VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF RS INTERNATIONAL

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

ASHTEAD GROUP PLC 2,107,358.50 1.38% PLC 3,073,227.08 2.02% PLC 1,730,857.94 1.14% LEGAL & GENERAL GROUP PLC 1,401,616.24 0.92% PLC 2,921,455.91 1.92% CLOSE BROTHERS GROUP PLC 1,176,500.33 0.77% BP PLC 1,303,486.22 0.85% SMITH & NEPHEW PLC 937,885.41 0.62% 1,640,766.53 1.08% ITV PLC 1,508,933.32 0.99% LVMH MOET HENNESSY LOUIS VUITTON SA 4,583,296.52 3.01% CAPGEMINI SA 2,659,567.17 1.74% FAURECIA 578,792.16 0.38% ISHARES MSCI EAFE ETF 152,001.76 0.10% SAP SE 3,840,688.86 2.52% ASM INTERNATIONAL NV 1,573,745.66 1.03% ALLIANZ SE 2,824,892.94 1.85% VOLKSWAGEN AG 1,514,987.34 0.99% NV 1,706,820.46 1.12% SIEMENS AG 3,404,758.43 2.23% TELEFONICA S.A. 1,865,814.73 1.22% KONINKLIJKE KPN NV 1,551,594.76 1.02% ORACLE CORP 725,980.96 0.48% BHP GROUP LIMITED 2,915,914.65 1.91% CAPCOM CO LTD 1,441,165.89 0.95% CSL LTD. 2,029,846.34 1.33% CHUBU ELECTRIC POWER CO INC 1,391,267.18 0.91% LTD 1,632,103.56 1.07% MITSUBISHI UFJ FINANCIAL GROUP, INC. 1,665,655.93 1.09% FISHER & PAYKEL HEALTHCARE CORP LTD 902,400.70 0.59% EN JAPAN INC 1,019,186.15 0.67% FUJI ELECTRIC CO LTD 2,744,985.33 1.80% FUJITSU LTD 2,919,137.82 1.91% HOYA CORP. 2,923,569.73 1.92% JAFCO GROUP CO LTD 941,649.63 0.62% TOKIO MARINE HOLDINGS INC 1,188,515.55 0.78% ULVAC INC 1,504,122.25 0.99% NIPPON YUSEN KK 1,659,687.75 1.09% OKUMA CORP 975,073.37 0.64% KAKAKU.COM INC 1,621,752.71 1.06% SANWA HOLDINGS CORP 1,476,059.11 0.97%

Page 1 of 3 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF RS INTERNATIONAL

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

SHIONOGI & CO LTD 1,407,322.37 0.92% SUMITOMO REALTY & DEVELOPMENT 1,209,013.08 0.79% TOYO SUISAN KAISHA LTD 1,884,984.39 1.24% TOYOTA MOTOR CORP 5,035,731.90 3.30% NOVARTIS AG 2,914,017.12 1.91% ROCHE HOLDING AG 5,489,376.95 3.60% ADECCO GROUP AG 2,203,108.03 1.44% NESTLE SA 6,209,725.76 4.07% ENEL SPA 2,614,076.78 1.71% SNAM SPA 1,631,260.17 1.07% MELEXIS NV 1,433,918.88 0.94% PLC 2,093,868.41 1.37% SAFRAN SA 1,476,610.77 0.97% RECORDATI SPA 1,552,396.19 1.02% SPAREBANK 1 SMN 1,453,411.04 0.95% ARKEMA SA 1,597,503.69 1.05% PARTNERS GROUP HOLDING AG 1,924,256.18 1.26% TOTALENERGIES SE 1,439,245.43 0.94% MERCHANTS BANK CO LTD 694,250.61 0.46% BANCA GENERALI SPA 1,432,588.48 0.94% AKER BP ASA 847,069.57 0.56% LTD 1,539,660.96 1.01% ZOZO INC 1,529,354.85 1.00% AIA GROUP LTD. 2,850,875.44 1.87% PLC 750,146.90 0.49% COCA-COLA HBC AG 1,496,485.51 0.98% VONOVIA SE 1,147,546.24 0.75% ATLAS COPCO AB B SHARES 2,794,192.23 1.83% CEMBRA MONEY BANK AG 1,178,993.96 0.77% LA FRANCAISE DES JEUX SAEM 1,759,316.38 1.15% CHINA MEIDONG AUTO HOLDINGS LTD 882,573.95 0.58% CRODA INTERNATIONAL PLC 2,163,096.15 1.42% GAZTRANSPORT ET TECHNIGAZ SA 511,441.98 0.34% SCENTRE GROUP 1,395,133.10 0.91% TENCENT HOLDINGS LTD 1,099,298.96 0.72% UBS GROUP AG 1,537,759.44 1.01% ROYAL UNIBREW 1,850,079.16 1.21% INTERMEDIATE CAPITAL GROUP PLC 1,288,410.59 0.84% CK ASSET HOLDINGS LIMITED 2,581,196.90 1.69% ING GROEP NV 1,840,385.91 1.21%

Page 2 of 3 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF RS INTERNATIONAL

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

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.

Page 3 of 3