XCEL ENERGY INC

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Integrity

Discovery

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(98.8%)

Communication

Services

(3.4%):

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

......................................

407,500

644

Magnite,

Inc.

(a)

........................................................

41,662

314

PubMatic,

Inc.

Class

(a)

................................................

26,000

315

The

Marcus

Corp.

(b)

....................................................

40,000

620

1,893

Consumer

Discretionary

(13.8%):

BJ's

Restaurants,

Inc.

(a)

..................................................

18,400

432

Caleres,

Inc.

..........................................................

22,828

657

Chico's

FAS,

Inc.

(a)

.....................................................

71,550

535

Chuy's

Holdings,

Inc.

(a)

..................................................

19,100

680

Genesco,

Inc.

(a)

........................................................

11,400

351

Green

Brick

Partners,

Inc.

(a)

...............................................

4,400

183

Hibbett,

Inc.

..........................................................

7,881

374

Inspired

Entertainment,

Inc.

(a)

.............................................

44,300

530

Lindblad

Expeditions

Holdings,

Inc.

(a)

.......................................

50,000

360

MasterCraft

Boat

Holdings,

Inc.

(a)

..........................................

15,500

344

Modine

Manufacturing

Co.

(a)

..............................................

17,300

791

Motorcar

Parts

America,

Inc.

(a)

...........................................

57,000

461

OneWater

Marine,

Inc.

(a)

.................................................

18,857

483

Potbelly

Corp.

(a)

.......................................................

40,000

312

Red

Robin

Gourmet

Burgers,

Inc.

(a)

.........................................

32,800

264

Solo

Brands,

Inc.

Class

(a)

...............................................

58,000

296

Universal

Electronics,

Inc.

(a)

..............................................

32,000

290

Zumiez,

Inc.

(a)

........................................................

16,602

295

7,638

Energy

(8.1%):

Berry

Corp.

...........................................................

73,500

603

Diamond

Offshore

Drilling,

Inc.

(a)

..........................................

38,885

571

Helix

Energy

Solutions

Group,

Inc.

(a)

........................................

53,574

598

ProPetro

Holding

Corp.

(a)

................................................

46,800

498

Solaris

Oilfield

Infrastructure,

Inc.

Class

....................................

46,800

499

Talos

Energy,

Inc.

(a)

.....................................................

30,750

506

Teekay

Tankers

Ltd.

Class

...............................................

11,950

497

Vital

Energy,

Inc.

(a)

.....................................................

12,800

709

4,481

Financials

(24.2%):

Ares

Commercial

Real

Estate

Corp.

(b)

........................................

48,500

462

Bridgewater

Bancshares,

Inc.

(a)

............................................

36,051

342

Business

First

Bancshares,

Inc.

.............................................

23,500

441

Central

Pacific

Financial

Corp.

.............................................

18,325

306

Civista

Bancshares,

Inc.

..................................................

24,000

372

ConnectOne

Bancorp,

Inc.

................................................

27,300

487

Diamond

Hill

Investment

Group,

Inc.

........................................

3,000

506

Dime

Community

Bancshares,

Inc.

..........................................

22,500

449

Dynex

Capital,

Inc.

.....................................................

49,150

587

EZCORP,

Inc.

Class

(a)

.................................................

65,200

538

Financial

Institutions,

Inc.

.................................................

24,250

408

First

Internet

Bancorp

....................................................

18,300

297

First

Mid

Bancshares,

Inc.

................................................

20,550

546

German

American

Bancorp,

Inc.

............................................

16,350

443

HarborOne

Bancorp,

Inc.

.................................................

45,790

436

HCI

Group,

Inc.

........................................................

8,860

481

Heritage

Commerce

Corp.

................................................

50,300

426

Heritage

Insurance

Holdings,

Inc.

(a)

.........................................

50,000

324

Verticals,

Inc.

Class

(a)

...............................................

22,900

484

Independent

Bank

Corp.

..................................................

22,250

408

Mercantile

Bank

Corp.

...................................................

13,620

421

Origin

Bancorp,

Inc.

.....................................................

18,500

534

Peoples

Bancorp,

Inc.

....................................................

20,550

522

Victory

Portfolios

Victory

Integrity

Discovery

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Premier

Financial

Corp.

..................................................

26,550

453

Primis

Financial

Corp.

...................................................

44,850

365

QCR

Holdings,

Inc.

.....................................................

11,450

555

SmartFinancial,

Inc.

.....................................................

11,400

244

Southern

Missouri

Bancorp,

Inc.

............................................

10,500

406

The

First

Bancshares,

Inc.

.................................................

19,300

520

Univest

Financial

Corp.

..................................................

22,700

394

Washington

Trust

Bancorp,

Inc.

.............................................

10,800

284

13,441

Health

Care

(5.9%):

Artivion,

Inc.

(a)

........................................................

34,000

515

Brookdale

Senior

Living,

Inc.

(a)

............................................

177,300

734

Collegium

Pharmaceutical,

Inc.

(a)

...........................................

20,750

464

Community

Health

Systems,

Inc.

............................................

111,948

325

HealthStream,

Inc.

......................................................

23,500

507

RadNet,

Inc.

(a)

........................................................

26,250

740

3,285

Industrials

(20.0%):

BlueLinx

Holdings,

Inc.

(a)

................................................

7,874

646

CIRCOR

International,

Inc.

(a)

..............................................

8,450

471

Columbus

McKinnon

Corp.

...............................................

18,000

628

Covenant

Logistics

Group,

Inc.

.............................................

9,050

397

CRA

International,

Inc.

...................................................

2,970

299

Ducommun,

Inc.

(a)

.....................................................

12,725

554

DXP

Enterprises,

Inc.

(a)

..................................................

12,300

430

Eagle

Bulk

Shipping,

Inc.

(b)

...............................................

12,350

519

Enviri

Corp.

(a)

.........................................................

63,800

461

Great

Lakes

Dredge

Dock

Corp.

(a)

........................................

69,100

551

Hawaiian

Holdings,

Inc.

(a)

................................................

44,000

279

Heritage-Crystal

Clean,

Inc.

(a)

.............................................

6,350

288

IBEX

Holdings

Ltd.

(a)

...................................................

19,000

294

Insteel

Industries,

Inc.

....................................................

16,300

529

Interface,

Inc.

.........................................................

50,150

492

Kelly

Services,

Inc.

Class

...............................................

24,875

452

Matrix

Service

Co.

(a)

....................................................

36,800

434

Park

Aerospace

Corp.

....................................................

26,300

408

Park-Ohio

Holdings

Corp.

................................................

17,900

356

Quanex

Building

Products

Corp.

............................................

18,805

530

Plus

Corp.

(a)

........................................................

10,000

361

Sterling

Check

Corp.

(a)

..................................................

25,100

317

Titan

Machinery,

Inc.

(a)

..................................................

19,530

519

VSE

Corp.

............................................................

9,720

490

Willdan

Group,

Inc.

(a)

...................................................

20,300

415

11,120

Information

Technology

(11.9%):

Benchmark

Electronics,

Inc.

...............................................

23,500

570

Comtech

Telecommunications

Corp.

.........................................

55,500

486

Digi

International,

Inc.

(a)

.................................................

12,130

328

Harmonic,

Inc.

(a)

.......................................................

43,700

421

Ichor

Holdings

Ltd.

(a)

...................................................

21,450

664

Kimball

Electronics,

Inc.

(a)

...............................................

23,900

654

Lantronix,

Inc.

(a)

.......................................................

65,500

291

nLight,

Inc.

(a)

.........................................................

30,400

316

OneSpan,

Inc.

(a)

.......................................................

26,000

279

PDF

Solutions,

Inc.

(a)

...................................................

14,620

474

Ribbon

Communications,

Inc.

(a)

............................................

117,500

315

SkyWater

Technology,

Inc.

(a)

..............................................

44,174

266

TTM

Technologies,

Inc.

(a)

................................................

32,400

417

Veeco

Instruments,

Inc.

(a)

.................................................

21,400

602

Victory

Portfolios

Victory

Integrity

Discovery

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Vishay

Precision

Group,

Inc.

(a)

.............................................

16,400

551

6,634

Materials

(6.9%):

AdvanSix,

Inc.

.........................................................

18,500

575

Clearwater

Paper

Corp.

(a)

.................................................

18,000

652

Haynes

International,

Inc.

.................................................

9,600

447

Koppers

Holdings,

Inc.

...................................................

13,650

540

Schnitzer

Steel

Industries,

Inc.

.............................................

16,500

459

SunCoke

Energy,

Inc.

....................................................

57,600

585

TimkenSteel

Corp.

(a)

....................................................

25,550

555

3,813

Real

Estate

(4.6%):

City

Office

REIT,

Inc.

....................................................

72,500

308

Global

Medical

REIT,

Inc.

................................................

69,400

622

NETSTREIT

Corp.

.....................................................

39,900

622

NexPoint

Residential

Trust,

Inc.

............................................

12,000

386

Plymouth

Industrial

REIT,

Inc.

.............................................

30,250

634

2,572

Total

Common

Stocks

(Cost

$51,109)

54,877

Collateral

for

Securities

Loaned

(2.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(c)

........

367,013

367

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(c)

............

367,013

367

Invesco

Government

Agency

Portfolio,

Institutional

.26

(c)

...............

367,013

367

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(c)

367,013

367

Total

Collateral

for

Securities

Loaned

(Cost

$1,468)

1,468

Total

Investments

(Cost

$52,577)

—

101.4%

56,345

Liabilities

excess

other

assets

—

(1.4)%

(

762

)

NET

ASSETS

100.00%

55,583

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

REIT—Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(98.7%)

Communication

Services

(2.5%):

Liberty

Media

Corp.-Liberty

Formula

One(a)

...................................

38,800

2,417

Lions

Gate

Entertainment

Corp.,

Class

B(a)

....................................

165,600

1,303

Take-Two

Interactive

Software,

Inc.(a)

........................................

27,165

3,814

7,534

Consumer

Discretionary

(9.4%):

Bath

Body

Works,

Inc.

.................................................

66,816

2,258

Brunswick

Corp.

.......................................................

29,845

2,358

Caesars

Entertainment,

Inc.(a)

..............................................

49,209

2,281

Horton,

Inc.

........................................................

17,404

1,870

Genuine

Parts

Co.

......................................................

14,800

2,137

Kontoor

Brands,

Inc.

....................................................

48,500

2,130

Marriott

Vacations

Worldwide

Corp.

.........................................

27,107

2,728

Norwegian

Cruise

Line

Holdings

Ltd.(a)

......................................

146,767

2,419

PVH

Corp.

...........................................................

29,359

2,246

Ralph

Lauren

Corp.

.....................................................

25,437

2,953

Visteon

Corp.(a)

........................................................

16,500

2,278

Yum!

Brands,

Inc.

......................................................

23,200

2,898

28,556

Consumer

Staples

(5.0%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

42,522

3,035

Coty,

Inc.,

Class

A(a)

....................................................

195,000

2,139

Dollar

Tree,

Inc.(a)

......................................................

23,500

2,502

Lamb

Weston

Holdings,

Inc.

...............................................

27,127

2,508

Molson

Coors

Beverage

Co.,

Class

.........................................

44,830

2,851

Performance

Food

Group

Co.(a)

............................................

38,083

2,241

15,276

Energy

(6.0%):

Antero

Resources

Corp.(a)

................................................

104,840

2,661

Diamondback

Energy,

Inc.

................................................

20,200

3,128

Halliburton

Co.

........................................................

84,085

3,405

Hess

Corp.

............................................................

20,004

3,061

Transocean

Ltd.(a)

......................................................

366,296

3,007

Valero

Energy

Corp.

.....................................................

20,822

2,951

18,213

Financials

(13.8%):

Arch

Capital

Group

Ltd.(a)

................................................

54,000

4,304

Arthur

Gallagher

Co.

.................................................

17,501

3,989

Artisan

Partners

Asset

Management,

Inc.,

Class

................................

69,966

2,618

Fifth

Third

Bancorp

.....................................................

126,328

3,200

First

American

Financial

Corp.

.............................................

41,730

2,357

Global

Payments,

Inc.

....................................................

28,178

3,252

Huntington

Bancshares,

Inc.

...............................................

210,450

2,189

M&T

Bank

Corp.

.......................................................

23,072

2,917

Raymond

James

Financial,

Inc.

.............................................

30,600

3,073

Regions

Financial

Corp.

..................................................

129,500

2,227

Reinsurance

Group

America,

Inc.

.........................................

21,500

3,122

State

Street

Corp.

.......................................................

56,967

3,815

The

Hartford

Financial

Services

Group,

Inc.

....................................

34,721

2,462

Unum

Group

..........................................................

49,823

2,451

41,976

Health

Care

(8.2%):

Baxter

International,

Inc.

.................................................

54,953

2,074

Centene

Corp.(a)

.......................................................

31,300

2,156

Encompass

Health

Corp.

..................................................

45,562

3,060

HealthCare

Technologies,

Inc.

...........................................

40,911

2,784

Jazz

Pharmaceuticals

PLC(a)

..............................................

16,150

2,090

Laboratory

Corp.

America

Holdings

........................................

9,000

1,809

Organon

Co.

........................................................

98,083

1,703

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Perrigo

Co.

PLC

.......................................................

54,364

1,737

STERIS

PLC

..........................................................

12,448

2,731

Tenet

Healthcare

Corp.(a)

.................................................

38,582

2,542

Zimmer

Biomet

Holdings,

Inc.

.............................................

18,371

2,062

24,748

Industrials

(20.1%):

Carlisle

Cos.,

Inc.

.......................................................

9,878

2,561

Clean

Harbors,

Inc.(a)

...................................................

16,500

2,761

Curtiss-Wright

Corp.

....................................................

12,550

2,455

Delta

Air

Lines,

Inc.

.....................................................

62,200

2,301

Ferguson

PLC

.........................................................

24,950

4,104

Fluor

Corp.(a)

.........................................................

65,894

2,418

Howmet

Aerospace,

Inc.

..................................................

81,900

3,788

Ingersoll

Rand,

Inc.

.....................................................

48,061

3,063

ITT,

Inc.

.............................................................

36,200

3,544

KBR,

Inc.

............................................................

55,657

3,280

Lincoln

Electric

Holdings,

Inc.(b)

...........................................

13,276

2,413

Old

Dominion

Freight

Line,

Inc.

............................................

7,350

3,007

PACCAR,

Inc.

.........................................................

47,500

4,039

Parker-Hannifin

Corp.

...................................................

12,160

4,737

Pentair

PLC

...........................................................

48,903

3,167

Ryder

System,

Inc.

......................................................

20,800

2,225

Saia,

Inc.(a)

...........................................................

5,645

2,250

Textron,

Inc.

..........................................................

32,490

2,539

Valmont

Industries,

Inc.

..................................................

12,206

2,932

Westinghouse

Air

Brake

Technologies

Corp.

....................................

33,113

3,519

61,103

Information

Technology

(9.1%):

Flex

Ltd.(a)

...........................................................

119,850

3,233

Gen

Digital,

Inc.

.......................................................

137,725

2,435

Hewlett

Packard

Enterprise

Co.

.............................................

142,031

2,467

Jabil,

Inc.

............................................................

22,893

2,905

Juniper

Networks,

Inc.

...................................................

100,538

2,794

Marvell

Technology,

Inc.

.................................................

40,507

2,192

Microchip

Technology,

Inc.

................................................

29,003

2,264

Teradata

Corp.(a)

.......................................................

65,365

2,943

Teradyne,

Inc.

.........................................................

29,273

2,941

Western

Digital

Corp.(a)

..................................................

74,450

3,397

27,571

Materials

(8.4%):

ATI,

Inc.(a)

...........................................................

54,235

2,232

Berry

Global

Group,

Inc.

.................................................

56,401

3,492

Celanese

Corp.

.........................................................

20,437

2,565

Industries

Holdings,

Inc.

...............................................

41,860

3,589

Cleveland-Cliffs,

Inc.(a)

..................................................

208,134

3,253

Martin

Marietta

Materials,

Inc.

.............................................

7,820

3,210

Olin

Corp.

............................................................

31,132

1,556

Reliance

Steel

Aluminum

Co.

............................................

11,506

3,017

Westlake

Corp.

........................................................

21,983

2,741

25,655

Real

Estate

(8.1%):

Apartment

Income

REIT

Corp.

.............................................

83,690

2,569

Essex

Property

Trust,

Inc.

.................................................

15,343

3,254

Federal

Realty

Investment

Trust

............................................

29,330

2,658

Host

Hotels

Resorts,

Inc.

................................................

179,135

2,879

Realty

Income

Corp.

....................................................

67,720

3,382

VICI

Properties,

Inc.

....................................................

115,666

3,366

Welltower,

Inc.

.........................................................

44,200

3,621

Weyerhaeuser

Co.

......................................................

93,018

2,852

24,581

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Utilities

(8.1%):

CenterPoint

Energy,

Inc.

..................................................

90,525

2,431

Constellation

Energy

Corp.

................................................

29,611

3,230

DTE

Energy

Co.

.......................................................

21,377

2,122

Evergy,

Inc.

...........................................................

41,715

2,115

FirstEnergy

Corp.

.......................................................

75,552

2,582

National

Fuel

Gas

Co.

...................................................

42,202

2,191

PPL

Corp.

............................................................

103,669

2,443

UGI

Corp.

............................................................

103,800

2,387

Vistra

Corp.

...........................................................

80,023

2,655

Xcel

Energy,

Inc.

.......................................................

43,160

2,470

24,626

Total

Common

Stocks

(Cost

$274,289)

299,839

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(d)

........

34,245

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(d)

............

34,245

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(d)

...............

34,245

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(d)

34,245

Total

Collateral

for

Securities

Loaned

(Cost

$137)

137

Total

Investments

(Cost

$274,426)

—

98.7%

299,976

Other

assets

excess

liabilities

—

1.3%

4,102

NET

ASSETS

100.00%

304,078

September

30,

2023,

the

Fund's

investments

foreign

securities

were

6.8%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Amount

represents

less

than

0.05%

net

assets.

(d)

Rate

disclosed

the

daily

yield

September

30,

2023.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(98.9%)

Communication

Services

(1.7%):

Cinemark

Holdings,

Inc.

(a)

................................................

614,400

11,274

Lions

Gate

Entertainment

Corp.

Class

(a)

....................................

730,000

5,745

Magnite,

Inc.

(a)

........................................................

1,058,000

7,978

24,997

Consumer

Discretionary

(8.8%):

Bloomin'

Brands,

Inc.

....................................................

425,224

10,456

Century

Communities,

Inc.

................................................

122,000

8,147

Kontoor

Brands,

Inc.

....................................................

227,100

9,972

Light

Wonder,

Inc.

(a)

..................................................

190,080

13,559

Marriott

Vacations

Worldwide

Corp.

.........................................

108,700

10,939

Meritage

Homes

Corp.

...................................................

83,668

10,240

Modine

Manufacturing

Co.

(a)

..............................................

306,500

14,022

Nordstrom,

Inc.

........................................................

603,400

9,015

PVH

Corp.

...........................................................

117,500

8,990

Steven

Madden

Ltd.

.....................................................

355,500

11,294

The

Gap,

Inc.

..........................................................

764,000

8,121

Visteon

Corp.

(a)

........................................................

96,250

13,289

128,044

Consumer

Staples

(2.5%):

Edgewell

Personal

Care

Co.

...............................................

211,000

7,798

The

Andersons,

Inc.

.....................................................

225,200

11,600

The

Simply

Good

Foods

Co.

(a)

.............................................

241,500

8,337

TreeHouse

Foods,

Inc.

(a)

.................................................

188,300

8,206

35,941

Energy

(12.1%):

Arch

Resources,

Inc.

....................................................

75,000

12,799

Atlas

Energy

Solutions,

Inc.

Class

(b)

.......................................

668,500

14,861

Chord

Energy

Corp.

.....................................................

96,620

15,659

Civitas

Resources,

Inc.

...................................................

207,100

16,748

Diamond

Offshore

Drilling,

Inc.

(a)

..........................................

1,192,000

17,499

Green

Plains,

Inc.

(a)

.....................................................

498,000

14,990

International

Seaways,

Inc.

................................................

389,900

17,545

Matador

Resources

Co.

...................................................

288,370

17,152

Murphy

Oil

Corp.

......................................................

377,270

17,109

PBF

Energy,

Inc.

Class

.................................................

237,300

12,703

Permian

Resources

Corp.

(b)

...............................................

1,375,070

19,196

176,261

Financials

(19.8%):

Ameris

Bancorp

........................................................

293,000

11,248

Artisan

Partners

Asset

Management,

Inc.

Class

................................

317,500

11,881

Assured

Guaranty

Ltd.

...................................................

156,300

9,459

Atlantic

Union

Bankshares

Corp.

............................................

390,000

11,224

Banc

California,

Inc.

(b)

................................................

712,000

8,815

Bank

Hawaii

Corp.

....................................................

238,300

11,841

Banner

Corp.

..........................................................

52,800

2,238

Dynex

Capital,

Inc.

.....................................................

804,700

9,608

Financial

Corp.

......................................................

162,900

4,620

First

Bancorp/Southern

Pines

...........................................

282,000

7,935

First

Merchants

Corp.

....................................................

409,505

11,392

Glacier

Bancorp,

Inc.

....................................................

416,000

11,856

Kemper

Corp.

.........................................................

166,500

6,998

Ladder

Capital

Corp.

....................................................

921,400

9,454

Lincoln

National

Corp.

...................................................

297,000

7,333

MGIC

Investment

Corp.

..................................................

763,000

12,734

Northwest

Bancshares,

Inc.

................................................

948,000

9,698

Pacific

Premier

Bancorp,

Inc.

..............................................

524,530

11,414

Primerica,

Inc.

.........................................................

52,250

10,137

Prosperity

Bancshares,

Inc.

................................................

131,000

7,150

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

RLI

Corp.

............................................................

62,300

8,466

SouthState

Corp.

.......................................................

241,780

16,286

Stewart

Information

Services

Corp.

..........................................

202,900

8,887

Stifel

Financial

Corp.

....................................................

146,674

9,012

Synovus

Financial

Corp.

..................................................

318,400

8,852

United

Community

Banks,

Inc.

.............................................

523,386

13,299

Valley

National

Bancorp

..................................................

1,736,000

14,860

Veritex

Holdings,

Inc.

....................................................

548,000

9,837

Virtus

Investment

Partners,

Inc.

.............................................

57,060

11,526

288,060

Health

Care

(7.8%):

Brookdale

Senior

Living,

Inc.

(a)

............................................

1,420,000

5,879

Collegium

Pharmaceutical,

Inc.

(a)

...........................................

355,000

7,934

Encompass

Health

Corp.

..................................................

104,700

7,032

Haemonetics

Corp.

(a)

....................................................

106,000

9,495

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

1,331,000

12,818

LivaNova

PLC

(a)

.......................................................

288,200

15,240

Patterson

Cos.,

Inc.

.....................................................

485,100

14,378

Perrigo

Co.

PLC

.......................................................

234,000

7,476

Prestige

Consumer

Healthcare,

Inc.

(a)

........................................

197,200

11,278

Select

Medical

Holdings

Corp.

.............................................

453,500

11,460

Supernus

Pharmaceuticals,

Inc.

(a)

...........................................

368,000

10,146

113,136

Industrials

(19.5%):

AAR

Corp.

(a)

.........................................................

262,600

15,633

ArcBest

Corp.

.........................................................

123,700

12,574

Atkore,

Inc.

(a)

.........................................................

81,881

12,216

Boise

Cascade

Co.

......................................................

136,470

14,062

BWX

Technologies,

Inc.

..................................................

163,140

12,232

Core

Main,

Inc.

Class

(a)

..............................................

473,855

13,671

Curtiss-Wright

Corp.

....................................................

82,600

16,159

Esab

Corp.

............................................................

178,462

12,532

Federal

Signal

Corp.

.....................................................

157,200

9,390

Fluor

Corp.

(a)

.........................................................

357,685

13,127

Gibraltar

Industries,

Inc.

(a)

................................................

291,100

19,652

Hayward

Holdings,

Inc.

(a)

................................................

727,000

10,251

Hub

Group,

Inc.

Class

(a)

...............................................

139,272

10,938

Kirby

Corp.

(a)

.........................................................

132,771

10,993

Moog,

Inc.

Class

.....................................................

157,155

17,752

Ryder

System,

Inc.

......................................................

105,478

11,281

Terex

Corp.

...........................................................

196,033

11,295

The

Brink's

Co.

........................................................

168,100

12,211

UFP

Industries,

Inc.

.....................................................

163,450

16,737

Valmont

Industries,

Inc.

..................................................

46,600

11,194

Wabash

National

Corp.

...................................................

404,000

8,532

Werner

Enterprises,

Inc.

..................................................

257,098

10,014

282,446

Information

Technology

(7.9%):

Belden,

Inc.

...........................................................

146,930

14,186

Diodes,

Inc.

(a)

.........................................................

148,336

11,695

FormFactor,

Inc.

(a)

.....................................................

423,300

14,790

Harmonic,

Inc.

(a)

.......................................................

850,500

8,190

Kulicke

Soffa

Industries,

Inc.

.............................................

203,400

9,891

Plexus

Corp.

(a)

........................................................

100,082

9,306

Progress

Software

Corp.

..................................................

134,800

7,088

Sanmina

Corp.

(a)

.......................................................

255,800

13,885

Teradata

Corp.

(a)

.......................................................

310,074

13,960

Veeco

Instruments,

Inc.

(a)

.................................................

408,900

11,494

114,485

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Materials

(5.5%):

ATI,

Inc.

(a)

...........................................................

285,565

11,751

Commercial

Metals

Co.

..................................................

259,500

12,822

Ecovyst,

Inc.

(a)

........................................................

1,274,000

12,536

LSB

Industries,

Inc.

(a)

...................................................

994,000

10,169

O-I

Glass,

Inc.

(a)

.......................................................

606,000

10,138

Summit

Materials,

Inc.

Class

(a)

..........................................

376,700

11,730

Tronox

Holdings

PLC

...................................................

814,356

10,945

80,091

Real

Estate

(9.0%):

Alexander

Baldwin,

Inc.

................................................

441,500

7,386

CareTrust

REIT,

Inc.

....................................................

531,722

10,900

DiamondRock

Hospitality

Co.

..............................................

1,430,000

11,483

Easterly

Government

Properties,

Inc.

.........................................

837,500

9,573

Essential

Properties

Realty

Trust,

Inc.

........................................

572,000

12,372

LXP

Industrial

Trust

.....................................................

1,316,000

11,712

Physicians

Realty

Trust

...................................................

1,146,000

13,970

Sabra

Health

Care

REIT,

Inc.

..............................................

1,000,000

13,940

SITE

Centers

Corp.

.....................................................

1,138,000

14,032

STAG

Industrial,

Inc.

....................................................

306,000

10,560

Summit

Hotel

Properties,

Inc.

..............................................

1,238,000

7,180

Veris

Residential,

Inc.

....................................................

455,000

7,508

130,616

Utilities

(4.3%):

ALLETE,

Inc.

.........................................................

268,000

14,150

National

Fuel

Gas

Co.

...................................................

148,000

7,683

Northwestern

Energy

Group,

Inc.

...........................................

275,500

13,241

ONE

Gas,

Inc.

.........................................................

194,000

13,246

Portland

General

Electric

Co.

..............................................

347,700

14,075

62,395

Total

Common

Stocks

(Cost

$1,306,843)

1,436,472

Collateral

for

Securities

Loaned

(1.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(c)

........

6,487,554

6,487

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(c)

............

6,487,554

6,487

Invesco

Government

Agency

Portfolio,

Institutional

.26

(c)

...............

6,487,554

6,488

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(c)

6,487,554

6,488

Total

Collateral

for

Securities

Loaned

(Cost

$25,950)

25,950

Total

Investments

(Cost

$1,332,793)

—

100.7%

1,462,422

Liabilities

excess

other

assets

—

(0.7)%

(

10,728

)

NET

ASSETS

100.00%

1,451,694

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

PLC—Public

Limited

Company

REIT—Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(96.8%)

Communication

Services

(1.8%):

Cinemark

Holdings,

Inc.

(a)

................................................

107,878

1,980

Liberty

Media

Corp.-Liberty

Formula

One

(a)

...................................

29,442

1,834

Lions

Gate

Entertainment

Corp.

Class

(a)

....................................

134,457

1,058

4,872

Consumer

Discretionary

(11.6%):

Aramark

.............................................................

68,723

2,385

Bath

Body

Works,

Inc.

.................................................

57,186

1,933

Bloomin'

Brands,

Inc.

....................................................

84,070

2,067

Brunswick

Corp.

.......................................................

26,472

2,091

Caesars

Entertainment,

Inc.

(a)

..............................................

42,423

1,966

Kontoor

Brands,

Inc.

....................................................

44,758

1,965

Light

Wonder,

Inc.

(a)

..................................................

34,134

2,435

Marriott

Vacations

Worldwide

Corp.

.........................................

24,822

2,498

Nordstrom,

Inc.

........................................................

117,007

1,748

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......................................

144,427

2,380

PulteGroup,

Inc.

........................................................

27,764

2,056

PVH

Corp.

...........................................................

29,575

2,263

Ralph

Lauren

Corp.

.....................................................

22,935

2,663

Steven

Madden

Ltd.

.....................................................

49,775

1,581

Visteon

Corp.

(a)

........................................................

17,589

2,429

32,460

Consumer

Staples

(4.2%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

35,957

2,566

Coty,

Inc.

Class

(a)

....................................................

182,109

1,998

MGP

Ingredients,

Inc.

....................................................

19,918

2,101

Molson

Coors

Beverage

Co.

Class

.........................................

40,008

2,544

Performance

Food

Group

Co.

(a)

............................................

42,078

2,477

11,686

Energy

(7.9%):

Antero

Resources

Corp.

(a)

................................................

68,498

1,738

Arch

Resources,

Inc.

....................................................

14,486

2,472

Cactus,

Inc.

Class

.....................................................

39,923

2,005

Chord

Energy

Corp.

.....................................................

11,986

1,943

Civitas

Resources,

Inc.

...................................................

28,972

2,343

Diamond

Offshore

Drilling,

Inc.

(a)

..........................................

152,188

2,234

Green

Plains,

Inc.

(a)

.....................................................

52,242

1,573

International

Seaways,

Inc.

................................................

43,544

1,959

Ovintiv,

Inc.

..........................................................

56,563

2,691

Permian

Resources

Corp.

(b)

...............................................

218,926

3,056

22,014

Financials

(15.8%):

AGNC

Investment

Corp.

.................................................

287,046

2,710

American

Financial

Group,

Inc.

.............................................

17,763

1,984

Artisan

Partners

Asset

Management,

Inc.

Class

................................

64,756

2,423

Atlantic

Union

Bankshares

Corp.

............................................

67,946

1,955

Bank

Hawaii

Corp.

(b)

..................................................

41,300

2,052

East

West

Bancorp,

Inc.

..................................................

31,993

1,686

Euronet

Worldwide,

Inc.

(a)

................................................

23,690

1,880

First

American

Financial

Corp.

.............................................

36,129

2,041

Glacier

Bancorp,

Inc.

....................................................

74,586

2,126

Kinsale

Capital

Group,

Inc.

................................................

7,416

3,071

MGIC

Investment

Corp.

..................................................

158,482

2,645

Prosperity

Bancshares,

Inc.

................................................

28,162

1,537

Reinsurance

Group

America,

Inc.

.........................................

13,968

2,028

SouthState

Corp.

.......................................................

35,783

2,410

Stifel

Financial

Corp.

....................................................

37,249

2,289

Synovus

Financial

Corp.

..................................................

71,567

1,990

Unum

Group

..........................................................

65,272

3,211

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Valley

National

Bancorp

..................................................

237,033

2,029

Veritex

Holdings,

Inc.

....................................................

101,000

1,813

Voya

Financial,

Inc.

.....................................................

33,714

2,240

44,120

Health

Care

(7.0%):

Encompass

Health

Corp.

..................................................

37,767

2,536

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

237,000

2,282

Jazz

Pharmaceuticals

PLC

(a)

..............................................

13,786

1,785

LivaNova

PLC

(a)

.......................................................

43,888

2,321

Organon

Co.

........................................................

104,927

1,822

Perrigo

Co.

PLC

.......................................................

73,377

2,344

Prestige

Consumer

Healthcare,

Inc.

(a)

........................................

36,559

2,091

Select

Medical

Holdings

Corp.

.............................................

76,826

1,941

Tenet

Healthcare

Corp.

(a)

.................................................

38,100

2,510

19,632

Industrials

(21.8%):

AECOM

.............................................................

35,525

2,950

Alaska

Air

Group,

Inc.

(a)

.................................................

52,000

1,928

Atkore,

Inc.

(a)

.........................................................

16,297

2,431

Carlisle

Cos.,

Inc.

.......................................................

12,331

3,197

Clean

Harbors,

Inc.

(a)

...................................................

17,504

2,930

Core

Main,

Inc.

Class

(a)

..............................................

96,142

2,774

Curtiss-Wright

Corp.

....................................................

19,660

3,846

Fluor

Corp.

(a)

.........................................................

79,500

2,918

GXO

Logistics,

Inc.

(a)

...................................................

39,578

2,321

ITT,

Inc.

.............................................................

37,681

3,689

KBR,

Inc.

............................................................

48,632

2,866

Kirby

Corp.

(a)

.........................................................

35,093

2,906

Knight-Swift

Transportation

Holdings,

Inc.

....................................

50,550

2,535

Pentair

PLC

...........................................................

50,700

3,283

Ryder

System,

Inc.

......................................................

22,935

2,453

Saia,

Inc.

(a)

...........................................................

8,277

3,300

Terex

Corp.

...........................................................

38,456

2,216

Textron,

Inc.

..........................................................

43,974

3,436

The

Brink's

Co.

........................................................

40,613

2,950

Valmont

Industries,

Inc.

..................................................

13,968

3,355

Westinghouse

Air

Brake

Technologies

Corp.

....................................

24,401

2,593

60,877

Information

Technology

(8.3%):

Belden,

Inc.

...........................................................

25,523

2,464

Diodes,

Inc.

(a)

.........................................................

28,541

2,250

Flex

Ltd.

(a)

...........................................................

121,147

3,269

FormFactor,

Inc.

(a)

.....................................................

82,350

2,877

Jabil,

Inc.

............................................................

22,074

2,801

Juniper

Networks,

Inc.

...................................................

108,817

3,024

Kulicke

Soffa

Industries,

Inc.

.............................................

39,611

1,926

Progress

Software

Corp.

..................................................

32,590

1,714

Teradata

Corp.

(a)

.......................................................

59,236

2,667

22,992

Materials

(6.9%):

ATI,

Inc.

(a)

...........................................................

49,235

2,026

Berry

Global

Group,

Inc.

.................................................

48,028

2,973

Industries

Holdings,

Inc.

...............................................

34,060

2,920

Cleveland-Cliffs,

Inc.

(a)

..................................................

172,020

2,689

O-I

Glass,

Inc.

(a)

.......................................................

123,528

2,067

Olin

Corp.

............................................................

28,579

1,428

Reliance

Steel

Aluminum

Co.

............................................

11,554

3,030

Westlake

Corp.

........................................................

17,676

2,204

19,337

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Real

Estate

(7.7%):

Apartment

Income

REIT

Corp.

.............................................

87,434

2,684

Camden

Property

Trust

...................................................

25,609

2,422

Federal

Realty

Investment

Trust

............................................

31,645

2,868

First

Industrial

Realty

Trust,

Inc.

............................................

68,700

3,270

Gaming

and

Leisure

Properties,

Inc.

.........................................

70,360

3,205

Highwoods

Properties,

Inc.

................................................

102,000

2,102

Host

Hotels

Resorts,

Inc.

................................................

177,000

2,844

SITE

Centers

Corp.

.....................................................

173,313

2,137

21,532

Utilities

(3.8%):

ALLETE,

Inc.

.........................................................

53,058

2,801

National

Fuel

Gas

Co.

...................................................

47,079

2,444

UGI

Corp.

............................................................

108,644

2,499

Vistra

Corp.

...........................................................

89,243

2,961

10,705

Total

Common

Stocks

(Cost

$250,579)

270,227

Collateral

for

Securities

Loaned

(1.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(c)

........

1,050,109

1,050

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(c)

............

1,050,109

1,050

Invesco

Government

Agency

Portfolio,

Institutional

.26

(c)

...............

1,050,109

1,050

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(c)

1,050,109

1,050

Total

Collateral

for

Securities

Loaned

(Cost

$4,200)

4,200

Total

Investments

(Cost

$254,779)

—

98.3%

274,427

Other

assets

excess

liabilities

—

1.7%

4,621

NET

ASSETS

100.00%

279,048

September

30,

2023,

the

Fund's

investments

foreign

securities

were

5.7%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(97.2%)

Communication

Services

(6.9%):

Alphabet,

Inc.

Class

(a)

.................................................

150,060

19,637

Meta

Platforms,

Inc.

Class

(a)

............................................

6,800

2,041

Netflix,

Inc.

(a)

.........................................................

4,900

1,850

TKO

Group

Holdings,

Inc.

................................................

20,200

1,698

T-Mobile

U.S.,

Inc.

......................................................

15,500

2,171

27,397

Communications

Equipment

(3.0%):

Arista

Networks,

Inc.

(a)

..................................................

32,600

5,996

Cisco

Systems,

Inc.

.....................................................

109,600

5,892

11,888

Consumer

Discretionary

(9.5%):

Amazon.com,

Inc.

(a)

....................................................

83,800

10,653

AutoZone,

Inc.

(a)

.......................................................

2,300

5,842

Booking

Holdings,

Inc.

(a)

.................................................

1,500

4,626

Crocs,

Inc.

(a)

..........................................................

24,800

2,188

McDonald's

Corp.

......................................................

21,700

5,716

O'Reilly

Automotive,

Inc.

(a)

...............................................

4,600

4,181

Tesla,

Inc.

(a)

..........................................................

7,700

1,927

TopBuild

Corp.

(a)

......................................................

8,900

2,239

37,372

Consumer

Staples

(7.2%):

BellRing

Brands,

Inc.

(a)

..................................................

61,600

2,540

Casey's

General

Stores,

Inc.

...............................................

14,300

3,883

Darling

Ingredients,

Inc.

(a)

................................................

83,000

4,332

MGP

Ingredients,

Inc.

....................................................

39,000

4,114

PepsiCo,

Inc.

..........................................................

17,400

2,948

Philip

Morris

International,

Inc.

.............................................

51,100

4,731

Walmart,

Inc.

..........................................................

36,900

5,901

28,449

Electronic

Equipment,

Instruments

Components

(2.5%):

Fabrinet

(a)

............................................................

23,700

3,949

Jabil,

Inc.

............................................................

47,800

6,065

10,014

Energy

(7.1%):

ChampionX

Corp.

......................................................

77,300

2,753

Chevron

Corp.

.........................................................

42,510

7,168

Diamondback

Energy,

Inc.

................................................

23,700

3,671

EOG

Resources,

Inc.

....................................................

34,100

4,323

Halliburton

Co.

........................................................

74,900

3,033

Matador

Resources

Co.

...................................................

68,200

4,057

Schlumberger

......................................................

48,300

2,816

27,821

Financials

(15.5%):

Ameriprise

Financial,

Inc.

.................................................

16,100

5,308

Axos

Financial,

Inc.

(a)

...................................................

132,200

5,005

Corebridge

Financial,

Inc.

.................................................

136,100

2,688

Fiserv,

Inc.

(a)

..........................................................

42,800

4,834

Globe

Life,

Inc.

........................................................

30,900

3,360

Interactive

Brokers

Group,

Inc.

.............................................

48,900

4,233

JPMorgan

Chase

Co.

..................................................

56,000

8,121

Kinsale

Capital

Group,

Inc.

................................................

13,100

5,425

LPL

Financial

Holdings,

Inc.

...............................................

22,000

5,228

NMI

Holdings,

Inc.

Class

(a)

.............................................

141,000

3,820

The

Bancorp,

Inc.

(a)

.....................................................

169,500

5,848

Visa,

Inc.

Class

......................................................

31,700

7,291

61,161

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Health

Care

(13.3%):

Cencora,

Inc.

..........................................................

29,800

5,363

Elevance

Health,

Inc.

....................................................

5,800

2,525

Eli

Lilly

Co.

.........................................................

12,000

6,446

HCA

Healthcare,

Inc.

....................................................

15,600

3,837

Lantheus

Holdings,

Inc.

(a)

................................................

71,200

4,947

McKesson

Corp.

.......................................................

13,000

5,653

Merck

Co.,

Inc.

......................................................

21,800

2,244

Novo

Nordisk

A/S

ADR

..................................................

72,000

6,548

Shockwave

Medical,

Inc.

(a)

...............................................

11,800

2,349

Stryker

Corp.

..........................................................

8,600

2,350

The

Cigna

Group

.......................................................

9,000

2,575

The

Ensign

Group,

Inc.

...................................................

55,900

5,195

Zoetis,

Inc.

...........................................................

13,800

2,401

52,433

Industrials

(8.2%):

AGCO

Corp.

..........................................................

27,800

3,288

Comfort

Systems

USA,

Inc.

...............................................

24,600

4,192

GXO

Logistics,

Inc.

(a)

...................................................

88,300

5,179

Janus

International

Group,

Inc.

(a)

...........................................

215,200

2,303

Terex

Corp.

...........................................................

65,700

3,786

UFP

Industries,

Inc.

.....................................................

27,900

2,857

United

Rentals,

Inc.

.....................................................

9,600

4,268

Verra

Mobility

Corp.

(a)

..................................................

214,700

4,015

W.W.

Grainger,

Inc.

.....................................................

3,500

2,421

32,309

Materials

(2.3%):

Graphic

Packaging

Holding

Co.

............................................

144,900

3,228

Livent

Corp.

(a)

........................................................

158,100

2,911

Summit

Materials,

Inc.

Class

(a)

..........................................

100,230

3,121

9,260

Real

Estate

(1.5%):

Simon

Property

Group,

Inc.

...............................................

25,400

2,744

VICI

Properties,

Inc.

....................................................

107,500

3,128

5,872

Semiconductors

Semiconductor

Equipment

(6.0%):

Applied

Materials,

Inc.

...................................................

16,000

2,215

Broadcom,

Inc.

........................................................

6,800

5,648

Microchip

Technology,

Inc.

................................................

49,200

3,840

NVIDIA

Corp.

.........................................................

15,500

6,743

Semiconductor

Corp.

(a)

...............................................

56,700

5,270

23,716

Software

(8.0%):

Cadence

Design

Systems,

Inc.

(a)

............................................

26,000

6,092

Fortinet,

Inc.

(a)

........................................................

50,600

2,969

Microsoft

Corp.

........................................................

71,460

22,564

31,625

Technology

Hardware,

Storage

Peripherals

(6.2%):

Apple,

Inc.

...........................................................

142,080

24,326

Total

Common

Stocks

(Cost

$290,540)

383,643

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(99.0%)

Communication

Services

(8.8%):

Activision

Blizzard,

Inc.

..................................................

4,560

427

Alphabet,

Inc.,

Class

A(a)

.................................................

37,819

4,949

Alphabet,

Inc.,

Class

C(a)

.................................................

32,171

4,242

AT&T,

Inc.

...........................................................

45,570

686

Charter

Communications,

Inc.,

Class

A(a)

.....................................

649

285

Comcast

Corp.,

Class

..................................................

26,235

1,163

Electronic

Arts,

Inc.

.....................................................

1,571

189

Fox

Corp.,

Class

......................................................

1,617

Fox

Corp.,

Class

......................................................

841

Live

Nation

Entertainment,

Inc.(a)

...........................................

904

Match

Group,

Inc.(a)

....................................................

1,773

Meta

Platforms,

Inc.,

Class

A(a)

............................................

14,167

4,253

Netflix,

Inc.(a)

.........................................................

2,825

1,067

News

Corp.,

Class

.....................................................

2,428

News

Corp.,

Class

....................................................

736

Omnicom

Group,

Inc.

....................................................

1,259

Paramount

Global,

Class

B(b)

..............................................

3,074

Take-Two

Interactive

Software,

Inc.(a)

........................................

1,007

141

The

Interpublic

Group

Cos.,

Inc.

..........................................

2,454

The

Walt

Disney

Co.(a)

..................................................

11,664

945

T-Mobile

U.S.,

Inc.

......................................................

3,300

462

Verizon

Communications,

Inc.

..............................................

26,798

869

Warner

Bros

Discovery,

Inc.(a)

.............................................

14,138

154

20,318

Communications

Equipment

(0.9%):

Arista

Networks,

Inc.(a)

..................................................

1,598

294

Cisco

Systems,

Inc.

.....................................................

25,976

1,396

F5,

Inc.(a)

............................................................

378

Juniper

Networks,

Inc.

...................................................

2,048

Motorola

Solutions,

Inc.

..................................................

1,065

290

2,098

Consumer

Discretionary

(10.6%):

Airbnb,

Inc.,

Class

A(a)

..................................................

2,713

372

Amazon.com,

Inc.(a)

....................................................

57,875

7,357

Aptiv

PLC(a)

..........................................................

1,803

178

AutoZone,

Inc.(a)

.......................................................

116

295

Bath

Body

Works,

Inc.

.................................................

1,459

Best

Buy

Co.,

Inc.

......................................................

1,238

Booking

Holdings,

Inc.(a)

.................................................

228

703

BorgWarner,

Inc.

.......................................................

1,498

Caesars

Entertainment,

Inc.(a)

..............................................

1,372

CarMax,

Inc.(a)

........................................................

1,008

Carnival

Corp.(a)

.......................................................

6,421

Chipotle

Mexican

Grill,

Inc.(a)

.............................................

176

322

Darden

Restaurants,

Inc.

..................................................

770

110

Domino's

Pizza,

Inc.

.....................................................

224

Horton,

Inc.

........................................................

1,941

209

eBay,

Inc.

............................................................

3,392

150

Etsy,

Inc.(a)

...........................................................

784

Expedia

Group,

Inc.(a)

...................................................

879

Ford

Motor

Co.

........................................................

25,060

311

Garmin

Ltd.

...........................................................

976

103

General

Motors

Co.

.....................................................

8,771

289

Genuine

Parts

Co.

......................................................

895

129

Hasbro,

Inc.

...........................................................

831

Hilton

Worldwide

Holdings,

Inc.

............................................

1,667

250

Las

Vegas

Sands

Corp.

...................................................

2,095

Lennar

Corp.,

Class

....................................................

1,610

181

LKQ

Corp.

...........................................................

1,705

Lowe's

Cos.,

Inc.

.......................................................

3,735

776

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Marriott

International,

Inc.,

Class

..........................................

1,597

314

McDonald's

Corp.

......................................................

4,645

1,224

MGM

Resorts

International

................................................

1,789

Mohawk

Industries,

Inc.(a)

................................................

337

NIKE,

Inc.,

Class

.....................................................

7,809

747

Norwegian

Cruise

Line

Holdings

Ltd.(a)

......................................

2,712

NVR,

Inc.(a)

..........................................................

125

O'Reilly

Automotive,

Inc.(a)

...............................................

385

350

Pool

Corp.

............................................................

249

PulteGroup,

Inc.

........................................................

1,399

104

Ralph

Lauren

Corp.

.....................................................

257

Ross

Stores,

Inc.

.......................................................

2,171

245

Royal

Caribbean

Cruises

Ltd.(a)

............................................

1,502

138

Starbucks

Corp.

........................................................

7,301

666

Tapestry,

Inc.

..........................................................

1,478

Tesla,

Inc.(a)

..........................................................

17,601

4,404

The

Home

Depot,

Inc.

...................................................

6,409

1,936

The

TJX

Cos.,

Inc.

......................................................

7,326

651

Tractor

Supply

Co.

......................................................

694

141

Ulta

Beauty,

Inc.(a)

.....................................................

317

127

Corp.

.............................................................

2,107

Whirlpool

Corp.

........................................................

349

Wynn

Resorts

Ltd.

......................................................

617

Yum!

Brands,

Inc.

......................................................

1,786

223

24,452

Consumer

Staples

(6.5%):

Altria

Group,

Inc.

.......................................................

11,312

476

Archer-Daniels-Midland

Co.

...............................................

3,417

258

Brown-Forman

Corp.,

Class

.............................................

1,166

Bunge

Ltd.

...........................................................

960

104

Campbell

Soup

Co.

.....................................................

1,254

Church

Dwight

Co.,

Inc.

................................................

1,568

144

Colgate-Palmolive

Co.

...................................................

5,270

375

Conagra

Brands,

Inc.

....................................................

3,046

Constellation

Brands,

Inc.,

Class

..........................................

1,028

258

Costco

Wholesale

Corp.

..................................................

2,825

1,596

Dollar

General

Corp.

....................................................

1,398

148

Dollar

Tree,

Inc.(a)

......................................................

1,335

142

General

Mills,

Inc.

......................................................

3,730

239

Hormel

Foods

Corp.

.....................................................

1,846

Kellanova

............................................................

1,680

100

Kenvue,

Inc.

..........................................................

10,986

221

Keurig

Pepper,

Inc.

...................................................

6,411

202

Kimberly-Clark

Corp.

....................................................

2,156

260

Lamb

Weston

Holdings,

Inc.

...............................................

929

McCormick

Co.,

Inc.

..................................................

1,601

121

Molson

Coors

Beverage

Co.,

Class

.........................................

1,183

Mondelez

International,

Inc.,

Class

.........................................

8,672

602

Monster

Beverage

Corp.(a)

................................................

4,741

251

PepsiCo,

Inc.

..........................................................

8,775

1,487

Philip

Morris

International,

Inc.

.............................................

9,895

916

Sysco

Corp.

...........................................................

3,220

213

Target

Corp.

..........................................................

2,942

325

The

Clorox

Co.

........................................................

789

103

The

Coca-Cola

Co.

......................................................

24,808

1,389

The

Estee

Lauder

Cos.,

Inc.

...............................................

1,478

214

The

Hershey

Co.

.......................................................

955

191

The

J.M.

Smucker

Co.

...................................................

651

The

Kraft

Heinz

Co.

.....................................................

5,089

171

The

Kroger

Co.

........................................................

4,209

188

The

Procter

Gamble

Co.

................................................

15,026

2,192

Tyson

Foods,

Inc.,

Class

................................................

1,820

Walgreens

Boots

Alliance,

Inc.

.............................................

4,567

102

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Walmart,

Inc.

..........................................................

9,097

1,455

15,047

Electronic

Equipment,

Instruments

Components

(0.6%):

Amphenol

Corp.,

Class

.................................................

3,802

319

CDW

Corp.

...........................................................

854

172

Corning,

Inc.

..........................................................

4,893

149

Keysight

Technologies,

Inc.(a)

.............................................

1,137

151

Connectivity

Ltd.

....................................................

2,001

247

Teledyne

Technologies,

Inc.(a)

.............................................

300

123

Trimble,

Inc.(a)

........................................................

1,583

Zebra

Technologies

Corp.(a)

...............................................

327

1,324

Energy

(4.7%):

APA

Corp.

............................................................

1,959

Baker

Hughes

Co.

......................................................

6,436

227

Chevron

Corp.

.........................................................

11,310

1,907

ConocoPhillips

........................................................

7,633

914

Coterra

Energy,

Inc.

.....................................................

4,828

131

Devon

Energy

Corp.

.....................................................

4,084

195

Diamondback

Energy,

Inc.

................................................

1,140

177

EOG

Resources,

Inc.

....................................................

3,712

471

EQT

Corp.

............................................................

2,305

Exxon

Mobil

Corp.

.....................................................

25,518

3,000

Halliburton

Co.

........................................................

5,728

232

Hess

Corp.

............................................................

1,762

270

Kinder

Morgan,

Inc.

.....................................................

12,357

205

Marathon

Oil

Corp.

.....................................................

3,861

103

Marathon

Petroleum

Corp.

................................................

2,549

386

Occidental

Petroleum

Corp.

...............................................

4,229

274

ONEOK,

Inc.

..........................................................

3,749

238

Phillips

............................................................

2,838

341

Pioneer

Natural

Resources

Co.

.............................................

1,486

341

Schlumberger

......................................................

9,059

528

Targa

Resources

Corp.

...................................................

1,426

122

The

Williams

Cos.,

Inc.

..................................................

7,754

261

Valero

Energy

Corp.

.....................................................

2,251

319

10,816

Financials

(12.6%):

Aflac,

Inc.

............................................................

3,446

264

American

Express

Co.

...................................................

3,709

553

American

International

Group,

Inc.

..........................................

4,538

275

Ameriprise

Financial,

Inc.

.................................................

654

216

Aon

PLC,

Class

......................................................

1,293

419

Arch

Capital

Group

Ltd.(a)

................................................

2,377

189

Arthur

Gallagher

Co.

.................................................

1,374

313

Assurant,

Inc.

.........................................................

338

Bank

America

Corp.

...................................................

44,068

1,207

Berkshire

Hathaway,

Inc.,

Class

B(a)

.........................................

11,624

4,072

BlackRock,

Inc.

........................................................

895

579

Blackstone,

Inc.

........................................................

4,513

483

Brown

Brown,

Inc.

....................................................

1,501

105

Capital

One

Financial

Corp.

...............................................

2,431

236

Cboe

Global

Markets,

Inc.

................................................

673

105

Chubb

Ltd.

...........................................................

2,618

545

Cincinnati

Financial

Corp.

................................................

1,000

102

Citigroup,

Inc.

.........................................................

12,275

505

Citizens

Financial

Group,

Inc.

..............................................

3,011

CME

Group,

Inc.

.......................................................

2,293

459

Comerica,

Inc.

.........................................................

840

Discover

Financial

Services

...............................................

1,593

138

Everest

Group

Ltd.

......................................................

277

103

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

FactSet

Research

Systems,

Inc.

.............................................

243

106

Fidelity

National

Information

Services,

Inc.

....................................

3,777

209

Fifth

Third

Bancorp

.....................................................

4,340

110

Fiserv,

Inc.(a)

..........................................................

3,886

439

FleetCor

Technologies,

Inc.(a)

..............................................

471

120

Franklin

Resources,

Inc.

..................................................

1,813

Global

Payments,

Inc.

....................................................

1,657

191

Globe

Life,

Inc.

........................................................

554

Huntington

Bancshares,

Inc.

...............................................

9,229

Intercontinental

Exchange,

Inc.

.............................................

3,648

401

Invesco

Ltd.

...........................................................

2,860

JPMorgan

Chase

Co.

..................................................

18,524

2,686

KeyCorp

.............................................................

5,966

Loews

Corp.

..........................................................

1,179

M&T

Bank

Corp.

.......................................................

1,057

134

MarketAxess

Holdings,

Inc.

...............................................

240

Marsh

McLennan

Cos.,

Inc.

.............................................

3,149

599

Mastercard,

Inc.,

Class

.................................................

5,304

2,100

MetLife,

Inc.

..........................................................

4,027

253

Moody's

Corp.

.........................................................

1,006

318

Morgan

Stanley

........................................................

8,133

664

MSCI,

Inc.

...........................................................

504

259

Nasdaq,

Inc.

..........................................................

2,161

105

Northern

Trust

Corp.

....................................................

1,320

PayPal

Holdings,

Inc.(a)

..................................................

6,999

409

Principal

Financial

Group,

Inc.

.............................................

1,418

102

Prudential

Financial,

Inc.

.................................................

2,314

220

Raymond

James

Financial,

Inc.

.............................................

1,198

120

Regions

Financial

Corp.

..................................................

5,982

103

S&P

Global,

Inc.

.......................................................

2,074

758

State

Street

Corp.

.......................................................

2,031

136

Synchrony

Financial

.....................................................

2,666

Rowe

Price

Group,

Inc.

.................................................

1,430

150

The

Allstate

Corp.

......................................................

1,667

186

The

Bank

New

York

Mellon

Corp.

.........................................

4,964

212

The

Charles

Schwab

Corp.

................................................

9,479

520

The

Goldman

Sachs

Group,

Inc.

............................................

2,101

680

The

Hartford

Financial

Services

Group,

Inc.

....................................

1,949

138

The

PNC

Financial

Services

Group,

Inc.

......................................

2,539

312

The

Progressive

Corp.

...................................................

3,731

520

The

Travelers

Cos.,

Inc.

..................................................

1,459

238

Truist

Financial

Corp.

....................................................

8,491

243

U.S.

Bancorp

..........................................................

9,923

328

Visa,

Inc.,

Class

......................................................

10,242

2,356

Berkley

Corp.

.....................................................

1,297

Wells

Fargo

Co.

......................................................

23,322

953

Willis

Towers

Watson

PLC

................................................

668

140

Zions

Bancorp

......................................................

944

29,272

Health

Care

(13.2%):

Abbott

Laboratories

.....................................................

11,062

1,071

AbbVie,

Inc.

..........................................................

11,251

1,677

Agilent

Technologies,

Inc.

.................................................

1,883

211

Align

Technology,

Inc.(a)

.................................................

454

139

Amgen,

Inc.

...........................................................

3,410

916

Baxter

International,

Inc.

.................................................

3,228

122

Becton

Dickinson

Co.

..................................................

1,849

478

Biogen,

Inc.(a)

.........................................................

923

237

Bio-Rad

Laboratories,

Inc.,

Class

A(a)

........................................

133

Bio-Techne

Corp.

.......................................................

1,004

Boston

Scientific

Corp.(a)

.................................................

9,333

493

Bristol-Myers

Squibb

Co.

.................................................

13,317

773

Cardinal

Health,

Inc.

....................................................

1,623

141

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Catalent,

Inc.(a)

........................................................

1,149

Cencora,

Inc.

..........................................................

1,063

191

Centene

Corp.(a)

.......................................................

3,452

238

Charles

River

Laboratories

International,

Inc.(a)

.................................

327

CVS

Health

Corp.

......................................................

8,187

572

Danaher

Corp.

.........................................................

4,189

1,039

DaVita,

Inc.(a)

.........................................................

343

DENTSPLY

SIRONA,

Inc.

................................................

1,350

Dexcom,

Inc.(a)

........................................................

2,472

231

Edwards

Lifesciences

Corp.(a)

.............................................

3,875

268

Elevance

Health,

Inc.

....................................................

1,502

654

Eli

Lilly

Co.

.........................................................

5,083

2,730

HealthCare

Technologies,

Inc.

...........................................

2,493

170

Gilead

Sciences,

Inc.

....................................................

7,943

595

HCA

Healthcare,

Inc.

....................................................

1,283

316

Henry

Schein,

Inc.(a)

....................................................

832

Hologic,

Inc.(a)

........................................................

1,561

108

Humana,

Inc.

..........................................................

790

384

IDEXX

Laboratories,

Inc.(a)

...............................................

529

231

Illumina,

Inc.(a)

........................................................

1,009

139

Incyte

Corp.(a)

.........................................................

1,186

Insulet

Corp.(a)

........................................................

445

Intuitive

Surgical,

Inc.(a)

.................................................

2,240

655

IQVIA

Holdings,

Inc.(a)

..................................................

1,167

230

Johnson

.....................................................

15,350

2,391

Laboratory

Corp.

America

Holdings

........................................

565

114

McKesson

Corp.

.......................................................

860

374

Medtronic

PLC

........................................................

8,485

665

Merck

Co.,

Inc.

......................................................

16,175

1,665

Mettler-Toledo

International,

Inc.(a)

.........................................

139

154

Moderna,

Inc.(a)

.......................................................

2,111

218

Molina

Healthcare,

Inc.(a)

................................................

372

122

Organon

Co.

........................................................

1,629

Pfizer,

Inc.

............................................................

35,989

1,194

Quest

Diagnostics,

Inc.

...................................................

715

Regeneron

Pharmaceuticals,

Inc.(a)

..........................................

680

560

ResMed,

Inc.

..........................................................

937

139

Revvity,

Inc.

..........................................................

791

STERIS

PLC

..........................................................

629

138

Stryker

Corp.

..........................................................

2,155

589

Teleflex,

Inc.

..........................................................

300

The

Cigna

Group

.......................................................

1,887

540

The

Cooper

Cos.,

Inc.

....................................................

316

100

Thermo

Fisher

Scientific,

Inc.

..............................................

2,460

1,245

UnitedHealth

Group,

Inc.

.................................................

5,905

2,977

Universal

Health

Services,

Inc.,

Class

.......................................

396

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

1,645

572

Viatris,

Inc.

...........................................................

7,646

Waters

Corp.(a)

........................................................

377

103

West

Pharmaceutical

Services,

Inc.

..........................................

471

177

Zimmer

Biomet

Holdings,

Inc.

.............................................

1,332

149

Zoetis,

Inc.

...........................................................

2,934

510

30,604

Industrials

(8.3%):

Co.

..............................................................

3,519

330

Smith

Corp.

.......................................................

794

Alaska

Air

Group,

Inc.(a)

.................................................

811

Allegion

PLC

.........................................................

560

American

Airlines

Group,

Inc.(a)

............................................

4,165

AMETEK,

Inc.

........................................................

1,471

217

Automatic

Data

Processing,

Inc.

............................................

2,626

632

Axon

Enterprise,

Inc.(a)

..................................................

448

Broadridge

Financial

Solutions,

Inc.

.........................................

753

135

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

C.H.

Robinson

Worldwide,

Inc.

.............................................

742

Carrier

Global

Corp.

.....................................................

5,339

295

Caterpillar,

Inc.

........................................................

3,252

888

Ceridian

HCM

Holding,

Inc.(a)

.............................................

992

Cintas

Corp.

..........................................................

551

265

Copart,

Inc.(a)

.........................................................

5,539

239

CoStar

Group,

Inc.(a)

....................................................

2,603

200

CSX

Corp.

............................................................

12,789

393

Cummins,

Inc.

.........................................................

903

206

Deere

Co.

..........................................................

1,738

656

Delta

Air

Lines,

Inc.

.....................................................

4,101

152

Dover

Corp.

...........................................................

892

124

Eaton

Corp.

PLC

.......................................................

2,543

542

Emerson

Electric

Co.

....................................................

3,643

352

Equifax,

Inc.

..........................................................

782

143

Expeditors

International

Washington,

Inc.

....................................

943

108

Fastenal

Co.

...........................................................

3,642

199

FedEx

Corp.

..........................................................

1,475

391

Fortive

Corp.

..........................................................

2,244

166

Generac

Holdings,

Inc.(a)

.................................................

397

General

Dynamics

Corp.

..................................................

1,445

319

General

Electric

Co.

.....................................................

6,938

767

Honeywell

International,

Inc.

..............................................

4,232

782

Howmet

Aerospace,

Inc.

..................................................

2,496

115

Huntington

Ingalls

Industries,

Inc.

...........................................

254

IDEX

Corp.

...........................................................

482

100

Illinois

Tool

Works,

Inc.

..................................................

1,754

404

Ingersoll

Rand,

Inc.

.....................................................

2,578

164

J.B.

Hunt

Transport

Services,

Inc.

...........................................

520

Jack

Henry

Associates,

Inc.

..............................................

465

Jacobs

Solutions,

Inc.

....................................................

803

110

Johnson

Controls

International

PLC

..........................................

4,337

231

L3Harris

Technologies,

Inc.

...............................................

1,206

210

Leidos

Holdings,

Inc.

....................................................

876

Lockheed

Martin

Corp.

...................................................

1,429

584

Masco

Corp.

..........................................................

1,434

Nordson

Corp.

.........................................................

345

Norfolk

Southern

Corp.

..................................................

1,447

285

Northrop

Grumman

Corp.

.................................................

907

399

Old

Dominion

Freight

Line,

Inc.

............................................

571

234

Otis

Worldwide

Corp.

....................................................

2,625

211

PACCAR,

Inc.

.........................................................

3,333

283

Parker-Hannifin

Corp.

...................................................

818

319

Paychex,

Inc.

..........................................................

2,045

236

Paycom

Software,

Inc.

...................................................

314

Pentair

PLC

...........................................................

1,052

Quanta

Services,

Inc.

....................................................

926

173

Republic

Services,

Inc.

...................................................

1,311

187

Robert

Half,

Inc.

.......................................................

683

Rockwell

Automation,

Inc.

................................................

732

209

Rollins,

Inc.

...........................................................

1,807

RTX

Corp.

............................................................

9,278

668

Snap-on,

Inc.

..........................................................

337

Southwest

Airlines

Co.

...................................................

3,797

103

Stanley

Black

Decker,

Inc.

..............................................

977

Textron,

Inc.

..........................................................

1,263

The

Boeing

Co.(a)

......................................................

3,614

693

Trane

Technologies

PLC

..................................................

1,456

295

TransDigm

Group,

Inc.(a)

.................................................

352

297

Union

Pacific

Corp.

.....................................................

3,885

791

United

Airlines

Holdings,

Inc.(a)

............................................

2,091

United

Parcel

Service,

Inc.,

Class

..........................................

4,610

719

United

Rentals,

Inc.

.....................................................

435

193

Verisk

Analytics,

Inc.

....................................................

924

218

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

W.W.

Grainger,

Inc.

.....................................................

284

197

Waste

Management,

Inc.

..................................................

2,350

358

Westinghouse

Air

Brake

Technologies

Corp.

....................................

1,142

121

Xylem,

Inc.

...........................................................

1,535

140

19,283

Services

(1.2%):

Accenture

PLC,

Class

..................................................

4,021

1,235

Akamai

Technologies,

Inc.(a)

..............................................

969

103

Cognizant

Technology

Solutions

Corp.,

Class

.................................

3,219

218

DXC

Technology

Co.(a)

..................................................

1,308

EPAM

Systems,

Inc.(a)

...................................................

369

Gartner,

Inc.(a)

........................................................

502

173

International

Business

Machines

Corp.

........................................

5,807

815

VeriSign,

Inc.(a)

........................................................

572

116

2,781

Materials

(2.4%):

Air

Products

and

Chemicals,

Inc.

............................................

1,416

401

Albemarle

Corp.

.......................................................

748

127

Amcor

PLC

...........................................................

9,380

Avery

Dennison

Corp.

...................................................

514

Ball

Corp.

............................................................

2,008

100

Celanese

Corp.

.........................................................

638

Industries

Holdings,

Inc.

...............................................

1,230

105

Corteva,

Inc.

..........................................................

4,524

231

Dow,

Inc.

............................................................

4,482

231

DuPont

Nemours,

Inc.

.................................................

2,926

218

Eastman

Chemical

Co.

...................................................

756

Ecolab,

Inc.

...........................................................

1,617

274

FMC

Corp.

...........................................................

795

Freeport-McMoRan,

Inc.

.................................................

9,139

341

International

Flavors

Fragrances,

Inc.

.......................................

1,627

111

International

Paper

Co.

...................................................

2,206

Linde

PLC

............................................................

3,110

1,158

LyondellBasell

Industries

NV,

Class

........................................

1,633

155

Martin

Marietta

Materials,

Inc.

.............................................

394

162

Newmont

Corp.

........................................................

5,066

187

Nucor

Corp.

...........................................................

1,585

248

Packaging

Corp.

America

...............................................

573

PPG

Industries,

Inc.

.....................................................

1,501

195

Sealed

Air

Corp.

.......................................................

920

Steel

Dynamics,

Inc.

.....................................................

993

107

The

Mosaic

Co.

........................................................

2,118

The

Sherwin-Williams

Co.

................................................

1,508

385

Vulcan

Materials

Co.

....................................................

847

171

Westrock

Co.

..........................................................

1,634

5,608

Real

Estate

(2.3%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

993

American

Tower

Corp.

...................................................

2,971

489

AvalonBay

Communities,

Inc.

..............................................

905

155

Boston

Properties,

Inc.

...................................................

920

Camden

Property

Trust

...................................................

681

CBRE

Group,

Inc.,

Class

A(a)

..............................................

1,975

146

Crown

Castle,

Inc.

......................................................

2,764

254

Digital

Realty

Trust,

Inc.

..................................................

1,929

233

Equinix,

Inc.

..........................................................

596

433

Equity

Residential

......................................................

2,199

129

Essex

Property

Trust,

Inc.

.................................................

409

Extra

Space

Storage,

Inc.

.................................................

1,347

164

Federal

Realty

Investment

Trust

............................................

468

Healthpeak

Properties,

Inc.

................................................

3,487

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Host

Hotels

Resorts,

Inc.

................................................

4,536

Invitation

Homes,

Inc.

...................................................

3,667

116

Iron

Mountain,

Inc.

.....................................................

1,860

111

Kimco

Realty

Corp.

.....................................................

3,951

Mid-America

Apartment

Communities,

Inc.

....................................

744

Prologis,

Inc.

..........................................................

5,889

661

Public

Storage

.........................................................

1,009

266

Realty

Income

Corp.

....................................................

4,518

226

Regency

Centers

Corp.

...................................................

1,047

SBA

Communications

Corp.

...............................................

691

138

Simon

Property

Group,

Inc.

...............................................

2,086

225

UDR,

Inc.

............................................................

1,932

Ventas,

Inc.

...........................................................

2,565

108

VICI

Properties,

Inc.

....................................................

6,460

188

Welltower,

Inc.

.........................................................

3,306

271

Weyerhaeuser

Co.

......................................................

4,658

143

5,237

Semiconductors

Semiconductor

Equipment

(7.3%):

Advanced

Micro

Devices,

Inc.(a)

............................................

10,299

1,059

Analog

Devices,

Inc.

....................................................

3,196

560

Applied

Materials,

Inc.

...................................................

5,353

741

Broadcom,

Inc.

........................................................

2,631

2,185

Enphase

Energy,

Inc.(a)

..................................................

869

104

First

Solar,

Inc.(a)

......................................................

681

110

Intel

Corp.

............................................................

26,696

949

KLA

Corp.

...........................................................

872

400

Lam

Research

Corp.

.....................................................

850

533

Microchip

Technology,

Inc.

................................................

3,470

271

Micron

Technology,

Inc.

..................................................

6,982

475

Monolithic

Power

Systems,

Inc.

............................................

305

141

NVIDIA

Corp.

.........................................................

15,745

6,849

NXP

Semiconductors

.................................................

1,643

328

Semiconductor

Corp.(a)

...............................................

2,751

256

Qorvo,

Inc.(a)

.........................................................

624

QUALCOMM,

Inc.

.....................................................

7,114

790

Skyworks

Solutions,

Inc.

.................................................

1,016

100

SolarEdge

Technologies,

Inc.(a)

............................................

361

Teradyne,

Inc.

.........................................................

982

Texas

Instruments,

Inc.

...................................................

5,788

920

16,976

Software

(10.0%):

Adobe,

Inc.(a)

.........................................................

2,905

1,481

ANSYS,

Inc.(a)

........................................................

553

165

Autodesk,

Inc.(a)

.......................................................

1,362

282

Cadence

Design

Systems,

Inc.(a)

............................................

1,732

406

Fair

Isaac

Corp.(a)

......................................................

158

137

Fortinet,

Inc.(a)

........................................................

4,155

244

Gen

Digital,

Inc.

.......................................................

3,587

Intuit,

Inc.

............................................................

1,785

912

Microsoft

Corp.

........................................................

47,360

14,954

Oracle

Corp.

..........................................................

10,035

1,063

Palo

Alto

Networks,

Inc.(a)

................................................

1,950

457

PTC,

Inc.(a)

...........................................................

757

107

Roper

Technologies,

Inc.

..................................................

680

329

Salesforce,

Inc.(a)

......................................................

6,209

1,259

ServiceNow,

Inc.(a)

.....................................................

1,300

727

Synopsys,

Inc.(a)

.......................................................

970

445

Tyler

Technologies,

Inc.(a)

................................................

268

104

23,135

Technology

Hardware,

Storage

Peripherals

(7.2%):

Apple,

Inc.

...........................................................

93,679

16,039

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Hewlett

Packard

Enterprise

Co.

.............................................

8,233

143

HP,

Inc.

..............................................................

5,531

142

NetApp,

Inc.

..........................................................

1,344

102

Seagate

Technology

Holdings

PLC

..........................................

1,229

Western

Digital

Corp.(a)

..................................................

2,039

16,600

Utilities

(2.4%):

Alliant

Energy

Corp.

....................................................

1,611

Ameren

Corp.

.........................................................

1,675

125

American

Electric

Power

Co.,

Inc.

...........................................

3,284

247

American

Water

Works

Co.,

Inc.

............................................

1,241

154

Atmos

Energy

Corp.

.....................................................

946

100

CenterPoint

Energy,

Inc.

..................................................

4,023

108

CMS

Energy

Corp.

......................................................

1,860

Consolidated

Edison,

Inc.

.................................................

2,199

188

Constellation

Energy

Corp.

................................................

2,050

224

Dominion

Energy,

Inc.

...................................................

5,334

238

DTE

Energy

Co.

.......................................................

1,314

130

Duke

Energy

Corp.

......................................................

4,913

434

Edison

International

.....................................................

2,443

155

Entergy

Corp.

.........................................................

1,348

125

Evergy,

Inc.

...........................................................

1,464

Eversource

Energy

......................................................

2,225

129

Exelon

Corp.

..........................................................

6,344

240

FirstEnergy

Corp.

.......................................................

3,289

112

NextEra

Energy,

Inc.

....................................................

12,900

739

NiSource,

Inc.

.........................................................

2,634

NRG

Energy,

Inc.

.......................................................

1,460

PG&E

Corp.(a)

........................................................

13,324

215

Pinnacle

West

Capital

Corp.

...............................................

722

PPL

Corp.

............................................................

4,698

111

Public

Service

Enterprise

Group,

Inc.

.........................................

3,182

181

Sempra

Energy

........................................................

4,011

273

The

AES

Corp.

........................................................

4,268

The

Southern

Co.

.......................................................

6,952

450

WEC

Energy

Group,

Inc.

.................................................

2,011

162

Xcel

Energy,

Inc.

.......................................................

3,516

201

5,531

Total

Common

Stocks

(Cost

$45,587)

229,082

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(d)

........

10,651

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(d)

............

10,651

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(d)

...............

10,651

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(d)

10,651

Total

Collateral

for

Securities

Loaned

(Cost

$43)

Total

Investments

(Cost

$45,630)

—

99.0%

229,125

Other

assets

excess

liabilities

—

1.0%

2,207

NET

ASSETS

100.00%

231,332

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Amount

represents

less

than

0.05%

net

assets.

(d)

Rate

disclosed

the

daily

yield

September

30,

2023.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Munder

Mid-Cap

Core

Growth

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(99.0%)

Communication

Services

(4.2%):

Live

Nation

Entertainment,

Inc.

(a)

...........................................

78,944

6,556

The

Trade

Desk,

Inc.

Class

(a)

............................................

85,400

6,674

13,230

Consumer

Discretionary

(12.2%):

Caesars

Entertainment,

Inc.

(a)

..............................................

92,400

4,283

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

2,300

4,213

Horton,

Inc.

........................................................

47,500

5,105

Fox

Factory

Holding

Corp.

(a)

..............................................

35,400

3,507

Lithia

Motors,

Inc.

......................................................

9,100

2,687

NVR,

Inc.

(a)

..........................................................

900

5,367

Pool

Corp.

............................................................

14,100

5,021

Ross

Stores,

Inc.

.......................................................

35,100

3,965

YETI

Holdings,

Inc.

(a)

...................................................

96,700

4,663

38,811

Consumer

Staples

(4.6%):

Casey's

General

Stores,

Inc.

...............................................

20,300

5,512

Church

Dwight

Co.,

Inc.

................................................

41,300

3,784

Freshpet,

Inc.

(a)

........................................................

42,800

2,820

Performance

Food

Group

Co.

(a)

............................................

41,100

2,419

14,535

Energy

(2.5%):

Cheniere

Energy,

Inc.

....................................................

11,600

1,925

Diamondback

Energy,

Inc.

................................................

39,700

6,149

8,074

Financials

(11.8%):

Brown

Brown,

Inc.

....................................................

97,800

6,830

Evercore,

Inc.

.........................................................

37,300

5,143

FactSet

Research

Systems,

Inc.

.............................................

12,500

5,466

Global

Payments,

Inc.

....................................................

40,100

4,627

Kinsale

Capital

Group,

Inc.

................................................

19,900

8,241

MarketAxess

Holdings,

Inc.

...............................................

13,800

2,948

MSCI,

Inc.

...........................................................

8,300

4,259

37,514

Health

Care

(12.2%):

Agilent

Technologies,

Inc.

.................................................

13,993

1,565

Align

Technology,

Inc.

(a)

.................................................

13,400

4,091

Dexcom,

Inc.

(a)

........................................................

52,800

4,926

Halozyme

Therapeutics,

Inc.

(a)

.............................................

37,300

1,425

Insulet

Corp.

(a)

........................................................

9,000

1,435

Intra-Cellular

Therapies,

Inc.

(a)

.............................................

44,500

2,318

IQVIA

Holdings,

Inc.

(a)

..................................................

25,900

5,096

Medpace

Holdings,

Inc.

(a)

................................................

16,900

4,092

Neurocrine

Biosciences,

Inc.

(a)

.............................................

17,000

1,913

West

Pharmaceutical

Services,

Inc.

..........................................

15,800

5,928

Zoetis,

Inc.

...........................................................

35,030

6,095

38,884

Industrials

(22.0%):

Advanced

Drainage

Systems,

Inc.

...........................................

31,800

3,620

AMETEK,

Inc.

........................................................

38,100

5,630

Chart

Industries,

Inc.

(a)

..................................................

32,400

5,479

Copa

Holdings

Class

................................................

58,100

5,178

CoStar

Group,

Inc.

(a)

....................................................

56,100

4,314

HEICO

Corp.

..........................................................

14,800

2,397

IDEX

Corp.

...........................................................

15,400

3,204

Old

Dominion

Freight

Line,

Inc.

............................................

12,550

5,135

Paylocity

Holding

Corp.

(a)

................................................

16,700

3,034

TFI

International,

Inc.

....................................................

41,400

5,316

Victory

Portfolios

Victory

Munder

Mid-Cap

Core

Growth

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

The

Middleby

Corp.

(a)

...................................................

11,300

1,446

Trane

Technologies

PLC

..................................................

34,300

6,960

TransUnion

...........................................................

43,700

3,137

Trex

Co.,

Inc.

(a)

........................................................

91,700

5,651

Verisk

Analytics,

Inc.

....................................................

26,200

6,189

WESCO

International,

Inc.

................................................

22,000

3,164

69,854

Information

Technology

(18.3%):

Amphenol

Corp.

Class

.................................................

76,420

6,418

Crowdstrike

Holdings,

Inc.

Class

(a)

.......................................

24,900

4,168

CyberArk

Software

Ltd.

(a)

................................................

20,900

3,423

Fair

Isaac

Corp.

(a)

......................................................

7,100

6,167

HubSpot,

Inc.

(a)

.......................................................

10,200

5,023

Keysight

Technologies,

Inc.

(a)

.............................................

32,700

4,326

Lam

Research

Corp.

.....................................................

8,800

5,516

Monolithic

Power

Systems,

Inc.

............................................

11,800

5,452

Synopsys,

Inc.

(a)

.......................................................

9,900

4,544

Teledyne

Technologies,

Inc.

(a)

.............................................

10,300

4,208

Tyler

Technologies,

Inc.

(a)

................................................

16,200

6,255

Zscaler,

Inc.

(a)

.........................................................

16,800

2,614

58,114

Materials

(3.5%):

Avery

Dennison

Corp.

...................................................

30,000

5,480

Freeport-McMoRan,

Inc.

.................................................

71,200

2,655

Louisiana-Pacific

Corp.

..................................................

56,500

3,123

11,258

Real

Estate

(4.3%):

CBRE

Group,

Inc.

Class

(a)

..............................................

60,800

4,491

SBA

Communications

Corp.

...............................................

7,603

1,522

Sun

Communities,

Inc.

...................................................

31,716

3,753

VICI

Properties,

Inc.

....................................................

131,500

3,826

13,592

Utilities

(3.4%):

Atmos

Energy

Corp.

.....................................................

46,500

4,926

Sempra

Energy

........................................................

85,078

5,788

10,714

Total

Common

Stocks

(Cost

$256,426)

314,580

Exchange-Traded

Funds

(0.9%)

SPDR

S&P

MidCap

400

ETF

..............................................

6,000

2,740

Total

Exchange-Traded

Funds

(Cost

$2,849)

2,740

Total

Investments

(Cost

$259,275)

—

99.9%

317,320

Other

assets

excess

liabilities

—

0.1%

293

NET

ASSETS

100.00%

317,613

September

30,

2023,

the

Fund's

investments

foreign

securities

were

6.6%

net

assets.

(a)

Non-income

producing

security.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(97.9%)

Australia

(4.7%):

Consumer

Discretionary

(0.3%):

Aristocrat

Leisure

Ltd.

...................................................

23,695

619

Energy

(0.9%):

Santos

Ltd.

...........................................................

162,863

820

Woodside

Energy

Group

Ltd.

..............................................

36,774

855

1,675

Financials

(1.1%):

National

Australia

Bank

Ltd.

...............................................

78,153

1,451

QBE

Insurance

Group

Ltd.

................................................

69,412

695

2,146

Health

Care

(0.4%):

Cochlear

Ltd.

..........................................................

4,149

679

Industrials

(0.7%):

Brambles

Ltd.

.........................................................

71,988

661

Qantas

Airways

Ltd.(a)

...................................................

186,316

617

1,278

Materials

(0.8%):

Northern

Star

Resources

Ltd.

..............................................

71,068

472

Rio

Tinto

Ltd.

.........................................................

13,996

1,009

1,481

Real

Estate

(0.5%):

Charter

Hall

Group

......................................................

72,719

439

Goodman

Group

.......................................................

44,621

612

1,051

8,929

Austria

(0.4%):

Industrials

(0.4%):

ANDRITZ

.........................................................

15,975

805

Brazil

(2.0%):

Energy

(0.5%):

Petro

Rio

SA(a)

........................................................

97,000

908

Financials

(0.7%):

Banco

Brasil

.....................................................

138,900

1,304

Materials

(0.4%):

Gerdau

SA,

Preference

..............................................

168,640

810

Utilities

(0.4%):

Cia

Energetica

Minas

Gerais,

Preference

...............................

305,749

755

3,777

Canada

(6.8%):

Consumer

Discretionary

(0.4%):

BRP,

Inc.

.............................................................

10,052

761

Energy

(1.2%):

ARC

Resources

Ltd.

.....................................................

34,497

551

Headwater

Exploration,

Inc.

...............................................

115,437

609

Parex

Resources,

Inc.

....................................................

29,946

562

Suncor

Energy,

Inc.

.....................................................

17,717

609

2,331

Financials

(3.1%):

Element

Fleet

Management

Corp.

...........................................

81,403

1,168

Fairfax

Financial

Holdings

Ltd.

.............................................

1,901

1,552

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

National

Bank

Canada

.................................................

16,605

1,103

Sun

Life

Financial,

Inc.

..................................................

19,080

931

The

Toronto-Dominion

Bank(b)

............................................

20,185

1,216

5,970

Industrials

(0.4%):

Finning

International,

Inc.

.................................................

24,978

737

Materials

(1.7%):

Dundee

Precious

Metals,

Inc.

..............................................

87,361

540

Lundin

Mining

Corp.

....................................................

74,477

556

Stella-Jones,

Inc.

.......................................................

24,448

1,176

Teck

Resources

Ltd.,

Class

..............................................

19,941

858

3,130

12,929

Chile

(0.4%):

Consumer

Staples

(0.4%):

Cencosud

..........................................................

363,632

690

China

(6.7%):

Communication

Services

(1.5%):

Baidu,

Inc.,

Class

A(a)

...................................................

53,200

895

Kuaishou

Technology(a)(c)

................................................

70,000

557

Tencent

Holdings

Ltd.

...................................................

37,100

1,438

2,890

Consumer

Discretionary

(2.1%):

Alibaba

Group

Holding

Ltd.(a)

.............................................

152,996

1,659

BYD

Co.

Ltd.,

Class

...................................................

27,000

832

Auto,

Inc.,

Class

A(a)

..................................................

29,400

525

New

Oriental

Education

Technology

Group,

Inc.(a)

.............................

186,900

1,106

4,122

Consumer

Staples

(0.3%):

Tsingtao

Brewery

Co.

Ltd.,

Class

..........................................

84,000

684

Financials

(1.6%):

Agricultural

Bank

China

Ltd.,

Class

......................................

1,511,000

562

Bank

China

Ltd.,

Class

...............................................

2,107,275

734

China

Construction

Bank

Corp.,

Class

......................................

1,231,000

692

PICC

Property

Casualty

Co.

Ltd.,

Class

...................................

822,000

1,053

3,041

Health

Care

(0.3%):

Sinopharm

Group

Co.

Ltd.,

Class

..........................................

178,000

516

Industrials

(0.4%):

China

Railway

Group

Ltd.,

Class

..........................................

1,362,000

700

Materials

(0.5%):

Anhui

Conch

Cement

Co.

Ltd.,

Class

.......................................

233,500

618

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H(c)

...................................

73,800

301

919

12,872

Denmark

(2.6%):

Consumer

Discretionary

(0.5%):

Pandora

A/S

..........................................................

8,840

912

Health

Care

(2.1%):

Novo

Nordisk

A/S,

Class

................................................

43,912

3,999

4,911

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Finland

(1.0%):

Industrials

(0.4%):

Metso

Oyj

............................................................

68,665

720

Information

Technology

(0.3%):

Nokia

Oyj

............................................................

158,986

598

Utilities

(0.3%):

Fortum

Oyj(b)

.........................................................

47,508

551

1,869

France

(6.9%):

Communication

Services

(0.7%):

Publicis

Groupe

.....................................................

16,872

1,277

Consumer

Discretionary

(1.0%):

LVMH

Moet

Hennessy

Louis

Vuitton

......................................

2,590

1,955

Financials

(1.3%):

AXA

.............................................................

22,746

675

BNP

Paribas

........................................................

17,388

1,106

Edenred

..............................................................

11,228

702

2,483

Health

Care

(0.7%):

EssilorLuxottica

.....................................................

3,395

590

Ipsen

.............................................................

5,740

752

1,342

Industrials

(1.3%):

Cie

Saint-Gobain

.....................................................

17,834

1,067

Eiffage

............................................................

7,223

685

Rexel

.............................................................

33,955

761

2,513

Information

Technology

(0.6%):

Capgemini

.........................................................

6,015

1,049

Materials

(0.6%):

Arkema

...........................................................

12,380

1,219

Real

Estate

(0.3%):

Klepierre

..........................................................

24,964

611

Utilities

(0.4%):

Engie

.............................................................

50,268

771

13,220

Germany

(4.5%):

Communication

Services

(0.9%):

Deutsche

Telekom

...................................................

82,194

1,724

Consumer

Discretionary

(1.0%):

HUGO

BOSS

......................................................

9,941

628

Mercedes-Benz

Group

................................................

17,093

1,190

1,818

Consumer

Staples

(0.3%):

Henkel

And

Co.

KGaA,

Preference

..................................

8,464

603

Financials

(0.4%):

Muenchener

Rueckversicherungs-Gesellschaft

Muenchen,

Class

...............

2,049

798

Industrials

(0.9%):

Daimler

Truck

Holding

................................................

18,852

652

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Siemens

AG,

Registered

.............................................

7,957

1,137

1,789

Information

Technology

(1.0%):

Infineon

Technologies

.................................................

35,401

1,172

SAP

..............................................................

4,803

622

1,794

8,526

Greece

(0.3%):

Financials

(0.3%):

National

Bank

Greece

SA(a)

.............................................

86,090

485

Hong

Kong

(1.2%):

Financials

(0.3%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

181,500

496

Industrials

(0.3%):

Hutchison

Holdings

Ltd.

...............................................

105,500

560

Real

Estate

(0.3%):

Sino

Land

Co.

Ltd.

......................................................

498,000

560

Utilities

(0.3%):

Kunlun

Energy

Co.

Ltd.

..................................................

714,000

614

2,230

India

(4.5%):

Consumer

Discretionary

(0.4%):

Tata

Motors

Ltd.

.......................................................

99,819

755

Consumer

Staples

(0.4%):

Varun

Beverages

Ltd.

....................................................

69,695

791

Energy

(0.6%):

Reliance

Industries

Ltd.

..................................................

41,123

1,158

Financials

(1.1%):

ICICI

Bank

Ltd.

........................................................

81,391

933

Power

Finance

Corp.

Ltd.

.................................................

416,378

1,261

2,194

Information

Technology

(0.7%):

HCL

Technologies

Ltd.

...................................................

42,167

625

Tata

Consultancy

Services

Ltd.

.............................................

15,879

673

1,298

Materials

(0.8%):

Jindal

Stainless

Ltd.

.....................................................

128,988

737

Tata

Chemicals

Ltd.

.....................................................

62,794

778

1,515

Utilities

(0.5%):

Power

Grid

Corp.

India

Ltd.

.............................................

402,157

965

8,676

Indonesia

(0.4%):

Communication

Services

(0.4%):

Indosat

Tbk

........................................................

1,197,900

761

Ireland

(2.2%):

Consumer

Discretionary

(0.5%):

PDD

Holdings,

Inc.,

ADR(a)

...............................................

11,096

1,088

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Financials

(0.4%):

Bank

Ireland

Group

PLC

...............................................

73,713

721

Health

Care

(0.5%):

ICON

PLC(a)

.........................................................

3,896

959

Industrials

(0.5%):

AerCap

Holdings

NV(a)

..................................................

14,449

906

Materials

(0.3%):

James

Hardie

Industries

PLC(a)

............................................

23,111

604

4,278

Israel

(0.9%):

Financials

(0.3%):

Bank

Leumi

Le-Israel

................................................

61,796

512

Health

Care

(0.3%):

Inmode

Ltd.(a)

.........................................................

17,007

518

Information

Technology

(0.3%):

Nice

Ltd.(a)

...........................................................

3,562

608

1,638

Italy

(1.5%):

Health

Care

(0.4%):

Recordati

Industria

Chimica

Farmaceutica

SpA

................................

15,839

746

Industrials

(0.5%):

Leonardo

SpA

.........................................................

68,942

993

Utilities

(0.6%):

Enel

SpA

.............................................................

127,996

785

Iren

SpA

.............................................................

217,006

417

1,202

2,941

Japan

(14.1%):

Communication

Services

(0.6%):

Nippon

Telegraph

Telephone

Corp.

........................................

955,000

1,130

Consumer

Discretionary

(2.3%):

Honda

Motor

Co.

Ltd.

...................................................

103,500

1,165

Isuzu

Motors

Ltd.

.......................................................

89,300

1,123

Panasonic

Holdings

Corp.

.................................................

62,700

708

Sega

Sammy

Holdings,

Inc.

...............................................

33,800

623

Suzuki

Motor

Corp.

.....................................................

18,200

732

4,351

Consumer

Staples

(0.9%):

Ajinomoto

Co.,

Inc.

.....................................................

20,200

779

Asahi

Group

Holdings

Ltd.

................................................

26,600

994

1,773

Financials

(2.3%):

Mizuho

Financial

Group,

Inc.

..............................................

66,010

1,121

ORIX

Corp.

...........................................................

40,700

760

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

34,925

1,716

Tokio

Marine

Holdings,

Inc.

...............................................

33,400

773

4,370

Health

Care

(1.0%):

Olympus

Corp.

........................................................

33,300

432

Otsuka

Holdings

Co.,

Ltd.

.................................................

19,100

678

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Shionogi

Co.

Ltd.

.....................................................

16,500

736

1,846

Industrials

(3.5%):

Central

Japan

Railway

Co.

................................................

31,500

766

Fuji

Electric

Co.

Ltd.

....................................................

18,900

851

ITOCHU

Corp.

........................................................

45,500

1,643

Komatsu

Ltd.

..........................................................

43,000

1,160

Mitsubishi

Heavy

Industries

Ltd.

............................................

15,700

876

Mitsui

Co.

Ltd.

.......................................................

38,500

1,397

6,693

Information

Technology

(1.9%):

Advantest

Corp.

........................................................

40,800

1,138

Canon,

Inc.

...........................................................

25,300

610

NEC

Corp.

...........................................................

19,900

1,099

TDK

Corp.

...........................................................

22,800

843

3,690

Materials

(1.2%):

Nippon

Steel

Corp.

......................................................

42,200

989

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

22,500

653

Tosoh

Corp.

...........................................................

52,300

671

2,313

Real

Estate

(0.4%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

27,000

725

26,891

Luxembourg

(0.4%):

Energy

(0.4%):

Tenaris

............................................................

45,058

712

Malaysia

(0.3%):

Industrials

(0.3%):

Gamuda

Bhd

..........................................................

611,100

577

Mexico

(1.4%):

Consumer

Staples

(0.5%):

Arca

Continental

SAB

..............................................

108,471

985

Energy

(0.5%):

Vista

Energy

SAB

CV,

ADR(a)

...........................................

31,846

968

Financials

(0.4%):

Gentera

SAB

.....................................................

677,364

795

2,748

Netherlands

(2.9%):

Communication

Services

(0.3%):

Koninklijke

KPN

....................................................

180,570

595

Consumer

Discretionary

(1.2%):

Stellantis

..........................................................

111,462

2,134

Consumer

Staples

(0.7%):

Koninklijke

Ahold

Delhaize

............................................

45,003

1,356

Financials

(0.7%):

ING

Groep

........................................................

63,611

838

Group

.........................................................

16,267

522

1,360

5,445

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Norway

(0.8%):

Consumer

Staples

(0.4%):

Mowi

ASA

...........................................................

46,589

824

Energy

(0.4%):

Equinor

ASA

..........................................................

23,960

785

1,609

Portugal

(0.4%):

Energy

(0.4%):

Galp

Energia

SGPS

...................................................

53,719

796

Qatar

(0.3%):

Communication

Services

(0.3%):

Ooredoo

QPSC

........................................................

214,350

630

Russian

Federation

(0.0%):(d)

Consumer

Staples

(0.0%):(d)

Magnit

PJSC,

GDR(a)(e)(f)

...............................................

36,370

—(g)

Energy

(0.0%):(d)

LUKOIL

PJSC,

ADR(a)(e)(f)

..............................................

8,489

Financials

(0.0%):

Sberbank

Russia

PJSC(e)(f)

.............................................

220,230

—

Saudi

Arabia

(0.4%):

Financials

(0.4%):

Saudi

Awwal

Bank

......................................................

90,755

835

Singapore

(1.1%):

Financials

(0.5%):

DBS

Group

Holdings

Ltd.

.................................................

36,500

897

Utilities

(0.6%):

Sembcorp

Industries

Ltd.

.................................................

301,600

1,121

2,018

South

Africa

(0.7%):

Energy

(0.2%):

Exxaro

Resources

Ltd.

...................................................

40,136

365

Financials

(0.3%):

Absa

Group

Ltd.

.......................................................

57,186

527

Health

Care

(0.2%):

Aspen

Pharmacare

Holdings

Ltd.

............................................

55,403

502

1,394

South

Korea

(3.6%):

Communication

Services

(0.4%):

JYP

Entertainment

Corp.

.................................................

8,210

682

Consumer

Discretionary

(0.4%):

Kia

Corp.

............................................................

12,554

756

Financials

(0.8%):

Insurance

Co.

Ltd.

...................................................

12,904

855

Hana

Financial

Group,

Inc.

................................................

20,134

631

1,486

Industrials

(0.4%):

Samsung

Engineering

Co.

Ltd.(a)

...........................................

35,627

797

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Information

Technology

(1.6%):

Samsung

Electro-Mechanics

Co.

Ltd.

.........................................

5,599

569

Samsung

Electronics

Co.

Ltd.

..............................................

25,787

1,304

Samsung

SDI

Co.

Ltd.

...................................................

1,407

532

Hynix,

Inc.

.........................................................

8,444

715

3,120

6,841

Spain

(2.0%):

Consumer

Discretionary

(0.3%):

Industria

Diseno

Textil

..............................................

17,279

643

Energy

(0.4%):

Repsol

............................................................

44,450

731

Financials

(0.9%):

Banco

Santander

.....................................................

284,048

1,082

Bankinter

..........................................................

93,763

596

1,678

Utilities

(0.4%):

Iberdrola

..........................................................

76,199

852

3,904

Sweden

(1.3%):

Consumer

Discretionary

(0.5%):

Evolution

AB(c)

........................................................

9,351

944

Financials

(0.4%):

Swedbank

AB,

..................................................

40,091

737

Industrials

(0.4%):

Volvo

AB,

Class

......................................................

40,902

843

2,524

Switzerland

(7.3%):

Consumer

Discretionary

(0.5%):

Cie

Financiere

Richemont

SA,

Registered

................................

7,437

906

Consumer

Staples

(1.2%):

Coca-Cola

HBC

.....................................................

32,498

888

Nestle

SA,

Registered

..............................................

13,449

1,523

2,411

Financials

(1.6%):

Julius

Baer

Group

Ltd.

...................................................

15,750

1,008

Swiss

Life

Holding

...................................................

1,490

927

UBS

Group

........................................................

43,453

1,071

3,006

Health

Care

(1.8%):

Novartis

AG,

Registered

.............................................

34,792

3,554

Industrials

(0.4%):

ABB

Ltd.,

Registered

...............................................

19,840

709

Information

Technology

(0.7%):

STMicroelectronics

..................................................

30,200

1,302

Materials

(1.1%):

Glencore

PLC

.........................................................

111,208

633

Holcim

...........................................................

22,801

1,460

2,093

13,981

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Taiwan

(3.4%):

Health

Care

(0.3%):

Lotus

Pharmaceutical

Co.

Ltd.

.............................................

74,000

547

Information

Technology

(3.1%):

Accton

Technology

Corp.

.................................................

54,000

828

Delta

Electronics,

Inc.

...................................................

82,000

826

Lite-On

Technology

Corp.

................................................

166,000

627

Novatek

Microelectronics

Corp.

............................................

61,000

801

Quanta

Computer,

Inc.

...................................................

101,000

756

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

126,000

2,055

5,893

6,440

Thailand

(0.5%):

Health

Care

(0.5%):

Bumrungrad

Hospital

PCL

................................................

138,700

1,019

United

Arab

Emirates

(0.6%):

Real

Estate

(0.6%):

Emaar

Development

PJSC

................................................

601,846

1,146

United

Kingdom

(9.4%):

Communication

Services

(0.4%):

Informa

PLC

..........................................................

88,577

809

Consumer

Discretionary

(0.6%):

Sports

Fashion

PLC

...................................................

644,915

1,171

Consumer

Staples

(2.4%):

Associated

British

Foods

PLC

..............................................

36,450

916

Coca-Cola

Europacific

Partners

PLC

.........................................

14,115

882

Marks

Spencer

Group

PLC(a)

............................................

261,476

752

Reckitt

Benckiser

Group

PLC

..............................................

14,394

1,015

Tesco

PLC

............................................................

316,301

1,017

4,582

Energy

(0.8%):

PLC

..............................................................

158,056

1,019

Harbour

Energy

PLC

....................................................

130,917

410

1,429

Financials

(2.2%):

Group

PLC

.........................................................

86,383

2,174

Legal

General

Group

PLC

...............................................

184,311

497

Standard

Chartered

PLC

..................................................

167,146

1,537

4,208

Health

Care

(1.4%):

AstraZeneca

PLC

.......................................................

20,100

2,711

Industrials

(0.7%):

Ashtead

Group

PLC

.....................................................

10,525

638

BAE

Systems

PLC

......................................................

61,403

746

1,384

Information

Technology

(0.4%):

The

Sage

Group

PLC

....................................................

62,615

753

Real

Estate

(0.3%):

Safestore

Holdings

PLC

..................................................

56,779

507

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Name

Acquisition

Date

Cost

LUKOIL

PJSC,

ADR

.........................................

8/21/2019

729

Magnit

PJSC,

GDR

..........................................

10/29/2021

671

Sberbank

Russia

PJSC

......................................

12/9/2016

752

Security

Description

Value

Utilities

(0.2%):

Drax

Group

PLC

.......................................................

85,126

455

18,009

Total

Common

Stocks

(Cost

$176,832)

187,057

Exchange-Traded

Funds

(0.8%)

United

States

(0.8%):

iShares

Core

MSCI

EAFE

ETF

.............................................

16,297

1,048

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

8,922

425

1,473

Total

Exchange-Traded

Funds

(Cost

$1,538)

1,473

Collateral

for

Securities

Loaned

(0.6%)^

United

States

(0.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(h)

........

300,348

301

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(h)

............

300,348

300

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(h)

...............

300,348

300

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(h)

300,348

300

Total

Collateral

for

Securities

Loaned

(Cost

$1,201)

1,201

Total

Investments

(Cost

$179,571)

—

99.3%

189,731

Other

assets

excess

liabilities

—

0.7%

1,276

NET

ASSETS

100.00%

191,007

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$1,802

(thousands)

and

amounted

0.9%

net

assets.

(d)

Amount

represents

less

than

0.05%

net

assets.

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

September

30,

2023

(amounts

thousands).

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2023.

(g)

Rounds

less

than

thousand.

(h)

Rate

disclosed

the

daily

yield

September

30,

2023.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

GDR—Global

Depositary

Receipt

PCL—Public

Company

Limited

PLC—Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(98.0%)

Australia

(4.4%):

Consumer

Discretionary

(0.8%):

Hi-Fi

Ltd.

..........................................................

372,000

10,802

Super

Retail

Group

Ltd.

..................................................

1,383,772

10,572

21,374

Consumer

Staples

(0.2%):

GrainCorp

Ltd.,

Class

..................................................

1,582,006

7,147

Energy

(0.3%):

Beach

Energy

Ltd.

......................................................

8,784,663

9,166

Industrials

(0.9%):

Seven

Group

Holdings

Ltd.

................................................

777,406

15,481

Ventia

Services

Group

Pty,

Ltd.

.............................................

5,004,721

9,055

24,536

Information

Technology

(0.6%):

Technology

One

Ltd.

....................................................

1,580,361

15,668

Materials

(1.0%):

Allkem

Ltd.(a)

.........................................................

1,449,064

10,833

CSR

Ltd.

.............................................................

2,370,399

8,541

Iluka

Resources

Ltd.

.....................................................

1,664,928

8,129

27,503

Real

Estate

(0.2%):

Charter

Hall

Group

......................................................

1,169,010

7,062

Utilities

(0.4%):

AGL

Energy

Ltd.

.......................................................

1,451,826

9,971

122,427

Bermuda

(0.4%):

Energy

(0.4%):

Seadrill

Ltd.(a)

.........................................................

243,591

11,001

Canada

(11.4%):

Communication

Services

(0.3%):

IMAX

Corp.(a)

........................................................

481,601

9,304

Consumer

Discretionary

(0.8%):

BRP,

Inc.

.............................................................

277,636

21,017

Energy

(2.2%):

Headwater

Exploration,

Inc.

...............................................

3,156,676

16,642

NuVista

Energy

Ltd.(a)

...................................................

1,455,550

13,933

Parex

Resources,

Inc.

....................................................

771,643

14,483

Whitecap

Resources,

Inc.

.................................................

1,987,854

16,789

61,847

Financials

(0.8%):

Element

Fleet

Management

Corp.

...........................................

1,099,547

15,780

Eqb,

Inc.

.............................................................

135,781

7,538

23,318

Health

Care

(0.0%):(b)

Tilray

Brands,

Inc.,

Class

2(a)

..............................................

—(c)

Industrials

(1.6%):

ATS

Corp.(a)

..........................................................

308,928

13,170

Bombardier,

Inc.,

Class

B(a)

...............................................

243,717

8,499

Finning

International,

Inc.

.................................................

795,736

23,472

45,141

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Information

Technology

(1.6%):

Celestica,

Inc.(a)

.......................................................

1,386,352

33,931

Kinaxis,

Inc.(a)

........................................................

78,256

8,827

42,758

Materials

(2.5%):

Agnico

Eagle

Mines

Ltd.

.................................................

—(c)

Alamos

Gold,

Inc.

......................................................

1,499,810

16,919

Dundee

Precious

Metals,

Inc.

..............................................

2,186,887

13,526

Lundin

Mining

Corp.

....................................................

1,097,897

8,189

OceanaGold

Corp.

......................................................

6,890,970

13,497

Stella-Jones,

Inc.

.......................................................

353,328

16,994

69,125

Real

Estate

(1.0%):

Boardwalk

Real

Estate

Invest

..............................................

386,288

19,003

Tricon

Residential,

Inc.(d)

.................................................

1,130,952

8,361

27,364

Utilities

(0.6%):

Superior

Plus

Corp.

.....................................................

1,139,035

8,605

TransAlta

Corp.

........................................................

899,666

7,837

16,442

316,316

Denmark

(2.1%):

Consumer

Discretionary

(0.5%):

Pandora

A/S

..........................................................

133,115

13,739

Financials

(0.6%):

Jyske

Bank

A/S,

Registered

Shares(a)

........................................

226,792

16,546

Health

Care

(0.4%):

Bavarian

Nordic

A/S(a)(d)

................................................

454,348

10,168

Industrials

(0.6%):

ISS

A/S

..............................................................

510,748

7,847

ROCKWOOL

A/S,

Class

................................................

34,618

8,368

16,215

56,668

Finland

(1.0%):

Industrials

(0.7%):

Konecranes

Oyj

........................................................

370,990

12,297

Valmet

Oyj(d)

.........................................................

338,589

7,729

20,026

Information

Technology

(0.3%):

TietoEVRY

Oyj

........................................................

353,276

7,933

27,959

France

(8.4%):

Communication

Services

(0.4%):

Criteo

SA,

ADR(a)

......................................................

345,297

10,083

Consumer

Discretionary

(1.1%):

Accor

............................................................

366,987

12,341

Francaise

des

Jeux

SAEM(e)

............................................

242,453

7,874

Renault

...........................................................

252,821

10,343

30,558

Energy

(1.0%):

Technip

Energies

....................................................

616,008

15,292

Vallourec

SA(a)

........................................................

1,049,498

12,772

28,064

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Financials

(0.3%):

Edenred

..............................................................

146,907

9,189

Health

Care

(0.5%):

Ipsen

.............................................................

96,156

12,597

Industrials

(2.6%):

Eiffage

............................................................

204,579

19,415

Elis

..............................................................

911,048

15,999

Rexel

.............................................................

821,997

18,415

SPIE

SA(d)

...........................................................

602,209

17,475

71,304

Information

Technology

(0.8%):

Sopra

Steria

Group

......................................................

110,215

22,749

Materials

(1.0%):

Arkema

...........................................................

172,156

16,945

Verallia

SA(e)

.........................................................

255,252

10,039

26,984

Real

Estate

(0.7%):

Klepierre

..........................................................

794,330

19,447

230,975

Germany

(7.2%):

Communication

Services

(0.9%):

CTS

Eventim

Co.

KGaA

.............................................

191,426

10,865

Freenet

...........................................................

579,496

13,563

24,428

Consumer

Discretionary

(1.1%):

HUGO

BOSS

......................................................

234,647

14,830

Vitesco

Technologies

Group

AG(a)

..........................................

189,553

15,338

30,168

Financials

(0.3%):

Deutsche

Pfandbriefbank

AG(d)(e)

..........................................

1,031,544

7,305

Health

Care

(0.8%):

Gerresheimer

.......................................................

222,426

23,303

Industrials

(0.8%):

GEA

Group

........................................................

383,925

14,147

Rheinmetall

........................................................

32,134

8,266

22,413

Information

Technology

(2.0%):

AIXTRON

.........................................................

611,981

22,413

Bechtle

...........................................................

336,751

15,680

SMA

Solar

Technology

AG(a)(d)

............................................

113,145

7,317

TeamViewer

SE(a)(e)

....................................................

569,996

9,579

54,989

Materials

(0.4%):

Aurubis

...........................................................

150,514

11,104

Real

Estate

(0.6%):

TAG

Immobilien

AG(a)

..................................................

1,495,607

15,624

Utilities

(0.3%):

Encavis

AG(a)(d)

.......................................................

627,412

8,804

198,138

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Hong

Kong

(1.0%):

Consumer

Discretionary

(0.3%):

Melco

Resorts

Entertainment

Ltd.,

ADR(a)

...................................

845,218

8,359

Health

Care

(0.4%):

The

United

Laboratories

International

Holdings

Ltd.

..............................

11,160,000

11,278

Real

Estate

(0.3%):

Kerry

Properties

Ltd.

....................................................

3,912,000

6,635

26,272

Ireland

(2.0%):

Consumer

Discretionary

(0.4%):

Dalata

Hotel

Group

PLC

..................................................

2,610,097

11,067

Consumer

Staples

(0.6%):

Glanbia

PLC

..........................................................

1,063,830

17,528

Financials

(1.0%):

Bank

Ireland

Group

PLC

...............................................

2,850,053

27,857

56,452

Isle

Man

(0.3%):

Consumer

Discretionary

(0.3%):

Playtech

PLC(a)

........................................................

1,498,957

8,258

Israel

(1.2%):

Communication

Services

(0.8%):

Perion

Network

Ltd.(a)

...................................................

719,071

22,025

Health

Care

(0.4%):

Inmode

Ltd.(a)

.........................................................

394,702

12,023

34,048

Italy

(2.6%):

Energy

(0.3%):

Saras

SpA

............................................................

6,426,423

9,182

Financials

(0.7%):

Banco

BPM

SpA

.......................................................

3,815,890

18,171

Industrials

(0.4%):

Leonardo

SpA

.........................................................

816,947

11,766

Materials

(0.6%):

Buzzi

Unicem

SpA

......................................................

606,040

16,559

Utilities

(0.6%):

ERG

SpA

............................................................

283,121

6,817

Iren

SpA

.............................................................

5,054,246

9,716

16,533

72,211

Japan

(23.4%):

Communication

Services

(0.7%):

Internet

Initiative

Japan,

Inc.

...............................................

1,255,600

20,280

Consumer

Discretionary

(4.5%):

Adastria

Co.

Ltd.

.......................................................

463,400

8,937

Asics

Corp.

...........................................................

359,800

12,531

Goldwin,

Inc.

..........................................................

115,600

7,829

Front

Retailing

Co.,

Ltd.

.................................................

1,305,300

13,360

Komeri

Co.

Ltd.

........................................................

426,300

8,986

Round

One

Corp.

.......................................................

2,700,300

10,108

Sankyo

Co.

Ltd.

........................................................

311,200

14,264

Shimamura

Co.

Ltd.

.....................................................

130,700

12,919

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Sumitomo

Forestry

Co.

Ltd.

...............................................

462,900

11,742

Toyo

Tire

Corp.

........................................................

901,000

13,870

Toyoda

Gosei

Co.

Ltd.

...................................................

480,200

10,313

124,859

Consumer

Staples

(1.3%):

Morinaga

Milk

Industry

Co.

Ltd.

............................................

248,600

9,356

Nissui

Corp.

..........................................................

2,769,700

13,559

Toyo

Suisan

Kaisha

Ltd.

..................................................

310,000

12,159

35,074

Financials

(1.6%):

Credit

Saison

Co.

Ltd.

...................................................

722,000

11,450

Fuyo

General

Lease

Co.

Ltd.

...............................................

134,700

10,842

Mebuki

Financial

Group,

Inc.

..............................................

4,327,500

11,965

Yamaguchi

Financial

Group,

Inc.(d)

.........................................

958,900

8,395

42,652

Health

Care

(1.5%):

Jeol

Ltd.

.............................................................

368,900

10,976

Nakanishi,

Inc.

.........................................................

661,500

15,464

Santen

Pharmaceutical

Co.

Ltd.

.............................................

1,599,400

14,677

41,117

Industrials

(5.7%):

Amada

Co.

Ltd.

........................................................

1,048,000

10,537

BayCurrent

Consulting,

Inc.

...............................................

312,700

10,421

Daihen

Corp.

..........................................................

332,900

11,266

DMG

Mori

Co.

Ltd.

.....................................................

491,100

8,336

Ebara

Corp.

...........................................................

272,100

12,732

Fujikura

Ltd.

..........................................................

1,809,900

14,546

FULLCAST

Holdings

Co.,

Ltd.

.............................................

483,700

6,081

Infroneer

Holdings,

Inc.

..................................................

1,484,900

15,366

JGC

Holdings

Corp.

.....................................................

682,100

9,479

OKUMA

Corp.

........................................................

185,300

8,139

Park24

Co.

Ltd.(a)

......................................................

635,400

8,052

Sankyu,

Inc.

..........................................................

298,700

10,328

Sanwa

Holdings

Corp.

...................................................

1,150,400

15,270

Takeuchi

Manufacturing

Co.

Ltd.

...........................................

504,700

16,506

157,059

Information

Technology

(3.4%):

Alps

Alpine

Co.

Ltd.(d)

..................................................

1,108,700

9,613

BIPROGY,

Inc.

........................................................

337,800

8,436

Citizen

Watch

Co.

Ltd.(d)

.................................................

1,500,600

9,232

Fuji

Soft,

Inc.

..........................................................

387,200

12,526

Horiba

Ltd.

...........................................................

157,400

8,505

Nichicon

Corp.

........................................................

1,056,100

9,948

Shinko

Electric

Industries

Co.

Ltd.

..........................................

350,700

13,609

Socionext,

Inc.(d)

.......................................................

83,900

8,269

Tokyo

Seimitsu

Co.,

Ltd.

.................................................

278,800

13,941

94,079

Materials

(3.0%):

Daicel

Corp.

..........................................................

1,409,900

11,797

Daido

Steel

Co.

Ltd.

.....................................................

456,500

18,552

Kaneka

Corp.

..........................................................

342,300

8,875

Rengo

Co.

Ltd.

........................................................

2,351,300

16,127

Sumitomo

Bakelite

Co.

Ltd.

...............................................

220,500

9,601

Tokai

Carbon

Co.

Ltd.(d)

.................................................

1,213,600

9,495

Zeon

Corp.(d)

.........................................................

861,000

8,994

83,441

Real

Estate

(1.7%):

Invincible

Investment

Corp.

...............................................

26,181

10,815

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Kenedix

Office

Investment

Corp.

............................................

3,273

7,570

Nippon

Accommodations

Fund,

Inc.

.........................................

2,025

8,548

Tokyo

Tatemono

Co.,

Ltd.

.................................................

886,000

12,252

Tokyu

Fudosan

Holdings

Corp.

.............................................

1,441,400

8,858

48,043

646,604

Netherlands

(2.7%):

Financials

(0.6%):

ASR

Nederland

.....................................................

454,585

17,007

Health

Care

(0.4%):

Pharming

Group

NV(a)

..................................................

8,062,406

10,333

Industrials

(0.8%):

Aalberts

..........................................................

199,059

7,262

Fugro

NV(a)

..........................................................

978,790

15,003

22,265

Information

Technology

(0.5%):

Semiconductor

Industries

...........................................

155,877

15,244

Materials

(0.4%):

OCI

.............................................................

386,486

10,745

75,594

Singapore

(0.9%):

Real

Estate

(0.3%):

Frasers

Logistics

Commercial

Trust

........................................

9,849,400

7,692

Utilities

(0.6%):

Sembcorp

Industries

Ltd.

.................................................

4,775,700

17,755

25,447

South

Korea

(4.4%):

Communication

Services

(0.6%):

JYP

Entertainment

Corp.

.................................................

211,013

17,524

Consumer

Discretionary

(0.3%):

Youngone

Corp.

........................................................

260,776

9,322

Consumer

Staples

(0.3%):

NongShim

Co.

Ltd.

.....................................................

24,321

8,511

Health

Care

(1.2%):

Classys,

Inc.

..........................................................

396,568

11,074

Dentium

Co.

Ltd.

.......................................................

165,956

13,103

Hanmi

Pharm

Co.

Ltd.

...................................................

35,849

7,948

32,125

Industrials

(1.0%):

Electric

Co.

Ltd.

.....................................................

115,459

7,995

Samsung

Engineering

Co.

Ltd.(a)

...........................................

817,929

18,305

26,300

Information

Technology

(0.7%):

Semicon

Co.

Ltd.

....................................................

104,102

6,375

SOLUM

Co.

Ltd.(a)

.....................................................

544,569

12,450

18,825

Materials

(0.3%):

LOTTE

Fine

Chemical

Co.

Ltd.

............................................

222,830

9,654

122,261

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Spain

(3.3%):

Financials

(0.7%):

Bankinter

..........................................................

3,145,558

20,009

Health

Care

(0.4%):

Laboratorios

Farmaceuticos

Rovi

.........................................

222,468

12,039

Industrials

(0.9%):

Applus

Services

.....................................................

1,125,846

11,744

Cia

Distribucion

Integral

Logista

Holdings

................................

466,371

11,917

23,661

Information

Technology

(0.3%):

Indra

Sistemas

......................................................

609,811

8,810

Materials

(0.5%):

Acerinox

..........................................................

1,290,391

12,468

Real

Estate

(0.5%):

Merlin

Properties

Socimi

...............................................

1,645,836

13,846

90,833

Sweden

(1.7%):

Financials

(0.3%):

Avanza

Bank

Holding

AB(d)

...............................................

493,826

8,519

Industrials

(1.0%):

Loomis

...........................................................

310,322

8,354

Storskogen

Group

....................................................

9,162,634

6,621

Trelleborg

AB,

Class

...................................................

523,321

13,007

27,982

Real

Estate

(0.4%):

Wihlborgs

Fastigheter

.................................................

1,372,400

9,571

46,072

Switzerland

(6.6%):

Consumer

Staples

(0.7%):

Coca-Cola

HBC

.....................................................

667,215

18,241

Financials

(1.6%):

Baloise

Holding

AG,

Registered

.......................................

73,127

10,590

Julius

Baer

Group

Ltd.

...................................................

292,858

18,751

Swissquote

Group

Holding

SA,

Registered

...............................

85,174

15,523

44,864

Health

Care

(1.1%):

Galenica

AG(e)

........................................................

227,445

16,807

Siegfried

Holding

....................................................

16,813

14,364

31,171

Industrials

(2.2%):

Accelleron

Industries

.................................................

336,770

8,731

Adecco

Group

......................................................

200,848

8,252

Bucher

Industries

AG,

Registered

......................................

40,637

15,506

Flughafen

Zurich

....................................................

60,524

11,527

Sulzer

AG,

Registered

..............................................

167,538

15,983

59,999

Information

Technology

(0.3%):

Temenos

AG,

Registered

............................................

121,051

8,469

Real

Estate

(0.7%):

PSP

Swiss

Property

AG,

Registered

.....................................

176,389

20,816

183,560

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

United

Kingdom

(12.5%):

Communication

Services

(1.0%):

4imprint

Group

PLC

.....................................................

239,591

15,268

Moneysupermarket.com

Group

PLC

.........................................

3,800,062

11,235

26,503

Consumer

Discretionary

(1.4%):

Berkeley

Group

Holdings

PLC

.............................................

174,712

8,724

Dunelm

Group

PLC

.....................................................

581,488

7,423

Inchcape

PLC

.........................................................

1,568,835

14,447

Taylor

Wimpey

PLC

.....................................................

5,864,269

8,362

38,956

Consumer

Staples

(1.0%):

Marks

Spencer

Group

PLC(a)

............................................

6,142,559

17,664

Tate

Lyle

PLC

.........................................................

1,070,882

8,933

26,597

Energy

(0.3%):

Harbour

Energy

PLC

....................................................

2,360,944

7,392

Financials

(2.0%):

Beazley

PLC

..........................................................

1,807,321

12,151

Group

Holdings

PLC

..................................................

1,589,901

12,445

Man

Group

PLC

.......................................................

4,958,620

13,475

OSB

Group

PLC

.......................................................

2,165,071

8,589

Virgin

Money

PLC

...................................................

4,714,283

9,639

56,299

Health

Care

(1.4%):

Abcam

PLC,

ADR(a)

....................................................

590,433

13,362

CVS

Group

PLC

.......................................................

540,258

10,724

Hikma

Pharmaceuticals

PLC

...............................................

602,283

15,291

39,377

Industrials

(2.2%):

Balfour

Beatty

PLC

.....................................................

3,052,774

11,921

easyJet

PLC(a)

.........................................................

1,592,960

8,255

IMI

PLC

.............................................................

534,915

10,177

QinetiQ

Group

PLC

.....................................................

2,383,033

9,228

Serco

Group

PLC

.......................................................

7,798,035

14,141

The

Weir

Group

PLC

....................................................

375,823

8,682

62,404

Information

Technology

(1.0%):

Computacenter

PLC

.....................................................

608,676

18,739

Spectris

PLC

..........................................................

243,639

10,071

28,810

Materials

(0.5%):

Endeavour

Mining

PLC

..................................................

656,166

12,862

Real

Estate

(1.5%):

LondonMetric

Property

PLC

...............................................

4,480,958

9,342

Safestore

Holdings

PLC

..................................................

1,387,316

12,393

Savills

PLC

...........................................................

954,769

10,056

Tritax

Big

Box

REIT

PLC

.................................................

5,041,046

8,578

40,369

Utilities

(0.2%):

Drax

Group

PLC

.......................................................

1,294,399

6,924

346,493

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

United

States

(0.5%):

Consumer

Discretionary

(0.5%):

International

Game

Technology

PLC

.........................................

473,093

14,344

Total

Common

Stocks

(Cost

$2,458,341)

2,711,933

Exchange-Traded

Funds

(0.5%)

United

States

(0.5%):

Vanguard

FTSE

Developed

Markets

ETF

......................................

346,351

15,143

Total

Exchange-Traded

Funds

(Cost

$15,379)

15,143

Collateral

for

Securities

Loaned

(2.0%)^

United

States

(2.0%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(f)

........

13,719,971

13,720

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(f)

............

13,719,971

13,720

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(f)

................

13,719,971

13,720

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(f)

13,719,971

13,720

Total

Collateral

for

Securities

Loaned

(Cost

$54,880)

54,880

Total

Investments

(Cost

$2,528,600)

—

100.5%

2,781,956

Liabilities

excess

other

assets

—

(0.5)%

(15,141)

NET

ASSETS

100.00%

2,766,815

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

Amount

represents

less

than

0.05%

net

assets.

(c)

Rounds

less

than

thousand.

(d)

All

portion

this

security

loan.

(e)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$51,604

(thousands)

and

amounted

1.9%

net

assets.

(f)

Rate

disclosed

the

daily

yield

September

30,

2023.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

PLC—Public

Limited

Company

REIT—Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Principal

Amount

Value

Asset-Backed

Securities

(9.4%)

ABS

Auto

(8.1%):

Drive

Auto

Receivables

Trust

Series

2021-1

Class

.02

6/15/27

Callable

1/15/25

100

104

103

Drive

Auto

Receivables

Trust

Series

2021-2

Class

.39

3/15/29

Callable

4/15/25

100

250

234

Ent

Auto

Receivables

Trust

Series

2023-1A

Class

.26

11/15/29

Callable

3/15/28

100

(a)

...........................................................

Ford

Credit

Auto

Owner

Trust

Series

2020-1

Class

.54

8/15/31

Callable

2/15/25

100

(a)

...........................................................

100

Foursight

Capital

Automobile

Receivables

Trust

Series

2023-1

Class

.39

12/15/27

Callable

12/15/25

100

(a)

...........................................

540

533

Financial

Consumer

Automobile

Receivables

Trust

Series

2021-2

Class

.28

1/19/27

Callable

3/16/25

100

........................................

245

227

JPMorgan

Chase

Bank

Series

2021-2

Class

.97

12/26/28

Callable

6/25/25

100

(a)

...........................................................

Santander

Drive

Auto

Receivables

Trust

Series

2023-1

Class

.98

2/15/28

Callable

12/15/25

100

....................................................

195

191

Santander

Drive

Auto

Receivables

Trust

Series

2022-2

Class

.44

9/15/27

Callable

8/15/25

100

.....................................................

275

267

Santander

Drive

Auto

Receivables

Trust

Series

2021-3

Class

.95

9/15/27

Callable

5/15/25

100

.....................................................

156

153

Santander

Drive

Auto

Receivables

Trust

Series

2021-4

Class

.26

2/16/27

Callable

6/15/25

100

.....................................................

283

275

Santander

Retail

Auto

Lease

Trust

Series

2021-A

Class

.14

3/20/26

Callable

2/20/24

100

(a)

.........................................................

674

660

Tesla

Auto

Lease

Trust

Series

2023-A

Class

.41

7/20/27

Callable

9/20/25

100

(a)

100

Tesla

Auto

Lease

Trust

Series

2023-B

Class

.22

3/22/27

Callable

11/20/25

100

(a)

United

Auto

Credit

Securitization

Trust

Series

2022-1

Class

.61

6/10/27

Callable

11/10/25

100

(a)

..................................................

199

197

Westlake

Automobile

Receivables

Trust

Series

2021-1A

Class

.95

3/16/26

Callable

1/15/25

100

(a)

...................................................

270

266

Westlake

Automobile

Receivables

Trust

Series

2023-1A

Class

.41

1/18/28

Callable

3/15/26

100

(a)

...................................................

250

247

Westlake

Automobile

Receivables

Trust

Series

2021-2A

Class

.89

7/15/26

Callable

5/15/25

100

(a)

...................................................

337

326

Westlake

Automobile

Receivables

Trust

Series

2023-2A

Class

.14

3/15/28

Callable

6/15/26

100

(a)

...................................................

500

499

Westlake

Automobile

Receivables

Trust

Series

2022-1A

Class

.11

3/15/27

Callable

8/15/25

100

(a)

...................................................

310

299

4,861

ABS

Card

(0.2%):

Master

Credit

Card

Trust

Series

2023-4A

Class

.53

10/21/32

(a)

..............

127

ABS

Other

(1.1%):

Daimler

Trucks

Retail

Trust

Series

2023-1

Class

.93

12/16/30

Callable

9/15/26

100

.............................................................

200

HPEFS

Equipment

Trust

Series

2023-2A

Class

.48

1/21/31

Callable

12/20/26

100

(a)

...........................................................

200

SCF

Equipment

Leasing

LLC

Series

2019-2A

Class

.11

6/21/27

Callable

11/20/24

100

(a)

...........................................................

250

241

641

Total

Asset-Backed

Securities

(Cost

$5,713)

5,629

Collateralized

Mortgage

Obligations

(11.0%)

Commercial

MBS

(11.0%):

BANK

Series

2020-BN26

Class

.69

3/15/63

Callable

3/15/30

100

...........

290

226

CFCRE

Commercial

Mortgage

Trust

Series

2016-C4

Class

.28

5/10/58

Callable

5/10/26

100

.....................................................

163

152

CFCRE

Commercial

Mortgage

Trust

Series

2016-C3

Class

.60

1/10/48

Callable

1/10/26

100

.....................................................

153

145

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

.90

7/10/49

Callable

7/10/26

100

.....................................................

244

223

Citigroup

Commercial

Mortgage

Trust

Series

2015-GC33

Class

.78

9/10/58

Callable

5/10/26

100

.....................................................

463

439

Citigroup

Commercial

Mortgage

Trust

Series

2020-GC46

Class

.92

2/15/53

Callable

2/15/30

100

.....................................................

257

197

Citigroup

Commercial

Mortgage

Trust

Series

2015-P1

Class

.72

9/15/48

Callable

5/15/26

100

.....................................................

158

151

Citigroup

Commercial

Mortgage

Trust

Series

2015-GC29

Class

.19

4/10/48

Callable

4/10/25

100

.....................................................

345

329

COMM

Mortgage

Trust

Series

2015-CR25

Class

.76

8/10/48

Callable

8/10/25

100

.............................................................

186

178

CSAIL

Commercial

Mortgage

Trust

Series

2016-C7

Class

.50

11/15/49

Callable

11/15/26

100

....................................................

137

126

CSAIL

Commercial

Mortgage

Trust

Series

2015-C4

Class

.81

11/15/48

Callable

11/15/25

100

....................................................

338

321

CSAIL

Commercial

Mortgage

Trust

Series

2015-C3

Class

.72

8/15/48

Callable

8/15/25

100

.....................................................

348

331

CSAIL

Commercial

Mortgage

Trust

Series

2015-C2

Class

.50

6/15/57

Callable

5/15/25

100

.....................................................

212

202

Mortgage

Securities

Trust

Series

2016-GS2

Class

.05

5/10/49

Callable

5/10/26

100

.............................................................

162

150

Mortgage

Securities

Trust

Series

2015-GC30

Class

.38

5/10/50

Callable

5/10/25

100

...........................................................

162

154

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2016-JP2

Class

.82

8/15/49

Callable

7/15/26

100

........................................

376

344

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2015-C31

Class

.80

8/15/48

Callable

8/15/25

100

..............................................

142

136

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2015-C28

Class

.23

10/15/48

Callable

4/15/25

100

..............................................

453

431

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2016-C1

Class

.58

3/17/49

Callable

2/15/26

100

..............................................

419

396

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

Series

2016-C32

Class

.72

12/15/49

Callable

1/15/27

100

.......................................

405

374

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-NXS6

Class

.92

11/15/49

Callable

10/15/26

100

.............................................

548

501

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C30

Class

.66

9/15/58

Callable

8/15/25

100

.....................................................

181

173

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-P2

Class

.81

12/15/48

Callable

12/15/25

100

....................................................

420

397

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28

Class

.54

5/15/48

Callable

5/15/25

100

.....................................................

193

184

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-RC1

Class

.63

1/15/60

Callable

3/15/27

100

..............................................

311

288

6,548

Total

Collateralized

Mortgage

Obligations

(Cost

$7,023)

6,548

Corporate

Bonds

(29.4%)

Communication

Services

(1.3%):

AT&T,

Inc.

.15

11/15/46

Callable

5/15/46

100

............................

312

260

Comcast

Corp.

.45

2/1/50

Callable

8/1/49

100

............................

150

101

Sirius

Radio,

Inc.

.13

7/1/30

Callable

7/1/25

102.06

(a)

...................

143

115

T-Mobile

USA,

Inc.

.88

4/15/30

Callable

1/15/30

100

.......................

242

214

Verizon

Communications,

Inc.

.55

3/22/51

Callable

9/22/50

100

................

125

772

Consumer

Discretionary

(3.6%):

Dana,

Inc.

.63

6/15/28

Callable

10/16/23

102.81

...........................

110

101

General

Motors

Financial

Co.,

Inc.

.85

4/6/30

Callable

2/6/30

100

..............

256

245

Lennar

Corp.

.00

6/15/27

Callable

12/15/26

100

...........................

212

206

Marriott

International,

Inc.

.60

4/15/24

Callable

3/15/24

100

..................

326

322

Meritage

Homes

Corp.

.00

6/1/25

Callable

3/1/25

100

.......................

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Murphy

Oil

USA,

Inc.

.75

2/15/31

Callable

2/15/26

101.88

(a)

.................

201

164

NIKE,

Inc.

.88

11/1/45

Callable

5/1/45

100

...............................

198

157

NVR,

Inc.

.00

5/15/30

Callable

11/15/29

100

.............................

267

222

O'Reilly

Automotive,

Inc.

.70

6/15/32

Callable

3/15/32

100

...................

199

182

PulteGroup,

Inc.

.00

1/15/27

Callable

10/15/26

100

.........................

240

234

Ross

Stores,

Inc.

.38

9/15/24

Callable

6/15/24

100

.........................

160

156

Yum!

Brands,

Inc.

.63

3/15/31

Callable

12/15/30

100

.......................

171

141

2,171

Consumer

Staples

(1.8%):

7-Eleven,

Inc.

.80

2/10/24

Callable

11/6/23

100

(a)

.........................

368

361

Altria

Group,

Inc.

.40

2/14/26

Callable

12/14/25

100

........................

105

102

BAT

Capital

Corp.

.28

4/2/50

Callable

10/2/49

100

.........................

167

127

Church

Dwight

Co.,

Inc.

.30

12/15/31

Callable

9/15/31

100

.................

139

111

Estee

Lauder

Cos.,

Inc.

.15

3/15/47

Callable

9/15/46

100

.....................

105

Reynolds

American,

Inc.

.15

9/15/43

......................................

175

153

Tyson

Foods,

Inc.

.10

9/28/48

Callable

3/28/48

100

.........................

135

110

1,046

Energy

(2.6%):

Continental

Resources,

Inc.

.27

11/15/26

Callable

11/15/23

100

(a)

..............

267

236

Energy

Transfer

.75

5/15/30

Callable

2/15/30

100

........................

346

302

EOG

Resources,

Inc.

.95

4/15/50

Callable

10/15/49

100

.....................

135

119

HollyFrontier

Corp.

.63

10/1/23

.........................................

265

Marathon

Oil

Corp.

.60

10/1/37

.........................................

255

247

Pioneer

Natural

Resources

Co.

.90

8/15/30

Callable

5/15/30

100

...............

251

197

Western

Midstream

Operating

.05

2/1/30

Callable

11/1/29

100

..............

188

164

1,530

Financials

(7.1%):

Aflac,

Inc.

.75

1/15/49

Callable

7/15/48

100

..............................

American

Express

Co.

.99

(

SOFR

226

bps

)

5/26/33

Callable

2/26/32

100

(b)

.......

299

273

Bank

America

Corp.

.20

8/26/24

MTN

...............................................

160

157

.57

(

SOFR

121

bps

)

10/20/32

Callable

10/20/31

100

(b)

..................

340

261

Capital

One

Financial

Corp.

.93

(

SOFR

206

bps

)

5/10/28

Callable

5/10/27

100

(b)

...................

174

165

.36

(

SOFR

134

bps

)

7/29/32

Callable

7/29/31

100

(b)

...................

145

Cincinnati

Financial

Corp.

.13

11/1/34

.....................................

230

227

Citigroup,

Inc.

.88

3/26/25

....................................................

108

104

.60

3/9/26

.....................................................

232

224

.45

9/29/27

....................................................

108

101

Fifth

Third

Bancorp

.65

1/25/24

Callable

12/25/23

100

......................

300

297

Ford

Motor

Credit

Co.

LLC

.06

11/1/24

Callable

10/1/24

100

.................

290

281

Globe

Life,

Inc.

.15

8/15/30

Callable

5/15/30

100

..........................

250

194

JPMorgan

Chase

Co.

.55

(

SOFR

118

bps

)

11/8/32

Callable

11/8/31

100

(b)

....................

376

291

.72

(

SOFR

258

bps

)

9/14/33

Callable

9/14/32

100

(b)

...................

204

196

.60

7/15/41

....................................................

Morgan

Stanley

.13

7/27/26

MTN

.......................................

287

267

Old

Republic

International

Corp.

.85

6/11/51

Callable

12/11/50

100

.............

104

Regions

Financial

Corp.

.80

8/12/28

Callable

6/12/28

100

....................

228

184

The

Goldman

Sachs

Group,

Inc.

.50

1/23/25

Callable

10/23/24

100

.............

275

266

Wells

Fargo

Co.

.30

7/22/27

MTN

...............................................

160

151

.90

11/17/45

...................................................

155

124

Zions

Bancorp

.25

10/29/29

Callable

7/29/29

100

.......................

250

194

4,237

Health

Care

(3.6%):

AbbVie,

Inc.

.20

11/21/29

Callable

8/21/29

100

.................................

285

251

.45

5/14/46

Callable

11/14/45

100

.................................

142

116

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Amgen,

Inc.

.15

3/2/28

Callable

2/2/28

100

..............................

240

236

Anthem,

Inc.

.38

1/15/25

Callable

12/15/24

100

...........................

148

141

Baxter

International,

Inc.

.54

2/1/32

Callable

11/1/31

100

...................................

390

302

.50

8/15/46

Callable

2/15/46

100

..................................

109

Centene

Corp.

.25

12/15/27

Callable

10/23/23

102.13

.......................

168

155

HCA,

Inc.

.13

6/15/29

Callable

3/15/29

100

..............................

193

175

Hologic,

Inc.

.25

2/15/29

Callable

11/6/23

101.63

(a)

........................

260

220

Regeneron

Pharmaceuticals,

Inc.

.80

9/15/50

Callable

3/15/50

100

..............

146

Universal

Health

Services,

Inc.

.65

9/1/26

Callable

8/1/26

100

(a)

..................................

394

347

.65

10/15/30

Callable

7/15/30

100

(a)

...............................

102

2,175

Industrials

(2.6%):

Acuity

Brands

Lighting,

Inc.

.15

12/15/30

Callable

9/15/30

100

................

107

Air

Lease

Corp.

.70

2/15/24

Callable

1/15/24

100

MTN

.............................

282

276

.80

8/18/24

Callable

7/18/24

100

..................................

146

139

CSX

Corp.

.35

9/15/49

Callable

3/15/49

100

.............................

Hillenbrand,

Inc.

.00

9/15/26

Callable

7/15/26

100

.........................

420

398

Honeywell

International,

Inc.

.80

6/1/50

Callable

12/1/49

100

.................

Norfolk

Southern

Corp.

.30

5/15/31

Callable

2/15/31

100

..................................

239

191

.90

8/25/51

Callable

2/25/51

100

..................................

125

Northrop

Grumman

Corp.

.25

5/1/50

Callable

11/1/49

100

....................

116

107

Sensata

Technologies,

Inc.

.75

2/15/31

Callable

2/15/26

101.88

(a)

..............

130

105

Snap-on,

Inc.

.10

3/1/48

Callable

9/1/47

100

..............................

115

1,579

Information

Technology

(2.4%):

Apple,

Inc.

.65

2/23/46

Callable

8/23/45

100

.............................

117

104

Broadcom,

Inc.

.00

4/15/30

Callable

1/15/30

100

..........................

315

300

Cadence

Design

Systems,

Inc.

.38

10/15/24

Callable

7/15/24

100

...............

342

337

Dell

International

LLC

EMC

Corp.

.25

2/1/28

Callable

1/1/28

100

..............

196

193

Micron

Technology,

Inc.

.33

2/6/29

Callable

11/6/28

100

.....................

394

379

Texas

Instruments,

Inc.

.15

5/15/48

Callable

11/15/47

100

....................

160

128

1,441

Materials

(0.6%):

LYB

International

Finance

III

LLC

.63

5/15/33

Callable

2/15/33

100

............

262

252

Newmont

Corp.

.60

7/15/32

Callable

4/15/32

100

..........................

104

333

Real

Estate

(2.4%):

Essential

Properties

.95

7/15/31

Callable

4/15/31

100

.....................

131

Kite

Realty

Group

Trust

.00

3/15/25

Callable

12/15/24

100

...................

339

325

Physicians

Realty

.95

1/15/28

Callable

10/15/27

100

.................................

138

125

.63

11/1/31

Callable

8/1/31

100

...................................

128

Realty

Income

Corp.

.63

10/13/32

Callable

7/13/32

100

......................

303

293

Regency

Centers

.65

3/15/49

Callable

9/15/48

100

.......................

114

Sabra

Health

Care

.13

8/15/26

Callable

5/15/26

100

......................

145

138

Spirit

Realty

.20

1/15/27

Callable

11/15/26

100

.........................

266

241

1,401

Utilities

(1.4%):

Ameren

Illinois

Co.

.55

11/15/30

Callable

8/15/30

100

......................

225

172

Consolidated

Edison

Co.

New

York,

Inc.

.30

8/15/37

........................

250

253

Oklahoma

Gas

and

Electric

Co.

.25

5/15/41

Callable

11/15/40

100

..............

190

163

Public

Service

Electric

Gas

Co.

.95

5/1/42

MTN

Callable

11/1/41

100

.........

159

125

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Wisconsin

Public

Service

Corp.

.85

12/1/51

Callable

6/1/51

100

...............

174

101

814

Total

Corporate

Bonds

(Cost

$20,415)

17,499

Residential

Mortgage-Backed

Securities

(0.1%)

ABS

Home

(0.1%):

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

Series

2002-HE16

Class

.75

(

TSFR1M

143

bps

)

10/25/32

Callable

10/25/23

100

(b)

.....................

Total

Residential

Mortgage-Backed

Securities

(Cost

$61)

Yankee

Dollars

(4.2%)

Consumer

Discretionary

(0.2%):

Aptiv

PLC/Aptiv

Corp.

.25

3/1/32

Callable

12/1/31

100

.....................

185

152

Consumer

Staples

(0.3%):

Suntory

Holdings

Ltd.

.25

10/16/24

Callable

9/16/24

100

(a)

..................

200

192

Energy

(0.4%):

Statoil

ASA

.95

5/15/43

...............................................

100

Total

Capital

International

.99

6/29/41

Callable

12/29/40

100

...............

195

136

215

Financials

(2.0%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

.50

7/15/25

Callable

6/15/25

100

...........................................................

150

Canadian

Imperial

Bank

Commerce

.09

10/3/33

Callable

7/3/33

100

...........

150

149

HSBC

Holdings

PLC

.87

(

SOFR

141

bps

)

11/22/32

Callable

11/22/31

100

(b)

......

340

261

Newcrest

Finance

Pty

Ltd.

.75

11/15/41

(a)

.................................................

155

142

.20

5/13/50

Callable

11/13/49

100

(a)

...............................

110

Pfizer

Investment

Enterprises

Pte

Ltd.

.75

5/19/33

Callable

2/19/33

100

..........

410

389

1,172

Industrials

(0.5%):

Canadian

National

Railway

Co.

.20

8/2/46

Callable

2/2/46

100

................

Canadian

Pacific

Railway

Co.

.10

12/2/51

Callable

6/2/51

100

.................

Sensata

Technologies

.00

4/15/29

Callable

4/15/24

102

(a)

.................

200

173

288

Materials

(0.7%):

Anglo

American

Capital

PLC

.88

3/17/31

Callable

12/17/30

100

(a)

...............................

300

238

.95

9/10/50

Callable

3/10/50

100

(a)

................................

200

136

Rio

Tinto

Finance

USA

Ltd.

.20

11/2/40

...................................

444

Utilities

(0.1%):

Iberdrola

International

.75

9/15/33

.....................................

Total

Yankee

Dollars

(Cost

$3,017)

2,513

U.S.

Government

Mortgage-Backed

Agencies

(29.0%)

Federal

Home

Loan

Mortgage

Corp.

.00

4/1/25

.....................................................

.50

8/1/29

.....................................................

Series

4395

Class

.50

4/15/37

3/1/51

..............................

1,015

826

.00

3/1/51

.....................................................

498

381

.50

3/1/52

.....................................................

1,735

1,493

.00

6/1/52

10/1/52

..............................................

2,324

2,075

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

.50

6/1/52

8/1/52

...............................................

2,378

2,183

Federal

National

Mortgage

Association

Series

2005-19

Class

.50

3/25/35

.................................

172

Series

2013-81

Class

.75

9/25/42

.................................

122

112

.00

8/1/46

10/1/50

..............................................

2,309

1,939

.00

3/1/47

5/1/52

...............................................

1,496

1,333

.50

11/1/47

4/1/52

..............................................

769

669

.00

3/1/51

12/1/51

..............................................

2,190

1,676

.50

7/1/51

2/1/52

...............................................

3,069

2,438

.50

10/1/52

....................................................

1,882

1,728

17,031

Federal

National

Mortgage

Association

.00

2/1/37

.....................................................

Series

2011-21

Class

.50

5/25/40

.................................

179

175

230

Total

U.S.

Government

Mortgage-Backed

Agencies

(Cost

$19,238)

17,261

U.S.

Treasury

Obligations

(9.5%)

U.S.

Treasury

Bonds

.00

11/15/42

........................................

900

799

U.S.

Treasury

Notes

.75

11/15/23

....................................................

500

498

.00

2/29/28

....................................................

211

206

.25

5/31/28

....................................................

178

153

.75

5/31/30

....................................................

1,000

949

.63

8/15/30

....................................................

900

691

.88

8/15/33

....................................................

2,500

2,362

Total

U.S.

Treasury

Obligations

(Cost

$5,877)

5,658

Total

Investments

(Cost

$61,344)

—

92.6%

55,171

Other

assets

excess

liabilities

—

7.4%

4,388

NET

ASSETS

100.00%

59,559

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$6,568

(thousands)

and

amounted

11.0%

net

assets.

(b)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2023.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

TSFR1M

—

month

Term

SOFR,

rate

disclosed

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Diversified

Stock

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(96.1%)

Communication

Services

(6.8%):

Alphabet,

Inc.

Class

(a)

.................................................

98,806

13,028

Meta

Platforms,

Inc.

Class

(a)

............................................

4,565

1,370

Netflix,

Inc.

(a)

.........................................................

3,330

1,257

TKO

Group

Holdings,

Inc.

................................................

13,735

1,155

T-Mobile

U.S.,

Inc.

......................................................

10,251

1,436

18,246

Communications

Equipment

(3.0%):

Arista

Networks,

Inc.

(a)

..................................................

22,190

4,082

Cisco

Systems,

Inc.

.....................................................

74,855

4,024

8,106

Consumer

Discretionary

(9.4%):

Amazon.com,

Inc.

(a)

....................................................

56,740

7,213

AutoZone,

Inc.

(a)

.......................................................

1,547

3,929

Booking

Holdings,

Inc.

(a)

.................................................

1,041

3,210

Crocs,

Inc.

(a)

..........................................................

16,925

1,493

McDonald's

Corp.

......................................................

14,568

3,838

O'Reilly

Automotive,

Inc.

(a)

...............................................

3,107

2,824

Tesla,

Inc.

(a)

..........................................................

5,233

1,310

TopBuild

Corp.

(a)

......................................................

6,058

1,524

25,341

Consumer

Staples

(7.1%):

BellRing

Brands,

Inc.

(a)

..................................................

42,069

1,735

Casey's

General

Stores,

Inc.

...............................................

9,767

2,652

Darling

Ingredients,

Inc.

(a)

................................................

54,246

2,832

MGP

Ingredients,

Inc.

....................................................

26,616

2,807

PepsiCo,

Inc.

..........................................................

11,835

2,005

Philip

Morris

International,

Inc.

.............................................

33,809

3,130

Walmart,

Inc.

..........................................................

24,363

3,896

19,057

Electronic

Equipment,

Instruments

Components

(2.5%):

Fabrinet

(a)

............................................................

16,096

2,682

Jabil,

Inc.

............................................................

32,281

4,096

6,778

Energy

(7.0%):

ChampionX

Corp.

......................................................

52,047

1,854

Chevron

Corp.

.........................................................

28,957

4,883

Diamondback

Energy,

Inc.

................................................

15,754

2,440

EOG

Resources,

Inc.

....................................................

23,181

2,938

Halliburton

Co.

........................................................

50,762

2,056

Matador

Resources

Co.

...................................................

46,497

2,766

Schlumberger

......................................................

32,719

1,907

18,844

Financials

(15.2%):

Ameriprise

Financial,

Inc.

.................................................

10,752

3,545

Axos

Financial,

Inc.

(a)

...................................................

89,742

3,398

Corebridge

Financial,

Inc.

.................................................

93,000

1,837

Fiserv,

Inc.

(a)

..........................................................

28,164

3,181

Globe

Life,

Inc.

........................................................

20,467

2,225

Interactive

Brokers

Group,

Inc.

.............................................

32,893

2,847

JPMorgan

Chase

Co.

..................................................

38,151

5,533

Kinsale

Capital

Group,

Inc.

................................................

8,926

3,696

LPL

Financial

Holdings,

Inc.

...............................................

14,568

3,462

NMI

Holdings,

Inc.

Class

(a)

.............................................

96,125

2,604

The

Bancorp,

Inc.

(a)

.....................................................

111,324

3,841

Visa,

Inc.

Class

......................................................

20,981

4,826

40,995

Victory

Portfolios

Victory

Diversified

Stock

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Health

Care

(13.2%):

Cencora,

Inc.

..........................................................

20,224

3,640

Elevance

Health,

Inc.

....................................................

3,936

1,714

Eli

Lilly

Co.

.........................................................

8,197

4,403

HCA

Healthcare,

Inc.

....................................................

10,663

2,623

Lantheus

Holdings,

Inc.

(a)

................................................

48,540

3,372

McKesson

Corp.

.......................................................

8,810

3,831

Merck

Co.,

Inc.

......................................................

14,462

1,489

Novo

Nordisk

A/S

ADR

..................................................

48,516

4,412

Shockwave

Medical,

Inc.

(a)

...............................................

7,929

1,579

Stryker

Corp.

..........................................................

5,857

1,600

The

Cigna

Group

.......................................................

6,068

1,736

The

Ensign

Group,

Inc.

...................................................

37,867

3,519

Zoetis,

Inc.

...........................................................

9,435

1,641

35,559

Industrials

(8.1%):

AGCO

Corp.

..........................................................

18,819

2,226

Comfort

Systems

USA,

Inc.

...............................................

16,703

2,846

GXO

Logistics,

Inc.

(a)

...................................................

58,609

3,438

Janus

International

Group,

Inc.

(a)

...........................................

147,037

1,573

Terex

Corp.

...........................................................

44,746

2,578

UFP

Industries,

Inc.

.....................................................

19,013

1,947

United

Rentals,

Inc.

.....................................................

6,350

2,823

Verra

Mobility

Corp.

(a)

..................................................

140,290

2,624

W.W.

Grainger,

Inc.

.....................................................

2,297

1,589

21,644

Materials

(2.3%):

Graphic

Packaging

Holding

Co.

............................................

96,055

2,140

Livent

Corp.

(a)

........................................................

107,136

1,973

Summit

Materials,

Inc.

Class

(a)

..........................................

63,942

1,991

6,104

Real

Estate

(1.4%):

Simon

Property

Group,

Inc.

...............................................

16,379

1,769

VICI

Properties,

Inc.

....................................................

70,413

2,049

3,818

Semiconductors

Semiconductor

Equipment

(6.0%):

Applied

Materials,

Inc.

...................................................

10,666

1,477

Broadcom,

Inc.

........................................................

4,632

3,847

Microchip

Technology,

Inc.

................................................

33,504

2,615

NVIDIA

Corp.

.........................................................

10,599

4,610

Semiconductor

Corp.

(a)

...............................................

38,629

3,591

16,140

Software

(8.0%):

Cadence

Design

Systems,

Inc.

(a)

............................................

17,214

4,033

Fortinet,

Inc.

(a)

........................................................

34,472

2,023

Microsoft

Corp.

........................................................

48,459

15,301

21,357

Technology

Hardware,

Storage

Peripherals

(6.1%):

Apple,

Inc.

...........................................................

96,332

16,493

Total

Common

Stocks

(Cost

$194,979)

258,482

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Special

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(96.8%)

Communication

Services

(6.8%):

Alphabet,

Inc.

Class

(a)

.................................................

14,665

1,934

Meta

Platforms,

Inc.

Class

(a)

............................................

680

204

Netflix,

Inc.

(a)

.........................................................

487

184

TKO

Group

Holdings,

Inc.

................................................

2,045

172

T-Mobile

U.S.,

Inc.

......................................................

1,503

210

2,704

Communications

Equipment

(3.0%):

Arista

Networks,

Inc.

(a)

..................................................

3,242

596

Cisco

Systems,

Inc.

.....................................................

10,955

589

1,185

Consumer

Discretionary

(9.5%):

Amazon.com,

Inc.

(a)

....................................................

8,439

1,073

AutoZone,

Inc.

(a)

.......................................................

231

587

Booking

Holdings,

Inc.

(a)

.................................................

152

469

Crocs,

Inc.

(a)

..........................................................

2,477

218

McDonald's

Corp.

......................................................

2,164

570

O'Reilly

Automotive,

Inc.

(a)

...............................................

454

412

Tesla,

Inc.

(a)

..........................................................

766

192

TopBuild

Corp.

(a)

......................................................

885

223

3,744

Consumer

Staples

(7.1%):

BellRing

Brands,

Inc.

(a)

..................................................

6,157

254

Casey's

General

Stores,

Inc.

...............................................

1,429

388

Darling

Ingredients,

Inc.

(a)

................................................

7,918

413

MGP

Ingredients,

Inc.

....................................................

3,896

411

PepsiCo,

Inc.

..........................................................

1,769

300

Philip

Morris

International,

Inc.

.............................................

4,943

458

Walmart,

Inc.

..........................................................

3,591

574

2,798

Electronic

Equipment,

Instruments

Components

(2.6%):

Fabrinet

(a)

............................................................

2,394

399

Jabil,

Inc.

............................................................

4,824

612

1,011

Energy

(7.0%):

ChampionX

Corp.

......................................................

7,759

276

Chevron

Corp.

.........................................................

4,238

714

Diamondback

Energy,

Inc.

................................................

2,311

358

EOG

Resources,

Inc.

....................................................

3,405

432

Halliburton

Co.

........................................................

7,549

306

Matador

Resources

Co.

...................................................

6,806

405

Schlumberger

......................................................

4,865

284

2,775

Financials

(15.3%):

Ameriprise

Financial,

Inc.

.................................................

1,576

520

Axos

Financial,

Inc.

(a)

...................................................

13,412

508

Corebridge

Financial,

Inc.

.................................................

13,611

269

Fiserv,

Inc.

(a)

..........................................................

4,156

469

Globe

Life,

Inc.

........................................................

3,007

327

Interactive

Brokers

Group,

Inc.

.............................................

4,897

424

JPMorgan

Chase

Co.

..................................................

5,595

811

Kinsale

Capital

Group,

Inc.

................................................

1,306

541

LPL

Financial

Holdings,

Inc.

...............................................

2,135

507

NMI

Holdings,

Inc.

Class

(a)

.............................................

14,045

380

The

Bancorp,

Inc.

(a)

.....................................................

16,427

567

Visa,

Inc.

Class

......................................................

3,086

710

6,033

Victory

Portfolios

Victory

Special

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Health

Care

(13.4%):

Cencora,

Inc.

..........................................................

3,010

542

Elevance

Health,

Inc.

....................................................

588

256

Eli

Lilly

Co.

.........................................................

1,225

658

HCA

Healthcare,

Inc.

....................................................

1,561

384

Lantheus

Holdings,

Inc.

(a)

................................................

7,090

493

McKesson

Corp.

.......................................................

1,311

570

Merck

Co.,

Inc.

......................................................

2,123

218

Novo

Nordisk

A/S

ADR

..................................................

7,232

658

Shockwave

Medical,

Inc.

(a)

...............................................

1,184

236

Stryker

Corp.

..........................................................

857

234

The

Cigna

Group

.......................................................

905

259

The

Ensign

Group,

Inc.

...................................................

5,631

523

Zoetis,

Inc.

...........................................................

1,379

240

5,271

Industrials

(8.1%):

AGCO

Corp.

..........................................................

2,757

326

Comfort

Systems

USA,

Inc.

...............................................

2,497

426

GXO

Logistics,

Inc.

(a)

...................................................

8,573

503

Janus

International

Group,

Inc.

(a)

...........................................

21,519

230

Terex

Corp.

...........................................................

6,538

377

UFP

Industries,

Inc.

.....................................................

2,778

284

United

Rentals,

Inc.

.....................................................

938

417

Verra

Mobility

Corp.

(a)

..................................................

20,427

382

W.W.

Grainger,

Inc.

.....................................................

344

238

3,183

Materials

(2.2%):

Graphic

Packaging

Holding

Co.

............................................

14,052

313

Livent

Corp.

(a)

........................................................

16,044

296

Summit

Materials,

Inc.

Class

(a)

..........................................

8,935

278

887

Real

Estate

(1.4%):

Simon

Property

Group,

Inc.

...............................................

2,381

257

VICI

Properties,

Inc.

....................................................

10,418

303

560

Semiconductors

Semiconductor

Equipment

(6.0%):

Applied

Materials,

Inc.

...................................................

1,581

219

Broadcom,

Inc.

........................................................

678

563

Microchip

Technology,

Inc.

................................................

4,895

382

NVIDIA

Corp.

.........................................................

1,550

674

Semiconductor

Corp.

(a)

...............................................

5,644

525

2,363

Software

(8.1%):

Cadence

Design

Systems,

Inc.

(a)

............................................

2,532

593

Fortinet,

Inc.

(a)

........................................................

5,037

295

Microsoft

Corp.

........................................................

7,258

2,292

3,180

Technology

Hardware,

Storage

Peripherals

(6.3%):

Apple,

Inc.

...........................................................

14,428

2,470

Total

Common

Stocks

(Cost

$29,040)

38,164

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

THB

Small

Opportunities

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(99.4%)

Consumer

Discretionary

(13.2%):

Atmus

Filtration

Technologies,

Inc.

(a)

........................................

4,910

102

BJ's

Restaurants,

Inc.

(a)

..................................................

6,094

143

Century

Communities,

Inc.

................................................

3,140

210

Chuy's

Holdings,

Inc.

(a)

..................................................

3,924

140

Holley,

Inc.

(a)

.........................................................

48,920

244

Johnson

Outdoors,

Inc.

Class

............................................

5,910

323

Latham

Group,

Inc.

(a)

...................................................

64,015

179

Lazydays

Holdings,

Inc.

(a)

................................................

11,720

M/I

Homes,

Inc.

(a)

......................................................

2,965

249

MarineMax,

Inc.

(a)

.....................................................

1,540

MasterCraft

Boat

Holdings,

Inc.

(a)

..........................................

4,690

104

Overstock.com,

Inc.

(a)

...................................................

10,850

172

Universal

Technical

Institute,

Inc.

(a)

.........................................

35,205

295

2,301

Consumer

Staples

(1.6%):

SunOpta,

Inc.

(a)

........................................................

16,110

The

Beauty

Health

Co.

(a)

.................................................

15,300

Vital

Farms,

Inc.

(a)

.....................................................

11,890

138

284

Energy

(12.6%):

Clean

Energy

Fuels

Corp.

(a)

...............................................

32,890

126

Dril-Quip,

Inc.

(a)

.......................................................

3,620

102

Expro

Group

Holdings

(a)

..............................................

13,006

302

Geospace

Technologies

Corp.

(a)

............................................

5,120

Natural

Gas

Services

Group,

Inc.

(a)

..........................................

6,658

Profire

Energy,

Inc.

(a)

...................................................

36,270

101

RPC,

Inc.

............................................................

49,880

446

Select

Water

Solutions,

Inc.

Class

.........................................

20,590

164

Solaris

Oilfield

Infrastructure,

Inc.

Class

....................................

15,330

163

TETRA

Technologies,

Inc.

(a)

..............................................

97,730

624

2,191

Financials

(6.6%):

BayCom

Corp.

.........................................................

8,142

156

Brightsphere

Investment

Group,

Inc.

.........................................

12,410

241

First

Busey

Corp.

.......................................................

13,211

254

HarborOne

Bancorp,

Inc.

.................................................

25,010

238

James

River

Group

Holdings

Ltd.

...........................................

4,630

Live

Oak

Bancshares,

Inc.

................................................

2,310

The

First

Bancshares,

Inc.

.................................................

4,467

120

1,147

Health

Care

(17.1%):

Addus

HomeCare

Corp.

(a)

................................................

2,361

201

Apollo

Medical

Holdings,

Inc.

(a)

...........................................

5,020

155

Artivion,

Inc.

(a)

........................................................

7,705

117

Atrion

Corp.

..........................................................

294

122

Avanos

Medical,

Inc.

(a)

..................................................

6,260

127

BioLife

Solutions,

Inc.

(a)

.................................................

12,394

171

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

10,170

119

CryoPort,

Inc.

(a)

.......................................................

6,380

Dynavax

Technologies

Corp.

(a)

.............................................

9,020

133

Figs,

Inc.

Class

(a)

....................................................

30,140

178

LeMaitre

Vascular,

Inc.

...................................................

6,916

377

Mesa

Laboratories,

Inc.

..................................................

623

OptimizeRx

Corp.

(a)

....................................................

8,490

The

Joint

Corp.

(a)

......................................................

8,367

U.S.

Physical

Therapy,

Inc.

................................................

2,820

259

UFP

Technologies,

Inc.

(a)

.................................................

2,950

476

Victory

Portfolios

Victory

THB

Small

Opportunities

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Vericel

Corp.

(a)

........................................................

7,280

244

2,972

Industrials

(23.0%):

Allient,

Inc.

...........................................................

7,331

227

Argan,

Inc.

...........................................................

1,530

Bowman

Consulting

Group

Ltd.

(a)

..........................................

5,010

141

Concrete

Pumping

Holdings,

Inc.

(a)

.........................................

18,423

158

Energy

Recovery,

Inc.

(a)

.................................................

7,970

169

FiscalNote

Holdings,

Inc.

(a)

...............................................

34,410

Hillman

Solutions

Corp.

(a)

................................................

5,230

Insteel

Industries,

Inc.

....................................................

7,345

238

Karat

Packaging,

Inc.

....................................................

5,919

137

Limbach

Holdings,

Inc.

(a)

................................................

7,850

249

Liquidity

Services,

Inc.

(a)

.................................................

3,010

MYR

Group,

Inc.

(a)

.....................................................

1,571

212

Northwest

Pipe

Co.

(a)

...................................................

5,930

179

Omega

Flex,

Inc.

.......................................................

1,400

110

Park

Aerospace

Corp.

....................................................

15,262

237

Preformed

Line

Products

Co.

..............................................

2,240

364

Quest

Resource

Holding

Corp.

(a)

...........................................

17,220

127

Standex

International

Corp.

................................................

1,590

232

The

Greenbrier

Cos.,

Inc.

.................................................

5,410

216

The

Shyft

Group,

Inc.

....................................................

9,096

136

Transcat,

Inc.

(a)

........................................................

4,800

470

Twin

Disc,

Inc.

(a)

......................................................

11,325

155

3,995

Information

Technology

(19.4%):

Cerence,

Inc.

(a)

........................................................

6,090

124

CEVA,

Inc.

(a)

.........................................................

3,580

Climb

Global

Solutions,

Inc.

...............................................

3,970

171

ePlus,

Inc.

(a)

..........................................................

7,032

446

FARO

Technologies,

Inc.

(a)

...............................................

6,910

105

Grid

Dynamics

Holdings,

Inc.

(a)

............................................

20,010

244

Ichor

Holdings

Ltd.

(a)

...................................................

11,110

344

Immersion

Corp.

.......................................................

47,490

314

Luna

Innovations,

Inc.

(a)

.................................................

38,360

225

Napco

Security

Technologies,

Inc.

...........................................

5,280

117

NVE

Corp.

...........................................................

1,680

138

PAR

Technology

Corp.

(a)

.................................................

6,456

249

Perficient,

Inc.

(a)

.......................................................

2,470

143

Richardson

Electronics

Ltd.

...............................................

11,160

122

Ultra

Clean

Holdings,

Inc.

(a)

..............................................

7,993

237

Upland

Software,

Inc.

(a)

..................................................

29,440

136

Vishay

Precision

Group,

Inc.

(a)

.............................................

5,530

186

3,370

Materials

(5.0%):

Century

Aluminum

Co.

(a)

.................................................

18,960

136

Ferroglobe

PLC

(a)

......................................................

17,810

Hawkins,

Inc.

.........................................................

2,740

161

Koppers

Holdings,

Inc.

...................................................

5,527

219

Ranpak

Holdings

Corp.

(a)

................................................

22,530

122

Schnitzer

Steel

Industries,

Inc.

.............................................

4,770

133

864

Real

Estate

(0.5%):

Douglas

Elliman,

Inc.

....................................................

36,588

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Strategic

Allocation

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Affiliated

Holdings

Security

Description

Value

Affiliated

Exchange-Traded

Funds

(6.4%)

VictoryShares

U.S.

Multi-Factor

Minimum

Volatility

ETF

..........................

39,640

1,558

Total

Affiliated

Exchange-Traded

Funds

(Cost

$1,006)

1,558

Affiliated

Mutual

Funds

(93.2%)

Victory

Global

Energy

Transition

Fund,

Class

.................................

43,197

1,429

Victory

Integrity

Discovery

Fund,

Class

.....................................

20,092

791

Victory

Investment

Grade

Convertible

Fund,

Class

..............................

88,114

1,406

Victory

Global

Fund,

Class

............................................

366,051

6,761

Victory

Partners

Fund,

Class

...........................................

31,397

847

Victory

Sophus

Emerging

Markets

Fund,

Class

...............................

126,886

2,332

Victory

Total

Return

Bond

Fund,

Class

.....................................

946,594

7,516

Victory

Trivalent

International

Small-Cap

Fund,

Class

...........................

107,860

1,450

Total

Affiliated

Mutual

Funds

(Cost

$21,175)

22,532

Total

Investments

(Cost

$22,181)

—

99.6%

24,090

Other

assets

excess

liabilities

—

0.4%

100

NET

ASSETS

100.00%

24,190

September

30,

2023,

the

foreign

securities

held

the

underlying

Funds

were

49.5%

net

assets.

ETF

—

Exchange-Traded

Fund

Fair

Value

6/30/2023

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

Unrealized

Appreciation/

Depreciation

Fair

Value

9/30/2023

Dividend

Income

Victory

Global

Energy

Transition

Fund,

Class

...........

1,552

—

(

152

)

—

(

)

1,429

—

Victory

Integrity

Discovery

Fund,

Class

...........

810

—

(

)

791

—

Victory

Investment

Grade

Convertible

Fund,

Class

1,421

—

(

)

1,406

Victory

Global

Fund,

Class

7,224

—

(

265

)

—

(

294

)

6,761

—

Victory

Partners

Fund,

Class

....................

866

—

(

)

—

(

)

847

—

Victory

Sophus

Emerging

Markets

Fund,

Class

....

2,394

—

(

)

2,332

—

Victory

Total

Return

Bond

Fund,

Class

..............

7,766

—

(

321

)

7,516

Victory

Trivalent

International

Small-Cap

Fund,

Class

...

1,520

—

(

)

1,450

—

VictoryShares

U.S.

Multi-Factor

Minimum

Volatility

ETF

...

1,689

—

(

)

—

(

)

1,558

25,242

(

494

)

158

—

(

908

)

24,090

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Fund

for

Income

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Principal

Amount

Value

Government

National

Mortgage

Association

(81.2%)

Multi-Family

Pass-throughs

(0.3%):

Government

National

Mortgage

Association

8.00%,

1/15/31

11/15/33

.............................................

894

892

7.75%,

9/15/33

....................................................

341

1,233

Collateralized

Mortgage

Obligations

(2.8%):

Government

National

Mortgage

Association

Series

2001-10,

Class

PE,

6.50%,

3/16/31

.................................

Series

2005-74,

Class

HB,

7.50%,

9/16/35

.................................

Series

2005-74,

Class

HC,

7.50%,

9/16/35

.................................

Series

2011-166,

Class

NT,

7.73%,

11/20/31(a)

..............................

446

453

Series

2012-106,

Class

JM,

7.34%,

10/20/34(a)

.............................

328

339

Series

2012-30,

Class

WB,

6.96%,

11/20/39(a)

..............................

996

1,014

Series

2013-190,

Class

KT,

8.24%,

9/20/30(a)

..............................

103

Series

2013-51,

Class

BL,

6.04%,

4/20/34(a)

...............................

945

951

Series

2013-64,

Class

KY,

6.65%,

12/20/38(a)

..............................

474

481

Series

2013-70,

Class

KP,

6.98%,

2/20/39(a)

...............................

491

502

Series

2014-69,

Class

7.21%,

11/20/34(a)

...............................

Series

2014-74,

Class

PT,

7.88%,

5/16/44(a)

...............................

Series

2015-77,

Class

PT,

7.14%,

6/20/39(a)

...............................

164

168

Series

2019-22,

Class

PT,

7.94%,

2/20/49(a)

...............................

2,737

2,819

Series

2021-1,

Class

WT,

7.82%,

1/20/51(a)

................................

2,928

3,031

10,089

Single

Family

Pass-throughs

(78.1%):

Government

National

Mortgage

Association

6.00%,

11/15/23

2/20/49

.............................................

53,984

55,120

6.50%,

11/15/23

2/20/41

.............................................

79,602

80,849

7.00%,

12/15/23

5/20/39

.............................................

53,836

55,491

7.50%,

12/15/23

12/20/38

............................................

28,987

29,762

8.00%,

10/15/24

4/15/38

.............................................

18,153

18,833

9.00%,

4/15/25

9/15/30

.............................................

456

469

7.13%,

7/15/25

....................................................

8.50%,

7/15/25

7/15/32

.............................................

1,736

1,794

6.13%,

6/20/28

11/20/28

.............................................

140

134

6.28%,

10/20/28

9/20/29

.............................................

339

334

6.10%,

5/20/29

7/20/31

.............................................

307

301

7.30%,

4/20/30

2/20/31

.............................................

122

119

6.49%,

5/20/31

3/20/32

.............................................

553

548

5.50%,

3/20/32

11/15/45

.............................................

19,506

19,550

4.50%,

12/15/33

5/15/41

.............................................

7,170

6,876

5.00%,

1/20/34

2/20/42

.............................................

15,773

15,285

4.00%,

8/15/41

....................................................

462

430

285,904

Total

Government

National

Mortgage

Association

(Cost

$330,169)

297,226

U.S.

Treasury

Obligations

(18.2%)

U.S.

Treasury

Bills,

5.46%,

2/22/24(b)

........................................

24,134

23,625

U.S.

Treasury

Bonds,

7.50%,

11/15/24

........................................

41,997

42,990

Total

U.S.

Treasury

Obligations

(Cost

$68,725)

66,615

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Investment

Grade

Convertible

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(1.5%)

Health

Care

(1.5%):

Bristol-Myers

Squibb

Co.

.................................................

73,367

4,258

Total

Common

Stocks

(Cost

$4,239)

4,258

Principal

Amount

Convertible

Corporate

Bonds

(74.4%)

Consumer

Discretionary

(14.0%):

Booking

Holdings,

Inc.

.75

5/1/25

........................................

9,885

16,544

Expedia

Group,

Inc.

2/15/26

(a)

.............................................

16,195

14,090

Ford

Motor

Co.

3/15/26

(a)

................................................

9,785

9,587

Winnebago

Industries,

Inc.

.50

4/1/25

(b)

...................................

755

847

41,068

Energy

(10.5%):

EQT

Corp.

.75

5/1/26

.................................................

5,380

14,963

Pioneer

Natural

Resources

Co.

.25

5/15/25

.................................

6,381

15,663

30,626

Financials

(14.2%):

Ares

Capital

Corp.

.63

3/1/24

...........................................

12,903

13,087

Barclays

Bank

PLC

2/4/25

(a)

........................................................

7,105

11,389

2/18/25

(a)

.......................................................

4,330

4,401

Blackstone

Mortgage

Trust,

Inc.

.50

3/15/27

................................

4,605

4,095

New

Mountain

Finance

Corp.

.50

10/15/25

Callable

7/15/25

100

(c)

.............

4,790

4,896

PPL

Capital

Funding,

Inc.

.88

3/15/28

(c)

...................................

4,000

3,645

41,513

Health

Care

(3.5%):

Dexcom,

Inc.

.38

5/15/28

(c)

............................................

1,500

1,330

Envista

Holdings

Corp.

.75

8/15/28

(c)

.....................................

9,500

8,777

10,107

Industrials

(10.7%):

Block,

Inc.

.13

3/1/25

.................................................

2,050

1,904

Euronet

Worldwide,

Inc.

.75

3/15/49

Callable

3/20/25

100

....................

6,707

6,180

Parsons

Corp.

.25

8/15/25

.............................................

6,300

8,021

Southwest

Airlines

Co.

.25

5/1/25

(b)

......................................

15,255

15,292

31,397

Information

Technology

(10.1%):

Akamai

Technologies,

Inc.

.13

5/1/25

.....................................

5,399

6,382

Vishay

Intertechnology,

Inc.

.25

9/15/30

(c)

.................................

8,240

8,076

Western

Digital

Corp.

.50

2/1/24

.........................................

15,511

15,247

29,705

Materials

(0.3%):

U.S.

Steel

Corp.

.00

11/1/26

............................................

380

936

Real

Estate

(4.8%):

Kite

Realty

Group

.75

4/1/27

(c)

.......................................

9,280

8,623

Ventas

Realty

.75

6/1/26

(c)

..........................................

2,875

2,820

Welltower

LLC

.75

5/15/28

(c)

........................................

2,420

2,470

13,913

Utilities

(6.3%):

Alliant

Energy

Corp.

.88

3/15/26

(c)

......................................

3,185

3,077

American

Water

Capital

Corp.

.63

6/15/26

(c)

................................

4,145

4,006

CenterPoint

Energy,

Inc.

.25

8/15/26

(c)

....................................

1,300

1,269

CMS

Energy

Corp.

.38

5/1/28

(c)

.........................................

2,180

2,043

Duke

Energy

Corp.

.13

4/15/26

(c)

........................................

3,205

3,115

Victory

Portfolios

Victory

Investment

Grade

Convertible

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

The

Southern

Co.

.88

12/15/25

(c)

........................................

5,205

5,054

18,564

Total

Convertible

Corporate

Bonds

(Cost

$211,535)

217,829

Convertible

Preferred

Stocks

(20.9%)

Financials

(12.6%):

Apollo

Global

Management,

Inc.

.75

7/31/26

................................

57,675

3,178

Bank

America

Corp.

Series

.25

(d)

....................................

14,050

15,627

New

York

Community

Capital

Trust

.00

11/1/51

..............................

53,619

1,955

Wells

Fargo

Co.

Series

.50

(d)

........................................

14,394

16,049

36,809

Utilities

(8.3%):

NextEra

Energy,

Inc.

.93

9/1/25

(b)

.......................................

300,595

11,372

NiSource,

Inc.

.75

3/1/24

..............................................

134,220

13,080

24,452

Total

Convertible

Preferred

Stocks

(Cost

$72,276)

61,261

Collateral

for

Securities

Loaned

(2.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(e)

........

1,623,467

1,624

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(e)

............

1,623,467

1,624

Invesco

Government

Agency

Portfolio,

Institutional

.26

(e)

...............

1,623,467

1,623

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(e)

1,623,467

1,623

Total

Collateral

for

Securities

Loaned

(Cost

$6,494)

6,494

Total

Investments

(Cost

$294,544)

—

99.0%

289,842

Other

assets

excess

liabilities

—

1.0%

2,903

NET

ASSETS

100.00%

292,745

September

30,

2023,

the

Fund's

investments

foreign

securities

were

5.4%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Zero-coupon

bond.

(b)

All

portion

this

security

loan.

(c)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$59,201

(thousands)

and

amounted

20.2%

net

assets.

(d)

Security

perpetual

and

has

final

maturity

date

but

may

subject

calls

various

dates

the

future.

(e)

Rate

disclosed

the

daily

yield

September

30,

2023.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Sycamore

Established

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(97.6%)

Communication

Services

(0.8%):

Live

Nation

Entertainment,

Inc.(a)

...........................................

1,715,000

142,414

Consumer

Discretionary

(11.8%):

Aptiv

PLC(a)

..........................................................

2,405,000

237,109

BorgWarner,

Inc.

.......................................................

6,130,000

247,468

Darden

Restaurants,

Inc.

..................................................

1,475,000

211,249

Dick's

Sporting

Goods,

Inc.

................................................

1,570,000

170,471

Hilton

Worldwide

Holdings,

Inc.

............................................

1,205,000

180,967

Ralph

Lauren

Corp.

.....................................................

1,830,000

212,445

Ross

Stores,

Inc.

.......................................................

2,738,000

309,257

Tapestry,

Inc.

..........................................................

4,780,000

137,425

Yum!

Brands,

Inc.

......................................................

2,265,000

282,989

1,989,380

Consumer

Staples

(4.0%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

2,985,000

213,040

Sysco

Corp.

...........................................................

3,245,000

214,332

Tyson

Foods,

Inc.,

Class

................................................

3,320,000

167,627

U.S.

Foods

Holding

Corp.(a)

...............................................

2,100,000

83,370

678,369

Energy

(4.5%):

Coterra

Energy,

Inc.

.....................................................

11,010,000

297,820

Devon

Energy

Corp.

.....................................................

5,037,000

240,265

Hess

Corp.

............................................................

1,395,000

213,435

751,520

Financials

(14.3%):

American

Financial

Group,

Inc.

.............................................

2,390,000

266,891

Everest

Group

Ltd.

......................................................

482,000

179,145

Global

Payments,

Inc.

....................................................

2,360,000

272,320

Huntington

Bancshares,

Inc.

...............................................

10,807,000

112,393

Old

Republic

International

Corp.

............................................

10,325,000

278,155

Prosperity

Bancshares,

Inc.

................................................

3,805,000

207,677

Rowe

Price

Group,

Inc.

.................................................

2,050,000

214,984

The

Bank

New

York

Mellon

Corp.

.........................................

5,675,000

242,039

The

Hartford

Financial

Services

Group,

Inc.

....................................

3,280,000

232,585

The

Progressive

Corp.

...................................................

1,190,000

165,767

Berkley

Corp.

.....................................................

3,850,000

244,436

2,416,392

Health

Care

(7.6%):

Agilent

Technologies,

Inc.

.................................................

1,497,000

167,395

Hologic,

Inc.(a)

........................................................

3,267,000

226,730

ICON

PLC(a)

.........................................................

421,025

103,677

Molina

Healthcare,

Inc.(a)

................................................

278,000

91,153

Quest

Diagnostics,

Inc.

...................................................

2,266,000

276,135

The

Cooper

Cos.,

Inc.

....................................................

590,000

187,626

Zimmer

Biomet

Holdings,

Inc.

.............................................

2,050,000

230,051

1,282,767

Industrials

(23.0%):

AGCO

Corp.

..........................................................

1,975,000

233,603

Alaska

Air

Group,

Inc.(a)

.................................................

5,420,000

200,974

Carrier

Global

Corp.

.....................................................

3,080,000

170,016

FTI

Consulting,

Inc.(a)

...................................................

1,290,000

230,149

Genpact

Ltd.

..........................................................

6,365,000

230,413

Hubbell,

Inc.

..........................................................

355,000

111,260

J.B.

Hunt

Transport

Services,

Inc.

...........................................

1,440,000

271,469

Landstar

System,

Inc.

....................................................

780,000

138,013

Leidos

Holdings,

Inc.

....................................................

3,020,000

278,323

Lincoln

Electric

Holdings,

Inc.

.............................................

625,000

113,619

ManpowerGroup,

Inc.

...................................................

2,320,000

170,102

Victory

Portfolios

Victory

Sycamore

Established

Value

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Maximus,

Inc.

.........................................................

2,920,000

218,066

Owens

Corning

........................................................

785,000

107,082

Parker-Hannifin

Corp.

...................................................

287,000

111,792

Republic

Services,

Inc.

...................................................

1,615,000

230,154

Textron,

Inc.

..........................................................

4,465,000

348,895

The

Middleby

Corp.(a)

...................................................

1,900,000

243,200

The

Toro

Co.

..........................................................

2,165,000

179,911

TransUnion

...........................................................

1,774,000

127,355

Xylem,

Inc.

...........................................................

1,690,000

153,841

3,868,237

Information

Technology

(9.8%):

Amphenol

Corp.,

Class

.................................................

3,110,000

261,209

Flex

Ltd.(a)

...........................................................

9,970,000

268,991

Hewlett

Packard

Enterprise

Co.

.............................................

10,600,000

184,122

MKS

Instruments,

Inc.

...................................................

2,775,000

240,149

Motorola

Solutions,

Inc.

..................................................

610,000

166,066

Skyworks

Solutions,

Inc.

.................................................

2,658,000

262,052

Western

Digital

Corp.(a)

..................................................

5,715,000

260,775

1,643,364

Materials

(11.2%):

AptarGroup,

Inc.

.......................................................

1,298,000

162,302

Avery

Dennison

Corp.

...................................................

1,540,000

281,312

Crown

Holdings,

Inc.

....................................................

3,362,000

297,470

Franco-Nevada

Corp.

....................................................

1,927,000

257,235

Packaging

Corp.

America

...............................................

1,950,000

299,422

Reliance

Steel

Aluminum

Co.

............................................

360,000

94,403

RPM

International,

Inc.

..................................................

2,280,000

216,167

Westlake

Corp.

........................................................

2,185,000

272,404

1,880,715

Real

Estate

(7.3%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

2,477,000

247,948

Camden

Property

Trust

...................................................

2,421,000

228,978

Equity

LifeStyle

Properties,

Inc.

............................................

3,700,000

235,727

Lamar

Advertising

Co.,

Class

.............................................

3,015,000

251,662

NNN

REIT,

Inc.

........................................................

7,280,000

257,275

1,221,590

Utilities

(3.3%):

Alliant

Energy

Corp.

....................................................

5,845,000

283,190

Xcel

Energy,

Inc.

.......................................................

4,710,000

269,506

552,696

Total

Common

Stocks

(Cost

$14,506,679)

16,427,444

Exchange-Traded

Funds

(0.8%)

iShares

Russell

Mid-Cap

Value

ETF(b)

.......................................

1,205,000

125,730

Total

Exchange-Traded

Funds

(Cost

$74,921)

125,730

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(d)

........

686,190

686

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(d)

............

686,190

687

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(d)

...............

686,190

686

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Security

Description

Value

Common

Stocks

(97.4%)

Aerospace

Defense

(1.5%):

Hexcel

Corp.

..........................................................

764,000

49,767

Mercury

Systems,

Inc.(a)

.................................................

1,353,000

50,183

99,950

Air

Freight

Logistics

(1.3%):

Hub

Group,

Inc.,

Class

A(a)

...............................................

1,045,000

82,074

Building

Products

(3.4%):

Apogee

Enterprises,

Inc.

..................................................

775,025

36,488

Gibraltar

Industries,

Inc.(a)

................................................

910,000

61,434

Hayward

Holdings,

Inc.(a)

................................................

2,755,000

38,846

UFP

Industries,

Inc.

.....................................................

817,000

83,661

220,429

Commercial

Services

Supplies

(1.7%):

ABM

Industries,

Inc.

....................................................

573,000

22,926

UniFirst

Corp.

.........................................................

316,000

51,511

Viad

Corp.(a)(b)

........................................................

1,300,000

34,060

108,497

Communication

Services

(0.4%):

The

E.W.

Scripps

Co.,

Class

A(a)(b)

...................................

5,173,995

28,353

Construction

Engineering

(0.7%):

EMCOR

Group,

Inc.

....................................................

110,000

23,143

MYR

Group,

Inc.(a)

.....................................................

160,000

21,562

44,705

Consumer

Discretionary

(8.9%):

Brunswick

Corp.

.......................................................

422,000

33,338

Choice

Hotels

International,

Inc.(c)

..........................................

350,000

42,878

Columbia

Sportswear

Co.

.................................................

1,105,500

81,918

Helen

Troy

Ltd.(a)

....................................................

180,000

20,981

LCI

Industries

.........................................................

365,000

42,858

Mattel,

Inc.(a)

.........................................................

3,941,000

86,820

Murphy

USA,

Inc.

......................................................

168,000

57,411

Signet

Jewelers

Ltd.

.....................................................

950,000

68,220

Texas

Roadhouse,

Inc.

...................................................

704,000

67,654

Visteon

Corp.(a)

........................................................

575,000

79,390

581,468

Consumer

Staples

(3.8%):

Central

Garden

Pet

Co.,

Class

A(a)(b)

................................

2,250,000

90,203

Ingredion,

Inc.

.........................................................

590,000

58,056

Lancaster

Colony

Corp.

..................................................

215,000

35,481

Performance

Food

Group

Co.(a)

............................................

1,109,000

65,276

249,016

Electrical

Equipment

(0.6%):

NEXTracker,

Inc.,

Class

A(a)

..............................................

965,000

38,754

Energy

(6.5%):

Civitas

Resources,

Inc.(c)

.................................................

1,200,000

97,044

Delek

U.S.

Holdings,

Inc.

.................................................

1,978,200

56,201

Helmerich

Payne,

Inc.

..................................................

1,805,000

76,099

Magnolia

Oil

Gas

Corp.,

Class

..........................................

4,475,000

102,522

Matador

Resources

Co.

...................................................

1,525,000

90,707

422,573

Financials

(16.2%):

AMERISAFE,

Inc.(b)

....................................................

1,020,000

51,071

Bank

Hawaii

Corp.(c)

..................................................

1,310,000

65,094

Cohen

Steers,

Inc.

....................................................

1,240,000

77,735

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

First

American

Financial

Corp.

.............................................

1,355,000

76,544

Independent

Bank

Corp.

..................................................

1,340,000

65,781

Lakeland

Financial

Corp.

.................................................

1,070,000

50,782

Primerica,

Inc.

.........................................................

120,000

23,281

Renasant

Corp.

........................................................

2,279,105

59,690

Ryan

Specialty

Holdings,

Inc.(a)

............................................

1,295,000

62,678

Safety

Insurance

Group,

Inc.(b)

.............................................

870,000

59,325

Selective

Insurance

Group,

Inc.

.............................................

760,000

78,409

SouthState

Corp.

.......................................................

1,485,000

100,030

Stewart

Information

Services

Corp.

..........................................

500,000

21,900

The

Hanover

Insurance

Group,

Inc.

..........................................

667,000

74,024

UMB

Financial

Corp.

....................................................

1,276,000

79,176

Walker

Dunlop,

Inc.

...................................................

290,000

21,530

Wintrust

Financial

Corp.

..................................................

1,200,000

90,600

1,057,650

Ground

Transportation

(2.3%):

Marten

Transport

Ltd.

....................................................

3,183,000

62,737

Werner

Enterprises,

Inc.

..................................................

2,290,000

89,195

151,932

Health

Care

(4.3%):

Charles

River

Laboratories

International,

Inc.(a)

.................................

271,000

53,110

Chemed

Corp.

.........................................................

96,000

49,891

ICU

Medical,

Inc.(a)

....................................................

475,000

56,530

Integer

Holdings

Corp.(a)

.................................................

1,030,000

80,783

Integra

LifeSciences

Holdings

Corp.(a)

.......................................

1,095,000

41,818

282,132

Information

Technology

(11.8%):

Advanced

Energy

Industries,

Inc.

...........................................

640,000

65,997

Ciena

Corp.(a)

.........................................................

1,685,000

79,633

Cohu,

Inc.(a)

..........................................................

2,135,000

73,529

Fabrinet(a)

............................................................

395,000

65,815

Kulicke

Soffa

Industries,

Inc.

.............................................

1,620,000

78,781

Littelfuse,

Inc.

.........................................................

290,000

71,723

NCR

Corp.(a)

.........................................................

2,412,000

65,052

Perficient,

Inc.(a)

.......................................................

785,000

45,420

Plexus

Corp.(a)

........................................................

265,000

24,640

Rogers

Corp.(a)

........................................................

505,000

66,392

ScanSource,

Inc.(a)(b)

...................................................

1,470,000

44,556

Tower

Semiconductor

Ltd.(a)

..............................................

1,297,000

31,854

Verint

Systems,

Inc.(a)

...................................................

2,388,000

54,900

768,292

Machinery

(8.4%):

Alamo

Group,

Inc.

......................................................

260,000

44,944

Astec

Industries,

Inc.(b)

..................................................

1,460,000

68,781

Columbus

McKinnon

Corp.

...............................................

575,000

20,073

Crane

Co.

............................................................

630,000

55,969

Crane

NXT

Co.

........................................................

810,000

45,012

Hillenbrand,

Inc.

.......................................................

1,936,000

81,911

John

Bean

Technologies

Corp.

..............................................

615,000

64,661

Kennametal,

Inc.

.......................................................

2,181,500

54,276

Mueller

Industries,

Inc.

...................................................

590,000

44,344

Watts

Water

Technologies,

Inc.,

Class

.......................................

385,000

66,536

546,507

Materials

(10.3%):

AdvanSix,

Inc.(b)

.......................................................

1,608,000

49,977

Eagle

Materials,

Inc.

.....................................................

295,000

49,123

H.B.

Fuller

Co.

........................................................

384,000

26,346

Ingevity

Corp.(a)

.......................................................

880,000

41,897

Innospec,

Inc.

.........................................................

850,000

86,870

Kaiser

Aluminum

Corp.(b)

................................................

910,000

68,486

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

(Unaudited)

(Amounts

Thousands,

Except

for

Shares)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Minerals

Technologies,

Inc.

................................................

1,295,000

70,914

Silgan

Holdings,

Inc.

....................................................

1,600,000

68,976

Sonoco

Products

Co.

....................................................

1,600,000

86,960

Summit

Materials,

Inc.,

Class

A(a)

..........................................

1,850,000

57,609

TriMas

Corp.

..........................................................

1,930,000

47,787

Worthington

Industries,

Inc.

...............................................

290,000

17,928

672,873

Professional

Services

(3.3%):

ASGN,

Inc.(a)

.........................................................

645,000

52,684

CBIZ,

Inc.(a)

..........................................................

560,000

29,064

ICF

International,

Inc.

...................................................

455,000

54,968

Maximus,

Inc.

.........................................................

1,085,000

81,028

217,744

Real

Estate

(6.2%):

Apple

Hospitality

REIT,

Inc.

...............................................

3,970,000

60,900

Colliers

International

Group,

Inc.

...........................................

490,000

46,673

COPT

Defense

Properties

.................................................

2,810,000

66,962

Cushman

Wakefield

PLC(a)

.............................................

3,145,000

23,965

First

Industrial

Realty

Trust,

Inc.

............................................

990,000

47,114

Four

Corners

Property

Trust,

Inc.

............................................

3,200,000

71,008

Rayonier,

Inc.

.........................................................

2,965,000

84,384

401,006

Trading

Companies

Distributors

(2.7%):

Applied

Industrial

Technologies,

Inc.

.........................................

270,000

41,745

Core

Main,

Inc.,

Class

A(a)

..............................................

2,400,000

69,240

McGrath

RentCorp

......................................................

646,000

64,755

175,740

Utilities

(3.1%):

IDACORP,

Inc.

........................................................

686,000

64,244

MGE

Energy,

Inc.

......................................................

589,000

40,352

Northwestern

Energy

Group,

Inc.

...........................................

1,145,000

55,029

ONE

Gas,

Inc.

.........................................................

600,000

40,968

200,593

Total

Common

Stocks

(Cost

$5,891,088)

6,350,288

Exchange-Traded

Funds

(1.1%)

iShares

Russell

2000

Value

ETF(c)

..........................................

500,000

67,775

Total

Exchange-Traded

Funds

(Cost

$63,401)

67,775

Collateral

for

Securities

Loaned

(1.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(d)

........

26,678,570

26,679

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(d)

............

26,678,570

26,679

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(d)

...............

26,678,570

26,678

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(d)

26,678,570

26,678

Total

Collateral

for

Securities

Loaned

(Cost

$106,714)

106,714

Total

Investments

(Cost

$6,061,203)

—

100.1%

6,524,777

Liabilities

excess

other

assets

—

(0.1)%

(6,525)

NET

ASSETS

100.00%

6,518,252

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

Affiliated

security.

(c)

All

portion

this

security

loan.

(d)

Rate

disclosed

the

daily

yield

September

30,

2023.

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Affiliated

Holdings

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Fair

Value

6/30/2023

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

Unrealized

Appreciation/

Depreciation

Fair

Value

9/30/2023

Dividend

Income

AdvanSix,

Inc.

............

44,529

11,543

—

(6,095)

49,977

230

AMERISAFE,

Inc.

.........

54,386

—

(3,315)

51,071

347

Astec

Industries,

Inc.

.......

67,251

—

(1,018)

(198)

—

2,746

68,781

192

Central

Garden

Pet

Co.,

Class

....................

86,228

2,864

(8,123)

(300)

—

9,534

90,203

—

Kaiser

Aluminum

Corp.

.....

60,536

4,929

—

3,021

68,486

650

Safety

Insurance

Group,

Inc.

57,734

4,600

(139)

(56)

—

(2,814)

59,325

785

ScanSource,

Inc.

..........

43,778

—

(313)

(35)

—

1,126

44,556

—

The

E.W.

Scripps

Co.,

Class

49,181

—

(1,201)

(2,754)

—

(16,873)

28,353

—

Viad

Corp.

...............

35,129

—

(190)

(141)

—

(738)

34,060

—

498,752

23,936

(10,984)

(3,484)

—

(13,408)

494,812

2,204

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Floating

Rate

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(0.0%)(a)

Consumer

Discretionary

(0.0%):(a)

Men's

Wearhouse,

Inc.

...................................................

51,299

547,206

Health

Care

(0.0%):

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

10,030

—

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

10,030

—

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

10,030

—

Covis

Parent

SCA,

Class

(b)

(c)

......................................

10,030

—

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

10,030

—

Total

Common

Stocks

(Cost

$192,371)

547,206

Principal

Amount

Senior

Secured

Loans

(82.0%)

Communication

Services

(6.5%):

Cinemark

USA,

Inc.,

Term

Loan,

First

Lien

.99

(

SOFR03M

375

bps

)

5/31/30

(d)

......

1,551,298

1,547,746

Cinemark

USA,

Inc.,

Term

Loan,

First

Lien

.08

(

SOFR01M

375

bps

)

5/31/30

(d)

......

3,548,077

3,539,952

CSC

Holdings

LLC,

Term

Loan

2022,

First

Lien

.83

(

SOFR01M

450

bps

)

1/18/28

(d)

...

7,964,987

7,533,524

Entercom

Media

Corp.,

New

Term

Loan,

First

Lien

.87

(

SOFR03M

250

bps

)

11/17/24

(d)

14,706,476

6,238,781

Frontier

Communications

Corp.,

Refinancing

Term

Loans,

First

Lien

.08

(

SOFR01M

375

bps

)

10/8/27

(d)

........................................

3,226,930

3,127,831

Intelsat

Jackson

Holdings

SA,

Term

loan,

First

Lien

.62

(

SOFR03M

425

bps

)

2/1/29

(d)

13,476,752

13,433,896

Level

Financing,

Inc.,

Tranche

2027

Term

Loans,

First

Lien

.08

(

SOFR01M

175

bps

)

3/1/27

(d)

.........................................................

7,925,000

7,471,294

Sinclair

Television

Group,

Inc.,

Term

Loan

B-3,

First

Lien

.33

(

SOFR01M

300

bps

)

3/25/28

(d)

........................................................

13,699,172

9,625,860

Telesat

Canada,

Term

B-5

Loans,

First

Lien

.17

(

SOFR03M

275

bps

)

11/22/26

(d)

.....

3,600,000

2,633,256

Univision

Communications,

Inc.,

2021

Replacement

New

First-Lien

Term,

First

Lien

.58

(

SOFR01M

325

bps

)

3/24/26

(d)

........................................

7,095,855

7,072,793

62,224,933

Consumer

Discretionary

(24.1%):

Air

Canada,

Term

Loan,

First

Lien

.87

(

SOFR03M

350

bps

)

8/11/28

(d)

.............

13,777,826

13,774,933

Alterra

Mountain

Co.,

Facility

2028

Term

Loan

First

Lien

.83

(

SOFR01M

350

bps

)

8/17/28

(d)

........................................................

13,967,839

13,921,327

Bally's

Corp.,

Term

Facility

Loans,

First

Lien

.84

(

SOFR03M

325

bps

)

10/1/28

(d)

...

16,241,098

15,892,888

Caesars

Entertainment,

Inc.,

2023

Incremental

Term

Loan,

First

Lien

.58

(

SOFR01M

325

bps

)

1/26/30

(d)

........................................

10,040,273

10,034,048

Carnival

Corp.,

2021

Incremental

Term

Advance,

First

Lien

.58

(

SOFR01M

325

bps

)

10/18/28

(d)

.......................................................

8,954,430

8,898,465

Carnival

Corp.,

Initial

Advance,

First

Lien

.33

(

SOFR01M

300

bps

)

8/8/27

(d)

........

847,875

844,695

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

First

Lien

.87

(

SOFR03M

350

bps

)

8/21/26

(d)

........................................................

5,985,761

5,803,674

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

First

Lien

.83

(

SOFR01M

350

bps

)

8/21/26

(d)

........................................................

15,588

15,114

Delta

Air

Lines,

Inc.

and

SkyMiles

Ltd.,

Initial

Term

Loan,

First

Lien

.08

(

SOFR03M

375

bps

)

10/20/27

(d)

.......................................

12,374,856

12,803,397

Entain

PLC,

Facility

(USD)

Loan,

First

Lien

3/16/27

(e)

.........................

1,955,186

1,949,946

Eyemart

Express

LLC,

Term

B-1

Loan,

First

Lien

.32

(

SOFR01M

300

bps

)

8/31/27

(d)

5,171,343

5,006,532

Gray

Television,

Inc.,

Term

Loan,

First

Lien

.33

(

SOFR01M

300

bps

)

12/1/28

(d)

....

2,984,810

2,906,459

Great

Outdoors

Group

LLC,

Term

B1,

First

Lien

.08

(

SOFR01M

375

bps

)

3/5/28

(d)

...

3,167,786

3,157,047

Hanesbrands,

Inc.,

Initial

Tranche

Term

Loans,

First

Lien

.08

(

SOFR01M

375

bps

)

3/8/30

(d)

.........................................................

4,079,500

3,987,711

Holley

Purchaser,

Inc.,

Initial

Term

Loan,

First

Lien

.18

(

SOFR01M

375

bps

)

11/10/28

(d)

5,775,134

5,565,785

Holley

Purchaser,

Inc.,

Initial

Term

Loan,

First

Lien

.99

(

SOFR03M

375

bps

)

11/10/28

(d)

480,194

462,787

Houghton

Mifflin

Harcourt

Co.,

Term

Loans,

First

Lien

.58

(

SOFR01M

525

bps

)

4/4/29

(d)

.........................................................

10,895,063

10,273,172

iHeartCommunications,

Inc.,

Second

Amendment

Incremental

Term

Loan,

First

Lien

.58

(

SOFR01M

325

bps

)

5/1/26

(d)

.........................................

4,689,535

4,190,100

iHeartCommunications,

Inc.,

Term

Loans,

First

Lien

.33

(

SOFR01M

300

bps

)

5/1/26

(d)

11,524,463

10,330,298

Jo-Ann

Stores

LLC,

Term

B-1

Loan,

First

Lien

.10

(

SOFR03M

475

bps

)

6/30/28

(d)

...

18,120,175

5,707,855

Victory

Portfolios

Victory

Floating

Rate

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

McGraw

Hill

Education,

Inc.,

Initial

Term

Loan,

First

Lien

.08

(

SOFR01M

475

bps

)

7/30/28

(d)

........................................................

9,420,561

9,218,396

Petco

Health

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

.49

(

SOFR03M

325

bps

)

2/25/28

(d)

........................................................

9,723,588

9,602,043

PetSmart,

Inc.,

Initial

Term

Loans,

First

Lien

.08

(

SOFR01M

375

bps

)

2/12/28

(d)

.....

4,542,527

4,523,857

Rising

Tide

Holdings,

Inc.,

2023

Term

Loan,

First

Lien

.66

(

SOFR03M

825

bps

)

3/11/24

(d)

........................................................

3,272,218

2,944,996

Scientific

Games

International,

Inc.,

Initial

Term

Loans,

First

Lien

.33

(

SOFR01M

300

bps

)

4/14/29

(d)

........................................

8,909,887

8,898,749

Station

Casinos

LLC,

Term

B-1

Facility

Loans,

First

Lien

.58

(

SOFR01M

225

bps

)

2/8/27

(d)

.........................................................

12,411,081

12,374,469

The

Michaels

Cos.,

Inc.,

Term

Loans,

First

Lien

.49

(

SOFR03M

425

bps

)

4/15/28

(d)

10,104,535

9,199,674

Uber

Technologies,

Inc.,

2023

Refinancing

Term

Loan,

First

Lien

.16

(

SOFR03M

275

bps

)

3/3/30

(d)

.........................................................

13,409,981

13,397,778

United

Airlines,

Inc.,

Class

Term

Loans,

First

Lien

.07

(

SOFR01M

375

bps

)

4/21/28

(d)

6,069,880

6,071,276

WestJet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien

.32

(

SOFR01M

300

bps

)

12/11/26

(d)

20,471,787

20,019,770

231,777,241

Consumer

Staples

(2.5%):

Alliance

Laundry

Systems

LLC,

Initial

Term

Loans,

First

Lien

.80

(

SOFR03M

350

bps

)

10/8/27

(d)

........................................................

6,542,532

6,534,354

Anchor

Packaging

LLC,

Initial

Term

Loans,

First

Lien

.83

(

SOFR01M

350

bps

)

7/18/26

(d)

........................................................

6,798,350

6,723,976

B&G

Foods,

Inc.,

Tranche

B-4

Term

Loan,

First

Lien

.83

(

SOFR01M

250

bps

)

10/10/26

(d)

.......................................................

7,000,000

6,909,560

First

Brands

Group

LLC,

2021

Term

Loans,

First

Lien

.45

(

SOFR06M

500

bps

)

3/24/27

(d)

........................................................

4,360,116

4,294,715

24,462,605

Energy

(2.6%):

Delek

U.S.

Holdings,

Inc.,

TLB,

First

Lien

.83

(

SOFR01M

350

bps

)

11/19/29

(d)

......

12,914,937

12,803,611

Traverse

Midstream

Partners

LLC,

Advance,

First

Lien

.12

(

SOFR03M

375

bps

)

9/27/24

(d)

........................................................

12,561,234

12,525,937

25,329,548

Financials

(23.3%):

19th

Holdings

Golf

LLC,

Initial

Term

Loans,

First

Lien

.58

(

SOFR01M

325

bps

)

1/27/29

(d)

........................................................

7,773,255

7,553,038

ACProducts,

Inc.,

Initial

Term

Loans,

First

Lien

.49

(

SOFR03M

425

bps

)

5/17/28

(d)

...

11,441,781

9,407,661

Acrisure

LLC,

Term

Loan

2020,

First

Lien

.83

(

SOFR01M

350

bps

)

2/15/27

(d)

.....

3,101,592

3,053,952

Arches

Buyer,

Inc.,

New

Term

Loan,

First

Lien

.58

(

SOFR01M

325

bps

)

12/6/27

(d)

....

4,500,000

4,398,750

Arsenal

AIC

Parent

LLC,

Term

Loan,

First

Lien

.88

(

SOFR03M

450

bps

)

7/27/30

(d)

4,500,000

4,486,860

NHHC

Holdco,

Inc.,

Term

Loan

Lien

Second

Lien

.38

(

SOFR03M

900

bps

)

5/15/26

(d)

........................................................

3,000,000

600,000

Chariot Buyer

LLC,

Initial

Term

Loans,

First

Lien

.58

(

SOFR01M

325

bps

)

11/3/28

(d)

4,848,105

4,768,547

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loans,

First

Lien

.51

(

SOFR01M

418

bps

)

4/13/29

(d)

........................................................

3,915,351

3,857,756

Constellation

Renewables

LLC

.92

(

SOFR03M

250

bps

)

12/15/27

(d)

..............

2,000,000

1,992,140

Covis

Pharma

Holdings

S.a.r.l.,

Dollar

Term

Loans,

First

Lien

.74

(

SOFR03M

650

bps

)

2/14/27

(d)

........................................................

12,339,005

8,760,694

Altas

Buyer,

Inc.,

Term

Loans,

First

Lien

.08

(

SOFR01M

375

bps

)

11/23/27

(d)

...

4,355,951

4,099,124

Cumulus

Media

New

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien

.17

(

SOFR03M

375

bps

)

3/31/26

(d)

........................................

17,164,544

14,214,474

Diamond

Sports

Group

LLC,

Term

Loan

Second

Lien,

Second

Lien

.58

(

SOFR01M

525

bps

)

8/24/26

(d)

(f)

......................................

19,801,150

386,122

Diamond

Sports

Group

LLC,

Term

Loan,

First

Lien

.33

(

SOFR01M

1000

bps

)

5/25/26

(d)

........................................................

1,448,737

729,192

Fertitta

Entertainment

LLC,

Initial

Term

Loan,

First

Lien

.33

(

SOFR01M

400

bps

)

1/27/29

(d)

........................................................

17,190,233

16,996,843

GIP

Pilot

Acquisition

Partners

LP,

TL,

First

Lien

9/15/30

(e)

........................

3,250,000

3,237,812

Hunter

Douglas,

Inc.,

Tranche

B-1

Term

Loans,

First

Lien

.89

(

SOFR03M

350

bps

)

2/9/29

(d)

.........................................................

8,825,377

8,580,473

Ineos

U.S.

Finance

LLC,

2030

Dollar

Term

Loans,

First

Lien

.83

(

SOFR01M

350

bps

)

2/9/30

(d)

.........................................................

6,957,401

6,896,523

Victory

Portfolios

Victory

Floating

Rate

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Innio

North

America

Holding,

Inc.,

Facility

USD,

First

Lien

.04

(

LIBOR06M

275

bps

)

11/6/25

(d)

........................................................

8,688,544

8,610,347

ITT

Holdings

LLC,

Initial

Term

Loans,

First

Lien

.08

(

SOFR01M

275

bps

)

7/8/28

(d)

...

4,979,683

4,966,188

Knight

Health

Holdings

LLC,

Term

Loans,

First

Lien

.58

(

SOFR01M

525

bps

)

12/23/28

(d)

.......................................................

23,088,750

5,387,298

LBM

Acquisition

LLC,

Initial

Term

Loan,

First

Lien

.08

(

SOFR01M

375

bps

)

12/17/27

(d)

11,200,219

10,913,830

LSF11

Holdco

LLC,

Term

Loans,

First

Lien

.83

(

SOFR01M

350

bps

)

10/15/28

(d)

6,020,707

5,871,694

MajorDrive

Holdings

LLC,

Initial

Term

Loans,

First

Lien

.33

(

SOFR01M

400

bps

)

6/1/28

(d)

.........................................................

1,994,898

1,973,712

Mileage

Plus

Holdings

LLC,

Initial

Term

Loan,

First

Lien

.65

(

SOFR03M

525

bps

)

6/20/27

(d)

........................................................

14,029,605

14,557,259

Neptune

Bidco

U.S.,

Inc.,

Dollar

Term

Loan,

First

Lien

.30

(

SOFR03M

500

bps

)

4/11/29

(d)

........................................................

6,109,688

5,486,011

NorthRiver

Midstream

Finance

LP,

Term

First

Lien

.33

(

SOFR03M

300

bps

)

10/1/25

(d)

........................................................

8,136,500

8,105,988

Oldcastle

BuildingEnvelope,

Inc.,

Term

Loans,

First

Lien

.74

(

SOFR03M

450

bps

)

4/29/29

(d)

........................................................

9,432,312

9,353,175

Park

River

Holdings,

Inc.,

Initial

Term

Loans,

First

Lien

.52

(

LIBOR06M

325

bps

)

1/20/28

(d)

........................................................

4,274,873

4,119,439

Peraton

Corp.,

Term

Loans,

First

Lien

.08

(

SOFR01M

375

bps

)

2/1/28

(d)

..........

5,046,505

5,030,759

Rand

Parent

LLC,

Term

Loans,

First

Lien

.49

(

SOFR03M

425

bps

)

2/9/30

(d)

.......

2,985,000

2,889,241

Robertshaw

U.S.

Holding

Corp.,

2nd

Lien

Initial

Term

Loans,

Second

Lien

.24

(

SOFR03M

800

bps

)

2/15/26

(d)

........................................

4,000,000

800,000

Robertshaw

U.S.

Holding

Corp.,

Term

Loan

First

Lien

.74

(

SOFR03M

350

bps

)

2/28/25

(d)

........................................................

6,255,192

3,132,788

Sparta

U.S.

Holdco

LLC,

Initial

Term

Loan,

First

Lien

.58

(

SOFR01M

325

bps

)

4/30/28

(d)

........................................................

3,930,000

3,910,350

SWF

Holdings

Corp.

Initial

Term

Loans,

First

Lien

.33

(

SOFR01M

400

bps

)

10/6/28

(d)

7,686,259

6,520,484

Tailwind

Smith

Cooper

Intermediate

Corp.,

2nd

Lien

Initial

Term

Loans,

Second

Lien

.47

(

SOFR03M

900

bps

)

5/28/27

(d)

........................................

3,000,000

2,557,500

Virgin

Media

Bristol

LLC,

Facility,

First

Lien

.83

(

SOFR01M

250

bps

)

1/31/28

(d)

...

3,000,000

2,910,390

Whitewater

Whistler

Holdings,

Initial

Term

Loan,

First

Lien

1/25/30

(e)

................

5,486,250

5,490,804

CPP

Holdings

LLC,

Term

Loans,

First

Lien

.12

(

SOFR03M

375

bps

)

4/30/25

(d)

...

7,655,643

7,183,137

223,790,355

Health

Care

(6.7%):

Air

Medical

Group

Holdings,

Inc.,

Incremental

Term

Loan

First

Lien

.62

(

SOFR03M

425

bps

)

3/14/25

(d)

........................................

2,115,775

1,468,707

Air

Methods

Corp.,

Initial

Term

Loans,

First

Lien

.69

(

LIBOR03M

350

bps

)

4/21/24

(d)

17,350,304

5,020,831

Amneal

Pharmaceuticals

LLC,

Initial

Term

Loans,

First

Lien

.83

(

SOFR01M

350

bps

)

3/23/25

(d)

........................................................

8,409,685

8,241,491

Bausch

Health

Cos.,

Inc.,

Second

Amendment

Term

Loan,

First

Lien

.57

(

SOFR01M

525

bps

)

1/27/27

(d)

........................................

8,038,042

6,519,736

Envision

Healthcare

Corp.,

Third

Out

Term

Loans,

First

Lien

.99

(

SOFR03M

375

bps

)

3/31/27

(d)

(f)

......................................................

3,913,425

5,870

Global

Medical

Response,

Inc.,

2020

Term

Loan,

First

Lien

.52

(

SOFR03M

425

bps

)

10/2/25

(d)

........................................................

5,742,573

3,979,603

Lifepoint

Health,

Inc.,

Term

Loans,

First

Lien

.12

(

SOFR03M

375

bps

)

11/16/25

(d)

2,968,576

2,958,691

LifeScan

Global

Corp.,

Term

Loan,

First

Lien

.65

(

SOFR06M

650

bps

)

12/31/26

(d)

...

12,868,050

10,144,270

LifeScan

Global

Corp.,

Term

Loan,

Second

Lien

.57

(

SOFR06M

950

bps

)

6/19/25

(d)

3,750,000

2,250,000

Radiology

Partners,

Inc.,

Term

Loan

New,

First

Lien

.75

(

SOFR06M

425

bps

)

7/9/25

(d)

7,156,678

5,362,642

Rising

Tide

Holdings,

Inc.

3/11/24

(e)

........................................

241,726

543,884

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

First

Lien

.58

(

SOFR01M

525

bps

)

2/2/27

(d)

.........................................

10,208,876

7,707,701

U.S.

Renal

Care,

Inc.,

SOFR

TRM

First

Lien

.35

(

SOFR03M

500

bps

)

6/28/28

(d)

10,852,007

7,171,332

Upstream

Rehabilitation,

August

2021

Incremental

TL,

First

Lien

.49

(

SOFR03M

425

bps

)

11/20/26

(d)

.......................................

2,892,704

2,768,318

64,143,076

Industrials

(13.3%):

AAdvantage

Loyalty

Ltd.,

Initial

Term

Loan,

First

Lien

.08

(

SOFR03M

475

bps

)

4/20/28

(d)

........................................................

16,467,420

16,944,975

Avis

Budget

Car

Rental

LLC,

Tranche

Term

Loan,

First

Lien

.83

(

SOFR01M

350

bps

)

3/16/29

(d)

........................................................

2,955,000

2,949,474

Victory

Portfolios

Victory

Floating

Rate

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

AZZ,

Inc.,

Initial

Term

Loan,

First

Lien

.08

(

SOFR01M

375

bps

)

5/6/29

(d)

..........

4,321,368

4,324,955

Cengage

Learning,

Inc.,

Term

Loan,

First

Lien

.32

(

SOFR03M

475

bps

)

7/14/26

(d)

5,475,879

5,443,023

Chart

Industries,

Inc.

3/17/30

(e)

............................................

2,739,993

CommScope,

Inc.,

Initial

Term

Loans,

First

Lien

.58

(

SOFR01M

325

bps

)

4/6/26

(d)

....

2,969,032

2,703,304

Cornerstone

Building

Brands,

Inc.,

New

Term

Loan

First

Lien

.58

(

SOFR01M

325

bps

)

4/12/28

(d)

........................................................

7,430,411

7,230,756

Gates

Global

LLC,

Initial

B-3

Dollar

Term

Loan,

First

Lien

.83

(

SOFR01M

250

bps

)

3/31/27

(d)

........................................................

10,735,731

10,699,015

Graham

Packaging

Co.,

Inc.,

New

Term

Loans,

First

Lien

.33

(

SOFR01M

300

bps

)

8/4/27

(d)

.........................................................

9,429,000

9,403,730

Harsco

Corp.,

Term

B-3

Loans,

First

Lien

.58

(

SOFR01M

225

bps

)

3/10/28

(d)

........

3,933,780

3,878,471

Hertz

Corp.,

Initial

Term

Loans,

First

Lien

.58

(

SOFR01M

325

bps

)

6/30/28

(d)

.....

14,861,604

14,838,866

Hertz

Corp.,

Initial

Term

Loan,

First

Lien

.58

(

SOFR01M

325

bps

)

6/30/28

(d)

......

2,865,310

2,860,926

Janus

International

Group

LLC,

Amendment

No.

Refinancing

Term

Loan,

First

Lien

.58

(

SOFR01M

325

bps

)

7/25/30

(d)

........................................

4,000,000

3,981,240

Madison

IAQ

LLC,

Initial

Term

Loans,

First

Lien

.57

(

SOFR01M

325

bps

)

6/16/28

(d)

6,068,267

5,960,556

SRS

Distribution,

Inc.,

2021

Refinancing

Term

Loans,

First

Lien

.83

(

SOFR01M

350

bps

)

6/4/28

(d)

.........................................................

10,175,561

10,061,086

Titan

Acquisition

Ltd.,

Initial

Term

Loan,

First

Lien

.73

(

LIBOR06M

300

bps

)

3/28/25

(d)

6,060,305

6,004,247

Transdigm,

Inc.,

Tranche

Term

Loans,

First

Lien

.49

(

SOFR03M

325

bps

)

8/24/28

(d)

5,322,735

5,321,883

Trident

TPI

Holdings,

Inc.,

Tranche

B-3

Initial

Term

Loans,

First

Lien

.54

(

LIBOR03M

400

bps

)

9/17/28

(d)

.......................................

5,934,048

5,905,209

White

Cap

Buyer

LLC,

Initial

Closing

Date

Term

Loan,

First

Lien

.08

(

SOFR01M

375

bps

)

10/19/27

(d)

.......................................

6,208,316

6,191,367

127,443,076

Information

Technology

(1.9%):

TIBCO

Software,

Inc.,

Dollar

Term

Loan,

First

Lien

.74

(

SOFR03M

450

bps

)

3/20/29

(d)

........................................................

14,191,219

13,626,550

UKG,

Inc.,

Incremental

Term

Loans,

First

Lien

.52

(

SOFR03M

325

bps

)

5/3/26

(d)

.....

4,987,310

4,969,156

18,595,706

Materials

(0.5%):

Albaugh

LLC,

Initial

Term

Loans,

First

Lien

.12

(

SOFR03M

375

bps

)

5/2/29

(d)

......

1,128,856

1,097,812

WireCo

WorldGroup,

Inc.,

Initial

Term

Loan,

First

Lien

.58

(

SOFR01M

425

bps

)

11/13/28

(d)

.......................................................

3,875,480

3,865,791

4,963,603

Real

Estate

(0.6%):

RealPage,

Inc.,

Initial

Term

Loan,

First

Lien

.33

(

SOFR01M

300

bps

)

4/22/28

(d)

......

5,984,733

5,909,924

Total

Senior

Secured

Loans

(Cost

$893,053,518)

788,640,067

Corporate

Bonds

(12.6%)

Communication

Services

(1.6%):

Audacy

Capital

Corp.

.50

5/1/27

Callable

10/23/23

103.25

(g)

.................

3,000,000

53,344

Cumulus

Media

New

Holdings,

Inc.

.75

7/1/26

Callable

11/6/23

101.69

(g)

........

3,847,000

2,914,598

iHeartCommunications,

Inc.

.38

5/1/27

Callable

10/23/23

102.09

...............

1,500,000

1,075,327

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.

.25

1/15/29

Callable

1/15/24

102.13

(g)

......................................................

1,250,000

990,260

Sinclair

Television

Group,

Inc.

.50

3/1/30

Callable

12/1/24

102.75

(g)

............

5,850,000

3,138,712

Sirius

Radio,

Inc.

.88

9/1/31

Callable

9/1/26

101.94

(g)

...................

6,750,000

5,112,385

TEGNA,

Inc.

.00

9/15/29

Callable

9/15/24

102.5

..........................

2,875,000

2,414,258

15,698,884

Consumer

Discretionary

(3.7%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.

.38

3/1/29

Callable

3/1/24

102.69

(g)

........................................................

6,000,000

5,337,512

Caesars

Entertainment,

Inc.

.13

7/1/27

Callable

11/6/23

104.06

(g)

..............

6,050,000

6,078,969

Carnival

Corp.

.00

5/1/29

Callable

11/1/24

103

(g)

..........................

2,875,000

2,455,112

Carnival

Holdings

Bermuda

Ltd.

.38

5/1/28

Callable

5/1/25

105.19

(g)

..........

4,000,000

4,287,398

Cinemark

USA,

Inc.

.25

7/15/28

Callable

7/15/24

102.63

(g)

..................

3,500,000

3,107,526

Life

Time,

Inc.

.00

4/15/26

Callable

11/6/23

104

(g)

.........................

1,500,000

1,470,870

Victory

Portfolios

Victory

Floating

Rate

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Royal

Caribbean

Cruises

Ltd.

.25

1/15/30

Callable

12/15/25

103.63

(g)

...........

3,500,000

3,469,094

The

Goodyear

Tire

Rubber

Co.

.25

7/15/31

Callable

4/15/31

100

.............

4,000,000

3,284,538

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

.13

2/15/31

Callable

11/15/30

100

(g)

...........................................................

6,500,000

6,174,204

35,665,223

Energy

(3.3%):

Apache

Corp.

.10

9/1/40

Callable

3/1/40

100

.............................

4,000,000

3,183,842

Callon

Petroleum

Co.

.00

8/1/28

Callable

8/1/24

104

(g)

..................................

4,500,000

4,505,521

.50

6/15/30

Callable

6/15/25

103.75

(g)

..............................

3,500,000

3,393,561

Comstock

Resources,

Inc.

.75

3/1/29

Callable

3/1/24

103.38

(g)

................................

2,005,000

1,844,867

.88

1/15/30

Callable

1/15/25

102.94

(g)

..............................

6,500,000

5,620,037

New

Fortress

Energy,

Inc.

.50

9/30/26

Callable

11/6/23

103.25

(g)

..............

1,000,000

919,811

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

.00

2/15/28

Callable

11/6/23

103

.......

6,258,000

5,897,250

Permian

Resources

Operating

LLC

.88

7/1/29

Callable

7/1/24

102.94

(g)

..........

4,000,000

3,765,923

Talos

Production,

Inc.

.00

1/15/26

Callable

10/23/23

106

....................

2,130,000

2,220,175

31,350,987

Financials

(1.3%):

Compass

Group

Diversified

Holdings

LLC

.25

4/15/29

Callable

4/15/24

102.63

(g)

3,000,000

2,622,998

Gray

Escrow

II,

Inc.

.38

11/15/31

Callable

11/15/26

102.69

(g)

.................

4,000,000

2,610,738

GTCR

W-2

Merger

Sub

LLC

.50

1/15/31

Callable

1/15/27

103.75

(g)

............

1,000,000

1,001,265

Neptune

Bidco

US,

Inc.

.29

4/15/29

Callable

10/15/25

104.65

(g)

...............

1,250,000

1,132,886

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.

.88

9/1/31

Callable

9/1/26

102.98

(g)

.................................................

6,500,000

4,811,863

12,179,750

Health

Care

(1.1%):

Bausch

Health

Cos.,

Inc.

.13

2/1/27

Callable

2/1/24

103.06

(g)

.................

1,800,000

1,126,769

CHS/Community

Health

Systems,

Inc.

.13

4/1/30

Callable

4/1/25

103.06

(g)

................................

4,500,000

2,306,912

.25

5/15/30

Callable

5/15/25

102.63

(g)

..............................

1,000,000

761,905

LifePoint

Health,

Inc.

.38

1/15/29

Callable

1/15/24

102.69

(g)

.................

300,000

209,943

Radiology

Partners,

Inc.

.25

2/1/28

Callable

11/6/23

104.63

(g)

.................

3,200,000

1,290,303

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

.75

12/1/26

Callable

11/6/23

102.44

(g)

................................................

2,000,000

1,940,396

Team

Health

Holdings,

Inc.

.38

2/1/25

Callable

10/23/23

100

(g)

...............

3,333,000

2,586,603

10,222,831

Industrials

(1.0%):

American

Airlines,

Inc.

.75

7/15/25

(g)

....................................

1,320,000

1,419,000

ITT

Holdings

LLC

.50

8/1/29

Callable

8/1/24

103.25

(g)

.....................

1,750,000

1,496,254

Rand

Parent

LLC

.50

2/15/30

Callable

2/15/26

104.25

(g)

....................

3,650,000

3,375,708

The

Hertz

Corp.

.00

12/1/29

Callable

12/1/24

102.5

(g)

......................

3,200,000

2,508,747

Wabash

National

Corp.

.50

10/15/28

Callable

10/15/24

102.25

(g)

...............

1,450,000

1,224,128

10,023,837

Information

Technology

(0.4%):

Cloud

Software

Group,

Inc.

.50

3/31/29

Callable

9/30/25

103.25

(g)

.............

4,000,000

3,516,707

Materials

(0.2%):

The

Scotts

Miracle-Gro

Co.

.00

4/1/31

Callable

4/1/26

102

....................................

2,000,000

1,538,855

.38

2/1/32

Callable

8/1/26

102.19

..................................

790,000

596,659

2,135,514

Total

Corporate

Bonds

(Cost

$134,753,247)

120,793,733

Yankee

Dollars

(1.1%)

Consumer

Discretionary

(0.5%):

Viking

Ocean

Cruises

Ship

VII

Ltd.

.63

2/15/29

Callable

2/15/24

102.81

(g)

.......

5,125,000

4,681,928

Victory

Portfolios

Victory

Floating

Rate

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Industrials

(0.6%):

Bombardier,

Inc.

.88

4/15/27

Callable

11/6/23

101.97

(g)

.....................

6,000,000

5,853,484

Total

Yankee

Dollars

(Cost

$10,348,814)

10,535,412

U.S.

Treasury

Obligations

(1.9%)

U.S.

Treasury

Bills

.36

10/3/23

(h)

........................................

18,000,000

17,997,368

Total

U.S.

Treasury

Obligations

(Cost

$17,994,750)

17,997,368

Total

Investments

(Cost

$1,056,342,700)

—

97.6%

938,513,786

Other

assets

excess

liabilities

—

2.4%

23,110,008

NET

ASSETS

100.00%

961,623,794

September

30,

2023,

the

Fund's

investments

foreign

securities

were

9.5%

net

assets.

(a)

Amount

represents

less

than

0.05%

net

assets.

(b)

Non-income

producing

security.

(c)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2023.

(d)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2023.

(e)

The

rates

for

this

senior

secured

loan

will

known

settlement

date

the

loan,

subsequent

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

line

with

prevailing

interest

rates.

(f)

Currently

the

issuer

default

with

respect

interest

and/or

principal

payments.

(g)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$111,118,241

and

amounted

11.6%

net

assets.

(h)

Rate

represents

the

effective

yield

September

30,

2023.

bps

—

Basis

points

LIBOR

—

London

Interbank

Offered

Rate

LIBOR03M

—

Month

Dollar

LIBOR,

rate

disclosed

September

30,

2023,

based

the

last

reset

date

the

security.

LIBOR06M

—

Month

Dollar

LIBOR,

rate

disclosed

September

30,

2023,

based

the

last

reset

date

the

security.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

September

30,

2023.

SOFR03M

—

Month

SOFR,

rate

disclosed

September

30,

2023.

SOFR06M

—

Month

SOFR,

rate

disclosed

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

High

Income

Municipal

Bond

(Unaudited)

Security

Description

Principal

Amount

Value

Municipal

Bonds

(98.2%)

Arizona

(7.7%):

Arizona

IDA

Revenue

.00

7/15/51

Continuously

Callable

@100

(a)

.............................

500,000

341,887

.00

12/15/51

Continuously

Callable

@100

(a)

............................

700,000

466,009

Paz

County

IDA

Revenue

.00

2/15/51

Continuously

Callable

@100

.............

280,000

217,003

Maricopa

County

IDA

Revenue

AMT

.00

10/15/47

Continuously

Callable

@104

(a)

....

500,000

401,257

The

County

Pima

IDA

Revenue

.00

6/15/51

Continuously

Callable

@100

(a)

.............................

500,000

349,116

Series

.88

11/15/52

Continuously

Callable

@103

(a)

.....................

250,000

246,418

The

IDA

the

City

Phoenix

Revenue

.00

12/1/51

Continuously

Callable

@100

(a)

1,000,000

694,809

2,716,499

California

(0.4%):

California

County

Tobacco

Securitization

Agency

Revenue

Series

B-1

.00

6/1/49

Continuously

Callable

@100

...........................................

135,000

134,962

Delaware

(0.9%):

Delaware

State

Economic

Development

Authority

Revenue

.00

6/1/52

Continuously

Callable

@100

.....................................................

500,000

328,935

Florida

(7.1%):

Capital

Trust

Agency,

Inc.

Revenue

.38

5/1/53

Continuously

Callable

@100

(a)

.......

250,000

230,242

Escambia

County

Health

Facilities

Authority

Revenue

(INS

Assured

Guaranty

Municipal

Corp.)

.00

8/15/50

Continuously

Callable

@100

.........................

1,000,000

658,329

Florida

Development

Finance

Corp.

Revenue

.00

7/1/55

Continuously

Callable

@100

...............................

500,000

355,559

.25

10/1/56

Continuously

Callable

@100

(a)

.............................

500,000

434,740

Pinellas

County

Educational

Facilities

Authority

Revenue

Series

.00

6/1/46

Continuously

Callable

@100

(a)

.........................................

500,000

339,172

Seminole

County

IDA

Revenue

.00

6/15/56

Continuously

Callable

@100

(a)

.........

705,000

467,097

2,485,139

Georgia

(2.6%):

The

Burke

County

Development

Authority

Revenue

Series

.30

11/1/48

Continuously

Callable

@100

(b)

...................................................

900,000

Illinois

(8.5%):

Chicago

Board

Education

Dedicated

Capital

Improvement

Tax

Revenue

.00

4/1/46

Continuously

Callable

@100

...........................................

1,500,000

1,532,489

Chicago

O'Hare

International

Airport

Revenue

AMT

.63

1/1/53

Continuously

Callable

@100

...........................................................

500,000

457,438

City

Chicago,

Series

.50

1/1/49

Continuously

Callable

@100

.............

1,000,000

1,006,603

2,996,530

Indiana

(3.9%):

Indiana

Finance

Authority

Revenue

.13

12/1/26

....................................................

1,000,000

974,393

Series

.00

7/1/55

Continuously

Callable

@100

.........................

500,000

409,428

1,383,821

Iowa

(1.8%):

Iowa

Finance

Authority

Revenue

Series

.00

5/15/48

Continuously

Callable

@100

........................

500,000

358,343

Series

A-1

.00

5/15/55

Continuously

Callable

@103

......................

500,000

284,592

642,935

Kansas

(0.5%):

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

.75

3/1/41

Continuously

Callable

@103

(a)

.........................................

200,000

188,199

Kentucky

(1.3%):

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Series

.00

5/15/52

Continuously

Callable

@100

...........................................

500,000

447,032

Maryland

(0.4%):

Maryland

Economic

Development

Corp.

Revenue

.25

7/1/50

Continuously

Callable

@100

...........................................................

200,000

157,337

Victory

Portfolios

Victory

High

Income

Municipal

Bond

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Massachusetts

(1.4%):

Massachusetts

Development

Finance

Agency

Revenue

.00

10/1/32

Continuously

Callable

@104

(a)

.............................

300,000

260,571

.00

7/1/47

Continuously

Callable

@100

...............................

250,000

227,729

488,300

Minnesota

(0.8%):

City

Woodbury

Revenue

.00

7/1/51

Continuously

Callable

@103

...............

400,000

265,221

Missouri

(1.2%):

Health

Educational

Facilities

Authority

the

State

Missouri

Revenue

.25

12/1/42

Continuously

Callable

@100

(a)

.........................................

500,000

420,234

New

Hampshire

(1.0%):

New

Hampshire

Business

Finance

Authority

Revenue

.00

1/1/51

Continuously

Callable

@103

...........................................................

500,000

354,683

New

Jersey

(4.3%):

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(LOC

Valley

National

Bank)

Series

.50

7/1/35

Continuously

Callable

@100

(b)

......................

400,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

12/15/38

(c)

................................................

1,500,000

697,341

Series

.50

6/15/46

Continuously

Callable

@100

......................

500,000

396,032

1,493,373

New

Mexico

(2.2%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

Series

.00

7/1/49

Continuously

Callable

@102

...........................................

500,000

381,881

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

.25

5/1/40

Continuously

Callable

@103

(a)

...................................

500,000

393,783

775,664

New

York

(10.8%):

Build

NYC

Resource

Corp.

Revenue

.00

6/15/51

Continuously

Callable

@100

(a)

.............................

500,000

329,288

.75

6/1/52

Continuously

Callable

@100

(a)

.............................

250,000

236,959

.75

6/1/62

Continuously

Callable

@100

(a)

.............................

250,000

236,056

Series

.00

6/15/51

Continuously

Callable

@100

(a)

......................

100,000

76,912

Metropolitan

Transportation

Authority

Revenue

Series

A-2

.00

11/15/45

(Put

Date

5/15/30)

(d)

...........................

365,000

382,208

Series

D-3

.00

11/15/49

Continuously

Callable

@100

.....................

500,000

414,076

Monroe

County

Industrial

Development

Corp.

Revenue

.00

12/1/46

Continuously

Callable

@100

.....................................................

600,000

553,420

New

York

State

Dormitory

Authority

Revenue

.00

7/1/40

Continuously

Callable

@100

(a)

.............................

1,000,000

841,249

.00

7/1/40

Continuously

Callable

@100

...............................

200,000

165,838

Onondaga

Civic

Development

Corp.

Revenue

.00

10/1/40

Continuously

Callable

@100

250,000

213,291

Western

Regional

Off-Track

Betting

Corp.

Revenue

.13

12/1/41

Continuously

Callable

@100

(a)

.........................................................

500,000

350,909

3,800,206

North

Carolina

(0.6%):

North

Carolina

Medical

Care

Commission

Revenue

.00

10/1/50

Continuously

Callable

@103

...........................................................

250,000

193,567

North

Dakota

(2.5%):

City

Grand

Forks

Revenue

.00

12/1/36

Continuously

Callable

@100

............

1,000,000

873,656

Ohio

(2.3%):

County

Hardin

Revenue

.50

5/1/50

Continuously

Callable

@103

...............

500,000

392,638

Northeast

Ohio

Medical

University

Revenue

Series

.00

12/1/45

Continuously

Callable

@100

...........................................................

225,000

177,599

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

9/1/47

Continuously

Callable

@100

...........................................................

250,000

249,922

820,159

Oregon

(1.9%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

.00

11/15/52

Continuously

Callable

@102

.......................

500,000

405,097

Series

.38

11/15/55

Continuously

Callable

@102

.......................

100,000

84,811

Victory

Portfolios

Victory

High

Income

Municipal

Bond

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Yamhill

County

Hospital

Authority

Revenue

Series

.00

11/15/51

Continuously

Callable

@103

...........................................................

250,000

178,090

667,998

Pennsylvania

(4.0%):

Bucks

County

IDA

Revenue

.00

7/1/54

Continuously

Callable

@100

..............

500,000

394,924

Chester

County

IDA

Revenue

.00

10/15/52

Continuously

Callable

@100

(a)

.........

500,000

461,150

Pennsylvania

Economic

Development

Financing

Authority

Revenue

AMT

.00

4/1/51

(Put

Date

4/13/28)

(a)

(d)

.................................................

500,000

548,884

1,404,958

South

Carolina

(5.1%):

County

Lancaster

Special

Assessment

Series

2016

A-1

.00

12/1/37

Continuously

Callable

@100

.....................................................

1,675,000

1,561,092

County

Richland

Special

Assessment

.63

11/1/31

Continuously

Callable

@103

(a)

...

290,000

228,849

1,789,941

Texas

(4.6%):

City

Houston

Texas

Airport

System

Revenue

AMT

Series

.00

7/15/41

Continuously

Callable

@100

.....................................................

750,000

622,103

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

AMT

Series

2013

.00

12/31/38

Continuously

Callable

@100

...................................

1,000,000

1,001,305

1,623,408

Utah

(5.6%):

Military

Installation

Development

Authority

Revenue

Series

A-1

.00

6/1/41

Continuously

Callable

@103

.......................

250,000

185,479

Series

A-1

.00

6/1/52

Continuously

Callable

@103

.......................

250,000

160,920

Utah

Charter

School

Finance

Authority

Revenue

.75

4/15/50

Continuously

Callable

@100

...............................

525,000

303,873

Series

.63

6/15/42

Continuously

Callable

@100

(a)

......................

250,000

233,264

Utah

Infrastructure

Agency

Revenue

Series

.38

10/15/40

Continuously

Callable

@100

1,150,000

1,089,473

1,973,009

Vermont

(4.3%):

Vermont

Economic

Development

Authority

Revenue

.00

5/1/45

Continuously

Callable

@103

...........................................................

500,000

377,907

Vermont

Educational

Health

Buildings

Financing

Agency

Revenue

.00

10/15/46

Continuously

Callable

@100

..............................

750,000

650,167

.00

10/1/52

Continuously

Callable

@100

(a)

.............................

500,000

482,461

1,510,535

West

Virginia

(2.9%):

Monongalia

County

Commission

Excise

Tax

District

Revenue

Series

2017

.75

6/1/43

Continuously

Callable

@100

(a)

.........................................

1,000,000

1,010,189

Wisconsin

(7.6%):

Public

Finance

Authority

Revenue

.00

4/1/52

Continuously

Callable

@100

(a)

.............................

500,000

347,542

.88

6/1/52

Continuously

Callable

@100

(a)

.............................

250,000

223,981

Series

.25

12/1/51

Continuously

Callable

@100

(a)

......................

500,000

337,055

Series

.25

3/1/55

Continuously

Callable

@100

(a)

.......................

500,000

389,143

Series

.00

7/1/55

Continuously

Callable

@100

(a)

.......................

500,000

370,423

Series

A-1

.00

7/1/51

Continuously

Callable

@100

(a)

.....................

500,000

351,870

Wisconsin

Health

Educational

Facilities

Authority

Revenue

.00

1/1/47

Continuously

Callable

@103

...............................

500,000

328,425

.00

12/1/51

Continuously

Callable

@100

...............................

500,000

315,843

2,664,282

Total

Municipal

Bonds

(Cost

$42,488,565)

34,510,772

Total

Investments

(Cost

$42,488,565)

—

98.2%

34,510,772

Other

assets

excess

liabilities

—

1.8%

634,547

NET

ASSETS

100.00%

35,145,319

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$12,289,718

and

amounted

35.0%

net

assets.

(b)

Variable

Rate

Demand

Notes

that

provide

the

rights

sell

the

security

face

value

either

that

day

within

the

rate-reset

period.

The

interest

rate

reset

the

put

date

stipulated

daily,

weekly,

monthly,

quarterly,

other

specified

time

interval

reflect

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description.

Victory

Portfolios

Victory

High

Income

Municipal

Bond

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

(c)

Zero-coupon

bond.

(d)

Put

Bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

the

provider

the

enhancement

support

the

issuer’s

ability

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

provided

high-quality

bank,

insurance

company

other

corporation,

collateral

trust.

The

enhancements

not

guarantee

the

market

values

the

securities.

INS

—

Principal

and

interest

payments

are

insured

the

name

listed.

Although

bond

insurance

reduces

the

risk

loss

due

default

issuer,

such

bonds

remain

subject

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

assurance

that

the

insurance

company

will

meet

its

obligations.

LOC

—

Principal

and

interest

payments

are

guaranteed

bank

letter

credit

other

bank

credit

agreement.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

High

Yield

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(0.3%)

Communication

Services

(0.1%):

Altice

USA,

Inc.

Class

(a)

...............................................

38,825

126,958

iHeartMedia,

Inc.

Class

(a)

..............................................

30,500

96,380

223,338

Consumer

Discretionary

(0.2%):

Men's

Wearhouse,

Inc.

...................................................

31,563

336,682

Health

Care

(0.0%):

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

Total

Common

Stocks

(Cost

$820,358)

560,020

Principal

Amount

Senior

Secured

Loans

(13.1%)

Communication

Services

(1.3%):

Intelsat

Jackson

Holdings

SA,

Term

loan,

First

Lien

.62

(

SOFR03M

425

bps

)

2/1/29

(c)

2,574,604

2,566,417

Consumer

Discretionary

(5.2%):

Carnival

Corp.,

Initial

Advance,

First

Lien

.33

(

SOFR01M

300

bps

)

8/8/27

(c)

........

648,375

645,944

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

First

Lien

.87

(

SOFR03M

350

bps

)

8/21/26

(c)

........................................................

1,535,675

1,488,960

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

First

Lien

.83

(

SOFR01M

350

bps

)

8/21/26

(c)

........................................................

3,999

3,878

Delta

Air

Lines,

Inc.

and

SkyMiles

Ltd.,

Initial

Term

Loan,

First

Lien

.08

(

SOFR03M

375

bps

)

10/20/27

(c)

.......................................

1,959,200

2,027,047

Jo-Ann

Stores

LLC,

Term

B-1

Loan,

First

Lien

.10

(

SOFR03M

475

bps

)

6/30/28

(c)

...

1,554,737

489,742

Petco

Health

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

.49

(

SOFR03M

325

bps

)

2/25/28

(c)

........................................................

1,374,297

1,357,118

The

Michaels

Cos.,

Inc.,

Term

Loans,

First

Lien

.49

(

SOFR03M

425

bps

)

4/15/28

(c)

930,198

846,899

Uber

Technologies,

Inc.,

2023

Refinancing

Term

Loan,

First

Lien

.16

(

SOFR03M

275

bps

)

3/3/30

(c)

.........................................................

1,250,000

1,248,862

WestJet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien

.32

(

SOFR01M

300

bps

)

12/11/26

(c)

2,014,435

1,969,956

10,078,406

Energy

(0.9%):

Traverse

Midstream

Partners

LLC,

Advance,

First

Lien

.12

(

SOFR03M

375

bps

)

9/27/24

(c)

........................................................

1,703,690

1,698,903

Financials

(2.9%):

Covis

Pharma

Holdings

S.a.r.l.,

Dollar

Term

Loans,

First

Lien

.74

(

SOFR03M

650

bps

)

2/14/27

(c)

........................................................

1,996,016

1,417,171

Diamond

Sports

Group

LLC,

Term

Loan

Second

Lien,

Second

Lien

.58

(

SOFR01M

525

bps

)

8/24/26

(c)

(d)

......................................

7,004,250

136,583

Diamond

Sports

Group

LLC,

Term

Loan,

First

Lien

.33

(

SOFR01M

1000

bps

)

5/25/26

(c)

........................................................

519,695

261,578

Fertitta

Entertainment

LLC,

Initial

Term

Loan,

First

Lien

.33

(

SOFR01M

400

bps

)

1/27/29

(c)

........................................................

2,984,848

2,951,269

Knight

Health

Holdings

LLC,

Term

Loans,

First

Lien

.58

(

SOFR01M

525

bps

)

12/23/28

(c)

.......................................................

3,930,000

916,987

5,683,588

Health

Care

(2.3%):

Air

Methods

Corp.,

Initial

Term

Loans,

First

Lien

.69

(

LIBOR03M

350

bps

)

4/21/24

(c)

1,928,205

557,984

Envision

Healthcare

Corp.,

Third

Out

Term

Loans,

First

Lien

.99

(

SOFR03M

375

bps

)

3/31/27

(c)

(d)

......................................................

858,207

1,287

LifeScan

Global

Corp.,

Term

Loan,

First

Lien

.65

(

SOFR06M

650

bps

)

12/31/26

(c)

...

2,315,660

1,825,504

Radiology

Partners,

Inc.,

Term

Loan

New,

First

Lien

.75

(

SOFR06M

425

bps

)

7/9/25

(c)

1,506,816

1,129,087

Victory

Portfolios

Victory

High

Yield

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

First

Lien

.58

(

SOFR01M

525

bps

)

2/2/27

(c)

.........................................

1,270,003

958,853

4,472,715

Industrials

(0.5%):

Cengage

Learning,

Inc.,

Term

Loan,

First

Lien

.32

(

SOFR03M

475

bps

)

7/14/26

(c)

1,000,000

994,000

Total

Senior

Secured

Loans

(Cost

$36,441,838)

25,494,029

Corporate

Bonds

(69.8%)

Communication

Services

(8.5%):

AMC

Networks,

Inc.

.75

8/1/25

Callable

11/6/23

100

.......................

1,000,000

922,140

Audacy

Capital

Corp.

.50

5/1/27

Callable

10/23/23

103.25

(e)

..............................

3,500,000

62,235

.75

3/31/29

Callable

3/31/24

103.38

(e)

(f)

............................

4,200,000

78,999

CSC

Holdings

LLC

.50

2/1/29

Callable

2/1/24

103.25

(e)

.....................

2,800,000

2,320,419

Cumulus

Media

New

Holdings,

Inc.

.75

7/1/26

Callable

11/6/23

101.69

(e)

(f)

......

2,635,000

1,996,352

Gray

Television,

Inc.

.00

5/15/27

Callable

10/16/23

103.5

(e)

..................

1,000,000

857,881

iHeartCommunications,

Inc.

.38

5/1/27

Callable

10/23/23

102.09

(f)

.............

1,635,000

1,172,107

Nexstar

Media,

Inc.

.63

7/15/27

Callable

10/16/23

102.81

(e)

..................

250,000

222,546

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.

.25

1/15/29

Callable

1/15/24

102.13

(e)

......................................................

2,375,000

1,881,493

Scripps

Escrow

II,

Inc.

.38

1/15/31

Callable

1/15/26

102.69

(e)

(f)

...............

2,600,000

1,626,182

Sinclair

Television

Group,

Inc.

.50

3/1/30

Callable

12/1/24

102.75

(e)

(f)

..........

3,500,000

1,877,862

Sirius

Radio,

Inc.

.88

9/1/31

Callable

9/1/26

101.94

(e)

...................

2,900,000

2,196,432

TEGNA,

Inc.

.00

9/15/29

Callable

9/15/24

102.5

(f)

.........................

1,500,000

1,259,613

16,474,261

Consumer

Discretionary

(18.3%):

Academy

Ltd.

.00

11/15/27

Callable

11/15/23

103

(e)

........................

1,800,000

1,695,795

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.

.38

3/1/29

Callable

3/1/24

102.69

(e)

(f)

.......................................................

3,000,000

2,668,756

Beazer

Homes

USA,

Inc.

.88

10/15/27

Callable

10/23/23

101.96

...............

3,000,000

2,741,338

Caesars

Entertainment,

Inc.

.13

7/1/27

Callable

11/6/23

104.06

(e)

..............

3,755,000

3,772,980

Carnival

Corp.

.00

5/1/29

Callable

11/1/24

103

(e)

..........................

1,000,000

853,952

Carnival

Holdings

Bermuda

Ltd.

.38

5/1/28

Callable

5/1/25

105.19

(e)

..........

2,470,000

2,647,468

Cinemark

USA,

Inc.

.25

7/15/28

Callable

7/15/24

102.63

(e)

(f)

.................

2,625,000

2,330,645

Hanesbrands,

Inc.

.88

5/15/26

Callable

2/15/26

100

(e)

(f)

.....................

1,000,000

918,582

LBM

Acquisition

LLC

.25

1/15/29

Callable

1/15/24

103.13

(e)

.................

1,750,000

1,435,482

Life

Time,

Inc.

.75

1/15/26

Callable

11/6/23

102.88

(e)

..............................

2,125,000

2,056,822

.00

4/15/26

Callable

11/6/23

104

(e)

................................

500,000

490,290

PetSmart,

Inc./PetSmart

Finance

Corp.

.75

2/15/29

Callable

2/15/24

103.88

(e)

.....

1,100,000

1,025,461

Royal

Caribbean

Cruises

Ltd.

.25

1/15/30

Callable

12/15/25

103.63

(e)

...........

2,500,000

2,477,924

Scientific

Games

Holdings

LP/Scientific

Games

FinCo.,

Inc.

.63

3/1/30

Callable

3/1/25

103.31

(e)

.................................................

2,000,000

1,725,944

Scientific

Games

International,

Inc

.00

5/15/28

Callable

11/6/23

103.5

(e)

.........

2,625,000

2,581,069

Station

Casinos

LLC

.50

2/15/28

Callable

11/6/23

102.25

(e)

..................

1,500,000

1,308,558

The

Goodyear

Tire

Rubber

Co.

.25

7/15/31

Callable

4/15/31

100

(f)

...........

2,000,000

1,642,269

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

.13

2/15/31

Callable

11/15/30

100

(e)

...........................................................

3,300,000

3,134,596

35,507,931

Consumer

Staples

(0.9%):

Post

Holdings,

Inc.

.50

9/15/31

Callable

9/15/26

102.25

(e)

...................

2,000,000

1,665,522

Energy

(11.7%):

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

.38

6/15/29

Callable

6/15/24

102.69

(e)

................................................

1,084,000

992,938

Antero

Resources

Corp.

.63

2/1/29

Callable

2/1/24

103.81

(e)

..................

1,500,000

1,519,275

Callon

Petroleum

Co.

.00

8/1/28

Callable

8/1/24

104

(e)

(f)

................................

1,223,000

1,224,500

.50

6/15/30

Callable

6/15/25

103.75

(e)

(f)

............................

1,750,000

1,696,780

Victory

Portfolios

Victory

High

Yield

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

CITGO

Petroleum

Corp.

.00

6/15/25

Callable

11/6/23

101.75

(e)

..............................

2,500,000

2,463,085

.38

1/15/29

Callable

10/15/25

104.19

(e)

.............................

1,500,000

1,498,125

Comstock

Resources,

Inc.

.75

3/1/29

Callable

3/1/24

103.38

(e)

................

4,251,000

3,911,487

New

Fortress

Energy,

Inc.

.50

9/30/26

Callable

11/6/23

103.25

(e)

...............

1,000,000

919,811

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

.00

2/15/28

Callable

11/6/23

103

.......

3,750,000

3,533,827

Permian

Resources

Operating

LLC

.88

7/1/29

Callable

7/1/24

102.94

(e)

..........

1,500,000

1,412,221

Energy

Co.

.63

6/1/25

Callable

11/6/23

100

...........................

1,500,000

1,468,586

Talos

Production,

Inc.

.00

1/15/26

Callable

10/23/23

106

....................

2,000,000

2,084,672

22,725,307

Financials

(7.6%):

Compass

Group

Diversified

Holdings

LLC

.25

4/15/29

Callable

4/15/24

102.63

(e)

1,300,000

1,136,633

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC

.50

10/1/30

Callable

10/1/26

104.25

(e)

.........................................................

1,500,000

1,500,225

Gray

Escrow

II,

Inc.

.38

11/15/31

Callable

11/15/26

102.69

(e)

.................

1,950,000

1,272,735

GTCR

W-2

Merger

Sub

LLC

.50

1/15/31

Callable

1/15/27

103.75

(e)

............

1,500,000

1,501,897

Neptune

Bidco

US,

Inc.

.29

4/15/29

Callable

10/15/25

104.65

(e)

...............

625,000

566,443

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.

.63

9/1/29

Callable

9/1/24

102.81

(e)

(f)

..............................

2,000,000

1,537,853

.88

9/1/31

Callable

9/1/26

102.98

(e)

(f)

..............................

4,800,000

3,553,376

Stagwell

Global

LLC

.63

8/15/29

Callable

8/15/24

102.81

(e)

..................

3,250,000

2,625,781

White

Cap

Parent

LLC

.25

3/15/26

Callable

11/6/23

101

(e)

(g)

.................

1,100,000

1,062,373

14,757,316

Health

Care

(2.9%):

Bausch

Health

Cos.,

Inc.

.13

2/1/27

Callable

2/1/24

103.06

(e)

.................

1,200,000

751,179

CHS/Community

Health

Systems,

Inc.

.13

4/1/30

Callable

4/1/25

103.06

(e)

.......

2,550,000

1,307,250

LifePoint

Health,

Inc.

.38

1/15/29

Callable

1/15/24

102.69

(e)

..................

1,900,000

1,329,636

Radiology

Partners,

Inc.

.25

2/1/28

Callable

11/6/23

104.63

(e)

.................

3,685,000

1,485,865

Team

Health

Holdings,

Inc.

.38

2/1/25

Callable

10/23/23

100

(e)

................

850,000

659,650

5,533,580

Industrials

(10.1%):

American

Airlines,

Inc.

.75

7/15/25

(e)

....................................

1,000,000

1,075,000

Chart

Industries,

Inc.

.50

1/1/30

Callable

1/1/26

103.75

(e)

....................

1,375,000

1,382,056

ITT

Holdings

LLC

.50

8/1/29

Callable

8/1/24

103.25

(e)

.....................

2,000,000

1,710,005

Madison

IAQ

LLC

.88

6/30/29

Callable

6/30/24

102.94

(e)

...................

1,250,000

1,006,044

NESCO

Holdings

II,

Inc.

.50

4/15/29

Callable

4/15/24

102.75

(e)

...............

2,050,000

1,806,364

Rand

Parent

LLC

.50

2/15/30

Callable

2/15/26

104.25

(e)

(f)

...................

1,700,000

1,572,248

SRS

Distribution,

Inc.

.00

12/1/29

Callable

12/1/24

103

(e)

....................

2,150,000

1,813,615

The

Hertz

Corp.

.00

12/1/29

Callable

12/1/24

102.5

(e)

......................

3,625,000

2,841,940

TransDigm,

Inc.

.63

1/15/29

Callable

1/15/24

102.31

.......................

3,325,000

2,899,934

Wabash

National

Corp.

.50

10/15/28

Callable

10/15/24

102.25

(e)

...............

1,500,000

1,266,339

WESCO

Distribution,

Inc.

.25

6/15/28

Callable

11/6/23

103.63

(e)

..............

2,250,000

2,265,460

19,639,005

Information

Technology

(2.5%):

Central

Parent

LLC/CDK

Global

LLC/CDK

Financing

Co.,

Inc.

.00

6/15/29

Callable

6/15/25

104

(e)

...................................................

1,750,000

1,748,798

Cloud

Software

Group,

Inc.

.50

3/31/29

Callable

9/30/25

103.25

(e)

..............................

2,250,000

1,978,147

.00

9/30/29

Callable

9/30/25

104.5

(e)

...............................

1,300,000

1,132,911

4,859,856

Materials

(4.5%):

Arsenal

AIC

Parent

LLC

.00

10/1/30

Callable

10/1/26

104

(e)

..................

875,000

870,443

ATI,

Inc.

.13

10/1/31

Callable

10/1/26

102.56

.............................

3,000,000

2,586,011

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.

.13

6/15/28

Callable

6/15/24

103.06

(e)

2,550,000

2,295,202

Glatfelter

Corp.

.75

11/15/29

Callable

11/1/24

102.38

(e)

(f)

...................

1,500,000

986,263

The

Scotts

Miracle-Gro

Co.

.00

4/1/31

Callable

4/1/26

102

....................................

1,275,000

981,020

.38

2/1/32

Callable

8/1/26

102.19

..................................

1,225,000

925,200

8,644,139

Victory

Portfolios

Victory

High

Yield

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Real

Estate

(1.7%):

Adams

Homes,

Inc.

.50

2/15/25

Callable

10/23/23

101.88

(e)

..................

3,371,000

3,346,930

Utilities

(1.1%):

Calpine

Corp.

.13

3/15/28

Callable

11/6/23

102.56

(e)

.......................

2,500,000

2,226,319

Total

Corporate

Bonds

(Cost

$157,985,855)

135,380,166

Yankee

Dollars

(11.5%)

Communication

Services

(1.3%):

Telesat

Canada/Telesat

LLC

.63

12/6/26

Callable

12/6/23

102.81

(e)

.............

3,750,000

2,586,641

Consumer

Discretionary

(3.1%):

International

Game

Technology

PLC

.25

1/15/29

Callable

1/15/24

102.63

(e)

.......

2,000,000

1,843,904

Ontario

Gaming

GTA

.00

8/1/30

Callable

8/1/25

104

(e)

...................

900,000

897,117

Viking

Ocean

Cruises

Ship

VII

Ltd.

.63

2/15/29

Callable

2/15/24

102.81

(e)

.......

3,500,000

3,197,414

5,938,435

Energy

(1.3%):

Northriver

Midstream

Finance

.63

2/15/26

Callable

11/6/23

101.41

(e)

.........

900,000

857,590

Seadrill

Finance

Ltd.

.38

8/1/30

Callable

8/1/26

104.19

(e)

....................

875,000

890,039

TechnipFMC

PLC

.50

2/1/26

Callable

11/6/23

103.25

(e)

.....................

800,000

787,539

2,535,168

Financials

(1.0%):

Adient

Global

Holdings

Ltd.

.25

4/15/31

Callable

4/15/26

104.13

(e)

.............

2,000,000

2,002,500

Industrials

(3.2%):

Bombardier,

Inc.

.88

4/15/27

Callable

11/6/23

101.97

(e)

.....................

3,500,000

3,414,532

Titan

Acquisition

Ltd./Titan

Co-Borrower

LLC

.75

4/15/26

Callable

11/6/23

100

(e)

750,000

734,843

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

.38

2/1/30

Callable

2/1/25

103.19

(e)

......................................................

2,750,000

2,124,577

6,273,952

Information

Technology

(0.6%):

ION

Trading

Technologies

Sarl

.75

5/15/28

Callable

5/15/24

102.88

(e)

...........

1,250,000

1,087,702

Materials

(1.0%):

INEOS

Finance

PLC

.75

5/15/28

Callable

2/15/25

103.38

(e)

(f)

................

1,964,000

1,837,843

Total

Yankee

Dollars

(Cost

$23,758,210)

22,262,241

U.S.

Government

Mortgage-Backed

Agencies

(2.5%)

Federal

Home

Loan

Bank

.20

10/2/23

(h)

..................................................

4,900,000

4,897,829

Total

U.S.

Government

Mortgage-Backed

Agencies

(Cost

$4,899,292)

4,897,829

Collateral

for

Securities

Loaned

(9.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(i)

........

4,407,705

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(i)

............

4,407,705

Invesco

Government

Agency

Portfolio,

Institutional

.26

(i)

................

4,407,705

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(i)

4,407,705

Total

Collateral

for

Securities

Loaned

(Cost

$17,630,820)

17,630,820

Total

Investments

(Cost

$241,536,373)

—

106.3%

206,225,105

Liabilities

excess

other

assets

—

(6.3)%

(

12,148,468

)

NET

ASSETS

100.00%

194,076,637

September

30,

2023,

the

Fund's

investments

foreign

securities

were

15.4%

net

assets.

Victory

Portfolios

Victory

High

Yield

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2023.

(c)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2023.

(d)

Currently

the

issuer

default

with

respect

interest

and/or

principal

payments.

(e)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$135,425,690

and

amounted

69.8%

net

assets.

(f)

All

portion

this

security

loan.

(g)

9.00%

the

coupon

may

PIK.

(h)

Rate

represents

the

effective

yield

September

30,

2023.

(i)

Rate

disclosed

the

daily

yield

September

30,

2023.

bps

—

Basis

points

LIBOR

—

London

Interbank

Offered

Rate

LIBOR03M

—

Month

Dollar

LIBOR,

rate

disclosed

September

30,

2023,

based

the

last

reset

date

the

security.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

September

30,

2023.

SOFR03M

—

Month

SOFR,

rate

disclosed

September

30,

2023.

SOFR06M

—

Month

SOFR,

rate

disclosed

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

(Unaudited)

Security

Description

Principal

Amount

Value

Asset-Backed

Securities

(16.5%)

ABS

Auto

(14.4%):

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1

Class

.89

10/19/26

Callable

4/18/25

100

.....................................................

1,815,000

1,698,784

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-8A

Class

.66

2/20/30

(a)

750,000

743,337

CarMax

Auto

Owner

Trust

Series

2020-4

Class

.85

6/15/26

Callable

10/15/24

100

434,000

407,059

Chesapeake

Funding

LLC

Series

2023-2A

Class

.16

10/15/35

(a)

.............

250,000

249,866

Chesapeake

Funding

LLC

Series

2023-2A

Class

.15

10/15/35

(a)

..............

382,000

380,308

Drive

Auto

Receivables

Trust

Series

2021-2

Class

.39

3/15/29

Callable

4/15/25

100

500,000

468,250

Auto

Owner

Trust

Series

2020-1A

Class

.48

2/16/27

Callable

8/15/24

100

(a)

500,000

485,562

Ent

Auto

Receivables

Trust

Series

2023-1A

Class

.26

11/15/29

Callable

3/15/28

100

(a)

...........................................................

250,000

250,009

Ford

Credit

Auto

Lease

Trust

Series

2023-B

Class

.20

2/15/27

Callable

3/15/26

100

250,000

249,539

Ford

Credit

Auto

Lease

Trust

Series

2023-B

Class

.43

4/15/27

Callable

3/15/26

100

393,000

392,048

Foursight

Capital

Automobile

Receivables

Trust

Series

2023-1

Class

.39

12/15/27

Callable

12/15/25

100

(a)

...........................................

1,460,000

1,442,047

Financial

Automobile

Leasing

Trust

Series

2022-1

Class

.64

2/20/26

Callable

6/20/24

100

.....................................................

750,000

726,085

Financial

Consumer

Automobile

Receivables

Trust

Series

2021-2

Class

.28

1/19/27

Callable

3/16/25

100

........................................

886,000

820,544

Hertz

Vehicle

Financing

III

LLC

Series

2023-3A

Class

.53

2/25/28

(a)

...........

750,000

749,033

JPMorgan

Chase

Bank

Series

2021-2

Class

.89

12/26/28

Callable

6/25/25

100

(a)

...........................................................

232,645

225,921

OCCU

Auto

Receivables

Trust

Series

2023-1A

Class

.29

9/17/29

Callable

10/15/27

100

(a)

.........................................................

462,500

463,989

Santander

Drive

Auto

Receivables

Trust

Series

2021-2

Class

.90

6/15/26

Callable

3/15/25

100

.....................................................

397,091

393,219

Santander

Drive

Auto

Receivables

Trust

Series

2021-3

Class

.95

9/15/27

Callable

5/15/25

100

.....................................................

619,584

610,294

Santander

Drive

Auto

Receivables

Trust

Series

2023-1

Class

.98

2/15/28

Callable

12/15/25

100

....................................................

550,000

540,068

Santander

Drive

Auto

Receivables

Trust

Series

2022-2

Class

.44

9/15/27

Callable

8/15/25

100

.....................................................

750,000

728,543

Santander

Drive

Auto

Receivables

Trust

Series

2021-1

Class

.75

2/17/26

Callable

12/15/24

100

....................................................

82,625

82,469

Santander

Retail

Auto

Lease

Trust

Series

2021-A

Class

.14

3/20/26

Callable

2/20/24

100

(a)

.........................................................

2,200,000

2,153,970

Tesla

Auto

Lease

Trust

Series

2023-B

Class

.22

3/22/27

Callable

11/20/25

100

(a)

223,000

223,005

United

Auto

Credit

Securitization

Trust

Series

2022-1

Class

.61

6/10/27

Callable

11/10/25

100

(a)

..................................................

628,489

623,360

Westlake

Automobile

Receivables

Trust

Series

2022-1A

Class

.11

3/15/27

Callable

8/15/25

100

(a)

...................................................

1,000,000

964,088

Westlake

Automobile

Receivables

Trust

Series

2021-2A

Class

.89

7/15/26

Callable

5/15/25

100

(a)

...................................................

1,223,000

1,181,528

Westlake

Automobile

Receivables

Trust

Series

2023-1A

Class

.41

1/18/28

Callable

3/15/26

100

(a)

...................................................

750,000

739,467

Westlake

Automobile

Receivables

Trust

Series

2023-2A

Class

.14

3/15/28

Callable

6/15/26

100

(a)

...................................................

1,500,000

1,495,570

Westlake

Automobile

Receivables

Trust

Series

2021-1A

Class

.95

3/16/26

Callable

1/15/25

100

(a)

...................................................

1,001,795

987,147

Westlake

Automobile

Receivables

Trust

Series

2020-3A

Class

.34

6/15/26

Callable

8/15/24

100

(a)

...................................................

500,000

485,461

20,960,570

ABS

Card

(0.3%):

Trillium

Credit

Card

Trust

Series

2023-3A

Class

.26

8/28/28

(a)

..............

500,000

500,232

ABS

Other

(1.8%):

CARS-DB7

Series

2023-1A

Class

.75

9/15/53

Callable

9/15/28

100

(a)

.....

500,000

490,587

Daimler

Trucks

Retail

Trust

Series

2023-1

Class

.90

3/15/27

Callable

9/15/26

100

600,000

600,060

HPEFS

Equipment

Trust

Series

2023-2A

Class

.48

1/21/31

Callable

12/20/26

100

(a)

...........................................................

750,000

751,573

SCF

Equipment

Leasing

LLC

Series

2019-2A

Class

.11

6/21/27

Callable

11/20/24

100

(a)

...........................................................

300,000

289,258

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Vantage

Data

Centers

Issuer

LLC

Series

2019-1A

Class

.19

7/15/44

Callable

10/15/23

100

(a)

..................................................

479,583

466,138

2,597,616

Total

Asset-Backed

Securities

(Cost

$24,468,586)

24,058,418

Collateralized

Mortgage

Obligations

(20.0%)

Commercial

MBS

(20.0%):

Banc

America

Commercial

Mortgage

Trust

Series

2015-UBS7

Class

.71

9/15/48

Callable

9/15/25

100

..............................................

1,000,000

946,384

Bank

Series

2017-BNK9

Class

.28

11/15/54

Callable

12/15/29

100

..........

821,746

761,603

CFCRE

Commercial

Mortgage

Trust

Series

2016-C3

Class

.87

1/10/48

Callable

1/10/26

100

.....................................................

925,000

873,478

CFCRE

Commercial

Mortgage

Trust

Series

2016-C4

Class

.28

5/10/58

Callable

5/10/26

100

.....................................................

489,000

454,546

CFCRE

Commercial

Mortgage

Trust

Series

2016-C3

Class

.60

1/10/48

Callable

1/10/26

100

.....................................................

494,860

468,664

Citigroup

Commercial

Mortgage

Trust

Series

2015-GC29

Class

.19

4/10/48

Callable

4/10/25

100

.....................................................

500,000

476,874

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

.90

7/10/49

Callable

7/10/26

100

.....................................................

1,226,000

1,121,706

Citigroup

Commercial

Mortgage

Trust

Series

2015-GC33

Class

.78

9/10/58

Callable

5/10/26

100

.....................................................

1,502,000

1,425,571

Citigroup

Commercial

Mortgage

Trust

Series

2015-P1

Class

.72

9/15/48

Callable

5/15/26

100

.....................................................

500,000

476,700

COMM

Mortgage

Trust

Series

2015-CR25

Class

.76

8/10/48

Callable

8/10/25

100

.............................................................

1,219,000

1,165,244

CSAIL

Commercial

Mortgage

Trust

Series

2015-C3

Class

.72

8/15/48

Callable

8/15/25

100

.....................................................

1,280,899

1,218,906

CSAIL

Commercial

Mortgage

Trust

Series

2015-C2

Class

.50

6/15/57

Callable

5/15/25

100

.....................................................

667,000

636,192

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6

Class

.09

1/15/49

Callable

5/15/26

100

.....................................................

696,000

647,070

CSAIL

Commercial

Mortgage

Trust

Series

2015-C4

Class

.81

11/15/48

Callable

11/15/25

100

....................................................

832,000

791,165

Mortgage

Securities

Trust

Series

2015-GC32

Class

.76

7/10/48

Callable

7/10/25

100

...........................................................

1,098,000

1,049,334

Mortgage

Securities

Trust

Series

2015-GC30

Class

.38

5/10/50

Callable

5/10/25

100

...........................................................

1,624,000

1,540,431

Mortgage

Securities

Trust

Series

2016-GS2

Class

.05

5/10/49

Callable

5/10/26

100

.............................................................

1,778,000

1,647,390

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2016-C1

Class

.58

3/17/49

Callable

2/15/26

100

..............................................

1,950,000

1,841,183

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2015-C33

Class

.77

12/15/48

Callable

11/15/25

100

.............................................

1,250,000

1,182,627

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2015-C31

Class

.80

8/15/48

Callable

8/15/25

100

..............................................

450,655

430,029

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2015-C28

Class

.23

10/15/48

Callable

4/15/25

100

..............................................

1,191,000

1,134,163

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

Series

2016-C29

Class

.33

5/15/49

Callable

5/15/26

100

........................................

2,018,000

1,883,810

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-NXS6

Class

.92

11/15/49

Callable

10/15/26

100

.............................................

1,690,000

1,543,715

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C30

Class

.66

9/15/58

Callable

8/15/25

100

.....................................................

1,248,000

1,189,166

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-P2

Class

.81

12/15/48

Callable

12/15/25

100

....................................................

532,000

503,368

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C29

Class

.64

6/15/48

Callable

6/15/25

100

.....................................................

1,597,000

1,523,287

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C31

Class

.70

11/15/48

Callable

11/15/25

100

.............................................

1,250,000

1,181,670

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28

Class

.54

5/15/48

Callable

5/15/25

100

.....................................................

942,000

898,337

29,012,613

Total

Collateralized

Mortgage

Obligations

(Cost

$30,373,840)

29,012,613

Corporate

Bonds

(31.9%)

Communication

Services

(1.5%):

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

.50

2/1/24

Callable

1/1/24

100

..........................................

496,000

493,090

Fox

Corp.

.03

1/25/24

Callable

12/25/23

100

.............................

1,388,000

1,377,867

Verizon

Communications,

Inc.

.38

2/15/25

..................................

354,000

342,525

2,213,482

Consumer

Discretionary

(2.0%):

General

Motors

Financial

Co.,

Inc.

.10

1/17/24

Callable

12/17/23

100

.................................

1,549,000

1,544,326

.40

4/6/26

.....................................................

934,000

914,282

Nissan

Motor

Acceptance

Co.

LLC

.95

9/15/26

(a)

............................

500,000

503,365

2,961,973

Consumer

Staples

(2.4%):

Altria

Group,

Inc.

.40

2/14/26

Callable

12/14/25

100

........................

322,000

312,600

Molson

Coors

Beverage

Co.

.00

7/15/26

Callable

4/15/26

100

.................

800,000

743,652

Philip

Morris

International,

Inc.

.88

2/13/26

.................................

1,260,000

1,238,623

Tyson

Foods,

Inc.

.95

8/15/24

Callable

5/15/24

100

.........................

1,170,000

1,149,644

3,444,519

Energy

(1.3%):

HollyFrontier

Corp.

.63

10/1/23

.........................................

971,000

Pioneer

Natural

Resources

Co.

.10

3/29/26

.................................

945,000

932,822

1,903,822

Financials

(12.5%):

Ally

Financial,

Inc.

.45

10/2/23

..........................................

750,000

American

Express

Co.

.90

2/13/26

Callable

1/13/26

100

.....................

760,000

745,193

Bank

America

Corp.

.20

8/26/24

MTN

................................................

519,000

509,647

.40

(

SOFR

105

bps

)

2/4/28

Callable

2/4/27

100

(b)

......................

1,016,000

1,005,301

Capital

One

Financial

Corp.

.30

10/30/24

Callable

9/30/24

100

.................................

684,000

662,835

.34

(

SOFR

bps

)

12/6/24

Callable

12/6/23

100

(b)

.....................

1,695,000

1,676,264

.64

(

SOFR

129

bps

)

3/3/26

Callable

3/3/25

100

(b)

......................

814,000

767,391

Citigroup,

Inc.

.11

(

SOFR

284

bps

)

4/8/26

Callable

4/8/25

100

(b)

..............

1,272,000

1,214,334

Citizens

Bank

.06

(

SOFR

145

bps

)

10/24/25

Callable

10/24/24

100

(b)

........

600,000

579,038

Corebridge

Global

Funding

.90

9/19/28

(a)

..................................

500,000

498,445

Fifth

Third

Bancorp

.65

1/25/24

Callable

12/25/23

100

......................

799,000

791,161

JPMorgan

Chase

Co.

.53

(

SOFR

118

bps

)

2/24/28

Callable

2/24/27

100

(b)

(c)

....

1,350,000

1,347,319

Metropolitan

Life

Global

Funding

.40

9/12/28

(a)

............................

500,000

495,067

New

York

Life

Global

Funding

.45

9/18/26

(a)

...............................

500,000

498,124

State

Street

Corp.

.75

(

SOFR

135

bps

)

11/4/26

Callable

11/4/25

100

(b)

..........

1,407,000

1,401,113

The

Bank

New

York

Mellon

Corp.

.41

(

SOFR

135

bps

)

7/24/26

Callable

7/24/25

100

(b)

...........................................................

1,783,000

1,732,114

The

Goldman

Sachs

Group,

Inc.

.21

(

SOFR

185

bps

)

3/15/28

Callable

3/15/27

100

(b)

500,000

506,377

The

Huntington

National

Bank

.70

(

SOFR

122

bps

)

11/18/25

Callable

11/18/24

100

(b)

500,000

488,604

The

PNC

Financial

Services

Group,

Inc.

.35

(

SOFR

162

bps

)

12/2/28

Callable

12/2/27

100

(b)

...........................................................

500,000

484,053

Truist

Bank

.80

10/30/26

Callable

9/30/26

100

............................

500,000

459,321

Bancorp

.55

(

SOFR

166

bps

)

7/22/28

Callable

7/22/27

100

(b)

..............

500,000

469,558

Wells

Fargo

Co.

.81

(

SOFR

bps

)

5/19/25

Callable

5/19/24

100

MTN

(b)

................

585,000

564,135

.41

(

TSFR3M

109

bps

)

10/30/25

Callable

10/30/24

100

MTN

(b)

...........

577,000

552,663

18,198,057

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Health

Care

(2.1%):

Amgen,

Inc.

.51

3/2/26

Callable

3/2/24

100

..............................

755,000

749,433

Centene

Corp.

.25

12/15/27

Callable

10/23/23

102.13

.......................

621,000

572,078

Humana,

Inc.

.70

3/13/26

Callable

3/13/24

100

............................

932,000

927,892

Universal

Health

Services,

Inc.

.65

9/1/26

Callable

8/1/26

100

.................

937,000

825,569

3,074,972

Industrials

(0.7%):

American

Airlines

Pass

Through

Trust

.60

9/22/27

............................

773,647

709,803

United

Airlines

Pass

Through

Trust

.45

12/1/27

..............................

346,642

317,471

1,027,274

Information

Technology

(4.2%):

Arrow

Electronics,

Inc.

.13

3/1/26

Callable

3/1/24

100

......................

1,517,000

1,509,116

Broadcom

Corp./Broadcom

Cayman

Finance

Ltd.

.63

1/15/24

Callable

11/15/23

100

2,175,000

2,159,297

Cadence

Design

Systems,

Inc.

.38

10/15/24

Callable

7/15/24

100

...............

1,173,000

1,155,960

KLA

Corp.

.65

11/1/24

Callable

8/1/24

100

..............................

144,000

142,017

Micron

Technology,

Inc.

.98

2/6/26

Callable

12/6/25

100

.....................

1,200,000

1,172,332

6,138,722

Materials

(1.4%):

Southern

Copper

Corp.

.88

4/23/25

.......................................

2,050,000

1,967,617

Real

Estate

(1.9%):

Equinix,

Inc.

.25

7/15/25

Callable

6/15/25

100

............................

700,000

643,927

GLP

Capital

LP/GLP

Financing

II,

Inc.

.38

4/15/26

Callable

1/15/26

100

.........

500,000

485,051

Regency

Centers

.90

11/1/25

Callable

8/1/25

100

........................

1,194,000

1,131,965

Retail

Opportunity

Investments

Partnership

.75

10/15/28

Callable

9/15/28

100

...

500,000

493,052

2,753,995

Utilities

(1.9%):

Ameren

Corp.

.50

9/15/24

Callable

8/15/24

100

...........................

588,000

568,913

Exelon

Corp.

.95

6/15/25

Callable

3/15/25

100

............................

591,000

571,280

Pinnacle

West

Capital

Corp.

.30

6/15/25

Callable

5/15/25

100

.................

800,000

739,880

WEC

Energy

Group,

Inc.

.00

9/27/25

Callable

8/27/25

100

...................

870,000

856,769

2,736,842

Total

Corporate

Bonds

(Cost

$47,590,909)

46,421,275

Residential

Mortgage-Backed

Securities

(0.0%)(d)

Private

CMO

Other

(0.0%):(d)

GSR

Mortgage

Loan

Trust

Series

2004-15F

Class

5A1

.50

1/25/20

...............

14,586

13,294

Total

Residential

Mortgage-Backed

Securities

(Cost

$14,964)

13,294

Yankee

Dollars

(10.4%)

Energy

(1.2%):

Canadian

Natural

Resources

Ltd.

.80

4/15/24

Callable

1/15/24

100

..............

1,180,000

1,164,750

Var

Energi

ASA

.50

1/15/28

Callable

12/15/27

100

(a)

.......................

500,000

513,317

1,678,067

Financials

(7.5%):

ABN

AMRO

Bank

.34

(

H15T1Y

165

bps

)

9/18/27

Callable

9/18/26

100

(a)

(b)

...

720,000

718,508

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

.75

1/30/26

Callable

12/30/25

100

...........................................................

1,100,000

991,892

Bank

Montreal

.72

9/25/28

Callable

8/25/28

100

.........................

500,000

494,910

Barclays

PLC

.49

(

SOFR

222

bps

)

9/13/29

Callable

9/13/28

100

(b)

.............

750,000

743,908

Canadian

Imperial

Bank

Commerce

.93

10/2/26

............................

500,000

500,048

Danske

Bank

A/S

.26

(

H15T1Y

118

bps

)

9/22/26

Callable

9/22/25

100

(a)

(b)

......

750,000

750,030

HSBC

Holdings

PLC

.16

(

SOFR

bps

)

11/22/24

Callable

1/4/24

100

(b)

.........

1,000,000

990,856

NXP

BV/NXP

Funding

LLC

.35

3/1/26

Callable

1/1/26

100

..................

1,000,000

986,923

Pfizer

Investment

Enterprises

Pte

Ltd.

.45

5/19/26

Callable

4/19/26

100

..........

1,275,000

1,245,033

Svenska

Handelsbanken

.50

6/15/28

(a)

.................................

750,000

727,551

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Swedbank

.14

9/12/26

(a)

...........................................

500,000

497,146

The

Toronto-Dominion

Bank

.35

3/8/24

...................................

1,359,000

1,337,857

UBS

Group

.28

1/9/28

Callable

1/9/27

100

(a)

..........................

1,000,000

919,453

10,904,115

Information

Technology

(0.3%):

Open

Text

Corp.

.90

12/1/27

Callable

11/1/27

100

(a)

........................

500,000

500,970

Materials

(1.0%):

Anglo

American

Capital

PLC

.63

9/11/24

(a)

................................

880,000

858,655

OCI

.63

10/15/25

Callable

11/6/23

101.16

(a)

...........................

590,000

560,746

1,419,401

Utilities

(0.4%):

Enel

Generacion

Chile

.25

4/15/24

Callable

1/15/24

100

..................

655,000

643,850

Total

Yankee

Dollars

(Cost

$15,472,062)

15,146,403

U.S.

Government

Mortgage-Backed

Agencies

(4.2%)

Federal

Home

Loan

Mortgage

Corporation

Series

Class

.50

10/25/23

1/25/49

..............................

494,082

480,423

.00

9/1/38

.....................................................

1,996

2,137

.00

8/1/40

.....................................................

342,198

333,454

816,014

Federal

National

Mortgage

Association

.00

2/1/37

.....................................................

567,917

583,613

Series

2011-21

Class

.50

5/25/40

.................................

898,073

878,116

.00

2/1/41

10/1/41

..............................................

1,383,471

1,346,140

Series

2022-88

Class

.50

7/25/47

.................................

715,098

700,478

3,508,347

Government

National

Mortgage

Association

Series

2023-107

Class

.50

1/20/46

6/20/48

.........................

1,246,182

1,229,531

Series

2023-128

Class

.00

6/20/47

................................

499,181

498,346

1,727,877

Total

U.S.

Government

Mortgage-Backed

Agencies

(Cost

$6,392,160)

6,052,238

U.S.

Treasury

Obligations

(9.1%)

U.S.

Treasury

Notes

.50

11/30/24

....................................................

1,500,000

1,484,648

.50

9/15/25

....................................................

11,125,000

10,797,769

.50

7/15/26

....................................................

1,000,000

990,703

Total

U.S.

Treasury

Obligations

(Cost

$13,446,182)

13,273,120

Commercial

Papers

(9.8%)

Communication

Services

(1.0%):

Paramount

Global

.75

10/11/23

(a)

(e)

......................................

1,400,000

1,397,970

Consumer

Staples

(1.9%):

Constellation

Brands,

Inc.

.63

10/3/23

(a)

(e)

.................................

900,000

899,427

Constellation

Brands,

Inc.

.64

10/2/23

(a)

(e)

.................................

500,000

499,762

Walgreens

Boots

Alliance,

Inc.

.01

10/2/23

(a)

(e)

.............................

1,400,000

1,399,315

2,798,504

Financials

(2.4%):

Brookfield

Corp.

Treasury

.73

10/5/23

(a)

(e)

.................................

1,000,000

999,087

Brookfield

Corp.

Treasury

.73

10/3/23

(a)

(e)

.................................

450,000

449,727

Hyundai

Capital

America

.40

10/2/23

(a)

(e)

.................................

600,000

599,730

Credit,

Inc.

.50

10/2/23

(a)

(e)

........................................

1,200,000

1,199,458

Credit,

Inc.

.59

10/3/23

(a)

(e)

........................................

250,000

249,849

3,497,851

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Health

Care

(1.0%):

CSLB

Holdings,

Inc.

.48

10/4/23

(a)

(e)

....................................

1,400,000

1,398,945

Industrials

(1.8%):

Aviation

Captial

Group

LLC

.96

10/10/23

(a)

(e)

..............................

1,300,000

1,297,797

Penske

Truck

Leasing

Co.

.56

10/10/23

(a)

(e)

.............................

1,400,000

1,397,626

2,695,423

Real

Estate

(1.0%):

Crown

Castle

International

Corp.

.94

10/10/23

(a)

(e)

...........................

700,000

698,767

Crown

Castle

International

Corp.

.98

10/3/23

(a)

(e)

............................

750,000

749,523

1,448,290

Utilities

(0.7%):

ONE

Gas,

Inc.

.48

10/4/23

(a)

(e)

.........................................

1,000,000

999,241

Total

Commercial

Papers

(Cost

$14,240,347)

14,236,224

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(f)

........

41,310

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(f)

............

41,310

Invesco

Government

Agency

Portfolio,

Institutional

.26

(f)

................

41,310

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(f)

41,310

Total

Collateral

for

Securities

Loaned

(Cost

$165,240)

165,240

Total

Investments

(Cost

$152,164,290)

—

102.0%

148,378,825

Liabilities

excess

other

assets

—

(2.0)%

(

2,919,241

)

NET

ASSETS

100.00%

145,459,584

September

30,

2023,

the

Fund's

investments

foreign

securities

were

10.8%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$38,619,057

and

amounted

26.5%

net

assets.

(b)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2023.

(c)

All

portion

this

security

loan.

(d)

Amount

represents

less

than

0.05%

net

assets.

(e)

Rate

represents

the

effective

yield

September

30,

2023.

(f)

Rate

disclosed

the

daily

yield

September

30,

2023.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

September

30,

2023.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

TSFR3M

—

month

Term

SOFR,

rate

disclosed

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Tax-Exempt

Fund

(Unaudited)

Security

Description

Principal

Amount

Value

Municipal

Bonds

(98.5%)

Arizona

(1.5%):

City

Phoenix

Civic

Improvement

Corp.

Revenue

AMT

Series

.00

7/1/44

Continuously

Callable

@100

...........................................

540,000

539,433

Arkansas

(1.9%):

Arkansas

Development

Finance

Authority

Revenue

.20

12/1/49

Continuously

Callable

@100

...........................................................

750,000

503,332

University

Central

Arkansas

Revenue

(INS

Build

America

Mutual

Assurance

Co.)

Series

.00

11/1/49

Continuously

Callable

@100

............................

265,000

175,868

679,200

California

(2.0%):

Alameda

County

IDA

Revenue

(LOC

Comerica

Bank,

N.A.)

Series

.25

12/1/40

Callable

12/1/23

100

(a)

............................................

310,000

San

Francisco

City

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

.00

5/1/52

Continuously

Callable

@100

...........................

500,000

409,893

719,893

Colorado

(4.5%):

Colorado

Educational

Cultural

Facilities

Authority

Revenue

.50

7/1/53

Continuously

Callable

@100

.....................................................

500,000

424,103

Colorado

Health

Facilities

Authority

Revenue

Series

.00

12/1/50

Continuously

Callable

@103

.....................................................

750,000

569,311

Gold

Hill

Mesa

Metropolitan,

(INS

Build

America

Mutual

Assurance

Co.)

.50

12/1/47

Continuously

Callable

@100

....................................

585,000

616,613

1,610,027

Florida

(9.2%):

Capital

Trust

Agency,

Inc.

Revenue

.00

8/1/55

Continuously

Callable

@100

.........

400,000

340,825

City

Pompano

Beach

Revenue

.00

9/1/50

Continuously

Callable

@103

...........

500,000

355,460

County

Miami-Dade

Revenue

Series

.00

6/1/33

Continuously

Callable

@100

....

1,000,000

1,018,405

County

Miami-Dade

Seaport

Department

Revenue

AMT

.00

10/1/50

Continuously

Callable

@100

.....................................................

500,000

412,094

Florida

Development

Finance

Corp.

Revenue

Series

.00

6/15/55

Continuously

Callable

@100

...........................................................

500,000

426,084

Hillsborough

County

IDA

Revenue

.00

8/1/50

Continuously

Callable

@100

.........

500,000

404,726

St.

Johns

County

IDA

Revenue

.00

8/1/55

Continuously

Callable

@103

............

500,000

358,720

3,316,314

Georgia

(3.9%):

Development

Authority

Appling

County

Revenue

.30

9/1/41

Continuously

Callable

@100

(a)

.........................................................

400,000

Private

Colleges

Universities

Authority

Revenue

.25

10/1/51

Continuously

Callable

@100

...........................................................

500,000

505,335

The

Development

Authority

Monroe

County

Revenue

.30

11/1/48

Continuously

Callable

@100

(a)

...................................................

500,000

1,405,335

Guam

(2.8%):

Port

Authority

Guam

Revenue

Series

.00

7/1/48

Continuously

Callable

@100

....

1,000,000

1,003,983

Illinois

(17.3%):

Chicago

Board

Education

Dedicated

Capital

Improvement

Tax

Revenue

.00

4/1/46

Continuously

Callable

@100

...........................................

1,275,000

1,302,616

City

Chicago

Wastewater

Transmission

Revenue

Series

.00

1/1/47

Continuously

Callable

@100

.........................

1,000,000

970,602

Series

.00

1/1/34

Continuously

Callable

@100

.........................

1,000,000

1,009,467

City

Chicago,

Series

.50

1/1/49

Continuously

Callable

@100

.............

1,000,000

1,006,603

Sales

Tax

Securitization

Corp.

Revenue

Series

2018

.00

1/1/43

Continuously

Callable

@100

...........................................................

1,500,000

1,503,773

State

Illinois,

Series

.50

5/1/48

Continuously

Callable

@100

.............

500,000

454,120

6,247,181

Indiana

(1.3%):

Indiana

Finance

Authority

Revenue

Series

.50

7/1/52

Continuously

Callable

@100

500,000

482,144

Iowa

(0.8%):

Iowa

Finance

Authority

Revenue

Series

A-1

.00

5/15/55

Continuously

Callable

@103

500,000

284,592

Victory

Portfolios

Victory

Tax-Exempt

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Kansas

(0.5%):

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

.75

3/1/41

Continuously

Callable

@103

(b)

........................................

200,000

188,199

Maryland

(0.6%):

City

Gaithersburg

Maryland

Revenue

.13

1/1/42

Continuously

Callable

@103

......

250,000

231,632

Massachusetts

(2.3%):

University

Massachusetts

Building

Authority

Revenue

.00

11/1/39

Pre-refunded

11/1/24

100

...............................

220,000

222,756

Series

1-2021

.00

11/1/39

Continuously

Callable

@100

....................

410,000

412,423

Series

1-2021

.00

11/1/39

Pre-refunded

11/1/24

100

....................

190,000

192,380

827,559

Michigan

(1.7%):

City

Detroit,

Series

.00

5/1/43

Continuously

Callable

@100

..............

250,000

264,227

Michigan

Finance

Authority

Revenue

.00

12/1/51

Continuously

Callable

@100

.......

500,000

363,208

627,435

Missouri

(2.7%):

Health

Educational

Facilities

Authority

the

State

Missouri

Revenue

.25

12/1/42

Continuously

Callable

@100

(b)

........................................

1,150,000

966,538

New

Hampshire

(1.2%):

New

Hampshire

Business

Finance

Authority

Revenue

Series

.25

7/1/48

Continuously

Callable

@103

.....................................................

500,000

454,240

New

Jersey

(6.0%):

New

Jersey

Economic

Development

Authority

Biomedical

Research

Facilities

Revenue

Series

2016

.00

7/15/29

Continuously

Callable

@100

........................

885,000

909,614

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(LOC

Valley

National

Bank)

Series

.50

7/1/35

Continuously

Callable

@100

(a)

......................

630,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

12/15/38

(c)

................................................

1,000,000

464,894

Series

.50

6/15/46

Continuously

Callable

@100

......................

200,000

158,413

2,162,921

New

York

(13.9%):

Build

NYC

Resource

Corp.

Revenue

.75

6/15/53

Continuously

Callable

@100

.......

350,000

297,913

City

New

York,

Series

B-3

.17

10/1/46

Continuously

Callable

@100

(a)

.......

100,000

Metropolitan

Transportation

Authority

Revenue

Series

2016

.00

11/15/56

Continuously

Callable

@100

..................

1,545,000

1,552,135

Series

D-3

.00

11/15/49

Continuously

Callable

@100

.....................

500,000

414,076

New

York

Counties

Tobacco

Trust

Revenue

.75

6/1/43

Continuously

Callable

@100

195,000

195,252

New

York

State

Dormitory

Authority

Revenue

.00

7/1/40

Continuously

Callable

@100

(b)

285,000

239,756

Port

Authority

New

York

New

Jersey

Revenue

AMT

.00

12/1/32

Continuously

Callable

@100

.....................................................

1,000,000

1,000,830

Schenectady

County

Capital

Resource

Corp.

Revenue

.25

7/1/52

Continuously

Callable

@100

...........................................................

200,000

204,402

TSASC,

Inc.

Revenue

Series

.00

6/1/41

Continuously

Callable

@100

............

1,000,000

1,002,922

5,007,286

North

Carolina

(1.7%):

North

Carolina

Medical

Care

Commission

Revenue

Series

.00

9/1/50

Continuously

Callable

@100

.........................

500,000

339,625

Series

.00

10/1/50

Continuously

Callable

@103

........................

350,000

269,458

609,083

Ohio

(9.7%):

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Series

B-2

.00

6/1/55

Continuously

Callable

@100

...........................................

900,000

775,098

County

Franklin

Revenue

Series

.00

7/1/45

Continuously

Callable

@103

.......

500,000

425,090

County

Hardin

Revenue

.00

5/1/30

Continuously

Callable

@103

...............

350,000

321,702

Logan

Elm

Local

School

District,

.00

11/1/55

Continuously

Callable

@100

......

1,500,000

1,232,701

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

9/1/47

Continuously

Callable

@100

...........................................................

250,000

249,922

Port

Greater

Cincinnati

Development

Authority

Revenue

Series

.00

5/1/25

Continuously

Callable

@100

(b)

........................................

500,000

494,621

3,499,134

Victory

Portfolios

Victory

Tax-Exempt

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Pennsylvania

(5.6%):

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Series

A-2

.00

5/15/53

Continuously

Callable

@100

....................................

1,000,000

821,958

The

School

District

Philadelphia,

Series

.00

9/1/38

Continuously

Callable

@100

...........................................................

1,200,000

1,217,589

2,039,547

Texas

(2.8%):

City

Arlington

Tax

Allocation

.00

8/15/50

Continuously

Callable

@100

..........

500,000

365,439

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

Texas

Permanent

School

Fund)

.25

4/1/53

Continuously

Callable

@100

...............................

750,000

639,476

1,004,915

Utah

(3.7%):

Military

Installation

Development

Authority

Revenue

Series

A-1

.00

6/1/41

Continuously

Callable

@103

.....................................................

250,000

185,478

Utah

Charter

School

Finance

Authority

Revenue

Series

.63

6/15/42

Continuously

Callable

@100

(b)

...................................................

250,000

233,264

Utah

Infrastructure

Agency

Revenue

Series

.00

10/15/40

Continuously

Callable

@100

1,000,000

902,810

1,321,552

Wisconsin

(0.9%):

Wisconsin

Health

Educational

Facilities

Authority

Revenue

.00

1/1/47

Continuously

Callable

@103

.....................................................

500,000

328,425

Total

Municipal

Bonds

(Cost

$40,650,676)

35,556,568

Total

Investments

(Cost

$40,650,676)

—

98.5%

35,556,568

Other

assets

excess

liabilities

—

1.5%

551,522

NET

ASSETS

100.00%

36,108,090

(a)

Variable

Rate

Demand

Notes

that

provide

the

rights

sell

the

security

face

value

either

that

day

within

the

rate-reset

period.

The

interest

rate

reset

the

put

date

stipulated

daily,

weekly,

monthly,

quarterly,

other

specified

time

interval

reflect

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$2,122,378

and

amounted

5.9%

net

assets.

(c)

Zero-coupon

bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

the

provider

the

enhancement

support

the

issuer’s

ability

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

provided

high-quality

bank,

insurance

company

other

corporation,

collateral

trust.

The

enhancements

not

guarantee

the

market

values

the

securities.

INS

—

Principal

and

interest

payments

are

insured

the

name

listed.

Although

bond

insurance

reduces

the

risk

loss

due

default

issuer,

such

bonds

remain

subject

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

assurance

that

the

insurance

company

will

meet

its

obligations.

LOC

—

Principal

and

interest

payments

are

guaranteed

bank

letter

credit

other

bank

credit

agreement.

NBGA

—

Principal

and

interest

payments

or,

under

certain

circumstances

underlying

mortgages

are

guaranteed

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(98.8%)

Communication

Services

(11.6%):

Alphabet,

Inc.

Class

(a)

.................................................

105,730

13,940,500

Meta

Platforms,

Inc.

Class

(a)

............................................

36,160

10,855,594

Netflix,

Inc.

(a)

.........................................................

10,930

4,127,168

28,923,262

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.

(a)

..................................................

10,760

1,979,087

Consumer

Discretionary

(13.6%):

Amazon.com,

Inc.

(a)

....................................................

88,300

11,224,696

Booking

Holdings,

Inc.

(a)

.................................................

420

1,295,259

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

1,050

1,923,422

DraftKings,

Inc.

(a)

......................................................

100,040

2,945,178

Mobileye

Global,

Inc.

Class

(a)

(b)

.........................................

72,670

3,019,439

Tesla,

Inc.

(a)

..........................................................

46,250

11,572,675

Yum!

Brands,

Inc.

......................................................

15,010

1,875,349

33,856,018

Consumer

Staples

(5.0%):

BellRing

Brands,

Inc.

(a)

..................................................

56,910

2,346,399

Celsius

Holdings,

Inc.

(a)

..................................................

9,140

1,568,424

Costco

Wholesale

Corp.

..................................................

9,690

5,474,462

PepsiCo,

Inc.

..........................................................

18,240

3,090,586

12,479,871

Energy

(0.9%):

Diamondback

Energy,

Inc.

................................................

13,740

2,128,051

Financials

(7.1%):

MSCI,

Inc.

...........................................................

5,200

2,668,016

The

Progressive

Corp.

...................................................

20,400

2,841,720

Toast,

Inc.

Class

(a)

....................................................

103,080

1,930,688

Visa,

Inc.

Class

......................................................

44,387

10,209,454

17,649,878

Health

Care

(12.3%):

Dexcom,

Inc.

(a)

........................................................

26,690

2,490,177

Eli

Lilly

Co.

.........................................................

13,020

6,993,433

Exact

Sciences

Corp.

(a)

..................................................

28,820

1,966,100

Intuitive

Surgical,

Inc.

(a)

.................................................

10,080

2,946,283

Tenet

Healthcare

Corp.

(a)

.................................................

32,460

2,138,789

UnitedHealth

Group,

Inc.

.................................................

9,630

4,855,350

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

26,270

9,135,130

30,525,262

Industrials

(6.2%):

CoStar

Group,

Inc.

(a)

....................................................

22,880

1,759,243

HEICO

Corp.

Class

...................................................

32,690

4,224,202

Lincoln

Electric

Holdings,

Inc.

(b)

...........................................

16,620

3,021,350

Old

Dominion

Freight

Line,

Inc.

............................................

5,070

2,074,340

Quanta

Services,

Inc.

....................................................

13,490

2,523,574

Verisk

Analytics,

Inc.

....................................................

7,050

1,665,492

15,268,201

Services

(1.1%):

Snowflake,

Inc.

Class

(a)

................................................

17,120

2,615,422

Semiconductors

Semiconductor

Equipment

(11.0%):

Advanced

Micro

Devices,

Inc.

(a)

............................................

20,310

2,088,274

Applied

Materials,

Inc.

...................................................

11,980

1,658,631

Lam

Research

Corp.

.....................................................

4,760

2,983,425

Lattice

Semiconductor

Corp.

(a)

.............................................

30,090

2,585,634

Monolithic

Power

Systems,

Inc.

............................................

6,550

3,026,100

Victory

Portfolios

Victory

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

NVIDIA

Corp.

.........................................................

34,910

15,185,501

27,527,565

Software

(18.5%):

Intuit,

Inc.

............................................................

6,390

3,264,907

Microsoft

Corp.

........................................................

92,610

29,241,607

Palo

Alto

Networks,

Inc.

(a)

................................................

3,150

738,486

Salesforce,

Inc.

(a)

......................................................

8,960

1,816,909

ServiceNow,

Inc.

(a)

.....................................................

7,570

4,231,327

Synopsys,

Inc.

(a)

.......................................................

8,130

3,731,426

Workday,

Inc.

Class

(a)

.................................................

13,850

2,975,673

46,000,335

Technology

Hardware,

Storage

Peripherals

(10.7%):

Apple,

Inc.

...........................................................

154,818

26,506,390

Total

Common

Stocks

(Cost

$138,049,111)

245,459,342

Collateral

for

Securities

Loaned

(1.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(c)

........

642,226

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(c)

............

642,226

Invesco

Government

Agency

Portfolio,

Institutional

.26

(c)

...............

642,226

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(c)

642,226

Total

Collateral

for

Securities

Loaned

(Cost

$2,568,904)

2,568,904

Total

Investments

(Cost

$140,618,015)

—

99.8%

248,028,246

Other

assets

excess

liabilities

—

0.2%

522,041

NET

ASSETS

100.00%

248,550,287

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Mid

Cap

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(97.2%)

Communication

Services

(5.8%):

Pinterest,

Inc.

Class

(a)

.................................................

54,740

1,479,622

Take-Two

Interactive

Software,

Inc.

(a)

........................................

5,760

808,646

The

Trade

Desk,

Inc.

Class

(a)

............................................

25,970

2,029,556

4,317,824

Consumer

Discretionary

(10.4%):

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

330

604,504

DraftKings,

Inc.

(a)

......................................................

30,460

896,742

Mobileye

Global,

Inc.

Class

(a)

(b)

.........................................

17,660

733,773

O'Reilly

Automotive,

Inc.

(a)

...............................................

870

790,708

Ralph

Lauren

Corp.

.....................................................

8,950

1,039,006

Skyline

Champion

Corp.

(a)

................................................

15,090

961,535

Under

Armour,

Inc.

Class

(a)

.............................................

158,750

1,012,825

YETI

Holdings,

Inc.

(a)

...................................................

10,830

522,223

Yum!

Brands,

Inc.

......................................................

9,680

1,209,419

7,770,735

Consumer

Staples

(2.6%):

BellRing

Brands,

Inc.

(a)

..................................................

27,340

1,127,228

Celsius

Holdings,

Inc.

(a)

..................................................

4,770

818,532

1,945,760

Energy

(4.9%):

Cheniere

Energy,

Inc.

....................................................

7,530

1,249,679

Diamondback

Energy,

Inc.

................................................

7,290

1,129,075

Matador

Resources

Co.

...................................................

21,340

1,269,303

3,648,057

Financials

(10.3%):

Euronet

Worldwide,

Inc.

(a)

................................................

6,520

517,558

FirstCash

Holdings,

Inc.

..................................................

15,570

1,562,917

Kinsale

Capital

Group,

Inc.

................................................

1,630

675,032

LPL

Financial

Holdings,

Inc.

...............................................

6,150

1,461,548

MSCI,

Inc.

...........................................................

3,080

1,580,286

Shift4

Payments,

Inc.

Class

(a)

............................................

23,720

1,313,376

Toast,

Inc.

Class

(a)

....................................................

30,770

576,322

7,687,039

Health

Care

(19.5%):

Align

Technology,

Inc.

(a)

.................................................

2,200

671,704

Apellis

Pharmaceuticals,

Inc.

(a)

............................................

19,670

748,247

Argenx

ADR

(a)

.....................................................

2,320

1,140,582

Cencora,

Inc.

..........................................................

5,280

950,242

Dexcom,

Inc.

(a)

........................................................

18,760

1,750,308

Exact

Sciences

Corp.

(a)

..................................................

12,960

884,131

Inspire

Medical

Systems,

Inc.

(a)

............................................

5,290

1,049,748

Insulet

Corp.

(a)

........................................................

4,300

685,807

Penumbra,

Inc.

(a)

.......................................................

1,010

244,329

ResMed,

Inc.

..........................................................

2,790

412,557

Sarepta

Therapeutics,

Inc.

(a)

...............................................

5,950

721,259

Seagen,

Inc.

(a)

.........................................................

5,890

1,249,563

Shockwave

Medical,

Inc.

(a)

...............................................

2,240

445,984

Tenet

Healthcare

Corp.

(a)

.................................................

10,210

672,737

Veeva

Systems,

Inc.

Class

(a)

.............................................

6,310

1,283,769

West

Pharmaceutical

Services,

Inc.

..........................................

4,520

1,695,949

14,606,916

Industrials

(20.5%):

Advanced

Drainage

Systems,

Inc.

...........................................

5,320

605,576

Axon

Enterprise,

Inc.

(a)

..................................................

5,610

1,116,334

Chart

Industries,

Inc.

(a)

..................................................

7,970

1,347,886

Clean

Harbors,

Inc.

(a)

...................................................

9,000

1,506,240

CoStar

Group,

Inc.

(a)

....................................................

7,210

554,377

Victory

Portfolios

Victory

Mid

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Genpact

Ltd.

..........................................................

17,680

640,016

HEICO

Corp.

Class

...................................................

9,870

1,275,401

IDEX

Corp.

...........................................................

2,430

505,489

Lincoln

Electric

Holdings,

Inc.

.............................................

6,840

1,243,444

Paycom

Software,

Inc.

...................................................

2,810

728,549

Pentair

PLC

...........................................................

8,010

518,647

Quanta

Services,

Inc.

....................................................

4,050

757,634

Regal

Rexnord

Corp.

....................................................

4,770

681,538

Saia,

Inc.

(a)

...........................................................

3,190

1,271,693

Tecnoglass,

Inc.

........................................................

8,620

284,115

Verisk

Analytics,

Inc.

....................................................

3,910

923,698

Vertiv

Holdings

Co.

.....................................................

20,200

751,440

Xylem,

Inc.

...........................................................

6,545

595,791

15,307,868

Information

Technology

(22.4%):

Amphenol

Corp.

Class

.................................................

14,390

1,208,616

Confluent,

Inc.

Class

(a)

................................................

50,670

1,500,339

Crowdstrike

Holdings,

Inc.

Class

(a)

.......................................

7,470

1,250,328

Datadog,

Inc.

Class

(a)

.................................................

9,840

896,326

Dynatrace,

Inc.

(a)

......................................................

33,560

1,568,259

Fair

Isaac

Corp.

(a)

......................................................

1,370

1,189,886

Five9,

Inc.

(a)

..........................................................

13,360

859,048

HubSpot,

Inc.

(a)

.......................................................

1,890

930,825

Lattice

Semiconductor

Corp.

(a)

.............................................

17,860

1,534,710

MongoDB,

Inc.

(a)

......................................................

2,850

985,701

Monolithic

Power

Systems,

Inc.

............................................

2,640

1,219,680

Splunk,

Inc.

(a)

.........................................................

9,680

1,415,700

Synopsys,

Inc.

(a)

.......................................................

4,880

2,239,773

16,799,191

Materials

(0.8%):

Albemarle

Corp.

.......................................................

3,650

620,646

Total

Common

Stocks

(Cost

$61,970,687)

72,704,036

Collateral

for

Securities

Loaned

(1.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(c)

........

183,572

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(c)

............

183,572

Invesco

Government

Agency

Portfolio,

Institutional

.26

(c)

...............

183,572

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.27

(c)

183,572

Total

Collateral

for

Securities

Loaned

(Cost

$734,288)

734,288

Total

Investments

(Cost

$62,704,975)

—

98.2%

73,438,324

Other

assets

excess

liabilities

—

1.8%

1,356,059

NET

ASSETS

100.00%

74,794,383

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Science

and

Technology

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(98.7%)

Biotechnology

(22.9%):

89bio,

Inc.(a)

..........................................................

67,460

1,041,582

Akebia

Therapeutics,

Inc.(a)

...............................................

489,210

557,699

Akero

Therapeutics,

Inc.(a)

................................................

20,700

1,047,006

Aldeyra

Therapeutics,

Inc.(a)

..............................................

26,470

176,820

Amicus

Therapeutics,

Inc.(a)

...............................................

147,170

1,789,587

AnaptysBio,

Inc.(a)

.....................................................

28,900

519,044

Apellis

Pharmaceuticals,

Inc.(a)

............................................

49,403

1,879,290

Apogee

Therapeutics,

Inc.(a)(b)

............................................

10,690

227,697

Arcellx,

Inc.(a)

........................................................

19,490

699,301

Arcturus

Therapeutics

Holdings,

Inc.(a)

.......................................

15,860

405,223

Bridgebio

Pharma,

Inc.(a)

.................................................

39,420

1,039,505

Cabaletta

Bio,

Inc.(a)(b)

..................................................

44,050

670,441

Crinetics

Pharmaceuticals,

Inc.(a)

...........................................

30,000

892,200

Disc

Medicine,

Inc.(a)

...................................................

13,020

611,680

Dynavax

Technologies

Corp.(a)

.............................................

22,520

332,620

Exact

Sciences

Corp.(a)

..................................................

32,000

2,183,040

ImmunoGen,

Inc.(a)

.....................................................

58,560

929,347

Immunovant,

Inc.(a)

.....................................................

35,430

1,360,158

Krystal

Biotech,

Inc.(a)

...................................................

14,560

1,688,960

MoonLake

Immunotherapeutics(a)

..........................................

18,060

1,029,420

Natera,

Inc.(a)

.........................................................

11,470

507,548

Nuvalent,

Inc.,

Class

A(a)

.................................................

22,160

1,018,695

Olema

Pharmaceuticals,

Inc.(a)

.............................................

42,060

519,441

Opthea

Ltd.,

ADR(a)

....................................................

62,480

106,216

ORIC

Pharmaceuticals,

Inc.(a)(b)

...........................................

82,510

499,186

Regulus

Therapeutics,

Inc.(a)

..............................................

176,848

244,050

REVOLUTION

Medicines,

Inc.(a)

..........................................

51,980

1,438,806

Rhythm

Pharmaceuticals,

Inc.(a)

............................................

13,370

306,507

Rocket

Pharmaceuticals,

Inc.(a)

.............................................

25,910

530,896

Roivant

Sciences

Ltd.(a)

..................................................

53,530

625,230

Sagimet

Biosciences,

Inc.,

Class

A(a)(b)

......................................

11,850

104,280

Sarepta

Therapeutics,

Inc.(a)

...............................................

12,270

1,487,369

SpringWorks

Therapeutics,

Inc.(a)

...........................................

27,280

630,714

Tyra

Biosciences,

Inc.(a)

..................................................

21,940

302,114

Vaxcyte,

Inc.(a)

........................................................

45,320

2,310,414

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

20,410

7,097,374

Y-mAbs

Therapeutics,

Inc.(a)

..............................................

70,250

382,863

37,192,323

Communication

Services

(8.3%):

Bandwidth,

Inc.,

Class

A(a)

................................................

28,790

324,463

Meta

Platforms,

Inc.,

Class

A(a)

............................................

25,590

7,682,374

Netflix,

Inc.(a)

.........................................................

5,710

2,156,096

Take-Two

Interactive

Software,

Inc.(a)

........................................

17,000

2,386,630

ZoomInfo

Technologies,

Inc.(a)

.............................................

55,030

902,492

13,452,055

Communications

Equipment

(0.8%):

Calix,

Inc.(a)

..........................................................

29,850

1,368,324

Consumer

Discretionary

(4.0%):

Amazon.com,

Inc.(a)

....................................................

50,990

6,481,849

Financials

(2.9%):

Shift4

Payments,

Inc.,

Class

A(a)

............................................

21,800

1,207,066

Visa,

Inc.,

Class

......................................................

15,080

3,468,551

4,675,617

Health

Care

Equipment

Supplies

(1.7%):

Inspire

Medical

Systems,

Inc.(a)

............................................

7,380

1,464,487

Lantheus

Holdings,

Inc.(a)

................................................

11,820

821,254

Victory

Portfolios

Victory

Science

and

Technology

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

RxSight,

Inc.(a)

........................................................

14,560

406,078

2,691,819

Health

Care

Technology

(0.9%):

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

7,260

1,477,047

Industrials

(3.1%):

Lyft,

Inc.,

Class

A(a)

....................................................

144,670

1,524,822

Paycom

Software,

Inc.

...................................................

9,860

2,556,402

Vicor

Corp.(a)

.........................................................

17,050

1,004,075

5,085,299

Services

(3.2%):

Backblaze,

Inc.,

Class

A(a)

................................................

27,660

152,130

MongoDB,

Inc.(a)

......................................................

3,750

1,296,975

Snowflake,

Inc.,

Class

A(a)

................................................

10,430

1,593,391

Twilio,

Inc.,

Class

A(a)

...................................................

17,100

1,000,863

Wix.com

Ltd.(a)

........................................................

12,640

1,160,352

5,203,711

Life

Sciences

Tools

Services

(0.6%):

Pacific

Biosciences

California,

Inc.(a)

......................................

113,260

945,721

Pharmaceuticals

(4.9%):

AN2

Therapeutics,

Inc.(a)(b)

...............................................

34,740

558,619

Axsome

Therapeutics,

Inc.(a)

..............................................

4,760

332,676

Cymabay

Therapeutics,

Inc.(a)

.............................................

105,210

1,568,681

Eli

Lilly

Co.

.........................................................

6,120

3,287,236

Marinus

Pharmaceuticals,

Inc.(a)

............................................

63,050

507,552

Structure

Therapeutics,

Inc.,

ADR(a)

.........................................

14,290

720,502

Ventyx

Biosciences,

Inc.(a)

................................................

28,490

989,458

7,964,724

Real

Estate

(0.5%):

Opendoor

Technologies,

Inc.(a)

.............................................

309,180

816,235

Semiconductors

Semiconductor

Equipment

(21.5%):

Aehr

Test

Systems(a)

....................................................

39,100

1,786,870

Ambarella,

Inc.(a)

......................................................

31,090

1,648,703

Applied

Materials,

Inc.

...................................................

15,540

2,151,513

Impinj,

Inc.(a)

.........................................................

22,220

1,222,766

Lam

Research

Corp.

.....................................................

3,310

2,074,609

Lattice

Semiconductor

Corp.(a)

.............................................

45,490

3,908,956

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

51,080

4,167,106

MaxLinear,

Inc.(a)

......................................................

62,760

1,396,410

Monolithic

Power

Systems,

Inc.

............................................

7,680

3,548,160

NVIDIA

Corp.

.........................................................

16,020

6,968,540

Semiconductor

Corp.(a)

...............................................

15,920

1,479,764

Semtech

Corp.(a)

.......................................................

74,980

1,930,735

SiTime

Corp.(a)

........................................................

11,080

1,265,890

SMART

Global

Holdings,

Inc.(a)

...........................................

55,110

1,341,928

34,891,950

Software

(23.4%):

Amplitude,

Inc.,

Class

A(a)

................................................

102,670

1,187,892

AppLovin

Corp.,

Class

A(a)

...............................................

48,170

1,924,873

Confluent,

Inc.,

Class

A(a)

................................................

56,800

1,681,848

Dynatrace,

Inc.(a)

......................................................

35,040

1,637,419

Fair

Isaac

Corp.(a)

......................................................

3,560

3,091,967

Gitlab,

Inc.,

Class

A(a)

...................................................

20,350

920,227

Microsoft

Corp.

........................................................

37,000

11,682,750

Monday.com

Ltd.(a)

.....................................................

12,610

2,007,764

RingCentral,

Inc.,

Class

A(a)

...............................................

24,340

721,194

Salesforce,

Inc.(a)

......................................................

9,780

1,983,188

Samsara,

Inc.,

Class

A(a)

.................................................

41,530

1,046,971

Victory

Portfolios

Victory

Science

and

Technology

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Name

Acquisition

Date

Cost

Regulus

Therapeutics,

Inc.

.....................................

12/3/2020

165,796

Security

Description

Value

ServiceNow,

Inc.(a)

.....................................................

6,240

3,487,911

Sprout

Social,

Inc.,

Class

A(a)

..............................................

26,570

1,325,312

Unity

Software,

Inc.(a)

...................................................

27,270

856,005

Varonis

Systems,

Inc.(a)

..................................................

144,360

4,408,755

37,964,076

Total

Common

Stocks

(Cost

$108,576,084)

160,210,750

Warrants

(0.0%)(c)

Health

Care

(0.0%):(c)

Athenex,

Inc.(a)

........................................................

1,346,518

—(d)

Nuvation

Bio,

Inc.(a)

....................................................

40,710

4,071

Regulus

Therapeutics,

Inc.(a)(e)

............................................

132,637

—(d)

4,071

Total

Warrants

(Cost

$179,261)

4,071

Collateral

for

Securities

Loaned

(0.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(f)

........

371,176

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(f)

............

371,176

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(f)

................

371,176

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(f)

371,176

Total

Collateral

for

Securities

Loaned

(Cost

$1,484,704)

1,484,704

Total

Investments

(Cost

$110,240,049)

—

99.6%

161,699,525

Other

assets

excess

liabilities

—

0.4%

583,665

NET

ASSETS

100.00%

162,283,190

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Amount

represents

less

than

0.05%

net

assets.

(d)

Rounds

less

than

$1.

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

September

30,

2023.

(f)

Rate

disclosed

the

daily

yield

September

30,

2023.

ADR

—

American

Depositary

Receipt

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Select

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(97.2%)

Consumer

Discretionary

(9.0%):

Abercrombie

Fitch

Co.(a)

...............................................

37,590

2,118,948

Ralph

Lauren

Corp.

.....................................................

17,050

1,979,335

RH(a)

...............................................................

5,250

1,387,890

Wingstop,

Inc.

.........................................................

11,010

1,980,039

YETI

Holdings,

Inc.(a)

...................................................

20,320

979,830

8,446,042

Consumer

Staples

(5.5%):

BellRing

Brands,

Inc.(a)

..................................................

51,660

2,129,942

Freshpet,

Inc.(a)

........................................................

15,850

1,044,198

Grocery

Outlet

Holding

Corp.(a)

............................................

68,400

1,973,340

5,147,480

Energy

(4.3%):

Diamondback

Energy,

Inc.

................................................

7,270

1,125,977

Matador

Resources

Co.

...................................................

31,950

1,900,386

Weatherford

International

PLC(a)

...........................................

11,560

1,044,215

4,070,578

Financials

(9.9%):

Euronet

Worldwide,

Inc.(a)

................................................

11,020

874,768

Flywire

Corp.(a)

.......................................................

69,320

2,210,615

Kinsale

Capital

Group,

Inc.

................................................

1,660

687,456

LPL

Financial

Holdings,

Inc.

...............................................

4,850

1,152,602

Payoneer

Global,

Inc.(a)

..................................................

340,570

2,084,288

Shift4

Payments,

Inc.,

Class

A(a)

............................................

30,900

1,710,933

Wintrust

Financial

Corp.

..................................................

8,000

604,000

9,324,662

Health

Care

(20.0%):

Acadia

Healthcare

Co.,

Inc.(a)

..............................................

21,760

1,529,946

Amicus

Therapeutics,

Inc.(a)

...............................................

209,610

2,548,858

Apellis

Pharmaceuticals,

Inc.(a)

............................................

50,280

1,912,651

Evolent

Health,

Inc.,

Class

A(a)

.............................................

44,590

1,214,186

Exact

Sciences

Corp.(a)

..................................................

22,720

1,549,958

Inspire

Medical

Systems,

Inc.(a)

............................................

7,240

1,436,706

Insulet

Corp.(a)

........................................................

5,220

832,538

Krystal

Biotech,

Inc.(a)

...................................................

16,080

1,865,280

Penumbra,

Inc.(a)

.......................................................

5,450

1,318,409

Sarepta

Therapeutics,

Inc.(a)

...............................................

18,310

2,219,538

Shockwave

Medical,

Inc.(a)

...............................................

6,240

1,242,384

Tenet

Healthcare

Corp.(a)

.................................................

16,850

1,110,246

18,780,700

Industrials

(21.9%):

Advanced

Drainage

Systems,

Inc.

...........................................

10,580

1,204,321

Applied

Industrial

Technologies,

Inc.

.........................................

8,810

1,362,114

Axon

Enterprise,

Inc.(a)

..................................................

8,020

1,595,900

Builders

FirstSource,

Inc.(a)

...............................................

4,750

591,328

Chart

Industries,

Inc.(a)

..................................................

14,010

2,369,371

Clean

Harbors,

Inc.(a)

...................................................

16,110

2,696,170

Genpact

Ltd.

..........................................................

30,840

1,116,408

Herc

Holdings,

Inc.

.....................................................

5,300

630,382

Lincoln

Electric

Holdings,

Inc.

.............................................

8,440

1,534,308

Paylocity

Holding

Corp.(a)

................................................

10,700

1,944,190

Saia,

Inc.(a)

...........................................................

3,550

1,415,207

Shoals

Technologies

Group,

Inc.,

Class

A(a)

....................................

70,370

1,284,253

Tecnoglass,

Inc.

........................................................

30,380

1,001,325

The

AZEK

Co.,

Inc.(a)

...................................................

36,360

1,081,346

Xylem,

Inc.

...........................................................

8,247

750,724

20,577,347

Victory

Portfolios

Victory

Select

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Information

Technology

(24.9%):

Altair

Engineering,

Inc.,

Class

A(a)

..........................................

19,960

1,248,698

AppLovin

Corp.,

Class

A(a)

...............................................

41,070

1,641,157

Axcelis

Technologies,

Inc.(a)

..............................................

6,190

1,009,280

Badger

Meter,

Inc.

......................................................

12,780

1,838,659

Check

Point

Software

Technologies

Ltd.(a)

....................................

13,880

1,849,927

Dynatrace,

Inc.(a)

......................................................

73,140

3,417,832

Fabrinet(a)

............................................................

11,110

1,851,148

Fair

Isaac

Corp.(a)

......................................................

910

790,362

Five9,

Inc.(a)

..........................................................

22,870

1,470,541

Globant

SA(a)

.........................................................

12,020

2,378,157

HubSpot,

Inc.(a)

.......................................................

2,500

1,231,250

Lattice

Semiconductor

Corp.(a)

.............................................

27,380

2,352,763

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

29,130

2,376,425

23,456,199

Materials

(1.7%):

Avient

Corp.

..........................................................

22,850

807,062

Livent

Corp.(a)

........................................................

42,030

773,772

1,580,834

Total

Common

Stocks

(Cost

$82,991,980)

91,383,842

Total

Investments

(Cost

$82,991,980)

—

97.2%

91,383,842

Other

assets

excess

liabilities

—

2.8%

2,638,677

NET

ASSETS

100.00%

94,022,519

September

30,

2023,

the

Fund's

investments

foreign

securities

were

7.5%

net

assets.

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Small

Cap

Equity

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(98.3%)

Consumer

Discretionary

(9.4%):

Abercrombie

Fitch

Co.

(a)

...............................................

14,060

792,562

Ralph

Lauren

Corp.

.....................................................

3,080

357,557

(a)

...............................................................

2,720

719,059

Skyline

Champion

Corp.

(a)

................................................

7,990

509,123

Under

Armour,

Inc.

Class

(a)

.............................................

135,100

861,938

3,240,239

Consumer

Staples

(5.1%):

BellRing

Brands,

Inc.

(a)

..................................................

21,300

878,199

Grocery

Outlet

Holding

Corp.

(a)

............................................

29,860

861,461

1,739,660

Financials

(21.5%):

Euronet

Worldwide,

Inc.

(a)

................................................

8,490

673,936

FirstCash

Holdings,

Inc.

..................................................

7,260

728,759

Flywire

Corp.

(a)

.......................................................

54,470

1,737,048

Payoneer

Global,

Inc.

(a)

..................................................

336,160

2,057,299

PROG

Holdings,

Inc.

(a)

..................................................

21,940

728,628

Shift4

Payments,

Inc.

Class

(a)

............................................

27,050

1,497,759

7,423,429

Health

Care

(14.5%):

Amicus

Therapeutics,

Inc.

(a)

...............................................

99,220

1,206,515

Cymabay

Therapeutics,

Inc.

(a)

.............................................

35,510

529,454

Haemonetics

Corp.

(a)

....................................................

6,020

539,272

Inspire

Medical

Systems,

Inc.

(a)

............................................

4,150

823,526

Krystal

Biotech,

Inc.

(a)

...................................................

4,410

511,560

Pacific

Biosciences

California,

Inc.

(a)

......................................

54,770

457,330

PROCEPT

BioRobotics

Corp.

(a)

............................................

14,100

462,621

Vaxcyte,

Inc.

(a)

........................................................

9,550

486,859

5,017,137

Industrials

(23.6%):

Bloom

Energy

Corp.

Class

(a)

............................................

27,620

366,241

CBIZ,

Inc.

(a)

..........................................................

26,090

1,354,071

Chart

Industries,

Inc.

(a)

..................................................

13,810

2,335,547

Hayward

Holdings,

Inc.

(a)

................................................

88,130

1,242,633

Shoals

Technologies

Group,

Inc.

Class

(a)

....................................

75,390

1,375,867

Symbotic,

Inc.

(a)

(b)

.....................................................

10,950

366,059

Vertiv

Holdings

Co.

.....................................................

14,230

529,356

XPO,

Inc.

(a)

..........................................................

7,480

558,457

8,128,231

Information

Technology

(24.2%):

Altair

Engineering,

Inc.

Class

(a)

..........................................

17,850

1,116,696

Axcelis

Technologies,

Inc.

(a)

..............................................

4,260

694,593

Badger

Meter,

Inc.

......................................................

7,660

1,102,044

CyberArk

Software

Ltd.

(a)

................................................

3,680

602,674

Fabrinet

(a)

............................................................

3,980

663,148

Five9,

Inc.

(a)

..........................................................

7,240

465,532

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

................................

21,490

1,753,154

Holdings,

Inc.

(a)

.....................................................

21,690

699,936

Semtech

Corp.

(a)

.......................................................

20,420

525,815

SiTime

Corp.

(a)

........................................................

6,470

739,197

8,362,789

Total

Common

Stocks

(Cost

$32,470,870)

33,911,485

Collateral

for

Securities

Loaned

(1.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.24

(c)

........

90,243

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.28

(c)

............

90,243

Invesco

Government

Agency

Portfolio,

Institutional

.26

(c)

...............

90,243

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Small

Cap

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(98.3%)

Consumer

Discretionary

(8.2%):

Abercrombie

Fitch

Co.(a)

...............................................

99,860

5,629,108

Ralph

Lauren

Corp.

.....................................................

45,370

5,267,003

RH(a)

...............................................................

18,440

4,874,799

Shake

Shack,

Inc.,

Class

A(a)

..............................................

36,680

2,130,008

Skyline

Champion

Corp.(a)

................................................

114,900

7,321,428

Sweetgreen,

Inc.,

Class

A(a)

...............................................

150,120

1,763,910

Texas

Roadhouse,

Inc.

...................................................

16,330

1,569,313

Under

Armour,

Inc.,

Class

C(a)

.............................................

1,089,900

6,953,562

Wingstop,

Inc.

.........................................................

16,830

3,026,707

YETI

Holdings,

Inc.(a)

...................................................

107,960

5,205,831

43,741,669

Consumer

Staples

(4.4%):

BellRing

Brands,

Inc.(a)

..................................................

275,470

11,357,628

Celsius

Holdings,

Inc.(a)

..................................................

17,060

2,927,496

elf

Beauty,

Inc.(a)

.......................................................

12,590

1,382,760

Grocery

Outlet

Holding

Corp.(a)

............................................

283,780

8,187,053

23,854,937

Energy

(5.0%):

Callon

Petroleum

Co.(a)

..................................................

85,440

3,342,413

Matador

Resources

Co.

...................................................

125,730

7,478,420

Permian

Resources

Corp.(b)

...............................................

284,650

3,973,714

Tidewater,

Inc.(a)

.......................................................

87,770

6,237,814

Weatherford

International

PLC(a)

...........................................

64,750

5,848,867

26,881,228

Financials

(8.5%):

Euronet

Worldwide,

Inc.(a)

................................................

46,610

3,699,902

FirstCash

Holdings,

Inc.

..................................................

121,220

12,168,064

Flywire

Corp.(a)

.......................................................

279,020

8,897,948

Kinsale

Capital

Group,

Inc.

................................................

2,650

1,097,444

Payoneer

Global,

Inc.(a)

..................................................

1,277,310

7,817,137

Shift4

Payments,

Inc.,

Class

A(a)

............................................

127,230

7,044,725

Upstart

Holdings,

Inc.(a)(b)

...............................................

37,010

1,056,265

Wintrust

Financial

Corp.

..................................................

49,900

3,767,450

45,548,935

Health

Care

(22.6%):

89bio,

Inc.(a)

..........................................................

155,120

2,395,053

Acadia

Healthcare

Co.,

Inc.(a)

..............................................

95,750

6,732,182

Akero

Therapeutics,

Inc.(a)

................................................

53,750

2,718,675

Amicus

Therapeutics,

Inc.(a)

...............................................

677,660

8,240,346

Apellis

Pharmaceuticals,

Inc.(a)

............................................

178,760

6,800,030

Bridgebio

Pharma,

Inc.(a)

.................................................

130,710

3,446,823

Cymabay

Therapeutics,

Inc.(a)

.............................................

282,770

4,216,101

Disc

Medicine,

Inc.(a)

...................................................

42,580

2,000,408

Evolent

Health,

Inc.,

Class

A(a)

.............................................

230,350

6,272,430

Haemonetics

Corp.(a)

....................................................

40,170

3,598,429

HealthEquity,

Inc.(a)

....................................................

82,930

6,058,036

Immunovant,

Inc.(a)

.....................................................

106,440

4,086,232

Inspire

Medical

Systems,

Inc.(a)

............................................

43,360

8,604,358

Krystal

Biotech,

Inc.(a)

...................................................

46,200

5,359,200

Lantheus

Holdings,

Inc.(a)

................................................

58,710

4,079,171

LivaNova

PLC(a)

.......................................................

62,050

3,281,204

MoonLake

Immunotherapeutics(a)(b)

........................................

53,960

3,075,720

Nuvalent,

Inc.,

Class

A(a)

.................................................

58,430

2,686,027

Opthea

Ltd.,

ADR(a)

....................................................

386,965

657,841

Pacific

Biosciences

California,

Inc.(a)

......................................

141,830

1,184,280

PROCEPT

BioRobotics

Corp.(a)

............................................

100,830

3,308,232

Pulmonx

Corp.(a)

.......................................................

352,100

3,637,193

REVOLUTION

Medicines,

Inc.(a)

..........................................

90,930

2,516,942

Victory

Portfolios

Victory

Small

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Roivant

Sciences

Ltd.(a)(b)

................................................

284,450

3,322,376

RxSight,

Inc.(a)

........................................................

39,720

1,107,791

Shockwave

Medical,

Inc.(a)

...............................................

20,550

4,091,505

Structure

Therapeutics,

Inc.,

ADR(a)

.........................................

47,000

2,369,740

Surgery

Partners,

Inc.(a)

..................................................

206,160

6,030,180

Vaxcyte,

Inc.(a)

........................................................

120,020

6,118,620

Ventyx

Biosciences,

Inc.(a)

................................................

77,720

2,699,216

120,694,341

Industrials

(23.3%):

AAR

Corp.(a)

.........................................................

135,840

8,086,555

Applied

Industrial

Technologies,

Inc.

.........................................

39,450

6,099,364

Atkore,

Inc.(a)

.........................................................

29,780

4,442,878

Bloom

Energy

Corp.,

Class

A(a)

............................................

263,050

3,488,043

Chart

Industries,

Inc.(a)

..................................................

45,519

7,698,173

Clean

Harbors,

Inc.(a)

...................................................

70,710

11,834,026

Comfort

Systems

USA,

Inc.

...............................................

19,670

3,351,965

Herc

Holdings,

Inc.

.....................................................

25,060

2,980,636

Hexcel

Corp.

..........................................................

64,020

4,170,263

Kornit

Digital

Ltd.(a)

....................................................

177,290

3,352,554

Maximus,

Inc.

.........................................................

67,000

5,003,560

McGrath

RentCorp

......................................................

67,980

6,814,315

Moog,

Inc.,

Class

.....................................................

63,860

7,213,626

Paycor

HCM,

Inc.(a)

....................................................

192,520

4,395,232

Shoals

Technologies

Group,

Inc.,

Class

A(a)

....................................

373,090

6,808,893

Simpson

Manufacturing

Co.,

Inc.

...........................................

40,230

6,026,856

Tecnoglass,

Inc.

........................................................

145,930

4,809,853

The

AZEK

Co.,

Inc.(a)

...................................................

198,210

5,894,765

Vertiv

Holdings

Co.

.....................................................

144,330

5,369,076

Watts

Water

Technologies,

Inc.,

Class

.......................................

21,640

3,739,825

WNS

Holdings

Ltd.,

ADR(a)

..............................................

72,527

4,965,198

XPO,

Inc.(a)

..........................................................

108,030

8,065,520

124,611,176

Information

Technology

(24.4%):

Advanced

Energy

Industries,

Inc.

...........................................

53,280

5,494,234

Altair

Engineering,

Inc.,

Class

A(a)

..........................................

100,190

6,267,886

Axcelis

Technologies,

Inc.(a)

..............................................

35,070

5,718,164

Badger

Meter,

Inc.

......................................................

55,080

7,924,360

Belden,

Inc.

...........................................................

47,060

4,543,643

Box,

Inc.,

Class

A(a)

....................................................

223,090

5,401,009

Braze,

Inc.,

Class

A(a)

...................................................

146,740

6,857,160

Confluent,

Inc.,

Class

A(a)

................................................

123,020

3,642,622

CyberArk

Software

Ltd.(a)

................................................

54,030

8,848,493

Fabrinet(a)

............................................................

37,170

6,193,265

Five9,

Inc.(a)

..........................................................

58,930

3,789,199

Globant

SA(a)

.........................................................

42,140

8,337,399

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

171,863

14,020,584

PagerDuty,

Inc.(a)

......................................................

130,210

2,928,423

Procore

Technologies,

Inc.(a)

..............................................

80,150

5,235,398

Semtech

Corp.(a)

.......................................................

223,200

5,747,400

SiTime

Corp.(a)

........................................................

64,090

7,322,283

Sprout

Social,

Inc.,

Class

A(a)

..............................................

232,380

11,591,114

Super

Micro

Computer,

Inc.(a)

.............................................

13,200

3,619,704

Varonis

Systems,

Inc.(a)

..................................................

227,260

6,940,520

130,422,860

Materials

(1.9%):

Avient

Corp.

..........................................................

118,900

4,199,548

Livent

Corp.(a)

........................................................

185,230

3,410,084

Summit

Materials,

Inc.,

Class

A(a)

..........................................

76,010

2,366,952

9,976,584

Total

Common

Stocks

(Cost

$479,868,337)

525,731,730

Victory

Portfolios

Victory

Small

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Collateral

for

Securities

Loaned

(1.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(c)

........

1,419,061

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(c)

............

1,419,061

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(c)

...............

1,419,061

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(c)

1,419,061

Total

Collateral

for

Securities

Loaned

(Cost

$5,676,244)

5,676,244

Total

Investments

(Cost

$485,544,581)

—

99.4%

531,407,974

Other

assets

excess

liabilities

—

0.6%

3,418,195

NET

ASSETS

100.00%

534,826,169

September

30,

2023,

the

Fund's

investments

foreign

securities

were

8.1%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Global

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(96.4%)

Australia

(1.6%):

Consumer

Discretionary

(0.8%):

Aristocrat

Leisure

Ltd.

...................................................

168,257

4,394,944

Financials

(0.4%):

Macquarie

Group

Ltd.

...................................................

18,126

1,940,631

Health

Care

(0.4%):

CSL

Ltd.

.............................................................

13,478

2,170,845

8,506,420

Belgium

(0.5%):

Information

Technology

(0.5%):

Melexis

...........................................................

29,835

2,567,388

Bermuda

(0.8%):

Industrials

(0.8%):

Triton

International

Ltd.

..................................................

55,217

4,392,512

Canada

(4.2%):

Consumer

Staples

(1.0%):

Alimentation

Couche-Tard,

Inc.

.............................................

104,145

5,289,686

Energy

(0.8%):

Parex

Resources,

Inc.

....................................................

222,245

4,171,287

Industrials

(0.5%):

Bombardier,

Inc.

Class

(a)

...............................................

82,946

2,892,513

Information

Technology

(1.3%):

Constellation

Software,

Inc.

...............................................

3,511

7,249,164

Materials

(0.6%):

Agnico

Eagle

Mines

Ltd.

.................................................

66,135

3,005,561

22,608,211

China

(2.0%):

Communication

Services

(1.1%):

Tencent

Holdings

Ltd.

...................................................

156,500

6,066,753

Consumer

Staples

(0.2%):

Foshan

Haitian

Flavouring

Food

Co.

Ltd.

Class

..............................

254,614

1,333,738

Financials

(0.7%):

Industrial

Commercial

Bank

China

Ltd.

Class

.............................

7,423,000

3,560,490

10,960,981

Denmark

(2.0%):

Consumer

Discretionary

(0.6%):

Pandora

A/S

..........................................................

30,767

3,175,450

Health

Care

(1.4%):

Novo

Nordisk

A/S

Class

................................................

84,920

7,733,443

10,908,893

France

(4.4%):

Consumer

Discretionary

(0.6%):

Francaise

des

Jeux

SAEM

(b)

............................................

99,700

3,237,778

Consumer

Staples

(0.7%):

L'Oreal

...........................................................

9,270

3,841,073

Energy

(0.8%):

Gaztransport

Technigaz

..............................................

35,707

4,388,100

Victory

Portfolios

Victory

Global

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Industrials

(1.4%):

Rexel

.............................................................

159,746

3,578,773

Safran

............................................................

24,002

3,760,819

7,339,592

Materials

(0.9%):

Arkema

...........................................................

48,165

4,740,745

23,547,288

Germany

(0.8%):

Consumer

Discretionary

(0.5%):

Volkswagen

Preference

..........................................

22,381

2,571,210

Utilities

(0.3%):

RWE

.............................................................

50,645

1,879,674

4,450,884

Indonesia

(0.6%):

Communication

Services

(0.6%):

Telkom

Indonesia

Persero

Tbk

...........................................

13,356,100

3,238,658

Italy

(0.6%):

Utilities

(0.6%):

Snam

SpA

............................................................

638,657

2,996,341

Japan

(5.5%):

Communication

Services

(1.1%):

Capcom

Co.

Ltd.

.......................................................

89,700

3,228,889

Kakaku.com,

Inc.

.......................................................

282,000

2,856,089

6,084,978

Consumer

Discretionary

(0.7%):

ZOZO,

Inc.

...........................................................

203,000

3,717,668

Consumer

Staples

(0.5%):

Toyo

Suisan

Kaisha

Ltd.

..................................................

68,300

2,678,874

Financials

(0.8%):

Mizuho

Financial

Group,

Inc.

..............................................

258,600

4,391,087

Health

Care

(0.5%):

Hoya

Corp.

...........................................................

24,300

2,489,078

Industrials

(1.1%):

Fuji

Electric

Co.

Ltd.

....................................................

65,500

2,950,231

Nippon

Yusen

......................................................

113,700

2,952,598

5,902,829

Information

Technology

(0.5%):

Oracle

Corp.

..........................................................

40,500

3,000,448

Utilities

(0.3%):

Tokyo

Gas

Co.

Ltd.

.....................................................

72,000

1,632,649

29,897,611

Netherlands

(0.7%):

Information

Technology

(0.7%):

ASM

International

...................................................

9,247

3,860,950

New

Zealand

(0.5%):

Health

Care

(0.5%):

Fisher

Paykel

Healthcare

Corp.

Ltd.

........................................

198,188

2,554,190

Victory

Portfolios

Victory

Global

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Norway

(0.7%):

Energy

(0.3%):

Aker

ASA

.........................................................

66,678

1,841,625

Financials

(0.4%):

SpareBank

SMN

......................................................

166,050

2,124,559

3,966,184

Singapore

(0.7%):

Financials

(0.7%):

Singapore

Exchange

Ltd.

.................................................

517,600

3,683,023

South

Africa

(0.6%):

Consumer

Discretionary

(0.6%):

Price

Group

Ltd.

.....................................................

404,661

2,971,750

South

Korea

(0.8%):

Information

Technology

(0.8%):

Samsung

Electronics

Co.

Ltd.

..............................................

89,554

4,527,996

Spain

(1.0%):

Financials

(1.0%):

Banco

Bilbao

Vizcaya

Argentaria

.........................................

699,774

5,662,444

Sweden

(0.5%):

Industrials

(0.5%):

Atlas

Copco

Class

.................................................

243,308

2,846,425

Switzerland

(2.7%):

Financials

(1.5%):

Chubb

Ltd.

...........................................................

23,117

4,812,497

Partners

Group

Holding

...............................................

3,181

3,571,951

8,384,448

Health

Care

(1.2%):

Roche

Holding

......................................................

23,536

6,427,110

14,811,558

Taiwan

(2.3%):

Financials

(1.0%):

Cathay

Financial

Holding

Co.

Ltd.

...........................................

3,840,000

5,302,965

Information

Technology

(1.3%):

ASE

Technology

Holding

Co.

Ltd.

...........................................

1,108,000

3,782,644

Lite-On

Technology

Corp.

................................................

924,000

3,488,964

7,271,608

12,574,573

United

Kingdom

(4.5%):

Consumer

Discretionary

(1.2%):

Greggs

PLC

...........................................................

120,417

3,584,307

PLC

............................................................

30,128

2,671,661

6,255,968

Consumer

Staples

(0.5%):

Imperial

Brands

PLC

....................................................

137,177

2,782,372

Financials

(0.8%):

HSBC

Holdings

PLC

....................................................

560,472

4,385,188

Industrials

(0.5%):

Ashtead

Group

PLC

.....................................................

44,217

2,680,993

Materials

(1.5%):

Croda

International

PLC

..................................................

29,315

1,750,744

Victory

Portfolios

Victory

Global

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Rio

Tinto

PLC

.........................................................

100,816

6,329,445

8,080,189

24,184,710

United

States

(58.4%):

Communication

Services

(4.4%):

Alphabet,

Inc.

Class

(a)

.................................................

94,088

12,405,503

Meta

Platforms,

Inc.

Class

(a)

............................................

37,761

11,336,230

23,741,733

Consumer

Discretionary

(7.9%):

Amazon.com,

Inc.

(a)

....................................................

90,588

11,515,547

McDonald's

Corp.

......................................................

40,994

10,799,459

PulteGroup,

Inc.

........................................................

72,931

5,400,540

Ross

Stores,

Inc.

.......................................................

45,343

5,121,492

Tesla,

Inc.

(a)

..........................................................

25,755

6,444,416

Ulta

Beauty,

Inc.

(a)

.....................................................

8,515

3,401,317

42,682,771

Consumer

Staples

(3.0%):

Colgate-Palmolive

Co.

...................................................

104,603

7,438,319

PepsiCo,

Inc.

..........................................................

52,588

8,910,511

16,348,830

Energy

(2.7%):

APA

Corp.

............................................................

123,688

5,083,577

Cactus,

Inc.

Class

.....................................................

49,155

2,468,072

ConocoPhillips

........................................................

58,666

7,028,187

14,579,836

Financials

(9.1%):

Bank

America

Corp.

...................................................

183,228

5,016,783

JPMorgan

Chase

Co.

..................................................

63,512

9,210,510

LPL

Financial

Holdings,

Inc.

...............................................

21,529

5,116,367

Mastercard,

Inc.

Class

.................................................

27,621

10,935,430

S&P

Global,

Inc.

.......................................................

22,443

8,200,896

Synchrony

Financial

.....................................................

79,302

2,424,262

The

PNC

Financial

Services

Group,

Inc.

......................................

26,879

3,299,935

Unum

Group

..........................................................

103,778

5,104,840

49,309,023

Health

Care

(8.3%):

Amgen,

Inc.

...........................................................

30,195

8,115,208

CVS

Health

Corp.

......................................................

95,921

6,697,205

Eli

Lilly

Co.

.........................................................

20,983

11,270,599

IDEXX

Laboratories,

Inc.

(a)

...............................................

12,563

5,493,423

Johnson

.....................................................

44,560

6,940,220

UnitedHealth

Group,

Inc.

.................................................

12,380

6,241,872

44,758,527

Industrials

(4.1%):

AGCO

Corp.

..........................................................

27,388

3,239,453

Delta

Air

Lines,

Inc.

.....................................................

126,597

4,684,089

Eaton

Corp.

PLC

.......................................................

33,293

7,100,731

Lennox

International,

Inc.

.................................................

19,013

7,119,228

22,143,501

Information

Technology

(16.0%):

Apple,

Inc.

...........................................................

160,818

27,533,650

Cisco

Systems,

Inc.

.....................................................

121,088

6,509,691

Fortinet,

Inc.

(a)

........................................................

109,362

6,417,362

Microsoft

Corp.

........................................................

78,495

24,784,796

NVIDIA

Corp.

.........................................................

32,769

14,254,187

Victory

Portfolios

Victory

Global

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Texas

Instruments,

Inc.

...................................................

41,493

6,597,802

86,097,488

Materials

(0.4%):

Alcoa

Corp.

...........................................................

75,704

2,199,958

Real

Estate

(0.9%):

Prologis,

Inc.

..........................................................

43,611

4,893,590

Utilities

(1.6%):

Constellation

Energy

Corp.

................................................

47,127

5,140,613

MGE

Energy,

Inc.

......................................................

50,362

3,450,301

8,590,914

315,346,171

Total

Common

Stocks

(Cost

$440,824,953)

521,065,161

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

(a)

(c)

...........................................

3,376

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(1.0%)

United

States

(1.0%):

iShares

MSCI

ACWI

ETF

.................................................

58,634

5,416,022

Total

Exchange-Traded

Funds

(Cost

$5,127,835)

5,416,022

Total

Investments

(Cost

$445,952,788)

—

97.4%

526,481,183

Other

assets

excess

liabilities

—

2.6%

13,955,951

NET

ASSETS

100.00%

540,437,134

(a)

Non-income

producing

security.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$3,237,778

and

amounted

0.6%

net

assets.

(c)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2023.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

International

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(97.3%)

Australia

(6.5%):

Consumer

Discretionary

(1.0%):

Aristocrat

Leisure

Ltd.

...................................................

124,349

3,248,048

Financials

(1.2%):

Macquarie

Group

Ltd.

...................................................

37,484

4,013,164

Health

Care

(1.1%):

CSL

Ltd.

.............................................................

23,120

3,723,842

Materials

(2.3%):

BHP

Group

Ltd.

........................................................

263,240

7,392,924

Real

Estate

(0.9%):

Scentre

Group

.........................................................

1,965,599

3,087,962

21,465,940

Belgium

(0.9%):

Information

Technology

(0.9%):

Melexis

...........................................................

33,549

2,886,988

China

(0.9%):

Communication

Services

(0.9%):

Tencent

Holdings

Ltd.

...................................................

73,700

2,856,995

Denmark

(5.1%):

Consumer

Discretionary

(1.3%):

Pandora

A/S

..........................................................

39,366

4,062,949

Health

Care

(3.8%):

Novo

Nordisk

A/S

Class

................................................

137,258

12,499,729

16,562,678

France

(12.1%):

Consumer

Discretionary

(4.2%):

Francaise

des

Jeux

SAEM

(a)

............................................

95,958

3,116,256

LVMH

Moet

Hennessy

Louis

Vuitton

......................................

13,954

10,531,461

13,647,717

Consumer

Staples

(2.5%):

L'Oreal

...........................................................

19,498

8,079,097

Energy

(0.7%):

Gaztransport

Technigaz

..............................................

17,944

2,205,172

Industrials

(2.4%):

Rexel

.............................................................

131,151

2,938,162

Safran

............................................................

32,313

5,063,050

8,001,212

Information

Technology

(0.8%):

Capgemini

.........................................................

14,986

2,614,605

Materials

(1.5%):

Arkema

...........................................................

51,963

5,114,572

39,662,375

Germany

(7.5%):

Consumer

Discretionary

(0.7%):

Volkswagen

Preference

..........................................

19,424

2,231,499

Financials

(1.9%):

Allianz

Registered

..............................................

26,260

6,248,398

Victory

Portfolios

Victory

International

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Industrials

(2.2%):

Siemens

Registered

.............................................

50,011

7,146,028

Information

Technology

(1.8%):

SAP

..............................................................

45,725

5,917,924

Utilities

(0.9%):

RWE

.............................................................

83,545

3,100,748

24,644,597

Hong

Kong

(2.1%):

Financials

(1.3%):

AIA

Group

Ltd.

........................................................

518,000

4,189,276

Real

Estate

(0.8%):

Asset

Holdings

Ltd.

..................................................

527,000

2,768,205

6,957,481

Italy

(1.0%):

Utilities

(1.0%):

Snam

SpA

............................................................

706,369

3,314,021

Japan

(22.3%):

Communication

Services

(1.8%):

Capcom

Co.

Ltd.

.......................................................

102,300

3,682,445

Kakaku.com,

Inc.

.......................................................

206,300

2,089,402

5,771,847

Consumer

Discretionary

(3.4%):

Toyota

Motor

Corp.

.....................................................

479,300

8,599,950

ZOZO,

Inc.

...........................................................

138,600

2,538,270

11,138,220

Consumer

Staples

(1.0%):

Toyo

Suisan

Kaisha

Ltd.

..................................................

84,300

3,306,429

Financials

(2.9%):

Mizuho

Financial

Group,

Inc.

..............................................

290,100

4,925,964

Tokio

Marine

Holdings,

Inc.

...............................................

196,600

4,552,627

9,478,591

Health

Care

(2.5%):

Hoya

Corp.

...........................................................

51,200

5,244,477

Shionogi

Co.

Ltd.

.....................................................

66,800

2,979,977

8,224,454

Industrials

(6.7%):

Fuji

Electric

Co.

Ltd.

....................................................

95,200

4,287,969

MISUMI

Group,

Inc.

....................................................

60,600

943,818

Mitsubishi

Heavy

Industries

Ltd.

............................................

95,300

5,316,252

Nippon

Yusen

......................................................

144,900

3,762,809

OKUMA

Corp.

........................................................

59,400

2,609,031

Sanwa

Holdings

Corp.

...................................................

371,500

4,931,246

21,851,125

Information

Technology

(2.4%):

Fujitsu

Ltd.

...........................................................

23,500

2,764,230

Oracle

Corp.

..........................................................

55,300

4,096,907

Ulvac,

Inc.

............................................................

28,500

1,027,020

7,888,157

Real

Estate

(0.8%):

Sumitomo

Realty

Development

Co.

Ltd.

....................................

101,500

2,635,449

Victory

Portfolios

Victory

International

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Utilities

(0.8%):

Tokyo

Gas

Co.

Ltd.

.....................................................

120,400

2,730,153

73,024,425

Netherlands

(5.2%):

Communication

Services

(0.6%):

Koninklijke

KPN

....................................................

580,246

1,911,454

Financials

(1.7%):

ING

Groep

........................................................

417,359

5,500,064

Industrials

(1.5%):

Wolters

Kluwer

.....................................................

40,308

4,879,642

Information

Technology

(1.4%):

ASM

International

...................................................

11,150

4,655,520

16,946,680

New

Zealand

(0.7%):

Health

Care

(0.7%):

Fisher

Paykel

Healthcare

Corp.

Ltd.

........................................

186,545

2,404,138

Norway

(1.3%):

Energy

(0.4%):

Aker

ASA

.........................................................

47,769

1,319,364

Financials

(0.9%):

SpareBank

SMN

......................................................

239,674

3,066,556

4,385,920

Spain

(2.2%):

Financials

(2.2%):

Banco

Bilbao

Vizcaya

Argentaria

.........................................

882,288

7,139,314

Sweden

(2.0%):

Industrials

(2.0%):

Atlas

Copco

Class

.................................................

564,591

6,605,067

Switzerland

(12.5%):

Consumer

Staples

(3.7%):

Coca-Cola

HBC

.....................................................

144,035

3,937,812

Nestle

Registered

..............................................

72,981

8,263,415

12,201,227

Financials

(3.1%):

Partners

Group

Holding

...............................................

4,155

4,665,658

UBS

Group

........................................................

217,023

5,347,212

10,012,870

Health

Care

(5.7%):

Novartis

Registered

.............................................

101,309

10,349,377

Roche

Holding

......................................................

30,682

8,378,509

18,727,886

40,941,983

United

Kingdom

(15.0%):

Consumer

Discretionary

(1.8%):

Greggs

PLC

...........................................................

103,227

3,072,633

PLC

............................................................

32,006

2,838,196

5,910,829

Consumer

Staples

(2.5%):

Diageo

PLC

...........................................................

118,162

4,355,693

Imperial

Brands

PLC

....................................................

186,992

3,792,774

8,148,467

Victory

Portfolios

Victory

International

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Energy

(3.6%):

PLC

..............................................................

619,271

3,991,123

Shell

PLC

............................................................

246,866

7,822,937

11,814,060

Financials

(3.0%):

Barclays

PLC

.........................................................

784,925

1,512,638

HSBC

Holdings

PLC

....................................................

900,567

7,046,125

Legal

General

Group

PLC

...............................................

426,350

1,150,246

9,709,009

Industrials

(1.0%):

Ashtead

Group

PLC

.....................................................

57,199

3,468,126

Materials

(2.4%):

Croda

International

PLC

..................................................

37,553

2,242,731

Rio

Tinto

PLC

.........................................................

88,933

5,583,405

7,826,136

Utilities

(0.7%):

Centrica

PLC

..........................................................

1,308,336

2,460,460

49,337,087

Total

Common

Stocks

(Cost

$285,435,797)

319,135,689

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

MSCI

EAFE

ETF

.................................................

4,988

343,773

Total

Exchange-Traded

Funds

(Cost

$329,657)

343,773

Total

Investments

(Cost

$285,765,454)

—

97.4%

319,479,462

Other

assets

excess

liabilities

—

2.6%

8,484,281

NET

ASSETS

100.00%

327,963,743

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$3,116,256

and

amounted

1.0%

net

assets.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(99.5%)

Brazil

(7.9%):

Communication

Services

(0.6%):

TIM

..............................................................

810,200

2,400,820

Consumer

Discretionary

(0.6%):

Vibra

Energia

.......................................................

551,874

2,077,943

Consumer

Staples

(0.5%):

Sao

Martinho

.......................................................

254,100

1,985,306

Energy

(1.4%):

Petroleo

Brasileiro

ADR

...............................................

350,917

5,260,246

Financials

(1.1%):

Itau

Unibanco

Holding

ADR

............................................

760,225

4,082,408

Industrials

(0.8%):

Santos

Brasil

Participacoes

.............................................

972,000

1,657,752

SIMPAR

..........................................................

769,764

1,354,199

3,011,951

Information

Technology

(0.6%):

TOTVS

...........................................................

410,800

2,207,328

Materials

(1.8%):

Gerdau

Preference

..............................................

454,950

2,184,709

Vale

..............................................................

344,600

4,634,533

6,819,242

Real

Estate

(0.5%):

Multiplan

Empreendimentos

Imobiliarios

...................................

380,700

1,861,490

29,706,734

Chile

(0.4%):

Financials

(0.0%):(a)

Banco

Credito

Inversiones

..........................................

Utilities

(0.4%):

Enel

Chile

.........................................................

21,509,105

1,307,186

1,307,212

China

(26.0%):

Communication

Services

(8.1%):

Baidu,

Inc.

Class

(b)

...................................................

391,896

6,596,083

NetEase,

Inc.

..........................................................

339,800

6,813,633

Tencent

Holdings

Ltd.

...................................................

444,415

17,227,835

30,637,551

Consumer

Discretionary

(7.9%):

Alibaba

Group

Holding

Ltd.

(b)

.............................................

1,245,872

13,508,408

BYD

Co.

Ltd.

Class

...................................................

154,000

4,744,926

Fuyao

Glass

Industry

Group

Co.

Ltd.

Class

..................................

373,200

1,891,863

World

Group,

Ltd.

ADR

(b)

..............................................

99,880

3,938,268

Hisense

Home

Appliances

Group

Co.

Ltd.

Class

...............................

514,200

1,658,531

MINISO

Group

Holding

Ltd.

ADR

..........................................

93,808

2,429,627

Yadea

Group

Holdings

Ltd.

(c)

..............................................

912,000

1,688,885

29,860,508

Consumer

Staples

(1.1%):

Chenguang

Biotech

Group

Co.

Ltd.

Class

...................................

814,700

1,675,808

Tsingtao

Brewery

Co.

Ltd.

Class

..........................................

290,000

2,361,537

4,037,345

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Energy

(0.8%):

PetroChina

Co.

Ltd.

Class

..............................................

4,150,000

3,110,245

Financials

(3.6%):

Industrial

Commercial

Bank

China

Ltd.

Class

.............................

12,445,000

5,969,325

PICC

Property

Casualty

Co.

Ltd.

Class

...................................

2,894,000

3,705,855

Ping

Insurance

Group

Co.

China

Ltd.

Class

..............................

679,000

3,851,171

13,526,351

Health

Care

(0.9%):

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

Class

.......................

51,800

1,924,964

WuXi

AppTec

Co.

Ltd.

Class

............................................

106,500

1,265,779

3,190,743

Industrials

(2.1%):

China

Railway

Group

Ltd.

Class

..........................................

6,642,000

3,415,934

Contemporary

Amperex

Technology

Co.

Ltd.

Class

............................

77,100

2,153,803

ZTO

Express

Cayman,

Inc.

ADR

...........................................

100,671

2,433,218

8,002,955

Information

Technology

(0.5%):

Luxshare

Precision

Industry

Co.

Ltd.

Class

...................................

468,900

1,923,374

Materials

(1.0%):

Shandong

Nanshan

Aluminum

Co.

Ltd.

Class

.................................

4,673,000

2,014,088

Tianqi

Lithium

Corp.

Class

..............................................

211,100

1,594,788

3,608,876

97,897,948

Greece

(2.1%):

Energy

(0.6%):

Motor

Oil

Hellas

Corinth

Refineries

.......................................

92,174

2,327,804

Financials

(0.9%):

National

Bank

Greece

(b)

.............................................

625,511

3,521,038

Industrials

(0.6%):

Mytilineos

.........................................................

59,675

2,196,201

8,045,043

Hong

Kong

(1.1%):

Consumer

Discretionary

(0.3%):

Man

Wah

Holdings

Ltd.

..................................................

1,734,000

1,212,002

Real

Estate

(0.8%):

China

Resources

Land

Ltd.

................................................

698,000

2,771,944

3,983,946

India

(14.9%):

Consumer

Discretionary

(2.7%):

Mahindra

Ltd.

................................................

258,140

4,820,758

Raymond

Ltd.

.........................................................

110,113

2,392,926

Tata

Motors

Ltd.

.......................................................

389,054

2,942,947

10,156,631

Financials

(5.1%):

Cholamandalam

Investment

and

Finance

Co.

Ltd.

................................

146,346

2,140,785

ICICI

Bank

Ltd.

ADR

...................................................

459,679

10,627,779

LIC

Housing

Finance

Ltd.

.................................................

459,501

2,563,283

Manappuram

Finance

Ltd.

................................................

2,153,888

3,877,093

19,208,940

Health

Care

(1.4%):

Apollo

Hospitals

Enterprise

Ltd.

............................................

44,521

2,749,273

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Dr.

Reddy's

Laboratories

Ltd.

..............................................

35,255

2,366,111

5,115,384

Industrials

(2.4%):

Ashok

Leyland

Ltd.

.....................................................

1,387,451

2,950,863

Larsen

Toubro

Ltd.

....................................................

124,698

4,530,916

WNS

Holdings

Ltd.

ADR

(b)

..............................................

22,896

1,567,460

9,049,239

Materials

(2.3%):

Paper

Ltd.

..........................................................

390,167

1,841,193

Tata

Steel

Ltd.

.........................................................

2,369,996

3,665,907

UltraTech

Cement

Ltd.

...................................................

32,144

3,187,815

8,694,915

Utilities

(1.0%):

Power

Grid

Corp.

India

Ltd.

.............................................

1,570,057

3,768,834

55,993,943

Indonesia

(2.0%):

Energy

(0.4%):

Adaro

Energy

Indonesia

Tbk

............................................

8,373,300

1,540,713

Financials

(1.6%):

Bank

Mandiri

Persero

Tbk

..............................................

15,580,200

6,066,196

7,606,909

Ireland

(1.5%):

Consumer

Discretionary

(1.5%):

PDD

Holdings,

Inc.

ADR

(b)

...............................................

57,571

5,645,988

Luxembourg

(1.1%):

Materials

(1.1%):

Ternium

ADR

......................................................

100,858

4,024,234

Mexico

(4.7%):

Consumer

Discretionary

(0.4%):

Alsea

SAB

(b)

....................................................

450,880

1,640,811

Consumer

Staples

(1.5%):

Fomento

Economico

Mexicano

SAB

ADR

...............................

39,879

4,352,793

Kimberly-Clark

Mexico

SAB

Class

.................................

679,145

1,352,482

5,705,275

Financials

(1.6%):

Grupo

Financiero

Banorte

SAB

Class

.................................

705,926

5,919,415

Industrials

(0.7%):

Grupo

Aeroportuario

del

Pacifico

SAB

Class

............................

158,062

2,598,369

Real

Estate

(0.5%):

Corp

Inmobiliaria

Vesta

SAB

.........................................

498,616

1,645,122

17,508,992

Panama

(0.5%):

Industrials

(0.5%):

Copa

Holdings

Class

................................................

20,516

1,828,386

Qatar

(0.7%):

Industrials

(0.7%):

Industries

Qatar

QSC

....................................................

682,624

2,573,338

Russian

Federation

(0.0%):(a)

Consumer

Staples

(0.0%):(a)

Magnit

PJSC

(b)

(d)

(e)

....................................................

41,301

385

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Energy

(0.0%):(a)

Gazprom

PJSC

(b)

(d)

(e)

..................................................

1,511,910

37,581

Rosneft

Oil

Co.

PJSC

GDR

(b)

(d)

(e)

.........................................

677,591

31,752

69,333

Financials

(0.0%):

Sberbank

Russia

PJSC

ADR

(b)

(d)

(e)

......................................

446,943

—

69,718

Saudi

Arabia

(3.1%):

Communication

Services

(0.8%):

Saudi

Telecom

Co.

......................................................

318,728

3,196,603

Information

Technology

(0.6%):

Arabian

Internet

Communications

Services

Co.

................................

26,690

2,277,513

Materials

(1.7%):

SABIC

Agri-Nutrients

Co.

................................................

97,948

3,476,283

Sahara

International

Petrochemical

Co.

.......................................

284,683

2,874,867

6,351,150

11,825,266

South

Korea

(13.0%):

Communication

Services

(0.4%):

JYP

Entertainment

Corp.

.................................................

19,558

1,624,272

Consumer

Discretionary

(2.2%):

Hyundai

Mobis

Co.

Ltd.

..................................................

19,077

3,395,797

Kia

Corp.

............................................................

83,227

5,010,198

8,405,995

Consumer

Staples

(0.2%):

BGF

retail

Co.

Ltd.

.....................................................

7,523

786,589

Financials

(1.9%):

Insurance

Co.

Ltd.

...................................................

57,605

3,817,453

Samsung

Securities

Co.

Ltd.

...............................................

125,563

3,416,730

7,234,183

Health

Care

(0.9%):

Samsung

Biologics

Co.

Ltd.

(b)

(c)

...........................................

6,690

3,377,526

Industrials

(1.2%):

Hyundai

Rotem

Co.

Ltd.

(b)

................................................

90,055

1,849,634

Samsung

Engineering

Co.

Ltd.

(b)

...........................................

110,661

2,476,638

4,326,272

Information

Technology

(6.2%):

HAESUNG

Co.

Ltd.

..................................................

32,572

1,352,009

Innox

Advanced

Materials

Co.

Ltd.

..........................................

98,952

2,332,773

Samsung

Electronics

Co.

Ltd.

..............................................

385,575

19,495,300

23,180,082

48,934,919

Taiwan

(13.5%):

Consumer

Discretionary

(0.4%):

Poya

International

Co.

Ltd.

................................................

110,090

1,645,017

Health

Care

(0.9%):

Lotus

Pharmaceutical

Co.

Ltd.

.............................................

212,000

1,566,510

Universal

Vision

Biotechnology

Co.

Ltd.

......................................

160,431

1,671,635

3,238,145

Industrials

(0.7%):

Fortune

Electric

Co.

Ltd.

.................................................

318,000

2,675,148

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

7/28/2021

5,922,464

Magnit

PJSC

...............................................

9/16/2021

3,251,080

Rosneft

Oil

Co.

PJSC

GDR

....................................

3/6/2020

4,383,338

Sberbank

Russia

PJSC

ADR

..................................

11/11/2020

6,053,328

Security

Description

Value

Information

Technology

(11.5%):

Gold

Circuit

Electronics

Ltd.

...............................................

488,100

3,326,307

King

Yuan

Electronics

Co.

Ltd.

.............................................

1,053,000

2,483,619

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

1,706,998

27,838,607

Unimicron

Technology

Corp.

..............................................

719,000

3,879,736

United

Microelectronics

Corp.

.............................................

2,374,000

3,333,956

Wiwynn

Corp.

.........................................................

52,000

2,425,132

43,287,357

50,845,667

Thailand

(2.4%):

Energy

(1.0%):

PTT

Exploration

Production

PCL

..........................................

822,300

3,837,592

Financials

(0.9%):

SCB

PCL

...........................................................

1,206,100

3,388,668

Real

Estate

(0.5%):

Thailand

PCL

.......................................................

5,117,200

1,656,427

8,882,687

Turkey

(0.5%):

Industrials

(0.5%):

Pegasus

Hava

Tasimaciligi

A/S

(b)

...........................................

63,748

1,913,452

United

Arab

Emirates

(2.9%):

Consumer

Discretionary

(0.7%):

Americana

Restaurants

International

PLC

.....................................

2,587,529

2,890,168

Financials

(1.1%):

Emirates

NBD

Bank

PJSC

................................................

838,145

4,061,922

Real

Estate

(1.1%):

Emaar

Properties

PJSC

...................................................

1,882,889

4,120,750

11,072,840

United

Kingdom

(0.4%):

Health

Care

(0.4%):

Hikma

Pharmaceuticals

PLC

...............................................

52,020

1,320,736

United

States

(0.8%):

Consumer

Discretionary

(0.8%):

Samsonite

International

(b)

(c)

............................................

901,200

3,081,956

Total

Common

Stocks

(Cost

$367,554,989)

374,069,914

Total

Investments

(Cost

$367,554,989)

—

99.5%

374,069,914

Other

assets

excess

liabilities

—

0.5%

2,053,554

NET

ASSETS

100.00%

376,123,468

(a)

Amount

represents

less

than

0.05%

net

assets.

(b)

Non-income

producing

security.

(c)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2023,

the

fair

value

these

securities

was

$8,148,367

and

amounted

2.2%

net

assets.

(d)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

September

30,

2023.

(e)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Global

Energy

Transition

Fund

(Unaudited)

Security

Name

Acquisition

Date

Cost

Metals

Acquisition

Ltd.,

Class

.................................

4/14/2023

–

Security

Description

Value

Common

Stocks

(89.9%)

Chemicals

(6.9%):

Linde

PLC

............................................................

51,329

19,112,353

Nutrien

Ltd.

...........................................................

132,411

8,177,704

27,290,057

Construction

Materials

(2.9%):

Ivanhoe(a)

............................................................

960,821

11,433,770

Industrials

(5.4%):

Energy

Vault

Holdings,

Inc.(a)(b)

...........................................

4,756,707

12,129,603

NuScale

Power

Corp.(a)(b)

................................................

1,857,362

9,101,074

21,230,677

Metals

Mining

(37.7%):

First

Quantum

Minerals

Ltd.

...............................................

1,590,912

37,591,021

Iluka

Resources

Ltd.

.....................................................

3,724,540

18,386,997

Ivanhoe

Electric,

Inc.(a)(b)

................................................

3,054,080

36,343,552

Metals

Acquisition

Ltd.,

Class

A(a)(c)(d)

......................................

63,231

715,086

Metals

Acquisition

Ltd.,

Class

A(a)(b)

........................................

1,459,205

17,481,276

Newmont

Corp.

........................................................

449,575

16,611,796

Norsk

Hydro

ASA

......................................................

3,036,286

19,080,245

Sunrise

Energy

Metals

Ltd.(a)(b)

............................................

5,786,876

2,864,256

149,074,229

Oil,

Gas

Consumable

Fuels

(37.0%):

Antero

Resources

Corp.(a)

................................................

520,350

13,206,483

Cameco

Corp.

.........................................................

653,260

25,921,641

Cheniere

Energy,

Inc.

....................................................

24,196

4,015,568

Enterprise

Products

Partners

.............................................

1,473,254

40,322,962

Peyto

Exploration

Development

Corp.

......................................

899,882

9,071,044

Peyto

Exploration

Development

Corp.

......................................

139,766

1,418,140

Range

Resources

Corp.

...................................................

280,566

9,093,144

Tourmaline

Oil

Corp.

....................................................

259,447

13,057,361

Whitecap

Resources,

Inc.

.................................................

3,512,060

29,661,533

145,767,876

Total

Common

Stocks

(Cost

$286,089,779)

354,796,609

Collateral

for

Securities

Loaned

(3.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(e)

........

3,496,568

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(e)

............

3,496,568

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(e)

...............

3,496,568

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(e)

3,496,568

Total

Collateral

for

Securities

Loaned

(Cost

$13,986,272)

13,986,272

Total

Investments

(Cost

$300,076,051)

—

93.4%

368,782,881

Other

assets

excess

liabilities

—

6.6%

25,868,058

NET

ASSETS

100.00%

394,650,939

September

30,

2023,

the

Fund's

investments

foreign

securities

were

55.5%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Restricted

security

that

not

registered

under

the

Securities

Act

1933.

(d)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

September

30,

2023.

(e)

Rate

disclosed

the

daily

yield

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Investors

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(96.1%)

Capital

Markets

(4.7%):

Cboe

Global

Markets,

Inc.

................................................

12,150

1,897,952

Communication

Services

(3.4%):

Alphabet,

Inc.,

Class

A(a)

.................................................

10,590

1,385,807

Consumer

Discretionary

(5.4%):

LKQ

Corp.

...........................................................

21,750

1,076,843

The

Wendy's

Co.

.......................................................

54,700

1,116,427

2,193,270

Consumer

Staples

(9.4%):

Keurig

Pepper,

Inc.

...................................................

44,730

1,412,126

Nomad

Foods

Ltd.(a)

....................................................

76,500

1,164,330

U.S.

Foods

Holding

Corp.(a)

...............................................

30,690

1,218,393

3,794,849

Energy

(6.5%):

Northern

Oil

and

Gas,

Inc.

................................................

30,750

1,237,072

Plains

Holdings

LP,

Class

.............................................

86,100

1,387,932

2,625,004

Health

Care

(14.8%):

Encompass

Health

Corp.

..................................................

24,180

1,623,929

Fortrea

Holdings,

Inc.(a)

..................................................

40,000

1,143,600

Humana,

Inc.

..........................................................

2,560

1,245,491

Merck

Co.,

Inc.

......................................................

10,530

1,084,063

Zimmer

Biomet

Holdings,

Inc.

.............................................

7,800

875,316

5,972,399

Industrials

(10.6%):

Fluor

Corp.(a)

.........................................................

37,240

1,366,708

Granite

Construction,

Inc.

.................................................

24,590

934,912

Leidos

Holdings,

Inc.

....................................................

8,840

814,694

Sensata

Technologies

Holding

PLC

..........................................

30,480

1,152,754

4,269,068

Information

Technology

(2.7%):

Verint

Systems,

Inc.(a)

...................................................

47,080

1,082,369

Insurance

(24.5%):

Brown

Brown,

Inc.

....................................................

20,430

1,426,831

Fairfax

Financial

Holdings

Ltd.

.............................................

2,920

2,383,925

Markel

Group,

Inc.(a)

....................................................

1,520

2,238,185

The

Progressive

Corp.

...................................................

15,060

2,097,858

White

Mountains

Insurance

Group

Ltd.

.......................................

1,180

1,764,914

9,911,713

Materials

(5.2%):

Graphic

Packaging

Holding

Co.

............................................

46,800

1,042,704

Olin

Corp.

............................................................

20,960

1,047,581

2,090,285

Real

Estate

(4.9%):

Equity

Commonwealth

...................................................

59,660

1,095,954

Four

Corners

Property

Trust,

Inc.

............................................

39,340

872,955

1,968,909

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Large

Cap

Alpha

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(98.2%)

Communication

Services

(3.6%):

Alphabet,

Inc.,

Class

A(a)

.................................................

116,470

15,241,264

TKO

Group

Holdings,

Inc.

................................................

18,680

1,570,241

16,811,505

Consumer

Discretionary

(3.4%):

Amazon.com,

Inc.(a)

....................................................

15,950

2,027,564

LKQ

Corp.

...........................................................

148,860

7,370,059

Mattel,

Inc.(a)

.........................................................

275,120

6,060,893

15,458,516

Consumer

Staples

(7.9%):

Diageo

PLC,

ADR

......................................................

21,710

3,238,698

Keurig

Pepper,

Inc.

...................................................

426,430

13,462,395

Mondelez

International,

Inc.,

Class

.........................................

149,880

10,401,672

U.S.

Foods

Holding

Corp.(a)

...............................................

239,410

9,504,577

36,607,342

Energy

(8.7%):

Chevron

Corp.

.........................................................

48,200

8,127,484

Enterprise

Products

Partners

.............................................

350,040

9,580,595

Exxon

Mobil

Corp.

.....................................................

102,470

12,048,422

Hess

Corp.

............................................................

68,570

10,491,210

40,247,711

Financials

(24.7%):

Brown

Brown,

Inc.

....................................................

163,530

11,420,935

Cboe

Global

Markets,

Inc.

................................................

93,270

14,569,707

Fairfax

Financial

Holdings

Ltd.

.............................................

33,660

27,480,449

FleetCor

Technologies,

Inc.(a)

..............................................

31,900

8,145,346

JPMorgan

Chase

Co.

..................................................

52,680

7,639,654

Markel

Group,

Inc.(a)

....................................................

15,370

22,632,171

The

Goldman

Sachs

Group,

Inc.

............................................

7,910

2,559,439

The

Progressive

Corp.

...................................................

139,700

19,460,210

113,907,911

Health

Care

(18.0%):

AbbVie,

Inc.

..........................................................

82,650

12,319,809

HealthCare

Technologies,

Inc.

...........................................

69,810

4,749,872

Humana,

Inc.

..........................................................

13,210

6,426,929

Johnson

.....................................................

47,780

7,441,735

McKesson

Corp.

.......................................................

14,040

6,105,294

Medtronic

PLC

........................................................

118,970

9,322,489

Merck

Co.,

Inc.

......................................................

132,680

13,659,406

The

Cigna

Group

.......................................................

40,530

11,594,417

UnitedHealth

Group,

Inc.

.................................................

23,155

11,674,520

83,294,471

Industrials

(13.2%):

Eaton

Corp.

PLC

.......................................................

28,870

6,157,394

FedEx

Corp.

..........................................................

30,390

8,050,919

General

Dynamics

Corp.

..................................................

26,370

5,826,979

Johnson

Controls

International

PLC

..........................................

92,180

4,904,898

Leidos

Holdings,

Inc.

....................................................

115,940

10,685,030

PACCAR,

Inc.

.........................................................

61,795

5,253,811

Parker-Hannifin

Corp.

...................................................

15,350

5,979,132

RTX

Corp.

............................................................

77,952

5,610,205

Sensata

Technologies

Holding

PLC

..........................................

221,970

8,394,905

60,863,273

Information

Technology

(6.3%):

Amphenol

Corp.,

Class

.................................................

85,310

7,165,187

Analog

Devices,

Inc.

....................................................

29,040

5,084,614

Applied

Materials,

Inc.

...................................................

53,560

7,415,382

Victory

Portfolios

Victory

Large

Cap

Alpha

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Salesforce,

Inc.(a)

......................................................

24,780

5,024,888

Zebra

Technologies

Corp.(a)

...............................................

18,270

4,321,403

29,011,474

Materials

(3.6%):

PPG

Industries,

Inc.

.....................................................

65,920

8,556,416

Sealed

Air

Corp.

.......................................................

248,612

8,169,390

16,725,806

Real

Estate

(3.0%):

Equity

LifeStyle

Properties,

Inc.

............................................

115,810

7,378,255

Invitation

Homes,

Inc.

...................................................

196,860

6,238,494

13,616,749

Utilities

(5.8%):

Constellation

Energy

Corp.

................................................

42,593

4,646,045

Exelon

Corp.

..........................................................

224,870

8,497,837

Vistra

Corp.

...........................................................

414,460

13,751,783

26,895,665

Total

Common

Stocks

(Cost

$362,919,659)

453,440,423

Total

Investments

(Cost

$362,919,659)

—

98.2%

453,440,423

Other

assets

excess

liabilities

—

1.8%

8,421,913

NET

ASSETS

100.00%

461,862,336

September

30,

2023,

the

Fund's

investments

foreign

securities

were

8.7%

net

assets.

(a)

Non-income

producing

security.

ADR

—

American

Depositary

Receipt

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Partners

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(97.6%)

Banks

(9.9%):

Banc

California,

Inc.

..................................................

325,340

4,027,709

First

Bancorp

..........................................................

767,040

10,324,358

Old

National

Bancorp(a)

..................................................

540,170

7,854,072

Pinnacle

Financial

Partners,

Inc.

............................................

89,720

6,014,829

SouthState

Corp.

.......................................................

116,620

7,855,523

The

Bank

Butterfield

Son

Ltd.

.......................................

143,250

3,879,210

39,955,701

Capital

Markets

(1.8%):

PJT

Partners,

Inc.,

Class

................................................

90,640

7,200,442

Communication

Services

(1.6%):

Madison

Square

Garden

Sports

Corp.

........................................

36,600

6,452,580

Consumer

Discretionary

(8.2%):

Adient

PLC(b)

.........................................................

55,770

2,046,759

Columbia

Sportswear

Co.

.................................................

58,190

4,311,879

Light

Wonder,

Inc.(b)

..................................................

55,400

3,951,682

Modine

Manufacturing

Co.(b)

..............................................

141,130

6,456,697

Taylor

Morrison

Home

Corp.(b)

............................................

61,290

2,611,567

The

Wendy's

Co.

.......................................................

445,360

9,089,798

Under

Armour,

Inc.,

Class

C(b)

.............................................

715,220

4,563,103

33,031,485

Consumer

Staples

(4.3%):

Nomad

Foods

Ltd.(b)

....................................................

547,340

8,330,515

U.S.

Foods

Holding

Corp.(b)

...............................................

227,290

9,023,413

17,353,928

Energy

(10.8%):

California

Resources

Corp.

................................................

133,430

7,473,414

Gulfport

Energy

Corp.(b)

.................................................

64,290

7,628,651

Liberty

Energy,

Inc.

.....................................................

342,220

6,337,915

Northern

Oil

and

Gas,

Inc.

................................................

307,400

12,366,702

Plains

Holdings

LP,

Class

.............................................

616,310

9,934,917

43,741,599

Health

Care

(9.4%):

Bausch

Lomb

Corp.(a)(b)

...............................................

234,420

3,973,419

Encompass

Health

Corp.

..................................................

150,190

10,086,760

Fortrea

Holdings,

Inc.(b)

..................................................

253,950

7,260,431

Integer

Holdings

Corp.(b)

.................................................

105,210

8,251,620

The

Ensign

Group,

Inc.

...................................................

89,850

8,349,761

37,921,991

Industrials

(15.0%):

Applied

Industrial

Technologies,

Inc.

.........................................

27,430

4,240,952

ArcBest

Corp.

.........................................................

54,610

5,551,107

Atkore,

Inc.(b)

.........................................................

14,770

2,203,536

Crane

NXT

Co.

........................................................

52,800

2,934,096

Finning

International,

Inc.

.................................................

137,130

4,044,936

Fluor

Corp.(b)

.........................................................

234,560

8,608,352

Gates

Industrial

Corp.

PLC(b)

..............................................

384,320

4,461,955

Granite

Construction,

Inc.

.................................................

204,260

7,765,965

Hayward

Holdings,

Inc.(b)

................................................

177,620

2,504,442

ICF

International,

Inc.

...................................................

31,710

3,830,885

Mueller

Water

Products,

Inc.,

Class

........................................

317,720

4,028,690

The

Timken

Co.

........................................................

56,080

4,121,319

Titan

Machinery,

Inc.(b)

..................................................

140,150

3,725,187

Werner

Enterprises,

Inc.

..................................................

69,660

2,713,257

60,734,679

Victory

Portfolios

Victory

Partners

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Information

Technology

(5.4%):

ACI

Worldwide,

Inc.(b)

..................................................

157,260

3,547,786

Belden,

Inc.

...........................................................

63,070

6,089,408

CommVault

Systems,

Inc.(b)

...............................................

77,600

5,246,536

Verint

Systems,

Inc.(b)

...................................................

309,140

7,107,129

21,990,859

Insurance

(13.9%):

Fidelis

Insurance

Holdings

Ltd.(b)

...........................................

634,550

9,315,194

Globe

Life,

Inc.

........................................................

101,660

11,053,492

Kemper

Corp.

.........................................................

334,690

14,067,021

Primerica,

Inc.

.........................................................

57,533

11,161,977

White

Mountains

Insurance

Group

Ltd.

.......................................

7,110

10,634,356

56,232,040

Materials

(7.6%):

Axalta

Coating

Systems

Ltd.(b)

.............................................

149,670

4,026,123

Constellium

SE(b)

......................................................

326,620

5,944,484

Ecovyst,

Inc.(b)

........................................................

517,270

5,089,937

Graphic

Packaging

Holding

Co.

............................................

326,350

7,271,078

Olin

Corp.

............................................................

105,490

5,272,390

Summit

Materials,

Inc.,

Class

A(b)

..........................................

100,562

3,131,501

30,735,513

Real

Estate

(6.7%):

COPT

Defense

Properties

.................................................

283,650

6,759,380

Equity

Commonwealth

...................................................

346,830

6,371,267

Four

Corners

Property

Trust,

Inc.

............................................

272,080

6,037,455

Howard

Hughes

Holdings,

Inc.(b)

...........................................

107,530

7,971,199

27,139,301

Utilities

(3.0%):

ALLETE,

Inc.

.........................................................

75,620

3,992,736

Black

Hills

Corp.

.......................................................

82,355

4,166,339

ONE

Gas,

Inc.

.........................................................

60,750

4,148,010

12,307,085

Total

Common

Stocks

(Cost

$348,339,693)

394,797,203

Preferred

Stocks

(0.1%)

Health

Care

(0.1%):

WellDoc,

Inc.

Series

B(c)

.................................................

1,587,483

587,369

Total

Preferred

Stocks

(Cost

$1,942,921)

587,369

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(d)

........

600,424

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(d)

............

600,424

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(d)

...............

600,424

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(d)

600,424

Total

Collateral

for

Securities

Loaned

(Cost

$2,401,696)

2,401,696

Total

Investments

(Cost

$352,684,310)

—

98.3%

397,786,268

Other

assets

excess

liabilities

—

1.7%

6,706,596

NET

ASSETS

100.00%

404,492,864

September

30,

2023,

the

Fund's

investments

foreign

securities

were

8.8%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

All

portion

this

security

loan.

(b)

Non-income

producing

security.

(c)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2023.

Schedule

Portfolio

Investments

September

30,

2023

Victory

Portfolios

Victory

Value

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(97.9%)

Communication

Services

(1.5%):

Endeavor

Group

Holdings,

Inc.,

Class

.......................................

204,910

4,077,709

Consumer

Discretionary

(7.5%):

Columbia

Sportswear

Co.

.................................................

34,590

2,563,119

LKQ

Corp.

...........................................................

100,130

4,957,436

Mattel,

Inc.(a)

.........................................................

211,630

4,662,209

The

Wendy's

Co.

.......................................................

313,990

6,408,536

Toll

Brothers,

Inc.

......................................................

18,340

1,356,427

19,947,727

Consumer

Staples

(7.0%):

Keurig

Pepper,

Inc.

...................................................

213,065

6,726,462

Nomad

Foods

Ltd.(a)

....................................................

375,720

5,718,458

U.S.

Foods

Holding

Corp.(a)

...............................................

155,430

6,170,571

18,615,491

Energy

(5.9%):

Baker

Hughes

Co.

......................................................

105,860

3,738,975

Chesapeake

Energy

Corp.

.................................................

35,830

3,089,621

Marathon

Oil

Corp.

.....................................................

214,130

5,727,978

The

Williams

Cos.,

Inc.

..................................................

95,780

3,226,828

15,783,402

Financials

(22.1%):

Brown

Brown,

Inc.

....................................................

78,860

5,507,583

Cboe

Global

Markets,

Inc.

................................................

44,390

6,934,162

Fairfax

Financial

Holdings

Ltd.

.............................................

8,660

7,070,134

Fiserv,

Inc.(a)

..........................................................

38,670

4,368,163

Globe

Life,

Inc.

........................................................

81,980

8,913,685

Kemper

Corp.

.........................................................

58,570

2,461,697

Markel

Group,

Inc.(a)

....................................................

6,380

9,394,486

The

Progressive

Corp.

...................................................

64,440

8,976,492

White

Mountains

Insurance

Group

Ltd.

.......................................

3,610

5,399,441

59,025,843

Health

Care

(9.3%):

Bausch

Lomb

Corp.(a)(b)

...............................................

142,800

2,420,460

Bio-Rad

Laboratories,

Inc.,

Class

A(a)

........................................

7,190

2,577,255

Encompass

Health

Corp.

..................................................

101,130

6,791,891

Henry

Schein,

Inc.(a)

....................................................

52,250

3,879,563

Humana,

Inc.

..........................................................

10,880

5,293,338

Zimmer

Biomet

Holdings,

Inc.

.............................................

34,220

3,840,168

24,802,675

Industrials

(19.4%):

AGCO

Corp.

..........................................................

43,540

5,149,911

API

Group

Corp.(a)

.....................................................

104,520

2,710,204

Curtiss-Wright

Corp.

....................................................

22,530

4,407,544

Fluor

Corp.(a)

.........................................................

152,660

5,602,622

Leidos

Holdings,

Inc.

....................................................

67,920

6,259,507

nVent

Electric

PLC

......................................................

48,570

2,573,724

Parker-Hannifin

Corp.

...................................................

9,700

3,778,344

Regal

Rexnord

Corp.

....................................................

21,510

3,073,349

Sensata

Technologies

Holding

PLC

..........................................

109,820

4,153,392

TFI

International,

Inc.

....................................................

46,560

5,978,770

The

Timken

Co.

........................................................

64,370

4,730,551

WESCO

International,

Inc.

................................................

22,130

3,182,737

51,600,655

Information

Technology

(5.7%):

Lam

Research

Corp.

.....................................................

4,120

2,582,293

Littelfuse,

Inc.

.........................................................

9,210

2,277,817

Trimble,

Inc.(a)

........................................................

26,700

1,438,062

Victory

Portfolios

Victory

Value

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Value

Verint

Systems,

Inc.(a)

...................................................

180,160

4,141,878

Zebra

Technologies

Corp.(a)

...............................................

19,910

4,709,312

15,149,362

Materials

(7.0%):

Graphic

Packaging

Holding

Co.

............................................

221,110

4,926,331

Olin

Corp.

............................................................

71,370

3,567,073

Sealed

Air

Corp.

.......................................................

170,870

5,614,788

Summit

Materials,

Inc.,

Class

A(a)

..........................................

66,693

2,076,820

The

Chemours

Co.

......................................................

89,300

2,504,865

18,689,877

Real

Estate

(6.5%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

21,550

2,157,155

Equity

Commonwealth

...................................................

351,060

6,448,972

Equity

LifeStyle

Properties,

Inc.

............................................

52,590

3,350,509

Invitation

Homes,

Inc.

...................................................

103,140

3,268,506

NNN

REIT,

Inc.

........................................................

56,920

2,011,553

17,236,695

Utilities

(6.0%):

FirstEnergy

Corp.

.......................................................

140,830

4,813,569

The

AES

Corp.

........................................................

207,390

3,152,328

Vistra

Corp.

...........................................................

242,650

8,051,127

16,017,024

Total

Common

Stocks

(Cost

$229,784,750)

260,946,460

Collateral

for

Securities

Loaned

(0.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(c)

........

577,319

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(c)

............

577,319

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

5.26%(c)

...............

577,319

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(c)

577,319

Total

Collateral

for

Securities

Loaned

(Cost

$2,309,276)

2,309,276

Total

Investments

(Cost

$232,094,026)

—

98.8%

263,255,736

Other

assets

excess

liabilities

—

1.2%

3,231,025

NET

ASSETS

100.00%

266,486,761

September

30,

2023,

the

Fund's

investments

foreign

securities

were

8.9%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2023.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust