Growth Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital appreciation.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

ON Semiconductor Corp.	2.2	%
Coastal Financial Corp.	2.0	%
Skyline Champion Corp.	2.0	%
Napco Security Technologies, Inc.	1.9	%
Magnolia Oil & Gas Corp., Class A	1.9	%
Customers Bancorp, Inc.	1.5	%
Summit Materials, Inc., Class A	1.5	%
Group 1 Automotive, Inc.	1.5	%
Avaya Holdings Corp.	1.5	%
Bicycle Therapeutics PLC	1.5	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

11

Victory Portfolios
Victory Trivalent International Fund - Core Equity December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term growth of capital.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Sony Group Corp.	2.0	%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.7	%
Roche Holding AG	1.4	%
Toyota Motor Corp.	1.3	%
Nestle SA, Registered Shares	1.2	%
LVMH Moet Hennessy Louis Vuitton SE	1.2	%
Novo Nordisk A/S, Class B	1.2	%
LG Innotek Co. Ltd.	1.1	%
Tencent Holdings Ltd.	1.1	%
Stellantis NV	1.0	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

12

Victory Portfolios
Victory Trivalent International Small-Cap Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term growth of capital.

Top 10 Holdings*:

December 31, 2021

(% of Net Assets)

Shinko Electric Industries Co. Ltd.	1.5	%
Future PLC	1.1	%
Inmode Ltd.	1.1	%
Osstem Implant Co. Ltd.	1.1	%
AfreecaTV Co. Ltd.	1.0	%
BayCurrent Consulting, Inc.	1.0	%
SOITEC	0.9	%
Internet Initiative Japan, Inc.	0.9	%
Valmet Oyj	0.9	%
Charter Hall Group	0.9	%

Sector Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

13

Victory Portfolios
Victory INCORE Total Return Bond Fund December 31, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide a high level of current income. Its secondary objective is capital appreciation.

Asset Allocation*:

December 31, 2021

(% of Net Assets)

*  Does not include futures contracts, 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.

14

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (97.8%)
Banks (21.5%):
Atlantic Capital Bancshares, Inc. (a)		22,300	$	642
Business First Bancshares, Inc.		18,900		535
Central Pacific Financial Corp.		25,400		715
Civista Bancshares, Inc.		24,900		608
ConnectOne Bancorp, Inc.		30,500		998
Dime Community Bancshares, Inc.		27,600		970
Financial Institutions, Inc.		22,660		721
First Bank		19,400		281
First Foundation, Inc.		29,000		721
First Internet Bancorp		16,600		781
First Mid Bancshares, Inc.		18,250		781
German American Bancorp, Inc.		16,400		639
HarborOne Bancorp, Inc.		45,000		668
Heritage Commerce Corp. (b)		69,500		830
Heritage Financial Corp.		19,500		477
Hometrust Bancshares, Inc.		24,800		768
Independent Bank Corp.		31,800		759
Mercantile Bank Corp.		21,500		753
Origin Bancorp, Inc.		20,900		897
Peoples Bancorp, Inc.		26,600		846
Primis Financial Corp.		37,200		559
QCR Holdings, Inc.		17,100		958
SmartFinancial, Inc.		24,900		681
The First Bancshares, Inc.		19,100		738
Third Coast Bancshares, Inc. (a)		23,450		609
Univest Financial Corp.		27,700		829
Washington Trust Bancorp, Inc.		14,300		806
				19,570
Capital Markets (1.6%):
Cowen, Inc., Class A		20,800		751
Diamond Hill Investment Group, Inc.		3,775		733
				1,484
Communication Services (3.9%):
Clear Channel Outdoor Holdings, Inc. (a)		280,500		928
Emerald Holding, Inc. (a)		106,000		421
Entercom Communications Corp. (a)		201,765		519
The EW Scripps Co., Class A (a)		38,900		753
The Marcus Corp. (a) (b)		53,500		955
				3,576
Consumer Discretionary (11.8%):
Chico's FAS, Inc. (a)		119,000		640
Chuy's Holdings, Inc. (a) (b)		20,466		616
Designer Brands, Inc., Class A (a) (b)		32,915		468
Funko, Inc., Class A (a)		34,500		649
Genesco, Inc. (a)		14,850		953
Lindblad Expeditions Holdings, Inc. (a)		43,350		676

See notes to financial statements.

15

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
M/I Homes, Inc. (a)		7,330	$	456
Malibu Boats, Inc., Class A (a)		7,400		509
Modine Manufacturing Co. (a)		58,800		593
Motorcar Parts of America, Inc. (a)		35,000		597
OneWater Marine, Inc.		10,300		628
Potbelly Corp. (a)		104,000		580
Red Robin Gourmet Burgers, Inc. (a) (b)		34,114		564
Ruth's Hospitality Group, Inc. (a)		34,500		687
The Aaron's Co., Inc.		17,000		419
Universal Electronics, Inc. (a)		10,250		418
Universal Technical Institute, Inc. (a)		72,500		567
Zumiez, Inc. (a)		14,200		681
				10,701
Consumer Finance (0.9%):
EZCORP, Inc., Class A (a) (b)		107,500		792
Energy (6.8%):
Berry Corp.		55,499		467
CONSOL Energy, Inc. (a)		32,000		727
Earthstone Energy, Inc., Class A (a)		98,771		1,081
International Seaways, Inc.		25,061		368
Matrix Service Co. (a)		39,200		295
Northern Oil and Gas, Inc.		57,800		1,190
ProPetro Holding Corp. (a)		70,800		573
Solaris Oilfield Infrastructure, Inc., Class A		87,225		571
Talos Energy, Inc. (a)		54,307		532
Tidewater, Inc. (a)		41,600		446
				6,250
Health Care (6.3%):
AngioDynamics, Inc. (a)		35,000		965
Brookdale Senior Living, Inc. (a)		113,667		587
Collegium Pharmaceutical, Inc. (a)		21,200		396
Community Health Systems, Inc. (a)		47,600		634
Hanger, Inc. (a)		24,000		435
HealthStream, Inc. (a)		20,941		552
Natus Medical, Inc. (a)		25,989		617
Orthofix Medical, Inc. (a) (b)		21,000		653
RadNet, Inc. (a)		13,898		418
Vanda Pharmaceuticals, Inc. (a)		32,600		511
				5,768
Industrials (15.9%):
CIRCOR International, Inc. (a) (b)		19,900		541
Columbus McKinnon Corp.		18,200		842
Covenant Logistics Group, Inc., Class A (a)		28,650		757
CRA International, Inc.		4,900		458
Ducommun, Inc. (a)		15,100		706
DXP Enterprises, Inc. (a)		22,850		587
Eagle Bulk Shipping, Inc. (b)		13,450		612
Great Lakes Dredge & Dock Corp. (a)		49,000		770

See notes to financial statements.

16

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Hawaiian Holdings, Inc. (a)		20,800	$	382
Heritage-Crystal Clean, Inc. (a)		23,700		759
Interface, Inc.		46,800		746
Kelly Services, Inc., Class A		31,500		528
Kimball International, Inc., Class B		56,000		573
NN, Inc. (a)		93,000		381
Park Aerospace Corp.		36,800		486
Park-Ohio Holdings Corp.		18,800		398
SP Plus Corp. (a)		22,000		621
The Shyft Group, Inc.		11,400		560
Titan Machinery, Inc. (a)		28,100		947
Triumph Group, Inc. (a)		46,900		869
TrueBlue, Inc. (a)		21,276		589
VSE Corp.		12,000		731
Willdan Group, Inc. (a) (b)		17,481		615
				14,458
Information Technology (13.5%):
American Software, Inc., Class A		24,000		628
Asure Software, Inc. (a)		71,600		561
Benchmark Electronics, Inc.		20,400		553
Comtech Telecommunications Corp.		32,900		779
CTS Corp.		24,500		900
Diebold Nixdorf, Inc. (a)		49,211		445
Digi International, Inc. (a)		33,850		832
EMCORE Corp. (a)		66,996		468
Extreme Networks, Inc. (a)		42,572		668
Harmonic, Inc. (a)		92,500		1,088
I3 Verticals, Inc., Class A (a)		18,800		428
Ichor Holdings Ltd. (a)		12,800		589
Impinj, Inc. (a)		10,013		888
Kimball Electronics, Inc. (a)		38,100		829
Lantronix, Inc. (a)		70,790		554
PDF Solutions, Inc. (a)		27,100		862
Veeco Instruments, Inc. (a)		21,350		608
Vishay Precision Group, Inc. (a)		17,700		657
				12,337
Insurance (0.9%):
HCI Group, Inc. (b)		4,800		401
Heritage Insurance Holdings, Inc.		69,000		406
				807
Materials (3.7%):
Haynes International, Inc.		18,500		746
Koppers Holdings, Inc. (a)		22,200		695
Schnitzer Steel Industries, Inc.		13,600		706
SunCoke Energy, Inc.		111,900		737
Verso Corp., Class A (b)		17,200		465
				3,349

See notes to financial statements.

17

Victory Portfolios
Victory Integrity Discovery Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Mortgage Real Estate Investment Trusts (1.0%):
Dynex Capital, Inc. (b)		36,400	$	608
Western Asset Mortgage Capital Corp. (b)		143,000		302
				910
Real Estate (6.8%):
CatchMark Timber Trust, Inc., Class A		49,400		430
Cedar Realty Trust, Inc.		24,500		615
City Office REIT, Inc.		51,030		1,006
Global Medical REIT, Inc.		43,300		769
NETSTREIT Corp.		25,300		580
NexPoint Residential Trust, Inc.		9,450		792
Plymouth Industrial REIT, Inc.		26,100		835
UMH Properties, Inc.		9,881		270
Urstadt Biddle Properties, Inc., Class A		41,000		873
				6,170
Thrifts & Mortgage Finance (3.2%):
Bridgewater Bancshares, Inc. (a)		30,500		540
HomeStreet, Inc.		15,000		780
PCSB Financial Corp.		31,400		598
Premier Financial Corp.		31,200		964
				2,882
Total Common Stocks (Cost $68,828)				89,054
Collateral for Securities Loaned^ (4.6%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		98,121		98
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)		1,927,111		1,927
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		48,967		49
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		390,450		390
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		1,755,539		1,756
Total Collateral for Securities Loaned (Cost $4,220)				4,220
Total Investments (Cost $73,048) — 102.4%				93,274
Liabilities in excess of other assets — (2.4)%				(2,150	)
NET ASSETS — 100.00%			$	91,124

^  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, 2021.

REIT — Real Estate Investment Trust

See notes to financial statements.

18

Victory Portfolios
Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (99.0%)
Communication Services (3.2%):
Cinemark Holdings, Inc. (a)		84,577	$	1,364
Lions Gate Entertainment Corp., Class B (a)		113,252		1,743
Nexstar Media Group, Inc., Class A		15,830		2,390
Twitter, Inc. (a)		29,600		1,279
ViacomCBS, Inc., Class B		30,313		915
Zynga, Inc., Class A (a)		212,074		1,357
				9,048
Consumer Discretionary (11.8%):
Advance Auto Parts, Inc.		9,058		2,173
Aptiv PLC (a)		11,618		1,916
Aramark		58,460		2,154
Bath & Body Works, Inc.		24,168		1,687
BorgWarner, Inc.		50,935		2,296
Brunswick Corp.		21,200		2,136
Caesars Entertainment, Inc. (a)		19,388		1,813
Capri Holdings Ltd. (a)		29,586		1,920
D.R. Horton, Inc.		15,835		1,717
Hilton Worldwide Holdings, Inc. (a)		11,051		1,724
Newell Brands, Inc.		63,526		1,387
Norwegian Cruise Line Holdings Ltd. (a) (b)		81,263		1,685
Penske Automotive Group, Inc.		16,342		1,752
Ralph Lauren Corp.		20,390		2,424
The Gap, Inc.		87,700		1,548
Travel + Leisure Co.		39,003		2,156
Yum! Brands, Inc.		17,766		2,467
				32,955
Consumer Staples (4.6%):
Archer-Daniels-Midland Co.		29,770		2,012
Coty, Inc., Class A (a)		229,787		2,413
Darling Ingredients, Inc. (a)		27,651		1,916
Molson Coors Beverage Co., Class B		45,780		2,122
Performance Food Group Co. (a)		37,600		1,725
Tyson Foods, Inc., Class A		30,600		2,667
				12,855
Energy (5.6%):
Devon Energy Corp.		90,700		3,995
Diamondback Energy, Inc.		29,730		3,206
Halliburton Co.		111,930		2,560
Hess Corp.		33,942		2,513
Pioneer Natural Resources Co.		18,830		3,425
				15,699
Financials (15.5%):
American Financial Group, Inc.		19,360		2,658
Arthur J. Gallagher & Co.		21,560		3,658
Artisan Partners Asset Management, Inc., Class A		41,930		1,998

See notes to financial statements.

19

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Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Assurant, Inc.		12,540	$	1,954
Cincinnati Financial Corp.		18,975		2,162
Comerica, Inc.		29,192		2,540
Fifth Third Bancorp		76,360		3,325
Huntington Bancshares, Inc.		196,000		3,022
Invesco Ltd.		90,692		2,088
Lincoln National Corp.		31,666		2,162
LPL Financial Holdings, Inc.		17,840		2,856
M&T Bank Corp.		19,808		3,042
Northern Trust Corp.		23,300		2,787
Regions Financial Corp.		97,344		2,122
Reinsurance Group of America, Inc.		21,129		2,313
State Street Corp.		23,694		2,204
The Hartford Financial Services Group, Inc.		34,470		2,380
				43,271
Health Care (8.2%):
Centene Corp. (a)		15,986		1,317
Elanco Animal Health, Inc. (a)		51,358		1,458
Encompass Health Corp.		30,360		1,981
Jazz Pharmaceuticals PLC (a)		12,083		1,540
Laboratory Corp. of America Holdings (a)		10,395		3,266
McKesson Corp.		15,250		3,791
Organon & Co.		51,659		1,573
Perrigo Co. PLC		45,587		1,773
STERIS PLC		7,621		1,855
Viatris, Inc.		175,835		2,379
Zimmer Biomet Holdings, Inc.		16,122		2,048
				22,981
Industrials (16.7%):
AGCO Corp.		13,256		1,538
Booz Allen Hamilton Holding Corp.		21,148		1,793
Builders FirstSource, Inc. (a)		28,223		2,419
Carlisle Cos., Inc.		10,331		2,563
Crane Co.		19,571		1,991
Howmet Aerospace, Inc.		61,000		1,942
ITT, Inc.		19,080		1,950
J.B. Hunt Transport Services, Inc.		9,471		1,936
Knight-Swift Transportation Holdings, Inc.		39,931		2,433
ManpowerGroup, Inc.		19,393		1,887
Old Dominion Freight Line, Inc.		6,217		2,228
Oshkosh Corp.		15,839		1,785
Otis Worldwide Corp.		32,280		2,811
Parker-Hannifin Corp.		8,039		2,557
Quanta Services, Inc.		17,949		2,058
Regal Rexnord Corp.		10,857		1,848
Republic Services, Inc.		17,329		2,417
Southwest Airlines Co. (a)		45,524		1,950
Spirit AeroSystems Holdings, Inc., Class A		43,699		1,883
Textron, Inc.		27,019		2,086

See notes to financial statements.

20

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Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Trane Technologies PLC		11,230	$	2,269
Westinghouse Air Brake Technologies Corp.		26,017		2,396
				46,740
Information Technology (11.2%):
Ciena Corp. (a)		24,969		1,922
Citrix Systems, Inc.		13,659		1,292
DXC Technology Co. (a)		57,906		1,864
Flex Ltd. (a)		128,164		2,349
Hewlett Packard Enterprise Co.		138,248		2,180
Jabil, Inc.		29,623		2,084
Juniper Networks, Inc.		66,801		2,386
Marvell Technology, Inc.		30,000		2,625
MKS Instruments, Inc.		9,757		1,699
Motorola Solutions, Inc.		9,768		2,654
NCR Corp. (a)		49,146		1,976
ON Semiconductor Corp. (a)		33,510		2,276
Teledyne Technologies, Inc. (a)		3,796		1,658
Verint Systems, Inc. (a)		35,546		1,867
Western Digital Corp. (a)		36,683		2,392
				31,224
Materials (7.4%):
Alcoa Corp.		38,408		2,288
CF Industries Holdings, Inc.		38,633		2,734
Cleveland-Cliffs, Inc. (a) (b)		128,800		2,804
Crown Holdings, Inc.		19,461		2,153
Martin Marietta Materials, Inc.		7,310		3,220
Olin Corp.		39,489		2,271
The Mosaic Co.		72,400		2,845
Westlake Chemical Corp.		22,522		2,188
				20,503
Real Estate (8.2%):
Apartment Income REIT Corp.		52,650		2,878
Duke Realty Corp.		50,620		3,323
Essex Property Trust, Inc.		8,890		3,131
Host Hotels & Resorts, Inc. (a)		123,269		2,144
Medical Properties Trust, Inc.		112,141		2,650
Realty Income Corp.		26,834		1,921
VICI Properties, Inc. (b)		78,677		2,369
Welltower, Inc.		29,557		2,535
Weyerhaeuser Co.		47,083		1,939
				22,890
Utilities (6.6%):
CenterPoint Energy, Inc.		90,169		2,517
DTE Energy Co.		18,572		2,220
Evergy, Inc.		36,353		2,494
PPL Corp.		70,346		2,115
Spire, Inc.		33,053		2,156
UGI Corp.		36,325		1,668

See notes to financial statements.

21

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Victory Integrity Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Vistra Corp.		116,754	$	2,658
Xcel Energy, Inc.		36,875		2,496
				18,324
Total Common Stocks (Cost $216,717)				276,490
Collateral for Securities Loaned^ (1.7%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		108,500		109
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)		2,130,005		2,130
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		54,123		54
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		431,558		432
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		1,940,368		1,940
Total Collateral for Securities Loaned (Cost $4,665)				4,665
Total Investments (Cost $221,382) — 100.7%				281,155
Liabilities in excess of other assets — (0.7)%				(1,998	)
NET ASSETS — 100.00%			$	279,157

^  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, 2021.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

22

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (98.9%)
Communication Services (2.8%):
Cinemark Holdings, Inc. (a) (b)		731,400	$	11,790
Gray Television, Inc.		607,400		12,245
Lions Gate Entertainment Corp., Class B (a)		820,600		12,629
TEGNA, Inc.		497,000		9,224
The Marcus Corp. (a) (b)		437,500		7,814
				53,702
Consumer Discretionary (10.6%):
Abercrombie & Fitch Co. (a)		318,300		11,086
American Axle & Manufacturing Holdings, Inc. (a)		980,000		9,143
Asbury Automotive Group, Inc. (a)		57,000		9,846
Bloomin' Brands, Inc. (a)		619,000		12,987
Brinker International, Inc. (a)		245,000		8,965
Brunswick Corp.		108,500		10,929
Century Communities, Inc.		205,000		16,767
Dana, Inc.		446,500		10,189
Dave & Buster's Entertainment, Inc. (a)		346,900		13,321
Guess?, Inc. (b)		489,000		11,579
Macy's, Inc.		689,300		18,046
Marriott Vacations Worldwide Corp.		87,700		14,820
Steven Madden Ltd.		335,000		15,567
Victoria's Secret & Co. (a)		203,000		11,275
Visteon Corp. (a)		120,400		13,381
Wolverine World Wide, Inc.		459,500		13,238
				201,139
Consumer Staples (2.9%):
Coty, Inc., Class A (a)		1,715,000		18,008
Edgewell Personal Care Co.		211,000		9,645
Performance Food Group Co. (a)		302,600		13,886
The Simply Good Foods Co. (a) (b)		316,000		13,136
				54,675
Energy (8.0%):
Antero Resources Corp. (a)		1,041,500		18,226
Cactus, Inc., Class A		485,000		18,493
Chesapeake Energy Corp. (b)		309,500		19,969
CONSOL Energy, Inc. (a)		704,300		15,995
Green Plains, Inc. (a)		556,000		19,327
Ovintiv, Inc.		573,000		19,310
PDC Energy, Inc.		403,000		19,658
Whiting Petroleum Corp. (a)		327,000		21,150
				152,128
Financials (23.5%):
Ameris Bancorp		347,000		17,239
Artisan Partners Asset Management, Inc., Class A		277,500		13,220
Assured Guaranty Ltd.		192,000		9,638
Banc of California, Inc.		666,200		13,071

See notes to financial statements.

23

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Banner Corp.		276,500	$	16,775
Blackstone Mortgage Trust, Inc., Class A		501,000		15,341
Brighthouse Financial, Inc. (a)		198,300		10,272
Cathay General Bancorp		214,600		9,226
CNO Financial Group, Inc.		506,900		12,084
FB Financial Corp.		337,500		14,789
Federated Hermes, Inc.		443,500		16,667
First Bancorp/Southern Pines NC		215,200		9,839
First Merchants Corp.		392,000		16,421
Hancock Whitney Corp.		434,000		21,709
Heritage Financial Corp.		276,000		6,745
Horace Mann Educators Corp.		245,500		9,501
Kinsale Capital Group, Inc.		51,600		12,275
Ladder Capital Corp.		812,000		9,736
MGIC Investment Corp.		920,000		13,266
PacWest Bancorp		446,000		20,146
Piper Sandler Cos.		21,600		3,856
Primerica, Inc.		67,000		10,269
ProAssurance Corp.		421,400		10,661
Renasant Corp.		449,000		17,040
RLI Corp.		86,300		9,674
Sandy Spring Bancorp, Inc.		279,300		13,429
SouthState Corp.		271,000		21,710
Starwood Property Trust, Inc.		394,900		9,596
Stifel Financial Corp.		137,400		9,676
Synovus Financial Corp.		450,000		21,542
United Community Banks, Inc.		546,000		19,623
Veritex Holdings, Inc.		416,000		16,548
Wintrust Financial Corp.		162,900		14,795
				446,379
Health Care (3.9%):
Brookdale Senior Living, Inc. (a)		1,690,900		8,725
CONMED Corp.		68,000		9,640
Patterson Cos., Inc.		425,400		12,485
Select Medical Holdings Corp.		368,000		10,819
Supernus Pharmaceuticals, Inc. (a)		438,700		12,793
Tenet Healthcare Corp. (a)		231,500		18,911
				73,373
Industrials (20.6%):
AAR Corp. (a)		429,700		16,771
Altra Industrial Motion Corp.		256,200		13,212
ArcBest Corp.		105,100		12,596
Atkore, Inc. (a)		144,000		16,011
AZZ, Inc.		201,300		11,130
Beacon Roofing Supply, Inc. (a)		204,828		11,747
Clean Harbors, Inc. (a)		125,600		12,531
Crane Co.		129,500		13,174
EMCOR Group, Inc.		145,000		18,472
EnPro Industries, Inc.		126,301		13,902

See notes to financial statements.

24

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Granite Construction, Inc.		427,300	$	16,537
Hub Group, Inc., Class A (a)		179,300		15,104
Kirby Corp. (a)		172,500		10,250
Korn Ferry		199,500		15,108
ManpowerGroup, Inc.		116,100		11,300
Maxar Technologies, Inc.		321,000		9,479
Meritor, Inc. (a)		460,000		11,399
MillerKnoll, Inc.		292,900		11,479
nVent Electric PLC		330,000		12,540
Ryder System, Inc.		143,300		11,812
Saia, Inc. (a)		40,600		13,683
SkyWest, Inc. (a)		302,500		11,888
Terex Corp.		225,000		9,889
The Greenbrier Cos., Inc.		257,000		11,794
Triumph Group, Inc. (a)		685,400		12,701
Univar Solutions, Inc. (a)		563,400		15,972
Wabash National Corp. (b)		545,000		10,638
Werner Enterprises, Inc.		227,000		10,819
WESCO International, Inc. (a)		142,200		18,712
Zurn Water Solutions Corp.		315,000		11,466
				392,116
Information Technology (7.0%):
Belden, Inc.		298,300		19,607
CMC Materials, Inc.		56,000		10,735
CommScope Holding Co., Inc. (a)		1,011,600		11,168
Conduent, Inc. (a)		1,424,600		7,607
Diebold Nixdorf, Inc. (a)		1,088,000		9,847
FormFactor, Inc. (a)		257,700		11,782
Harmonic, Inc. (a) (b)		1,020,200		11,998
Infinera Corp. (a) (b)		1,134,000		10,875
Plexus Corp. (a)		102,000		9,781
Verint Systems, Inc. (a)		281,400		14,776
Vishay Intertechnology, Inc.		636,000		13,909
				132,085
Materials (5.0%):
Arconic Corp. (a)		328,000		10,827
Avient Corp.		380,000		21,261
Schnitzer Steel Industries, Inc.		308,400		16,012
Summit Materials, Inc., Class A (a)		469,000		18,826
Trinseo PLC (a) (b)		258,700		13,571
Tronox Holdings PLC, Class A		640,300		15,387
				95,884
Real Estate (10.3%):
Alexander & Baldwin, Inc.		433,300		10,872
CareTrust REIT, Inc.		530,200		12,104
DiamondRock Hospitality Co. (a)		1,633,000		15,693
Easterly Government Properties, Inc.		584,000		13,385
Essential Properties Realty Trust, Inc.		480,600		13,856

See notes to financial statements.

25

Victory Portfolios
Victory Integrity Small-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Hudson Pacific Properties, Inc.		486,700	$	12,026
LXP Industrial Trust		1,289,600		20,144
Mack-Cali Realty Corp. (a)		674,000		12,388
Physicians Realty Trust		540,000		10,168
Sabra Health Care REIT, Inc.		923,900		12,510
SITE Centers Corp.		1,080,000		17,096
STAG Industrial, Inc.		497,000		23,836
Summit Hotel Properties, Inc. (a)		1,097,400		10,711
Sunstone Hotel Investors, Inc. (a)		924,000		10,839
				195,628
Utilities (4.3%):
ALLETE, Inc.		194,700		12,918
Black Hills Corp.		171,000		12,067
NorthWestern Corp.		222,000		12,690
ONE Gas, Inc.		179,300		13,912
Portland General Electric Co.		269,000		14,235
Spire, Inc.		229,800		14,988
				80,810
Total Common Stocks (Cost $1,377,731)				1,877,919
Collateral for Securities Loaned^ (3.1%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		1,387,116		1,387
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)		27,243,144		27,243
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		692,240		692
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		5,519,703		5,520
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		24,817,662		24,818
Total Collateral for Securities Loaned (Cost $59,660)				59,660
Total Investments (Cost $1,437,391) — 102.0%				1,937,579
Liabilities in excess of other assets — (2.0)%				(38,216	)
NET ASSETS — 100.00%			$	1,899,363

^  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, 2021.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

26

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (98.3%)
Communication Services (2.9%):
Cinemark Holdings, Inc. (a)		77,457	$	1,249
Lions Gate Entertainment Corp., Class B (a)		85,850		1,321
Nexstar Media Group, Inc., Class A		12,076		1,823
TEGNA, Inc.		61,300		1,138
Zynga, Inc., Class A (a)		170,888		1,094
				6,625
Consumer Discretionary (11.8%):
Aramark		51,802		1,909
Asbury Automotive Group, Inc. (a)		6,900		1,192
Bloomin' Brands, Inc. (a)		57,014		1,196
Brunswick Corp.		17,650		1,778
Caesars Entertainment, Inc. (a)		14,340		1,341
Capri Holdings Ltd. (a)		23,050		1,496
Lear Corp.		6,965		1,274
Macy's, Inc.		51,674		1,353
Newell Brands, Inc.		61,240		1,338
Norwegian Cruise Line Holdings Ltd. (a) (b)		74,465		1,544
PulteGroup, Inc.		24,900		1,423
Ralph Lauren Corp.		16,465		1,957
Steven Madden Ltd.		36,038		1,675
The Gap, Inc.		64,628		1,141
Travel + Leisure Co.		30,509		1,686
Victoria's Secret & Co. (a)		24,241		1,346
Visteon Corp. (a)		12,130		1,348
Wolverine World Wide, Inc.		54,000		1,556
				26,553
Consumer Staples (3.0%):
Coty, Inc., Class A (a)		187,631		1,970
Edgewell Personal Care Co.		24,241		1,108
MGP Ingredients, Inc. (b)		13,800		1,173
Molson Coors Beverage Co., Class B		22,300		1,034
Performance Food Group Co. (a)		32,000		1,468
				6,753
Energy (6.8%):
Cactus, Inc., Class A		43,857		1,672
CONSOL Energy, Inc. (a)		51,294		1,165
Coterra Energy, Inc.		99,664		1,893
Devon Energy Corp.		51,800		2,282
Diamondback Energy, Inc.		20,230		2,182
Green Plains, Inc. (a)		58,370		2,029
PDC Energy, Inc.		42,780		2,087
Whiting Petroleum Corp. (a)		30,840		1,995
				15,305

See notes to financial statements.

27

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Financials (18.9%):
American Financial Group, Inc.		13,602	$	1,868
Artisan Partners Asset Management, Inc., Class A		34,049		1,622
Assurant, Inc.		11,124		1,734
Assured Guaranty Ltd.		22,628		1,136
Atlantic Union Bankshares Corp.		43,910		1,637
Blackstone Mortgage Trust, Inc., Class A		49,959		1,530
Comerica, Inc.		26,150		2,275
East West Bancorp, Inc.		25,200		1,983
Hancock Whitney Corp.		52,850		2,643
Invesco Ltd.		75,500		1,738
Kinsale Capital Group, Inc.		5,847		1,391
Lincoln National Corp.		17,193		1,174
LPL Financial Holdings, Inc.		13,280		2,126
MGIC Investment Corp.		99,275		1,431
PacWest Bancorp		55,300		2,498
People's United Financial, Inc.		92,798		1,654
Primerica, Inc.		8,950		1,372
Reinsurance Group of America, Inc.		12,230		1,339
SouthState Corp.		28,000		2,243
Stifel Financial Corp.		25,487		1,795
Synovus Financial Corp.		50,250		2,405
The Hanover Insurance Group, Inc.		9,770		1,280
Voya Financial, Inc. (b)		25,996		1,724
Wintrust Financial Corp.		21,835		1,983
				42,581
Health Care (3.5%):
Encompass Health Corp.		26,696		1,742
Jazz Pharmaceuticals PLC (a)		10,735		1,368
Organon & Co.		59,900		1,824
Perrigo Co. PLC		41,568		1,617
Select Medical Holdings Corp.		43,200		1,270
				7,821
Industrials (22.0%):
AGCO Corp.		11,500		1,334
Alaska Air Group, Inc. (a)		13,119		683
Altra Industrial Motion Corp.		22,950		1,184
Atkore, Inc. (a)		17,035		1,894
Builders FirstSource, Inc. (a)		26,750		2,293
Carlisle Cos., Inc.		8,900		2,208
Clean Harbors, Inc. (a)		14,890		1,486
Crane Co.		15,446		1,571
EMCOR Group, Inc.		13,793		1,757
EnPro Industries, Inc.		12,280		1,352
Granite Construction, Inc.		43,600		1,687
Howmet Aerospace, Inc.		54,500		1,735
ITT, Inc.		18,433		1,884
Kirby Corp. (a)		20,420		1,213
Knight-Swift Transportation Holdings, Inc.		28,860		1,759

See notes to financial statements.

28

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Korn Ferry		18,496	$	1,401
ManpowerGroup, Inc.		13,573		1,321
Meritor, Inc. (a)		51,340		1,272
MillerKnoll, Inc.		33,900		1,329
nVent Electric PLC		42,776		1,625
Oshkosh Corp.		12,777		1,440
Quanta Services, Inc.		16,300		1,869
Regal Rexnord Corp.		9,915		1,687
Ryder System, Inc.		18,070		1,490
Saia, Inc. (a)		6,510		2,194
SkyWest, Inc. (a)		25,678		1,009
Spirit AeroSystems Holdings, Inc., Class A		35,530		1,531
Textron, Inc.		25,424		1,963
Trinity Industries, Inc.		39,407		1,190
Univar Solutions, Inc. (a)		66,802		1,894
Westinghouse Air Brake Technologies Corp.		15,432		1,421
Zurn Water Solutions Corp.		26,710		972
				49,648
Information Technology (8.7%):
Belden, Inc.		30,700		2,018
Ciena Corp. (a)		28,055		2,159
Conduent, Inc. (a)		159,274		851
Euronet Worldwide, Inc. (a)		15,350		1,829
Flex Ltd. (a)		95,786		1,756
FormFactor, Inc. (a)		30,209		1,381
Infinera Corp. (a)		125,533		1,204
Jabil, Inc.		22,373		1,574
MKS Instruments, Inc.		7,640		1,331
NCR Corp. (a)		36,902		1,483
ON Semiconductor Corp. (a)		32,800		2,228
Verint Systems, Inc. (a)		31,970		1,679
				19,493
Materials (7.4%):
Alcoa Corp.		42,120		2,509
Arconic Corp. (a)		32,920		1,087
CF Industries Holdings, Inc.		31,900		2,258
Cleveland-Cliffs, Inc. (a) (b)		104,718		2,280
Olin Corp.		43,850		2,522
Summit Materials, Inc., Class A (a)		48,878		1,962
The Mosaic Co.		58,300		2,290
Westlake Chemical Corp.		17,684		1,718
				16,626
Real Estate (9.9%):
Apartment Income REIT Corp.		42,640		2,331
DiamondRock Hospitality Co. (a)		173,459		1,667
Federal Realty Investment Trust		14,940		2,037
First Industrial Realty Trust, Inc.		30,000		1,986
Gaming and Leisure Properties, Inc.		39,599		1,927
Highwoods Properties, Inc.		43,400		1,935

See notes to financial statements.

29

Victory Portfolios
Victory Integrity Small/Mid-Cap Value Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Hudson Pacific Properties, Inc. (b)		60,068	$	1,484
Mack-Cali Realty Corp. (a)		73,100		1,344
Medical Properties Trust, Inc.		92,200		2,179
SITE Centers Corp.		111,655		1,767
STORE Capital Corp.		38,850		1,336
VICI Properties, Inc. (b)		77,500		2,334
				22,327
Utilities (3.4%):
ALLETE, Inc.		27,967		1,856
Spire, Inc.		31,150		2,032
UGI Corp.		38,327		1,759
Vistra Corp.		86,315		1,965
				7,612
Total Common Stocks (Cost $169,174)				221,344
Collateral for Securities Loaned^ (2.7%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		139,160		139
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)		2,733,112		2,733
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		69,448		69
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		553,753		554
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		2,489,781		2,490
Total Collateral for Securities Loaned (Cost $5,985)				5,985
Total Investments (Cost $175,159) — 101.0%				227,329
Liabilities in excess of other assets — (1.0)%				(2,276	)
NET ASSETS — 100.00%			$	225,053

^  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, 2021.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

30

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (98.5%)
Communication Services (7.8%):
Alphabet, Inc., Class A (a)		6,593	$	19,100
Charter Communications, Inc., Class A (a)		5,700		3,716
Meta Platforms, Inc., Class A (a)		27,800		9,351
Nexstar Media Group, Inc., Class A		41,600		6,281
				38,448
Communications Equipment (1.1%):
Lumentum Holdings, Inc. (a)		51,800		5,479
Consumer Discretionary (13.0%):
Amazon.com, Inc. (a)		2,110		7,035
Asbury Automotive Group, Inc. (a)		35,600		6,149
Brunswick Corp.		30,600		3,082
D.R. Horton, Inc.		69,800		7,570
Group 1 Automotive, Inc.		23,900		4,666
LCI Industries		39,500		6,157
Lithia Motors, Inc.		10,200		3,029
Lowe's Cos., Inc.		10,900		2,817
Meritage Homes Corp. (a)		53,700		6,555
Patrick Industries, Inc.		71,900		5,802
Tempur Sealy International, Inc.		64,700		3,043
Tesla, Inc. (a)		4,800		5,073
Winnebago Industries, Inc.		38,300		2,869
				63,847
Consumer Staples (5.3%):
BJ's Wholesale Club Holdings, Inc. (a)		93,100		6,235
Darling Ingredients, Inc. (a)		35,300		2,446
PepsiCo, Inc.		55,700		9,676
Philip Morris International, Inc.		82,300		7,818
				26,175
Electronic Equipment, Instruments & Components (1.7%):
Fabrinet (a)		43,200		5,118
Jabil, Inc.		43,900		3,088
				8,206
Energy (5.0%):
Chevron Corp.		78,710		9,237
EOG Resources, Inc.		32,500		2,887
Matador Resources Co.		72,000		2,658
Pioneer Natural Resources Co.		28,300		5,147
Valero Energy Corp.		62,500		4,694
				24,623
Financials (11.7%):
Ally Financial, Inc.		64,700		3,080
Ameriprise Financial, Inc.		11,400		3,439
Bank of America Corp.		153,000		6,807
Chubb Ltd.		34,800		6,727

See notes to financial statements.

31

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Victory Munder Multi-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
JPMorgan Chase & Co.		53,500	$	8,472
Morgan Stanley		58,900		5,782
Primerica, Inc.		36,500		5,594
ServisFirst Bancshares, Inc.		33,600		2,854
Signature Bank		16,600		5,370
T. Rowe Price Group, Inc.		11,100		2,183
Western Alliance Bancorp		64,100		6,900
				57,208
Health Care (12.3%):
AbbVie, Inc.		65,950		8,930
AmerisourceBergen Corp.		53,100		7,056
Cigna Corp.		22,500		5,167
ICON PLC (a)		21,900		6,782
McKesson Corp.		29,900		7,432
Regeneron Pharmaceuticals, Inc. (a)		12,300		7,768
Stryker Corp.		22,600		6,044
Thermo Fisher Scientific, Inc.		7,700		5,138
UnitedHealth Group, Inc.		11,525		5,787
				60,104
Industrials (10.3%):
Builders FirstSource, Inc. (a)		110,000		9,428
Chart Industries, Inc. (a)		16,300		2,600
GXO Logistics, Inc. (a)		37,600		3,415
Marten Transport Ltd.		271,400		4,657
Old Dominion Freight Line, Inc.		13,800		4,946
Parker-Hannifin Corp.		20,800		6,617
Saia, Inc. (a)		18,100		6,100
Trex Co., Inc. (a)		40,400		5,455
UFP Industries, Inc.		80,700		7,425
				50,643
IT Services (1.2%):
EPAM Systems, Inc. (a)		5,300		3,543
PayPal Holdings, Inc. (a)		13,000		2,451
				5,994
Materials (4.5%):
Avery Dennison Corp.		21,100		4,570
Dow, Inc.		61,200		3,471
Summit Materials, Inc., Class A (a)		172,300		6,916
Valvoline, Inc.		195,700		7,298
				22,255
Real Estate (2.0%):
American Tower Corp.		12,700		3,715
CBRE Group, Inc., Class A (a)		27,100		2,941
Simon Property Group, Inc.		20,200		3,227
				9,883

See notes to financial statements.

32

Victory Portfolios
Victory Munder Multi-Cap Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment (8.3%):
Advanced Micro Devices, Inc. (a)		34,800	$	5,008
Applied Materials, Inc.		40,000		6,295
Broadcom, Inc.		14,300		9,515
Lam Research Corp.		9,000		6,472
NVIDIA Corp.		35,700		10,500
QUALCOMM, Inc.		15,400		2,816
				40,606
Software (7.2%):
Cadence Design Systems, Inc. (a)		29,000		5,404
Microsoft Corp.		88,360		29,717
				35,121
Technology Hardware, Storage & Peripherals (7.1%):
Apple, Inc.		177,780		31,568
HP, Inc. (b)		90,800		3,421
				34,989
Total Common Stocks (Cost $300,125)				483,581
Exchange-Traded Funds (0.8%)
iShares Russell 3000 ETF (b)		13,700		3,802
Total Exchange-Traded Funds (Cost $2,939)				3,802
Collateral for Securities Loaned^ (0.1%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		14,537		15
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)		285,499		285
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		7,255		7
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		57,848		58
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		260,096		260
Total Collateral for Securities Loaned (Cost $625)				625
Total Investments (Cost $303,689) — 99.4%				488,008
Other assets in excess of liabilities — 0.6%				2,745
NET ASSETS — 100.00%			$	490,753

^  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, 2021.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

33

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (98.9%)
Communication Services (10.1%):
Activision Blizzard, Inc.		5,585	$	372
Alphabet, Inc., Class A (a)		2,157		6,249
Alphabet, Inc., Class C (a)		2,005		5,802
AT&T, Inc.		51,202		1,260
Charter Communications, Inc., Class A (a)		887		578
Comcast Corp., Class A		32,692		1,645
Discovery, Inc., Class A (a) (b)		1,213		29
Discovery, Inc., Class C (a) (b)		2,178		50
DISH Network Corp., Class A (a)		1,790		58
Electronic Arts, Inc.		2,028		267
Fox Corp., Class A		2,297		85
Fox Corp., Class B		1,054		36
Live Nation Entertainment, Inc. (a)		969		116
Lumen Technologies, Inc. (b)		6,607		83
Match Group, Inc. (a)		2,030		268
Meta Platforms, Inc., Class A (a)		16,966		5,706
Netflix, Inc. (a)		3,176		1,913
News Corp., Class A		2,818		63
News Corp., Class B		873		20
Omnicom Group, Inc.		1,524		112
Take-Two Interactive Software, Inc. (a)		827		147
The Interpublic Group of Cos., Inc.		2,823		106
The Walt Disney Co. (a)		13,029		2,018
T-Mobile U.S., Inc. (a)		4,209		488
Twitter, Inc. (a)		5,733		248
Verizon Communications, Inc.		29,685		1,542
ViacomCBS, Inc., Class B		4,350		131
				29,392
Communications Equipment (0.9%):
Arista Networks, Inc. (a) (b)		1,608		231
Cisco Systems, Inc.		30,241		1,917
F5, Inc. (a)		432		106
Juniper Networks, Inc.		2,332		83
Motorola Solutions, Inc.		1,211		329
				2,666
Consumer Discretionary (12.4%):
Advance Auto Parts, Inc.		452		108
Amazon.com, Inc. (a)		3,127		10,427
Aptiv PLC (a)		1,940		320
AutoZone, Inc. (a)		150		315
Bath & Body Works, Inc.		1,896		132
Best Buy Co., Inc.		1,587		161
Booking Holdings, Inc. (a)		294		705
BorgWarner, Inc.		1,719		78
Caesars Entertainment, Inc. (a)		1,533		143
CarMax, Inc. (a)		1,162		151

See notes to financial statements.

34

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Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Carnival Corp. (a) (b)		5,768	$	116
Chipotle Mexican Grill, Inc. (a)		202		353
D.R. Horton, Inc.		2,337		254
Darden Restaurants, Inc.		931		140
Dollar General Corp.		1,673		395
Dollar Tree, Inc. (a)		1,613		227
Domino's Pizza, Inc.		261		147
eBay, Inc.		4,489		299
Etsy, Inc. (a)		909		199
Expedia Group, Inc. (a)		1,047		189
Ford Motor Co.		28,145		585
Garmin Ltd.		1,089		148
General Motors Co. (a)		10,410		610
Genuine Parts Co.		1,021		143
Hasbro, Inc.		930		95
Hilton Worldwide Holdings, Inc. (a)		1,998		312
Las Vegas Sands Corp. (a) (c)		2,465		93
Lennar Corp., Class A		1,949		226
LKQ Corp.		1,923		115
Lowe's Cos., Inc.		4,965		1,283
Marriott International, Inc., Class A (a)		1,962		324
McDonald's Corp.		5,358		1,436
MGM Resorts International		2,791		125
Mohawk Industries, Inc. (a)		393		72
Newell Brands, Inc.		2,715		59
NIKE, Inc., Class B		9,162		1,527
Norwegian Cruise Line Holdings Ltd. (a) (b)		2,653		55
NVR, Inc. (a) (b)		23		136
O'Reilly Automotive, Inc. (a)		483		341
Penn National Gaming, Inc. (a)		1,191		62
Pool Corp.		287		162
PulteGroup, Inc.		1,815		104
PVH Corp.		509		54
Ralph Lauren Corp.		349		42
Ross Stores, Inc.		2,548		291
Royal Caribbean Cruises Ltd. (a)		1,608		124
Starbucks Corp.		8,461		990
Tapestry, Inc.		1,973		80
Target Corp. (c)		3,499		810
Tesla, Inc. (a)		5,833		6,164
The Gap, Inc.		1,537		27
The Home Depot, Inc.		7,567		3,140
The TJX Cos., Inc.		8,622		655
Tractor Supply Co.		816		195
Ulta Beauty, Inc. (a)		390		161
Under Armour, Inc., Class A (a)		1,353		29
Under Armour, Inc., Class C (a)		1,542		28
VF Corp.		2,338		171
Whirlpool Corp.		436		102

See notes to financial statements.

35

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Wynn Resorts Ltd. (a) (b)		755	$	64
Yum! Brands, Inc.		2,102		292
				36,291
Consumer Staples (5.8%):
Altria Group, Inc.		13,171		624
Archer-Daniels-Midland Co.		4,011		271
Brown-Forman Corp., Class B		1,310		95
Campbell Soup Co.		1,451		63
Church & Dwight Co., Inc.		1,751		179
Colgate-Palmolive Co.		6,043		516
Conagra Brands, Inc.		3,439		117
Constellation Brands, Inc., Class A		1,178		296
Costco Wholesale Corp.		3,168		1,798
General Mills, Inc.		4,343		293
Hormel Foods Corp. (b)		2,023		99
Kellogg Co.		1,834		118
Kimberly-Clark Corp.		2,414		345
Lamb Weston Holdings, Inc.		1,047		66
McCormick & Co., Inc.		1,788		173
Molson Coors Beverage Co., Class B		1,351		63
Mondelez International, Inc., Class A		10,002		663
Monster Beverage Corp. (a)		2,694		259
PepsiCo, Inc.		9,914		1,722
Philip Morris International, Inc.		11,163		1,060
Sysco Corp.		3,676		289
The Clorox Co.		881		154
The Coca-Cola Co.		27,874		1,650
The Estee Lauder Cos., Inc.		1,661		615
The Hershey Co.		1,042		202
The J.M. Smucker Co.		777		106
The Kraft Heinz Co.		5,090		183
The Kroger Co.		4,852		220
The Procter & Gamble Co.		17,351		2,838
Tyson Foods, Inc., Class A		2,114		184
Walgreens Boots Alliance, Inc.		5,151		269
Walmart, Inc.		10,197		1,475
				17,005
Electronic Equipment, Instruments & Components (0.7%):
Amphenol Corp., Class A		4,288		375
CDW Corp.		973		199
Corning, Inc.		5,507		205
IPG Photonics Corp. (a)		256		44
Keysight Technologies, Inc. (a)		1,321		273
TE Connectivity Ltd.		2,340		378
Teledyne Technologies, Inc. (a)		335		146
Trimble, Inc. (a)		1,800		157
Zebra Technologies Corp. (a)		383		228
				2,005

See notes to financial statements.

36

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Energy (2.7%):
APA Corp.		2,605	$	70
Baker Hughes Co.		6,267		151
Chevron Corp.		13,822		1,622
ConocoPhillips		9,457		682
Coterra Energy, Inc.		5,833		111
Devon Energy Corp.		4,514		199
Diamondback Energy, Inc.		1,221		132
EOG Resources, Inc.		4,195		373
Exxon Mobil Corp.		30,355		1,857
Halliburton Co.		6,418		147
Hess Corp.		1,976		146
Kinder Morgan, Inc.		13,982		222
Marathon Oil Corp.		5,582		92
Marathon Petroleum Corp.		4,414		282
Occidental Petroleum Corp.		6,362		184
ONEOK, Inc.		3,197		188
Phillips 66		3,142		228
Pioneer Natural Resources Co.		1,628		296
Schlumberger NV		10,057		301
The Williams Cos., Inc.		8,712		227
Valero Energy Corp.		2,931		220
				7,730
Financials (10.6%):
Aflac, Inc.		4,364		255
American Express Co.		4,498		736
American International Group, Inc.		5,953		339
Ameriprise Financial, Inc.		802		242
Aon PLC, Class A		1,580		475
Arthur J. Gallagher & Co.		1,486		252
Assurant, Inc.		409		64
Bank of America Corp.		51,639		2,297
Berkshire Hathaway, Inc., Class B (a)		13,131		3,926
BlackRock, Inc.		1,024		938
Brown & Brown, Inc.		1,681		118
Capital One Financial Corp.		3,052		443
Cboe Global Markets, Inc.		765		100
Chubb Ltd.		3,088		597
Cincinnati Financial Corp.		1,075		123
Citigroup, Inc.		14,227		859
Citizens Financial Group, Inc.		3,056		144
CME Group, Inc.		2,577		589
Comerica, Inc.		940		82
Discover Financial Services		2,101		243
Everest Re Group Ltd.		282		77
FactSet Research Systems, Inc.		270		131
Fifth Third Bancorp		4,903		214
First Republic Bank		1,285		265
Franklin Resources, Inc.		2,015		68
Globe Life, Inc.		666		62

See notes to financial statements.

37

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Huntington Bancshares, Inc.		10,371	$	160
Intercontinental Exchange, Inc.		4,040		553
Invesco Ltd.		2,447		56
JPMorgan Chase & Co.		21,190		3,355
KeyCorp		6,676		154
Lincoln National Corp.		1,218		83
Loews Corp.		1,437		83
M&T Bank Corp.		923		142
MarketAxess Holdings, Inc.		273		112
Marsh & McLennan Cos., Inc.		3,620		629
MetLife, Inc.		5,127		320
Moody's Corp.		1,160		453
Morgan Stanley		10,293		1,010
MSCI, Inc.		591		362
Nasdaq, Inc.		839		176
Northern Trust Corp.		1,489		178
People's United Financial, Inc.		3,069		55
Principal Financial Group, Inc.		1,768		128
Prudential Financial, Inc.		2,710		293
Raymond James Financial, Inc.		1,328		133
Regions Financial Corp.		6,835		149
S&P Global, Inc. (b)		1,728		816
Signature Bank		435		141
State Street Corp.		2,622		244
SVB Financial Group (a)		421		286
Synchrony Financial		3,924		182
T. Rowe Price Group, Inc.		1,611		317
The Allstate Corp.		2,055		242
The Bank of New York Mellon Corp.		5,448		316
The Charles Schwab Corp.		10,779		907
The Goldman Sachs Group, Inc.		2,434		931
The Hartford Financial Services Group, Inc.		2,440		168
The PNC Financial Services Group, Inc.		3,030		608
The Progressive Corp.		4,195		431
The Travelers Cos., Inc.		1,764		276
Truist Financial Corp.		9,571		560
U.S. Bancorp		9,675		543
W.R. Berkley Corp.		1,001		82
Wells Fargo & Co.		28,589		1,372
Willis Towers Watson PLC		893		212
Zions Bancorp NA		1,122		71
				30,928
Health Care (13.1%):
Abbott Laboratories		12,679		1,784
AbbVie, Inc.		12,676		1,716
ABIOMED, Inc. (a)		326		117
Agilent Technologies, Inc.		2,171		347
Align Technology, Inc. (a)		526		346
AmerisourceBergen Corp.		1,073		143
Amgen, Inc.		4,039		909

See notes to financial statements.

38

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Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Anthem, Inc.		1,740	$	807
Baxter International, Inc.		3,590		308
Becton Dickinson & Co.		2,059		518
Biogen, Inc. (a)		1,053		253
Bio-Rad Laboratories, Inc., Class A (a)		155		117
Bio-Techne Corp.		282		146
Boston Scientific Corp. (a)		10,217		434
Bristol-Myers Squibb Co.		15,915		992
Cardinal Health, Inc.		2,020		104
Catalent, Inc. (a)		1,227		157
Centene Corp. (a)		4,184		345
Cerner Corp.		2,110		196
Charles River Laboratories International, Inc. (a)		362		136
Cigna Corp.		2,376		546
CVS Health Corp.		9,465		976
Danaher Corp.		4,560		1,500
DaVita, Inc. (a)		468		53
DENTSPLY SIRONA, Inc.		1,567		87
Dexcom, Inc. (a)		695		373
Edwards Lifesciences Corp. (a)		4,477		580
Eli Lilly & Co.		5,693		1,573
Gilead Sciences, Inc. (c)		8,994		653
HCA Healthcare, Inc.		1,717		441
Henry Schein, Inc. (a)		994		77
Hologic, Inc. (a)		1,818		139
Humana, Inc.		922		428
IDEXX Laboratories, Inc. (a)		608		400
Illumina, Inc. (a)		1,121		427
Incyte Corp. (a)		1,346		99
Intuitive Surgical, Inc. (a)		2,560		920
IQVIA Holdings, Inc. (a)		1,370		387
Johnson & Johnson (c)		18,876		3,229
Laboratory Corp. of America Holdings (a)		686		216
McKesson Corp.		1,095		272
Medtronic PLC		9,650		998
Merck & Co., Inc.		18,111		1,388
Mettler-Toledo International, Inc. (a)		165		280
Moderna, Inc. (a)		2,529		642
Organon & Co.		1,818		55
PerkinElmer, Inc.		905		182
Pfizer, Inc.		40,245		2,377
Quest Diagnostics, Inc.		880		152
Regeneron Pharmaceuticals, Inc. (a)		758		479
ResMed, Inc.		1,045		272
STERIS PLC		717		175
Stryker Corp.		2,407		644
Teleflex, Inc.		336		110
The Cooper Cos., Inc.		354		148
Thermo Fisher Scientific, Inc.		2,825		1,885
UnitedHealth Group, Inc.		6,753		3,391

See notes to financial statements.

39

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Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Universal Health Services, Inc., Class B		524	$	68
Vertex Pharmaceuticals, Inc. (a)		1,823		400
Viatris, Inc.		8,671		117
Waters Corp. (a)		438		163
West Pharmaceutical Services, Inc.		531		249
Zimmer Biomet Holdings, Inc.		1,498		190
Zoetis, Inc.		3,392		828
				38,444
Industrials (7.7%):
3M Co.		4,132		734
Alaska Air Group, Inc. (a)		898		47
Allegion PLC		643		85
American Airlines Group, Inc. (a)		4,643		83
AMETEK, Inc.		1,659		244
AO Smith Corp.		955		82
C.H. Robinson Worldwide, Inc.		932		100
Carrier Global Corp.		6,213		337
Caterpillar, Inc.		3,879		802
Cintas Corp.		630		279
Copart, Inc. (a)		1,530		232
CSX Corp.		15,903		598
Cummins, Inc.		1,026		224
Deere & Co.		2,023		694
Delta Air Lines, Inc. (a)		4,589		179
Dover Corp.		1,032		187
Eaton Corp. PLC		2,858		494
Emerson Electric Co.		4,286		398
Equifax, Inc.		875		256
Expeditors International of Washington, Inc.		1,215		163
Fastenal Co.		4,124		264
FedEx Corp.		1,752		453
Fortive Corp.		2,571		196
Fortune Brands Home & Security, Inc.		973		104
Generac Holdings, Inc. (a)		452		159
General Dynamics Corp.		1,662		347
General Electric Co.		7,874		744
Honeywell International, Inc.		4,936		1,029
Howmet Aerospace, Inc.		2,757		88
Huntington Ingalls Industries, Inc.		287		54
IDEX Corp.		545		129
IHS Markit Ltd.		2,860		380
Illinois Tool Works, Inc.		2,048		505
Ingersoll Rand, Inc. (c)		2,922		181
J.B. Hunt Transport Services, Inc.		602		123
Jacobs Engineering Group, Inc.		934		130
Johnson Controls International PLC		5,081		413
L3Harris Technologies, Inc.		1,407		300
Leidos Holdings, Inc.		1,006		89
Lockheed Martin Corp.		1,760		626
Masco Corp.		1,750		123

See notes to financial statements.

40

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Nielsen Holdings PLC		2,573	$	53
Norfolk Southern Corp.		1,745		520
Northrop Grumman Corp.		1,069		414
Old Dominion Freight Line, Inc.		668		239
Otis Worldwide Corp.		3,046		265
PACCAR, Inc.		2,489		220
Parker-Hannifin Corp.		926		295
Pentair PLC		1,186		87
Quanta Services, Inc.		1,022		117
Raytheon Technologies Corp.		10,732		924
Republic Services, Inc. (c)		1,501		209
Robert Half International, Inc.		798		89
Rockwell Automation, Inc.		832		290
Rollins, Inc.		1,623		56
Roper Technologies, Inc.		756		372
Snap-on, Inc.		385		83
Southwest Airlines Co. (a) (c)		4,244		182
Stanley Black & Decker, Inc.		1,169		221
Textron, Inc.		1,580		122
The Boeing Co. (a)		3,961		797
Trane Technologies PLC		1,703		344
TransDigm Group, Inc. (a)		375		239
Union Pacific Corp.		4,609		1,161
United Airlines Holdings, Inc. (a)		2,322		102
United Parcel Service, Inc., Class B		5,228		1,121
United Rentals, Inc. (a)		519		172
Verisk Analytics, Inc.		1,156		264
W.W. Grainger, Inc.		310		161
Waste Management, Inc.		2,759		460
Westinghouse Air Brake Technologies Corp.		1,340		123
Xylem, Inc.		1,293		155
				22,512
IT Services (4.4%):
Accenture PLC, Class A		4,529		1,878
Akamai Technologies, Inc. (a)		1,165		136
Automatic Data Processing, Inc.		3,021		745
Broadridge Financial Solutions, Inc.		836		153
Cognizant Technology Solutions Corp., Class A		3,766		334
DXC Technology Co. (a)		1,809		58
EPAM Systems, Inc. (a)		407		272
Fidelity National Information Services, Inc.		4,366		477
Fiserv, Inc. (a) (b)		4,261		442
FleetCor Technologies, Inc. (a)		582		130
Gartner, Inc. (a)		590		197
Global Payments, Inc.		2,080		281
International Business Machines Corp.		6,430		859
Jack Henry & Associates, Inc.		531		89
Mastercard, Inc., Class A		6,220		2,235
Paychex, Inc.		2,301		314
PayPal Holdings, Inc. (a)		8,424		1,589

See notes to financial statements.

41

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
VeriSign, Inc. (a)		693	$	176
Visa, Inc., Class A (b)		12,024		2,606
				12,971
Materials (2.5%):
Air Products & Chemicals, Inc.		1,587		483
Albemarle Corp.		839		196
Amcor PLC		10,993		132
Avery Dennison Corp.		594		129
Ball Corp.		2,322		223
Celanese Corp.		781		131
CF Industries Holdings, Inc.		1,538		109
Corteva, Inc.		5,226		247
Dow, Inc.		5,303		301
DuPont de Nemours, Inc.		3,715		300
Eastman Chemical Co.		964		117
Ecolab, Inc.		1,788		419
FMC Corp.		909		100
Freeport-McMoRan, Inc.		10,529		439
International Flavors & Fragrances, Inc.		1,825		275
International Paper Co.		2,777		130
Linde PLC		3,675		1,273
LyondellBasell Industries NV, Class A		1,885		174
Martin Marietta Materials, Inc.		447		197
Newmont Corp.		5,718		355
Nucor Corp.		2,049		234
Packaging Corp. of America		681		93
PPG Industries, Inc.		1,702		293
Sealed Air Corp.		1,062		72
The Mosaic Co.		2,656		104
The Sherwin-Williams Co.		1,730		609
Vulcan Materials Co.		952		198
Westrock Co.		1,914		85
				7,418
Real Estate (2.7%):
Alexandria Real Estate Equities, Inc.		1,011		225
American Tower Corp.		3,265		955
AvalonBay Communities, Inc.		1,002		253
Boston Properties, Inc.		1,019		117
CBRE Group, Inc., Class A (a)		2,400		260
Crown Castle International Corp.		3,099		647
Digital Realty Trust, Inc.		2,035		360
Duke Realty Corp.		2,731		179
Equinix, Inc.		646		546
Equity Residential		2,447		222
Essex Property Trust, Inc.		467		165
Extra Space Storage, Inc.		960		218
Federal Realty Investment Trust		502		68
Healthpeak Properties, Inc.		3,865		140
Host Hotels & Resorts, Inc. (a)		5,120		89

See notes to financial statements.

42

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Iron Mountain, Inc.		2,076	$	109
Kimco Realty Corp.		4,420		109
Mid-America Apartment Communities, Inc.		826		190
Prologis, Inc.		5,301		893
Public Storage		1,094		410
Realty Income Corp.		4,057		290
Regency Centers Corp.		1,105		83
SBA Communications Corp.		780		303
Simon Property Group, Inc.		2,356		376
UDR, Inc.		2,084		125
Ventas, Inc.		2,862		146
Vornado Realty Trust		1,140		48
Welltower, Inc.		3,121		268
Weyerhaeuser Co.		5,371		221
				8,015
Semiconductors & Semiconductor Equipment (6.3%):
Advanced Micro Devices, Inc. (a)		8,659		1,246
Analog Devices, Inc.		3,853		677
Applied Materials, Inc.		6,474		1,019
Broadcom, Inc.		2,951		1,964
Enphase Energy, Inc. (a)		967		177
Intel Corp.		29,161		1,502
KLA Corp.		1,087		467
Lam Research Corp.		1,010		726
Microchip Technology, Inc.		3,978		346
Micron Technology, Inc.		8,021		747
Monolithic Power Systems, Inc.		311		153
NVIDIA Corp.		17,925		5,272
NXP Semiconductors NV		1,907		434
Qorvo, Inc. (a)		790		124
QUALCOMM, Inc.		8,031		1,469
Skyworks Solutions, Inc.		1,184		184
SolarEdge Technologies, Inc. (a)		377		106
Teradyne, Inc.		1,169		191
Texas Instruments, Inc.		6,622		1,248
Xilinx, Inc.		1,777		377
				18,429
Software (9.4%):
Adobe, Inc. (a)		3,412		1,935
ANSYS, Inc. (a)		626		251
Autodesk, Inc. (a)		1,576		443
Cadence Design Systems, Inc. (a)		1,987		370
Ceridian HCM Holding, Inc. (a)		977		102
Citrix Systems, Inc.		894		85
Fortinet, Inc. (a)		973		350
Intuit, Inc.		2,030		1,306
Microsoft Corp. (c)		53,833		18,105
NortonLifeLock, Inc.		4,171		108

See notes to financial statements.

43

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Oracle Corp.		11,564	$	1,009
Paycom Software, Inc. (a)		345		143
PTC, Inc. (a)		757		92
salesforce.com, Inc. (a)		7,020		1,784
ServiceNow, Inc. (a) (c)		1,427		926
Synopsys, Inc. (a)		1,093		403
Tyler Technologies, Inc. (a)		294		158
				27,570
Technology Hardware, Storage & Peripherals (7.1%):
Apple, Inc.		111,754		19,844
Hewlett Packard Enterprise Co.		9,379		148
HP, Inc.		8,264		311
NetApp, Inc.		1,603		147
Seagate Technology Holdings PLC		1,469		166
Western Digital Corp. (a)		2,234		146
				20,762
Utilities (2.5%):
Alliant Energy Corp.		1,795		110
Ameren Corp.		1,847		164
American Electric Power Co., Inc. (c)		3,611		321
American Water Works Co., Inc.		1,302		246
Atmos Energy Corp.		950		100
CenterPoint Energy, Inc.		4,509		126
CMS Energy Corp.		2,077		135
Consolidated Edison, Inc. (c)		2,536		216
Dominion Energy, Inc.		5,807		456
DTE Energy Co.		1,389		166
Duke Energy Corp. (c)		5,515		579
Edison International		2,724		186
Entergy Corp.		1,441		162
Evergy, Inc. (c)		1,644		113
Eversource Energy (c)		2,465		224
Exelon Corp.		7,015		405
FirstEnergy Corp.		3,904		162
NextEra Energy, Inc. (c)		14,069		1,314
NiSource, Inc.		2,816		78
NRG Energy, Inc.		1,756		76
Pinnacle West Capital Corp.		809		57
PPL Corp.		5,383		162
Public Service Enterprise Group, Inc.		3,626		242
Sempra Energy		2,290		303
The AES Corp.		4,780		116
The Southern Co.		7,599		521
WEC Energy Group, Inc. (c)		2,262		220
Xcel Energy, Inc. (c)		3,862		261
				7,221
Total Common Stocks (Cost $49,454)				289,359

See notes to financial statements.

44

Victory Portfolios
Victory S&P 500 Index Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Collateral for Securities Loaned^ (1.6%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		111,171	$	111
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		2,183,500		2,184
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		55,480		55
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		442,380		442
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		1,989,028		1,989
Total Collateral for Securities Loaned (Cost $4,781)				4,781
Total Investments (Cost $54,235) — 100.5%				294,140
Liabilities in excess of other assets — (0.5)%				(1,568	)
NET ASSETS — 100.00%			$	292,572

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

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

(d)  Rate disclosed is the daily yield on December 31, 2021.

PLC — Public Limited Company

Futures Contracts Purchased
(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures		14	3/18/22	$	3,290,094	$	3,330,950	$	40,856
Total unrealized appreciation								$	40,856
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	40,856

See notes to financial statements.

45

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (100.8%)
Communication Services (1.5%):
Live Nation Entertainment, Inc. (a)		65,044	$	7,785
Consumer Discretionary (16.2%):
Airbnb, Inc., Class A (a)		23,600		3,929
AutoZone, Inc. (a)		4,600		9,643
Choice Hotels International, Inc.		18,900		2,948
D.R. Horton, Inc.		90,200		9,782
Domino's Pizza, Inc.		13,600		7,675
Etsy, Inc. (a)		24,200		5,298
Expedia Group, Inc. (a)		36,200		6,542
Five Below, Inc. (a)		20,300		4,200
LCI Industries		50,800		7,918
Lithia Motors, Inc.		11,000		3,267
Marriott Vacations Worldwide Corp.		29,521		4,989
NVR, Inc. (a)		1,400		8,273
Pool Corp.		11,700		6,622
YETI Holdings, Inc. (a)		57,300		4,746
				85,832
Consumer Staples (2.3%):
Church & Dwight Co., Inc.		66,900		6,857
Darling Ingredients, Inc. (a)		78,700		5,453
				12,310
Energy (3.4%):
Cheniere Energy, Inc.		57,900		5,872
Diamondback Energy, Inc.		62,500		6,741
EOG Resources, Inc.		59,000		5,241
				17,854
Financials (11.8%):
Ally Financial, Inc.		110,800		5,275
Brown & Brown, Inc.		111,200		7,815
East West Bancorp, Inc.		77,400		6,090
Evercore, Inc.		29,300		3,980
FactSet Research Systems, Inc.		11,000		5,346
Kinsale Capital Group, Inc.		29,600		7,042
MSCI, Inc.		14,000		8,578
Radian Group, Inc.		274,777		5,806
Synchrony Financial		115,000		5,335
W.R. Berkley Corp.		84,100		6,929
				62,196
Health Care (12.0%):
Agilent Technologies, Inc.		49,893		7,965
BioCryst Pharmaceuticals, Inc. (a) (b)		229,800		3,183
Bruker Corp.		83,300		6,990
Dynavax Technologies Corp. (a) (b)		187,400		2,637
Edwards Lifesciences Corp. (a)		48,100		6,231
Horizon Therapeutics PLC (a)		43,600		4,698

See notes to financial statements.

46

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
IDEXX Laboratories, Inc. (a)		9,700	$	6,387
Insulet Corp. (a)		13,600		3,619
IQVIA Holdings, Inc. (a)		32,000		9,029
Veeva Systems, Inc., Class A (a)		18,800		4,803
Zoetis, Inc.		32,230		7,865
				63,407
Industrials (19.4%):
Advanced Drainage Systems, Inc.		34,300		4,669
AMETEK, Inc.		45,900		6,749
Chart Industries, Inc. (a) (b)		33,800		5,391
Copa Holdings SA (a)		59,500		4,918
Generac Holdings, Inc. (a)		7,500		2,640
IDEX Corp.		27,900		6,593
Jacobs Engineering Group, Inc.		47,900		6,669
Masco Corp.		95,600		6,713
Old Dominion Freight Line, Inc.		19,050		6,827
Robert Half International, Inc.		71,600		7,985
TFI International, Inc.		61,100		6,850
The Middleby Corp. (a)		35,800		7,044
Trane Technologies PLC		40,400		8,162
Trex Co., Inc. (a)		55,500		7,494
Verisk Analytics, Inc.		31,400		7,182
WESCO International, Inc. (a)		49,500		6,514
				102,400
Information Technology (20.5%):
Advanced Micro Devices, Inc. (a)		81,600		11,742
Amphenol Corp., Class A		93,120		8,144
CDW Corp.		38,659		7,917
Concentrix Corp.		22,600		4,037
Crowdstrike Holdings, Inc., Class A (a)		26,400		5,405
EPAM Systems, Inc. (a)		18,700		12,500
Fiserv, Inc. (a)		41,900		4,349
Global Payments, Inc.		19,000		2,568
KLA Corp.		20,300		8,731
Monolithic Power Systems, Inc.		23,200		11,445
ServiceNow, Inc. (a)		6,900		4,479
SYNNEX Corp.		32,300		3,694
Synopsys, Inc. (a)		27,400		10,097
The Trade Desk, Inc., Class A (a)		86,600		7,936
VeriSign, Inc. (a)		21,900		5,559
				108,603
Materials (4.4%):
Avery Dennison Corp.		27,000		5,847
Cleveland-Cliffs, Inc. (a) (b)		130,900		2,850
Freeport-McMoRan, Inc.		170,900		7,132
Louisiana-Pacific Corp.		97,700		7,655
				23,484

See notes to financial statements.

47

Victory Portfolios
Victory Munder Mid-Cap Core Growth Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Real Estate (6.0%):
Digital Realty Trust, Inc.		44,646	$	7,897
SBA Communications Corp.		20,403		7,937
Simon Property Group, Inc.		57,300		9,155
Sun Communities, Inc.		31,916		6,701
				31,690
Utilities (3.3%):
Atmos Energy Corp.		64,600		6,768
Essential Utilities, Inc.		127,100		6,824
Sempra Energy		30,039		3,974
				17,566
Total Common Stocks (Cost $316,727)				533,127
Exchange-Traded Funds (0.8%)
SPDR S&P MidCap 400 ETF		7,250		3,753
Total Exchange-Traded Funds (Cost $3,506)				3,753
Collateral for Securities Loaned^ (1.1%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		140,369		140
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c)		2,756,874		2,757
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		70,051		70
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		558,567		559
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		2,511,427		2,511
Total Collateral for Securities Loaned (Cost $6,037)				6,037
Total Investments (Cost $326,270) — 102.7%				542,917
Liabilities in excess of other assets — (2.7)%				(14,055	)
NET ASSETS — 100.00%			$	528,862

^  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, 2021.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

48

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (96.7%)
Communication Services (0.7%):
Cian PLC, ADR (a)		77	$	1
Iridium Communications, Inc. (a)		2,861		118
				119
Consumer Discretionary (15.8%):
Academy Sports & Outdoors, Inc. (a)		4,217		185
Brunswick Corp.		1,273		128
Burlington Stores, Inc. (a)		509		148
Cavco Industries, Inc. (a)		567		180
Chegg, Inc. (a)		1,378		42
F45 Training Holdings, Inc. (a) (b)		7,541		82
Five Below, Inc. (a)		616		128
Group 1 Automotive, Inc.		1,287		251
Kohl's Corp.		2,352		116
Kura Sushi USA, Inc., Class A (a) (b)		1,405		114
Legacy Housing Corp. (a)		5,799		154
Levi Strauss & Co., Class A		6,726		168
Nordstrom, Inc. (a)		4,923		111
Patrick Industries, Inc.		1,209		98
Polaris, Inc. (b)		1,361		150
Skyline Champion Corp. (a)		4,307		340
Sweetgreen, Inc., Class A (a) (b)		2,488		80
Torrid Holdings, Inc. (a) (b)		9,039		89
Tractor Supply Co.		482		115
Udemy, Inc. (a)		77		2
				2,681
Consumer Staples (2.9%):
Albertsons Cos., Inc., Class A		4,314		130
Performance Food Group Co. (a)		4,200		193
Sovos Brands, Inc. (a)		11,486		173
				496
Energy (3.0%):
Magnolia Oil & Gas Corp., Class A (b)		17,139		323
Talos Energy, Inc. (a)		18,309		180
				503
Financials (12.5%):
American Business Bank (a)		1,652		65
Coastal Financial Corp. (a)		6,830		346
Colony Bankcorp, Inc.		2,215		38
Customers Bancorp, Inc.		3,942		258
First Western Financial, Inc. (a)		6,683		203
Morningstar, Inc.		668		228
Radian Group, Inc.		5,519		117
Silvercrest Asset Management Group, Inc., Class A		13,506		232
SLM Corp.		5,481		108
South Plains Financial, Inc.		5,120		142

See notes to financial statements.

49

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Tradeweb Markets, Inc., Class A		2,436	$	244
WTB Financial Corp., Class B		360		138
				2,119
Health Care (20.6%):
4D Molecular Therapeutics, Inc. (a) (b)		662		15
Akero Therapeutics, Inc. (a)		1,608		34
Alpha Teknova, Inc. (a)		2,306		47
Annexon, Inc. (a)		439		5
Arrowhead Pharmaceuticals, Inc. (a)		1,813		120
Aurinia Pharmaceuticals, Inc. (a) (b)		6,904		158
Avidity Biosciences, Inc. (a) (b)		1,205		29
Beam Therapeutics, Inc. (a)		1,233		98
Berkeley Lights, Inc. (a) (b)		1,468		27
Bicycle Therapeutics PLC, ADR (a)		4,073		248
BioAtla, Inc. (a)		665		13
BioCryst Pharmaceuticals, Inc. (a) (b)		7,016		97
BioMarin Pharmaceutical, Inc. (a)		283		25
C4 Therapeutics, Inc. (a)		249		8
Cabaletta Bio, Inc. (a)		2,967		11
Castle Biosciences, Inc. (a)		2,000		86
Cerus Corp. (a)		6,712		46
Codiak Biosciences, Inc. (a)		6,305		70
Collegium Pharmaceutical, Inc. (a)		1,187		22
CRISPR Therapeutics AG (a) (b)		410		31
Dynavax Technologies Corp. (a) (b)		6,261		88
Fusion Pharmaceuticals, Inc. (a)		4,261		18
Gamida Cell Ltd. (a)		9,195		23
Generation Bio Co. (a) (b)		1,180		8
Genetron Holdings Ltd., ADR (a)		5,361		33
Horizon Therapeutics PLC (a)		987		106
IGM Biosciences, Inc. (a)		796		23
Immunocore Holdings PLC, ADR (a)		699		24
Instil Bio, Inc. (a) (b)		1,072		18
Insulet Corp. (a)		546		145
Intellia Therapeutics, Inc. (a)		1,502		178
IO Biotech, Inc. (a)		77		1
Iovance Biotherapeutics, Inc. (a)		2,461		47
Lianbio, ADR (a)		13,402		83
Maravai LifeSciences Holdings, Inc., Class A (a)		1,150		48
Merit Medical Systems, Inc. (a)		1,525		95
NanoString Technologies, Inc. (a) (b)		3,309		140
Natera, Inc. (a)		2,234		209
NeoGenomics, Inc. (a)		3,529		120
Neurocrine Biosciences, Inc. (a)		336		29
Nurix Therapeutics, Inc. (a) (b)		439		13
ORIC Pharmaceuticals, Inc. (a)		3,909		57
Oyster Point Pharma, Inc. (a)		396		7
PMV Pharmaceuticals, Inc. (a) (b)		280		6
PolyPid Ltd. (a)		7,333		42
Pulmonx Corp. (a) (b)		1,906		61

See notes to financial statements.

50

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
RadNet, Inc. (a)		3,159	$	95
Reata Pharmaceuticals, Inc., Class A (a) (b)		645		17
Recursion Pharmaceuticals, Inc., Class A (a) (b)		218		4
Silk Road Medical, Inc. (a)		2,804		120
Singular Genomics Systems, Inc. (a)		5,036		58
Stoke Therapeutics, Inc. (a)		1,486		36
Sutro Biopharma, Inc. (a)		3,661		54
TCR2 Therapeutics, Inc. (a)		8,824		41
TG Therapeutics, Inc. (a)		2,119		40
Veracyte, Inc. (a)		3,428		141
Xencor, Inc. (a)		822		33
Zai Lab Ltd., ADR (a)		598		38
				3,489
Industrials (10.7%):
ASGN, Inc. (a)		1,743		215
BWX Technologies, Inc.		1,070		51
Casella Waste Systems, Inc. (a)		2,586		221
Chart Industries, Inc. (a)		1,114		178
Construction Partners, Inc., Class A (a)		1,877		55
ESCO Technologies, Inc.		571		51
Hydrofarm Holdings Group, Inc. (a) (b)		1,950		55
Kaman Corp.		1,610		70
Kratos Defense & Security Solutions, Inc. (a)		6,093		118
McGrath RentCorp		1,522		122
Owens Corning, Inc.		2,069		187
PGT Innovations, Inc. (a)		3,825		86
Regal Rexnord Corp.		340		58
Shoals Technologies Group, Inc., Class A (a)		6,736		164
The AZEK Co., Inc. (a)		2,561		118
Zurn Water Solutions Corp.		1,529		56
				1,805
Information Technology (24.3%):
ACV Auctions, Inc., Class A (a) (b)		357		7
Alteryx, Inc., Class A (a)		441		27
Avaya Holdings Corp. (a)		12,599		249
Blackline, Inc. (a)		540		56
BM Technologies, Inc. (a) (b)		606		6
C3.ai, Inc., Class A (a) (b)		848		27
Couchbase, Inc. (a) (b)		377		9
CS Disco, Inc. (a)		4,343		155
Digital Turbine, Inc. (a) (b)		1,163		71
DoubleVerify Holdings, Inc. (a)		363		12
Dropbox, Inc., Class A (a)		1,247		31
Elastic NV (a)		1,847		227
Endava PLC, ADR (a)		977		164
Expensify, Inc., Class A (a) (b)		5,375		237
Flywire Corp. (a)		1,122		43
ForgeRock, Inc., Class A (a) (b)		383		10
Freshworks, Inc., Class A (a) (b)		3,873		102
Globant SA (a)		536		168

See notes to financial statements.

51

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Intapp, Inc. (a) (b)		75	$	2
Mitek Systems, Inc. (a)		9,134		162
Monday.com Ltd. (a) (b)		37		11
Napco Security Technologies, Inc. (a)		6,551		327
New Relic, Inc. (a)		422		46
ON Semiconductor Corp. (a)		5,499		373
OneSpan, Inc. (a)		6,297		107
PagerDuty, Inc. (a)		4,305		150
Ping Identity Holding Corp. (a)		3,255		74
Powerfleet, Inc. (a)		9,414		45
Sapiens International Corp. NV		3,065		106
SiTime Corp. (a)		711		208
Smartsheet, Inc., Class A (a)		2,908		225
TaskUS, Inc., Class A (a)		1,602		86
Telos Corp. (a)		1,641		25
Vizio Holding Corp., Class A (a)		6,005		117
WNS Holdings Ltd., ADR (a)		2,735		241
Yext, Inc. (a)		4,806		48
Zeta Global Holdings Corp., Class A (a) (b)		18,751		158
				4,112
Materials (2.4%):
Franco-Nevada Corp.		1,104		153
Summit Materials, Inc., Class A (a)		6,389		256
				409
Real Estate (3.8%):
FirstService Corp.		868		170
Rexford Industrial Realty, Inc.		1,252		102
The Macerich Co.		11,499		199
UMH Properties, Inc.		6,434		176
				647
Total Common Stocks (Cost $11,159)				16,380
Warrants (0.0%) (c)
Health Care (0.0%): (c)
BioNano Genomics, Inc. (d)		8,136		9
Total Warrants (Cost $—)				9
Exchange-Traded Fund (1.2%)
iShares Russell 2000 Growth ETF (b)		711		208
Total Exchange-Traded Fund (Cost $204)				208

See notes to financial statements.

52

Victory Portfolios
Victory Munder Small Cap Growth Fund Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Collateral for Securities Loaned^ (11.3%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (e)		44,429	$	44
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		872,601		873
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		22,173		22
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)		176,797		177
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)		794,912		795
Total Collateral for Securities Loaned (Cost $1,911)				1,911
Total Investments (Cost $13,274) — 109.2%				18,508
Liabilities in excess of other assets — (9.2)%				(1,564	)
NET ASSETS — 100.00%			$	16,944

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

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

(d)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2021, illiquid securities were 0.1% of net assets.

(e)  Rate disclosed is the daily yield on December 31, 2021.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

53

Victory Portfolios
Victory Trivalent International Fund - Core Equity Schedule of Portfolio Investments
December 31, 2021

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

Security Description	Shares		Value
Common Stocks (97.6%)
Australia (4.0%):
Consumer Discretionary (0.4%):
Aristocrat Leisure Ltd.		26,262	$	833
Energy (0.6%):
Santos Ltd.		149,488		689
Woodside Petroleum Ltd.		46,268		737
				1,426
Financials (1.3%):
Australia & New Zealand Banking Group Ltd.		71,516		1,432
Macquarie Group Ltd.		10,245		1,531
				2,963
Health Care (0.5%):
Sonic Healthcare Ltd.		37,940		1,287
Materials (0.4%):
Rio Tinto Ltd.		13,588		991
Real Estate (0.8%):
Charter Hall Group		74,349		1,112
Stockland		277,820		857
				1,969
				9,469
Austria (0.8%):
Financials (0.5%):
Raiffeisen Bank International AG		40,271		1,183
Industrials (0.3%):
ANDRITZ AG		15,651		805
				1,988
Brazil (1.6%):
Consumer Staples (0.2%):
Sendas Distribuidora SA		250,319		584
Energy (0.4%):
Petro Rio SA (a)		258,300		957
Financials (0.4%):
Banco Santander Brasil SA		157,700		848
Materials (0.3%):
Gerdau SA, Preference Shares		136,700		672
Utilities (0.3%):
Cia Energetica de Minas Gerais, Preference Shares		285,200		681
				3,742
Canada (5.6%):
Consumer Discretionary (0.4%):
BRP, Inc. (b)		11,044		967

See notes to financial statements.

54

Victory Portfolios
Victory Trivalent International Fund - Core Equity Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Energy (0.9%):
Parex Resources, Inc.		73,554	$	1,256
Suncor Energy, Inc.		30,685		768
				2,024
Financials (2.8%):
Bank of Montreal		12,167		1,310
iA Financial Corp., Inc.		19,285		1,104
IGM Financial, Inc. (b)		32,502		1,172
National Bank of Canada		21,224		1,619
Sun Life Financial, Inc.		26,231		1,460
				6,665
Industrials (0.3%):
Finning International, Inc.		27,447		692
Materials (1.2%):
Nutrien Ltd.		14,197		1,067
Teck Resources Ltd., Class B		28,421		819
West Fraser Timber Co. Ltd.		10,742		1,025
				2,911
				13,259
China (7.5%):
Communication Services (1.7%):
Focus Media Information Technology Co. Ltd., Class A		1,124,700		1,447
Tencent Holdings Ltd.		43,200		2,521
				3,968
Consumer Discretionary (2.1%):
Alibaba Group Holding Ltd., ADR (a)		4,876		579
BYD Co. Ltd., Class H		22,000		744
Haier Smart Home Co. Ltd., Class H		252,588		1,068
JD.com, Inc., ADR (a)		8,003		561
Li Ning Co. Ltd.		54,500		598
Zhongsheng Group Holdings Ltd.		183,500		1,432
				4,982
Consumer Staples (0.4%):
Tingyi Cayman Islands Holding Corp.		446,000		917
Financials (1.4%):
Bank of China Ltd., Class H		2,554,275		919
China Construction Bank Corp., Class H (b)		1,060,000		734
Huatai Securities Co. Ltd., Class H (c)		606,200		1,010
New China Life Insurance Co. Ltd., Class H		231,300		619
				3,282
Health Care (0.3%):
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		161,500		711

See notes to financial statements.

55

Victory Portfolios
Victory Trivalent International Fund - Core Equity Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Industrials (0.7%):
China Railway Group Ltd., Class H		1,585,000	$	839
COSCO SHIPPING Holdings Co. Ltd., Class H (a) (b)		391,650		759
				1,598
Materials (0.5%):
Anhui Conch Cement Co. Ltd., Class H		246,000		1,231
Utilities (0.4%):
China Longyuan Power Group Corp. Ltd., Class H		374,000		874
				17,563
Denmark (3.0%):
Consumer Discretionary (0.3%):
Pandora A/S		5,735		713
Consumer Staples (0.5%):
Carlsberg A/S, Class B		6,761		1,167
Health Care (1.2%):
Novo Nordisk A/S, Class B		24,609		2,765
Industrials (0.7%):
AP Moller — Maersk A/S, Class B		482		1,721
Utilities (0.3%):
Orsted A/S (c)		4,621		592
				6,958
Finland (0.5%):
Industrials (0.5%):
Metso Outotec Oyj		98,977		1,051
France (7.0%):
Communication Services (0.8%):
Publicis Groupe SA		18,698		1,259
Vivendi SE		52,275		707
				1,966
Consumer Discretionary (1.2%):
LVMH Moet Hennessy Louis Vuitton SE		3,376		2,790
Consumer Staples (0.6%):
Pernod Ricard SA		5,970		1,436
Energy (0.3%):
TotalEnergies SE		13,697		697
Financials (1.1%):
Amundi SA (c)		6,941		573
AXA SA		25,210		750
BNP Paribas SA		19,270		1,332
				2,655
Health Care (0.3%):
Sartorius Stedim Biotech		1,251		687

See notes to financial statements.

56

Victory Portfolios
Victory Trivalent International Fund - Core Equity Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Industrials (1.2%):
Cie de Saint-Gobain		19,764	$	1,390
Eiffage SA		6,690		690
Teleperformance		1,888		844
				2,924
Information Technology (1.0%):
Capgemini SE		6,663		1,633
Edenred		12,928		597
				2,230
Materials (0.5%):
Arkema SA		7,516		1,061
				16,446
Germany (5.7%):
Communication Services (0.7%):
Deutsche Telekom AG		91,094		1,683
Financials (1.0%):
Allianz SE, Registered Shares		4,599		1,085
Hannover Rueck SE		6,240		1,183
				2,268
Health Care (0.7%):
Merck KGaA		6,514		1,676
Industrials (1.1%):
Deutsche Post AG, Registered Shares		27,434		1,764
Siemens AG, Registered Shares		4,740		821
				2,585
Information Technology (0.8%):
Infineon Technologies AG		23,477		1,081
SAP SE		5,322		749
				1,830
Materials (0.5%):
Covestro AG (c)		20,610		1,268
Real Estate (0.3%):
LEG Immobilien SE		5,685		792
Utilities (0.6%):
E.ON SE		94,400		1,312
				13,414
Hong Kong (2.0%):
Communication Services (0.3%):
NetDragon Websoft Holdings Ltd.		320,500		754
Consumer Discretionary (0.3%):
Chow Tai Fook Jewellery Group Ltd.		342,400		617
Consumer Staples (0.1%):
WH Group Ltd. (c)		594,782		373

See notes to financial statements.

57

Victory Portfolios
Victory Trivalent International Fund - Core Equity Schedule of Portfolio Investments — continued
December 31, 2021

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

Security Description	Shares		Value
Information Technology (0.8%):
Lenovo Group Ltd.		1,584,000	$	1,821
Real Estate (0.5%):
CK Asset Holdings Ltd.		72,395		457
Sun Hung Kai Properties Ltd.		63,500		770
				1,227
				4,792
Hungary (0.5%):
Financials (0.5%):
OTP Bank Nyrt (a)		22,514		1,149
India (2.7%):
Energy (0.6%):
Reliance Industries Ltd.		42,011		1,335
Financials (0.4%):
Canara Bank (a)		385,509		1,032
Health Care (0.2%):
Cadila Healthcare Ltd.		81,338		528
Information Technology (0.7%):
Infosys Ltd.		65,075		1,648
Materials (0.4%):
UPL Ltd.		102,325		1,024
Utilities (0.4%):
Power Grid Corp. of India Ltd.		317,464		871
				6,438
Indonesia (0.3%):
Communication Services (0.3%):
PT Sarana Menara Nusantara Tbk		9,738,800		768
Ireland (1.4%):
Health Care (0.9%):
ICON PLC (a)		6,904		2,138
Industrials (0.5%):
DCC PLC		14,468		1,184
				3,322
Israel (0.3%):
Information Technology (0.3%):
Check Point Software Technologies Ltd. (a)		6,091		710
Italy (1.4%):
Industrials (0.2%):
Leonardo SpA (a)		76,408		546
Information Technology (0.4%):
Nexi SpA (a) (b) (c)		55,223		875

See notes to financial statements.

58

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December 31, 2021

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

Security Description	Shares		Value
Utilities (0.8%):
ACEA SpA		32,127	$	687
Enel SpA		141,853		1,134
				1,821
				3,242
Japan (15.1%):
Communication Services (0.5%):
Nippon Telegraph & Telephone Corp.		42,400		1,160
Consumer Discretionary (3.6%):
Sony Group Corp.		38,300		4,837
Toyo Tire Corp.		38,200		597
Toyota Motor Corp.		164,500		3,041
				8,475
Consumer Staples (0.6%):
Asahi Group Holdings Ltd.		18,000		701
Seven & i Holdings Co. Ltd.		16,600		730
				1,431
Energy (0.4%):
Ajinomoto Co., Inc.		33,800		1,029
Financials (1.5%):
Mizuho Financial Group, Inc.		73,510		934
ORIX Corp.		76,700		1,566
Sumitomo Mitsui Financial Group, Inc.		31,625		1,080
				3,580
Health Care (0.7%):
Hoya Corp.		6,800		1,009
Otsuka Holdings Co. Ltd.		16,200		590
				1,599
Industrials (3.7%):
AGC, Inc.		19,800		946
Fuji Electric Co. Ltd.		19,000		1,038
Hitachi Ltd.		23,900		1,295
ITOCHU Corp.		50,400		1,542
Komatsu Ltd.		25,700		601
Mitsubishi Electric Corp.		47,900		608
Mitsui & Co. Ltd.		42,700		1,012
Nippon Yusen KK		14,700		1,121
Yamato Holdings Co. Ltd.		25,600		602
				8,765
Information Technology (2.1%):
Fujitsu Ltd.		7,500		1,289
Murata Manufacturing Co. Ltd.		12,300		981
NTT Data Corp.		42,500		912
Tokyo Electron Ltd.		3,200		1,842
				5,024

See notes to financial statements.

59

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December 31, 2021

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

Security Description	Shares		Value
Materials (1.0%):
Rengo Co. Ltd.		89,600	$	678
Shin-Etsu Chemical Co. Ltd.		6,400		1,111
Tosoh Corp.		36,100		536
				2,325
Real Estate (0.7%):
Daiwa House Industry Co. Ltd.		27,900		802
Open House Group Co. Ltd.		15,400		805
				1,607
Utilities (0.3%):
Osaka Gas Co. Ltd.		42,800		708
				35,703
Korea, Republic Of (3.9%):
Communication Services (0.3%):
NAVER Corp.		2,016		640
Consumer Discretionary (0.8%):
Kia Corp.		11,200		773
LG Electronics, Inc.		9,022		1,045
				1,818
Consumer Staples (0.2%):
E-MART, Inc.		4,512		572
Financials (0.3%):
Hana Financial Group, Inc.		21,194		749
Industrials (0.4%):
Samsung Engineering Co. Ltd. (a)		47,398		911
Information Technology (1.9%):
LG Innotek Co. Ltd.		8,404		2,570
Samsung Electronics Co. Ltd.		31,042		2,039
				4,609
				9,299
Luxembourg (0.6%):
Energy (0.3%):
Tenaris SA		62,426		651
Materials (0.3%):
ArcelorMittal SA		25,967		833
				1,484
Malaysia (0.5%):
Financials (0.5%):
RHB Bank Bhd		925,700		1,193
Mexico (0.3%):
Consumer Staples (0.3%):
Arca Continental SAB de CV		114,173		728

See notes to financial statements.

60

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December 31, 2021

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

Security Description	Shares		Value
Netherlands (3.3%):
Consumer Staples (0.7%):
Koninklijke Ahold Delhaize NV		49,877	$	1,712
Financials (0.9%):
ING Groep NV		79,709		1,108
NN Group NV		18,030		975
				2,083
Health Care (0.4%):
QIAGEN NV (a)		15,915		882
Information Technology (1.3%):
ASM International NV		3,168		1,398
STMicroelectronics NV		33,469		1,646
				3,044
				7,721
Norway (0.4%):
Energy (0.4%):
Equinor ASA		30,929		819
Philippines (0.3%):
Communication Services (0.3%):
Converge Information and Communications Technology Solutions, Inc. (a)		1,219,900		763
Russian Federation (1.2%):
Consumer Staples (0.2%):
Magnit PJSC, GDR		36,832		552
				552
Energy (0.6%):
LUKOIL PJSC, ADR		15,241		1,366
Financials (0.4%):
Sberbank of Russia PJSC		223,030		875
				2,793
Saudi Arabia (0.5%):
Financials (0.5%):
Al Rajhi Bank		29,657		1,119
Singapore (0.8%):
Consumer Staples (0.4%):
Wilmar International Ltd.		283,600		873
Financials (0.4%):
DBS Group Holdings Ltd.		38,700		938
				1,811
South Africa (0.6%):
Communication Services (0.3%):
Naspers Ltd., Class N		5,341		829

See notes to financial statements.

61

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December 31, 2021

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

Security Description	Shares		Value
Materials (0.3%):
Impala Platinum Holdings Ltd.		45,173	$	638
				1,467
Spain (1.3%):
Consumer Discretionary (0.3%):
Industria de Diseno Textil SA		21,611		697
Financials (0.3%):
Banco Santander SA		258,435		858
Utilities (0.7%):
Acciona SA		4,771		908
EDP Renovaveis SA		28,521		709
				1,617
				3,172
Sweden (2.9%):
Consumer Staples (0.5%):
Swedish Match AB		153,453		1,219
Financials (0.4%):
Skandinaviska Enskilda Banken AB, Class A		67,287		934
Health Care (0.3%):
Getinge AB, B Shares		17,973		784
Industrials (0.9%):
Sandvik AB		40,499		1,129
Volvo AB, Class B		37,581		870
				1,999
Information Technology (0.4%):
Telefonaktiebolaget LM Ericsson, Class B		80,054		881
Materials (0.4%):
Boliden AB		26,674		1,029
				6,846
Switzerland (7.0%):
Consumer Discretionary (0.7%):
Cie Financiere Richemont SA, Registered Shares		10,703		1,600
Consumer Staples (1.6%):
Coca-Cola HBC AG		26,551		919
Nestle SA, Registered Shares		20,053		2,801
				3,720
Financials (1.7%):
Julius Baer Group Ltd.		15,615		1,044
Swiss Life Holding AG		3,594		2,197
UBS Group AG		43,565		782
				4,023

See notes to financial statements.

62

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December 31, 2021

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

Security Description	Shares		Value
Health Care (2.7%):
Lonza Group AG, Registered Shares		1,271	$	1,059
Novartis AG, Registered Shares		24,647		2,166
Roche Holding AG		7,712		3,200
				6,425
Materials (0.3%):
Holcim Ltd.		15,072		767
				16,535
Taiwan (4.3%):
Financials (1.0%):
Chailease Holding Co. Ltd.		115,281		1,097
Fubon Financial Holding Co. Ltd.		486,839		1,341
				2,438
Information Technology (3.3%):
MediaTek, Inc.		21,000		901
Realtek Semiconductor Corp.		102,000		2,132
Taiwan Semiconductor Manufacturing Co. Ltd.		179,000		3,961
Yageo Corp.		40,000		692
				7,686
				10,124
Thailand (0.3%):
Health Care (0.3%):
Chularat Hospital PCL		5,971,700		654
United Arab Emirates (0.3%):
Real Estate (0.3%):
Emaar Development PJSC (a) (d)		633,463		752
United Kingdom (9.7%):
Communication Services (0.8%):
Vodafone Group PLC		719,746		1,084
WPP PLC		47,271		720
				1,804
Consumer Discretionary (1.4%):
Barratt Developments PLC		84,411		857
Stellantis NV		128,854		2,432
				3,289
Consumer Staples (0.9%):
Tesco PLC		350,538		1,380
Unilever PLC		13,543		726
				2,106
Energy (0.8%):
BP PLC		296,986		1,331
Harbour Energy PLC (a)		145,093		700
				2,031

See notes to financial statements.

63

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December 31, 2021

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

Security Description	Shares		Value
Financials (1.8%):
3i Group PLC		95,735	$	1,876
Barclays PLC		360,100		917
Legal & General Group PLC		204,266		825
Standard Chartered PLC		109,594		666
				4,284
Health Care (0.9%):
AstraZeneca PLC		9,964		1,164
Hikma Pharmaceuticals PLC		28,917		868
				2,032
Industrials (1.8%):
Ashtead Group PLC		13,931		1,122
Bunzl PLC		20,167		787
Ferguson PLC		7,094		1,260
Royal Mail PLC		147,636		1,012
				4,181
Materials (0.9%):
Anglo American PLC		53,980		2,220
Real Estate (0.4%):
Safestore Holdings PLC		47,366		904
				22,851
Total Common Stocks (Cost $193,853)				230,145
Exchange-Traded Funds (1.3%)
United States (1.3%):
iShares Core MSCI EAFE ETF		25,875		1,932
iShares Core MSCI Emerging Markets ETF		16,320		977
				2,909
Total Exchange-Traded Funds (Cost $3,049)				2,909
Collateral for Securities Loaned^ (1.1%)
United States (1.1%):
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (e)		60,880		61
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		1,195,692		1,196
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		30,382		30
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)		242,258		242
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)		1,089,238		1,089
Total Collateral for Securities Loaned (Cost $2,618)				2,618
Total Investments (Cost $199,520) — 100.0%				235,672
Other assets in excess of liabilities — 0.0%				63
NET ASSETS — 100.00%			$	235,735

See notes to financial statements.

64

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December 31, 2021

  (Unaudited)

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

(c)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $4,691 (thousands) and amounted to 2.0% of net assets.

(d)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2021, illiquid securities were 0.3% of net assets.

(e)  Rate disclosed is the daily yield on December 31, 2021.

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.

65

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December 31, 2021

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

Security Description	Shares		Value
Common Stocks (98.3%)
Australia (6.8%):
Consumer Discretionary (0.7%):
JB Hi-Fi Ltd.		384,403	$	13,515
Super Retail Group Ltd.		1,250,533		11,329
				24,844
Consumer Staples (0.5%):
Elders Ltd.		1,893,498		16,905
Energy (0.4%):
Beach Energy Ltd.		14,691,039		13,485
Financials (0.7%):
Bank of Queensland Ltd. (a)		2,344,776		13,806
Pendal Group Ltd.		2,554,515		10,352
				24,158
Health Care (0.4%):
Ansell Ltd.		634,571		14,509
Industrials (0.3%):
Seven Group Holdings Ltd. (a)		803,340		12,637
Information Technology (0.4%):
Technology One Ltd.		1,633,081		15,150
Materials (2.1%):
Allkem, Ltd. (b)		2,586,389		19,615
CSR Ltd.		2,449,472		10,486
Mineral Resources Ltd.		406,078		16,583
OZ Minerals Ltd.		1,345,679		27,737
				74,421
Real Estate (1.3%):
Charter Hall Group		2,125,274		31,787
Shopping Centres Australasia Property Group		6,670,255		14,413
				46,200
				242,309
Canada (8.2%):
Consumer Discretionary (0.9%):
BRP, Inc. (a)		361,260		31,647
Energy (1.4%):
ARC Resources Ltd. (a)		2,679,711		24,365
Parex Resources, Inc. (a)		1,360,366		23,243
				47,608
Financials (0.9%):
Canadian Western Bank (a)		597,792		17,156
CI Financial Corp. (a)		768,244		16,060
				33,216
Health Care (0.1%):
Tilray, Inc., Class 2 (a) (b)		590,486		4,164

See notes to financial statements.

66

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December 31, 2021

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

Security Description	Shares		Value
Industrials (1.7%):
ATS Automation Tooling Systems, Inc. (a) (b)		607,634	$	24,136
Ballard Power Systems, Inc. (a) (b)		310,733		3,904
Finning International, Inc.		875,009		22,055
TFI International, Inc. (a)		94,614		10,613
				60,708
Information Technology (0.8%):
Celestica, Inc.		991,433		11,053
The Descartes Systems Group, Inc. (a) (b)		187,634		15,520
				26,573
Materials (1.2%):
Canfor Corp. (b)		503,812		12,771
Dundee Precious Metals, Inc. (a)		2,302,747		14,237
Fortuna Silver Mines, Inc. (a) (b)		1,499,329		5,856
Kirkland Lake Gold Ltd.		1		—	(c)
Stella-Jones, Inc.		322,081		10,189
				43,053
Real Estate (1.2%):
Boardwalk Real Estate Invest (a)		385,537		16,713
Tricon Residential, Inc. (a)		1,684,859		25,790
				42,503
				289,472
Denmark (0.6%):
Consumer Staples (0.3%):
Royal Unibrew A/S		100,304		11,284
Information Technology (0.3%):
Netcompany Group A/S (a) (d)		101,728		10,909
				22,193
Finland (2.0%):
Industrials (1.3%):
Metso Outotec Oyj		1,448,472		15,381
Valmet Oyj		750,812		32,189
				47,570
Information Technology (0.4%):
TietoEVRY Oyj		480,355		15,004
Materials (0.3%):
Kemira Oyj		624,315		9,458
				72,032
France (8.2%):
Communication Services (0.6%):
Criteo SA, ADR (b)		273,253		10,621
Publicis Groupe SA		158,880		10,704
				21,325

See notes to financial statements.

67

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December 31, 2021

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

Security Description	Shares		Value
Consumer Discretionary (1.0%):
Faurecia SE		509,886	$	24,256
La Francaise des Jeux SAEM (d)		253,264		11,223
				35,479
Energy (0.5%):
Vallourec SA (b)		1,632,609		16,331
Health Care (0.4%):
Korian SA		419,345		13,282
Industrials (2.3%):
Eiffage SA		252,984		26,081
Elis SA (b)		824,761		14,288
Nexans SA		225,488		22,046
Rexel SA		938,312		19,002
				81,417
Information Technology (1.7%):
Edenred		200,609		9,263
SOITEC (b)		135,486		33,193
Sopra Steria Group		95,525		17,141
				59,597
Materials (0.5%):
Arkema SA		123,349		17,408
Real Estate (1.2%):
Klepierre SA		941,831		22,284
Nexity SA		473,823		22,310
				44,594
				289,433
Germany (7.3%):
Communication Services (1.5%):
Freenet AG		730,502		19,304
ProSiebenSat.1 Media SE		1,116,262		17,731
United Internet AG, Registered Shares		376,258		14,916
				51,951
Consumer Discretionary (0.3%):
Hugo Boss AG		200,281		12,123
Financials (0.8%):
Deutsche Pfandbriefbank AG (d)		1,439,857		17,248
DWS Group GmbH & Co. KGaA (d)		317,308		12,794
				30,042
Health Care (1.2%):
Carl Zeiss Meditec AG		48,673		10,210
Dermapharm Holding SE		145,105		14,731
Gerresheimer AG (a)		188,381		18,111
				43,052
Industrials (1.4%):
GEA Group AG		355,911		19,438
Rheinmetall AG		191,798		18,048

See notes to financial statements.

68

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December 31, 2021

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

Security Description	Shares		Value
Sixt Se (b)		63,651	$	11,228
				48,714
Information Technology (0.6%):
Bechtle AG		295,080		20,996
Materials (0.9%):
Aurubis AG		171,463		17,138
LANXESS AG		259,215		16,028
				33,166
Real Estate (0.6%):
TAG Immobilien AG		741,311		20,705
				260,749
Gibraltar (0.3%):
Consumer Discretionary (0.3%):
888 Holdings PLC (a)		2,844,247		11,669
Hong Kong (1.1%):
Health Care (0.2%):
The United Laboratories International Holdings Ltd.		12,566,000		7,015
Industrials (0.3%):
Pacific Basin Shipping Ltd.		29,463,000		10,831
Information Technology (0.3%):
ASM Pacific Technology Ltd.		905,900		9,790
Real Estate (0.3%):
Hysan Development Co. Ltd.		3,456,000		10,685
				38,321
Ireland (1.1%):
Consumer Discretionary (0.3%):
Dalata Hotel Group PLC (b)		2,697,170		11,400
Consumer Staples (0.3%):
Glanbia PLC		748,561		10,457
Financials (0.5%):
Bank of Ireland Group PLC (b)		3,259,224		18,457
				40,314
Israel (2.0%):
Communication Services (0.5%):
Perion Network Ltd. (b)		768,242		18,476
Health Care (1.1%):
Inmode Ltd. (b)		535,399		37,789
Information Technology (0.4%):
Radware Ltd. (a) (b)		341,877		14,236
				70,501
Italy (2.7%):
Consumer Discretionary (0.3%):
De' Longhi SpA		291,870		10,441

See notes to financial statements.

69

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December 31, 2021

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

Security Description	Shares		Value
Financials (0.4%):
Banca Mediolanum SpA		1,505,944	$	14,845
Industrials (0.4%):
Interpump Group SpA		173,299		12,693
Information Technology (0.8%):
Reply SpA		140,732		28,581
Materials (0.4%):
Buzzi Unicem SpA		626,255		13,492
Utilities (0.4%):
ACEA SpA		729,260		15,580
				95,632
Japan (19.6%):
Communication Services (1.3%):
Gungho Online Entertainment, Inc.		588,800		13,239
Internet Initiative Japan, Inc.		793,600		32,784
				46,023
Consumer Discretionary (2.9%):
ASKUL Corp.		723,100		9,649
Food & Life Cos Ltd.		397,700		15,019
Komeri Co. Ltd.		440,600		9,809
Resorttrust, Inc.		646,700		10,570
Saizeriya Co. Ltd.		400,400		10,460
Starts Corp., Inc.		388,800		8,497
Sumitomo Forestry Co. Ltd.		803,500		15,535
Tokyotokeiba Co. Ltd. (a)		212,200		7,861
Toyo Tire Corp.		1,055,600		16,482
				103,882
Consumer Staples (0.9%):
Morinaga Milk Industry Co. Ltd.		248,400		11,802
Nippon Suisan Kaisha Ltd.		1,993,400		9,423
Valor Holdings Co. Ltd.		505,300		9,438
				30,663
Financials (0.7%):
North Pacific Bank Ltd.		3,879,600		8,430
Zenkoku Hosho Co. Ltd.		356,100		15,524
				23,954
Health Care (1.5%):
Eiken Chemical Co. Ltd.		791,500		13,287
Miraca Holdings, Inc.		593,300		15,055
Sawai Group Holdings Co. Ltd.		282,400		10,798
Ship Healthcare Holdings, Inc.		548,800		12,790
				51,930
Industrials (5.2%):
BayCurrent Consulting, Inc.		88,700		34,194
CKD Corp.		723,500		14,699
Daihen Corp.		297,900		12,378

See notes to financial statements.

70

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December 31, 2021

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

Security Description	Shares		Value
Fuji Corp.		749,400	$	16,811
FULLCAST Holdings Co. Ltd.		500,100		10,703
Infroneer Holdings, Inc. (b)		1,237,800		11,270
Kanamoto Co. Ltd.		394,900		8,286
Kintetsu World Express, Inc.		600,300		15,580
Kumagai Gumi Co. Ltd.		418,200		10,442
Outsourcing, Inc.		606,400		8,184
Sankyu, Inc.		268,900		11,160
Sanwa Holdings Corp.		1,033,600		11,039
Takeuchi Manufacturing Co. Ltd.		521,700		12,378
Ushio, Inc.		549,200		9,126
				186,250
Information Technology (3.7%):
Fuji Soft, Inc.		200,400		9,670
NEC Networks & System Integration Corp.		991,500		15,555
Nippon Electric Glass Co. Ltd.		803,500		20,605
Shinko Electric Industries Co. Ltd.		1,098,900		52,362
Taiyo Yuden Co. Ltd.		356,600		20,513
Tokyo Seimitsu Co. Ltd.		288,500		12,781
				131,486
Materials (1.4%):
Denka Co. Ltd.		457,900		14,985
Kaneka Corp.		369,000		12,118
Rengo Co. Ltd.		1,973,100		14,928
Zeon Corp.		695,700		8,043
				50,074
Real Estate (1.6%):
Invincible Investment Corp.		27,058		8,555
Kenedix Office Investment Corp.		1,694		10,470
Nippon Accommodations Fund, Inc.		2,098		12,088
Open House Group Co. Ltd.		506,700		26,483
				57,596
Utilities (0.4%):
West Holdings Corp.		307,200		15,276
				697,134
Korea, Republic Of (6.4%):
Communication Services (1.4%):
AfreecaTV Co. Ltd.		206,811		35,143
Neowiz (b)		483,823		14,656
				49,799
Consumer Discretionary (0.3%):
Coway Co. Ltd.		155,295		9,731
Consumer Staples (0.4%):
Cosmax, Inc. (b)		90,381		6,630
Maeil Dairies Co. Ltd.		135,674		7,839
				14,469

See notes to financial statements.

71

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December 31, 2021

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

Security Description	Shares		Value
Health Care (1.5%):
Osstem Implant Co. Ltd.		312,365	$	37,408
PharmaResearch Co. Ltd.		215,856		14,868
				52,276
Industrials (0.5%):
Samsung Engineering Co. Ltd. (b)		845,214		16,253
Information Technology (1.7%):
LEENO Industrial, Inc.		85,467		14,235
LG Innotek Co. Ltd.		55,929		17,100
LX Semicon Co. Ltd.		127,744		17,939
Partron Co. Ltd.		1,138,106		12,699
				61,973
Materials (0.6%):
LOTTE Fine Chemical Co. Ltd.		182,309		11,484
Soulbrain Co. Ltd.		48,328		11,306
				22,790
				227,291
Malta (0.3%):
Consumer Discretionary (0.3%):
Kindred Group PLC		865,843		10,262
Netherlands (3.3%):
Energy (0.3%):
Fugro NV (b)		1,118,327		8,775
Financials (1.1%):
ASR Nederland NV		469,744		21,631
Euronext NV (d)		164,942		17,147
				38,778
Industrials (1.2%):
AerCap Holdings NV (b)		323,516		21,164
Signify NV (d)		492,347		22,859
				44,023
Information Technology (0.7%):
ASM International NV		24,471		10,801
BE Semiconductor Industries NV		178,371		15,162
				25,963
				117,539
Norway (0.3%):
Financials (0.3%):
Sparebanken Vest		921,810		10,472
Singapore (0.8%):
Energy (0.3%):
SembCorp Industries Ltd.		8,234,100		12,226

See notes to financial statements.

72

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December 31, 2021

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

Security Description	Shares		Value
Real Estate (0.5%):
Frasers Logistics & Commercial Trust		14,929,800	$	16,842
				29,068
Spain (3.8%):
Consumer Staples (0.3%):
Viscofan SA (a)		148,451		9,617
Financials (0.5%):
Bankinter SA		3,501,120		17,837
Health Care (0.8%):
Laboratorios Farmaceuticos Rovi SA		325,665		27,177
Industrials (0.7%):
Applus Services SA		1,163,403		10,665
Cia de Distribucion Integral Logista Holdings SA		657,913		13,128
				23,793
Materials (0.5%):
Acerinox SA		1,333,440		17,158
Real Estate (0.4%):
Merlin Properties Socimi SA		1,412,519		15,302
Utilities (0.6%):
Acciona SA		116,070		22,091
				132,975
Sweden (2.7%):
Communication Services (0.3%):
G5 Entertainment AB (a)		234,812		10,286
Consumer Discretionary (0.4%):
Dometic Group AB (d)		1,059,892		13,918
Health Care (0.7%):
Arjo AB, Class B		1,273,076		15,584
Getinge AB, B Shares		241,189		10,515
				26,099
Industrials (0.4%):
Trelleborg AB, Class B		540,776		14,194
Real Estate (0.9%):
Cibus Nordic Real Estate AB		436,815		14,052
Wihlborgs Fastigheter AB		749,975		17,003
				31,055
				95,552
Switzerland (5.8%):
Consumer Discretionary (0.4%):
Forbo Holding AG, Registered Shares		6,852		14,041
Consumer Staples (0.5%):
Coca-Cola HBC AG		316,995		10,974
Zur Rose Group AG (a) (b)		20,542		5,296
				16,270

See notes to financial statements.

73

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December 31, 2021

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

Security Description	Shares		Value
Financials (1.8%):
Julius Baer Group Ltd.		302,620	$	20,244
Swissquote Group Holding SA, Registered Shares		88,015		19,278
Vontobel Holding AG, Class R		268,443		23,481
				63,003
Health Care (0.9%):
Medmix AG (b) (d)		94,117		4,652
Tecan Group AG, Class R		46,422		28,205
				32,857
Industrials (1.6%):
Adecco Group AG		228,612		11,653
Bossard Holdings AG, Class A		35,586		12,802
Bucher Industries AG, Registered Shares		41,991		20,699
Sulzer AG, Registered Shares		133,624		13,131
				58,285
Real Estate (0.6%):
PSP Swiss Property AG, Registered Shares		156,954		19,565
				204,021
United Kingdom (13.8%):
Communication Services (1.1%):
Future PLC		739,252		38,265
Consumer Discretionary (2.5%):
Inchcape PLC		1,486,140		18,353
Marks & Spencer Group PLC (b)		5,754,501		18,099
Pets at Home Group PLC		2,648,968		16,670
Redrow PLC		2,161,634		20,627
Vistry Group PLC		1,062,074		16,986
				90,735
Consumer Staples (0.7%):
Cranswick PLC		284,416		14,324
Tate & Lyle PLC		1,260,512		11,339
				25,663
Energy (0.4%):
Capricorn Energy PLC (b)		5,387,635		13,903
Financials (2.1%):
Close Brothers Group PLC		734,536		14,007
Electrocomponents PLC (a)		939,843		15,410
IG Group Holdings PLC		1,116,222		12,336
Intermediate Capital Group PLC		477,838		14,228
OSB Group PLC		2,550,953		19,176
				75,157
Health Care (0.6%):
CVS Group PLC		348,031		10,575
Hikma Pharmaceuticals PLC		355,775		10,682
				21,257

See notes to financial statements.

74

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December 31, 2021

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

Security Description	Shares		Value
Industrials (2.1%):
IMI PLC		1,045,115	$	24,644
Royal Mail PLC		3,087,678		21,166
Serco Group PLC		8,058,173		14,631
Travis Perkins PLC		626,449		13,222
				73,663
Information Technology (1.5%):
Computacenter PLC		667,512		26,510
Micro Focus International PLC		2,154,808		12,199
Spirent Communications PLC		3,653,496		13,782
				52,491
Materials (0.7%):
Endeavour Mining PLC (a)		557,371		12,220
Synthomer PLC		2,181,597		11,778
				23,998
Real Estate (1.8%):
LondonMetric Property PLC		3,646,911		14,013
Safestore Holdings PLC		1,433,598		27,359
Savills PLC		592,162		11,277
Tritax Big Box REIT PLC		3,560,573		12,010
				64,659
Utilities (0.3%):
Atlantica Sustainable Infrastructure PLC		316,805		11,329
				491,120
United States (1.2%):
Consumer Discretionary (0.7%):
International Game Technology PLC (a)		484,028		13,993
Nexteer Automotive Group Ltd.		9,661,000		11,994
				25,987
Industrials (0.5%):
Reliance Worldwide Corp. Ltd.		3,489,806		15,943
				41,930
Total Common Stocks (Cost $2,849,565)				3,489,989
Exchange-Traded Funds (0.7%)
United States (0.7%):
Vanguard FTSE Developed Markets ETF		447,827		22,866
Total Exchange-Traded Funds (Cost $22,890)				22,866
Collateral for Securities Loaned^ (3.3%)
United States (3.3%):
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (e)		2,771,642		2,772
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		54,435,412		54,435

See notes to financial statements.

75

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December 31, 2021

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

Security Description	Shares		Value
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		1,383,186	$	1,383
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)		11,029,098		11,029
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)		49,588,978		49,589
Total Collateral for Securities Loaned (Cost $119,208)				119,208
Total Investments (Cost $2,991,663) — 102.3%				3,632,063
Liabilities in excess of other assets — (2.3)%				(81,731	)
NET ASSETS — 100.00%			$	3,550,332

^  Purchased with cash collateral from securities on loan.

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

(b)  Non-income producing security.

(c)  Rounds to less than $1 thousand.

(d)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $110,750 (thousands) and amounted to 3.1% of net assets.

(e)  Rate disclosed is the daily yield on December 31, 2021.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

76

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December 31, 2021

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

Security Description	Shares or Principal Amount		Value
Asset-Backed Securities (3.7%)
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 10/15/23 @ 100	$	298	$	298
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100		245		242
Home Equity Asset Trust, Series 2005-2, Class M5, 1.20% (LIBOR01M+110bps), 7/25/35, Callable 1/25/22 @ 100 (a)		208		208
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 8/25/24 @ 100 (b)		215		214
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 9/15/25 @ 100		283		280
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b) (c)		674		668
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (b)		332		330
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 10/15/24 @ 100 (b)		337		331
Total Asset-Backed Securities (Cost $2,586)				2,571
Collateralized Mortgage Obligations (1.2%)
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100		290		296
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100		257		266
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100		270		271
Total Collateralized Mortgage Obligations (Cost $838)				833
Preferred Stocks (4.6%)
Financials (2.0%):
AMG Capital Trust II, 5.15%, 10/15/37		6,220		364
Bank of America Corp., Series L, 7.25% (c) (d)		280		405
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (e)		2,570		239
Wells Fargo & Co., Series L, 7.50% (d)		245		365
				1,373
Health Care (0.1%):
Danaher Corp., Series B, 5.00%, 4/15/23		39		68
Industrials (0.5%):
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (e)		3,047		333
Utilities (2.0%):
American Electric Power Co., Inc., 6.13%, 8/15/23 (e)		1,615		85
CenterPoint Energy, Inc., 4.57%, 9/15/29		1,045		61
Dominion Energy, Inc., Series A, 7.25%, 6/1/22		3,000		302
DTE Energy Co., 6.25%, 11/1/22		4,475		230
NextEra Energy, Inc., 5.28%, 3/1/23		7,295		420

See notes to financial statements.

77

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December 31, 2021

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

Security Description	Shares or Principal Amount		Value
NiSource, Inc., 7.75%, 3/1/24		210	$	23
The Southern Co., Series 2019, 6.75%, 8/1/22		5,037		270
				1,391
Total Preferred Stocks (Cost $2,972)				3,165
Corporate Bonds (50.7%)
Communication Services (2.3%):
AT&T, Inc. 4.25%, 3/1/27, Callable 12/1/26 @ 100 (c)	$	129		143
1.65%, 2/1/28, Callable 12/1/27 @ 100		117		115
5.15%, 11/15/46, Callable 5/15/46 @ 100 (c)		312		397
CenturyLink, Inc., 6.75%, 12/1/23		115		124
Comcast Corp. 3.45%, 2/1/50, Callable 8/1/49 @ 100		150		160
2.80%, 1/15/51, Callable 7/15/50 @ 100		128		122
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b)		143		144
Verizon Communications, Inc. 3.38%, 2/15/25 (c)		116		123
3.55%, 3/22/51, Callable 9/22/50 @ 100 (c)		205		222
				1,550
Consumer Discretionary (7.4%):
Booking Holdings, Inc., 0.75%, 5/1/25 (c) (e)		305		449
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 (c)		670		691
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81		110		117
Expedia Group, Inc. 3.60%, 12/15/23, Callable 11/15/23 @ 100		201		209
2/15/26 (b) (e)		300		347
Ford Motor Co., 3/15/26 (b)		95		131
General Motors Co., 4.88%, 10/2/23 (c)		229		243
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44		110		118
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44		130		134
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100		112		119
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100		212		240
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100		326		341
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100		63		71
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)		101		100
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100		198		238
NVR, Inc. 3.95%, 9/15/22, Callable 6/15/22 @ 100 (c)		268		272
3.00%, 5/15/30, Callable 11/15/29 @ 100		267		277
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 (e)		240		274
Ross Stores, Inc. 3.38%, 9/15/24, Callable 6/15/24 @ 100		160		168
0.88%, 4/15/26, Callable 3/15/26 @ 100		186		181
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100		185		185
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100		171		171
				5,076

See notes to financial statements.

78

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December 31, 2021

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

Security Description	Principal Amount		Value
Consumer Staples (2.0%):
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b) (c)	$	368	$	364
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (c)		105		115
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100		167		190
Church & Dwight Co., Inc. 2.45%, 8/1/22, Callable 7/1/22 @ 100 (c)		70		71
2.30%, 12/15/31, Callable 9/15/31 @ 100		139		140
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100		105		131
Reynolds American, Inc., 6.15%, 9/15/43 (c)		175		216
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100		135		182
				1,409
Energy (3.9%):
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100		320		356
Continental Resources, Inc. 4.50%, 4/15/23, Callable 1/15/23 @ 100 (c)		234		242
2.27%, 11/15/26, Callable 11/15/23 @ 100 (b)		267		265
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100		135		184
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (c)		84		87
HollyFrontier Corp., 2.63%, 10/1/23		265		270
Marathon Oil Corp., 6.60%, 10/1/37		255		337
Pioneer Natural Resources Co. 0.25%, 5/15/25 (c)		270		483
1.90%, 8/15/30, Callable 5/15/30 @ 100		251		238
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (c)		245		249
				2,711
Financials (12.9%):
Aflac, Inc. 2.88%, 10/15/26, Callable 7/15/26 @ 100 (c)		335		353
4.75%, 1/15/49, Callable 7/15/48 @ 100		35		47
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100		130		141
Ares Capital Corp., 4.63%, 3/1/24		345		394
Bank of America Corp. 4.20%, 8/26/24 (c)		160		171
3.25%, 10/21/27, Callable 10/21/26 @ 100		205		219
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a)		340		342
Capital One Financial Corp. 3.30%, 10/30/24, Callable 9/30/24 @ 100 (c)		224		236
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a) (c)		395		375
Cincinnati Financial Corp., 6.13%, 11/1/34		230		313
Citigroup, Inc. 3.88%, 3/26/25		108		115
4.60%, 3/9/26 (c)		232		256
4.45%, 9/29/27 (c)		108		120
Fifth Third Bancorp 1.63%, 5/5/23, Callable 4/5/23 @ 100		130		131
3.65%, 1/25/24, Callable 12/25/23 @ 100 (c)		584		612
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 (c)		290		305
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100		110		114

See notes to financial statements.

79

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December 31, 2021

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

Security Description	Principal Amount		Value
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100	$	250	$	247
JPMorgan Chase & Co. 2.95%, 10/1/26, Callable 7/1/26 @ 100 (c)		425		449
2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a) (e)		376		379
5.60%, 7/15/41		87		121
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b)		265		293
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (b)		170		163
Morgan Stanley 4.88%, 11/1/22 (c)		303		313
3.13%, 7/27/26, MTN (c)		545		578
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100		104		112
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100		228		223
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22		90		111
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 (c)		373		392
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100		275		290
Wells Fargo & Co. 4.30%, 7/22/27, MTN (c)		410		458
4.90%, 11/17/45 (c)		155		196
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		250		259
				8,828
Health Care (5.7%):
AbbVie, Inc. 3.20%, 11/21/29, Callable 8/21/29 @ 100		285		305
4.45%, 5/14/46, Callable 11/14/45 @ 100		142		172
Anthem, Inc. 2.38%, 1/15/25, Callable 12/15/24 @ 100 (e)		148		152
2.75%, 10/15/42		68		447
Baxter International, Inc. 2.54%, 2/1/32, Callable 11/1/31 @ 100 (b)		390		394
3.50%, 8/15/46, Callable 2/15/46 @ 100		109		119
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		168		176
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		193		213
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b)		260		261
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (c)		135		138
Illumina, Inc. , 8/15/23 (e)		280		321
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100		262		294
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100		146		137
Universal Health Services, Inc. 1.65%, 9/1/26, Callable 8/1/26 @ 100 (b)		394		387
2.65%, 10/15/30, Callable 7/15/30 @ 100 (b)		102		101
Viatris, Inc. 2.30%, 6/22/27, Callable 4/22/27 @ 100		95		96
4.00%, 6/22/50, Callable 12/22/49 @ 100		190		203
				3,916
Industrials (5.1%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100		241		235
Air Lease Corp. 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN		282		278
0.80%, 8/18/24, Callable 7/18/24 @ 100		146		143

See notes to financial statements.

80

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December 31, 2021

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

Security Description	Principal Amount		Value
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100	$	195	$	207
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (c)		275		281
Fortive Corp., 0.88%, 2/15/22 (c)		440		440
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 (c)		420		468
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 (e)		82		86
Norfolk Southern Corp. 2.30%, 5/15/31, Callable 2/15/31 @ 100 (e)		239		241
2.90%, 8/25/51, Callable 2/25/51 @ 100 (e)		125		123
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100		140		145
Rockwell Automation, Inc., 6.25%, 12/1/37		155		216
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b)		130		130
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100		115		139
Southwest Airlines Co., 1.25%, 5/1/25 (c)		300		400
				3,532
Information Technology (5.4%):
Akamai Technologies, Inc., 0.13%, 5/1/25		130		170
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		117		154
Block, Inc., 0.25%, 11/1/27 (e)		55		58
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100		315		367
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 (c)		342		368
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e)		315		341
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 (c)		394		465
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b)		87		90
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100		150		152
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100		160		201
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100		287		252
Vishay Intertechnology, Inc., 2.25%, 6/15/25		105		109
VMware, Inc., 2.95%, 8/21/22		360		365
Western Digital Corp. 1.50%, 2/1/24 (c)		430		436
2.85%, 2/1/29, Callable 12/1/28 @ 100		147		148
				3,676
Materials (1.1%):
Celanese US Holdings LLC, 4.63%, 11/15/22 (c)		210		217
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100		240		241
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100		160		163
Southern Copper Corp., 5.25%, 11/8/42 (c)		95		120
				741
Real Estate (3.2%):
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 (c)		630		641
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)		108		114
Kite Realty Group LP, 0.75%, 4/1/27 (b)		185		192
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100 (c)		339		355
Physicians Realty LP 3.95%, 1/15/28, Callable 10/15/27 @ 100		138		151
2.63%, 11/1/31, Callable 8/1/31 @ 100		128		128
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100		134		137
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100		114		142

See notes to financial statements.

81

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December 31, 2021

(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	$	160
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		184		184
				2,204
Utilities (1.7%):
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100		225		213
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37		250		349
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100		190		246
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (c)		159		184
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 (e)		174		172
				1,164
Total Corporate Bonds (Cost $33,429)				34,807
Residential Mortgage-Backed Securities (0.1%)
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.42% (LIBOR01M+132bps), 10/25/32, Callable 1/25/22 @ 100 (a)		81		82
Total Residential Mortgage-Backed Securities (Cost $80)				82
Yankee Dollars (8.7%)
Communication Services (0.4%):
Vodafone Group PLC, 5.25%, 5/30/48		193		252
Consumer Staples (3.1%):
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)		638		677
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b) (c)		670		686
Suntory Holdings Ltd. 2.55%, 6/28/22, Callable 5/28/22 @ 100 (b) (c)		574		578
2.25%, 10/16/24, Callable 9/16/24 @ 100 (b) (c)		200		204
				2,145
Energy (0.9%):
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100		140		142
Ecopetrol SA, 5.88%, 9/18/23 (c)		325		345
Statoil ASA, 3.95%, 5/15/43		100		117
				604
Financials (2.1%):
Barclays Bank PLC 2/4/25 (c)		110		187
2/18/25		65		74
HSBC Holdings PLC, 2.87% (SOFR+141bps), 11/22/32, Callable 11/22/31 @ 100 (a)		340		343
Newcrest Finance Pty Ltd. 5.75%, 11/15/41 (b)		155		204
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)		110		126
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b) (c)		300		314
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100		195		199
				1,447

See notes to financial statements.

82

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December 31, 2021

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

Security Description	Principal Amount		Value
Industrials (1.0%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 6.50%, 7/15/25, Callable 6/15/25 @ 100 (c)	$	150	$	172
1.75%, 1/30/26, Callable 12/30/25 @ 100		150		147
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100		85		90
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100		92		95
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b)		200		204
				708
Materials (1.1%):
Anglo American Capital PLC 2.88%, 3/17/31, Callable 12/17/30 @ 100 (b) (c) (e)		300		298
3.95%, 9/10/50, Callable 3/10/50 @ 100 (b) (e)		200		216
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40		75		100
Vale Overseas Ltd., 6.25%, 8/10/26		143		166
				780
Utilities (0.1%):
Iberdrola International BV, 6.75%, 9/15/33		50		68
Total Yankee Dollars (Cost $5,774)				6,004
U.S. Government Mortgage-Backed Agencies (21.7%)
Federal Home Loan Bank 0.88%, 10/21/25		685		675
1.10%, 4/29/26		680		672
Series 000F, 1.00%, 9/30/26 (c)		680		669
Series 2, 1.10%, 9/30/26 (c)		680		669
Series 1, 1.20%, 10/29/26		685		677
Federal Home Loan Mortgage Corp. 9.00%, 4/1/25 (c)		7		7
7.50%, 8/1/29 (c)		8		9
Series 4395, Class PA, 2.50%, 4/15/37 (c)		199		205
5.00%, 7/1/39 (c)		457		513
Series 4320, Class AP, 3.50%, 7/15/39 – 10/15/40 (c)		214		223
Series 4444, Class CH, 3.00%, 1/15/41 – 10/1/46 (c)		508		529
4.50%, 7/1/44 – 12/1/45 (c)		707		779
2.50%, 7/1/50		242		248
2.00%, 3/1/51 (c)		615		614
Federal National Mortgage Association 3.50%, 2/1/32		120		127
Series 2005-19, Class PB, 5.50%, 3/25/35		269		304
6.00%, 2/1/37 (c)		78		91
3.50%, 8/1/39 – 12/25/50 (c)		1,388		1,476
Series 2011-21, Class PA, 4.50%, 5/25/40 (c)		348		365
3.00%, 6/1/40 – 2/1/47 (c)		1,763		1,857
Series 2013-81, Class KA, 2.75%, 9/25/42 (c)		194		200
4.00%, 11/1/43 – 10/1/48 (c)		814		882
4.00%, 3/1/47 – 6/1/49		104		112
Series 2017-96, Class DA, 2.50%, 12/25/47 (c)		203		207
3.00%, 5/1/48		283		296

See notes to financial statements.

83

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December 31, 2021

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

Security Description	Shares or Principal Amount		Value
4.50%, 5/1/50	$	37	$	40
2.00%, 3/1/51 (c)		1,034		1,034
2.00%, 3/25/51 (f)		1,400		1,390
				14,870
Total U.S. Government Mortgage-Backed Agencies (Cost $14,653)				14,870
U.S. Treasury Obligations (6.6%)
U.S. Treasury Bonds 2.88%, 5/15/43 (c)		50		58
1.25%, 5/15/50 (c)		2,656		2,258
U.S. Treasury Notes 0.25%, 3/15/24 (c)		593		586
0.75%, 4/30/26 (c)		1,500		1,471
1.63%, 5/15/31 (c)		161		163
Total U.S. Treasury Obligations (Cost $4,464)				4,536
Collateral for Securities Loaned^ (5.0%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (g)		79,247		79
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (g)		1,556,419		1,556
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (g)		39,548		40
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (g)		315,344		315
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (g)		1,417,850		1,418
Total Collateral for Securities Loaned (Cost $3,408)				3,408
Total Investments (Cost $68,204) — 102.3%				70,276
Liabilities in excess of other assets — (2.3)%				(1,589	)
NET ASSETS — 100.00%			$	68,687

^  Purchased with cash collateral from securities on loan.

(a)  Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2021.

(b)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $8,526 (thousands) and amounted to 12.4% of net assets.

(c)  All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities.

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

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

(f)  Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.

(g)  Rate disclosed is the daily yield on December 31, 2021.

See notes to financial statements.

84

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December 31, 2021

  (Unaudited)

bps — Basis points

LIBOR — London InterBank Offered Rate

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

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

Futures Contracts Purchased
(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
2-Year U.S. Treasury Note Futures		9	3/31/22	$	1,967,442	$	1,963,547	$	(3,895	)
5-Year U.S. Treasury Note Futures		1	3/31/22		121,029		120,976		(53	)
Canadian Dollar Futures		13	3/15/22		1,020,890		1,027,650		6,760
Ultra Long Term U.S. Treasury   Bond Futures		11	3/22/22		2,170,087		2,168,375		(1,712	)
								$	1,100

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		16	3/22/22	$	2,085,200	$	2,087,500	$	(2,300	)
E-Mini S&P 500 Futures		15	3/18/22		352,687		356,887		(4,200	)
								$	(6,500	)
Total unrealized appreciation								$	6,760
Total unrealized depreciation									(12,160	)
Total net unrealized appreciation (depreciation)								$	(5,400	)

See notes to financial statements.

85

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December 31, 2021

  (Unaudited)

Centrally Cleared Credit Default Swap Agreements
(Amounts not in thousands)

Credit Default Swap Agreements — Sell Protection (a)

Underlying Instruments	Fixed Deal Receive Rate			Maturity Date	Payment Frequency	Implied Credit Spread at December 31, 2021 (b)			Notional Amount (c)		Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX North America Investment Grade Index; Series 37		1.00	%	12/20/26	Quarterly		0.49	%	$	3,000,000	$	73,358	$	72,583	$	775
											$	73,358	$	72,583	$	775

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

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

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

See notes to financial statements.

86

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (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 $73,048, $221,382 and $1,437,391)	$	93,274	(a)	$	281,155	(b)	$	1,937,579	(c)
Cash		2,377			4,705			15,854
Receivables:
Interest and dividends		63			425			2,754
Capital shares issued		232			190			2,868
Investments sold		1,069			—			2,844
From Adviser		7			126			—
Prepaid expenses		42			33			82
Total Assets		97,064			286,634			1,961,981
Liabilities:
Payables:
Collateral received on loaned securities		4,220			4,665			59,660
Investments purchased		1,549			2,430			—
Capital shares redeemed		10			182			1,122
Accrued expenses and other payables:
Investment advisory fees		75			170			1,355
Administration fees		4			14			102
Custodian fees		1			2			14
Transfer agent fees		26			—			206
Compliance fees		—	(d)		—	(d)		1
Trustees' fees		35			—			30
12b-1 fees		6			2			14
Other accrued expenses		14			12			114
Total Liabilities		5,940			7,477			62,618
Net Assets:
Capital		68,742			214,895			1,357,499
Total accumulated earnings/(loss)		22,382			64,262			541,864
Net Assets	$	91,124		$	279,157		$	1,899,363
Net Assets
Class A	$	44,587		$	17,403		$	86,454
Class C		1,865			91			7,136
Class R		1,842			—			6,148
Class R6		—			231,882			1,078,111
Class Y		39,342			28,258			721,514
Member Class		3,488			1,523			—
Total	$	91,124		$	279,157		$	1,899,363
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A		1,014			723			2,238
Class C		65			4			227
Class R		45			—			167
Class R6		—			9,522			26,579
Class Y		799			1,162			17,915
Member Class		79			62			—
Total		2,002			11,473			47,126

See notes to financial statements.

87

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (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) and redemption price per share: (e)
Class A	$	43.99		$	24.06		$	38.62
Class C (f)		28.77			24.06			31.47
Class R		40.66			—			36.91
Class R6		—			24.35			40.56
Class Y		49.23			24.32			40.27
Member Class		44.06			24.47			—
Maximum Sales Charge — Class A		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	$	46.67		$	25.53		$	40.98

(a)  Includes $4,064 of securities on loan.

(b)  Includes $4,575 of securities on loan.

(c)  Includes $57,545 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.

88

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (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 $175,159, $303,689 and $54,235)	$	227,329	(a)	$	488,008	(b)	$	294,140	(c)
Cash		5,010			3,759			3,382
Deposit with broker for futures contracts		—			—			485
Receivables:
Interest and dividends		278			303			174
Capital shares issued		610			—	(d)		16
Investments sold		—			2,530			—
From Adviser		41			1			—
Prepaid expenses		35			28			33
Total Assets		233,303			494,629			298,230
Liabilities:
Payables:
Collateral received on loaned securities		5,985			625			4,781
Investments purchased		1,871			2,482			643
Capital shares redeemed		204			25			50
Variation margin on open futures contracts		—			—			9
Accrued expenses and other payables:
Investment advisory fees		147			307			46
Administration fees		11			25			15
Custodian fees		1			3			2
Transfer agent fees		5			136			37
Compliance fees		—	(d)		—	(d)		—	(d)
Trustees' fees		—			175			37
12b-1 fees		1			49			18
Other accrued expenses		25			49			20
Total Liabilities		8,250			3,876			5,658
Net Assets:
Capital		168,955			272,223			50,978
Total accumulated earnings/(loss)		56,098			218,530			241,594
Net Assets	$	225,053		$	490,753		$	292,572
Net Assets
Class A	$	7,049		$	441,197		$	204,581
Class C		—			4,275			—
Class R		—			—			24,441
Class R6		157,958			—			—
Class Y		56,266			45,281			63,550
Member Class		3,780			—			—
Total	$	225,053		$	490,753		$	292,572
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A		309			7,836			7,657
Class C		—			104			—
Class R		—			—			919
Class R6		6,828			—			—
Class Y		2,441			723			2,356
Member Class		164			—			—
Total		9,742			8,663			10,932

See notes to financial statements.

89

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (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) and redemption price per share: (e)
Class A	$	22.81		$	56.31		$	26.72
Class C (f)		—			41.12			—
Class R		—			—			26.60
Class R6		23.13			—			—
Class Y		23.05			62.63			26.97
Member Class		23.00			—			—
Maximum Sales Charge — Class A		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	$	24.20		$	59.75		$	27.34

(a)  Includes $5,882 of securities on loan.

(b)  Includes $610 of securities on loan.

(c)  Includes $4,662 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.

90

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)  

	Victory Munder Mid-Cap Core Growth Fund			Victory Munder Small Cap Growth Fund			Victory Trivalent International Fund-Core Equity
Assets:
Investments, at value (Cost $326,270, $13,274 and $199,520)	$	542,917	(a)	$	18,508	(b)	$	235,672	(c)
Foreign currency, at value (Cost $—, $— and $190)		—			—			190
Cash		2,450			336			2,048
Receivables:
Interest and dividends		231			2			415
Capital shares issued		173			21			8
Investments sold		1,438			—			—
Reclaims		—			—			248
From Adviser		4			2			165
Prepaid expenses		36			6			41
Total Assets		547,249			18,875			238,787
Liabilities:
Payables:
Collateral received on loaned securities		6,037			1,911			2,618
Capital shares redeemed		8,931			—			3
Investments purchased		2,774			—			—
Accrued foreign capital gains taxes		—			—			156
Accrued expenses and other payables:
Investment advisory fees		330			12			156
Administration fees		26			1			12
Custodian fees		4			—	(d)		13
Transfer agent fees		162			—	(d)		3
Compliance fees		—	(d)		—	(d)		—	(d)
Trustees' fees		44			—			56
12b-1 fees		29			—	(d)		1
Other accrued expenses		50			7			34
Total Liabilities		18,387			1,931			3,052
Net Assets:
Capital		311,448			11,275			202,623
Total accumulated earnings/(loss)		217,414			5,669			33,112
Net Assets	$	528,862		$	16,944		$	235,735
Net Assets
Class A	$	220,716		$	886		$	5,310
Class C		7,396			—			88
Class I		—			15,851			2,800
Class R		12,656			—			—
Class R6		103,244			—			219,003
Class Y		184,850			207			8,534
Total	$	528,862		$	16,944		$	235,735

See notes to financial statements.

91

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (Unaudited)

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

	Victory Munder Mid-Cap Core Growth Fund			Victory Munder Small Cap Growth Fund			Victory Trivalent International Fund-Core Equity
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A	$	17,545		$	50		$	653
Class C		5,266			—			11
Class I		—			872			343
Class R		1,314			—			—
Class R6		5,857			—			26,608
Class Y		11,173			12			1,051
Total		41,155			934			28,666
Net asset value, offering (except Class A) and redemption price per share: (e)
Class A	$	12.58		$	17.79		$	8.14
Class C (f)		1.40			—			8.16
Class I		—			18.17			8.17
Class R		9.63			—			—
Class R6		17.63			—			8.23
Class Y		16.54			17.93			8.12
Maximum Sales Charge — Class A		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	$	13.35		$	18.88		$	8.64

(a)  Includes $5,787 of securities on loan.

(b)  Includes $1,852 of securities on loan.

(c)  Includes $2,505 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.

92

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (Unaudited)

(Amounts in Thousands, Except Per Share Amounts)  

	Victory Trivalent International Small-Cap Fund			Victory INCORE Total Return Bond Fund
Assets:
Investments, at value (Cost $2,991,663 and $68,204)	$	3,632,063	(a)	$	70,276	(b)
Foreign currency, at value (Cost $442 and $—)		444			—
Cash		29,302			2,211
Deposit with broker for futures contracts		—			410
Deposit with broker for swap agreements		—			267
Receivables:
Interest and dividends		5,929			365
Capital shares issued		3,340			—	(c)
Variation margin on open futures contracts		—			26
Variation margin on open swap agreements		—			1
Reclaims		4,028			—
From Adviser		798			10
Prepaid expenses		78			34
Total Assets		3,675,982			73,600
Liabilities:
Payables:
Collateral received on loaned securities		119,208			3,408
Investments purchased		—			1,392
Capital shares redeemed		2,718			—	(c)
Variation margin on open futures contracts		—			1
Accrued expenses and other payables:
Investment advisory fees		2,706			23
Administration fees		181			3
Custodian fees		84			2
Transfer agent fees		610			4
Compliance fees		1			—	(c)
Trustees' fees		11			64
12b-1 fees		12			1
Other accrued expenses		119			15
Total Liabilities		125,650			4,913
Net Assets:
Capital		2,860,152			70,974
Total accumulated earnings/(loss)		690,180			(2,287	)
Net Assets	$	3,550,332		$	68,687
Net Assets
Class A	$	90,907		$	9,194
Class C		4,940			326
Class I		2,159,581			—
Class R6		149,569			26,733
Class Y		1,145,335			32,434
Total	$	3,550,332		$	68,687

See notes to financial statements.

93

Victory Portfolios Statements of Assets and Liabilities
December 31, 2021 (Unaudited)

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

	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	$	5,436		$	939
Class C		305			33
Class I		128,257			—
Class R6		8,838			2,724
Class Y		68,349			3,307
Total		211,185			7,003
Net asset value, offering (except Class A) and redemption price per share: (d)
Class A	$	16.72		$	9.79
Class C (e)		16.18			9.86
Class I		16.84			—
Class R6		16.92			9.81
Class Y		16.76			9.81
Maximum Sales Charge — Class A		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	$	17.74		$	10.02

(a)  Includes $114,017 of securities on loan.

(b)  Includes $3,334 of securities on loan.

(c)  Rounds to less than $1 thousand.

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

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

See notes to financial statements.

94

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in Thousands)  

	Victory Integrity Discovery Fund			Victory Integrity Mid-Cap Value Fund			Victory Integrity Small-Cap Value Fund
Investment Income:
Dividends	$	645		$	2,442		$	15,310
Interest		—	(a)		—	(a)		5
Securities lending (net of fees)		3			2			20
Total Income		648			2,444			15,335
Expenses:
Investment advisory fees		443			997			8,218
Administration fees		24			72			520
Sub-Administration fees		9			9			9
12b-1 fees — Class A		56			19			109
12b-1 fees — Class C		10			—	(a)		37
12b-1 fees — Class R		5			—			16
Custodian fees		2			6			42
Transfer agent fees — Class A		34			9			99
Transfer agent fees — Class C		2			—	(a)		5
Transfer agent fees — Class R		4			—			9
Transfer agent fees — Class R6		—			10			44
Transfer agent fees — Class Y		31			19			440
Transfer agent fees — Member Class		3			1			—
Trustees' fees		3			8			57
Compliance fees		—	(a)		1			7
Legal and audit fees		6			9			41
State registration and filing fees		42			36			84
Other expenses		11			20			105
Recoupment of prior expenses waived/reimbursed by Adviser		—			—			21
Total Expenses		685			1,216			9,863
Expenses waived/reimbursed by Adviser		(21	)		(367	)		(7	)
Net Expenses		664			849			9,856
Net Investment Income (Loss)		(16	)		1,595			5,479
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		4,460			18,696			172,600
Net change in unrealized appreciation/depreciation on investment securities		(3,297	)		(2,759	)		(96,823	)
Net realized/unrealized gains (losses) on investments		1,163			15,937			75,777
Change in net assets resulting from operations	$	1,147		$	17,532		$	81,256

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

95

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in Thousands)  

	Victory Integrity Small/Mid-Cap Value Fund			Victory Munder Multi-Cap Fund			Victory S&P 500 Index Fund
Investment Income:
Dividends	$	1,930		$	2,809		$	1,944
Interest		1			1			—	(a)
Securities lending (net of fees)		2			2			1
Foreign tax withholding		—			—			—	(a)
Total Income		1,933			2,812			1,945
Expenses:
Investment advisory fees		851			1,753			270
Administration fees		58			127			77
Sub-Administration fees		9			9			9
12b-1 fees — Class A		8			525			151
12b-1 fees — Class C		—			21			—
12b-1 fees — Class R		—			—			52
Custodian fees		5			10			6
Transfer agent fees — Class A		6			379			65
Transfer agent fees — Class C		—			5			—
Transfer agent fees — Class R		—			—			4
Transfer agent fees — Class R6		1			—			—
Transfer agent fees — Class Y		13			16			30
Transfer agent fees — Member Class		3			—			—
Trustees' fees		6			11			7
Compliance fees		1			2			1
Legal and audit fees		8			13			10
State registration and filing fees		35			28			31
Interfund lending fees		—			—	(a)		—
Other expenses		22			43			28
Total Expenses		1,026			2,942			741
Expenses waived/reimbursed by Adviser		(117	)		(5	)		—
Net Expenses		909			2,937			741
Net Investment Income (Loss)		1,024			(125	)		1,204
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		13,340			35,431			7,206
Net realized gains (losses) from futures contracts		—			—			272
Net change in unrealized appreciation/depreciation on investment securities		(2,159	)		37,468			21,469
Net change in unrealized appreciation/depreciation on futures contracts		—			—			(7	)
Net realized/unrealized gains (losses) on investments		11,181			72,899			28,940
Change in net assets resulting from operations	$	12,205		$	72,774		$	30,144

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

96

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in Thousands)  

	Victory Munder Mid-Cap Core Growth Fund			Victory Munder Small Cap Growth Fund			Victory Trivalent International Fund-Core Equity
Investment Income:
Dividends	$	2,289		$	33		$	3,053
Interest		—			—	(a)		—	(a)
Securities lending (net of fees)		6			6			20
Foreign tax withholding		(6	)		—	(a)		(370	)
Total Income		2,289			39			2,703
Expenses:
Investment advisory fees		2,069			73			906
Administration fees		150			5			62
Sub-Administration fees		9			9			9
12b-1 fees — Class A		278			1			7
12b-1 fees — Class C		42			—			—	(a)
12b-1 fees — Class R		33			—			—
Custodian fees		13			1			46
Transfer agent fees — Class A		177			—	(a)		6
Transfer agent fees — Class C		6			—			—	(a)
Transfer agent fees — Class I		—			—	(a)		—	(a)
Transfer agent fees — Class R		18			—			—
Transfer agent fees — Class R6		2			—			—	(a)
Transfer agent fees — Class Y		169			—	(a)		1
Trustees' fees		17			1			32
Compliance fees		2			—	(a)		1
Legal and audit fees		15			4			19
State registration and filing fees		45			6			46
Interest fees		1			—			—
Other expenses		39			6			27
Total Expenses		3,085			106			1,162
Expenses waived/reimbursed by Adviser		(12	)		(6	)		(521	)
Net Expenses		3,073			100			641
Net Investment Income (Loss)		(784	)		(61	)		2,062
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		52,752			1,191			2,871
Foreign taxes on realized gains		—			—			(46	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(596	)		(1,612	)		(2,046	)
Net change in accrued foreign taxes on unrealized gains		—			—			(12	)
Net realized/unrealized gains (losses) on investments		52,156			(421	)		767
Change in net assets resulting from operations	$	51,372		$	(482	)	$	2,829

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

97

Victory Portfolios Statements of Operations
For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in Thousands)  

	Victory Trivalent International Small-Cap Fund			Victory INCORE Total Return Bond Fund
Investment Income:
Dividends	$	31,999		$	80
Interest		—			610
Securities lending (net of fees)		135			5
Foreign tax withholding		(4,000	)		—
Total Income		28,134			695
Expenses:
Investment advisory fees		16,205			138
Administration fees		963			19
Sub-Administration fees		7			9
12b-1 fees — Class A		118			12
12b-1 fees — Class C		25			2
Custodian fees		266			6
Transfer agent fees — Class A		153			10
Transfer agent fees — Class C		3			—	(b)
Transfer agent fees — Class I		1,403			—
Transfer agent fees — Class R6		2			—	(b)
Transfer agent fees — Class Y		575			2
Trustees' fees		97			2
Compliance fees		12			—	(b)
Legal and audit fees		100			7
State registration and filing fees		88			33
Interfund lending fees		2			—
Interest fees		3			—
Other expenses		183			7
Total Expenses		20,205			247
Expenses waived/reimbursed by Adviser		(2,219	)		(30	)
Net Expenses		17,986			217
Net Investment Income (Loss)		10,148			478
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		167,341			190
Net realized gains (losses) from futures contracts		—			101
Net realized gains (losses) from swap agreements		—			12
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(156,417	)		(396	)
Net change in unrealized appreciation/depreciation on futures contracts		—			(29	)
Net change in unrealized appreciation/depreciation on swap agreements		—			1
Net realized/unrealized gains (losses) on investments		10,924			(121	)
Change in net assets resulting from operations	$	21,072		$	357

(b)  Rounds to less than $1 thousand.

See notes to financial statements.

98

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	(16	)	$	(96	)	$	1,595		$	1,861		$	5,479		$	7,796
Net realized gains (losses) from investments		4,460			13,282			18,696			18,606			172,600			415,788
Net change in unrealized appreciation/depreciation on investments		(3,297	)		33,986			(2,759	)		72,691			(96,823	)		625,957
Change in net assets resulting from operations		1,147			47,172			17,532			93,158			81,256			1,049,541
Distributions to Shareholders:
Class A		(2,076	)		—			(799	)		(196	)		(13,359	)		(90	)
Class C		(128	)		—			(4	)		—	(a)		(1,318	)		—
Class R		(92	)		—			—			—			(964	)		—
Class R6		—			—			(10,936	)		(3,719	)		(165,101	)		(5,456	)
Class Y		(1,641	)		—			(1,255	)		(247	)		(110,576	)		(1,954	)
Member Class (b)		(150	)		—			(63	)		(1	)		—			—
From return of capital:
Class A		—			—			—			(44	)		—			—
Class C		—			—			—			—	(a)		—			—
Class R6		—			—			—			(844	)		—			—
Class Y		—			—			—			(56	)		—			—
Member Class (b)		—			—			—			(1	)		—			—
Change in net assets resulting from distributions to shareholders		(4,087	)		—			(13,057	)		(5,108	)		(291,318	)		(7,500	)
Change in net assets resulting from capital transactions		2,184			(17,609	)		9,562			(25,403	)		91,641			(591,559	)
Change in net assets		(756	)		29,563			14,037			62,647			(118,421	)		450,482
Net Assets:
Beginning of period		91,880			62,317			265,120			202,473			2,017,784			1,567,302
End of period	$	91,124		$	91,880		$	279,157		$	265,120		$	1,899,363		$	2,017,784

(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.

99

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Capital Transactions:
Class A
Proceeds from shares issued	$	2,022		$	4,616		$	5,257		$	2,340		$	6,296		$	24,763
Distributions reinvested		1,787			—			783			234			12,062			81
Cost of shares redeemed		(2,898	)		(14,397	)		(1,392	)		(3,212	)		(13,257	)		(66,313	)
Total Class A	$	911		$	(9,781	)	$	4,648		$	(638	)	$	5,101		$	(41,469	)
Class C
Proceeds from shares issued	$	132		$	69		$	8		$	17		$	176		$	913
Distributions reinvested		117			—			4			1			1,284			—
Cost of shares redeemed		(351	)		(1,491	)		—			(11	)		(862	)		(2,746	)
Total Class C	$	(102	)	$	(1,422	)	$	12		$	7		$	598		$	(1,833	)
Class R
Proceeds from shares issued	$	97		$	632		$	—		$	—		$	661		$	2,845
Distributions reinvested		91			—			—			—			953			—
Cost of shares redeemed		(235	)		(2,274	)		—			—			(1,839	)		(4,587	)
Total Class R	$	(47	)	$	(1,642	)	$	—		$	—		$	(225	)	$	(1,742	)
Class R6
Proceeds from shares issued	$	—		$	—		$	16,491		$	32,650		$	105,960		$	239,858
Distributions reinvested		—			—			10,920			4,555			159,634			5,356
Cost of shares redeemed		—			—			(25,995	)		(72,923	)		(215,449	)		(724,545	)
Total Class R6	$	—		$	—		$	1,416		$	(35,718	)	$	50,145		$	(479,331	)
Class Y
Proceeds from shares issued	$	7,911		$	14,515		$	5,352		$	12,767		$	63,037		$	180,087
Distributions reinvested		1,337			—			1,242			299			105,214			1,797
Cost of shares redeemed		(9,240	)		(21,292	)		(3,770	)		(2,904	)		(132,229	)		(249,068	)
Total Class Y	$	8		$	(6,777	)	$	2,824		$	10,162		$	36,022		$	(67,184	)
Member Class (a)
Proceeds from shares issued	$	2,345		$	2,476		$	737		$	985		$	—		$	—
Distributions reinvested		150			—			63			1			—			—
Cost of shares redeemed		(1,081	)		(463	)		(138	)		(202	)		—			—
Total Member Class	$	1,414		$	2,013		$	662		$	784		$	—		$	—
Change in net assets resulting from capital transactions	$	2,184		$	(17,609	)	$	9,562		$	(25,403	)	$	91,641		$	(591,559	)

(a)  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.

100

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Share Transactions:
Class A
Issued		47			123			218			112			147			734
Reinvested		42			—			34			12			326			2
Redeemed		(65	)		(407	)		(58	)		(155	)		(309	)		(1,918	)
Total Class A		24			(284	)		194			(31	)		164			(1,182	)
Class C
Issued		5			3			1			1			5			27
Reinvested		4			—			—	(a)		—	(a)		43			—
Redeemed		(12	)		(69	)		—			(1	)		(25	)		(102	)
Total Class C		(3	)		(66	)		1			—	(a)		23			(75	)
Class R
Issued		3			21			—			—			16			79
Reinvested		2			—			—			—			27			—
Redeemed		(6	)		(64	)		—			—			(44	)		(136	)
Total Class R		(1	)		(43	)		—			—			(1	)		(57	)
Class R6
Issued		—			—			680			1,550			2,353			6,278
Reinvested		—			—			465			235			4,086			152
Redeemed		—			—			(1,070	)		(4,266	)		(4,823	)		(20,196	)
Total Class R6		—			—			75			(2,481	)		1,616			(13,766	)
Class Y
Issued		157			354			223			561			1,420			4,710
Reinvested		28			—			53			15			2,715			51
Redeemed		(188	)		(585	)		(158	)		(138	)		(3,011	)		(7,435	)
Total Class Y		(3	)		(231	)		118			438			1,124			(2,674	)
Member Class (b)
Issued		51			59			30			43			—			—
Reinvested		4			—			3			—	(a)		—			—
Redeemed		(24	)		(11	)		(6	)		(8	)		—			—
Total Member Class		31			48			27			35			—			—
Change in Shares		48			(576	)		415			(2,039	)		2,926			(17,754	)

(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.

101

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	1,024		$	1,061		$	(125	)	$	(713	)	$	1,204		$	2,343
Net realized gains (losses) from investments		13,340			19,368			35,431			59,602			7,478			22,456
Net change in unrealized appreciation/depreciation on investments		(2,159	)		60,800			37,468			73,487			21,462			56,130
Change in net assets resulting from operations		12,205			81,229			72,774			132,376			30,144			80,929
Distributions to Shareholders:
Class A		(414	)		(59	)		(43,777	)		(244	)		(14,485	)		(11,972	)
Class C		—			—			(566	)		—			—			—
Class R		—			—			—			—			(1,583	)		(993	)
Class R6		(9,521	)		(1,692	)		—			—			—			—
Class Y		(3,472	)		(644	)		(4,126	)		(124	)		(4,461	)		(3,648	)
Member Class (a)		(201	)		(2	)		—			—			—			—
Change in net assets resulting from distributions to shareholders		(13,608	)		(2,397	)		(48,469	)		(368	)		(20,529	)		(16,613	)
Change in net assets resulting from capital transactions		17,669			13,858			27,966			(41,195	)		13,625			(8,496	)
Change in net assets		16,266			92,690			52,271			90,813			23,240			55,820
Net Assets:
Beginning of period		208,787			116,097			438,482			347,669			269,332			213,512
End of period	$	225,053		$	208,787		$	490,753		$	438,482		$	292,572		$	269,332

(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.

102

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Capital Transactions:
Class A
Proceeds from shares issued	$	944		$	3,876		$	6,555		$	5,765		$	4,745		$	8,080
Distributions reinvested		414			59			37,870			211			12,580			10,439
Cost of shares redeemed		(862	)		(2,792	)		(18,546	)		(42,345	)		(14,536	)		(23,902	)
Total Class A	$	496		$	1,143		$	25,879		$	(36,369	)	$	2,789		$	(5,383	)
Class C
Proceeds from shares issued	$	—		$	—		$	207		$	254		$	—		$	—
Distributions reinvested		—			—			516			—			—			—
Cost of shares redeemed		—			—			(861	)		(3,268	)		—			—
Total Class C	$	—		$	—		$	(138	)	$	(3,014	)	$	—		$	—
Class R
Proceeds from shares issued	$	—		$	—		$	—		$	—		$	6,295		$	3,501
Distributions reinvested		—			—			—			—			1,583			993
Cost of shares redeemed		—			—			—			—			(1,925	)		(4,476	)
Total Class R	$	—		$	—		$	—		$	—		$	5,953		$	18
Class R6
Proceeds from shares issued	$	22,207		$	35,979		$	—		$	—		$	—		$	—
Distributions reinvested		9,495			1,689			—			—			—			—
Cost of shares redeemed		(16,254	)		(29,451	)		—			—			—			—
Total Class R6	$	15,448		$	8,217		$	—		$	—		$	—		$	—
Class Y
Proceeds from shares issued	$	6,786		$	14,072		$	2,124		$	3,433		$	4,380		$	9,028
Distributions reinvested		2,460			511			2,786			82			4,408			3,454
Cost of shares redeemed		(8,944	)		(12,315	)		(2,685	)		(5,327	)		(3,905	)		(15,613	)
Total Class Y	$	302		$	2,268		$	2,225		$	(1,812	)	$	4,883		$	(3,131	)
Member Class (a)
Proceeds from shares issued	$	1,861		$	2,616		$	—		$	—		$	—		$	—
Distributions reinvested		201			2			—			—			—			—
Cost of shares redeemed		(639	)		(388	)		—			—			—			—
Total Member Class	$	1,423		$	2,230		$	—		$	—		$	—		$	—
Change in net assets resulting from capital transactions	$	17,669		$	13,858		$	27,966		$	(41,195	)	$	13,625		$	(8,496	)

(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.

103

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Share Transactions:
Class A
Issued		41			180			117			129			177			352
Reinvested		19			3			695			5			480			466
Redeemed		(38	)		(137	)		(327	)		(923	)		(539	)		(1,042	)
Total Class A		22			46			485			(789	)		118			(224	)
Class C
Issued		—			—			5			7			—			—
Reinvested		—			—			13			—			—			—
Redeemed		—			—			(20	)		(98	)		—			—
Total Class C		—			—			(2	)		(91	)		—			—
Class R
Issued		—			—			—			—			234			153
Reinvested		—			—			—			—			61			45
Redeemed		—			—			—			—			(72	)		(197	)
Total Class R		—			—			—			—			223			1
Class R6
Issued		953			1,756			—			—			—			—
Reinvested		426			93			—			—			—			—
Redeemed		(700	)		(1,586	)		—			—			—			—
Total Class R6		679			263			—			—			—			—
Class Y
Issued		279			686			34			68			161			385
Reinvested		111			28			46			2			166			153
Redeemed		(383	)		(675	)		(43	)		(104	)		(143	)		(674	)
Total Class Y		7			39			37			(34	)		184			(136	)
Member Class (a)
Issued		80			120			—			—			—			—
Reinvested		9			—	(b)		—			—			—			—
Redeemed		(28	)		(17	)		—			—			—			—
Total Member Class		61			103			—			—			—			—
Change in Shares		769			451			520			(914	)		525			(359	)

(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.

104

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 International Fund-Core Equity
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	(784	)	$	(2,599	)	$	(61	)	$	(91	)	$	2,062		$	5,148
Net realized gains (losses) from investments		52,752			159,032			1,191			1,315			2,825			5,843
Net change in unrealized appreciation/depreciation on investments		(596	)		70,979			(1,612	)		4,924			(2,058	)		37,361
Change in net assets resulting from operations		51,372			227,412			(482	)		6,148			2,829			48,352
Distributions to Shareholders:
Class A		(55,098	)		(23,341	)		(85	)		(36	)		(177	)		(62	)
Class C		(5,636	)		(3,462	)		—			—			(2	)		—	(a)
Class I		—			—			(1,494	)		(1,071	)		(103	)		(46	)
Class R		(3,821	)		(1,885	)		—			—			—			—
Class R6		(19,676	)		(8,673	)		—			—			(7,901	)		(2,687	)
Class Y		(39,212	)		(23,441	)		(14	)		(9	)		(303	)		(110	)
Change in net assets resulting from distributions to shareholders		(123,443	)		(60,802	)		(1,593	)		(1,116	)		(8,486	)		(2,905	)
Change in net assets resulting from capital transactions		19,499			(169,539	)		1,919			1,252			19,337			43,468
Change in net assets		(52,572	)		(2,929	)		(156	)		6,284			13,680			88,915
Net Assets:
Beginning of period		581,434			584,363			17,100			10,816			222,055			133,140
End of period	$	528,862		$	581,434		$	16,944		$	17,100		$	235,735		$	222,055

(a)  Rounds to less than $1 thousand.

(continues on next page)

See notes to financial statements.

105

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 International Fund-Core Equity
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Capital Transactions:
Class A
Proceeds from shares issued	$	9,984		$	15,937		$	314		$	135		$	40		$	616
Distributions reinvested		50,743			21,270			84			35			152			53
Cost of shares redeemed		(21,811	)		(62,892	)		(22	)		(80	)		(129	)		(1,104	)
Total Class A	$	38,916		$	(25,685	)	$	376		$	90		$	63		$	(435	)
Class C
Proceeds from shares issued	$	91		$	128		$	—		$	—		$	1		$	3
Distributions reinvested		5,595			3,445			—			—			2			—	(a)
Cost of shares redeemed		(3,197	)		(9,106	)		—			—			(20	)		(134	)
Total Class C	$	2,489		$	(5,533	)	$	—		$	—		$	(17	)	$	(131	)
Class I
Proceeds from shares issued	$	—		$	—		$	18		$	175		$	—	(a)	$	—	(a)
Distributions reinvested		—			—			1,494			1,071			103			46
Cost of shares redeemed		—			—			(37	)		(114	)		(518	)		(66	)
Total Class I	$	—		$	—		$	1,475		$	1,132		$	(415	)	$	(20	)
Class R
Proceeds from shares issued	$	875		$	1,783		$	—		$	—		$	—		$	—
Distributions reinvested		3,814			1,882			—			—			—			—
Cost of shares redeemed		(2,854	)		(6,595	)		—			—			—			—
Total Class R	$	1,835		$	(2,930	)	$	—		$	—		$	—		$	—
Class R6
Proceeds from shares issued	$	9,347		$	13,910		$	—		$	—		$	12,307		$	44,300
Distributions reinvested		19,626			8,636			—			—			7,901			2,687
Cost of shares redeemed		(14,348	)		(67,516	)		—			—			(682	)		(3,122	)
Total Class R6	$	14,625		$	(44,970	)	$	—		$	—		$	19,526		$	43,865
Class Y
Proceeds from shares issued	$	4,010		$	13,776		$	64		$	21		$	17		$	401
Distributions reinvested		38,340			22,365			14			9			266			97
Cost of shares redeemed		(80,716	)		(126,562	)		(10	)		—			(103	)		(309	)
Total Class Y	$	(38,366	)	$	(90,421	)	$	68		$	30		$	180		$	189
Change in net assets resulting from capital transactions	$	19,499		$	(169,539	)	$	1,919		$	1,252		$	19,337		$	43,468

(a)  Rounds to less than $1 thousand.

(continues on next page)

See notes to financial statements.

106

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 International Fund-Core Equity
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Share Transactions:
Class A
Issued		709			1,167			16			8			5			89
Reinvested		4,208			1,611			5			2			19			7
Redeemed		(1,417	)		(4,603	)		(1	)		(5	)		(16	)		(152	)
Total Class A		3,500			(1,825	)		20			5			8			(56	)
Class C
Issued		38			25			—			—			(1	)		—	(a)
Reinvested		4,144			762			—			—			—	(a)		—	(a)
Redeemed		(784	)		(1,785	)		—			—			(1	)		(19	)
Total Class C		3,398			(998	)		—			—			(2	)		(19	)
Class I
Issued		—			—			—	(a)		9			1			—	(a)
Reinvested		—			—			87			61			13			6
Redeemed		—			—			(2	)		(6	)		(64	)		(8	)
Total Class I		—			—			85			64			(50	)		(2	)
Class R
Issued		72			154			—			—			—			—
Reinvested		413			172			—			—			—			—
Redeemed		(227	)		(567	)		—			—			—			—
Total Class R		258			(241	)		—			—			—			—
Class R6
Issued		454			786			—			—			1,494			6,110
Reinvested		1,160			505			—			—			974			357
Redeemed		(703	)		(3,988	)		—			—			(81	)		(413	)
Total Class R6		911			(2,697	)		—			—			2,387			6,054
Class Y
Issued		212			823			4			1			2			52
Reinvested		2,417			1,376			1			1			33			13
Redeemed		(4,238	)		(7,632	)		(1	)		—			(13	)		(43	)
Total Class Y		(1,609	)		(5,433	)		4			2			22			22
Change in Shares		6,458			(11,194	)		109			71			2,365			5,999

(a)  Rounds to less than 1 thousand.

See notes to financial statements.

107

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)

	Victory Trivalent International Small-Cap Fund						Victory INCORE Total Return Bond Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	10,148		$	38,085		$	478		$	1,176
Net realized gains (losses) from investments		167,341			315,377			303			548
Net change in unrealized appreciation/ depreciation on investments		(156,417	)		497,274			(424	)		(407	)
Change in net assets resulting from operations		21,072			850,736			357			1,317
Distributions to Shareholders:
Class A		(7,089	)		—			(93	)		(249	)
Class C		(363	)		—			(2	)		(8	)
Class I		(175,425	)		(6,561	)		—			—
Class R6		(11,807	)		(355	)		(303	)		(680	)
Class Y		(93,356	)		(2,549	)		(355	)		(843	)
Change in net assets resulting from distributions to shareholders		(288,040	)		(9,465	)		(753	)		(1,780	)
Change in net assets resulting from capital transactions		481,810			630,234			1,250			(3,357	)
Change in net assets		214,842			1,471,505			854			(3,820	)
Net Assets:
Beginning of period		3,335,490			1,863,985			67,833			71,653
End of period	$	3,550,332		$	3,335,490		$	68,687		$	67,833

(continues on next page)

See notes to financial statements.

108

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Trivalent International Small-Cap Fund						Victory INCORE Total Return Bond Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Capital Transactions:
Class A
Proceeds from shares issued	$	12,974		$	39,592		$	250		$	604
Distributions reinvested		5,380			—			81			219
Cost of shares redeemed		(14,879	)		(86,919	)		(463	)		(2,844	)
Total Class A	$	3,475		$	(47,327	)	$	(132	)	$	(2,021	)
Class C
Proceeds from shares issued	$	401		$	656		$	3		$	76
Distributions reinvested		331			—			2			9
Cost of shares redeemed		(375	)		(1,560	)		(129	)		(357	)
Total Class C	$	357		$	(904	)	$	(124	)	$	(272	)
Class I
Proceeds from shares issued	$	427,850		$	843,443		$	—		$	—
Distributions reinvested		127,349			5,005			—			—
Cost of shares redeemed		(235,585	)		(353,920	)		—			—
Total Class I	$	319,614		$	494,528		$	—		$	—
Class R6
Proceeds from shares issued	$	25,316		$	57,389		$	126		$	2,005
Distributions reinvested		11,804			354			303			680
Cost of shares redeemed		(10,051	)		(31,825	)		(509	)		(1,558	)
Total Class R6	$	27,069		$	25,918		$	(80	)	$	1,127
Class Y
Proceeds from shares issued	$	164,645		$	415,535		$	1,634		$	243
Distributions reinvested		90,858			2,460			263			603
Cost of shares redeemed		(124,208	)		(259,976	)		(311	)		(3,037	)
Total Class Y	$	131,295		$	158,019		$	1,586		$	(2,191	)
Change in net assets resulting from capital transactions	$	481,810		$	630,234		$	1,250		$	(3,357	)

(continues on next page)

See notes to financial statements.

109

Victory Portfolios Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	Victory Trivalent International Small-Cap Fund						Victory INCORE Total Return Bond Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Share Transactions:
Class A
Issued		731			2,538			25			61
Reinvested		327			—			8			22
Redeemed		(823	)		(5,762	)		(47	)		(287	)
Total Class A		235			(3,224	)		(14	)		(204	)
Class C
Issued		23			41			—	(a)		8
Reinvested		21			—			—	(a)		1
Redeemed		(22	)		(104	)		(13	)		(36	)
Total Class C		22			(63	)		(13	)		(27	)
Class I
Issued		23,468			53,324			—			—
Reinvested		7,672			316			—			—
Redeemed		(13,048	)		(21,878	)		—			—
Total Class I		18,092			31,762			—			—
Class R6
Issued		1,369			3,632			13			204
Reinvested		708			22			31			68
Redeemed		(547	)		(2,000	)		(52	)		(156	)
Total Class R6		1,530			1,654			(8	)		116
Class Y
Issued		9,169			25,779			167			24
Reinvested		5,504			156			27			61
Redeemed		(7,106	)		(16,681	)		(32	)		(307	)
Total Class Y		7,567			9,254			162			(222	)
Change in Shares		27,446			39,383			127			(337	)

(a)  Rounds to less than 1 thousand.

See notes to financial statements.

110

This page is intentionally left blank.

111

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Realized Gains from Investments			Total Distributions
Victory Integrity Discovery Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	45.53		(0.02	)		0.62			0.60			(2.14	)		(2.14	)
Year Ended June 30:
2021	$	24.03		(0.07	)		21.57			21.50			—			—
2020	$	32.28		(0.05	)		(7.38	)		(7.43	)		(0.82	)		(0.82	)
2019	$	42.75		(0.11	)		(5.61	)		(5.72	)		(4.75	)		(4.75	)
2018	$	41.01		(0.16	)		6.40			6.24			(4.50	)		(4.50	)
2017	$	32.71		(0.19	)		10.10			9.91			(1.61	)		(1.61	)
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	30.67		(0.15	)		0.39			0.24			(2.14	)		(2.14	)
Year Ended June 30:
2021	$	16.32		(0.21	)		14.56			14.35			—			—
2020	$	22.36		(0.22	)		(5.00	)		(5.22	)		(0.82	)		(0.82	)
2019	$	31.69		(0.28	)		(4.30	)		(4.58	)		(4.75	)		(4.75	)
2018	$	31.69		(0.34	)		4.84			4.50			(4.50	)		(4.50	)
2017	$	25.76		(0.38	)		7.92			7.54			(1.61	)		(1.61	)
Class R
Six Months Ended December 31, 2021 (Unaudited):	$	42.35		(0.12	)		0.57			0.45			(2.14	)		(2.14	)
Year Ended June 30:
2021	$	22.45		(0.18	)		20.08			19.90			—			—
2020	$	30.36		(0.18	)		(6.91	)		(7.09	)		(0.82	)		(0.82	)
2019	$	40.76		(0.28	)		(5.37	)		(5.65	)		(4.75	)		(4.75	)
2018	$	39.49		(0.28	)		6.05			5.77			(4.50	)		(4.50	)
2017	$	31.71		(0.37	)		9.76			9.39			(1.61	)		(1.61	)

*  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.

See notes to financial statements.

112

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

						Ratios to Average Net Assets									Supplemental Data
	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 December 31, 2021 (Unaudited):	$	43.99		1.53	%		1.57	%		(0.11	)%		1.57	%	$	44,587		22	%
Year Ended June 30:
2021	$	45.53		89.47	%		1.62	%		(0.20	)%		1.62	%	$	45,073		41	%
2020	$	24.03		(23.78	)%		1.59	%		(0.18	)%		1.59	%	$	30,614		40	%
2019	$	32.28		(12.02	)%		1.55	%		(0.29	)%		1.55	%	$	50,963		40	%
2018	$	42.75		15.76	%		1.54	%		(0.39	)%		1.54	%	$	67,840		45	%
2017	$	41.01		30.36	%		1.55	%		(0.50	)%		1.55	%	$	85,228		110	%
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	28.77		1.09	%		2.45	%		(0.96	)%		2.92	%	$	1,865		22	%
Year Ended June 30:
2021	$	30.67		87.93	%		2.45	%		(0.95	)%		2.87	%	$	2,079		41	%
2020	$	16.32		(24.42	)%		2.46	%		(1.09	)%		2.52	%	$	2,194		40	%
2019	$	22.36		(12.74	)%		2.34	%		(1.07	)%		2.34	%	$	6,633		40	%
2018	$	31.69		14.88	%		2.32	%		(1.10	)%		2.32	%	$	9,871		45	%
2017	$	31.69		29.33	%		2.36	%		(1.28	)%		2.36	%	$	15,796		110	%
Class R
Six Months Ended December 31, 2021 (Unaudited):	$	40.66		1.29	%		2.08	%		(0.58	)%		2.85	%	$	1,842		22	%
Year Ended June 30:
2021	$	42.35		88.56	%		2.08	%		(0.58	)%		2.43	%	$	1,955		41	%
2020	$	22.45		(24.10	)%		2.08	%		(0.65	)%		2.33	%	$	1,990		40	%
2019	$	30.36		(12.49	)%		2.08	%		(0.84	)%		2.41	%	$	3,038		40	%
2018	$	40.76		15.15	%		2.08	%		(0.70	)%		2.27	%	$	3,465		45	%
2017	$	39.49		29.67	%		2.08	%		(0.99	)%		2.56	%	$	2,291		110	%

(continues on next page)

See notes to financial statements.

113

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Realized Gains from Investments			Total Distributions
Victory Integrity Discovery Fund
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	50.63		0.03			0.71			0.74			(2.14	)		(2.14	)
Year Ended June 30:
2021	$	26.64		0.03			23.96			23.99			—			—
2020	$	35.65		—	(e)		(8.19	)		(8.19	)		(0.82	)		(0.82	)
2019	$	46.47		(0.03	)		(6.04	)		(6.07	)		(4.75	)		(4.75	)
2018	$	44.11		(0.05	)		6.91			6.86			(4.50	)		(4.50	)
2017	$	35.02		(0.13	)		10.83			10.70			(1.61	)		(1.61	)
Member Class
Six Months Ended December 31, 2021 (Unaudited)	$	45.58		0.01			0.61			0.62			(2.14	)		(2.14	)
November 3, 2020 (g) through June 30, 2021	$	26.37		(0.30	)		19.51			19.21			—			—

*  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)  Amount is less than $0.005 per share.

(f)  Amount is less than 0.005%.

(g)  Commencement of operations.

See notes to financial statements.

114

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  (continued)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Discovery Fund
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	49.23		1.65	%		1.34	%		0.12	%		1.34	%	$	39,342		22	%
Year Ended June 30:
2021	$	50.63		90.05	%		1.31	%		0.07	%		1.31	%	$	40,600		41	%
2020	$	26.64		(23.64	)%		1.38	%		—	%(f)		1.38	%	$	27,519		40	%
2019	$	35.65		(11.81	)%		1.30	%		(0.06	)%		1.30	%	$	71,708		40	%
2018	$	46.47		16.08	%		1.28	%		(0.12	)%		1.28	%	$	78,079		45	%
2017	$	44.11		30.62	%		1.38	%		(0.30	)%		1.38	%	$	49,468		110	%
Member Class
Six Months Ended December 31, 2021 (Unaudited)	$	44.06		1.57	%		1.50	%		0.05	%		2.04	%	$	3,488		22	%
November 3, 2020 (g) through June 30, 2021	$	45.58		72.85	%		1.50	%		(1.04	)%		5.05	%	$	2,172		41	%

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			Return of Capital
Victory Integrity Mid-Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	23.72		0.11			1.39			1.50			—			(1.16	)		—
Year Ended June 30:
2021	$	15.30		0.13			8.74			8.87			(0.37	)		—			(0.08	)
2020	$	17.86		0.24			(2.70	)		(2.46	)		(0.10	)		—			—
2019	$	19.17		0.19			(0.32	)		(0.13	)		(0.19	)		(0.99	)		—
2018	$	17.91		0.19			1.84			2.03			(0.15	)		(0.62	)		—
2017	$	15.43		0.03			2.45			2.48			—			—			—
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	23.81		0.01			1.40			1.41			—			(1.16	)		—
Year Ended June 30,
2021	$	15.37		(0.05	)		8.82			8.77			(0.27	)		—			(0.06	)
November 4, 2019 (e) through June 30, 2020	$	18.75		0.11			(3.39	)		(3.28	)		(0.10	)		—			—
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	23.99		0.15			1.42			1.57			(0.05	)		(1.16	)		—
Year Ended June 30:
2021	$	15.47		0.19			8.85			9.04			(0.43	)		—			(0.09	)
2020	$	18.02		0.33			(2.74	)		(2.41	)		(0.14	)		—			—
2019	$	19.30		0.26			(0.32	)		(0.06	)		(0.23	)		(0.99	)		—
2018	$	18.02		0.22			1.87			2.09			(0.19	)		(0.62	)		—
2017	$	15.53		0.12			2.43			2.55			(0.06	)		—			—

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

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

(c)  Annualized for periods less than one year.

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

(e)  Commencement of operations.

See notes to financial statements.

116

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Integrity Mid-Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(1.16	)	$	24.06		6.50	%		1.00	%		0.90	%		1.30	%	$	17,403		30	%
Year Ended June 30:
2021		(0.45	)	$	23.72		58.66	%		1.00	%		0.64	%		1.37	%	$	12,542		67	%
2020		(0.10	)	$	15.30		(13.90	)%		1.00	%		1.40	%		1.43	%	$	8,574		82	%
2019		(1.18	)	$	17.86		0.36	%		1.00	%		1.05	%		1.51	%	$	7,567		73	%
2018		(0.77	)	$	19.17		11.32	%		1.09	%		1.01	%		1.67	%	$	4,255		73	%
2017		—		$	17.91		16.07	%		1.35	%		0.19	%		1.94	%	$	2,864		68	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(1.16	)	$	24.06		6.10	%		1.75	%		0.11	%		4.37	%	$	91		30	%
Year Ended June 30,
2021		(0.33	)	$	23.81		57.43	%		1.75	%		(0.25	)%		16.27	%	$	78		67	%
November 4, 2019 (e) through June 30, 2020		(0.10	)	$	15.37		(17.55	)%		1.75	%		1.02	%		43.95	%	$	44		82	%
Class R6
Six Months Ended December 31, 2021 (Unaudited):		(1.21	)	$	24.35		6.72	%		0.60	%		1.23	%		0.87	%	$	231,882		30	%
Year Ended June 30:
2021		(0.52	)	$	23.99		59.24	%		0.60	%		0.94	%		0.88	%	$	226,652		67	%
2020		(0.14	)	$	15.47		(13.53	)%		0.60	%		1.93	%		0.88	%	$	184,503		82	%
2019		(1.22	)	$	18.02		0.72	%		0.60	%		1.43	%		0.94	%	$	56,232		73	%
2018		(0.81	)	$	19.30		11.68	%		0.77	%		1.14	%		1.17	%	$	6,750		73	%
2017		(0.06	)	$	18.02		16.42	%		0.89	%		0.71	%		3.01	%	$	1,375		68	%

(continues on next page)

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			Return of Capital
Victory Integrity Mid-Cap Value Fund
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	23.95		0.13			1.41			1.54			(0.01	)		(1.16	)		—
Year Ended June 30:
2021	$	15.44		0.06			8.94			9.00			(0.41	)		—			(0.08	)
2020	$	18.02		0.25			(2.68	)		(2.43	)		(0.15	)		—			—
2019	$	19.34		0.28			(0.37	)		(0.09	)		(0.24	)		(0.99	)		—
2018	$	18.06		0.24			1.85			2.09			(0.19	)		(0.62	)		—
2017	$	15.58		0.13			2.43			2.56			(0.08	)		—			—
Member Class
Six Months Ended December 31, 2021 (Unaudited):	$	24.08		0.13			1.42			1.55			—			(1.16	)		—
November 3, 2020 (e) through June 30, 2021	$	16.94		(0.26	)		7.58			7.32			(0.17	)		—			(0.01	)

(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  (continued)

									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 Y
Six Months Ended December 31, 2021 (Unaudited):		(1.17	)	$	24.32		6.63	%		0.75	%		1.09	%		1.03	%	$	28,258		30	%
Year Ended June 30:
2021		(0.49	)	$	23.95		59.03	%		0.75	%		0.29	%		1.08	%	$	25,003		67	%
2020		(0.15	)	$	15.44		(13.67	)%		0.75	%		1.46	%		1.21	%	$	9,352		82	%
2019		(1.23	)	$	18.02		0.58	%		0.75	%		1.52	%		1.17	%	$	21,486		73	%
2018		(0.81	)	$	19.34		11.58	%		0.84	%		1.25	%		1.13	%	$	59,866		73	%
2017		(0.08	)	$	18.06		16.43	%		0.89	%		0.74	%		1.18	%	$	47,989		68	%
Member Class
Six Months Ended December 31, 2021 (Unaudited):		(1.16	)	$	24.47		6.61	%		0.85	%		1.07	%		2.60	%	$	1,523		30	%
November 3, 2020 (e) through June 30, 2021		(0.18	)	$	24.08		43.46	%		0.85	%		(1.69	)%		8.67	%	$	845		67	%

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
Victory Integrity Small-Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	43.97		0.03			1.60			1.63			(0.04	)		(6.94	)
Year Ended June 30:
2021	$	24.40		(0.01	)		19.61			19.60			(0.03	)		—
2020	$	32.37		0.03			(7.86	)		(7.83	)		—			(0.14	)
2019	$	40.06		0.09			(3.59	)		(3.50	)		—			(4.19	)
2018	$	37.70		(0.04	)		4.76			4.72			—			(2.36	)
2017	$	30.72		(0.08	)		7.06			6.98			—			—
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	37.22		(0.12	)		1.31			1.19			—			(6.94	)
Year Ended June 30:
2021	$	20.81		(0.26	)		16.67			16.41			—			—
2020	$	27.85		(0.17	)		(6.73	)		(6.90	)		—			(0.14	)
2019	$	35.40		(0.13	)		(3.23	)		(3.36	)		—			(4.19	)
2018	$	33.76		(0.24	)		4.24			4.00			—			(2.36	)
2017	$	27.69		(0.28	)		6.35			6.07			—			—
Class R
Six Months Ended December 31, 2021 (Unaudited):	$	42.35		(0.03	)		1.53			1.50			—			(6.94	)
Year Ended June 30:
2021	$	23.53		(0.10	)		18.92			18.82			—			—
2020	$	31.32		(0.05	)		(7.60	)		(7.65	)		—			(0.14	)
2019	$	39.02		(0.01	)		(3.50	)		(3.51	)		—			(4.19	)
2018	$	36.86		(0.13	)		4.65			4.52			—			(2.36	)
2017	$	30.11		(0.16	)		6.91			6.75			—			—

*  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.

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
	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-Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(6.98	)	$	38.62		4.40	%		1.48	%		0.12	%		1.48	%	$	86,454		24	%
Year Ended June 30:
2021		(0.03	)	$	43.97		80.37	%		1.50	%		(0.02	)%		1.50	%	$	91,203		56	%
2020		(0.14	)	$	24.40		(24.33	)%		1.48	%		0.10	%		1.48	%	$	79,429		80	%
2019		(4.19	)	$	32.37		(7.16	)%		1.50	%		0.25	%		1.58	%	$	140,439		72	%
2018		(2.36	)	$	40.06		12.55	%		1.50	%		(0.10	)%		1.54	%	$	221,775		70	%
2017		—		$	37.70		22.72	%		1.50	%		(0.22	)%		1.52	%	$	219,113		58	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(6.94	)	$	31.47		4.02	%		2.25	%		(0.65	)%		2.25	%	$	7,136		24	%
Year Ended June 30:
2021		—		$	37.22		78.86	%		2.34	%		(0.89	)%		2.34	%	$	7,578		56	%
2020		(0.14	)	$	20.81		(24.91	)%		2.25	%		(0.69	)%		2.25	%	$	5,796		80	%
2019		(4.19	)	$	27.85		(7.79	)%		2.16	%		(0.42	)%		2.16	%	$	11,083		72	%
2018		(2.36	)	$	35.40		11.86	%		2.13	%		(0.70	)%		2.13	%	$	16,746		70	%
2017		—		$	33.76		21.92	%		2.16	%		(0.89	)%		2.16	%	$	27,015		58	%
Class R
Six Months Ended December 31, 2021 (Unaudited):		(6.94	)	$	36.91		4.27	%		1.75	%		(0.15	)%		1.97	%	$	6,148		24	%
Year Ended June 30:
2021		—		$	42.35		79.91	%		1.75	%		(0.29	)%		1.95	%	$	7,099		56	%
2020		(0.14	)	$	23.53		(24.54	)%		1.75	%		(0.19	)%		1.86	%	$	5,303		80	%
2019		(4.19	)	$	31.32		(7.39	)%		1.75	%		(0.03	)%		1.99	%	$	10,451		72	%
2018		(2.36	)	$	39.02		12.29	%		1.75	%		(0.35	)%		1.89	%	$	14,952		70	%
2017		—		$	36.86		22.42	%		1.75	%		(0.46	)%		2.06	%	$	15,317		58	%

(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
Victory Integrity Small-Cap Value Fund
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	45.91		0.15		1.68			1.83			(0.24	)		(6.94	)
Year Ended June 30:
2021	$	25.43		0.18		20.47			20.65			(0.17	)		—
2020	$	33.70		0.19		(8.18	)		(7.99	)		(0.14	)		(0.14	)
2019	$	41.51		0.24		(3.67	)		(3.43	)		(0.19	)		(4.19	)
2018	$	38.86		0.18		4.92			5.10			(0.09	)		(2.36	)
2017	$	31.60		0.12		7.28			7.40			(0.14	)		—
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	45.62		0.12		1.67			1.79			(0.20	)		(6.94	)
Year Ended June 30:
2021	$	25.27		0.13		20.34			20.47			(0.12	)		—
2020	$	33.49		0.14		(8.13	)		(7.99	)		(0.09	)		(0.14	)
2019	$	41.25		0.21		(3.67	)		(3.46	)		(0.11	)		(4.19	)
2018	$	38.63		0.11		4.89			5.00			(0.02	)		(2.36	)
2017	$	31.45		0.05		7.23			7.28			(0.10	)		—

*  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.

See notes to financial statements.

122

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  (continued)

									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-Cap Value Fund
Class R6
Six Months Ended December 31, 2021 (Unaudited):		(7.18	)	$	40.56		4.68	%		0.95	%		0.65	%		0.95	%	$	1,078,111		24	%
Year Ended June 30:
2021		(0.17	)	$	45.91		81.42	%		0.96	%		0.52	%		0.96	%	$	1,145,953		56	%
2020		(0.28	)	$	25.43		(23.95	)%		0.97	%		0.64	%		0.97	%	$	984,938		80	%
2019		(4.38	)	$	33.70		(6.67	)%		0.96	%		0.65	%		0.96	%	$	1,179,915		72	%
2018		(2.45	)	$	41.51		13.17	%		0.95	%		0.45	%		0.95	%	$	938,831		70	%
2017		(0.14	)	$	38.86		23.40	%		0.96	%		0.33	%		0.96	%	$	871,150		58	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(7.14	)	$	40.27		4.62	%		1.07	%		0.53	%		1.07	%	$	721,514		24	%
Year Ended June 30:
2021		(0.12	)	$	45.62		81.13	%		1.08	%		0.36	%		1.08	%	$	765,951		56	%
2020		(0.23	)	$	25.27		(24.04	)%		1.11	%		0.47	%		1.11	%	$	491,836		80	%
2019		(4.30	)	$	33.49		(6.83	)%		1.12	%		0.58	%		1.12	%	$	981,688		72	%
2018		(2.38	)	$	41.25		13.01	%		1.12	%		0.28	%		1.12	%	$	1,467,901		70	%
2017		(0.10	)	$	38.63		23.14	%		1.15	%		0.13	%		1.15	%	$	1,329,435		58	%

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
Victory Integrity Small/Mid-Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	22.98		0.08			1.19			1.27			(0.05	)		(1.39	)
Year Ended June 30:
2021	$	13.46		0.05			9.73			9.78			(0.26	)		—
2020	$	16.70		0.10			(3.24	)		(3.14	)		(0.10	)		—
2019	$	17.75		0.12			(0.53	)		(0.41	)		(0.12	)		(0.52	)
2018	$	16.04		0.07			1.89			1.96			(0.05	)		(0.20	)
2017	$	13.26		0.02			2.76			2.78			—			—
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	23.30		0.12			1.21			1.33			(0.11	)		(1.39	)
Year Ended June 30:
2021	$	13.64		0.14			9.82			9.96			(0.30	)		—
2020	$	16.91		0.15			(3.28	)		(3.13	)		(0.14	)		—
2019	$	17.96		0.14			(0.51	)		(0.37	)		(0.16	)		(0.52	)
2018	$	16.20		0.05			1.99			2.04			(0.08	)		(0.20	)
2017	$	13.35		0.03			2.82			2.85			—			—
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	23.23		0.11			1.20			1.31			(0.10	)		(1.39	)
Year Ended June 30:
2021	$	13.60		0.12			9.81			9.93			(0.30	)		—
2020	$	16.86		0.14			(3.27	)		(3.13	)		(0.13	)		—
2019	$	17.92		0.22			(0.60	)		(0.38	)		(0.16	)		(0.52	)
2018	$	16.17		0.12			1.91			2.03			(0.08	)		(0.20	)
2017	$	13.35		0.06			2.78			2.84			(0.02	)		—
Member Class
Six Months Ended December 31, 2021 (Unaudited):	$	23.18		0.11			1.19			1.30			(0.09	)		(1.39	)
November 3, 2020 (e) through June 30, 2021	$	14.86		(0.27	)		8.73			8.46			(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.

124

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 December 31, 2021 (Unaudited):		(1.44	)	$	22.81		5.78	%		1.13	%		0.69	%		1.50	%	$	7,049		24	%
Year Ended June 30:
2021		(0.26	)	$	22.98		73.21	%		1.13	%		0.27	%		1.68	%	$	6,589		61	%
2020		(0.10	)	$	13.46		(18.97	)%		1.13	%		0.67	%		1.65	%	$	3,241		72	%
2019		(0.64	)	$	16.70		(1.66	)%		1.13	%		0.70	%		1.71	%	$	3,626		67	%
2018		(0.25	)	$	17.75		12.16	%		1.13	%		0.42	%		1.74	%	$	2,996		77	%
2017		—		$	16.04		20.97	%		1.21	%		0.13	%		2.40	%	$	2,304		65	%
Class R6
Six Months Ended December 31, 2021 (Unaudited):		(1.50	)	$	23.13		5.95	%		0.83	%		0.99	%		0.93	%	$	157,958		24	%
Year Ended June 30:
2021		(0.30	)	$	23.30		73.68	%		0.83	%		0.72	%		0.94	%	$	143,273		61	%
2020		(0.14	)	$	13.64		(18.70	)%		0.83	%		0.97	%		0.97	%	$	80,284		72	%
2019		(0.68	)	$	16.91		(1.39	)%		0.83	%		0.86	%		0.96	%	$	95,286		67	%
2018		(0.28	)	$	17.96		12.54	%		0.83	%		0.28	%		1.26	%	$	24,926		77	%
2017		—		$	16.20		21.35	%		1.09	%		0.20	%		1.96	%	$	18		65	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(1.49	)	$	23.05		5.89	%		0.88	%		0.92	%		0.96	%	$	56,266		24	%
Year Ended June 30:
2021		(0.30	)	$	23.23		73.61	%		0.88	%		0.66	%		0.98	%	$	56,537		61	%
2020		(0.13	)	$	13.60		(18.73	)%		0.88	%		0.92	%		1.01	%	$	32,572		72	%
2019		(0.68	)	$	16.86		(1.45	)%		0.88	%		1.30	%		1.03	%	$	35,927		67	%
2018		(0.28	)	$	17.92		12.51	%		0.88	%		0.67	%		1.13	%	$	92,019		77	%
2017		(0.02	)	$	16.17		21.25	%		0.96	%		0.38	%		1.21	%	$	53,509		65	%
Member Class
Six Months Ended December 31, 2021 (Unaudited):		(1.48	)	$	23.00		5.86	%		0.95	%		0.93	%		1.84	%	$	3,780		24	%
November 3, 2020 (e) through June 30, 2021		(0.14	)	$	23.18		57.17	%		0.95	%		(1.84	)%		4.39	%	$	2,388		61	%

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 Munder Multi-Cap Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	53.57		(0.02	)		8.89			8.87			—			(6.13	)
Year Ended June 30:
2021	$	38.28		(0.09	)		15.41			15.32			(0.03	)		—
2020	$	38.75		0.03			0.65			0.68			(0.10	)		(1.05	)
2019	$	44.99		0.10			0.08			0.18			—			(6.42	)
2018	$	41.77		(0.03	)		5.71			5.68			—	(e)		(2.46	)
2017	$	35.58		0.02			6.17			6.19			—			—
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	40.76		(0.20	)		6.69			6.49			—			(6.13	)
Year Ended June 30:
2021	$	29.35		(0.35	)		11.76			11.41			—			—
2020	$	30.10		(0.22	)		0.52			0.30			—			(1.05	)
2019	$	36.81		(0.16	)		(0.13	)		(0.29	)		—			(6.42	)
2018	$	34.82		(0.34	)		4.79			4.45			—			(2.46	)
2017	$	29.90		(0.26	)		5.18			4.92			—			—
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	58.88		0.08			9.80			9.88			—			(6.13	)
Year Ended June 30:
2021	$	42.05		0.08			16.93			17.01			(0.18	)		—
2020	$	42.42		0.19			0.72			0.91			(0.23	)		(1.05	)
2019	$	48.41		0.27			0.16			0.43			—			(6.42	)
2018	$	44.62		0.14			6.11			6.25			—			(2.46	)
2017	$	37.86		0.17			6.59			6.76			—			—

*  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)  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%.

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 Munder Multi-Cap Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(6.13	)	$	56.31		16.93	%		1.28	%		(0.08	)%		1.28	%	$	441,197		27	%
Year Ended June 30:
2021		(0.03	)	$	53.57		40.04	%		1.35	%		(0.20	)%		1.35	%	$	393,769		70	%
2020		(1.15	)	$	38.28		1.53	%		1.35	%		0.09	%		1.35	%	$	311,642		100	%
2019		(6.42	)	$	38.75		2.86	%		1.36	%		0.25	%		1.36	%	$	346,180		107	%
2018		(2.46	)	$	44.99		13.37	%(f)		1.36	%		(0.07	)%		1.36	%	$	374,259		123	%
2017		—		$	41.77		17.40	%		1.38	%		0.04	%		1.38	%	$	341,279		109	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(6.13	)	$	41.12		16.40	%		2.16	%		(0.94	)%		2.35	%	$	4,275		27	%
Year Ended June 30:
2021		—		$	40.76		38.88	%		2.16	%		(1.00	)%		2.32	%	$	4,339		70	%
2020		(1.05	)	$	29.35		0.69	%		2.18	%		(0.73	)%		2.20	%	$	5,769		100	%
2019		(6.42	)	$	30.10		2.21	%		2.07	%		(0.48	)%		2.07	%	$	10,056		107	%
2018		(2.46	)	$	36.81		12.48	%(f)		2.16	%		(0.91	)%		2.16	%	$	18,383		123	%
2017		—		$	34.82		16.45	%		2.21	%		(0.80	)%		2.21	%	$	57,690		109	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(6.13	)	$	62.63		17.12	%		0.95	%		0.26	%		0.95	%	$	45,281		27	%
Year Ended June 30:
2021		(0.18	)	$	58.88		40.51	%		0.99	%		0.16	%		0.99	%	$	40,374		70	%
2020		(1.28	)	$	42.05		1.92	%		0.99	%		0.46	%		0.99	%	$	30,258		100	%
2019		(6.42	)	$	42.42		3.21	%		1.00	%		0.61	%		1.00	%	$	30,776		107	%
2018		(2.46	)	$	48.41		13.81	%(f)		1.00	%		0.29	%		1.00	%	$	33,503		123	%
2017		—		$	44.62		17.86	%		1.01	%		0.42	%		1.01	%	$	24,032		109	%

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
Victory S&P 500 Index Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	25.84		0.12		2.77		2.89		(0.11	)		(1.90	)
Year Ended June 30:
2021	$	19.80		0.22		7.43		7.65		(0.24	)		(1.37	)
2020	$	21.07		0.29		1.20		1.49		(0.28	)		(2.48	)
2019	$	21.52		0.31		1.43		1.74		(0.33	)		(1.86	)
2018	$	22.20		0.31		2.65		2.96		(0.31	)		(3.33	)
2017	$	20.54		0.31		3.08		3.39		(0.34	)		(1.39	)
Class R
Six Months Ended December 31, 2021 (Unaudited):	$	25.74		0.06		2.77		2.83		(0.07	)		(1.90	)
Year Ended June 30:
2021	$	19.74		0.13		7.39		7.52		(0.15	)		(1.37	)
2020	$	21.01		0.21		1.21		1.42		(0.21	)		(2.48	)
2019	$	21.47		0.22		1.43		1.65		(0.25	)		(1.86	)
2018	$	22.15		0.21		2.66		2.87		(0.22	)		(3.33	)
2017	$	20.51		0.22		3.06		3.28		(0.25	)		(1.39	)
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	26.07		0.13		2.79		2.92		(0.12	)		(1.90	)
Year Ended June 30:
2021	$	19.96		0.25		7.49		7.74		(0.26	)		(1.37	)
2020	$	21.22		0.32		1.21		1.53		(0.31	)		(2.48	)
2019	$	21.66		0.33		1.45		1.78		(0.36	)		(1.86	)
2018	$	22.31		0.35		2.67		3.02		(0.34	)		(3.33	)
2017	$	20.64		0.36		3.08		3.44		(0.38	)		(1.39	)

*  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.

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
	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 S&P 500 Index Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(2.01	)	$	26.72		11.36	%		0.52	%		0.86	%		0.52	%	$	204,581		2	%
Year Ended June 30:
2021		(1.61	)	$	25.84		40.00	%		0.55	%		0.97	%		0.55	%	$	194,818		3	%
2020		(2.76	)	$	19.80		6.96	%		0.55	%		1.42	%		0.55	%	$	153,714		4	%
2019		(2.19	)	$	21.07		9.80	%		0.53	%		1.46	%		0.53	%	$	188,004		3	%
2018		(3.64	)	$	21.52		13.73	%		0.55	%		1.38	%		0.55	%	$	192,530		2	%
2017		(1.73	)	$	22.20		17.16	%		0.58	%		1.47	%		0.58	%	$	192,390		4	%
Class R
Six Months Ended December 31, 2021 (Unaudited):		(1.97	)	$	26.60		11.15	%		0.90	%		0.48	%		0.90	%	$	24,441		2	%
Year Ended June 30:
2021		(1.52	)	$	25.74		39.43	%		0.95	%		0.57	%		0.95	%	$	17,907		3	%
2020		(2.69	)	$	19.74		6.57	%		0.95	%		1.02	%		0.95	%	$	13,726		4	%
2019		(2.11	)	$	21.01		9.31	%		0.96	%		1.04	%		0.96	%	$	14,501		3	%
2018		(3.55	)	$	21.47		13.31	%		0.97	%		0.97	%		0.97	%	$	17,052		2	%
2017		(1.64	)	$	22.15		16.59	%		1.03	%		1.02	%		1.03	%	$	15,487		4	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(2.02	)	$	26.97		11.39	%		0.42	%		0.96	%		0.42	%	$	63,550		2	%
Year Ended June 30:
2021		(1.63	)	$	26.07		40.16	%		0.45	%		1.07	%		0.45	%	$	56,607		3	%
2020		(2.79	)	$	19.96		7.07	%		0.43	%		1.56	%		0.43	%	$	46,072		4	%
2019		(2.22	)	$	21.22		9.93	%		0.43	%		1.57	%		0.43	%	$	32,146		3	%
2018		(3.67	)	$	21.66		13.96	%		0.39	%		1.57	%		0.39	%	$	19,932		2	%
2017		(1.77	)	$	22.31		17.33	%		0.40	%		1.66	%		0.40	%	$	28,148		4	%

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
Victory Munder Mid-Cap Core Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	15.41		(0.03	)		1.36			1.33			—			(4.16	)
Year Ended June 30:
2021	$	11.76		(0.09	)		5.40			5.31			—			(1.66	)
2020	$	22.95		(0.07	)		0.01			(0.06	)		—			(11.13	)
2019	$	34.56		(0.13	)		(0.72	)		(0.85	)		—			(10.76	)
2018	$	37.21		(0.11	)		4.55			4.44			—			(7.09	)
2017	$	35.99		(0.08	)		5.79			5.71			—			(4.49	)
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	5.25		(0.03	)		0.34			0.31			—	(e)		(4.16	)
Year Ended June 30:
2021	$	4.90		(0.07	)		2.08			2.01			—			(1.66	)
2020	$	15.96		(0.10	)		0.17			0.07			—			(11.13	)
2019	$	27.98		(0.23	)		(1.03	)		(1.26	)		—			(10.76	)
2018	$	31.54		(0.29	)		3.82			3.53			—			(7.09	)
2017	$	31.34		(0.27	)		4.96			4.69			—			(4.49	)
Class R
Six Months Ended December 31, 2021 (Unaudited):	$	12.75		(0.05	)		1.09			1.04			—			(4.16	)
Year Ended June 30:
2021	$	9.98		(0.11	)		4.54			4.43			—			(1.66	)
2020	$	21.16		(0.09	)		0.04			(0.05	)		—			(11.13	)
2019	$	32.91		(0.20	)		(0.79	)		(0.99	)		—			(10.76	)
2018	$	35.82		(0.20	)		4.38			4.18			—			(7.09	)
2017	$	34.89		(0.16	)		5.58			5.42			—			(4.49	)

(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.

130

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 Mid-Cap Core Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(4.16	)	$	12.58		9.77	%		1.25	%		(0.42	)%		1.25	%	$	220,716		36	%
Year Ended June 30:
2021		(1.66	)	$	15.41		47.52	%		1.27	%		(0.62	)%		1.27	%	$	216,453		103	%
2020		(11.13	)	$	11.76		(3.04	)%		1.29	%		(0.40	)%		1.29	%	$	186,571		86	%
2019		(10.76	)	$	22.95		4.18	%		1.28	%		(0.49	)%		1.28	%	$	292,120		82	%
2018		(7.09	)	$	34.56		12.08	%		1.28	%		(0.29	)%		1.28	%	$	575,926		50	%
2017		(4.49	)	$	37.21		17.18	%		1.31	%		(0.21	)%		1.31	%	$	657,496		55	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(4.16	)	$	1.40		8.93	%		2.12	%		(1.28	)%		2.13	%	$	7,396		36	%
Year Ended June 30:
2021		(1.66	)	$	5.25		46.51	%		2.06	%		(1.40	)%		2.06	%	$	9,806		103	%
2020		(11.13	)	$	4.90		(3.82	)%		2.03	%		(1.15	)%		2.03	%	$	14,053		86	%
2019		(10.76	)	$	15.96		3.51	%		1.94	%		(1.14	)%		1.94	%	$	26,825		82	%
2018		(7.09	)	$	27.98		11.28	%		1.96	%		(0.94	)%		1.96	%	$	52,210		50	%
2017		(4.49	)	$	31.54		16.43	%		1.97	%		(0.88	)%		1.97	%	$	148,305		55	%
Class R
Six Months Ended December 31, 2021 (Unaudited):		(4.16	)	$	9.63		9.50	%		1.57	%		(0.73	)%		1.73	%	$	12,656		36	%
Year Ended June 30:
2021		(1.66	)	$	12.75		47.15	%		1.57	%		(0.92	)%		1.69	%	$	13,463		103	%
2020		(11.13	)	$	9.98		(3.28	)%		1.57	%		(0.68	)%		1.67	%	$	12,943		86	%
2019		(10.76	)	$	21.16		3.85	%		1.57	%		(0.79	)%		1.69	%	$	18,438		82	%
2018		(7.09	)	$	32.91		11.79	%		1.57	%		(0.58	)%		1.65	%	$	25,939		50	%
2017		(4.49	)	$	35.82		16.87	%		1.57	%		(0.47	)%		1.64	%	$	32,913		55	%

(continues on next page)

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
Victory Munder Mid-Cap Core Growth Fund
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	19.99		—	(e)		1.82			1.82			(0.02	)		(4.16	)
Year Ended June 30:
2021	$	14.80		(0.04	)		6.89			6.85			—			(1.66	)
2020	$	26.00		—	(e)		(0.07	)		(0.07	)		—			(11.13	)
2019	$	37.36		—	(e)		(0.60	)		(0.60	)		—			(10.76	)
2018	$	39.55		0.06			4.84			4.90			—			(7.09	)
2017	$	37.82		0.10			6.12			6.22			—			(4.49	)
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	19.00		(0.02	)		1.72			1.70			—			(4.16	)
Year Ended June 30:
2021	$	14.15		(0.05	)		6.56			6.51			—			(1.66	)
2020	$	25.37		(0.04	)		(0.05	)		(0.09	)		—			(11.13	)
2019	$	36.79		(0.07	)		(0.59	)		(0.66	)		—			(10.76	)
2018	$	39.10		(0.01	)		4.79			4.78			—			(7.09	)
2017	$	37.51		0.02			6.06			6.08			—			(4.49	)

(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.

132

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  (continued)

									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 Mid-Cap Core Growth Fund
Class R6
Six Months Ended December 31, 2021 (Unaudited):		(4.18	)	$	17.63		9.98	%		0.87	%		(0.03	)%		0.87	%	$	103,244		36	%
Year Ended June 30:
2021		(1.66	)	$	19.99		48.19	%		0.87	%		(0.21	)%		0.87	%	$	98,852		103	%
2020		(11.13	)	$	14.80		(2.60	)%		0.86	%		0.01	%		0.86	%	$	113,104		86	%
2019		(10.76	)	$	26.00		4.57	%		0.87	%		(0.01	)%		0.87	%	$	310,949		82	%
2018		(7.09	)	$	37.36		12.56	%		0.84	%		0.15	%		0.84	%	$	685,568		50	%
2017		(4.49	)	$	39.55		17.73	%		0.85	%		0.26	%		0.85	%	$	761,607		55	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(4.16	)	$	16.54		9.87	%		1.01	%		(0.19	)%		1.01	%	$	184,850		36	%
Year Ended June 30:
2021		(1.66	)	$	19.00		48.00	%		0.98	%		(0.33	)%		0.98	%	$	242,860		103	%
2020		(11.13	)	$	14.15		(2.76	)%		1.04	%		(0.18	)%		1.04	%	$	257,692		86	%
2019		(10.76	)	$	25.37		4.47	%		1.02	%		(0.22	)%		1.02	%	$	810,261		82	%
2018		(7.09	)	$	36.79		12.38	%		1.01	%		(0.02	)%		1.01	%	$	2,240,305		50	%
2017		(4.49	)	$	39.10		17.49	%		1.04	%		0.06	%		1.05	%	$	2,345,812		55	%

See notes to financial statements.

133

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Munder Small Cap Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	20.38		(0.09	)		(0.60	)		(0.69	)		—			(1.90	)
Year Ended June 30:
2021	$	14.13		(0.16	)		7.85			7.69			(0.02	)		(1.42	)
2020	$	13.39		(0.09	)		1.88			1.79			—			(1.05	)
2019	$	13.81		(0.12	)		1.12			1.00			—			(1.42	)
2018	$	11.14		(0.10	)		2.84			2.74			—			(0.07	)
2017	$	8.59		(0.05	)		2.60			2.55			—			—
Class I
Six Months Ended December 31, 2021 (Unaudited):	$	20.75		(0.07	)		(0.61	)		(0.68	)		—			(1.90	)
Year Ended June 30:
2021	$	14.35		(0.11	)		7.98			7.87			(0.05	)		(1.42	)
2020	$	13.56		(0.05	)		1.89			1.84			—			(1.05	)
2019	$	13.92		(0.09	)		1.15			1.06			—			(1.42	)
2018	$	11.21		(0.07	)		2.85			2.78			—			(0.07	)
2017	$	8.62		(0.01	)		2.60			2.59			—			—
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	20.51		(0.08	)		(0.60	)		(0.68	)		—			(1.90	)
Year Ended June 30:
2021	$	14.20		(0.13	)		7.89			7.76			(0.03	)		(1.42	)
2020	$	13.44		(0.06	)		1.87			1.81			—			(1.05	)
2019	$	13.88		(0.11	)		1.09			0.98			—			(1.42	)
2018	$	11.18		(0.09	)		2.86			2.77			—			(0.07	)
2017	$	8.61		(0.02	)		2.59			2.57			—			—

(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.

134

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Munder Small Cap Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(1.90	)	$	17.79		(2.92	)%		1.40	%		(0.93	)%		2.06	%	$	886		17	%
Year Ended June 30:
2021		(1.44	)	$	20.38		56.27	%		1.40	%		(0.89	)%		2.09	%	$	614		28	%
2020		(1.05	)	$	14.13		13.64	%		1.40	%		(0.67	)%		2.26	%	$	359		56	%
2019		(1.42	)	$	13.39		10.06	%		1.40	%		(0.90	)%		2.31	%	$	189		108	%
2018		(0.07	)	$	13.81		24.73	%		1.40	%		(0.86	)%		2.69	%	$	174		62	%
2017		—		$	11.14		29.69	%		1.40	%		(0.52	)%		4.67	%	$	83		56	%
Class I
Six Months Ended December 31, 2021 (Unaudited):		(1.90	)	$	18.17		(2.81	)%		1.15	%		(0.69	)%		1.19	%	$	15,851		17	%
Year Ended June 30:
2021		(1.47	)	$	20.75		56.71	%		1.15	%		(0.64	)%		1.22	%	$	16,328		28	%
2020		(1.05	)	$	14.35		13.85	%		1.15	%		(0.39	)%		1.32	%	$	10,370		56	%
2019		(1.42	)	$	13.56		10.44	%		1.15	%		(0.65	)%		1.17	%	$	9,034		108	%
2018		(0.07	)	$	13.92		24.94	%		1.15	%		(0.61	)%		1.31	%	$	7,518		62	%
2017		—		$	11.21		30.05	%		1.15	%		(0.12	)%		1.37	%	$	6,049		56	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(1.90	)	$	17.93		(2.85	)%		1.25	%		(0.79	)%		1.27	%	$	207		17	%
Year Ended June 30:
2021		(1.45	)	$	20.51		56.57	%		1.25	%		(0.74	)%		1.85	%	$	158		28	%
2020		(1.05	)	$	14.20		13.74	%		1.25	%		(0.49	)%		2.84	%	$	87		56	%
2019		(1.42	)	$	13.44		9.84	%		1.25	%		(0.77	)%		1.45	%	$	77		108	%
2018		(0.07	)	$	13.88		24.92	%		1.25	%		(0.71	)%		2.98	%	$	70		62	%
2017		—		$	11.18		29.85	%		1.25	%		(0.22	)%		3.98	%	$	56		56	%

See notes to financial statements.

135

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Trivalent International Fund - Core Equity
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	8.35		0.06		0.01			0.07			(0.28	)		—
Year Ended June 30:
2021	$	6.49		0.18		1.77			1.95			(0.09	)		—
2020	$	6.87		0.12		(0.44	)		(0.32	)		(0.06	)		—
2019	$	7.28		0.14		(0.30	)		(0.16	)		(0.13	)		(0.12	)
2018	$	7.21		0.13		0.44			0.57			(0.13	)		(0.37	)
2017	$	6.18		0.08		1.07			1.15			(0.12	)		—
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	8.33		0.03		0.01			0.04			(0.21	)		—
Year Ended June 30:
2021	$	6.46		0.12		1.76			1.88			(0.01	)		—
2020	$	6.84		0.06		(0.43	)		(0.37	)		(0.01	)		—
2019	$	7.22		0.08		(0.27	)		(0.19	)		(0.07	)		(0.12	)
2018	$	7.16		0.05		0.45			0.50			(0.07	)		(0.37	)
2017	$	6.14		0.03		1.07			1.10			(0.08	)		—
Class I
Six Months Ended December 31, 2021 (Unaudited):	$	8.40		0.08		—	(e)		0.08			(0.31	)		—
Year Ended June 30:
2021	$	6.53		0.21		1.78			1.99			(0.12	)		—
2020	$	6.90		0.14		(0.43	)		(0.29	)		(0.08	)		—
2019	$	7.29		0.17		(0.30	)		(0.13	)		(0.14	)		(0.12	)
2018	$	7.23		0.24		0.34			0.58			(0.15	)		(0.37	)
2017	$	6.20		0.12		1.06			1.18			(0.15	)		—

*  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)  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
	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 Fund - Core Equity
Class A
Six Months Ended December 31, 2021 (Unaudited):		(0.28	)	$	8.14		0.87	%		0.95	%		1.44	%		1.78	%	$	5,310		23	%
Year Ended June 30:
2021		(0.09	)	$	8.35		30.28	%		0.95	%		2.32	%		1.76	%	$	5,379		47	%
2020		(0.06	)	$	6.49		(4.72	)%		0.95	%		1.73	%		1.84	%	$	4,550		49	%
2019		(0.25	)	$	6.87		(1.69	)%		0.95	%		2.08	%		1.96	%	$	5,347		56	%
2018		(0.50	)	$	7.28		7.74	%		1.11	%		1.71	%		1.91	%	$	8,620		51	%
2017		(0.12	)	$	7.21		18.95	%		1.38	%		1.22	%		2.27	%	$	5,658		91	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(0.21	)	$	8.16		0.57	%		1.70	%		0.68	%		18.47	%	$	88		23	%
Year Ended June 30:
2021		(0.01	)	$	8.33		29.09	%		1.70	%		1.59	%		12.66	%	$	108		47	%
2020		(0.01	)	$	6.46		(5.48	)%		1.70	%		0.87	%		6.44	%	$	204		49	%
2019		(0.19	)	$	6.84		(2.19	)%		1.70	%		1.22	%		5.22	%	$	335		56	%
2018		(0.44	)	$	7.22		6.81	%		1.87	%		0.64	%		3.61	%	$	449		51	%
2017		(0.08	)	$	7.16		18.01	%		2.14	%		0.42	%		2.97	%	$	773		91	%
Class I
Six Months Ended December 31, 2021 (Unaudited):		(0.31	)	$	8.17		0.99	%		0.60	%		1.78	%		1.57	%	$	2,800		23	%
Year Ended June 30:
2021		(0.12	)	$	8.40		30.65	%		0.60	%		2.69	%		1.42	%	$	3,303		47	%
2020		(0.08	)	$	6.53		(4.36	)%		0.60	%		2.12	%		1.54	%	$	2,579		49	%
2019		(0.26	)	$	6.90		(1.19	)%		0.60	%		2.48	%		1.76	%	$	2,268		56	%
2018		(0.52	)	$	7.29		8.07	%		0.72	%		3.17	%		2.67	%	$	2,575		51	%
2017		(0.15	)	$	7.23		19.47	%		0.90	%		1.84	%		6.48	%	$	378		91	%

(continues on next page)

See notes to financial statements.

137

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Trivalent International Fund - Core Equity
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	8.45		0.08		0.01			0.09			(0.31	)		—
Year Ended June 30:
2021	$	6.57		0.21		1.78			1.99			(0.11	)		—
2020	$	6.92		0.14		(0.43	)		(0.29	)		(0.06	)		—
2019	$	7.31		0.17		(0.29	)		(0.12	)		(0.15	)		(0.12	)
2018	$	7.23		0.21		0.39			0.60			(0.15	)		(0.37	)
2017	$	6.21		0.11		1.07			1.18			(0.16	)		—
Class Y
Six Months Ended December 31, 2021   (Unaudited):	$	8.34		0.07		0.01			0.08			(0.30	)		—
Year Ended June 30:
2021	$	6.48		0.20		1.77			1.97			(0.11	)		—
2020	$	6.87		0.13		(0.44	)		(0.31	)		(0.08	)		—
2019	$	7.26		0.15		(0.28	)		(0.13	)		(0.14	)		(0.12	)
2018	$	7.20		0.12		0.46			0.58			(0.15	)		(0.37	)
2017	$	6.17		0.09		1.08			1.17			(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.

See notes to financial statements.

138

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  (continued)

									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 Fund - Core Equity
Class R6
Six Months Ended December 31, 2021 (Unaudited):		(0.31	)	$	8.23		1.10	%		0.55	%		1.84	%		0.98	%	$	219,003		23	%
Year Ended June 30:
2021		(0.11	)	$	8.45		30.57	%		0.55	%		2.75	%		1.00	%	$	204,691		47	%
2020		(0.06	)	$	6.57		(4.34	)%		0.55	%		2.06	%		1.01	%	$	119,275		49	%
2019		(0.27	)	$	6.92		(1.12	)%		0.55	%		2.53	%		1.45	%	$	5,661		56	%
2018		(0.52	)	$	7.31		8.14	%		0.71	%		2.71	%		1.71	%	$	5,975		51	%
2017		(0.16	)	$	7.23		19.39	%		0.91	%		1.63	%		2.44	%	$	1,628		91	%
Class Y
Six Months Ended December 31, 2021   (Unaudited):		(0.30	)	$	8.12		0.99	%		0.70	%		1.69	%		1.21	%	$	8,534		23	%
Year Ended June 30:
2021		(0.11	)	$	8.34		30.62	%		0.70	%		2.59	%		1.19	%	$	8,574		47	%
2020		(0.08	)	$	6.48		(4.60	)%		0.70	%		1.95	%		1.32	%	$	6,532		49	%
2019		(0.26	)	$	6.87		(1.34	)%		0.70	%		2.26	%		1.40	%	$	8,482		56	%
2018		(0.52	)	$	7.26		8.01	%		0.87	%		1.62	%		1.49	%	$	9,712		51	%
2017		(0.14	)	$	7.20		19.28	%		1.14	%		1.39	%		1.58	%	$	14,086		91	%

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 Trivalent International Small-Cap Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	18.04		0.02			0.05			0.07			(0.23	)		(1.16	)
Year Ended June 30:
2021	$	12.83		0.14			5.07			5.21			—			—
2020	$	13.02		0.06			(0.02	)		0.04			(0.23	)		—
2019	$	14.46		0.13			(1.22	)		(1.09	)		(0.09	)		(0.26	)
2018	$	12.87		0.10			1.72			1.82			(0.15	)		(0.08	)
2017	$	10.67		0.11			2.22			2.33			(0.13	)		—
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	17.46		(0.05	)		0.04			(0.01	)		(0.11	)		(1.16	)
Year Ended June 30:
2021	$	12.51		0.04			4.91			4.95			—			—
2020	$	12.71		(0.03	)		(0.03	)		(0.06	)		(0.14	)		—
2019	$	14.12		0.02			(1.17	)		(1.15	)		—			(0.26	)
2018	$	12.58		—	(e)		1.67			1.67			(0.05	)		(0.08	)
2017	$	10.42		0.02			2.18			2.20			(0.04	)		—
Class I
Six Months Ended December 31, 2021 (Unaudited):	$	18.19		0.06			0.04			0.10			(0.29	)		(1.16	)
Year Ended June 30:
2021	$	12.94		0.25			5.07			5.32			(0.07	)		—
2020	$	13.13		0.11			(0.02	)		0.09			(0.28	)		—
2019	$	14.58		0.18			(1.23	)		(1.05	)		(0.14	)		(0.26	)
2018	$	12.96		0.18			1.71			1.89			(0.19	)		(0.08	)
2017	$	10.75		0.17			2.21			2.38			(0.17	)		—

*  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)  Amount is less than $0.005 per share.

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 Trivalent International Small-Cap Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(1.39	)	$	16.72		0.58	%		1.35	%		0.23	%		1.60	%	$	90,907		29	%
Year Ended June 30:
2021		—		$	18.04		40.61	%		1.35	%		0.91	%		1.63	%	$	93,832		64	%
2020		(0.23	)	$	12.83		0.15	%		1.35	%		0.47	%		1.63	%	$	108,115		52	%
2019		(0.35	)	$	13.02		(7.12	)%		1.35	%		1.02	%		1.59	%	$	137,665		54	%
2018		(0.23	)	$	14.46		14.14	%		1.35	%		0.68	%		1.56	%	$	122,933		62	%
2017		(0.13	)	$	12.87		22.04	%		1.35	%		0.99	%		1.52	%	$	92,295		55	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(1.27	)	$	16.18		0.16	%		2.10	%		(0.52	)%		2.44	%	$	4,940		29	%
Year Ended June 30:
2021		—		$	17.46		39.57	%		2.10	%		0.26	%		2.41	%	$	4,945		64	%
2020		(0.14	)	$	12.51		(0.65	)%		2.10	%		(0.28	)%		2.42	%	$	4,327		52	%
2019		(0.26	)	$	12.71		(7.78	)%		2.10	%		0.15	%		2.42	%	$	4,909		54	%
2018		(0.13	)	$	14.12		13.28	%		2.10	%		(0.03	)%		2.36	%	$	6,211		62	%
2017		(0.04	)	$	12.58		21.14	%		2.10	%		0.17	%		2.47	%	$	5,161		55	%
Class I
Six Months Ended December 31, 2021 (Unaudited):		(1.45	)	$	16.84		0.78	%		0.95	%		0.64	%		1.14	%	$	2,159,581		29	%
Year Ended June 30:
2021		(0.07	)	$	18.19		41.16	%		0.95	%		1.52	%		1.17	%	$	2,003,337		64	%
2020		(0.28	)	$	12.94		0.54	%		0.95	%		0.88	%		1.18	%	$	1,014,425		52	%
2019		(0.40	)	$	13.13		(6.69	)%		0.95	%		1.41	%		1.16	%	$	955,568		54	%
2018		(0.27	)	$	14.58		14.60	%		0.95	%		1.22	%		1.14	%	$	866,643		62	%
2017		(0.17	)	$	12.96		22.45	%		0.95	%		1.45	%		1.16	%	$	539,822		55	%

(continues on next page)

See notes to financial statements.

141

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Trivalent International Small-Cap Fund
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	18.26		0.05		0.05			0.10			(0.28	)		(1.16	)
Year Ended June 30:
2021	$	13.00		0.23		5.09			5.32			(0.06	)		—
2020	$	13.19		0.12		(0.04	)		0.08			(0.27	)		—
2019	$	14.65		0.17		(1.24	)		(1.07	)		(0.13	)		(0.26	)
2018	$	13.02		0.15		1.73			1.88			(0.17	)		(0.08	)
2017	$	10.80		0.18		2.20			2.38			(0.16	)		—
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	18.10		0.04		0.05			0.09			(0.27	)		(1.16	)
Year Ended June 30:
2021	$	12.88		0.22		5.05			5.27			(0.05	)		—
2020	$	13.07		0.10		(0.03	)		0.07			(0.26	)		—
2019	$	14.52		0.16		(1.22	)		(1.06	)		(0.13	)		(0.26	)
2018	$	12.91		0.15		1.71			1.86			(0.17	)		(0.08	)
2017	$	10.71		0.15		2.21			2.36			(0.16	)		—

*  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.

See notes to financial statements.

142

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  (continued)

									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 R6
Six Months Ended December 31, 2021 (Unaudited):		(1.44	)	$	16.92		0.77	%		1.02	%		0.58	%		1.02	%	$	149,569		29	%
Year Ended June 30:
2021		(0.06	)	$	18.26		41.06	%		1.03	%		1.43	%		1.03	%	$	133,486		64	%
2020		(0.27	)	$	13.00		0.36	%		1.06	%		0.94	%		1.06	%	$	73,480		52	%
2019		(0.39	)	$	13.19		(6.86	)%		1.08	%		1.31	%		1.08	%	$	42,975		54	%
2018		(0.25	)	$	14.65		14.49	%		1.08	%		1.01	%		1.08	%	$	39,497		62	%
2017		(0.16	)	$	13.02		22.28	%		1.10	%		1.50	%		1.16	%	$	30,033		55	%
Class Y
Six Months Ended December 31, 2021 (Unaudited):		(1.43	)	$	16.76		0.71	%		1.10	%		0.48	%		1.11	%	$	1,145,335		29	%
Year Ended June 30:
2021		(0.05	)	$	18.10		40.96	%		1.10	%		1.35	%		1.13	%	$	1,099,890		64	%
2020		(0.26	)	$	12.88		0.41	%		1.10	%		0.75	%		1.19	%	$	663,638		52	%
2019		(0.39	)	$	13.07		(6.88	)%		1.10	%		1.21	%		1.18	%	$	666,547		54	%
2018		(0.25	)	$	14.52		14.45	%		1.10	%		1.05	%		1.19	%	$	756,933		62	%
2017		(0.16	)	$	12.91		22.27	%		1.10	%		1.26	%		1.32	%	$	450,441		55	%

See notes to financial statements.

143

Victory Portfolios Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
Victory INCORE Total Return Bond Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	9.84		0.06		(0.01	)		0.05			(0.10	)		(0.10	)
Year Ended June 30:
2021	$	9.91		0.15		0.01			0.16			(0.23	)		(0.23	)
2020	$	9.46		0.20		0.50			0.70			(0.25	)		(0.25	)
2019	$	9.21		0.21		0.32			0.53			(0.28	)		(0.28	)
2018	$	9.54		0.20		(0.24	)		(0.04	)		(0.29	)		(0.29	)
2017	$	9.79		0.23		(0.14	)		0.09			(0.34	)		(0.34	)
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	9.92		0.02		(0.02	)		—	(f)		(0.06	)		(0.06	)
Year Ended June 30:
2021	$	9.99		0.08		0.01			0.09			(0.16	)		(0.16	)
2020	$	9.53		0.12		0.52			0.64			(0.18	)		(0.18	)
2019	$	9.28		0.15		0.31			0.46			(0.21	)		(0.21	)
2018	$	9.60		0.14		(0.25	)		(0.11	)		(0.21	)		(0.21	)
2017	$	9.86		0.15		(0.14	)		0.01			(0.27	)		(0.27	)
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	9.87		0.07		(0.02	)		0.05			(0.11	)		(0.11	)
Year Ended June 30:
2021	$	9.94		0.17		0.02			0.19			(0.26	)		(0.26	)
2020	$	9.48		0.22		0.51			0.73			(0.27	)		(0.27	)
2019	$	9.23		0.24		0.31			0.55			(0.30	)		(0.30	)
2018	$	9.55		0.22		(0.23	)		(0.01	)		(0.31	)		(0.31	)
2017	$	9.81		0.25		(0.14	)		0.11			(0.37	)		(0.37	)

(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% and 57% for the years ended June 30, 2018, and June 30, 2017, respectively.

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

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
	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 December 31, 2021 (Unaudited):	$	9.79		0.49	%		0.85	%		1.17	%		1.18	%	$	9,194		26	%
Year Ended June 30:
2021	$	9.84		1.67	%		0.85	%		1.51	%		1.16	%	$	9,380		79	%
2020	$	9.91		7.57	%		0.85	%		2.03	%		1.11	%	$	11,472		74	%
2019	$	9.46		5.77	%		0.85	%		2.32	%		1.09	%	$	12,248		150	%
2018	$	9.21		(0.49	)%		0.85	%		2.15	%		1.11	%	$	12,592		110	%
2017	$	9.54		0.97	%		0.85	%		2.35	%		1.07	%	$	14,569		210	%
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	9.86		(0.01	)%		1.60	%		0.42	%		5.09	%	$	326		26	%
Year Ended June 30:
2021	$	9.92		0.91	%		1.60	%		0.80	%		3.68	%	$	451		79	%
2020	$	9.99		6.76	%		1.60	%		1.27	%		3.54	%	$	727		74	%
2019	$	9.53		5.05	%		1.60	%		1.67	%		3.12	%	$	574		150	%
2018	$	9.28		(1.12	)%		1.60	%		1.43	%		2.31	%	$	973		110	%
2017	$	9.60		0.13	%		1.60	%		1.60	%		1.61	%	$	2,073		210	%
Class R6
Six Months Ended December 31, 2021 (Unaudited):	$	9.81		0.52	%		0.58	%		1.44	%		0.61	%	$	26,733		26	%
Year Ended June 30:
2021	$	9.87		1.93	%		0.58	%		1.73	%		0.61	%	$	26,970		79	%
2020	$	9.94		7.94	%		0.58	%		2.30	%		0.59	%	$	25,999		74	%
2019	$	9.48		6.05	%		0.57	%		2.61	%		0.57	%	$	24,929		150	%
2018	$	9.23		(0.12	)%		0.58	%		2.37	%		0.62	%	$	25,438		110	%
2017	$	9.55		1.19	%		0.58	%		2.63	%		0.91	%	$	6,698		210	%

(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			Total Distributions
Victory INCORE Total Return Bond Fund
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	9.87		0.07		(0.02	)		0.05			(0.11	)		(0.11	)
Year Ended June 30:
2021	$	9.94		0.17		0.02			0.19			(0.26	)		(0.26	)
2020	$	9.47		0.22		0.52			0.74			(0.27	)		(0.27	)
2019	$	9.23		0.24		0.30			0.54			(0.30	)		(0.30	)
2018	$	9.55		0.23		(0.24	)		(0.01	)		(0.31	)		(0.31	)
2017	$	9.81		0.25		(0.14	)		0.11			(0.37	)		(0.37	)

(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% and 57% for the years ended June 30, 2018, and June 30, 2017, respectively.

See notes to financial statements.

146

Victory Portfolios Financial Highlights — continued

For a Share Outstanding Throughout Each Period  (continued)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)(e)
Victory INCORE Total Return Bond Fund
Class Y
Six Months Ended December 31, 2021 (Unaudited):	$	9.81		0.51	%		0.60	%		1.42	%		0.62	%	$	32,434		26	%
Year Ended June 30:
2021	$	9.87		1.91	%		0.60	%		1.74	%		0.64	%	$	31,032		79	%
2020	$	9.94		7.92	%		0.60	%		2.28	%		0.62	%	$	33,455		74	%
2019	$	9.47		5.99	%		0.60	%		2.63	%		0.63	%	$	31,026		150	%
2018	$	9.23		(0.13	)%		0.59	%		2.43	%		0.59	%	$	52,633		110	%
2017	$	9.55		1.17	%		0.60	%		2.61	%		0.62	%	$	76,263		210	%

See notes to financial statements.

147

Victory Portfolios Notes to Financial Statements
December 31, 2021

  (Unaudited)

1. Organization:

Victory Portfolios (the "Trust") is organized as a Delaware statutory trust and 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 41 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.

The accompanying financial statements are those of the following 11 Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

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

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 Fund. 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 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 under Accounting Standards Codification Topic 946.

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Victory Portfolios Notes to Financial Statements — continued
December 31, 2021

  (Unaudited)

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.

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees' (the "Board") oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including exchange-traded funds ("ETFs") and American Depositary Receipts ("ADRs"), 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 their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 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.

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.

In the event that price quotations or valuations are not readily available, investments 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. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

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 a Fund's NAV is calculated. The Funds use a systematic valuation model, provided

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Victory Portfolios Notes to Financial Statements — continued
December 31, 2021

  (Unaudited)

daily by an independent third party to fair value its international equity securities. The valuations are considered as Level 2 in the fair value hierarchy.

A summary of the valuations as of December 31, 2021, 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	$	89,054	$	—	$	—	$	89,054
Collateral for Securities Loaned		4,220		—		—		4,220
Total	$	93,274	$	—	$	—	$	93,274
Integrity Mid-Cap Value Fund
Common Stocks	$	276,490	$	—	$	—	$	276,490
Collateral for Securities Loaned		4,665		—		—		4,665
Total	$	281,155	$	—	$	—	$	281,155
Integrity Small-Cap Value Fund
Common Stocks	$	1,877,919	$	—	$	—	$	1,877,919
Collateral for Securities Loaned		59,660		—		—		59,660
Total	$	1,937,579	$	—	$	—	$	1,937,579
Integrity Small/Mid-Cap Value Fund
Common Stocks	$	221,344	$	—	$	—	$	221,344
Collateral for Securities Loaned		5,985		—		—		5,985
Total	$	227,329	$	—	$	—	$	227,329
Munder Multi-Cap Fund
Common Stocks	$	483,581	$	—	$	—	$	483,581
Exchange-Traded Funds		3,802		—		—		3,802
Collateral for Securities Loaned		625		—		—		625
Total	$	488,008	$	—	$	—	$	488,008
S&P 500 Index Fund
Common Stocks	$	289,359	$	—	$	—	$	289,359
Collateral for Securities Loaned		4,781		—		—		4,781
Total	$	294,140	$	—	$	—	$	294,140
Other Financial Investments^
Assets:
Futures	$	41	$	—	$	—	$	41
Total	$	41	$	—	$	—	$	41
Munder Mid-Cap Core Growth Fund
Common Stocks	$	533,127	$	—	$	—	$	533,127
Exchange-Traded Funds		3,753		—		—		3,753
Collateral for Securities Loaned		6,037		—		—		6,037
Total	$	542,917	$	—	$	—	$	542,917
Munder Small Cap Growth Fund
Common Stocks	$	16,380	$	—	$	—	$	16,380
Warrants		9		—		—		9
Exchange-Traded Funds		208		—		—		208
Collateral for Securities Loaned		1,911		—		—		1,911
Total	$	18,508	$	—	$	—	$	18,508

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Victory Portfolios Notes to Financial Statements — continued
December 31, 2021

  (Unaudited)

	Level 1			Level 2		Level 3		Total
Integrity International Fund - Core Equity
Common Stocks	$	17,975		$	212,170	$	—	$	230,145
Exchange-Traded Funds		2,909			—		—		2,909
Collateral for Securities Loaned		2,618			—		—		2,618
Total	$	23,502		$	212,170	$	—	$	235,672
Trivalent International Small-Cap Fund
Common Stocks	$	429,301		$	3,060,688	$	—	$	3,489,989
Exchange-Traded Funds		22,866			—		—		22,866
Collateral for Securities Loaned		119,208			—		—		119,208
Total	$	571,375		$	3,060,688	$	—	$	3,632,063
INCORE Total Return Bond Fund
Asset-Backed Securities	$	—		$	2,571	$	—	$	2,571
Collateralized Mortgage Obligations		—			833		—		833
Preferred Stocks		3,104			61		—		3,165
Corporate Bonds		—			34,807		—		34,807
Residential Mortgage-Backed Securities		—			82		—		82
Yankee Dollars		—			6,004		—		6,004
U.S. Government Mortgage-Backed Agencies		—			14,870		—		14,870
U.S. Treasury Obligations		—			4,536		—		4,536
Collateral for Securities Loaned		3,408			—		—		3,408
Total	$	6,512		$	63,764	$	—	$	70,276
Other Financial Investments^
Assets:
Futures	$	7		$	—	$	—	$	7
Liabilities:
Futures		(12	)		—		—		(12	)
Assets:
Credit Default Swap		—			1		—		1
Total	$	(5	)	$	1	$	—	$	(4	)

^  Other Financial Investments include any derivative instruments not reflected on the Schedules of Portfolio Investments as Investment Securities, such as futures contracts and swap agreements. These instruments are generally recorded in the financial statements as the unrealized appreciation (depreciation) on the investment.

For the six months ended December 31, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

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

Investment Companies:

Exchange-Traded Funds:

The Funds may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities often designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market

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  (Unaudited)

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.

Mortgage- 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 the 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.

Derivative Instruments:

Foreign Exchange Currency Contracts:

The Funds 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 Funds 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 Funds record 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. The Funds 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, 2021, 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

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Victory Portfolios Notes to Financial Statements — continued
December 31, 2021

  (Unaudited)

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. The Funds 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 Funds 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 Funds 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 Funds 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. The Funds 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 Funds had not entered into any futures transactions. In addition, the value of the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' 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 broker for futures contracts.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts.

As of December 31, 2021, the INCORE Total Return Bond Fund and the S&P 500 Index Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Credit Derivatives:

The INCORE Total Return Bond Fund may enter into credit derivatives, including centrally cleared credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund's asset allocation or risk exposure, or (iii) for hedging purposes. The use by the 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.

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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 reflected on the Statements of Assets and Liabilities under Deposit with brokers for swap agreements.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts.

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.

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, 2021 (amounts in thousands):

	Assets					Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Receivable on Open Swap Agreements*			Variation Margin Payable on Open Futures Contracts*		Variation Margin Payable on Open Swap Agreements*
Equity Risk Exposure:
Victory S&P 500 Index Fund	$	41	$	—		$	—	$	—
INCORE Total Return Bond Fund		—		—			4		—
Credit Risk Exposure:
INCORE Total Return Bond Fund		1		—	(a)		—		—
Interest Rate Risk Exposure:
INCORE Total Return Bond Fund		—		—			8		—
Currency Risk Exposure:
INCORE Total Return Bond Fund		7		—			—		—

*  Includes cumulative appreciation/depreciation of futures contracts and credit default swap agreements as reported on the Schedules of Portfolio Investments. Only current day's variation

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margin for both futures contracts and credit default swap agreements are reported within the Statements of Assets and Liabilities.

(a)  Amount is less than $1 thousand.

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, 2021 (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	$	272		$	—	$	(7	)	$	—
INCORE Total Return Bond Fund		—	(a)		—		(4	)		—
Credit Risk Exposure:
INCORE Total Return Bond Fund		12			—		—			1
Interest Rate Risk Exposure:
INCORE Total Return Bond Fund		32			—		(36	)		—
Currency Risk Exposure:
INCORE Total Return Bond Fund		69			—		11			—

(a)  Amount is less than $1 thousand.

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 each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or 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 recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statements of Operations.

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 Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans 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 generally cured 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 and other securities as permitted by Securities and Exchange

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Commission ("SEC") guidelines. 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 Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. 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 Citibank 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. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Funds' securities lending transactions as of December 31, 2021.

	Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
Integrity Discovery Fund	$	4,064	$	—	$	4,220
Integrity Mid-Cap Value Fund		4,575		—		4,665
Integrity Small-Cap Value Fund		57,545		—		59,660
Integrity Small/Mid-Cap Value Fund		5,882		—		5,985
Munder Multi-Cap Fund		610		—		625
S&P 500 Index Fund		4,662		—		4,781
Munder Mid-Cap Core Growth Fund		5,787		—		6,037
Munder Small Cap Growth Fund		1,852		—		1,911
Trivalent International Fund - Core Equity		2,505		—		2,618
Trivalent International Small-Cap Fund		114,017		—		119,208
INCORE Total Return Bond Fund		3,334		—		3,408

Foreign Currency Translations:

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

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

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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, 2021, there were no mortgage dollar roll transactions.

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.

The Trivalent International Small-Cap Fund filed for additional European Union reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. For the six months ended December 31, 2021, the Trivalent International Small-Cap Fund recognized $71 thousand in reclaims (net of less than $1 thousand realized gain or loss from currency translations) and $2 thousand related in interest on the filed reclaims. These reclaims are reflected on the Statements of Operations as Dividends and Interest, respectively.

Federal Income Taxes:

It is each Fund's policy 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.

For the six months ended December 31, 2021, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions.

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 that Fund, while expenses that 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 an 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, 12b-1 fees, and printing 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.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended December 31, 2021, were as follows (amounts in thousands):

	Excluding U.S. Government Securities				U.S. Government Securities
	Purchases		Sales		Purchases		Sales
Integrity Discovery Fund	$	19,320	$	21,805	$	—	$	—
Integrity Mid-Cap Value Fund		77,438		79,466		—		—
Integrity Small-Cap Value Fund		454,626		632,247		—		—
Integrity Small/Mid-Cap Value Fund		53,173		48,769		—		—

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	Excluding U.S. Government Securities				U.S. Government Securities
	Purchases		Sales		Purchases		Sales
Munder Multi-Cap Fund	$	123,497	$	143,592	$	—	$	—
S&P 500 Index Fund		5,170		11,159		—		—
Munder Mid-Cap Core Growth Fund		198,146		291,049		—		—
Small Cap Growth Fund		2,778		2,807		—		—
Trivalent International Fund - Core Equity		64,282		50,810		—		—
Trivalent International Small-Cap Fund		1,188,767		985,396		—		—
INCORE Total Return Bond Fund		6,085		7,042		12,271		10,348

4. Affiliated Fund Ownership:

The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2021, certain fund-of-funds owned total outstanding shares of the Funds as follows:

Integrity Mid-Cap Value Fund	Ownership %
USAA Target Retirement Income Fund		2.2
USAA Target Retirement 2030 Fund		12.8
USAA Target Retirement 2040 Fund		18.2
USAA Target Retirement 2050 Fund		12.5
USAA Target Retirement 2060 Fund		1.7
Trivalent International Fund - Core Equity	Ownership %
USAA Target Retirement Income Fund		6.9
USAA Target Retirement 2030 Fund		22.3
USAA Target Retirement 2040 Fund		32.3
USAA Target Retirement 2050 Fund		22.0
USAA Target Retirement 2060 Fund		3.1

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory 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.

	Adviser Fee Tier Rates
	Flat Rate
Integrity Discovery Fund		1.00	%
	Up to $500 million			Over $500 million
Integrity Mid-Cap Value Fund		0.75	%		0.70	%
	Up to $300 million			Over $300 million
Integrity Small-Cap Value Fund		0.90	%		0.85	%

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	Adviser Fee Tier Rates
	Up to $300 million						Over $300 million
Integrity Small/Mid-Cap Value Fund		0.80	%					0.75	%
	Up to $1 billion			$1 billion – $2 billion			Over $2 billion
Munder Multi-Cap Fund		0.75	%		0.72	%		0.70	%
	Up to $250 million			$250 million – $500 million			Over $500 million
S&P 500 Index Fund		0.20	%		0.12	%		0.07	%
	Up to $6 billion			$6 billion – $2 billion			Over $8 billion
Munder Mid-Cap Core Growth Fund		0.75	%		0.70	%		0.65	%
	Flat Rate
Munder Small Cap Growth Fund		0.85	%
	Up to $1 billion						Over $1 billion
Trivalent International Fund - Core Equity		0.80	%					0.75	%
	Up to $1 billion						Over $1 billion
Trivalent International Small-Cap Fund		0.95	%					0.90	%
	Flat Rate
INCORE Total Return Bond Fund		0.40	%

Amounts incurred and paid to VCM for the six months ended December 31, 2021, are reflected on the Statements of Operations as Investment advisory fees.

Administration and Servicing Fees:

VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios II. The tiered rates at which VCM is paid by the Funds are shown in the table below:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended December 31, 2021, 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, 2021, are reflected on the Statements of Operations as Sub-Administration fees.

The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("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 CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios II and USAA Mutual Funds (collectively, the "Victory Funds

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Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Compliance fees.

Transfer Agency 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, 2021, 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. Victory Capital Transfer Agency, Inc. receives no fee or other compensation for these services.

Distributor/Underwriting Services:

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. 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 the annual rate shown in the table below:

	Class A			Class C			Class R
Integrity Discovery Fund		0.25	%		1.00	%		0.50	%
Integrity Mid-Cap Value Fund		0.25	%		1.00	%		N/A
Integrity Small-Cap Value Fund		0.25	%		1.00	%		0.50	%
Integrity Small/Mid-Cap Value Fund		0.25	%		N/A			N/A
Munder Multi-Cap Fund		0.25	%		1.00	%		N/A
S&P 500 Index Fund		0.15	%		N/A			0.50	%
Munder Mid-Cap Core Growth Fund		0.25	%		1.00	%		0.50	%
Munder Small Cap Growth Fund		0.25	%		N/A			N/A
Trivalent International Fund - Core Equity		0.25	%		1.00	%		N/A
Trivalent International Small-Cap Fund		0.25	%		1.00	%		N/A
INCORE Total Return Bond Fund		0.25	%		1.00	%		N/A

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 C, and Class R. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sale of the Class A. For the six months ended December 31, 2021, the Distributor received approximately $20 (thousand) from commissions earned on the sale of Class A.

Other Fees:

Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Custodian fees.

Sidley Austin LLP provides legal services to the Trust.

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 the Funds in any fiscal year exceed the expense limit for such classes of the Funds. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expense, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary

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course of a Funds' business are excluded from the expense limits. As of December 31, 2021, the expense limits (excluding voluntary waivers) are as follows:

	In effect until April 30, 2022
	Class A			Class C			Class I			Class R			Class R6			Class Y			Member Class
Integrity Discovery Fund		1.66	%		2.45	%		N/A			2.08	%		N/A			1.44	%		1.50	%
Integrity Mid-Cap Value Fund		1.00	%		1.75	%		N/A			N/A			0.60	%		0.75	%		0.85	%
Integrity Small-Cap Value Fund		1.50	%		2.35	%		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	%
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	%		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 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

Under the terms of the expense limitation agreements, as amended May 1, 2021, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021, the Funds were permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of December 31, 2021, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that repayments are not probable at December 31, 2021.

	Expires 2022		Expires 2023		Expires 2024		Expires 2025		Total
Integrity Discovery Fund	$	6	$	9	$	34	$	21	$	70
Integrity Mid-Cap Value Fund		165		614		639		367		1,785
Integrity Small-Cap Value Fund		76		8		13		7		104
Integrity Small/Mid-Cap Value Fund		116		185		213		117		631
Munder Multi-Cap Fund		—		2		7		5		14
Munder Mid-Cap Core Growth Fund		9		16		17		12		54
Munder Small Cap Growth Fund		4		19		14		6		43
Trivalent International Fund - Core Equity		107		522		869		521		2,019
Trivalent International Small-Cap Fund		1,357		3,170		2,826		2,219		9,572
INCORE Total Return Bond Fund		22		52		67		30		171

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, 2021.

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, legal counsel, and Distributor.

6. Risks:

The Funds may be subject to other risks in addition to these identified risks.

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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 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 U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, 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.

LIBOR Discontinuation Risk — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets, and a large portion of the Funds' assets are tied to LIBOR. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

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Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correctspread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include Ameribor (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

7. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 28, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex 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, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2021, 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, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed. Prior to June 28, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The average borrowing for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2021, were as follows (amounts in thousands):

	Amount Outstanding at December 31, 2021		Average Borrowing*		Days Borrowings Outstanding		Average Interest Rate			Maximum Borrowing During the Period
Trivalent International Small-Cap Fund	$	—	$	30,900		2		1.21	%	$	30,900

*  For the six months ended December 31, 2021, based on the number of days borrowings were outstanding.

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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 and borrow money to or from any other fund in the Victory Funds Complex 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, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, interest earned by each Fund, if any, during the period, is reflected on the Statements of Operations under Interest expense on interfund lending.

The average borrowing or lending for the days outstanding and average interest rate for the Funds that utilized this Facility during the six months ended December 31, 2021, were as follows (amounts in thousands):

	Borrower or Lender	Amount Outstanding at December 31, 2021		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate			Maximum Borrowing During the Period
Munder Multi-Cap Fund	Borrower	$	—	$	2,550		3		0.59	%	$	2,550
Trivalent International Small-Cap Fund	Borrower		—		18,634		3		0.59	%		18,634

*  For the six months ended December 31, 2021, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

	Declared	Paid
Integrity Discovery Fund	Annually	Annually
Integrity Mid-Cap Value Fund	Annually	Annually
Integrity Small-Cap Value Fund	Annually	Annually
Integrity Small/Mid-Cap Value Fund	Annually	Annually
Munder Multi-Cap Fund	Annually	Annually
S&P 500 Index Fund	Quarterly	Quarterly
Munder Mid-Cap Core Growth Fund	Annually	Annually
Munder Small Cap Growth Fund	Annually	Annually
Trivalent International Fund - Core Equity	Annually	Annually
Trivalent International Small-Cap Fund	Annually	Annually
INCORE Total Return Bond Fund	Monthly	Monthly

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.

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Net investment losses incurred by the Funds 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, 2022.

As of June 30, 2021, the Funds had net capital loss carryforwards as shown in the table below. It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used (amount in thousands).

	Short-Term Amount		Long-Term Amount		Total
Integrity Mid-Cap Value Fund	$	931	$	—	$	931
Trivalent International Fund - Core Equity		2,216		—		2,216
INCORE Total Return Bond Fund		460		3,285		3,745

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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 12 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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, 2021, through December 31, 2021.

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

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the 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 below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are 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 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21-12/31/21*		Hypothetical Expenses Paid During Period 7/1/21-12/31/21*		Annualized Expense Ratio During Period 7/1/21-12/31/21
Integrity Discovery Fund
Class A	$	1,000.00	$	1,015.30	$	1,017.29	$	7.98	$	7.98		1.57	%
Class C		1,000.00		1,010.90		1,012.85		12.42		12.43		2.45	%
Class R		1,000.00		1,012.90		1,014.72		10.55		10.56		2.08	%
Class Y		1,000.00		1,016.50		1,018.45		6.81		6.82		1.34	%
Member Class		1,000.00		1,015.74		1,017.64		7.62		7.63		1.50	%

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	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21-12/31/21*		Hypothetical Expenses Paid During Period 7/1/21-12/31/21*		Annualized Expense Ratio During Period 7/1/21-12/31/21
Integrity Mid-Cap Value Fund
Class A	$	1,000.00	$	1,065.00	$	1,020.16	$	5.20	$	5.09		1.00	%
Class C		1,000.00		1,061.00		1,016.38		9.09		8.89		1.75	%
Class R6		1,000.00		1,067.20		1,022.18		3.13		3.06		0.60	%
Class Y		1,000.00		1,066.30		1,021.42		3.91		3.82		0.75	%
Member Class		1,000.00		1,066.10		1,020.92		4.43		4.33		0.85	%
Integrity Small-Cap Value Fund
Class A		1,000.00		1,044.00		1,017.74		7.62		7.53		1.48	%
Class C		1,000.00		1,040.20		1,013.86		11.57		11.42		2.25	%
Class R		1,000.00		1,042.70		1,016.38		9.01		8.89		1.75	%
Class R6		1,000.00		1,046.80		1,020.42		4.90		4.84		0.95	%
Class Y		1,000.00		1,046.20		1,019.81		5.52		5.45		1.07	%
Integrity Small/Mid-Cap Value Fund
Class A		1,000.00		1,057.80		1,019.51		5.86		5.75		1.13	%
Class R6		1,000.00		1,059.50		1,021.02		4.31		4.23		0.83	%
Class Y		1,000.00		1,058.90		1,020.77		4.57		4.48		0.88	%
Member Class		1,000.00		1,058.60		1,020.42		4.93		4.84		0.95	%
Munder Multi-Cap Fund
Class A		1,000.00		1,169.30		1,018.75		7.00		6.51		1.28	%
Class C		1,000.00		1,164.00		1,014.32		11.78		10.97		2.16	%
Class Y		1,000.00		1,171.20		1,020.42		5.20		4.84		0.95	%
S&P 500 Index Fund
Class A		1,000.00		1,113.60		1,022.58		2.77		2.65		0.52	%
Class R		1,000.00		1,111.50		1,020.67		4.79		4.58		0.90	%
Class Y		1,000.00		1,113.90		1,023.09		2.24		2.14		0.42	%
Munder Mid-Cap Core Growth Fund
Class A		1,000.00		1,097.70		1,018.90		6.61		6.36		1.25	%
Class C		1,000.00		1,089.30		1,014.52		11.16		10.76		2.12	%
Class R		1,000.00		1,095.00		1,017.29		8.29		7.98		1.57	%
Class R6		1,000.00		1,099.80		1,020.82		4.60		4.43		0.87	%
Class Y		1,000.00		1,098.70		1,020.11		5.34		5.14		1.01	%
Munder Small Cap Growth Fund
Class A		1,000.00		970.80		1,018.15		6.95		7.12		1.40	%
Class I		1,000.00		971.90		1,019.41		5.72		5.85		1.15	%
Class Y		1,000.00		971.50		1,018.90		6.21		6.36		1.25	%
Trivalent International Core Equity
Class A		1,000.00		1,008.70		1,020.42		4.81		4.84		0.95	%
Class C		1,000.00		1,005.70		1,016.64		8.59		8.64		1.70	%
Class I		1,000.00		1,009.90		1,022.18		3.04		3.06		0.60	%
Class R6		1,000.00		1,011.00		1,022.43		2.79		2.80		0.55	%
Class Y		1,000.00		1,009.90		1,021.68		3.55		3.57		0.70	%
Trivalent International Small-Cap Fund
Class A		1,000.00		1,005.80		1,018.40		6.83		6.87		1.35	%
Class C		1,000.00		1,001.60		1,014.62		10.59		10.66		2.10	%
Class I		1,000.00		1,007.80		1,020.42		4.81		4.84		0.95	%
Class R6		1,000.00		1,007.70		1,020.06		5.16		5.19		1.02	%
Class Y		1,000.00		1,007.10		1,019.66		5.56		5.60		1.10	%

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	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21-12/31/21*		Hypothetical Expenses Paid During Period 7/1/21-12/31/21*		Annualized Expense Ratio During Period 7/1/21-12/31/21
INCORE Total Return Bond Fund
Class A	$	1,000.00	$	1,004.90	$	1,020.92	$	4.30	$	4.33		0.85	%
Class C		1,000.00		999.90		1,017.14		8.07		8.13		1.60	%
Class R6		1,000.00		1,005.20		1,022.28		2.93		2.96		0.58	%
Class Y		1,000.00		1,005.10		1,022.18		3.03		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 fiscal half-year divided by the number of days in the fiscal year).

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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 November 30, 2021. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 19, 2021, and November 30, 2021. 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 and 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 a 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, liquidity and valuation of portfolio securities, 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 (acknowledging that economies of scale can be complex to assess and typically are not directly measurable);

•  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.

For Funds with total net expense ratios that ranked within the fourth quartile (most expensive) in relation to their peers as evaluated by a consultant, the Board also considered a memorandum that it requested the Adviser to prepare. The Adviser reviewed additional relevant circumstances, which included, among other things, specialized strategies, small or decreasing assets, or rapid or recent changes in peer expense ratios.

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.

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The Board retained a consultant to provide comparative information about fees and performance. The Board met with the consultant to review its inputs and methodologies, among other things. 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 the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the 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 and INCORE Total Return Bond Fund, each Fund's advisory fee structure contained at least one breakpoint. The Board also found that each Fund's Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund, except for the S&P 500 Index Fund, to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over one-, three-, five- and ten-year periods (as applicable) against the performance of the Fund's selected peer group and benchmark index. The Board recognized that the performance of the Funds and the peer group funds are net of expenses, while the performance of the benchmark index reflects gross returns.

The Board 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, 2021, 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 the one-year period, underperformed the benchmark index for the three-, five- and ten-year periods, outperformed the peer group median for the one-, five- and ten-year periods, and underperformed the peer group median for the three-year period.

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

Integrity Mid-Cap Value Fund:

Noting that the Fund commenced operations in July 2011, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2021, 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

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  (Unaudited)

benchmark index for the one- and five-year periods, underperformed the benchmark index for the three-year period and outperformed 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.

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, 2021, 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 the one-year period, and underperformed both the benchmark index and the peer group median for the three-, five- and ten-year periods. The Board brought the Fund's underperformance to management's attention and discussed with the Adviser any steps that had been or could be taken to enhance performance in the future.

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 July 2011, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2021, 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.

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, 2021, 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, 2021, 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.

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Victory Portfolios Supplemental Information — continued
December 31, 2021

  (Unaudited)

The Board recognized that the performance of the Fund is net of expenses, while the performance of the benchmark index is gross returns and as a result, the Fund generally will underperform its benchmark due to fees and expenses. The Board considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board also considered the Fund's tracking error as a factor in evaluating performance. The Board discussed with the Adviser the implementation of the Fund's strategy, together with relevant fee and expense considerations, and any steps that had been or could be taken by the Adviser to enhance performance in the future.

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

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, 2021, 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-year period and underperformed the peer group median for the three-, five- and ten-year periods. 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, 2021, 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 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, 2021, 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 the one-, three- and five-year periods, outperformed the benchmark index for the ten-year period and underperformed 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.

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Victory Portfolios Supplemental Information — continued
December 31, 2021

  (Unaudited)

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, 2021, 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 the one-year period, matched the performance of the benchmark index for the three-year period, outperformed the benchmark index for the five- and ten-year periods, underperformed the peer group median for the one-year period and outperformed the peer group median for the three-, five- and ten-year periods.

Having considered, among other things: (1) the Fund's management fee 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, 2021, 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 the one-, five- and ten-year periods, underperformed the benchmark index for the three-year period and underperformed 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.

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 (12/21)

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, 2022

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 7, 2022

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

Date March 3, 2022