VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

AFLAC INC 10/15/2026 2,635,857.00 0.43% AFLAC INC 1/15/2049 448,831.02 0.07% AMG CAPITAL TRUST II 2,056,454.94 0.33% AT&T INC 3/1/2027 1,293,979.80 0.21% AT&T INC 11/15/2046 3,116,527.02 0.51% AT&T INC 2/1/2028 912,162.64 0.15% ABBVIE INC 5/14/2046 1,547,990.28 0.25% ABBVIE INC 11/21/2029 2,800,203.00 0.45% ABBVIE INC 6/15/2024 3,252,780.00 0.53% ACUITY BRANDS LIGHTING 12/15/2030 2,018,612.56 0.33% AERCAP IRELAND CAP/ GLOBA 7/15/2025 1,465,662.50 0.24% AERCAP IRELAND CAPITAL DAC 1/30/2026 1,369,086.35 0.22% AIR LEASE CORP 2/15/2024 2,389,475.20 0.39% AKAMAI TECHNOLOGIES INC 5/1/2025 910,394.40 0.15% ALLEGHANY CORP 5/15/2030 1,064,781.00 0.17% ALPHABET INC 8/15/2050 1,279,811.22 0.21% ALTRIA GROUP INC 2/14/2026 1,015,826.58 0.16% AMAZON.COM INC 5/12/2031 7,234,745.45 1.17% AMEREN ILLINOIS CO 11/15/2030 1,838,069.40 0.30% AMERICAN ELECTRIC POWER PFD 779,104.20 0.13% AMERICAN WATER CAPITAL C 5/1/2030 1,261,447.60 0.20% AMERICREDIT AUTOMOBILES RECIEVABLES TRUST 1/18/2024 634,073.56 0.10% AMGEN INC 5/1/2045 2,855,790.75 0.46% ANGLO AMERICAN CAPITAL 9/10/2050 1,850,818.50 0.30% ANGLO AMERICAN CAPITAL 3/17/2031 2,558,525.00 0.42% ANTHEM INC 1/15/2025 1,338,117.12 0.22% APPLE INC 2/23/2046 1,425,069.12 0.23% ARES CAPITAL CORP 3/1/2024 2,544,422.24 0.41% ARES CAPITAL CORP 3/1/2024 276,615.36 0.04% BAT CAPITAL CORP 4/2/2050 1,949,370.06 0.32% BANK OF AMERICA CORP. 2,545,968.00 0.41% BANK OF AMERICA CORP 8/26/2024 1,536,640.00 0.25% BANK OF AMERICA CORP 10/21/2027 1,925,413.50 0.31% BANK 3/15/2063 2,707,276.52 0.44% BARCLAYS BANK PLC 2/4/2025 1,480,254.20 0.24% BARCLAYS BANK PLC 2/18/2025 679,876.75 0.11% BAXTER INTERNATIONAL INC 8/15/2046 961,724.78 0.16% BEAR STEARNS ALT-A TRUST 10/25/2033 702,627.59 0.11% BOEING CO 2/4/2026 4,033,762.20 0.65% BOOKING HOLDINGS INC 5/1/2025 2,538,690.56 0.41% BRISTOL-MYERS SQUIBB CO 7/26/2029 5,130,516.00 0.83%

Page 1 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

BROADCOM CORP 1/15/2024 3,391,535.00 0.55% BROADCOM INC 4/15/2030 1,536,600.00 0.25% CSX CORP 9/15/2049 1,732,135.35 0.28% CADENCE DESIGN SYSTEMS INC 10/15/2024 3,265,424.96 0.53% CANADIAN NATL RAILWAY 8/2/2046 1,580,372.75 0.26% CANADIAN NATL RESOURCES 1/15/2023 1,300,305.50 0.21% CAPITAL ONE FINANCIAL CORP 10/30/2024 2,084,769.00 0.34% SABRA HEALTH CARE LP 8/15/2026 1,384,401.90 0.22% CARLISLE COS INC 3/1/2030 1,414,674.12 0.23% CELANESE US HOLDINGS LLC 11/15/2022 1,970,905.20 0.32% CENTENE CORP 12/15/2027 1,487,451.30 0.24% CENTERPOINT ENERGY 583,843.40 0.09% CENTURYLINK INC 12/1/2023 1,066,377.00 0.17% CHEVRON USA INC 1/15/2028 3,106,581.75 0.50% CHURCH & DWIGHT CO INC 8/1/2022 633,038.60 0.10% CINCINNATI FINANCIAL CORP. 11/1/2034 2,451,234.05 0.40% CITIGROUP INC 3/26/2025 1,019,586.79 0.17% CITIGROUP INC 9/29/2027 1,142,100.00 0.19% CITIGROUP INC 3/9/2026 994,416.84 0.16% CITIGROUP INC 1/24/2039 933,080.10 0.15% CITIGROUP COMMERCIAL MORTGAGE TRUST 1/15/2053 2,381,633.78 0.39% CITRIX SYSTEMS INC 3/1/2026 2,421,105.89 0.39% COMCAST CORP 2/1/2050 1,458,027.58 0.24% COMCAST CORP 1/15/2051 1,122,146.74 0.18% CONS EDISON CO OF NY 8/15/2037 2,624,451.50 0.43% CONTINENTAL RESOURCES 4/15/2023 2,173,486.96 0.35% CREDIT SUISSE FIRST BOSTON MORTGAGE 10/25/2032 659,521.52 0.11% DR HORTON INC 10/15/2024 6,250,311.60 1.01% DTE ENERGY CO PFD 1,723,278.09 0.28% DANA INC 6/15/2028 1,207,864.84 0.20% DANAHER CORP PFD 514,869.23 0.08% DARDEN RESTAURANTS INC 5/1/2027 1,593,553.15 0.26% DELTA AIR LINES INC 4/19/2023 2,557,560.75 0.42% DOMINION ENERGY INC PREFERRED STOCK 2,468,558.95 0.40% DRIVE AUTO RECEIVABLES TRUST 6/15/2027 2,497,558.73 0.41% EOG RESOURCES INC 4/15/2050 1,597,820.12 0.26% EQT MIDSTREAM PARTNERS LP 7/15/2023 769,442.74 0.12% ECOPETROL SA 9/18/2023 3,010,962.40 0.49% IBERDROLA INTERNATIONAL 9/15/2033 506,381.07 0.08% IBERDROLA INTL BV 7/15/2036 1,746,561.93 0.28% ENEL FINANCE INTL NV 5/25/2022 3,766,549.05 0.61%

Page 2 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

ESTEE LAUDER COS INC 3/15/2047 1,248,940.00 0.20% EURONET WORLDWIDE INC 3/15/2049 2,803,828.40 0.46% EXPEDIA GROUP INC 2/15/2026 1,790,471.54 0.29% EXPEDIA GROUP INC 12/15/2023 1,818,965.76 0.30% FEDERAL HOME LOAN MORTGAGE CORPORATION 9/1/2038 33,912.14 0.01% FEDERAL HOME LOAN MORTGAGE CORPORATION 7/1/2044 2,303,057.83 0.37% FREDDIE MAC 6/15/2023 21,067.75 0.00% FEDERAL HOME LOAN MORTGAGE CORP. 7/1/2039 1,589,442.09 0.26% FEDERAL HOME LOAN MORTGAGE CORP. 1/1/2041 1,566,499.97 0.25% FEDERAL HOME LOAN MORTGAGE CORP. 12/1/2045 1,394,754.45 0.23% FEDERAL HOME LOAN MORTGAGE CORP. 7/1/2050 2,348,573.26 0.38% FEDERAL HOME LOAN MORTGAGE CORPORATION 3/1/2051 5,989,333.24 0.97% FEDERAL NATIONAL MORTGAGE ASSOCIATION 4/25/2039 914,016.15 0.15% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/25/2043 1,263,514.89 0.21% FANNIE MAE 3/25/2040 605,898.04 0.10% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/25/2050 2,674,237.53 0.43% FANNIE MAE 12/25/2047 1,768,793.26 0.29% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/25/2049 1,572,565.26 0.26% FEDERAL NATIONAL MORTGAGE ASSOCIATION 6/1/2030 612.29 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 6/1/2032 26,468.54 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 1/1/2033 50,605.01 0.01% FEDERAL HOME LOAN MORTGAGE CORP. 10/15/2040 1,493,004.42 0.24% FEDERAL HOME LOAN MORTGAGE CORP. 12/15/2038 332,158.40 0.05% FREDDIE MAC 7/15/2039 3,838,162.43 0.62% FEDERAL HOME LOAN MORTGAGE CORP. 4/15/2037 1,812,236.11 0.29% FEDERAL HOME LOAN MORTGAGE CORP. 1/15/2041 74,642.70 0.01% FEDERAL HOME LOAN MORTGAGE CORP. 4/15/2029 492,152.22 0.08% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/1/2029 34,740.38 0.01% FEDERAL NATIONAL MORTGAGE ASSOCIATION 1/1/2030 3,587.31 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 3/1/2030 1,791.13 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/1/2032 5,626.47 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 9/1/2030 11,133.25 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 11/1/2043 6,059,889.44 0.98% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/1/2038 225,466.70 0.04% FEDERAL NATIONAL MORTGAGE ASSOCIATION 8/1/2046 3,803,137.56 0.62% FEDERAL NATIONAL MORTGAGE ASSOCIATION 9/1/2046 252,870.46 0.04% FEDERAL NATIONAL MORTGAGE ASSOCIATION 3/1/2047 664,902.34 0.11% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/1/2047 5,887,716.00 0.96% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/1/2047 2,414,007.49 0.39% FANNIE MAE 5/25/2040 3,217,814.27 0.52% FEDERAL NATIONAL MORTGAGE ASSOCIATION 8/1/2046 9,071,415.42 1.47%

Page 3 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

FEDERAL NATIONAL MORTGAGE ASSOCIATION 7/1/2047 4,225,340.82 0.69% FEDERAL NATIONAL MORTGAGE ASSOCIATION 10/1/2048 4,519,362.04 0.73% FEDERAL NATIONAL MORTGAGE ASSOCIATION 5/1/2048 313,440.16 0.05% FEDERAL NATIONAL MORTGAGE ASSOCIATION 6/1/2049 1,415,036.26 0.23% FEDERAL NATIONAL MORTGAGE ASSOCIATION 8/1/2039 5,468,962.99 0.89% FEDERAL NATIONAL MORTGAGE ASSOCIATION 3/1/2050 6,622,605.23 1.08% FEDERAL NATIONAL MORTGAGE ASSOCIATION 3/1/2051 6,000,395.80 0.97% FEDERAL NATIONAL MORTGAGE ASSOCIATION 3/1/2051 5,004,347.51 0.81% FEDERAL NATIONAL MORTGAGE ASSOCIATION 8/1/2021 668.17 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/1/2036 94,044.13 0.02% FEDERAL NATIONAL MORTGAGE ASSOCIATION 5/1/2038 142,713.02 0.02% FEDERAL NATIONAL MORTGAGE ASSOCIATION 5/1/2038 190,213.87 0.03% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/1/2038 319,915.09 0.05% FEDERAL NATIONAL MORTGAGE ASSOCIATION 1/1/2038 60,683.52 0.01% FEDERAL NATIONAL MORTGAGE ASSOCIATION 4/1/2023 8,663.25 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 11/1/2038 14,193.99 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/1/2038 9,397.66 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/1/2035 328,983.98 0.05% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/1/2039 889.37 0.00% FEDERAL NATIONAL MORTGAGE ASSOCIATION 2/1/2037 2,138,760.89 0.35% FEDERAL NATIONAL MORTGAGE ASSOCIATION 12/1/2039 241,405.95 0.04% FEDERAL NATIONAL MORTGAGE ASSOCIATION 6/1/2040 4,926,622.37 0.80% FEDERAL NATIONAL MORTGAGE ASSOCIATION 5/1/2050 707,968.24 0.11% FEDERAL NATIONAL MORTGAGE ASSOCIATION 6/1/2040 1,145,344.48 0.19% FIFTH THIRD BANCORP 1/25/2024 5,415,552.75 0.88% FIFTH THIRD BANCORP 5/5/2023 1,188,276.70 0.19% FORD MOTOR CREDIT CO LLC 11/1/2024 2,669,108.90 0.43% FORTIVE CORPORATION 2/15/2022 2,789,090.60 0.45% FRESNILLO PLC 10/2/2050 809,168.00 0.13% GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 10/15/2032 64,960.13 0.01% GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 12/15/2033 22,000.25 0.00% GENERAL MOTORS CO 10/2/2023 2,150,895.76 0.35% GENERAL MOTORS FINL CO 6/19/2023 1,026,143.16 0.17% GLOBE LIFE INC 8/15/2030 2,068,788.24 0.34% GM FINANCIAL SECURITIZED AUTOMOBILE RECEIVABLES TR 1/19/2027 2,211,112.58 0.36% GOLDMAN SACHS GROUP INC 1/24/2022 2,835,030.00 0.46% GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7/16/2041 246,606.76 0.04% HCA INC 6/15/2029 1,935,098.88 0.31% HASBRO INC 11/19/2022 2,480,597.28 0.40% HIGHWOODS REALTY LP 1/15/2023 5,705,203.77 0.93% HILLENBRAND INC 9/15/2026 4,140,211.20 0.67%

Page 4 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

HILTON DOMESTIC OPERATING CO INC 1/15/2030 1,001,445.12 0.16% HILTON WORLDWIDE FINANCE LLC / HILTON WORLDWIDE FI 4/1/2027 1,163,346.40 0.19% HOLLYFRONTIER CORP 10/1/2023 2,141,021.89 0.35% HOLOGIC INC 2/15/2029 2,174,151.88 0.35% HORMEL FOODS CORP 6/11/2030 2,842,300.51 0.46% HUMANA INC 12/15/2022 1,274,512.22 0.21% ILLUMINA INC 8/15/2023 2,548,254.75 0.41% INTEL CORP 3/25/2025 2,173,475.15 0.35% IRON MOUNTAIN INC 7/15/2030 963,644.50 0.16% JP MORGAN MORTGAGE TRUST 11/25/2034 11,772.37 0.00% JPMORGAN CHASE & CO 7/15/2041 1,373,078.00 0.22% JPMORGAN CHASE & CO 10/1/2026 3,663,364.00 0.59% JPMORGAN CHASE FINANCIAL 5/1/2023 1,670,979.30 0.27% KKR & CO INC PFD 1,526,712.72 0.25% KERRY GROUP FIN SERVICES 4/9/2023 5,529,558.96 0.90% KITE REALTY GROUP LP 4/1/2027 236,173.50 0.04% LEAR CORP 5/30/2030 1,068,798.50 0.17% LENNAR CORP 6/15/2027 2,061,329.40 0.33% LEVEL 3 FINANCING INC 7/15/2029 1,405,190.25 0.23% MARATHON OIL CORP 10/1/2037 3,297,115.88 0.54% MARRIOTT INTERNATIONAL 4/15/2024 2,966,491.20 0.48% MERCK & CO INC 6/24/2050 1,143,410.19 0.19% MERITAGE HOMES CORP 6/1/2025 669,367.84 0.11% MICRON TECHNOLOGY INC 2/6/2029 5,142,198.72 0.83% MOLSON COORS BEVERAGE 7/15/2046 882,648.65 0.14% MORGAN STANLEY 2/25/2023 3,161,700.00 0.51% MORGAN STANLEY 11/1/2022 2,875,616.82 0.47% MORGAN STANLEY 7/27/2026 5,954,245.00 0.97% MURPHY OIL USA INC 2/15/2031 846,447.04 0.14% MYLAN INC 4/15/2028 3,704,581.92 0.60% NCR CORP 10/1/2030 758,349.54 0.12% NVR INC 9/15/2022 2,452,733.75 0.40% NVR INC 5/15/2030 2,440,535.16 0.40% NXP BV / NXP FUNDING LLC 6/1/2023 2,686,525.00 0.44% NETAPP INC 12/15/2022 1,383,924.30 0.22% NEVADA POWER CO 4/1/2036 875,046.00 0.14% NEWCREST FINANCE PTY LTD 11/15/2041 2,292,364.40 0.37% NEWCREST FINANCE PTY LTD 5/13/2050 763,306.95 0.12% NEXTERA ENERGY INC PFD 2,764,036.80 0.45% NEXTERA ENERGY CAPITAL 1/15/2023 2,857,986.95 0.46% NEXTERA ENERGY CAPITAL 6/15/2028 2,070,908.96 0.34%

Page 5 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

NIKE INC 11/1/2045 2,427,917.88 0.39% NORFOLK SOUTHERN CORP 5/15/2031 2,167,641.21 0.35% NUCOR CORP 6/1/2025 1,308,389.50 0.21% OKLAHOMA G&E CO 5/15/2041 1,990,088.50 0.32% OLD REPUBLIC INTL CORP 6/11/2051 1,036,687.68 0.17% OSHKOSH CORP 3/1/2030 1,260,697.90 0.20% PHILLIPS 66 PARTNERS LP 10/1/2046 2,485,825.10 0.40% PHYSICIANS REALTY LP 1/15/2028 1,295,828.80 0.21% PIEDMONT OPERATING PARTN 8/15/2030 1,187,305.80 0.19% PIONEER NATURAL RESOURCE 5/15/2025 2,320,826.85 0.38% PIONEER NATURAL RESOURCE 8/15/2030 1,904,310.72 0.31% PLAINS ALL AMER PIPELINE 1/31/2023 2,273,498.15 0.37% BOOKING HOLDINGS INC 9/15/2021 266,435.05 0.04% PUBLIC SERVICE ELECTRIC & GAS CO 6/1/2044 1,504,043.87 0.24% PULTEGROUP INC 1/15/2027 2,396,737.07 0.39% REGENCY CENTERS LP 3/15/2049 1,278,491.20 0.21% REGENERON PHARMACEUTICALS INC 9/15/2050 1,210,604.80 0.20% RETAIL PROPERTIES OF AME 3/15/2025 3,203,223.66 0.52% REYNOLDS AMERICAN INC 8/15/2035 2,215,523.95 0.36% RIO TINTO FINANCE USA LTD 11/2/2040 991,001.64 0.16% ROCKWELL AUTOMATION 12/1/2037 1,628,676.51 0.26% ROCKWELL AUTOMATION 3/1/2029 1,423,733.50 0.23% ROPER TECHNOLOGIES INC 9/15/2029 3,196,586.05 0.52% ROSS STORES INC 9/15/2024 1,293,200.00 0.21% ROSS STORES INC 4/15/2026 1,520,246.08 0.25% SVB FINANCIAL GROUP 6/5/2030 3,319,396.30 0.54% SANTANDER RETAIL AUTO LEASE TRUST 2021-A 3/20/2026 6,083,446.02 0.99% SENSATA TECHNOLOGIES BV 4/15/2029 1,364,071.67 0.22% SENSATA TECHNOLOGIES INC 2/15/2031 1,082,272.32 0.18% SERVICENOW INC 6/1/2022 174,859.50 0.03% 7-ELEVEN INC 2/10/2024 3,118,872.72 0.51% SIRIUS XM RADIO INC 7/1/2030 1,203,875.40 0.20% SNAP-ON INC 3/1/2048 1,349,491.00 0.22% SOUTHERN CO 2,007,985.80 0.33% SOUTHERN COPPER CORP 11/8/2042 1,086,393.50 0.18% SOUTHWEST AIRLINES CO 5/1/2025 2,719,568.60 0.44% SQUARE INC 11/1/2027 587,734.15 0.10% STANLEY BLACK & DECKER I PFD 2,804,195.71 0.46% STATOIL ASA 5/15/2043 1,086,612.00 0.18% STORE CAPITAL CORP 11/18/2030 1,585,684.30 0.26% SUNTORY HOLDINGS LTD 6/28/2022 5,063,333.60 0.82%

Page 6 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

SUNTORY HOLDINGS LTD 10/16/2024 1,660,400.00 0.27% TPG SPECIALTY LENDING IN 8/1/2022 886,886.00 0.14% TEXAS INSTRUMENTS INC 5/15/2048 1,646,534.46 0.27% TOTAL CAPITAL INTL SA 6/29/2041 1,455,699.06 0.24% TYSON FOODS INC 9/28/2048 1,676,804.88 0.27% U.S. TREASURY BOND 5/15/2050 16,302,816.41 2.65% U.S. TREASURY NOTE 3/15/2024 16,480,371.09 2.68% U.S. TREASURY NOTE 4/30/2026 29,850,000.00 4.85% U.S. TREASURY NOTE 5/15/2031 6,093,750.00 0.99% UNIVERSAL HEALTH SERVICES INC 10/15/2030 858,201.68 0.14% UNUM GROUP 6/15/2029 1,925,480.52 0.31% UNUM GROUP 6/15/2051 1,593,463.64 0.26% UPJOHN INC 6/22/2027 744,709.50 0.12% VALE OVERSEAS LIMITED 8/10/2026 1,422,943.04 0.23% VALERO ENERGY CORP 4/1/2029 1,016,078.70 0.16% VALMONT INDUSTRIES, INC. 10/1/2044 1,639,310.28 0.27% VERIZON COMMUNICATIONS 2/15/2025 1,104,929.82 0.18% VERIZON COMMUNICATIONS 3/22/2051 3,622,418.40 0.59% VISA INC 8/15/2050 2,199,093.44 0.36% VISHAY INTERTECHNOLOGY 6/15/2025 452,463.20 0.07% VISTRA OPERATIONS CO LLC 1/30/2027 2,755,248.86 0.45% VMWARE INC 8/21/2022 3,256,936.62 0.53% VODAFONE GROUP PLC 5/30/2048 2,252,040.30 0.37% WACHOVIA CORP 8/1/2035 1,293,270.00 0.21% ANTHEM INC 10/15/2042 1,104,318.60 0.18% ANTHEM INC 10/15/2042 1,454,468.40 0.24% WELLS FARGO & CO. 2,655,605.40 0.43% WELLS FARGO & COMPANY 7/22/2027 4,048,714.56 0.66% WELLS FARGO & COMPANY 11/17/2045 1,139,191.10 0.18% WESTERN DIGITAL CORP 2/1/2024 2,787,735.36 0.45% WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-2 7/15/2026 3,161,619.61 0.51% WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-1 3/16/2026 2,997,579.58 0.49% WHIRLPOOL CORP 5/15/2031 1,639,397.50 0.27% YUM! BRANDS INC 3/15/2031 1,476,669.80 0.24% ZIONS BANCORP NA 10/29/2029 2,096,160.00 0.34% BARRY CALLEBAUT SERVICES NV 6/15/2023 5,906,673.05 0.96% CANADIAN DOLLAR FUTURE SEP21 º 9/15/2021 -162,470.77 -0.03% SWAP COLLATERAL CASH 4/1/2042 4,256,081.94 0.69% 5-YEAR US TREASURY NOTE FUTURE SEP21 º 10/1/2021 -53,106.39 -0.01% FUTURES COLLATERAL 4/1/2042 3,883,561.08 0.63% JAPANESE YEN FUTURE SEP21 º 9/14/2021 82,536.79 0.01%

Page 7 of 8 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY VIF INVESTMENT QUALITY BOND

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

MEXICAN PESO CURRENCY FUTURE SEP21 º 9/14/2021 35,398.23 0.01% CDX NORTH AMERICA INVESTMENT GRADE INDEX SRS 36 V1 º 6/20/2026 21,492.78 0.00% 2-YEAR US TREASURY NOTE FUTURE SEP21 º 10/1/2021 -6,884.27 0.00% 10-YEAR US TREASURY NOTE FUTURE SEP21 º 9/22/2021 -271,409.65 -0.04% ULTRA LONG TERM US TREASURY BOND FUTURE SEP21 º 9/22/2021 618,407.60 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.

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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