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VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONAFLAC, INC.AES CORP.AT&T, INC.ABBOTT LABORATORIESABBVIE INC.ABIOMED INCACTIVISION BLIZZARD INCADOBE INCADVANCE AUTO PARTS, INC.ADVANCED MICRO DEVICES, INC.AGILENT TECHNOLOGIES, INC.AIR PRODUCTS & CHEMICALS, INC.AKAMAI TECHNOLOGIES, INC.ALASKA AIR GROUP INCALBEMARLE CORP.ALEXANDRIA REAL ESTATE EQUITIES, INC.ALIGN TECHNOLOGY INCALLIANT ENERGY CORP.ALLSTATE CORP.ALPHABET INC - CLASS CALPHABET INC - CLASS AALTRIA GROUP, INC.AMAZON.COM, INC.AMEREN CORP.AMERICAN AIRLINES GROUP INCAMERICAN ELECTRIC POWER CO., INC.AMERICAN EXPRESS CO.AMERICAN INTERNATIONAL GROUP, INC.AMERICAN TOWER CORP. REITAMERICAN WATER WORKS CO., INC.AMERISOURCEBERGEN CORP.AMERIPRISE FINANCIAL, INC.AMETEK, INC.AMGEN, INC.AMPHENOL CORP. - CLASS AANALOG DEVICES, INC.ANSYS INCANTHEM INCAPA CORPAPPLE, INC.APPLIED MATERIALS, INC.MATURITYDATETRADED MARKETVALUE 107,953.9619,465,522.80841,543.00TRADED MARKETVALUE (BASE) %0.31%Page 1 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONARCHER-DANIELS-MIDLAND CO.ARISTA NETWORKS INCASSURANT, INC.ATMOS ENERGY CORPORATIONAUTODESK, INC.AUTOMATIC DATA PROCESSING, INC.AUTOZONE, INC.AVALONBAY COMMUNITIES, INC.AVERY DENNISON CORP.BAKER HUGHES COBALL CORP.BANK OF AMERICA CORP.BANK OF NEW YORK MELLON CORP.BATH & BODY WORKS INCBAXTER INTERNATIONAL, INC.BECTON DICKINSON AND CO.WR BERKLEY CORP.BERKSHIRE HATHAWAY, INC. - CLASS BBEST BUY CO., INC.BIO-RAD LABORATORIES INCBIOGEN INCBIO-TECHNE CORPBLACKROCK, INC.BOEING CO.BOOKING HOLDINGS INCBORGWARNER, INC.BOSTON PROPERTIES, INC.BOSTON SCIENTIFIC CORP.BRISTOL-MYERS SQUIBB CO.BROADRIDGE FINANCIAL SOLUTIONSBROADCOM INCBROWN & BROWN, INC.BROWN-FORMAN CORP. - CLASS BCBOE GLOBAL MARKETS INCCBRE GROUP INC CL ACDW CORP OF DELAWARECF INDUSTRIES HOLDINGS, INC.CH ROBINSON WORLDWIDE, INC.CIGNA CORPCME GROUP, INC.CMS ENERGY CORP.MATURITYDATETRADED MARKETVALUE 4,630.24145,754.96TRADED MARKETVALUE (BASE) %0.05%Page 2 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONCSX CORP.CVS HEALTH CORPCOTERRA ENERCOTERRA ENERGY INCCADENCE DESIGN SYSTEMS, INC.CAESARS ENTERTAINMENT INCCAMPBELL SOUP CO.CAPITAL ONE FINANCIAL CORP.CARDINAL HEALTH, INC.CARMAX INC.CARNIVAL CORP.CARRIER GLOBAL CORPCATALENT INCCATERPILLAR, INC.CELANESE CORPORATIONCENTENE CORP.CENTERPOINT ENERGY, INC.CERIDIAN HCM HOLDING INCCERNER CORP.CHARLES RIVER LABORATORIES INTERNATIONAL, INC.CHARTER COMMUNICATIONS INCCHEVRON CORP.CHIPOTLE MEXICAN GRILL, INC.CHURCH & DWIGHT CO., INC.CINCINNATI FINANCIAL CORP.CISCO SYSTEMS, INC.CINTAS CORP.CITIGROUP, INC.CITIZENS FINANCIAL GROUP INCCITRIX SYSTEMS, INC.CLOROX COMPANYCOCA-COLA CO.COGNIZANT TECHNOLOGY SOLUTIONS CORP.COLGATE-PALMOLIVE CO.COMCAST CORP. - CLASS ACOMERICA, INC.CONAGRA BRANDS, INC.CONOCOPHILLIPSCONSOLIDATED EDISON, INC.CONSTELLATION BRANDS, INC. - CLASS ACONSTELLATION ENERGY CORPCOOPER COMPANIES INCMATURITYDATETRADED MARKETVALUE 132,075.00147,826.86TRADED MARKETVALUE (BASE) %0.05%Page 3 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONCOPART INCCORNING, INC.CORTEVA INCCOSTCO WHOLESALE CORP.CROWN CASTLE INTERNATIONAL CORP.CUMMINS, INC.DR HORTON, INC.DTE ENERGY CO.DXC TECHNOLOGY CODANAHER CORP.DARDEN RESTAURANTS, INC.DAVITA INCDEERE & CO.DELTA AIR LINES INCDENTSPLY SIRONA INCDEVON ENERGY CORP.DEXCOM, INC.DIAMONDBACK ENERGY INCDIGITAL REALTY TRUST, INC.WALT DISNEY CO/THEDISCOVER FINANCIAL SERVICESDISCOVERY INC - ADISCOVERY COMMUNICATIONS, INC. CLASS CDISH NETWORK CORPDOLLAR GENERAL CORPDOLLAR TREE, INC.DOMINION ENERGY, INC.DOMINO'S PIZZA, INC.DOVER CORP.DOW INCDUKE REALTY INVESTMENTS, INC.DUKE ENERGY CORP.DUPONT DE NEMOURS INCEOG RESOURCES, INC.EASTMAN CHEMICAL CO.EBAY, INC.ECOLAB, INC.EDISON INTERNATIONALEDWARDS LIFESCIENCES CORPORATIONELECTRONIC ARTS, INC.EMERSON ELECTRIC CO.MATURITYDATETRADED MARKETVALUE 803.22418,771.55TRADED MARKETVALUE (BASE) %0.15%Page 4 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONENPHASE ENERGY INCENTERGY CORP.EPAM SYSTEMS INCEQUIFAX, INC.EQUINIX INCEQUITY RESIDENTIAL (REIT)ESSEX PROPERTY TRUST INC.ETSY INCEVERGY INCEVERSOURCE ENERGYEXELON CORP.EXPEDIA GROUP INC.EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.EXTRA SPACE STORAGE INCEXXON MOBIL CORP.FMC CORP.META PLATFORMS INCFACTSET RESEARCH SYSTEMS, INC.FASTENAL CO.FEDERAL REALTY INVESTMENT TRUSTFEDEX CORP.F5 INCFIDELITY NATIONAL INFORMATION SERVICES, INC.FIFTH THIRD BANCORPFIRST REPUBLIC BANK/CAFISERV, INC.FIRSTENERGY CORP.FLEETCOR TECHNOLOGIES, INC.FORD MOTOR CO.FORTINET INCFORTIVE CORPORATIONFORTUNE BRANDS HOME & SECURITY INC.FOX CORP - CLASS AFOX CORP - CLASS BFRANKLIN RESOURCES, INC.FREEPORT-MCMORAN INC.ARTHUR J GALLAGHER & CO.GARTNER INCGENERAC HOLDINGS INCGENERAL DYNAMICS CORP.GENERAL ELECTRIC COMATURITYDATETRADED MARKETVALUE 5.26723,307.50TRADED MARKETVALUE (BASE) %0.26%Page 5 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONGENERAL MILLS, INC.GENERAL MOTORS CO.GENUINE PARTS CO.GILEAD SCIENCES, INC.GLOBAL PAYMENTS, INC.GLOBE LIFE INCGOLDMAN SACHS GROUP, INC.WW GRAINGER, INC.HCA HEALTHCARE INCHP INCHALLIBURTON CO.HARTFORD FINANCIAL SERVICES GROUP, INC.HASBRO, INC.HEALTHPEAK PROPERTIES INCJACK HENRY & ASSOCIATES, INC.HERSHEY CO.HESS CORP.HEWLETT PACKARD ENTERPRISES COHILTON WORLDWIDE HOLDINGS INCHOLOGIC, INC.HOME DEPOT, INC.HONEYWELL INTERNATIONAL, INC.HORMEL FOODS CORP.HOST HOTELS & RESORTS, INC.HOWMET AEROSPACE INCHUMANA, INC.J.B. HUNT TRANSPORT SERVICES, INC.HUNTINGTON BANCSHARES, INC.HUNTINGTON INGALLS INDUSTRIES INC.IPG PHOTONICS CORPIDEX CORPIDEXX LABORATORIES INCILLINOIS TOOL WORKS, INC.ILLUMINA, INC.INCYTE PHARMACEUTICALS, INC.INGERSOLL-RAND INCINTEL CORP.INTERCONTINENTAL EXCHANGE INCINTERNATIONAL BUSINESS MACHINES CORP.INTERNATIONAL FLAVORS & FRAGRANCES, INC.INTERNATIONAL PAPER CO.MATURITYDATETRADED MARKETVALUE 3.90128,527.75TRADED MARKETVALUE (BASE) %0.05%Page 6 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONINTERPUBLIC GROUP OF COS., INC.INTUIT, INC.INTUITIVE SURGICAL, INC.IQVIA HOLDINGS INCIRON MOUNTAIN INCJPMORGAN CHASE & CO.JACOBS ENGINEERING GROUP, INC.JOHNSON & JOHNSONJUNIPER NETWORKS, INC.KLA CORPKELLOGG CO.KEYCORPKEYSIGHT TECHNOLOGIES INCKIMBERLY-CLARK CORP.KIMCO REALTY CORP.KINDER MORGAN INC.KRAFT HEINZ CO/THETHE KROGER COLKQ CORPORATIONL3HARRIS TECHNOLOGIES INCLABORATORY CORP. OF AMERICA HOLDINGSLAM RESEARCH CORP.LAMB WESTON HOLDING INCLAS VEGAS SANDS CORPESTEE LAUDER COS., INC. - CLASS ALEIDOS HOLDINGS INCLENNAR CORP. - CLASS AELI LILLY & CO.LINCOLN NATIONAL CORP.LIVE NATION ENTERTAINMENT INCLOCKHEED MARTIN CORP.LOEWS CORP.LOWE'S COS., INC.LUMEN TECHNOLOGIES INCM&T BANK CORP.MGM RESORTS INTERNATIONALMSCI INC. COMMONMARATHON OIL CORP.MARATHON PETROLEUM CORP.MARKETAXESS HOLDINGS INCMARSH & MCLENNAN COS.MATURITYDATETRADED MARKETVALUE 4.60618,795.02TRADED MARKETVALUE (BASE) %0.22%Page 7 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONMARRIOTT INTERNATIONAL, INC. - CLASS AMARTIN MARIETTA MATERIALS, INC.MASCO CORP.MASTERCARD, INC. - CLASS AMATCH GROUP INCMCCORMICK & CO., INC.MCDONALD'S CORP.MCKESSON CORP.MERCK & CO., INC.METLIFE, INC.METTLER-TOLEDO INTERNATIONALMICROSOFT CORP.MICROCHIP TECHNOLOGY, INC.MICRON TECHNOLOGY, INC.MID-AMERICA APARTMENT COMMMODERNA INCMOHAWK INDUSTRIES, INC.MOLINA HEALTHCARE INCMOLSON COORS BEVERAGE COMONDELEZ INTERNATIONAL INCMONOLITHIC POWER SYSTEMS INCMONSTER BEVERAGE CORPMOODY'S CORP.MORGAN STANLEYTHE MOSAIC CO.MOTOROLA SOLUTIONS, INC.NRG ENERGY, INC.NVR INCNASDAQ INCNETAPP, INC.NETFLIX, INC.NEWELL BRANDS INCNEWMONT CORPNEWS CORPNEWS CORP CLASS BNEXTERA ENERGY, INC.NIKE, INC. - CLASS BNISOURCE, INC.NORDSON CORP.NORFOLK SOUTHERN CORP.NORTHERN TRUST CORP.MATURITYDATETRADED MARKETVALUE 12491,719.28173,976.30TRADED MARKETVALUE (BASE) %0.06%Page 8 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONNORTHROP GRUMMAN CORP.NORTONLIFELOCK INCNUCOR CORP.NVIDIA CORP.O'REILLY AUTOMOTIVE, INC.OCCIDENTAL PETROLEUM CORP.OLD DOMINION FREIGHT LINE, INC.OMNICOM GROUP INC.ONEOK, INC.ORACLE CORP.ORGANON & COOTIS WORLDWIDE CORPPNC FINANCIAL SERVICES GROUP, INC.PPG INDUSTRIES, INC.PPL CORP.PVH CORPPTC INC.PACCAR, INC.PACKAGING CORP OF AMERICAPARKER HANNIFIN CORP.PAYCHEX, INC.PAYCOM SOFTWARE INCPAYPAL HOLDINGS INCPENN NATIONAL GAMING, INC.PEOPLE'S UNITED FINANCIAL, INC.PEPSICO, INC.PERKINELMER, INC.PFIZER, INC.PHILIP MORRIS INTERNATIONAL, INC.PHILLIPS 66PINNACLE WEST CAPITAL CORP.PIONEER NATURAL RESOURCES CO.POOL CORPORATIONT ROWE PRICE GROUP, INC.PRINCIPAL FINANCIAL GROUP, INC.PROCTER & GAMBLE CO.PROGRESSIVE CORP.PROLOGIS INCPRUDENTIAL FINANCIAL, INC.PUBLIC SERVICE ENTERPRISE GROUP, INC.PUBLIC STORAGEMATURITYDATETRADED MARKETVALUE 254,520.00428,137.16TRADED MARKETVALUE (BASE) %0.16%Page 9 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONPULTEGROUP, INC.QORVO INCQUALCOMM, INC.QUANTA SERVICES, INC.QUEST DIAGNOSTICS, INC.RALPH LAUREN CORP.RAYMOND JAMES FINANCIAL INC.RAYTHEON TECHNOLOGIESREALTY INCOME CORP.REGENCY CENTERS CORP.REGENERON PHARMACEUTICALS INCREGIONS FINANCIAL CORP.REPUBLIC SERVICES, INC.RESMED INCROBERT HALF INTERNATIONAL, INC.ROCKWELL AUTOMATION, INC.ROLLINS INCROPER TECHNOLOGIES INCROSS STORES, INC.S&P GLOBAL INCSBA COMMUNICATIONS CORPSVB FINANCIAL GROUPSALESFORCE.COM, INC.HENRY SCHEIN, INC.SCHLUMBERGER LIMITEDTHE CHARLES SCHWAB CORP.SEALED AIR CORP.SEMPRA ENERGYSERVICENOW INCSHERWIN-WILLIAMS CO.SIGNATURE BANK/NEW YORK NYSIMON PROPERTY GROUP, INC.SKYWORKS SOLUTIONS INCAO SMITH CORP.JM SMUCKER CO.SNAP-ON, INC.SOLAREDGE TECHNOLOGIES INCSOUTHERN CO.SOUTHWEST AIRLINES CO.STANLEY BLACK & DECKER, INC.STARBUCKS CORP.MATURITYDATETRADED MARKETVALUE 3.88752,412.87TRADED MARKETVALUE (BASE) %0.27%Page 10 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONSTATE STREET CORP.STRYKER CORP.SYNOPSYS, INC.SYNCHRONY FINANCIALSYSCO CORP.TJX COS., INC.T-MOBILE US INCTAKE-TWO INTERACTIVE SOFTWARETAPESTRY INCTARGET CORP.TELEDYNE TECHNOLOGIES INCTELEFLEX, INC.TERADYNE, INC.TESLA INCTEXAS INSTRUMENTS, INC.TEXTRON, INC.THERMO FISHER SCIENTIFIC, INC.3M CO.TRACTOR SUPPLY CO.TRANSDIGM GROUP INCTRAVELERS COMPANIES INCTRIMBLE INC.TRUIST FINANCIAL CORPTWITTER INCTYLER TECHNOLOGIES INCTYSON FOODS, INC. - CLASS AUDR INCUS BANCORPULTA BEAUTY INCUNDER ARMOUR INCUNDER ARMOUR INC -CLASS CUNION PACIFIC CORP.UNITED AIRLINES HOLDINGS INCUNITED PARCEL SERVICE, INC.UNITED RENTALS, INC.UNITEDHEALTH GROUP, INC.UNIVERSAL HEALTH SERVICESVF CORP.VALERO ENERGY CORP.VENTAS, INC.VERISIGN, INC.MATURITYDATETRADED MARKETVALUE 7.60177,251.20154,609.70TRADED MARKETVALUE (BASE) %0.06%Page 11 of 13

VICTORY FUND HOLDINGSAs of March 31, 2022VICTORY S&P 500 INDEX FUNDSECURITY DESCRIPTIONVERIZON COMMUNICATIONS, INC.VERISK ANALYTICS INCVERTEX PHARAMACEUTICALS INC.PARAMOUNT GLOBALVIATRIS INCVISA INC. - CLASS AVORNADO REALTY TRUSTVULCAN MATERIALS CO.WEC ENERGY GROUPWABTEC CORPWALMART INC.WALGREENS BOOTS ALLIANCE INCWASTE MANAGEMENT, INC.WATERS CORP.WELLS FARGO & CO.WELLTOWER INCWEST PHARMACEUTICAL SERVICES, INC.WESTERN DIGITAL CORP.WESTROCK COMPANYWEYERHAEUSER CO.WHIRLPOOL CORPWILLIAMS COS., INC.WYNN RESORTS LIMITEDXCEL ENERGY, INC.XYLEM INC.YUM! BRANDS, INC.ZEBRA TECHNOLOGIES CORPZIMMER BIOMET HOLDINGS INCZIONS BANCORPORATIONZOETIS INCS&P 500 EMINI FUTURE JUN22 ºALLEGION PLCAMCOR PLCAON PLCACCENTURE PLCEATON CORP PLCEVEREST RE GROUP LTD.INVESCO LIMITEDJOHNSON CONTROLS INTERNATIONAL PLCLINDE PLCMEDTRONIC PLCMATURITYDATE6/21/2022TRADED MARKETVALUE 77,418.981,072,664.60TRADED MARKETVALUE (BASE) %0.39%Page 12 of 13