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VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY RS GROWTH FUND

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

ACTIVISION BLIZZARD INC 4,009,434.40 1.24% , INC. 2,968,188.00 0.92% INC 4,417,530.00 1.36% ALPHABET INC - CLASS C 24,614,568.72 7.61% .COM, INC. 16,031,145.60 4.95% APPLE, INC. 25,142,842.88 7.77% INC 3,894,800.20 1.20% BOSTON BEER COMPANY INC-CLASS A 2,266,176.00 0.70% CAESARS ENTERTAINMENT INC 3,615,687.50 1.12% CHARLES RIVER LABORATORIES INTERNATIONAL, INC. 6,037,094.40 1.87% CHIPOTLE MEXICAN GRILL, INC. 4,480,482.60 1.38% CONSTELLATION BRANDS, INC. - CLASS A 3,817,084.80 1.18% , INC. 2,391,200.00 0.74% DOLLAR GENERAL CORP 2,776,283.70 0.86% FACEBOOK INC 16,151,129.50 4.99% FAIR ISAAC CORP. 3,171,910.80 0.98% FATE THERAPEUTICS INC 1,885,946.70 0.58% , INC. 5,625,620.70 1.74% FRESHPET INC 2,115,220.80 0.65% GARTNER INC 2,959,684.00 0.91% HOME DEPOT, INC. 4,309,798.35 1.33% IDEX CORP 3,016,885.50 0.93% CORP. 5,472,387.00 1.69% MARVELL TECHNOLOGY INC 3,592,544.70 1.11% CORP. 34,052,130.00 10.52% , INC. 3,074,162.20 0.95% NIKE, INC. - CLASS B 5,927,781.30 1.83% CORP. 8,721,090.00 2.69% PALO ALTO NETWORKS INC 3,714,210.50 1.15% PAYPAL HOLDINGS INC 6,698,210.40 2.07% RINGCENTRAL INC CLASS A 6,575,825.40 2.03% SBA COMMUNICATIONS CORP 3,594,936.00 1.11% SCOTTS COMPANY CLASS A 3,080,316.00 0.95% SERVICENOW INC 5,149,283.50 1.59% SQUARE INC - A 3,244,978.00 1.00% STMICROELECTRONICS NV, NY SHARESARES 2,782,342.40 0.86% , INC. 2,942,679.30 0.91% TJX COS., INC. 2,297,673.60 0.71% TARGET CORP. 3,889,596.60 1.20% TESLA INC 8,040,851.00 2.48% TWILIO INC 11,174,436.00 3.45%

Page 1 of 2 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY RS GROWTH FUND

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

TWITTER INC 6,748,196.70 2.08% UNITED PARCEL SERVICE, INC. 5,615,190.00 1.73% VISA INC. - CLASS A 11,489,213.34 3.55% WEST PHARMACEUTICAL SERVICES, INC. 6,022,107.00 1.86% ZOOM VIDEO COMMUNICATIONS INC 3,572,286.90 1.10% HORIZON THERAPEUTICS PLC 2,444,004.00 0.76% IHS MARKIT LTD 2,601,319.40 0.80% JAZZ PHARMACEUTICALS PLC 3,597,210.00 1.11% APTIV PLC 5,975,393.40 1.85% NOVOCURE LTD 1,772,341.80 0.55% ROYALTY PHARMA PLC 4,096,540.60 1.27% 100.00%

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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