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VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

ACCO BRANDS CORP 1,805,499.56 0.19% ABBVIE INC. 2,589,480.96 0.27% ADTRAN INC 2,345,922.60 0.24% ALLIANT CORP. 3,483,606.00 0.36% ALTRIA GROUP, INC. 2,836,054.08 0.29% AMERICAN ELECTRIC POWER CO., INC. 3,199,532.16 0.33% BAE SYSTEMS PLC 1,710,702.18 0.18% AMERICAN NATIONAL GROUP INC 4,500,173.70 0.46% PLC 1,973,772.31 0.20% AMERICAN SOFTWARE, INC. 2,364,521.04 0.24% AMERICAN STATES WATER CO 3,631,834.44 0.37% AMGEN, INC. 2,479,425.00 0.26% THE ANDERSONS INC 1,784,997.51 0.18% APOGEE ENTERPRISES INC 1,942,006.40 0.20% APOLLO GLOBAL MANAGEMENT INC 1,999,978.80 0.21% ARCHER-DANIELS-MIDLAND CO. 2,524,474.80 0.26% ARES MANAGEMENT CORP 2,925,140.00 0.30% ARGAN INC 2,437,051.05 0.25% PLC 1,801,164.22 0.19% AVISTA CORP 3,292,843.90 0.34% B&G FOODS INC 2,019,266.40 0.21% BGC PARTNERS INC-CL A 2,127,117.51 0.22% LEGAL & GENERAL GROUP PLC 1,253,393.01 0.13% OF MELLON CORP. 2,117,130.98 0.22% 1,341,248.68 0.14% BARRETT BUSINESS SERVICES INC 2,426,190.54 0.25% PLC 1,578,770.34 0.16% SSE PLC 1,827,106.49 0.19% BENCHMARK ELECTRONICS INC 2,366,790.52 0.24% BIG LOTS, INC. 1,360,862.16 0.14% GLAXOSMITHKLINE PLC 2,306,220.67 0.24% BLACKSTONE GROUP INC/THE-A 3,257,978.46 0.34% BRADY CORP 2,921,365.20 0.30% BROADCOM INC 2,133,382.16 0.22% CF INDUSTRIES HOLDINGS, INC. 1,639,402.80 0.17% CME GROUP, INC. 2,332,248.88 0.24% CMS ENERGY CORP. 3,244,319.12 0.33% CRA INTERNATIONAL INC 2,879,412.80 0.30% CSG SYSTEMS INTL, INC. 3,327,133.60 0.34% CVB FINANCIAL CORP 2,043,722.22 0.21% CVS HEALTH CORP 2,669,662.80 0.28%

Page 1 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

CAMPBELL SOUP CO. 2,519,075.45 0.26% CARDINAL HEALTH, INC. 2,125,289.43 0.22% CARLYLE GROUP INC 2,643,503.52 0.27% CASS INFORMATION SYSTEMS INC 2,194,020.75 0.23% CATHAY GENERAL BANCORP 1,943,478.72 0.20% , INC. 2,719,483.00 0.28% CITIGROUP, INC. 1,556,995.25 0.16% CITIZENS FINANCIAL GROUP INC 1,256,700.39 0.13% COCA-COLA CO. 2,955,217.65 0.30% COGENT COMMUNICATIONS HOLDINGS INC 3,123,118.02 0.32% COMERICA, INC. 1,182,959.88 0.12% COMMUNITY TRUST BANCORP INC 2,208,987.90 0.23% COMPASS MINERALS INTERNATIONAL 2,339,644.06 0.24% , INC. 2,727,881.54 0.28% BANK OF NOVA SCOTIA 2,806,478.86 0.29% , INC. 2,985,560.16 0.31% COMMUNICATIONS INC 2,361,850.90 0.24% CANADIAN IMPERIAL BANK OF COMM 4,014,018.20 0.41% CIA CERVECERIAS UNIDAS SA 2,104,239.61 0.22% VALE SA 2,336,413.17 0.24% ENEL AMERICAS SA 2,012,521.14 0.21% COLBUN SA 1,615,181.49 0.17% CENTRAIS ELETRICAS BRASILEIRAS SA 1,668,397.41 0.17% DTE ENERGY CO. 2,721,988.80 0.28% FORTIS INC 3,657,616.31 0.38% CORP 3,108,647.41 0.32% GREAT-WEST LIFECO INC 2,692,072.58 0.28% INC 2,295,417.53 0.24% DELUXE CORP. 1,787,314.55 0.18% KIMBERLY-CLARK DE MEXICO SAB DE CV 2,312,049.33 0.24% FINANCIAL CORP 1,592,969.18 0.16% DIME COMMUNITY BANCSHARES 2,021,671.46 0.21% DOW INC 1,653,822.80 0.17% DUKE ENERGY CORP. 3,057,160.96 0.32% INC 3,396,952.27 0.35% PETROBRAS DISTRIBUIDORA SA 2,452,229.55 0.25% POWER CORP OF 2,972,925.54 0.31% EDISON INTERNATIONAL 2,328,816.14 0.24% ARCA CONTINENTAL SAB DE CV 2,987,086.41 0.31% CCR SA 2,001,868.01 0.21% ENNIS INC 3,230,195.04 0.33%

Page 2 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

ENTERGY CORP. 2,746,136.80 0.28% ETHAN ALLEN INTERIORS INC 2,174,686.80 0.22% EVERGY INC 2,509,114.03 0.26% CORP. 2,720,456.76 0.28% FEDERAL AGRICULTURAL MORTGAGE CORP 2,834,572.90 0.29% FEDERATED HERMES INC 2,606,322.60 0.27% FIDELITY NATIONAL FINANCIAL 2,259,485.40 0.23% FIFTH THIRD BANCORP 1,444,558.78 0.15% FIRST BUSEY CORP 2,154,198.96 0.22% FIRST COMMONWEALTH FINANCIAL C 1,832,715.99 0.19% FIRST FINANCIAL BANCORP 1,751,550.12 0.18% FIRST HORIZON CORP 1,293,477.12 0.13% FIRSTENERGY CORP. 1,599,285.80 0.16% FLUSHING FINANCIAL CORP 1,957,051.89 0.20% FRANCHISE GROUP INC 1,397,538.48 0.14% FRANKLIN RESOURCES, INC. 1,868,088.04 0.19% FULTON FINANCIAL CORP 1,787,605.74 0.18% GENERAL DYNAMICS CORP. 2,774,011.10 0.29% GENERAL MILLS, INC. 3,196,205.01 0.33% GENUINE PARTS CO. 2,533,067.63 0.26% GILEAD SCIENCES, INC. 2,872,288.32 0.30% GLATFELTER CORP 1,879,663.50 0.19% GORMAN-RUPP CO. 2,515,704.24 0.26% GREENBRIER COS INC/THE 1,658,088.26 0.17% GREIF INC. - CL A 2,621,693.90 0.27% BOUYGUES 1,426,159.49 0.15% HNI CORP 2,519,612.91 0.26% HACKETT GROUP INC/THE 2,788,306.68 0.29% EDP - ENERGIAS DE PORTUGAL SA 1,695,128.59 0.17% HARTFORD GROUP, INC. 1,930,179.59 0.20% HASBRO, INC. 1,880,664.44 0.19% HAVERTY FURNITURE COS INC 2,126,625.84 0.22% HEALTHCARE SERVICES GROUP 2,258,359.95 0.23% DNB ASA 1,755,349.25 0.18% HOPE BANCORP INC 1,884,380.20 0.19% , INC. 1,150,261.89 0.12% INTERDIGITAL, INC. 3,367,048.15 0.35% INTERNATIONAL BUSINESS MACHINES CORP. 2,576,026.07 0.27% INTERNATIONAL PAPER CO. 2,241,309.67 0.23% INTERPUBLIC GROUP OF COS., INC. 1,993,846.32 0.21% OMV AG 1,395,702.71 0.14%

Page 3 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

TELENOR ASA 2,500,008.12 0.26% KAISER ALUMINUM CORP. 1,789,370.10 0.18% KELLOGG CO. 3,373,786.85 0.35% KENNEDY-WILSON HOLDINGS INC 2,702,459.09 0.28% KEYCORP 1,259,753.25 0.13% KIMBALL INTERNATIONAL INC 1,838,593.55 0.19% E.ON SE 2,663,977.92 0.27% KIMBERLY-CLARK CORP. 3,388,781.18 0.35% KINDER MORGAN INC. 2,252,280.04 0.23% KNOLL INC 2,206,966.84 0.23% KONTOOR BRANDS INC 2,339,604.75 0.24% CO/THE 2,559,515.92 0.26% UPM-KYMMENE OYJ 1,912,690.60 0.20% ORANGE SA 1,845,156.29 0.19% SE 1,778,377.52 0.18% ENDESA SA 2,139,968.29 0.22% LINCOLN NATIONAL CORP. 1,108,434.76 0.11% LOCKHEED MARTIN CORP. 2,961,345.45 0.31% BANCO BILBAO VIZCAYA ARGENTARIA SA 1,049,164.34 0.11% M&T BANK CORP. 1,132,546.14 0.12% MGE ENERGY INC 3,916,139.52 0.40% AG 3,360,673.22 0.35% FORTUM OYJ 1,977,655.50 0.20% CEZ AS 4,037,603.58 0.42% SANOFI 2,430,749.74 0.25% ELISA OYJ 2,370,267.02 0.24% TELEFONICA S.A. 1,222,427.51 0.13% MCGRATH RENTCORP 2,666,033.88 0.27% AG-REG 2,744,431.58 0.28% MEDIFAST INC 2,075,092.34 0.21% MERCK & CO., INC. 3,148,362.91 0.32% METLIFE, INC. 1,712,248.65 0.18% KONINKLIJKE KPN NV 1,664,883.45 0.17% ZURICH GROUP AG 2,227,836.82 0.23% MILLER INDUSTRIES INC/TN 3,003,198.24 0.31% AFRICAN RAINBOW MINERALS LTD. 1,370,813.04 0.14% ASIA CEMENT CORP 3,515,656.49 0.36% CIMB GROUP HOLDINGS BHD 1,847,175.75 0.19% FORTESCUE METALS GROUP LTD 1,121,629.24 0.12% CORPORATION LTD 2,526,133.80 0.26% CLP HOLDINGS INC. 3,291,073.26 0.34%

Page 4 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

HUANENG POWER INTERNATIONAL INC 1,778,136.43 0.18% BHARAT CORP LTD 1,561,328.63 0.16% HINDUSTAN PETROLEUM CORP LTD 1,936,554.16 0.20% KT&G CORP 2,396,823.35 0.25% DBS GROUP HOLDINGS LTD 2,416,596.91 0.25% CATCHER TECHNOLOGY CO LTD 1,920,464.35 0.20% RIO TINTO LIMITED 1,641,797.32 0.17% SK TELECOM CO LTD 2,102,662.24 0.22% COMPAL ELECTRONICS INC 2,835,576.44 0.29% PETROCHINA CO LTD 2,184,161.43 0.23% UNITED TRACTORS TBK PT 1,162,303.60 0.12% MUELLER WATER PRODUCTS, INC. 3,227,729.54 0.33% KDDI CORP 2,218,584.54 0.23% DAIWA HOUSE INDUSTRY CO LTD 1,551,744.14 0.16% INDOFOOD SUKSES MAKMUR TBK PT 2,152,900.78 0.22% MYERS INDUSTRIES, INC. 2,297,526.00 0.24% INC 2,058,567.36 0.21% CO LTD 5,962,392.87 0.61% CHINA PETROLEUM & CHEMICAL CORP 1,516,687.08 0.16% NRG ENERGY, INC. 2,096,325.40 0.22% NVE CORP 2,428,321.65 0.25% FAR EASTERN NEW CENTURY CORP 2,707,944.94 0.28% MITSUBISHI UFJ FINANCIAL GROUP, INC. 1,950,088.77 0.20% NATIONAL HEALTHCARE CORP 2,224,986.90 0.23% NATIONAL PRESTO INDS INC 2,344,760.55 0.24% NATURAL GROCERS BY VITAMIN COTTAGE INC 1,069,038.12 0.11% NAVIENT CORP 2,809,866.79 0.29% SHINHAN FINANCIAL GROUP CO LTD 1,801,853.94 0.19% HANG SENG BANK 2,036,715.92 0.21% NETAPP, INC. 1,925,306.42 0.20% ADVANCED INFO SERVICE PCL 3,014,365.16 0.31% EXXARO RESOURCES LTD 1,625,764.40 0.17% HENDERSON LAND DEVELOPMENT CO., LTD. 2,351,988.71 0.24% FAR EASTONE CO LTD 4,775,480.50 0.49% CHINA DEVELOPMENT FINANCIAL HOLDING CORP 5,001,323.57 0.52% POWER ASSETS HOLDINGS LTD 3,626,505.85 0.37% INDOCEMENT TUNGGAL PRAKARSA TBK PT 1,140,158.28 0.12% JAPAN TOBACCO, INC. 2,268,104.52 0.23% KRUNG THAI BANK PUB CO LTD 1,458,728.47 0.15% HOLDINGS INC 1,478,734.47 0.15% LITE-ON TECHNOLOGY CORP 2,262,335.82 0.23%

Page 5 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

SINOPAC FINANCIAL HOLDINGS CO LTD 3,997,423.49 0.41% MALAYAN BANKING BHD 2,470,270.27 0.25% SUMITOMO MITSUI FINANCIAL GROUP, INC. 1,844,499.73 0.19% LAND & HOUSES PCL 2,116,515.43 0.22% MIZUHO FINANCIAL GROUP INC 1,869,210.85 0.19% MITSUBISHI CORP. 2,141,883.45 0.22% FIRSTRAND LTD 1,596,945.48 0.16% CORP. 2,116,192.86 0.22% WISTRON CORP 1,670,351.25 0.17% NORTHWEST BANCSHARES INC 2,157,588.84 0.22% NORTHWEST NATURAL HOLDING CO 2,568,858.24 0.26% NORTHWESTERN CORP. 2,940,241.50 0.30% NU SKIN ENTERPRISES, INC., CLASS A 1,900,210.95 0.20% NUCOR CORP. 2,707,816.11 0.28% PICC PROPERTY & CASUALTY CO LTD 1,938,443.98 0.20% CHINA LIFE INSURANCE CO 1,368,042.38 0.14% SEKISUI HOUSE LTD 2,098,937.34 0.22% SINO LAND CO., LTD. 1,816,098.64 0.19% OMNICOM GROUP INC. 1,874,885.61 0.19% ONEOK, INC. 1,377,479.48 0.14% SUN HUNG KAI PROPERTIES LTD. 1,932,103.15 0.20% ORGANON & CO 122,492.48 0.01% TAIWAN CEMENT CORP 4,135,090.86 0.43% TAKEDA PHARMACEUTICAL CO LTD 2,077,680.10 0.21% TMBTHANACHART BANK PCL 1,244,729.07 0.13% OTTER TAIL CORP. 3,515,881.92 0.36% TENAGA NASIONAL BHD 2,286,969.28 0.24% 2,654,261.57 0.27% PNC FINANCIAL SERVICES GROUP, INC. 1,905,310.88 0.20% PPL CORP. 2,515,230.22 0.26% PACKAGING CORP OF AMERICA 2,173,491.00 0.22% PARK NATIONAL CORP 1,739,577.30 0.18% PAYCHEX, INC. 3,016,417.60 0.31% NOVARTIS AG 2,752,411.18 0.28% HOLCIM LTD 2,192,374.30 0.23% PEPSICO, INC. 3,992,588.82 0.41% ENEL SPA 1,783,217.51 0.18% PETMED EXPRESS INC. 1,054,426.10 0.11% PFIZER, INC. 2,699,572.92 0.28% PHIBRO ANIMAL HEALTH CORP-A 2,944,835.84 0.30% PHILIP MORRIS INTERNATIONAL, INC. 2,918,591.28 0.30%

Page 6 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

PINNACLE WEST CAPITAL CORP. 2,824,276.35 0.29% SPA 2,250,888.81 0.23% POWELL INDUSTRIES INC 2,080,149.50 0.21% PRINCIPAL FINANCIAL GROUP, INC. 1,587,016.85 0.16% PROCTER & GAMBLE CO. 4,273,368.03 0.44% PROVIDENT FINANCIAL SVCS 2,230,035.36 0.23% PUBLIC SERVICE ENTERPRISE GROUP, INC. 2,633,040.50 0.27% RMR GROUP INC/THE 1,773,691.92 0.18% RE/MAX HOLDINGS INC 1,884,811.50 0.19% REGIONS FINANCIAL CORP. 1,233,300.70 0.13% RESOURCES CONNECTION INC 2,674,449.48 0.28% ASA 2,253,400.90 0.23% S&T BANCORP INC 1,846,199.20 0.19% SJW GROUP 2,947,627.80 0.30% SAFETY INSURANCE GROUP, INC. 3,128,929.88 0.32% SANTANDER CONSUMER USA HOLDINGS INC 2,107,250.08 0.22% SCHNITZER STEEL INDUSTRIES INC 2,560,802.40 0.26% SCHWEITZER-MAUDUIT INTL INC 1,922,451.42 0.20% SCULPTOR CAPITAL MANAGEMENT INC 1,811,668.25 0.19% SEMPRA ENERGY 2,582,167.68 0.27% JM SMUCKER CO. 2,851,835.70 0.29% SOUTH JERSEY INDUSTRIES INC 2,470,740.05 0.25% SOUTHERN CO. 2,971,585.59 0.31% SOUTHSIDE BANCSHARES INC 2,606,865.47 0.27% SPARTANNASH CO 1,815,255.86 0.19% STATE STREET CORP. 1,782,431.64 0.18% STEELCASE INC-CL A 1,636,972.07 0.17% STRATEGIC EDUCATION INC 1,544,930.72 0.16% STURM RUGER & COMPANY 2,680,144.28 0.28% SUNCOKE ENERGY, INC. 1,382,775.24 0.14% TELEPHONE & DATA SYSTEMS INC 2,808,367.10 0.29% 3M CO. 2,782,011.78 0.29% TRUIST FINANCIAL CORP 1,412,974.50 0.15% TRUSTCO BANK CORP NY 2,252,199.42 0.23% TYSON FOODS, INC. - CLASS A 2,199,818.24 0.23% UGI CORP 2,283,499.79 0.24% US BANCORP 1,814,779.35 0.19% UNITED PARCEL SERVICE, INC. 2,449,054.72 0.25% UNITIL CORP 3,597,351.61 0.37% UNIVERSAL CORP. 3,292,695.09 0.34% VECTOR GROUP LTD 2,136,384.32 0.22%

Page 7 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

VERIZON COMMUNICATIONS, INC. 3,887,361.40 0.40% VISTRA CORP 1,479,844.80 0.15% WEC ENERGY GROUP 3,262,419.15 0.34% WASHINGTON TRUST BANCORP INC 2,246,100.35 0.23% WATSCO INC. 2,183,623.52 0.23% WEIS MARKETS INC 2,869,506.36 0.30% WESBANCO INC 2,078,582.94 0.21% WESTERN UNION CO. 2,057,859.33 0.21% WHIRLPOOL CORP 1,957,601.58 0.20% WILLIAMS COS., INC. 1,875,571.65 0.19% XCEL ENERGY, INC. 3,138,523.20 0.32% XPERI HOLDING CORP 1,753,735.20 0.18% YORK WATER CO/THE 3,081,487.20 0.32% 1,110,271.44 0.11% TERNA SPA 2,361,250.97 0.24% ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 811,233.09 0.08% PLC 2,326,140.22 0.24% SINGAPORE TELECOMMUNICATIONS LTD. 2,147,598.93 0.22% STANDARD BANK GROUP LTD 1,453,203.06 0.15% NTPC LTD 1,874,923.53 0.19% ENKA INSAAT VE SANAYI AS 1,913,466.98 0.20% TAIWAN HIGH SPEED RAIL CORP 3,618,641.57 0.37% NV 2,086,898.05 0.22% CHINA SHENHUA ENERGY CO LTD 2,240,930.83 0.23% AMBUJA CEMENTS LTD 2,201,677.98 0.23% BANK OF COMMUNICATIONS CO LTD 2,914,702.60 0.30% ITC LTD 2,040,444.27 0.21% CHINA CONSTRUCTION BANK CORP 2,315,720.33 0.24% HANA FINANCIAL GROUP INC 1,525,859.12 0.16% PLC 2,165,538.48 0.22% PTT EXPLORATION & PRODUCTION PCL 1,588,175.02 0.16% LTD 2,642,051.01 0.27% BCE INC 3,475,344.57 0.36% INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 1,862,416.52 0.19% AKER BP ASA 1,541,746.98 0.16% POWER FINANCE CORP LTD 1,666,479.27 0.17% COUNTRY GARDEN HOLDINGS CO LTD 1,638,652.54 0.17% CHINA CITIC BANK CORP LTD. 2,045,394.41 0.21% DANONE S.A. 1,977,509.05 0.20% CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO 1,810,905.65 0.19% POWER GRID CORP OF INDIA LTD 1,990,442.44 0.21%

Page 8 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

MANILA ELECTRIC COMPANY 1,977,849.29 0.20% SIME DARBY BHD 2,044,510.74 0.21% MS&AD INSURANCE GROUP HOLDINGS INC 2,027,019.61 0.21% REC LTD 1,719,286.22 0.18% BAJAJ AUTO LTD 2,302,338.08 0.24% HYPERA SA 1,915,770.13 0.20% CHINA RESOURCES CEMENT HOLDINGS LTD 1,377,733.80 0.14% PEGATRON CORP 1,854,347.98 0.19% ALGONQUIN POWER & UTILITIES CORP 2,266,308.04 0.23% NEW CHINA LIFE INS CO LTD 1,165,146.70 0.12% CHINA MINSHENG BANKING CORP LTD 1,802,157.07 0.19% RUSHYDRO PJSC 2,872,190.02 0.30% PJSC 2,934,671.03 0.30% PJSC 2,054,488.78 0.21% MOBILE TELESYSTEMS PJSC 4,140,575.50 0.43% PJSC 2,309,750.89 0.24% FEDERAL GRID CO UNIFIED ENERGY SYSTEM PJSC 3,095,214.58 0.32% MMC PJSC 2,158,107.17 0.22% INTER RAO UES PJSC 2,115,769.95 0.22% PJSC 3,010,743.52 0.31% CHINA EVERBRIGHT BANK CO LTD 1,342,354.57 0.14% EVONIK INDUSTRIES AG 1,917,246.33 0.20% AGRICULTURAL BANK OF CHINA LTD 2,022,397.41 0.21% GROUP LTD 2,811,147.47 0.29% ALROSA PAO 2,743,970.89 0.28% PLC 1,332,937.08 0.14% PLC 1,316,454.60 0.14% PEOPLE'S INSURANCE CO GROUP OF CHINA LTD/THE 1,752,590.92 0.18% INDUS TOWERS LTD 1,075,686.37 0.11% KONINKLIJKE AHOLD DELHAIZE NV 2,785,601.27 0.29% ENGIE BRASIL ENERGIA SA 2,443,529.32 0.25% TELKOM INDONESIA PERSERO 1,392,188.21 0.14% PLDT INC 2,079,788.09 0.21% 2,282,595.00 0.24% SOFTBANK CORP 2,328,970.12 0.24% HOLDINGS PLC 1,850,968.99 0.19% CHINA CINDA ASSET MANAGEMENT CO LTD 1,778,307.81 0.18% BHP GROUP PLC 1,481,916.07 0.15% ORBIA ADVANCE CORP SAB DE CV 1,781,743.67 0.18% GROUP PLC 1,535,972.46 0.16% LOGAN GROUP CO LTD 1,670,851.51 0.17%

Page 9 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

MULTICHOICE GROUP LTD 1,775,578.99 0.18% TC ENERGY CORP 2,082,164.87 0.21% INTOUCH HOLDINGS PCL 3,349,437.54 0.35% PLC 2,262,056.04 0.23% WH GROUP LTD 1,513,396.93 0.16% NEW WORLD DEVELOPMENT 1,690,663.14 0.17% ACS ACTIVIDADES DE-RTS 7/7/2021 40,778.52 0.00% NN GROUP NV 1,827,091.43 0.19% UBS GROUP AG 1,705,681.59 0.18% RESTAURANT BRANDS INTERNATIONAL INC 1,850,916.69 0.19% GF SECURITIES CO LTD 1,290,873.16 0.13% CK HUTCHISON HOLDINGS 1,829,477.34 0.19% CHINA RAILWAY SIGNAL & COMMUNICATION CORP LTD 1,524,852.63 0.16% CK INFRASTRUCTURE HOLDINGS LTD 2,260,709.68 0.23% COLES GROUP LTD 2,345,480.55 0.24% POSTE ITALIANE SPA 1,942,639.47 0.20% HYDRO ONE LTD 3,278,267.97 0.34% CK ASSET HOLDINGS LIMITED 2,078,723.90 0.21% S&P 500 EMINI FUTURE SEP21 º 9/20/2021 -12,407,707.17 -1.28% BUNGE LTD 1,990,558.65 0.21% EVEREST RE GROUP LTD. 2,065,725.97 0.21% INVESCO LIMITED 1,577,631.33 0.16% SEAGATE TECHNOLOGY HOLD 2,174,157.18 0.22% FUTURES COLLATERAL 4/1/2042 73,655,763.55 7.59% TRINSEO SA 1,364,232.32 0.14% MINI MSCI EMERGING MARKETS INDEX FUTURE SEP21 º 9/20/2021 438,794.42 0.05% MINI MSCI EAFE INDEX FUTURE SEP21 º 9/20/2021 3,451,805.75 0.36% LYONDELLBASELL INDUSTRIES NV 1,326,714.39 0.14% NASDAQ 100 E-MINI FUTURE SEP21 º 9/20/2021 20,030,041.63 2.07% RUSSELL 2000 MINI INDEX FUTURE SEP21 º 9/20/2021 976,432.41 0.10% 100.00%

º Future/centrally cleared swap security holding where amount and percentage reflected as Traded Market Value (Base) and Traded Market Value (Base) % is based on the unrealized gain/loss as of the reporting period.

Page 10 of 11 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY MARKET NEUTRAL INCOME FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

Portfolio holdings are subject to change, are unaudited, and do not represent any type of recommendation. The Funds are distributed by Victory Capital Services, Inc. Shares of the Fund may be subject to sales charges and other fees. Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus or summary prospectus containing this and other important information, visit www.vcm.com/prospectus. Read it carefully before investing.

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