Victory Portfolios | Schedule of Portfolio Investments |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (98.9%) |
|
|
|
|
|
|
|
|
Communication Services (10.8%): |
|
|
|
|
|
|
|
|
Activision Blizzard, Inc. |
|
| 5,797 |
|
| $ | 539 |
|
Alphabet, Inc., Class A (a) |
|
| 2,250 |
|
|
| 4,640 |
|
Alphabet, Inc., Class C (a) |
|
| 2,157 |
|
|
| 4,462 |
|
AT&T, Inc. (b) |
|
| 53,359 |
|
|
| 1,615 |
|
Charter Communications, Inc., Class A (a) |
|
| 1,058 |
|
|
| 654 |
|
Comcast Corp., Class A |
|
| 34,201 |
|
|
| 1,852 |
|
Discovery, Inc., Class A (a)(b) |
|
| 1,216 |
|
|
| 53 |
|
Discovery, Inc., Class C (a) |
|
| 2,167 |
|
|
| 80 |
|
DISH Network Corp., Class A (a) |
|
| 1,851 |
|
|
| 67 |
|
Electronic Arts, Inc. |
|
| 2,152 |
|
|
| 291 |
|
Facebook, Inc., Class A (a) |
|
| 17,997 |
|
|
| 5,300 |
|
Fox Corp., Class A |
|
| 2,502 |
|
|
| 90 |
|
Fox Corp., Class B |
|
| 1,150 |
|
|
| 40 |
|
Live Nation Entertainment, Inc. (a)(b) |
|
| 1,074 |
|
|
| 91 |
|
Lumen Technologies, Inc. |
|
| 7,386 |
|
|
| 99 |
|
Netflix, Inc. (a) |
|
| 3,314 |
|
|
| 1,729 |
|
News Corp., Class A |
|
| 2,926 |
|
|
| 74 |
|
News Corp., Class B |
|
| 911 |
|
|
| 21 |
|
Omnicom Group, Inc. |
|
| 1,609 |
|
|
| 119 |
|
Take-Two Interactive Software, Inc. (a) |
|
| 862 |
|
|
| 152 |
|
The Interpublic Group of Cos., Inc. |
|
| 2,923 |
|
|
| 85 |
|
The Walt Disney Co. (a) |
|
| 13,581 |
|
|
| 2,506 |
|
T-Mobile U.S., Inc. (a) |
|
| 4,370 |
|
|
| 548 |
|
Twitter, Inc. (a) |
|
| 5,972 |
|
|
| 380 |
|
Verizon Communications, Inc. |
|
| 30,961 |
|
|
| 1,800 |
|
ViacomCBS, Inc., Class B |
|
| 4,246 |
|
|
| 191 |
|
|
|
|
|
|
|
| 27,478 |
|
Communications Equipment (0.8%): |
|
|
|
|
|
|
|
|
Arista Networks, Inc. (a) |
|
| 411 |
|
|
| 124 |
|
Cisco Systems, Inc. |
|
| 31,587 |
|
|
| 1,634 |
|
F5 Networks, Inc. (a) |
|
| 461 |
|
|
| 96 |
|
Juniper Networks, Inc. |
|
| 2,455 |
|
|
| 62 |
|
Motorola Solutions, Inc. |
|
| 1,265 |
|
|
| 238 |
|
|
|
|
|
|
|
| 2,154 |
|
Consumer Discretionary (12.3%): |
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc. |
|
| 490 |
|
|
| 90 |
|
Amazon.com, Inc. (a) |
|
| 3,202 |
|
|
| 9,908 |
|
Aptiv PLC (a) |
|
| 2,020 |
|
|
| 279 |
|
AutoZone, Inc. (a) |
|
| 166 |
|
|
| 233 |
|
Best Buy Co., Inc. |
|
| 1,724 |
|
|
| 198 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Booking Holdings, Inc. (a) |
|
| 306 |
|
| $ | 713 |
|
BorgWarner, Inc. |
|
| 1,788 |
|
|
| 83 |
|
Caesars Entertainment, Inc. (a)(b) |
|
| 1,558 |
|
|
| 136 |
|
CarMax, Inc. (a) |
|
| 1,216 |
|
|
| 161 |
|
Carnival Corp. (a) |
|
| 5,969 |
|
|
| 158 |
|
Chipotle Mexican Grill, Inc. (a) |
|
| 211 |
|
|
| 300 |
|
D.R. Horton, Inc. |
|
| 2,476 |
|
|
| 221 |
|
Darden Restaurants, Inc. |
|
| 975 |
|
|
| 138 |
|
Dollar General Corp. |
|
| 1,833 |
|
|
| 371 |
|
Dollar Tree, Inc. (a) |
|
| 1,760 |
|
|
| 201 |
|
Domino’s Pizza, Inc. |
|
| 290 |
|
|
| 107 |
|
eBay, Inc. |
|
| 4,836 |
|
|
| 296 |
|
Etsy, Inc. (a) |
|
| 943 |
|
|
| 190 |
|
Expedia Group, Inc. (a) |
|
| 1,035 |
|
|
| 178 |
|
Ford Motor Co. (a) |
|
| 29,238 |
|
|
| 358 |
|
Garmin Ltd. |
|
| 1,118 |
|
|
| 147 |
|
General Motors Co. (a) |
|
| 9,487 |
|
|
| 545 |
|
Genuine Parts Co. |
|
| 1,080 |
|
|
| 125 |
|
Hanesbrands, Inc. |
|
| 2,610 |
|
|
| 51 |
|
Hasbro, Inc. |
|
| 956 |
|
|
| 92 |
|
Hilton Worldwide Holdings, Inc. (a) |
|
| 2,077 |
|
|
| 251 |
|
L Brands, Inc. (a) |
|
| 1,748 |
|
|
| 108 |
|
Las Vegas Sands Corp. (a)(c) |
|
| 2,457 |
|
|
| 149 |
|
Leggett & Platt, Inc. |
|
| 995 |
|
|
| 45 |
|
Lennar Corp., Class A |
|
| 2,054 |
|
|
| 208 |
|
LKQ Corp. (a) |
|
| 2,088 |
|
|
| 88 |
|
Lowe’s Cos., Inc. |
|
| 5,469 |
|
|
| 1,041 |
|
Marriott International, Inc., Class A (a) |
|
| 1,990 |
|
|
| 295 |
|
McDonald’s Corp. |
|
| 5,578 |
|
|
| 1,251 |
|
MGM Resorts International |
|
| 3,073 |
|
|
| 117 |
|
Mohawk Industries, Inc. (a) |
|
| 441 |
|
|
| 85 |
|
Newell Brands, Inc. |
|
| 2,827 |
|
|
| 76 |
|
NIKE, Inc., Class B |
|
| 9,513 |
|
|
| 1,265 |
|
Norwegian Cruise Line Holdings Ltd. (a)(b) |
|
| 2,718 |
|
|
| 75 |
|
NVR, Inc. (a) |
|
| 26 |
|
|
| 122 |
|
O’Reilly Automotive, Inc. (a) |
|
| 525 |
|
|
| 266 |
|
Penn National Gaming, Inc. (a) |
|
| 1,112 |
|
|
| 117 |
|
Pool Corp. |
|
| 301 |
|
|
| 104 |
|
PulteGroup, Inc. |
|
| 1,989 |
|
|
| 104 |
|
PVH Corp. (a) |
|
| 532 |
|
|
| 56 |
|
Ralph Lauren Corp. (a) |
|
| 361 |
|
|
| 44 |
|
Ross Stores, Inc. |
|
| 2,664 |
|
|
| 319 |
|
Royal Caribbean Cruises Ltd. (a) |
|
| 1,638 |
|
|
| 140 |
|
Starbucks Corp. |
|
| 8,808 |
|
|
| 962 |
|
Tapestry, Inc. (a) |
|
| 2,079 |
|
|
| 86 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Target Corp. (c) |
|
| 3,747 |
|
| $ | 743 |
|
Tesla, Inc. (a) |
|
| 5,745 |
|
|
| 3,838 |
|
The Gap, Inc. |
|
| 1,539 |
|
|
| 46 |
|
The Home Depot, Inc. |
|
| 8,055 |
|
|
| 2,460 |
|
The TJX Cos., Inc. |
|
| 8,983 |
|
|
| 594 |
|
Tractor Supply Co. |
|
| 870 |
|
|
| 154 |
|
Ulta Beauty, Inc. (a) |
|
| 422 |
|
|
| 130 |
|
Under Armour, Inc., Class A (a) |
|
| 1,411 |
|
|
| 31 |
|
Under Armour, Inc., Class C (a) |
|
| 1,458 |
|
|
| 27 |
|
VF Corp. |
|
| 2,403 |
|
|
| 192 |
|
Whirlpool Corp. |
|
| 470 |
|
|
| 104 |
|
Wynn Resorts Ltd. (a) |
|
| 787 |
|
|
| 99 |
|
Yum! Brands, Inc. |
|
| 2,245 |
|
|
| 243 |
|
|
|
|
|
|
|
| 31,314 |
|
Consumer Staples (6.2%): |
|
|
|
|
|
|
|
|
Altria Group, Inc. |
|
| 13,906 |
|
|
| 711 |
|
Archer-Daniels-Midland Co. |
|
| 4,178 |
|
|
| 238 |
|
Brown-Forman Corp., Class B |
|
| 1,367 |
|
|
| 94 |
|
Campbell Soup Co. |
|
| 1,519 |
|
|
| 76 |
|
Church & Dwight Co., Inc. |
|
| 1,834 |
|
|
| 160 |
|
Colgate-Palmolive Co. |
|
| 6,349 |
|
|
| 500 |
|
Conagra Brands, Inc. |
|
| 3,655 |
|
|
| 137 |
|
Constellation Brands, Inc., Class A |
|
| 1,272 |
|
|
| 290 |
|
Costco Wholesale Corp. |
|
| 3,312 |
|
|
| 1,167 |
|
General Mills, Inc. |
|
| 4,575 |
|
|
| 281 |
|
Hormel Foods Corp. |
|
| 2,101 |
|
|
| 100 |
|
Kellogg Co. |
|
| 1,904 |
|
|
| 121 |
|
Kimberly-Clark Corp. |
|
| 2,529 |
|
|
| 352 |
|
Lamb Weston Holdings, Inc. |
|
| 1,095 |
|
|
| 85 |
|
McCormick & Co., Inc. |
|
| 1,863 |
|
|
| 166 |
|
Molson Coors Beverage Co., Class B (a)(b) |
|
| 1,408 |
|
|
| 72 |
|
Mondelez International, Inc., Class A |
|
| 10,565 |
|
|
| 619 |
|
Monster Beverage Corp. (a) |
|
| 2,766 |
|
|
| 252 |
|
PepsiCo, Inc. |
|
| 10,322 |
|
|
| 1,460 |
|
Philip Morris International, Inc. |
|
| 11,652 |
|
|
| 1,034 |
|
Sysco Corp. |
|
| 3,819 |
|
|
| 301 |
|
The Clorox Co. |
|
| 941 |
|
|
| 182 |
|
The Coca-Cola Co. |
|
| 29,017 |
|
|
| 1,530 |
|
The Estee Lauder Cos., Inc. |
|
| 1,719 |
|
|
| 500 |
|
The Hershey Co. |
|
| 1,096 |
|
|
| 173 |
|
The J.M. Smucker Co. |
|
| 820 |
|
|
| 104 |
|
The Kraft Heinz Co. |
|
| 4,850 |
|
|
| 194 |
|
The Kroger Co. |
|
| 5,696 |
|
|
| 205 |
|
The Procter & Gamble Co. |
|
| 18,424 |
|
|
| 2,495 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Tyson Foods, Inc., Class A |
|
| 2,205 |
|
| $ | 164 |
|
Walgreens Boots Alliance, Inc. |
|
| 5,366 |
|
|
| 295 |
|
Walmart, Inc. |
|
| 10,372 |
|
|
| 1,409 |
|
|
|
|
|
|
|
| 15,467 |
|
Electronic Equipment, Instruments & Components (0.6%): |
|
|
|
|
|
|
|
|
Amphenol Corp., Class A |
|
| 4,483 |
|
|
| 296 |
|
CDW Corp. |
|
| 1,055 |
|
|
| 175 |
|
Corning, Inc. |
|
| 5,749 |
|
|
| 250 |
|
FLIR Systems, Inc. |
|
| 982 |
|
|
| 55 |
|
IPG Photonics Corp. (a) |
|
| 268 |
|
|
| 57 |
|
Keysight Technologies, Inc. (a) |
|
| 1,392 |
|
|
| 200 |
|
TE Connectivity Ltd. |
|
| 2,476 |
|
|
| 320 |
|
Trimble, Inc. (a) |
|
| 1,878 |
|
|
| 146 |
|
Zebra Technologies Corp. (a) |
|
| 400 |
|
|
| 194 |
|
|
|
|
|
|
|
| 1,693 |
|
Energy (2.7%): |
|
|
|
|
|
|
|
|
Apa Corp. |
|
| 2,827 |
|
|
| 51 |
|
Baker Hughes Co. |
|
| 5,454 |
|
|
| 118 |
|
Cabot Oil & Gas Corp. |
|
| 2,988 |
|
|
| 56 |
|
Chevron Corp. |
|
| 14,413 |
|
|
| 1,510 |
|
ConocoPhillips |
|
| 10,136 |
|
|
| 537 |
|
Devon Energy Corp. |
|
| 4,432 |
|
|
| 97 |
|
Diamondback Energy, Inc. |
|
| 1,353 |
|
|
| 99 |
|
EOG Resources, Inc. |
|
| 4,366 |
|
|
| 317 |
|
Exxon Mobil Corp. |
|
| 31,674 |
|
|
| 1,768 |
|
Halliburton Co. |
|
| 6,649 |
|
|
| 142 |
|
Hess Corp. |
|
| 2,044 |
|
|
| 145 |
|
HollyFrontier Corp. |
|
| 1,118 |
|
|
| 40 |
|
Kinder Morgan, Inc. |
|
| 14,566 |
|
|
| 243 |
|
Marathon Oil Corp. |
|
| 5,906 |
|
|
| 63 |
|
Marathon Petroleum Corp. |
|
| 4,873 |
|
|
| 261 |
|
NOV, Inc. (a) |
|
| 2,905 |
|
|
| 40 |
|
Occidental Petroleum Corp. |
|
| 6,273 |
|
|
| 167 |
|
ONEOK, Inc. |
|
| 3,329 |
|
|
| 169 |
|
Phillips 66 |
|
| 3,268 |
|
|
| 266 |
|
Pioneer Natural Resources Co. |
|
| 1,539 |
|
|
| 244 |
|
Schlumberger Ltd. |
|
| 10,462 |
|
|
| 284 |
|
The Williams Cos., Inc. |
|
| 9,081 |
|
|
| 215 |
|
Valero Energy Corp. |
|
| 3,057 |
|
|
| 219 |
|
|
|
|
|
|
|
| 7,051 |
|
Financials (11.0%): |
|
|
|
|
|
|
|
|
Aflac, Inc. |
|
| 4,791 |
|
|
| 245 |
|
American Express Co. |
|
| 4,882 |
|
|
| 691 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
American International Group, Inc. |
|
| 6,470 |
|
| $ | 299 |
|
Ameriprise Financial, Inc. |
|
| 874 |
|
|
| 203 |
|
Aon PLC, Class A |
|
| 1,691 |
|
|
| 389 |
|
Arthur J. Gallagher & Co. |
|
| 1,450 |
|
|
| 181 |
|
Assurant, Inc. |
|
| 433 |
|
|
| 61 |
|
Bank of America Corp. |
|
| 56,841 |
|
|
| 2,199 |
|
Berkshire Hathaway, Inc., Class B (a) |
|
| 14,266 |
|
|
| 3,645 |
|
BlackRock, Inc. |
|
| 1,062 |
|
|
| 801 |
|
Capital One Financial Corp. |
|
| 3,436 |
|
|
| 437 |
|
Cboe Global Markets, Inc. |
|
| 802 |
|
|
| 79 |
|
Chubb Ltd. |
|
| 3,369 |
|
|
| 532 |
|
Cincinnati Financial Corp. |
|
| 1,122 |
|
|
| 116 |
|
Citigroup, Inc. |
|
| 15,617 |
|
|
| 1,136 |
|
Citizens Financial Group, Inc. |
|
| 3,181 |
|
|
| 140 |
|
CME Group, Inc. |
|
| 2,686 |
|
|
| 549 |
|
Comerica, Inc. |
|
| 1,041 |
|
|
| 75 |
|
Discover Financial Services |
|
| 2,295 |
|
|
| 218 |
|
Everest Re Group Ltd. |
|
| 299 |
|
|
| 74 |
|
Fifth Third Bancorp |
|
| 5,320 |
|
|
| 199 |
|
First Republic Bank |
|
| 1,317 |
|
|
| 220 |
|
Franklin Resources, Inc. |
|
| 2,042 |
|
|
| 60 |
|
Globe Life, Inc. |
|
| 711 |
|
|
| 69 |
|
Huntington Bancshares, Inc. |
|
| 7,611 |
|
|
| 120 |
|
Intercontinental Exchange, Inc. |
|
| 4,203 |
|
|
| 469 |
|
Invesco Ltd. |
|
| 2,816 |
|
|
| 71 |
|
JPMorgan Chase & Co. |
|
| 22,831 |
|
|
| 3,475 |
|
KeyCorp |
|
| 7,248 |
|
|
| 145 |
|
Lincoln National Corp. |
|
| 1,350 |
|
|
| 84 |
|
Loews Corp. |
|
| 1,698 |
|
|
| 87 |
|
M&T Bank Corp. |
|
| 962 |
|
|
| 146 |
|
MarketAxess Holdings, Inc. |
|
| 284 |
|
|
| 141 |
|
Marsh & McLennan Cos., Inc. |
|
| 3,802 |
|
|
| 462 |
|
MetLife, Inc. |
|
| 5,624 |
|
|
| 342 |
|
Moody’s Corp. |
|
| 1,204 |
|
|
| 360 |
|
Morgan Stanley |
|
| 11,228 |
|
|
| 872 |
|
MSCI, Inc. |
|
| 618 |
|
|
| 259 |
|
Nasdaq, Inc. |
|
| 863 |
|
|
| 127 |
|
Northern Trust Corp. |
|
| 1,559 |
|
|
| 164 |
|
People’s United Financial, Inc. |
|
| 3,184 |
|
|
| 57 |
|
Principal Financial Group, Inc. |
|
| 1,897 |
|
|
| 114 |
|
Prudential Financial, Inc. |
|
| 2,970 |
|
|
| 271 |
|
Raymond James Financial, Inc. |
|
| 917 |
|
|
| 112 |
|
Regions Financial Corp. |
|
| 7,188 |
|
|
| 149 |
|
S&P Global, Inc. |
|
| 1,801 |
|
|
| 636 |
|
State Street Corp. |
|
| 2,632 |
|
|
| 221 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
SVB Financial Group (a) |
|
| 389 |
|
| $ | 192 |
|
Synchrony Financial |
|
| 4,064 |
|
|
| 165 |
|
T. Rowe Price Group, Inc. |
|
| 1,705 |
|
|
| 293 |
|
The Allstate Corp. |
|
| 2,266 |
|
|
| 260 |
|
The Bank of New York Mellon Corp. |
|
| 6,036 |
|
|
| 285 |
|
The Charles Schwab Corp. |
|
| 11,197 |
|
|
| 730 |
|
The Goldman Sachs Group, Inc. |
|
| 2,574 |
|
|
| 842 |
|
The Hartford Financial Services Group, Inc. |
|
| 2,675 |
|
|
| 179 |
|
The PNC Financial Services Group, Inc. |
|
| 3,172 |
|
|
| 556 |
|
The Progressive Corp. |
|
| 4,382 |
|
|
| 419 |
|
The Travelers Cos., Inc. |
|
| 1,887 |
|
|
| 284 |
|
Truist Financial Corp. |
|
| 10,079 |
|
|
| 588 |
|
U.S. Bancorp |
|
| 10,227 |
|
|
| 566 |
|
Unum Group |
|
| 1,524 |
|
|
| 42 |
|
W.R. Berkley Corp. |
|
| 1,048 |
|
|
| 79 |
|
Wells Fargo & Co. |
|
| 30,931 |
|
|
| 1,208 |
|
Willis Towers Watson PLC |
|
| 965 |
|
|
| 221 |
|
Zions Bancorp NA |
|
| 1,229 |
|
|
| 68 |
|
|
|
|
|
|
|
| 28,479 |
|
Health Care (12.7%): |
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 13,254 |
|
|
| 1,588 |
|
AbbVie, Inc. |
|
| 13,212 |
|
|
| 1,429 |
|
ABIOMED, Inc. (a) |
|
| 338 |
|
|
| 108 |
|
Agilent Technologies, Inc. |
|
| 2,280 |
|
|
| 290 |
|
Alexion Pharmaceuticals, Inc. (a) |
|
| 1,645 |
|
|
| 252 |
|
Align Technology, Inc. (a) |
|
| 539 |
|
|
| 292 |
|
AmerisourceBergen Corp. |
|
| 1,103 |
|
|
| 130 |
|
Amgen, Inc. |
|
| 4,321 |
|
|
| 1,074 |
|
Anthem, Inc. |
|
| 1,832 |
|
|
| 658 |
|
Baxter International, Inc. |
|
| 3,779 |
|
|
| 319 |
|
Becton, Dickinson & Co. |
|
| 2,174 |
|
|
| 529 |
|
Biogen, Inc. (a) |
|
| 1,140 |
|
|
| 319 |
|
Bio-Rad Laboratories, Inc., Class A (a) |
|
| 161 |
|
|
| 92 |
|
Boston Scientific Corp. (a) |
|
| 10,603 |
|
|
| 410 |
|
Bristol-Myers Squibb Co. |
|
| 16,763 |
|
|
| 1,058 |
|
Cardinal Health, Inc. |
|
| 2,197 |
|
|
| 133 |
|
Catalent, Inc. (a) |
|
| 1,274 |
|
|
| 134 |
|
Centene Corp. (a) |
|
| 4,351 |
|
|
| 278 |
|
Cerner Corp. |
|
| 2,292 |
|
|
| 165 |
|
Cigna Corp. |
|
| 2,632 |
|
|
| 636 |
|
CVS Health Corp. |
|
| 9,811 |
|
|
| 738 |
|
Danaher Corp. |
|
| 4,742 |
|
|
| 1,067 |
|
DaVita, Inc. (a) |
|
| 540 |
|
|
| 58 |
|
DENTSPLY SIRONA, Inc. |
|
| 1,639 |
|
|
| 105 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
DexCom, Inc. (a) |
|
| 720 |
|
| $ | 259 |
|
Edwards Lifesciences Corp. (a) |
|
| 4,673 |
|
|
| 391 |
|
Eli Lilly & Co. |
|
| 5,952 |
|
|
| 1,112 |
|
Gilead Sciences, Inc. (c) |
|
| 9,402 |
|
|
| 608 |
|
HCA Healthcare, Inc. |
|
| 1,984 |
|
|
| 374 |
|
Henry Schein, Inc. (a) |
|
| 1,066 |
|
|
| 74 |
|
Hologic, Inc. (a) |
|
| 1,928 |
|
|
| 143 |
|
Humana, Inc. |
|
| 964 |
|
|
| 404 |
|
IDEXX Laboratories, Inc. (a) |
|
| 639 |
|
|
| 313 |
|
Illumina, Inc. (a) |
|
| 1,092 |
|
|
| 419 |
|
Incyte Corp. (a) |
|
| 1,398 |
|
|
| 114 |
|
Intuitive Surgical, Inc. (a) |
|
| 881 |
|
|
| 651 |
|
IQVIA Holdings, Inc. (a) |
|
| 1,431 |
|
|
| 276 |
|
Johnson & Johnson (c) |
|
| 19,667 |
|
|
| 3,233 |
|
Laboratory Corp. of America Holdings (a) |
|
| 730 |
|
|
| 186 |
|
McKesson Corp. |
|
| 1,190 |
|
|
| 232 |
|
Medtronic PLC |
|
| 10,086 |
|
|
| 1,191 |
|
Merck & Co., Inc. |
|
| 18,931 |
|
|
| 1,459 |
|
Mettler-Toledo International, Inc. (a) |
|
| 175 |
|
|
| 202 |
|
PerkinElmer, Inc. |
|
| 838 |
|
|
| 108 |
|
Perrigo Co. PLC |
|
| 996 |
|
|
| 40 |
|
Pfizer, Inc. |
|
| 41,731 |
|
|
| 1,512 |
|
Quest Diagnostics, Inc. |
|
| 998 |
|
|
| 128 |
|
Regeneron Pharmaceuticals, Inc. (a) |
|
| 788 |
|
|
| 373 |
|
ResMed, Inc. |
|
| 1,089 |
|
|
| 211 |
|
STERIS PLC |
|
| 639 |
|
|
| 122 |
|
Stryker Corp. |
|
| 2,449 |
|
|
| 597 |
|
Teleflex, Inc. |
|
| 349 |
|
|
| 145 |
|
The Cooper Cos., Inc. |
|
| 368 |
|
|
| 141 |
|
Thermo Fisher Scientific, Inc. |
|
| 2,946 |
|
|
| 1,345 |
|
UnitedHealth Group, Inc. |
|
| 7,073 |
|
|
| 2,632 |
|
Universal Health Services, Inc., Class B |
|
| 582 |
|
|
| 78 |
|
Varian Medical Systems, Inc. (a) |
|
| 687 |
|
|
| 121 |
|
Vertex Pharmaceuticals, Inc. (a) |
|
| 1,945 |
|
|
| 418 |
|
Viatris, Inc. (a) |
|
| 9,031 |
|
|
| 126 |
|
Waters Corp. (a) |
|
| 465 |
|
|
| 132 |
|
West Pharmaceutical Services, Inc. |
|
| 554 |
|
|
| 156 |
|
Zimmer Biomet Holdings, Inc. |
|
| 1,555 |
|
|
| 249 |
|
Zoetis, Inc. |
|
| 3,555 |
|
|
| 560 |
|
|
|
|
|
|
|
| 32,697 |
|
Industrials (9.0%): |
|
|
|
|
|
|
|
|
3M Co. |
|
| 4,333 |
|
|
| 835 |
|
Alaska Air Group, Inc. (a) |
|
| 929 |
|
|
| 64 |
|
Allegion PLC |
|
| 679 |
|
|
| 85 |
|
American Airlines Group, Inc. (a)(b) |
|
| 4,786 |
|
|
| 114 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
AMETEK, Inc. |
|
| 1,725 |
|
| $ | 220 |
|
AO Smith Corp. |
|
| 1,013 |
|
|
| 68 |
|
C.H. Robinson Worldwide, Inc. |
|
| 1,001 |
|
|
| 96 |
|
Carrier Global Corp. |
|
| 6,114 |
|
|
| 259 |
|
Caterpillar, Inc. |
|
| 4,080 |
|
|
| 946 |
|
Cintas Corp. |
|
| 660 |
|
|
| 225 |
|
Copart, Inc. (a) |
|
| 1,556 |
|
|
| 169 |
|
CSX Corp. |
|
| 5,705 |
|
|
| 550 |
|
Cummins, Inc. |
|
| 1,107 |
|
|
| 287 |
|
Deere & Co. |
|
| 2,345 |
|
|
| 877 |
|
Delta Air Lines, Inc. (a) |
|
| 4,775 |
|
|
| 231 |
|
Dover Corp. |
|
| 1,075 |
|
|
| 147 |
|
Eaton Corp. PLC |
|
| 2,979 |
|
|
| 412 |
|
Emerson Electric Co. |
|
| 4,489 |
|
|
| 405 |
|
Enphase Energy, Inc. (a) |
|
| 965 |
|
|
| 156 |
|
Equifax, Inc. |
|
| 911 |
|
|
| 165 |
|
Expeditors International of Washington, Inc. |
|
| 1,267 |
|
|
| 136 |
|
Fastenal Co. |
|
| 4,297 |
|
|
| 216 |
|
FedEx Corp. |
|
| 1,825 |
|
|
| 518 |
|
Fortive Corp. |
|
| 2,529 |
|
|
| 179 |
|
Fortune Brands Home & Security, Inc. |
|
| 1,037 |
|
|
| 99 |
|
Generac Holdings, Inc. (a)(b) |
|
| 470 |
|
|
| 154 |
|
General Dynamics Corp. |
|
| 1,735 |
|
|
| 315 |
|
General Electric Co. |
|
| 65,600 |
|
|
| 861 |
|
Honeywell International, Inc. |
|
| 5,204 |
|
|
| 1,129 |
|
Howmet Aerospace, Inc. (a) |
|
| 2,920 |
|
|
| 94 |
|
Huntington Ingalls Industries, Inc. |
|
| 301 |
|
|
| 62 |
|
IDEX Corp. |
|
| 568 |
|
|
| 119 |
|
IHS Markit Ltd. |
|
| 2,789 |
|
|
| 270 |
|
Illinois Tool Works, Inc. |
|
| 2,156 |
|
|
| 478 |
|
Ingersoll Rand, Inc. (a)(c) |
|
| 2,788 |
|
|
| 137 |
|
J.B. Hunt Transport Services, Inc. |
|
| 625 |
|
|
| 105 |
|
Jacobs Engineering Group, Inc. |
|
| 973 |
|
|
| 126 |
|
Johnson Controls International PLC |
|
| 5,389 |
|
|
| 322 |
|
Kansas City Southern |
|
| 680 |
|
|
| 179 |
|
L3Harris Technologies, Inc. |
|
| 1,538 |
|
|
| 312 |
|
Lockheed Martin Corp. |
|
| 1,844 |
|
|
| 681 |
|
Masco Corp. |
|
| 1,924 |
|
|
| 115 |
|
Nielsen Holdings PLC |
|
| 2,677 |
|
|
| 67 |
|
Norfolk Southern Corp. |
|
| 1,885 |
|
|
| 506 |
|
Northrop Grumman Corp. |
|
| 1,160 |
|
|
| 375 |
|
Old Dominion Freight Line, Inc. |
|
| 717 |
|
|
| 172 |
|
Otis Worldwide Corp. |
|
| 3,050 |
|
|
| 209 |
|
PACCAR, Inc. |
|
| 2,596 |
|
|
| 241 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Parker-Hannifin Corp. |
|
| 966 |
|
| $ | 305 |
|
Pentair PLC |
|
| 1,242 |
|
|
| 77 |
|
Quanta Services, Inc. |
|
| 1,035 |
|
|
| 91 |
|
Raytheon Technologies Corp. |
|
| 11,368 |
|
|
| 878 |
|
Republic Services, Inc. (c) |
|
| 1,575 |
|
|
| 156 |
|
Robert Half International, Inc. |
|
| 846 |
|
|
| 66 |
|
Rockwell Automation, Inc. |
|
| 869 |
|
|
| 231 |
|
Rollins, Inc. |
|
| 1,657 |
|
|
| 57 |
|
Roper Technologies, Inc. |
|
| 785 |
|
|
| 317 |
|
Snap-on, Inc. |
|
| 406 |
|
|
| 94 |
|
Southwest Airlines Co. (a) |
|
| 4,419 |
|
|
| 270 |
|
Stanley Black & Decker, Inc. |
|
| 1,204 |
|
|
| 240 |
|
Teledyne Technologies, Inc. (a) |
|
| 277 |
|
|
| 115 |
|
Textron, Inc. |
|
| 1,698 |
|
|
| 95 |
|
The Boeing Co. (a) |
|
| 4,105 |
|
|
| 1,047 |
|
Trane Technologies PLC |
|
| 1,784 |
|
|
| 295 |
|
TransDigm Group, Inc. (a) |
|
| 409 |
|
|
| 240 |
|
Union Pacific Corp. |
|
| 5,012 |
|
|
| 1,106 |
|
United Airlines Holdings, Inc. (a) |
|
| 2,383 |
|
|
| 137 |
|
United Parcel Service, Inc., Class B |
|
| 5,383 |
|
|
| 915 |
|
United Rentals, Inc. (a) |
|
| 540 |
|
|
| 178 |
|
Verisk Analytics, Inc. |
|
| 1,218 |
|
|
| 216 |
|
W.W. Grainger, Inc. |
|
| 329 |
|
|
| 132 |
|
Waste Management, Inc. |
|
| 2,913 |
|
|
| 377 |
|
Westinghouse Air Brake Technologies Corp. |
|
| 1,328 |
|
|
| 105 |
|
Xylem, Inc. |
|
| 1,349 |
|
|
| 142 |
|
|
|
|
|
|
|
| 22,370 |
|
IT Services (5.2%): |
|
|
|
|
|
|
|
|
Accenture PLC, Class A |
|
| 4,745 |
|
|
| 1,312 |
|
Akamai Technologies, Inc. (a) |
|
| 1,221 |
|
|
| 124 |
|
Automatic Data Processing, Inc. |
|
| 3,202 |
|
|
| 603 |
|
Broadridge Financial Solutions, Inc. |
|
| 866 |
|
|
| 133 |
|
Cognizant Technology Solutions Corp., Class A |
|
| 3,970 |
|
|
| 310 |
|
DXC Technology Co. (a) |
|
| 1,905 |
|
|
| 60 |
|
Fidelity National Information Services, Inc. |
|
| 4,647 |
|
|
| 653 |
|
Fiserv, Inc. (a) |
|
| 4,308 |
|
|
| 513 |
|
FleetCor Technologies, Inc. (a) |
|
| 624 |
|
|
| 168 |
|
Gartner, Inc. (a) |
|
| 664 |
|
|
| 121 |
|
Global Payments, Inc. |
|
| 2,209 |
|
|
| 445 |
|
International Business Machines Corp. |
|
| 6,686 |
|
|
| 891 |
|
Jack Henry & Associates, Inc. |
|
| 569 |
|
|
| 86 |
|
Leidos Holdings, Inc. |
|
| 998 |
|
|
| 96 |
|
Mastercard, Inc., Class A |
|
| 6,560 |
|
|
| 2,336 |
|
Paychex, Inc. |
|
| 2,401 |
|
|
| 235 |
|
PayPal Holdings, Inc. (a) |
|
| 8,763 |
|
|
| 2,128 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
The Western Union Co. |
|
| 3,074 |
|
| $ | 76 |
|
VeriSign, Inc. (a) |
|
| 745 |
|
|
| 148 |
|
Visa, Inc., Class A |
|
| 12,690 |
|
|
| 2,688 |
|
|
|
|
|
|
|
| 13,126 |
|
Materials (2.7%): |
|
|
|
|
|
|
|
|
Air Products & Chemicals, Inc. |
|
| 1,656 |
|
|
| 465 |
|
Albemarle Corp. |
|
| 873 |
|
|
| 128 |
|
Amcor PLC |
|
| 11,686 |
|
|
| 136 |
|
Avery Dennison Corp. |
|
| 621 |
|
|
| 114 |
|
Ball Corp. |
|
| 2,453 |
|
|
| 208 |
|
Celanese Corp. |
|
| 854 |
|
|
| 128 |
|
CF Industries Holdings, Inc. |
|
| 1,601 |
|
|
| 73 |
|
Corteva, Inc. |
|
| 5,567 |
|
|
| 260 |
|
Dow, Inc. |
|
| 5,576 |
|
|
| 357 |
|
DuPont de Nemours, Inc. |
|
| 4,028 |
|
|
| 311 |
|
Eastman Chemical Co. |
|
| 1,016 |
|
|
| 112 |
|
Ecolab, Inc. |
|
| 1,861 |
|
|
| 398 |
|
FMC Corp. |
|
| 968 |
|
|
| 107 |
|
Freeport-McMoRan, Inc. (a) |
|
| 10,912 |
|
|
| 359 |
|
International Flavors & Fragrances, Inc. |
|
| 1,861 |
|
|
| 260 |
|
International Paper Co. |
|
| 2,941 |
|
|
| 159 |
|
Linde PLC |
|
| 3,912 |
|
|
| 1,096 |
|
LyondellBasell Industries NV, Class A |
|
| 1,925 |
|
|
| 200 |
|
Martin Marietta Materials, Inc. |
|
| 466 |
|
|
| 156 |
|
Newmont Corp. |
|
| 5,988 |
|
|
| 361 |
|
Nucor Corp. |
|
| 2,230 |
|
|
| 179 |
|
Packaging Corp. of America |
|
| 709 |
|
|
| 95 |
|
PPG Industries, Inc. |
|
| 1,773 |
|
|
| 266 |
|
Sealed Air Corp. |
|
| 1,159 |
|
|
| 53 |
|
The Mosaic Co. |
|
| 2,581 |
|
|
| 82 |
|
The Sherwin-Williams Co. |
|
| 603 |
|
|
| 445 |
|
Vulcan Materials Co. |
|
| 992 |
|
|
| 168 |
|
Westrock Co. |
|
| 1,972 |
|
|
| 103 |
|
|
|
|
|
|
|
| 6,779 |
|
Real Estate (2.5%): |
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc. |
|
| 951 |
|
|
| 156 |
|
American Tower Corp. |
|
| 3,325 |
|
|
| 795 |
|
AvalonBay Communities, Inc. |
|
| 1,044 |
|
|
| 193 |
|
Boston Properties, Inc. |
|
| 1,061 |
|
|
| 107 |
|
CBRE Group, Inc., Class A (a) |
|
| 2,511 |
|
|
| 199 |
|
Crown Castle International Corp. |
|
| 3,227 |
|
|
| 555 |
|
Digital Realty Trust, Inc. |
|
| 2,103 |
|
|
| 296 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Duke Realty Corp. |
| 2,796 |
|
| $ | 117 |
| |
Equinix, Inc. |
|
| 668 |
|
|
| 454 |
|
Equity Residential |
|
| 2,565 |
|
|
| 184 |
|
Essex Property Trust, Inc. |
|
| 486 |
|
|
| 132 |
|
Extra Space Storage, Inc. |
|
| 988 |
|
|
| 131 |
|
Federal Realty Investment Trust |
|
| 523 |
|
|
| 53 |
|
Healthpeak Properties, Inc. |
|
| 4,030 |
|
|
| 128 |
|
Host Hotels & Resorts, Inc. (a) |
|
| 5,277 |
|
|
| 89 |
|
Iron Mountain, Inc. (b) |
|
| 2,158 |
|
|
| 80 |
|
Kimco Realty Corp. |
|
| 3,235 |
|
|
| 61 |
|
Mid-America Apartment Communities, Inc. |
|
| 856 |
|
|
| 124 |
|
Prologis, Inc. |
|
| 5,533 |
|
|
| 586 |
|
Public Storage |
|
| 1,138 |
|
|
| 281 |
|
Realty Income Corp. |
|
| 2,794 |
|
|
| 177 |
|
Regency Centers Corp. |
|
| 1,182 |
|
|
| 67 |
|
SBA Communications Corp. |
|
| 818 |
|
|
| 227 |
|
Simon Property Group, Inc. |
|
| 2,458 |
|
|
| 280 |
|
UDR, Inc. |
|
| 2,221 |
|
|
| 97 |
|
Ventas, Inc. |
|
| 2,803 |
|
|
| 150 |
|
Vornado Realty Trust |
|
| 1,174 |
|
|
| 53 |
|
Welltower, Inc. |
|
| 3,123 |
|
|
| 224 |
|
Weyerhaeuser Co. |
|
| 5,595 |
|
|
| 199 |
|
|
|
|
|
|
|
| 6,195 |
|
Semiconductors & Semiconductor Equipment (5.4%): |
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc. (a) |
|
| 9,066 |
|
|
| 712 |
|
Analog Devices, Inc. |
|
| 2,760 |
|
|
| 428 |
|
Applied Materials, Inc. |
|
| 6,866 |
|
|
| 917 |
|
Broadcom, Inc. |
|
| 3,054 |
|
|
| 1,416 |
|
Intel Corp. |
|
| 30,399 |
|
|
| 1,946 |
|
KLA Corp. |
|
| 1,153 |
|
|
| 381 |
|
Lam Research Corp. |
|
| 1,069 |
|
|
| 636 |
|
Maxim Integrated Products, Inc. |
|
| 2,005 |
|
|
| 183 |
|
Microchip Technology, Inc. |
|
| 2,015 |
|
|
| 313 |
|
Micron Technology, Inc. (a) |
|
| 8,370 |
|
|
| 738 |
|
Monolithic Power Systems, Inc. |
|
| 321 |
|
|
| 113 |
|
NVIDIA Corp. |
|
| 4,639 |
|
|
| 2,476 |
|
NXP Semiconductors NV |
|
| 2,073 |
|
|
| 418 |
|
Qorvo, Inc. (a) |
|
| 847 |
|
|
| 155 |
|
QUALCOMM, Inc. |
|
| 8,499 |
|
|
| 1,127 |
|
Skyworks Solutions, Inc. |
|
| 1,234 |
|
|
| 226 |
|
Teradyne, Inc. |
|
| 1,247 |
|
|
| 152 |
|
Texas Instruments, Inc. |
|
| 6,885 |
|
|
| 1,301 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Xilinx, Inc. |
|
| 1,839 |
|
| $ | 228 |
|
|
|
|
|
|
|
| 13,866 |
|
Software (8.3%): |
|
|
|
|
|
|
|
|
Adobe, Inc. (a) |
|
| 3,586 |
|
|
| 1,704 |
|
ANSYS, Inc. (a) |
|
| 649 |
|
|
| 220 |
|
Autodesk, Inc. (a) |
|
| 1,645 |
|
|
| 456 |
|
Cadence Design Systems, Inc. (a) |
|
| 2,087 |
|
|
| 286 |
|
Citrix Systems, Inc. |
|
| 920 |
|
|
| 129 |
|
Fortinet, Inc. (a) |
|
| 1,013 |
|
|
| 187 |
|
Intuit, Inc. |
|
| 2,049 |
|
|
| 785 |
|
Microsoft Corp. (c) |
|
| 56,429 |
|
|
| 13,303 |
|
NortonLifeLock, Inc. |
|
| 4,354 |
|
|
| 93 |
|
Oracle Corp. |
|
| 13,877 |
|
|
| 974 |
|
Paycom Software, Inc. (a) |
|
| 367 |
|
|
| 136 |
|
salesforce.com, Inc. (a) |
|
| 6,866 |
|
|
| 1,455 |
|
ServiceNow, Inc. (a)(c) |
|
| 1,467 |
|
|
| 734 |
|
Synopsys, Inc. (a) |
|
| 1,140 |
|
|
| 282 |
|
Tyler Technologies, Inc. (a) |
|
| 304 |
|
|
| 129 |
|
|
|
|
|
|
|
| 20,873 |
|
Technology Hardware, Storage & Peripherals (6.1%): |
|
|
|
|
|
|
|
|
Apple, Inc. |
|
| 118,069 |
|
|
| 14,421 |
|
Hewlett Packard Enterprise Co. |
|
| 9,735 |
|
|
| 153 |
|
HP, Inc. |
|
| 9,371 |
|
|
| 298 |
|
NetApp, Inc. |
|
| 1,665 |
|
|
| 121 |
|
Seagate Technology PLC |
|
| 1,503 |
|
|
| 115 |
|
Western Digital Corp. |
|
| 2,290 |
|
|
| 153 |
|
|
|
|
|
|
|
| 15,261 |
|
Utilities (2.6%): |
|
|
|
|
|
|
|
|
Alliant Energy Corp. |
|
| 1,870 |
|
|
| 101 |
|
Ameren Corp. |
|
| 1,896 |
|
|
| 154 |
|
American Electric Power Co., Inc. (c) |
|
| 3,716 |
|
|
| 315 |
|
American Water Works Co., Inc. |
|
| 1,357 |
|
|
| 203 |
|
Atmos Energy Corp. |
|
| 959 |
|
|
| 95 |
|
CenterPoint Energy, Inc. |
|
| 4,127 |
|
|
| 93 |
|
CMS Energy Corp. |
|
| 2,162 |
|
|
| 132 |
|
Consolidated Edison, Inc. (c) |
|
| 2,562 |
|
|
| 192 |
|
Dominion Energy, Inc. |
|
| 6,028 |
|
|
| 458 |
|
DTE Energy Co. |
|
| 1,450 |
|
|
| 193 |
|
Duke Energy Corp. (c) |
|
| 5,751 |
|
|
| 555 |
|
Edison International |
|
| 2,838 |
|
|
| 166 |
|
Entergy Corp. |
|
| 1,500 |
|
|
| 149 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory S&P 500 Index Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Evergy, Inc. (c) |
|
| 1,698 |
|
| $ | 101 |
|
Eversource Energy (c) |
|
| 2,566 |
|
|
| 222 |
|
Exelon Corp. |
|
| 7,305 |
|
|
| 320 |
|
FirstEnergy Corp. |
|
| 4,064 |
|
|
| 141 |
|
NextEra Energy, Inc. (c) |
|
| 14,663 |
|
|
| 1,109 |
|
NiSource, Inc. |
|
| 2,932 |
|
|
| 71 |
|
NRG Energy, Inc. |
|
| 1,831 |
|
|
| 69 |
|
Pinnacle West Capital Corp. |
|
| 843 |
|
|
| 69 |
|
PPL Corp. |
|
| 5,753 |
|
|
| 166 |
|
Public Service Enterprise Group, Inc. |
|
| 3,779 |
|
|
| 228 |
|
Sempra Energy |
|
| 2,264 |
|
|
| 300 |
|
The AES Corp. |
|
| 4,999 |
|
|
| 134 |
|
The Southern Co. (c) |
|
| 7,905 |
|
|
| 491 |
|
WEC Energy Group, Inc. (c) |
|
| 2,360 |
|
|
| 221 |
|
Xcel Energy, Inc. (c) |
|
| 4,023 |
|
|
| 268 |
|
|
|
|
|
|
|
| 6,716 |
|
Total Common Stocks (Cost $49,616) |
|
|
|
|
|
| 251,519 |
|
Collateral for Securities Loaned^ (0.3%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.05% (d) |
|
| 16,063 |
|
|
| 16 |
|
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d) |
|
| 413,656 |
|
|
| 414 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d) |
|
| 8,016 |
|
|
| 8 |
|
JPMorgan Prime Money Market Fund, Capital Shares, 0.10% (d) |
|
| 63,919 |
|
|
| 64 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d) |
|
| 287,390 |
|
|
| 287 |
|
Total Collateral for Securities Loaned (Cost $789) |
|
|
|
|
|
| 789 |
|
Total Investments (Cost $50,405) — 99.2% |
|
|
|
|
|
| 252,308 |
|
Other assets in excess of liabilities — 0.8% |
|
|
|
|
|
| 2,009 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 254,317 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | All or a portion of this security has been segregated as collateral for derivative instruments. |
(d) | Rate disclosed is the daily yield on March 31, 2021. |
PLC—Public Limited Company |
Futures Contracts Purchased | ||||||||||||||||||||
(Amounts not in thousands) | ||||||||||||||||||||
|
| Number |
|
| Expiration |
|
| Notional |
|
| Value |
|
| Unrealized Appreciation/ (Depreciation) |
| |||||
E-Mini S&P 500 Futures |
|
| 14 |
|
|
| 6/18/21 |
|
| $ | 2,738,289 |
|
| $ | 2,777,180 |
| $ | 38,891 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total unrealized appreciation | $ | 38,891 | ||||||||||||||||
|
| Total unrealized depreciation | – | |||||||||||||||||
|
| Total net unrealized appreciation (depreciation) | $ | 38,891 |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Munder Multi-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
|
| Shares |
|
|
| Value |
|
Common Stocks (97.9%) |
|
|
|
|
|
|
|
|
Communication Services (8.6%): |
|
|
|
|
|
|
|
|
Alphabet, Inc., Class A (a) |
|
| 5,793 |
|
| $ | 11,948 |
|
Charter Communications, Inc., Class A (a) |
|
| 8,100 |
|
|
| 4,998 |
|
Facebook, Inc., Class A (a) |
|
| 23,300 |
|
|
| 6,863 |
|
Iridium Communications, Inc. (a) |
|
| 53,400 |
|
|
| 2,203 |
|
Nexstar Media Group, Inc., Class A |
|
| 28,600 |
|
|
| 4,016 |
|
Vonage Holdings Corp. (a) |
|
| 18,800 |
|
|
| 222 |
|
Zynga, Inc., Class A (a) |
|
| 548,600 |
|
|
| 5,601 |
|
|
|
|
|
|
|
| 35,851 |
|
Communications Equipment (1.2%): |
|
|
|
|
|
|
|
|
Lumentum Holdings, Inc. (a) |
|
| 54,300 |
|
|
| 4,960 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (15.4%): |
|
|
|
|
|
|
|
|
Amazon.com, Inc. (a) |
|
| 4,510 |
|
|
| 13,954 |
|
Asbury Automotive Group, Inc. (a)(b) |
|
| 28,400 |
|
|
| 5,580 |
|
Boyd Gaming Corp. (a) |
|
| 66,100 |
|
|
| 3,897 |
|
Brunswick Corp. |
|
| 26,400 |
|
|
| 2,518 |
|
D.R. Horton, Inc. |
|
| 47,100 |
|
|
| 4,198 |
|
Group 1 Automotive, Inc. (b) |
|
| 25,800 |
|
|
| 4,071 |
|
LCI Industries |
|
| 29,100 |
|
|
| 3,849 |
|
LGI Homes, Inc. (a) |
|
| 39,500 |
|
|
| 5,897 |
|
Lowe’s Cos., Inc. |
|
| 22,400 |
|
|
| 4,260 |
|
Malibu Boats, Inc., Class A (a) |
|
| 47,600 |
|
|
| 3,793 |
|
Meritage Homes Corp. (a) |
|
| 32,300 |
|
|
| 2,969 |
|
Rent-A-Center, Inc. |
|
| 72,700 |
|
|
| 4,192 |
|
Tesla, Inc. (a) |
|
| 2,900 |
|
|
| 1,937 |
|
TopBuild Corp. (a) |
|
| 17,700 |
|
|
| 3,707 |
|
|
|
|
|
|
|
| 64,822 |
|
Consumer Staples (5.0%): |
|
|
|
|
|
|
|
|
BJ’s Wholesale Club Holdings, Inc. (a) |
|
| 92,500 |
|
|
| 4,150 |
|
Monster Beverage Corp. (a) |
|
| 43,000 |
|
|
| 3,917 |
|
PepsiCo, Inc. |
|
| 33,600 |
|
|
| 4,753 |
|
Performance Food Group Co. (a) |
|
| 75,300 |
|
|
| 4,338 |
|
Philip Morris International, Inc. |
|
| 41,300 |
|
|
| 3,665 |
|
|
|
|
|
|
|
| 20,823 |
|
Energy (3.5%): |
|
|
|
|
|
|
|
|
Chevron Corp. |
|
| 42,710 |
|
|
| 4,476 |
|
Matador Resources Co. (b) |
|
| 143,800 |
|
|
| 3,372 |
|
Phillips 66 |
|
| 25,575 |
|
|
| 2,085 |
|
Pioneer Natural Resources Co. |
|
| 15,500 |
|
|
| 2,462 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Multi-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
|
| Shares |
|
| Value |
|
Valero Energy Corp. |
|
| 30,200 |
| $ | 2,162 |
|
|
|
|
|
|
| 14,557 |
|
Financials (11.2%): |
|
|
|
|
|
|
|
Ameriprise Financial, Inc. |
|
| 12,200 |
|
| 2,836 |
|
Bank of America Corp. |
|
| 165,800 |
|
| 6,415 |
|
Flagstar Bancorp, Inc. |
|
| 97,500 |
|
| 4,397 |
|
JPMorgan Chase & Co. |
|
| 57,900 |
|
| 8,814 |
|
Morgan Stanley |
|
| 63,800 |
|
| 4,955 |
|
Primerica, Inc. |
|
| 39,600 |
|
| 5,854 |
|
ServisFirst Bancshares, Inc. |
|
| 52,800 |
|
| 3,238 |
|
T. Rowe Price Group, Inc. |
|
| 25,200 |
|
| 4,324 |
|
Western Alliance Bancorp |
|
| 60,400 |
|
| 5,704 |
|
|
|
|
|
|
| 46,537 |
|
Health Care (11.8%): |
|
|
|
|
|
|
|
AbbVie, Inc. |
|
| 71,450 |
|
| 7,732 |
|
Bristol-Myers Squibb Co. |
|
| 40,000 |
|
| 2,526 |
|
Charles River Laboratories International, Inc. (a) |
|
| 18,800 |
|
| 5,449 |
|
Hologic, Inc. (a) |
|
| 52,600 |
|
| 3,912 |
|
ICON PLC (a) |
|
| 23,700 |
|
| 4,654 |
|
Insulet Corp. (a) |
|
| 8,500 |
|
| 2,218 |
|
Pfizer, Inc. |
|
| 47,100 |
|
| 1,706 |
|
Quest Diagnostics, Inc. |
|
| 30,000 |
|
| 3,850 |
|
Regeneron Pharmaceuticals, Inc. (a) |
|
| 10,700 |
|
| 5,063 |
|
Stryker Corp. |
|
| 18,700 |
|
| 4,555 |
|
Thermo Fisher Scientific, Inc. |
|
| 7,800 |
|
| 3,560 |
|
UnitedHealth Group, Inc. |
|
| 9,625 |
|
| 3,581 |
|
|
|
|
|
|
| 48,806 |
|
Industrials (11.9%): |
|
|
|
|
|
|
|
Builders FirstSource, Inc. (a) |
|
| 93,100 |
|
| 4,317 |
|
Chart Industries, Inc. (a) |
|
| 17,600 |
|
| 2,505 |
|
Kansas City Southern |
|
| 22,300 |
|
| 5,885 |
|
Marten Transport Ltd. |
|
| 218,400 |
|
| 3,706 |
|
Masco Corp. |
|
| 86,900 |
|
| 5,205 |
|
Masonite International Corp. (a) |
|
| 21,900 |
|
| 2,524 |
|
Old Dominion Freight Line, Inc. |
|
| 26,800 |
|
| 6,444 |
|
Patrick Industries, Inc. |
|
| 52,100 |
|
| 4,429 |
|
Trex Co., Inc. (a)(b) |
|
| 43,800 |
|
| 4,009 |
|
UFP Industries, Inc. |
|
| 74,900 |
|
| 5,680 |
|
XPO Logistics, Inc. (a)(b) |
|
| 40,800 |
|
| 5,031 |
|
|
|
|
|
|
| 49,735 |
|
IT Services (4.0%): |
|
|
|
|
|
|
|
Akamai Technologies, Inc. (a) |
|
| 45,000 |
|
| 4,586 |
|
EPAM Systems, Inc. (a) |
|
| 11,500 |
|
| 4,562 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Multi-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
|
| Shares |
|
|
| Value |
|
Fiserv, Inc. (a) |
|
| 40,400 |
|
| $ | 4,809 |
|
Visa, Inc., Class A |
|
| 12,900 |
|
|
| 2,731 |
|
|
|
|
|
|
|
| 16,688 |
|
Materials (4.3%): |
|
|
|
|
|
|
|
|
Avery Dennison Corp. |
|
| 22,800 |
|
|
| 4,187 |
|
Berry Global Group, Inc. (a) |
|
| 35,800 |
|
|
| 2,198 |
|
Dow, Inc. |
|
| 38,900 |
|
|
| 2,487 |
|
Silgan Holdings, Inc. |
|
| 51,700 |
|
|
| 2,173 |
|
Summit Materials, Inc., Class A (a) |
|
| 143,400 |
|
|
| 4,018 |
|
Valvoline, Inc. (b) |
|
| 96,200 |
|
|
| 2,508 |
|
|
|
|
|
|
|
| 17,571 |
|
Real Estate (1.1%): |
|
|
|
|
|
|
|
|
American Tower Corp. |
|
| 18,900 |
|
|
| 4,518 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (7.3%): |
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc. (a) |
|
| 78,400 |
|
|
| 6,154 |
|
Applied Materials, Inc. |
|
| 19,800 |
|
|
| 2,645 |
|
Broadcom, Inc. |
|
| 15,500 |
|
|
| 7,187 |
|
NVIDIA Corp. |
|
| 15,900 |
|
|
| 8,490 |
|
Qorvo, Inc. (a) |
|
| 32,300 |
|
|
| 5,901 |
|
|
|
|
|
|
|
| 30,377 |
|
Software (7.9%): |
|
|
|
|
|
|
|
|
Adobe, Inc. (a) |
|
| 4,000 |
|
|
| 1,901 |
|
Cadence Design Systems, Inc. (a) |
|
| 31,400 |
|
|
| 4,302 |
|
Microsoft Corp. |
|
| 95,660 |
|
|
| 22,555 |
|
ServiceNow, Inc. (a) |
|
| 7,900 |
|
|
| 3,951 |
|
|
|
|
|
|
|
| 32,709 |
|
Technology Hardware, Storage & Peripherals (4.7%): |
|
|
|
|
|
|
|
|
Apple, Inc. |
|
| 161,980 |
|
|
| 19,786 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $276,609) |
|
|
|
|
|
| 407,740 |
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (2.0%) |
|
|
|
|
|
|
|
|
iShares Russell 3000 ETF |
|
| 35,000 |
|
|
| 8,303 |
|
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds (Cost $7,930) |
|
|
|
|
|
| 8,303 |
|
Collateral for Securities Loaned^ (3.3%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.05% (c) |
|
| 284,108 |
|
|
| 284 |
|
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (c) |
|
| 7,316,424 |
|
|
| 7,316 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c) |
|
| 141,784 |
|
|
| 142 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued | |
Victory Munder Multi-Cap Fund |
| March 31, 2021 |
(Amounts in Thousands, Except for Shares) |
| (Unaudited) |
Security Description | Shares | Value | |||||
JPMorgan Prime Money Market Fund, Capital Shares, 0.10% (c) |
| 1,130,540 |
| $ | 1,131 |
| |
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c) |
|
| 5,083,128 |
|
| 5,083 |
|
Total Collateral for Securities Loaned (Cost $13,956) |
|
|
|
|
| 13,956 |
|
Total Investments (Cost $298,495) — 103.2% |
|
|
|
|
| 429,999 |
|
Liabilities in excess of other assets — (3.2)% |
|
|
|
|
| (13,254 | ) |
NET ASSETS - 100.00% |
|
|
|
| $ | 416,745 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Munder Mid-Cap Core Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.8%) | ||||||||
Communication Services (2.3%): | ||||||||
Live Nation Entertainment, Inc. (a)(b) | 79,344 | $ | 6,716 | |||||
Take-Two Interactive Software, Inc. (a) | 35,000 | 6,185 | ||||||
12,901 | ||||||||
Consumer Discretionary (15.8%): | ||||||||
AutoZone, Inc. (a) | 5,400 | 7,583 | ||||||
Chipotle Mexican Grill, Inc. (a) | 5,400 | 7,673 | ||||||
Choice Hotels International, Inc. | 36,100 | 3,873 | ||||||
D.R. Horton, Inc. | 109,800 | 9,786 | ||||||
Etsy, Inc. (a) | 18,800 | 3,791 | ||||||
Expedia Group, Inc. (a) | 43,900 | 7,556 | ||||||
Five Below, Inc. (a) | 24,600 | 4,693 | ||||||
Lear Corp. | 42,600 | 7,721 | ||||||
Lithia Motors, Inc., Class A | 19,400 | 7,568 | ||||||
Marriott Vacations Worldwide Corp. (a) | 35,821 | 6,239 | ||||||
NVR, Inc. (a) | 1,500 | 7,066 | ||||||
Penn National Gaming, Inc. (a)(b) | 63,100 | 6,615 | ||||||
Rent-A-Center, Inc. | 70,100 | 4,042 | ||||||
YETI Holdings, Inc. (a) | 69,900 | 5,047 | ||||||
89,253 | ||||||||
Consumer Staples (2.1%): | ||||||||
Darling Ingredients, Inc. (a) | 96,000 | 7,064 | ||||||
Monster Beverage Corp. (a) | 54,300 | 4,946 | ||||||
12,010 | ||||||||
Energy (1.3%): | ||||||||
Diamondback Energy, Inc. | 43,400 | 3,189 | ||||||
U.S. Silica Holdings, Inc. (a)(b) | 309,800 | 3,807 | ||||||
6,996 | ||||||||
Financials (8.9%): | ||||||||
Ally Financial, Inc. | 230,900 | 10,439 | ||||||
Brown & Brown, Inc. | 115,300 | 5,270 | ||||||
East West Bancorp, Inc. | 71,200 | 5,255 | ||||||
MarketAxess Holdings, Inc. | 8,800 | 4,382 | ||||||
MSCI, Inc. | 21,900 | 9,182 | ||||||
Radian Group, Inc. | 334,377 | 7,774 | ||||||
Synchrony Financial | 212,000 | 8,620 | ||||||
50,922 | ||||||||
Health Care (14.0%): | ||||||||
ABIOMED, Inc. (a) | 15,700 | 5,004 | ||||||
Agilent Technologies, Inc. | 60,593 | 7,704 | ||||||
BioCryst Pharmaceuticals, Inc. (a)(b) | 373,200 | 3,795 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Mid-Cap Core Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Bruker Corp. | 53,900 | $ | 3,465 | |||||
CRISPR Therapeutics AG (a) | 12,100 | 1,474 | ||||||
Dynavax Technologies Corp. (a)(b) | 267,100 | 2,626 | ||||||
Edwards Lifesciences Corp. (a) | 58,700 | 4,910 | ||||||
Horizon Therapeutics PLC (a) | 53,200 | 4,897 | ||||||
IDEXX Laboratories, Inc. (a) | 11,700 | 5,725 | ||||||
Insulet Corp. (a) | 24,500 | 6,393 | ||||||
IQVIA Holdings, Inc. (a) | 38,800 | 7,494 | ||||||
NanoString Technologies, Inc. (a) | 90,100 | 5,920 | ||||||
Teleflex, Inc. | 15,900 | 6,605 | ||||||
Veeva Systems, Inc., Class A (a) | 29,300 | 7,654 | ||||||
Zoetis, Inc. | 39,130 | 6,162 | ||||||
79,828 | ||||||||
Industrials (19.3%): | ||||||||
Advanced Drainage Systems, Inc. | 41,900 | 4,332 | ||||||
Chart Industries, Inc. (a) | 48,400 | 6,890 | ||||||
Clean Harbors, Inc. (a) | 61,100 | 5,136 | ||||||
Copa Holdings SA (a)(b) | 59,500 | 4,807 | ||||||
CSX Corp. | 68,200 | 6,576 | ||||||
Generac Holdings, Inc. (a) | 13,700 | 4,486 | ||||||
Jacobs Engineering Group, Inc. | 19,800 | 2,560 | ||||||
Kratos Defense & Security Solutions, Inc. (a) | 225,000 | 6,138 | ||||||
Old Dominion Freight Line, Inc. | 26,050 | 6,263 | ||||||
Oshkosh Corp. | 71,900 | 8,532 | ||||||
Owens Corning, Inc. | 92,000 | 8,472 | ||||||
Robert Half International, Inc. | 87,200 | 6,808 | ||||||
Southwest Airlines Co. (a) | 95,400 | 5,825 | ||||||
TFI International, Inc. | 39,200 | 2,931 | ||||||
The Middleby Corp. (a) | 43,500 | 7,210 | ||||||
Trane Technologies PLC | 59,000 | 9,768 | ||||||
Trex Co., Inc. (a)(b) | 67,600 | 6,188 | ||||||
WESCO International, Inc. (a) | 88,500 | 7,658 | ||||||
110,580 | ||||||||
Information Technology (20.4%): | ||||||||
Advanced Micro Devices, Inc. (a) | 129,800 | 10,189 | ||||||
Amphenol Corp., Class A | 113,620 | 7,496 | ||||||
Atlassian Corp. PLC, Class A (a)(b) | 11,800 | 2,487 | ||||||
CDW Corp. | 47,059 | 7,800 | ||||||
Concentrix Corp. (a) | 27,300 | 4,087 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 32,000 | 5,841 | ||||||
DocuSign, Inc. (a) | 10,400 | 2,105 | ||||||
EPAM Systems, Inc. (a) | 28,300 | 11,227 | ||||||
Fidelity National Information Services, Inc. | 22,944 | 3,226 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Mid-Cap Core Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Fiserv, Inc. (a) | 51,100 | $ | 6,083 | |||||
Global Payments, Inc. | 23,100 | 4,656 | ||||||
KLA Corp. | 24,700 | 8,161 | ||||||
Lumentum Holdings, Inc. (a) | 42,800 | 3,910 | ||||||
Microchip Technology, Inc. | 43,787 | 6,797 | ||||||
Monolithic Power Systems, Inc. | 12,600 | 4,450 | ||||||
ServiceNow, Inc. (a) | 11,000 | 5,501 | ||||||
SS&C Technologies Holdings, Inc. | 108,579 | 7,587 | ||||||
SYNNEX Corp. | 27,300 | 3,135 | ||||||
Synopsys, Inc. (a) | 33,300 | 8,252 | ||||||
Zendesk, Inc. (a) | 36,800 | 4,880 | ||||||
117,870 | ||||||||
Materials (7.9%): | ||||||||
Avery Dennison Corp. | 32,700 | 6,005 | ||||||
Cleveland-Cliffs, Inc. | 406,900 | 8,183 | ||||||
Franco-Nevada Corp. | 29,600 | 3,708 | ||||||
Freeport-McMoRan, Inc. (a) | 314,700 | 10,363 | ||||||
Louisiana-Pacific Corp. | 152,900 | 8,480 | ||||||
The Scotts Miracle-Gro Co. | 29,500 | 7,227 | ||||||
43,966 | ||||||||
Real Estate (4.4%): | ||||||||
Digital Realty Trust, Inc. | 54,346 | 7,655 | ||||||
SBA Communications Corp. | 24,803 | 6,884 | ||||||
Simon Property Group, Inc. | 43,100 | 4,903 | ||||||
Sun Communities, Inc. | 38,716 | 5,809 | ||||||
25,251 | ||||||||
Utilities (1.4%): | ||||||||
Atmos Energy Corp. | 29,400 | 2,906 | ||||||
Sempra Energy | 36,539 | 4,844 | ||||||
7,750 | ||||||||
Total Common Stocks (Cost $350,915) | 557,327 | |||||||
Exchange-Traded Funds (2.1%) | ||||||||
SPDR S&P MidCap 400 ETF | 25,400 | 12,092 | ||||||
Total Exchange-Traded Funds (Cost $11,415) | 12,092 | |||||||
Collateral for Securities Loaned^ (5.2%) | ||||||||
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) | 599,147 | 599 | ||||||
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c) | 15,433,276 | 15,433 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 299,079 | 299 | ||||||
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) | 2,384,763 | 2,385 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Mid-Cap Core Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 10,722,508 | $ | 10,723 | |||||
Total Collateral for Securities Loaned (Cost $29,439) | 29,439 | |||||||
Total Investments (Cost $391,769) — 105.1% | 598,858 | |||||||
Liabilities in excess of other assets — (5.1)% | (29,282 | ) | ||||||
NET ASSETS - 100.00% | $ | 569,576 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (98.5%) |
|
|
|
|
|
|
|
|
Communication Services (2.4%): |
|
|
|
|
|
|
|
|
Cinemark Holdings, Inc. (a)(b) |
|
| 55,696 |
|
| $ | 1,137 |
|
Liberty Media Group Corp.-Liberty Formula One, Class C (a) |
|
| 33,142 |
|
|
| 1,434 |
|
Lions Gate Entertainment Corp., Class B (a) |
|
| 87,409 |
|
|
| 1,128 |
|
Nexstar Media Group, Inc., Class A |
|
| 15,550 |
|
|
| 2,184 |
|
|
|
|
|
|
|
| 5,883 |
|
Consumer Discretionary (14.2%): |
|
|
|
|
|
|
|
|
Aptiv PLC (a) |
|
| 9,900 |
|
|
| 1,365 |
|
Aramark |
|
| 44,332 |
|
|
| 1,675 |
|
Best Buy Co., Inc. |
|
| 5,992 |
|
|
| 688 |
|
Brunswick Corp. |
|
| 21,065 |
|
|
| 2,009 |
|
Caesars Entertainment, Inc. (a) |
|
| 19,150 |
|
|
| 1,675 |
|
D.R. Horton, Inc. |
|
| 15,835 |
|
|
| 1,411 |
|
Darden Restaurants, Inc. |
|
| 17,276 |
|
|
| 2,452 |
|
Ford Motor Co. (a) |
|
| 172,100 |
|
|
| 2,108 |
|
Hilton Worldwide Holdings, Inc. (a) |
|
| 10,520 |
|
|
| 1,272 |
|
Kohl’s Corp. |
|
| 24,400 |
|
|
| 1,454 |
|
Mohawk Industries, Inc. (a) |
|
| 10,973 |
|
|
| 2,110 |
|
Newell Brands, Inc. |
|
| 60,740 |
|
|
| 1,627 |
|
Norwegian Cruise Line Holdings Ltd. (a)(b) |
|
| 74,681 |
|
|
| 2,060 |
|
Penske Automotive Group, Inc. |
|
| 19,800 |
|
|
| 1,589 |
|
Ralph Lauren Corp. (a) |
|
| 19,362 |
|
|
| 2,385 |
|
Tapestry, Inc. (a) |
|
| 42,700 |
|
|
| 1,760 |
|
The Gap, Inc. |
|
| 53,600 |
|
|
| 1,596 |
|
Travel + Leisure Co. |
|
| 38,384 |
|
|
| 2,348 |
|
VF Corp. |
|
| 21,200 |
|
|
| 1,694 |
|
Visteon Corp. (a) |
|
| 13,015 |
|
|
| 1,587 |
|
|
|
|
|
|
|
| 34,865 |
|
Consumer Staples (4.0%): |
|
|
|
|
|
|
|
|
Archer-Daniels-Midland Co. |
|
| 29,611 |
|
|
| 1,687 |
|
Coty, Inc., Class A (a)(b) |
|
| 198,907 |
|
|
| 1,792 |
|
Darling Ingredients, Inc. (a) |
|
| 20,259 |
|
|
| 1,491 |
|
Lamb Weston Holdings, Inc. |
|
| 16,055 |
|
|
| 1,244 |
|
Performance Food Group Co. (a) |
|
| 32,500 |
|
|
| 1,872 |
|
Tyson Foods, Inc., Class A |
|
| 22,700 |
|
|
| 1,687 |
|
|
|
|
|
|
|
| 9,773 |
|
Energy (4.7%): |
|
|
|
|
|
|
|
|
Devon Energy Corp. |
|
| 79,204 |
|
|
| 1,731 |
|
Diamondback Energy, Inc. |
|
| 24,585 |
|
|
| 1,807 |
|
EOG Resources, Inc. |
|
| 26,300 |
|
|
| 1,907 |
|
Halliburton Co. |
|
| 28,961 |
|
|
| 622 |
|
Hess Corp. |
|
| 26,950 |
|
|
| 1,907 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Pioneer Natural Resources Co. |
|
| 11,483 |
|
| $ | 1,824 |
|
Schlumberger Ltd. |
|
| 66,128 |
|
|
| 1,798 |
|
|
|
|
|
|
|
| 11,596 |
|
Financials (17.2%): |
|
|
|
|
|
|
|
|
Ally Financial, Inc. |
|
| 44,095 |
|
|
| 1,994 |
|
Arch Capital Group Ltd. (a) |
|
| 37,700 |
|
|
| 1,447 |
|
Arthur J. Gallagher & Co. |
|
| 21,121 |
|
|
| 2,634 |
|
Assurant, Inc. |
|
| 12,150 |
|
|
| 1,723 |
|
Capital One Financial Corp. |
|
| 16,577 |
|
|
| 2,109 |
|
Cincinnati Financial Corp. |
|
| 12,651 |
|
|
| 1,304 |
|
CIT Group, Inc. |
|
| 32,160 |
|
|
| 1,657 |
|
Comerica, Inc. |
|
| 29,376 |
|
|
| 2,107 |
|
Invesco Ltd. |
|
| 77,856 |
|
|
| 1,964 |
|
Lincoln National Corp. |
|
| 27,220 |
|
|
| 1,695 |
|
LPL Financial Holdings, Inc. |
|
| 17,553 |
|
|
| 2,495 |
|
M&T Bank Corp. |
|
| 17,000 |
|
|
| 2,577 |
|
Northern Trust Corp. |
|
| 22,849 |
|
|
| 2,402 |
|
Regions Financial Corp. |
|
| 120,000 |
|
|
| 2,479 |
|
Reinsurance Group of America, Inc. |
|
| 14,116 |
|
|
| 1,779 |
|
State Street Corp. |
|
| 23,503 |
|
|
| 1,974 |
|
Sterling Bancorp |
|
| 69,269 |
|
|
| 1,595 |
|
The Hartford Financial Services Group, Inc. |
|
| 28,476 |
|
|
| 1,902 |
|
Voya Financial, Inc. |
|
| 35,300 |
|
|
| 2,246 |
|
W.R. Berkley Corp. |
|
| 28,900 |
|
|
| 2,178 |
|
Western Alliance Bancorp |
|
| 19,612 |
|
|
| 1,852 |
|
|
|
|
|
|
|
| 42,113 |
|
Health Care (7.0%): |
|
|
|
|
|
|
|
|
Elanco Animal Health, Inc. (a) |
|
| 42,449 |
|
|
| 1,250 |
|
Encompass Health Corp. |
|
| 30,022 |
|
|
| 2,459 |
|
Hill-Rom Holdings, Inc. |
|
| 16,015 |
|
|
| 1,769 |
|
Jazz Pharmaceuticals PLC (a) |
|
| 7,200 |
|
|
| 1,183 |
|
Laboratory Corp. of America Holdings (a) |
|
| 13,207 |
|
|
| 3,368 |
|
McKesson Corp. |
|
| 9,471 |
|
|
| 1,847 |
|
Perrigo Co. PLC (b) |
|
| 34,100 |
|
|
| 1,381 |
|
Viatris, Inc. (a) |
|
| 89,400 |
|
|
| 1,249 |
|
Zimmer Biomet Holdings, Inc. |
|
| 15,796 |
|
|
| 2,529 |
|
|
|
|
|
|
|
| 17,035 |
|
Industrials (16.6%): |
|
|
|
|
|
|
|
|
Avis Budget Group, Inc. (a) |
|
| 11,395 |
|
|
| 827 |
|
Barnes Group, Inc. |
|
| 22,974 |
|
|
| 1,138 |
|
Carlisle Cos., Inc. |
|
| 10,156 |
|
|
| 1,671 |
|
Clean Harbors, Inc. (a) |
|
| 14,704 |
|
|
| 1,236 |
|
Colfax Corp. (a) |
|
| 48,000 |
|
|
| 2,103 |
|
Cummins, Inc. |
|
| 8,339 |
|
|
| 2,161 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Delta Air Lines, Inc. (a) |
|
| 31,300 |
|
| $ | 1,511 |
|
Howmet Aerospace, Inc. (a) |
|
| 59,100 |
|
|
| 1,899 |
|
ITT, Inc. |
|
| 21,591 |
|
|
| 1,963 |
|
Kansas City Southern |
|
| 6,725 |
|
|
| 1,775 |
|
Kirby Corp. (a) |
|
| 18,500 |
|
|
| 1,115 |
|
Landstar System, Inc. |
|
| 7,948 |
|
|
| 1,312 |
|
ManpowerGroup, Inc. |
|
| 19,335 |
|
|
| 1,912 |
|
nVent Electric PLC |
|
| 55,041 |
|
|
| 1,536 |
|
Old Dominion Freight Line, Inc. |
|
| 5,164 |
|
|
| 1,241 |
|
Oshkosh Corp. |
|
| 19,764 |
|
|
| 2,345 |
|
Parker-Hannifin Corp. |
|
| 7,851 |
|
|
| 2,476 |
|
Quanta Services, Inc. |
|
| 23,300 |
|
|
| 2,050 |
|
Republic Services, Inc. |
|
| 13,399 |
|
|
| 1,331 |
|
Rexnord Corp. |
|
| 32,354 |
|
|
| 1,524 |
|
Sensata Technologies Holding PLC (a) |
|
| 25,191 |
|
|
| 1,460 |
|
Southwest Airlines Co. (a) |
|
| 44,814 |
|
|
| 2,737 |
|
Trane Technologies PLC |
|
| 10,875 |
|
|
| 1,800 |
|
Westinghouse Air Brake Technologies Corp. |
|
| 22,535 |
|
|
| 1,784 |
|
|
|
|
|
|
|
| 40,907 |
|
Information Technology (9.7%): |
|
|
|
|
|
|
|
|
Arrow Electronics, Inc. (a) |
|
| 14,400 |
|
|
| 1,596 |
|
Ciena Corp. (a) |
|
| 30,088 |
|
|
| 1,646 |
|
Corning, Inc. |
|
| 44,930 |
|
|
| 1,955 |
|
DXC Technology Co. (a) |
|
| 62,224 |
|
|
| 1,945 |
|
Flex Ltd. (a) |
|
| 98,507 |
|
|
| 1,804 |
|
Hewlett Packard Enterprise Co. |
|
| 68,000 |
|
|
| 1,070 |
|
Jabil, Inc. |
|
| 46,104 |
|
|
| 2,405 |
|
Microchip Technology, Inc. |
|
| 11,100 |
|
|
| 1,723 |
|
MKS Instruments, Inc. |
|
| 8,040 |
|
|
| 1,491 |
|
NCR Corp. (a) |
|
| 39,000 |
|
|
| 1,480 |
|
ON Semiconductor Corp. (a) |
|
| 45,800 |
|
|
| 1,906 |
|
Skyworks Solutions, Inc. |
|
| 7,741 |
|
|
| 1,420 |
|
Vontier Corp. (a) |
|
| 48,411 |
|
|
| 1,465 |
|
Western Digital Corp. |
|
| 26,672 |
|
|
| 1,781 |
|
|
|
|
|
|
|
| 23,687 |
|
Materials (7.9%): |
|
|
|
|
|
|
|
|
Arconic Corp. (a) |
|
| 46,000 |
|
|
| 1,168 |
|
FMC Corp. |
|
| 19,620 |
|
|
| 2,170 |
|
Freeport-McMoRan, Inc. (a) |
|
| 77,478 |
|
|
| 2,552 |
|
Huntsman Corp. |
|
| 81,130 |
|
|
| 2,339 |
|
Martin Marietta Materials, Inc. |
|
| 3,800 |
|
|
| 1,276 |
|
PPG Industries, Inc. |
|
| 16,062 |
|
|
| 2,413 |
|
Reliance Steel & Aluminum Co. |
|
| 12,514 |
|
|
| 1,906 |
|
Steel Dynamics, Inc. |
|
| 32,890 |
|
|
| 1,669 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
The Mosaic Co. |
|
| 61,302 |
|
| $ | 1,938 |
|
Westlake Chemical Corp. |
|
| 22,040 |
|
|
| 1,957 |
|
|
|
|
|
|
|
| 19,388 |
|
Real Estate (8.2%): |
|
|
|
|
|
|
|
|
Americold Realty Trust |
|
| 35,250 |
|
|
| 1,356 |
|
Apartment Income REIT Corp. |
|
| 47,000 |
|
|
| 2,010 |
|
Duke Realty Corp. |
|
| 49,835 |
|
|
| 2,090 |
|
Essex Property Trust, Inc. |
|
| 7,380 |
|
|
| 2,006 |
|
Healthpeak Properties, Inc. |
|
| 65,809 |
|
|
| 2,089 |
|
Host Hotels & Resorts, Inc. (a) |
|
| 121,120 |
|
|
| 2,041 |
|
Medical Properties Trust, Inc. |
|
| 91,871 |
|
|
| 1,955 |
|
Realty Income Corp. |
|
| 26,646 |
|
|
| 1,692 |
|
STORE Capital Corp. |
|
| 43,948 |
|
|
| 1,472 |
|
Welltower, Inc. |
|
| 29,250 |
|
|
| 2,095 |
|
Weyerhaeuser Co. |
|
| 46,446 |
|
|
| 1,653 |
|
|
|
|
|
|
|
| 20,459 |
|
Utilities (6.6%): |
|
|
|
|
|
|
|
|
CenterPoint Energy, Inc. |
|
| 74,200 |
|
|
| 1,681 |
|
DTE Energy Co. |
|
| 18,200 |
|
|
| 2,423 |
|
Edison International |
|
| 23,100 |
|
|
| 1,354 |
|
Evergy, Inc. |
|
| 32,200 |
|
|
| 1,916 |
|
PG&E Corp. (a) |
|
| 86,000 |
|
|
| 1,007 |
|
Pinnacle West Capital Corp. |
|
| 14,463 |
|
|
| 1,177 |
|
PPL Corp. |
|
| 50,200 |
|
|
| 1,448 |
|
Spire, Inc. |
|
| 22,000 |
|
|
| 1,625 |
|
UGI Corp. |
|
| 35,736 |
|
|
| 1,466 |
|
Vistra Corp. |
|
| 61,005 |
|
|
| 1,079 |
|
Xcel Energy, Inc. |
|
| 13,755 |
|
|
| 916 |
|
|
|
|
|
|
|
| 16,092 |
|
Total Common Stocks (Cost $176,895) |
|
|
|
|
|
| 241,798 |
|
Collateral for Securities Loaned^ (1.6%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 82,191 |
|
|
| 82 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c) |
|
| 2,118,934 |
|
|
| 2,119 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 41,062 |
|
|
| 41 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 327,509 |
|
|
| 328 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 1,472,142 |
|
|
| 1,472 |
|
Total Collateral for Securities Loaned (Cost $4,042) |
|
|
|
|
|
| 4,042 |
|
Total Investments (Cost $180,937) — 100.1% |
|
|
|
|
|
| 245,840 |
|
Liabilities in excess of other assets — (0.1)% |
|
|
|
|
|
| (341 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 245,499 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (98.8%) |
|
|
|
|
|
|
|
|
Communication Services (2.9%): |
|
|
|
|
|
|
|
|
Cinemark Holdings, Inc. (a)(b) |
|
| 43,700 |
|
| $ | 892 |
|
Liberty Media Group Corp.-Liberty Formula One, Class C (a) |
|
| 26,740 |
|
|
| 1,158 |
|
Lions Gate Entertainment Corp., Class B (a) |
|
| 70,400 |
|
|
| 908 |
|
Nexstar Media Group, Inc., Class A |
|
| 11,030 |
|
|
| 1,549 |
|
TEGNA, Inc. |
|
| 49,504 |
|
|
| 932 |
|
|
|
|
|
|
|
| 5,439 |
|
Consumer Discretionary (14.7%): |
|
|
|
|
|
|
|
|
American Eagle Outfitters, Inc. |
|
| 49,650 |
|
|
| 1,452 |
|
Aramark |
|
| 33,250 |
|
|
| 1,256 |
|
Asbury Automotive Group, Inc. (a) |
|
| 4,793 |
|
|
| 942 |
|
Brunswick Corp. |
|
| 16,570 |
|
|
| 1,580 |
|
Caesars Entertainment, Inc. (a) |
|
| 13,128 |
|
|
| 1,148 |
|
Darden Restaurants, Inc. |
|
| 8,730 |
|
|
| 1,240 |
|
Jack in the Box, Inc. |
|
| 11,400 |
|
|
| 1,251 |
|
Kohl’s Corp. |
|
| 25,276 |
|
|
| 1,507 |
|
Kontoor Brands, Inc. |
|
| 15,325 |
|
|
| 744 |
|
Lear Corp. |
|
| 6,233 |
|
|
| 1,130 |
|
Mohawk Industries, Inc. (a) |
|
| 7,350 |
|
|
| 1,413 |
|
Newell Brands, Inc. |
|
| 55,400 |
|
|
| 1,484 |
|
Norwegian Cruise Line Holdings Ltd. (a)(b) |
|
| 52,400 |
|
|
| 1,446 |
|
PulteGroup, Inc. |
|
| 18,458 |
|
|
| 968 |
|
Ralph Lauren Corp. (a) |
|
| 12,595 |
|
|
| 1,552 |
|
Steven Madden Ltd. |
|
| 25,038 |
|
|
| 933 |
|
Tapestry, Inc. (a) |
|
| 29,810 |
|
|
| 1,228 |
|
Travel + Leisure Co. |
|
| 27,900 |
|
|
| 1,706 |
|
Tri Pointe Homes, Inc. (a) |
|
| 20,068 |
|
|
| 409 |
|
Visteon Corp. (a) |
|
| 9,910 |
|
|
| 1,208 |
|
Wolverine World Wide, Inc. |
|
| 37,300 |
|
|
| 1,429 |
|
WW International, Inc. (a) |
|
| 27,350 |
|
|
| 856 |
|
|
|
|
|
|
|
| 26,882 |
|
Consumer Staples (2.9%): |
|
|
|
|
|
|
|
|
Coty, Inc., Class A (a)(b) |
|
| 148,800 |
|
|
| 1,340 |
|
Edgewell Personal Care Co. |
|
| 18,272 |
|
|
| 724 |
|
Lamb Weston Holdings, Inc. |
|
| 15,950 |
|
|
| 1,236 |
|
Performance Food Group Co. (a) |
|
| 26,400 |
|
|
| 1,521 |
|
Sanderson Farms, Inc. |
|
| 4,425 |
|
|
| 689 |
|
|
|
|
|
|
|
| 5,510 |
|
Energy (4.6%): |
|
|
|
|
|
|
|
|
Cimarex Energy Co. |
|
| 22,588 |
|
|
| 1,342 |
|
Devon Energy Corp. |
|
| 61,200 |
|
|
| 1,337 |
|
Diamondback Energy, Inc. |
|
| 18,400 |
|
|
| 1,351 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Green Plains, Inc. (a) |
|
| 36,153 |
|
| $ | 979 |
|
Helix Energy Solutions Group, Inc. (a) |
|
| 189,700 |
|
|
| 958 |
|
PDC Energy, Inc. (a) |
|
| 44,850 |
|
|
| 1,542 |
|
Whiting Petroleum Corp. (a) |
|
| 27,927 |
|
|
| 990 |
|
|
|
|
|
|
|
| 8,499 |
|
Financials (21.7%): |
|
|
|
|
|
|
|
|
AGNC Investment Corp. |
|
| 85,300 |
|
|
| 1,429 |
|
Ally Financial, Inc. |
|
| 39,237 |
|
|
| 1,774 |
|
American Financial Group, Inc. |
|
| 6,255 |
|
|
| 714 |
|
Arch Capital Group Ltd. (a) |
|
| 16,454 |
|
|
| 631 |
|
Assurant, Inc. |
|
| 10,300 |
|
|
| 1,459 |
|
Assured Guaranty Ltd. |
|
| 20,958 |
|
|
| 886 |
|
Blackstone Mortgage Trust, Inc., Class A (b) |
|
| 25,893 |
|
|
| 803 |
|
CIT Group, Inc. |
|
| 24,904 |
|
|
| 1,283 |
|
Comerica, Inc. |
|
| 25,300 |
|
|
| 1,815 |
|
Discover Financial Services |
|
| 16,557 |
|
|
| 1,573 |
|
East West Bancorp, Inc. |
|
| 29,650 |
|
|
| 2,188 |
|
Hancock Whitney Corp. |
|
| 48,150 |
|
|
| 2,023 |
|
Invesco Ltd. |
|
| 52,610 |
|
|
| 1,327 |
|
Investors Bancorp, Inc. |
|
| 80,400 |
|
|
| 1,181 |
|
Kinsale Capital Group, Inc. |
|
| 4,407 |
|
|
| 726 |
|
Lincoln National Corp. |
|
| 11,974 |
|
|
| 746 |
|
LPL Financial Holdings, Inc. |
|
| 12,200 |
|
|
| 1,735 |
|
MGIC Investment Corp. |
|
| 91,600 |
|
|
| 1,269 |
|
PacWest Bancorp |
|
| 50,276 |
|
|
| 1,918 |
|
People’s United Financial, Inc. |
|
| 78,100 |
|
|
| 1,398 |
|
Primerica, Inc. |
|
| 8,177 |
|
|
| 1,209 |
|
Reinsurance Group of America, Inc. |
|
| 8,359 |
|
|
| 1,054 |
|
Sterling Bancorp |
|
| 71,700 |
|
|
| 1,651 |
|
Stifel Financial Corp. |
|
| 23,235 |
|
|
| 1,488 |
|
Synovus Financial Corp. |
|
| 35,900 |
|
|
| 1,642 |
|
The Hanover Insurance Group, Inc. |
|
| 9,100 |
|
|
| 1,178 |
|
Voya Financial, Inc. |
|
| 23,800 |
|
|
| 1,515 |
|
WesBanco, Inc. |
|
| 33,400 |
|
|
| 1,204 |
|
Western Alliance Bancorp |
|
| 23,152 |
|
|
| 2,186 |
|
|
|
|
|
|
|
| 40,005 |
|
Health Care (3.3%): |
|
|
|
|
|
|
|
|
Encompass Health Corp. |
|
| 19,545 |
|
|
| 1,601 |
|
Hill-Rom Holdings, Inc. |
|
| 12,000 |
|
|
| 1,326 |
|
Jazz Pharmaceuticals PLC (a) |
|
| 6,400 |
|
|
| 1,052 |
|
Perrigo Co. PLC |
|
| 18,451 |
|
|
| 747 |
|
Select Medical Holdings Corp. (a) |
|
| 40,700 |
|
|
| 1,388 |
|
|
|
|
|
|
|
| 6,114 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Industrials (20.2%): |
|
|
|
|
|
|
|
|
Alaska Air Group, Inc. (a) |
|
| 11,889 |
|
| $ | 823 |
|
Atkore, Inc. (a) |
|
| 18,024 |
|
|
| 1,296 |
|
Avis Budget Group, Inc. (a) |
|
| 8,687 |
|
|
| 630 |
|
Barnes Group, Inc. |
|
| 19,020 |
|
|
| 942 |
|
Beacon Roofing Supply, Inc. (a) |
|
| 27,500 |
|
|
| 1,439 |
|
Carlisle Cos., Inc. |
|
| 8,180 |
|
|
| 1,346 |
|
Clean Harbors, Inc. (a) |
|
| 13,954 |
|
|
| 1,173 |
|
Crane Co. |
|
| 12,050 |
|
|
| 1,132 |
|
EMCOR Group, Inc. |
|
| 16,050 |
|
|
| 1,800 |
|
EnPro Industries, Inc. |
|
| 11,406 |
|
|
| 973 |
|
Flowserve Corp. |
|
| 24,250 |
|
|
| 941 |
|
Fluor Corp. (a) |
|
| 40,859 |
|
|
| 943 |
|
Howmet Aerospace, Inc. (a) |
|
| 50,300 |
|
|
| 1,616 |
|
ITT, Inc. |
|
| 16,900 |
|
|
| 1,535 |
|
Kirby Corp. (a) |
|
| 18,900 |
|
|
| 1,139 |
|
Korn Ferry |
|
| 23,550 |
|
|
| 1,469 |
|
Landstar System, Inc. |
|
| 5,990 |
|
|
| 989 |
|
ManpowerGroup, Inc. |
|
| 11,600 |
|
|
| 1,147 |
|
Meritor, Inc. (a) |
|
| 38,750 |
|
|
| 1,140 |
|
MRC Global, Inc. (a) |
|
| 92,142 |
|
|
| 832 |
|
nVent Electric PLC |
|
| 38,708 |
|
|
| 1,080 |
|
Oshkosh Corp. |
|
| 11,881 |
|
|
| 1,410 |
|
Parsons Corp. (a) |
|
| 23,854 |
|
|
| 965 |
|
Quanta Services, Inc. |
|
| 11,650 |
|
|
| 1,025 |
|
Rexnord Corp. |
|
| 24,625 |
|
|
| 1,160 |
|
Ryder System, Inc. |
|
| 16,600 |
|
|
| 1,256 |
|
Saia, Inc. (a) |
|
| 5,970 |
|
|
| 1,376 |
|
Sensata Technologies Holding PLC (a) |
|
| 19,707 |
|
|
| 1,142 |
|
SkyWest, Inc. (a) |
|
| 23,730 |
|
|
| 1,293 |
|
Steelcase, Inc., Class A |
|
| 59,178 |
|
|
| 852 |
|
Trinity Industries, Inc. |
|
| 26,900 |
|
|
| 766 |
|
Tutor Perini Corp. (a) |
|
| 31,065 |
|
|
| 589 |
|
Westinghouse Air Brake Technologies Corp. |
|
| 14,350 |
|
|
| 1,136 |
|
|
|
|
|
|
|
| 37,355 |
|
Information Technology (9.0%): |
|
|
|
|
|
|
|
|
Arrow Electronics, Inc. (a) |
|
| 11,155 |
|
|
| 1,236 |
|
Belden, Inc. |
|
| 24,115 |
|
|
| 1,070 |
|
Ciena Corp. (a) |
|
| 14,134 |
|
|
| 773 |
|
Cognyte Software Ltd. (a) |
|
| 24,000 |
|
|
| 667 |
|
Conduent, Inc. (a) |
|
| 140,383 |
|
|
| 935 |
|
Diodes, Inc. (a) |
|
| 9,327 |
|
|
| 745 |
|
Euronet Worldwide, Inc. (a) |
|
| 8,109 |
|
|
| 1,121 |
|
Flex Ltd. (a) |
|
| 66,130 |
|
|
| 1,211 |
|
Infinera Corp. (a)(b) |
|
| 91,000 |
|
|
| 877 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Jabil, Inc. |
|
| 24,537 |
|
| $ | 1,280 |
|
MKS Instruments, Inc. |
|
| 5,940 |
|
|
| 1,101 |
|
NCR Corp. (a) |
|
| 26,500 |
|
|
| 1,006 |
|
ON Semiconductor Corp. (a) |
|
| 39,000 |
|
|
| 1,623 |
|
Verint Systems, Inc. (a) |
|
| 20,160 |
|
|
| 917 |
|
Vishay Intertechnology, Inc. |
|
| 38,800 |
|
|
| 934 |
|
Vontier Corp. (a) |
|
| 35,600 |
|
|
| 1,078 |
|
|
|
|
|
|
|
| 16,574 |
|
Materials (8.2%): |
|
|
|
|
|
|
|
|
Alcoa Corp. (a) |
|
| 55,044 |
|
|
| 1,789 |
|
Allegheny Technologies, Inc. (a) |
|
| 53,864 |
|
|
| 1,134 |
|
Arconic Corp. (a) |
|
| 31,600 |
|
|
| 802 |
|
Boise Cascade Co. |
|
| 12,697 |
|
|
| 760 |
|
Carpenter Technology Corp. |
|
| 24,680 |
|
|
| 1,016 |
|
Huntsman Corp. |
|
| 45,000 |
|
|
| 1,297 |
|
Kraton Corp. (a) |
|
| 23,351 |
|
|
| 854 |
|
Olin Corp. |
|
| 39,025 |
|
|
| 1,482 |
|
Orion Engineered Carbons SA (a) |
|
| 59,610 |
|
|
| 1,176 |
|
Steel Dynamics, Inc. |
|
| 21,550 |
|
|
| 1,094 |
|
Summit Materials, Inc., Class A (a) |
|
| 31,016 |
|
|
| 869 |
|
The Mosaic Co. |
|
| 41,600 |
|
|
| 1,315 |
|
Westlake Chemical Corp. |
|
| 16,050 |
|
|
| 1,425 |
|
|
|
|
|
|
|
| 15,013 |
|
Real Estate (8.3%): |
|
|
|
|
|
|
|
|
Americold Realty Trust |
|
| 31,400 |
|
|
| 1,208 |
|
Apartment Income REIT Corp. |
|
| 35,300 |
|
|
| 1,509 |
|
DiamondRock Hospitality Co. (a) |
|
| 129,600 |
|
|
| 1,335 |
|
EPR Properties |
|
| 13,219 |
|
|
| 616 |
|
First Industrial Realty Trust, Inc. |
|
| 23,700 |
|
|
| 1,085 |
|
Gaming and Leisure Properties, Inc. |
|
| 30,500 |
|
|
| 1,294 |
|
Highwoods Properties, Inc. |
|
| 39,400 |
|
|
| 1,692 |
|
Mack Cali Realty Corp. |
|
| 47,245 |
|
|
| 731 |
|
Medical Properties Trust, Inc. |
|
| 68,700 |
|
|
| 1,462 |
|
SITE Centers Corp. |
|
| 115,880 |
|
|
| 1,571 |
|
STORE Capital Corp. |
|
| 35,400 |
|
|
| 1,186 |
|
VICI Properties, Inc. (b) |
|
| 51,100 |
|
|
| 1,443 |
|
|
|
|
|
|
|
| 15,132 |
|
Utilities (3.0%): |
|
|
|
|
|
|
|
|
ALLETE, Inc. |
|
| 11,038 |
|
|
| 742 |
|
Black Hills Corp. |
|
| 13,962 |
|
|
| 932 |
|
PG&E Corp. (a) |
|
| 60,688 |
|
|
| 711 |
|
Pinnacle West Capital Corp. |
|
| 11,610 |
|
|
| 944 |
|
Spire, Inc. |
|
| 8,764 |
|
|
| 648 |
|
UGI Corp. |
|
| 26,750 |
|
|
| 1,097 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small/Mid-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Vistra Corp. |
|
| 31,104 |
|
| $ | 551 |
|
|
|
|
|
|
|
| 5,625 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $128,303) |
|
|
|
|
|
| 182,148 |
|
Collateral for Securities Loaned^ (2.9%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class,0.05% (c) |
|
| 109,295 |
|
|
| 109 |
|
Fidelity Investments Money Market Government Portfolio, Class I,0.01% (c) |
|
| 2,814,599 |
|
|
| 2,815 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 54,544 |
|
|
| 55 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 434,914 |
|
|
| 435 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 1,955,459 |
|
|
| 1,955 |
|
Total Collateral for Securities Loaned (Cost $5,369) |
|
|
|
|
|
| 5,369 |
|
Total Investments (Cost $133,672) — 101.7% |
|
|
|
|
|
| 187,517 |
|
Liabilities in excess of other assets — (1.7)% |
|
|
|
|
|
| (3,112 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 184,405 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Small-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.8%) |
|
|
|
|
|
|
|
|
Communication Services (2.4%): |
|
|
|
|
|
|
|
|
Cinemark Holdings, Inc. (a)(b) |
|
| 484,000 |
|
| $ | 9,879 |
|
Gray Television, Inc. |
|
| 575,000 |
|
|
| 10,580 |
|
Lions Gate Entertainment Corp., Class B (a) |
|
| 692,000 |
|
|
| 8,927 |
|
TEGNA, Inc. |
|
| 474,000 |
|
|
| 8,925 |
|
The Marcus Corp. (a)(b) |
|
| 436,286 |
|
|
| 8,721 |
|
|
|
|
|
|
|
| 47,032 |
|
Consumer Discretionary (14.7%): |
|
|
|
|
|
|
|
|
American Eagle Outfitters, Inc. |
|
| 559,500 |
|
|
| 16,361 |
|
Asbury Automotive Group, Inc. (a) |
|
| 69,100 |
|
|
| 13,578 |
|
Bloomin’ Brands, Inc. (a) |
|
| 600,000 |
|
|
| 16,230 |
|
Brinker International, Inc. (a) |
|
| 140,100 |
|
|
| 9,956 |
|
Brunswick Corp. |
|
| 126,000 |
|
|
| 12,017 |
|
Caesars Entertainment, Inc. (a) |
|
| 171,000 |
|
|
| 14,954 |
|
Century Communities, Inc. (a) |
|
| 120,800 |
|
|
| 7,287 |
|
Cooper Tire & Rubber Co. |
|
| 178,800 |
|
|
| 10,009 |
|
Dana, Inc. |
|
| 430,000 |
|
|
| 10,462 |
|
G-III Apparel Group Ltd. (a) |
|
| 321,000 |
|
|
| 9,675 |
|
Guess?, Inc. (b) |
|
| 386,000 |
|
|
| 9,071 |
|
Jack in the Box, Inc. |
|
| 145,500 |
|
|
| 15,973 |
|
Kohl’s Corp. |
|
| 194,400 |
|
|
| 11,588 |
|
Kontoor Brands, Inc. |
|
| 209,000 |
|
|
| 10,143 |
|
Macy’s, Inc. (a)(b) |
|
| 413,700 |
|
|
| 6,698 |
|
Marriott Vacations Worldwide Corp. (a) |
|
| 101,300 |
|
|
| 17,644 |
|
Norwegian Cruise Line Holdings Ltd. (a)(b) |
|
| 373,900 |
|
|
| 10,316 |
|
Shoe Carnival, Inc. (b) |
|
| 108,200 |
|
|
| 6,695 |
|
Steven Madden Ltd. |
|
| 332,250 |
|
|
| 12,380 |
|
Tapestry, Inc. (a) |
|
| 250,000 |
|
|
| 10,303 |
|
The Cheesecake Factory, Inc. (a)(b) |
|
| 177,200 |
|
|
| 10,368 |
|
The ODP Corp. (a) |
|
| 143,900 |
|
|
| 6,229 |
|
Tri Pointe Homes, Inc. (a) |
|
| 542,000 |
|
|
| 11,035 |
|
Visteon Corp. (a) |
|
| 81,500 |
|
|
| 9,939 |
|
Wolverine World Wide, Inc. |
|
| 394,000 |
|
|
| 15,097 |
|
WW International, Inc. (a) |
|
| 312,000 |
|
|
| 9,759 |
|
|
|
|
|
|
|
| 293,767 |
|
Consumer Staples (2.9%): |
|
|
|
|
|
|
|
|
Coty, Inc., Class A (a) |
|
| 1,557,900 |
|
|
| 14,036 |
|
Edgewell Personal Care Co. |
|
| 243,200 |
|
|
| 9,631 |
|
Performance Food Group Co. (a) |
|
| 305,500 |
|
|
| 17,600 |
|
Sanderson Farms, Inc. |
|
| 34,100 |
|
|
| 5,312 |
|
The Simply Good Foods Co. (a) |
|
| 360,000 |
|
|
| 10,951 |
|
|
|
|
|
|
|
| 57,530 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Energy (5.7%): |
|
|
|
|
|
|
|
|
Antero Resources Corp. (a)(b) |
|
| 1,047,000 |
|
| $ | 10,679 |
|
Comstock Resources, Inc. (a)(b) |
|
| 1,875,000 |
|
|
| 10,388 |
|
Delek U.S. Holdings, Inc. |
|
| 457,700 |
|
|
| 9,969 |
|
Green Plains, Inc. (a)(b) |
|
| 595,100 |
|
|
| 16,109 |
|
Ovintiv, Inc. (b) |
|
| 658,000 |
|
|
| 15,674 |
|
PDC Energy, Inc. (a) |
|
| 583,900 |
|
|
| 20,086 |
|
ProPetro Holding Corp. (a) |
|
| 1,359,200 |
|
|
| 14,489 |
|
Whiting Petroleum Corp. (a) |
|
| 460,000 |
|
|
| 16,307 |
|
|
|
|
|
|
|
| 113,701 |
|
Financials (23.8%): |
|
|
|
|
|
|
|
|
Ameris Bancorp |
|
| 367,000 |
|
|
| 19,271 |
|
Assured Guaranty Ltd. |
|
| 202,300 |
|
|
| 8,553 |
|
Banc of California, Inc. |
|
| 480,000 |
|
|
| 8,678 |
|
BancorpSouth Bank |
|
| 460,000 |
|
|
| 14,941 |
|
Banner Corp. |
|
| 256,500 |
|
|
| 13,679 |
|
Blackstone Mortgage Trust, Inc., Class A (b) |
|
| 403,000 |
|
|
| 12,494 |
|
Cathay General Bancorp |
|
| 374,000 |
|
|
| 15,252 |
|
CIT Group, Inc. |
|
| 315,300 |
|
|
| 16,241 |
|
CNO Financial Group, Inc. |
|
| 373,500 |
|
|
| 9,072 |
|
First Bancorp/Southern Pines NC |
|
| 162,500 |
|
|
| 7,069 |
|
First Merchants Corp. |
|
| 353,000 |
|
|
| 16,415 |
|
First Midwest Bancorp, Inc. |
|
| 742,200 |
|
|
| 16,262 |
|
Hancock Whitney Corp. |
|
| 495,500 |
|
|
| 20,815 |
|
Heritage Financial Corp. |
|
| 265,000 |
|
|
| 7,484 |
|
Horace Mann Educators Corp. |
|
| 201,000 |
|
|
| 8,685 |
|
Invesco Ltd. |
|
| 543,500 |
|
|
| 13,707 |
|
Investors Bancorp, Inc. |
|
| 1,032,000 |
|
|
| 15,160 |
|
James River Group Holdings Ltd. |
|
| 165,000 |
|
|
| 7,527 |
|
Kinsale Capital Group, Inc. |
|
| 48,500 |
|
|
| 7,993 |
|
Ladder Capital Corp. |
|
| 948,000 |
|
|
| 11,186 |
|
MGIC Investment Corp. |
|
| 1,071,000 |
|
|
| 14,833 |
|
PacWest Bancorp |
|
| 525,500 |
|
|
| 20,047 |
|
People’s United Financial, Inc. |
|
| 718,000 |
|
|
| 12,852 |
|
Piper Sandler Cos. |
|
| 102,000 |
|
|
| 11,184 |
|
Primerica, Inc. |
|
| 59,400 |
|
|
| 8,781 |
|
ProAssurance Corp. |
|
| 370,800 |
|
|
| 9,923 |
|
Renasant Corp. (b) |
|
| 341,000 |
|
|
| 14,111 |
|
RLI Corp. |
|
| 99,000 |
|
|
| 11,045 |
|
Starwood Property Trust, Inc. |
|
| 337,000 |
|
|
| 8,337 |
|
Sterling Bancorp |
|
| 670,000 |
|
|
| 15,423 |
|
Stifel Financial Corp. |
|
| 330,500 |
|
|
| 21,172 |
|
Synovus Financial Corp. |
|
| 318,700 |
|
|
| 14,581 |
|
United Community Banks, Inc. |
|
| 482,000 |
|
|
| 16,446 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Veritex Holdings, Inc. |
|
| 450,000 |
|
| $ | 14,724 |
|
WesBanco, Inc. |
|
| 377,700 |
|
|
| 13,620 |
|
Western Alliance Bancorp |
|
| 201,000 |
|
|
| 18,982 |
|
|
|
|
|
|
|
| 476,545 |
|
Health Care (2.5%): |
|
|
|
|
|
|
|
|
CONMED Corp. (b) |
|
| 78,700 |
|
|
| 10,277 |
|
Patterson Cos., Inc. |
|
| 318,500 |
|
|
| 10,176 |
|
Select Medical Holdings Corp. (a) |
|
| 424,000 |
|
|
| 14,458 |
|
Supernus Pharmaceuticals, Inc. (a) |
|
| 222,000 |
|
|
| 5,812 |
|
Tenet Healthcare Corp. (a) |
|
| 167,500 |
|
|
| 8,710 |
|
|
|
|
|
|
|
| 49,433 |
|
Industrials (21.3%): |
|
|
|
|
|
|
|
|
AAR Corp. (a) |
|
| 394,000 |
|
|
| 16,410 |
|
Atkore, Inc. (a) |
|
| 199,200 |
|
|
| 14,323 |
|
Avis Budget Group, Inc. (a)(b) |
|
| 127,500 |
|
|
| 9,249 |
|
AZZ, Inc. |
|
| 227,000 |
|
|
| 11,429 |
|
Barnes Group, Inc. |
|
| 247,000 |
|
|
| 12,236 |
|
Beacon Roofing Supply, Inc. (a) |
|
| 307,000 |
|
|
| 16,063 |
|
Builders FirstSource, Inc. (a) |
|
| 210,300 |
|
|
| 9,752 |
|
Clean Harbors, Inc. (a) |
|
| 146,000 |
|
|
| 12,272 |
|
Crane Co. |
|
| 132,850 |
|
|
| 12,476 |
|
Ducommun, Inc. (a) |
|
| 114,000 |
|
|
| 6,840 |
|
EMCOR Group, Inc. |
|
| 165,500 |
|
|
| 18,562 |
|
EnPro Industries, Inc. |
|
| 119,700 |
|
|
| 10,207 |
|
Fluor Corp. (a) |
|
| 441,000 |
|
|
| 10,183 |
|
Hub Group, Inc., Class A (a) |
|
| 144,000 |
|
|
| 9,688 |
|
Kirby Corp. (a) |
|
| 172,650 |
|
|
| 10,407 |
|
Korn Ferry |
|
| 298,500 |
|
|
| 18,617 |
|
Landstar System, Inc. |
|
| 65,000 |
|
|
| 10,729 |
|
ManpowerGroup, Inc. |
|
| 82,100 |
|
|
| 8,120 |
|
Meritor, Inc. (a) |
|
| 415,200 |
|
|
| 12,215 |
|
MRC Global, Inc. (a) |
|
| 1,147,000 |
|
|
| 10,357 |
|
NOW, Inc. (a) |
|
| 1,060,000 |
|
|
| 10,695 |
|
nVent Electric PLC |
|
| 377,000 |
|
|
| 10,522 |
|
Parsons Corp. (a)(b) |
|
| 259,600 |
|
|
| 10,498 |
|
Rexnord Corp. |
|
| 363,000 |
|
|
| 17,094 |
|
Ryder System, Inc. |
|
| 160,000 |
|
|
| 12,104 |
|
Saia, Inc. (a) |
|
| 62,300 |
|
|
| 14,365 |
|
SkyWest, Inc. (a) |
|
| 200,000 |
|
|
| 10,896 |
|
Spirit Airlines, Inc. (a)(b) |
|
| 353,900 |
|
|
| 13,059 |
|
Steelcase, Inc., Class A |
|
| 717,700 |
|
|
| 10,328 |
|
Terex Corp. |
|
| 415,000 |
|
|
| 19,119 |
|
Trinity Industries, Inc. (b) |
|
| 300,000 |
|
|
| 8,547 |
|
Triumph Group, Inc. (a) |
|
| 574,700 |
|
|
| 10,563 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
TrueBlue, Inc. (a) |
|
| 280,000 |
|
| $ | 6,166 |
|
Tutor Perini Corp. (a) |
|
| 428,000 |
|
|
| 8,111 |
|
Wabash National Corp. |
|
| 506,000 |
|
|
| 9,513 |
|
WESCO International, Inc. (a) |
|
| 135,300 |
|
|
| 11,708 |
|
|
|
|
|
|
|
| 423,423 |
|
Information Technology (7.7%): |
|
|
|
|
|
|
|
|
ADTRAN, Inc. |
|
| 420,400 |
|
|
| 7,012 |
|
Belden, Inc. |
|
| 280,700 |
|
|
| 12,455 |
|
Cognyte Software Ltd. (a) |
|
| 260,300 |
|
|
| 7,239 |
|
Cohu, Inc. (a) |
|
| 355,500 |
|
|
| 14,874 |
|
Conduent, Inc. (a) |
|
| 1,670,000 |
|
|
| 11,122 |
|
CTS Corp. |
|
| 308,000 |
|
|
| 9,566 |
|
Diebold Nixdorf, Inc. (a) |
|
| 780,000 |
|
|
| 11,021 |
|
Diodes, Inc. (a) |
|
| 131,300 |
|
|
| 10,483 |
|
Infinera Corp. (a)(b) |
|
| 1,170,000 |
|
|
| 11,267 |
|
KBR, Inc. |
|
| 326,500 |
|
|
| 12,535 |
|
NeoPhotonics Corp. (a) |
|
| 454,200 |
|
|
| 5,428 |
|
Plexus Corp. (a) |
|
| 90,900 |
|
|
| 8,348 |
|
TTM Technologies, Inc. (a) |
|
| 683,009 |
|
|
| 9,904 |
|
Verint Systems, Inc. (a) |
|
| 207,200 |
|
|
| 9,426 |
|
Vishay Intertechnology, Inc. |
|
| 454,000 |
|
|
| 10,932 |
|
|
|
|
|
|
|
| 151,612 |
|
Materials (8.0%): |
|
|
|
|
|
|
|
|
Alcoa Corp. (a) |
|
| 600,100 |
|
|
| 19,497 |
|
Allegheny Technologies, Inc. (a) |
|
| 591,000 |
|
|
| 12,446 |
|
Arconic Corp. (a) |
|
| 345,600 |
|
|
| 8,775 |
|
Avient Corp. |
|
| 346,000 |
|
|
| 16,355 |
|
Boise Cascade Co. |
|
| 147,500 |
|
|
| 8,825 |
|
Carpenter Technology Corp. |
|
| 255,400 |
|
|
| 10,510 |
|
Cleveland-Cliffs, Inc. |
|
| 1,042,000 |
|
|
| 20,955 |
|
Kraton Corp. (a) |
|
| 332,000 |
|
|
| 12,148 |
|
Olin Corp. |
|
| 395,000 |
|
|
| 14,998 |
|
Orion Engineered Carbons SA (a) |
|
| 662,000 |
|
|
| 13,055 |
|
Summit Materials, Inc., Class A (a) |
|
| 333,300 |
|
|
| 9,339 |
|
Tronox Holdings PLC, Class A |
|
| 592,000 |
|
|
| 10,834 |
|
|
|
|
|
|
|
| 157,737 |
|
Real Estate (7.3%): |
|
|
|
|
|
|
|
|
Alexander & Baldwin, Inc. |
|
| 640,000 |
|
|
| 10,746 |
|
CareTrust REIT, Inc. |
|
| 415,000 |
|
|
| 9,663 |
|
City Office REIT, Inc. |
|
| 600,000 |
|
|
| 6,372 |
|
DiamondRock Hospitality Co. (a) |
|
| 1,419,000 |
|
|
| 14,616 |
|
Essential Properties Realty Trust, Inc. |
|
| 608,000 |
|
|
| 13,881 |
|
Lexington Realty Trust |
|
| 1,395,000 |
|
|
| 15,498 |
|
Mack Cali Realty Corp. |
|
| 678,000 |
|
|
| 10,495 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Small-Cap Value Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Physicians Realty Trust |
|
| 616,200 |
|
| $ | 10,888 |
|
SITE Centers Corp. |
|
| 1,250,000 |
|
|
| 16,950 |
|
STAG Industrial, Inc. |
|
| 551,200 |
|
|
| 18,527 |
|
Summit Hotel Properties, Inc. (a) |
|
| 958,000 |
|
|
| 9,733 |
|
Sunstone Hotel Investors, Inc. (a) |
|
| 742,000 |
|
|
| 9,245 |
|
|
|
|
|
|
|
| 146,614 |
|
Utilities (3.5%): |
|
|
|
|
|
|
|
|
ALLETE, Inc. |
|
| 192,000 |
|
|
| 12,901 |
|
Black Hills Corp. |
|
| 194,800 |
|
|
| 13,007 |
|
New Jersey Resources Corp. |
|
| 249,500 |
|
|
| 9,947 |
|
NorthWestern Corp. |
|
| 170,200 |
|
|
| 11,097 |
|
ONE Gas, Inc. |
|
| 88,300 |
|
|
| 6,791 |
|
Portland General Electric Co. |
|
| 154,000 |
|
|
| 7,310 |
|
Spire, Inc. |
|
| 127,900 |
|
|
| 9,452 |
|
|
|
|
|
|
|
| 70,505 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $1,297,377) |
|
|
|
|
|
| 1,987,899 |
|
Collateral for Securities Loaned^ (4.6%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 1,873,121 |
|
|
| 1,873 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c) |
|
| 48,237,154 |
|
|
| 48,237 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 934,780 |
|
|
| 935 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 7,453,645 |
|
|
| 7,454 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 33,513,042 |
|
|
| 33,513 |
|
Total Collateral for Securities Loaned (Cost $92,012) |
|
|
|
|
|
| 92,012 |
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $1,389,389) — 104.4% |
|
|
|
|
|
| 2,079,911 |
|
Liabilities in excess of other assets — (4.4)% |
|
|
|
|
|
| (88,343 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 1,991,568 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Integrity Discovery Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.1%) |
|
|
|
|
|
|
|
|
Banks (22.3%): |
|
|
|
|
|
|
|
|
Altabancorp (a) |
|
| 10,000 |
|
| $ | 420 |
|
Atlantic Capital Bancshares, Inc. (b) |
|
| 42,600 |
|
|
| 1,028 |
|
Central Pacific Financial Corp. |
|
| 22,200 |
|
|
| 592 |
|
Civista Bancshares, Inc. |
|
| 31,400 |
|
|
| 720 |
|
ConnectOne Bancorp, Inc. |
|
| 33,700 |
|
|
| 854 |
|
Dime Community Bancshares, Inc. |
|
| 20,700 |
|
|
| 624 |
|
Equity Bancshares, Inc., Class A (b) |
|
| 24,600 |
|
|
| 674 |
|
Financial Institutions, Inc. |
|
| 26,240 |
|
|
| 795 |
|
First Bank/Hamilton NJ |
|
| 25,400 |
|
|
| 309 |
|
First Foundation, Inc. |
|
| 23,500 |
|
|
| 551 |
|
First Internet Bancorp |
|
| 14,400 |
|
|
| 507 |
|
First Mid Bancshares, Inc. |
|
| 19,700 |
|
|
| 865 |
|
FVCBankcorp, Inc. (a)(b) |
|
| 20,286 |
|
|
| 351 |
|
German American Bancorp, Inc. |
|
| 15,700 |
|
|
| 726 |
|
HarborOne Bancorp, Inc. |
|
| 50,500 |
|
|
| 680 |
|
Heritage Commerce Corp. |
|
| 76,900 |
|
|
| 940 |
|
Heritage Financial Corp. |
|
| 8,500 |
|
|
| 240 |
|
Hometrust Bancshares, Inc. |
|
| 30,500 |
|
|
| 743 |
|
Howard Bancorp, Inc. (b) |
|
| 22,525 |
|
|
| 370 |
|
Independent Bank Corp. |
|
| 32,500 |
|
|
| 768 |
|
Mercantile Bank Corp. |
|
| 23,500 |
|
|
| 763 |
|
Origin Bancorp, Inc. |
|
| 23,600 |
|
|
| 1,002 |
|
Peoples Bancorp, Inc. |
|
| 23,000 |
|
|
| 763 |
|
Primis Financial Corp. |
|
| 42,000 |
|
|
| 611 |
|
QCR Holdings, Inc. |
|
| 16,800 |
|
|
| 793 |
|
SmartFinancial, Inc. |
|
| 30,500 |
|
|
| 660 |
|
The First Bancshares, Inc. |
|
| 21,700 |
|
|
| 794 |
|
Univest Financial Corp. |
|
| 28,500 |
|
|
| 815 |
|
Washington Trust Bancorp, Inc. |
|
| 15,400 |
|
|
| 795 |
|
|
|
|
|
|
|
| 19,753 |
|
Capital Markets (1.5%): |
|
|
|
|
|
|
|
|
Cowen, Inc., Class A (a) |
|
| 20,700 |
|
|
| 727 |
|
Diamond Hill Investment Group, Inc. |
|
| 3,798 |
|
|
| 593 |
|
|
|
|
|
|
|
| 1,320 |
|
Communication Services (3.0%): |
|
|
|
|
|
|
|
|
Emerald Holding, Inc. (a)(b) |
|
| 91,500 |
|
|
| 505 |
|
Entravision Communications Corp., Class A |
|
| 100,500 |
|
|
| 406 |
|
The EW Scripps Co., Class A |
|
| 50,100 |
|
|
| 966 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
|
| Shares |
|
|
| Value |
|
The Marcus Corp. (a)(b) |
|
| 40,400 |
|
| $ | 808 |
|
|
|
|
|
|
|
| 2,685 |
|
Consumer Discretionary (15.3%): |
|
|
|
|
|
|
|
|
BJ’s Restaurants, Inc. (b) |
|
| 7,737 |
|
|
| 449 |
|
Caleres, Inc. |
|
| 35,000 |
|
|
| 762 |
|
Century Communities, Inc. (b) |
|
| 8,517 |
|
|
| 514 |
|
Chico’s FAS, Inc. (b) |
|
| 170,000 |
|
|
| 563 |
|
Chuy’s Holdings, Inc. (b) |
|
| 15,000 |
|
|
| 665 |
|
Dave & Buster’s Entertainment, Inc. (b) |
|
| 24,500 |
|
|
| 1,173 |
|
Funko, Inc., Class A (b) |
|
| 28,600 |
|
|
| 563 |
|
Genesco, Inc. (b) |
|
| 17,200 |
|
|
| 816 |
|
G-III Apparel Group Ltd. (b) |
|
| 8,000 |
|
|
| 241 |
|
Hibbett Sports, Inc. (b) |
|
| 9,400 |
|
|
| 648 |
|
Lindblad Expeditions Holdings, Inc. (a)(b) |
|
| 36,700 |
|
|
| 694 |
|
M/I Homes, Inc. (b) |
|
| 7,400 |
|
|
| 437 |
|
Malibu Boats, Inc., Class A (b) |
|
| 7,880 |
|
|
| 628 |
|
Modine Manufacturing Co. (b) |
|
| 54,000 |
|
|
| 798 |
|
Motorcar Parts of America, Inc. (b) |
|
| 24,000 |
|
|
| 540 |
|
OneWater Marine, Inc. (b) |
|
| 9,750 |
|
|
| 390 |
|
Potbelly Corp. (b) |
|
| 115,000 |
|
|
| 680 |
|
Ruth’s Hospitality Group, Inc. (b) |
|
| 15,600 |
|
|
| 387 |
|
Shoe Carnival, Inc. |
|
| 7,100 |
|
|
| 439 |
|
The Aaron’s Co., Inc. |
|
| 23,800 |
|
|
| 611 |
|
Universal Electronics, Inc. (b) |
|
| 10,000 |
|
|
| 550 |
|
Universal Technical Institute, Inc. (b) |
|
| 60,000 |
|
|
| 350 |
|
Zumiez, Inc. (b) |
|
| 15,500 |
|
|
| 665 |
|
|
|
|
|
|
|
| 13,563 |
|
Consumer Finance (0.6%): |
|
|
|
|
|
|
|
|
EZCORP, Inc., Class A (b) |
|
| 98,500 |
|
|
| 490 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.2%): |
|
|
|
|
|
|
|
|
Rite Aid Corp. (a)(b) |
|
| 8,100 |
|
|
| 166 |
|
|
|
|
|
|
|
|
|
|
Energy (5.2%): |
|
|
|
|
|
|
|
|
DHT Holdings, Inc. |
|
| 62,200 |
|
|
| 369 |
|
Earthstone Energy, Inc., Class A (b) |
|
| 88,000 |
|
|
| 629 |
|
International Seaways, Inc. |
|
| 19,885 |
|
|
| 385 |
|
Matrix Service Co. (b) |
|
| 37,500 |
|
|
| 492 |
|
Natural Gas Services Group, Inc. (b) |
|
| 31,700 |
|
|
| 299 |
|
Newpark Resources, Inc. (b) |
|
| 116,845 |
|
|
| 367 |
|
Northern Oil & Gas, Inc. (b) |
|
| 47,900 |
|
|
| 579 |
|
ProPetro Holding Corp. (b) |
|
| 42,800 |
|
|
| 456 |
|
Solaris Oilfield Infrastructure, Inc., Class A |
|
| 49,000 |
|
|
| 601 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Tidewater, Inc. (b) |
|
| 40,300 |
|
| $ | 505 |
|
|
|
|
|
|
|
| 4,682 |
|
Enery (0.6%): |
|
|
|
|
|
|
|
|
Vine Energy, Inc., Class A (a)(b) |
|
| 37,546 |
|
|
| 516 |
|
|
|
|
|
|
|
|
|
|
Health Care (6.0%): |
|
|
|
|
|
|
|
|
AngioDynamics, Inc. (b) |
|
| 30,400 |
|
|
| 711 |
|
Community Health Systems, Inc. (b) |
|
| 113,400 |
|
|
| 1,532 |
|
Hanger, Inc. (b) |
|
| 25,000 |
|
|
| 571 |
|
Invacare Corp. |
|
| 71,000 |
|
|
| 569 |
|
Orthofix Medical, Inc. (a)(b) |
|
| 8,294 |
|
|
| 360 |
|
Owens & Minor, Inc. |
|
| 10,851 |
|
|
| 408 |
|
RadNet, Inc. (b) |
|
| 34,000 |
|
|
| 740 |
|
Surgery Partners, Inc. (b) |
|
| 11,185 |
|
|
| 495 |
|
|
|
|
|
|
|
| 5,386 |
|
Industrials (16.8%): |
|
|
|
|
|
|
|
|
CIRCOR International, Inc. (b) |
|
| 19,600 |
|
|
| 683 |
|
Columbus McKinnon Corp. |
|
| 10,200 |
|
|
| 538 |
|
Covenant Logistics Group, Inc., Class A (b) |
|
| 30,000 |
|
|
| 618 |
|
CRA International, Inc. |
|
| 6,300 |
|
|
| 470 |
|
Ducommun, Inc. (b) |
|
| 9,850 |
|
|
| 591 |
|
DXP Enterprise, Inc. (b) |
|
| 24,300 |
|
|
| 733 |
|
Eagle Bulk Shipping, Inc. (b) |
|
| 22,450 |
|
|
| 811 |
|
Echo Global Logistics, Inc. (b) |
|
| 26,100 |
|
|
| 820 |
|
Great Lakes Dredge & Dock Corp. (b) |
|
| 31,500 |
|
|
| 459 |
|
Hawaiian Holdings, Inc. (b) |
|
| 23,000 |
|
|
| 613 |
|
Heidrick & Struggles International, Inc. |
|
| 12,000 |
|
|
| 429 |
|
Heritage-Crystal Clean, Inc. (b) |
|
| 27,800 |
|
|
| 754 |
|
Kelly Services, Inc., Class A (b) |
|
| 24,000 |
|
|
| 534 |
|
Knoll, Inc. |
|
| 25,300 |
|
|
| 418 |
|
Maxar Technologies, Inc. |
|
| 24,500 |
|
|
| 927 |
|
NN, Inc. (a)(b) |
|
| 90,000 |
|
|
| 636 |
|
Park Aerospace Corp. |
|
| 23,300 |
|
|
| 308 |
|
Park-Ohio Holdings Corp. |
|
| 14,500 |
|
|
| 457 |
|
SP Plus Corp. (b) |
|
| 23,800 |
|
|
| 780 |
|
Team, Inc. (b) |
|
| 54,000 |
|
|
| 623 |
|
The Shyft Group, Inc. |
|
| 15,200 |
|
|
| 565 |
|
Titan Machinery, Inc. (b) |
|
| 25,000 |
|
|
| 638 |
|
Triumph Group, Inc. (b) |
|
| 36,040 |
|
|
| 662 |
|
TrueBlue, Inc. (b) |
|
| 20,800 |
|
|
| 458 |
|
VSE Corp. |
|
| 14,000 |
|
|
| 553 |
|
|
|
|
|
|
|
| 15,078 |
|
Information Technology (10.5%): |
|
|
|
|
|
|
|
|
ADTRAN, Inc. |
|
| 29,300 |
|
|
| 489 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
American Software, Inc., Class A |
|
| 24,000 |
|
| $ | 497 |
|
Asure Software, Inc. (b) |
|
| 57,600 |
|
|
| 440 |
|
Benchmark Electronics, Inc. |
|
| 16,600 |
|
|
| 513 |
|
Cohu, Inc. (b) |
|
| 12,032 |
|
|
| 503 |
|
Comtech Telecommunications Corp. |
|
| 23,000 |
|
|
| 571 |
|
Conduent, Inc. (b) |
|
| 69,107 |
|
|
| 460 |
|
CTS Corp. |
|
| 21,500 |
|
|
| 668 |
|
Diebold Nixdorf, Inc. (b) |
|
| 33,556 |
|
|
| 474 |
|
Digi International, Inc. (b) |
|
| 36,586 |
|
|
| 695 |
|
Extreme Networks, Inc. (b) |
|
| 57,000 |
|
|
| 499 |
|
Harmonic, Inc. (b) |
|
| 73,500 |
|
|
| 576 |
|
I3 Verticals, Inc., Class A (b) |
|
| 10,555 |
|
|
| 329 |
|
Ichor Holdings Ltd. (b) |
|
| 11,550 |
|
|
| 622 |
|
Impinj, Inc. (a)(b) |
|
| 5,100 |
|
|
| 290 |
|
NeoPhotonics Corp. (b) |
|
| 48,200 |
|
|
| 576 |
|
Veeco Instruments, Inc. (b) |
|
| 22,200 |
|
|
| 460 |
|
Vishay Precision Group, Inc. (b) |
|
| 18,200 |
|
|
| 561 |
|
|
|
|
|
|
|
| 9,223 |
|
Insurance (1.2%): |
|
|
|
|
|
|
|
|
HCI Group, Inc. |
|
| 6,000 |
|
|
| 461 |
|
Heritage Insurance Holdings, Inc. |
|
| 51,800 |
|
|
| 574 |
|
|
|
|
|
|
|
| 1,035 |
|
Materials (4.5%): |
|
|
|
|
|
|
|
|
Haynes International, Inc. |
|
| 23,100 |
|
|
| 685 |
|
Koppers Holdings, Inc. (b) |
|
| 17,200 |
|
|
| 598 |
|
Kraton Corp. (b) |
|
| 11,700 |
|
|
| 428 |
|
Schnitzer Steel Industries, Inc. |
|
| 13,400 |
|
|
| 560 |
|
SunCoke Energy, Inc. |
|
| 124,000 |
|
|
| 870 |
|
Verso Corp., Class A |
|
| 52,550 |
|
|
| 767 |
|
|
|
|
|
|
|
| 3,908 |
|
Mortgage Real Estate Investment Trusts (0.7%): |
|
|
|
|
|
|
|
|
Dynex Capital, Inc. |
|
| 24,000 |
|
|
| 455 |
|
Western Asset Mortgage Capital Corp. (a) |
|
| 64,725 |
|
|
| 206 |
|
|
|
|
|
|
|
| 661 |
|
Real Estate (6.1%): |
|
|
|
|
|
|
|
|
Bluerock Residential Growth REIT, Inc. |
|
| 15,000 |
|
|
| 152 |
|
CatchMark Timber Trust, Inc., Class A |
|
| 41,000 |
|
|
| 417 |
|
Cedar Realty Trust, Inc. |
|
| 19,200 |
|
|
| 286 |
|
City Office REIT, Inc. |
|
| 63,200 |
|
|
| 671 |
|
Global Medical REIT, Inc. |
|
| 47,000 |
|
|
| 616 |
|
NETSTREIT Corp. |
|
| 25,000 |
|
|
| 462 |
|
New Senior Investment Group, Inc. |
|
| 95,000 |
|
|
| 592 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Integrity Discovery Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
NexPoint Residential Trust, Inc. |
|
| 12,000 |
|
| $ | 553 |
|
Plymouth Industrial REIT, Inc. |
|
| 32,500 |
|
|
| 548 |
|
UMH Properties, Inc. |
|
| 19,000 |
|
|
| 364 |
|
Urstadt Biddle Properties, Inc., Class A |
|
| 42,100 |
|
|
| 701 |
|
|
|
|
|
|
|
| 5,362 |
|
Thrifts & Mortgage Finance (4.6%): |
|
|
|
|
|
|
|
|
Bridgewater Bancshares, Inc. (b) |
|
| 37,500 |
|
|
| 606 |
|
Home Bancorp, Inc. |
|
| 8,800 |
|
|
| 317 |
|
HomeStreet, Inc. |
|
| 11,650 |
|
|
| 513 |
|
Meridian Bancorp, Inc. |
|
| 48,000 |
|
|
| 884 |
|
PCSB Financial Corp. |
|
| 35,000 |
|
|
| 581 |
|
Premier Financial Corp. |
|
| 34,300 |
|
|
| 1,142 |
|
|
|
|
|
|
|
| 4,043 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $64,521) |
|
|
|
|
|
| 87,871 |
|
Collateral for Securities Loaned^ (4.0%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 72,092 |
|
|
| 72 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c) |
|
| 1,856,499 |
|
|
| 1,856 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 35,977 |
|
|
| 36 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 286,872 |
|
|
| 287 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 1,289,862 |
|
|
| 1,290 |
|
Total Collateral for Securities Loaned (Cost $3,541) |
|
|
|
|
|
| 3,541 |
|
Total Investments (Cost $68,062) — 103.1% |
|
|
|
|
|
| 91,412 |
|
Liabilities in excess of other assets — (3.1)% |
|
|
|
|
|
| (2,730 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 88,682 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.4%) | ||||||||
Australia (3.5%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
Aristocrat Leisure Ltd. | 24,815 | $ | 651 | |||||
Energy (0.5%): | ||||||||
Beach Energy Ltd. | 780,695 | 1,021 | ||||||
Financials (1.0%): | ||||||||
Australia & New Zealand Banking Group Ltd. | 48,957 | 1,051 | ||||||
Macquarie Group Ltd. | 8,445 | 984 | ||||||
2,035 | ||||||||
Health Care (0.3%): | ||||||||
Sonic Healthcare Ltd. | 25,522 | 682 | ||||||
Materials (0.8%): | ||||||||
Rio Tinto Ltd. | 20,546 | 1,736 | ||||||
Real Estate (0.6%): | ||||||||
Charter Hall Group | 70,254 | 691 | ||||||
Stockland | 196,363 | 659 | ||||||
1,350 | ||||||||
7,475 | ||||||||
Austria (0.2%): | ||||||||
Financials (0.2%): | ||||||||
Raiffeisen Bank International AG (a) | 21,162 | 465 | ||||||
Belgium (1.0%): | ||||||||
Consumer Staples (0.3%): | ||||||||
Anheuser-Busch InBev SA | 10,577 | 665 | ||||||
Financials (0.3%): | ||||||||
KBC Group NV (a) | 7,946 | 578 | ||||||
Health Care (0.4%): | ||||||||
UCB SA | 9,343 | 888 | ||||||
2,131 | ||||||||
Brazil (1.2%): | ||||||||
Consumer Staples (0.3%): | ||||||||
Sendas Distribuidora SA (a) | 54,362 | 713 | ||||||
Energy (0.4%): | ||||||||
Petro Rio SA (a) | 48,200 | 790 | ||||||
Financials (0.5%): | ||||||||
Banco Santander Brasil SA | 147,200 | 1,036 | ||||||
2,539 | ||||||||
Canada (5.1%): | ||||||||
Energy (0.8%): | ||||||||
Parex Resources, Inc. (a) | 68,158 | 1,216 | ||||||
Suncor Energy, Inc. | 28,434 | 594 | ||||||
1,810 | ||||||||
Financials (2.6%): | ||||||||
Bank of Montreal | 11,274 | 1,005 | ||||||
iA Financial Corp., Inc. | 17,870 | 972 | ||||||
IGM Financial, Inc. (b) | 30,118 | 918 | ||||||
National Bank of Canada (b) | 19,884 | 1,351 | ||||||
Sun Life Financial, Inc. | 24,527 | 1,240 | ||||||
5,486 | ||||||||
Industrials (0.7%): | ||||||||
Canadian Pacific Railway Ltd. (b) | 3,822 | 1,460 | ||||||
Materials (1.0%): | ||||||||
Barrick Gold Corp. | 30,815 | 611 | ||||||
First Quantum Minerals Ltd. | 39,157 | 746 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
West Fraser Timber Co. Ltd. |
|
| 10,182 |
|
| $ | 733 |
|
|
|
|
|
|
|
| 2,090 |
|
|
|
|
|
|
|
| 10,846 |
|
China (9.1%): |
|
|
|
| ||||
Communication Services (2.7%): |
|
|
|
|
|
|
|
|
Baidu, Inc., ADR (a) |
|
| 4,670 |
|
|
| 1,016 |
|
NetEase, Inc., ADR |
|
| 5,663 |
|
|
| 585 |
|
Tencent Holdings Ltd. |
|
| 51,400 |
|
|
| 4,102 |
|
|
|
|
|
|
|
| 5,703 |
|
Consumer Discretionary (3.0%): |
|
|
|
|
|
|
|
|
Alibaba Group Holding Ltd., ADR (a) |
|
| 9,767 |
|
|
| 2,214 |
|
BYD Co. Ltd., Class H |
|
| 24,000 |
|
|
| 519 |
|
China Tourism Group Duty Free Corp. Ltd., Class A |
|
| 16,400 |
|
|
| 769 |
|
Haier Smart Home Co. Ltd., Class H (a) |
|
| 206,988 |
|
|
| 834 |
|
JD.com, Inc., ADR (a) |
|
| 7,055 |
|
|
| 595 |
|
Vipshop Holdings Ltd., ADR (a) |
|
| 15,723 |
|
|
| 470 |
|
Zhongsheng Group Holdings Ltd. |
|
| 153,500 |
|
|
| 1,088 |
|
|
|
|
|
|
|
| 6,489 |
|
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Tingyi Cayman Islands Holding Corp. |
|
| 414,000 |
|
|
| 761 |
|
|
|
|
|
|
|
|
|
|
Financials (1.2%): |
|
|
|
|
|
|
|
|
Bank of China Ltd., Class H |
|
| 2,382,275 |
|
|
| 909 |
|
Huatai Securities Co. Ltd., Class H (c) |
|
| 565,400 |
|
|
| 869 |
|
New China Life Insurance Co. Ltd., Class H |
|
| 215,800 |
|
|
| 838 |
|
|
|
|
|
|
|
| 2,616 |
|
Health Care (0.3%): |
|
|
|
|
|
|
|
|
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
|
| 150,500 |
|
|
| 644 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.4%): |
|
|
|
|
|
|
|
|
China Railway Group Ltd., Class H |
|
| 1,478,000 |
|
|
| 784 |
|
|
|
|
|
|
|
|
|
|
Materials (0.7%): |
|
|
|
|
|
|
|
|
Anhui Conch Cement Co. Ltd., Class H |
|
| 229,500 |
|
|
| 1,499 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.4%): |
|
|
|
|
|
|
|
|
Agile Group Holdings Ltd. |
|
| 526,000 |
|
|
| 863 |
|
|
|
|
|
|
|
| 19,359 |
|
Denmark (2.0%): |
|
|
|
| ||||
Consumer Discretionary (0.3%): |
|
|
|
|
|
|
|
|
Pandora A/S (a) |
|
| 5,419 |
|
|
| 579 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Carlsberg A/S, Class B |
|
| 6,389 |
|
|
| 980 |
|
|
|
|
|
|
|
|
|
|
Health Care (0.3%): |
|
|
|
|
|
|
|
|
GN Store Nord A/S |
|
| 8,802 |
|
|
| 693 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.5%): |
|
|
|
|
|
|
|
|
AP Moller - Maersk A/S, Class B |
|
| 456 |
|
|
| 1,059 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
Orsted A/S (c) |
|
| 6,531 |
|
|
| 1,055 |
|
|
|
|
|
|
|
| 4,366 |
|
Finland (0.5%): |
|
|
|
| ||||
Industrials (0.5%): |
|
|
|
|
|
|
|
|
Metso Outotec Oyj (a) |
|
| 93,525 |
|
|
| 1,043 |
|
|
|
|
|
|
|
|
|
|
France (5.7%): |
|
|
|
| ||||
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
Publicis Groupe SA |
|
| 17,668 |
|
|
| 1,077 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Faurecia SE (a) |
|
| 1,226 |
|
|
| 66 |
|
LVMH Moet Hennessy Louis Vuitton SE |
|
| 2,516 |
|
|
| 1,680 |
|
|
|
|
|
|
|
| 1,746 |
|
Energy (0.6%): |
|
|
|
|
|
|
|
|
TOTAL SE (b) |
|
| 28,181 |
|
|
| 1,314 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Financials (1.0%): | ||||||||
Amundi SA (c) |
|
| 6,559 |
|
| $ | 524 |
|
AXA SA |
|
| 17,657 |
|
|
| 474 |
|
BNP Paribas SA (a) |
|
| 18,208 |
|
|
| 1,109 |
|
|
|
|
|
|
|
| 2,107 |
|
Health Care (0.8%): |
|
|
|
|
|
|
|
|
Sanofi |
|
| 8,124 |
|
|
| 803 |
|
Sartorius Stedim Biotech |
|
| 2,073 |
|
|
| 853 |
|
|
|
|
|
|
|
| 1,656 |
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
Alstom SA (a) |
|
| 9,357 |
|
|
| 466 |
|
Cie de Saint-Gobain |
|
| 18,676 |
|
|
| 1,103 |
|
Teleperformance |
|
| 1,784 |
|
|
| 650 |
|
|
|
|
|
|
|
| 2,219 |
|
Information Technology (0.8%): |
|
|
|
|
|
|
|
|
Capgemini SE |
|
| 6,296 |
|
|
| 1,071 |
|
Worldline SA (a)(c) |
|
| 7,685 |
|
|
| 643 |
|
|
|
|
|
|
|
| 1,714 |
|
Utilities (0.2%): |
|
|
|
|
|
|
|
|
Rubis SCA |
|
| 8,341 |
|
|
| 395 |
|
|
|
|
|
|
|
| 12,228 |
|
Germany (7.0%): |
|
|
|
| ||||
Communication Services (0.7%): |
|
|
|
|
|
|
|
|
Deutsche Telekom AG |
|
| 73,562 |
|
|
| 1,482 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (1.5%): |
|
|
|
|
|
|
|
|
HelloFresh SE (a)(b) |
|
| 8,037 |
|
|
| 599 |
|
Volkswagen AG, Preference Shares |
|
| 8,980 |
|
|
| 2,513 |
|
|
|
|
|
|
|
| 3,112 |
|
Financials (1.1%): |
|
|
|
|
|
|
|
|
Allianz SE, Registered Shares |
|
| 4,810 |
|
|
| 1,223 |
|
Hannover Rueck SE |
|
| 3,064 |
|
|
| 560 |
|
Muenchener Rueckversicherungs-Gesellschaft AG, Class R |
|
| 1,839 |
|
|
| 566 |
|
|
|
|
|
|
|
| 2,349 |
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Merck KGaA |
|
| 6,155 |
|
|
| 1,053 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
Deutsche Post AG, Registered Shares |
|
| 25,923 |
|
|
| 1,422 |
|
Siemens AG, Registered Shares |
|
| 4,479 |
|
|
| 736 |
|
|
|
|
|
|
|
| 2,158 |
|
Information Technology (0.6%): |
|
|
|
|
|
|
|
|
Infineon Technologies AG |
|
| 17,430 |
|
|
| 741 |
|
SAP SE |
|
| 4,840 |
|
|
| 594 |
|
|
|
|
|
|
|
| 1,335 |
|
Materials (0.5%): |
|
|
|
|
|
|
|
|
Covestro AG (c) |
|
| 9,032 |
|
|
| 608 |
|
HeidelbergCement AG |
|
| 5,916 |
|
|
| 537 |
|
|
|
|
|
|
|
| 1,145 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
alstria office REIT-AG |
|
| 27,512 |
|
|
| 445 |
|
LEG Immobilien SE |
|
| 5,372 |
|
|
| 706 |
|
|
|
|
|
|
|
| 1,151 |
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
E.ON SE |
|
| 89,200 |
|
|
| 1,040 |
|
|
|
|
|
|
|
| 14,825 |
|
Hong Kong (3.5%): |
|
|
|
| ||||
Consumer Discretionary (0.4%): |
|
|
|
|
|
|
|
|
Xinyi Glass Holdings Ltd. |
|
| 242,000 |
|
|
| 795 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.6%): |
|
|
|
|
|
|
|
|
Vinda International Holdings Ltd. |
|
| 190,000 |
|
|
| 643 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
WH Group Ltd. (c) |
|
| 824,000 |
|
| $ | 670 |
|
|
|
|
|
|
|
| 1,313 |
|
Energy (0.4%): |
|
|
|
|
|
|
|
|
Kunlun Energy Co. Ltd. |
|
| 826,000 |
|
|
| 871 |
|
|
|
|
|
|
|
|
|
|
Financials (0.3%): |
|
|
|
|
|
|
|
|
BOC Hong Kong Holdings Ltd. |
|
| 203,500 |
|
|
| 712 |
|
|
|
|
|
|
|
|
|
|
Information Technology (1.0%): |
|
|
|
|
|
|
|
|
Lenovo Group Ltd. |
|
| 1,476,000 |
|
|
| 2,107 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.5%): |
|
|
|
|
|
|
|
|
CK Asset Holdings Ltd. |
|
| 67,895 |
|
|
| 414 |
|
Sun Hung Kai Properties Ltd. |
|
| 44,000 |
|
|
| 666 |
|
|
|
|
|
|
|
| 1,080 |
|
Utilities (0.3%): |
|
|
|
|
|
|
|
|
China Water Affairs Group Ltd. |
|
| 768,000 |
|
|
| 630 |
|
|
|
|
|
|
|
| 7,508 |
|
Hungary (0.4%): |
|
|
|
| ||||
Financials (0.4%): |
|
|
|
|
|
|
|
|
OTP Bank Nyrt (a) |
|
| 21,008 |
|
|
| 899 |
|
|
|
|
|
|
|
|
|
|
India (2.7%): |
|
|
|
| ||||
Energy (0.5%): |
|
|
|
|
|
|
|
|
Reliance Industries Ltd. |
|
| 39,199 |
|
|
| 1,078 |
|
|
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
LIC Housing Finance Ltd. |
|
| 134,932 |
|
|
| 794 |
|
Muthoot Finance Ltd. (a) |
|
| 42,998 |
|
|
| 710 |
|
|
|
|
|
|
|
| 1,504 |
|
Health Care (0.6%): |
|
|
|
|
|
|
|
|
Ipca Laboratories Ltd. |
|
| 46,143 |
|
|
| 1,203 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.6%): |
|
|
|
|
|
|
|
|
HCL Technologies Ltd. |
|
| 90,351 |
|
|
| 1,218 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.3%): |
|
|
|
|
|
|
|
|
Power Grid Corp. of India Ltd. |
|
| 222,154 |
|
|
| 656 |
|
|
|
|
|
|
|
| 5,659 |
|
Indonesia (0.3%): |
|
|
|
| ||||
Communication Services (0.3%): |
|
|
|
|
|
|
|
|
PT Sarana Menara Nusantara Tbk |
|
| 9,086,600 |
|
|
| 689 |
|
|
|
|
|
|
|
|
|
|
Ireland (1.2%): |
|
|
|
| ||||
Health Care (0.6%): |
|
|
|
|
|
|
|
|
ICON PLC (a) |
|
| 6,523 |
|
|
| 1,281 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.6%): |
|
|
|
|
|
|
|
|
DCC PLC |
|
| 13,672 |
|
|
| 1,186 |
|
|
|
|
|
|
|
| 2,467 |
|
Italy (1.3%): |
|
|
|
| ||||
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Leonardo SpA |
|
| 72,198 |
|
|
| 584 |
|
|
|
|
|
|
|
|
|
|
Utilities (1.0%): |
|
|
|
|
|
|
|
|
ACEA SpA |
|
| 30,357 |
|
|
| 664 |
|
Enel SpA |
|
| 157,268 |
|
|
| 1,564 |
|
|
|
|
|
|
|
| 2,228 |
|
|
|
|
|
|
|
| 2,812 |
|
Japan (16.0%): |
|
|
|
| ||||
Communication Services (2.0%): |
|
|
|
|
|
|
|
|
Capcom Co. Ltd. |
|
| 20,600 |
|
|
| 670 |
|
KDDI Corp. |
|
| 31,200 |
|
|
| 962 |
|
Nintendo Co. Ltd. |
|
| 2,000 |
|
|
| 1,127 |
|
Nippon Telegraph & Telephone Corp. |
|
| 39,500 |
|
|
| 1,019 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
SoftBank Group Corp. |
|
| 6,400 |
|
| $ | 545 |
|
|
|
|
|
|
|
| 4,323 |
|
Consumer Discretionary (3.0%): |
|
|
|
|
|
|
|
|
Sony Group Corp. |
|
| 36,200 |
|
|
| 3,832 |
|
Toyo Tire Corp. |
|
| 36,100 |
|
|
| 641 |
|
Toyota Motor Corp. |
|
| 25,200 |
|
|
| 1,961 |
|
|
|
|
|
|
|
| 6,434 |
|
Consumer Staples (1.0%): |
|
|
|
|
|
|
|
|
Asahi Group Holdings Ltd. |
|
| 16,400 |
|
|
| 694 |
|
Seven & i Holdings Co. Ltd. |
|
| 15,600 |
|
|
| 630 |
|
Toyo Suisan Kaisha Ltd. |
|
| 18,600 |
|
|
| 781 |
|
|
|
|
|
|
|
| 2,105 |
|
Financials (1.8%): |
|
|
|
|
|
|
|
|
Mizuho Financial Group, Inc. |
|
| 69,410 |
|
|
| 1,004 |
|
Nomura Holdings, Inc. |
|
| 109,100 |
|
|
| 578 |
|
ORIX Corp. |
|
| 72,500 |
|
|
| 1,227 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
| 18,925 |
|
|
| 686 |
|
Sumitomo Mitsui Trust Holdings, Inc. |
|
| 12,900 |
|
|
| 450 |
|
|
|
|
|
|
|
| 3,945 |
|
Health Care (0.7%): |
|
|
|
|
|
|
|
|
Ono Pharmaceutical Co. Ltd. |
|
| 36,100 |
|
|
| 944 |
|
Takeda Pharmaceutical Co. Ltd. |
|
| 15,800 |
|
|
| 576 |
|
|
|
|
|
|
|
| 1,520 |
|
Industrials (3.1%): |
|
|
|
|
|
|
|
|
ITOCHU Corp. |
|
| 66,000 |
|
|
| 2,143 |
|
Komatsu Ltd. |
|
| 21,000 |
|
|
| 651 |
|
Mitsubishi Electric Corp. |
|
| 45,200 |
|
|
| 691 |
|
Mitsui & Co. Ltd. |
|
| 40,300 |
|
|
| 841 |
|
Obayashi Corp. |
|
| 54,600 |
|
|
| 501 |
|
Secom Co. Ltd. |
|
| 6,900 |
|
|
| 582 |
|
Taisei Corp. |
|
| 15,000 |
|
|
| 579 |
|
Yamato Holdings Co. Ltd. |
|
| 19,600 |
|
|
| 538 |
|
|
|
|
|
|
|
| 6,526 |
|
Information Technology (2.6%): |
|
|
|
|
|
|
|
|
Fujitsu Ltd. |
|
| 7,100 |
|
|
| 1,033 |
|
Hitachi Ltd. |
|
| 17,700 |
|
|
| 802 |
|
Murata Manufacturing Co. Ltd. |
|
| 15,400 |
|
|
| 1,240 |
|
NTT Data Corp. |
|
| 40,100 |
|
|
| 622 |
|
TDK Corp. |
|
| 4,600 |
|
|
| 641 |
|
Tokyo Electron Ltd. |
|
| 2,800 |
|
|
| 1,217 |
|
|
|
|
|
|
|
| 5,555 |
|
Materials (0.9%): |
|
|
|
|
|
|
|
|
Rengo Co. Ltd. |
|
| 59,100 |
|
|
| 514 |
|
Shin-Etsu Chemical Co. Ltd. |
|
| 4,400 |
|
|
| 746 |
|
Tosoh Corp. |
|
| 34,100 |
|
|
| 653 |
|
|
|
|
|
|
|
| 1,913 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Daiwa House Industry Co. Ltd. |
|
| 19,600 |
|
|
| 575 |
|
Open House Co. Ltd. |
|
| 14,600 |
|
|
| 625 |
|
|
|
|
|
|
|
| 1,200 |
|
Utilities (0.3%): |
|
|
|
|
|
|
|
|
Osaka Gas Co. Ltd. |
|
| 31,300 |
|
|
| 611 |
|
|
|
|
|
|
|
| 34,132 |
|
Jersey (0.3%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
boohoo Group PLC (a) | 140,199 | 656 | ||||||
Korea, Republic Of (3.7%): |
|
|
|
|
|
|
|
|
Communication Services (0.3%): | ||||||||
NAVER Corp. | 1,882 | 630 | ||||||
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.6%): |
|
|
|
|
|
|
|
|
LG Electronics, Inc. |
|
| 9,891 |
|
|
| 1,321 |
|
|
|
|
|
|
|
|
|
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Hana Financial Group, Inc. |
|
| 19,776 |
|
| $ | 748 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.4%): |
|
|
|
|
|
|
|
|
Samsung Engineering Co. Ltd. (a) |
|
| 62,324 |
|
|
| 775 |
|
|
|
|
|
|
|
|
|
|
Information Technology (2.0%): |
|
|
|
|
|
|
|
|
LG Innotek Co. Ltd. |
|
| 8,671 |
|
|
| 1,585 |
|
Samsung Electronics Co. Ltd. |
|
| 28,964 |
|
|
| 2,096 |
|
SK Hynix, Inc. |
|
| 5,541 |
|
|
| 654 |
|
|
|
|
|
|
|
| 4,335 |
|
|
|
|
|
|
|
| 7,809 |
|
Luxembourg (0.7%): |
|
|
|
| ||||
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Eurofins Scientific SE (a) |
|
| 8,519 |
|
|
| 814 |
|
|
|
|
|
|
|
|
|
|
Materials (0.3%): |
|
|
|
|
|
|
|
|
ArcelorMittal SA (a) |
|
| 24,536 |
|
|
| 706 |
|
|
|
|
|
|
|
| 1,520 |
|
Malaysia (0.9%): |
|
|
|
| ||||
Communication Services (0.4%): |
|
|
|
|
|
|
|
|
Telekom Malaysia Bhd |
|
| 581,300 |
|
|
| 860 |
|
|
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
RHB Bank Bhd |
|
| 863,600 |
|
|
| 1,120 |
|
|
|
|
|
|
|
| 1,980 |
|
Netherlands (4.2%): |
|
|
|
| ||||
Consumer Discretionary (1.1%): |
|
|
|
|
|
|
|
|
Prosus NV |
|
| 10,309 |
|
|
| 1,147 |
|
Stellantis NV |
|
| 72,027 |
|
|
| 1,274 |
|
|
|
|
|
|
|
| 2,421 |
|
Consumer Staples (0.9%): |
|
|
|
|
|
|
|
|
Koninklijke Ahold Delhaize NV |
|
| 47,131 |
|
|
| 1,314 |
|
X5 Retail Group NV, GDR |
|
| 18,325 |
|
|
| 591 |
|
|
|
|
|
|
|
| 1,905 |
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
ING Groep NV |
|
| 43,948 |
|
|
| 537 |
|
NN Group NV |
|
| 17,038 |
|
|
| 831 |
|
|
|
|
|
|
|
| 1,368 |
|
Health Care (0.3%): |
|
|
|
|
|
|
|
|
QIAGEN NV (a) |
|
| 12,184 |
|
|
| 590 |
|
|
|
|
|
|
|
|
|
|
Information Technology (1.0%): |
|
|
|
|
|
|
|
|
ASML Holding NV |
|
| 1,465 |
|
|
| 899 |
|
STMicroelectronics NV |
|
| 31,626 |
|
|
| 1,208 |
|
|
|
|
|
|
|
| 2,107 |
|
Materials (0.3%): |
|
|
|
|
|
|
|
|
Akzo Nobel NV |
|
| 5,057 |
|
|
| 564 |
|
|
|
|
|
|
|
| 8,955 |
|
New Zealand (0.2%): |
|
|
|
| ||||
Health Care (0.2%): |
|
|
|
|
|
|
|
|
Fisher & Paykel Healthcare Corp. Ltd. |
|
| 20,825 |
|
|
| 468 |
|
|
|
|
|
|
|
|
|
|
Portugal (0.3%): |
|
|
|
| ||||
Energy (0.3%): |
|
|
|
|
|
|
|
|
Galp Energia SGPS SA |
|
| 49,183 |
|
|
| 570 |
|
|
|
|
|
|
|
|
|
|
Russian Federation (1.2%): |
|
|
|
| ||||
Energy (0.5%): |
|
|
|
|
|
|
|
|
LUKOIL PJSC, ADR |
|
| 14,221 |
|
|
| 1,149 |
|
|
|
|
|
|
|
|
|
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
Sberbank of Russia PJSC |
|
| 208,090 |
|
|
| 799 |
|
Materials (0.3%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Polymetal International PLC |
|
| 29,111 |
|
| $ | 569 |
|
|
|
|
|
|
|
| 2,517 |
|
Singapore (1.4%): |
|
|
|
| ||||
Consumer Discretionary (0.3%): |
|
|
|
|
|
|
|
|
Genting Singapore Ltd. |
|
| 942,500 |
|
|
| 646 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Wilmar International Ltd. |
|
| 217,200 |
|
|
| 877 |
|
|
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
DBS Group Holdings Ltd. |
|
| 36,600 |
|
|
| 785 |
|
Singapore Exchange Ltd. |
|
| 98,700 |
|
|
| 732 |
|
|
|
|
|
|
|
| 1,517 |
|
|
|
|
|
|
|
| 3,040 |
|
South Africa (1.6%): |
|
|
|
| ||||
Communication Services (0.8%): |
|
|
|
|
|
|
|
|
Naspers Ltd., Class N |
|
| 7,340 |
|
|
| 1,759 |
|
|
|
|
|
|
|
|
|
|
Materials (0.8%): |
|
|
|
|
|
|
|
|
Impala Platinum Holdings Ltd. |
|
| 42,148 |
|
|
| 779 |
|
Kumba Iron Ore Ltd. |
|
| 23,560 |
|
|
| 971 |
|
|
|
|
|
|
|
| 1,750 |
|
|
|
|
|
|
|
| 3,509 |
|
Spain (0.8%): |
|
|
|
| ||||
Industrials (0.4%): |
|
|
|
|
|
|
|
|
ACS Actividades de Construccion y Servicios SA |
|
| 25,777 |
|
|
| 857 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.4%): |
|
|
|
|
|
|
|
|
EDP Renovaveis SA |
|
| 38,472 |
|
|
| 821 |
|
|
|
|
|
|
|
| 1,678 |
|
Sweden (3.2%): |
|
|
|
| ||||
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Swedish Match AB |
|
| 11,900 |
|
|
| 929 |
|
|
|
|
|
|
|
|
|
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
Skandinaviska Enskilda Banken AB, Class A (b) |
|
| 63,581 |
|
|
| 776 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.3%): |
|
|
|
|
|
|
|
|
Sandvik AB (a) |
|
| 26,026 |
|
|
| 713 |
|
SKF AB, B Shares (b) |
|
| 32,527 |
|
|
| 926 |
|
Volvo AB, Class B (b) |
|
| 39,956 |
|
|
| 1,012 |
|
|
|
|
|
|
|
| 2,651 |
|
Information Technology (0.4%): |
|
|
|
|
|
|
|
|
Telefonaktiebolaget LM Ericsson, Class B |
|
| 64,866 |
|
|
| 860 |
|
|
|
|
|
|
|
|
|
|
Materials (0.4%): |
|
|
|
|
|
|
|
|
Boliden AB |
|
| 25,205 |
|
|
| 935 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.3%): |
|
|
|
|
|
|
|
|
Fastighets AB Balder, B Shares (a) |
|
| 11,329 |
|
|
| 561 |
|
|
|
|
|
|
|
| 6,712 |
|
Switzerland (6.2%): |
|
|
|
| ||||
Consumer Staples (1.3%): |
|
|
|
|
|
|
|
|
Coca-Cola HBC AG |
|
| 18,603 |
|
|
| 591 |
|
Nestle SA, Registered Shares |
|
| 18,948 |
|
|
| 2,113 |
|
|
|
|
|
|
|
| 2,704 |
|
Financials (1.5%): |
|
|
|
|
|
|
|
|
Julius Baer Group Ltd. |
|
| 14,755 |
|
|
| 943 |
|
Swiss Life Holding AG |
|
| 3,396 |
|
|
| 1,669 |
|
UBS Group AG |
|
| 41,165 |
|
|
| 637 |
|
|
|
|
|
|
|
| 3,249 |
|
Health Care (1.9%): |
|
|
|
|
|
|
|
|
Lonza Group AG, Registered Shares |
|
| 1,310 |
|
|
| 733 |
|
Novartis AG, Registered Shares |
|
| 23,289 |
|
|
| 1,991 |
|
Roche Holding AG |
|
| 4,192 |
|
|
| 1,358 |
|
|
|
|
|
|
|
| 4,082 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Adecco Group AG |
|
| 10,122 |
|
| $ | 683 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.8%): |
|
|
|
|
|
|
|
|
Logitech International SA, Class R |
|
| 16,159 |
|
|
| 1,695 |
|
|
|
|
|
|
|
|
|
|
Materials (0.4%): |
|
|
|
|
|
|
|
|
LafargeHolcim Ltd. |
|
| 14,242 |
|
|
| 838 |
|
|
|
|
|
|
|
| 13,251 |
|
Taiwan (4.1%): |
|
|
|
| ||||
Financials (1.1%): |
|
|
|
|
|
|
|
|
Chailease Holding Co. Ltd. |
|
| 162,935 |
|
|
| 1,128 |
|
Fubon Financial Holding Co. Ltd. |
|
| 565,000 |
|
|
| 1,128 |
|
|
|
|
|
|
|
| 2,256 |
|
Information Technology (3.0%): |
|
|
|
|
|
|
|
|
Radiant Opto-Electronics Corp. |
|
| 222,000 |
|
|
| 992 |
|
Realtek Semiconductor Corp. |
|
| 107,000 |
|
|
| 1,868 |
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
|
| 168,000 |
|
|
| 3,539 |
|
|
|
|
|
|
|
| 6,399 |
|
|
|
|
|
|
|
| 8,655 |
|
Thailand (0.4%): |
|
|
|
| ||||
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Charoen Pokphand Foods PCL (b) |
|
| 804,100 |
|
|
| 761 |
|
|
|
|
|
|
|
|
|
|
United Kingdom (7.5%): |
|
|
|
| ||||
Communication Services (0.4%): |
|
|
|
|
|
|
|
|
Vodafone Group PLC |
|
| 448,225 |
|
|
| 817 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.4%): |
|
|
|
|
|
|
|
|
Barratt Developments PLC (a) |
|
| 79,761 |
|
|
| 820 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (1.5%): |
|
|
|
|
|
|
|
|
British American Tobacco PLC |
|
| 16,496 |
|
|
| 627 |
|
Tate & Lyle PLC |
|
| 66,201 |
|
|
| 698 |
|
Tesco PLC |
|
| 331,231 |
|
|
| 1,046 |
|
Unilever PLC |
|
| 13,822 |
|
|
| 771 |
|
|
|
|
|
|
|
| 3,142 |
|
Energy (0.7%): |
|
|
|
|
|
|
|
|
BP PLC |
|
| 280,629 |
|
|
| 1,140 |
|
Cairn Energy PLC |
|
| 204,682 |
|
|
| 480 |
|
|
|
|
|
|
|
| 1,620 |
|
Financials (1.8%): |
|
|
|
|
|
|
|
|
3i Group PLC |
|
| 90,462 |
|
|
| 1,438 |
|
Barclays PLC |
|
| 340,266 |
|
|
| 871 |
|
Legal & General Group PLC |
|
| 193,014 |
|
|
| 741 |
|
Standard Chartered PLC |
|
| 103,556 |
|
|
| 713 |
|
|
|
|
|
|
|
| 3,763 |
|
Health Care (0.6%): |
|
|
|
|
|
|
|
|
AstraZeneca PLC |
|
| 6,583 |
|
|
| 657 |
|
Hikma Pharmaceuticals PLC |
|
| 20,081 |
|
|
| 630 |
|
|
|
|
|
|
|
| 1,287 |
|
Industrials (1.1%): |
|
|
|
|
|
|
|
|
Ashtead Group PLC |
|
| 19,783 |
|
|
| 1,181 |
|
BAE Systems PLC |
|
| 166,181 |
|
|
| 1,157 |
|
|
|
|
|
|
|
| 2,338 |
|
Materials (1.0%): |
|
|
|
|
|
|
|
|
Anglo American PLC |
|
| 55,947 |
|
|
| 2,191 |
|
|
|
|
|
|
|
| 15,978 |
|
Total Common Stocks (Cost $173,739) |
|
|
|
|
|
| 207,502 |
|
Exchange-Traded Funds (1.4%) |
|
|
|
|
|
|
|
|
United States (1.4%): |
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Fund-Core Equity | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
iShares Core MSCI EAFE ETF | 31,451 | $ | 2,266 | |||||
iShares Core MSCI Emerging Markets ETF | 12,604 | 811 | ||||||
3,077 | ||||||||
Total Exchange-Traded Funds (Cost $2,997) | 3,077 | |||||||
Collateral for Securities Loaned^ (4.3%) | ||||||||
United States (4.3%): | ||||||||
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d) | 185,287 | 185 | ||||||
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d) | 4,771,556 | 4,772 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) | 92,567 | 93 | ||||||
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d) | 737,305 | 737 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) | 3,315,066 | 3,315 | ||||||
Total Collateral for Securities Loaned (Cost $9,102) | 9,102 | |||||||
Total Investments (Cost $185,838) — 103.1% | 219,681 | |||||||
Liabilities in excess of other assets — (3.1)% | (6,589 | ) | ||||||
NET ASSETS - 100.00% | $ | 213,092 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $4,369 (thousands) and amounted to 2.1% of net assets. |
(d) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
GDR—Global Depositary Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (96.9%) |
|
|
|
|
|
|
|
|
Australia (7.5%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Bapcor Ltd. |
|
| 1,794,451 |
|
| $ | 10,256 |
|
JB Hi-Fi Ltd. |
|
| 343,720 |
|
|
| 13,563 |
|
|
|
|
|
|
|
| 23,819 |
|
Consumer Staples (0.5%): |
|
|
|
|
|
|
|
|
Elders Ltd. |
|
| 1,512,009 |
|
|
| 14,305 |
|
|
|
|
|
|
|
|
|
|
Energy (0.7%): |
|
|
|
|
|
|
|
|
Beach Energy Ltd. |
|
| 16,006,010 |
|
|
| 20,925 |
|
|
|
|
|
|
|
|
|
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
Bank of Queensland Ltd. |
|
| 1,523,714 |
|
|
| 10,037 |
|
Pendal Group Ltd. |
|
| 1,807,698 |
|
|
| 8,945 |
|
|
|
|
|
|
|
| 18,982 |
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Ansell Ltd. |
|
| 502,864 |
|
|
| 15,030 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.4%): |
|
|
|
|
|
|
|
|
Seven Group Holdings Ltd. |
|
| 718,325 |
|
|
| 12,335 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.4%): |
|
|
|
|
|
|
|
|
Technology One Ltd. |
|
| 1,460,263 |
|
|
| 10,408 |
|
|
|
|
|
|
|
|
|
|
Materials (2.6%): |
|
|
|
|
|
|
|
|
CSR Ltd. |
|
| 2,190,258 |
|
|
| 9,640 |
|
Mineral Resources Ltd. |
|
| 1,115,532 |
|
|
| 32,376 |
|
OZ Minerals Ltd. |
|
| 1,467,786 |
|
|
| 25,597 |
|
Silver Lake Resources Ltd. (a) |
|
| 9,727,185 |
|
|
| 11,095 |
|
|
|
|
|
|
|
| 78,708 |
|
Real Estate (1.0%): |
|
|
|
|
|
|
|
|
Charter Hall Group |
|
| 1,900,373 |
|
|
| 18,690 |
|
Shopping Centres Australasia Property Group |
|
| 5,084,704 |
|
|
| 9,736 |
|
|
|
| 28,426 | |||||
|
|
|
|
|
|
| 222,938 |
|
Canada (7.7%): |
|
|
|
|
|
|
|
|
Communication Services (0.4%): |
|
|
|
|
|
|
|
|
Cogeco Communications, Inc. (b) |
|
| 132,639 |
|
|
| 12,456 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.6%): |
|
|
|
|
|
|
|
|
BRP, Inc. (b) |
|
| 202,403 |
|
|
| 17,554 |
|
|
|
|
|
|
|
|
|
|
Energy (0.7%): |
|
|
|
|
|
|
|
|
Parex Resources, Inc. (a) |
|
| 1,216,407 |
|
|
| 21,695 |
|
|
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Canadian Western Bank (b) |
|
| 534,529 |
|
|
| 13,609 |
|
|
|
|
|
|
|
|
|
|
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Aphria, Inc. (a)(b) |
|
| 629,994 |
|
|
| 11,577 |
|
|
|
|
|
|
|
|
|
|
Industrials (2.0%): |
|
|
|
|
|
|
|
|
Ats Automation Tooling System (a) |
|
| 543,329 |
|
|
| 11,446 |
|
Ballard Power Systems, Inc. (a)(b) |
|
| 277,846 |
|
|
| 6,777 |
|
Finning International, Inc. |
|
| 573,548 |
|
|
| 14,589 |
|
TFI International, Inc. |
|
| 367,495 |
|
|
| 27,551 |
|
|
|
|
|
|
|
| 60,363 |
|
Information Technology (0.3%): |
|
|
|
|
|
|
|
|
The Descartes Systems Group, Inc. (a) |
|
| 145,583 |
|
|
| 8,883 |
|
|
|
|
|
|
|
|
|
|
Materials (1.3%): |
|
|
|
|
|
|
|
|
Dundee Precious Metals, Inc. (b) |
|
| 1,397,074 |
|
|
| 8,528 |
|
Fortuna Silver Mines, Inc. (a)(b) |
|
| 1,340,664 |
|
|
| 8,696 |
|
Kirkland Lake Gold Ltd. |
|
| 1 |
|
|
| —(c | ) |
Stella-Jones, Inc. |
|
| 287,993 |
|
|
| 11,685 |
|
West Fraser Timber Co. Ltd. |
|
| 130,000 |
|
|
| 9,354 |
|
|
|
|
|
|
|
| 38,263 |
|
Real Estate (0.8%): |
|
|
|
|
|
|
|
|
Boardwalk Real Estate Invest (b) |
|
| 344,732 |
|
|
| 9,962 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Tricon Residential, Inc. |
|
| 1,506,563 |
|
| $ | 15,419 |
|
|
|
|
|
|
|
| 25,381 |
|
Utilities (0.7%): |
|
|
|
|
|
|
|
|
Northland Power, Inc. (b) |
|
| 546,616 |
|
|
| 19,816 |
|
|
|
|
|
|
|
| 229,597 |
|
China (0.2%): |
|
|
|
|
|
|
|
|
Financials (0.2%): |
|
|
|
|
|
|
|
|
Futu Holdings Ltd., ADR (a)(b) |
|
| 31,816 |
|
|
| 5,053 |
|
|
|
|
|
|
|
|
|
|
Denmark (1.2%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.5%): |
|
|
|
|
|
|
|
|
Pandora A/S (a) |
|
| 130,834 |
|
|
| 13,994 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Royal Unibrew A/S |
|
| 117,251 |
|
|
| 12,258 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.3%): |
|
|
|
|
|
|
|
|
Netcompany Group A/S (b)(d) |
|
| 90,962 |
|
|
| 8,665 |
|
|
|
|
|
|
|
| 34,917 |
|
Finland (2.0%): |
|
|
|
|
|
|
|
|
Industrials (1.3%): |
|
|
|
|
|
|
|
|
Metso Outotec Oyj (a) |
|
| 1,540,755 |
|
|
| 17,177 |
|
Valmet Oyj |
|
| 596,972 |
|
|
| 21,734 |
|
|
|
|
|
|
|
| 38,911 |
|
Information Technology (0.4%): |
|
|
|
|
|
|
|
|
TietoEVRY Oyj |
|
| 387,493 |
|
|
| 12,006 |
|
|
|
|
|
|
|
|
|
|
Materials (0.3%): |
|
|
|
|
|
|
|
|
Kemira Oyj |
|
| 558,244 |
|
|
| 8,575 |
|
|
|
|
|
|
|
| 59,492 |
|
France (7.5%): |
|
|
|
|
|
|
|
|
Communication Services (0.7%): |
|
|
|
|
|
|
|
|
Publicis Groupe SA |
|
| 345,153 |
|
|
| 21,046 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (1.4%): |
|
|
|
|
|
|
|
|
Faurecia SE (a) |
|
| 414,229 |
|
|
| 22,040 |
|
La Francaise des Jeux SAEM (d) |
|
| 192,126 |
|
|
| 8,730 |
|
SEB SA |
|
| 57,180 |
|
|
| 10,072 |
|
|
|
|
|
|
|
| 40,842 |
|
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Korian SA (a) |
|
| 289,149 |
|
|
| 10,034 |
|
Industrials (2.0%): |
|
|
|
|
|
|
|
|
Alstom SA (a) |
|
| 180,508 |
|
|
| 8,993 |
|
Eiffage SA |
|
| 226,213 |
|
|
| 22,617 |
|
Elis SA (a) |
|
| 660,177 |
|
|
| 10,774 |
|
Nexans SA |
|
| 201,624 |
|
|
| 17,839 |
|
|
|
|
|
|
|
| 60,223 |
|
Information Technology (1.3%): |
|
|
|
|
|
|
|
|
Atos SE (a) |
|
| 114,577 |
|
|
| 8,932 |
|
SOITEC (a) |
|
| 85,461 |
|
|
| 17,443 |
|
Sopra Steria Group |
|
| 78,940 |
|
|
| 13,190 |
|
|
|
|
|
|
|
| 39,565 |
|
Materials (0.3%): |
|
|
|
|
|
|
|
|
Arkema SA |
|
| 76,210 |
|
|
| 9,229 |
|
|
|
|
|
|
|
|
|
|
Real Estate (1.0%): |
|
|
|
|
|
|
|
|
Klepierre SA |
|
| 842,160 |
|
|
| 19,600 |
|
Nexity SA |
|
| 207,237 |
|
|
| 10,212 |
|
|
|
|
|
|
|
| 29,812 |
|
Utilities (0.4%): |
|
|
|
|
|
|
|
|
Rubis SCA |
|
| 261,209 |
|
|
| 12,361 |
|
|
|
|
|
|
|
| 223,112 |
|
Germany (7.1%): |
|
|
|
|
|
|
|
|
Communication Services (1.4%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Freenet AG |
|
| 653,195 |
|
| $ | 15,646 |
|
ProSiebenSat.1 Media SE (a) |
|
| 815,279 |
|
|
| 16,648 |
|
United Internet AG, Registered Shares |
|
| 220,816 |
|
|
| 8,864 |
|
|
|
|
|
|
|
| 41,158 |
|
Consumer Discretionary (0.4%): |
|
|
|
|
|
|
|
|
HelloFresh SE (a)(b) |
|
| 149,914 |
|
|
| 11,169 |
|
|
|
|
|
|
|
|
|
|
Financials (0.9%): |
|
|
|
|
|
|
|
|
Deutsche Pfandbriefbank AG (a)(d) |
|
| 1,149,492 |
|
|
| 13,388 |
|
DWS Group GmbH & Co. KGaA (d) |
|
| 283,724 |
|
|
| 12,266 |
|
|
|
|
|
|
|
| 25,654 |
|
Health Care (0.9%): |
|
|
|
|
|
|
|
|
Carl Zeiss Meditec AG |
|
| 80,503 |
|
|
| 12,133 |
|
Gerresheimer AG |
|
| 138,918 |
|
|
| 13,796 |
|
|
|
|
|
|
|
| 25,929 |
|
Industrials (1.1%): |
|
|
|
|
|
|
|
|
Brenntag SE |
|
| 181,459 |
|
|
| 15,500 |
|
Rheinmetall AG |
|
| 171,502 |
|
|
| 17,393 |
|
|
|
|
|
|
|
| 32,893 |
|
Information Technology (0.5%): |
|
|
|
|
|
|
|
|
Bechtle AG |
|
| 87,955 |
|
|
| 16,498 |
|
Materials (0.8%): |
|
|
|
|
|
|
|
|
Aurubis AG |
|
| 134,745 |
|
|
| 11,166 |
|
Covestro AG (d) |
|
| 209,808 |
|
|
| 14,115 |
|
|
|
|
|
|
|
| 25,281 |
|
Real Estate (1.1%): |
|
|
|
|
|
|
|
|
alstria office REIT-AG |
|
| 841,640 |
|
|
| 13,601 |
|
TAG Immobilien AG |
|
| 662,860 |
|
|
| 18,919 |
|
|
|
|
|
|
|
| 32,520 |
|
Utilities (0.0%):(e) |
|
|
|
|
|
|
|
|
Encavis AG (b) |
|
| 60,499 |
|
|
| 1,147 |
|
|
|
|
|
|
|
| 212,249 |
|
Gibraltar (0.1%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.1%): |
|
|
|
|
|
|
|
|
888 Holdings PLC |
|
| 553,850 |
|
|
| 3,013 |
|
|
|
|
|
|
|
|
|
|
Hong Kong (1.1%): |
|
|
|
|
|
|
|
|
Health Care (0.3%): |
|
|
|
|
|
|
|
|
The United Laboratories International Holdings Ltd. |
|
| 11,226,000 |
|
|
| 8,315 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Hysan Development Co. Ltd. |
|
| 4,166,000 |
|
|
| 16,303 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.2%): |
|
|
|
|
|
|
|
|
Towngas China Co. Ltd. |
|
| 13,618,000 |
|
|
| 6,806 |
|
|
|
|
|
|
|
| 31,424 |
|
Ireland (1.4%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.3%): |
|
|
|
|
|
|
|
|
Dalata Hotel Group PLC (a) |
|
| 2,047,473 |
|
|
| 10,107 |
|
|
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Bank of Ireland Group PLC (a) |
|
| 2,914,324 |
|
|
| 14,390 |
|
Health Care (0.6%): |
|
|
|
|
|
|
|
|
UDG Healthcare PLC |
|
| 1,667,869 |
|
|
| 18,058 |
|
|
|
|
|
|
|
| 42,555 |
|
Isle of Man (0.4%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.4%): |
|
|
|
|
|
|
|
|
Entain PLC (a) |
|
| 513,124 |
|
|
| 10,729 |
|
|
|
|
|
|
|
|
|
|
Israel (0.6%): |
|
|
|
|
|
|
|
|
Health Care (0.6%): |
|
|
|
|
|
|
|
|
Inmode Ltd. (a) |
|
| 255,451 |
|
|
| 18,487 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Italy (2.3%): |
|
|
|
|
|
|
|
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
Banca Mediolanum SpA |
|
| 1,346,579 |
|
| $ | 12,701 |
|
Industrials (0.4%): |
|
|
|
|
|
|
|
|
Interpump Group SpA |
|
| 203,020 |
|
|
| 10,231 |
|
Information Technology (0.5%): |
|
|
|
|
|
|
|
|
Reply SpA |
|
| 125,843 |
|
|
| 15,925 |
|
Materials (0.5%): |
|
|
|
|
|
|
|
|
Buzzi Unicem SpA |
|
| 559,979 |
|
|
| 14,544 |
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
ACEA SpA |
|
| 652,085 |
|
|
| 14,251 |
|
|
|
|
|
|
|
| 67,652 |
|
Japan (20.7%): |
|
|
|
|
|
|
|
|
Communication Services (1.2%): |
|
|
|
|
|
|
|
|
Capcom Co. Ltd. |
|
| 566,000 |
|
|
| 18,415 |
|
Internet Initiative Japan, Inc. |
|
| 709,400 |
|
|
| 16,693 |
|
|
|
|
|
|
|
| 35,108 |
|
Consumer Discretionary (3.5%): |
|
|
|
|
|
|
|
|
ASKUL Corp. |
|
| 323,000 |
|
|
| 12,371 |
|
Izumi Co. Ltd. |
|
| 235,800 |
|
|
| 9,261 |
|
Komeri Co. Ltd. |
|
| 326,800 |
|
|
| 9,115 |
|
Resorttrust, Inc. |
|
| 577,900 |
|
|
| 9,683 |
|
Starts Corp., Inc. (b) |
|
| 389,700 |
|
|
| 10,252 |
|
Sumitomo Forestry Co. Ltd. |
|
| 580,200 |
|
|
| 12,570 |
|
Sushiro Global Holdings Ltd. |
|
| 355,700 |
|
|
| 15,772 |
|
Tokyotokeiba Co. Ltd. |
|
| 189,600 |
|
|
| 9,593 |
|
Toyo Tire Corp. |
|
| 943,500 |
|
|
| 16,762 |
|
|
|
|
|
|
|
| 105,379 |
|
Consumer Staples (1.0%): |
|
|
|
|
|
|
|
|
Morinaga Milk Industry Co. Ltd. |
|
| 222,500 |
|
|
| 11,686 |
|
Nichirei Corp. |
|
| 321,500 |
|
|
| 8,264 |
|
Valor Holdings Co. Ltd. |
|
| 451,600 |
|
|
| 10,168 |
|
|
|
|
|
|
|
| 30,118 |
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
North Pacific Bank Ltd. (b) |
|
| 3,468,700 |
|
|
| 10,035 |
|
Zenkoku Hosho Co. Ltd. (b) |
|
| 318,600 |
|
|
| 14,666 |
|
|
|
|
|
|
|
| 24,701 |
|
Health Care (2.0%): |
|
|
|
|
|
|
|
|
Eiken Chemical Co. Ltd. |
|
| 609,700 |
|
|
| 11,933 |
|
Miraca Holdings, Inc. (b) |
|
| 405,500 |
|
|
| 13,630 |
|
Nikkiso Co. Ltd. |
|
| 763,000 |
|
|
| 7,782 |
|
Sawai Pharmaceutical Co. Ltd. |
|
| 252,800 |
|
|
| 12,323 |
|
Ship Healthcare Holdings, Inc. (b) |
|
| 490,400 |
|
|
| 13,805 |
|
|
|
|
|
|
|
| 59,473 |
|
Industrials (5.1%): |
|
|
|
|
|
|
|
|
BayCurrent Consulting, Inc. |
|
| 101,900 |
|
|
| 23,380 |
|
Bell System24 Holdings, Inc. |
|
| 461,900 |
|
|
| 7,915 |
|
Daihen Corp. |
|
| 266,500 |
|
|
| 11,756 |
|
Fuji Corp. |
|
| 669,700 |
|
|
| 17,195 |
|
FULLCAST Holdings Co. Ltd. |
|
| 446,800 |
|
|
| 8,103 |
|
Kanamoto Co. Ltd. |
|
| 352,600 |
|
|
| 9,199 |
|
Kintetsu World Express, Inc. |
|
| 536,400 |
|
|
| 13,944 |
|
Kumagai Gumi Co. Ltd. |
|
| 373,700 |
|
|
| 10,140 |
|
Penta-Ocean Construction Co. Ltd. |
|
| 1,865,500 |
|
|
| 14,663 |
|
Sankyu, Inc. |
|
| 204,600 |
|
|
| 9,003 |
|
Sanwa Holdings Corp. |
|
| 923,900 |
|
|
| 12,104 |
|
Takeuchi Manufacturing Co. Ltd. |
|
| 466,100 |
|
|
| 13,040 |
|
|
|
|
|
|
|
| 150,442 |
|
Information Technology (3.6%): |
|
|
|
|
|
|
|
|
Anritsu Corp. (b) |
|
| 554,400 |
|
|
| 12,136 |
|
Freee KK (a)(b) |
|
| 79,800 |
|
|
| 6,819 |
|
Fuji Soft, Inc. |
|
| 179,400 |
|
|
| 9,314 |
|
NEC Networks & System Integration Corp. |
|
| 824,200 |
|
|
| 14,542 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Nippon Electric Glass Co. Ltd. |
|
| 585,500 |
|
| $ | 13,612 |
|
Shinko Electric Industries Co. Ltd. |
|
| 894,300 |
|
|
| 27,837 |
|
Taiyo Yuden Co. Ltd. |
|
| 319,200 |
|
|
| 15,077 |
|
Tokyo Seimitsu Co. Ltd. |
|
| 193,700 |
|
|
| 8,863 |
|
|
|
|
|
|
|
| 108,200 |
|
Materials (1.7%): |
|
|
|
|
|
|
|
|
Denka Co. Ltd. |
|
| 409,300 |
|
|
| 16,373 |
|
Kaneka Corp. |
|
| 247,400 |
|
|
| 10,183 |
|
Rengo Co. Ltd. |
|
| 1,763,900 |
|
|
| 15,342 |
|
Zeon Corp. |
|
| 621,600 |
|
|
| 9,959 |
|
|
|
|
|
|
|
| 51,857 |
|
Real Estate (1.8%): |
|
|
|
|
|
|
|
|
Invincible Investment Corp. |
|
| 24,198 |
|
|
| 9,166 |
|
Kenedix Office Investment Corp. |
|
| 1,519 |
|
|
| 10,818 |
|
Nippon Accommodations Fund, Inc. |
|
| 2,160 |
|
|
| 12,676 |
|
Open House Co. Ltd. |
|
| 453,200 |
|
|
| 19,388 |
|
|
|
|
|
|
|
| 52,048 |
|
|
|
|
|
|
|
| 617,326 |
|
Korea, Republic Of (4.9%): |
|
|
|
|
|
|
|
|
Communication Services (0.7%): |
|
|
|
|
|
|
|
|
AfreecaTV Co. Ltd. |
|
| 154,351 |
|
|
| 10,756 |
|
Neowiz (a) |
|
| 543,097 |
|
|
| 11,273 |
|
|
|
|
|
|
|
| 22,029 |
|
Consumer Discretionary (0.3%): |
|
|
|
|
|
|
|
|
Coway Co. Ltd. |
|
| 138,858 |
|
|
| 8,068 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.6%): |
|
|
|
|
|
|
|
|
Hite Jinro Co. Ltd. |
|
| 288,140 |
|
|
| 9,415 |
|
Maeil Dairies Co. Ltd. |
|
| 121,314 |
|
|
| 7,771 |
|
|
|
|
|
|
|
| 17,186 |
|
Health Care (1.0%): |
|
|
|
|
|
|
|
|
Osstem Implant Co. Ltd. |
|
| 279,308 |
|
|
| 21,074 |
|
PHARMA RESEARCH PRODUCTS Co. Ltd. |
|
| 128,567 |
|
|
| 7,559 |
|
|
|
|
|
|
|
| 28,633 |
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Samsung Engineering Co. Ltd. (a) |
|
| 755,769 |
|
|
| 9,403 |
|
Information Technology (1.1%): |
|
|
|
|
|
|
|
|
Douzone Bizon Co. Ltd. |
|
| 161,752 |
|
|
| 14,104 |
|
Partron Co. Ltd. |
|
| 1,017,667 |
|
|
| 9,679 |
|
SFA Engineering Corp. |
|
| 267,339 |
|
|
| 9,633 |
|
|
|
|
|
|
|
| 33,416 |
|
Materials (0.9%): |
|
|
|
|
|
|
|
|
Soulbrain Co. Ltd. |
|
| 99,323 |
|
|
| 25,653 |
|
|
|
|
|
|
|
| 144,388 |
|
Luxembourg (0.6%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.6%): |
|
|
|
|
|
|
|
|
B&M European Value Retail SA |
|
| 2,653,538 |
|
|
| 19,303 |
|
|
|
|
|
|
|
|
|
|
Malta (0.8%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Kindred Group PLC |
|
| 1,350,181 |
|
|
| 23,735 |
|
|
|
|
|
|
|
|
|
|
Monaco (0.3%): |
|
|
|
|
|
|
|
|
Materials (0.3%): |
|
|
|
|
|
|
|
|
Endeavour Mining Corp. (b) |
|
| 498,384 |
|
|
| 10,047 |
|
|
|
|
|
|
|
|
|
|
Netherlands (4.8%): |
|
|
|
|
|
|
|
|
Energy (0.4%): |
|
|
|
|
|
|
|
|
SBM Offshore NV (b) |
|
| 611,235 |
|
|
| 11,180 |
|
|
|
|
|
|
|
|
|
|
Financials (1.2%): |
|
|
|
|
|
|
|
|
ASR Nederland NV |
|
| 420,031 |
|
|
| 18,771 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Euronext NV (d) |
|
| 177,749 |
|
| $ | 17,889 |
|
|
|
|
|
|
|
| 36,660 |
|
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Argenx SE (a) |
|
| 40,873 |
|
|
| 11,238 |
|
Industrials (1.5%): |
|
|
|
|
|
|
|
|
AerCap Holdings NV (a) |
|
| 226,319 |
|
|
| 13,294 |
|
Intertrust NV (a)(d) |
|
| 464,450 |
|
|
| 7,688 |
|
Signify NV (d) |
|
| 440,243 |
|
|
| 22,641 |
|
|
|
|
|
|
|
| 43,623 |
|
Information Technology (1.3%): |
|
|
|
|
|
|
|
|
ASM International NV |
|
| 133,486 |
|
|
| 38,700 |
|
|
|
|
|
|
|
| 141,401 |
|
Norway (0.3%): |
|
|
|
|
|
|
|
|
Financials (0.3%): |
|
|
|
|
|
|
|
|
Sparebanken Vest |
|
| 924,148 |
|
|
| 8,475 |
|
|
|
|
|
|
|
|
|
|
Singapore (0.8%): |
|
|
|
|
|
|
|
|
Information Technology (0.4%): |
|
|
|
|
|
|
|
|
AEM Holdings Ltd. |
|
| 3,549,200 |
|
|
| 10,965 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.4%): |
|
|
|
|
|
|
|
|
Frasers Logistics & Commercial Trust |
|
| 11,956,000 |
|
|
| 12,917 |
|
|
|
|
|
|
|
| 23,882 |
|
Spain (2.8%): |
|
|
|
|
|
|
|
|
Consumer Staples (0.3%): |
|
|
|
|
|
|
|
|
Viscofan SA |
|
| 132,739 |
|
|
| 9,174 |
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Bankinter SA |
|
| 2,116,968 |
|
|
| 14,731 |
|
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Laboratorios Farmaceuticos Rovi SA |
|
| 200,296 |
|
|
| 10,794 |
|
Industrials (0.7%): |
|
|
|
|
|
|
|
|
Applus Services SA (a) |
|
| 1,040,286 |
|
|
| 10,801 |
|
Cia de Distribucion Integral Logista Holdings SA |
|
| 588,288 |
|
|
| 11,672 |
|
|
|
|
|
|
|
| 22,473 |
|
Real Estate (0.4%): |
|
|
|
|
|
|
|
|
Merlin Properties Socimi SA |
|
| 1,263,042 |
|
|
| 12,928 |
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
Acciona SA |
|
| 84,765 |
|
|
| 14,242 |
|
|
|
|
|
|
|
| 84,342 |
|
Sweden (2.0%): |
|
|
|
|
|
|
|
|
Communication Services (0.2%): |
|
|
|
|
|
|
|
|
G5 Entertainment AB (a) |
|
| 72,176 |
|
|
| 4,112 |
|
Consumer Discretionary (0.5%): |
|
|
|
|
|
|
|
|
Dometic Group AB (d) |
|
| 947,729 |
|
|
| 13,781 |
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Getinge AB, Class B |
|
| 559,899 |
|
|
| 15,556 |
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Peab AB, Class B (a) |
|
| 831,519 |
|
|
| 10,061 |
|
Real Estate (0.5%): |
|
|
|
|
|
|
|
|
Wihlborgs Fastigheter AB |
|
| 770,984 |
|
|
| 14,635 |
|
|
|
|
|
|
|
| 58,145 |
|
Switzerland (6.8%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.3%): |
|
|
|
|
|
|
|
|
Forbo Holding AG, Registered Shares |
|
| 5,348 |
|
|
| 9,709 |
|
Consumer Staples (0.5%): |
|
|
|
|
|
|
|
|
Coca-Cola HBC AG |
|
| 283,447 |
|
|
| 9,008 |
|
Zur Rose Group AG (a)(b) |
|
| 18,371 |
|
|
| 6,923 |
|
|
|
|
|
|
|
| 15,931 |
|
Financials (1.6%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Julius Baer Group Ltd. |
|
| 270,592 |
|
| $ | 17,294 |
|
Swiss Life Holding AG |
|
| 31,077 |
|
|
| 15,275 |
|
Vontobel Holding AG, Class R |
|
| 190,734 |
|
|
| 14,560 |
|
|
|
|
|
|
|
| 47,129 |
|
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Tecan Group AG, Class R |
|
| 28,604 |
|
|
| 12,692 |
|
|
|
|
|
|
|
|
|
|
Industrials (2.2%): |
|
|
|
|
|
|
|
|
Adecco Group AG |
|
| 256,767 |
|
|
| 17,322 |
|
Bucher Industries AG, Registered Shares |
|
| 34,483 |
|
|
| 17,574 |
|
Sulzer AG, Registered Shares |
|
| 134,359 |
|
|
| 15,137 |
|
Wizz Air Holdings PLC (a)(d) |
|
| 210,190 |
|
|
| 13,967 |
|
|
|
|
|
|
|
| 64,000 |
|
Information Technology (1.2%): |
|
|
|
|
|
|
|
|
Logitech International SA, Class R |
|
| 333,664 |
|
|
| 34,999 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
PSP Swiss Property AG, Registered Shares |
|
| 140,346 |
|
|
| 17,101 |
|
|
|
|
|
|
|
| 201,561 |
|
United Kingdom (12.4%): |
|
|
|
|
|
|
|
|
Communication Services (0.6%): |
|
|
|
|
|
|
|
|
Future PLC |
|
| 661,020 |
|
|
| 17,449 |
|
Consumer Discretionary (1.9%): |
|
|
|
|
|
|
|
|
Gamesys Group PLC |
|
| 516,439 |
|
|
| 13,750 |
|
Pets at Home Group PLC |
|
| 1,886,605 |
|
|
| 10,756 |
|
Redrow PLC |
|
| 1,932,884 |
|
|
| 16,732 |
|
Vistry Group PLC |
|
| 949,678 |
|
|
| 14,259 |
|
|
|
|
|
|
|
| 55,497 |
|
Consumer Staples (1.1%): |
|
|
|
|
|
|
|
|
Cranswick PLC |
|
| 195,560 |
|
|
| 9,790 |
|
Stock Spirits Group PLC |
|
| 2,658,156 |
|
|
| 10,234 |
|
Tate & Lyle PLC |
|
| 1,281,654 |
|
|
| 13,519 |
|
|
|
|
|
|
|
| 33,543 |
|
Energy (0.4%): |
|
|
|
|
|
|
|
|
Cairn Energy PLC |
|
| 4,817,504 |
|
|
| 11,306 |
|
|
|
|
|
|
|
|
|
|
Financials (1.7%): |
|
|
|
|
|
|
|
|
Close Brothers Group PLC |
|
| 549,772 |
|
|
| 11,749 |
|
IG Group Holdings PLC |
|
| 998,099 |
|
|
| 12,392 |
|
Intermediate Capital Group PLC |
|
| 483,357 |
|
|
| 12,270 |
|
OSB Group PLC (a) |
|
| 2,281,005 |
|
|
| 13,397 |
|
|
|
|
|
|
|
| 49,808 |
|
Health Care (0.7%): |
|
|
|
|
|
|
|
|
Genus PLC |
|
| 144,233 |
|
|
| 9,657 |
|
Hikma Pharmaceuticals PLC |
|
| 318,121 |
|
|
| 9,978 |
|
|
|
|
|
|
|
| 19,635 |
|
Industrials (2.2%): |
|
|
|
|
|
|
|
|
IMI PLC |
|
| 934,516 |
|
|
| 17,177 |
|
Royal Mail PLC (a) |
|
| 1,753,156 |
|
|
| 12,200 |
|
Serco Group PLC |
|
| 5,867,624 |
|
|
| 11,115 |
|
Travis Perkins PLC |
|
| 706,512 |
|
|
| 15,019 |
|
Ultra Electronics Holdings PLC |
|
| 354,695 |
|
|
| 9,921 |
|
|
|
|
|
|
|
| 65,432 |
|
Information Technology (1.8%): |
|
|
|
|
|
|
|
|
Computacenter PLC |
|
| 596,870 |
|
|
| 19,496 |
|
Electrocomponents PLC |
|
| 921,444 |
|
|
| 12,617 |
|
Micro Focus International PLC |
|
| 1,646,444 |
|
|
| 12,576 |
|
Spirent Communications PLC |
|
| 2,737,146 |
|
|
| 8,996 |
|
|
|
|
|
|
|
| 53,685 |
|
Materials (0.4%): |
|
|
|
|
|
|
|
|
Synthomer PLC |
|
| 1,950,734 |
|
|
| 12,474 |
|
Real Estate (1.3%): |
|
|
|
|
|
|
|
|
LondonMetric Property PLC |
|
| 4,106,578 |
|
|
| 12,089 |
|
Safestore Holdings PLC |
|
| 1,498,418 |
|
|
| 16,424 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent International Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
The Unite Group PLC (a) |
|
| 790,500 |
|
| $ | 11,624 |
|
|
|
|
|
|
|
| 40,137 |
|
Utilities (0.3%): |
|
|
|
|
|
|
|
|
Atlantica Sustainable Infrastructure PLC (b) |
|
| 283,277 |
|
|
| 10,376 |
|
|
|
|
|
|
|
| 369,342 |
|
United States (0.6%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.3%): |
|
|
|
|
|
|
|
|
Nexteer Automotive Group Ltd. |
|
| 6,986,000 |
|
|
| 8,636 |
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Reliance Worldwide Corp. Ltd. |
|
| 3,120,503 |
|
|
| 10,684 |
|
|
|
|
|
|
|
| 19,320 |
|
Total Common Stocks (Cost $2,216,105) |
|
|
|
|
|
| 2,882,485 |
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (1.7%) |
|
|
|
|
|
|
|
|
United States (1.7%): |
|
|
|
|
|
|
|
|
Vanguard FTSE Developed Markets ETF (b) |
|
| 1,048,396 |
|
|
| 51,487 |
|
Total Exchange-Traded Funds (Cost $50,813) |
|
|
|
|
|
| 51,487 |
|
Collateral for Securities Loaned^ (4.2%) |
|
|
|
|
|
|
|
|
United States (4.2%): |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (f) |
|
| 2,567,457 |
|
|
| 2,567 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (f) |
|
| 66,117,891 |
|
|
| 66,118 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f) |
|
| 1,281,288 |
|
|
| 1,281 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (f) |
|
| 10,216,591 |
|
|
| 10,217 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f) |
|
| 45,935,787 |
|
|
| 45,936 |
|
Total Collateral for Securities Loaned (Cost $126,119) |
|
|
|
|
|
| 126,119 |
|
Total Investments (Cost $2,393,037) — 102.8% |
|
|
|
|
|
| 3,060,091 |
|
Liabilities in excess of other assets — (2.8)% |
|
|
|
|
|
| (83,989 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 2,976,102 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rounds to less than $1 thousand. |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $133,130 (thousands) and amounted to 4.5% of net assets. |
(e) | Amount represents less than 0.05% of net assets. |
(f) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory Trivalent Emerging Markets Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (83.4%) |
|
|
|
|
|
|
|
|
Brazil (5.7%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.7%): |
|
|
|
|
|
|
|
|
MRV Engenharia e Participacoes SA |
|
| 22,900 |
|
| $ | 74 |
|
Consumer Staples (0.9%): |
|
|
|
|
|
|
|
|
SLC Agricola SA |
|
| 13,000 |
|
|
| 103 |
|
Energy (0.5%): |
|
|
|
|
|
|
|
|
Petro Rio SA (a) |
|
| 3,200 |
|
|
| 52 |
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
Banco do Estado do Rio Grande do Sul SA, Preference Shares |
|
| 17,800 |
|
|
| 38 |
|
Porto Seguro SA |
|
| 5,600 |
|
|
| 47 |
|
|
|
|
|
|
|
| 85 |
|
Industrials (1.3%): |
|
|
|
|
|
|
|
|
Randon SA Implementos e Participacoes, Preference Shares |
|
| 27,800 |
|
|
| 68 |
|
SIMPAR SA |
|
| 12,190 |
|
|
| 81 |
|
|
|
|
|
|
|
| 149 |
|
Information Technology (0.6%): |
|
|
|
|
|
|
|
|
Cielo SA |
|
| 104,600 |
|
|
| 69 |
|
Utilities (0.9%): |
|
|
|
|
|
|
|
|
Cia de Saneamento do Parana |
|
| 11,400 |
|
|
| 45 |
|
Omega Geracao SA (a) |
|
| 7,500 |
|
|
| 52 |
|
|
|
|
|
|
|
| 97 |
|
|
|
|
|
|
|
| 629 |
|
China (7.3%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.6%): |
|
|
|
|
|
|
|
|
Tianneng Power International Ltd. (b) |
|
| 34,000 |
|
|
| 64 |
|
Consumer Staples (0.6%): |
|
|
|
|
|
|
|
|
China Modern Dairy Holdings Ltd. (a) |
|
| 293,000 |
|
|
| 70 |
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
360 Digitech, Inc., ADR (a) |
|
| 1,652 |
|
|
| 43 |
|
Health Care (0.6%): |
|
|
|
|
|
|
|
|
China Medical System Holdings Ltd. |
|
| 33,000 |
|
|
| 66 |
|
Industrials (2.2%): |
|
|
|
|
|
|
|
|
Airtac International Group |
|
| 2,000 |
|
|
| 71 |
|
China Lesso Group Holdings Ltd. |
|
| 56,000 |
|
|
| 121 |
|
Zhejiang Expressway Co. Ltd., Class H |
|
| 64,000 |
|
|
| 57 |
|
|
|
|
|
|
|
| 249 |
|
Information Technology (1.3%): |
|
|
|
|
|
|
|
|
Chinasoft International Ltd. |
|
| 100,000 |
|
|
| 109 |
|
JinkoSolar Holding Co. Ltd., ADR (a) |
|
| 872 |
|
|
| 36 |
|
|
|
|
|
|
|
| 145 |
|
Real Estate (1.0%): |
|
|
|
|
|
|
|
|
China SCE Group Holdings Ltd. |
|
| 136,000 |
|
|
| 63 |
|
Times Neighborhood Holdings Ltd. |
|
| 69,798 |
|
|
| 53 |
|
|
|
|
|
|
|
| 116 |
|
Utilities (0.6%): |
|
|
|
|
|
|
|
|
China Tian Lun Gas Holdings Ltd. (b) |
|
| 63,500 |
|
|
| 62 |
|
|
|
|
|
|
|
| 815 |
|
Cyprus (0.7%): |
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
TCS Group Holding PLC, GDR |
|
| 1,338 |
|
|
| 78 |
|
Egypt (0.5%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
Telecom Egypt Co. |
|
| 80,279 |
|
|
| 57 |
|
Greece (1.5%): |
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent Emerging Markets Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
National Bank of Greece SA (a) |
|
| 28,249 |
|
| $ | 82 |
|
Utilities (0.7%): |
|
|
|
|
|
|
|
|
Terna Energy SA |
|
| 5,296 |
|
|
| 79 |
|
|
|
|
|
|
|
| 161 |
|
Hong Kong (5.8%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
NetDragon Websoft Holdings Ltd. |
|
| 22,500 |
|
|
| 58 |
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Far East Horizon Ltd. |
|
| 46,000 |
|
|
| 55 |
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
The United Laboratories International Holdings Ltd. |
|
| 74,000 |
|
|
| 55 |
|
Industrials (0.8%): |
|
|
|
|
|
|
|
|
Sinotruk Hong Kong Ltd. |
|
| 27,500 |
|
|
| 83 |
|
Information Technology (0.3%): |
|
|
|
|
|
|
|
|
GCL-Poly Energy Holdings Ltd. (a)(b) |
|
| 131,000 |
|
|
| 34 |
|
Materials (1.3%): |
|
|
|
|
|
|
|
|
China Resources Cement Holdings Ltd. |
|
| 58,000 |
|
|
| 65 |
|
Nine Dragons Paper Holdings Ltd. |
|
| 53,000 |
|
|
| 78 |
|
|
|
|
|
|
|
| 143 |
|
Real Estate (1.0%): |
|
|
|
|
|
|
|
|
China Overseas Grand Oceans Group Ltd. |
|
| 177,000 |
|
|
| 116 |
|
Utilities (0.9%): |
|
|
|
|
|
|
|
|
Canvest Environmental Protection Group Co. Ltd. |
|
| 108,000 |
|
|
| 50 |
|
China Water Affairs Group Ltd. (b) |
|
| 64,000 |
|
|
| 52 |
|
|
|
|
|
|
|
| 102 |
|
|
|
|
|
|
|
| 646 |
|
Hungary (0.8%): |
|
|
|
|
|
|
|
|
Health Care (0.8%): |
|
|
|
|
|
|
|
|
Richter Gedeon Nyrt |
|
| 3,104 |
|
|
| 92 |
|
India (0.1%): |
|
|
|
|
|
|
|
|
Industrials (0.1%): |
|
|
|
|
|
|
|
|
Engineers India Ltd. |
|
| 10,773 |
|
|
| 11 |
|
Indonesia (0.5%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
PT Media Nusantara Citra Tbk (a) |
|
| 900,200 |
|
|
| 59 |
|
Korea, Republic Of (17.3%): |
|
|
|
|
|
|
|
|
Communication Services (1.2%): |
|
|
|
|
|
|
|
|
AfreecaTV Co. Ltd. |
|
| 1,112 |
|
|
| 78 |
|
Neowiz (a) |
|
| 2,509 |
|
|
| 52 |
|
|
|
|
|
|
|
| 130 |
|
Consumer Discretionary (3.3%): |
|
|
|
|
|
|
|
|
Coway Co. Ltd. |
|
| 802 |
|
|
| 47 |
|
Danawa Co. Ltd. |
|
| 1,804 |
|
|
| 53 |
|
GS Home Shopping, Inc. |
|
| 399 |
|
|
| 53 |
|
S&T Motiv Co. Ltd. |
|
| 1,330 |
|
|
| 73 |
|
SL Corp. |
|
| 3,928 |
|
|
| 78 |
|
Youngone Corp. |
|
| 1,740 |
|
|
| 62 |
|
|
|
|
|
|
|
| 366 |
|
Consumer Staples (1.3%): |
|
|
|
|
|
|
|
|
Dongwon F&B Co. Ltd. |
|
| 322 |
|
|
| 55 |
|
Maeil Dairies Co. Ltd. |
|
| 1,425 |
|
|
| 91 |
|
|
|
|
|
|
|
| 146 |
|
Financials (1.4%): |
|
|
|
|
|
|
|
|
DB Insurance Co. Ltd. |
|
| 1,340 |
|
|
| 56 |
|
KIWOOM Securities Co. Ltd. |
|
| 837 |
|
|
| 94 |
|
|
|
|
|
|
|
| 150 |
|
Health Care (2.5%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent Emerging Markets Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Chong Kun Dang Pharmaceutical Corp. |
|
| 426 |
|
| $ | 52 |
|
Dongkook Pharmaceutical Co. Ltd. |
|
| 2,305 |
|
|
| 57 |
|
Osstem Implant Co. Ltd. |
|
| 1,236 |
|
|
| 93 |
|
PHARMA RESEARCH PRODUCTS Co. Ltd. |
|
| 1,336 |
|
|
| 79 |
|
|
|
|
|
|
|
| 281 |
|
Industrials (2.0%): |
|
|
|
|
|
|
|
|
DL E&C Co. Ltd. (a) |
|
| 713 |
|
|
| 76 |
|
Hyundai Glovis Co. Ltd. |
|
| 426 |
|
|
| 71 |
|
Samsung Engineering Co. Ltd. (a) |
|
| 6,318 |
|
|
| 79 |
|
|
|
|
|
|
|
| 226 |
|
Information Technology (3.0%): |
|
|
|
|
|
|
|
|
Douzone Bizon Co. Ltd. |
|
| 1,175 |
|
|
| 102 |
|
NHN KCP Corp. (a) |
|
| 132 |
|
|
| 6 |
|
Partron Co. Ltd. |
|
| 5,863 |
|
|
| 56 |
|
SFA Engineering Corp. |
|
| 2,099 |
|
|
| 76 |
|
Silicon Works Co. Ltd. |
|
| 1,437 |
|
|
| 96 |
|
|
|
|
|
|
|
| 336 |
|
Materials (2.6%): |
|
|
|
|
|
|
|
|
Korea Petrochemical Ind Co. Ltd. |
|
| 604 |
|
|
| 174 |
|
Soulbrain Co. Ltd. |
|
| 429 |
|
|
| 111 |
|
|
|
|
|
|
|
| 285 |
|
|
|
|
|
|
|
| 1,920 |
|
Malaysia (3.4%): |
|
|
|
|
|
|
|
|
Communication Services (0.6%): |
|
|
|
|
|
|
|
|
TIME dotCom Bhd |
|
| 16,700 |
|
|
| 58 |
|
Energy (0.5%): |
|
|
|
|
|
|
|
|
Serba Dinamik Holdings Bhd |
|
| 135,260 |
|
|
| 56 |
|
Information Technology (1.1%): |
|
|
|
|
|
|
|
|
V.S. Industry Bhd |
|
| 180,000 |
|
|
| 124 |
|
Real Estate (0.7%): |
|
|
|
|
|
|
|
|
Eco World Development Group Bhd |
|
| 536,700 |
|
|
| 80 |
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
Mega First Corp. Bhd |
|
| 33,300 |
|
|
| 58 |
|
|
|
|
|
|
|
| 376 |
|
Mexico (3.7%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
Megacable Holdings SAB de CV |
|
| 14,825 |
|
|
| 53 |
|
Consumer Staples (0.5%): |
|
|
|
|
|
|
|
|
La Comer SAB de CV |
|
| 28,441 |
|
|
| 57 |
|
Energy (0.4%): |
|
|
|
|
|
|
|
|
Vista Oil & Gas SAB de CV, ADR (a) |
|
| 19,153 |
|
|
| 49 |
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
Banco del Bajio SA (a)(c) |
|
| 35,401 |
|
|
| 48 |
|
Materials (1.3%): |
|
|
|
|
|
|
|
|
Grupo Cementos de Chihuahua SAB de CV |
|
| 20,438 |
|
|
| 142 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Prologis Property Mexico SA de CV |
|
| 29,019 |
|
|
| 62 |
|
|
|
|
|
|
|
| 411 |
|
Qatar (0.6%): |
|
|
|
|
|
|
|
|
Energy (0.6%): |
|
|
|
|
|
|
|
|
Qatar Gas Transport Co. Ltd. |
|
| 73,094 |
|
|
| 64 |
|
Russian Federation (1.3%): |
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Moscow Exchange MICEX PJSC |
|
| 24,310 |
|
|
| 56 |
|
Materials (0.8%): |
|
|
|
|
|
|
|
|
Polymetal International PLC |
|
| 4,438 |
|
|
| 87 |
|
|
|
|
|
|
|
| 143 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent Emerging Markets Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Saudi Arabia (0.5%): |
|
|
|
|
|
|
|
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Mouwasat Medical Services Co. |
|
| 1,467 |
|
| $ | 61 |
|
South Africa (5.4%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.5%): |
|
|
|
|
|
|
|
|
Mr. Price Group Ltd. |
|
| 4,446 |
|
|
| 58 |
|
Energy (0.7%): |
|
|
|
|
|
|
|
|
Exxaro Resources Ltd. |
|
| 6,266 |
|
|
| 74 |
|
Industrials (0.6%): |
|
|
|
|
|
|
|
|
KAP Industrial Holdings Ltd. (a) |
|
| 224,706 |
|
|
| 63 |
|
Materials (3.0%): |
|
|
|
|
|
|
|
|
African Rainbow Minerals Ltd. |
|
| 8,413 |
|
|
| 158 |
|
Impala Platinum Holdings Ltd. |
|
| 9,488 |
|
|
| 175 |
|
|
|
|
|
|
|
| 333 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Redefine Properties Ltd. (a) |
|
| 265,884 |
|
|
| 68 |
|
|
|
|
|
|
|
| 596 |
|
Taiwan (21.1%): |
|
|
|
|
|
|
|
|
Communication Services (0.7%): |
|
|
|
|
|
|
|
|
International Games System Co. Ltd. |
|
| 3,000 |
|
|
| 80 |
|
Consumer Discretionary (4.1%): |
|
|
|
|
|
|
|
|
Gourmet Master Co. Ltd. |
|
| 15,000 |
|
|
| 92 |
|
Makalot Industrial Co. Ltd. |
|
| 8,600 |
|
|
| 75 |
|
Merida Industry Co. Ltd. |
|
| 14,000 |
|
|
| 172 |
|
Nien Made Enterprise Co. Ltd. |
|
| 4,000 |
|
|
| 56 |
|
Taiwan Paiho Ltd. |
|
| 20,000 |
|
|
| 57 |
|
|
|
|
|
|
|
| 452 |
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
King’s Town Bank Co. Ltd. |
|
| 58,000 |
|
|
| 80 |
|
Health Care (0.8%): |
|
|
|
|
|
|
|
|
Ginko International Co. Ltd. (a) |
|
| 13,000 |
|
|
| 82 |
|
Industrials (2.1%): |
|
|
|
|
|
|
|
|
Chicony Power Technology Co. Ltd. |
|
| 30,000 |
|
|
| 86 |
|
Evergreen Marine Corp. Taiwan Ltd. (a) |
|
| 91,000 |
|
|
| 146 |
|
|
|
|
|
|
|
| 232 |
|
Information Technology (11.3%): |
|
|
|
|
|
|
|
|
AU Optronics Corp. (a) |
|
| 136,000 |
|
|
| 101 |
|
Chipbond Technology Corp. |
|
| 47,000 |
|
|
| 128 |
|
Elan Microelectronics Corp. |
|
| 24,200 |
|
|
| 167 |
|
Gigabyte Technology Co. Ltd. |
|
| 28,000 |
|
|
| 99 |
|
Lite-On Technology Corp. |
|
| 38,000 |
|
|
| 84 |
|
Macronix International |
|
| 45,000 |
|
|
| 71 |
|
Parade Technologies Ltd. |
|
| 2,000 |
|
|
| 86 |
|
Radiant Opto-Electronics Corp. |
|
| 26,000 |
|
|
| 116 |
|
Simplo Technology Co. Ltd. |
|
| 7,000 |
|
|
| 92 |
|
Sinbon Electronics Co. Ltd. |
|
| 14,000 |
|
|
| 130 |
|
Tripod Technology Corp. |
|
| 22,000 |
|
|
| 109 |
|
Wistron Corp. |
|
| 60,000 |
|
|
| 71 |
|
|
|
|
|
|
|
| 1,254 |
|
Materials (0.8%): |
|
|
|
|
|
|
|
|
China General Plastics Corp. (a) |
|
| 67,000 |
|
|
| 88 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Chong Hong Construction Co. Ltd. |
|
| 24,000 |
|
|
| 70 |
|
|
|
|
|
|
|
| 2,338 |
|
Thailand (3.6%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
Major Cineplex Group PCL |
|
| 84,900 |
|
|
| 61 |
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Sri Trang Agro-Industry PCL |
|
| 57,200 |
|
|
| 86 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent Emerging Markets Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Financials (0.6%): |
|
|
|
|
|
|
|
|
Thanachart Capital PCL |
|
| 52,500 |
|
| $ | 64 |
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Chularat Hospital PCL |
|
| 593,100 |
|
|
| 55 |
|
Information Technology (0.6%): |
|
|
|
|
|
|
|
|
Hana Microelectronics PCL, Class R |
|
| 38,400 |
|
|
| 68 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Origin Property PCL |
|
| 257,000 |
|
|
| 70 |
|
|
|
|
|
|
|
| 404 |
|
Turkey (3.0%): |
|
|
|
|
|
|
|
|
Communication Services (0.4%): |
|
|
|
|
|
|
|
|
Turk Telekomunikasyon A/S |
|
| 52,880 |
|
|
| 44 |
|
Consumer Discretionary (0.9%): |
|
|
|
|
|
|
|
|
Arcelik A/S |
|
| 24,488 |
|
|
| 100 |
|
Consumer Staples (0.9%): |
|
|
|
|
|
|
|
|
Coca-Cola Icecek A/S |
|
| 12,424 |
|
|
| 104 |
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Tekfen Holding A/S |
|
| 16,250 |
|
|
| 29 |
|
Turkiye Sise ve Cam Fabrikalari A/S |
|
| 1 |
|
|
| —(d | ) |
|
|
|
|
|
|
| 29 |
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
Enerjisa Enerji A/S (c) |
|
| 41,872 |
|
|
| 59 |
|
|
|
|
|
|
|
| 336 |
|
United Arab Emirates (0.6%): |
|
|
|
|
|
|
|
|
Industrials (0.6%): |
|
|
|
|
|
|
|
|
Aramex PJSC (a) |
|
| 62,604 |
|
|
| 66 |
|
Total Common Stocks (Cost $7,111) |
|
|
|
|
|
| 9,263 |
|
Rights (0.0%) (g) |
|
|
|
|
|
|
|
|
Taiwan (0.0%) (g) |
|
|
|
|
|
|
|
|
Information Technology (0.0%) (g) |
|
|
|
|
|
|
|
|
Simplo Technology Co. Ltd., Expires 4/30/21 (a)(e)(f) |
|
| 241 |
|
|
| —(d | ) |
Total Rights (Cost $–) |
|
|
|
|
|
| —(d | ) |
Exchange-Traded Funds (16.0%) |
|
|
|
|
|
|
|
|
United States (16.0%): |
|
|
|
|
|
|
|
|
iShares MSCI Emerging Markets Small-Cap ETF |
|
| 2,207 |
|
|
| 127 |
|
iShares MSCI India Small-Cap ETF |
|
| 33,552 |
|
|
| 1,645 |
|
|
|
|
|
|
|
| 1,772 |
|
Total Exchange-Traded Funds (Cost $1,806) |
|
|
|
|
|
| 1,772 |
|
Security Description |
|
| Shares |
|
|
| Fair Value |
|
Collateral for Securities Loaned^ (1.7%) |
|
|
|
|
|
|
|
|
United States (1.7%): |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h) |
|
| 3,850 |
|
|
| 4 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h) |
|
| 99,156 |
|
|
| 99 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h) |
|
| 1,922 |
|
|
| 2 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h) |
|
| 15,322 |
|
|
| 15 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h) |
|
| 68,889 |
|
|
| 69 |
|
Total Collateral for Securities Loaned (Cost $189) |
|
|
|
|
|
| 189 |
|
Total Investments (Cost $9,106) — 101.1% |
|
|
|
|
|
| 11,224 |
|
Liabilities in excess of other assets — (1.1)% |
|
|
|
|
|
| (123 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 11,101 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Trivalent Emerging Markets Small-Cap Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $107 (thousands) and amounted to 1.0% of net assets. |
(d) | Rounds to less than $1 thousand. |
(e) | Security was fair valued using significant unobservable inputs as of March 31, 2021. |
(f) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets. |
(g) | Amount represents less than 0.05% of net assets. |
(h) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
GDR—Global Depositary Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
|
|
|
|
|
|
| ||
Security Description |
| Principal |
|
| Value |
| ||
Asset-Backed Securities (2.4%) |
|
|
|
|
|
|
|
|
Ameriquest Mortgage Securities, Series 2004-R12, Class M1, 0.96% (LIBOR01M+86bps), 1/25/35, Callable 4/25/21 @ 100 (a) |
| $ | 84 |
|
| $ | 84 |
|
Home Equity Asset Trust, Series 2005-2, Class M5, 1.20% (LIBOR01M+110bps), 7/25/35, Callable 4/25/21 @ 100 (a) |
|
| 464 |
|
|
| 464 |
|
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 1.08% (LIBOR01M+98bps), 10/25/34, Callable 4/25/21 @ 100 (a) |
|
| 33 |
|
|
| 33 |
|
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 11/15/23 @ 100 (b) |
|
| 43 |
|
|
| 43 |
|
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (c) |
|
| 674 |
|
|
| 673 |
|
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 4/15/24 @ 100 (c) |
|
| 332 |
|
|
| 332 |
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities (Cost $1,612) |
|
|
|
|
|
| 1,629 |
|
Collateralized Mortgage Obligations (1.2%) |
|
|
|
|
|
|
|
|
Bank, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 |
|
| 290 |
|
|
| 291 |
|
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53, Callable 2/15/30 @ 100 |
|
| 257 |
|
|
| 264 |
|
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100 |
|
| 270 |
|
|
| 274 |
|
|
|
|
|
|
|
|
|
|
Total Collateralized Mortgage Obligations (Cost $838) |
|
|
|
|
|
| 829 |
|
Preferred Stocks (2.0%) |
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
AMG Capital Trust II, 5.15%, 10/15/37 |
|
| 2,035 |
|
|
| 114 |
|
Bank of America Corp., Series L, 7.25% (d) |
|
| 100 |
|
|
| 140 |
|
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (e) |
|
| 1,795 |
|
|
| 120 |
|
Wells Fargo & Co., Series L, 7.50% (d) |
|
| 115 |
|
|
| 163 |
|
|
|
|
|
|
|
| 537 | |
Health Care(0.1%): |
|
|
|
|
|
|
|
|
Danaher Corp., Series B, 5.00%, 4/15/23 (e) |
|
| 39 |
|
|
| 51 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.2%): |
|
|
|
|
|
|
|
|
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (e) |
|
| 1,332 |
|
|
| 157 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.9%): |
|
|
|
|
|
|
|
|
American Electric Power Co., Inc., 6.13%, 8/15/23 |
|
| 530 |
|
|
| 26 |
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares or Principal Amount |
|
| Value |
| ||
CenterPoint Energy, Inc., 4.57%, 9/15/29 |
|
| 1,045 |
|
| $ | 63 |
|
Dominion Energy, Inc., Series A, 7.25%, 6/1/22 |
|
| 1,570 |
|
|
| 154 |
|
DTE Energy Co., 6.25%, 11/1/22 |
|
| 1,879 |
|
|
| 93 |
|
NextEra Energy, Inc., 5.28%, 3/1/23 |
|
| 2,740 |
|
|
| 136 |
|
The Southern Co., Series 2019, 6.75%, 8/1/22 |
|
| 2,442 |
|
|
| 124 |
|
|
|
|
|
|
|
| 596 |
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks (Cost $1,299) |
|
|
|
|
|
| 1,341 |
|
Corporate Bonds (55.4%) |
|
|
|
|
|
|
|
|
Communication Services (2.8%): |
|
|
|
|
|
|
|
|
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100 |
|
| 184 |
|
|
| 151 |
|
AT&T, Inc. |
|
|
|
|
|
|
|
|
4.25%, 3/1/27, Callable 12/1/26 @ 100 (b) |
|
| 129 |
|
|
| 145 |
|
1.65%, 2/1/28, Callable 12/1/27 @ 100 |
|
| 117 |
|
|
| 113 |
|
5.15%, 11/15/46, Callable 5/15/46 @ 100 (b) |
|
| 312 |
|
|
| 378 |
|
CenturyLink, Inc., 6.75%, 12/1/23 |
|
| 115 |
|
|
| 127 |
|
Comcast Corp. |
|
|
|
|
|
|
|
|
3.45%, 2/1/50, Callable 8/1/49 @ 100 |
|
| 150 |
|
|
| 153 |
|
2.80%, 1/15/51, Callable 7/15/50 @ 100 |
|
| 128 |
|
|
| 117 |
|
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (c) |
|
| 143 |
|
|
| 143 |
|
Verizon Communications, Inc. |
|
|
|
|
|
|
|
|
5.15%, 9/15/23 (b) |
|
| 142 |
|
|
| 158 |
|
3.38%, 2/15/25 (b) |
|
| 116 |
|
|
| 126 |
|
3.55%, 3/22/51, Callable 9/22/50 @ 100 (b) |
|
| 275 |
|
|
| 273 |
|
|
|
|
|
|
|
| 1,884 |
|
Consumer Discretionary (6.7%): |
|
|
|
|
|
|
|
|
Booking Holdings, Inc. |
|
|
|
|
|
|
|
|
0.90%, 9/15/21 |
|
| 30 |
|
|
| 35 |
|
0.75%, 5/1/25 (c)(e) |
|
| 100 |
|
|
| 148 |
|
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 |
|
| 670 |
|
|
| 704 |
|
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 |
|
| 110 |
|
|
| 118 |
|
Darden Restaurants, Inc., 3.85%, 5/1/27, Callable 2/1/27 @ 100 (b) |
|
| 170 |
|
|
| 185 |
|
Expedia Group, Inc. |
|
|
|
|
|
|
|
|
3.60%, 12/15/23, Callable 11/15/23 @ 100 (c) |
|
| 201 |
|
|
| 213 |
|
2/15/26 (c) |
|
| 25 |
|
|
| 27 |
|
General Motors Co., 4.88%, 10/2/23 (b) |
|
| 229 |
|
|
| 251 |
|
Hasbro, Inc., 2.60%, 11/19/22 |
|
| 300 |
|
|
| 309 |
|
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44 |
|
| 110 |
|
|
| 117 |
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44 |
|
| 130 |
|
|
| 136 |
|
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100 |
|
| 112 |
|
|
| 117 |
|
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 |
|
| 212 |
|
|
| 244 |
|
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 |
|
| 326 |
|
|
| 347 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Principal Amount |
|
| Value |
| ||
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 |
| $ | 63 |
|
| $ | 71 |
|
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (c) |
|
| 101 |
|
|
| 99 |
|
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 |
|
| 198 |
|
|
| 223 |
|
NVR, Inc. |
|
|
|
|
|
|
|
|
3.95%, 9/15/22, Callable 6/15/22 @ 100 (b) |
|
| 268 |
|
|
| 278 |
|
3.00%, 5/15/30, Callable 11/15/29 @ 100 |
|
| 267 |
|
|
| 274 |
|
Ross Stores, Inc. |
|
|
|
|
|
|
|
|
3.38%, 9/15/24, Callable 6/15/24 @ 100 |
|
| 160 |
|
|
| 170 |
|
0.88%, 4/15/26, Callable 3/15/26 @ 100 |
|
| 186 |
|
|
| 180 |
|
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 |
|
| 171 |
|
|
| 164 |
|
|
|
|
|
|
|
| 4,410 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (2.8%): |
|
|
|
|
|
|
|
|
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (c) |
|
| 368 |
|
|
| 367 |
|
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (b) |
|
| 105 |
|
|
| 118 |
|
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 |
|
| 167 |
|
|
| 184 |
|
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (b) |
|
| 70 |
|
|
| 72 |
|
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 |
|
| 105 |
|
|
| 123 |
|
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100 |
|
| 363 |
|
|
| 348 |
|
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (b) |
|
| 172 |
|
|
| 184 |
|
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100 |
|
| 95 |
|
|
| 99 |
|
Reynolds American, Inc., 6.15%, 9/15/43 (b) |
|
| 175 |
|
|
| 211 |
|
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 |
|
| 135 |
|
|
| 171 |
|
|
|
|
|
|
|
| 1,877 |
|
|
|
|
|
|
|
|
|
|
Energy (3.5%): |
|
|
|
|
|
|
|
|
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100 |
|
| 320 |
|
|
| 357 |
|
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (b) |
|
| 234 |
|
|
| 242 |
|
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 |
|
| 135 |
|
|
| 166 |
|
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (b) |
|
| 84 |
|
|
| 87 |
|
HollyFrontier Corp., 2.63%, 10/1/23 |
|
| 265 |
|
|
| 274 |
|
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100 |
|
| 229 |
|
|
| 249 |
|
Pioneer Natural Resources Co. |
|
|
|
|
|
|
|
|
0.25%, 5/15/25 (c) |
|
| 100 |
|
|
| 156 |
|
1.90%, 8/15/30, Callable 5/15/30 @ 100 |
|
| 251 |
|
|
| 233 |
|
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (b) |
|
| 245 |
|
|
| 253 |
|
Valero Energy Corp. |
|
|
|
|
|
|
|
|
4.00%, 4/1/29, Callable 1/1/29 @ 100 (b) |
|
| 102 |
|
|
| 110 |
|
4.90%, 3/15/45 |
|
| 125 |
|
|
| 140 |
|
|
|
|
|
|
|
| 2,267 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Principal Amount |
|
| Value |
| ||
Financials (14.4%): |
|
|
|
|
|
|
|
|
Aflac, Inc. |
|
|
|
|
|
|
|
|
2.88%, 10/15/26, Callable 7/15/26 @ 100 |
| $ | 335 |
|
| $ | 359 |
|
4.75%, 1/15/49, Callable 7/15/48 @ 100 |
|
| 35 |
|
|
| 43 |
|
Alleghany Corp. |
|
|
|
|
|
|
|
|
3.63%, 5/15/30, Callable 2/15/30 @ 100 |
|
| 130 |
|
|
| 140 |
|
4.90%, 9/15/44, Callable 3/15/44 @ 100 |
|
| 204 |
|
|
| 243 |
|
Ares Capital Corp., 4.63%, 3/1/24 |
|
| 160 |
|
|
| 174 |
|
Bank of America Corp. |
|
|
|
|
|
|
|
|
2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN |
|
| 515 |
|
|
| 521 |
|
4.20%, 8/26/24 (b) |
|
| 160 |
|
|
| 176 |
|
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN |
|
| 205 |
|
|
| 220 |
|
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (b) |
|
| 224 |
|
|
| 241 |
|
Cincinnati Financial Corp., 6.13%, 11/1/34 (e) |
|
| 230 |
|
|
| 305 |
|
Citigroup, Inc. |
|
|
|
|
|
|
|
|
2.75%, 4/25/22, Callable 3/25/22 @ 100 |
|
| 363 |
|
|
| 372 |
|
3.88%, 3/26/25 |
|
| 108 |
|
|
| 118 |
|
4.60%, 3/9/26 (b) |
|
| 232 |
|
|
| 261 |
|
4.45%, 9/29/27 (b) |
|
| 108 |
|
|
| 121 |
|
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (a) |
|
| 94 |
|
|
| 102 |
|
Fifth Third Bancorp |
|
|
|
|
|
|
|
|
1.63%, 5/5/23, Callable 4/5/23 @ 100 |
|
| 130 |
|
|
| 133 |
|
3.65%, 1/25/24, Callable 12/25/23 @ 100 (b) |
|
| 584 |
|
|
| 630 |
|
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 |
|
| 290 |
|
|
| 303 |
|
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 |
|
| 110 |
|
|
| 118 |
|
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 |
|
| 250 |
|
|
| 240 |
|
JPMorgan Chase & Co. |
|
|
|
|
|
|
|
|
2.95%, 10/1/26, Callable 7/1/26 @ 100 |
|
| 425 |
|
|
| 454 |
|
5.60%, 7/15/41 |
|
| 87 |
|
|
| 116 |
|
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (c) |
|
| 120 |
|
|
| 133 |
|
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (c) |
|
| 170 |
|
|
| 166 |
|
Morgan Stanley |
|
|
|
|
|
|
|
|
4.88%, 11/1/22 (b) |
|
| 303 |
|
|
| 323 |
|
3.13%, 7/27/26, MTN |
|
| 545 |
|
|
| 587 |
|
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 |
|
| 105 |
|
|
| 114 |
|
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 |
|
| 373 |
|
|
| 388 |
|
The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100 |
|
| 275 |
|
|
| 297 |
|
Truist Financial Corp., 2.75%, 4/1/22, MTN, Callable 3/1/22 @ 100 |
|
| 480 |
|
|
| 491 |
|
Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100 |
|
| 195 |
|
|
| 211 |
|
Wells Fargo & Co. |
|
|
|
|
|
|
|
|
3.45%, 2/13/23 |
|
| 585 |
|
|
| 616 |
|
4.30%, 7/22/27, MTN |
|
| 410 |
|
|
| 464 |
|
4.90%, 11/17/45 (b) |
|
| 155 |
|
|
| 185 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Principal Amount |
|
| Value |
| ||
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 |
| $ | 250 |
|
| $ | 252 |
|
|
|
|
|
|
|
| 9,617 |
|
Health Care (5.5%): |
|
|
|
|
|
|
|
|
AbbVie, Inc. |
|
|
|
|
|
|
|
|
3.75%, 11/14/23, Callable 10/14/23 @ 100 |
|
| 317 |
|
|
| 342 |
|
3.20%, 11/21/29, Callable 8/21/29 @ 100 |
|
| 285 |
|
|
| 302 |
|
4.45%, 5/14/46, Callable 11/14/45 @ 100 |
|
| 142 |
|
|
| 164 |
|
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100 |
|
| 250 |
|
|
| 287 |
|
Anthem, Inc. |
|
|
|
|
|
|
|
|
2.38%, 1/15/25, Callable 12/15/24 @ 100 |
|
| 148 |
|
|
| 155 |
|
2.75%, 10/15/42 |
|
| 35 |
|
|
| 177 |
|
Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100 |
|
| 109 |
|
|
| 113 |
|
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 |
|
| 455 |
|
|
| 497 |
|
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 |
|
| 168 |
|
|
| 176 |
|
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 |
|
| 193 |
|
|
| 213 |
|
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (c) |
|
| 260 |
|
|
| 257 |
|
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (b) |
|
| 135 |
|
|
| 140 |
|
Illumina, Inc. |
|
|
|
|
|
|
|
|
0.50%, 6/15/21 |
|
| 61 |
|
|
| 92 |
|
8/15/23 (e) |
|
| 55 |
|
|
| 65 |
|
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100 |
|
| 135 |
|
|
| 119 |
|
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 |
|
| 262 |
|
|
| 296 |
|
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 |
|
| 146 |
|
|
| 125 |
|
Universal Health Services, Inc., 2.65%, 10/15/30, Callable 7/15/30 @ 100 (c) |
|
| 102 |
|
|
| 99 |
|
Upjohn, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 (c) |
|
| 95 |
|
|
| 96 |
|
|
|
|
|
|
|
| 3,715 |
|
Industrials (6.2%): |
|
|
|
|
|
|
|
|
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 (e) |
|
| 241 |
|
|
| 229 |
|
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100 |
|
| 282 |
|
|
| 278 |
|
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 |
|
| 150 |
|
|
| 151 |
|
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 |
|
| 195 |
|
|
| 191 |
|
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (b) |
|
| 275 |
|
|
| 282 |
|
Fortive Corp., 0.88%, 2/15/22 |
|
| 160 |
|
|
| 163 |
|
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 |
|
| 420 |
|
|
| 461 |
|
Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 |
|
| 82 |
|
|
| 78 |
|
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 |
|
| 140 |
|
|
| 144 |
|
PACCAR Financial Corp., 0.80%, 6/8/23, MTN |
|
| 226 |
|
|
| 228 |
|
Rockwell Automation, Inc. |
|
|
|
|
|
|
|
|
3.50%, 3/1/29, Callable 12/1/28 @ 100 |
|
| 165 |
|
|
| 182 |
|
6.25%, 12/1/37 |
|
| 155 |
|
|
| 205 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Principal Amount |
|
| Value |
| ||
Roper Technologies, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 (b) |
| $ | 379 |
|
| $ | 395 |
|
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (c) |
|
| 130 |
|
|
| 128 |
|
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 |
|
| 115 |
|
|
| 132 |
|
Southwest Airlines Co., 1.25%, 5/1/25 |
|
| 87 |
|
|
| 149 |
|
The Boeing Co., 2.20%, 2/4/26, Callable 2/4/23 @ 100 |
|
| 470 |
|
|
| 469 |
|
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (b) |
|
| 279 |
|
|
| 307 |
|
|
|
|
|
|
|
| 4,172 |
|
Information Technology (6.4%): |
|
|
|
|
|
|
|
|
Akamai Technologies, Inc., 0.13%, 5/1/25 |
|
| 80 |
|
|
| 97 |
|
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 |
|
| 117 |
|
|
| 146 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (b) |
|
| 132 |
|
|
| 141 |
|
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 |
|
| 315 |
|
|
| 359 |
|
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 |
|
| 342 |
|
|
| 379 |
|
Citrix Systems, Inc., 1.25%, 3/1/26, Callable 2/1/26 @ 100 |
|
| 275 |
|
|
| 271 |
|
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e) |
|
| 120 |
|
|
| 137 |
|
Intel Corp., 3.40%, 3/25/25, Callable 2/25/25 @ 100 (e) |
|
| 228 |
|
|
| 248 |
|
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (b) |
|
| 166 |
|
|
| 188 |
|
Micron Technology, Inc. |
|
|
|
|
|
|
|
|
5.33%, 2/6/29, Callable 11/6/28 @ 100 |
|
| 394 |
|
|
| 461 |
|
3.13%, 5/1/32, Callable 5/10/21 @ 100 (f) |
|
| 18 |
|
|
| 159 |
|
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (c) |
|
| 87 |
|
|
| 88 |
|
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100 |
|
| 150 |
|
|
| 156 |
|
Novellus Systems, Inc., 2.63%, 5/15/41 |
|
| 3 |
|
|
| 57 |
|
PayPal Holdings, Inc., 1.65%, 6/1/25, Callable 5/1/25 @ 100 |
|
| 415 |
|
|
| 422 |
|
ServiceNow, Inc. , 6/1/22 |
|
| 5 |
|
|
| 18 |
|
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 |
|
| 160 |
|
|
| 190 |
|
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 |
|
| 287 |
|
|
| 232 |
|
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100 |
|
| 360 |
|
|
| 372 |
|
Western Digital Corp., 1.50%, 2/1/24 |
|
| 140 |
|
|
| 143 |
|
|
|
|
|
|
|
| 4,264 |
|
Materials (1.3%): |
|
|
|
|
|
|
|
|
Celanese US Holdings LLC, 4.63%, 11/15/22 (b) |
|
| 210 |
|
|
| 223 |
|
Domtar Corp., 6.75%, 2/15/44, Callable 8/15/43 @ 100 |
|
| 172 |
|
|
| 218 |
|
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100 |
|
| 160 |
|
|
| 165 |
|
Southern Copper Corp., 5.25%, 11/8/42 (b) |
|
| 95 |
|
|
| 115 |
|
Steel Dynamics, Inc., 3.25%, 10/15/50, Callable 4/15/50 @ 100 |
|
| 191 |
|
|
| 178 |
|
|
|
|
|
|
|
| 899 |
|
Real Estate (2.9%): |
|
|
|
|
|
|
|
|
Duke Realty LP, 3.05%, 3/1/50, Callable 9/1/49 @ 100 |
|
| 90 |
|
|
| 83 |
|
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 |
|
| 630 |
|
|
| 654 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Principal Amount |
|
| Value |
| ||
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (c) |
| $ | 108 |
|
| $ | 111 |
|
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100 |
|
| 138 |
|
|
| 147 |
|
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100 |
|
| 134 |
|
|
| 131 |
|
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 |
|
| 114 |
|
|
| 125 |
|
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100 |
|
| 339 |
|
|
| 354 |
|
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 |
|
| 145 |
|
|
| 161 |
|
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 |
|
| 184 |
|
|
| 180 |
|
|
|
|
|
|
|
| 1,946 |
|
Utilities (2.9%): |
|
|
|
|
|
|
|
|
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 |
|
| 225 |
|
|
| 210 |
|
American Water Capital Corp., 2.80%, 5/1/30, Callable 2/1/30 @ 100 |
|
| 135 |
|
|
| 139 |
|
Arizona Public Service Co., 2.95%, 9/15/27, Callable 6/15/27 @ 100 |
|
| 250 |
|
|
| 268 |
|
Consolidated Edison, Inc., 6.30%, 8/15/37 (e) |
|
| 250 |
|
|
| 339 |
|
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (b) |
|
| 310 |
|
|
| 322 |
|
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 |
|
| 190 |
|
|
| 232 |
|
Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 (b) |
|
| 159 |
|
|
| 176 |
|
Vistra Operations Co. LLC, 3.70%, 1/30/27, Callable 11/30/26 @ 100 (c) |
|
| 287 |
|
|
| 299 |
|
|
|
|
|
|
|
| 1,985 |
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds (Cost $35,891) |
|
|
|
|
|
| 37,036 |
|
Residential Mortgage-Backed Securities (0.2%) |
|
|
|
|
|
|
|
|
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.43% (LIBOR01M+132bps), 10/25/32, Callable 4/25/21 @ 100 (a) |
|
| 94 |
|
|
| 94 |
|
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/22 @ 100 (b)(c)(g) |
|
| 14 |
|
|
| 14 |
|
|
|
|
|
|
|
|
|
|
Total Residential Mortgage-Backed Securities (Cost $106) |
|
|
|
| 108 |
| ||
Yankee Dollars (9.9%) |
|
|
|
|
|
|
|
|
Communication Services (0.4%): |
|
|
|
|
|
|
|
|
Vodafone Group PLC, 5.25%, 5/30/48 |
|
| 193 |
|
|
| 241 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100 |
|
| 460 |
|
|
| 498 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (3.2%): |
|
|
|
|
|
|
|
|
Barry Callebaut Services NV, 5.50%, 6/15/23 (c) |
|
| 638 |
|
|
| 695 |
|
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b)(c) |
|
| 670 |
|
|
| 697 |
|
Suntory Holdings Ltd. |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Principal Amount |
|
| Value |
| ||
2.55%, 6/28/22, Callable 5/28/22 @ 100 (b)(c) |
| $ | 574 |
|
| $ | 588 |
|
2.25%, 10/16/24, Callable 9/16/24 @ 100 (c) |
|
| 200 |
|
|
| 208 |
|
|
|
|
|
|
|
| 2,188 |
|
Energy (0.9%): |
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100 |
|
| 140 |
|
|
| 145 |
|
Ecopetrol SA, 5.88%, 9/18/23 (b) |
|
| 325 |
|
|
| 358 |
|
Statoil ASA, 3.95%, 5/15/43 |
|
| 100 |
|
|
| 109 |
|
|
|
|
|
|
|
| 612 |
|
Financials (2.1%): |
|
|
|
|
|
|
|
|
Barclays Bank PLC |
|
|
|
|
|
|
|
|
2/4/25 (b) |
|
| 75 |
|
|
| 98 |
|
2/18/25 |
|
| 65 |
|
|
| 72 |
|
Enel Finance International NV, 2.88%, 5/25/22 (b)(c) |
|
| 415 |
|
|
| 426 |
|
Newcrest Finance Pty Ltd. |
|
|
|
|
|
|
|
|
5.75%, 11/15/41 (c) |
|
| 155 |
|
|
| 197 |
|
4.20%, 5/13/50, Callable 11/13/49 @ 100 (c) |
|
| 110 |
|
|
| 120 |
|
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (c) |
|
| 300 |
|
|
| 325 |
|
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 |
|
| 195 |
|
|
| 187 |
|
|
|
|
|
|
|
| 1,425 |
|
Industrials (0.9%): |
|
|
|
|
|
|
|
|
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100 |
|
| 150 |
|
|
| 146 |
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 |
|
| 150 |
|
|
| 175 |
|
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 |
|
| 85 |
|
|
| 86 |
|
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (c) |
|
| 200 |
|
|
| 204 |
|
|
|
|
|
|
|
| 611 |
|
Materials (1.2%): |
|
|
|
|
|
|
|
|
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (c) |
|
| 300 |
|
|
| 298 |
|
Rio Tinto Finance USA Ltd. |
|
|
|
|
|
|
|
|
3.75%, 6/15/25, Callable 3/15/25 @ 100 |
|
| 190 |
|
|
| 209 |
|
5.20%, 11/2/40 |
|
| 75 |
|
|
| 97 |
|
Vale Overseas Ltd., 6.25%, 8/10/26 |
|
| 143 |
|
|
| 170 |
|
|
|
|
|
|
|
| 774 |
|
Utilities (0.4%): |
|
|
|
|
|
|
|
|
Iberdrola International BV |
|
|
|
|
|
|
|
|
6.75%, 9/15/33 |
|
| 50 |
|
|
| 66 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares or Principal Amount |
|
| Value |
| ||
6.75%, 7/15/36 |
| $ | 152 |
|
| $ | 221 |
|
|
|
|
|
|
|
| 287 |
|
Total Yankee Dollars (Cost $6,412) |
|
|
|
|
|
| 6,636 |
|
U.S. Government Mortgage-Backed Agencies (25.6%) |
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
9.00%, 4/1/25 (b) |
|
| 12 |
|
|
| 14 |
|
7.50%, 8/1/29 (b) |
|
| 9 |
|
|
| 10 |
|
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (b) |
|
| 566 |
|
|
| 585 |
|
5.00%, 7/1/39 (b) |
|
| 543 |
|
|
| 619 |
|
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (b) |
|
| 444 |
|
|
| 465 |
|
Series 4444, Class CH, 3.00%, 1/15/41 - 10/1/46 (b) |
|
| 857 |
|
|
| 893 |
|
4.50%, 7/1/44 - 12/1/45 (b) |
|
| 943 |
|
|
| 1,057 |
|
2.00%, 3/1/51 |
|
| 650 |
|
|
| 649 |
|
|
|
|
|
|
|
| 4,292 |
|
Federal National Mortgage Association |
|
|
|
|
|
|
|
|
3.50%, 2/1/32 - 12/25/50 |
|
| 2,318 |
|
|
| 2,447 |
|
6.00%, 2/1/37 (b) |
|
| 99 |
|
|
| 115 |
|
Series 2011-21, Class PA, 4.50%, 5/25/40 - 5/1/50 (b) |
|
| 519 |
|
|
| 552 |
|
3.00%, 6/1/40 - 5/1/48 |
|
| 2,688 |
|
|
| 2,835 |
|
2.50%, 7/1/40 - 12/25/47 |
|
| 264 |
|
|
| 265 |
|
Series 2013-81, Class KA, 2.75%, 9/25/42 (b) |
|
| 273 |
|
|
| 284 |
|
4.00%, 3/1/47 - 6/1/49 |
|
| 1,251 |
|
|
| 1,370 |
|
2.00%, 3/1/51 - 5/25/51 |
|
| 2,549 |
|
|
| 2,540 |
|
2.50%, 5/25/51(h) |
|
| 2,000 |
|
|
| 2,046 |
|
|
|
|
|
|
|
| 12,454 |
|
Government National Mortgage Association |
|
|
|
|
|
|
|
|
3.00%, 8/20/50 |
|
| 346 |
|
|
| 362 |
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Mortgage-Backed Agencies (Cost $16,684) |
|
|
|
|
|
| 17,108 |
|
U.S. Treasury Obligations (3.4%) |
|
|
|
|
|
|
|
|
U.S. Treasury Bonds, 1.25%, 5/15/50 |
|
| 1,350 |
|
|
| 1,017 |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
0.25%, 3/15/24 |
|
| 650 |
|
|
| 648 |
|
0.38%, 1/31/26 |
|
| 600 |
|
|
| 585 |
|
Total U.S. Treasury Obligations (Cost $2,424) |
|
|
|
|
|
| 2,250 |
|
Collateral for Securities Loaned^ (2.1%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (i) |
|
| 28,968 |
|
|
| 29 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Total Return Bond Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i) |
|
| 746,001 |
|
| $ | 746 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (i) |
|
| 14,457 |
|
|
| 14 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (i) |
|
| 115,273 |
|
|
| 115 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (i) |
|
| 518,289 |
|
|
| 518 |
|
Total Collateral for Securities Loaned (Cost $1,422) |
|
|
|
|
|
| 1,422 |
|
Total Investments (Cost $66,688) — 102.2% |
|
|
|
|
|
| 68,359 |
|
Liabilities in excess of other assets — (2.2)% |
|
|
|
|
|
| (1,471 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 66,888 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021. |
(b) | All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $7,307 (thousands) and amounted to 10.9% of net assets. |
(d) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(e) | All or a portion of this security is on loan. |
(f) | Continuously callable with 30 days’ notice. |
(g) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021. |
(h) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(i) | Rate disclosed is the daily yield on March 31, 2021. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
Futures Contracts Purchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Amounts not in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Number of Contracts |
|
| Expiration Date |
|
| Notional Amount |
|
| Value |
|
| Unrealized Appreciation/ (Depreciation) |
| |||||
Mexican Peso Currency Futures |
|
| 19 |
|
|
| 6/14/21 |
|
| $ | 461,700 |
|
| $ | 461,130 |
|
| $ | (570 | ) |
Ultra Long Term U.S. Treasury Bond Futures |
|
| 11 |
|
|
| 6/21/21 |
|
|
| 2,093,517 |
|
|
| 1,993,406 |
|
|
| (100,111 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (100,681 | ) |
Futures Contracts Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Amounts not in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Number of Contracts |
|
| Expiration Date |
|
| Notional Amount |
|
| Value |
|
| Unrealized Appreciation/ (Depreciation) |
| |||||
10-Year U.S. Treasury Note Futures |
|
| 35 |
|
|
| 6/21/21 |
|
|
| 4,621,641 |
|
|
| 4,582,813 |
|
|
| 38,828 |
|
2-Year U.S. Treasury Note Futures |
|
| 7 |
|
|
| 6/30/21 |
|
| $ | 1,544,984 |
|
| $ | 1,545,086 |
|
| $ | (102 | ) |
5-Year U.S. Treasury Note Futures |
|
| 2 |
|
|
| 6/30/21 |
|
|
| 247,478 |
|
|
| 246,797 |
|
|
| 681 |
|
Canadian Dollar Futures |
|
| 9 |
|
|
| 6/15/21 |
|
|
| 711,720 |
|
|
| 716,130 |
|
|
| (4,410 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 34,997 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total unrealized appreciation |
|
|
|
|
|
| $ | 39,509 |
| ||||||||
|
|
| Total unrealized depreciation |
|
|
|
|
|
|
| (105,193 | ) | ||||||||
|
|
| Total net unrealized appreciation (depreciation) |
| $ | (65,684 | ) |
Centrally Cleared |
|
(Amounts not in thousands) |
|
Credit Default Swap Agreements - Sell Protection(a) |
|
Underlying Instruments | Fixed Deal Received Rate | Maturity Date | Payment Frequency | Implied Credit Spread at March 31, 2021(b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
CDX North America High Yield Index; Series 35 | 5.00 | % | 12/20/25 | Quarterly | 2.86 | % | $ | 2,100,000 | $ | (191,088 | ) | $ | (190,796 | ) | $ | (292 | ) | |||||||||||
$ | (191,088 | ) | $ | (190,796 | ) | $ | (292 | ) |
(a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
(b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
(c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Munder Small Cap Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.1%) |
|
|
|
|
|
|
|
|
Biotechnology (21.3%): |
|
|
|
|
|
|
|
|
4D Molecular Therapeutics, Inc. (a) |
|
| 662 |
|
| $ | 29 |
|
Akero Therapeutics, Inc. (a)(b) |
|
| 1,608 |
|
|
| 47 |
|
Akouos, Inc. (a) |
|
| 663 |
|
|
| 9 |
|
Annexon, Inc. (a) |
|
| 439 |
|
|
| 12 |
|
Arrowhead Pharmaceuticals, Inc. (a) |
|
| 1,813 |
|
|
| 120 |
|
Athenex, Inc. (a)(b) |
|
| 1,662 |
|
|
| 7 |
|
Atreca, Inc., Class A (a) |
|
| 1,590 |
|
|
| 24 |
|
Aurinia Pharmaceuticals, Inc. (a) |
|
| 6,904 |
|
|
| 89 |
|
Avidity Biosciences, Inc. (a)(b) |
|
| 1,205 |
|
|
| 26 |
|
Beam Therapeutics, Inc. (a)(b) |
|
| 1,499 |
|
|
| 120 |
|
Bicycle Therapeutics PLC, ADR (a) |
|
| 5,276 |
|
|
| 158 |
|
BioAtla, Inc. (a)(b) |
|
| 665 |
|
|
| 34 |
|
BioCryst Pharmaceuticals, Inc. (a)(b) |
|
| 11,342 |
|
|
| 115 |
|
BioMarin Pharmaceutical, Inc. (a) |
|
| 283 |
|
|
| 21 |
|
Black Diamond Therapeutics, Inc. (a)(b) |
|
| 437 |
|
|
| 11 |
|
Bolt Biotherapeutics, Inc. (a) |
|
| 699 |
|
|
| 23 |
|
C4 Therapeutics, Inc. (a)(b) |
|
| 249 |
|
|
| 9 |
|
Cabaletta Bio, Inc. (a) |
|
| 2,967 |
|
|
| 33 |
|
Cara Therapeutics, Inc. (a) |
|
| 1,428 |
|
|
| 31 |
|
Castle Biosciences, Inc. (a)(b) |
|
| 2,000 |
|
|
| 137 |
|
Codiak Biosciences, Inc. (a) |
|
| 6,305 |
|
|
| 95 |
|
Cortexyme, Inc. (a)(b) |
|
| 409 |
|
|
| 15 |
|
CRISPR Therapeutics AG (a) |
|
| 410 |
|
|
| 50 |
|
Decibel Therapeutics, Inc. (a) |
|
| 3,545 |
|
|
| 40 |
|
Deciphera Pharmaceuticals, Inc. (a) |
|
| 708 |
|
|
| 32 |
|
Dicerna Pharmaceuticals, Inc. (a) |
|
| 2,168 |
|
|
| 55 |
|
Dynavax Technologies Corp. (a)(b) |
|
| 6,261 |
|
|
| 62 |
|
Esperion Therapeutics, Inc. (a) |
|
| 873 |
|
|
| 24 |
|
Fusion Pharmaceuticals, Inc. (a) |
|
| 4,261 |
|
|
| 46 |
|
Gamida Cell Ltd. (a) |
|
| 9,195 |
|
|
| 74 |
|
Generation Bio Co. (a) |
|
| 1,180 |
|
|
| 34 |
|
Genetron Holdings Ltd., ADR (a) |
|
| 5,361 |
|
|
| 115 |
|
IGM Biosciences, Inc. (a)(b) |
|
| 796 |
|
|
| 61 |
|
Immunocore Holdings PLC, ADR (a) |
|
| 699 |
|
|
| 30 |
|
Instil Bio, Inc. (a) |
|
| 1,072 |
|
|
| 27 |
|
Intellia Therapeutics, Inc. (a)(b) |
|
| 1,924 |
|
|
| 154 |
|
Iovance Biotherapeutics, Inc. (a) |
|
| 2,461 |
|
|
| 78 |
|
Natera, Inc. (a) |
|
| 2,234 |
|
|
| 227 |
|
Neurocrine Biosciences, Inc. (a) |
|
| 336 |
|
|
| 33 |
|
Neximmune, Inc. (a) |
|
| 709 |
|
|
| 14 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Small Cap Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Novavax, Inc. (a) |
|
| 473 |
|
| $ | 86 |
|
Nurix Therapeutics, Inc. (a) |
|
| 439 |
|
|
| 14 |
|
Orchard Therapeutics PLC, ADR (a)(b) |
|
| 6,720 |
|
|
| 49 |
|
Oyster Point Pharma, Inc. (a) |
|
| 396 |
|
|
| 7 |
|
Passage Bio, Inc. (a) |
|
| 1,346 |
|
|
| 24 |
|
Stoke Therapeutics, Inc. (a)(b) |
|
| 1,486 |
|
|
| 58 |
|
Sutro Biopharma, Inc. (a) |
|
| 3,661 |
|
|
| 83 |
|
TCR2 Therapeutics, Inc. (a) |
|
| 8,824 |
|
|
| 195 |
|
TG Therapeutics, Inc. (a) |
|
| 2,119 |
|
|
| 102 |
|
Veracyte, Inc. (a) |
|
| 3,428 |
|
|
| 184 |
|
Viking Therapeutics, Inc. (a)(b) |
|
| 5,623 |
|
|
| 36 |
|
Xencor, Inc. (a) |
|
| 822 |
|
|
| 35 |
|
Zai Lab Ltd., ADR (a) |
|
| 984 |
|
|
| 131 |
|
|
|
|
|
|
|
| 3,325 |
|
Communication Services (2.2%): |
|
|
|
|
|
|
|
|
Bumble, Inc., Class A (a) |
|
| 71 |
|
|
| 4 |
|
Iridium Communications, Inc. (a) |
|
| 2,861 |
|
|
| 118 |
|
Motorsport Games, Inc., Class A (a) |
|
| 1,701 |
|
|
| 40 |
|
Vonage Holdings Corp. (a) |
|
| 15,601 |
|
|
| 184 |
|
|
|
|
|
|
|
| 346 |
|
Consumer Discretionary (13.7%): |
|
|
|
|
|
|
|
|
Academy Sports & Outdoors, Inc. (a)(b) |
|
| 7,777 |
|
|
| 210 |
|
Burlington Stores, Inc. (a) |
|
| 509 |
|
|
| 152 |
|
Cavco Industries, Inc. (a) |
|
| 567 |
|
|
| 128 |
|
Chegg, Inc. (a) |
|
| 1,378 |
|
|
| 118 |
|
Chewy, Inc., Class A (a)(b) |
|
| 809 |
|
|
| 69 |
|
Cricut, Inc., Class A (a) |
|
| 4,698 |
|
|
| 93 |
|
Five Below, Inc. (a) |
|
| 1,001 |
|
|
| 191 |
|
Group 1 Automotive, Inc. |
|
| 1,287 |
|
|
| 203 |
|
Legacy Housing Corp. (a) |
|
| 5,799 |
|
|
| 103 |
|
Levi Strauss & Co., Class A |
|
| 6,726 |
|
|
| 161 |
|
Marine Products Corp. |
|
| 3,094 |
|
|
| 50 |
|
Nordstrom, Inc. (a)(b) |
|
| 4,923 |
|
|
| 186 |
|
Polaris, Inc. |
|
| 1,361 |
|
|
| 182 |
|
Skyline Champion Corp. (a) |
|
| 4,307 |
|
|
| 195 |
|
Tractor Supply Co. |
|
| 724 |
|
|
| 128 |
|
|
|
|
|
|
|
| 2,169 |
|
Consumer Staples (2.5%): |
|
|
|
|
|
|
|
|
Albertsons Cos., Inc., Class A |
|
| 4,314 |
|
|
| 82 |
|
Grocery Outlet Holding Corp. (a)(b) |
|
| 2,063 |
|
|
| 76 |
|
Performance Food Group Co. (a) |
|
| 4,200 |
|
|
| 242 |
|
|
|
|
|
|
|
| 400 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Small Cap Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Energy (1.0%): |
|
|
|
|
|
|
|
|
Magnolia Oil & Gas Corp., Class A (a)(b) |
|
| 3,428 |
|
| $ | 39 |
|
Pioneer Natural Resources Co. |
|
| 546 |
|
|
| 87 |
|
Talos Energy, Inc. (a) |
|
| 3,132 |
|
|
| 38 |
|
|
|
|
|
|
|
| 164 |
|
Financials (9.9%): |
|
|
|
|
|
|
|
|
Amerant Bancorp, Inc. (a) |
|
| 4,402 |
|
|
| 82 |
|
American Business Bank (a) |
|
| 1,502 |
|
|
| 60 |
|
Coastal Financial Corp. (a) |
|
| 8,400 |
|
|
| 220 |
|
Colony Bankcorp, Inc. |
|
| 2,215 |
|
|
| 35 |
|
Customers Bancorp, Inc., Class A |
|
| 3,942 |
|
|
| 125 |
|
First Western Financial, Inc. (a) |
|
| 6,683 |
|
|
| 167 |
|
Morningstar, Inc. |
|
| 668 |
|
|
| 150 |
|
Radian Group, Inc. |
|
| 5,519 |
|
|
| 128 |
|
Silvercrest Asset Management Group, Inc., Class A |
|
| 3,935 |
|
|
| 57 |
|
SLM Corp. |
|
| 5,481 |
|
|
| 98 |
|
South Plains Financial, Inc. |
|
| 5,120 |
|
|
| 116 |
|
Tradeweb Markets, Inc., Class A |
|
| 2,436 |
|
|
| 180 |
|
WTB Financial Corp., Class B |
|
| 360 |
|
|
| 139 |
|
|
|
|
|
|
|
| 1,557 |
|
Health Care Equipment & Supplies (4.4%): |
|
|
|
|
|
|
|
|
Ambu A/S, Class B |
|
| — |
|
|
| — |
|
Brainsway Ltd., ADR (a)(b) |
|
| 11,679 |
|
|
| 106 |
|
Cerus Corp. (a) |
|
| 6,712 |
|
|
| 40 |
|
Inari Medical, Inc. (a) |
|
| 42 |
|
|
| 4 |
|
Insulet Corp. (a) |
|
| 546 |
|
|
| 143 |
|
Merit Medical Systems, Inc. (a) |
|
| 1,525 |
|
|
| 91 |
|
Outset Medical, Inc. (a) |
|
| 180 |
|
|
| 10 |
|
PolyPid Ltd. (a) |
|
| 7,333 |
|
|
| 67 |
|
Pulmonx Corp. (a) |
|
| 1,906 |
|
|
| 87 |
|
Silk Road Medical, Inc. (a) |
|
| 2,804 |
|
|
| 143 |
|
|
|
|
|
|
|
| 691 |
|
Health Care Providers & Services (1.4%): |
|
|
|
|
|
|
|
|
Guardant Health, Inc. (a) |
|
| 1,011 |
|
|
| 154 |
|
RadNet, Inc. (a) |
|
| 3,159 |
|
|
| 69 |
|
|
|
|
|
|
|
| 223 |
|
Health Care Technology (0.1%): |
|
|
|
|
|
|
|
|
Schrodinger, Inc. (a)(b) |
|
| 217 |
|
|
| 17 |
|
|
|
|
|
|
|
|
|
|
Industrials (11.8%): |
|
|
|
|
|
|
|
|
ASGN, Inc. (a) |
|
| 1,743 |
|
|
| 166 |
|
BWX Technologies, Inc. |
|
| 1,070 |
|
|
| 71 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Small Cap Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Casella Waste Systems, Inc. (a) |
|
| 2,586 |
|
| $ | 165 |
|
Chart Industries, Inc. (a) |
|
| 1,114 |
|
|
| 159 |
|
Comfort Systems USA, Inc. |
|
| 2,713 |
|
|
| 203 |
|
Construction Partners, Inc., Class A (a) |
|
| 1,877 |
|
|
| 56 |
|
ESCO Technologies, Inc. |
|
| 571 |
|
|
| 62 |
|
Hydrofarm Holdings Group, Inc. (a) |
|
| 981 |
|
|
| 59 |
|
Kaman Corp. |
|
| 1,610 |
|
|
| 83 |
|
Kratos Defense & Security Solutions, Inc. (a) |
|
| 6,093 |
|
|
| 166 |
|
Marten Transport Ltd. |
|
| 4,300 |
|
|
| 73 |
|
McGrath RentCorp |
|
| 1,035 |
|
|
| 83 |
|
Owens Corning, Inc. |
|
| 1,289 |
|
|
| 118 |
|
Parsons Corp. (a) |
|
| 3,000 |
|
|
| 121 |
|
PGT Innovations, Inc. (a) |
|
| 3,825 |
|
|
| 97 |
|
Rexnord Corp. |
|
| 1,529 |
|
|
| 72 |
|
The AZEK Co. Inc. (a) |
|
| 2,561 |
|
|
| 108 |
|
|
|
|
|
|
|
| 1,862 |
|
Information Technology (20.7%): |
|
|
|
|
|
|
|
|
908 Devices, Inc. (a) |
|
| 482 |
|
|
| 23 |
|
Acv Auctions, Inc., Class A (a) |
|
| 357 |
|
|
| 12 |
|
Alteryx, Inc., Class A (a) |
|
| 441 |
|
|
| 37 |
|
Blackline, Inc. (a) |
|
| 540 |
|
|
| 59 |
|
BM Technologies, Inc. (a) |
|
| 606 |
|
|
| 7 |
|
Brooks Automation, Inc. |
|
| 1,901 |
|
|
| 155 |
|
C3.ai, Inc., Class A (a) |
|
| 848 |
|
|
| 56 |
|
Cambium Networks Corp. (a) |
|
| 3,412 |
|
|
| 160 |
|
Cloudflare, Inc., Class A (a) |
|
| 1,467 |
|
|
| 103 |
|
Dropbox, Inc., Class A (a) |
|
| 1,247 |
|
|
| 33 |
|
Elastic NV (a) |
|
| 1,342 |
|
|
| 149 |
|
Endava PLC, ADR (a) |
|
| 1,434 |
|
|
| 121 |
|
EPAM Systems, Inc. (a) |
|
| 305 |
|
|
| 121 |
|
Globant SA (a) |
|
| 753 |
|
|
| 156 |
|
Lumentum Holdings, Inc. (a) |
|
| 792 |
|
|
| 72 |
|
Marvell Technology Group Ltd. |
|
| 1,167 |
|
|
| 57 |
|
Napco Security Technologies, Inc. (a) |
|
| 6,551 |
|
|
| 229 |
|
New Relic, Inc. (a) |
|
| 422 |
|
|
| 26 |
|
ON Semiconductor Corp. (a) |
|
| 5,499 |
|
|
| 229 |
|
OneSpan, Inc. (a) |
|
| 6,297 |
|
|
| 154 |
|
PagerDuty, Inc. (a)(b) |
|
| 3,709 |
|
|
| 149 |
|
Ping Identity Holding Corp. (a) |
|
| 3,255 |
|
|
| 71 |
|
Powerfleet, Inc. (a) |
|
| 9,414 |
|
|
| 77 |
|
QAD, Inc., Class A |
|
| 1,749 |
|
|
| 116 |
|
Sapiens International Corp. NV |
|
| 3,065 |
|
|
| 97 |
|
SiTime Corp. (a) |
|
| 459 |
|
|
| 45 |
|
Smartsheet, Inc., Class A (a) |
|
| 2,908 |
|
|
| 186 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Small Cap Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Telos Corp. (a) |
|
| 1,641 |
|
| $ | 62 |
|
Vizio Holding Corp., Class A (a) |
|
| 2,145 |
|
|
| 52 |
|
WNS Holdings Ltd., ADR (a) |
|
| 2,735 |
|
|
| 198 |
|
Yext, Inc. (a) |
|
| 4,806 |
|
|
| 70 |
|
Zix Corp. (a) |
|
| 23,117 |
|
|
| 175 |
|
|
|
|
|
|
|
| 3,257 |
|
Life Sciences Tools & Services (4.1%): |
|
|
|
|
|
|
|
|
Adaptive Biotechnologies Corp. (a) |
|
| 1,407 |
|
|
| 57 |
|
Berkeley Lights, Inc. (a) |
|
| 1,468 |
|
|
| 74 |
|
Maravai LifeSciences Holdings, Inc., Class A (a) |
|
| 6,479 |
|
|
| 231 |
|
NanoString Technologies, Inc. (a) |
|
| 4,359 |
|
|
| 286 |
|
|
|
|
|
|
|
| 648 |
|
Materials (1.9%): |
|
|
|
|
|
|
|
|
Franco-Nevada Corp. |
|
| 1,104 |
|
|
| 138 |
|
Summit Materials, Inc., Class A (a) |
|
| 6,383 |
|
|
| 179 |
|
|
|
|
|
|
|
| 317 |
|
Pharmaceuticals (1.3%): |
|
|
|
|
|
|
|
|
Collegium Pharmaceutical, Inc. (a) |
|
| 1,187 |
|
|
| 28 |
|
Cymabay Therapeutics, Inc. (a) |
|
| 1,278 |
|
|
| 6 |
|
Horizon Therapeutics PLC (a) |
|
| 987 |
|
|
| 91 |
|
PMV Pharmaceuticals, Inc. (a) |
|
| 280 |
|
|
| 9 |
|
Reata Pharmaceuticals, Inc., Class A (a) |
|
| 645 |
|
|
| 64 |
|
Terns Pharmaceuticals, Inc. (a) |
|
| 175 |
|
|
| 4 |
|
Vaxcyte, Inc. (a) |
|
| 129 |
|
|
| 3 |
|
|
|
|
|
|
|
| 205 |
|
Real Estate (2.8%): |
|
|
|
|
|
|
|
|
FirstService Corp. |
|
| 868 |
|
|
| 129 |
|
Rexford Industrial Realty, Inc. |
|
| 1,252 |
|
|
| 63 |
|
The Macerich Co. |
|
| 11,499 |
|
|
| 135 |
|
UMH Properties, Inc. |
|
| 6,434 |
|
|
| 123 |
|
|
|
|
|
|
|
| 450 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $9,321) |
|
|
|
|
|
| 15,631 |
|
Warrants (0.2%) |
|
|
|
|
|
|
|
|
Health Care (0.2%): |
|
|
|
|
|
|
|
|
BioNano Genomics, Inc. (a)(c) |
|
| 8,136 |
|
|
| 38 |
|
|
|
|
|
|
|
|
|
|
Total Warrants (Cost $–) |
|
|
|
|
|
| 38 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Munder Small Cap Growth Fund | March 31, 2021 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Collateral for Securities Loaned^ (10.4%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d) |
|
| 33,582 |
|
| $ | 34 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d) |
|
| 864,805 |
|
|
| 864 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) |
|
| 16,759 |
|
|
| 17 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d) |
|
| 133,630 |
|
|
| 134 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) |
|
| 600,828 |
|
|
| 601 |
|
Total Collateral for Securities Loaned (Cost $1,650) |
|
|
|
|
|
| 1,650 |
|
Total Investments (Cost $10,971) — 109.7% |
|
|
|
|
|
| 17,319 |
|
Liabilities in excess of other assets — (9.7)% |
|
|
|
|
|
| (1,526) |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 15,793 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets. |
(d) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS International Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (97.9%) |
|
|
|
|
|
|
|
|
Australia (5.0%): |
|
|
|
|
|
|
|
|
Financials (0.9%): |
|
|
|
|
|
|
|
|
Macquarie Group Ltd. |
|
| 30,525 |
|
| $ | 3,557,863 |
|
|
|
|
|
|
|
|
|
|
Health Care (1.1%): |
|
|
|
|
|
|
|
|
CSL Ltd. |
|
| 21,833 |
|
|
| 4,411,660 |
|
|
|
|
|
|
|
|
|
|
Materials (2.1%): |
|
|
|
|
|
|
|
|
BHP Group Ltd. |
|
| 227,129 |
|
|
| 7,877,411 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.9%): |
|
|
|
|
|
|
|
|
Scentre Group |
|
| 1,589,327 |
|
|
| 3,421,293 |
|
|
|
|
|
|
|
| 19,268,227 |
|
Belgium (0.9%): |
|
|
|
|
|
|
|
|
Information Technology (0.9%): |
|
|
|
|
|
|
|
|
Melexis NV |
|
| 33,418 |
|
|
| 3,534,581 |
|
|
|
|
|
|
|
|
|
|
China (2.4%): |
|
|
|
|
|
|
|
|
Communication Services (0.8%): |
|
|
|
|
|
|
|
|
Tencent Holdings Ltd. |
|
| 40,300 |
|
|
| 3,216,368 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
China Meidong Auto Holdings Ltd. |
|
| 672,000 |
|
|
| 3,120,987 |
|
|
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
China Merchants Bank Co. Ltd., Class H |
|
| 393,000 |
|
|
| 3,010,964 |
|
|
|
|
|
|
|
| 9,348,319 |
|
Denmark (1.2%): |
|
|
|
|
|
|
|
|
Consumer Staples (1.2%): |
|
|
|
|
|
|
|
|
Royal Unibrew A/S |
|
| 43,490 |
|
|
| 4,546,634 |
|
|
|
|
|
|
|
|
|
|
France (9.7%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (4.5%): |
|
|
|
|
|
|
|
|
Cie Generale des Etablissements Michelin SCA |
|
| 34,976 |
|
|
| 5,237,891 |
|
Faurecia SE (a) |
|
| 52,891 |
|
|
| 2,814,148 |
|
LVMH Moet Hennessy Louis Vuitton SE |
|
| 14,051 |
|
|
| 9,384,541 |
|
|
|
|
|
|
|
| 17,436,580 |
|
Energy (1.4%): |
|
|
|
|
|
|
|
|
Gaztransport Et Technigaz SA |
|
| 16,340 |
|
|
| 1,301,738 |
|
TOTAL SE (b) |
|
| 83,263 |
|
|
| 3,881,351 |
|
|
|
|
|
|
|
| 5,183,089 |
|
Industrials (1.1%): |
|
|
|
|
|
|
|
|
Safran SA (a) |
|
| 30,155 |
|
|
| 4,101,540 |
|
|
|
|
|
|
|
|
|
|
Information Technology (1.7%): |
|
|
|
|
|
|
|
|
Capgemini SE |
|
| 37,920 |
|
|
| 6,446,840 |
|
|
|
|
|
|
|
|
|
|
Materials (1.0%): |
|
|
|
|
|
|
|
|
Arkema SA |
|
| 32,635 |
|
|
| 3,951,917 |
|
|
|
|
|
|
|
| 37,119,966 |
|
Germany (7.4%): |
|
|
|
|
|
|
|
|
Financials (1.9%): |
|
|
|
|
|
|
|
|
Allianz SE, Registered Shares |
|
| 28,925 |
|
|
| 7,356,558 |
|
|
|
|
|
|
|
|
|
|
Industrials (2.3%): |
|
|
|
|
|
|
|
|
Siemens AG, Registered Shares |
|
| 52,596 |
|
|
| 8,641,352 |
|
|
|
|
|
|
|
|
|
|
Information Technology (2.1%): |
|
|
|
|
|
|
|
|
SAP SE |
|
| 65,281 |
|
|
| 8,006,429 |
|
|
|
|
|
|
|
|
|
|
Real Estate (1.1%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Vonovia SE |
|
| 66,914 |
|
| $ | 4,372,387 |
|
|
|
|
|
|
|
| 28,376,726 |
|
Hong Kong (3.1%): |
|
|
|
|
|
|
|
|
Financials (1.6%): |
|
|
|
|
|
|
|
|
AIA Group Ltd. |
|
| 486,600 |
|
|
| 5,954,642 |
|
|
|
|
|
|
|
|
|
|
Real Estate (1.5%): |
|
|
|
|
|
|
|
|
CK Asset Holdings Ltd. |
|
| 975,000 |
|
|
| 5,935,621 |
|
|
|
|
|
|
|
| 11,890,263 |
|
Italy (4.9%): |
|
|
|
|
|
|
|
|
Energy (1.0%): |
|
|
|
|
|
|
|
|
Snam SpA |
|
| 700,919 |
|
|
| 3,885,497 |
|
|
|
|
|
|
|
|
|
|
Financials (1.0%): |
|
|
|
|
|
|
|
|
Banca Generali SpA (a) |
|
| 104,214 |
|
|
| 3,666,873 |
|
|
|
|
|
|
|
|
|
|
Health Care (0.9%): |
|
|
|
|
|
|
|
|
Recordati Industria Chimica e Farmaceutica SpA |
|
| 66,215 |
|
|
| 3,560,686 |
|
|
|
|
|
|
|
|
|
|
Utilities (2.0%): |
|
|
|
|
|
|
|
|
Enel SpA |
|
| 771,801 |
|
|
| 7,676,686 |
|
|
|
|
|
|
|
| 18,789,742 |
|
Japan (22.4%): |
|
|
|
|
|
|
|
|
Communication Services (2.0%): |
|
|
|
|
|
|
|
|
Capcom Co. Ltd. |
|
| 126,000 |
|
|
| 4,099,463 |
|
Kakaku.com, Inc. |
|
| 138,100 |
|
|
| 3,780,641 |
|
|
|
|
|
|
|
| 7,880,104 |
|
Consumer Discretionary (3.2%): |
|
|
|
|
|
|
|
|
Hikari Tsushin, Inc. |
|
| 8,000 |
|
|
| 1,613,153 |
|
Toyota Motor Corp. |
|
| 136,100 |
|
|
| 10,592,740 |
|
|
|
|
|
|
|
| 12,205,893 |
|
Consumer Staples (0.7%): |
|
|
|
|
|
|
|
|
Toyo Suisan Kaisha Ltd. |
|
| 69,100 |
|
|
| 2,900,456 |
|
|
|
|
|
|
|
|
|
|
Financials (2.3%): |
|
|
|
|
|
|
|
|
JAFCO Group Co. Ltd. (b) |
|
| 41,300 |
|
|
| 2,466,995 |
|
Mitsubishi UFJ Financial Group, Inc. |
|
| 658,700 |
|
|
| 3,522,738 |
|
Tokio Marine Holdings, Inc. |
|
| 56,800 |
|
|
| 2,703,542 |
|
|
|
|
|
|
|
| 8,693,275 |
|
Health Care (2.8%): |
|
|
|
|
|
|
|
|
Hoya Corp. |
|
| 56,600 |
|
|
| 6,662,543 |
|
Shionogi & Co. Ltd. |
|
| 73,300 |
|
|
| 3,957,628 |
|
|
|
|
|
|
|
| 10,620,171 |
|
Industrials (6.5%): |
|
|
|
|
|
|
|
|
en-japan, Inc. |
|
| 85,900 |
|
|
| 2,664,528 |
|
Fuji Electric Co. Ltd. |
|
| 124,800 |
|
|
| 5,222,444 |
|
ITOCHU Corp. |
|
| 131,300 |
|
|
| 4,263,366 |
|
Nippon Yusen KK |
|
| 138,300 |
|
|
| 4,730,560 |
|
OKUMA Corp. |
|
| 63,600 |
|
|
| 3,651,915 |
|
Sanwa Holdings Corp. |
|
| 347,400 |
|
|
| 4,551,364 |
|
|
|
|
|
|
|
| 25,084,177 |
|
Information Technology (3.2%): |
|
|
|
|
|
|
|
|
Fujitsu Ltd. |
|
| 41,900 |
|
|
| 6,097,850 |
|
Oracle Corp. |
|
| 33,600 |
|
|
| 3,289,730 |
|
Ulvac, Inc. |
|
| 68,400 |
|
|
| 2,888,990 |
|
|
|
|
|
|
|
| 12,276,570 |
|
Real Estate (0.8%): |
|
|
|
|
|
|
|
|
Sumitomo Realty & Development Co. Ltd. |
|
| 82,400 |
|
|
| 2,919,290 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.9%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Chubu Electric Power Co., Inc. |
|
| 261,500 |
|
| $ | 3,370,011 |
|
|
|
|
|
|
|
| 85,949,947 |
|
Netherlands (4.7%): |
|
|
|
|
|
|
|
|
Communication Services (1.1%): |
|
|
|
|
|
|
|
|
Koninklijke KPN NV |
|
| 1,260,362 |
|
|
| 4,274,823 |
|
|
|
|
|
|
|
|
|
|
Financials (1.3%): |
|
|
|
|
|
|
|
|
ING Groep NV |
|
| 390,430 |
|
|
| 4,768,316 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.1%): |
|
|
|
|
|
|
|
|
Wolters Kluwer NV |
|
| 49,161 |
|
|
| 4,269,486 |
|
|
|
|
|
|
|
|
|
|
Information Technology (1.2%): |
|
|
|
|
|
|
|
|
ASM International NV |
|
| 15,553 |
|
|
| 4,509,084 |
|
|
|
|
|
|
|
| 17,821,709 |
|
New Zealand (0.9%): |
|
|
|
|
|
|
|
|
Health Care (0.9%): |
|
|
|
|
|
|
|
|
Fisher & Paykel Healthcare Corp. Ltd. |
|
| 144,236 |
|
|
| 3,237,546 |
|
|
|
|
|
|
|
|
|
|
Norway (1.5%): |
|
|
|
|
|
|
|
|
Energy (0.5%): |
|
|
|
|
|
|
|
|
Aker BP ASA |
|
| 75,604 |
|
|
| 2,145,646 |
|
|
|
|
|
|
|
|
|
|
Financials (1.0%): |
|
|
|
|
|
|
|
|
SpareBank 1 SMN |
|
| 295,326 |
|
|
| 3,715,163 |
|
|
|
|
|
|
|
| 5,860,809 |
|
Spain (1.1%): |
|
|
|
|
|
|
|
|
Communication Services (1.1%): |
|
|
|
|
|
|
|
|
Telefonica SA |
|
| 946,006 |
|
|
| 4,252,746 |
|
|
|
|
|
|
|
|
|
|
Sweden (2.6%): |
|
|
|
|
|
|
|
|
Industrials (2.6%): |
|
|
|
|
|
|
|
|
Atlas Copco AB, Class B |
|
| 127,947 |
|
|
| 6,670,905 |
|
Epiroc AB, Class B |
|
| 157,323 |
|
|
| 3,278,583 |
|
|
|
|
|
|
|
| 9,949,488 |
|
Switzerland (14.7%): |
|
|
|
|
|
|
|
|
Consumer Staples (4.7%): |
|
|
|
|
|
|
|
|
Coca-Cola HBC AG |
|
| 106,867 |
|
|
| 3,396,200 |
|
Nestle SA, Registered Shares |
|
| 131,443 |
|
|
| 14,655,117 |
|
|
|
|
|
|
|
| 18,051,317 |
|
Financials (3.1%): |
|
|
|
|
|
|
|
|
Cembra Money Bank AG |
|
| 27,154 |
|
|
| 2,992,891 |
|
Partners Group Holding AG |
|
| 3,534 |
|
|
| 4,516,907 |
|
UBS Group AG |
|
| 296,967 |
|
|
| 4,595,251 |
|
|
|
|
|
|
|
| 12,105,049 |
|
Health Care (5.3%): |
|
|
|
|
|
|
|
|
Novartis AG, Registered Shares |
|
| 95,738 |
|
|
| 8,185,052 |
|
Roche Holding AG |
|
| 37,456 |
|
|
| 12,135,550 |
|
|
|
|
|
|
|
| 20,320,602 |
|
Industrials (1.6%): |
|
|
|
|
|
|
|
|
Adecco Group AG |
|
| 90,492 |
|
|
| 6,104,826 |
|
|
|
|
|
|
|
| 56,581,794 |
|
United Kingdom (15.4%): |
|
|
|
|
|
|
|
|
Communication Services (0.8%): |
|
|
|
|
|
|
|
|
ITV PLC (a) |
|
| 1,908,078 |
|
|
| 3,158,202 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (1.1%): |
|
|
|
|
|
|
|
|
Next PLC (a) |
|
| 38,636 |
|
|
| 4,186,840 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Consumer Staples (3.2%): |
|
|
|
|
|
|
|
|
Diageo PLC |
|
| 167,496 |
|
| $ | 6,879,980 |
|
Imperial Brands PLC |
|
| 260,627 |
|
|
| 5,342,311 |
|
|
|
|
|
|
|
| 12,222,291 |
|
Energy (2.3%): |
|
|
|
|
|
|
|
|
BP PLC |
|
| 828,200 |
|
|
| 3,363,619 |
|
Royal Dutch Shell PLC, Class A |
|
| 275,532 |
|
|
| 5,355,271 |
|
|
|
|
|
|
|
| 8,718,890 |
|
Financials (2.7%): |
|
|
|
|
|
|
|
|
Close Brothers Group PLC |
|
| 176,212 |
|
|
| 3,765,625 |
|
HSBC Holdings PLC |
|
| 419,011 |
|
|
| 2,441,921 |
|
Legal & General Group PLC |
|
| 1,102,185 |
|
|
| 4,231,240 |
|
|
|
|
|
|
|
| 10,438,786 |
|
Health Care (0.4%): |
|
|
|
|
|
|
|
|
Smith & Nephew PLC |
|
| 83,265 |
|
|
| 1,580,552 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
Ashtead Group PLC |
|
| 66,737 |
|
|
| 3,983,325 |
|
|
|
|
|
|
|
|
|
|
Materials (3.9%): |
|
|
|
|
|
|
|
|
Croda International PLC |
|
| 31,480 |
|
|
| 2,753,979 |
|
Evraz PLC |
|
| 485,423 |
|
|
| 3,865,244 |
|
Rio Tinto PLC |
|
| 109,325 |
|
|
| 8,338,982 |
|
|
|
|
|
|
|
| 14,958,205 |
|
|
|
|
|
|
|
| 59,247,091 |
|
Total Common Stocks (Cost $318,683,685) |
|
|
|
|
|
| 375,775,588 |
|
|
|
|
|
|
|
|
|
|
Rights (0.0%)(c) |
|
|
|
|
|
|
|
|
Italy (0.0%):(c) |
|
|
|
|
|
|
|
|
Energy (0.0%):(c) |
|
|
|
|
|
|
|
|
Snam SpA , Expires 4/8/21 (a)(d)(e) |
|
| 700,919 |
|
|
| — |
|
Total Rights (Cost $–) |
|
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (0.3%) |
|
|
|
|
|
|
|
|
United States (0.3%): |
|
|
|
|
|
|
|
|
iShares MSCI EAFE ETF |
|
| 12,630 |
|
|
| 958,238 |
|
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds (Cost $950,758) |
|
|
|
|
|
| 958,238 |
|
Collateral for Securities Loaned^ (1.6%) |
|
|
|
|
|
|
|
|
United States (1.6%): |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (g) |
|
| 133,569 |
|
|
| 133,569 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (g) |
|
| 3,439,698 |
|
|
| 3,439,698 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g) |
|
| 66,657 |
|
|
| 66,657 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (g) |
|
| 531,505 |
|
|
| 531,505 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g) |
|
| 2,389,750 |
|
|
| 2,389,750 |
|
Total Collateral for Securities Loaned (Cost $6,561,179) |
|
|
|
|
|
| 6,561,179 |
|
Total Investments (Cost $326,195,622) — 99.8% |
|
|
|
|
|
| 383,295,005 |
|
Other assets in excess of liabilities — 0.2% |
|
|
|
|
|
| 713,060 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 384,008,065 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS International Fund | March 31, 2021 |
| (Unaudited) |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Amount represents less than 0.05% of net assets. |
(d) | Security was fair valued using significant unobservable inputs as of March 31, 2021. |
(e) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets. |
|
|
(g) | Rate disclosed is the daily yield on March 31, 2021. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Global Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (98.3%) |
|
|
|
|
|
|
|
|
Australia (1.3%): |
|
|
|
|
|
|
|
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
Macquarie Group Ltd. |
|
| 11,939 |
|
| $ | 1,391,559 |
|
|
|
|
|
|
|
|
|
|
Health Care (0.7%): |
|
|
|
|
|
|
|
|
CSL Ltd. |
|
| 8,524 |
|
|
| 1,722,392 |
|
|
|
|
|
|
|
| 3,113,951 |
|
Belgium (0.5%): |
|
|
|
|
|
|
|
|
Information Technology (0.5%): |
|
|
|
|
|
|
|
|
Melexis NV |
|
| 11,672 |
|
|
| 1,234,533 |
|
|
|
|
|
|
|
|
|
|
Bermuda (1.0%): |
|
|
|
|
|
|
|
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
Triton International Ltd. |
|
| 44,516 |
|
|
| 2,447,935 |
|
|
|
|
|
|
|
|
|
|
Canada (3.3%): |
|
|
|
|
|
|
|
|
Energy (0.7%): |
|
|
|
|
|
|
|
|
Parex Resources, Inc. (a) |
|
| 98,554 |
|
|
| 1,757,736 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
Canadian Pacific Railway Ltd. (b) |
|
| 6,024 |
|
|
| 2,301,249 |
|
|
|
|
|
|
|
|
|
|
Information Technology (1.1%): |
|
|
|
|
|
|
|
|
Constellation Software, Inc. |
|
| 1,876 |
|
|
| 2,620,338 |
|
|
|
|
|
|
|
|
|
|
Materials (0.5%): |
|
|
|
|
|
|
|
|
Kirkland Lake Gold Ltd. (b) |
|
| 32,299 |
|
|
| 1,090,943 |
|
|
|
|
|
|
|
| 7,770,266 |
|
China (4.5%): |
|
|
|
|
|
|
|
|
Communication Services (2.1%): |
|
|
|
|
|
|
|
|
Baidu, Inc., ADR (a) |
|
| 7,212 |
|
|
| 1,568,971 |
|
Tencent Holdings Ltd. |
|
| 43,400 |
|
|
| 3,463,781 |
|
|
|
|
|
|
|
| 5,032,752 |
|
Consumer Discretionary (0.5%): |
|
|
|
|
|
|
|
|
China Meidong Auto Holdings Ltd. |
|
| 272,000 |
|
|
| 1,263,257 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.7%): |
|
|
|
|
|
|
|
|
Foshan Haitan Flavouring & Food Co. Ltd., Class A |
|
| 67,149 |
|
|
| 1,643,517 |
|
|
|
|
|
|
|
|
|
|
Financials (1.2%): |
|
|
|
|
|
|
|
|
Industrial & Commercial Bank of China Ltd., Class H |
|
| 3,761,000 |
|
|
| 2,705,393 |
|
|
|
|
|
|
|
| 10,644,919 |
|
Denmark (0.7%): |
|
|
|
|
|
|
|
|
Consumer Staples (0.7%): |
|
|
|
|
|
|
|
|
Royal Unibrew A/S |
|
| 15,323 |
|
|
| 1,601,933 |
|
|
|
|
|
|
|
|
|
|
France (4.8%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (1.3%): |
|
|
|
|
|
|
|
|
Faurecia SE (a) |
|
| 23,547 |
|
|
| 1,252,855 |
|
LVMH Moet Hennessy Louis Vuitton SE |
|
| 2,735 |
|
|
| 1,826,682 |
|
|
|
|
|
|
|
| 3,079,537 |
|
|
|
|
|
|
|
|
|
|
Energy (0.8%): |
|
|
|
|
|
|
|
|
Gaztransport Et Technigaz SA |
|
| 14,091 |
|
|
| 1,122,570 |
|
TOTAL SE (b) |
|
| 18,580 |
|
|
| 866,117 |
|
|
|
|
|
|
|
| 1,988,687 |
|
Financials (0.9%): |
|
|
|
|
|
|
|
|
BNP Paribas SA (a) |
|
| 34,357 |
|
|
| 2,093,160 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.7%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Safran SA (a) |
|
| 12,132 |
|
| $ | 1,650,137 |
|
|
|
|
|
|
|
|
|
|
Materials (1.1%): |
|
|
|
|
|
|
|
|
Arkema SA |
|
| 20,970 |
|
|
| 2,539,350 |
|
|
|
|
|
|
|
| 11,350,871 |
|
Indonesia (1.2%): |
|
|
|
|
|
|
|
|
Communication Services (1.2%): |
|
|
|
|
|
|
|
|
PT Telkom Indonesia Persero Tbk |
|
| 12,460,400 |
|
|
| 2,942,112 |
|
|
|
|
|
|
|
|
|
|
Ireland (1.2%): |
|
|
|
|
|
|
|
|
Industrials (1.2%): |
|
|
|
|
|
|
|
|
Eaton Corp. PLC |
|
| 20,894 |
|
|
| 2,889,222 |
|
|
|
|
|
|
|
|
|
|
Italy (2.9%): |
|
|
|
|
|
|
|
|
Energy (0.7%): |
|
|
|
|
|
|
|
|
Snam SpA |
|
| 307,839 |
|
|
| 1,706,485 |
|
|
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Banca Generali SpA (a) |
|
| 32,374 |
|
|
| 1,139,111 |
|
|
|
|
|
|
|
|
|
|
Health Care (0.9%): |
|
|
|
|
|
|
|
|
Recordati Industria Chimica e Farmaceutica SpA |
|
| 39,203 |
|
|
| 2,108,126 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.8%): |
|
|
|
|
|
|
|
|
Enel SpA |
|
| 180,924 |
|
|
| 1,799,553 |
|
|
|
|
|
|
|
| 6,753,275 |
|
Japan (6.4%): |
|
|
|
|
|
|
|
|
Communication Services (1.3%): |
|
|
|
|
|
|
|
|
Capcom Co. Ltd. |
|
| 60,400 |
|
|
| 1,965,139 |
|
Kakaku.com, Inc. |
|
| 38,900 |
|
|
| 1,064,931 |
|
|
|
|
|
|
|
| 3,030,070 |
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Toyota Motor Corp. |
|
| 24,600 |
|
|
| 1,914,632 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.3%): |
|
|
|
|
|
|
|
|
Toyo Suisan Kaisha Ltd. |
|
| 16,100 |
|
|
| 675,794 |
|
|
|
|
|
|
|
|
|
|
Financials (1.0%): |
|
|
|
|
|
|
|
|
JAFCO Group Co. Ltd. (b) |
|
| 16,600 |
|
|
| 991,577 |
|
Mitsubishi UFJ Financial Group, Inc. |
|
| 272,400 |
|
|
| 1,456,799 |
|
|
|
|
|
|
|
| 2,448,376 |
|
Health Care (0.9%): |
|
|
|
|
|
|
|
|
As One Corp. |
|
| 7,079 |
|
|
| 891,202 |
|
Hoya Corp. |
|
| 9,800 |
|
|
| 1,153,585 |
|
|
|
|
|
|
|
| 2,044,787 |
|
Industrials (1.5%): |
|
|
|
|
|
|
|
|
Nippon Yusen KK (b) |
|
| 73,200 |
|
|
| 2,503,810 |
|
OKUMA Corp. |
|
| 20,200 |
|
|
| 1,159,885 |
|
|
|
|
|
|
|
| 3,663,695 |
|
Information Technology (0.6%): |
|
|
|
|
|
|
|
|
Ulvac, Inc. |
|
| 33,600 |
|
|
| 1,419,153 |
|
|
|
|
|
|
|
| 15,196,507 |
|
Korea, Republic Of (1.7%): |
|
|
|
|
|
|
|
|
Information Technology (1.7%): |
|
|
|
|
|
|
|
|
Samsung Electronics Co. Ltd. |
|
| 55,387 |
|
|
| 4,007,483 |
|
|
|
|
|
|
|
|
|
|
Mexico (0.3%): |
|
|
|
|
|
|
|
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Promotora y Operadora de Infraestructura SAB de CV |
|
| 87,252 |
|
|
| 667,658 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Netherlands (1.1%): |
|
|
|
|
|
|
|
|
Information Technology (1.1%): |
|
|
|
|
|
|
|
|
ASM International NV |
|
| 8,714 |
|
| $ | 2,526,339 |
|
|
|
|
|
|
|
|
|
|
New Zealand (0.6%): |
|
|
|
|
|
|
|
|
Health Care (0.6%): |
|
|
|
|
|
|
|
|
Fisher & Paykel Healthcare Corp. Ltd. |
|
| 60,278 |
|
|
| 1,353,010 |
|
|
|
|
|
|
|
|
|
|
Norway (1.0%): |
|
|
|
|
|
|
|
|
Energy (0.6%): |
|
|
|
|
|
|
|
|
Aker BP ASA |
|
| 52,506 |
|
|
| 1,490,123 |
|
|
|
|
|
|
|
|
|
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
SpareBank 1 SMN |
|
| 69,798 |
|
|
| 878,050 |
|
|
|
|
|
|
|
| 2,368,173 |
|
Singapore (0.5%): |
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
Singapore Exchange Ltd. |
|
| 169,200 |
|
|
| 1,255,190 |
|
|
|
|
|
|
|
|
|
|
South Africa (0.2%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.2%): |
|
|
|
|
|
|
|
|
Mr. Price Group Ltd. |
|
| 26,727 |
|
|
| 350,349 |
|
|
|
|
|
|
|
|
|
|
Sweden (0.9%): |
|
|
|
|
|
|
|
|
Industrials (0.9%): |
|
|
|
|
|
|
|
|
Atlas Copco AB, Class B |
|
| 41,642 |
|
|
| 2,171,132 |
|
|
|
|
|
|
|
|
|
|
Switzerland (3.0%): |
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
Partners Group Holding AG |
|
| 1,278 |
|
|
| 1,633,448 |
|
|
|
|
|
|
|
|
|
|
Health Care (1.2%): |
|
|
|
|
|
|
|
|
Roche Holding AG |
|
| 8,343 |
|
|
| 2,703,089 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.1%): |
|
|
|
|
|
|
|
|
Adecco Group AG |
|
| 39,724 |
|
|
| 2,679,885 |
|
|
|
|
|
|
|
| 7,016,422 |
|
Taiwan (1.9%): |
|
|
|
|
|
|
|
|
Financials (1.6%): |
|
|
|
|
|
|
|
|
Cathay Financial Holding Co. Ltd. |
|
| 2,254,000 |
|
|
| 3,796,420 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.3%): |
|
|
|
|
|
|
|
|
Lite-On Technology Corp. |
|
| 300,000 |
|
|
| 665,483 |
|
|
|
|
|
|
|
| 4,461,903 |
|
United Kingdom (6.1%): |
|
|
|
|
|
|
|
|
Communication Services (0.6%): |
|
|
|
|
|
|
|
|
ITV PLC (a) |
|
| 838,491 |
|
|
| 1,387,849 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.6%): |
|
|
|
|
|
|
|
|
Next PLC (a) |
|
| 13,645 |
|
|
| 1,478,658 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.6%): |
|
|
|
|
|
|
|
|
Imperial Brands PLC |
|
| 63,665 |
|
|
| 1,305,000 |
|
|
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
Close Brothers Group PLC |
|
| 78,393 |
|
|
| 1,675,247 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.9%): |
|
|
|
|
|
|
|
|
Ashtead Group PLC |
|
| 36,317 |
|
|
| 2,167,649 |
|
|
|
|
|
|
|
|
|
|
Materials (2.7%): |
|
|
|
|
|
|
|
|
Croda International PLC |
|
| 17,937 |
|
|
| 1,569,191 |
|
Evraz PLC |
|
| 259,758 |
|
|
| 2,068,357 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Rio Tinto PLC |
|
| 36,516 |
|
| $ | 2,785,331 |
|
|
|
|
|
|
|
| 6,422,879 |
|
|
|
|
|
|
|
| 14,437,282 |
|
United States (53.2%): |
|
|
|
|
|
|
|
|
Communication Services (4.4%): |
|
|
|
|
|
|
|
|
Alphabet, Inc., Class C (a) |
|
| 2,689 |
|
|
| 5,562,546 |
|
Facebook, Inc., Class A (a) |
|
| 16,749 |
|
|
| 4,933,083 |
|
|
|
|
|
|
|
| 10,495,629 |
|
Consumer Discretionary (7.5%): |
|
|
|
|
|
|
|
|
Amazon.com, Inc. (a) |
|
| 1,954 |
|
|
| 6,045,832 |
|
McDonald’s Corp. |
|
| 17,703 |
|
|
| 3,967,951 |
|
PulteGroup, Inc. |
|
| 56,507 |
|
|
| 2,963,227 |
|
Ross Stores, Inc. |
|
| 20,276 |
|
|
| 2,431,295 |
|
Tesla, Inc. (a) |
|
| 1,412 |
|
|
| 943,117 |
|
The TJX Cos., Inc. |
|
| 19,374 |
|
|
| 1,281,590 |
|
|
|
|
|
|
|
| 17,633,012 |
|
Consumer Staples (4.3%): |
|
|
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
| 38,889 |
|
|
| 3,065,620 |
|
PepsiCo, Inc. |
|
| 24,856 |
|
|
| 3,515,881 |
|
The Estee Lauder Cos., Inc. |
|
| 12,138 |
|
|
| 3,530,337 |
|
|
|
|
|
|
|
| 10,111,838 |
|
Energy (1.7%): |
|
|
|
|
|
|
|
|
Cactus, Inc., Class A |
|
| 32,796 |
|
|
| 1,004,214 |
|
ConocoPhillips |
|
| 37,467 |
|
|
| 1,984,627 |
|
Phillips 66 |
|
| 11,698 |
|
|
| 953,855 |
|
|
|
|
|
|
|
| 3,942,696 |
|
Financials (8.4%): |
|
|
|
|
|
|
|
|
Bank of America Corp. |
|
| 107,033 |
|
|
| 4,141,107 |
|
JPMorgan Chase & Co. |
|
| 34,340 |
|
|
| 5,227,578 |
|
LPL Financial Holdings, Inc. |
|
| 14,229 |
|
|
| 2,022,795 |
|
MSCI, Inc. |
|
| 3,327 |
|
|
| 1,394,945 |
|
S&P Global, Inc. |
|
| 6,590 |
|
|
| 2,325,413 |
|
The PNC Financial Services Group, Inc. |
|
| 14,521 |
|
|
| 2,547,129 |
|
The Progressive Corp. |
|
| 21,835 |
|
|
| 2,087,644 |
|
|
|
|
|
|
|
| 19,746,611 |
|
Health Care (7.2%): |
|
|
|
|
|
|
|
|
Amedisys, Inc. (a) |
|
| 4,309 |
|
|
| 1,140,980 |
|
Amgen, Inc. |
|
| 11,988 |
|
|
| 2,982,734 |
|
CVS Health Corp. |
|
| 38,732 |
|
|
| 2,913,809 |
|
Eli Lilly & Co. |
|
| 14,544 |
|
|
| 2,717,110 |
|
IDEXX Laboratories, Inc. (a) |
|
| 5,954 |
|
|
| 2,913,352 |
|
Johnson & Johnson |
|
| 26,712 |
|
|
| 4,390,117 |
|
|
|
|
|
|
|
| 17,058,102 |
|
Industrials (1.7%): |
|
|
|
|
|
|
|
|
Honeywell International, Inc. |
|
| 18,798 |
|
|
| 4,080,482 |
|
|
|
|
|
|
|
|
|
|
Information Technology (16.9%): |
|
|
|
|
|
|
|
|
Apple, Inc. |
|
| 85,733 |
|
|
| 10,472,286 |
|
Cisco Systems, Inc. |
|
| 79,098 |
|
|
| 4,090,157 |
|
Fortinet, Inc. (a) |
|
| 13,588 |
|
|
| 2,505,899 |
|
Mastercard, Inc., Class A |
|
| 12,974 |
|
|
| 4,619,393 |
|
Microsoft Corp. |
|
| 40,457 |
|
|
| 9,538,547 |
|
NVIDIA Corp. |
|
| 7,510 |
|
|
| 4,009,814 |
|
Texas Instruments, Inc. |
|
| 25,004 |
|
|
| 4,725,506 |
|
|
|
|
|
|
|
| 39,961,602 |
|
Real Estate (0.6%): |
|
|
|
|
|
|
|
|
Prologis, Inc. |
|
| 13,652 |
|
|
| 1,447,112 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Global Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Utilities (0.5%): |
|
|
|
|
|
|
|
|
MGE Energy, Inc. (b) |
|
| 17,462 |
|
| $ | 1,246,612 |
|
|
|
|
|
|
|
| 125,723,696 |
|
Total Common Stocks (Cost $177,153,013) |
|
|
|
|
|
| 232,284,161 |
|
|
|
|
|
|
|
|
|
|
Rights (0.0%)(c) |
|
|
|
|
|
|
|
|
Italy (0.0%):(c) |
|
|
|
|
|
|
|
|
Energy (0.0%):(c) |
|
|
|
|
|
|
|
|
Snam SpA , Expires 4/8/21 (a)(d)(e) |
|
| 307,839 |
|
|
| — |
|
Total Rights (Cost $–) |
|
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (0.1%) |
|
|
|
|
|
|
|
|
United States (0.1%): |
|
|
|
|
|
|
|
|
iShares MSCI ACWI ETF (b) |
|
| 2,379 |
|
|
| 226,362 |
|
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds (Cost $176,010) |
|
|
|
|
|
| 226,362 |
|
Collateral for Securities Loaned^ (2.5%) |
|
|
|
|
|
|
|
|
United States (2.5%): |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (f) |
|
| 122,013 |
|
|
| 122,013 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (f) |
|
| 3,142,123 |
|
|
| 3,142,123 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f) |
|
| 60,891 |
|
|
| 60,891 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (f) |
|
| 485,524 |
|
|
| 485,524 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f) |
|
| 2,183,008 |
|
|
| 2,183,008 |
|
Total Collateral for Securities Loaned (Cost $5,993,559) |
|
|
|
|
|
| 5,993,559 |
|
Total Investments (Cost $183,322,582) — 100.9% |
|
|
|
|
|
| 238,504,082 |
|
Liabilities in excess of other assets — (0.9)% |
|
|
|
|
|
| (2,128,481 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 236,375,601 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Amount represents less than 0.05% of net assets. |
(d) | Security was fair valued using significant unobservable inputs as of March 31, 2021. |
(e) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets. |
(f) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Sophus Emerging Markets Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (97.6%) |
|
|
|
|
|
|
|
|
Bermuda (0.5%): |
|
|
|
|
|
|
|
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Alibaba Health Information Technology Ltd. (a) |
|
| 924,000 |
|
| $ | 2,640,261 |
|
|
|
|
|
|
|
|
|
|
Brazil (5.9%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
TIM SA |
|
| 1,133,343 |
|
|
| 2,551,477 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.9%): |
|
|
|
|
|
|
|
|
Lojas Americanas SA, Preference Shares |
|
| 500,100 |
|
|
| 1,986,929 |
|
Petrobras Distribuidora SA |
|
| 700,600 |
|
|
| 2,748,671 |
|
|
|
|
|
|
|
| 4,735,600 |
|
Financials (1.2%): |
|
|
|
|
|
|
|
|
Banco Bradesco SA, ADR |
|
| 705,205 |
|
|
| 3,314,463 |
|
Banco do Brasil SA |
|
| 544,200 |
|
|
| 2,944,418 |
|
|
|
|
|
|
|
| 6,258,881 |
|
Industrials (0.8%): |
|
|
|
|
|
|
|
|
Randon SA Implementos e Participacoes, Preference Shares |
|
| 863,700 |
|
|
| 2,102,505 |
|
SIMPAR SA |
|
| 334,041 |
|
|
| 2,217,483 |
|
|
|
|
|
|
|
| 4,319,988 |
|
Materials (1.6%): |
|
|
|
|
|
|
|
|
Klabin SA (a) |
|
| 578,200 |
|
|
| 2,838,655 |
|
Vale SA |
|
| 311,700 |
|
|
| 5,426,047 |
|
|
|
|
|
|
|
| 8,264,702 |
|
Real Estate (0.5%): |
|
|
|
|
|
|
|
|
Multiplan Empreendimentos Imobiliarios SA |
|
| 648,300 |
|
|
| 2,821,100 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.4%): |
|
|
|
|
|
|
|
|
Neoenergia SA |
|
| 635,400 |
|
|
| 1,879,815 |
|
|
|
|
|
|
|
| 30,831,563 |
|
Canada (0.5%): |
|
|
|
|
|
|
|
|
Energy (0.5%): |
|
|
|
|
|
|
|
|
Parex Resources, Inc. (a) |
|
| 159,019 |
|
|
| 2,836,145 |
|
|
|
|
|
|
|
|
|
|
Chile (0.7%): |
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
Banco de Chile |
|
| 32,358,637 |
|
|
| 3,815,206 |
|
Banco de Credito e Inversiones SA |
|
| 1 |
|
|
| 53 |
|
|
|
|
|
|
|
| 3,815,259 |
|
China (30.9%): |
|
|
|
|
|
|
|
|
Communication Services (7.0%): |
|
|
|
|
|
|
|
|
Baidu, Inc., ADR (a)(b) |
|
| 29,464 |
|
|
| 6,409,893 |
|
Tencent Holdings Ltd. |
|
| 379,215 |
|
|
| 30,265,390 |
|
|
|
|
|
|
|
| 36,675,283 |
|
Consumer Discretionary (8.7%): |
|
|
|
|
|
|
|
|
Alibaba Group Holding Ltd., ADR (a) |
|
| 100,375 |
|
|
| 22,758,024 |
|
China Yongda Automobiles Services Holdings Ltd. |
|
| 1,832,000 |
|
|
| 3,354,161 |
|
JD.com, Inc., ADR (a) |
|
| 68,823 |
|
|
| 5,803,843 |
|
Jiumaojiu International Holdings Ltd. (a)(c) |
|
| 628,000 |
|
|
| 2,517,708 |
|
Meituan Dianping, Class B (a)(c) |
|
| 171,900 |
|
|
| 6,708,518 |
|
Topsports International Holdings Ltd. (c) |
|
| 1,516,000 |
|
|
| 2,260,627 |
|
Xiabuxiabu Catering Management China Holdings Co. Ltd. (c) |
|
| 1,070,000 |
|
|
| 2,174,058 |
|
|
|
|
|
|
|
| 45,576,939 |
|
Consumer Staples (1.6%): |
|
|
|
|
|
|
|
|
By-health Co. Ltd., Class A |
|
| 471,800 |
|
|
| 2,066,163 |
|
China Feihe Ltd. (c) |
|
| 1,184,000 |
|
|
| 3,361,557 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Wuliangye Yibin Co. Ltd., Class A |
|
| 73,600 |
|
| $ | 3,027,727 |
|
|
|
|
|
|
|
| 8,455,447 |
|
Energy (0.2%): |
|
|
|
|
|
|
|
|
China Oilfield Services Ltd., Class H |
|
| 820,000 |
|
|
| 843,860 |
|
|
|
|
|
|
|
|
|
|
Financials (4.4%): |
|
|
|
|
|
|
|
|
China Merchants Bank Co. Ltd., Class H |
|
| 1,015,000 |
|
|
| 7,776,407 |
|
CSC Financial Co. Ltd., Class H (b)(c) |
|
| 2,788,000 |
|
|
| 3,674,043 |
|
Ping An Insurance Group Co. of China Ltd. |
|
| 687,500 |
|
|
| 8,223,750 |
|
Postal Savings Bank of China Co. Ltd., Class H (c) |
|
| 4,714,000 |
|
|
| 3,533,016 |
|
|
|
|
|
|
|
| 23,207,216 |
|
Health Care (1.4%): |
|
|
|
|
|
|
|
|
Hansoh Pharmaceutical Group Co. Ltd. (a)(c) |
|
| 596,000 |
|
|
| 2,859,123 |
|
Wuxi Biologics Cayman, Inc. (a)(c) |
|
| 352,905 |
|
|
| 4,450,571 |
|
|
|
|
|
|
|
| 7,309,694 |
|
Industrials (2.7%): |
|
|
|
|
|
|
|
|
COSCO SHIPPING Holdings Co. Ltd., Class H (a) |
|
| 4,031,500 |
|
|
| 5,218,127 |
|
Hangcha Group Co. Ltd., Class A |
|
| 955,160 |
|
|
| 3,423,380 |
|
Sany Heavy Industry Co. Ltd., Class A |
|
| 395,900 |
|
|
| 2,074,774 |
|
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
|
| 2,193,600 |
|
|
| 3,146,970 |
|
|
|
|
|
|
|
| 13,863,251 |
|
Information Technology (2.6%): |
|
|
|
|
|
|
|
|
21Vianet Group, Inc., ADR (a) |
|
| 122,087 |
|
|
| 3,943,410 |
|
Chinasoft International Ltd. |
|
| 3,306,000 |
|
|
| 3,584,833 |
|
Xiaomi Corp., Class B (a)(c) |
|
| 1,092,200 |
|
|
| 3,648,207 |
|
Yonyou Network Technology Co. Ltd., Class A |
|
| 474,000 |
|
|
| 2,595,668 |
|
|
|
|
|
|
|
| 13,772,118 |
|
Materials (1.0%): |
|
|
|
|
|
|
|
|
China Hongqiao Group Ltd. |
|
| 2,756,000 |
|
|
| 3,686,180 |
|
China Molybdenum Co. Ltd., Class H |
|
| 2,184,000 |
|
|
| 1,323,245 |
|
|
|
|
|
|
|
| 5,009,425 |
|
Real Estate (0.8%): |
|
|
|
|
|
|
|
|
Shimao Services Holdings Ltd. (a)(c) |
|
| 1,909,787 |
|
|
| 4,220,537 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
China Longyuan Power Group Corp. Ltd., Class H |
|
| 1,763,000 |
|
|
| 2,407,929 |
|
|
|
|
|
|
|
| 161,341,699 |
|
Greece (1.0%): |
|
|
|
|
|
|
|
|
Financials (0.5%): |
|
|
|
|
|
|
|
|
National Bank of Greece SA (a) |
|
| 917,958 |
|
|
| 2,672,688 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.5%): |
|
|
|
|
|
|
|
|
Mytilineos SA (a) |
|
| 142,632 |
|
|
| 2,350,403 |
|
|
|
|
|
|
|
| 5,023,091 |
|
Hong Kong (2.3%): |
|
|
|
|
|
|
|
|
Energy (0.8%): |
|
|
|
|
|
|
|
|
Kunlun Energy Co. Ltd. |
|
| 3,864,000 |
|
|
| 4,076,742 |
|
|
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
BOC Hong Kong Holdings Ltd. |
|
| 1,200,500 |
|
|
| 4,199,987 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.7%): |
|
|
|
|
|
|
|
|
Lenovo Group Ltd. |
|
| 2,684,000 |
|
|
| 3,830,748 |
|
|
|
|
|
|
|
| 12,107,477 |
|
India (7.7%): |
|
|
|
|
|
|
|
|
Energy (1.3%): |
|
|
|
|
|
|
|
|
Hindustan Petroleum Corp. Ltd. |
|
| 1,235,036 |
|
|
| 3,970,351 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Petronet LNG Ltd. |
|
| 861,620 |
|
| $ | 2,652,011 |
|
|
|
|
|
|
|
| 6,622,362 |
|
Financials (3.5%): |
|
|
|
|
|
|
|
|
Bandhan Bank Ltd. (a)(c) |
|
| 706,390 |
|
|
| 3,304,563 |
|
Cholamandalam Investment and Finance Co. Ltd. |
|
| 597,932 |
|
|
| 4,595,705 |
|
Federal Bank Ltd. (a) |
|
| 2,796,834 |
|
|
| 2,909,863 |
|
HDFC Bank Ltd., ADR (a) |
|
| 47,224 |
|
|
| 3,668,833 |
|
LIC Housing Finance Ltd. |
|
| 626,875 |
|
|
| 3,689,450 |
|
|
|
|
|
|
|
| 18,168,414 |
|
|
|
|
|
|
|
|
|
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Dr. Reddy’s Laboratories Ltd. |
|
| 46,344 |
|
|
| 2,867,295 |
|
|
|
|
|
|
|
|
|
|
Information Technology (1.8%): |
|
|
|
|
|
|
|
|
Infosys Ltd., ADR |
|
| 512,232 |
|
|
| 9,588,983 |
|
|
|
|
|
|
|
|
|
|
Materials (0.6%): |
|
|
|
|
|
|
|
|
Asian Paints Ltd. |
|
| 84,996 |
|
|
| 2,957,474 |
|
|
|
|
|
|
|
| 40,204,528 |
|
Indonesia (1.2%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.5%): |
|
|
|
|
|
|
|
|
PT Astra International Tbk |
|
| 7,494,000 |
|
|
| 2,732,083 |
|
|
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
PT Bank Negara Indonesia Persero Tbk (a) |
|
| 8,776,700 |
|
|
| 3,467,699 |
|
|
|
|
|
|
|
| 6,199,782 |
|
Korea, Republic Of (17.4%): |
|
|
|
|
|
|
|
|
Communication Services (1.7%): |
|
|
|
|
|
|
|
|
LG Uplus Corp. |
|
| 343,384 |
|
|
| 3,726,509 |
|
NAVER Corp. |
|
| 15,203 |
|
|
| 5,090,674 |
|
|
|
|
|
|
|
| 8,817,183 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (0.7%): |
|
|
|
|
|
|
|
|
LG Electronics, Inc. |
|
| 28,726 |
|
|
| 3,835,568 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples (1.0%): |
|
|
|
|
|
|
|
|
Cosmax, Inc. (a) |
|
| 25,121 |
|
|
| 2,719,155 |
|
Orion Corp. |
|
| 19,302 |
|
|
| 2,239,060 |
|
|
|
|
|
|
|
| 4,958,215 |
|
Financials (2.5%): |
|
|
|
|
|
|
|
|
DB Insurance Co. Ltd. |
|
| 60,227 |
|
|
| 2,518,801 |
|
Hana Financial Group, Inc. |
|
| 107,277 |
|
|
| 4,058,074 |
|
Samsung Securities Co. Ltd. |
|
| 85,695 |
|
|
| 3,000,147 |
|
Woori Financial Group, Inc. |
|
| 404,337 |
|
|
| 3,609,462 |
|
|
|
|
|
|
|
| 13,186,484 |
|
Health Care (0.8%): |
|
|
|
|
|
|
|
|
Hugel, Inc. (a) |
|
| 9,609 |
|
|
| 1,520,006 |
|
Samsung Biologics Co. Ltd. (a)(c) |
|
| 3,543 |
|
|
| 2,358,497 |
|
|
|
|
|
|
|
| 3,878,503 |
|
Industrials (2.0%): |
|
|
|
|
|
|
|
|
CJ Corp. |
|
| 30,808 |
|
|
| 2,569,683 |
|
CJ Logistics Corp. (a) |
|
| 13,787 |
|
|
| 2,236,809 |
|
Hanwha Aerospace Co. Ltd. |
|
| 78,719 |
|
|
| 2,863,284 |
|
LG Corp. |
|
| 36,972 |
|
|
| 2,966,894 |
|
|
|
|
|
|
|
| 10,636,670 |
|
Information Technology (6.8%): |
|
|
|
|
|
|
|
|
Samsung Electro-Mechanics Co. Ltd. |
|
| 19,670 |
|
|
| 3,283,676 |
|
Samsung Electronics Co. Ltd. |
|
| 296,470 |
|
|
| 21,450,854 |
|
Samsung Electronics Co. Ltd., Preference Shares |
|
| 42,343 |
|
|
| 2,742,844 |
|
SK Hynix, Inc. |
|
| 67,475 |
|
|
| 7,967,271 |
|
|
|
|
|
|
|
| 35,444,645 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Materials (1.9%): |
|
|
|
|
|
|
|
|
Korea Petrochemical Ind Co. Ltd. |
|
| 15,553 |
|
| $ | 4,498,723 |
|
LG Chem Ltd. |
|
| 3,661 |
|
|
| 2,620,242 |
|
PI Advanced Materials Co. Ltd. |
|
| 69,360 |
|
|
| 2,821,461 |
|
|
|
|
|
|
|
| 9,940,426 |
|
|
|
|
|
|
|
| 90,697,694 |
|
Luxembourg (0.9%): |
|
|
|
|
|
|
|
|
Materials (0.9%): |
|
|
|
|
|
|
|
|
Ternium SA, ADR (a) |
|
| 114,237 |
|
|
| 4,436,965 |
|
|
|
|
|
|
|
|
|
|
Mexico (2.2%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
America Movil SAB de CV, ADR |
|
| 194,548 |
|
|
| 2,641,962 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.4%): |
|
|
|
|
|
|
|
|
Controladora Vuela Cia de Aviacion SAB de CV, ADR (a)(b) |
|
| 137,122 |
|
|
| 1,955,360 |
|
|
|
|
|
|
|
|
|
|
Materials (0.8%): |
|
|
|
|
|
|
|
|
Cemex SAB de CV, ADR (a) |
|
| 625,146 |
|
|
| 4,357,268 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.5%): |
|
|
|
|
|
|
|
|
Corp Inmobiliaria Vesta SAB de CV |
|
| 1,219,152 |
|
|
| 2,554,803 |
|
|
|
|
|
|
|
| 11,509,393 |
|
Philippines (0.4%): |
|
|
|
|
|
|
|
|
Financials (0.4%): |
|
|
|
|
|
|
|
|
BDO Unibank, Inc. |
|
| 1,020,330 |
|
|
| 2,147,467 |
|
|
|
|
|
|
|
|
|
|
Poland (0.6%): |
|
|
|
|
|
|
|
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
Bank Polska Kasa Opieki SA (a) |
|
| 173,816 |
|
|
| 3,102,823 |
|
|
|
|
|
|
|
|
|
|
Russian Federation (2.7%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.7%): |
|
|
|
|
|
|
|
|
Detsky Mir PJSC (c) |
|
| 1,815,590 |
|
|
| 3,427,233 |
|
|
|
|
|
|
|
|
|
|
Energy (0.8%): |
|
|
|
|
|
|
|
|
Rosneft Oil Co. PJSC, GDR |
|
| 566,814 |
|
|
| 4,283,283 |
|
|
|
|
|
|
|
|
|
|
Financials (1.2%): |
|
|
|
|
|
|
|
|
Sberbank of Russia PJSC, ADR |
|
| 421,552 |
|
|
| 6,483,605 |
|
|
|
|
|
|
|
| 6,483,605 |
|
|
|
|
|
|
|
| 14,194,121 |
|
Singapore (0.5%): |
|
|
|
|
|
|
|
|
Communication Services (0.5%): |
|
|
|
|
|
|
|
|
Sea Ltd., ADR (a) |
|
| 10,898 |
|
|
| 2,432,760 |
|
|
|
|
|
|
|
|
|
|
South Africa (4.3%): |
|
|
|
|
|
|
|
|
Communication Services (1.8%): |
|
|
|
|
|
|
|
|
MTN Group Ltd. |
|
| 734,600 |
|
|
| 4,317,907 |
|
Naspers Ltd., Class N |
|
| 21,747 |
|
|
| 5,212,553 |
|
|
|
|
|
|
|
| 9,530,460 |
|
Consumer Discretionary (0.6%): |
|
|
|
|
|
|
|
|
Mr. Price Group Ltd. |
|
| 244,658 |
|
|
| 3,207,080 |
|
|
|
|
|
|
|
|
|
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
Absa Group Ltd. |
|
| 340,165 |
|
|
| 2,908,117 |
|
|
|
|
|
|
|
|
|
|
Materials (1.3%): |
|
|
|
|
|
|
|
|
Impala Platinum Holdings Ltd. |
|
| 353,848 |
|
|
| 6,537,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 22,183,155 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Taiwan (12.7%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (1.2%): |
|
|
|
|
|
|
|
|
Gourmet Master Co. Ltd. |
|
| 181,000 |
|
| $ | 1,112,272 |
|
Makalot Industrial Co. Ltd. |
|
| 352,000 |
|
|
| 3,047,017 |
|
Topkey Corp. |
|
| 302,000 |
|
|
| 1,895,012 |
|
|
|
|
|
|
|
| 6,054,301 |
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
Yuanta Financial Holding Co. Ltd. |
|
| 5,663,760 |
|
|
| 4,475,594 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.9%): |
|
|
|
|
|
|
|
|
Evergreen Marine Corp. Taiwan Ltd. (a) |
|
| 2,406,000 |
|
|
| 3,862,787 |
|
Sunonwealth Electric Machine Industry Co. Ltd. |
|
| 363,000 |
|
|
| 676,295 |
|
|
|
|
|
|
|
| 4,539,082 |
|
Information Technology (9.8%): |
|
|
|
|
|
|
|
|
Hon Hai Precision Industry Co. Ltd. |
|
| 885,000 |
|
|
| 3,883,196 |
|
MediaTek, Inc. |
|
| 196,000 |
|
|
| 6,743,430 |
|
Nanya Technology Corp. |
|
| 1,840,000 |
|
|
| 5,992,945 |
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
|
| 1,374,998 |
|
|
| 28,963,480 |
|
Walsin Technology Corp. |
|
| 360,000 |
|
|
| 3,177,903 |
|
Zhen Ding Technology Holding Ltd. |
|
| 564,000 |
|
|
| 2,395,441 |
|
|
|
|
|
|
|
| 51,156,395 |
|
|
|
|
|
|
|
| 66,225,372 |
|
Thailand (2.2%): |
|
|
|
|
|
|
|
|
Consumer Staples (0.5%): |
|
|
|
|
|
|
|
|
Carabao Group PCL |
|
| 611,400 |
|
|
| 2,528,453 |
|
|
|
|
|
|
|
|
|
|
Energy (0.5%): |
|
|
|
|
|
|
|
|
PTT PCL (b) |
|
| 1,901,500 |
|
|
| 2,498,667 |
|
|
|
|
|
|
|
|
|
|
Financials (0.7%): |
|
|
|
|
|
|
|
|
The Siam Commercial Bank PCL (b) |
|
| 1,107,400 |
|
|
| 3,956,409 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.5%): |
|
|
|
|
|
|
|
|
AP Thailand PCL |
|
| 9,839,400 |
|
|
| 2,589,638 |
|
|
|
|
|
|
|
| 11,573,167 |
|
Turkey (1.1%): |
|
|
|
|
|
|
|
|
Consumer Staples (0.4%): |
|
|
|
|
|
|
|
|
Anadolu Efes Biracilik Ve Malt Sanayii A/S |
|
| 699,749 |
|
|
| 1,790,942 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Turkiye Sise ve Cam Fabrikalari A/S |
|
| 2,007,912 |
|
|
| 1,771,030 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.4%): |
|
|
|
|
|
|
|
|
Logo Yazilim Sanayi Ve Ticaret A/S (a) |
|
| 114,361 |
|
|
| 2,157,752 |
|
|
|
|
|
|
|
| 5,719,724 |
|
United Kingdom (1.9%): |
|
|
|
|
|
|
|
|
Materials (1.9%): |
|
|
|
|
|
|
|
|
Anglo American PLC |
|
| 126,005 |
|
|
| 4,934,620 |
|
Antofagasta PLC |
|
| 212,669 |
|
|
| 4,952,997 |
|
|
|
|
|
|
|
| 9,887,617 |
|
Total Common Stocks (Cost $392,008,419) |
|
|
|
|
|
| 509,110,063 |
|
|
|
|
|
|
|
|
|
|
Collateral for Securities Loaned^ (1.2%) |
|
|
|
|
|
|
|
|
United States (1.2%): |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d) |
|
| 133,632 |
|
|
| 133,632 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d) |
|
| 3,441,329 |
|
| $ | 3,441,329 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) |
|
| 66,689 |
|
|
| 66,689 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d) |
|
| 531,757 |
|
|
| 531,757 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) |
|
| 2,390,883 |
|
|
| 2,390,883 |
|
Total Collateral for Securities Loaned (Cost $6,564,290) |
|
|
|
|
|
| 6,564,290 |
|
Total Investments (Cost $398,572,709) — 98.8% |
|
|
|
|
|
| 515,674,353 |
|
Other assets in excess of liabilities — 1.2% |
|
|
|
|
|
| 6,174,990 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 521,849,343 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $48,498,258 and amounted to 9.3% of net assets. |
(d) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
GDR—Global Depositary Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Sophus Emerging Markets Small Cap Fund | March 31, 2021 |
| (Unaudited) |
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (98.7%) |
|
|
|
|
|
|
|
|
Belgium (1.1%): |
|
|
|
|
|
|
|
|
Materials (1.1%): |
|
|
|
|
|
|
|
|
Titan Cement International SA |
|
| 2,151 |
|
| $ | 40,355 |
|
|
|
|
|
|
|
|
|
|
Brazil (5.8%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (2.3%): |
|
|
|
|
|
|
|
|
Lojas Quero-Quero SA |
|
| 10,300 |
|
|
| 28,038 |
|
Petrobras Distribuidora SA |
|
| 5,900 |
|
|
| 23,148 |
|
Tupy SA (a) |
|
| 9,600 |
|
|
| 35,566 |
|
|
|
|
|
|
|
| 86,752 |
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
Banco do Estado do Rio Grande do Sul SA, Preference Shares |
|
| 10,300 |
|
|
| 22,035 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.6%): |
|
|
|
|
|
|
|
|
Randon SA Implementos e Participacoes, Preference Shares |
|
| 14,600 |
|
|
| 35,541 |
|
SIMPAR SA |
|
| 4,064 |
|
|
| 26,978 |
|
|
|
|
|
|
|
| 62,519 |
|
Real Estate (0.8%): |
|
|
|
|
|
|
|
|
Iguatemi Empresa de Shopping Centers SA |
|
| 4,400 |
|
|
| 29,240 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.5%): |
|
|
|
|
|
|
|
|
Neoenergia SA |
|
| 6,700 |
|
|
| 19,822 |
|
|
|
|
|
|
|
| 220,368 |
|
Canada (1.5%): |
|
|
|
|
|
|
|
|
Energy (1.5%): |
|
|
|
|
|
|
|
|
Canacol Energy Ltd. |
|
| 7,347 |
|
|
| 21,050 |
|
Parex Resources, Inc. (a) |
|
| 2,077 |
|
|
| 37,044 |
|
|
|
|
|
|
|
| 58,094 |
|
Chile (0.8%): |
|
|
|
|
|
|
|
|
Materials (0.8%): |
|
|
|
|
|
|
|
|
CAP SA |
|
| 1,986 |
|
|
| 32,163 |
|
|
|
|
|
|
|
|
|
|
China (9.1%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (4.0%): |
|
|
|
|
|
|
|
|
China Kepei Education Group Ltd. |
|
| 38,000 |
|
|
| 26,407 |
|
China Yongda Automobiles Services Holdings Ltd. |
|
| 22,500 |
|
|
| 41,195 |
|
Jiumaojiu International Holdings Ltd. (a)(b) |
|
| 8,000 |
|
|
| 32,073 |
|
Minth Group Ltd. |
|
| 6,000 |
|
|
| 25,137 |
|
Xiabuxiabu Catering Management China Holdings Co. Ltd. (b) |
|
| 12,500 |
|
|
| 25,398 |
|
|
|
|
|
|
|
| 150,210 |
|
Health Care (0.5%): |
|
|
|
|
|
|
|
|
Amoy Diagnostics Co. Ltd., Class A |
|
| 1,900 |
|
|
| 20,762 |
|
|
|
|
|
|
|
|
|
|
Industrials (2.2%): |
|
|
|
|
|
|
|
|
Binjiang Service Group Co. Ltd. |
|
| 11,000 |
|
|
| 28,161 |
|
S-Enjoy Service Group Co. Ltd. |
|
| 9,000 |
|
|
| 27,716 |
|
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
|
| 18,600 |
|
|
| 26,684 |
|
|
|
|
|
|
|
| 82,561 |
|
Information Technology (1.6%): |
|
|
|
|
|
|
|
|
21Vianet Group, Inc., ADR (a) |
|
| 978 |
|
|
| 31,589 |
|
Chinasoft International Ltd. |
|
| 28,000 |
|
|
| 30,362 |
|
|
|
|
|
|
|
| 61,951 |
|
Utilities (0.8%): |
|
|
|
|
|
|
|
|
China Tian Lun Gas Holdings Ltd. |
|
| 30,000 |
|
|
| 29,210 |
|
|
|
|
|
|
|
| 344,694 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Small Cap Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Greece (3.2%): |
|
|
|
|
|
|
|
|
Financials (1.4%): |
|
|
|
|
|
|
|
|
National Bank of Greece SA (a) |
|
| 17,911 |
|
| $ | 52,149 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
Mytilineos SA (a) |
|
| 2,324 |
|
|
| 38,297 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.8%): |
|
|
|
|
|
|
|
|
Terna Energy SA |
|
| 2,073 |
|
|
| 30,643 |
|
|
|
|
|
|
|
| 121,089 |
|
Hong Kong (2.9%): |
|
|
|
|
|
|
|
|
Communication Services (0.6%): |
|
|
|
|
|
|
|
|
iClick Interactive Asia Group Ltd., ADR (a) |
|
| 1,952 |
|
|
| 22,975 |
|
|
|
|
|
|
|
|
|
|
Financials (0.6%): |
|
|
|
|
|
|
|
|
Guotai Junan International Holdings Ltd. |
|
| 130,000 |
|
|
| 24,008 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.7%): |
|
|
|
|
|
|
|
|
Johnson Electric Holdings Ltd. |
|
| 10,000 |
|
|
| 26,972 |
|
Orient Overseas International Ltd. (a) |
|
| 2,500 |
|
|
| 36,924 |
|
|
|
|
|
|
|
| 63,896 |
|
|
|
|
|
|
|
| 110,879 |
|
India (14.7%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (1.3%): |
|
|
|
|
|
|
|
|
Balkrishna Industries Ltd. |
|
| 977 |
|
|
| 22,616 |
|
Garware Technical Fibres Ltd. (a) |
|
| 802 |
|
|
| 28,242 |
|
|
|
|
|
|
|
| 50,858 |
|
Energy (1.4%): |
|
|
|
|
|
|
|
|
Hindustan Petroleum Corp. Ltd. |
|
| 9,863 |
|
|
| 31,708 |
|
Petronet LNG Ltd. |
|
| 7,355 |
|
|
| 22,638 |
|
|
|
|
|
|
|
| 54,346 |
|
Financials (3.1%): |
|
|
|
|
|
|
|
|
Cholamandalam Investment and Finance Co. Ltd. |
|
| 6,408 |
|
|
| 49,252 |
|
Federal Bank Ltd. (a) |
|
| 33,936 |
|
|
| 35,307 |
|
LIC Housing Finance Ltd. |
|
| 5,868 |
|
|
| 34,536 |
|
|
|
|
|
|
|
| 119,095 |
|
Health Care (2.0%): |
|
|
|
|
|
|
|
|
Alkem Laboratories Ltd. |
|
| 625 |
|
|
| 23,707 |
|
Sequent Scientific Ltd. (a) |
|
| 15,189 |
|
|
| 50,224 |
|
|
|
|
|
|
|
| 73,931 |
|
Industrials (2.7%): |
|
|
|
|
|
|
|
|
Ashoka Buildcon Ltd. (a) |
|
| 16,442 |
|
|
| 23,021 |
|
Polycab India Ltd. (a) |
|
| 1,688 |
|
|
| 31,955 |
|
RITES Ltd. |
|
| 4,869 |
|
|
| 16,076 |
|
Somany Ceramics Ltd. |
|
| 5,195 |
|
|
| 30,486 |
|
|
|
|
|
|
|
| 101,538 |
|
Information Technology (1.0%): |
|
|
|
|
|
|
|
|
Mphasis Ltd. |
|
| 1,513 |
|
|
| 36,810 |
|
|
|
|
|
|
|
|
|
|
Materials (2.3%): |
|
|
|
|
|
|
|
|
APL Apollo Tubes Ltd. (a) |
|
| 2,454 |
|
|
| 47,160 |
|
JK Lakshmi Cement Ltd. (a) |
|
| 6,878 |
|
|
| 40,804 |
|
|
|
|
|
|
|
| 87,964 |
|
Utilities (0.9%): |
|
|
|
|
|
|
|
|
CESC Ltd. |
|
| 4,146 |
|
|
| 33,749 |
|
|
|
|
|
|
|
| 558,291 |
|
Indonesia (2.0%): |
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Small Cap Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
PT Bank Danamon Indonesia Tbk |
|
| 150,000 |
|
| $ | 28,276 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.6%): |
|
|
|
|
|
|
|
|
PT Buana Lintas Lautan Tbk (a) |
|
| 1,126,100 |
|
|
| 22,962 |
|
|
|
|
|
|
|
|
|
|
Materials (0.6%): |
|
|
|
|
|
|
|
|
PT Merdeka Copper Gold Tbk (a) |
|
| 163,100 |
|
|
| 24,269 |
|
|
|
|
|
|
|
| 75,507 |
|
Korea, Republic Of (23.0%): |
|
|
|
|
|
|
|
|
Communication Services (0.9%): |
|
|
|
|
|
|
|
|
AfreecaTV Co. Ltd. |
|
| 498 |
|
|
| 34,705 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (1.4%): |
|
|
|
|
|
|
|
|
Danawa Co. Ltd. |
|
| 880 |
|
|
| 26,089 |
|
Handsome Co. Ltd. |
|
| 772 |
|
|
| 27,800 |
|
|
|
|
|
|
|
| 53,889 |
|
Consumer Staples (2.2%): |
|
|
|
|
|
|
|
|
Cosmax, Inc. (a) |
|
| 288 |
|
|
| 31,174 |
|
Newtree Co. Ltd. |
|
| 1,065 |
|
|
| 27,752 |
|
Orion Corp. |
|
| 198 |
|
|
| 22,968 |
|
|
|
|
|
|
|
| 81,894 |
|
Financials (2.2%): |
|
|
|
|
|
|
|
|
DB Insurance Co. Ltd. |
|
| 721 |
|
|
| 30,154 |
|
JB Financial Group Co. Ltd. |
|
| 5,258 |
|
|
| 30,450 |
|
KIWOOM Securities Co. Ltd. |
|
| 202 |
|
|
| 22,660 |
|
|
|
|
|
|
|
| 83,264 |
|
Health Care (2.8%): |
|
|
|
|
|
|
|
|
Classys, Inc. |
|
| 1,754 |
|
|
| 22,539 |
|
Daewon Pharmaceutical Co. Ltd. |
|
| 1,448 |
|
|
| 20,605 |
|
Hugel, Inc. (a) |
|
| 152 |
|
|
| 24,044 |
|
Huons Co. Ltd. |
|
| 21 |
|
|
| 1,064 |
|
I-Sens, Inc. |
|
| 737 |
|
|
| 16,066 |
|
Samjin Pharmaceutical Co. Ltd. |
|
| 943 |
|
|
| 20,291 |
|
|
|
|
|
|
|
| 104,609 |
|
Industrials (5.8%): |
|
|
|
|
|
|
|
|
CJ Corp. |
|
| 296 |
|
|
| 24,689 |
|
CJ Logistics Corp. (a) |
|
| 190 |
|
|
| 30,826 |
|
Hanwha Aerospace Co. Ltd. |
|
| 1,224 |
|
|
| 44,521 |
|
HMM Co. Ltd. (a) |
|
| 2,486 |
|
|
| 64,018 |
|
Jinsung T.E.C. |
|
| 1,740 |
|
|
| 23,567 |
|
Posco International Corp. |
|
| 1,827 |
|
|
| 32,673 |
|
|
|
|
|
|
|
| 220,294 |
|
Information Technology (3.6%): |
|
|
|
|
|
|
|
|
Hana Materials, Inc. |
|
| 838 |
|
|
| 28,996 |
|
Silicon Works Co. Ltd. |
|
| 480 |
|
|
| 32,265 |
|
TES Co. Ltd. |
|
| 1,353 |
|
|
| 41,114 |
|
WONIK IPS Co. Ltd. |
|
| 761 |
|
|
| 35,017 |
|
|
|
|
|
|
|
| 137,392 |
|
Materials (4.1%): |
|
|
|
|
|
|
|
|
Hansol Chemical Co. Ltd. |
|
| 258 |
|
|
| 55,235 |
|
Korea Petrochemical Ind Co. Ltd. |
|
| 110 |
|
|
| 31,818 |
|
PI Advanced Materials Co. Ltd. |
|
| 771 |
|
|
| 31,363 |
|
SK Materials Co. Ltd. |
|
| 137 |
|
|
| 37,882 |
|
|
|
|
|
|
|
| 156,298 |
|
|
|
|
|
|
|
| 872,345 |
|
Luxembourg (1.2%): |
|
|
|
|
|
|
|
|
Materials (1.2%): |
|
|
|
|
|
|
|
|
Ternium SA, ADR (a) |
|
| 1,209 |
|
|
| 46,958 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Small Cap Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Malaysia (2.7%): |
|
|
|
|
|
|
|
|
Financials (0.9%): |
|
|
|
|
|
|
|
|
Hong Leong Financial Group Bhd |
|
| 8,000 |
|
| $ | 33,653 |
|
|
|
|
|
|
|
|
|
|
Industrials (1.0%): |
|
|
|
|
|
|
|
|
MMC Corp. Bhd |
|
| 150,100 |
|
|
| 37,373 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.8%): |
|
|
|
|
|
|
|
|
Inari Amertron Bhd |
|
| 41,500 |
|
|
| 32,913 |
|
|
|
|
|
|
|
| 103,939 |
|
Mexico (2.9%): |
|
|
|
|
|
|
|
|
Industrials (2.0%): |
|
|
|
|
|
|
|
|
Controladora Vuela Cia de Aviacion SAB de CV, ADR (a)(c) |
|
| 2,196 |
|
|
| 31,315 |
|
Grupo Traxion SAB de CV (a)(b) |
|
| 31,771 |
|
|
| 45,790 |
|
|
|
|
|
|
|
| 77,105 |
|
Real Estate (0.9%): |
|
|
|
|
|
|
|
|
Concentradora Fibra Danhos SA de CV |
|
| 26,318 |
|
|
| 32,843 |
|
|
|
|
|
|
|
| 109,948 |
|
Philippines (0.8%): |
|
|
|
|
|
|
|
|
Real Estate (0.8%): |
|
|
|
|
|
|
|
|
Filinvest Land, Inc. |
|
| 1,307,000 |
|
|
| 29,648 |
|
|
|
|
|
|
|
|
|
|
Poland (1.5%): |
|
|
|
|
|
|
|
|
Financials (0.9%): |
|
|
|
|
|
|
|
|
Bank Polska Kasa Opieki SA (a) |
|
| 1,946 |
|
|
| 34,738 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.6%): |
|
|
|
|
|
|
|
|
Famur SA (a) |
|
| 38,605 |
|
|
| 23,209 |
|
|
|
|
|
|
|
| 57,947 |
|
Russian Federation (0.7%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.7%): |
|
|
|
|
|
|
|
|
Detsky Mir PJSC (b) |
|
| 13,600 |
|
|
| 25,672 |
|
|
|
|
|
|
|
|
|
|
South Africa (3.2%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.8%): |
|
|
|
|
|
|
|
|
Mr. Price Group Ltd. |
|
| 2,303 |
|
|
| 30,189 |
|
|
|
|
|
|
|
|
|
|
Financials (1.0%): |
|
|
|
|
|
|
|
|
Transaction Capital Ltd. (a) |
|
| 18,466 |
|
|
| 38,825 |
|
|
|
|
|
|
|
|
|
|
Materials (1.4%): |
|
|
|
|
|
|
|
|
Impala Platinum Holdings Ltd. |
|
| 2,756 |
|
|
| 50,918 |
|
|
|
|
|
|
|
| 119,932 |
|
Taiwan (17.9%): |
|
|
|
|
|
|
|
|
Consumer Discretionary (2.0%): |
|
|
|
|
|
|
|
|
Makalot Industrial Co. Ltd. |
|
| 5,000 |
|
|
| 43,282 |
|
Topkey Corp. |
|
| 5,000 |
|
|
| 31,374 |
|
|
|
|
|
|
|
| 74,656 |
|
Industrials (2.3%): |
|
|
|
|
|
|
|
|
Chicony Power Technology Co. Ltd. |
|
| 11,000 |
|
|
| 31,606 |
|
Sunonwealth Electric Machine Industry Co. Ltd. |
|
| 9,000 |
|
|
| 16,768 |
|
Yang Ming Marine Transport Corp. (a) |
|
| 29,000 |
|
|
| 38,666 |
|
|
|
|
|
|
|
| 87,040 |
|
Information Technology (10.5%): |
|
|
|
|
|
|
|
|
ADATA Technology Co. Ltd. (a) |
|
| 10,000 |
|
|
| 30,240 |
|
Chipbond Technology Corp. |
|
| 13,000 |
|
|
| 35,499 |
|
Holy Stone Enterprise Co. Ltd. |
|
| 7,000 |
|
|
| 32,093 |
|
King Yuan Electronics Co. Ltd. |
|
| 23,000 |
|
|
| 33,408 |
|
Lelon Electronics Corp. |
|
| 14,000 |
|
|
| 37,216 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets Small Cap Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Parade Technologies Ltd. |
|
| 1,000 |
|
| $ | 43,192 |
|
Phison Electronics Corp. |
|
| 2,000 |
|
|
| 34,535 |
|
Powertech Technology, Inc. |
|
| 7,000 |
|
|
| 25,989 |
|
Sigurd Microelectronics Corp. |
|
| 19,000 |
|
|
| 35,033 |
|
Tripod Technology Corp. |
|
| 8,000 |
|
|
| 39,590 |
|
Walsin Technology Corp. |
|
| 3,000 |
|
|
| 26,482 |
|
Zhen Ding Technology Holding Ltd. |
|
| 6,000 |
|
|
| 25,483 |
|
|
|
|
|
|
|
| 398,760 |
|
Materials (3.1%): |
|
|
|
|
|
|
|
|
China General Plastics Corp. (a) |
|
| 33,000 |
|
|
| 43,174 |
|
Taiwan Hon Chuan Enterprise Co. Ltd. |
|
| 12,000 |
|
|
| 29,195 |
|
Tung Ho Steel Enterprise Corp. |
|
| 29,000 |
|
|
| 45,257 |
|
|
|
|
|
|
|
| 117,626 |
|
|
|
|
|
|
|
| 678,082 |
|
Thailand (1.9%): |
|
|
|
|
|
|
|
|
Consumer Staples (0.8%): |
|
|
|
|
|
|
|
|
Carabao Group PCL |
|
| 6,900 |
|
|
| 28,535 |
|
|
|
|
|
|
|
|
|
|
Real Estate (1.1%): |
|
|
|
|
|
|
|
|
AP Thailand PCL |
|
| 158,300 |
|
|
| 41,663 |
|
|
|
|
|
|
|
| 70,198 |
|
Turkey (1.8%): |
|
|
|
|
|
|
|
|
Consumer Staples (0.6%): |
|
|
|
|
|
|
|
|
Anadolu Efes Biracilik Ve Malt Sanayii A/S |
|
| 9,071 |
|
|
| 23,217 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.6%): |
|
|
|
|
|
|
|
|
Turkiye Sise ve Cam Fabrikalari A/S |
|
| 25,741 |
|
|
| 22,704 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.6%): |
|
|
|
|
|
|
|
|
Logo Yazilim Sanayi Ve Ticaret A/S (a) |
|
| 1,272 |
|
|
| 24,000 |
|
|
|
|
|
|
|
| 69,921 |
|
Total Common Stocks (Cost $3,003,224) |
|
|
|
|
|
| 3,746,030 |
|
Collateral for Securities Loaned^ (0.8%) |
|
|
|
|
|
|
|
|
United States (0.8%): |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e) |
|
| 642 |
|
|
| 642 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e) |
|
| 16,530 |
|
|
| 16,530 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e) |
|
| 320 |
|
|
| 320 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e) |
|
| 2,554 |
|
|
| 2,554 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e) |
|
| 11,485 |
|
|
| 11,485 |
|
Total Collateral for Securities Loaned (Cost $31,531) |
|
|
|
|
|
| 31,531 |
|
Total Investments (Cost $3,034,755) — 99.5% |
|
|
|
|
|
| 3,777,561 |
|
Other assets in excess of liabilities — 0.5% |
|
|
|
|
|
| 17,139 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 3,794,700 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $128,933 and amounted to 3.4% of net assets. |
(c) | All or a portion of this security is on loan. |
(e) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
PCL—Public Company Limited |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Small Cap Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.6%) |
|
|
|
|
|
|
|
|
Biotechnology (19.2%): |
|
|
|
|
|
|
|
|
Allogene Therapeutics, Inc. (a)(b) |
|
| 506,820 |
|
| $ | 17,890,746 |
|
Apellis Pharmaceuticals, Inc. (a)(b) |
|
| 773,690 |
|
|
| 33,199,037 |
|
Arcus Biosciences, Inc. (a)(b) |
|
| 812,730 |
|
|
| 22,821,458 |
|
Ascendis Pharma A/S, ADR (a) |
|
| 149,620 |
|
|
| 19,283,026 |
|
Avidity Biosciences, Inc. (a)(b) |
|
| 518,660 |
|
|
| 11,311,975 |
|
Beam Therapeutics, Inc. (a)(b) |
|
| 297,020 |
|
|
| 23,773,481 |
|
bluebird bio, Inc. (a) |
|
| 556,149 |
|
|
| 16,767,892 |
|
Blueprint Medicines Corp. (a) |
|
| 240,588 |
|
|
| 23,392,371 |
|
Celyad SA, ADR (a)(b) |
|
| 399,608 |
|
|
| 2,789,264 |
|
Constellation Pharmaceuticals, Inc. (a) |
|
| 834,100 |
|
|
| 19,509,599 |
|
CytomX Therapeutics, Inc. (a) |
|
| 1,451,320 |
|
|
| 11,218,704 |
|
DermTech, Inc. (a)(b) |
|
| 368,350 |
|
|
| 18,708,497 |
|
Equillium, Inc. (a)(b) |
|
| 1,439,240 |
|
|
| 10,290,566 |
|
Fate Therapeutics, Inc. (a) |
|
| 384,650 |
|
|
| 31,714,392 |
|
Generation Bio Co. (a) |
|
| 553,950 |
|
|
| 15,765,417 |
|
Iovance Biotherapeutics, Inc. (a) |
|
| 675,025 |
|
|
| 21,371,292 |
|
Jounce Therapeutics, Inc. (a) |
|
| 1,260,200 |
|
|
| 12,942,254 |
|
Kura Oncology, Inc. (a) |
|
| 870,400 |
|
|
| 24,606,207 |
|
MacroGenics, Inc. (a) |
|
| 654,120 |
|
|
| 20,833,722 |
|
Opthea Ltd., ADR (a)(c) |
|
| 725,400 |
|
|
| 7,000,110 |
|
ORIC Pharmaceuticals, Inc. (a)(b) |
|
| 552,060 |
|
|
| 13,525,470 |
|
Replimune Group, Inc. (a) |
|
| 564,480 |
|
|
| 17,222,285 |
|
REVOLUTION Medicines, Inc. (a) |
|
| 390,410 |
|
|
| 17,912,011 |
|
Rubius Therapeutics, Inc. (a)(b) |
|
| 633,890 |
|
|
| 16,798,085 |
|
Sage Therapeutics, Inc. (a) |
|
| 238,540 |
|
|
| 17,854,719 |
|
Scholar Rock Holding Corp. (a)(b) |
|
| 340,110 |
|
|
| 17,229,973 |
|
SpringWorks Therapeutics, Inc. (a) |
|
| 414,290 |
|
|
| 30,479,314 |
|
TCR2 Therapeutics, Inc. (a) |
|
| 575,920 |
|
|
| 12,716,314 |
|
Turning Point Therapeutics, Inc. (a) |
|
| 235,000 |
|
|
| 22,228,650 |
|
Twist Bioscience Corp. (a) |
|
| 182,480 |
|
|
| 22,601,973 |
|
|
|
|
|
|
|
| 553,758,804 |
|
|
|
|
|
|
|
|
|
|
Communication Services (3.6%): |
|
|
|
|
|
|
|
|
Bandwidth, Inc., Class A (a)(b) |
|
| 504,130 |
|
|
| 63,893,437 |
|
EverQuote, Inc., Class A (a) |
|
| 615,580 |
|
|
| 22,339,398 |
|
Vonage Holdings Corp. (a)(b) |
|
| 1,424,970 |
|
|
| 16,843,145 |
|
|
|
|
|
|
|
| 103,075,980 |
|
Communications Equipment (1.0%): |
|
|
|
|
|
|
|
|
Viavi Solutions, Inc. (a)(b) |
|
| 1,869,410 |
|
|
| 29,349,737 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (11.3%): |
|
|
|
|
|
|
|
|
Arco Platform Ltd., Class A (a)(b) |
|
| 821,620 |
|
|
| 20,819,851 |
|
Bally’s Corp. (a)(b) |
|
| 301,090 |
|
|
| 19,564,828 |
|
Brinker International, Inc. (a) |
|
| 494,650 |
|
|
| 35,149,829 |
|
Canada Goose Holdings, Inc. (a) |
|
| 533,030 |
|
|
| 20,921,428 |
|
Churchill Downs, Inc. (b) |
|
| 220,380 |
|
|
| 50,118,820 |
|
Fox Factory Holding Corp. (a) |
|
| 266,450 |
|
|
| 33,855,137 |
|
Lithia Motors, Inc., Class A |
|
| 91,590 |
|
|
| 35,728,343 |
|
Meritage Homes Corp. (a) |
|
| 207,470 |
|
|
| 19,070,642 |
|
Skyline Champion Corp. (a) |
|
| 537,310 |
|
|
| 24,318,651 |
|
Steven Madden Ltd. |
|
| 596,240 |
|
|
| 22,215,902 |
|
Wingstop, Inc. |
|
| 119,410 |
|
|
| 15,185,370 |
|
YETI Holdings, Inc. (a) |
|
| 455,940 |
|
|
| 32,923,427 |
|
|
|
|
|
|
|
| 329,872,228 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Consumer Staples (5.4%): |
|
|
|
|
|
|
|
|
BellRing Brands, Inc., Class A (a) |
|
| 1,180,580 |
|
| $ | 27,873,494 |
|
BJ’s Wholesale Club Holdings, Inc. (a)(b) |
|
| 627,710 |
|
|
| 28,159,071 |
|
elf Beauty, Inc. (a) |
|
| 1,256,090 |
|
|
| 33,700,895 |
|
Freshpet, Inc. (a) |
|
| 427,850 |
|
|
| 67,946,859 |
|
|
|
|
|
|
|
| 157,680,319 |
|
Electronic Equipment, Instruments & Components (1.3%): |
|
|
|
|
|
|
|
|
Itron, Inc. (a) |
|
| 437,150 |
|
|
| 38,753,348 |
|
|
|
|
|
|
|
|
|
|
Financials (3.9%): |
|
|
|
|
|
|
|
|
Green Dot Corp., Class A (a) |
|
| 427,490 |
|
|
| 19,574,767 |
|
PRA Group, Inc. (a) |
|
| 803,560 |
|
|
| 29,787,969 |
|
PROG Holdings, Inc. |
|
| 476,350 |
|
|
| 20,621,192 |
|
Walker & Dunlop, Inc. |
|
| 415,920 |
|
|
| 42,731,621 |
|
|
|
|
|
|
|
| 112,715,549 |
|
Health Care Equipment & Supplies (4.4%): |
|
|
|
|
|
|
|
|
CryoPort, Inc. (a)(b) |
|
| 443,900 |
|
|
| 23,087,239 |
|
Eargo, Inc. (a)(b) |
|
| 189,470 |
|
|
| 9,464,027 |
|
iRhythm Technologies, Inc. (a) |
|
| 135,000 |
|
|
| 18,746,100 |
|
Nevro Corp. (a)(b) |
|
| 222,020 |
|
|
| 30,971,789 |
|
Silk Road Medical, Inc. (a)(b) |
|
| 414,980 |
|
|
| 21,018,737 |
|
SmileDirectClub, Inc. (a)(b) |
|
| 2,426,850 |
|
|
| 25,020,824 |
|
|
|
|
|
|
|
| 128,308,716 |
|
Health Care Providers & Services (4.6%): |
|
|
|
|
|
|
|
|
AdaptHealth Corp. (a) |
|
| 673,810 |
|
|
| 24,769,256 |
|
Hanger, Inc. (a) |
|
| 561,000 |
|
|
| 12,802,020 |
|
HealthEquity, Inc. (a) |
|
| 400,170 |
|
|
| 27,211,560 |
|
Innovage Holding Corp. (a) |
|
| 590,060 |
|
|
| 15,217,647 |
|
LHC Group, Inc. (a) |
|
| 182,160 |
|
|
| 34,830,814 |
|
Surgery Partners, Inc. (a)(b) |
|
| 445,400 |
|
|
| 19,713,404 |
|
|
|
|
|
|
|
| 134,544,701 |
|
Health Care Technology (3.1%): |
|
|
|
|
|
|
|
|
Health Catalyst, Inc. (a)(b) |
|
| 476,210 |
|
|
| 22,272,342 |
|
Inspire Medical Systems, Inc. (a) |
|
| 205,110 |
|
|
| 42,455,719 |
|
Omnicell, Inc. (a) |
|
| 187,660 |
|
|
| 24,371,404 |
|
|
|
|
|
|
|
| 89,099,465 |
|
Industrials (15.1%): |
|
|
|
|
|
|
|
|
Advanced Drainage Systems, Inc. |
|
| 433,510 |
|
|
| 44,820,600 |
|
Arcosa, Inc. |
|
| 496,240 |
|
|
| 32,300,262 |
|
Builders FirstSource, Inc. (a) |
|
| 956,190 |
|
|
| 44,338,530 |
|
Chart Industries, Inc. (a)(b) |
|
| 224,820 |
|
|
| 32,003,127 |
|
ESCO Technologies, Inc. |
|
| 312,080 |
|
|
| 33,982,391 |
|
Evoqua Water Technologies Corp. (a) |
|
| 1,506,030 |
|
|
| 39,608,589 |
|
Kornit Digital Ltd. (a) |
|
| 296,820 |
|
|
| 29,420,798 |
|
Plug Power, Inc. (a)(b) |
|
| 839,800 |
|
|
| 30,098,432 |
|
Saia, Inc. (a) |
|
| 204,180 |
|
|
| 47,079,824 |
|
Simpson Manufacturing Co., Inc. |
|
| 271,010 |
|
|
| 28,111,867 |
|
SiteOne Landscape Supply, Inc. (a) |
|
| 271,400 |
|
|
| 46,338,836 |
|
Sunrun, Inc. (a)(b) |
|
| 336,700 |
|
|
| 20,363,616 |
|
The AZEK Co., Inc. (a) |
|
| 305,620 |
|
|
| 12,851,321 |
|
|
|
|
|
|
|
| 441,318,193 |
|
IT Services (5.8%): |
|
|
|
|
|
|
|
|
DigitalOcean Holdings, Inc. (a)(b) |
|
| 483,680 |
|
|
| 20,377,438 |
|
LiveRamp Holdings, Inc. (a) |
|
| 340,690 |
|
|
| 17,674,997 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Repay Holdings Corp. (a) |
|
| 1,127,050 |
|
| $ | 26,463,135 |
|
Shift4 Payments, Inc., Class A (a)(b) |
|
| 288,340 |
|
|
| 23,646,763 |
|
Wix.com Ltd. (a) |
|
| 186,600 |
|
|
| 52,102,452 |
|
WNS Holdings Ltd., ADR (a) |
|
| 385,997 |
|
|
| 27,961,623 |
|
|
|
|
|
|
|
| 168,226,408 |
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services (0.7%): |
|
|
|
|
|
|
|
|
Quanterix Corp. (a) |
|
| 341,760 |
|
|
| 19,982,707 |
|
|
|
|
|
|
|
|
|
|
Materials (0.6%): |
|
|
|
|
|
|
|
|
Kronos Bio, Inc. (a)(b) |
|
| 558,890 |
|
|
| 16,358,710 |
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals (0.9%): |
|
|
|
|
|
|
|
|
Compass Pathways PLC, ADR (a)(b) |
|
| 333,830 |
|
|
| 12,291,621 |
|
PMV Pharmaceuticals, Inc. (a)(b) |
|
| 416,860 |
|
|
| 13,710,525 |
|
|
|
|
|
|
|
| 26,002,146 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (7.7%): |
|
|
|
|
|
|
|
|
Advanced Energy Industries, Inc. |
|
| 440,200 |
|
|
| 48,056,634 |
|
CMC Materials, Inc. |
|
| 173,030 |
|
|
| 30,589,974 |
|
Lattice Semiconductor Corp. (a) |
|
| 1,246,950 |
|
|
| 56,137,688 |
|
MACOM Technology Solutions Holdings, Inc. (a) |
|
| 942,933 |
|
|
| 54,708,973 |
|
Silicon Laboratories, Inc. (a) |
|
| 234,260 |
|
|
| 33,047,058 |
|
|
|
|
|
|
|
| 222,540,327 |
|
|
|
|
|
|
|
|
|
|
Software (11.0%): |
|
|
|
|
|
|
|
|
ACI Worldwide, Inc. (a) |
|
| 970,880 |
|
|
| 36,941,984 |
|
Avaya Holdings Corp. (a) |
|
| 3,114,080 |
|
|
| 87,287,661 |
|
Everbridge, Inc. (a)(b) |
|
| 304,410 |
|
|
| 36,888,404 |
|
Five9, Inc. (a) |
|
| 123,120 |
|
|
| 19,247,350 |
|
Medallia, Inc. (a)(b) |
|
| 536,260 |
|
|
| 14,956,291 |
|
Q2 Holdings, Inc. (a) |
|
| 238,720 |
|
|
| 23,919,744 |
|
Telos Corp. (a)(b) |
|
| 724,150 |
|
|
| 27,459,768 |
|
Varonis Systems, Inc. (a) |
|
| 1,329,530 |
|
|
| 68,258,070 |
|
|
|
|
|
|
|
| 314,959,272 |
|
Total Common Stocks (Cost $2,068,897,539) |
|
|
|
|
|
| 2,886,546,610 |
|
Collateral for Securities Loaned^ (9.8%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d) |
|
| 5,815,032 |
|
|
| 5,815,032 |
|
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (d) |
|
| 149,750,390 |
|
|
| 149,750,390 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) |
|
| 2,901,988 |
|
|
| 2,901,988 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d) |
|
| 23,139,554 |
|
|
| 23,139,554 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) |
|
| 104,039,949 |
|
|
| 104,039,949 |
|
Total Collateral for Securities Loaned (Cost $285,646,913) |
|
|
|
|
|
| 285,646,913 |
|
Total Investments (Cost $2,354,544,452) — 109.4% |
|
|
|
|
|
| 3,172,193,523 |
|
Liabilities in excess of other assets — (9.4)% |
|
|
|
|
|
| (271,639,671 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 2,900,553,852 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets. |
(d) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Select Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.4%) |
|
|
|
|
|
|
|
|
Biotechnology (6.3%): |
|
|
|
|
|
|
|
|
Castle Biosciences, Inc. (a)(b) |
|
| 64,320 |
|
| $ | 4,403,347 |
|
Halozyme Therapeutics, Inc. (a) |
|
| 153,390 |
|
|
| 6,394,829 |
|
Twist Bioscience Corp. (a) |
|
| 29,360 |
|
|
| 3,636,530 |
|
|
|
|
|
|
|
| 14,434,706 |
|
Communication Services (3.7%): |
|
|
|
|
|
|
|
|
Bandwidth, Inc., Class A (a)(b) |
|
| 27,890 |
|
|
| 3,534,779 |
|
IAC/InterActiveCorp. (a) |
|
| 23,410 |
|
|
| 5,063,817 |
|
|
|
|
|
|
|
| 8,598,596 |
|
Consumer Discretionary (13.4%): |
|
|
|
|
|
|
|
|
Bright Horizons Family Solutions, Inc. (a) |
|
| 13,730 |
|
|
| 2,354,009 |
|
Brinker International, Inc. (a) |
|
| 39,400 |
|
|
| 2,799,764 |
|
Chegg, Inc. (a) |
|
| 62,380 |
|
|
| 5,343,470 |
|
Churchill Downs, Inc. |
|
| 12,990 |
|
|
| 2,954,186 |
|
Marriott Vacations Worldwide Corp. (a) |
|
| 11,650 |
|
|
| 2,029,197 |
|
Ollie’s Bargain Outlet Holdings, Inc. (a)(b) |
|
| 23,910 |
|
|
| 2,080,170 |
|
Planet Fitness, Inc., Class A (a) |
|
| 33,520 |
|
|
| 2,591,096 |
|
Pool Corp. |
|
| 11,770 |
|
|
| 4,063,475 |
|
Tempur Sealy International, Inc. (b) |
|
| 172,450 |
|
|
| 6,304,772 |
|
|
|
|
|
|
|
| 30,520,139 |
|
Consumer Staples (3.3%): |
|
|
|
|
|
|
|
|
Beyond Meat, Inc. (a)(b) |
|
| 16,130 |
|
|
| 2,098,836 |
|
Freshpet, Inc. (a) |
|
| 33,630 |
|
|
| 5,340,780 |
|
|
|
|
|
|
|
| 7,439,616 |
|
Electronic Equipment, Instruments & Components (1.2%): |
|
|
|
|
|
|
|
|
Dolby Laboratories, Inc., Class A |
|
| 28,470 |
|
|
| 2,810,558 |
|
|
|
|
|
|
|
|
|
|
Financials (5.4%): |
|
|
|
|
|
|
|
|
Focus Financial Partners, Inc., Class A (a) |
|
| 100,660 |
|
|
| 4,189,469 |
|
LPL Financial Holdings, Inc. |
|
| 26,100 |
|
|
| 3,710,376 |
|
Western Alliance Bancorp |
|
| 45,130 |
|
|
| 4,262,077 |
|
|
|
|
|
|
|
| 12,161,922 |
|
Health Care Equipment & Supplies (6.0%): |
|
|
|
|
|
|
|
|
Novocure Ltd. (a)(b) |
|
| 37,520 |
|
|
| 4,959,394 |
|
SmileDirectClub, Inc. (a)(b) |
|
| 231,340 |
|
|
| 2,385,115 |
|
Tandem Diabetes Care, Inc. (a) |
|
| 25,650 |
|
|
| 2,263,613 |
|
West Pharmaceutical Services, Inc. |
|
| 13,996 |
|
|
| 3,943,793 |
|
|
|
|
|
|
|
| 13,551,915 |
|
Health Care Providers & Services (3.5%): |
|
|
|
|
|
|
|
|
Encompass Health Corp. |
|
| 33,080 |
|
|
| 2,709,252 |
|
HealthEquity, Inc. (a) |
|
| 32,960 |
|
|
| 2,241,280 |
|
LHC Group, Inc. (a) |
|
| 16,190 |
|
|
| 3,095,690 |
|
|
|
|
|
|
|
| 8,046,222 |
|
Health Care Technology (1.0%): |
|
|
|
|
|
|
|
|
Omnicell, Inc. (a) |
|
| 18,220 |
|
|
| 2,366,231 |
|
|
|
|
|
|
|
|
|
|
Industrials (16.6%): |
|
|
|
|
|
|
|
|
Advanced Drainage Systems, Inc. |
|
| 58,300 |
|
|
| 6,027,637 |
|
Axon Enterprise, Inc. (a)(b) |
|
| 19,960 |
|
|
| 2,842,703 |
|
Enphase Energy, Inc. (a) |
|
| 23,450 |
|
|
| 3,802,652 |
|
Evoqua Water Technologies Corp. (a) |
|
| 144,970 |
|
|
| 3,812,711 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Select Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Generac Holdings, Inc. (a) |
|
| 11,960 |
|
| $ | 3,916,302 |
|
MSA Safety, Inc. |
|
| 17,790 |
|
|
| 2,668,856 |
|
Pentair PLC |
|
| 63,990 |
|
|
| 3,987,857 |
|
SiteOne Landscape Supply, Inc. (a) |
|
| 27,990 |
|
|
| 4,779,013 |
|
The Middleby Corp. (a) |
|
| 21,420 |
|
|
| 3,550,365 |
|
Trex Co., Inc. (a) |
|
| 29,310 |
|
|
| 2,683,037 |
|
|
|
|
|
|
|
| 38,071,133 |
|
IT Services (2.7%): |
|
|
|
|
|
|
|
|
GoDaddy, Inc., Class A (a) |
|
| 27,467 |
|
|
| 2,131,989 |
|
Shift4 Payments, Inc., Class A (a) |
|
| 23,430 |
|
|
| 1,921,494 |
|
Wix.com Ltd. (a) |
|
| 7,600 |
|
|
| 2,122,072 |
|
|
|
|
|
|
|
| 6,175,555 |
|
Life Sciences Tools & Services (1.6%): |
|
|
|
|
|
|
|
|
Charles River Laboratories International, Inc. (a) |
|
| 12,330 |
|
|
| 3,573,604 |
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals (8.6%): |
|
|
|
|
|
|
|
|
Horizon Therapeutics PLC (a) |
|
| 92,860 |
|
|
| 8,546,834 |
|
Ocular Therapeutix, Inc. (a) |
|
| 271,620 |
|
|
| 4,457,284 |
|
Royalty Pharma PLC, Class A (b) |
|
| 154,280 |
|
|
| 6,729,694 |
|
|
|
|
|
|
|
| 19,733,812 |
|
Semiconductors & Semiconductor Equipment (9.4%): |
|
|
|
|
|
|
|
|
Entegris, Inc. |
|
| 44,730 |
|
|
| 5,000,815 |
|
Lattice Semiconductor Corp. (a) |
|
| 74,010 |
|
|
| 3,331,930 |
|
MACOM Technology Solutions Holdings, Inc. (a) |
|
| 54,820 |
|
|
| 3,180,656 |
|
MKS Instruments, Inc. |
|
| 26,800 |
|
|
| 4,969,256 |
|
Monolithic Power Systems, Inc. |
|
| 7,635 |
|
|
| 2,696,758 |
|
SiTime Corp. (a) |
|
| 25,560 |
|
|
| 2,520,216 |
|
|
|
|
|
|
|
| 21,699,631 |
|
Software (16.7%): |
|
|
|
|
|
|
|
|
ACI Worldwide, Inc. (a) |
|
| 121,540 |
|
|
| 4,624,597 |
|
Dynatrace, Inc. (a) |
|
| 112,760 |
|
|
| 5,439,542 |
|
Fair Isaac Corp. (a) |
|
| 7,800 |
|
|
| 3,791,190 |
|
Five9, Inc. (a) |
|
| 30,930 |
|
|
| 4,835,287 |
|
Proofpoint, Inc. (a) |
|
| 22,230 |
|
|
| 2,796,312 |
|
Q2 Holdings, Inc. (a)(b) |
|
| 26,490 |
|
|
| 2,654,298 |
|
RingCentral, Inc., Class A (a) |
|
| 19,480 |
|
|
| 5,802,702 |
|
Varonis Systems, Inc. (a)(b) |
|
| 46,560 |
|
|
| 2,390,390 |
|
Zendesk, Inc. (a) |
|
| 46,190 |
|
|
| 6,125,718 |
|
|
|
|
|
|
|
| 38,460,036 |
|
Total Common Stocks (Cost $162,946,817) |
|
|
|
|
|
| 227,643,676 |
|
Collateral for Securities Loaned^ (9.9%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 458,793 |
|
|
| 458,793 |
|
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c) |
|
| 11,814,970 |
|
|
| 11,814,970 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 228,960 |
|
|
| 228,960 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 1,825,659 |
|
|
| 1,825,659 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Select Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 8,208,519 |
|
| $ | 8,208,519 |
|
Total Collateral for Securities Loaned (Cost $22,536,901) |
|
|
|
|
|
| 22,536,901 |
|
Total Investments (Cost $185,483,718) — 109.3% |
|
|
|
|
|
| 250,180,577 |
|
Liabilities in excess of other assets — (9.3)% |
|
|
|
|
|
| (21,380,240 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 228,800,337 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
PLC—Public Limited Company |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Mid Cap Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.6%) |
|
|
|
|
|
|
|
|
Communication Services (6.5%): |
|
|
|
|
|
|
|
|
IAC/InterActiveCorp. (a) |
|
| 54,840 |
|
| $ | 11,862,440 |
|
Match Group, Inc. (a) |
|
| 73,104 |
|
|
| 10,043,028 |
|
Take-Two Interactive Software, Inc. (a) |
|
| 29,160 |
|
|
| 5,152,572 |
|
Twitter, Inc. (a) |
|
| 168,900 |
|
|
| 10,747,107 |
|
|
|
|
|
|
|
| 37,805,147 |
|
Communications Equipment (1.7%): |
|
|
|
|
|
|
|
|
Palo Alto Networks, Inc. (a) |
|
| 31,900 |
|
|
| 10,273,714 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (13.1%): |
|
|
|
|
|
|
|
|
Bright Horizons Family Solutions, Inc. (a) |
|
| 29,400 |
|
|
| 5,040,630 |
|
Burlington Stores, Inc. (a) |
|
| 23,350 |
|
|
| 6,976,980 |
|
CarMax, Inc. (a) |
|
| 26,880 |
|
|
| 3,565,901 |
|
Chewy, Inc., Class A (a)(b) |
|
| 78,436 |
|
|
| 6,644,314 |
|
Chipotle Mexican Grill, Inc. (a) |
|
| 8,880 |
|
|
| 12,616,882 |
|
Darden Restaurants, Inc. |
|
| 28,640 |
|
|
| 4,066,880 |
|
Lululemon Athletica, Inc. (a) |
|
| 31,980 |
|
|
| 9,808,586 |
|
Marriott Vacations Worldwide Corp. (a) |
|
| 24,630 |
|
|
| 4,290,053 |
|
Meritage Homes Corp. (a) |
|
| 27,290 |
|
|
| 2,508,497 |
|
Nordstrom, Inc. (a)(b) |
|
| 98,820 |
|
|
| 3,742,313 |
|
Pool Corp. |
|
| 29,280 |
|
|
| 10,108,627 |
|
Roku, Inc. (a) |
|
| 23,310 |
|
|
| 7,593,699 |
|
|
|
|
|
|
|
| 76,963,362 |
|
Consumer Staples (3.1%): |
|
|
|
|
|
|
|
|
Freshpet, Inc. (a) |
|
| 52,160 |
|
|
| 8,283,530 |
|
The Boston Beer Co., Inc., Class A (a) |
|
| 8,170 |
|
|
| 9,855,308 |
|
|
|
|
|
|
|
| 18,138,838 |
|
Electronic Equipment, Instruments & Components (4.3%): |
|
|
|
|
|
|
|
|
Amphenol Corp., Class A |
|
| 63,440 |
|
|
| 4,185,137 |
|
Dolby Laboratories, Inc., Class A |
|
| 69,630 |
|
|
| 6,873,874 |
|
Keysight Technologies, Inc. (a) |
|
| 46,580 |
|
|
| 6,679,572 |
|
Trimble, Inc. (a) |
|
| 95,380 |
|
|
| 7,419,610 |
|
|
|
|
|
|
|
| 25,158,193 |
|
Financials (5.3%): |
|
|
|
|
|
|
|
|
LPL Financial Holdings, Inc. |
|
| 57,300 |
|
|
| 8,145,768 |
|
MarketAxess Holdings, Inc. |
|
| 13,170 |
|
|
| 6,557,606 |
|
MSCI, Inc. |
|
| 25,060 |
|
|
| 10,507,157 |
|
Western Alliance Bancorp |
|
| 64,760 |
|
|
| 6,115,934 |
|
|
|
|
|
|
|
| 31,326,465 |
|
Health Care (21.4%): |
|
|
|
|
|
|
|
|
10X Genomics, Inc., Class A (a) |
|
| 22,460 |
|
|
| 4,065,260 |
|
Align Technology, Inc. (a) |
|
| 15,480 |
|
|
| 8,382,883 |
|
AmerisourceBergen Corp. |
|
| 54,270 |
|
|
| 6,407,659 |
|
Apellis Pharmaceuticals, Inc. (a) |
|
| 70,010 |
|
|
| 3,004,129 |
|
Ascendis Pharma A/S, ADR (a) |
|
| 15,480 |
|
|
| 1,995,062 |
|
Centene Corp. (a) |
|
| 68,371 |
|
|
| 4,369,591 |
|
Charles River Laboratories International, Inc. (a) |
|
| 30,300 |
|
|
| 8,781,849 |
|
DexCom, Inc. (a) |
|
| 17,730 |
|
|
| 6,371,985 |
|
Encompass Health Corp. |
|
| 67,230 |
|
|
| 5,506,137 |
|
Exact Sciences Corp. (a) |
|
| 51,040 |
|
|
| 6,726,050 |
|
Fate Therapeutics, Inc. (a) |
|
| 39,850 |
|
|
| 3,285,633 |
|
Horizon Therapeutics PLC (a) |
|
| 74,910 |
|
|
| 6,894,716 |
|
Insulet Corp. (a) |
|
| 26,350 |
|
|
| 6,875,242 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Mid Cap Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Iovance Biotherapeutics, Inc. (a) |
|
| 91,410 |
|
| $ | 2,894,041 |
|
Mirati Therapeutics, Inc. (a) |
|
| 14,170 |
|
|
| 2,427,321 |
|
Novocure Ltd. (a) |
|
| 39,160 |
|
|
| 5,176,169 |
|
ResMed, Inc. |
|
| 34,430 |
|
|
| 6,680,109 |
|
Royalty Pharma PLC, Class A (b) |
|
| 193,120 |
|
|
| 8,423,894 |
|
Sage Therapeutics, Inc. (a) |
|
| 41,750 |
|
|
| 3,124,988 |
|
SmileDirectClub, Inc. (a)(b) |
|
| 486,080 |
|
|
| 5,011,485 |
|
Teladoc Health, Inc. (a)(b) |
|
| 24,630 |
|
|
| 4,476,503 |
|
Veeva Systems, Inc., Class A (a) |
|
| 29,610 |
|
|
| 7,735,316 |
|
West Pharmaceutical Services, Inc. |
|
| 25,390 |
|
|
| 7,154,394 |
|
|
|
|
|
|
|
| 125,770,416 |
|
Industrials (12.0%): |
|
|
|
|
|
|
|
|
Advanced Drainage Systems, Inc. |
|
| 45,660 |
|
|
| 4,720,787 |
|
Axon Enterprise, Inc. (a) |
|
| 42,710 |
|
|
| 6,082,758 |
|
Builders FirstSource, Inc. (a) |
|
| 145,670 |
|
|
| 6,754,718 |
|
Carrier Global Corp. |
|
| 133,390 |
|
|
| 5,631,726 |
|
CoStar Group, Inc. (a) |
|
| 8,630 |
|
|
| 7,092,911 |
|
Generac Holdings, Inc. (a) |
|
| 21,870 |
|
|
| 7,161,332 |
|
IDEX Corp. |
|
| 34,010 |
|
|
| 7,118,973 |
|
Pentair PLC |
|
| 119,700 |
|
|
| 7,459,704 |
|
Ritchie Bros. Auctioneers, Inc. (b) |
|
| 79,670 |
|
|
| 4,664,679 |
|
The Middleby Corp. (a) |
|
| 40,010 |
|
|
| 6,631,658 |
|
Trex Co., Inc. (a) |
|
| 57,850 |
|
|
| 5,295,589 |
|
Verisk Analytics, Inc. |
|
| 17,020 |
|
|
| 3,007,264 |
|
|
|
|
|
|
|
| 71,622,099 |
|
IT Services (9.0%): |
|
|
|
|
|
|
|
|
Black Knight, Inc. (a) |
|
| 39,794 |
|
|
| 2,944,358 |
|
Gartner, Inc. (a) |
|
| 17,190 |
|
|
| 3,138,035 |
|
GoDaddy, Inc., Class A (a) |
|
| 91,650 |
|
|
| 7,113,873 |
|
Square, Inc., Class A (a) |
|
| 16,300 |
|
|
| 3,700,915 |
|
Twilio, Inc., Class A (a) |
|
| 51,580 |
|
|
| 17,576,400 |
|
Wix.com Ltd. (a) |
|
| 65,070 |
|
|
| 18,168,845 |
|
|
|
|
|
|
|
| 52,642,426 |
|
Materials (1.0%): |
|
|
|
|
|
|
|
|
The Scotts Miracle-Gro Co. |
|
| 25,200 |
|
|
| 6,173,244 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (7.3%): |
|
|
|
|
|
|
|
|
Entegris, Inc. |
|
| 81,530 |
|
|
| 9,115,054 |
|
KLA Corp. |
|
| 27,880 |
|
|
| 9,211,552 |
|
Lattice Semiconductor Corp. (a) |
|
| 110,580 |
|
|
| 4,978,312 |
|
Marvell Technology Group Ltd. |
|
| 106,070 |
|
|
| 5,195,309 |
|
Microchip Technology, Inc. |
|
| 59,680 |
|
|
| 9,263,529 |
|
Monolithic Power Systems, Inc. |
|
| 14,070 |
|
|
| 4,969,665 |
|
|
|
|
|
|
|
| 42,733,421 |
|
Software (14.9%): |
|
|
|
|
|
|
|
|
Bill.com Holdings, Inc. (a) |
|
| 27,940 |
|
|
| 4,065,270 |
|
Coupa Software, Inc. (a) |
|
| 21,840 |
|
|
| 5,557,843 |
|
Crowdstrike Holdings, Inc., Class A (a) |
|
| 28,460 |
|
|
| 5,194,235 |
|
DocuSign, Inc. (a) |
|
| 19,500 |
|
|
| 3,947,775 |
|
Dropbox, Inc., Class A (a) |
|
| 183,890 |
|
|
| 4,902,507 |
|
Fair Isaac Corp. (a)(b) |
|
| 10,200 |
|
|
| 4,957,710 |
|
Lightspeed POS, Inc. (a) |
|
| 80,420 |
|
|
| 5,051,180 |
|
Paycom Software, Inc. (a) |
|
| 15,750 |
|
|
| 5,828,445 |
|
Proofpoint, Inc. (a) |
|
| 32,040 |
|
|
| 4,030,312 |
|
RingCentral, Inc., Class A (a) |
|
| 73,960 |
|
|
| 22,031,204 |
|
Synopsys, Inc. (a) |
|
| 54,570 |
|
|
| 13,521,354 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Mid Cap Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Zendesk, Inc. (a) |
|
| 60,360 |
|
| $ | 8,004,943 |
|
|
|
|
|
|
|
| 87,092,778 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $403,042,254) |
|
|
|
|
|
| 585,700,103 |
|
Collateral for Securities Loaned^ (3.1%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 369,163 |
|
|
| 369,163 |
|
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c) |
|
| 9,506,795 |
|
|
| 9,506,795 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 184,231 |
|
|
| 184,231 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 1,468,998 |
|
|
| 1,468,998 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 6,604,901 |
|
|
| 6,604,901 |
|
|
|
|
|
|
|
|
|
|
Total Collateral for Securities Loaned (Cost $18,134,088) |
|
|
|
|
|
| 18,134,088 |
|
Total Investments (Cost $421,176,342) — 102.7% |
|
|
|
|
|
| 603,834,191 |
|
Liabilities in excess of other assets — (2.7)% |
|
|
|
|
|
| (15,751,066 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 588,083,125 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.8%) |
|
|
|
|
|
|
|
|
Communication Services (15.2%): |
|
|
|
|
|
|
|
|
Activision Blizzard, Inc. |
|
| 52,830 |
|
| $ | 4,913,190 |
|
Alphabet, Inc., Class C (a) |
|
| 9,851 |
|
|
| 20,378,074 |
|
Facebook, Inc., Class A (a) |
|
| 38,640 |
|
|
| 11,380,639 |
|
Netflix, Inc. (a) |
|
| 2,780 |
|
|
| 1,450,215 |
|
Twitter, Inc. (a) |
|
| 119,940 |
|
|
| 7,631,782 |
|
|
|
|
|
|
|
| 45,753,900 |
|
Communications Equipment (1.1%): |
|
|
|
|
|
|
|
|
Palo Alto Networks, Inc. (a) |
|
| 10,750 |
|
|
| 3,462,145 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (16.9%): |
|
|
|
|
|
|
|
|
Amazon.com, Inc. (a) |
|
| 4,670 |
|
|
| 14,449,354 |
|
Aptiv PLC (a) |
|
| 23,440 |
|
|
| 3,232,376 |
|
Booking Holdings, Inc. (a) |
|
| 1,850 |
|
|
| 4,310,204 |
|
Caesars Entertainment, Inc. (a) |
|
| 17,090 |
|
|
| 1,494,521 |
|
Chipotle Mexican Grill, Inc. (a) |
|
| 3,050 |
|
|
| 4,333,501 |
|
Dollar General Corp. |
|
| 13,760 |
|
|
| 2,788,051 |
|
NIKE, Inc., Class B |
|
| 39,740 |
|
|
| 5,281,049 |
|
Target Corp. |
|
| 17,270 |
|
|
| 3,420,669 |
|
Tesla, Inc. (a) |
|
| 8,980 |
|
|
| 5,998,011 |
|
The Home Depot, Inc. |
|
| 12,275 |
|
|
| 3,746,944 |
|
The TJX Cos., Inc. |
|
| 36,520 |
|
|
| 2,415,798 |
|
|
|
|
|
|
|
| 51,470,478 |
|
Consumer Staples (3.1%): |
|
|
|
|
|
|
|
|
Constellation Brands, Inc., Class A |
|
| 17,500 |
|
|
| 3,990,000 |
|
The Boston Beer Co., Inc., Class A (a) |
|
| 4,580 |
|
|
| 5,524,762 |
|
|
|
|
|
|
|
| 9,514,762 |
|
Electronic Equipment, Instruments & Components (0.9%): |
|
|
|
|
|
|
|
|
Amphenol Corp., Class A |
|
| 42,560 |
|
|
| 2,807,683 |
|
|
|
|
|
|
|
|
|
|
Health Care (12.1%): |
|
|
|
|
|
|
|
|
Align Technology, Inc. (a) |
|
| 7,720 |
|
|
| 4,180,612 |
|
Ascendis Pharma A/S, ADR (a) |
|
| 12,850 |
|
|
| 1,656,108 |
|
Charles River Laboratories International, Inc. (a) |
|
| 17,500 |
|
|
| 5,072,025 |
|
DexCom, Inc. (a) |
|
| 6,020 |
|
|
| 2,163,528 |
|
Exact Sciences Corp. (a) |
|
| 16,230 |
|
|
| 2,138,789 |
|
Fate Therapeutics, Inc. (a) |
|
| 23,290 |
|
|
| 1,920,261 |
|
Horizon Therapeutics PLC (a) |
|
| 18,050 |
|
|
| 1,661,322 |
|
Novocure Ltd. (a)(b) |
|
| 8,590 |
|
|
| 1,135,426 |
|
Royalty Pharma PLC, Class A |
|
| 106,980 |
|
|
| 4,666,468 |
|
UnitedHealth Group, Inc. |
|
| 13,830 |
|
|
| 5,145,728 |
|
Vertex Pharmaceuticals, Inc. (a) |
|
| 19,680 |
|
|
| 4,229,035 |
|
West Pharmaceutical Services, Inc. |
|
| 11,340 |
|
|
| 3,195,385 |
|
|
|
|
|
|
|
| 37,164,687 |
|
Industrials (4.2%): |
|
|
|
|
|
|
|
|
IDEX Corp. |
|
| 24,350 |
|
|
| 5,096,942 |
|
IHS Markit Ltd. |
|
| 24,730 |
|
|
| 2,393,369 |
|
United Parcel Service, Inc., Class B |
|
| 30,460 |
|
|
| 5,177,895 |
|
|
|
|
|
|
|
| 12,668,206 |
|
IT Services (12.3%): |
|
|
|
|
|
|
|
|
Fiserv, Inc. (a) |
|
| 50,880 |
|
|
| 6,056,755 |
|
Gartner, Inc. (a) |
|
| 10,580 |
|
|
| 1,931,379 |
|
PayPal Holdings, Inc. (a) |
|
| 24,630 |
|
|
| 5,981,149 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Growth Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Square, Inc., Class A (a) |
|
| 9,220 |
|
| $ | 2,093,401 |
|
Twilio, Inc., Class A (a) |
|
| 30,380 |
|
|
| 10,352,289 |
|
Visa, Inc., Class A |
|
| 49,587 |
|
|
| 10,499,055 |
|
|
|
|
|
|
|
| 36,914,028 |
|
Materials (1.2%): |
|
|
|
|
|
|
|
|
The Scotts Miracle-Gro Co. |
|
| 15,470 |
|
|
| 3,789,686 |
|
|
|
|
|
|
|
|
|
|
Real Estate (0.7%): |
|
|
|
|
|
|
|
|
SBA Communications Corp. |
|
| 8,080 |
|
|
| 2,242,604 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (7.8%): |
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc. (a) |
|
| 33,050 |
|
|
| 2,594,425 |
|
Lam Research Corp. |
|
| 8,920 |
|
|
| 5,309,541 |
|
Marvell Technology Group Ltd. |
|
| 65,690 |
|
|
| 3,217,497 |
|
Microchip Technology, Inc. |
|
| 22,010 |
|
|
| 3,416,392 |
|
NVIDIA Corp. |
|
| 11,590 |
|
|
| 6,188,249 |
|
STMicroelectronics NV, NYS (b) |
|
| 81,570 |
|
|
| 3,126,578 |
|
|
|
|
|
|
|
| 23,852,682 |
|
Software (16.8%): |
|
|
|
|
|
|
|
|
Fair Isaac Corp. (a) |
|
| 6,850 |
|
|
| 3,329,443 |
|
Microsoft Corp. |
|
| 126,160 |
|
|
| 29,744,742 |
|
RingCentral, Inc., Class A (a) |
|
| 24,250 |
|
|
| 7,223,589 |
|
salesforce.com, Inc. (a) |
|
| 5,800 |
|
|
| 1,228,846 |
|
Synopsys, Inc. (a) |
|
| 11,460 |
|
|
| 2,839,559 |
|
Workday, Inc., Class A (a) |
|
| 19,060 |
|
|
| 4,735,076 |
|
Zoom Video Communications, Inc., Class A (a) |
|
| 5,040 |
|
|
| 1,619,302 |
|
|
|
|
|
|
|
| 50,720,557 |
|
Technology Hardware, Storage & Peripherals (7.5%): |
|
|
|
|
|
|
|
|
Apple, Inc. |
|
| 184,258 |
|
|
| 22,507,115 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $174,361,251) |
|
|
|
|
|
| 302,868,533 |
|
Collateral for Securities Loaned^ (1.4%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 86,073 |
|
|
| 86,073 |
|
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c) |
|
| 2,216,577 |
|
|
| 2,216,577 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 42,955 |
|
|
| 42,955 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 342,507 |
|
|
| 342,507 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 1,539,980 |
|
|
| 1,539,980 |
|
Total Collateral for Securities Loaned (Cost $4,228,092) |
|
|
|
|
|
| 4,228,092 |
|
Total Investments (Cost $178,589,343) — 101.2% |
|
|
|
|
|
| 307,096,625 |
|
Liabilities in excess of other assets — (1.2)% |
|
|
|
|
|
| (3,665,139 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 303,431,486 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
NYS—New York Registered Shares |
PLC—Public Limited Company |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Science and Technology Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (97.6%) |
|
|
|
|
|
|
|
|
Biotechnology (24.2%): |
|
|
|
|
|
|
|
|
Adverum Biotechnologies, Inc. (a) |
|
| 61,050 |
|
| $ | 601,953 |
|
Akouos, Inc. (a)(b) |
|
| 32,370 |
|
|
| 448,972 |
|
Albireo Pharma, Inc. (a) |
|
| 23,060 |
|
|
| 812,865 |
|
Allogene Therapeutics, Inc. (a)(b) |
|
| 34,890 |
|
|
| 1,231,617 |
|
Apellis Pharmaceuticals, Inc. (a) |
|
| 70,553 |
|
|
| 3,027,429 |
|
Arcus Biosciences, Inc. (a) |
|
| 65,020 |
|
|
| 1,825,762 |
|
Ascendis Pharma A/S, ADR (a) |
|
| 10,810 |
|
|
| 1,393,193 |
|
Avidity Biosciences, Inc. (a)(b) |
|
| 59,530 |
|
|
| 1,298,349 |
|
Avrobio, Inc. (a)(b) |
|
| 81,550 |
|
|
| 1,034,870 |
|
Beam Therapeutics, Inc. (a)(b) |
|
| 29,360 |
|
|
| 2,349,974 |
|
Bicycle Therapeutics PLC, ADR (a) |
|
| 71,089 |
|
|
| 2,123,429 |
|
bluebird bio, Inc. (a) |
|
| 86,550 |
|
|
| 2,609,483 |
|
Blueprint Medicines Corp. (a) |
|
| 10,090 |
|
|
| 981,051 |
|
Celyad SA, ADR (a) |
|
| 45,980 |
|
|
| 320,940 |
|
Centogene NV (a) |
|
| 67,370 |
|
|
| 817,198 |
|
Codiak Biosciences, Inc. (a) |
|
| 132,290 |
|
|
| 1,994,933 |
|
Constellation Pharmaceuticals, Inc. (a) |
|
| 79,770 |
|
|
| 1,865,820 |
|
Crinetics Pharmaceuticals, Inc. (a)(b) |
|
| 55,888 |
|
|
| 853,969 |
|
Cullinan Oncology, Inc. (a) |
|
| 24,790 |
|
|
| 1,032,999 |
|
CytomX Therapeutics, Inc. (a) |
|
| 163,010 |
|
|
| 1,260,067 |
|
DermTech, Inc. (a)(b) |
|
| 103,013 |
|
|
| 5,232,029 |
|
Editas Medicine, Inc. (a)(b) |
|
| 24,240 |
|
|
| 1,018,080 |
|
Equillium, Inc. (a)(b) |
|
| 245,170 |
|
|
| 1,752,966 |
|
Exact Sciences Corp. (a) |
|
| 19,270 |
|
|
| 2,539,401 |
|
Fate Therapeutics, Inc. (a) |
|
| 75,420 |
|
|
| 6,218,378 |
|
Fusion Pharmaceuticals, Inc. (a)(b) |
|
| 151,650 |
|
|
| 1,625,688 |
|
Generation Bio Co. (a) |
|
| 65,040 |
|
|
| 1,851,038 |
|
Gracell Biotechnologies, Inc., ADR (a) |
|
| 41,740 |
|
|
| 642,796 |
|
Halozyme Therapeutics, Inc. (a) |
|
| 34,030 |
|
|
| 1,418,711 |
|
IGM Biosciences, Inc. (a)(b) |
|
| 16,030 |
|
|
| 1,229,341 |
|
Ikena Oncology, Inc. (a) |
|
| 68,290 |
|
|
| 1,929,193 |
|
Inhibrx, Inc. (a) |
|
| 50,990 |
|
|
| 1,023,369 |
|
Invitae Corp. (a)(b) |
|
| 34,185 |
|
|
| 1,306,209 |
|
Iovance Biotherapeutics, Inc. (a) |
|
| 78,660 |
|
|
| 2,490,376 |
|
Jounce Therapeutics, Inc. (a) |
|
| 93,990 |
|
|
| 965,277 |
|
Kezar Life Sciences, Inc. (a)(b) |
|
| 310,586 |
|
|
| 1,851,093 |
|
Kinnate Biopharma, Inc. (a)(b) |
|
| 73,460 |
|
|
| 2,289,014 |
|
Kura Oncology, Inc. (a) |
|
| 90,170 |
|
|
| 2,549,106 |
|
MacroGenics, Inc. (a) |
|
| 57,370 |
|
|
| 1,827,235 |
|
Marker Therapeutics, Inc. (a)(b) |
|
| 722,250 |
|
|
| 1,617,840 |
|
Matinas BioPharma Holdings, Inc. (a)(b) |
|
| 659,340 |
|
|
| 692,307 |
|
Merus NV (a) |
|
| 33,080 |
|
|
| 691,041 |
|
Mirati Therapeutics, Inc. (a) |
|
| 7,940 |
|
|
| 1,360,122 |
|
Opthea Ltd., ADR (a) |
|
| 100,560 |
|
|
| 970,404 |
|
ORIC Pharmaceuticals, Inc. (a) |
|
| 95,840 |
|
|
| 2,348,080 |
|
Passage Bio, Inc. (a)(b) |
|
| 46,670 |
|
|
| 815,792 |
|
Regulus Therapeutics, Inc. PIPE (a)(b) |
|
| 1,768,489 |
|
|
| 2,758,843 |
|
Replimune Group, Inc. (a) |
|
| 45,590 |
|
|
| 1,390,951 |
|
REVOLUTION Medicines, Inc. (a) |
|
| 44,160 |
|
|
| 2,026,061 |
|
Rubius Therapeutics, Inc. (a) |
|
| 72,400 |
|
|
| 1,918,600 |
|
Sage Therapeutics, Inc. (a) |
|
| 18,840 |
|
|
| 1,410,174 |
|
Scholar Rock Holding Corp. (a)(b) |
|
| 32,790 |
|
|
| 1,661,141 |
|
Shattuck Labs, Inc. (a)(b) |
|
| 38,590 |
|
|
| 1,128,372 |
|
Sigilon Therapeutics, Inc. (a) |
|
| 44,780 |
|
|
| 1,000,833 |
|
Silverback Therapeutics, Inc. (a)(b) |
|
| 21,840 |
|
|
| 952,879 |
|
SpringWorks Therapeutics, Inc. (a) |
|
| 55,060 |
|
|
| 4,050,763 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Science and Technology Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Stoke Therapeutics, Inc. (a)(b) |
|
| 22,350 |
|
| $ | 868,074 |
|
Surface Oncology, Inc. (a)(b) |
|
| 251,850 |
|
|
| 1,964,430 |
|
Sutro Biopharma, Inc. (a)(b) |
|
| 70,570 |
|
|
| 1,606,173 |
|
TCR2 Therapeutics, Inc. (a) |
|
| 83,660 |
|
|
| 1,847,213 |
|
Turning Point Therapeutics, Inc. (a) |
|
| 27,890 |
|
|
| 2,638,115 |
|
Twist Bioscience Corp. (a) |
|
| 24,760 |
|
|
| 3,066,774 |
|
VistaGen Therapeutics, Inc. (a) |
|
| 298,340 |
|
|
| 635,464 |
|
Zymeworks, Inc. (a)(b) |
|
| 27,130 |
|
|
| 856,765 |
|
|
|
|
|
|
|
| 107,921,384 |
|
|
|
|
|
|
|
|
|
|
Communication Services (6.5%): |
|
|
|
|
|
|
|
|
Facebook, Inc., Class A (a) |
|
| 20,370 |
|
|
| 5,999,576 |
|
IAC/InterActiveCorp. (a) |
|
| 16,130 |
|
|
| 3,489,080 |
|
Match Group, Inc. (a) |
|
| 39,336 |
|
|
| 5,403,980 |
|
Take-Two Interactive Software, Inc. (a) |
|
| 23,840 |
|
|
| 4,212,528 |
|
Twitter, Inc. (a) |
|
| 118,600 |
|
|
| 7,546,518 |
|
Yelp, Inc. (a) |
|
| 51,650 |
|
|
| 2,014,350 |
|
|
|
|
|
|
|
| 28,666,032 |
|
Communications Equipment (0.7%): |
|
|
|
|
|
|
|
|
Viavi Solutions, Inc. (a) |
|
| 197,350 |
|
|
| 3,098,395 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (6.3%): |
|
|
|
|
|
|
|
|
Amazon.com, Inc. (a) |
|
| 3,430 |
|
|
| 10,612,694 |
|
Arco Platform Ltd., Class A (a) |
|
| 49,010 |
|
|
| 1,241,913 |
|
Booking Holdings, Inc. (a) |
|
| 1,870 |
|
|
| 4,356,801 |
|
Chegg, Inc. (a)(b) |
|
| 44,740 |
|
|
| 3,832,428 |
|
Roku, Inc. (a) |
|
| 11,960 |
|
|
| 3,896,209 |
|
Sonos, Inc. (a) |
|
| 95,550 |
|
|
| 3,580,259 |
|
|
|
|
|
|
|
| 27,520,304 |
|
Electronic Equipment, Instruments & Components (2.1%): |
|
|
|
|
|
|
|
|
908 Devices, Inc. (a) |
|
| 14,850 |
|
|
| 720,225 |
|
Dolby Laboratories, Inc., Class A |
|
| 50,710 |
|
|
| 5,006,091 |
|
Keysight Technologies, Inc. (a) |
|
| 23,350 |
|
|
| 3,348,390 |
|
|
|
|
|
|
|
| 9,074,706 |
|
|
|
|
|
|
|
|
|
|
Financials (0.2%): |
|
|
|
|
|
|
|
|
Omega Alpha SPAC, Class A (a) |
|
| 101,380 |
|
|
| 1,003,662 |
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies (2.3%): |
|
|
|
|
|
|
|
|
BioLife Solutions, Inc. (a)(b) |
|
| 55,790 |
|
|
| 2,008,440 |
|
Butterfly Network, Inc. (a)(b) |
|
| 242,950 |
|
|
| 4,088,849 |
|
CryoPort, Inc. (a)(b) |
|
| 72,133 |
|
|
| 3,751,637 |
|
Quotient Ltd. (a) |
|
| 103,280 |
|
|
| 380,070 |
|
|
|
|
|
|
|
| 10,228,996 |
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services (0.3%): |
|
|
|
|
|
|
|
|
Exagen, Inc. (a) |
|
| 71,772 |
|
|
| 1,256,010 |
|
|
|
|
|
|
|
|
|
|
Health Care Technology (0.8%): |
|
|
|
|
|
|
|
|
iCAD, Inc. (a) |
|
| 16,950 |
|
|
| 359,679 |
|
Veeva Systems, Inc., Class A (a) |
|
| 12,010 |
|
|
| 3,137,492 |
|
|
|
|
|
|
|
| 3,497,171 |
|
|
|
|
|
|
|
|
|
|
IT Services (9.1%): |
|
|
|
|
|
|
|
|
Global Payments, Inc. |
|
| 15,390 |
|
|
| 3,102,316 |
|
GoDaddy, Inc., Class A (a) |
|
| 44,060 |
|
|
| 3,419,937 |
|
Twilio, Inc., Class A (a) |
|
| 47,100 |
|
|
| 16,049,797 |
|
Visa, Inc., Class A |
|
| 29,010 |
|
|
| 6,142,287 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Science and Technology Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Wix.com Ltd. (a) |
|
| 41,160 |
|
| $ | 11,492,696 |
|
|
|
|
|
|
|
| 40,207,033 |
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services (3.1%): |
|
|
|
|
|
|
|
|
10X Genomics, Inc., Class A (a) |
|
| 23,960 |
|
|
| 4,336,760 |
|
Berkeley Lights, Inc. (a)(b) |
|
| 45,400 |
|
|
| 2,280,442 |
|
NeoGenomics, Inc. (a)(b) |
|
| 58,790 |
|
|
| 2,835,442 |
|
Quanterix Corp. (a) |
|
| 75,500 |
|
|
| 4,414,485 |
|
|
|
|
|
|
|
| 13,867,129 |
|
|
|
|
|
|
|
|
|
|
Materials (0.4%): |
|
|
|
|
|
|
|
|
Kronos Bio, Inc. (a)(b) |
|
| 54,270 |
|
|
| 1,588,483 |
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals (1.5%): |
|
|
|
|
|
|
|
|
Angion Biomedica Corp. (a) |
|
| 59,540 |
|
|
| 1,075,888 |
|
Compass Pathways PLC, ADR (a)(b) |
|
| 44,490 |
|
|
| 1,638,122 |
|
Foghorn Therapeutics, Inc. (a) |
|
| 11,380 |
|
|
| 149,988 |
|
Marinus Pharmaceuticals, Inc. (a)(b) |
|
| 60,004 |
|
|
| 928,862 |
|
Nuvation Bio, Inc. (a)(b) |
|
| 143,070 |
|
|
| 1,495,081 |
|
PMV Pharmaceuticals, Inc. (a)(b) |
|
| 41,030 |
|
|
| 1,349,477 |
|
|
|
|
|
|
|
| 6,637,418 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (18.0%): |
|
|
|
|
|
|
|
|
Ambarella, Inc. (a) |
|
| 42,450 |
|
|
| 4,261,556 |
|
Applied Materials, Inc. |
|
| 42,560 |
|
|
| 5,686,016 |
|
Cohu, Inc. (a) |
|
| 165,930 |
|
|
| 6,942,511 |
|
Ichor Holdings Ltd. (a) |
|
| 98,660 |
|
|
| 5,307,908 |
|
Lam Research Corp. |
|
| 17,890 |
|
|
| 10,648,843 |
|
Lattice Semiconductor Corp. (a) |
|
| 181,430 |
|
|
| 8,167,979 |
|
MACOM Technology Solutions Holdings, Inc. (a) |
|
| 176,210 |
|
|
| 10,223,704 |
|
Marvell Technology Group Ltd. |
|
| 100,290 |
|
|
| 4,912,204 |
|
MKS Instruments, Inc. |
|
| 33,900 |
|
|
| 6,285,738 |
|
Monolithic Power Systems, Inc. |
|
| 10,420 |
|
|
| 3,680,448 |
|
NVIDIA Corp. |
|
| 10,290 |
|
|
| 5,494,140 |
|
SiTime Corp. (a) |
|
| 35,110 |
|
|
| 3,461,846 |
|
STMicroelectronics NV, NYS (b) |
|
| 121,620 |
|
|
| 4,661,695 |
|
|
|
|
|
|
|
| 79,734,588 |
|
|
|
|
|
|
|
|
|
|
Software (21.1%): |
|
|
|
|
|
|
|
|
Avaya Holdings Corp. (a) |
|
| 169,350 |
|
|
| 4,746,881 |
|
Coupa Software, Inc. (a) |
|
| 24,410 |
|
|
| 6,211,857 |
|
DocuSign, Inc. (a) |
|
| 33,770 |
|
|
| 6,836,737 |
|
Domo, Inc., Class B (a) |
|
| 63,890 |
|
|
| 3,596,368 |
|
Dropbox, Inc., Class A (a) |
|
| 142,440 |
|
|
| 3,797,450 |
|
Fair Isaac Corp. (a) |
|
| 7,420 |
|
|
| 3,606,491 |
|
Microsoft Corp. |
|
| 80,450 |
|
|
| 18,967,697 |
|
Paycom Software, Inc. (a) |
|
| 13,490 |
|
|
| 4,992,109 |
|
Proofpoint, Inc. (a) |
|
| 32,169 |
|
|
| 4,046,539 |
|
RingCentral, Inc., Class A (a) |
|
| 67,380 |
|
|
| 20,071,153 |
|
ServiceNow, Inc. (a) |
|
| 12,540 |
|
|
| 6,271,379 |
|
Varonis Systems, Inc. (a) |
|
| 130,350 |
|
|
| 6,692,169 |
|
Zendesk, Inc. (a) |
|
| 26,320 |
|
|
| 3,490,558 |
|
|
|
|
|
|
|
| 93,327,388 |
|
Technology Hardware, Storage & Peripherals (1.0%): |
|
|
|
|
|
|
|
|
Western Digital Corp. |
|
| 66,570 |
|
|
| 4,443,549 |
|
Total Common Stocks (Cost $236,040,930) |
|
|
|
|
|
| 432,072,248 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Science and Technology Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Warrants (0.3%) |
|
|
|
|
|
|
|
|
Health Care (0.3%): |
|
|
|
|
|
|
|
|
Nuvation Bio, Inc. |
|
| 48,570 |
|
| $ | 129,682 |
|
Regulus Therapeutics, Inc. PIPE (a)(c) |
|
| 1,326,367 |
|
|
| 1,074,357 |
|
|
|
|
|
|
|
| 1,204,039 |
|
Total Warrants (Cost $165,796) |
|
|
|
|
|
| 1,204,039 |
|
|
|
|
|
|
|
|
|
|
Collateral for Securities Loaned^ (9.8%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d) |
|
| 880,464 |
|
|
| 880,464 |
|
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (d) |
|
| 22,673,953 |
|
|
| 22,673,953 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d) |
|
| 439,395 |
|
|
| 439,395 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d) |
|
| 3,503,598 |
|
|
| 3,503,598 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d) |
|
| 15,752,860 |
|
|
| 15,752,860 |
|
Total Collateral for Securities Loaned (Cost $43,250,270) |
|
|
|
|
|
| 43,250,270 |
|
Total Investments (Cost $279,456,996) — 107.7% |
|
|
|
|
|
| 476,526,557 |
|
Liabilities in excess of other assets — (7.7)% |
|
|
|
|
|
| (33,886,799 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 442,639,758 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets. |
(d) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
NYS—New York Registered Shares |
PIPE—Private Investment in Public Equity |
PLC—Public Limited Company |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Small Cap Equity Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.1%) |
|
|
|
|
|
|
|
|
Communication Services (5.5%): |
|
|
|
|
|
|
|
|
Bandwidth, Inc., Class A (a)(b) |
|
| 13,450 |
|
| $ | 1,704,653 |
|
EverQuote, Inc., Class A (a) |
|
| 74,890 |
|
|
| 2,717,758 |
|
|
|
|
|
|
|
| 4,422,411 |
|
Consumer Staples (1.3%): |
|
|
|
|
|
|
|
|
BellRing Brands, Inc., Class A (a) |
|
| 43,490 |
|
|
| 1,026,799 |
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components (3.8%): |
|
|
|
|
|
|
|
|
Itron, Inc. (a) |
|
| 34,300 |
|
|
| 3,040,695 |
|
|
|
|
|
|
|
|
|
|
Energy (4.3%): |
|
|
|
|
|
|
|
|
Amyris, Inc. (a)(b) |
|
| 44,580 |
|
|
| 851,478 |
|
Renewable Energy Group, Inc. (a) |
|
| 38,750 |
|
|
| 2,559,050 |
|
|
|
|
|
|
|
| 3,410,528 |
|
Financials (16.4%): |
|
|
|
|
|
|
|
|
Green Dot Corp., Class A (a) |
|
| 51,680 |
|
|
| 2,366,427 |
|
Open Lending Corp., Class A (a) |
|
| 58,810 |
|
|
| 2,083,050 |
|
PRA Group, Inc. (a) |
|
| 64,810 |
|
|
| 2,402,507 |
|
PROG Holdings, Inc. |
|
| 73,220 |
|
|
| 3,169,693 |
|
Trupanion, Inc. (a) |
|
| 20,650 |
|
|
| 1,573,737 |
|
Upstart Holdings, Inc. (a)(b) |
|
| 11,780 |
|
|
| 1,517,971 |
|
|
|
|
|
|
|
| 13,113,385 |
|
Health Care (20.7%): |
|
|
|
|
|
|
|
|
Apellis Pharmaceuticals, Inc. (a) |
|
| 31,410 |
|
|
| 1,347,804 |
|
Blueprint Medicines Corp. (a) |
|
| 10,280 |
|
|
| 999,524 |
|
Butterfly Network, Inc. (a)(b) |
|
| 48,760 |
|
|
| 820,631 |
|
CryoPort, Inc. (a)(b) |
|
| 46,790 |
|
|
| 2,433,548 |
|
DermTech, Inc. (a)(b) |
|
| 17,760 |
|
|
| 902,030 |
|
Fate Therapeutics, Inc. (a) |
|
| 11,560 |
|
|
| 953,122 |
|
Inspire Medical Systems, Inc. (a) |
|
| 9,640 |
|
|
| 1,995,384 |
|
Iovance Biotherapeutics, Inc. (a) |
|
| 24,271 |
|
|
| 768,420 |
|
iRhythm Technologies, Inc. (a) |
|
| 6,300 |
|
|
| 874,818 |
|
Ocular Therapeutix, Inc. (a) |
|
| 45,610 |
|
|
| 748,460 |
|
Quanterix Corp. (a) |
|
| 13,760 |
|
|
| 804,547 |
|
Scholar Rock Holding Corp. (a)(b) |
|
| 14,250 |
|
|
| 721,905 |
|
SmileDirectClub, Inc. (a)(b) |
|
| 95,730 |
|
|
| 986,976 |
|
SpringWorks Therapeutics, Inc. (a) |
|
| 15,410 |
|
|
| 1,133,714 |
|
Twist Bioscience Corp. (a) |
|
| 8,470 |
|
|
| 1,049,094 |
|
|
|
|
|
|
|
| 16,539,977 |
|
Industrials (11.0%): |
|
|
|
|
|
|
|
|
Chart Industries, Inc. (a) |
|
| 18,960 |
|
|
| 2,698,956 |
|
Evoqua Water Technologies Corp. (a) |
|
| 148,220 |
|
|
| 3,898,186 |
|
SiteOne Landscape Supply, Inc. (a) |
|
| 12,550 |
|
|
| 2,142,787 |
|
|
|
|
|
|
|
| 8,739,929 |
|
IT Services (3.3%): |
|
|
|
|
|
|
|
|
Repay Holdings Corp. (a) |
|
| 112,864 |
|
|
| 2,650,047 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment (9.8%): |
|
|
|
|
|
|
|
|
Lattice Semiconductor Corp. (a) |
|
| 65,220 |
|
|
| 2,936,204 |
|
MACOM Technology Solutions Holdings, Inc. (a) |
|
| 57,800 |
|
|
| 3,353,556 |
|
SiTime Corp. (a) |
|
| 15,630 |
|
|
| 1,541,118 |
|
|
|
|
|
|
|
| 7,830,878 |
|
|
|
|
|
|
|
|
|
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Equity Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Shares |
|
| Value |
| ||
Software (23.0%): |
|
|
|
|
|
|
|
|
ACI Worldwide, Inc. (a) |
|
| 111,100 |
|
| $ | 4,227,355 |
|
Avaya Holdings Corp. (a) |
|
| 175,380 |
|
|
| 4,915,901 |
|
BTRS Holdings, Inc. (a)(b) |
|
| 172,060 |
|
|
| 2,489,708 |
|
Q2 Holdings, Inc. (a) |
|
| 19,280 |
|
|
| 1,931,856 |
|
The Descartes Systems Group, Inc. (a) |
|
| 29,900 |
|
|
| 1,821,209 |
|
Varonis Systems, Inc. (a) |
|
| 57,650 |
|
|
| 2,959,751 |
|
|
|
|
|
|
|
| 18,345,780 |
|
Total Common Stocks (Cost $69,082,423) |
|
|
|
|
|
| 79,120,429 |
|
Collateral for Securities Loaned^ (10.9%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 176,839 |
|
|
| 176,839 |
|
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c) |
|
| 4,554,006 |
|
|
| 4,554,006 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 88,251 |
|
|
| 88,251 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 703,689 |
|
|
| 703,689 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 3,163,922 |
|
|
| 3,163,922 |
|
Total Collateral for Securities Loaned (Cost $8,686,707) |
|
|
|
|
|
| 8,686,707 |
|
Total Investments (Cost $77,769,130) — 110.0% |
|
|
|
|
|
| 87,807,136 |
|
Liabilities in excess of other assets — (10.0)% |
|
|
|
|
|
| (7,965,690 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 79,841,446 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Partners Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.3%) | ||||||||
Banks (23.3%): | ||||||||
Ameris Bancorp | 241,930 | $ | 12,703,743 | |||||
Associated Bancorp | 243,150 | 5,188,821 | ||||||
Banner Corp. | 133,600 | 7,124,888 | ||||||
Columbia Banking System, Inc. | 141,286 | 6,088,014 | ||||||
Eastern Bankshares, Inc. | 401,340 | 7,741,849 | ||||||
Independent Bank Corp. | 49,380 | 4,157,302 | ||||||
Investors Bancorp, Inc. | 460,070 | 6,758,428 | ||||||
Pacific Premier Bancorp, Inc. | 120,170 | 5,220,185 | ||||||
Pinnacle Financial Partners, Inc. | 97,970 | 8,686,020 | ||||||
South State Corp. | 86,010 | 6,752,645 | ||||||
Synovus Financial Corp. | 156,360 | 7,153,470 | ||||||
Texas Capital Bancshares, Inc. (a) | 27,180 | 1,927,606 | ||||||
UMB Financial Corp. | 68,592 | 6,333,099 | ||||||
85,836,070 | ||||||||
Capital Markets (1.6%): | ||||||||
Federated Hermes, Inc. | 186,500 | 5,837,450 | ||||||
Communication Services (2.0%): | ||||||||
Madison Square Garden Sports Corp. (a) | 9,750 | 1,749,735 | ||||||
World Wrestling Entertainment, Inc., Class A (b) | 104,740 | 5,683,192 | ||||||
7,432,927 | ||||||||
Consumer Discretionary (11.5%): | ||||||||
Brinker International, Inc. (a) | 67,700 | 4,810,762 | ||||||
Carter’s, Inc. (a) | 90,230 | 8,024,154 | ||||||
Dana, Inc. | 367,660 | 8,945,168 | ||||||
Penske Automotive Group, Inc. | 70,821 | 5,682,677 | ||||||
Taylor Morrison Home Corp. (a) | 185,320 | 5,709,709 | ||||||
Wolverine World Wide, Inc. | 106,130 | 4,066,902 | ||||||
WW International, Inc. (a) | 168,640 | 5,275,059 | ||||||
42,514,431 | ||||||||
Consumer Staples (1.8%): | ||||||||
Hostess Brands, Inc. (a)(b) | 472,551 | 6,776,381 | ||||||
Energy (5.6%): | ||||||||
Cimarex Energy Co. | 93,420 | 5,548,214 | ||||||
Magnolia Oil & Gas Corp., Class A (a)(b) | 594,610 | 6,826,123 | ||||||
National Energy Services Reunited Corp. (a) | 24,280 | 300,344 | ||||||
PDC Energy, Inc. (a) | 225,290 | 7,749,975 | ||||||
20,424,656 | ||||||||
Health Care (2.2%): | ||||||||
The Ensign Group, Inc. | 22,490 | 2,110,462 | ||||||
Tivity Health, Inc. (a)(b) | 270,910 | 6,046,711 | ||||||
8,157,173 | ||||||||
Industrials (18.9%): | ||||||||
Altra Industrial Motion Corp. | 60,360 | 3,339,115 | ||||||
American Woodmark Corp. (a) | 31,550 | 3,110,199 | ||||||
ArcBest Corp. | 74,500 | 5,242,565 | ||||||
Atkore, Inc. (a) | 111,200 | 7,995,280 | ||||||
Crane Co. | 33,810 | 3,175,097 | ||||||
Evoqua Water Technologies Corp. (a) | 75,800 | 1,993,540 | ||||||
Finning International, Inc. | 192,210 | 4,889,002 | ||||||
GMS, Inc. (a) | 144,920 | 6,050,410 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Partners Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
GrafTech International Ltd. |
|
| 433,040 |
|
| $ | 5,296,079 |
|
H&E Equipment Services, Inc. |
|
| 91,820 |
|
|
| 3,489,160 |
|
McGrath RentCorp |
|
| 39,870 |
|
|
| 3,215,516 |
|
Meritor, Inc. (a) |
|
| 168,950 |
|
|
| 4,970,509 |
|
MYR Group, Inc. (a) |
|
| 50,680 |
|
|
| 3,632,235 |
|
Primoris Services Corp. |
|
| 97,090 |
|
|
| 3,216,592 |
|
Ryder System, Inc. |
|
| 40,090 |
|
|
| 3,032,809 |
|
SkyWest, Inc. (a) |
|
| 48,940 |
|
|
| 2,666,251 |
|
TFI International, Inc. |
|
| 49,940 |
|
|
| 3,744,010 |
|
|
|
|
|
|
|
| 69,058,369 |
|
Information Technology (9.3%): |
|
|
|
|
|
|
|
|
Cognyte Software Ltd. (a) |
|
| 186,700 |
|
|
| 5,192,127 |
|
Euronet Worldwide, Inc. (a) |
|
| 58,320 |
|
|
| 8,065,656 |
|
NCR Corp. (a) |
|
| 296,530 |
|
|
| 11,253,314 |
|
Talend SA, ADR (a) |
|
| 14,680 |
|
|
| 934,235 |
|
Verint Systems, Inc. (a) |
|
| 186,700 |
|
|
| 8,492,983 |
|
|
|
|
|
|
|
| 33,938,315 |
|
Insurance (6.2%): |
|
|
|
|
|
|
|
|
Alleghany Corp. (a) |
|
| 9,330 |
|
|
| 5,843,285 |
|
Axis Capital Holdings Ltd. |
|
| 120,820 |
|
|
| 5,989,047 |
|
Globe Life, Inc. |
|
| 57,560 |
|
|
| 5,562,023 |
|
Primerica, Inc. |
|
| 36,363 |
|
|
| 5,375,179 |
|
|
|
|
|
|
|
| 22,769,534 |
|
Materials (7.7%): |
|
|
|
|
|
|
|
|
Constellium SE (a) |
|
| 303,670 |
|
|
| 4,463,949 |
|
Graphic Packaging Holding Co. |
|
| 594,910 |
|
|
| 10,803,566 |
|
Olin Corp. |
|
| 126,700 |
|
|
| 4,810,799 |
|
Summit Materials, Inc., Class A (a) |
|
| 300,437 |
|
|
| 8,418,245 |
|
|
|
|
|
|
|
| 28,496,559 |
|
Real Estate (5.2%): |
|
|
|
|
|
|
|
|
Four Corners Property Trust, Inc. |
|
| 47,840 |
|
|
| 1,310,816 |
|
Jones Lang LaSalle, Inc. (a) |
|
| 36,540 |
|
|
| 6,542,122 |
|
Kennedy-Wilson Holdings, Inc. |
|
| 76,440 |
|
|
| 1,544,852 |
|
Spirit Realty Capital, Inc. |
|
| 36,010 |
|
|
| 1,530,425 |
|
Sunstone Hotel Investors, Inc. (a) |
|
| 530,260 |
|
|
| 6,607,040 |
|
Washington Real Estate Investment Trust (b) |
|
| 63,580 |
|
|
| 1,405,118 |
|
|
|
|
|
|
|
| 18,940,373 |
|
Thrifts & Mortgage Finance (1.9%): |
|
|
|
|
|
|
|
|
PCSB Financial Corp. |
|
| 114,480 |
|
|
| 1,901,513 |
|
TFS Financial Corp. |
|
| 246,310 |
|
|
| 5,017,335 |
|
|
|
|
|
|
|
| 6,918,848 |
|
Utilities (2.1%): |
|
|
|
|
|
|
|
|
Black Hills Corp. |
|
| 43,665 |
|
|
| 2,915,512 |
|
NorthWestern Corp. |
|
| 40,670 |
|
|
| 2,651,684 |
|
South Jersey Industries, Inc. |
|
| 98,850 |
|
|
| 2,232,033 |
|
|
|
|
|
|
|
| 7,799,229 |
|
Total Common Stocks (Cost $241,960,786) |
|
|
|
|
|
| 364,900,315 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Partners Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Preferred Stocks (0.2%) |
|
|
|
|
|
|
|
|
Health Care (0.2%): |
|
|
|
|
|
|
|
|
WellDoc, Inc.Series B (a)(c) (d) |
|
| 1,587,483 |
|
| $ | 587,369 |
|
Total Preferred Stocks (Cost $1,942,920) |
|
|
|
|
|
| 587,369 |
|
Collateral for Securities Loaned^ (3.1%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e) |
|
| 234,012 |
|
|
| 234,012 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e) |
|
| 6,026,337 |
|
|
| 6,026,337 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e) |
|
| 116,783 |
|
|
| 116,783 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e) |
|
| 931,195 |
|
|
| 931,195 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e) |
|
| 4,186,832 |
|
|
| 4,186,832 |
|
Total Collateral for Securities Loaned (Cost $11,495,159) |
|
|
|
|
|
| 11,495,159 |
|
Total Investments (Cost $255,398,865) — 102.6% |
|
|
|
|
|
| 376,982,843 |
|
Liabilities in excess of other assets — (2.6)% |
|
|
|
|
|
| (9,702,577 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 367,280,266 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security was fair valued using significant unobservable inputs as of March 31, 2021. |
(d) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.2% of net assets. |
(e) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Value Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (99.4%) |
|
|
|
|
|
|
|
|
Communication Services (1.5%): |
|
|
|
|
|
|
|
|
World Wrestling Entertainment, Inc., Class A (a) |
|
| 93,040 |
|
| $ | 5,048,350 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (11.9%): |
|
|
|
|
|
|
|
|
Adient PLC (b) |
|
| 164,200 |
|
|
| 7,257,640 |
|
Carter’s, Inc. (b) |
|
| 79,580 |
|
|
| 7,077,049 |
|
Dollar Tree, Inc. (b) |
|
| 64,240 |
|
|
| 7,352,910 |
|
LKQ Corp. (b) |
|
| 198,900 |
|
|
| 8,419,437 |
|
Magna International, Inc. |
|
| 36,960 |
|
|
| 3,253,958 |
|
Taylor Morrison Home Corp. (b) |
|
| 145,320 |
|
|
| 4,477,309 |
|
WW International, Inc. (b) |
|
| 56,330 |
|
|
| 1,762,002 |
|
|
|
|
|
|
|
| 39,600,305 |
|
Consumer Staples (4.5%): |
|
|
|
|
|
|
|
|
Herbalife Nutrition Ltd. (b) |
|
| 106,210 |
|
|
| 4,711,476 |
|
Hostess Brands, Inc. (a)(b) |
|
| 349,780 |
|
|
| 5,015,845 |
|
Keurig Dr Pepper, Inc. |
|
| 157,165 |
|
|
| 5,401,761 |
|
|
|
|
|
|
|
| 15,129,082 |
|
Energy (4.8%): |
|
|
|
|
|
|
|
|
Baker Hughes Co. |
|
| 61,430 |
|
|
| 1,327,502 |
|
Chesapeake Energy Corp. (a)(b) |
|
| 79,200 |
|
|
| 3,436,488 |
|
Cimarex Energy Co. |
|
| 27,150 |
|
|
| 1,612,439 |
|
Devon Energy Corp. |
|
| 253,240 |
|
|
| 5,533,293 |
|
Magnolia Oil & Gas Corp., Class A (a)(b) |
|
| 360,620 |
|
|
| 4,139,918 |
|
|
|
|
|
|
|
| 16,049,640 |
|
Financials (19.5%): |
|
|
|
|
|
|
|
|
Aflac, Inc. |
|
| 68,670 |
|
|
| 3,514,531 |
|
Alleghany Corp. (b) |
|
| 13,260 |
|
|
| 8,304,605 |
|
Cboe Global Markets, Inc. |
|
| 63,360 |
|
|
| 6,252,998 |
|
Citizens Financial Group, Inc. |
|
| 187,830 |
|
|
| 8,292,695 |
|
Fidelity National Financial, Inc. |
|
| 73,520 |
|
|
| 2,989,323 |
|
First Horizon Corp. |
|
| 260,390 |
|
|
| 4,403,195 |
|
Hancock Whitney Corp. |
|
| 137,530 |
|
|
| 5,777,635 |
|
KeyCorp |
|
| 423,170 |
|
|
| 8,454,937 |
|
RenaissanceRe Holdings Ltd. |
|
| 58,980 |
|
|
| 9,451,545 |
|
Voya Financial, Inc. |
|
| 105,700 |
|
|
| 6,726,748 |
|
|
|
|
|
|
|
| 64,168,212 |
|
Health Care (6.2%): |
|
|
|
|
|
|
|
|
Hill-Rom Holdings, Inc. |
|
| 62,170 |
|
|
| 6,868,541 |
|
Humana, Inc. |
|
| 15,830 |
|
|
| 6,636,728 |
|
Quest Diagnostics, Inc. |
|
| 26,050 |
|
|
| 3,343,257 |
|
Zimmer Biomet Holdings, Inc. |
|
| 22,410 |
|
|
| 3,587,393 |
|
|
|
|
|
|
|
| 20,435,919 |
|
Industrials (13.2%): |
|
|
|
|
|
|
|
|
Allison Transmission Holdings, Inc. |
|
| 78,490 |
|
|
| 3,204,747 |
|
Carrier Global Corp. |
|
| 55,910 |
|
|
| 2,360,520 |
|
Crane Co. |
|
| 48,900 |
|
|
| 4,592,199 |
|
Curtiss-Wright Corp. |
|
| 44,250 |
|
|
| 5,248,050 |
|
GrafTech International Ltd. |
|
| 145,980 |
|
|
| 1,785,335 |
|
nVent Electric PLC |
|
| 120,650 |
|
|
| 3,367,342 |
|
Sensata Technologies Holding PLC (b) |
|
| 161,980 |
|
|
| 9,386,741 |
|
Textron, Inc. |
|
| 36,730 |
|
|
| 2,059,818 |
|
TFI International, Inc. |
|
| 59,810 |
|
|
| 4,471,396 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Value Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
The Timken Co. |
|
| 40,800 |
|
| $ | 3,311,736 |
|
United Rentals, Inc. (b) |
|
| 11,820 |
|
|
| 3,892,444 |
|
|
|
|
|
|
|
| 43,680,328 |
|
Information Technology (14.5%): |
|
|
|
|
|
|
|
|
Alliance Data Systems Corp. |
|
| 14,170 |
|
|
| 1,588,315 |
|
Cognyte Software Ltd. (b) |
|
| 210,120 |
|
|
| 5,843,437 |
|
Euronet Worldwide, Inc. (b) |
|
| 56,153 |
|
|
| 7,765,960 |
|
Fiserv, Inc. (b) |
|
| 43,990 |
|
|
| 5,236,570 |
|
FleetCor Technologies, Inc. (b) |
|
| 15,130 |
|
|
| 4,064,372 |
|
Leidos Holdings, Inc. |
|
| 32,770 |
|
|
| 3,155,096 |
|
NCR Corp. (b) |
|
| 281,860 |
|
|
| 10,696,587 |
|
Verint Systems, Inc. (b) |
|
| 210,120 |
|
|
| 9,558,359 |
|
|
|
|
|
|
|
| 47,908,696 |
|
Materials (10.6%): |
|
|
|
|
|
|
|
|
Graphic Packaging Holding Co. |
|
| 713,530 |
|
|
| 12,957,706 |
|
Olin Corp. |
|
| 134,320 |
|
|
| 5,100,130 |
|
Sealed Air Corp. |
|
| 248,940 |
|
|
| 11,406,431 |
|
Summit Materials, Inc., Class A (b) |
|
| 195,700 |
|
|
| 5,483,514 |
|
|
|
|
|
|
|
| 34,947,781 |
|
Real Estate (7.2%): |
|
|
|
|
|
|
|
|
Healthcare Trust of America, Inc., Class A |
|
| 176,210 |
|
|
| 4,859,872 |
|
Highwoods Properties, Inc. |
|
| 95,450 |
|
|
| 4,098,623 |
|
MGM Growth Properties LLC, Series A |
|
| 141,060 |
|
|
| 4,601,377 |
|
National Retail Properties, Inc. |
|
| 118,480 |
|
|
| 5,221,415 |
|
Spirit Realty Capital, Inc. |
|
| 119,980 |
|
|
| 5,099,150 |
|
|
|
|
|
|
|
| 23,880,437 |
|
Utilities (5.5%): |
|
|
|
|
|
|
|
|
FirstEnergy Corp. |
|
| 103,170 |
|
|
| 3,578,967 |
|
The AES Corp. |
|
| 175,690 |
|
|
| 4,710,249 |
|
Vistra Corp. |
|
| 564,480 |
|
|
| 9,980,006 |
|
|
|
|
|
|
|
| 18,269,222 |
|
Total Common Stocks (Cost $255,275,634) |
|
|
|
|
|
| 329,117,972 |
|
Collateral for Securities Loaned^ (3.4%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) |
|
| 230,677 |
|
|
| 230,677 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c) |
|
| 5,940,456 |
|
|
| 5,940,456 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) |
|
| 115,119 |
|
|
| 115,119 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) |
|
| 917,924 |
|
|
| 917,924 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) |
|
| 4,127,166 |
|
|
| 4,127,166 |
|
Total Collateral for Securities Loaned (Cost $11,331,342) |
|
|
|
|
|
| 11,331,342 |
|
Total Investments (Cost $266,606,976) — 102.8% |
|
|
|
|
|
| 340,449,314 |
|
Liabilities in excess of other assets — (2.8)% |
|
|
|
|
|
| (9,380,548 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 331,068,766 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
LLC—Limited Liability Company |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Large Cap Alpha Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.4%) | ||||||||
Banks (14.9%): | ||||||||
Bank of America Corp. | 346,020 | $ | 13,387,514 | |||||
Citigroup, Inc. | 199,960 | 14,547,091 | ||||||
Comerica, Inc. | 180,430 | 12,944,048 | ||||||
JPMorgan Chase & Co. | 66,920 | 10,187,232 | ||||||
KeyCorp | 512,910 | 10,247,942 | ||||||
U.S. Bancorp | 255,210 | 14,115,665 | ||||||
75,429,492 | ||||||||
Capital Markets (2.5%): | ||||||||
Cboe Global Markets, Inc. | 129,960 | 12,825,752 | ||||||
Communication Services (5.1%): | ||||||||
Alphabet, Inc., Class A (a) | 5,780 | 11,921,366 | ||||||
Facebook, Inc., Class A (a) | 46,790 | 13,781,058 | ||||||
25,702,424 | ||||||||
Consumer Discretionary (7.6%): | ||||||||
Dollar Tree, Inc. (a) | 99,330 | 11,369,312 | ||||||
General Motors Co. (a) | 136,480 | 7,842,141 | ||||||
LKQ Corp. (a) | 304,780 | 12,901,337 | ||||||
Magna International, Inc. | 83,330 | 7,336,373 | ||||||
39,449,163 | ||||||||
Consumer Finance (2.0%): | ||||||||
Discover Financial Services | 104,570 | 9,933,104 | ||||||
Consumer Staples (6.4%): | ||||||||
Keurig Dr Pepper, Inc. | 509,130 | 17,498,798 | ||||||
Mondelez International, Inc., Class A | 256,560 | 15,016,457 | ||||||
32,515,255 | ||||||||
Diversified Financial Services (1.5%): | ||||||||
Voya Financial, Inc. (b) | 119,860 | 7,627,890 | ||||||
Energy (6.1%): | ||||||||
Enterprise Products Partners LP | 438,310 | 9,651,586 | ||||||
Hess Corp. | 118,210 | 8,364,540 | ||||||
Pioneer Natural Resources Co. | 52,860 | 8,395,225 | ||||||
Valero Energy Corp. | 62,570 | 4,480,012 | ||||||
30,891,363 | ||||||||
Health Care (13.5%): | ||||||||
Cigna Corp. | 62,950 | 15,217,533 | ||||||
Hill-Rom Holdings, Inc. | 122,040 | 13,482,979 | ||||||
Humana, Inc. | 24,240 | 10,162,620 | ||||||
Johnson & Johnson | 42,560 | 6,994,736 | ||||||
Medtronic PLC | 69,900 | 8,257,287 | ||||||
Quest Diagnostics, Inc. | 46,930 | 6,022,996 | ||||||
UnitedHealth Group, Inc. | 20,515 | 7,633,016 | ||||||
67,771,167 | ||||||||
Industrials (15.3%): | ||||||||
3M Co. | 27,080 | 5,217,774 | ||||||
Eaton Corp. PLC | 76,540 | 10,583,951 | ||||||
Johnson Controls International PLC | 178,510 | 10,651,692 | ||||||
L3Harris Technologies, Inc. | 27,830 | 5,640,584 | ||||||
Parker-Hannifin Corp. | 30,850 | 9,731,016 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Large Cap Alpha Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Shares | Value | ||||||
Raytheon Technologies Corp. | 106,432 | $ | 8,224,001 | |||||
Sensata Technologies Holding PLC (a) | 142,910 | 8,281,635 | ||||||
Union Pacific Corp. | 46,960 | 10,350,454 | ||||||
United Rentals, Inc. (a) | 29,850 | 9,829,904 | ||||||
78,511,011 | ||||||||
Information Technology (7.6%): | ||||||||
Euronet Worldwide, Inc. (a) | 94,550 | 13,076,265 | ||||||
Fidelity National Information Services, Inc. | 56,240 | 7,907,906 | ||||||
FleetCor Technologies, Inc. (a) | 36,820 | 9,890,957 | ||||||
Leidos Holdings, Inc. | 73,000 | 7,028,440 | ||||||
37,903,568 | ||||||||
Insurance (5.7%): | ||||||||
Aflac, Inc. | 158,360 | 8,104,865 | ||||||
Chubb Ltd. | 32,920 | 5,200,372 | ||||||
RenaissanceRe Holdings Ltd. | 99,300 | 15,912,825 | ||||||
29,218,062 | ||||||||
Materials (3.2%): | ||||||||
Sealed Air Corp. | 355,742 | 16,300,098 | ||||||
Real Estate (2.5%): | ||||||||
Host Hotels & Resorts, Inc. (a) | 555,320 | 9,357,142 | ||||||
National Retail Properties, Inc. | 81,810 | 3,605,367 | ||||||
12,962,509 | ||||||||
Utilities (5.5%): | ||||||||
Exelon Corp. | 222,890 | 9,749,208 | ||||||
FirstEnergy Corp. | 118,750 | 4,119,438 | ||||||
Vistra Corp. | 818,980 | 14,479,566 | ||||||
28,348,212 | ||||||||
Total Common Stocks (Cost $378,786,347) | 505,389,070 | |||||||
Collateral for Securities Loaned^ (0.9%) | ||||||||
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c) | 88,680 | 88,680 | ||||||
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (c) | 2,283,719 | 2,283,719 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c) | 44,256 | 44,256 | ||||||
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c) | 352,882 | 352,882 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c) | 1,586,627 | 1,586,627 | ||||||
Total Collateral for Securities Loaned (Cost $4,356,164) | 4,356,164 | |||||||
Total Investments (Cost $383,142,511) — 100.3% | 509,745,234 | |||||||
Liabilities in excess of other assets — (0.3)% | (1,290,802 | ) | ||||||
NET ASSETS - 100.00% | $ | 508,454,432 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on March 31, 2021. |
LP—Limited Partnership |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory RS Investors Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Common Stocks (98.9%) |
|
|
|
|
|
|
|
|
Banks (12.6%): |
|
|
|
|
|
|
|
|
Citigroup, Inc. |
|
| 12,800 |
|
| $ | 931,200 |
|
Citizens Financial Group, Inc. |
|
| 24,780 |
|
|
| 1,094,036 |
|
Comerica, Inc. |
|
| 12,600 |
|
|
| 903,924 |
|
KeyCorp |
|
| 43,670 |
|
|
| 872,527 |
|
|
|
|
|
|
|
| 3,801,687 |
|
Capital Markets (2.7%): |
|
|
|
|
|
|
|
|
Cboe Global Markets, Inc. |
|
| 8,150 |
|
|
| 804,324 |
|
|
|
|
|
|
|
|
|
|
Communication Services (6.3%): |
|
|
|
|
|
|
|
|
Alphabet, Inc., Class A (a) |
|
| 452 |
|
|
| 932,259 |
|
Facebook, Inc., Class A (a) |
|
| 3,230 |
|
|
| 951,332 |
|
|
|
|
|
|
|
| 1,883,591 |
|
Consumer Discretionary (9.2%): |
|
|
|
|
|
|
|
|
Carter’s, Inc. (a) |
|
| 9,000 |
|
|
| 800,370 |
|
Dollar Tree, Inc. (a) |
|
| 8,740 |
|
|
| 1,000,380 |
|
LKQ Corp. (a) |
|
| 22,380 |
|
|
| 947,345 |
|
|
|
|
|
|
|
| 2,748,095 |
|
Consumer Staples (4.8%): |
|
|
|
|
|
|
|
|
Keurig Dr Pepper, Inc. |
|
| 41,900 |
|
|
| 1,440,103 |
|
|
|
|
|
|
|
|
|
|
Energy (1.3%): |
|
|
|
|
|
|
|
|
Pioneer Natural Resources Co. |
|
| 2,500 |
|
|
| 397,050 |
|
|
|
|
|
|
|
|
|
|
Health Care (8.4%): |
|
|
|
|
|
|
|
|
Cigna Corp. |
|
| 4,300 |
|
|
| 1,039,482 |
|
Hill-Rom Holdings, Inc. |
|
| 8,300 |
|
|
| 916,984 |
|
Humana, Inc. |
|
| 1,330 |
|
|
| 557,603 |
|
|
|
|
|
|
|
| 2,514,069 |
|
Industrials (8.0%): |
|
|
|
|
|
|
|
|
Atkore, Inc. (a) |
|
| 7,100 |
|
|
| 510,490 |
|
Meritor, Inc. (a) |
|
| 16,100 |
|
|
| 473,662 |
|
Sensata Technologies Holding PLC (a) |
|
| 15,510 |
|
|
| 898,805 |
|
TFI International, Inc. |
|
| 6,910 |
|
|
| 518,044 |
|
|
|
|
|
|
|
| 2,401,001 |
|
Information Technology (15.0%): |
|
|
|
|
|
|
|
|
Cognyte Software Ltd. (a) |
|
| 28,480 |
|
|
| 792,029 |
|
Euronet Worldwide, Inc. (a) |
|
| 6,740 |
|
|
| 932,142 |
|
NCR Corp. (a) |
|
| 17,000 |
|
|
| 645,150 |
|
Talend SA, ADR (a) |
|
| 13,500 |
|
|
| 859,140 |
|
Verint Systems, Inc. (a) |
|
| 28,480 |
|
|
| 1,295,555 |
|
|
|
|
|
|
|
| 4,524,016 |
|
Insurance (13.8%): |
|
|
|
|
|
|
|
|
Alleghany Corp. (a) |
|
| 1,730 |
|
|
| 1,083,482 |
|
RenaissanceRe Holdings Ltd. |
|
| 8,370 |
|
|
| 1,341,293 |
|
Safety Insurance Group, Inc. |
|
| 10,520 |
|
|
| 886,310 |
|
Stewart Information Services Corp. |
|
| 15,570 |
|
|
| 810,107 |
|
|
|
|
|
|
|
| 4,121,192 |
|
Materials (11.5%): |
|
|
|
|
|
|
|
|
Graphic Packaging Holding Co. |
|
| 102,190 |
|
|
| 1,855,769 |
|
Sealed Air Corp. |
|
| 35,230 |
|
|
| 1,614,239 |
|
|
|
|
|
|
|
| 3,470,008 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory RS Investors Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
Utilities (5.3%): |
|
|
|
|
|
|
|
|
Vistra Corp. |
|
| 89,920 |
|
| $ | 1,589,786 |
|
Total Common Stocks (Cost $22,444,234) |
|
|
|
|
|
| 29,694,922 |
|
Total Investments (Cost $22,444,234) — 98.9% |
|
|
|
|
|
| 29,694,922 |
|
Other assets in excess of liabilities — 1.1% |
|
|
|
|
|
| 331,235 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 30,026,157 |
|
(a) | Non-income producing security. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Global Natural Resources Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (93.8%) | ||||||||
Chemicals (4.8%): | ||||||||
Linde PLC | 19,330 | $ | 5,415,106 | |||||
Sociedad Quimica y Minera de Chile SA, ADR (a) | 120,385 | 6,388,832 | ||||||
11,803,938 | ||||||||
Metals & Mining (31.8%): | ||||||||
Antofagasta PLC | 232,229 | 5,409,757 | ||||||
First Quantum Minerals Ltd. | 849,349 | 16,189,342 | ||||||
Lundin Mining Corp. | 549,493 | 5,654,552 | ||||||
Newmont Corp. | 149,187 | 8,991,500 | ||||||
Rio Tinto PLC, ADR (a) | 33,120 | 2,571,768 | ||||||
Turquoise Hill Resources Ltd. (b) | 2,360,566 | 37,981,507 | ||||||
76,798,426 | ||||||||
Oil, Gas & Consumable Fuels (57.2%): | ||||||||
Antero Resources Corp. (b) | 1,887,291 | 19,250,368 | ||||||
ARC Resources Ltd. (a) | 1,894,524 | 11,640,052 | ||||||
Cameco Corp. (a) | 528,545 | 8,766,317 | ||||||
Cheniere Energy, Inc. (b) | 105,517 | 7,598,279 | ||||||
PDC Energy, Inc. (b) | 311,427 | 10,713,089 | ||||||
Peyto Exploration & Development Corp. | 2,695,337 | 11,433,463 | ||||||
Pioneer Natural Resources Co. | 68,779 | 10,923,481 | ||||||
Range Resources Corp. (b) | 2,316,142 | 23,925,747 | ||||||
Tourmaline Oil Corp. | 612,750 | 11,664,926 | ||||||
Whitecap Resources, Inc. | 5,042,982 | 22,154,605 | ||||||
138,070,327 | ||||||||
Total Common Stocks (Cost $177,083,128) | 226,672,691 | |||||||
Rights (0.0%)(c) | ||||||||
Materials (0.0%):(c) | ||||||||
Sociedad Quimica y Minera de Chile SA, Expires 4/8/21 (b)(d) | 22,439 | 69,561 | ||||||
Total Rights (Cost $–) | 69,561 | |||||||
Collateral for Securities Loaned^ (6.4%) | ||||||||
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e) | 313,488 | 313,488 | ||||||
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e) | 8,073,038 | 8,073,038 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e) | 156,446 | 156,446 | ||||||
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e) | 1,247,453 | 1,247,453 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e) | 5,608,790 | 5,608,790 | ||||||
Total Collateral for Securities Loaned (Cost $15,399,215) | 15,399,215 | |||||||
Total Investments (Cost $192,482,343) — 100.2% | 242,141,467 | |||||||
Liabilities in excess of other assets — (0.2)% | (583,940 | ) | ||||||
NET ASSETS - 100.00% | $ | 241,557,527 |
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Amount represents less than 0.05% of net assets. |
(d) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were less than 0.05% of net assets. |
(e) | Rate disclosed is the daily yield on March 31, 2021. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Asset-Backed Securities (1.6%) |
|
|
|
|
|
|
|
|
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 11/15/23 @ 100 (a) |
| $ | 19,329 |
|
| $ | 19,373 |
|
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b) |
|
| 287,000 |
|
|
| 286,814 |
|
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 4/15/24 @ 100 (b) |
|
| 142,000 |
|
|
| 141,889 |
|
Total Asset-Backed Securities (Cost $448,279) |
|
|
|
|
|
| 448,076 |
|
Collateralized Mortgage Obligations (0.9%) |
|
|
|
|
|
|
|
|
Bank, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 |
|
| 130,000 |
|
|
| 130,023 |
|
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53, Callable 2/15/30 @ 100 |
|
| 117,000 |
|
|
| 120,372 |
|
Total Collateralized Mortgage Obligations (Cost $254,278) |
|
|
|
|
|
| 250,395 |
|
Preferred Stocks (2.0%) |
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
AMG Capital Trust II, 10/15/37, 5.15% |
|
| 875 |
|
|
| 49,021 |
|
Bank of America Corp., Series L, 7.25% (c) |
|
| 45 |
|
|
| 62,910 |
|
KKR & Co., Inc., Series C, 9/15/23, 6.00% (d) |
|
| 765 |
|
|
| 50,987 |
|
Wells Fargo & Co., Series L, 7.50% (c) |
|
| 50 |
|
|
| 70,871 |
|
|
|
|
|
|
|
| 233,789 |
|
Health Care (0.1%): |
|
|
|
|
|
|
|
|
Danaher Corp., Series B, 4/15/23, 5.00% (d) |
|
| 17 |
|
|
| 22,018 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.2%): |
|
|
|
|
|
|
|
|
Stanley Black & Decker, Inc., 11/15/22, 5.25% (d) |
|
| 571 |
|
|
| 67,367 |
|
|
|
|
|
|
|
|
|
|
Utilities (0.9%): |
|
|
|
|
|
|
|
|
American Electric Power Co., Inc., 8/15/23, 6.13% |
|
| 230 |
|
|
| 11,238 |
|
CenterPoint Energy, Inc., 9/15/29, 4.57% |
|
| 455 |
|
|
| 27,327 |
|
Dominion Energy, Inc., Series A, 6/1/22, 7.25% |
|
| 680 |
|
|
| 67,211 |
|
DTE Energy Co., 11/1/22, 6.25% |
|
| 806 |
|
|
| 40,050 |
|
NextEra Energy, Inc., 3/1/23, 5.28% |
|
| 1,190 |
|
|
| 58,941 |
|
The Southern Co., Series 2019, 8/1/22, 6.75% |
|
| 1,057 |
|
|
| 53,833 |
|
|
|
|
|
|
|
| 258,600 |
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks (Cost $563,310) |
|
|
|
|
|
| 581,774 |
|
Corporate Bonds (55.8%) |
|
|
|
|
|
|
|
|
Communication Services (2.8%): |
|
|
|
|
|
|
|
|
Alphabet, Inc., 2.05%, 8/15/50, Callable 2/15/50 @ 100 |
|
| 80,000 |
|
|
| 65,831 |
|
AT&T, Inc. |
|
|
|
|
|
|
|
|
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a) |
|
| 76,000 |
|
|
| 85,437 |
|
1.65%, 2/1/28, Callable 12/1/27 @ 100 |
|
| 51,000 |
|
|
| 49,341 |
|
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a) |
|
| 126,000 |
|
|
| 152,547 |
|
CenturyLink, Inc., 6.75%, 12/1/23 |
|
| 50,000 |
|
|
| 55,191 |
|
Comcast Corp. |
|
|
|
|
|
|
|
|
3.45%, 2/1/50, Callable 8/1/49 @ 100 |
|
| 70,000 |
|
|
| 71,498 |
|
2.80%, 1/15/51, Callable 7/15/50 @ 100 |
|
| 56,000 |
|
|
| 51,141 |
|
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b) |
|
| 62,000 |
|
|
| 62,060 |
|
Verizon Communications, Inc. |
|
|
|
|
|
|
|
|
5.15%, 9/15/23 (a) |
|
| 60,000 |
|
|
| 66,601 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
3.38%, 2/15/25 (a) |
| $ | 38,000 |
|
| $ | 41,202 |
|
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a) |
|
| 120,000 |
|
|
| 119,324 |
|
|
|
|
|
|
|
| 820,173 |
|
Consumer Discretionary (7.0%): |
|
|
|
|
|
|
|
|
Booking Holdings, Inc. |
|
|
|
|
|
|
|
|
0.90%, 9/15/21 |
|
| 10,000 |
|
|
| 11,768 |
|
0.75%, 5/1/25 (b)(d) |
|
| 45,000 |
|
|
| 66,362 |
|
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 |
|
| 315,000 |
|
|
| 331,251 |
|
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 |
|
| 48,000 |
|
|
| 51,337 |
|
Darden Restaurants, Inc., 3.85%, 5/1/27, Callable 2/1/27 @ 100 (a) |
|
| 75,000 |
|
|
| 81,511 |
|
Expedia Group, Inc. |
|
|
|
|
|
|
|
|
3.60%, 12/15/23, Callable 11/15/23 @ 100 (b) |
|
| 87,000 |
|
|
| 92,386 |
|
2/15/26 (b) |
|
| 11,000 |
|
|
| 12,015 |
|
General Motors Co., 4.88%, 10/2/23 (a) |
|
| 96,000 |
|
|
| 105,162 |
|
Hasbro, Inc., 2.60%, 11/19/22 |
|
| 130,000 |
|
|
| 134,018 |
|
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44 |
|
| 48,000 |
|
|
| 50,880 |
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44 |
|
| 55,000 |
|
|
| 57,386 |
|
Lear Corp., 3.50%, 5/30/30, Callable 2/28/30 @ 100 |
|
| 52,000 |
|
|
| 54,396 |
|
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 |
|
| 93,000 |
|
|
| 106,905 |
|
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 |
|
| 142,000 |
|
|
| 151,274 |
|
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 |
|
| 27,000 |
|
|
| 30,361 |
|
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) |
|
| 43,000 |
|
|
| 42,264 |
|
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 (d) |
|
| 100,000 |
|
|
| 112,717 |
|
NVR, Inc. |
|
|
|
|
|
|
|
|
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a) |
|
| 126,000 |
|
|
| 130,871 |
|
3.00%, 5/15/30, Callable 11/15/29 @ 100 |
|
| 118,000 |
|
|
| 120,879 |
|
Ross Stores, Inc. |
|
|
|
|
|
|
|
|
3.38%, 9/15/24, Callable 6/15/24 @ 100 |
|
| 70,000 |
|
|
| 74,257 |
|
0.88%, 4/15/26, Callable 3/15/26 @ 100 |
|
| 82,000 |
|
|
| 79,428 |
|
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 |
|
| 73,000 |
|
|
| 70,166 |
|
|
|
|
|
|
|
| 1,967,594 |
|
Consumer Staples (2.8%): |
|
|
|
|
|
|
|
|
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b) |
|
| 156,000 |
|
|
| 155,451 |
|
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a) |
|
| 34,000 |
|
|
| 38,247 |
|
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 |
|
| 75,000 |
|
|
| 82,790 |
|
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (a) |
|
| 30,000 |
|
|
| 30,749 |
|
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 |
|
| 52,000 |
|
|
| 61,045 |
|
Hormel Foods Corp., 1.80%, 6/11/30, Callable 3/11/30 @ 100 |
|
| 160,000 |
|
|
| 153,752 |
|
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (a) |
|
| 82,000 |
|
|
| 87,964 |
|
Molson Coors Beverage Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100 |
|
| 42,000 |
|
|
| 43,707 |
|
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100 |
|
| 92,000 |
|
|
| 109,139 |
|
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 |
|
| 39,000 |
|
|
| 49,289 |
|
|
|
|
|
|
|
| 812,133 |
|
Energy (4.0%): |
|
|
|
|
|
|
|
|
Chevron USA, Inc., 3.85%, 1/15/28, Callable 10/15/27 @ 100 |
|
| 135,000 |
|
|
| 150,394 |
|
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (a) |
|
| 113,000 |
|
|
| 116,827 |
|
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 |
|
| 65,000 |
|
|
| 79,947 |
|
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a) |
|
| 39,000 |
|
|
| 40,486 |
|
HollyFrontier Corp., 2.63%, 10/1/23 |
|
| 116,000 |
|
|
| 119,495 |
|
Phillips 66 Partners LP, 4.90%, 10/1/46, Callable 4/1/46 @ 100 |
|
| 90,000 |
|
|
| 97,984 |
|
Pioneer Natural Resources Co. |
|
|
|
|
|
|
|
|
0.25%, 5/15/25 (b) |
|
| 43,000 |
|
|
| 67,249 |
|
1.90%, 8/15/30, Callable 5/15/30 @ 100 |
|
| 109,000 |
|
|
| 101,177 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a) |
| $ | 120,000 |
|
| $ | 123,198 |
|
Valero Energy Corp. |
|
|
|
|
|
|
|
|
4.00%, 4/1/29, Callable 1/1/29 @ 100 (a) |
|
| 62,000 |
|
|
| 67,148 |
|
6.63%, 6/15/37 |
|
| 140,000 |
|
|
| 181,336 |
|
|
|
|
|
|
|
| 1,145,241 |
|
Financials (13.7%): |
|
|
|
|
|
|
|
|
Aflac, Inc. |
|
|
|
|
|
|
|
|
2.88%, 10/15/26, Callable 7/15/26 @ 100 |
|
| 185,000 |
|
|
| 198,218 |
|
4.75%, 1/15/49, Callable 7/15/48 @ 100 |
|
| 20,000 |
|
|
| 24,776 |
|
Alleghany Corp. |
|
|
|
|
|
|
|
|
3.63%, 5/15/30, Callable 2/15/30 @ 100 |
|
| 55,000 |
|
|
| 59,256 |
|
4.90%, 9/15/44, Callable 3/15/44 @ 100 |
|
| 89,000 |
|
|
| 106,009 |
|
Ares Capital Corp., 4.63%, 3/1/24 |
|
| 70,000 |
|
|
| 76,202 |
|
Bank of America Corp. |
|
|
|
|
|
|
|
|
2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN |
|
| 285,000 |
|
|
| 288,298 |
|
4.20%, 8/26/24 (a) |
|
| 51,000 |
|
|
| 56,215 |
|
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN |
|
| 100,000 |
|
|
| 107,355 |
|
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (a) |
|
| 72,000 |
|
|
| 77,603 |
|
Cincinnati Financial Corp., 6.13%, 11/1/34 |
|
| 100,000 |
|
|
| 132,526 |
|
Citigroup, Inc. |
|
|
|
|
|
|
|
|
2.75%, 4/25/22, Callable 3/25/22 @ 100 |
|
| 175,000 |
|
|
| 179,144 |
|
3.88%, 3/26/25 |
|
| 35,000 |
|
|
| 38,096 |
|
4.60%, 3/9/26 (a) |
|
| 36,000 |
|
|
| 40,564 |
|
4.45%, 9/29/27 (a) |
|
| 63,000 |
|
|
| 70,821 |
|
3.88% (LIBOR03M+117bps), 1/24/39, Callable 1/24/38 @ 100 (e) |
|
| 51,000 |
|
|
| 55,153 |
|
Fifth Third Bancorp |
|
|
|
|
|
|
|
|
1.63%, 5/5/23, Callable 4/5/23 @ 100 |
|
| 55,000 |
|
|
| 56,234 |
|
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a) |
|
| 261,000 |
|
|
| 281,445 |
|
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 |
|
| 200,000 |
|
|
| 209,150 |
|
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 |
|
| 49,000 |
|
|
| 52,386 |
|
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 |
|
| 110,000 |
|
|
| 105,391 |
|
JPMorgan Chase & Co. |
|
|
|
|
|
|
|
|
2.95%, 10/1/26, Callable 7/1/26 @ 100 |
|
| 170,000 |
|
|
| 181,553 |
|
5.60%, 7/15/41 |
|
| 52,000 |
|
|
| 69,109 |
|
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (b) |
|
| 75,000 |
|
|
| 73,314 |
|
Morgan Stanley |
|
|
|
|
|
|
|
|
4.88%, 11/1/22 (a) |
|
| 144,000 |
|
|
| 153,583 |
|
3.75%, 2/25/23 (a) |
|
| 300,000 |
|
|
| 318,051 |
|
3.13%, 7/27/26, MTN |
|
| 305,000 |
|
|
| 328,075 |
|
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 |
|
| 50,000 |
|
|
| 54,358 |
|
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 |
|
| 164,000 |
|
|
| 170,458 |
|
Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100 |
|
| 92,000 |
|
|
| 99,662 |
|
Wells Fargo & Co. |
|
|
|
|
|
|
|
|
4.30%, 7/22/27, MTN |
|
| 180,000 |
|
|
| 203,497 |
|
4.90%, 11/17/45 (a) |
|
| 80,000 |
|
|
| 95,301 |
|
|
|
|
|
|
|
| 3,961,803 |
|
Health Care (5.1%): |
|
|
|
|
|
|
|
|
AbbVie, Inc. |
|
|
|
|
|
|
|
|
3.20%, 11/21/29, Callable 8/21/29 @ 100 |
|
| 135,000 |
|
|
| 143,212 |
|
4.45%, 5/14/46, Callable 11/14/45 @ 100 |
|
| 62,000 |
|
|
| 71,506 |
|
Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100 |
|
| 70,000 |
|
|
| 80,467 |
|
Anthem, Inc. |
|
|
|
|
|
|
|
|
2.38%, 1/15/25, Callable 12/15/24 @ 100 |
|
| 65,000 |
|
|
| 67,925 |
|
2.75%, 10/15/42 |
|
| 15,000 |
|
|
| 75,781 |
|
Baxter International, Inc., 3.50%, 8/15/46, Callable 2/15/46 @ 100 |
|
| 48,000 |
|
|
| 49,838 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Bristol-Myers Squibb Co., 3.40%, 7/26/29, Callable 4/26/29 @ 100 |
| $ | 220,000 |
|
| $ | 240,139 |
|
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 |
|
| 73,000 |
|
|
| 76,746 |
|
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 |
|
| 91,000 |
|
|
| 100,706 |
|
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b) |
|
| 114,000 |
|
|
| 112,570 |
|
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a) |
|
| 65,000 |
|
|
| 67,365 |
|
Illumina, Inc. |
|
|
|
|
|
|
|
|
0.50%, 6/15/21 |
|
| 26,000 |
|
|
| 39,110 |
|
8/15/23 (d) |
|
| 25,000 |
|
|
| 29,680 |
|
Merck & Co., Inc., 2.45%, 6/24/50, Callable 12/24/49 @ 100 |
|
| 59,000 |
|
|
| 52,039 |
|
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 |
|
| 112,000 |
|
|
| 126,724 |
|
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 |
|
| 63,000 |
|
|
| 54,132 |
|
Universal Health Services, Inc., 2.65%, 10/15/30, Callable 7/15/30 @ 100 (b) |
|
| 44,000 |
|
|
| 42,512 |
|
Upjohn, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 (b) |
|
| 40,000 |
|
|
| 40,360 |
|
|
|
|
|
|
|
| 1,470,812 |
|
Industrials (6.4%): |
|
|
|
|
|
|
|
|
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 (d) |
|
| 105,000 |
|
|
| 99,699 |
|
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100 |
|
| 120,000 |
|
|
| 118,493 |
|
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 |
|
| 75,000 |
|
|
| 75,463 |
|
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 |
|
| 85,000 |
|
|
| 83,414 |
|
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a) |
|
| 130,000 |
|
|
| 133,368 |
|
Fortive Corp., 0.88%, 2/15/22 |
|
| 70,000 |
|
|
| 71,106 |
|
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 |
|
| 195,000 |
|
|
| 214,424 |
|
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 |
|
| 60,000 |
|
|
| 61,764 |
|
PACCAR Financial Corp., 0.80%, 6/8/23, MTN |
|
| 100,000 |
|
|
| 100,839 |
|
Rockwell Automation, Inc. |
|
|
|
|
|
|
|
|
3.50%, 3/1/29, Callable 12/1/28 @ 100 |
|
| 65,000 |
|
|
| 71,724 |
|
6.25%, 12/1/37 |
|
| 60,000 |
|
|
| 79,439 |
|
Roper Technologies, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 (a) |
|
| 167,000 |
|
|
| 174,032 |
|
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) |
|
| 57,000 |
|
|
| 56,238 |
|
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 |
|
| 56,000 |
|
|
| 64,109 |
|
Southwest Airlines Co., 1.25%, 5/1/25 |
|
| 38,000 |
|
|
| 65,244 |
|
The Boeing Co., 2.20%, 2/4/26, Callable 2/4/23 @ 100 |
|
| 201,000 |
|
|
| 200,489 |
|
Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100 (a) |
|
| 137,000 |
|
|
| 150,585 |
|
|
|
|
|
|
|
| 1,820,430 |
|
Information Technology (6.6%): |
|
|
|
|
|
|
|
|
Akamai Technologies, Inc., 0.13%, 5/1/25 |
|
| 35,000 |
|
|
| 42,258 |
|
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 |
|
| 53,000 |
|
|
| 66,149 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (a) |
|
| 57,000 |
|
|
| 61,087 |
|
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 |
|
| 140,000 |
|
|
| 159,533 |
|
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 |
|
| 153,000 |
|
|
| 169,732 |
|
Citrix Systems, Inc., 1.25%, 3/1/26, Callable 2/1/26 @ 100 |
|
| 106,000 |
|
|
| 104,399 |
|
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (d) |
|
| 55,000 |
|
|
| 62,781 |
|
Intel Corp., 3.40%, 3/25/25, Callable 2/25/25 @ 100 |
|
| 102,000 |
|
|
| 111,058 |
|
Lam Research Corp., 4.00%, 3/15/29, Callable 12/15/28 @ 100 (a) |
|
| 59,000 |
|
|
| 66,926 |
|
Micron Technology, Inc. |
|
|
|
|
|
|
|
|
5.33%, 2/6/29, Callable 11/6/28 @ 100 |
|
| 167,000 |
|
|
| 195,524 |
|
3.13%, 5/1/32, Callable 5/10/21 @ 100 (f) |
|
| 8,000 |
|
|
| 70,490 |
|
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b) |
|
| 38,000 |
|
|
| 38,472 |
|
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100 |
|
| 70,000 |
|
|
| 72,578 |
|
Novellus Systems, Inc., 2.63%, 5/15/41 |
|
| 1,000 |
|
|
| 18,885 |
|
PayPal Holdings, Inc., 1.65%, 6/1/25, Callable 5/1/25 @ 100 |
|
| 184,000 |
|
|
| 187,371 |
|
ServiceNow, Inc., 6/1/22 |
|
| 2,000 |
|
|
| 7,181 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 |
| $ | 66,000 |
|
| $ | 78,261 |
|
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 |
|
| 123,000 |
|
|
| 99,291 |
|
VMware, Inc., 2.95%, 8/21/22, Callable 7/21/22 @ 100 |
|
| 170,000 |
|
|
| 175,449 |
|
Western Digital Corp., 1.50%, 2/1/24 |
|
| 65,000 |
|
|
| 66,422 |
|
|
|
|
|
|
|
| 1,853,847 |
|
Materials (1.2%): |
|
|
|
|
|
|
|
|
Celanese US Holdings LLC, 4.63%, 11/15/22 (a) |
|
| 100,000 |
|
|
| 106,117 |
|
Domtar Corp., 6.75%, 2/15/44, Callable 8/15/43 @ 100 |
|
| 74,000 |
|
|
| 93,720 |
|
Nucor Corp., 2.00%, 6/1/25, Callable 5/1/25 @ 100 |
|
| 71,000 |
|
|
| 73,035 |
|
Steel Dynamics, Inc., 3.25%, 10/15/50, Callable 4/15/50 @ 100 |
|
| 84,000 |
|
|
| 78,241 |
|
|
|
|
|
|
|
| 351,113 |
|
Real Estate (3.0%): |
|
|
|
|
|
|
|
|
Duke Realty LP, 3.05%, 3/1/50, Callable 9/1/49 @ 100 |
|
| 46,000 |
|
|
| 42,302 |
|
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 |
|
| 285,000 |
|
|
| 295,594 |
|
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)(d) |
|
| 48,000 |
|
|
| 49,513 |
|
Physicians Realty LP, 3.95%, 1/15/28, Callable 10/15/27 @ 100 |
|
| 60,000 |
|
|
| 63,991 |
|
Piedmont Operating Partnership LP, 3.15%, 8/15/30, Callable 5/15/30 @ 100 |
|
| 58,000 |
|
|
| 56,526 |
|
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 |
|
| 49,000 |
|
|
| 53,884 |
|
Retail Properties of America, Inc., 4.00%, 3/15/25, Callable 12/15/24 @ 100 |
|
| 155,000 |
|
|
| 161,670 |
|
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 |
|
| 65,000 |
|
|
| 72,305 |
|
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 |
|
| 80,000 |
|
|
| 78,244 |
|
|
|
|
|
|
|
| 874,029 |
|
Utilities (3.2%): |
|
|
|
|
|
|
|
|
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 |
|
| 100,000 |
|
|
| 93,182 |
|
American Water Capital Corp., 2.80%, 5/1/30, Callable 2/1/30 @ 100 |
|
| 55,000 |
|
|
| 56,726 |
|
Arizona Public Service Co., 2.95%, 9/15/27, Callable 6/15/27 @ 100 |
|
| 120,000 |
|
|
| 128,839 |
|
Consolidated Edison, Inc., 6.30%, 8/15/37 |
|
| 110,000 |
|
|
| 149,254 |
|
NextEra Energy Capital Holdings, Inc., 2.80%, 1/15/23, Callable 12/15/22 @ 100 (a) |
|
| 145,000 |
|
|
| 150,659 |
|
Oklahoma G&E Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 |
|
| 105,000 |
|
|
| 128,162 |
|
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100 |
|
| 65,000 |
|
|
| 70,779 |
|
Vistra Operations Co. LLC, 3.70%, 1/30/27, Callable 11/30/26 @ 100 (b) |
|
| 134,000 |
|
|
| 139,428 |
|
|
|
|
|
|
|
| 917,029 |
|
Total Corporate Bonds (Cost $15,483,255) |
|
|
|
|
|
| 15,994,204 |
|
Residential Mortgage-Backed Securities (0.3%) |
|
|
|
|
|
|
|
|
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.43% (LIBOR01M+132bps), 10/25/32, Callable 4/25/21 @ 100 (e) |
|
| 62,203 |
|
|
| 62,251 |
|
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/21 @ 100 (a) |
|
| 3,690 |
|
|
| 2,708 |
|
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/22 @ 100 (a)(b)(g) |
|
| 9,236 |
|
|
| 9,268 |
|
Total Residential Mortgage-Backed Securities (Cost $74,052) |
|
|
|
|
|
| 74,227 |
|
Yankee Dollars (12.3%) |
|
|
|
|
|
|
|
|
Communication Services (0.4%): |
|
|
|
|
|
|
|
|
Vodafone Group PLC, 5.25%, 5/30/48 |
|
| 89,000 |
|
|
| 111,300 |
|
Consumer Discretionary (1.0%): |
|
|
|
|
|
|
|
|
Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100 |
|
| 245,000 |
|
|
| 265,086 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Consumer Staples (4.0%): |
|
|
|
|
|
|
|
|
Barry Callebaut Services NV, 5.50%, 6/15/23 (b) |
| $ | 275,000 |
|
| $ | 299,783 |
|
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b) |
|
| 400,000 |
|
|
| 416,599 |
|
Suntory Holdings Ltd. |
|
|
|
|
|
|
|
|
2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b) |
|
| 258,000 |
|
|
| 263,890 |
|
2.25%, 10/16/24, Callable 9/16/24 @ 100 (b) |
|
| 200,000 |
|
|
| 208,418 |
|
|
|
|
|
|
|
| 1,188,690 |
|
Energy (0.8%): |
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100 |
|
| 65,000 |
|
|
| 67,471 |
|
Ecopetrol SA, 5.88%, 9/18/23 (a) |
|
| 133,000 |
|
|
| 146,622 |
|
Statoil ASA, 3.95%, 5/15/43 |
|
| 20,000 |
|
|
| 21,745 |
|
|
|
|
|
|
|
| 235,838 |
|
Financials (2.6%): |
|
|
|
|
|
|
|
|
Barclays Bank PLC |
|
|
|
|
|
|
|
|
2/4/25 (a) |
|
| 35,000 |
|
|
| 45,648 |
|
2/18/25 |
|
| 30,000 |
|
|
| 33,387 |
|
Enel Finance International NV, 2.88%, 5/25/22 (a)(b) |
|
| 200,000 |
|
|
| 205,216 |
|
Newcrest Finance Pty Ltd. |
|
|
|
|
|
|
|
|
5.75%, 11/15/41 (b) |
|
| 95,000 |
|
|
| 121,192 |
|
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b) |
|
| 25,000 |
|
|
| 27,221 |
|
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b) |
|
| 200,000 |
|
|
| 216,598 |
|
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 |
|
| 85,000 |
|
|
| 81,413 |
|
|
|
|
|
|
|
| 730,675 |
|
Industrials (1.5%): |
|
|
|
|
|
|
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 |
|
| 150,000 |
|
|
| 174,935 |
|
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 |
|
| 60,000 |
|
|
| 60,958 |
|
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b) |
|
| 200,000 |
|
|
| 204,068 |
|
|
|
|
|
|
|
| 439,961 |
|
Materials (1.6%): |
|
|
|
|
|
|
|
|
Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (b) |
|
| 200,000 |
|
|
| 198,432 |
|
Rio Tinto Finance USA Ltd. |
|
|
|
|
|
|
|
|
3.75%, 6/15/25, Callable 3/15/25 @ 100 |
|
| 80,000 |
|
|
| 87,722 |
|
5.20%, 11/2/40 |
|
| 50,000 |
|
|
| 64,816 |
|
Vale Overseas Ltd., 6.25%, 8/10/26 |
|
| 63,000 |
|
|
| 74,784 |
|
|
|
|
|
|
|
| 425,754 |
|
Utilities (0.4%): |
|
|
|
|
|
|
|
|
Iberdrola International BV |
|
|
|
|
|
|
|
|
6.75%, 9/15/33 |
|
| 35,000 |
|
|
| 45,979 |
|
6.75%, 7/15/36 (d) |
|
| 47,000 |
|
|
| 68,420 |
|
|
|
|
|
|
|
| 114,399 |
|
Total Yankee Dollars (Cost $3,390,413) |
|
|
|
|
|
| 3,511,703 |
|
U.S. Government Mortgage-Backed Agencies (24.4%) |
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
5.00%, 6/15/23 (a) |
|
| 11,404 |
|
|
| 11,714 |
|
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a) |
|
| 235,306 |
|
|
| 243,491 |
|
5.50%, 6/1/38 |
|
| 32,368 |
|
|
| 37,175 |
|
7.00%, 9/1/38 (a) |
|
| 6,835 |
|
|
| 8,109 |
|
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a) |
|
| 200,761 |
|
|
| 210,500 |
|
4.50%, 1/1/41 - 7/1/44 (a) |
|
| 415,181 |
|
|
| 464,131 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Investment Quality Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
Series 4444, Class CH, 3.00%, 1/15/41 (a) |
| $ | 60,382 |
|
| $ | 61,697 |
|
2.00%, 3/1/51 |
|
| 285,000 |
|
|
| 284,492 |
|
|
|
|
|
|
|
| 1,321,309 |
|
Federal National Mortgage Association |
|
|
|
|
|
|
|
|
6.00%, 8/1/21 - 2/1/37 (a) |
|
| 62,014 |
|
|
| 71,485 |
|
5.50%, 4/1/22 - 1/1/38 (a) |
|
| 124,157 |
|
|
| 141,277 |
|
7.00%, 8/1/23 - 6/1/32 |
|
| 17,004 |
|
|
| 20,006 |
|
7.50%, 12/1/29 - 2/1/31 (a) |
|
| 16,322 |
|
|
| 18,805 |
|
8.00%, 6/1/30 - 9/1/30 |
|
| 11,633 |
|
|
| 13,630 |
|
5.00%, 12/1/34 - 3/1/40 |
|
| 61,244 |
|
|
| 69,781 |
|
2.16% (LIBOR12M+166bps), 12/1/36 (a)(e) |
|
| 26,127 |
|
|
| 26,796 |
|
4.50%, 12/1/38 - 5/25/40 (a) |
|
| 256,073 |
|
|
| 273,697 |
|
Series 2013-33, Class UD, 2.50%, 4/25/39 - 12/25/47 (a) |
|
| 199,415 |
|
|
| 202,496 |
|
3.50%, 8/1/39 - 12/25/50 |
|
| 937,869 |
|
|
| 986,081 |
|
3.00%, 6/1/40 - 5/1/48 |
|
| 1,001,762 |
|
|
| 1,054,296 |
|
4.00%, 11/1/43 - 6/1/49 (a) |
|
| 711,196 |
|
|
| 784,121 |
|
2.00%, 3/1/51 - 5/25/51(h) |
|
| 1,084,409 |
|
|
| 1,081,349 |
|
2.50%, 5/25/51 (h) |
|
| 800,000 |
|
|
| 818,592 |
|
|
|
|
|
|
|
| 5,562,412 |
|
Government National Mortgage Association |
|
|
|
|
|
|
|
|
3.00%, 8/20/50 |
|
| 96,064 |
|
|
| 100,425 |
|
Multi-family (0.1%): |
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (0.1%): |
|
|
|
|
|
|
|
|
Government National Mortgage Association |
|
|
|
|
|
|
|
|
6.00%, 12/15/33 (a) |
|
| 14,334 |
|
|
| 16,489 |
|
Total U.S. Government Mortgage-Backed Agencies (Cost $6,878,122) |
|
|
|
|
|
| 7,000,635 |
|
U.S. Treasury Obligations (2.8%) |
|
|
|
|
|
|
|
|
U.S. Treasury Bonds, 1.25%, 5/15/50 |
|
| 517,000 |
|
|
| 389,042 |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
0.25%, 3/15/24 |
|
| 355,000 |
|
|
| 354,002 |
|
0.38%, 1/31/26 |
|
| 75,000 |
|
|
| 73,107 |
|
Total U.S. Treasury Obligations (Cost $827,349) |
|
|
|
|
|
| 816,151 |
|
Collateral for Securities Loaned^ (2.1%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (i) |
|
| 12,436 |
|
|
| 12,436 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i) |
|
| 320,262 |
|
|
| 320,262 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (i) |
|
| 6,206 |
|
|
| 6,206 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (i) |
|
| 49,487 |
|
|
| 49,487 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (i) |
|
| 222,504 |
|
|
| 222,504 |
|
Total Collateral for Securities Loaned (Cost $610,895) |
|
|
|
|
|
| 610,895 |
|
Total Investments (Cost $28,529,953) — 102.2% |
|
|
|
|
|
| 29,288,060 |
|
Liabilities in excess of other assets — (2.2)% |
|
|
|
|
|
| (628,181 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 28,659,879 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $3,612,714 and amounted to 12.6% of net assets. |
(c) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(d) | All or a portion of this security is on loan. |
(e) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021. |
(f) | Continuously callable with 30 days’ notice. |
(g) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021. |
(h) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(i) | Rate disclosed is the daily yield on March 31, 2021. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
Futures Contracts Purchased |
| Number of |
|
| Expiration |
|
| Notional |
|
| Value |
|
| Unrealized |
| |||
Mexican Peso Currency Futures |
| 8 |
|
| 6/14/21 |
|
| $ | 194,400 |
|
| $ | 194,160 |
|
| $ | (240) |
|
Ultra Long Term U.S. Treasury Bond Futures |
| 5 |
|
| 6/21/21 |
|
|
| 950,806 |
|
|
| 906,093 |
|
|
| (44,713) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (44,953) |
|
Futures Contracts Sold |
| Number of Contracts |
|
| Expiration Date |
|
|
| Notional Amount |
|
|
| Value |
|
| Unrealized |
| |
10-Year U.S. Treasury Note Futures |
| 17 |
|
| 6/21/21 |
|
|
| 2,248,833 |
|
|
| 2,225,937 |
|
|
| 22,896 |
|
2-Year U.S. Treasury Note Futures |
| 3 |
|
| 6/30/21 |
|
|
| 662,173 |
|
|
| 662,180 |
|
|
| (7) |
|
5-Year U.S. Treasury Note Futures |
| 1 |
|
| 6/30/21 |
|
|
| 123,676 |
|
|
| 123,398 |
|
|
| 278 |
|
Canadian Dollar Futures |
| 4 |
|
| 6/15/21 |
|
|
| 316,321 |
|
|
| 318,280 |
|
|
| (1,959) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 21,208 |
|
Total unrealized appreciation | $ | 23,174 | ||||||||||||||||
Total unrealized depreciation | (46,919 | ) | ||||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (23,745 | ) |
Centrally Cleared |
|
Credit Default Swap Agreements - Sell Protection (a) |
Underlying Instruments |
| Fixed Deal Received |
|
| Maturity |
|
| Payment |
|
| Implied |
|
| Notional |
|
| Value |
|
| Premiums |
|
| Unrealized (Depreciation) |
| ||||
CDX North America High Yield Index; Series 35 |
| 5.00 | % |
| 12/20/25 |
|
| Quarterly |
|
| 2.86 | % |
| $ | 900,000 |
|
| $ | (81,530) |
|
| $ | (81,405) |
|
| $ | (125) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (81,530) |
|
| $ | (81,405) |
|
| $ | (125) |
|
(a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
(b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
(c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
Victory Portfolios | Schedule of Portfolio Investments |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
Asset-Backed Securities (4.5%) |
|
|
|
|
|
|
|
|
AmeriCredit Automobile Receivables Trust, Series 2018-1, Class B, 3.26%, 1/18/24, Callable 12/18/22 @ 100 (a) |
| $ | 3,200,000 |
|
| $ | 3,230,333 |
|
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 11/18/24 @ 100 |
|
| 1,815,000 |
|
|
| 1,806,030 |
|
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 8/20/23 @ 100 |
|
| 1,168,000 |
|
|
| 1,161,861 |
|
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 11/15/23 @ 100 (a) |
|
| 149,110 |
|
|
| 149,450 |
|
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 1/15/26 @ 100 |
|
| 1,144,000 |
|
|
| 1,141,187 |
|
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b) |
|
| 2,200,000 |
|
|
| 2,198,577 |
|
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 4/15/24 @ 100 (b) |
|
| 1,230,000 |
|
|
| 1,229,037 |
|
| ||||||||
Total Asset-Backed Securities (Cost $10,904,920) |
|
|
|
|
|
| 10,916,475 |
|
Collateralized Mortgage Obligations (3.4%) |
|
|
|
|
|
|
|
|
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class AIR, 1.47% (LIBOR03M+125bps), 7/20/29, Callable 4/20/21 @ 100 (a)(b)(c) |
|
| 1,497,580 |
|
|
| 1,497,826 |
|
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.36% (LIBOR03M+112bps), 1/15/31, Callable 4/15/21 @ 100 (a)(b)(c) |
|
| 2,000,000 |
|
|
| 2,000,444 |
|
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.49% (LIBOR03M+125bps), 1/15/30, Callable 4/15/21 @ 100 (a)(b)(c) |
|
| 2,825,000 |
|
|
| 2,817,250 |
|
Voya CLO Ltd., Series 2017-4A, Class A1, 1.37% (LIBOR03M+113bps), 10/15/30, Callable 4/15/21 @ 100 (a)(b)(c) |
|
| 2,000,000 |
|
|
| 2,000,106 |
|
Total Collateralized Mortgage Obligations (Cost $8,268,135) |
|
|
|
|
|
| 8,315,626 |
|
Preferred Stocks (2.1%) |
|
|
|
|
|
|
|
|
Financials (0.8%): |
|
|
|
|
|
|
|
|
AMG Capital Trust II, 10/15/37, 5.15% |
|
| 7,530 |
|
|
| 421,861 |
|
Bank of America Corp., Series L, 7.25% (d) |
|
| 370 |
|
|
| 517,260 |
|
KKR & Co., Inc., Series C, 9/15/23, 6.00% (e) |
|
| 6,495 |
|
|
| 432,891 |
|
Wells Fargo & Co., Series L, 7.50% (d) |
|
| 450 |
|
|
| 637,835 |
|
|
|
|
|
|
|
| 2,009,847 |
|
Health Care (0.1%): |
|
|
|
|
|
|
|
|
Danaher Corp., Series B, 4/15/23, 5.00% (e) |
|
| 146 |
|
|
| 189,099 |
|
|
|
|
|
|
|
|
|
|
Industrials (0.2%): |
|
|
|
|
|
|
|
|
Stanley Black & Decker, Inc., 11/15/22, 5.25% (e) |
|
| 4,805 |
|
|
| 566,894 |
|
|
|
|
|
|
|
|
|
|
Utilities (1.0%): |
|
|
|
|
|
|
|
|
American Electric Power Co., Inc., 8/15/23, 6.13% |
|
| 3,530 |
|
|
| 172,476 |
|
CenterPoint Energy, Inc., 9/15/29, 4.57% |
|
| 3,880 |
|
|
| 233,033 |
|
Dominion Energy, Inc., Series A, 6/1/22, 7.25% |
|
| 5,730 |
|
|
| 566,353 |
|
DTE Energy Co., 11/1/22, 6.25% |
|
| 6,774 |
|
|
| 336,600 |
|
NextEra Energy, Inc., 3/1/23, 5.28% |
|
| 9,950 |
|
|
| 492,823 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
The Southern Co., Series 2019, 8/1/22, 6.75% |
| $ | 8,901 |
|
| $ | 453,328 |
|
|
|
|
|
|
|
| 2,254,613 |
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks (Cost $4,867,060) |
|
|
|
|
|
| 5,020,453 |
|
Corporate Bonds (52.0%) |
|
|
|
|
|
|
|
|
Communication Services (4.3%): |
|
|
|
|
|
|
|
|
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100 |
|
| 2,500,000 |
|
|
| 2,500,349 |
|
CenturyLink, Inc., 6.75%, 12/1/23 |
|
| 424,000 |
|
|
| 468,020 |
|
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100 (e) |
|
| 496,000 |
|
|
| 542,485 |
|
Comcast Corp., 3.10%, 4/1/25, Callable 3/1/25 @ 100 (a) |
|
| 1,182,000 |
|
|
| 1,274,716 |
|
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100 |
|
| 1,388,000 |
|
|
| 1,507,119 |
|
Sirius XM Radio, Inc., 4.63%, 7/15/24, Callable 7/15/21 @ 102.31 (a)(b) |
|
| 836,000 |
|
|
| 860,578 |
|
Verizon Communications, Inc. |
|
|
|
|
|
|
|
|
5.15%, 9/15/23 (a) |
|
| 1,866,000 |
|
|
| 2,071,279 |
|
3.38%, 2/15/25 (a) |
|
| 354,000 |
|
|
| 383,825 |
|
1.30% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c) |
|
| 827,000 |
|
|
| 845,632 |
|
|
|
|
|
|
|
| 10,454,003 |
|
Consumer Discretionary (7.4%): |
|
|
|
|
|
|
|
|
Aptiv Corp., 4.15%, 3/15/24, Callable 12/15/23 @ 100 |
|
| 1,599,000 |
|
|
| 1,745,340 |
|
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100 |
|
| 2,632,000 |
|
|
| 2,805,396 |
|
Booking Holdings, Inc. |
|
|
|
|
|
|
|
|
0.90%, 9/15/21 |
|
| 105,000 |
|
|
| 123,563 |
|
0.75%, 5/1/25 (b)(e) |
|
| 360,000 |
|
|
| 530,899 |
|
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 (a) |
|
| 3,027,000 |
|
|
| 3,224,996 |
|
Expedia Group, Inc. |
|
|
|
|
|
|
|
|
3.60%, 12/15/23, Callable 11/15/23 @ 100 (b) |
|
| 1,020,000 |
|
|
| 1,083,148 |
|
2/15/26 (b) |
|
| 105,000 |
|
|
| 114,687 |
|
General Motors Co., 4.88%, 10/2/23 (a) |
|
| 1,297,000 |
|
|
| 1,420,786 |
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 4/1/22 @ 102.44 |
|
| 620,000 |
|
|
| 646,902 |
|
Kohl’s Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100 (e) |
|
| 1,194,000 |
|
|
| 1,307,132 |
|
LGI Homes, Inc., 6.88%, 7/15/26, Callable 7/15/21 @ 103.44 (a)(b) |
|
| 244,000 |
|
|
| 255,326 |
|
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 |
|
| 1,247,000 |
|
|
| 1,328,442 |
|
NVR, Inc., 3.95%, 9/15/22, Callable 6/15/22 @ 100 (a) |
|
| 3,283,000 |
|
|
| 3,409,921 |
|
|
|
|
|
|
|
| 17,996,538 |
|
Consumer Staples (2.3%): |
|
|
|
|
|
|
|
|
7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/10/22 @ 100 (b) |
|
| 1,372,000 |
|
|
| 1,367,171 |
|
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (a) |
|
| 322,000 |
|
|
| 362,218 |
|
Church & Dwight Co., Inc., 2.45%, 8/1/22, Callable 7/1/22 @ 100 (a) |
|
| 792,000 |
|
|
| 811,784 |
|
Keurig Dr Pepper, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100 (a) |
|
| 695,000 |
|
|
| 745,547 |
|
Tyson Foods, Inc. |
|
|
|
|
|
|
|
|
2.25%, 8/23/21, Callable 7/23/21 @ 100 |
|
| 1,080,000 |
|
|
| 1,086,372 |
|
3.95%, 8/15/24, Callable 5/15/24 @ 100 |
|
| 1,170,000 |
|
|
| 1,279,138 |
|
|
|
|
|
|
|
| 5,652,230 |
|
Energy (2.6%): |
|
|
|
|
|
|
|
|
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100 |
|
| 400,000 |
|
|
| 414,792 |
|
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (a) |
|
| 801,000 |
|
|
| 828,130 |
|
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100 (a) |
|
| 329,000 |
|
|
| 341,538 |
|
HollyFrontier Corp., 2.63%, 10/1/23 |
|
| 971,000 |
|
|
| 1,000,256 |
|
Pioneer Natural Resources Co., 0.25%, 5/15/25 (b) |
|
| 365,000 |
|
|
| 570,838 |
|
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (a) |
|
| 1,010,000 |
|
|
| 1,036,918 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Valero Energy Corp. |
|
|
|
|
|
|
|
|
2.70%, 4/15/23 (a) |
| $ | 951,000 |
|
| $ | 987,537 |
|
1.20%, 3/15/24 |
|
| 1,020,000 |
|
|
| 1,023,131 |
|
|
|
|
|
|
|
| 6,203,140 |
|
Financials (9.5%): |
|
|
|
|
|
|
|
|
Ares Capital Corp., 4.63%, 3/1/24 |
|
| 590,000 |
|
|
| 642,268 |
|
Bank of America Corp., 4.20%, 8/26/24 (a) |
|
| 1,660,000 |
|
|
| 1,829,751 |
|
Capital One Financial Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100 (a) |
|
| 684,000 |
|
|
| 737,229 |
|
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 5/10/21 @ 102.88 (a)(b) |
|
| 772,000 |
|
|
| 796,079 |
|
Fifth Third Bancorp |
|
|
|
|
|
|
|
|
1.63%, 5/5/23, Callable 4/5/23 @ 100 |
|
| 1,660,000 |
|
|
| 1,697,234 |
|
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a) |
|
| 799,000 |
|
|
| 861,586 |
|
Ford Motor Credit Co. LLC, 3.10%, 5/4/23 (a) |
|
| 1,500,000 |
|
|
| 1,524,795 |
|
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100 |
|
| 1,549,000 |
|
|
| 1,713,565 |
|
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100 (b) |
|
| 1,488,000 |
|
|
| 1,545,333 |
|
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b) |
|
| 435,000 |
|
|
| 482,385 |
|
Morgan Stanley |
|
|
|
|
|
|
|
|
4.88%, 11/1/22 (a) |
|
| 1,004,000 |
|
|
| 1,070,816 |
|
0.53% (SOFR+46bps), 1/25/24, Callable 1/25/23 @ 100 (c) |
|
| 2,575,000 |
|
|
| 2,570,340 |
|
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22 |
|
| 465,000 |
|
|
| 505,525 |
|
The Bank of New York Mellon Corp., 0.75%, 1/28/26, MTN, Callable 12/28/25 @ 100 (e) |
|
| 1,097,000 |
|
|
| 1,072,690 |
|
The Goldman Sachs Group, Inc., 1.97% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100 (a)(c) |
|
| 1,500,000 |
|
|
| 1,569,990 |
|
Unum Group, 4.00%, 3/15/24 |
|
| 1,310,000 |
|
|
| 1,423,538 |
|
Zions Bancorp NA |
|
|
|
|
|
|
|
|
3.50%, 8/27/21 (a) |
|
| 1,785,000 |
|
|
| 1,806,151 |
|
3.35%, 3/4/22, Callable 2/4/22 @ 100 (a) |
|
| 1,090,000 |
|
|
| 1,115,114 |
|
|
|
|
|
|
|
| 22,964,389 |
|
Health Care (5.5%): |
|
|
|
|
|
|
|
|
AbbVie, Inc. |
|
|
|
|
|
|
|
|
2.30%, 5/14/21, Callable 4/14/21 @ 100 (a) |
|
| 1,211,000 |
|
|
| 1,211,557 |
|
3.85%, 6/15/24, Callable 3/15/24 @ 100 |
|
| 2,545,000 |
|
|
| 2,766,007 |
|
Anthem, Inc., 2.75%, 10/15/42 |
|
| 125,000 |
|
|
| 631,507 |
|
Biogen, Inc., 3.63%, 9/15/22 |
|
| 1,025,000 |
|
|
| 1,071,310 |
|
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 |
|
| 621,000 |
|
|
| 652,864 |
|
HCA, Inc., 5.00%, 3/15/24 |
|
| 2,479,000 |
|
|
| 2,760,415 |
|
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 (a) |
|
| 560,000 |
|
|
| 580,373 |
|
Illumina, Inc. |
|
|
|
|
|
|
|
|
0.50%, 6/15/21 |
|
| 233,000 |
|
|
| 350,486 |
|
8/15/23 (e) |
|
| 195,000 |
|
|
| 231,506 |
|
Mylan, Inc., 3.13%, 1/15/23 (b) |
|
| 2,479,000 |
|
|
| 2,582,572 |
|
Upjohn, Inc., 1.13%, 6/22/22 (b) |
|
| 525,000 |
|
|
| 528,056 |
|
|
|
|
|
|
|
| 13,366,653 |
|
Industrials (4.3%): |
|
|
|
|
|
|
|
|
Air Lease Corp., 0.70%, 2/15/24, MTN, Callable 1/15/24 @ 100 |
|
| 2,480,000 |
|
|
| 2,448,851 |
|
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (a) |
|
| 1,115,000 |
|
|
| 1,143,890 |
|
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 10/15/21 @ 104.31 (a) |
|
| 725,000 |
|
|
| 768,819 |
|
Fortive Corp., 0.88%, 2/15/22 |
|
| 580,000 |
|
|
| 589,164 |
|
Roper Technologies, Inc., 0.45%, 8/15/22 |
|
| 1,019,000 |
|
|
| 1,018,613 |
|
Southwest Airlines Co. |
|
|
|
|
|
|
|
|
4.75%, 5/4/23 |
|
| 1,937,000 |
|
|
| 2,091,301 |
|
1.25%, 5/1/25 |
|
| 315,000 |
|
|
| 540,836 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
The Boeing Co., 2.20%, 2/4/26, Callable 2/4/23 @ 100 |
| $ | 1,784,000 |
|
| $ | 1,779,469 |
|
|
|
|
|
|
|
| 10,380,943 |
|
Information Technology (6.3%): |
|
|
|
|
|
|
|
|
Akamai Technologies, Inc., 0.13%, 5/1/25 |
|
| 305,000 |
|
|
| 368,248 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 (a) |
|
| 2,175,000 |
|
|
| 2,330,969 |
|
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (e) |
|
| 445,000 |
|
|
| 507,959 |
|
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100 |
|
| 496,000 |
|
|
| 554,632 |
|
Lam Research Group, 2.80%, 6/15/21, Callable 5/15/21 @ 100 (a) |
|
| 3,328,000 |
|
|
| 3,337,251 |
|
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 |
|
| 941,000 |
|
|
| 1,008,187 |
|
Maxim Integrated Products, Inc., 3.38%, 3/15/23, Callable 12/15/22 @ 100 |
|
| 901,000 |
|
|
| 943,527 |
|
Micron Technology, Inc. |
|
|
|
|
|
|
|
|
2.50%, 4/24/23 |
|
| 2,479,000 |
|
|
| 2,571,194 |
|
3.13%, 5/1/32, Callable 5/10/21 @ 100 (f) |
|
| 69,000 |
|
|
| 607,976 |
|
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5 (b) |
|
| 642,000 |
|
|
| 648,484 |
|
Novellus Systems, Inc., 2.63%, 5/15/41 |
|
| 10,000 |
|
|
| 188,852 |
|
PayPal Holdings, Inc., 2.20%, 9/26/22 (a) |
|
| 757,000 |
|
|
| 777,128 |
|
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100 |
|
| 1,000,000 |
|
|
| 1,073,351 |
|
ServiceNow, Inc., 6/1/22 |
|
| 20,000 |
|
|
| 71,811 |
|
Western Digital Corp., 1.50%, 2/1/24 |
|
| 505,000 |
|
|
| 516,049 |
|
|
|
|
|
|
|
| 15,505,618 |
|
Materials (2.2%): |
|
|
|
|
|
|
|
|
Celanese US Holdings LLC, 4.63%, 11/15/22 (a) |
|
| 855,000 |
|
|
| 907,300 |
|
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100 (b) |
|
| 1,987,000 |
|
|
| 1,980,324 |
|
Nucor Corp., 4.00%, 8/1/23, Callable 5/1/23 @ 100 |
|
| 1,190,000 |
|
|
| 1,273,526 |
|
Packaging Corp. of America, 4.50%, 11/1/23, Callable 8/1/23 @ 100 |
|
| 1,049,000 |
|
|
| 1,142,791 |
|
|
|
|
|
|
|
| 5,303,941 |
|
Real Estate (3.7%): |
|
|
|
|
|
|
|
|
American Tower Corp., 3.00%, 6/15/23 (a) |
|
| 1,000,000 |
|
|
| 1,052,550 |
|
Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100 (a) |
|
| 1,230,000 |
|
|
| 1,293,099 |
|
Equinix, Inc., 5.38%, 5/15/27, Callable 5/15/22 @ 102.69 |
|
| 1,676,000 |
|
|
| 1,800,107 |
|
Highwoods Realty LP, 3.20%, 6/15/21, Callable 4/15/21 @ 100 (a) |
|
| 1,019,000 |
|
|
| 1,020,804 |
|
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b) |
|
| 638,000 |
|
|
| 658,110 |
|
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100 (a) |
|
| 1,629,000 |
|
|
| 1,693,996 |
|
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100 |
|
| 500,000 |
|
|
| 519,295 |
|
Weingarten Realty Investors |
|
|
|
|
|
|
|
|
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a) |
|
| 365,000 |
|
|
| 377,315 |
|
3.50%, 4/15/23, Callable 1/15/23 @ 100 |
|
| 497,000 |
|
|
| 519,892 |
|
|
|
|
|
|
|
| 8,935,168 |
|
Utilities (3.9%): |
|
|
|
|
|
|
|
|
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100 |
|
| 588,000 |
|
|
| 618,652 |
|
Exelon Corp. |
|
|
|
|
|
|
|
|
3.50%, 6/1/22, Callable 5/1/22 @ 100 (a) |
|
| 2,681,000 |
|
|
| 2,765,049 |
|
3.95%, 6/15/25, Callable 3/15/25 @ 100 (a) |
|
| 591,000 |
|
|
| 647,913 |
|
NextEra Energy Capital Holdings, Inc. |
|
|
|
|
|
|
|
|
2.80%, 1/15/23, Callable 12/15/22 @ 100 (a) |
|
| 1,462,000 |
|
|
| 1,519,062 |
|
0.65%, 3/1/23 |
|
| 1,129,000 |
|
|
| 1,132,489 |
|
Vistra Operations Co. LLC, 3.55%, 7/15/24, Callable 6/15/24 @ 100 (b) |
|
| 2,500,000 |
|
|
| 2,614,550 |
|
|
|
|
|
|
|
| 9,297,715 |
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds (Cost $123,069,435) |
|
|
|
|
|
| 126,060,338 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Residential Mortgage-Backed Securities (3.4%) | ||||||||
Bear Stearns Alt-A Trust, Series 2003-3, Class 2A, 2.86%, 10/25/33, Callable 4/25/21 @ 100 (a)(g) | $ | 1,252,307 | $ | 1,252,307 | ||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a) | 13,270 | 13,636 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.68%, 11/25/34, Callable 4/25/21 @ 100 (a)(g) | 1,050,415 | 1,050,415 | ||||||
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 10/25/30 @ 100 (a) | 15,727 | 15,631 | ||||||
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/21 @ 100 (a) | 6,680 | 4,903 | ||||||
JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, 10/25/46, Callable 9/25/22 @ 100 (a)(b)(g) | 115,452 | 115,847 | ||||||
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 4/25/21 @ 100 (a) | 44,062 | 40,824 | ||||||
JPMorgan Mortgage Trust, Series 2016-3, Class 1A3, 3.46%, 10/25/46, Callable 11/25/22 @ 100 (a)(b)(g) | 92,429 | 92,680 | ||||||
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.93%, 10/25/29, Callable 7/25/24 @ 100 (a)(b)(g) | 2,325,850 | 2,366,874 | ||||||
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 12/25/23 @ 100 (a)(b)(g) | 1,096,878 | 1,107,118 | ||||||
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.41% (LIBOR03M+120bps), 7/29/30, Callable 4/29/21 @ 100 (a)(b)(c) | 2,250,000 | 2,249,439 | ||||||
Total Residential Mortgage-Backed Securities (Cost $8,289,862) | 8,309,674 | |||||||
Yankee Dollars (12.0%) | ||||||||
Communication Services (0.2%): | ||||||||
SES SA, 3.60%, 4/4/23 (b) | 503,000 | 529,418 | ||||||
Consumer Staples (4.1%): | ||||||||
Barry Callebaut Services NV, 5.50%, 6/15/23 (b) | 2,346,000 | 2,557,422 | ||||||
Heineken NV, 3.40%, 4/1/22 (b) | 1,570,000 | 1,614,981 | ||||||
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a)(b) | 2,391,000 | 2,490,227 | ||||||
Pernod Ricard SA, 4.25%, 7/15/22 (a)(b) | 833,000 | 870,976 | ||||||
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b) | 2,122,000 | 2,170,445 | ||||||
9,704,051 | ||||||||
Energy (1.5%): | ||||||||
Canadian Natural Resources Ltd. | ||||||||
2.95%, 1/15/23, Callable 12/15/22 @ 100 | 1,305,000 | 1,354,616 | ||||||
3.80%, 4/15/24, Callable 1/15/24 @ 100 (e) | 1,180,000 | 1,263,839 | ||||||
Ecopetrol SA, 5.88%, 9/18/23 (a) | 846,000 | 932,647 | ||||||
3,551,102 | ||||||||
Financials (3.4%): | ||||||||
Barclays Bank PLC | ||||||||
2/4/25 (a) | 270,000 | 352,139 | ||||||
2/18/25 | 230,000 | 255,967 | ||||||
Enel Finance International NV, 2.88%, 5/25/22 (a)(b) | 1,675,000 | 1,718,684 | ||||||
Newcrest Finance Pty Ltd., 4.20%, 10/1/22 (a)(b) | 2,214,000 | 2,329,947 | ||||||
NXP BV/NXP Funding LLC, 4.63%, 6/1/23 (b) | 3,406,000 | 3,688,663 | ||||||
8,345,400 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
Industrials (0.7%): |
|
|
|
|
|
|
|
|
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100 |
| $ | 1,100,000 |
|
| $ | 1,068,793 |
|
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b) |
|
| 606,000 |
|
|
| 618,326 |
|
|
|
|
|
|
|
| 1,687,119 |
|
Materials (1.8%): |
|
|
|
|
|
|
|
|
Anglo American Capital PLC |
|
|
|
|
|
|
|
|
4.13%, 4/15/21 (a)(b) |
|
| 1,524,000 |
|
|
| 1,525,280 |
|
3.63%, 9/11/24 (b) |
|
| 2,880,000 |
|
|
| 3,113,338 |
|
|
|
|
|
|
|
| 4,638,618 |
|
Utilities (0.3%): |
|
|
|
|
|
|
|
|
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100 (e) |
|
| 655,000 |
|
|
| 704,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Yankee Dollars (Cost $28,907,399) |
|
|
|
|
|
| 29,160,213 |
|
U.S. Government Mortgage-Backed Agencies (6.4%) |
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
5.00%, 6/15/23 - 8/1/40 (a) |
|
| 689,599 |
|
|
| 782,758 |
|
5.50%, 10/25/23 (a) |
|
| 2,924 |
|
|
| 3,057 |
|
7.00%, 9/1/38 (a) |
|
| 3,281 |
|
|
| 3,892 |
|
Series 4320, Class AP, 3.50%, 7/15/39 (a) |
|
| 1,009,939 |
|
|
| 1,083,472 |
|
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a) |
|
| 3,352,849 |
|
|
| 3,442,340 |
|
Series 4444, Class CH, 3.00%, 1/15/41 (a) |
|
| 1,106,996 |
|
|
| 1,131,108 |
|
Series 4049, Class AB, 2.75%, 12/15/41 (a) |
|
| 372,230 |
|
|
| 379,618 |
|
|
|
|
|
|
|
| 6,826,245 |
|
Federal National Mortgage Association |
|
|
|
|
|
|
|
|
6.00%, 2/1/37 (a) |
|
| 1,053,832 |
|
|
| 1,217,919 |
|
Series 2013-33, Class UD, 2.50%, 4/25/39 (a) |
|
| 793,614 |
|
|
| 818,933 |
|
Series 2011-21, Class PA, 4.50%, 5/25/40 (a) |
|
| 2,297,830 |
|
|
| 2,435,101 |
|
Series 2011-101, Class LA, 3.00%, 10/25/40 (a) |
|
| 545,554 |
|
|
| 554,702 |
|
5.00%, 2/1/41 - 10/1/41 (a) |
|
| 2,633,021 |
|
|
| 2,990,209 |
|
Series 2018-29, Class PA, 3.50%, 3/25/44 (a) |
|
| 587,046 |
|
|
| 592,460 |
|
|
|
|
|
|
|
| 8,609,324 |
|
| ||||||||
Total U.S. Government Mortgage-Backed Agencies (Cost $15,107,230) |
|
|
|
|
|
| 15,435,569 |
|
U.S. Treasury Obligations (10.5%) |
|
|
|
|
|
|
|
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
0.13%, 4/15/22 (a) |
|
| 8,455,267 |
|
|
| 8,688,374 |
|
0.13%, 6/30/22 (a) |
|
| 11,526,000 |
|
|
| 11,528,701 |
|
0.13%, 7/15/23 |
|
| 5,328,000 |
|
|
| 5,317,178 |
|
Total U.S. Treasury Obligations (Cost $25,305,536) |
|
|
|
|
|
| 25,534,253 |
|
Collateral for Securities Loaned^ (2.6%) |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h) |
|
| 129,461 |
|
|
| 129,461 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h) |
|
| 3,333,910 |
|
|
| 3,333,910 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h) |
|
| 64,607 |
|
|
| 64,607 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h) |
|
| 515,158 |
|
|
| 515,158 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h) |
|
| 2,316,253 |
|
|
| 2,316,253 |
|
|
|
|
|
|
|
|
|
|
Total Collateral for Securities Loaned (Cost $6,359,389) |
|
|
|
|
|
| 6,359,389 |
|
Total Investments (Cost $231,078,966) — 96.9% |
|
|
|
|
|
| 235,111,990 |
|
Other assets in excess of liabilities — 3.1% |
|
|
|
|
|
| 7,631,741 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 242,743,731 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory INCORE Low Duration Bond Fund | March 31, 2021 |
| (Unaudited) |
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security has been segregated as collateral for derivative instruments. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $57,248,622 and amounted to 23.6% of net assets. |
(c) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021. |
(d) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(e) | All or a portion of this security is on loan. |
(f) | Continuously callable with 30 days’ notice. |
(g) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021. |
(h) | Rate disclosed is the daily yield on March 31, 2021. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
LIBOR—London InterBank Offered Rate |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Futures Contracts Purchased |
| Number of |
|
| Expiration |
|
| Notional |
|
| Value |
|
| Unrealized |
| ||||||
Mexican Peso Currency Futures |
|
| 70 |
|
|
| 6/14/21 |
|
| $ | 1,701,001 |
|
| $ | 1,698,900 |
|
| $ | (2,101 | ) |
Futures Contracts Sold |
|
| Number of |
|
| Expiration |
|
| Notional |
|
| Value |
|
| Unrealized |
| |||||
10-Year U.S. Treasury Note Futures |
|
| 24 |
|
|
| 6/21/21 |
|
|
| 3,224,372 |
|
|
| 3,142,500 |
|
|
| 81,872 |
|
5-Year U.S. Treasury Note Futures |
|
| 100 |
|
|
| 6/30/21 |
|
|
| 12,495,866 |
|
|
| 12,339,845 |
|
|
| 156,021 |
|
Canadian Dollar Futures |
|
| 33 |
|
|
| 6/15/21 |
|
|
| 2,609,640 |
|
|
| 2,625,810 |
|
|
| (16,170 | ) |
Ultra Long Term U.S. Treasury Bond Futures |
|
| 4 |
|
|
| 6/21/21 |
|
|
| 735,486 |
|
|
| 724,875 |
|
|
| 10,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 232,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total unrealized appreciation |
|
|
|
|
|
| $ | 248,504 |
| ||||||||
|
|
| Total unrealized depreciation |
|
|
|
|
|
|
| (18,271 | ) | ||||||||
|
|
| Total net unrealized appreciation (depreciation) |
|
|
|
|
|
| $ | 230,233 |
Centrally Cleared |
|
|
Credit Default Swap Agreements - Sell Protection (a) |
Underlying Instruments |
| Fixed Deal |
|
| Maturity |
|
| Payment |
|
| Implied |
|
| Notional |
|
| Value |
|
| Premiums |
|
| Unrealized |
| ||||||||
CDX North America High Yield Index; Series 35 |
|
| 5.00 | % |
|
| 12/20/25 |
|
|
| Quarterly |
|
|
| 2.86 | % |
| $ | 8,000,000 |
|
| $ | (724,711 | ) |
| $ | (723,600 | ) |
| $ | (1,111 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (724,711 | ) |
| $ | (723,600 | ) |
| $ | (1,111 | ) |
(a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
(b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
(c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
Victory Portfolios | Schedule of Portfolio Investments |
Victory High Yield Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description | Shares or Principal Amount | Value | ||||||
Common Stocks (0.7%) | ||||||||
Communication Services (0.7%): | ||||||||
iHeartMedia, Inc., Class A (a) | 30,500 | $ | 553,575 | |||||
Nexstar Media Group, Inc., Class A | 7,250 | 1,018,118 | ||||||
Sinclair Broadcast Group, Inc., Class A | 14,500 | 424,270 | ||||||
1,995,963 | ||||||||
Consumer Discretionary (0.0%): | ||||||||
Men’s Wearhouse, Inc. | 31,563 | 23,672 | ||||||
Total Common Stocks (Cost $1,764,006) | 2,019,635 | |||||||
Senior Secured Loans (15.1%) | ||||||||
Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (b) | $ | 1,974,359 | 1,908,475 | |||||
Alphabet Holding Co., Inc., Initial Term Loan Second Lien, 7.86% (LIBOR01M+775bps), 8/15/25 (b) | 1,500,000 | 1,500,810 | ||||||
Caesars Resort Collection, LLC, Term B-1 Loans, First Lien, 4.61% (LIBOR01M+450bps), 6/19/25 (b) | 1,990,000 | 1,992,488 | ||||||
Dayco Products LLC, Term Loans, First Lien, 4.44% (LIBOR03M+425bps), 5/19/24 (b) | 962,500 | 869,686 | ||||||
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.75% (LIBOR03M+350bps), 4/8/26 (b) | 1,539,674 | 1,489,712 | ||||||
Froneri International Ltd., Second Lien Term Loan USD, 5.86% (LIBOR01M+575bps), 1/30/28 (b) | 500,000 | 505,940 | ||||||
Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25% (LIBOR02M+250bps), 10/4/23 (b) | 1,983,167 | 1,949,949 | ||||||
Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00% (LIBOR01M+425bps), 2/26/28 (b)(c) | 2,992,500 | 2,993,996 | ||||||
Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.21% (LIBOR03M+500bps), 10/26/25 (b) | 2,673,453 | 2,656,076 | ||||||
Jo-Ann Stores LLC, Loan, First Lien, 6.00% (LIBOR03M+500bps), 10/16/23 (b) | 3,000,000 | 2,986,620 | ||||||
LIFE TIME, Inc., 2021 Refinancing Term Loan, First Lien, 12/15/24 (b)(c) | 2,000,000 | 1,995,000 | ||||||
LifeScan Global Corp., Initial Term Loan, First Lien, 6.24% (LIBOR03M+600bps), 6/19/24 (b) | 1,715,557 | 1,662,014 | ||||||
Navistar, Inc., Tranche B Term Loan, First Lien, 3.62% (LIBOR01M+350bps), 11/6/24 (b) | 2,952,278 | 2,951,540 | ||||||
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 3/4/28 (b)(c) | 3,000,000 | 2,986,410 | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (b) | 675,000 | 673,448 | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06+325bps), 2/12/28 (b)(c) | 1,000,000 | 997,700 | ||||||
Reynolds Group Holdings Inc., 2017 Incremental US Term Loans, First Lien, 2.86% (LIBOR01M+275bps), 2/5/23 (b) | 671,629 | 668,378 | ||||||
SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.61% (LIBOR01M+850bps), 5/26/26 (b) | 1,000,000 | 995,000 | ||||||
Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00% (LIBOR03M+900bps), 12/23/25 (b) | 1,864,865 | 2,032,703 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Yield Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description | Principal Amount | Value | ||||||
Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00% (LIBOR03M+900bps), 12/23/25 (b) | $ | 135,135 | $ | 147,297 | ||||
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.75% (LIBOR03M+350bps), 4/8/26 (b) | 827,782 | 800,920 | ||||||
Stars Group Holdings BV, Term Loan, First Lien, 3.75% (LIBOR03M+350bps), 6/27/25 (b) | 876,075 | 876,566 | ||||||
Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR01M+275bps), 2/6/24 (b) | 1,473,146 | 1,366,431 | ||||||
The Enterprise Development Authority, Term Loan B, First Lien, 2/19/28 (b)(c) | 3,000,000 | 3,007,500 | ||||||
The Men’s Wearhouse LLC, Term Loan, First Lien, 3.25% (LIBOR03M+225bps), 12/1/25 (b) | 1,677,874 | 1,275,184 | ||||||
Total Senior Secured Loans (Cost $40,761,321) | 41,289,843 | |||||||
Corporate Bonds (68.2%) | ||||||||
Communication Services (12.3%): | ||||||||
AMC Networks, Inc., 4.75%, 8/1/25, Callable 8/1/21 @ 102.38 | 3,000,000 | 3,079,739 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 8/1/22 @ 102.5 (d) | 1,000,000 | 1,057,780 | ||||||
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38 (d)(e) | 2,710,000 | 2,760,216 | ||||||
Entercom Media Corp. | ||||||||
7.25%, 11/1/24, Callable 4/10/21 @ 103.63 (d)(e) | 1,750,000 | 1,814,873 | ||||||
6.50%, 5/1/27, Callable 5/1/22 @ 104.88 (d)(e) | 2,500,000 | 2,597,150 | ||||||
6.75%, 3/31/29, Callable 3/31/24 @ 103.38 (d) | 1,800,000 | 1,872,018 | ||||||
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (d) | 2,750,000 | 2,719,805 | ||||||
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19 | 2,520,000 | 2,706,354 | ||||||
Meredith Corp., 6.88%, 2/1/26, Callable 5/10/21 @ 103.44 (e) | 2,468,000 | 2,529,256 | ||||||
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22 (d) | 3,000,000 | 3,154,679 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (d) | 3,000,000 | 2,922,180 | ||||||
Sirius XM Radio, Inc. | ||||||||
4.63%, 7/15/24, Callable 7/15/21 @ 102.31 (d)(f) | 1,000,000 | 1,029,400 | ||||||
5.50%, 7/1/29, Callable 7/1/24 @ 102.75 (d)(f) | 2,350,000 | 2,541,596 | ||||||
Univision Communications, Inc., 5.13%, 2/15/25, Callable 4/20/21 @ 101.71 (d)(e) | 2,500,000 | 2,532,225 | ||||||
33,317,271 | ||||||||
Consumer Discretionary (15.7%): | ||||||||
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (d) | 2,750,000 | 2,901,195 | ||||||
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94 (e) | 2,000,000 | 2,071,480 | ||||||
Boyd Gaming Corp. | ||||||||
8.63%, 6/1/25, Callable 6/1/22 @ 104.31 (d) | 1,700,000 | 1,890,162 | ||||||
6.38%, 4/1/26, Callable 4/26/21 @ 103.19 | 2,250,000 | 2,323,103 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25, Callable 4/20/21 @ 102.63 (d) | 2,500,000 | 2,522,125 | ||||||
Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25 (d) | 3,000,000 | 3,230,280 | ||||||
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (d)(e)(f) | 6,000,000 | 3,151,680 | ||||||
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100 (f) | 3,000,000 | 3,631,710 | ||||||
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (d) | 2,750,000 | 2,739,220 | ||||||
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (d) | 2,000,000 | 2,085,860 | ||||||
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13 (d) | 1,800,000 | 1,854,000 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Yield Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description | Principal Amount | Value | ||||||
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100 | $ | 2,000,000 | $ | 2,199,020 | ||||
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | 2,475,000 | 2,659,610 | ||||||
Michaels Stores, Inc., 8.00%, 7/15/27 (d) | 2,750,000 | 3,043,480 | ||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (d) | 250,000 | 270,373 | ||||||
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (d) | 3,000,000 | 3,225,839 | ||||||
Tenneco, Inc. | ||||||||
5.00%, 7/15/26, Callable 7/15/21 @ 102.5 (e) | 2,350,000 | 2,228,834 | ||||||
7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (d) | 650,000 | 730,477 | ||||||
42,758,448 | ||||||||
Consumer Staples (3.6%): | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 2/15/28, Callable 8/15/22 @ 104.41 (d) | 2,750,000 | 2,924,295 | ||||||
Dole Food Co., Inc., 7.25%, 6/15/25, Callable 5/10/21 @ 103.63 (d) | 3,000,000 | 3,084,480 | ||||||
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31 (d) | 2,950,000 | 2,973,482 | ||||||
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (d) | 900,000 | 917,541 | ||||||
9,899,798 | ||||||||
Energy (4.2%): | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24, Callable 4/26/21 @ 102.69 | 2,750,000 | 2,778,518 | ||||||
Antero Resources Corp. | ||||||||
5.63%, 6/1/23, Callable 5/10/21 @ 101.41 | 1,184,000 | 1,187,824 | ||||||
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (d)(e) | 3,000,000 | 3,306,299 | ||||||
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (d) | 900,000 | 957,654 | ||||||
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38 (d) | 900,000 | 937,656 | ||||||
Occidental Petroleum Corp., 5.50%, 12/1/25, Callable 9/1/25 @ 100 | 950,000 | 1,002,792 | ||||||
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 (e) | 1,350,000 | 1,374,030 | ||||||
11,544,773 | ||||||||
Financials (7.0%): | ||||||||
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31 (d) | 3,000,000 | 3,300,900 | ||||||
BCPE Ulysses Intermediate, Inc. PIK, 7.75%, 4/1/27, Callable 4/1/23 @ 102 (d)(g) | 450,000 | 466,727 | ||||||
Compass Group Diversified Holdings LLC | ||||||||
8.00%, 5/1/26 (d)(f) | 3,000,000 | 3,138,450 | ||||||
5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (d) | 1,200,000 | 1,258,584 | ||||||
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25 (d) | 3,000,000 | 3,259,590 | ||||||
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (d)(f) | 2,250,000 | 2,504,633 | ||||||
Resideo Funding, Inc., 6.13%, 11/1/26, Callable 11/1/21 @ 104.59 (d) | 1,300,000 | 1,371,851 | ||||||
White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (d)(g) | 2,100,000 | 2,188,326 | ||||||
Wolverine Escrow LLC, 13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (d)(e) | 2,200,000 | 1,848,154 | ||||||
19,337,215 | ||||||||
Health Care (6.9%): | ||||||||
Air Methods Corp., 8.00%, 5/15/25, Callable 5/10/21 @ 104 (d)(f) | 1,500,000 | 1,417,215 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 6/30/28, Callable 6/30/23 @ 104.5 (d) | 3,000,000 | 2,463,510 | ||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63 (d) | 1,796,000 | 1,970,966 | ||||||
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (d)(f) | 2,500,000 | 2,736,625 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Yield Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description | Principal Amount | Value | ||||||
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 12/1/21 @ 104.88 (d) | $ | 3,000,000 | $ | 3,247,499 | ||||
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (d)(e) | 2,000,000 | 2,209,080 | ||||||
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/26/21 @ 101.59 (d)(e) | 2,000,000 | 1,767,400 | ||||||
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (d) | 3,000,000 | 3,123,690 | ||||||
18,935,985 | ||||||||
Industrials (12.7%): | ||||||||
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 5/10/21 @ 101.84 (d) | 2,000,000 | 1,800,400 | ||||||
American Airlines, Inc., 11.75%, 7/15/25 (d) | 3,000,000 | 3,708,419 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.50%, 4/20/26 (d) | 1,300,000 | 1,355,796 | ||||||
5.75%, 4/20/29 (d) | 1,850,000 | 1,971,120 | ||||||
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 5/10/21 @ 100 (d)(e) | 2,000,000 | 2,002,500 | ||||||
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/1/22 @ 103.19 (d) | 3,000,000 | 3,180,570 | ||||||
Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 (d) | 1,800,000 | 1,857,276 | ||||||
Delta Air Lines, Inc., 7.00%, 5/1/25 (d) | 3,000,000 | 3,453,480 | ||||||
Hillenbrand, Inc., 3.75%, 3/1/31, Callable 3/1/26 @ 101.88 (e) | 800,000 | 783,592 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (d) | 3,000,000 | 3,285,360 | ||||||
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (c)(d) | 1,050,000 | 1,076,597 | ||||||
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75 (d) | 2,000,000 | 2,036,080 | ||||||
Pisces Midco, Inc., 8.00%, 4/15/26, Callable 4/15/21 @ 104 (d) | 3,000,000 | 3,124,710 | ||||||
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31 (d) | 1,250,000 | 1,230,663 | ||||||
Triumph Group, Inc., 6.25%, 9/15/24, Callable 5/10/21 @ 103.13 (d) | 1,525,000 | 1,547,753 | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (d) | 2,250,000 | 2,512,305 | ||||||
34,926,621 | ||||||||
Information Technology (1.6%): | ||||||||
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (d) | 2,250,000 | 2,475,338 | ||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 9/1/21 @ 103.75 (d) | 1,800,000 | 1,871,226 | ||||||
4,346,564 | ||||||||
Materials (3.5%): | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 8/15/22 @ 102.63 (d) | 3,000,000 | 3,059,760 | ||||||
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 7/15/25, Callable 7/15/22 @ 103.25 (d) | 1,200,000 | 1,291,956 | ||||||
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25 (d) | 2,000,000 | 2,108,420 | ||||||
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 5/10/21 @ 103.13 (d)(e) | 3,000,000 | 3,088,080 | ||||||
9,548,216 | ||||||||
Real Estate (0.7%): | ||||||||
Adams Homes, Inc., 7.50%, 2/15/25, Callable 2/15/22 @ 103.75 (d) | 1,800,000 | 1,884,510 | ||||||
Total Corporate Bonds (Cost $177,550,344) | 186,499,401 | |||||||
Yankee Dollars (7.9%) | ||||||||
Consumer Discretionary (1.7%): | ||||||||
1011778 BC ULC/New Red Finance, Inc., 4.38%, 1/15/28, Callable 11/15/22 @ 102.19 (d) | 2,000,000 | 2,009,960 | ||||||
Viking Cruises, Ltd., 7.00%, 2/15/29, Callable 2/15/24 @ 103.5 (d) | 1,800,000 | 1,853,730 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Yield Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description | Shares or Principal Amount | Value | ||||||
Viking Ocean Cruises Ship VII, Ltd., 5.63%, 2/15/29, Callable 2/15/24 @ 102.81 (d) | $ | 900,000 | $ | 910,026 | ||||
4,773,716 | ||||||||
Energy (1.1%): | ||||||||
Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 5/10/21 @ 109.75 (d)(e)(f)(g) | 500,000 | 545,860 | ||||||
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (d) | 2,300,000 | 2,405,802 | ||||||
2,951,662 | ||||||||
Financials (0.5%): | ||||||||
Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 5/10/21 @ 106.38 (d)(e)(h) | 2,000,000 | 1,259,020 | ||||||
Health Care (1.1%): | ||||||||
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 5/10/21 @ 102.04 (d) | 3,000,000 | 3,075,239 | ||||||
Industrials (1.9%): | ||||||||
Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 4/20/21 @ 102.5 (d)(f) | 2,200,000 | 2,245,078 | ||||||
Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94 (d) | 3,000,000 | 2,936,580 | ||||||
5,181,658 | ||||||||
Materials (1.6%): | ||||||||
Intertape Polymer Group, Inc., 7.00%, 10/15/26, Callable 10/15/21 @ 103.5 (d) | 1,330,000 | 1,394,306 | ||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/10/21 @ 103.88 (d)(f) | 2,000,000 | 2,082,140 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (d) | 900,000 | 927,891 | ||||||
4,404,337 | ||||||||
Total Yankee Dollars (Cost $21,394,665) | 21,645,632 | |||||||
Collateral for Securities Loaned^ (10.3%) | ||||||||
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (i) | 576,465 | 576,465 | ||||||
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (i) | 14,845,293 | 14,845,293 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (i) | 287,685 | 287,685 | ||||||
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (i) | 2,293,907 | 2,293,907 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (i) | 10,313,853 | 10,313,853 | ||||||
Total Collateral for Securities Loaned (Cost $28,317,203) | 28,317,203 | |||||||
Total Investments (Cost $269,787,539) — 102.2% | 279,771,714 | |||||||
Liabilities in excess of other assets — (2.2)% | (5,909,182 | ) | ||||||
NET ASSETS - 100.00% | $ | 273,862,532 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021. |
(c) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $177,589,171 and amounted to 64.8% of net assets. |
(e) | All or a portion of this security is on loan. |
(f) | All or a portion of the security has been segregated as collateral for securities purchased on a when-issued basis. |
(g) | Cash interest 13.0%, PIK interest 13.75%. |
(h) | Defaulted security. |
(i) | Rate disclosed is the daily yield on March 31, 2021. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
PIK—Payment-in-Kind |
PLC—Public Limited Company |
ULC—Unlimited Liability Co. |
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory Tax-Exempt Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Municipal Bonds (98.8%) |
|
|
|
|
|
|
|
|
Arkansas (2.0%): |
|
|
|
|
|
|
|
|
Arkansas Development Finance Authority Revenue Bonds, 3.20%, 12/1/49, Continuously Callable @100 |
| $ | 750,000 |
|
| $ | 754,575 |
|
University of Central Arkansas Revenue Bonds, Series A, 3.00%, 11/1/49, Continuously Callable @100 |
|
| 265,000 |
|
|
| 272,688 |
|
|
|
|
|
|
|
| 1,027,263 |
|
California (3.0%): |
|
|
|
|
|
|
|
|
Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100 |
|
| 1,500,000 |
|
|
| 1,550,325 |
|
|
|
|
|
|
|
|
|
|
Colorado (1.6%): |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority Revenue, Series A, 4.00%, 12/1/50, Continuously Callable @103 |
|
| 750,000 |
|
|
| 800,453 |
|
|
|
|
|
|
|
|
|
|
Connecticut (4.6%): |
|
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority Revenue Bonds, Series 2016 CT, 5.00%, 12/1/41, Continuously Callable @100 |
|
| 2,000,000 |
|
|
| 2,379,199 |
|
|
|
|
|
|
|
|
|
|
Florida (9.5%): |
|
|
|
|
|
|
|
|
Capital Trust Agency, Inc. Revenue, 5.00%, 8/1/55, Continuously Callable @100 |
|
| 400,000 |
|
|
| 463,420 |
|
City of Pompano Beach Revenue, 4.00%, 9/1/50, Continuously Callable @103 |
|
| 500,000 |
|
|
| 530,455 |
|
Florida Development Finance Corp. Revenue, Series A, 5.00%, 6/15/55, Continuously Callable @100 |
|
| 500,000 |
|
|
| 550,365 |
|
Hillsborough County Industrial Development Authority Revenue Bonds, 4.00%, 8/1/50, Continuously Callable @100 |
|
| 500,000 |
|
|
| 563,050 |
|
Miami-Dade County Public Facilities Revenue Bonds, Series A, 5.00%, 6/1/33, Continuously Callable @100 |
|
| 2,000,000 |
|
|
| 2,339,040 |
|
St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103 |
|
| 500,000 |
|
|
| 530,275 |
|
|
|
|
|
|
|
| 4,976,605 |
|
Georgia (1.0%): |
|
|
|
|
|
|
|
|
Development Authority of Applying County Revenue Bonds, 0.11%, 9/1/41, Continuously Callable @100 (a) |
|
| 400,000 |
|
|
| 400,000 |
|
The Development Authority of Monroe County Revenue, 0.11%, 11/1/48, Continuously Callable @100 (a) |
|
| 100,000 |
|
|
| 100,000 |
|
|
|
|
|
|
|
| 500,000 |
|
Guam (2.3%): |
|
|
|
|
|
|
|
|
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,164,500 |
|
|
|
|
|
|
|
|
|
|
Illinois (25.2%): |
|
|
|
|
|
|
|
|
Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100 |
|
| 2,275,000 |
|
|
| 2,685,887 |
|
Chicago General Obligation Refunding Bonds, Series A, 5.75%, 1/1/33, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,207,770 |
|
Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series 2014, 5.00%, 12/1/44, Continuously Callable @100 |
|
| 1,450,000 |
|
|
| 1,632,497 |
|
City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,183,420 |
|
City of Chicago Wastewater Transmission Revenue |
|
|
|
|
|
|
|
|
Series A, 5.00%, 1/1/47, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,157,000 |
|
Series C, 5.00%, 1/1/34, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,150,910 |
|
Illinois General Obligation Bonds, Series 2013, 5.50%, 7/1/27, Continuously Callable @100 |
|
| 2,000,000 |
|
|
| 2,186,800 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Tax-Exempt Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Sales Tax Securitization Corp. Revenue Bonds, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100 |
| $ | 1,500,000 |
|
| $ | 1,799,835 |
|
|
|
|
|
|
|
| 13,004,119 |
|
Iowa (1.1%): |
|
|
|
|
|
|
|
|
Iowa Finance Authority Revenue Bonds, Series A-1, 4.00%, 5/15/55, Continuously Callable @103 |
|
| 500,000 |
|
|
| 542,940 |
|
|
|
|
|
|
|
|
|
|
Massachusetts (1.8%): |
|
|
|
|
|
|
|
|
University of Massachusetts Building Authority Revenue |
|
|
|
|
|
|
|
|
5.00%, 11/1/39, Continuously Callable @100 |
|
| 600,000 |
|
|
| 689,355 |
|
5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 |
|
| 220,000 |
|
|
| 256,234 |
|
|
|
|
|
|
|
| 945,589 |
|
Missouri (2.5%): |
|
|
|
|
|
|
|
|
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (b) |
|
| 1,150,000 |
|
|
| 1,278,927 |
|
|
|
|
|
|
|
|
|
|
New Jersey (8.1%): |
|
|
|
|
|
|
|
|
New Jersey Economic Development Authority Biomedical Research Facilities Revenue Bonds, Series 2016 A, 5.00%, 7/15/29, Continuously Callable @100 |
|
| 885,000 |
|
|
| 1,053,318 |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds |
|
|
|
|
|
|
|
|
5.00%, 6/15/28, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,175,280 |
|
Series BB, 3.50%, 6/15/46, Continuously Callable @100 |
|
| 200,000 |
|
|
| 210,510 |
|
Tobacco Settlement Financing Corp. Revenue Bonds, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100 |
|
| 1,500,000 |
|
|
| 1,750,530 |
|
|
|
|
|
|
|
| 4,189,638 |
|
New York (12.7%): |
|
|
|
|
|
|
|
|
Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue Bonds, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100 |
|
| 1,545,000 |
|
|
| 1,801,115 |
|
Metropolitan Transportation Authority Revenue, Series D-3, 4.00%, 11/15/49, Continuously Callable @100 |
|
| 500,000 |
|
|
| 554,305 |
|
New York Counties Tobacco Trust II Revenue Bonds, 5.75%, 6/1/43, Continuously Callable @100 |
|
| 200,000 |
|
|
| 200,734 |
|
New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (c) |
|
| 500,000 |
|
|
| 497,845 |
|
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 12/1/32, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,111,020 |
|
TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 |
|
| 2,000,000 |
|
|
| 2,314,940 |
|
|
|
|
|
|
|
| 6,479,959 |
|
North Carolina (5.4%): |
|
|
|
|
|
|
|
|
City of Charlotte Certificate of Participation, 4.00%, 6/1/49, Continuously Callable @100 |
|
| 1,670,000 |
|
|
| 1,914,772 |
|
North Carolina Medical Care Commission Revenue, Series A, 4.00%, 10/1/50, Continuously Callable @103 |
|
| 350,000 |
|
|
| 376,201 |
|
North Carolina Medical Care Commission Revenue Bonds, Series A, 4.00%, 9/1/50, Continuously Callable @100 |
|
| 500,000 |
|
|
| 524,785 |
|
|
|
|
|
|
|
| 2,815,758 |
|
Ohio (7.3%): |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,126,040 |
|
County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103 |
|
| 500,000 |
|
|
| 571,235 |
|
County of Hardin Economic Development Facilities Revenue Bonds, 5.00%, 5/1/30, Continuously Callable @103 |
|
| 350,000 |
|
|
| 376,971 |
|
Logan Elm Local School District General Obligation Bonds, 4.00%, 11/1/55, Continuously Callable @100 |
|
| 1,500,000 |
|
|
| 1,671,900 |
|
|
|
|
|
|
|
| 3,746,146 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Tax-Exempt Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Oregon (0.4%): |
|
|
|
|
|
|
|
|
Oregon State Lottery Revenue Bonds, Series A, 5.25%, 4/1/30, Continuously Callable @100 |
| $ | 205,000 |
|
| $ | 205,467 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania (5.3%): |
|
|
|
|
|
|
|
|
Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,226,900 |
|
The School District of Philadelphia, GO, Series A, 5.00%, 9/1/38, Continuously Callable @100 |
|
| 1,200,000 |
|
|
| 1,474,116 |
|
|
|
|
|
|
|
| 2,701,016 |
|
Texas (1.5%): |
|
|
|
|
|
|
|
|
New Hope Cultural Education Facilities Finance Corp. Revenue, 5.00%, 7/1/47, Continuously Callable @102 |
|
| 500,000 |
|
|
| 449,935 |
|
Port of Port Arthur Navigation District Revenue, Series B, 0.08%, 4/1/40, Continuously Callable @100 (a) |
|
| 300,000 |
|
|
| 300,000 |
|
|
|
|
|
|
|
| 749,935 |
|
Utah (3.5%): |
|
|
|
|
|
|
|
|
Jordanelle Special Service District, Series C, 12.00%, 8/1/30, Continuously Callable @100 (b) |
|
| 600,000 |
|
|
| 601,998 |
|
Utah Infrastructure Agency Revenue Bonds, Series A, 5.00%, 10/15/40, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,159,330 |
|
|
|
|
|
|
|
| 1,761,328 |
|
Total Municipal Bonds (Cost $47,114,062) |
|
|
|
|
|
| 50,819,167 |
|
Total Investments (Cost $47,114,062) — 98.8% |
|
|
|
|
|
| 50,819,167 |
|
Other assets in excess of liabilities — 1.2% |
|
|
|
|
|
| 618,350 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 51,437,517 |
|
(a) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $2,378,770 and amounted to 4.6% of net assets. |
(c) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 1.0% of net assets. |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
GO—General Obligation |
IDA—Industrial Development Authority |
|
|
Victory Portfolios | Schedule of Portfolio Investments |
Victory High Income Municipal Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Municipal Bonds (93.6%) |
|
|
|
|
|
|
|
|
Arizona (0.7%): |
|
|
|
|
|
|
|
|
La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100 |
| $ | 280,000 |
|
| $ | 304,828 |
|
|
|
|
|
|
|
|
|
|
California (2.9%): |
|
|
|
|
|
|
|
|
California County Tobacco Securitization Agency Revenue Bonds, Series B-1, 5.00%, 6/1/49, Continuously Callable @100 |
|
| 250,000 |
|
|
| 304,198 |
|
Golden State Tobacco Securitization Corp. Revenue Bonds, Series A2, 5.00%, 6/1/47, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,033,550 |
|
|
|
|
|
|
|
| 1,337,748 |
|
District of Columbia (1.7%): |
|
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corp. Revenue Bonds, 6.50%, 5/15/33 |
|
| 715,000 |
|
|
| 782,753 |
|
|
|
|
|
|
|
|
|
|
Florida (6.2%): |
|
|
|
|
|
|
|
|
Escambia County Health Facilities Authority Revenue Bonds, 3.00%, 8/15/50, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,006,230 |
|
Florida Development Finance Corp. Revenue, 4.00%, 7/1/55, Continuously Callable @100 |
|
| 500,000 |
|
|
| 528,780 |
|
Sumter County Village Community Development District No. 10 Special Assessment Revenue Bonds, Series 2014, 5.75%, 5/1/31, Continuously Callable @100 |
|
| 1,225,000 |
|
|
| 1,315,099 |
|
|
|
|
|
|
|
| 2,850,109 |
|
Illinois (15.2%): |
|
|
|
|
|
|
|
|
Chicago Board of Education Revenue Bonds, 6.00%, 4/1/46, Continuously Callable @100 |
|
| 1,500,000 |
|
|
| 1,770,914 |
|
Chicago General Obligation Refunding Bonds, Series 2015 C, 5.00%, 1/1/38, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,103,970 |
|
City of Chicago General Obligation Bonds, Series A, 5.50%, 1/1/49, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,183,420 |
|
Illinois Finance Authority Revenue Bonds, 4.75%, 10/15/40, (Put Date 8/01/30) (a)(b) |
|
| 500,000 |
|
|
| 523,740 |
|
Illinois General Obligation Bonds |
|
|
|
|
|
|
|
|
5.50%, 7/1/33, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,075,240 |
|
5.50%, 7/1/38, Continuously Callable @100 |
|
| 1,250,000 |
|
|
| 1,341,438 |
|
|
|
|
|
|
|
| 6,998,722 |
|
Indiana (3.5%): |
|
|
|
|
|
|
|
|
Indiana Finance Authority Revenue Bonds |
|
|
|
|
|
|
|
|
4.13%, 12/1/26 |
|
| 1,000,000 |
|
|
| 1,055,030 |
|
Series A, 5.00%, 7/1/55, Continuously Callable @100 |
|
| 500,000 |
|
|
| 540,765 |
|
|
|
|
|
|
|
| 1,595,795 |
|
Iowa (2.4%): |
|
|
|
|
|
|
|
|
Iowa Finance Authority Revenue, Series A, 5.00%, 5/15/48, Continuously Callable @100 |
|
| 500,000 |
|
|
| 565,265 |
|
Iowa Finance Authority Revenue Bonds, Series A-1, 4.00%, 5/15/55, Continuously Callable @103 |
|
| 500,000 |
|
|
| 542,940 |
|
|
|
|
|
|
|
| 1,108,205 |
|
Maryland (0.5%): |
|
|
|
|
|
|
|
|
Maryland Economic Development Corp. Revenue Bonds, 4.25%, 7/1/50, Continuously Callable @100 |
|
| 200,000 |
|
|
| 219,738 |
|
|
|
|
|
|
|
|
|
|
Massachusetts (2.8%): |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a) |
|
| 300,000 |
|
|
| 323,217 |
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J |
|
|
|
|
|
|
|
|
Series 2011, 5.63%, 7/1/28, Continuously Callable @100 |
|
| 275,000 |
|
|
| 277,478 |
|
Series 2011, 5.63%, 7/1/29, Continuously Callable @100 |
|
| 560,000 |
|
|
| 565,029 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Income Municipal Bond Fund | March 31, 2021 |
| (Unaudited) |
|
|
Security Description |
| Principal |
|
| Value |
| ||
Series 2011, 5.63%, 7/1/33, Continuously Callable @100 |
| $ | 140,000 |
|
| $ | 141,242 |
|
|
|
|
|
|
|
| 1,306,966 |
|
Missouri (1.2%): |
|
|
|
|
|
|
|
|
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, 4.25%, 12/1/42, Continuously Callable @100 (a) |
|
| 500,000 |
|
|
| 556,055 |
|
|
|
|
|
|
|
|
|
|
New Hampshire (2.9%): |
|
|
|
|
|
|
|
|
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103 |
|
| 500,000 |
|
|
| 542,855 |
|
New Hampshire Business Finance Authority Revenue Bonds, Series B, 3.75%, 7/1/45, (Put Date 7/02/40) (a)(b) |
|
| 750,000 |
|
|
| 770,700 |
|
|
|
|
|
|
|
| 1,313,555 |
|
New Jersey (7.2%): |
|
|
|
|
|
|
|
|
New Jersey Economic Development Authority Revenue Bonds, Series S, 4.00%, 6/15/50, Continuously Callable @100 |
|
| 450,000 |
|
|
| 501,170 |
|
New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series 2015 WW, 5.25%, 6/15/32, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,159,070 |
|
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue Bonds, Series A, 5.00%, 7/1/33, Continuously Callable @100 |
|
| 500,000 |
|
|
| 579,075 |
|
New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.75%, 12/1/28, Continuously Callable @100 |
|
| 540,000 |
|
|
| 554,812 |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series BB, 3.50%, 6/15/46, Continuously Callable @100 |
|
| 500,000 |
|
|
| 526,275 |
|
|
|
|
|
|
|
| 3,320,402 |
|
New Mexico (1.2%): |
|
|
|
|
|
|
|
|
New Mexico Hospital Equipment Loan Council Revenue, Series A, 5.00%, 7/1/49, Continuously Callable @102 |
|
| 500,000 |
|
|
| 553,335 |
|
|
|
|
|
|
|
|
|
|
New York (8.5%): |
|
|
|
|
|
|
|
|
Huntington Local Development Corp. Revenue, Series S, 3.00%, 7/1/25 |
|
| 500,000 |
|
|
| 500,115 |
|
Metropolitan Transportation Authority Revenue |
|
|
|
|
|
|
|
|
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (b) |
|
| 365,000 |
|
|
| 460,637 |
|
Series D-3, 4.00%, 11/15/49, Continuously Callable @100 |
|
| 500,000 |
|
|
| 554,305 |
|
New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (a)(d) |
|
| 1,000,000 |
|
|
| 995,690 |
|
New York State Dormitory Authority Revenue Bonds, 4.00%, 7/1/40, Continuously Callable @100 |
|
| 200,000 |
|
|
| 213,414 |
|
New York Transportation Development Corp. Revenue Bonds, 5.00%, 10/1/40, Continuously Callable @100 |
|
| 750,000 |
|
|
| 911,610 |
|
Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100 |
|
| 250,000 |
|
|
| 250,853 |
|
|
|
|
|
|
|
| 3,886,624 |
|
North Carolina (3.9%): |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission Revenue Bonds, 5.00%, 10/1/50, Continuously Callable @103 |
|
| 250,000 |
|
|
| 271,620 |
|
University of North Carolina Hill Revenue Bonds, 5.00%, 2/1/49 |
|
| 1,000,000 |
|
|
| 1,497,119 |
|
|
|
|
|
|
|
| 1,768,739 |
|
North Dakota (2.2%): |
|
|
|
|
|
|
|
|
Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue Bonds, 5.00%, 12/1/36, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,021,950 |
|
|
|
|
|
|
|
|
|
|
Ohio (4.0%): |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,126,040 |
|
County of Hardin Revenue Bonds, 5.50%, 5/1/50, Continuously Callable @103 |
|
| 500,000 |
|
|
| 520,350 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Income Municipal Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
Northeast Ohio Medical University Revenue Bonds, Series A, 4.00%, 12/1/45, Continuously Callable @100 |
| $ | 225,000 |
|
| $ | 242,046 |
|
|
|
|
|
|
|
| 1,888,436 |
|
Oklahoma (0.0%):(c) |
|
|
|
|
|
|
|
|
Oklahoma Development Finance Authority Continuing Care Retirement Community Revenue Bonds, Series 2012, 6.00%, 1/1/32, Continuously Callable @100 (d) |
|
| 1,885,000 |
|
|
| 21,037 |
|
|
|
|
|
|
|
|
|
|
Oregon (1.4%): |
|
|
|
|
|
|
|
|
Clackamas County Hospital Facility Authority Revenue Bonds |
|
|
|
|
|
|
|
|
Series A, 5.00%, 11/15/52, Continuously Callable @102 |
|
| 500,000 |
|
|
| 544,385 |
|
Series A, 5.38%, 11/15/55, Continuously Callable @102 |
|
| 100,000 |
|
|
| 106,827 |
|
|
|
|
|
|
|
| 651,212 |
|
Pennsylvania (1.2%): |
|
|
|
|
|
|
|
|
Bucks County IDA Revenue, 5.00%, 7/1/54, Continuously Callable @100 |
|
| 500,000 |
|
|
| 574,385 |
|
|
|
|
|
|
|
|
|
|
South Carolina (3.9%): |
|
|
|
|
|
|
|
|
Lancaster County, Walnut Creek Improvement District Assessment Refunding Revenue Bonds, Series 2016 A-1, 5.00%, 12/1/37, Continuously Callable @100 |
|
| 1,675,000 |
|
|
| 1,756,974 |
|
|
|
|
|
|
|
|
|
|
South Dakota (1.2%): |
|
|
|
|
|
|
|
|
Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22, Callable 5/10/21 @ 100 (a) |
|
| 545,000 |
|
|
| 545,554 |
|
|
|
|
|
|
|
|
|
|
Texas (6.8%): |
|
|
|
|
|
|
|
|
New Hope Cultural Education Facilities Finance Corp. Revenue, 5.00%, 7/1/47, Continuously Callable @102 |
|
| 1,000,000 |
|
|
| 688,310 |
|
Port of Port Arthur Navigation District Revenue |
|
|
|
|
|
|
|
|
Series A, 0.08%, 4/1/40, Continuously Callable @100 (e) |
|
| 700,000 |
|
|
| 700,000 |
|
Series C, 0.10%, 4/1/40, Continuously Callable @100 (e) |
|
| 600,000 |
|
|
| 600,000 |
|
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, NTE Mobility Partners Segments 3 LLC - Segments 3A & 3B Facility, Series 2013, 7.00%, 12/31/38, Continuously Callable @100 |
|
| 1,000,000 |
|
|
| 1,137,900 |
|
|
|
|
|
|
|
| 3,126,210 |
|
Utah (7.0%): |
|
|
|
|
|
|
|
|
Jordanelle Special Service District, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a) |
|
| 1,337,656 |
|
|
| 1,342,110 |
|
Utah Charter School Finance Authority Revenue Bonds, 2.75%, 4/15/50, Continuously Callable @100 |
|
| 525,000 |
|
|
| 526,969 |
|
Utah Infrastructure Agency Revenue Bonds, Series A, 5.38%, 10/15/40, Continuously Callable @100 |
|
| 1,150,000 |
|
|
| 1,365,843 |
|
|
|
|
|
|
|
| 3,234,922 |
|
Vermont (0.6%): |
|
|
|
|
|
|
|
|
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100 |
|
| 250,000 |
|
|
| 264,655 |
|
|
|
|
|
|
|
|
|
|
West Virginia (2.2%): |
|
|
|
|
|
|
|
|
The County Commission of Monongalia County, WV Special District Excise Tax Revenue Bonds, Series 2017 A, 5.75%, 6/1/43, Continuously Callable @100 (a) |
|
| 1,000,000 |
|
|
| 1,027,310 |
|
|
|
|
|
|
|
|
|
|
Wisconsin (2.3%): |
|
|
|
|
|
|
|
|
Public Finance Authority Revenue Bonds |
|
|
|
|
|
|
|
|
Series A, 5.25%, 3/1/55, Continuously Callable @100 (a) |
|
| 500,000 |
|
|
| 532,580 |
|
Series A, 5.00%, 7/1/55, Continuously Callable @100 (a) |
|
| 500,000 |
|
|
| 510,505 |
|
|
|
|
|
|
|
| 1,043,085 |
|
Total Municipal Bonds (Cost $41,172,597) |
|
|
|
|
|
| 43,059,304 |
|
Exchange-Traded Funds (5.2%) |
|
|
|
|
|
|
|
|
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF |
|
| 8,000 |
|
|
| 474,640 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory High Income Municipal Bond Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares |
|
| Value |
| ||
VanEck Vectors High-Yield Municipal Index ETF |
|
| 31,000 |
|
| $ | 1,926,650 |
|
Total Exchange-Traded Funds (Cost $2,310,942) |
|
|
|
|
|
| 2,401,290 |
|
Total Investments (Cost $43,483,539) — 98.8% |
|
|
|
|
|
| 45,460,594 |
|
Other assets in excess of liabilities — 1.2% |
|
|
|
|
|
| 541,201 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 46,001,795 |
|
(a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $7,127,461 and amounted to 15.5% of net assets. |
(b) | Put Bond. |
(c) | Amount represents less than 0.05% of net assets. |
(d) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 2.2% of net assets. |
(e) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
ETF—Exchange-Traded Fund |
IDA—Industrial Development Authority |
LLC—Limited Liability Company |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
Common Stocks (0.0%)(a) |
|
|
|
|
|
|
|
|
Consumer Discretionary (0.0%): |
|
|
|
|
|
|
|
|
Men’s Wearhouse, Inc. |
|
| 51,299 |
|
| $ | 38,474 |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost $192,371) |
|
|
|
|
|
| 38,474 |
|
Warrants (0.0%)(a) |
|
|
|
|
|
|
|
|
Communication Services (0.0%): |
|
|
|
|
|
|
|
|
Cineworld |
|
| 377,856 |
|
|
| 311,981 |
|
|
|
|
|
|
|
|
|
|
Total Warrants (Cost $–) |
|
|
|
|
|
| 311,981 |
|
Senior Secured Loans (81.8%) |
|
|
|
|
|
|
|
|
84 Lumber Co., Term B-1 Loans, First Lien, 3.75% (LIBOR01M+300bps), 11/13/26 (b)(c) |
| $ | 7,000,000 |
|
|
| 6,987,750 |
|
AAdvantage Loyalty IP Ltd, Initial Term Loan, First Lien, 3/10/28 (b)(c) |
|
| 8,500,000 |
|
|
| 8,699,240 |
|
Acrisure, LLC, Term Loan B 2020, First Lien, 3.61% (LIBOR01M+350bps), 2/15/27 (b)(c) |
|
| 13,384,466 |
|
|
| 13,206,052 |
|
Admi Corp., Amendment No. 4 Refinancing Term Loans, First Lien, 3.75% (LIBOR01M+325bps), 12/23/27 (b)(c) |
|
| 13,500,000 |
|
|
| 13,368,781 |
|
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25% (LIBOR06M+425bps), 3/14/25 (b) |
|
| 4,911,392 |
|
|
| 4,877,209 |
|
Air Methods Corp., Initial Term Loans, First Lien, 4.50% (LIBOR03M+350bps), 4/21/24 (b) |
|
| 10,900,440 |
|
|
| 10,536,693 |
|
Aldevron LLC, Term Loan B, First Lien, 4.25% (LIBOR01M+325bps), 10/11/26 (b) |
|
| 7,147,900 |
|
|
| 7,135,963 |
|
Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 4.25% (LIBOR03M+350bps), 10/8/27 (b) |
|
| 8,578,500 |
|
|
| 8,557,912 |
|
Alphabet Holding Co., Inc., Initial Term Loan Second Lien, 7.86% (LIBOR01M+775bps), 8/15/25 (b) |
|
| 4,950,000 |
|
|
| 4,952,673 |
|
Alphabet Holding Co., Inc., Term Loan B, First Lien, 3.61% (LIBOR01M+350bps), 9/28/24 (b)(c) |
|
| 10,396,248 |
|
|
| 10,306,944 |
|
American Axle & Manufacturing, Inc., Term Loan B, First Lien, 3.00% (LIBOR01M+225bps), 4/6/24 (b) |
|
| 5,510,156 |
|
|
| 5,476,599 |
|
Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 3.63% (LIBOR01M+350bps), 3/23/25 (b) |
|
| 7,736,670 |
|
|
| 7,586,114 |
|
Anchor Packaging LLC, Initial Term Loans, First Lien, 4.11% (LIBOR01M+400bps), 7/18/26 (b) |
|
| 8,940,853 |
|
|
| 8,940,853 |
|
AOT Packaging Products Acquisition Co. LLC, Closing Date Initial Term Loans, First Lien, 1/29/28 (b)(c) |
|
| 8,571,920 |
|
|
| 8,482,601 |
|
AOT Packaging Products Acquisition Co. LLC, Delayed Draw Term Loan Commitment, First Lien, 1/29/28 (b)(c) |
|
| 1,928,080 |
|
|
| 1,907,989 |
|
Asurion, LLC, Term B7, First Lien, 3.11% (LIBOR01M+300bps), 11/3/24 (b) |
|
| 3,830,226 |
|
|
| 3,812,875 |
|
Athenahealth, Inc., Additional Term B-1, First Lien, 4.45% (LIBOR03M+425bps), 2/11/26 (b) |
|
| 12,500,000 |
|
|
| 12,510,375 |
|
Blount International, Inc., Initial Term Loan Repricing, First Lien, 4.75% (LIBOR01M+375bps), 4/12/23 (b) |
|
| 5,821,013 |
|
|
| 5,828,289 |
|
Boyd Gaming Corp., Refinancing Term B Loans, First Lien, 2.33% (LIBOR01M+225bps), 9/15/23 (b) |
|
| 4,511,284 |
|
|
| 4,497,660 |
|
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR02M+425bps), 6/21/24 (b) |
|
| 60,026 |
|
|
| 59,029 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 5.25% (LIBOR03M+425bps), 6/21/24 (b) |
| $ | 7,643,328 |
|
| $ | 7,516,296 |
|
Brookfield Property REIT, Inc., Initial Term B Loans, First Lien, 2.61% (LIBOR01M+250bps), 8/24/25 (b) |
|
| 10,000,000 |
|
|
| 9,539,300 |
|
BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 9.19% (LIBOR03M+900bps), 5/15/26 (b) |
|
| 3,000,000 |
|
|
| 1,650,000 |
|
BWAY Holding Co., Initial Term Loan, First Lien, 3.41% (LIBOR03M+325bps), 4/3/24 (b) |
|
| 9,974,093 |
|
|
| 9,749,677 |
|
Caesars Resort Collection, LLC, Term B-1 Loans, First Lien, 4.61% (LIBOR01M+450bps), 6/19/25 (b) |
|
| 7,967,481 |
|
|
| 7,977,441 |
|
Calpine Corp., 2020 Term Loans, First Lien, 2.62% (LIBOR01M+250bps), 12/16/27 (b) |
|
| 2,987,631 |
|
|
| 2,966,837 |
|
Chassix, Inc., Term Loan B, First Lien, 6.50% (LIBOR03M+550bps), 11/10/23 (b) |
|
| 1,854,079 |
|
|
| 1,752,105 |
|
Chassix, Inc., Term Loan B, First Lien, 6.50% (LIBOR06M+550bps), 11/10/23 (b) |
|
| 2,001,299 |
|
|
| 1,891,227 |
|
CIBT Holdings, Inc., Initial Term Loan, First Lien, 4.75% (LIBOR03M+375bps), 6/1/24 (b) |
|
| 3,810,714 |
|
|
| 3,108,133 |
|
CityCenter Holdings LLC, Term B Loan, First Lien, 3.00% (LIBOR01M+225bps), 4/18/24 (b) |
|
| 9,974,093 |
|
|
| 9,838,346 |
|
CLARIOS GLOBAL LP, Term B-1, First Lien, 3.35% (LIBOR01M+325bps), 4/30/26 (b) |
|
| 8,765,531 |
|
|
| 8,666,919 |
|
Consolidated Communications, Inc., Initial Term Loan, First Lien, 10/2/27 (b) |
|
| 4,644,610 |
|
|
| 4,642,194 |
|
Cornerstone Building Brands, Inc., Term Loan B, First Lien, 4/12/28 (b)(c) |
|
| 3,000,000 |
|
|
| 2,985,000 |
|
CP ATLAS BUYER, Inc., Term B Loans, First Lien, 4.25% (LIBOR06M+375bps), 11/23/27 (b)(c) |
|
| 14,000,000 |
|
|
| 13,897,239 |
|
CPM Holdings, Inc., 2nd Lien Initial Term Loans, Second Lien, 8.37% (LIBOR01M+825bps), 11/16/26 (b) |
|
| 2,000,000 |
|
|
| 1,954,000 |
|
CPM Holdings, Inc., Initial Term Loans, First Lien, 3.62% (LIBOR01M+350bps), 11/17/25 (b) |
|
| 2,932,498 |
|
|
| 2,849,655 |
|
Crown Finance US, Inc., Initial Term B-1 Loan, First Lien, 7.00% (LIBOR+700bps), 5/23/24 (b) |
|
| 1,150,591 |
|
|
| 1,451,183 |
|
Dayco Products LLC, Term Loans, First Lien, 4.44% (LIBOR03M+425bps), 5/19/24 (b) |
|
| 7,700,000 |
|
|
| 6,957,489 |
|
Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 3.50% (LIBOR01M+250bps), 2/1/24 (b)(c) |
|
| 8,000,000 |
|
|
| 7,912,480 |
|
DELTA AIR LINES, Inc., and SKYMILES IP LTD, Initial Term Loan, First Lien, 4.75% (LIBOR03M+375bps), 9/16/27 (b) |
|
| 7,500,000 |
|
|
| 7,867,500 |
|
Dole Food Company, Inc., Tranche B Term Loan, First Lien, 3.75% (LIBOR01M+275bps), 4/6/24 (b) |
|
| 10,729,133 |
|
|
| 10,718,725 |
|
Dole Food Company, Inc., Tranche B Term Loan, First Lien, 5.00% (Prime+175bps), 3/24/24 |
|
| 110,507 |
|
|
| 110,399 |
|
Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 3.75% (LIBOR03M+350bps), 4/8/26 (b) |
|
| 5,533,438 |
|
|
| 5,353,878 |
|
Endo Luxembourg Finance Co. I S.a.r.l., Term B-1, First Lien, 3/11/28 (b)(c) |
|
| 4,500,000 |
|
|
| 4,449,375 |
|
Endo Luxembourg Finance Co. I S.a.r.l.,Term B-1, First Lien, 5.75% (LIBOR01M+500bps), 4/29/24 (b) |
|
| 10,890,725 |
|
|
| 10,768,205 |
|
Engineered Machinery Holdings, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+300bps), 7/19/24 (b) |
|
| 3,733,275 |
|
|
| 3,715,393 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
ENTERCOM MEDIA Corp., New Term Loan, First Lien, 2.61% (LIBOR01M+250bps), 11/17/24 (b)(c) |
| $ | 14,242,019 |
|
| $ | 13,910,892 |
|
First Brands Group LLC, 2021 Term Loans, First Lien, 3/24/27 (b)(c) |
|
| 5,000,000 |
|
|
| 4,993,750 |
|
First Brands Group LLC, Tranche B-3 Term Loan, First Lien, 8.50% (LIBOR03M+750bps), 2/2/24 (b)(c) |
|
| 10,399,840 |
|
|
| 10,564,469 |
|
Forterra Finance LLC, Replacement Term Loan, First Lien, 4.00% (LIBOR01M+300bps), 10/25/23 (b) |
|
| 8,490,118 |
|
|
| 8,492,241 |
|
Froneri International Ltd., Facility B2 Loan, First Lien, 2.36% (LIBOR01M+225bps), 1/31/27 (b) |
|
| 6,952,475 |
|
|
| 6,852,012 |
|
Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 3.50% (LIBOR01M+275bps), 3/31/27 (b)(c) |
|
| 11,024,214 |
|
|
| 10,987,503 |
|
Global Medical Response, Inc., 2020 Term Loan, First Lien, 5.75% (LIBOR06M+475bps), 10/2/25 (b) |
|
| 4,987,500 |
|
|
| 4,967,550 |
|
Golden Nugget, Inc., Senior Secured Term Loan, First Lien, 3.25% (LIBOR02M+250bps), 10/4/23 (b) |
|
| 11,055,870 |
|
|
| 10,870,684 |
|
Graham Packaging Co., Inc., New term Loans, First Lien, 8/4/27 (b)(c) |
|
| 4,000,000 |
|
|
| 3,972,280 |
|
Graham Packaging Co., Inc., New Term Loans, First Lien, 3.75% (LIBOR01M+300bps), 8/4/27 (b)(c) |
|
| 11,857,627 |
|
|
| 11,775,454 |
|
Great Outdoors Group LLC, Term B-1 Loan, First Lien, 5.00% (LIBOR01M+425bps), 2/26/28 (b)(c) |
|
| 16,962,500 |
|
|
| 16,970,981 |
|
GTT Communications B.V., Delayed Draw Term Loan, First Lien, 6.00% (LIBOR01M+500bps), 12/31/21 (b) |
|
| 516,906 |
|
|
| 524,014 |
|
Gulf Finance, LLC, Term Loan B, First Lien, 6.25% (LIBOR01M+525bps), 8/25/23 (b) |
|
| 3,984,413 |
|
|
| 3,289,970 |
|
Hillman Group, Inc., Delayed Draw Term loan, First Lien, 2/24/28 (b)(c) |
|
| 1,603,376 |
|
|
| 1,594,028 |
|
Hillman Group, Inc., Term Loan B, First Lien, 4.11% (LIBOR01M+400bps), 5/31/25 (b) |
|
| 5,946,584 |
|
|
| 5,936,356 |
|
Hillman Group, Inc., Term Loan B1, First Lien, 2/24/28 (b)(c) |
|
| 1,202,532 |
|
|
| 1,195,521 |
|
Hillman Group, Inc., Term Loan B1, First Lien, 2/24/28 (b)(c) |
|
| 6,694,093 |
|
|
| 6,655,066 |
|
Holley Purchaser, Inc., Initial Term Loan, First Lien, 5.21% (LIBOR03M+500bps), 10/26/25 (b) |
|
| 7,063,831 |
|
|
| 7,017,917 |
|
Hub International Ltd., Term Loan B, First Lien, 3.22% (LIBOR03M+300bps), 4/25/25 (b) |
|
| 10,286,058 |
|
|
| 10,134,133 |
|
iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 4.75% (LIBOR01M+400bps), 5/1/26 (b) |
|
| 4,982,437 |
|
|
| 4,983,982 |
|
iHeartCommunications, Inc., Term Loans, First Lien, 3.11% (LIBOR01M+300bps), 5/1/26 (b)(c) |
|
| 12,431,253 |
|
|
| 12,270,020 |
|
Ineos U.S Petrochem LLC, 2026 Tranche B Dollar Term Loans, First Lien, 3.25% (LIBOR01M+275bps), 1/29/26 (b) |
|
| 8,000,000 |
|
|
| 7,970,000 |
|
Innio North America Holding, Inc., Facility B USD, First Lien, 3.23% (LIBOR06M+300bps), 11/6/25 (b) |
|
| 8,916,589 |
|
|
| 8,619,399 |
|
Intelsat Jackson Holdings S.A., DIP Term Loan Commitment, First Lien, 6.50% (LIBOR03M+550bps), 7/13/21 (b) |
|
| 4,172,613 |
|
|
| 4,216,425 |
|
Intelsat Jackson Holdings S.A.,Term B-3, First Lien, 8.00% (Prime+475bps), 11/27/23 (b)(d) |
|
| 6,750,000 |
|
|
| 6,851,250 |
|
Janus International Group LLC, Amendment No 3 Refinancing Term Loans, First Lien, 4.25% (LIBOR02M+325bps), 2/15/25 (b) |
|
| 5,886,919 |
|
|
| 5,869,729 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Jo-Ann Stores LLC, Loan, First Lien, 6.00% (LIBOR03M+500bps), 10/16/23 (b) | $ | 15,000,000 | $ | 14,933,099 | ||||
Kindred Healthcare LLC., Term Loan New, First Lien, 4.63% (LIBOR01M+450bps), 7/2/25 (b) | 8,865,000 | 8,865,000 | ||||||
LABL, Inc., Term B USD Facility, First Lien, 4.11% (LIBOR01M+400bps), 7/2/26 (b) | 6,425,946 | 6,403,455 | ||||||
LBM Acquisition LLC, Delayed Draw Term Loan, First Lien, 12/8/27 (b)(c) | 1,212,121 | 1,206,279 | ||||||
LBM Acquisition LLC, Initial Term Loan, First Lien, 4.50% (LIBOR01M+375bps), 12/17/27 (b) | 5,454,545 | 5,428,255 | ||||||
Leslie’s Poolmart, Inc., Term Loan B, First Lien, 3/8/28 (b)(c) | 7,000,000 | 6,953,310 | ||||||
Leslie’s Poolmart, Inc., Tranche B Term Loans, First Lien, 3.25% (LIBOR01M+275bps), 8/16/23 (b) | 5,593,109 | 5,555,803 | ||||||
LIFE TIME, Inc., 2021 Refinancing Term Loan, First Lien, 12/15/24 (b)(c) | 5,000,000 | 4,987,500 | ||||||
Lifepoint Health, Inc., Term B Loans, First Lien, 3.86% (LIBOR01M+375bps), 11/16/25 (b) | 4,934,991 | 4,920,877 | ||||||
LifeScan Global Corp., Initial Term Loan, First Lien, 6.24% (LIBOR03M+600bps), 6/19/24 (b) | 3,033,000 | 2,938,340 | ||||||
LifeScan Global Corp., Initial Term Loan, Second Lien, 9.74% (LIBOR03M+950bps), 6/19/25 (b) | 2,250,000 | 2,025,000 | ||||||
Meredith Corp., Term B-2 Facility, First Lien, 1/31/25 (b)(c) | 5,000,000 | 4,939,400 | ||||||
Meredith Corp., Tranche B-3 Term Loans, First Lien, 5.25% (LIBOR03M+425bps), 1/31/25 (b) | 10,433,712 | 10,579,367 | ||||||
MHI Holdings, LLC, Initial Term Loans, First Lien, 5.11% (LIBOR01M+500bps), 9/20/26 (b) | 8,902,405 | 8,920,031 | ||||||
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25% (LIBOR03M+525bps), 6/20/27 (b) | 11,000,000 | 11,675,510 | ||||||
Momentive Performance Materials, Inc., Initial Dollar Term Loan, First Lien, 3.37% (LIBOR01M+325bps), 5/15/24 (b) | 5,710,729 | 5,610,791 | ||||||
Navicure, Inc., Initial Term Loans, First Lien, 4.11% (LIBOR01M+400bps), 10/22/26 (b) | 6,467,418 | 6,463,408 | ||||||
Navistar, Inc., Tranche B Term Loan, First Lien, 3.62% (LIBOR01M+350bps), 11/6/24 (b) | 9,969,242 | 9,966,750 | ||||||
Northriver Midstream Finance LP, Initial Term Loan B, First Lien, 10/1/25 (b)(c) | 2,000,000 | 1,970,320 | ||||||
Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien, 3.36% (LIBOR01M+325bps), 5/22/25 (b) | 5,097,949 | 5,086,479 | ||||||
Packaging Coordinators Midco, Inc., Term B Loans, First Lien, 4.50% (LIBOR06M+375bps), 12/1/27 (b) | 6,500,000 | 6,491,875 | ||||||
Park River Holdings, Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 1/20/28 (b) | 10,000,000 | 9,931,300 | ||||||
Peraton Corp., Term Loan B, First Lien, 4.50% (LIBOR02M+375bps), 2/1/28 (b) | 4,166,807 | 4,163,349 | ||||||
Peraton Corp., Term Loan B, First Lien, 2/24/28 (b)(c) | 7,333,193 | 7,327,106 | ||||||
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 3/4/28 (b)(c) | 18,350,000 | 18,266,875 | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (b) | 8,750,000 | 8,729,875 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Principal Amount | Value | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 2/12/28 (b)(c) | $ | 9,000,000 | $ | 8,979,300 | ||||
PG&E CORP, TL, First Lien, 3.50% (LIBOR01M+300bps), 6/23/25 (b) | 10,932,462 | 10,908,520 | ||||||
Pluto Acquisition I, Inc., 2020 Incremental Term Loans, First Lien, 5.50% (LIBOR01M+500bps), 6/20/26 (b) | 997,500 | 997,500 | ||||||
Pluto Acquisition I, Inc., Term Loan B Reprice, First Lien, 4.61% (LIBOR01M+450bps), 6/20/26 (b) | 7,417,500 | 7,398,956 | ||||||
Ply Gem Midco, Inc., Term Loan, First Lien, 3.86% (LIBOR01M+375bps), 4/14/25 (b) | 8,812,437 | 8,797,015 | ||||||
Presidio Holdings, Inc., Term Loan B, First Lien, 3.72% (LIBOR03M+350bps), 12/19/26 (b)(c) | 3,994,975 | 3,979,993 | ||||||
Radiology Partners, Inc., Term Loan New, First Lien, 5.29% (LIBOR12M+425bps), 7/9/25 (b) | 4,247,670 | 4,210,503 | ||||||
Radiology Partners, Inc., Term Loan New, First Lien, 4.36% (LIBOR01M+425bps), 7/9/25 | 4,954,132 | 4,910,784 | ||||||
Rent-A-Center, Initial Term Loans, First Lien, 4.75% (LIBOR01M+400bps), 1/17/28 (b) | 8,200,000 | 8,234,194 | ||||||
Revint Intermediate II LLC, Initial Term Loans, First Lien, 5.75% (LIBOR01M+500bps), 10/15/27 (b) | 10,000,000 | 10,016,700 | ||||||
Reynolds Group Holdings Inc., 2017 Incremental US Term Loans, First Lien, 2.86% (LIBOR01M+275bps), 2/5/23 (b) | 1,122,333 | 1,116,901 | ||||||
Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 3.36% (LIBOR01M+325bps), 2/16/26 (b) | 6,982,500 | 6,898,710 | ||||||
Robertshaw US Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 9.00% (LIBOR01M+800bps), 2/15/26 (b) | 4,000,000 | 3,426,680 | ||||||
Robertshaw US Holding Corp., Term Loan B, First Lien, 4.50% (LIBOR01M+350bps), 2/28/25 (b) | 5,945,000 | 5,579,383 | ||||||
Ryan Specialty Group LLC, TL, First Lien, 4.00% (LIBOR01M+325bps), 9/1/27 (b) | 7,967,481 | 7,954,176 | ||||||
Sabert Corp., Initial Term Loans, First Lien, 5.50% (LIBOR01M+450bps), 12/10/26 (b) | 7,802,331 | 7,792,578 | ||||||
Scientific Games International, Inc., Term Loan B-5, First Lien, 8/14/24 (b)(c) | 8,000,000 | 7,839,440 | ||||||
SIWF Holdings, Inc., Initial Term Loan, First Lien, 4.36% (LIBOR01M+425bps), 6/15/25 (b) | 9,851,773 | 9,798,377 | ||||||
SIWF Holdings, Inc., Initial Term Loan, Second Lien, 8.61% (LIBOR01M+850bps), 5/26/26 (b) | 1,500,000 | 1,492,500 | ||||||
Spectacle Gary Holdings LLC, Closing Date Term Loan, First Lien, 11.00% (LIBOR03M+900bps), 12/23/25 (b) | 5,594,595 | 6,098,108 | ||||||
Spectacle Gary Holdings LLC, Delayed Draw Term Loan Commitment, First Lien, 11.00% (LIBOR03M+900bps), 12/23/25 (b) | 405,405 | 441,892 | ||||||
SRS Distribution, Inc., First Amendment Incremental Term Loans, First Lien, 4.36% (LIBOR01M+425bps), 5/23/25 (b) | 2,468,750 | 2,456,406 | ||||||
SRS Distribution, Inc., Initial Term Loans, First Lien, 3.11% (LIBOR01M+300bps), 5/19/25 (b)(c) | 6,900,000 | 6,801,399 | ||||||
Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 3.75% (LIBOR03M+350bps), 4/8/26 (b) | 2,974,967 | 2,878,429 | ||||||
Station Casinos LLC, Term B-1 Facility Loans, First Lien, 2.50% (LIBOR01M+225bps), 2/8/27 (b)(c) | 14,466,382 | 14,219,729 | ||||||
Surgery Center Holdings, Inc., Initial Term Loans, First Lien, 4.25% (LIBOR01M+325bps), 8/31/24 (b)(c) | 12,044,775 | 11,914,933 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Tailwind Smith Cooper Intermediate Corp., 2nd Lien Initial Term Loans, Second Lien, 9.12% (LIBOR01M+900bps), 5/28/27 (b) | $ | 3,000,000 | $ | 2,529,690 | ||||
Tailwind Smith Cooper Intermediate Corp., Initial Term Loans, First Lien, 5.12% (LIBOR01M+500bps), 5/28/26 (b) | 4,925,000 | 4,805,569 | ||||||
Team Health Holdings, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR01M+275bps), 2/6/24 (b) | 9,633,387 | 8,935,544 | ||||||
TENNECO, Inc., Tranche B Term Loan, First Lien, 3.11% (LIBOR01M+300bps), 10/1/25 (b) | 8,356,262 | 8,128,554 | ||||||
The Enterprise Development Authority, Term Loan B, First Lien, 2/19/28 (b)(c) | 11,250,000 | 11,278,125 | ||||||
The Men’s Wearhouse LLC, Term Loan, First Lien, 3.25% (LIBOR03M+225bps), 12/1/25 (b) | 2,727,093 | 2,072,590 | ||||||
Thor Industries, Inc., Term Loan B, First Lien, 3.13% (LIBOR01M+300bps), 2/1/26 (b) | 8,753,496 | 8,754,896 | ||||||
Titan Acquisition Ltd., Initial Term Loan, First Lien, 3.27% (LIBOR06M+300bps), 3/28/25 (b) | 4,842,841 | 4,737,896 | ||||||
TransDigm, Inc., Tranche F Refinancing Term Loan, First Lien, 2.36% (LIBOR01M+225bps), 12/9/25 (b) | 11,969,697 | 11,710,313 | ||||||
Traverse Midstream Partners LLC, Advance, First Lien, 6.50% (LIBOR01M+550bps), 9/27/24 (b) | 4,960,764 | 4,913,636 | ||||||
TRUCK HERO, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR01M+375bps), 1/20/28 (b) | 9,000,000 | 8,971,290 | ||||||
U.S. Renal Care, Inc., Initial Term Loan, First Lien, 6/26/26 (b) | 9,937,424 | 9,872,235 | ||||||
Univision Communications, Inc., 2020 Replacement New First-Lien Term Loans, First Lien, 4.75% (LIBOR01M+375bps), 3/24/26 (b)(c) | 11,882,295 | 11,862,094 | ||||||
USI, Inc., 2017 New Term Loans, First Lien, 3.25% (LIBOR03M+300bps), 5/16/24 (b)(c) | 12,730,683 | 12,578,424 | ||||||
Utz Quality Foodz LLC, 2021 New Term Loans, First Lien, 3.11% (LIBOR01M+300bps), 1/20/28 (b) | 7,980,000 | 7,961,726 | ||||||
Verscend Holding Corp, Term B Loans, First Lien, 4.61% (LIBOR01M+450bps), 8/10/25 (b) | 6,877,731 | 6,869,959 | ||||||
Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 8/27/25 (b)(c) | 1,000,000 | 998,870 | ||||||
Vertex Aerospace Services Corp., Term Loan, First Lien, 4.09% (LIBOR01M+400bps), 6/29/27 (b) | 6,925,000 | 6,920,707 | ||||||
Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00% (LIBOR01M+325bps), 10/30/27 (b)(c) | 11,975,000 | 11,960,031 | ||||||
Welbilt, Inc., Facility TL, First Lien, 2.61% (LIBOR01M+250bps), 10/23/25 (b)(c) | 12,000,000 | 11,460,000 | ||||||
Westjet Airlines Ltd, Initial Term Loan, First Lien, 4.00% (LIBOR06M+300bps), 12/11/26 (b) | 9,974,747 | 9,666,129 | ||||||
WHITE CAP BUYER LLC, Initial Closing Date Term Loan, First Lien, 4.50% (LIBOR06M+400bps), 10/19/27 (b) | 7,481,250 | 7,462,547 | ||||||
Wireco Worldgroup, Inc., Term Loans, First Lien, 6.00% (LIBOR06M+500bps), 9/30/23 (b) | 9,973,890 | 9,705,892 | ||||||
WP CPP Holdings, LLC, Term Loan Second Lien, Second Lien, 8.75% (LIBOR03M+775bps), 4/30/26 (b) | 2,000,000 | 1,763,340 | ||||||
WP CPP Holdings, LLC, Term Loans, First Lien, 4.75% (LIBOR01M+375bps), 4/30/25 (b) | 9,912,183 | 9,627,207 |
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Zaxby’s Operating Co. LP, Second Lien Initial Loans, |
| $ | 6,000,000 |
|
| $ | 6,060,000 |
|
Total Senior Secured Loans (Cost $1,044,134,732) |
|
|
|
|
|
| 1,040,595,947 |
|
Corporate Bonds (9.9%) |
|
|
|
|
|
|
|
|
Consumer Discretionary (2.9%): |
|
|
|
|
|
|
|
|
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (e) |
|
| 5,000,000 |
|
|
| 5,274,900 |
|
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31 (e)(f) |
|
| 10,000,000 |
|
|
| 5,252,800 |
|
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (e) |
|
| 6,000,000 |
|
|
| 5,976,480 |
|
Michaels Stores, Inc., 8.00%, 7/15/27 (e) |
|
| 5,000,000 |
|
|
| 5,533,600 |
|
Scientific Games International, Inc. |
|
|
|
|
|
|
|
|
8.63%, 7/1/25, Callable 7/1/22 @ 104.31 (e) |
|
| 1,000,000 |
|
|
| 1,086,810 |
|
8.25%, 3/15/26, Callable 3/15/22 @ 104.13 (e) |
|
| 6,000,000 |
|
|
| 6,451,679 |
|
Tenneco, Inc. |
|
|
|
|
|
|
|
|
5.00%, 7/15/26, Callable 7/15/21 @ 102.5 |
|
| 3,840,000 |
|
|
| 3,642,009 |
|
7.88%, 1/15/29, Callable 1/15/24 @ 103.94 (e) |
|
| 2,160,000 |
|
|
| 2,427,430 |
|
|
|
|
|
|
|
| 35,645,708 |
|
Energy (1.0%): |
|
|
|
|
|
|
|
|
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24, Callable 4/26/21 @ 102.69 |
|
| 3,000,000 |
|
|
| 3,031,110 |
|
Antero Resources Corp. |
|
|
|
|
|
|
|
|
5.63%, 6/1/23, Callable 5/10/21 @ 101.41 |
|
| 1,000,000 |
|
|
| 1,003,230 |
|
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (e) |
|
| 5,000,000 |
|
|
| 5,510,500 |
|
Occidental Petroleum Corp., 5.50%, 12/1/25, Callable 9/1/25 @ 100 |
|
| 1,500,000 |
|
|
| 1,583,355 |
|
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 |
|
| 2,000,000 |
|
|
| 2,035,600 |
|
|
|
|
|
|
|
| 13,163,795 |
|
Financials (2.4%): |
|
|
|
|
|
|
|
|
Capitol Investment Merger Sub 2 LLC, 10.00%, 8/1/24 (e) |
|
| 2,500,000 |
|
|
| 2,702,475 |
|
Compass Group Diversified Holdings LLC |
|
|
|
|
|
|
|
|
8.00%, 5/1/26 (e)(f) |
|
| 5,000,000 |
|
|
| 5,230,750 |
|
5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (e) |
|
| 4,000,000 |
|
|
| 4,195,280 |
|
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25 (e)(f) |
|
| 6,500,000 |
|
|
| 7,235,605 |
|
White Capital Parent LLC PIK, 8.25%, 3/15/26, Callable 3/15/22 @ 102 (e)(g) |
|
| 2,250,000 |
|
|
| 2,344,635 |
|
Wolverine Escrow LLC |
|
|
|
|
|
|
|
|
9.00%, 11/15/26, Callable 11/15/22 @ 106.75 (e) |
|
| 4,453,000 |
|
|
| 4,450,506 |
|
13.13%, 11/15/27, Callable 11/15/22 @ 109.84 (e) |
|
| 4,750,000 |
|
|
| 3,990,333 |
|
|
|
|
|
|
|
| 30,149,584 |
|
Health Care (2.0%): |
|
|
|
|
|
|
|
|
Air Methods Corp., 8.00%, 5/15/25, Callable 5/10/21 @ 104 (e)(f) |
|
| 1,250,000 |
|
|
| 1,181,013 |
|
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 6/30/28, Callable 6/30/23 @ 104.5 (e) |
|
| 10,000,000 |
|
|
| 8,211,700 |
|
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.38%, 6/1/25, Callable 6/1/22 @ 103.69 (e)(f) |
|
| 1,196,000 |
|
|
| 1,286,011 |
|
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (e)(f) |
|
| 2,500,000 |
|
|
| 2,736,625 |
|
Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 4/15/22 @ 105 (e) |
|
| 500,000 |
|
|
| 552,270 |
|
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/26/21 @ 101.59 (e) |
|
| 4,000,000 |
|
|
| 3,534,800 |
|
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (e) |
|
| 7,000,000 |
|
|
| 7,288,610 |
|
|
|
|
|
|
|
| 24,791,029 |
|
Industrials (1.4%): |
|
|
|
|
|
|
|
|
American Airlines, Inc., 11.75%, 7/15/25 (e) |
|
| 6,000,000 |
|
|
| 7,416,840 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Floating Rate Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 2/15/23, Callable 5/10/21 @ 100 (e) |
| $ | 4,000,000 |
|
| $ | 4,005,000 |
|
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (e) |
|
| 4,000,000 |
|
|
| 4,380,480 |
|
SRS Distribution, Inc., 8.25%, 7/1/26, Callable 7/1/21 @ 104.13 (e)(f) |
|
| 3,000,000 |
|
|
| 3,158,310 |
|
|
|
|
|
|
|
| 18,960,630 |
|
|
|
|
|
|
|
|
|
|
Information Technology (0.2%): |
|
|
|
|
|
|
|
|
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (e) |
|
| 2,500,000 |
|
|
| 2,750,375 |
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds (Cost $121,355,181) |
|
|
|
|
|
| 125,461,121 |
|
Yankee Dollars (1.1%) |
|
|
|
|
|
|
|
|
Energy (0.6%): |
|
|
|
|
|
|
|
|
Husky Holding Ltd. PIK, 13.00%, 2/15/25, Callable 5/10/21 @ 109.75 (e)(f)(g) |
|
| 4,500,000 |
|
|
| 4,912,740 |
|
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (e) |
|
| 2,000,000 |
|
|
| 2,092,001 |
|
|
|
|
|
|
|
| 7,004,741 |
|
Industrials (0.3%): |
|
|
|
|
|
|
|
|
Algeco Global Finance 2 PLC, 10.00%, 8/15/23, Callable 4/20/21 @ 102.5 (e)(f) |
|
| 4,000,000 |
|
|
| 4,081,960 |
|
|
|
|
|
|
|
|
|
|
Materials (0.2%): |
|
|
|
|
|
|
|
|
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/10/21 @ 103.88 (e)(f) |
|
| 2,500,000 |
|
|
| 2,602,675 |
|
Total Yankee Dollars (Cost $12,920,123) |
|
|
|
|
|
| 13,689,376 |
|
Total Investments (Cost $1,178,602,407) — 92.8% |
|
|
|
|
|
| 1,180,096,899 |
|
Other assets in excess of liabilities — 7.2% |
|
|
|
|
|
| 92,241,502 |
|
NET ASSETS - 100.00% |
|
|
|
|
| $ | 1,272,338,401 |
(a) | Amount represents less than 0.05% of net assets. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021. |
(c) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(d) | Defaulted security. |
(e) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $127,855,193 and amounted to 10.0% of net assets. |
(f) | All or a portion of the security has been segregated as collateral for securities purchased on a when-issued basis. |
(g) | All of the coupon is paid in kind. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
LIBOR—London InterBank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR02M—2 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
PIK—Payment-in-Kind |
PLC—Public Limited Company |
PRIME—U.S. Prime Rate |
REIT—Real Estate Investment Trust |
Victory Portfolios | Schedule of Portfolio Investments |
Victory Strategic Income Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
Asset-Backed Securities (1.2%) |
|
|
|
|
|
|
|
|
Commonbond Student Loan Trust, Series 2021-AGS, Class A, 1.20%, 8/25/50, Callable 6/25/29 @ 100 (a) |
| $ | 300,000 |
|
| $ | 299,260 |
|
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, 3/26/46, Callable 3/25/24 @ 100 (a) |
|
| 500,000 |
|
|
| 497,109 |
|
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, 11/25/48, Callable 5/25/21 @ 100 (a) |
|
| 293,250 |
|
|
| 294,538 |
|
Total Asset-Backed Securities (Cost $1,099,883) |
|
|
|
|
|
| 1,090,907 |
|
Collateralized Mortgage Obligations (7.3%) |
|
|
|
|
|
|
|
|
AIMCO CLO, Series 2017-AA, Class DR (US0003M+315bps), 4/20/34 (a)(b)(c) |
|
| 400,000 |
|
|
| 399,958 |
|
AIMCO CLO 14 Ltd., Series 2021-14A, Class D (US0003M+290bps), 4/20/34 (a)(b)(c) |
|
| 800,000 |
|
|
| 800,082 |
|
Battalion CLO XIX Ltd., Series 2021-19A, Class D (US0003M+325bps), 4/15/34 (a)(b)(c)(d) |
|
| 800,000 |
|
|
| 800,083 |
|
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 8/15/50 (d) |
|
| 590,000 |
|
|
| 641,112 |
|
Grace Trust, Series 2020-GRCE, Class C, 2.68%, 12/10/40, Callable 12/10/30 @ 100 (a)(d)(e) |
|
| 650,000 |
|
|
| 640,392 |
|
Greywolf CLO II Ltd., Series 2013-1A, Class C2RR (US0003M+420bps), 4/15/34 (a)(b)(c) |
|
| 900,000 |
|
|
| 891,000 |
|
GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45, Callable 2/10/22 @ 100 (d) |
|
| 484,454 |
|
|
| 488,534 |
|
GS Mortgage Securities Trust, Series 2019-GC42, Class A4, 3.00%, 9/1/52, Callable 9/10/29 @ 100 (d) |
|
| 690,000 |
|
|
| 726,369 |
|
GS Mortgage Securities Trust, Series 2013-GC12, Class AS, 3.38%, 6/10/46, Callable 5/10/23 @ 100 |
|
| 300,000 |
|
|
| 312,783 |
|
Hilton USA Trust, Series 2016-SFP, Class A, 2.83%, 11/5/35 (a)(d) |
|
| 500,000 |
|
|
| 500,384 |
|
JPMCC Mortgage Securities Trust, Series 2017-JP5, Class B, 4.08%, 3/15/50 (e) |
|
| 200,000 |
|
|
| 213,940 |
|
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class B, 4.00%, 12/15/50 (e) |
|
| 150,000 |
|
|
| 161,962 |
|
Total Collateralized Mortgage Obligations (Cost $6,613,715) |
|
|
|
|
|
| 6,576,599 |
|
Corporate Bonds (64.9%) |
|
|
|
|
|
|
|
|
Communication Services (10.1%): |
|
|
|
|
|
|
|
|
AT&T, Inc. |
|
|
|
|
|
|
|
|
4.30%, 2/15/30, Callable 11/15/29 @ 100 (d) |
|
| 1,200,000 |
|
|
| 1,351,056 |
|
3.50%, 9/15/53, Callable 3/15/53 @ 100 (a)(d) |
|
| 1,600,000 |
|
|
| 1,473,472 |
|
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5/1/27, Callable 5/1/22 @ 102.56 (a)(d) |
|
| 800,000 |
|
|
| 846,160 |
|
Charter Communications Operating LLC/Charter Communications Operating capital, 3.70%, 4/1/51, Callable 10/1/50 @ 100 |
|
| 500,000 |
|
|
| 467,060 |
|
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 2/1/32, Callable 11/1/31 @ 100 (d) |
|
| 2,600,000 |
|
|
| 2,414,932 |
|
T-Mobile USA, Inc. |
|
|
|
|
|
|
|
|
3.50%, 4/15/31, Callable 4/15/26 @ 101.75 |
|
| 960,000 |
|
|
| 969,974 |
|
3.30%, 2/15/51, Callable 8/15/50 @ 100 (a)(d) |
|
| 600,000 |
|
|
| 557,640 |
|
Verizon Communications, Inc., 3.55%, 3/22/51, Callable 9/22/50 @ 100 (d) |
|
| 600,000 |
|
|
| 596,622 |
|
ViacomCBS, Inc. |
|
|
|
|
|
|
|
|
4.38%, 3/15/43 |
|
| 150,000 |
|
|
| 162,020 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Strategic Income Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
4.95%, 5/19/50, Callable 11/19/49 @ 100 (f) |
| $ | 250,000 |
|
| $ | 292,595 |
|
|
|
|
|
|
|
| 9,131,531 |
|
Consumer Discretionary (11.3%): |
|
|
|
|
|
|
|
|
Expedia Group, Inc., 2.95%, 3/15/31, Callable 12/15/30 @ 100 (a)(d) |
|
| 2,300,000 |
|
|
| 2,265,753 |
|
General Motors Co., 5.95%, 4/1/49, Callable 10/1/48 @ 100 |
|
| 400,000 |
|
|
| 506,436 |
|
Kohl’s Corp. |
|
|
|
|
|
|
|
|
3.38%, 5/1/31, Callable 2/1/31 @ 100 |
|
| 500,000 |
|
|
| 500,085 |
|
5.55%, 7/17/45, Callable 1/17/45 @ 100 (d)(f) |
|
| 1,000,000 |
|
|
| 1,132,900 |
|
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100 (d) |
|
| 2,600,000 |
|
|
| 2,553,590 |
|
MDC Holdings, Inc., 2.50%, 1/15/31, Callable 7/15/30 @ 100 |
|
| 900,000 |
|
|
| 851,814 |
|
Nissan Motor Acceptance Corp., 2.75%, 3/9/28, Callable 1/9/28 @ 100 (a)(d)(f) |
|
| 2,500,000 |
|
|
| 2,480,025 |
|
|
|
|
|
|
|
| 10,290,603 |
|
Consumer Staples (5.1%): |
|
|
|
|
|
|
|
|
BAT Capital Corp. |
|
|
|
|
|
|
|
|
3.46%, 9/6/29, Callable 6/6/29 @ 100 (d) |
|
| 1,500,000 |
|
|
| 1,564,185 |
|
2.73%, 3/25/31, Callable 12/25/30 @ 100 (d) |
|
| 1,300,000 |
|
|
| 1,262,404 |
|
Kraft Heinz Foods Co., 4.25%, 3/1/31, Callable 12/1/30 @ 100 (d) |
|
| 1,600,000 |
|
|
| 1,765,280 |
|
|
|
|
|
|
|
| 4,591,869 |
|
Energy (14.7%): |
|
|
|
|
|
|
|
|
Energy Transfer LP |
|
|
|
|
|
|
|
|
3.75%, 5/15/30, Callable 2/15/30 @ 100 (d) |
|
| 1,100,000 |
|
|
| 1,134,661 |
|
5.00%, 5/15/50, Callable 11/15/49 @ 100 (d) |
|
| 500,000 |
|
|
| 514,535 |
|
Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 (d) |
|
| 2,100,000 |
|
|
| 2,289,882 |
|
Marathon Petroleum Corp., 4.50%, 4/1/48, Callable 10/1/47 @ 100 (d) |
|
| 650,000 |
|
|
| 685,100 |
|
MPLX LP |
|
|
|
|
|
|
|
|
4.80%, 2/15/29, Callable 11/15/28 @ 100 (d) |
|
| 2,200,000 |
|
|
| 2,516,426 |
|
5.50%, 2/15/49, Callable 8/15/48 @ 100 |
|
| 100,000 |
|
|
| 118,848 |
|
ONEOK, Inc. |
|
|
|
|
|
|
|
|
3.40%, 9/1/29, Callable 6/1/29 @ 100 (d) |
|
| 1,900,000 |
|
|
| 1,952,459 |
|
4.45%, 9/1/49, Callable 3/1/49 @ 100 |
|
| 150,000 |
|
|
| 149,621 |
|
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100 (d) |
|
| 2,500,000 |
|
|
| 2,745,299 |
|
Valero Energy Corp., 4.00%, 4/1/29, Callable 1/1/29 @ 100 (d) |
|
| 1,200,000 |
|
|
| 1,299,636 |
|
|
|
|
|
|
|
| 13,406,467 |
|
Financials (6.1%): |
|
|
|
|
|
|
|
|
Arch Capital Group Ltd., 3.64%, 6/30/50, Callable 12/30/49 @ 100 (d) |
|
| 700,000 |
|
|
| 699,853 |
|
Bank of America Corp., 2.83% (SOFR+200bps ), 10/24/51, MTN, Callable 10/24/50 @ 100 (b)(d) |
|
| 1,000,000 |
|
|
| 910,790 |
|
Ford Motor Credit Co. LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100 (d) |
|
| 1,000,000 |
|
|
| 992,070 |
|
General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100 (d) |
|
| 1,100,000 |
|
|
| 1,159,301 |
|
Wells Fargo & Co. |
|
|
|
|
|
|
|
|
3.07% (SOFR+253bps), 4/30/41, Callable 4/30/40 @ 100 (b) |
|
| 250,000 |
|
|
| 244,633 |
|
3.90%, 5/1/45 (d) |
|
| 500,000 |
|
|
| 547,905 |
|
Willis North America, Inc., 3.88%, 9/15/49, Callable 3/15/49 @ 100 (d)(f) |
|
| 850,000 |
|
|
| 901,876 |
|
|
|
|
|
|
|
| 5,456,428 |
|
Health Care (1.0%): |
|
|
|
|
|
|
|
|
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 (d) |
|
| 800,000 |
|
|
| 902,424 |
|
Industrials (5.4%): |
|
|
|
|
|
|
|
|
Air Lease Corp., 4.63%, 10/1/28, Callable 7/1/28 @ 100 (d) |
|
| 2,200,000 |
|
|
| 2,417,294 |
|
Boeing Co. (The), 3.75%, 2/1/50, Callable 8/1/49 @ 100 |
|
| 600,000 |
|
|
| 571,860 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Strategic Income Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Principal |
|
| Value |
| ||
The Boeing Co., 5.15%, 5/1/30, Callable 2/1/30 @ 100 (d) |
| $ | 1,600,000 |
|
| $ | 1,841,184 |
|
|
|
|
|
|
|
| 4,830,338 |
|
Information Technology (2.6%): |
|
|
|
|
|
|
|
|
Dell International LLC / EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100 (a)(d) |
|
| 1,900,000 |
|
|
| 2,361,966 |
|
Materials (4.1%): |
|
|
|
|
|
|
|
|
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.5 (d)(f) |
|
| 3,475,000 |
|
|
| 3,691,110 |
|
Real Estate (1.4%): |
|
|
|
|
|
|
|
|
Simon Property Group LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100 |
|
| 1,300,000 |
|
|
| 1,241,435 |
|
Utilities (3.1%): |
|
|
|
|
|
|
|
|
FirstEnergy Corp., 2.65%, 3/1/30, Callable 12/1/29 @ 100 (d)(f) |
|
| 2,900,000 |
|
|
| 2,808,998 |
|
Total Corporate Bonds (Cost $59,857,539) |
|
|
|
|
|
| 58,713,169 |
|
Residential Mortgage-Backed Securities (0.2%) |
|
|
|
|
|
|
|
|
Bank of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 9/20/34, Callable 2/20/24 @ 100 (d) |
|
| 55,199 |
|
|
| 56,996 |
|
Countrywide Home Loans, Inc., Series 2004-5, Class 2A9, 5.25%, 5/25/34, Callable 4/25/21 @ 100 (d) |
|
| 74,705 |
|
|
| 77,715 |
|
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 10/25/30 @ 100 (d) |
|
| 1,629 |
|
|
| 1,619 |
|
JPMorgan Mortgage Trust, Series 2005-A1, Class 6T1, 2.59%, 2/25/35, Callable 4/25/21 @ 100 (d)(e) |
|
| 15,326 |
|
|
| 15,326 |
|
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/21 @ 100 (d) |
|
| 1,306 |
|
|
| 958 |
|
Total Residential Mortgage-Backed Securities (Cost $150,811) |
|
|
|
|
|
| 152,614 |
|
Yankee Dollars (8.1%) |
|
|
|
|
|
|
|
|
Energy (0.6%): |
|
|
|
|
|
|
|
|
Cenovus Energy, Inc., 5.40%, 6/15/47, Callable 12/15/46 @ 100 |
|
| 500,000 |
|
|
| 555,015 |
|
Financials (3.4%): |
|
|
|
|
|
|
|
|
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100 (a)(d) |
|
| 2,950,000 |
|
|
| 3,110,657 |
|
Industrials (3.1%): |
|
|
|
|
|
|
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|
|
|
|
|
|
|
|
3.65%, 7/21/27, Callable 4/21/27 @ 100 (d) |
|
| 1,200,000 |
|
|
| 1,255,032 |
|
3.88%, 1/23/28, Callable 10/23/27 @ 100 (d)(f) |
|
| 1,500,000 |
|
|
| 1,570,575 |
|
|
|
|
|
|
|
| 2,825,607 |
|
Materials (1.0%): |
|
|
|
|
|
|
|
|
Teck Resources, Ltd., 6.25%, 7/15/41, Callable 1/15/41 @ 100 |
|
| 700,000 |
|
|
| 862,652 |
|
Total Yankee Dollars (Cost $7,454,695) |
|
|
|
|
|
| 7,353,931 |
|
U.S. Government Mortgage-Backed Agencies (0.2%) |
|
|
|
|
|
|
|
|
Federal National Mortgage Association |
|
|
|
|
|
|
|
|
Series 2018-M1, Class A2, 2.98%, 12/25/27 (e) |
|
| 65,000 |
|
|
| 70,842 |
|
3.50%, 7/1/43 (d) |
|
| 60,972 |
|
|
| 65,875 |
|
|
|
|
|
|
|
| 136,717 |
|
Total U.S. Government Mortgage-Backed Agencies (Cost $125,016) |
|
|
|
|
|
| 136,717 |
|
U.S. Treasury Obligations (11.7%) |
|
|
|
|
|
|
|
|
U.S. Treasury Bonds, 1.38%, 8/15/50 |
|
| 500,000 |
|
|
| 388,984 |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
0.13%, 4/30/22 (d) |
|
| 2,100,000 |
|
|
| 2,100,902 |
|
0.13%, 6/30/22 (d) |
|
| 4,500,000 |
|
|
| 4,501,055 |
|
Victory Portfolios | Schedule of Portfolio Investments — continued |
Victory Strategic Income Fund | March 31, 2021 |
| (Unaudited) |
Security Description |
| Shares or |
|
| Value |
| ||
0.13%, 11/30/22 (d) |
| $ | 3,600,000 |
|
| $ | 3,599,016 |
|
Total U.S. Treasury Obligations (Cost $10,663,347) |
|
|
|
|
|
| 10,589,957 |
|
Exchange-Traded Funds (4.6%) | ||||||||
iShares iBoxx High Yield Corporate Bond ETF (d)(f) |
|
| 30,000 |
|
|
| 2,615,400 |
|
VanEck Vectors Fallen Angel High Yield Bond ETF (d) |
|
| 48,300 |
|
|
| 1,542,219 |
|
Total Exchange-Traded Funds (Cost $3,967,811) |
|
|
|
|
|
| 4,157,619 |
|
Collateral for Securities Loaned^ (11.1%) | ||||||||
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (g) |
|
| 204,255 |
|
|
| 204,255 |
|
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (g) |
|
| 5,260,024 |
|
|
| 5,260,024 |
|
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g) |
|
| 101,933 |
|
|
| 101,933 |
|
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (g) |
|
| 812,783 |
|
|
| 812,783 |
|
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g) |
|
| 3,654,432 |
|
|
| 3,654,432 |
|
Total Collateral for Securities Loaned (Cost $10,033,427) |
|
|
|
|
|
| 10,033,427 |
|
Total Investments (Cost $99,966,244) — 109.3% |
|
|
|
|
|
| 98,804,940 |
|
Liabilities in excess of other assets — (9.3)% |
|
|
|
|
|
| (8,440,179 | ) |
NET ASSETS - 100.00% |
|
|
|
|
| $ | 90,364,761 |
|
^ | Purchased with cash collateral from securities on loan. |
(a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $18,218,479 and amounted to 20.2% of net assets. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021. |
(c) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
(d) | All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis. |
(e) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021. |
(f) | All or a portion of this security is on loan. |
(g) | Rate disclosed is the daily yield on March 31, 2021. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
ETF—Exchange-Traded Fund |
LIBOR—London InterBank Offered Rate |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
SOFR—Secured Overnight Financing Rate |
US0003M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security |
|
Futures Contracts Purchased | |||||||||||||||||||||
|
| Number of |
|
| Expiration |
|
| Notional |
|
| Value |
|
| Unrealized |
| ||||||
2-Year U.S. Treasury Note Futures |
|
| 38 |
|
|
| 6/30/21 |
| $ | 8,392,836 |
| $ | 8,387,609 | $ | (5,227 | ) | |||||
30-Year U.S. Treasury Bond Futures |
| 74 | 6/21/21 | $ | 11,876,193 | $ | 11,439,938 |
| $ | (436,255 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (441,482 | ) |
Futures Contracts Sold | ||||||||||||||||
Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized | ||||||||||||
10-Year U.S. Treasury Note Futures | 161 | 6/21/21 | 23,876,356 | 23,133,687 | 742,669 | |||||||||||
Ultra Long Term U.S. Treasury Bond Futures | 7 | 6/21/21 | 1,285,211 | 1,268,531 | 16,680 | |||||||||||
$ | 759,349 | |||||||||||||||
Total unrealized appreciation | $ | 759,349 | ||||||||||||||
Total unrealized depreciation | (441,482 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | 317,867 |