VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY TRIVALENT INTERNATIONAL SMALL-CAP FUND

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

VISTRY GROUP PLC 16,454,955.42 0.50% 10,542,049.97 0.32% 11,450,127.05 0.35% PLC 11,075,021.58 0.34% COMMUNICATIONS PLC 9,930,253.51 0.30% UNITE GROUP PLC/THE 12,504,293.02 0.38% PLC 14,649,414.54 0.44% GROUP PLC 14,397,066.80 0.44% TATE & LYLE PLC 12,268,733.02 0.37% HLDGS PLC 11,964,460.48 0.36% PLC 14,129,679.05 0.43% ATS AUTOMATION TOOLING SYS 16,602,086.17 0.50% BALLARD POWER SYSTEMS INC 5,364,075.52 0.16% DESCARTES SYSTEMS GROUP INC/THE 10,718,670.97 0.32% CANADIAN WESTERN 15,975,120.54 0.48% FINNING INTERNATIONAL INC 15,983,732.65 0.48% FORTUNA SILVER MINES INC 7,955,916.65 0.24% STELLA-JONES INC 11,038,345.03 0.33% UDG HEALTHCARE PLC 15,172,371.16 0.46% HOLDINGS LTD 6,064,345.58 0.18% FORBO HOLDING AG 10,772,521.51 0.33% AG 9,611,203.79 0.29% PUBLICIS GROUPE 23,507,777.35 0.71% 21,672,485.43 0.66% PEAB AB 10,941,453.22 0.33% KEMIRE OYJ 9,362,290.82 0.28% SPAREBANKEN VEST 9,746,940.04 0.30% SEB SA 11,008,445.85 0.33% SULZER AG 12,398,004.98 0.38% INTERPUMP GROUP SPA 12,819,518.11 0.39% ASM INTERNATIONAL NV 36,947,735.98 1.12% AG 18,035,673.56 0.55% BANKINTER SA 14,974,561.03 0.45% TIETOEVRY OYJ 13,029,681.38 0.40% AG 13,310,482.33 0.40% ACCIONA SA 13,624,416.76 0.41% GROUP 16,165,277.59 0.49% VISCOFAN SA 9,847,050.36 0.30% SE 7,425,367.72 0.23% ACEA SPA 16,044,798.20 0.49% TAG IMMOBILIEN AG 22,360,706.35 0.68%

Page 1 of 6 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY TRIVALENT INTERNATIONAL SMALL-CAP FUND

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

BUZZI UNICEM SPA 15,832,798.79 0.48% AG 16,561,546.49 0.50% AG 17,397,380.00 0.53% ASM PACIFIC TECHNOLOGY LIMITED 10,246,626.08 0.31% ANRITSU CORP 10,996,992.10 0.33% RESORTTRUST INC 10,045,582.74 0.30% BANK OF LTD 13,594,571.68 0.41% LTD 12,994,130.71 0.39% COWAY CO LTD 10,314,505.48 0.31% CAPCOM CO LTD 17,621,395.50 0.53% CSR LTD 10,073,868.09 0.31% KINTETSU WORLD EXPRESS INC 12,036,309.32 0.36% LTD 17,456,540.53 0.53% ASKUL CORP 10,729,038.28 0.33% TECHNOLOGY ONE LTD 10,839,158.69 0.33% EIKEN CHEMICAL CO LTD 12,555,296.77 0.38% DENKA CO LTD 14,488,535.19 0.44% TOWNGAS CO LTD 10,702,222.83 0.32% FULLCAST HOLDINGS CO LTD 9,887,289.97 0.30% FUJI CORP/AICHI 16,334,308.98 0.50% MIRACA HOLDINGS INC. 11,143,454.45 0.34% FUJI SOFT INC 9,554,464.42 0.29% ELDERS LTD 15,609,184.04 0.47% OZ MINERALS LTD 21,527,715.33 0.65% SFA ENGINEERING CORP 10,947,433.31 0.33% SEOUL CO LTD 9,853,853.64 0.30% HYSAN DEVELOPMENT CO LTD 17,676,671.13 0.54% IZUMI CO LTD 9,450,103.35 0.29% KANAMOTOC CO LTD 8,676,432.53 0.26% KANEKA CORP 10,632,816.53 0.32% KOMERI CO LTD 8,204,840.78 0.25% KUMAGAI GUMI CO LTD 10,043,342.46 0.30% TAKEUCHI CO LTD 12,365,938.39 0.37% MORINAGA MILK INDUSTRY CO LTD 12,333,002.27 0.37% NEC NETWORKS & SYSTEM INTEGR 13,856,668.68 0.42% NIKKISO CO LTD 8,189,642.99 0.25% NICHIREI CORP 9,001,454.94 0.27% NIPPON ELECTRIC GLASS CO LTD 14,638,515.33 0.44% ZEON CORP 9,161,912.32 0.28% DAIHEN CORP 11,791,517.41 0.36% PENTA-OCEAN CO LTD 13,840,038.39 0.42%

Page 2 of 6 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY TRIVALENT INTERNATIONAL SMALL-CAP FUND

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

JB HI-FI LTD 13,862,549.64 0.42% AFREECATV CO LTD 22,430,540.39 0.68% RENGO CO LTD 15,652,167.09 0.47% SAMSUNG ENGINEERING CO LTD 17,054,301.81 0.52% SANKYU INC 9,470,305.23 0.29% SANWA HOLDINGS CORP 12,098,764.49 0.37% SHINKO ELECTRIC INDUSTRIES CO LTD 34,806,826.53 1.06% STARTS CORPORATION INC 10,100,234.69 0.31% SUMITOMO FORESTRY CO LTD 11,310,775.13 0.34% TAIYO YUDEN CO LTD 16,758,254.43 0.51% TOKYO SEIMITSU CO LTD 12,385,062.59 0.38% TOKYOTOKEIBA CO LTD 8,247,584.40 0.25% TOYO TIRE CORP 21,273,250.38 0.65% VALOR HOLDINGS CO LTD 9,788,681.49 0.30% ADECCO GROUP AG 18,601,119.47 0.56% GROUP AG 18,667,805.20 0.57% VONTOBEL HOLDING AG 15,848,606.62 0.48% SA 19,581,014.54 0.59% HOLDING AG 16,094,286.11 0.49% KLEPIERRE SA 23,091,680.80 0.70% GETINGE AB 22,487,570.89 0.68% VANGUARD FTSE DEVELOPED MARKET 24,820,893.44 0.75% INVINCIBLE INVESTMENT CORP 9,908,710.56 0.30% DUNDEE PRECIOUS METALS INC 9,010,563.93 0.27% BOARDWALK REAL ESTATE INVEST 12,102,874.62 0.37% PSP SWISS PROPERTY AG 18,973,744.64 0.58% PACIFIC BASIN SHIPPING LTD 11,297,384.62 0.34% ACERINOX SA 11,792,200.17 0.36% SA 14,014,181.59 0.42% INC 10,477,568.99 0.32% INTERNET INITIATIVE JAPAN INC 23,472,474.17 0.71% SHIP HEALTHCARE HOLDINGS INC 12,200,760.76 0.37% HITE JINRO CO LTD 10,269,651.30 0.31% IG GROUP HOLDINGS PLC 12,447,503.62 0.38% BUCHER INDUSTRIES AG 20,934,776.76 0.63% KENEDIX OFFICE INVESTMENT CORP 11,368,608.63 0.34% PLC 10,592,204.52 0.32% PLC 11,457,602.25 0.35% ARKEMA SA 10,193,888.23 0.31% EIFFAGE SA 24,522,085.23 0.74% SBM OFFSHORE NV 9,896,903.57 0.30%

Page 3 of 6 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY TRIVALENT INTERNATIONAL SMALL-CAP FUND

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

CHARTER HALL GROUP 23,414,573.56 0.71% MINERAL RESOURCES LTD 41,329,036.97 1.25% NIPPON ACCOMMODATIONS FUND INC 13,246,348.11 0.40% CANFOR CORP 10,972,075.33 0.33% INTERNATIONAL SA 43,142,158.69 1.31% OYJ 16,016,639.55 0.49% G5 ENTERTAINMENT AB 13,756,147.64 0.42% PARTRON CO LTD 10,013,110.83 0.30% 14,751,253.07 0.45% OSSTEM IMPLANT CO LTD 30,025,639.00 0.91% HOLDINGS PLC 20,889,590.96 0.63% UNITED LABORATORIES INTERNATIONAL 9,811,119.73 0.30% FREENET AG 16,436,576.16 0.50% SA 11,413,182.99 0.35% ALSTRIA OFFICE REIT-AG 16,549,767.70 0.50% NEOWIZ 12,973,226.88 0.39% AG 16,352,878.12 0.50% SILVER LAKE RESOURCES LTD 10,234,789.25 0.31% LABORATORIOS FARMACEUTICOS ROVI SA 18,158,467.41 0.55% CI FINANCIAL CORP 13,421,343.59 0.41% LTD 11,660,706.54 0.35% PANDORA A/S 18,790,699.70 0.57% TRICON RESIDENTIAL INC 18,450,108.97 0.56% JULIUS BAER GROUP LTD 18,816,536.41 0.57% LONDONMETRIC PROPERTY PLC 13,980,258.67 0.42% SE 17,974,208.54 0.54% PAREX RESOURCES INC 21,624,268.19 0.66% PLC 13,195,583.05 0.40% ARC RESOURCES LTD 23,042,965.43 0.70% NORTHLAND POWER INC 19,852,415.06 0.60% NORTH PACIFIC BANK LTD 7,861,201.41 0.24% SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP 10,173,344.89 0.31% ZUR ROSE GROUP AG 7,489,591.05 0.23% ZENKOKU HOSHO CO LTD 14,549,954.25 0.44% COCA-COLA HBC AG 10,919,071.09 0.33% BRP INC/CA 16,860,891.56 0.51% NEXTEER AUTOMOTIVE GROUP LTD 10,336,582.84 0.31% PROSIEBENSAT.1 MEDIA SE 17,300,979.64 0.52% RELIANCE WORLDWIDE CORP LTD 13,090,627.21 0.40% BANK OF IRELAND GROUP PLC 16,643,748.81 0.50% OPEN HOUSE CO LTD 22,670,909.50 0.69%

Page 4 of 6 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY TRIVALENT INTERNATIONAL SMALL-CAP FUND

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

KIRKLAND LAKE GOLD LTD 38.54 0.00% ASR NEDERLAND NV 17,309,554.40 0.52% TFI INTERNATIONAL INC 35,717,032.73 1.08% ROYAL MAIL PLC 17,691,489.94 0.54% FOOD & LIFE COMPANIES LTD 16,319,831.89 0.49% STOCK SPIRITS GROUP PLC 9,749,920.26 0.30% DWS GROUP GMBH & CO KGAA 13,685,456.62 0.41% PENDAL GROUP LTD 15,115,035.62 0.46% NETCOMPANY GROUP AS 11,010,054.85 0.33% WIHLBORGS FASTIGHETER AB 14,291,490.61 0.43% LA FRANCAISE DES JEUX SAEM 14,175,920.40 0.43% 17,449,622.34 0.53% IMI PLC 23,670,109.68 0.72% VALMET CORP 31,201,940.23 0.95% INTERNATIONAL PLC 13,267,287.81 0.40% GROUP PLC 12,691,663.26 0.38% DALATA HOTEL GROUP PLC 9,930,315.86 0.30% PLC 12,278,971.95 0.37% FREEE KK 7,742,740.58 0.23% SOULBRAIN CO LTD 30,847,503.94 0.94% BAPCOR LTD 12,168,351.36 0.37% OSB GROUP PLC 15,592,597.07 0.47% APPLUS SERVICES SA 10,816,456.77 0.33% SAWAI GROUP HOLDINGS CO LTD 11,994,441.40 0.36% TILRAY INC 10,148,085.86 0.31% B&M EUROPEAN VALUE SA 14,327,300.63 0.43% PLC 10,356,050.76 0.31% HOLDINGS PLC 14,462,775.52 0.44% ENDEAVOUR PLC 11,393,742.31 0.35% NV 20,579,726.84 0.62% MERLIN PROPERTIES SOCIMI SA 13,908,441.52 0.42% ARGENX SE 10,901,166.32 0.33% CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS SA 12,872,875.65 0.39% PLC 22,638,706.35 0.69% ELIS SA 13,257,762.65 0.40% ROYAL UNIBREW 15,904,792.95 0.48% DEUTSCHE PFANDBRIEFBANK AG 12,110,940.10 0.37% PHARMARESEARCH CO LTD 16,425,716.78 0.50% BAYCURRENT CONSULTING INC 35,718,265.67 1.08% MAEIL DAIRIES CO LTD 8,858,428.34 0.27% DOMETIC GROUP AB 17,194,252.69 0.52%

Page 5 of 6 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY TRIVALENT INTERNATIONAL SMALL-CAP FUND

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

KINDRED GROUP PLC 22,552,913.31 0.68% INTERMEDIATE CAPITAL GROUP PLC 13,374,795.92 0.41% COVESTRO AG 14,437,857.44 0.44% HELLOFRESH SE 15,509,690.50 0.47% BANCA MEDIOLANUM SPA 13,957,498.68 0.42% SIGNIFY NV 29,741,844.33 0.90% FRASERS & COMMERCIAL 13,646,348.39 0.41% 30,502,233.83 0.92% REPLY SPA 21,996,815.61 0.67% INTERTRUST NV 8,906,709.60 0.27% 20,084,023.19 0.61% WONIK IPS CO LTD 9,904,278.25 0.30% COGECO COMMUNICATIONS INC 13,807,123.62 0.42% ATLANTICA SUSTAINABLE INFRA 11,222,611.62 0.34% INMODE LTD 25,743,586.68 0.78% AERCAP HOLDINGS NV 12,336,232.95 0.37% 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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