NPORT-EX 2 525_0000802716.htm
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Integrity
Discovery
Fund
1
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
(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
of
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
(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
A
....................................
46,800
499
Talos
Energy,
Inc.
(a)
.....................................................
30,750
506
Teekay
Tankers
Ltd.
,
Class
A
...............................................
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
(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
I3
Verticals,
Inc.
,
Class
A
(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
2
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
A
...............................................
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
SP
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
3
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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)
a
a
a
54,877
Collateral
for
Securities
Loaned
(2.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(c)
........
367,013
367
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
367,013
367
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
367,013
367
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
367,013
367
Total
Collateral
for
Securities
Loaned
(Cost
$1,468)
a
a
a
1,468
Total
Investments
(Cost
$52,577)
—
101.4%
56,345
Liabilities
in
excess
of
other
assets
—
(1.4)%
(
762
)
NET
ASSETS
-
100.00%
$
55,583
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
REIT—Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
4
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
DR
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
B
.........................................
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
J.
Gallagher
&
Co.
.................................................
17,501
3,989
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
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
of
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
GE
HealthCare
Technologies,
Inc.
...........................................
40,911
2,784
Jazz
Pharmaceuticals
PLC(a)
..............................................
16,150
2,090
Laboratory
Corp.
of
America
Holdings
........................................
9,000
1,809
Organon
&
Co.
........................................................
98,083
1,703
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
5
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
CF
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
6
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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)
a
a
a
299,839
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(d)
........
34,245
35
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(d)
............
34,245
34
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(d)
...............
34,245
34
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(d)
.
34,245
34
Total
Collateral
for
Securities
Loaned
(Cost
$137)
a
a
a
137
Total
Investments
(Cost
$274,426)
—
98.7%
299,976
Other
assets
in
excess
of
liabilities
—
1.3%
4,102
NET
ASSETS
-
100.00%
$
304,078
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
6.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
7
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(98.9%)
Communication
Services
(1.7%):
Cinemark
Holdings,
Inc.
(a)
................................................
614,400
$
11,274
Lions
Gate
Entertainment
Corp.
,
Class
B
(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
A
(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
A
.................................................
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
A
................................
317,500
11,881
Assured
Guaranty
Ltd.
...................................................
156,300
9,459
Atlantic
Union
Bankshares
Corp.
............................................
390,000
11,224
Banc
of
California,
Inc.
(b)
................................................
712,000
8,815
Bank
of
Hawaii
Corp.
....................................................
238,300
11,841
Banner
Corp.
..........................................................
52,800
2,238
Dynex
Capital,
Inc.
.....................................................
804,700
9,608
FB
Financial
Corp.
......................................................
162,900
4,620
First
Bancorp/Southern
Pines
NC
...........................................
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
8
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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
(a)
...............................................
139,272
10,938
Kirby
Corp.
(a)
.........................................................
132,771
10,993
Moog,
Inc.
,
Class
A
.....................................................
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
9
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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)
a
a
a
1,436,472
Collateral
for
Securities
Loaned
(1.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(c)
........
6,487,554
6,487
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
6,487,554
6,487
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
6,487,554
6,488
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
6,487,554
6,488
Total
Collateral
for
Securities
Loaned
(Cost
$25,950)
a
a
a
25,950
Total
Investments
(Cost
$1,332,793)
—
100.7%
1,462,422
Liabilities
in
excess
of
other
assets
—
(0.7)%
(
10,728
)
NET
ASSETS
-
100.00%
$
1,451,694
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC—Public
Limited
Company
REIT—Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
10
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
B
(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
(a)
....................................................
182,109
1,998
MGP
Ingredients,
Inc.
....................................................
19,918
2,101
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
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
A
.....................................................
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
A
................................
64,756
2,423
Atlantic
Union
Bankshares
Corp.
............................................
67,946
1,955
Bank
of
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
of
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
11
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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
CF
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
12
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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)
a
a
a
270,227
Collateral
for
Securities
Loaned
(1.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(c)
........
1,050,109
1,050
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
1,050,109
1,050
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
1,050,109
1,050
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
1,050,109
1,050
Total
Collateral
for
Securities
Loaned
(Cost
$4,200)
a
a
a
4,200
Total
Investments
(Cost
$254,779)
—
98.3%
274,427
Other
assets
in
excess
of
liabilities
—
1.7%
4,621
NET
ASSETS
-
100.00%
$
279,048
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
5.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
13
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(97.2%)
Communication
Services
(6.9%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
150,060
$
19,637
Meta
Platforms,
Inc.
,
Class
A
(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
NV
......................................................
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
(a)
.............................................
141,000
3,820
The
Bancorp,
Inc.
(a)
.....................................................
169,500
5,848
Visa,
Inc.
,
Class
A
......................................................
31,700
7,291
61,161
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
14
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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
ON
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)
a
a
a
383,643
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
15
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Exchange-Traded
Funds
(1.0%)
iShares
Russell
3000
ETF
.................................................
16,800
$
4,117
Total
Exchange-Traded
Funds
(Cost
$4,329)
a
a
a
4,117
Total
Investments
(Cost
$294,869)
—
98.2%
387,760
Other
assets
in
excess
of
liabilities
—
1.8%
7,089
NET
ASSETS
-
100.00%
$
394,849
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
S&P
500
Index
Fund
16
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
A
..................................................
26,235
1,163
Electronic
Arts,
Inc.
.....................................................
1,571
189
Fox
Corp.,
Class
A
......................................................
1,617
50
Fox
Corp.,
Class
B
......................................................
841
24
Live
Nation
Entertainment,
Inc.(a)
...........................................
904
75
Match
Group,
Inc.(a)
....................................................
1,773
70
Meta
Platforms,
Inc.,
Class
A(a)
............................................
14,167
4,253
Netflix,
Inc.(a)
.........................................................
2,825
1,067
News
Corp.,
Class
A
.....................................................
2,428
49
News
Corp.,
Class
B
....................................................
736
15
Omnicom
Group,
Inc.
....................................................
1,259
94
Paramount
Global,
Class
B(b)
..............................................
3,074
39
Take-Two
Interactive
Software,
Inc.(a)
........................................
1,007
141
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
2,454
70
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
61
Juniper
Networks,
Inc.
...................................................
2,048
57
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
49
Best
Buy
Co.,
Inc.
......................................................
1,238
86
Booking
Holdings,
Inc.(a)
.................................................
228
703
BorgWarner,
Inc.
.......................................................
1,498
60
Caesars
Entertainment,
Inc.(a)
..............................................
1,372
64
CarMax,
Inc.(a)
........................................................
1,008
71
Carnival
Corp.(a)
.......................................................
6,421
88
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
176
322
Darden
Restaurants,
Inc.
..................................................
770
110
Domino's
Pizza,
Inc.
.....................................................
224
85
DR
Horton,
Inc.
........................................................
1,941
209
eBay,
Inc.
............................................................
3,392
150
Etsy,
Inc.(a)
...........................................................
784
51
Expedia
Group,
Inc.(a)
...................................................
879
91
Ford
Motor
Co.
........................................................
25,060
311
Garmin
Ltd.
...........................................................
976
103
General
Motors
Co.
.....................................................
8,771
289
Genuine
Parts
Co.
......................................................
895
129
Hasbro,
Inc.
...........................................................
831
55
Hilton
Worldwide
Holdings,
Inc.
............................................
1,667
250
Las
Vegas
Sands
Corp.
...................................................
2,095
96
Lennar
Corp.,
Class
A
....................................................
1,610
181
LKQ
Corp.
...........................................................
1,705
84
Lowe's
Cos.,
Inc.
.......................................................
3,735
776
Victory
Portfolios
Victory
S&P
500
Index
Fund
17
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Marriott
International,
Inc.,
Class
A
..........................................
1,597
$
314
McDonald's
Corp.
......................................................
4,645
1,224
MGM
Resorts
International
................................................
1,789
66
Mohawk
Industries,
Inc.(a)
................................................
337
29
NIKE,
Inc.,
Class
B
.....................................................
7,809
747
Norwegian
Cruise
Line
Holdings
Ltd.(a)
......................................
2,712
45
NVR,
Inc.(a)
..........................................................
21
125
O'Reilly
Automotive,
Inc.(a)
...............................................
385
350
Pool
Corp.
............................................................
249
89
PulteGroup,
Inc.
........................................................
1,399
104
Ralph
Lauren
Corp.
.....................................................
257
30
Ross
Stores,
Inc.
.......................................................
2,171
245
Royal
Caribbean
Cruises
Ltd.(a)
............................................
1,502
138
Starbucks
Corp.
........................................................
7,301
666
Tapestry,
Inc.
..........................................................
1,478
42
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
VF
Corp.
.............................................................
2,107
37
Whirlpool
Corp.
........................................................
349
47
Wynn
Resorts
Ltd.
......................................................
617
57
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
B
.............................................
1,166
67
Bunge
Ltd.
...........................................................
960
104
Campbell
Soup
Co.
.....................................................
1,254
51
Church
&
Dwight
Co.,
Inc.
................................................
1,568
144
Colgate-Palmolive
Co.
...................................................
5,270
375
Conagra
Brands,
Inc.
....................................................
3,046
83
Constellation
Brands,
Inc.,
Class
A
..........................................
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
70
Kellanova
............................................................
1,680
100
Kenvue,
Inc.
..........................................................
10,986
221
Keurig
Dr
Pepper,
Inc.
...................................................
6,411
202
Kimberly-Clark
Corp.
....................................................
2,156
260
Lamb
Weston
Holdings,
Inc.
...............................................
929
86
McCormick
&
Co.,
Inc.
..................................................
1,601
121
Molson
Coors
Beverage
Co.,
Class
B
.........................................
1,183
75
Mondelez
International,
Inc.,
Class
A
.........................................
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
80
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
A
................................................
1,820
92
Walgreens
Boots
Alliance,
Inc.
.............................................
4,567
102
Victory
Portfolios
Victory
S&P
500
Index
Fund
18
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Walmart,
Inc.
..........................................................
9,097
$
1,455
15,047
Electronic
Equipment,
Instruments
&
Components
(0.6%):
Amphenol
Corp.,
Class
A
.................................................
3,802
319
CDW
Corp.
...........................................................
854
172
Corning,
Inc.
..........................................................
4,893
149
Keysight
Technologies,
Inc.(a)
.............................................
1,137
151
TE
Connectivity
Ltd.
....................................................
2,001
247
Teledyne
Technologies,
Inc.(a)
.............................................
300
123
Trimble,
Inc.(a)
........................................................
1,583
85
Zebra
Technologies
Corp.(a)
...............................................
327
78
1,324
Energy
(4.7%):
APA
Corp.
............................................................
1,959
80
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
94
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
66
............................................................
2,838
341
Pioneer
Natural
Resources
Co.
.............................................
1,486
341
Schlumberger
NV
......................................................
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
A
......................................................
1,293
419
Arch
Capital
Group
Ltd.(a)
................................................
2,377
189
Arthur
J.
Gallagher
&
Co.
.................................................
1,374
313
Assurant,
Inc.
.........................................................
338
49
Bank
of
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
81
CME
Group,
Inc.
.......................................................
2,293
459
Comerica,
Inc.
.........................................................
840
35
Discover
Financial
Services
...............................................
1,593
138
Everest
Group
Ltd.
......................................................
277
103
Victory
Portfolios
Victory
S&P
500
Index
Fund
19
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
45
Global
Payments,
Inc.
....................................................
1,657
191
Globe
Life,
Inc.
........................................................
554
60
Huntington
Bancshares,
Inc.
...............................................
9,229
96
Intercontinental
Exchange,
Inc.
.............................................
3,648
401
Invesco
Ltd.
...........................................................
2,860
42
JPMorgan
Chase
&
Co.
..................................................
18,524
2,686
KeyCorp
.............................................................
5,966
64
Loews
Corp.
..........................................................
1,179
75
M&T
Bank
Corp.
.......................................................
1,057
134
MarketAxess
Holdings,
Inc.
...............................................
240
51
Marsh
&
McLennan
Cos.,
Inc.
.............................................
3,149
599
Mastercard,
Inc.,
Class
A
.................................................
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
92
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
81
T.
Rowe
Price
Group,
Inc.
.................................................
1,430
150
The
Allstate
Corp.
......................................................
1,667
186
The
Bank
of
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
A
......................................................
10,242
2,356
W.
R.
Berkley
Corp.
.....................................................
1,297
82
Wells
Fargo
&
Co.
......................................................
23,322
953
Willis
Towers
Watson
PLC
................................................
668
140
Zions
Bancorp
NA
......................................................
944
33
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
48
Bio-Techne
Corp.
.......................................................
1,004
68
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
20
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Catalent,
Inc.(a)
........................................................
1,149
$
52
Cencora,
Inc.
..........................................................
1,063
191
Centene
Corp.(a)
.......................................................
3,452
238
Charles
River
Laboratories
International,
Inc.(a)
.................................
327
64
CVS
Health
Corp.
......................................................
8,187
572
Danaher
Corp.
.........................................................
4,189
1,039
DaVita,
Inc.(a)
.........................................................
343
32
DENTSPLY
SIRONA,
Inc.
................................................
1,350
46
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
GE
HealthCare
Technologies,
Inc.
...........................................
2,493
170
Gilead
Sciences,
Inc.
....................................................
7,943
595
HCA
Healthcare,
Inc.
....................................................
1,283
316
Henry
Schein,
Inc.(a)
....................................................
832
62
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
69
Insulet
Corp.(a)
........................................................
445
71
Intuitive
Surgical,
Inc.(a)
.................................................
2,240
655
IQVIA
Holdings,
Inc.(a)
..................................................
1,167
230
Johnson
&
Johnson
.....................................................
15,350
2,391
Laboratory
Corp.
of
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
28
Pfizer,
Inc.
............................................................
35,989
1,194
Quest
Diagnostics,
Inc.
...................................................
715
87
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
680
560
ResMed,
Inc.
..........................................................
937
139
Revvity,
Inc.
..........................................................
791
88
STERIS
PLC
..........................................................
629
138
Stryker
Corp.
..........................................................
2,155
589
Teleflex,
Inc.
..........................................................
300
59
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
B
.......................................
396
50
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
1,645
572
Viatris,
Inc.
...........................................................
7,646
75
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%):
3M
Co.
..............................................................
3,519
330
A
O
Smith
Corp.
.......................................................
794
53
Alaska
Air
Group,
Inc.(a)
.................................................
811
30
Allegion
PLC
.........................................................
560
58
American
Airlines
Group,
Inc.(a)
............................................
4,165
53
AMETEK,
Inc.
........................................................
1,471
217
Automatic
Data
Processing,
Inc.
............................................
2,626
632
Axon
Enterprise,
Inc.(a)
..................................................
448
89
Broadridge
Financial
Solutions,
Inc.
.........................................
753
135
Victory
Portfolios
Victory
S&P
500
Index
Fund
21
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
C.H.
Robinson
Worldwide,
Inc.
.............................................
742
$
64
Carrier
Global
Corp.
.....................................................
5,339
295
Caterpillar,
Inc.
........................................................
3,252
888
Ceridian
HCM
Holding,
Inc.(a)
.............................................
992
67
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
of
Washington,
Inc.
....................................
943
108
Fastenal
Co.
...........................................................
3,642
199
FedEx
Corp.
..........................................................
1,475
391
Fortive
Corp.
..........................................................
2,244
166
Generac
Holdings,
Inc.(a)
.................................................
397
43
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
52
IDEX
Corp.
...........................................................
482
100
Illinois
Tool
Works,
Inc.
..................................................
1,754
404
Ingersoll
Rand,
Inc.
.....................................................
2,578
164
J.B.
Hunt
Transport
Services,
Inc.
...........................................
520
98
Jack
Henry
&
Associates,
Inc.
..............................................
465
70
Jacobs
Solutions,
Inc.
....................................................
803
110
Johnson
Controls
International
PLC
..........................................
4,337
231
L3Harris
Technologies,
Inc.
...............................................
1,206
210
Leidos
Holdings,
Inc.
....................................................
876
81
Lockheed
Martin
Corp.
...................................................
1,429
584
Masco
Corp.
..........................................................
1,434
77
Nordson
Corp.
.........................................................
345
77
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
81
Pentair
PLC
...........................................................
1,052
68
Quanta
Services,
Inc.
....................................................
926
173
Republic
Services,
Inc.
...................................................
1,311
187
Robert
Half,
Inc.
.......................................................
683
50
Rockwell
Automation,
Inc.
................................................
732
209
Rollins,
Inc.
...........................................................
1,807
68
RTX
Corp.
............................................................
9,278
668
Snap-on,
Inc.
..........................................................
337
86
Southwest
Airlines
Co.
...................................................
3,797
103
Stanley
Black
&
Decker,
Inc.
..............................................
977
82
Textron,
Inc.
..........................................................
1,263
99
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
89
United
Parcel
Service,
Inc.,
Class
B
..........................................
4,610
719
United
Rentals,
Inc.
.....................................................
435
193
Verisk
Analytics,
Inc.
....................................................
924
218
Victory
Portfolios
Victory
S&P
500
Index
Fund
22
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
IT
Services
(1.2%):
Accenture
PLC,
Class
A
..................................................
4,021
1,235
Akamai
Technologies,
Inc.(a)
..............................................
969
103
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
3,219
218
DXC
Technology
Co.(a)
..................................................
1,308
27
EPAM
Systems,
Inc.(a)
...................................................
369
94
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
86
Avery
Dennison
Corp.
...................................................
514
94
Ball
Corp.
............................................................
2,008
100
Celanese
Corp.
.........................................................
638
80
CF
Industries
Holdings,
Inc.
...............................................
1,230
105
Corteva,
Inc.
..........................................................
4,524
231
Dow,
Inc.
............................................................
4,482
231
DuPont
de
Nemours,
Inc.
.................................................
2,926
218
Eastman
Chemical
Co.
...................................................
756
58
Ecolab,
Inc.
...........................................................
1,617
274
FMC
Corp.
...........................................................
795
53
Freeport-McMoRan,
Inc.
.................................................
9,139
341
International
Flavors
&
Fragrances,
Inc.
.......................................
1,627
111
International
Paper
Co.
...................................................
2,206
78
Linde
PLC
............................................................
3,110
1,158
LyondellBasell
Industries
NV,
Class
A
........................................
1,633
155
Martin
Marietta
Materials,
Inc.
.............................................
394
162
Newmont
Corp.
........................................................
5,066
187
Nucor
Corp.
...........................................................
1,585
248
Packaging
Corp.
of
America
...............................................
573
88
PPG
Industries,
Inc.
.....................................................
1,501
195
Sealed
Air
Corp.
.......................................................
920
30
Steel
Dynamics,
Inc.
.....................................................
993
107
The
Mosaic
Co.
........................................................
2,118
75
The
Sherwin-Williams
Co.
................................................
1,508
385
Vulcan
Materials
Co.
....................................................
847
171
Westrock
Co.
..........................................................
1,634
59
5,608
Real
Estate
(2.3%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
993
99
American
Tower
Corp.
...................................................
2,971
489
AvalonBay
Communities,
Inc.
..............................................
905
155
Boston
Properties,
Inc.
...................................................
920
55
Camden
Property
Trust
...................................................
681
64
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
87
Extra
Space
Storage,
Inc.
.................................................
1,347
164
Federal
Realty
Investment
Trust
............................................
468
42
Healthpeak
Properties,
Inc.
................................................
3,487
64
Victory
Portfolios
Victory
S&P
500
Index
Fund
23
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Host
Hotels
&
Resorts,
Inc.
................................................
4,536
$
73
Invitation
Homes,
Inc.
...................................................
3,667
116
Iron
Mountain,
Inc.
.....................................................
1,860
111
Kimco
Realty
Corp.
.....................................................
3,951
70
Mid-America
Apartment
Communities,
Inc.
....................................
744
96
Prologis,
Inc.
..........................................................
5,889
661
Public
Storage
.........................................................
1,009
266
Realty
Income
Corp.
....................................................
4,518
226
Regency
Centers
Corp.
...................................................
1,047
62
SBA
Communications
Corp.
...............................................
691
138
Simon
Property
Group,
Inc.
...............................................
2,086
225
UDR,
Inc.
............................................................
1,932
69
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
NV
.................................................
1,643
328
ON
Semiconductor
Corp.(a)
...............................................
2,751
256
Qorvo,
Inc.(a)
.........................................................
624
59
QUALCOMM,
Inc.
.....................................................
7,114
790
Skyworks
Solutions,
Inc.
.................................................
1,016
100
SolarEdge
Technologies,
Inc.(a)
............................................
361
47
Teradyne,
Inc.
.........................................................
982
99
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
63
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
24
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Hewlett
Packard
Enterprise
Co.
.............................................
8,233
$
143
HP,
Inc.
..............................................................
5,531
142
NetApp,
Inc.
..........................................................
1,344
102
Seagate
Technology
Holdings
PLC
..........................................
1,229
81
Western
Digital
Corp.(a)
..................................................
2,039
93
16,600
Utilities
(2.4%):
Alliant
Energy
Corp.
....................................................
1,611
78
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
99
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
74
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
65
NRG
Energy,
Inc.
.......................................................
1,460
56
PG&E
Corp.(a)
........................................................
13,324
215
Pinnacle
West
Capital
Corp.
...............................................
722
53
PPL
Corp.
............................................................
4,698
111
Public
Service
Enterprise
Group,
Inc.
.........................................
3,182
181
Sempra
Energy
........................................................
4,011
273
The
AES
Corp.
........................................................
4,268
65
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)
a
a
a
229,082
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(d)
........
10,651
10
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(d)
............
10,651
11
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(d)
...............
10,651
11
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(d)
.
10,651
11
Total
Collateral
for
Securities
Loaned
(Cost
$43)
a
a
a
43
Total
Investments
(Cost
$45,630)
—
99.0%
229,125
Other
assets
in
excess
of
liabilities
—
1.0%
2,207
NET
ASSETS
-
100.00%
$
231,332
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Victory
Portfolios
Victory
S&P
500
Index
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
10
12/15/23
$
2,240,427
$
2,162,750
$
(77,677)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(77,677)
Total
net
unrealized
appreciation
(depreciation)
$
(77,677)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
26
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(99.0%)
Communication
Services
(4.2%):
Live
Nation
Entertainment,
Inc.
(a)
...........................................
78,944
$
6,556
The
Trade
Desk,
Inc.
,
Class
A
(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
DR
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
SA
,
Class
A
................................................
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
27
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
A
.................................................
76,420
6,418
Crowdstrike
Holdings,
Inc.
,
Class
A
(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
(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)
a
a
a
314,580
Exchange-Traded
Funds
(0.9%)
SPDR
S&P
MidCap
400
ETF
..............................................
6,000
2,740
Total
Exchange-Traded
Funds
(Cost
$2,849)
a
a
a
2,740
Total
Investments
(Cost
$259,275)
—
99.9%
317,320
Other
assets
in
excess
of
liabilities
—
0.1%
293
NET
ASSETS
-
100.00%
$
317,613
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
6.6%
of
net
assets.
(a)
Non-income
producing
security.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
28
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
AG
.........................................................
15,975
805
Brazil
(2.0%):
Energy
(0.5%):
Petro
Rio
SA(a)
........................................................
97,000
908
Financials
(0.7%):
Banco
do
Brasil
SA
.....................................................
138,900
1,304
Materials
(0.4%):
Gerdau
SA,
Preference
Shares
..............................................
168,640
810
Utilities
(0.4%):
Cia
Energetica
de
Minas
Gerais,
Preference
Shares
...............................
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
29
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
National
Bank
of
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
B
..............................................
19,941
858
3,130
12,929
Chile
(0.4%):
Consumer
Staples
(0.4%):
Cencosud
SA
..........................................................
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
H
...................................................
27,000
832
Li
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
H
..........................................
84,000
684
Financials
(1.6%):
Agricultural
Bank
of
China
Ltd.,
Class
H
......................................
1,511,000
562
Bank
of
China
Ltd.,
Class
H
...............................................
2,107,275
734
China
Construction
Bank
Corp.,
Class
H
......................................
1,231,000
692
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
...................................
822,000
1,053
3,041
Health
Care
(0.3%):
Sinopharm
Group
Co.
Ltd.,
Class
H
..........................................
178,000
516
Industrials
(0.4%):
China
Railway
Group
Ltd.,
Class
H
..........................................
1,362,000
700
Materials
(0.5%):
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
.......................................
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
B
................................................
43,912
3,999
4,911
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
30
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
SA
.....................................................
16,872
1,277
Consumer
Discretionary
(1.0%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
2,590
1,955
Financials
(1.3%):
AXA
SA
.............................................................
22,746
675
BNP
Paribas
SA
........................................................
17,388
1,106
Edenred
..............................................................
11,228
702
2,483
Health
Care
(0.7%):
EssilorLuxottica
SA
.....................................................
3,395
590
Ipsen
SA
.............................................................
5,740
752
1,342
Industrials
(1.3%):
Cie
de
Saint-Gobain
.....................................................
17,834
1,067
Eiffage
SA
............................................................
7,223
685
Rexel
SA
.............................................................
33,955
761
2,513
Information
Technology
(0.6%):
Capgemini
SE
.........................................................
6,015
1,049
Materials
(0.6%):
Arkema
SA
...........................................................
12,380
1,219
Real
Estate
(0.3%):
Klepierre
SA
..........................................................
24,964
611
Utilities
(0.4%):
Engie
SA
.............................................................
50,268
771
13,220
Germany
(4.5%):
Communication
Services
(0.9%):
Deutsche
Telekom
AG
...................................................
82,194
1,724
Consumer
Discretionary
(1.0%):
HUGO
BOSS
AG
......................................................
9,941
628
Mercedes-Benz
Group
AG
................................................
17,093
1,190
1,818
Consumer
Staples
(0.3%):
Henkel
AG
And
Co.
KGaA,
Preference
Shares
..................................
8,464
603
Financials
(0.4%):
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
2,049
798
Industrials
(0.9%):
Daimler
Truck
Holding
AG
................................................
18,852
652
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
31
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Siemens
AG,
Registered
Shares
.............................................
7,957
$
1,137
1,789
Information
Technology
(1.0%):
Infineon
Technologies
AG
.................................................
35,401
1,172
SAP
SE
..............................................................
4,803
622
1,794
8,526
Greece
(0.3%):
Financials
(0.3%):
National
Bank
of
Greece
SA(a)
.............................................
86,090
485
Hong
Kong
(1.2%):
Financials
(0.3%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
181,500
496
Industrials
(0.3%):
CK
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.
of
India
Ltd.
.............................................
402,157
965
8,676
Indonesia
(0.4%):
Communication
Services
(0.4%):
PT
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
32
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(0.4%):
Bank
of
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
BM
................................................
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
e
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
33
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
SA
............................................................
45,058
712
Malaysia
(0.3%):
Industrials
(0.3%):
Gamuda
Bhd
..........................................................
611,100
577
Mexico
(1.4%):
Consumer
Staples
(0.5%):
Arca
Continental
SAB
de
CV
..............................................
108,471
985
Energy
(0.5%):
Vista
Energy
SAB
de
CV,
ADR(a)
...........................................
31,846
968
Financials
(0.4%):
Gentera
SAB
de
CV
.....................................................
677,364
795
2,748
Netherlands
(2.9%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
180,570
595
Consumer
Discretionary
(1.2%):
Stellantis
NV
..........................................................
111,462
2,134
Consumer
Staples
(0.7%):
Koninklijke
Ahold
Delhaize
NV
............................................
45,003
1,356
Financials
(0.7%):
ING
Groep
NV
........................................................
63,611
838
NN
Group
NV
.........................................................
16,267
522
1,360
5,445
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
34
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
SA
...................................................
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
1
Financials
(0.0%):
Sberbank
of
Russia
PJSC(e)(f)
.............................................
220,230
—
1
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%):
DB
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
35
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
SK
Hynix,
Inc.
.........................................................
8,444
715
3,120
6,841
Spain
(2.0%):
Consumer
Discretionary
(0.3%):
Industria
de
Diseno
Textil
SA
..............................................
17,279
643
Energy
(0.4%):
Repsol
SA
............................................................
44,450
731
Financials
(0.9%):
Banco
Santander
SA
.....................................................
284,048
1,082
Bankinter
SA
..........................................................
93,763
596
1,678
Utilities
(0.4%):
Iberdrola
SA
..........................................................
76,199
852
3,904
Sweden
(1.3%):
Consumer
Discretionary
(0.5%):
Evolution
AB(c)
........................................................
9,351
944
Financials
(0.4%):
Swedbank
AB,
A
Shares
..................................................
40,091
737
Industrials
(0.4%):
Volvo
AB,
Class
B
......................................................
40,902
843
2,524
Switzerland
(7.3%):
Consumer
Discretionary
(0.5%):
Cie
Financiere
Richemont
SA,
Registered
Shares
................................
7,437
906
Consumer
Staples
(1.2%):
Coca-Cola
HBC
AG
.....................................................
32,498
888
Nestle
SA,
Registered
Shares
..............................................
13,449
1,523
2,411
Financials
(1.6%):
Julius
Baer
Group
Ltd.
...................................................
15,750
1,008
Swiss
Life
Holding
AG
...................................................
1,490
927
UBS
Group
AG
........................................................
43,453
1,071
3,006
Health
Care
(1.8%):
Novartis
AG,
Registered
Shares
.............................................
34,792
3,554
Industrials
(0.4%):
ABB
Ltd.,
Registered
Shares
...............................................
19,840
709
Information
Technology
(0.7%):
STMicroelectronics
NV
..................................................
30,200
1,302
Materials
(1.1%):
Glencore
PLC
.........................................................
111,208
633
Holcim
AG
...........................................................
22,801
1,460
2,093
13,981
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
36
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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%):
JD
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%):
BP
PLC
..............................................................
158,056
1,019
Harbour
Energy
PLC
....................................................
130,917
410
1,429
Financials
(2.2%):
3i
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
37
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
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
of
Russia
PJSC
......................................
12/9/2016
752
Security
Description
Shares
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
in
excess
of
liabilities
—
0.7%
1,276
NET
ASSETS
-
100.00%
$
191,007
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$1,802
(thousands)
and
amounted
to
0.9%
of
net
assets.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023
(amounts
in
thousands).
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(g)
Rounds
to
less
than
$1
thousand.
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ADR—American
Depositary
Receipt
ETF—Exchange-Traded
Fund
GDR—Global
Depositary
Receipt
PCL—Public
Company
Limited
PLC—Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
38
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(98.0%)
Australia
(4.4%):
Consumer
Discretionary
(0.8%):
JB
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
A
..................................................
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)
..............................................
2
—(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
39
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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.
.................................................
1
—(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
B
................................................
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
SA
............................................................
366,987
12,341
La
Francaise
des
Jeux
SAEM(e)
............................................
242,453
7,874
Renault
SA
...........................................................
252,821
10,343
30,558
Energy
(1.0%):
Technip
Energies
NV
....................................................
616,008
15,292
Vallourec
SA(a)
........................................................
1,049,498
12,772
28,064
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
40
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(0.3%):
Edenred
..............................................................
146,907
$
9,189
Health
Care
(0.5%):
Ipsen
SA
.............................................................
96,156
12,597
Industrials
(2.6%):
Eiffage
SA
............................................................
204,579
19,415
Elis
SA
..............................................................
911,048
15,999
Rexel
SA
.............................................................
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
SA
...........................................................
172,156
16,945
Verallia
SA(e)
.........................................................
255,252
10,039
26,984
Real
Estate
(0.7%):
Klepierre
SA
..........................................................
794,330
19,447
230,975
Germany
(7.2%):
Communication
Services
(0.9%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
191,426
10,865
Freenet
AG
...........................................................
579,496
13,563
24,428
Consumer
Discretionary
(1.1%):
HUGO
BOSS
AG
......................................................
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
AG
.......................................................
222,426
23,303
Industrials
(0.8%):
GEA
Group
AG
........................................................
383,925
14,147
Rheinmetall
AG
........................................................
32,134
8,266
22,413
Information
Technology
(2.0%):
AIXTRON
SE
.........................................................
611,981
22,413
Bechtle
AG
...........................................................
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
AG
...........................................................
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
41
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
of
Ireland
Group
PLC
...............................................
2,850,053
27,857
56,452
Isle
of
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
J
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
42
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
43
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
NV
.....................................................
454,585
17,007
Health
Care
(0.4%):
Pharming
Group
NV(a)
..................................................
8,062,406
10,333
Industrials
(0.8%):
Aalberts
NV
..........................................................
199,059
7,262
Fugro
NV(a)
..........................................................
978,790
15,003
22,265
Information
Technology
(0.5%):
BE
Semiconductor
Industries
NV
...........................................
155,877
15,244
Materials
(0.4%):
OCI
NV
.............................................................
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%):
LS
Electric
Co.
Ltd.
.....................................................
115,459
7,995
Samsung
Engineering
Co.
Ltd.(a)
...........................................
817,929
18,305
26,300
Information
Technology
(0.7%):
LX
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
44
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Spain
(3.3%):
Financials
(0.7%):
Bankinter
SA
..........................................................
3,145,558
$
20,009
Health
Care
(0.4%):
Laboratorios
Farmaceuticos
Rovi
SA
.........................................
222,468
12,039
Industrials
(0.9%):
Applus
Services
SA
.....................................................
1,125,846
11,744
Cia
de
Distribucion
Integral
Logista
Holdings
SA
................................
466,371
11,917
23,661
Information
Technology
(0.3%):
Indra
Sistemas
SA
......................................................
609,811
8,810
Materials
(0.5%):
Acerinox
SA
..........................................................
1,290,391
12,468
Real
Estate
(0.5%):
Merlin
Properties
Socimi
SA
...............................................
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
AB
...........................................................
310,322
8,354
Storskogen
Group
AB
....................................................
9,162,634
6,621
Trelleborg
AB,
Class
B
...................................................
523,321
13,007
27,982
Real
Estate
(0.4%):
Wihlborgs
Fastigheter
AB
.................................................
1,372,400
9,571
46,072
Switzerland
(6.6%):
Consumer
Staples
(0.7%):
Coca-Cola
HBC
AG
.....................................................
667,215
18,241
Financials
(1.6%):
Baloise
Holding
AG,
Registered
Shares
.......................................
73,127
10,590
Julius
Baer
Group
Ltd.
...................................................
292,858
18,751
Swissquote
Group
Holding
SA,
Registered
Shares
...............................
85,174
15,523
44,864
Health
Care
(1.1%):
Galenica
AG(e)
........................................................
227,445
16,807
Siegfried
Holding
AG
....................................................
16,813
14,364
31,171
Industrials
(2.2%):
Accelleron
Industries
AG
.................................................
336,770
8,731
Adecco
Group
AG
......................................................
200,848
8,252
Bucher
Industries
AG,
Registered
Shares
......................................
40,637
15,506
Flughafen
Zurich
AG
....................................................
60,524
11,527
Sulzer
AG,
Registered
Shares
..............................................
167,538
15,983
59,999
Information
Technology
(0.3%):
Temenos
AG,
Registered
Shares
............................................
121,051
8,469
Real
Estate
(0.7%):
PSP
Swiss
Property
AG,
Registered
Shares
.....................................
176,389
20,816
183,560
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
45
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
IG
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
UK
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
46
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
in
excess
of
other
assets
—
(0.5)%
(15,141)
NET
ASSETS
-
100.00%
$
2,766,815
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rounds
to
less
than
$1
thousand.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$51,604
(thousands)
and
amounted
to
1.9%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ADR—American
Depositary
Receipt
ETF—Exchange-Traded
Fund
PLC—Public
Limited
Company
REIT—Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Total
Return
Bond
Fund
47
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
T
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(9.4%)
ABS
Auto
(8.1%):
Drive
Auto
Receivables
Trust
,
Series
2021-1
,
Class
C
,
1
.02
%
,
6/15/27
,
Callable
1/15/25
@
100
$
104
$
103
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
4/15/25
@
100
250
234
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
3/15/28
@
100
(a)
...........................................................
50
50
Ford
Credit
Auto
Owner
Trust
,
Series
2020-1
,
Class
C
,
2
.54
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...........................................................
100
95
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A3
,
5
.39
%
,
12/15/27
,
Callable
12/15/25
@
100
(a)
...........................................
540
533
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2021-2
,
Class
C
,
1
.28
%
,
1/19/27
,
Callable
3/16/25
@
100
........................................
245
227
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
C
,
0
.97
%
,
12/26/28
,
Callable
6/25/25
@
100
(a)
...........................................................
53
51
Santander
Drive
Auto
Receivables
Trust
,
Series
2023-1
,
Class
B
,
4
.98
%
,
2/15/28
,
Callable
12/15/25
@
100
....................................................
195
191
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-2
,
Class
B
,
3
.44
%
,
9/15/27
,
Callable
8/15/25
@
100
.....................................................
275
267
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-3
,
Class
C
,
0
.95
%
,
9/15/27
,
Callable
5/15/25
@
100
.....................................................
156
153
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-4
,
Class
C
,
1
.26
%
,
2/16/27
,
Callable
6/15/25
@
100
.....................................................
283
275
Santander
Retail
Auto
Lease
Trust
,
Series
2021-A
,
Class
C
,
1
.14
%
,
3/20/26
,
Callable
2/20/24
@
100
(a)
.........................................................
674
660
Tesla
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
.
100
99
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
89
89
United
Auto
Credit
Securitization
Trust
,
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
11/10/25
@
100
(a)
..................................................
199
197
Westlake
Automobile
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
0
.95
%
,
3/16/26
,
Callable
1/15/25
@
100
(a)
...................................................
270
266
Westlake
Automobile
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
3/15/26
@
100
(a)
...................................................
250
247
Westlake
Automobile
Receivables
Trust
,
Series
2021-2A
,
Class
C
,
0
.89
%
,
7/15/26
,
Callable
5/15/25
@
100
(a)
...................................................
337
326
Westlake
Automobile
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
6/15/26
@
100
(a)
...................................................
500
499
Westlake
Automobile
Receivables
Trust
,
Series
2022-1A
,
Class
C
,
3
.11
%
,
3/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
310
299
4,861
ABS
Card
(0.2%):
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
127
127
ABS
Other
(1.1%):
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
9/15/26
@
100
.............................................................
200
200
HPEFS
Equipment
Trust
,
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
12/20/26
@
100
(a)
...........................................................
200
200
SCF
Equipment
Leasing
LLC
,
Series
2019-2A
,
Class
C
,
3
.11
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................................
250
241
641
Total
Asset-Backed
Securities
(Cost
$5,713)
a
a
a
5,629
Collateralized
Mortgage
Obligations
(11.0%)
Commercial
MBS
(11.0%):
BANK
,
Series
2020-BN26
,
Class
AS
,
2
.69
%
,
3/15/63
,
Callable
3/15/30
@
100
...........
290
226
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C4
,
Class
A4
,
3
.28
%
,
5/10/58
,
Callable
5/10/26
@
100
.....................................................
163
152
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C3
,
Class
A2
,
3
.60
%
,
1/10/48
,
Callable
1/10/26
@
100
.....................................................
153
145
Victory
Portfolios
Victory
Total
Return
Bond
Fund
48
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-P4
,
Class
A4
,
2
.90
%
,
7/10/49
,
Callable
7/10/26
@
100
.....................................................
$
244
$
223
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC33
,
Class
A4
,
3
.78
%
,
9/10/58
,
Callable
5/10/26
@
100
.....................................................
463
439
Citigroup
Commercial
Mortgage
Trust
,
Series
2020-GC46
,
Class
AS
,
2
.92
%
,
2/15/53
,
Callable
2/15/30
@
100
.....................................................
257
197
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-P1
,
Class
A5
,
3
.72
%
,
9/15/48
,
Callable
5/15/26
@
100
.....................................................
158
151
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC29
,
Class
A4
,
3
.19
%
,
4/10/48
,
Callable
4/10/25
@
100
.....................................................
345
329
COMM
Mortgage
Trust
,
Series
2015-CR25
,
Class
A4
,
3
.76
%
,
8/10/48
,
Callable
8/10/25
@
100
.............................................................
186
178
CSAIL
Commercial
Mortgage
Trust
,
Series
2016-C7
,
Class
A5
,
3
.50
%
,
11/15/49
,
Callable
11/15/26
@
100
....................................................
137
126
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C4
,
Class
A4
,
3
.81
%
,
11/15/48
,
Callable
11/15/25
@
100
....................................................
338
321
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C3
,
Class
A4
,
3
.72
%
,
8/15/48
,
Callable
8/15/25
@
100
.....................................................
348
331
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C2
,
Class
A4
,
3
.50
%
,
6/15/57
,
Callable
5/15/25
@
100
.....................................................
212
202
GS
Mortgage
Securities
Trust
,
Series
2016-GS2
,
Class
A4
,
3
.05
%
,
5/10/49
,
Callable
5/10/26
@
100
.............................................................
162
150
GS
Mortgage
Securities
Trust
,
Series
2015-GC30
,
Class
A4
,
3
.38
%
,
5/10/50
,
Callable
5/10/25
@
100
...........................................................
162
154
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2016-JP2
,
Class
A4
,
2
.82
%
,
8/15/49
,
Callable
7/15/26
@
100
........................................
376
344
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C31
,
Class
A3
,
3
.80
%
,
8/15/48
,
Callable
8/15/25
@
100
..............................................
142
136
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C28
,
Class
A4
,
3
.23
%
,
10/15/48
,
Callable
4/15/25
@
100
..............................................
453
431
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2016-C1
,
Class
A5
,
3
.58
%
,
3/17/49
,
Callable
2/15/26
@
100
..............................................
419
396
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C32
,
Class
A4
,
3
.72
%
,
12/15/49
,
Callable
1/15/27
@
100
.......................................
405
374
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-NXS6
,
Class
A4
,
2
.92
%
,
11/15/49
,
Callable
10/15/26
@
100
.............................................
548
501
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C30
,
Class
A4
,
3
.66
%
,
9/15/58
,
Callable
8/15/25
@
100
.....................................................
181
173
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-P2
,
Class
A4
,
3
.81
%
,
12/15/48
,
Callable
12/15/25
@
100
....................................................
420
397
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C28
,
Class
A4
,
3
.54
%
,
5/15/48
,
Callable
5/15/25
@
100
.....................................................
193
184
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2017-RC1
,
Class
A4
,
3
.63
%
,
1/15/60
,
Callable
3/15/27
@
100
..............................................
311
288
6,548
Total
Collateralized
Mortgage
Obligations
(Cost
$7,023)
a
a
a
6,548
Corporate
Bonds
(29.4%)
Communication
Services
(1.3%):
AT&T,
Inc.
,
5
.15
%
,
11/15/46
,
Callable
5/15/46
@
100
............................
312
260
Comcast
Corp.
,
3
.45
%
,
2/1/50
,
Callable
8/1/49
@
100
............................
150
101
Sirius
XM
Radio,
Inc.
,
4
.13
%
,
7/1/30
,
Callable
7/1/25
@
102.06
(a)
...................
143
115
T-Mobile
USA,
Inc.
,
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
.......................
242
214
Verizon
Communications,
Inc.
,
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
................
125
82
772
Consumer
Discretionary
(3.6%):
Dana,
Inc.
,
5
.63
%
,
6/15/28
,
Callable
10/16/23
@
102.81
...........................
110
101
General
Motors
Financial
Co.,
Inc.
,
5
.85
%
,
4/6/30
,
Callable
2/6/30
@
100
..............
256
245
Lennar
Corp.
,
5
.00
%
,
6/15/27
,
Callable
12/15/26
@
100
...........................
212
206
Marriott
International,
Inc.
,
3
.60
%
,
4/15/24
,
Callable
3/15/24
@
100
..................
326
322
Meritage
Homes
Corp.
,
6
.00
%
,
6/1/25
,
Callable
3/1/25
@
100
.......................
41
41
Victory
Portfolios
Victory
Total
Return
Bond
Fund
49
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Murphy
Oil
USA,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
.................
$
201
$
164
NIKE,
Inc.
,
3
.88
%
,
11/1/45
,
Callable
5/1/45
@
100
...............................
198
157
NVR,
Inc.
,
3
.00
%
,
5/15/30
,
Callable
11/15/29
@
100
.............................
267
222
O'Reilly
Automotive,
Inc.
,
4
.70
%
,
6/15/32
,
Callable
3/15/32
@
100
...................
199
182
PulteGroup,
Inc.
,
5
.00
%
,
1/15/27
,
Callable
10/15/26
@
100
.........................
240
234
Ross
Stores,
Inc.
,
3
.38
%
,
9/15/24
,
Callable
6/15/24
@
100
.........................
160
156
Yum!
Brands,
Inc.
,
3
.63
%
,
3/15/31
,
Callable
12/15/30
@
100
.......................
171
141
2,171
Consumer
Staples
(1.8%):
7-Eleven,
Inc.
,
0
.80
%
,
2/10/24
,
Callable
11/6/23
@
100
(a)
.........................
368
361
Altria
Group,
Inc.
,
4
.40
%
,
2/14/26
,
Callable
12/14/25
@
100
........................
105
102
BAT
Capital
Corp.
,
5
.28
%
,
4/2/50
,
Callable
10/2/49
@
100
.........................
167
127
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
139
111
Estee
Lauder
Cos.,
Inc.
,
4
.15
%
,
3/15/47
,
Callable
9/15/46
@
100
.....................
105
82
Reynolds
American,
Inc.
,
6
.15
%
,
9/15/43
......................................
175
153
Tyson
Foods,
Inc.
,
5
.10
%
,
9/28/48
,
Callable
3/28/48
@
100
.........................
135
110
1,046
Energy
(2.6%):
Continental
Resources,
Inc.
,
2
.27
%
,
11/15/26
,
Callable
11/15/23
@
100
(a)
..............
267
236
Energy
Transfer
LP
,
3
.75
%
,
5/15/30
,
Callable
2/15/30
@
100
........................
346
302
EOG
Resources,
Inc.
,
4
.95
%
,
4/15/50
,
Callable
10/15/49
@
100
.....................
135
119
HollyFrontier
Corp.
,
2
.63
%
,
10/1/23
.........................................
265
265
Marathon
Oil
Corp.
,
6
.60
%
,
10/1/37
.........................................
255
247
Pioneer
Natural
Resources
Co.
,
1
.90
%
,
8/15/30
,
Callable
5/15/30
@
100
...............
251
197
Western
Midstream
Operating
LP
,
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
..............
188
164
1,530
Financials
(7.1%):
Aflac,
Inc.
,
4
.75
%
,
1/15/49
,
Callable
7/15/48
@
100
..............................
35
29
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(b)
.......
299
273
Bank
of
America
Corp.
4
.20
%
,
8/26/24
,
MTN
...............................................
160
157
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(b)
..................
340
261
Capital
One
Financial
Corp.
4
.93
%
(
SOFR
+
206
bps
)
,
5/10/28
,
Callable
5/10/27
@
100
(b)
...................
174
165
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(b)
...................
145
99
Cincinnati
Financial
Corp.
,
6
.13
%
,
11/1/34
.....................................
230
227
Citigroup,
Inc.
3
.88
%
,
3/26/25
....................................................
108
104
4
.60
%
,
3/9/26
.....................................................
232
224
4
.45
%
,
9/29/27
....................................................
108
101
Fifth
Third
Bancorp
,
3
.65
%
,
1/25/24
,
Callable
12/25/23
@
100
......................
300
297
Ford
Motor
Credit
Co.
LLC
,
4
.06
%
,
11/1/24
,
Callable
10/1/24
@
100
.................
290
281
Globe
Life,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..........................
250
194
JPMorgan
Chase
&
Co.
2
.55
%
(
SOFR
+
118
bps
)
,
11/8/32
,
Callable
11/8/31
@
100
(b)
....................
376
291
5
.72
%
(
SOFR
+
258
bps
)
,
9/14/33
,
Callable
9/14/32
@
100
(b)
...................
204
196
5
.60
%
,
7/15/41
....................................................
87
83
Morgan
Stanley
,
3
.13
%
,
7/27/26
,
MTN
.......................................
287
267
Old
Republic
International
Corp.
,
3
.85
%
,
6/11/51
,
Callable
12/11/50
@
100
.............
104
69
Regions
Financial
Corp.
,
1
.80
%
,
8/12/28
,
Callable
6/12/28
@
100
....................
228
184
The
Goldman
Sachs
Group,
Inc.
,
3
.50
%
,
1/23/25
,
Callable
10/23/24
@
100
.............
275
266
Wells
Fargo
&
Co.
4
.30
%
,
7/22/27
,
MTN
...............................................
160
151
4
.90
%
,
11/17/45
...................................................
155
124
Zions
Bancorp
NA
,
3
.25
%
,
10/29/29
,
Callable
7/29/29
@
100
.......................
250
194
4,237
Health
Care
(3.6%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
.................................
285
251
4
.45
%
,
5/14/46
,
Callable
11/14/45
@
100
.................................
142
116
Victory
Portfolios
Victory
Total
Return
Bond
Fund
50
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Amgen,
Inc.
,
5
.15
%
,
3/2/28
,
Callable
2/2/28
@
100
..............................
$
240
$
236
Anthem,
Inc.
,
2
.38
%
,
1/15/25
,
Callable
12/15/24
@
100
...........................
148
141
Baxter
International,
Inc.
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
390
302
3
.50
%
,
8/15/46
,
Callable
2/15/46
@
100
..................................
109
69
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
10/23/23
@
102.13
.......................
168
155
HCA,
Inc.
,
4
.13
%
,
6/15/29
,
Callable
3/15/29
@
100
..............................
193
175
Hologic,
Inc.
,
3
.25
%
,
2/15/29
,
Callable
11/6/23
@
101.63
(a)
........................
260
220
Regeneron
Pharmaceuticals,
Inc.
,
2
.80
%
,
9/15/50
,
Callable
3/15/50
@
100
..............
146
84
Universal
Health
Services,
Inc.
1
.65
%
,
9/1/26
,
Callable
8/1/26
@
100
(a)
..................................
394
347
2
.65
%
,
10/15/30
,
Callable
7/15/30
@
100
(a)
...............................
102
79
2,175
Industrials
(2.6%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
107
83
Air
Lease
Corp.
0
.70
%
,
2/15/24
,
Callable
1/15/24
@
100
,
MTN
.............................
282
276
0
.80
%
,
8/18/24
,
Callable
7/18/24
@
100
..................................
146
139
CSX
Corp.
,
3
.35
%
,
9/15/49
,
Callable
3/15/49
@
100
.............................
92
62
Hillenbrand,
Inc.
,
5
.00
%
,
9/15/26
,
Callable
7/15/26
@
100
.........................
420
398
Honeywell
International,
Inc.
,
2
.80
%
,
6/1/50
,
Callable
12/1/49
@
100
.................
82
54
Norfolk
Southern
Corp.
2
.30
%
,
5/15/31
,
Callable
2/15/31
@
100
..................................
239
191
2
.90
%
,
8/25/51
,
Callable
2/25/51
@
100
..................................
125
74
Northrop
Grumman
Corp.
,
5
.25
%
,
5/1/50
,
Callable
11/1/49
@
100
....................
116
107
Sensata
Technologies,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............
130
105
Snap-on,
Inc.
,
4
.10
%
,
3/1/48
,
Callable
9/1/47
@
100
..............................
115
90
1,579
Information
Technology
(2.4%):
Apple,
Inc.
,
4
.65
%
,
2/23/46
,
Callable
8/23/45
@
100
.............................
117
104
Broadcom,
Inc.
,
5
.00
%
,
4/15/30
,
Callable
1/15/30
@
100
..........................
315
300
Cadence
Design
Systems,
Inc.
,
4
.38
%
,
10/15/24
,
Callable
7/15/24
@
100
...............
342
337
Dell
International
LLC
EMC
Corp.
,
5
.25
%
,
2/1/28
,
Callable
1/1/28
@
100
..............
196
193
Micron
Technology,
Inc.
,
5
.33
%
,
2/6/29
,
Callable
11/6/28
@
100
.....................
394
379
Texas
Instruments,
Inc.
,
4
.15
%
,
5/15/48
,
Callable
11/15/47
@
100
....................
160
128
1,441
Materials
(0.6%):
LYB
International
Finance
III
LLC
,
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
............
262
252
Newmont
Corp.
,
2
.60
%
,
7/15/32
,
Callable
4/15/32
@
100
..........................
104
81
333
Real
Estate
(2.4%):
Essential
Properties
LP
,
2
.95
%
,
7/15/31
,
Callable
4/15/31
@
100
.....................
131
95
Kite
Realty
Group
Trust
,
4
.00
%
,
3/15/25
,
Callable
12/15/24
@
100
...................
339
325
Physicians
Realty
LP
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
138
125
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...................................
128
97
Realty
Income
Corp.
,
5
.63
%
,
10/13/32
,
Callable
7/13/32
@
100
......................
303
293
Regency
Centers
LP
,
4
.65
%
,
3/15/49
,
Callable
9/15/48
@
100
.......................
114
87
Sabra
Health
Care
LP
,
5
.13
%
,
8/15/26
,
Callable
5/15/26
@
100
......................
145
138
Spirit
Realty
LP
,
3
.20
%
,
1/15/27
,
Callable
11/15/26
@
100
.........................
266
241
1,401
Utilities
(1.4%):
Ameren
Illinois
Co.
,
1
.55
%
,
11/15/30
,
Callable
8/15/30
@
100
......................
225
172
Consolidated
Edison
Co.
of
New
York,
Inc.
,
6
.30
%
,
8/15/37
........................
250
253
Oklahoma
Gas
and
Electric
Co.
,
5
.25
%
,
5/15/41
,
Callable
11/15/40
@
100
..............
190
163
Public
Service
Electric
&
Gas
Co.
,
3
.95
%
,
5/1/42
,
MTN
,
Callable
11/1/41
@
100
.........
159
125
Victory
Portfolios
Victory
Total
Return
Bond
Fund
51
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
$
174
$
101
814
Total
Corporate
Bonds
(Cost
$20,415)
a
a
a
17,499
Residential
Mortgage-Backed
Securities
(0.1%)
ABS
Home
(0.1%):
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
Series
2002-HE16
,
Class
M1
,
6
.75
%
(
TSFR1M
+
143
bps
)
,
10/25/32
,
Callable
10/25/23
@
100
(b)
.....................
62
63
Total
Residential
Mortgage-Backed
Securities
(Cost
$61)
a
a
a
63
Yankee
Dollars
(4.2%)
Consumer
Discretionary
(0.2%):
Aptiv
PLC/Aptiv
Corp.
,
3
.25
%
,
3/1/32
,
Callable
12/1/31
@
100
.....................
185
152
Consumer
Staples
(0.3%):
Suntory
Holdings
Ltd.
,
2
.25
%
,
10/16/24
,
Callable
9/16/24
@
100
(a)
..................
200
192
Energy
(0.4%):
Statoil
ASA
,
3
.95
%
,
5/15/43
...............................................
100
79
Total
Capital
International
SA
,
2
.99
%
,
6/29/41
,
Callable
12/29/40
@
100
...............
195
136
215
Financials
(2.0%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
6
.50
%
,
7/15/25
,
Callable
6/15/25
@
100
...........................................................
150
150
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
150
149
HSBC
Holdings
PLC
,
2
.87
%
(
SOFR
+
141
bps
)
,
11/22/32
,
Callable
11/22/31
@
100
(b)
......
340
261
Newcrest
Finance
Pty
Ltd.
5
.75
%
,
11/15/41
(a)
.................................................
155
142
4
.20
%
,
5/13/50
,
Callable
11/13/49
@
100
(a)
...............................
110
81
Pfizer
Investment
Enterprises
Pte
Ltd.
,
4
.75
%
,
5/19/33
,
Callable
2/19/33
@
100
..........
410
389
1,172
Industrials
(0.5%):
Canadian
National
Railway
Co.
,
3
.20
%
,
8/2/46
,
Callable
2/2/46
@
100
................
85
57
Canadian
Pacific
Railway
Co.
,
3
.10
%
,
12/2/51
,
Callable
6/2/51
@
100
.................
92
58
Sensata
Technologies
BV
,
4
.00
%
,
4/15/29
,
Callable
4/15/24
@
102
(a)
.................
200
173
288
Materials
(0.7%):
Anglo
American
Capital
PLC
2
.88
%
,
3/17/31
,
Callable
12/17/30
@
100
(a)
...............................
300
238
3
.95
%
,
9/10/50
,
Callable
3/10/50
@
100
(a)
................................
200
136
Rio
Tinto
Finance
USA
Ltd.
,
5
.20
%
,
11/2/40
...................................
75
70
444
Utilities
(0.1%):
Iberdrola
International
BV
,
6
.75
%
,
9/15/33
.....................................
50
50
Total
Yankee
Dollars
(Cost
$3,017)
a
a
a
2,513
U.S.
Government
Mortgage-Backed
Agencies
(29.0%)
Federal
Home
Loan
Mortgage
Corp.
9
.00
%
,
4/1/25
.....................................................
2
2
7
.50
%
,
8/1/29
.....................................................
4
4
Series
4395
,
Class
PA
,
2
.50
%
,
4/15/37
-
3/1/51
..............................
1,015
826
2
.00
%
,
3/1/51
.....................................................
498
381
3
.50
%
,
3/1/52
.....................................................
1,735
1,493
4
.00
%
,
6/1/52
-
10/1/52
..............................................
2,324
2,075
Victory
Portfolios
Victory
Total
Return
Bond
Fund
52
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
4
.50
%
,
6/1/52
-
8/1/52
...............................................
$
2,378
$
2,183
Federal
National
Mortgage
Association
Series
2005-19
,
Class
PB
,
5
.50
%
,
3/25/35
.................................
172
172
Series
2013-81
,
Class
KA
,
2
.75
%
,
9/25/42
.................................
122
112
3
.00
%
,
8/1/46
-
10/1/50
..............................................
2,309
1,939
4
.00
%
,
3/1/47
-
5/1/52
...............................................
1,496
1,333
3
.50
%
,
11/1/47
-
4/1/52
..............................................
769
669
2
.00
%
,
3/1/51
-
12/1/51
..............................................
2,190
1,676
2
.50
%
,
7/1/51
-
2/1/52
...............................................
3,069
2,438
4
.50
%
,
10/1/52
....................................................
1,882
1,728
17,031
Federal
National
Mortgage
Association
6
.00
%
,
2/1/37
.....................................................
54
55
Series
2011-21
,
Class
PA
,
4
.50
%
,
5/25/40
.................................
179
175
230
Total
U.S.
Government
Mortgage-Backed
Agencies
(Cost
$19,238)
a
a
a
17,261
U.S.
Treasury
Obligations
(9.5%)
U.S.
Treasury
Bonds
,
4
.00
%
,
11/15/42
........................................
900
799
U.S.
Treasury
Notes
2
.75
%
,
11/15/23
....................................................
500
498
4
.00
%
,
2/29/28
....................................................
211
206
1
.25
%
,
5/31/28
....................................................
178
153
3
.75
%
,
5/31/30
....................................................
1,000
949
0
.63
%
,
8/15/30
....................................................
900
691
3
.88
%
,
8/15/33
....................................................
2,500
2,362
Total
U.S.
Treasury
Obligations
(Cost
$5,877)
a
a
a
5,658
Total
Investments
(Cost
$61,344)
—
92.6%
55,171
Other
assets
in
excess
of
liabilities
—
7.4%
4,388
NET
ASSETS
-
100.00%
$
59,559
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$6,568
(thousands)
and
amounted
to
11.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
Victory
Portfolios
Victory
Total
Return
Bond
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
5-Year
U.S.
Treasury
Note
Futures
.......
51
12/29/23
$
5,407,396
$
5,373,328
$
(
34,068
)
Ultra
Long
Term
U.S.
Treasury
Bond
Futures
27
12/19/23
3,378,273
3,204,563
(
173,710
)
$
(
207,778
)
Futures
Contracts
Sold
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
5
12/19/23
$
547,480
$
540,313
$
7,167
Total
unrealized
appreciation
$
7,167
Total
unrealized
depreciation
(
207,778
)
Total
net
unrealized
appreciation
(depreciation)
$
(
200,611
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Diversified
Stock
Fund
1
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(96.1%)
Communication
Services
(6.8%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
98,806
$
13,028
Meta
Platforms,
Inc.
,
Class
A
(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
NV
......................................................
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
(a)
.............................................
96,125
2,604
The
Bancorp,
Inc.
(a)
.....................................................
111,324
3,841
Visa,
Inc.
,
Class
A
......................................................
20,981
4,826
40,995
Victory
Portfolios
Victory
Diversified
Stock
Fund
2
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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
ON
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)
a
a
a
258,482
Victory
Portfolios
Victory
Diversified
Stock
Fund
3
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Exchange-Traded
Funds
(2.3%)
SPDR
S&P
500
ETF
Trust
................................................
14,618
$
6,249
Total
Exchange-Traded
Funds
(Cost
$6,100)
a
a
a
6,249
Total
Investments
(Cost
$201,079)
—
98.4%
264,731
Other
assets
in
excess
of
liabilities
—
1.6%
4,294
NET
ASSETS
-
100.00%
$
269,025
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Special
Value
Fund
4
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(96.8%)
Communication
Services
(6.8%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
14,665
$
1,934
Meta
Platforms,
Inc.
,
Class
A
(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
NV
......................................................
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
(a)
.............................................
14,045
380
The
Bancorp,
Inc.
(a)
.....................................................
16,427
567
Visa,
Inc.
,
Class
A
......................................................
3,086
710
6,033
Victory
Portfolios
Victory
Special
Value
Fund
5
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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
ON
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)
a
a
a
38,164
Victory
Portfolios
Victory
Special
Value
Fund
6
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Exchange-Traded
Funds
(1.7%)
SPDR
S&P
500
ETF
Trust
................................................
1,583
$
677
Total
Exchange-Traded
Funds
(Cost
$662)
a
a
a
677
Total
Investments
(Cost
$29,702)
—
98.5%
38,841
Other
assets
in
excess
of
liabilities
—
1.5%
611
NET
ASSETS
-
100.00%
$
39,452
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
7
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
A
............................................
5,910
323
Latham
Group,
Inc.
(a)
...................................................
64,015
179
Lazydays
Holdings,
Inc.
(a)
................................................
11,720
89
M/I
Homes,
Inc.
(a)
......................................................
2,965
249
MarineMax,
Inc.
(a)
.....................................................
1,540
51
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
54
The
Beauty
Health
Co.
(a)
.................................................
15,300
92
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
NV
(a)
..............................................
13,006
302
Geospace
Technologies
Corp.
(a)
............................................
5,120
66
Natural
Gas
Services
Group,
Inc.
(a)
..........................................
6,658
97
Profire
Energy,
Inc.
(a)
...................................................
36,270
101
RPC,
Inc.
............................................................
49,880
446
Select
Water
Solutions,
Inc.
,
Class
A
.........................................
20,590
164
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
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
71
Live
Oak
Bancshares,
Inc.
................................................
2,310
67
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
87
Dynavax
Technologies
Corp.
(a)
.............................................
9,020
133
Figs,
Inc.
,
Class
A
(a)
....................................................
30,140
178
LeMaitre
Vascular,
Inc.
...................................................
6,916
377
Mesa
Laboratories,
Inc.
..................................................
623
65
OptimizeRx
Corp.
(a)
....................................................
8,490
66
The
Joint
Corp.
(a)
......................................................
8,367
75
U.S.
Physical
Therapy,
Inc.
................................................
2,820
259
UFP
Technologies,
Inc.
(a)
.................................................
2,950
476
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
8
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Vericel
Corp.
(a)
........................................................
7,280
$
244
2,972
Industrials
(23.0%):
Allient,
Inc.
...........................................................
7,331
227
Argan,
Inc.
...........................................................
1,530
70
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
72
Hillman
Solutions
Corp.
(a)
................................................
5,230
43
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
53
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
69
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
93
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
83
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
9
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.4%):
Artesian
Resources
Corp.
,
Class
A
...........................................
1,740
$
73
Total
Common
Stocks
(Cost
$12,888)
a
a
a
17,280
Total
Investments
(Cost
$12,888)
—
99.4%
17,280
Other
assets
in
excess
of
liabilities
—
0.6%
103
NET
ASSETS
-
100.00%
$
17,383
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Strategic
Allocation
Fund
10
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Affiliated
Holdings
Security
Description
Shares
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)
a
a
a
1,558
Affiliated
Mutual
Funds
(93.2%)
Victory
Global
Energy
Transition
Fund,
Class
Y
.................................
43,197
1,429
Victory
Integrity
Discovery
Fund,
Class
Y
.....................................
20,092
791
Victory
Investment
Grade
Convertible
Fund,
Class
I
..............................
88,114
1,406
Victory
RS
Global
Fund,
Class
Y
............................................
366,051
6,761
Victory
RS
Partners
Fund,
Class
Y
...........................................
31,397
847
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
126,886
2,332
Victory
Total
Return
Bond
Fund,
Class
R6
.....................................
946,594
7,516
Victory
Trivalent
International
Small-Cap
Fund,
Class
I
...........................
107,860
1,450
Total
Affiliated
Mutual
Funds
(Cost
$21,175)
a
a
a
22,532
Total
Investments
(Cost
$22,181)
—
99.6%
24,090
Other
assets
in
excess
of
liabilities
—
0.4%
100
NET
ASSETS
-
100.00%
$
24,190
At
September
30,
2023,
the
foreign
securities
held
by
the
underlying
Funds
were
49.5%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2023
Dividend
Income
Victory
Global
Energy
Transition
Fund,
Class
Y
...........
$
1,552
$
—
$
(
152
)
$
34
$
—
$
(
5
)
$
1,429
$
—
Victory
Integrity
Discovery
Fund,
Class
Y
...........
810
—
—
—
—
(
19
)
791
—
Victory
Investment
Grade
Convertible
Fund,
Class
I
..
1,421
21
—
—
—
(
36
)
1,406
20
Victory
RS
Global
Fund,
Class
Y
7,224
—
(
265
)
96
—
(
294
)
6,761
—
Victory
RS
Partners
Fund,
Class
Y
....................
866
—
(
1
)
—
—
(
18
)
847
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
2,394
—
—
—
—
(
62
)
2,332
—
Victory
Total
Return
Bond
Fund,
Class
R6
..............
7,766
71
—
—
—
(
321
)
7,516
70
Victory
Trivalent
International
Small-Cap
Fund,
Class
I
...
1,520
—
—
—
—
(
70
)
1,450
—
VictoryShares
U.S.
Multi-Factor
Minimum
Volatility
ETF
...
1,689
—
(
76
)
28
—
(
83
)
1,558
6
$
25,242
$
92
$
(
494
)
$
158
$
—
$
(
908
)
$
24,090
$
96
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Fund
for
Income
11
(Unaudited)
(Amounts
in
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
341
1,233
Collateralized
Mortgage
Obligations
(2.8%):
Government
National
Mortgage
Association
Series
2001-10,
Class
PE,
6.50%,
3/16/31
.................................
74
73
Series
2005-74,
Class
HB,
7.50%,
9/16/35
.................................
3
3
Series
2005-74,
Class
HC,
7.50%,
9/16/35
.................................
27
28
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)
..............................
99
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
W,
7.21%,
11/20/34(a)
...............................
60
62
Series
2014-74,
Class
PT,
7.88%,
5/16/44(a)
...............................
61
62
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
....................................................
9
9
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)
a
a
a
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)
a
a
a
66,615
Victory
Portfolios
Victory
Fund
for
Income
12
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Investment
Companies
(0.0%)(c)
BlackRock
Liquidity
Funds
FedFund
Portfolio,
3.04%(b)
..........................
100,840
$
101
Total
Investment
Companies
(Cost
$101)
a
a
a
101
Total
Investments
(Cost
$398,995)
—
99.4%
363,942
Other
assets
in
excess
of
liabilities
—
0.6%
2,103
NET
ASSETS
-
100.00%
$
366,045
(a)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
September
30,
2023.
(b)
Rate
represents
the
effective
yield
at
September
30,
2023.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
13
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
Value
Common
Stocks
(1.5%)
Health
Care
(1.5%):
Bristol-Myers
Squibb
Co.
.................................................
73,367
$
4,258
Total
Common
Stocks
(Cost
$4,239)
a
a
a
4,258
Principal
Amount
Convertible
Corporate
Bonds
(74.4%)
Consumer
Discretionary
(14.0%):
Booking
Holdings,
Inc.
,
0
.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.
,
1
.50
%
,
4/1/25
(b)
...................................
755
847
41,068
Energy
(10.5%):
EQT
Corp.
,
1
.75
%
,
5/1/26
.................................................
5,380
14,963
Pioneer
Natural
Resources
Co.
,
0
.25
%
,
5/15/25
.................................
6,381
15,663
30,626
Financials
(14.2%):
Ares
Capital
Corp.
,
4
.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.
,
5
.50
%
,
3/15/27
................................
4,605
4,095
New
Mountain
Finance
Corp.
,
7
.50
%
,
10/15/25
,
Callable
7/15/25
@
100
(c)
.............
4,790
4,896
PPL
Capital
Funding,
Inc.
,
2
.88
%
,
3/15/28
(c)
...................................
4,000
3,645
41,513
Health
Care
(3.5%):
Dexcom,
Inc.
,
0
.38
%
,
5/15/28
(c)
............................................
1,500
1,330
Envista
Holdings
Corp.
,
1
.75
%
,
8/15/28
(c)
.....................................
9,500
8,777
10,107
Industrials
(10.7%):
Block,
Inc.
,
0
.13
%
,
3/1/25
.................................................
2,050
1,904
Euronet
Worldwide,
Inc.
,
0
.75
%
,
3/15/49
,
Callable
3/20/25
@
100
....................
6,707
6,180
Parsons
Corp.
,
0
.25
%
,
8/15/25
.............................................
6,300
8,021
Southwest
Airlines
Co.
,
1
.25
%
,
5/1/25
(b)
......................................
15,255
15,292
31,397
Information
Technology
(10.1%):
Akamai
Technologies,
Inc.
,
0
.13
%
,
5/1/25
.....................................
5,399
6,382
Vishay
Intertechnology,
Inc.
,
2
.25
%
,
9/15/30
(c)
.................................
8,240
8,076
Western
Digital
Corp.
,
1
.50
%
,
2/1/24
.........................................
15,511
15,247
29,705
Materials
(0.3%):
U.S.
Steel
Corp.
,
5
.00
%
,
11/1/26
............................................
380
936
Real
Estate
(4.8%):
Kite
Realty
Group
LP
,
0
.75
%
,
4/1/27
(c)
.......................................
9,280
8,623
Ventas
Realty
LP
,
3
.75
%
,
6/1/26
(c)
..........................................
2,875
2,820
Welltower
OP
LLC
,
2
.75
%
,
5/15/28
(c)
........................................
2,420
2,470
13,913
Utilities
(6.3%):
Alliant
Energy
Corp.
,
3
.88
%
,
3/15/26
(c)
......................................
3,185
3,077
American
Water
Capital
Corp.
,
3
.63
%
,
6/15/26
(c)
................................
4,145
4,006
CenterPoint
Energy,
Inc.
,
4
.25
%
,
8/15/26
(c)
....................................
1,300
1,269
CMS
Energy
Corp.
,
3
.38
%
,
5/1/28
(c)
.........................................
2,180
2,043
Duke
Energy
Corp.
,
4
.13
%
,
4/15/26
(c)
........................................
3,205
3,115
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
14
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
The
Southern
Co.
,
3
.88
%
,
12/15/25
(c)
........................................
$
5,205
$
5,054
18,564
Total
Convertible
Corporate
Bonds
(Cost
$211,535)
a
a
a
217,829
Shares
Convertible
Preferred
Stocks
(20.9%)
Financials
(12.6%):
Apollo
Global
Management,
Inc.
,
6
.75
%
,
7/31/26
................................
57,675
3,178
Bank
of
America
Corp.
,
Series
L
,
7
.25
%
(d)
....................................
14,050
15,627
New
York
Community
Capital
Trust
,
6
.00
%
,
11/1/51
..............................
53,619
1,955
Wells
Fargo
&
Co.
,
Series
L
,
7
.50
%
(d)
........................................
14,394
16,049
36,809
Utilities
(8.3%):
NextEra
Energy,
Inc.
,
6
.93
%
,
9/1/25
(b)
.......................................
300,595
11,372
NiSource,
Inc.
,
7
.75
%
,
3/1/24
..............................................
134,220
13,080
24,452
Total
Convertible
Preferred
Stocks
(Cost
$72,276)
a
a
a
61,261
Collateral
for
Securities
Loaned
(2.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(e)
........
1,623,467
1,624
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(e)
............
1,623,467
1,624
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(e)
...............
1,623,467
1,623
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(e)
.
1,623,467
1,623
Total
Collateral
for
Securities
Loaned
(Cost
$6,494)
a
a
a
6,494
Total
Investments
(Cost
$294,544)
—
99.0%
289,842
Other
assets
in
excess
of
liabilities
—
1.0%
2,903
NET
ASSETS
-
100.00%
$
292,745
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
5.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Zero-coupon
bond.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$59,201
(thousands)
and
amounted
to
20.2%
of
net
assets.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
1
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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
A
................................................
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
T.
Rowe
Price
Group,
Inc.
.................................................
2,050,000
214,984
The
Bank
of
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
W.
R.
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
2
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
A
.................................................
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.
of
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
A
.............................................
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)
a
a
a
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)
a
a
a
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
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
3
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(d)
.
686,190
$
686
Total
Collateral
for
Securities
Loaned
(Cost
$2,745)
a
a
a
2,745
Total
Investments
(Cost
$14,584,345)
—
98.4%
16,555,919
Other
assets
in
excess
of
liabilities
—
1.6%
273,822
NET
ASSETS
-
100.00%
$
16,829,741
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
4
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Security
Description
Shares
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,
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
of
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,
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
A
..........................................
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
of
Hawaii
Corp.(c)
..................................................
1,310,000
65,094
Cohen
&
Steers,
Inc.
....................................................
1,240,000
77,735
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
5
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
A
.......................................
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
6
(Unaudited)
(Amounts
in
Thousands,
Except
for
Shares)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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)
a
a
a
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)
a
a
a
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)
a
a
a
106,714
Total
Investments
(Cost
$6,061,203)
—
100.1%
6,524,777
Liabilities
in
excess
of
other
assets
—
(0.1)%
(6,525)
NET
ASSETS
-
100.00%
$
6,518,252
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Affiliated
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
7
(Unaudited)
Schedule
of
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
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
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
A
....................
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
A
.
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
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Floating
Rate
Fund
1
(Unaudited)
Security
Description
Shares
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
A
Shares
(b)
(c)
.......................................
10,030
—
Covis
Parent
SCA,
Class
B
Shares
(b)
(c)
.......................................
10,030
—
Covis
Parent
SCA,
Class
C
Shares
(b)
(c)
.......................................
10,030
—
Covis
Parent
SCA,
Class
D
Shares
(b)
(c)
......................................
10,030
—
Covis
Parent
SCA,
Class
E
Shares
(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
,
8
.99
%
(
SOFR03M
+
375
bps
)
,
5/31/30
(d)
......
$
1,551,298
1,547,746
Cinemark
USA,
Inc.,
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
5/31/30
(d)
......
3,548,077
3,539,952
CSC
Holdings
LLC,
Term
Loan
2022,
First
Lien
,
9
.83
%
(
SOFR01M
+
450
bps
)
,
1/18/28
(d)
...
7,964,987
7,533,524
Entercom
Media
Corp.,
New
Term
Loan,
First
Lien
,
7
.87
%
(
SOFR03M
+
250
bps
)
,
11/17/24
(d)
14,706,476
6,238,781
Frontier
Communications
Corp.,
Refinancing
Term
Loans,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
10/8/27
(d)
........................................
3,226,930
3,127,831
Intelsat
Jackson
Holdings
SA,
Term
B
loan,
First
Lien
,
9
.62
%
(
SOFR03M
+
425
bps
)
,
2/1/29
(d)
13,476,752
13,433,896
Level
3
Financing,
Inc.,
Tranche
B
2027
Term
Loans,
First
Lien
,
7
.08
%
(
SOFR01M
+
175
bps
)
,
3/1/27
(d)
.........................................................
7,925,000
7,471,294
Sinclair
Television
Group,
Inc.,
Term
Loan
B-3,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
3/25/28
(d)
........................................................
13,699,172
9,625,860
Telesat
Canada,
Term
B-5
Loans,
First
Lien
,
8
.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
,
8
.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
,
8
.87
%
(
SOFR03M
+
350
bps
)
,
8/11/28
(d)
.............
13,777,826
13,774,933
Alterra
Mountain
Co.,
Facility
2028
Term
Loan
B,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
8/17/28
(d)
........................................................
13,967,839
13,921,327
Bally's
Corp.,
Term
B
Facility
Loans,
First
Lien
,
8
.84
%
(
SOFR03M
+
325
bps
)
,
10/1/28
(d)
...
16,241,098
15,892,888
Caesars
Entertainment,
Inc.,
2023
Incremental
Term
B
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
1/26/30
(d)
........................................
10,040,273
10,034,048
Carnival
Corp.,
2021
Incremental
Term
B
Advance,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
10/18/28
(d)
.......................................................
8,954,430
8,898,465
Carnival
Corp.,
Initial
Advance,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
8/8/27
(d)
........
847,875
844,695
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
B
Loan,
First
Lien
,
8
.87
%
(
SOFR03M
+
350
bps
)
,
8/21/26
(d)
........................................................
5,985,761
5,803,674
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
B
Loan,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
8/21/26
(d)
........................................................
15,588
15,114
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(d)
.......................................
12,374,856
12,803,397
Entain
PLC,
Facility
B
(USD)
Loan,
First
Lien
,
3/16/27
(e)
.........................
1,955,186
1,949,946
Eyemart
Express
LLC,
Term
B-1
Loan,
First
Lien
,
8
.32
%
(
SOFR01M
+
300
bps
)
,
8/31/27
(d)
..
5,171,343
5,006,532
Gray
Television,
Inc.,
Term
D
Loan,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
12/1/28
(d)
....
2,984,810
2,906,459
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
3/5/28
(d)
...
3,167,786
3,157,047
Hanesbrands,
Inc.,
Initial
Tranche
B
Term
Loans,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
3/8/30
(d)
.........................................................
4,079,500
3,987,711
Holley
Purchaser,
Inc.,
Initial
Term
Loan,
First
Lien
,
9
.18
%
(
SOFR01M
+
375
bps
)
,
11/10/28
(d)
5,775,134
5,565,785
Holley
Purchaser,
Inc.,
Initial
Term
Loan,
First
Lien
,
8
.99
%
(
SOFR03M
+
375
bps
)
,
11/10/28
(d)
480,194
462,787
Houghton
Mifflin
Harcourt
Co.,
Term
B
Loans,
First
Lien
,
10
.58
%
(
SOFR01M
+
525
bps
)
,
4/4/29
(d)
.........................................................
10,895,063
10,273,172
iHeartCommunications,
Inc.,
Second
Amendment
Incremental
Term
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
5/1/26
(d)
.........................................
4,689,535
4,190,100
iHeartCommunications,
Inc.,
Term
Loans,
First
Lien
,
8
.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
.10
%
(
SOFR03M
+
475
bps
)
,
6/30/28
(d)
...
18,120,175
5,707,855
Victory
Portfolios
Victory
Floating
Rate
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
McGraw
Hill
Education,
Inc.,
Initial
Term
Loan,
First
Lien
,
10
.08
%
(
SOFR01M
+
475
bps
)
,
7/30/28
(d)
........................................................
$
9,420,561
$
9,218,396
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien
,
8
.49
%
(
SOFR03M
+
325
bps
)
,
2/25/28
(d)
........................................................
9,723,588
9,602,043
PetSmart,
Inc.,
Initial
Term
Loans,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
2/12/28
(d)
.....
4,542,527
4,523,857
Rising
Tide
Holdings,
Inc.,
2023
Term
Loan,
First
Lien
,
13
.66
%
(
SOFR03M
+
825
bps
)
,
3/11/24
(d)
........................................................
3,272,218
2,944,996
Scientific
Games
International,
Inc.,
Initial
Term
B
Loans,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
4/14/29
(d)
........................................
8,909,887
8,898,749
Station
Casinos
LLC,
Term
B-1
Facility
Loans,
First
Lien
,
7
.58
%
(
SOFR01M
+
225
bps
)
,
2/8/27
(d)
.........................................................
12,411,081
12,374,469
The
Michaels
Cos.,
Inc.,
Term
B
Loans,
First
Lien
,
9
.49
%
(
SOFR03M
+
425
bps
)
,
4/15/28
(d)
.
10,104,535
9,199,674
Uber
Technologies,
Inc.,
2023
Refinancing
Term
Loan,
First
Lien
,
8
.16
%
(
SOFR03M
+
275
bps
)
,
3/3/30
(d)
.........................................................
13,409,981
13,397,778
United
Airlines,
Inc.,
Class
B
Term
Loans,
First
Lien
,
9
.07
%
(
SOFR01M
+
375
bps
)
,
4/21/28
(d)
6,069,880
6,071,276
WestJet
Airlines
Ltd.,
Initial
Term
Loan,
First
Lien
,
8
.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
B
Loans,
First
Lien
,
8
.80
%
(
SOFR03M
+
350
bps
)
,
10/8/27
(d)
........................................................
6,542,532
6,534,354
Anchor
Packaging
LLC,
Initial
Term
Loans,
First
Lien
,
8
.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
,
7
.83
%
(
SOFR01M
+
250
bps
)
,
10/10/26
(d)
.......................................................
7,000,000
6,909,560
First
Brands
Group
LLC,
2021
Term
Loans,
First
Lien
,
10
.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
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
11/19/29
(d)
......
12,914,937
12,803,611
Traverse
Midstream
Partners
LLC,
Advance,
First
Lien
,
9
.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
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
1/27/29
(d)
........................................................
7,773,255
7,553,038
ACProducts,
Inc.,
Initial
Term
Loans,
First
Lien
,
9
.49
%
(
SOFR03M
+
425
bps
)
,
5/17/28
(d)
...
11,441,781
9,407,661
Acrisure
LLC,
Term
Loan
B
2020,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
2/15/27
(d)
.....
3,101,592
3,053,952
Arches
Buyer,
Inc.,
New
Term
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
12/6/27
(d)
....
4,500,000
4,398,750
Arsenal
AIC
Parent
LLC,
Term
B
Loan,
First
Lien
,
9
.88
%
(
SOFR03M
+
450
bps
)
,
7/27/30
(d)
.
4,500,000
4,486,860
BW
NHHC
Holdco,
Inc.,
Term
Loan
Lien
2,
Second
Lien
,
14
.38
%
(
SOFR03M
+
900
bps
)
,
5/15/26
(d)
........................................................
3,000,000
600,000
Chariot  Buyer
LLC,
Initial
Term
Loans,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
11/3/28
(d)
.
4,848,105
4,768,547
Clydesdale
Acquisition
Holdings,
Inc.,
Term
B
Loans,
First
Lien
,
9
.51
%
(
SOFR01M
+
418
bps
)
,
4/13/29
(d)
........................................................
3,915,351
3,857,756
Constellation
Renewables
LLC
,
7
.92
%
(
SOFR03M
+
250
bps
)
,
12/15/27
(d)
..............
2,000,000
1,992,140
Covis
Pharma
Holdings
S.a.r.l.,
Dollar
Term
B
Loans,
First
Lien
,
11
.74
%
(
SOFR03M
+
650
bps
)
,
2/14/27
(d)
........................................................
12,339,005
8,760,694
CP
Altas
Buyer,
Inc.,
Term
B
Loans,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
11/23/27
(d)
...
4,355,951
4,099,124
Cumulus
Media
New
Holdings,
Inc.,
Initial
Term
Loan,
First
Lien
,
9
.17
%
(
SOFR03M
+
375
bps
)
,
3/31/26
(d)
........................................
17,164,544
14,214,474
Diamond
Sports
Group
LLC,
Term
Loan
Second
Lien,
Second
Lien
,
10
.58
%
(
SOFR01M
+
525
bps
)
,
8/24/26
(d)
(f)
......................................
19,801,150
386,122
Diamond
Sports
Group
LLC,
Term
Loan,
First
Lien
,
15
.33
%
(
SOFR01M
+
1000
bps
)
,
5/25/26
(d)
........................................................
1,448,737
729,192
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien
,
9
.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
,
8
.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
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
2/9/30
(d)
.........................................................
6,957,401
6,896,523
Victory
Portfolios
Victory
Floating
Rate
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Innio
North
America
Holding,
Inc.,
Facility
B
USD,
First
Lien
,
8
.04
%
(
LIBOR06M
+
275
bps
)
,
11/6/25
(d)
........................................................
$
8,688,544
$
8,610,347
ITT
Holdings
LLC,
Initial
Term
Loans,
First
Lien
,
8
.08
%
(
SOFR01M
+
275
bps
)
,
7/8/28
(d)
...
4,979,683
4,966,188
Knight
Health
Holdings
LLC,
Term
B
Loans,
First
Lien
,
10
.58
%
(
SOFR01M
+
525
bps
)
,
12/23/28
(d)
.......................................................
23,088,750
5,387,298
LBM
Acquisition
LLC,
Initial
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
12/17/27
(d)
11,200,219
10,913,830
LSF11
A5
Holdco
LLC,
Term
Loans,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
10/15/28
(d)
..
6,020,707
5,871,694
MajorDrive
Holdings
IV
LLC,
Initial
Term
Loans,
First
Lien
,
9
.33
%
(
SOFR01M
+
400
bps
)
,
6/1/28
(d)
.........................................................
1,994,898
1,973,712
Mileage
Plus
Holdings
LLC,
Initial
Term
Loan,
First
Lien
,
10
.65
%
(
SOFR03M
+
525
bps
)
,
6/20/27
(d)
........................................................
14,029,605
14,557,259
Neptune
Bidco
U.S.,
Inc.,
Dollar
Term
B
Loan,
First
Lien
,
10
.30
%
(
SOFR03M
+
500
bps
)
,
4/11/29
(d)
........................................................
6,109,688
5,486,011
NorthRiver
Midstream
Finance
LP,
Term
B,
First
Lien
,
8
.33
%
(
SOFR03M
+
300
bps
)
,
10/1/25
(d)
........................................................
8,136,500
8,105,988
Oldcastle
BuildingEnvelope,
Inc.,
Term
B
Loans,
First
Lien
,
9
.74
%
(
SOFR03M
+
450
bps
)
,
4/29/29
(d)
........................................................
9,432,312
9,353,175
Park
River
Holdings,
Inc.,
Initial
Term
Loans,
First
Lien
,
8
.52
%
(
LIBOR06M
+
325
bps
)
,
1/20/28
(d)
........................................................
4,274,873
4,119,439
Peraton
Corp.,
Term
B
Loans,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
2/1/28
(d)
..........
5,046,505
5,030,759
Rand
Parent
LLC,
Term
B
Loans,
First
Lien
,
9
.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
,
13
.24
%
(
SOFR03M
+
800
bps
)
,
2/15/26
(d)
........................................
4,000,000
800,000
Robertshaw
U.S.
Holding
Corp.,
Term
Loan
B,
First
Lien
,
8
.74
%
(
SOFR03M
+
350
bps
)
,
2/28/25
(d)
........................................................
6,255,192
3,132,788
Sparta
U.S.
Holdco
LLC,
Initial
Term
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
4/30/28
(d)
........................................................
3,930,000
3,910,350
SWF
Holdings
Corp.
I,
Initial
Term
Loans,
First
Lien
,
9
.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
,
14
.47
%
(
SOFR03M
+
900
bps
)
,
5/28/27
(d)
........................................
3,000,000
2,557,500
Virgin
Media
Bristol
LLC,
N
Facility,
First
Lien
,
7
.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
WP
CPP
Holdings
LLC,
Term
Loans,
First
Lien
,
9
.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
B,
First
Lien
,
9
.62
%
(
SOFR03M
+
425
bps
)
,
3/14/25
(d)
........................................
2,115,775
1,468,707
Air
Methods
Corp.,
Initial
Term
Loans,
First
Lien
,
8
.69
%
(
LIBOR03M
+
350
bps
)
,
4/21/24
(d)
.
17,350,304
5,020,831
Amneal
Pharmaceuticals
LLC,
Initial
Term
Loans,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
3/23/25
(d)
........................................................
8,409,685
8,241,491
Bausch
Health
Cos.,
Inc.,
Second
Amendment
Term
Loan,
First
Lien
,
10
.57
%
(
SOFR01M
+
525
bps
)
,
1/27/27
(d)
........................................
8,038,042
6,519,736
Envision
Healthcare
Corp.,
Third
Out
Term
Loans,
First
Lien
,
8
.99
%
(
SOFR03M
+
375
bps
)
,
3/31/27
(d)
(f)
......................................................
3,913,425
5,870
Global
Medical
Response,
Inc.,
2020
Term
Loan,
First
Lien
,
9
.52
%
(
SOFR03M
+
425
bps
)
,
10/2/25
(d)
........................................................
5,742,573
3,979,603
Lifepoint
Health,
Inc.,
Term
B
Loans,
First
Lien
,
9
.12
%
(
SOFR03M
+
375
bps
)
,
11/16/25
(d)
..
2,968,576
2,958,691
LifeScan
Global
Corp.,
Term
Loan,
First
Lien
,
11
.65
%
(
SOFR06M
+
650
bps
)
,
12/31/26
(d)
...
12,868,050
10,144,270
LifeScan
Global
Corp.,
Term
Loan,
Second
Lien
,
14
.57
%
(
SOFR06M
+
950
bps
)
,
6/19/25
(d)
..
3,750,000
2,250,000
Radiology
Partners,
Inc.,
Term
Loan
New,
First
Lien
,
9
.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
B,
First
Lien
,
10
.58
%
(
SOFR01M
+
525
bps
)
,
2/2/27
(d)
.........................................
10,208,876
7,707,701
U.S.
Renal
Care,
Inc.,
SOFR
TRM
C,
First
Lien
,
10
.35
%
(
SOFR03M
+
500
bps
)
,
6/28/28
(d)
..
10,852,007
7,171,332
Upstream
Rehabilitation,
August
2021
Incremental
TL,
First
Lien
,
9
.49
%
(
SOFR03M
+
425
bps
)
,
11/20/26
(d)
.......................................
2,892,704
2,768,318
64,143,076
Industrials
(13.3%):
AAdvantage
Loyalty
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
10
.08
%
(
SOFR03M
+
475
bps
)
,
4/20/28
(d)
........................................................
16,467,420
16,944,975
Avis
Budget
Car
Rental
LLC,
Tranche
C
Term
Loan,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
3/16/29
(d)
........................................................
2,955,000
2,949,474
Victory
Portfolios
Victory
Floating
Rate
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
AZZ,
Inc.,
Initial
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
5/6/29
(d)
..........
$
4,321,368
$
4,324,955
Cengage
Learning,
Inc.,
Term
B
Loan,
First
Lien
,
10
.32
%
(
SOFR03M
+
475
bps
)
,
7/14/26
(d)
..
5,475,879
5,443,023
Chart
Industries,
Inc.
,
3/17/30
(e)
............................................
2,739,993
2,739,993
CommScope,
Inc.,
Initial
Term
Loans,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
4/6/26
(d)
....
2,969,032
2,703,304
Cornerstone
Building
Brands,
Inc.,
New
Term
Loan
B,
First
Lien
,
8
.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
,
7
.83
%
(
SOFR01M
+
250
bps
)
,
3/31/27
(d)
........................................................
10,735,731
10,699,015
Graham
Packaging
Co.,
Inc.,
New
Term
Loans,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
8/4/27
(d)
.........................................................
9,429,000
9,403,730
Harsco
Corp.,
Term
B-3
Loans,
First
Lien
,
7
.58
%
(
SOFR01M
+
225
bps
)
,
3/10/28
(d)
........
3,933,780
3,878,471
Hertz
Corp.,
Initial
Term
B
Loans,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
6/30/28
(d)
.....
14,861,604
14,838,866
Hertz
Corp.,
Initial
Term
C
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
6/30/28
(d)
......
2,865,310
2,860,926
Janus
International
Group
LLC,
Amendment
No.
6
Refinancing
Term
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
7/25/30
(d)
........................................
4,000,000
3,981,240
Madison
IAQ
LLC,
Initial
Term
Loans,
First
Lien
,
8
.57
%
(
SOFR01M
+
325
bps
)
,
6/16/28
(d)
..
6,068,267
5,960,556
SRS
Distribution,
Inc.,
2021
Refinancing
Term
Loans,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
6/4/28
(d)
.........................................................
10,175,561
10,061,086
Titan
Acquisition
Ltd.,
Initial
Term
Loan,
First
Lien
,
8
.73
%
(
LIBOR06M
+
300
bps
)
,
3/28/25
(d)
6,060,305
6,004,247
Transdigm,
Inc.,
Tranche
I
Term
Loans,
First
Lien
,
8
.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
,
9
.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
,
9
.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
B
Loan,
First
Lien
,
9
.74
%
(
SOFR03M
+
450
bps
)
,
3/20/29
(d)
........................................................
14,191,219
13,626,550
UKG,
Inc.,
Incremental
Term
Loans,
First
Lien
,
8
.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
,
9
.12
%
(
SOFR03M
+
375
bps
)
,
5/2/29
(d)
......
1,128,856
1,097,812
WireCo
WorldGroup,
Inc.,
Initial
Term
Loan,
First
Lien
,
9
.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
,
8
.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.
,
6
.50
%
,
5/1/27
,
Callable
10/23/23
@
103.25
(g)
.................
3,000,000
53,344
Cumulus
Media
New
Holdings,
Inc.
,
6
.75
%
,
7/1/26
,
Callable
11/6/23
@
101.69
(g)
........
3,847,000
2,914,598
iHeartCommunications,
Inc.
,
8
.38
%
,
5/1/27
,
Callable
10/23/23
@
102.09
...............
1,500,000
1,075,327
Outfront
Media
Capital
LLC/Outfront
Media
Capital
Corp.
,
4
.25
%
,
1/15/29
,
Callable
1/15/24
@
102.13
(g)
......................................................
1,250,000
990,260
Sinclair
Television
Group,
Inc.
,
5
.50
%
,
3/1/30
,
Callable
12/1/24
@
102.75
(g)
............
5,850,000
3,138,712
Sirius
XM
Radio,
Inc.
,
3
.88
%
,
9/1/31
,
Callable
9/1/26
@
101.94
(g)
...................
6,750,000
5,112,385
TEGNA,
Inc.
,
5
.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.
,
5
.38
%
,
3/1/29
,
Callable
3/1/24
@
102.69
(g)
........................................................
6,000,000
5,337,512
Caesars
Entertainment,
Inc.
,
8
.13
%
,
7/1/27
,
Callable
11/6/23
@
104.06
(g)
..............
6,050,000
6,078,969
Carnival
Corp.
,
6
.00
%
,
5/1/29
,
Callable
11/1/24
@
103
(g)
..........................
2,875,000
2,455,112
Carnival
Holdings
Bermuda
Ltd.
,
10
.38
%
,
5/1/28
,
Callable
5/1/25
@
105.19
(g)
..........
4,000,000
4,287,398
Cinemark
USA,
Inc.
,
5
.25
%
,
7/15/28
,
Callable
7/15/24
@
102.63
(g)
..................
3,500,000
3,107,526
Life
Time,
Inc.
,
8
.00
%
,
4/15/26
,
Callable
11/6/23
@
104
(g)
.........................
1,500,000
1,470,870
Victory
Portfolios
Victory
Floating
Rate
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Royal
Caribbean
Cruises
Ltd.
,
7
.25
%
,
1/15/30
,
Callable
12/15/25
@
103.63
(g)
...........
$
3,500,000
$
3,469,094
The
Goodyear
Tire
&
Rubber
Co.
,
5
.25
%
,
7/15/31
,
Callable
4/15/31
@
100
.............
4,000,000
3,284,538
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.
,
7
.13
%
,
2/15/31
,
Callable
11/15/30
@
100
(g)
...........................................................
6,500,000
6,174,204
35,665,223
Energy
(3.3%):
Apache
Corp.
,
5
.10
%
,
9/1/40
,
Callable
3/1/40
@
100
.............................
4,000,000
3,183,842
Callon
Petroleum
Co.
8
.00
%
,
8/1/28
,
Callable
8/1/24
@
104
(g)
..................................
4,500,000
4,505,521
7
.50
%
,
6/15/30
,
Callable
6/15/25
@
103.75
(g)
..............................
3,500,000
3,393,561
Comstock
Resources,
Inc.
6
.75
%
,
3/1/29
,
Callable
3/1/24
@
103.38
(g)
................................
2,005,000
1,844,867
5
.88
%
,
1/15/30
,
Callable
1/15/25
@
102.94
(g)
..............................
6,500,000
5,620,037
New
Fortress
Energy,
Inc.
,
6
.50
%
,
9/30/26
,
Callable
11/6/23
@
103.25
(g)
..............
1,000,000
919,811
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
6
.00
%
,
2/15/28
,
Callable
11/6/23
@
103
.......
6,258,000
5,897,250
Permian
Resources
Operating
LLC
,
5
.88
%
,
7/1/29
,
Callable
7/1/24
@
102.94
(g)
..........
4,000,000
3,765,923
Talos
Production,
Inc.
,
12
.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
,
5
.25
%
,
4/15/29
,
Callable
4/15/24
@
102.63
(g)
..
3,000,000
2,622,998
Gray
Escrow
II,
Inc.
,
5
.38
%
,
11/15/31
,
Callable
11/15/26
@
102.69
(g)
.................
4,000,000
2,610,738
GTCR
W-2
Merger
Sub
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(g)
............
1,000,000
1,001,265
Neptune
Bidco
US,
Inc.
,
9
.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.
,
5
.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.
,
6
.13
%
,
2/1/27
,
Callable
2/1/24
@
103.06
(g)
.................
1,800,000
1,126,769
CHS/Community
Health
Systems,
Inc.
6
.13
%
,
4/1/30
,
Callable
4/1/25
@
103.06
(g)
................................
4,500,000
2,306,912
5
.25
%
,
5/15/30
,
Callable
5/15/25
@
102.63
(g)
..............................
1,000,000
761,905
LifePoint
Health,
Inc.
,
5
.38
%
,
1/15/29
,
Callable
1/15/24
@
102.69
(g)
.................
300,000
209,943
Radiology
Partners,
Inc.
,
9
.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.
,
9
.75
%
,
12/1/26
,
Callable
11/6/23
@
102.44
(g)
................................................
2,000,000
1,940,396
Team
Health
Holdings,
Inc.
,
6
.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.
,
11
.75
%
,
7/15/25
(g)
....................................
1,320,000
1,419,000
ITT
Holdings
LLC
,
6
.50
%
,
8/1/29
,
Callable
8/1/24
@
103.25
(g)
.....................
1,750,000
1,496,254
Rand
Parent
LLC
,
8
.50
%
,
2/15/30
,
Callable
2/15/26
@
104.25
(g)
....................
3,650,000
3,375,708
The
Hertz
Corp.
,
5
.00
%
,
12/1/29
,
Callable
12/1/24
@
102.5
(g)
......................
3,200,000
2,508,747
Wabash
National
Corp.
,
4
.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.
,
6
.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.
4
.00
%
,
4/1/31
,
Callable
4/1/26
@
102
....................................
2,000,000
1,538,855
4
.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.
,
5
.63
%
,
2/15/29
,
Callable
2/15/24
@
102.81
(g)
.......
5,125,000
4,681,928
Victory
Portfolios
Victory
Floating
Rate
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Industrials
(0.6%):
Bombardier,
Inc.
,
7
.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
,
5
.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
in
excess
of
liabilities
—
2.4%
23,110,008
NET
ASSETS
-
100.00%
$
961,623,794
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
9.5%
of
net
assets.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(e)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(f)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(g)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$111,118,241
and
amounted
to
11.6%
of
net
assets.
(h)
Rate
represents
the
effective
yield
at
September
30,
2023.
bps
—
Basis
points
LIBOR
—
London
Interbank
Offered
Rate
LIBOR03M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
LIBOR06M
—
6
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
High
Income
Municipal
Bond
7
(Unaudited)
Security
Description
Principal
Amount
Value
Municipal
Bonds
(98.2%)
Arizona
(7.7%):
Arizona
IDA
Revenue
4
.00
%
,
7/15/51
,
Continuously
Callable
@100
(a)
.............................
$
500,000
$
341,887
4
.00
%
,
12/15/51
,
Continuously
Callable
@100
(a)
............................
700,000
466,009
La
Paz
County
IDA
Revenue
,
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
.............
280,000
217,003
Maricopa
County
IDA
Revenue
AMT
,
4
.00
%
,
10/15/47
,
Continuously
Callable
@104
(a)
....
500,000
401,257
The
County
of
Pima
IDA
Revenue
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
.............................
500,000
349,116
Series
A
,
6
.88
%
,
11/15/52
,
Continuously
Callable
@103
(a)
.....................
250,000
246,418
The
IDA
of
the
City
of
Phoenix
Revenue
,
4
.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
,
5
.00
%
,
6/1/49
,
Continuously
Callable
@100
...........................................
135,000
134,962
Delaware
(0.9%):
Delaware
State
Economic
Development
Authority
Revenue
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@100
.....................................................
500,000
328,935
Florida
(7.1%):
Capital
Trust
Agency,
Inc.
Revenue
,
6
.38
%
,
5/1/53
,
Continuously
Callable
@100
(a)
.......
250,000
230,242
Escambia
County
Health
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
3
.00
%
,
8/15/50
,
Continuously
Callable
@100
.........................
1,000,000
658,329
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
7/1/55
,
Continuously
Callable
@100
...............................
500,000
355,559
5
.25
%
,
10/1/56
,
Continuously
Callable
@100
(a)
.............................
500,000
434,740
Pinellas
County
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
(a)
.........................................
500,000
339,172
Seminole
County
IDA
Revenue
,
4
.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
1S
,
3
.30
%
,
11/1/48
,
Continuously
Callable
@100
(b)
...................................................
900,000
900,000
Illinois
(8.5%):
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
6
.00
%
,
4/1/46
,
Continuously
Callable
@100
...........................................
1,500,000
1,532,489
Chicago
O'Hare
International
Airport
Revenue
AMT
,
4
.63
%
,
1/1/53
,
Continuously
Callable
@100
...........................................................
500,000
457,438
City
of
Chicago,
GO
,
Series
A
,
5
.50
%
,
1/1/49
,
Continuously
Callable
@100
.............
1,000,000
1,006,603
2,996,530
Indiana
(3.9%):
Indiana
Finance
Authority
Revenue
4
.13
%
,
12/1/26
....................................................
1,000,000
974,393
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
.........................
500,000
409,428
1,383,821
Iowa
(1.8%):
Iowa
Finance
Authority
Revenue
Series
A
,
5
.00
%
,
5/15/48
,
Continuously
Callable
@100
........................
500,000
358,343
Series
A-1
,
4
.00
%
,
5/15/55
,
Continuously
Callable
@103
......................
500,000
284,592
642,935
Kansas
(0.5%):
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation
,
5
.75
%
,
3/1/41
,
Continuously
Callable
@103
(a)
.........................................
200,000
188,199
Kentucky
(1.3%):
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
500,000
447,032
Maryland
(0.4%):
Maryland
Economic
Development
Corp.
Revenue
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
...........................................................
200,000
157,337
Victory
Portfolios
Victory
High
Income
Municipal
Bond
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Massachusetts
(1.4%):
Massachusetts
Development
Finance
Agency
Revenue
4
.00
%
,
10/1/32
,
Continuously
Callable
@104
(a)
.............................
$
300,000
$
260,571
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
250,000
227,729
488,300
Minnesota
(0.8%):
City
of
Woodbury
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
...............
400,000
265,221
Missouri
(1.2%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
,
4
.25
%
,
12/1/42
,
Continuously
Callable
@100
(a)
.........................................
500,000
420,234
New
Hampshire
(1.0%):
New
Hampshire
Business
Finance
Authority
Revenue
,
4
.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
A2
,
5
.50
%
,
7/1/35
,
Continuously
Callable
@100
(b)
......................
400,000
400,000
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Series
A
,
12/15/38
(c)
................................................
1,500,000
697,341
Series
BB
,
3
.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
LA
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@102
...........................................
500,000
381,881
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
,
4
.25
%
,
5/1/40
,
Continuously
Callable
@103
(a)
...................................
500,000
393,783
775,664
New
York
(10.8%):
Build
NYC
Resource
Corp.
Revenue
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
.............................
500,000
329,288
5
.75
%
,
6/1/52
,
Continuously
Callable
@100
(a)
.............................
250,000
236,959
5
.75
%
,
6/1/62
,
Continuously
Callable
@100
(a)
.............................
250,000
236,056
Series
A
,
5
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
......................
100,000
76,912
Metropolitan
Transportation
Authority
Revenue
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(d)
...........................
365,000
382,208
Series
D-3
,
4
.00
%
,
11/15/49
,
Continuously
Callable
@100
.....................
500,000
414,076
Monroe
County
Industrial
Development
Corp.
Revenue
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
.....................................................
600,000
553,420
New
York
State
Dormitory
Authority
Revenue
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
(a)
.............................
1,000,000
841,249
4
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
200,000
165,838
Onondaga
Civic
Development
Corp.
Revenue
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
.
250,000
213,291
Western
Regional
Off-Track
Betting
Corp.
Revenue
,
4
.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
,
5
.00
%
,
10/1/50
,
Continuously
Callable
@103
...........................................................
250,000
193,567
North
Dakota
(2.5%):
City
of
Grand
Forks
Revenue
,
5
.00
%
,
12/1/36
,
Continuously
Callable
@100
............
1,000,000
873,656
Ohio
(2.3%):
County
of
Hardin
Revenue
,
5
.50
%
,
5/1/50
,
Continuously
Callable
@103
...............
500,000
392,638
Northeast
Ohio
Medical
University
Revenue
,
Series
A
,
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
...........................................................
225,000
177,599
Ohio
Higher
Educational
Facility
Commission
Revenue
,
6
.00
%
,
9/1/47
,
Continuously
Callable
@100
...........................................................
250,000
249,922
820,159
Oregon
(1.9%):
Clackamas
County
Hospital
Facility
Authority
Revenue
Series
A
,
5
.00
%
,
11/15/52
,
Continuously
Callable
@102
.......................
500,000
405,097
Series
A
,
5
.38
%
,
11/15/55
,
Continuously
Callable
@102
.......................
100,000
84,811
Victory
Portfolios
Victory
High
Income
Municipal
Bond
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Yamhill
County
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/51
,
Continuously
Callable
@103
...........................................................
$
250,000
$
178,090
667,998
Pennsylvania
(4.0%):
Bucks
County
IDA
Revenue
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
..............
500,000
394,924
Chester
County
IDA
Revenue
,
6
.00
%
,
10/15/52
,
Continuously
Callable
@100
(a)
.........
500,000
461,150
Pennsylvania
Economic
Development
Financing
Authority
Revenue
AMT
,
9
.00
%
,
4/1/51
,
(Put
Date
4/13/28)
(a)
(d)
.................................................
500,000
548,884
1,404,958
South
Carolina
(5.1%):
County
of
Lancaster
Special
Assessment
,
Series
2016
A-1
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
.....................................................
1,675,000
1,561,092
County
of
Richland
Special
Assessment
,
3
.63
%
,
11/1/31
,
Continuously
Callable
@103
(a)
...
290,000
228,849
1,789,941
Texas
(4.6%):
City
of
Houston
Texas
Airport
System
Revenue
AMT
,
Series
C
,
4
.00
%
,
7/15/41
,
Continuously
Callable
@100
.....................................................
750,000
622,103
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue
AMT
,
Series
2013
,
7
.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
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.......................
250,000
185,479
Series
A-1
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.......................
250,000
160,920
Utah
Charter
School
Finance
Authority
Revenue
2
.75
%
,
4/15/50
,
Continuously
Callable
@100
...............................
525,000
303,873
Series
A
,
5
.63
%
,
6/15/42
,
Continuously
Callable
@100
(a)
......................
250,000
233,264
Utah
Infrastructure
Agency
Revenue
,
Series
A
,
5
.38
%
,
10/15/40
,
Continuously
Callable
@100
1,150,000
1,089,473
1,973,009
Vermont
(4.3%):
Vermont
Economic
Development
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@103
...........................................................
500,000
377,907
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
..............................
750,000
650,167
6
.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
A
,
5
.75
%
,
6/1/43
,
Continuously
Callable
@100
(a)
.........................................
1,000,000
1,010,189
Wisconsin
(7.6%):
Public
Finance
Authority
Revenue
4
.00
%
,
4/1/52
,
Continuously
Callable
@100
(a)
.............................
500,000
347,542
5
.88
%
,
6/1/52
,
Continuously
Callable
@100
(a)
.............................
250,000
223,981
Series
A
,
4
.25
%
,
12/1/51
,
Continuously
Callable
@100
(a)
......................
500,000
337,055
Series
A
,
5
.25
%
,
3/1/55
,
Continuously
Callable
@100
(a)
.......................
500,000
389,143
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
(a)
.......................
500,000
370,423
Series
A-1
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(a)
.....................
500,000
351,870
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
500,000
328,425
4
.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
in
excess
of
liabilities
—
1.8%
634,547
NET
ASSETS
-
100.00%
$
35,145,319
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$12,289,718
and
amounted
to
35.0%
of
net
assets.
(b)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Victory
Portfolios
Victory
High
Income
Municipal
Bond
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
(c)
Zero-coupon
bond.
(d)
Put
Bond.
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS
—
Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LOC
—
Principal
and
interest
payments
are
guaranteed
by
a
bank
letter
of
credit
or
other
bank
credit
agreement.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
High
Yield
Fund
11
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(0.3%)
Communication
Services
(0.1%):
Altice
USA,
Inc.
,
Class
A
(a)
...............................................
38,825
$
126,958
iHeartMedia,
Inc.
,
Class
A
(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
Shares
(a)
(b)
.......................................
1,622
—
Covis
Parent
SCA,
Class
B
Shares
(a)
(b)
.......................................
1,622
—
Covis
Parent
SCA,
Class
C
Shares
(a)
(b)
.......................................
1,622
—
Covis
Parent
SCA,
Class
D
Shares
(a)
(b)
......................................
1,622
—
Covis
Parent
SCA,
Class
E
Shares
(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
B
loan,
First
Lien
,
9
.62
%
(
SOFR03M
+
425
bps
)
,
2/1/29
(c)
$
2,574,604
2,566,417
Consumer
Discretionary
(5.2%):
Carnival
Corp.,
Initial
Advance,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
8/8/27
(c)
........
648,375
645,944
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
B
Loan,
First
Lien
,
8
.87
%
(
SOFR03M
+
350
bps
)
,
8/21/26
(c)
........................................................
1,535,675
1,488,960
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
B
Loan,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
8/21/26
(c)
........................................................
3,999
3,878
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.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
.10
%
(
SOFR03M
+
475
bps
)
,
6/30/28
(c)
...
1,554,737
489,742
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien
,
8
.49
%
(
SOFR03M
+
325
bps
)
,
2/25/28
(c)
........................................................
1,374,297
1,357,118
The
Michaels
Cos.,
Inc.,
Term
B
Loans,
First
Lien
,
9
.49
%
(
SOFR03M
+
425
bps
)
,
4/15/28
(c)
..
930,198
846,899
Uber
Technologies,
Inc.,
2023
Refinancing
Term
Loan,
First
Lien
,
8
.16
%
(
SOFR03M
+
275
bps
)
,
3/3/30
(c)
.........................................................
1,250,000
1,248,862
WestJet
Airlines
Ltd.,
Initial
Term
Loan,
First
Lien
,
8
.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
,
9
.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
B
Loans,
First
Lien
,
11
.74
%
(
SOFR03M
+
650
bps
)
,
2/14/27
(c)
........................................................
1,996,016
1,417,171
Diamond
Sports
Group
LLC,
Term
Loan
Second
Lien,
Second
Lien
,
10
.58
%
(
SOFR01M
+
525
bps
)
,
8/24/26
(c)
(d)
......................................
7,004,250
136,583
Diamond
Sports
Group
LLC,
Term
Loan,
First
Lien
,
15
.33
%
(
SOFR01M
+
1000
bps
)
,
5/25/26
(c)
........................................................
519,695
261,578
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien
,
9
.33
%
(
SOFR01M
+
400
bps
)
,
1/27/29
(c)
........................................................
2,984,848
2,951,269
Knight
Health
Holdings
LLC,
Term
B
Loans,
First
Lien
,
10
.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
,
8
.69
%
(
LIBOR03M
+
350
bps
)
,
4/21/24
(c)
.
1,928,205
557,984
Envision
Healthcare
Corp.,
Third
Out
Term
Loans,
First
Lien
,
8
.99
%
(
SOFR03M
+
375
bps
)
,
3/31/27
(c)
(d)
......................................................
858,207
1,287
LifeScan
Global
Corp.,
Term
Loan,
First
Lien
,
11
.65
%
(
SOFR06M
+
650
bps
)
,
12/31/26
(c)
...
2,315,660
1,825,504
Radiology
Partners,
Inc.,
Term
Loan
New,
First
Lien
,
9
.75
%
(
SOFR06M
+
425
bps
)
,
7/9/25
(c)
.
1,506,816
1,129,087
Victory
Portfolios
Victory
High
Yield
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Team
Health
Holdings,
Inc.,
Facility
Extending
Term
Loan
B,
First
Lien
,
10
.58
%
(
SOFR01M
+
525
bps
)
,
2/2/27
(c)
.........................................
$
1,270,003
$
958,853
4,472,715
Industrials
(0.5%):
Cengage
Learning,
Inc.,
Term
B
Loan,
First
Lien
,
10
.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.
,
4
.75
%
,
8/1/25
,
Callable
11/6/23
@
100
.......................
1,000,000
922,140
Audacy
Capital
Corp.
6
.50
%
,
5/1/27
,
Callable
10/23/23
@
103.25
(e)
..............................
3,500,000
62,235
6
.75
%
,
3/31/29
,
Callable
3/31/24
@
103.38
(e)
(f)
............................
4,200,000
78,999
CSC
Holdings
LLC
,
6
.50
%
,
2/1/29
,
Callable
2/1/24
@
103.25
(e)
.....................
2,800,000
2,320,419
Cumulus
Media
New
Holdings,
Inc.
,
6
.75
%
,
7/1/26
,
Callable
11/6/23
@
101.69
(e)
(f)
......
2,635,000
1,996,352
Gray
Television,
Inc.
,
7
.00
%
,
5/15/27
,
Callable
10/16/23
@
103.5
(e)
..................
1,000,000
857,881
iHeartCommunications,
Inc.
,
8
.38
%
,
5/1/27
,
Callable
10/23/23
@
102.09
(f)
.............
1,635,000
1,172,107
Nexstar
Media,
Inc.
,
5
.63
%
,
7/15/27
,
Callable
10/16/23
@
102.81
(e)
..................
250,000
222,546
Outfront
Media
Capital
LLC/Outfront
Media
Capital
Corp.
,
4
.25
%
,
1/15/29
,
Callable
1/15/24
@
102.13
(e)
......................................................
2,375,000
1,881,493
Scripps
Escrow
II,
Inc.
,
5
.38
%
,
1/15/31
,
Callable
1/15/26
@
102.69
(e)
(f)
...............
2,600,000
1,626,182
Sinclair
Television
Group,
Inc.
,
5
.50
%
,
3/1/30
,
Callable
12/1/24
@
102.75
(e)
(f)
..........
3,500,000
1,877,862
Sirius
XM
Radio,
Inc.
,
3
.88
%
,
9/1/31
,
Callable
9/1/26
@
101.94
(e)
...................
2,900,000
2,196,432
TEGNA,
Inc.
,
5
.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.
,
6
.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.
,
5
.38
%
,
3/1/29
,
Callable
3/1/24
@
102.69
(e)
(f)
.......................................................
3,000,000
2,668,756
Beazer
Homes
USA,
Inc.
,
5
.88
%
,
10/15/27
,
Callable
10/23/23
@
101.96
...............
3,000,000
2,741,338
Caesars
Entertainment,
Inc.
,
8
.13
%
,
7/1/27
,
Callable
11/6/23
@
104.06
(e)
..............
3,755,000
3,772,980
Carnival
Corp.
,
6
.00
%
,
5/1/29
,
Callable
11/1/24
@
103
(e)
..........................
1,000,000
853,952
Carnival
Holdings
Bermuda
Ltd.
,
10
.38
%
,
5/1/28
,
Callable
5/1/25
@
105.19
(e)
..........
2,470,000
2,647,468
Cinemark
USA,
Inc.
,
5
.25
%
,
7/15/28
,
Callable
7/15/24
@
102.63
(e)
(f)
.................
2,625,000
2,330,645
Hanesbrands,
Inc.
,
4
.88
%
,
5/15/26
,
Callable
2/15/26
@
100
(e)
(f)
.....................
1,000,000
918,582
LBM
Acquisition
LLC
,
6
.25
%
,
1/15/29
,
Callable
1/15/24
@
103.13
(e)
.................
1,750,000
1,435,482
Life
Time,
Inc.
5
.75
%
,
1/15/26
,
Callable
11/6/23
@
102.88
(e)
..............................
2,125,000
2,056,822
8
.00
%
,
4/15/26
,
Callable
11/6/23
@
104
(e)
................................
500,000
490,290
PetSmart,
Inc./PetSmart
Finance
Corp.
,
7
.75
%
,
2/15/29
,
Callable
2/15/24
@
103.88
(e)
.....
1,100,000
1,025,461
Royal
Caribbean
Cruises
Ltd.
,
7
.25
%
,
1/15/30
,
Callable
12/15/25
@
103.63
(e)
...........
2,500,000
2,477,924
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo.,
Inc.
,
6
.63
%
,
3/1/30
,
Callable
3/1/25
@
103.31
(e)
.................................................
2,000,000
1,725,944
Scientific
Games
International,
Inc
,
7
.00
%
,
5/15/28
,
Callable
11/6/23
@
103.5
(e)
.........
2,625,000
2,581,069
Station
Casinos
LLC
,
4
.50
%
,
2/15/28
,
Callable
11/6/23
@
102.25
(e)
..................
1,500,000
1,308,558
The
Goodyear
Tire
&
Rubber
Co.
,
5
.25
%
,
7/15/31
,
Callable
4/15/31
@
100
(f)
...........
2,000,000
1,642,269
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.
,
7
.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.
,
4
.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.
,
5
.38
%
,
6/15/29
,
Callable
6/15/24
@
102.69
(e)
................................................
1,084,000
992,938
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
2/1/24
@
103.81
(e)
..................
1,500,000
1,519,275
Callon
Petroleum
Co.
8
.00
%
,
8/1/28
,
Callable
8/1/24
@
104
(e)
(f)
................................
1,223,000
1,224,500
7
.50
%
,
6/15/30
,
Callable
6/15/25
@
103.75
(e)
(f)
............................
1,750,000
1,696,780
Victory
Portfolios
Victory
High
Yield
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
CITGO
Petroleum
Corp.
7
.00
%
,
6/15/25
,
Callable
11/6/23
@
101.75
(e)
..............................
$
2,500,000
$
2,463,085
8
.38
%
,
1/15/29
,
Callable
10/15/25
@
104.19
(e)
.............................
1,500,000
1,498,125
Comstock
Resources,
Inc.
,
6
.75
%
,
3/1/29
,
Callable
3/1/24
@
103.38
(e)
................
4,251,000
3,911,487
New
Fortress
Energy,
Inc.
,
6
.50
%
,
9/30/26
,
Callable
11/6/23
@
103.25
(e)
...............
1,000,000
919,811
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
6
.00
%
,
2/15/28
,
Callable
11/6/23
@
103
.......
3,750,000
3,533,827
Permian
Resources
Operating
LLC
,
5
.88
%
,
7/1/29
,
Callable
7/1/24
@
102.94
(e)
..........
1,500,000
1,412,221
SM
Energy
Co.
,
5
.63
%
,
6/1/25
,
Callable
11/6/23
@
100
...........................
1,500,000
1,468,586
Talos
Production,
Inc.
,
12
.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
,
5
.25
%
,
4/15/29
,
Callable
4/15/24
@
102.63
(e)
..
1,300,000
1,136,633
Diamond
Foreign
Asset
Co./Diamond
Finance
LLC
,
8
.50
%
,
10/1/30
,
Callable
10/1/26
@
104.25
(e)
.........................................................
1,500,000
1,500,225
Gray
Escrow
II,
Inc.
,
5
.38
%
,
11/15/31
,
Callable
11/15/26
@
102.69
(e)
.................
1,950,000
1,272,735
GTCR
W-2
Merger
Sub
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(e)
............
1,500,000
1,501,897
Neptune
Bidco
US,
Inc.
,
9
.29
%
,
4/15/29
,
Callable
10/15/25
@
104.65
(e)
...............
625,000
566,443
Premier
Entertainment
Sub
LLC/Premier
Entertainment
Finance
Corp.
5
.63
%
,
9/1/29
,
Callable
9/1/24
@
102.81
(e)
(f)
..............................
2,000,000
1,537,853
5
.88
%
,
9/1/31
,
Callable
9/1/26
@
102.98
(e)
(f)
..............................
4,800,000
3,553,376
Stagwell
Global
LLC
,
5
.63
%
,
8/15/29
,
Callable
8/15/24
@
102.81
(e)
..................
3,250,000
2,625,781
White
Cap
Parent
LLC
,
8
.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.
,
6
.13
%
,
2/1/27
,
Callable
2/1/24
@
103.06
(e)
.................
1,200,000
751,179
CHS/Community
Health
Systems,
Inc.
,
6
.13
%
,
4/1/30
,
Callable
4/1/25
@
103.06
(e)
.......
2,550,000
1,307,250
LifePoint
Health,
Inc.
,
5
.38
%
,
1/15/29
,
Callable
1/15/24
@
102.69
(e)
..................
1,900,000
1,329,636
Radiology
Partners,
Inc.
,
9
.25
%
,
2/1/28
,
Callable
11/6/23
@
104.63
(e)
.................
3,685,000
1,485,865
Team
Health
Holdings,
Inc.
,
6
.38
%
,
2/1/25
,
Callable
10/23/23
@
100
(e)
................
850,000
659,650
5,533,580
Industrials
(10.1%):
American
Airlines,
Inc.
,
11
.75
%
,
7/15/25
(e)
....................................
1,000,000
1,075,000
Chart
Industries,
Inc.
,
7
.50
%
,
1/1/30
,
Callable
1/1/26
@
103.75
(e)
....................
1,375,000
1,382,056
ITT
Holdings
LLC
,
6
.50
%
,
8/1/29
,
Callable
8/1/24
@
103.25
(e)
.....................
2,000,000
1,710,005
Madison
IAQ
LLC
,
5
.88
%
,
6/30/29
,
Callable
6/30/24
@
102.94
(e)
...................
1,250,000
1,006,044
NESCO
Holdings
II,
Inc.
,
5
.50
%
,
4/15/29
,
Callable
4/15/24
@
102.75
(e)
...............
2,050,000
1,806,364
Rand
Parent
LLC
,
8
.50
%
,
2/15/30
,
Callable
2/15/26
@
104.25
(e)
(f)
...................
1,700,000
1,572,248
SRS
Distribution,
Inc.
,
6
.00
%
,
12/1/29
,
Callable
12/1/24
@
103
(e)
....................
2,150,000
1,813,615
The
Hertz
Corp.
,
5
.00
%
,
12/1/29
,
Callable
12/1/24
@
102.5
(e)
......................
3,625,000
2,841,940
TransDigm,
Inc.
,
4
.63
%
,
1/15/29
,
Callable
1/15/24
@
102.31
.......................
3,325,000
2,899,934
Wabash
National
Corp.
,
4
.50
%
,
10/15/28
,
Callable
10/15/24
@
102.25
(e)
...............
1,500,000
1,266,339
WESCO
Distribution,
Inc.
,
7
.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
II
LLC/CDK
Financing
Co.,
Inc.
,
8
.00
%
,
6/15/29
,
Callable
6/15/25
@
104
(e)
...................................................
1,750,000
1,748,798
Cloud
Software
Group,
Inc.
6
.50
%
,
3/31/29
,
Callable
9/30/25
@
103.25
(e)
..............................
2,250,000
1,978,147
9
.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
,
8
.00
%
,
10/1/30
,
Callable
10/1/26
@
104
(e)
..................
875,000
870,443
ATI,
Inc.
,
5
.13
%
,
10/1/31
,
Callable
10/1/26
@
102.56
.............................
3,000,000
2,586,011
CVR
Partners
LP/CVR
Nitrogen
Finance
Corp.
,
6
.13
%
,
6/15/28
,
Callable
6/15/24
@
103.06
(e)
2,550,000
2,295,202
Glatfelter
Corp.
,
4
.75
%
,
11/15/29
,
Callable
11/1/24
@
102.38
(e)
(f)
...................
1,500,000
986,263
The
Scotts
Miracle-Gro
Co.
4
.00
%
,
4/1/31
,
Callable
4/1/26
@
102
....................................
1,275,000
981,020
4
.38
%
,
2/1/32
,
Callable
8/1/26
@
102.19
..................................
1,225,000
925,200
8,644,139
Victory
Portfolios
Victory
High
Yield
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Real
Estate
(1.7%):
Adams
Homes,
Inc.
,
7
.50
%
,
2/15/25
,
Callable
10/23/23
@
101.88
(e)
..................
$
3,371,000
$
3,346,930
Utilities
(1.1%):
Calpine
Corp.
,
5
.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
,
5
.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
,
5
.25
%
,
1/15/29
,
Callable
1/15/24
@
102.63
(e)
.......
2,000,000
1,843,904
Ontario
Gaming
GTA
LP
,
8
.00
%
,
8/1/30
,
Callable
8/1/25
@
104
(e)
...................
900,000
897,117
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
5
.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
LP
,
5
.63
%
,
2/15/26
,
Callable
11/6/23
@
101.41
(e)
.........
900,000
857,590
Seadrill
Finance
Ltd.
,
8
.38
%
,
8/1/30
,
Callable
8/1/26
@
104.19
(e)
....................
875,000
890,039
TechnipFMC
PLC
,
6
.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.
,
8
.25
%
,
4/15/31
,
Callable
4/15/26
@
104.13
(e)
.............
2,000,000
2,002,500
Industrials
(3.2%):
Bombardier,
Inc.
,
7
.88
%
,
4/15/27
,
Callable
11/6/23
@
101.97
(e)
.....................
3,500,000
3,414,532
Titan
Acquisition
Ltd./Titan
Co-Borrower
LLC
,
7
.75
%
,
4/15/26
,
Callable
11/6/23
@
100
(e)
..
750,000
734,843
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
6
.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
,
5
.75
%
,
5/15/28
,
Callable
5/15/24
@
102.88
(e)
...........
1,250,000
1,087,702
Materials
(1.0%):
INEOS
Finance
PLC
,
6
.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
5
.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
Shares
Collateral
for
Securities
Loaned
(9.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(i)
........
4,407,705
4,407,705
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(i)
............
4,407,705
4,407,705
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(i)
................
4,407,705
4,407,705
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(i)
.
4,407,705
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
in
excess
of
other
assets
—
(6.3)%
(
12,148,468
)
NET
ASSETS
-
100.00%
$
194,076,637
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
15.4%
of
net
assets.
Victory
Portfolios
Victory
High
Yield
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(d)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(e)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$135,425,690
and
amounted
to
69.8%
of
net
assets.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Up
to
9.00%
of
the
coupon
may
be
PIK.
(h)
Rate
represents
the
effective
yield
at
September
30,
2023.
(i)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
bps
—
Basis
points
LIBOR
—
London
Interbank
Offered
Rate
LIBOR03M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
16
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(16.5%)
ABS
Auto
(14.4%):
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
C
,
0
.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
B
,
6
.66
%
,
2/20/30
(a)
..
750,000
743,337
CarMax
Auto
Owner
Trust
,
Series
2020-4
,
Class
B
,
0
.85
%
,
6/15/26
,
Callable
10/15/24
@
100
434,000
407,059
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
(a)
.............
250,000
249,866
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
(a)
..............
382,000
380,308
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
4/15/25
@
100
500,000
468,250
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
8/15/24
@
100
(a)
.
500,000
485,562
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
3/15/28
@
100
(a)
...........................................................
250,000
250,009
Ford
Credit
Auto
Lease
Trust
,
Series
2023-B
,
Class
B
,
6
.20
%
,
2/15/27
,
Callable
3/15/26
@
100
250,000
249,539
Ford
Credit
Auto
Lease
Trust
,
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
3/15/26
@
100
393,000
392,048
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A3
,
5
.39
%
,
12/15/27
,
Callable
12/15/25
@
100
(a)
...........................................
1,460,000
1,442,047
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
6/20/24
@
100
.....................................................
750,000
726,085
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2021-2
,
Class
C
,
1
.28
%
,
1/19/27
,
Callable
3/16/25
@
100
........................................
886,000
820,544
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
...........
750,000
749,033
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
6/25/25
@
100
(a)
...........................................................
232,645
225,921
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
10/15/27
@
100
(a)
.........................................................
462,500
463,989
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
C
,
0
.90
%
,
6/15/26
,
Callable
3/15/25
@
100
.....................................................
397,091
393,219
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-3
,
Class
C
,
0
.95
%
,
9/15/27
,
Callable
5/15/25
@
100
.....................................................
619,584
610,294
Santander
Drive
Auto
Receivables
Trust
,
Series
2023-1
,
Class
B
,
4
.98
%
,
2/15/28
,
Callable
12/15/25
@
100
....................................................
550,000
540,068
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-2
,
Class
B
,
3
.44
%
,
9/15/27
,
Callable
8/15/25
@
100
.....................................................
750,000
728,543
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-1
,
Class
C
,
0
.75
%
,
2/17/26
,
Callable
12/15/24
@
100
....................................................
82,625
82,469
Santander
Retail
Auto
Lease
Trust
,
Series
2021-A
,
Class
C
,
1
.14
%
,
3/20/26
,
Callable
2/20/24
@
100
(a)
.........................................................
2,200,000
2,153,970
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
223,000
223,005
United
Auto
Credit
Securitization
Trust
,
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
11/10/25
@
100
(a)
..................................................
628,489
623,360
Westlake
Automobile
Receivables
Trust
,
Series
2022-1A
,
Class
C
,
3
.11
%
,
3/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
1,000,000
964,088
Westlake
Automobile
Receivables
Trust
,
Series
2021-2A
,
Class
C
,
0
.89
%
,
7/15/26
,
Callable
5/15/25
@
100
(a)
...................................................
1,223,000
1,181,528
Westlake
Automobile
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
3/15/26
@
100
(a)
...................................................
750,000
739,467
Westlake
Automobile
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
6/15/26
@
100
(a)
...................................................
1,500,000
1,495,570
Westlake
Automobile
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
0
.95
%
,
3/16/26
,
Callable
1/15/25
@
100
(a)
...................................................
1,001,795
987,147
Westlake
Automobile
Receivables
Trust
,
Series
2020-3A
,
Class
E
,
3
.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
II
,
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/28/28
(a)
..............
500,000
500,232
ABS
Other
(1.8%):
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
500,000
490,587
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A3
,
5
.90
%
,
3/15/27
,
Callable
9/15/26
@
100
600,000
600,060
HPEFS
Equipment
Trust
,
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
12/20/26
@
100
(a)
...........................................................
750,000
751,573
SCF
Equipment
Leasing
LLC
,
Series
2019-2A
,
Class
C
,
3
.11
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................................
300,000
289,258
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.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
of
America
Commercial
Mortgage
Trust
,
Series
2015-UBS7
,
Class
A4
,
3
.71
%
,
9/15/48
,
Callable
9/15/25
@
100
..............................................
1,000,000
946,384
Bank
,
Series
2017-BNK9
,
Class
A3
,
3
.28
%
,
11/15/54
,
Callable
12/15/29
@
100
..........
821,746
761,603
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C3
,
Class
A3
,
3
.87
%
,
1/10/48
,
Callable
1/10/26
@
100
.....................................................
925,000
873,478
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C4
,
Class
A4
,
3
.28
%
,
5/10/58
,
Callable
5/10/26
@
100
.....................................................
489,000
454,546
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C3
,
Class
A2
,
3
.60
%
,
1/10/48
,
Callable
1/10/26
@
100
.....................................................
494,860
468,664
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC29
,
Class
A4
,
3
.19
%
,
4/10/48
,
Callable
4/10/25
@
100
.....................................................
500,000
476,874
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-P4
,
Class
A4
,
2
.90
%
,
7/10/49
,
Callable
7/10/26
@
100
.....................................................
1,226,000
1,121,706
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC33
,
Class
A4
,
3
.78
%
,
9/10/58
,
Callable
5/10/26
@
100
.....................................................
1,502,000
1,425,571
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-P1
,
Class
A5
,
3
.72
%
,
9/15/48
,
Callable
5/15/26
@
100
.....................................................
500,000
476,700
COMM
Mortgage
Trust
,
Series
2015-CR25
,
Class
A4
,
3
.76
%
,
8/10/48
,
Callable
8/10/25
@
100
.............................................................
1,219,000
1,165,244
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C3
,
Class
A4
,
3
.72
%
,
8/15/48
,
Callable
8/15/25
@
100
.....................................................
1,280,899
1,218,906
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C2
,
Class
A4
,
3
.50
%
,
6/15/57
,
Callable
5/15/25
@
100
.....................................................
667,000
636,192
CSAIL
Commercial
Mortgage
Trust
,
Series
2016-C6
,
Class
A5
,
3
.09
%
,
1/15/49
,
Callable
5/15/26
@
100
.....................................................
696,000
647,070
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C4
,
Class
A4
,
3
.81
%
,
11/15/48
,
Callable
11/15/25
@
100
....................................................
832,000
791,165
GS
Mortgage
Securities
Trust
,
Series
2015-GC32
,
Class
A4
,
3
.76
%
,
7/10/48
,
Callable
7/10/25
@
100
...........................................................
1,098,000
1,049,334
GS
Mortgage
Securities
Trust
,
Series
2015-GC30
,
Class
A4
,
3
.38
%
,
5/10/50
,
Callable
5/10/25
@
100
...........................................................
1,624,000
1,540,431
GS
Mortgage
Securities
Trust
,
Series
2016-GS2
,
Class
A4
,
3
.05
%
,
5/10/49
,
Callable
5/10/26
@
100
.............................................................
1,778,000
1,647,390
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2016-C1
,
Class
A5
,
3
.58
%
,
3/17/49
,
Callable
2/15/26
@
100
..............................................
1,950,000
1,841,183
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C33
,
Class
A4
,
3
.77
%
,
12/15/48
,
Callable
11/15/25
@
100
.............................................
1,250,000
1,182,627
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C31
,
Class
A3
,
3
.80
%
,
8/15/48
,
Callable
8/15/25
@
100
..............................................
450,655
430,029
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2015-C28
,
Class
A4
,
3
.23
%
,
10/15/48
,
Callable
4/15/25
@
100
..............................................
1,191,000
1,134,163
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C29
,
Class
A4
,
3
.33
%
,
5/15/49
,
Callable
5/15/26
@
100
........................................
2,018,000
1,883,810
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-NXS6
,
Class
A4
,
2
.92
%
,
11/15/49
,
Callable
10/15/26
@
100
.............................................
1,690,000
1,543,715
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C30
,
Class
A4
,
3
.66
%
,
9/15/58
,
Callable
8/15/25
@
100
.....................................................
1,248,000
1,189,166
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-P2
,
Class
A4
,
3
.81
%
,
12/15/48
,
Callable
12/15/25
@
100
....................................................
532,000
503,368
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C29
,
Class
A4
,
3
.64
%
,
6/15/48
,
Callable
6/15/25
@
100
.....................................................
1,597,000
1,523,287
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C31
,
Class
A4
,
3
.70
%
,
11/15/48
,
Callable
11/15/25
@
100
.............................................
1,250,000
1,181,670
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-C28
,
Class
A4
,
3
.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
,
4
.50
%
,
2/1/24
,
Callable
1/1/24
@
100
..........................................
496,000
493,090
Fox
Corp.
,
4
.03
%
,
1/25/24
,
Callable
12/25/23
@
100
.............................
1,388,000
1,377,867
Verizon
Communications,
Inc.
,
3
.38
%
,
2/15/25
..................................
354,000
342,525
2,213,482
Consumer
Discretionary
(2.0%):
General
Motors
Financial
Co.,
Inc.
5
.10
%
,
1/17/24
,
Callable
12/17/23
@
100
.................................
1,549,000
1,544,326
5
.40
%
,
4/6/26
.....................................................
934,000
914,282
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(a)
............................
500,000
503,365
2,961,973
Consumer
Staples
(2.4%):
Altria
Group,
Inc.
,
4
.40
%
,
2/14/26
,
Callable
12/14/25
@
100
........................
322,000
312,600
Molson
Coors
Beverage
Co.
,
3
.00
%
,
7/15/26
,
Callable
4/15/26
@
100
.................
800,000
743,652
Philip
Morris
International,
Inc.
,
4
.88
%
,
2/13/26
.................................
1,260,000
1,238,623
Tyson
Foods,
Inc.
,
3
.95
%
,
8/15/24
,
Callable
5/15/24
@
100
.........................
1,170,000
1,149,644
3,444,519
Energy
(1.3%):
HollyFrontier
Corp.
,
2
.63
%
,
10/1/23
.........................................
971,000
971,000
Pioneer
Natural
Resources
Co.
,
5
.10
%
,
3/29/26
.................................
945,000
932,822
1,903,822
Financials
(12.5%):
Ally
Financial,
Inc.
,
1
.45
%
,
10/2/23
..........................................
750,000
750,000
American
Express
Co.
,
4
.90
%
,
2/13/26
,
Callable
1/13/26
@
100
.....................
760,000
745,193
Bank
of
America
Corp.
4
.20
%
,
8/26/24
,
MTN
................................................
519,000
509,647
6
.40
%
(
SOFR
+
105
bps
)
,
2/4/28
,
Callable
2/4/27
@
100
(b)
......................
1,016,000
1,005,301
Capital
One
Financial
Corp.
3
.30
%
,
10/30/24
,
Callable
9/30/24
@
100
.................................
684,000
662,835
1
.34
%
(
SOFR
+
69
bps
)
,
12/6/24
,
Callable
12/6/23
@
100
(b)
.....................
1,695,000
1,676,264
2
.64
%
(
SOFR
+
129
bps
)
,
3/3/26
,
Callable
3/3/25
@
100
(b)
......................
814,000
767,391
Citigroup,
Inc.
,
3
.11
%
(
SOFR
+
284
bps
)
,
4/8/26
,
Callable
4/8/25
@
100
(b)
..............
1,272,000
1,214,334
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
........
600,000
579,038
Corebridge
Global
Funding
,
5
.90
%
,
9/19/28
(a)
..................................
500,000
498,445
Fifth
Third
Bancorp
,
3
.65
%
,
1/25/24
,
Callable
12/25/23
@
100
......................
799,000
791,161
JPMorgan
Chase
&
Co.
,
6
.53
%
(
SOFR
+
118
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(b)
(c)
....
1,350,000
1,347,319
Metropolitan
Life
Global
Funding
I
,
5
.40
%
,
9/12/28
(a)
............................
500,000
495,067
New
York
Life
Global
Funding
,
5
.45
%
,
9/18/26
(a)
...............................
500,000
498,124
State
Street
Corp.
,
5
.75
%
(
SOFR
+
135
bps
)
,
11/4/26
,
Callable
11/4/25
@
100
(b)
..........
1,407,000
1,401,113
The
Bank
of
New
York
Mellon
Corp.
,
4
.41
%
(
SOFR
+
135
bps
)
,
7/24/26
,
Callable
7/24/25
@
100
(b)
...........................................................
1,783,000
1,732,114
The
Goldman
Sachs
Group,
Inc.
,
7
.21
%
(
SOFR
+
185
bps
)
,
3/15/28
,
Callable
3/15/27
@
100
(b)
500,000
506,377
The
Huntington
National
Bank
,
5
.70
%
(
SOFR
+
122
bps
)
,
11/18/25
,
Callable
11/18/24
@
100
(b)
500,000
488,604
The
PNC
Financial
Services
Group,
Inc.
,
5
.35
%
(
SOFR
+
162
bps
)
,
12/2/28
,
Callable
12/2/27
@
100
(b)
...........................................................
500,000
484,053
Truist
Bank
,
3
.80
%
,
10/30/26
,
Callable
9/30/26
@
100
............................
500,000
459,321
US
Bancorp
,
4
.55
%
(
SOFR
+
166
bps
)
,
7/22/28
,
Callable
7/22/27
@
100
(b)
..............
500,000
469,558
Wells
Fargo
&
Co.
0
.81
%
(
SOFR
+
51
bps
)
,
5/19/25
,
Callable
5/19/24
@
100
,
MTN
(b)
................
585,000
564,135
2
.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
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Health
Care
(2.1%):
Amgen,
Inc.
,
5
.51
%
,
3/2/26
,
Callable
3/2/24
@
100
..............................
$
755,000
$
749,433
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
10/23/23
@
102.13
.......................
621,000
572,078
Humana,
Inc.
,
5
.70
%
,
3/13/26
,
Callable
3/13/24
@
100
............................
932,000
927,892
Universal
Health
Services,
Inc.
,
1
.65
%
,
9/1/26
,
Callable
8/1/26
@
100
.................
937,000
825,569
3,074,972
Industrials
(0.7%):
American
Airlines
Pass
Through
Trust
,
3
.60
%
,
9/22/27
............................
773,647
709,803
United
Airlines
Pass
Through
Trust
,
3
.45
%
,
12/1/27
..............................
346,642
317,471
1,027,274
Information
Technology
(4.2%):
Arrow
Electronics,
Inc.
,
6
.13
%
,
3/1/26
,
Callable
3/1/24
@
100
......................
1,517,000
1,509,116
Broadcom
Corp./Broadcom
Cayman
Finance
Ltd.
,
3
.63
%
,
1/15/24
,
Callable
11/15/23
@
100
.
2,175,000
2,159,297
Cadence
Design
Systems,
Inc.
,
4
.38
%
,
10/15/24
,
Callable
7/15/24
@
100
...............
1,173,000
1,155,960
KLA
Corp.
,
4
.65
%
,
11/1/24
,
Callable
8/1/24
@
100
..............................
144,000
142,017
Micron
Technology,
Inc.
,
4
.98
%
,
2/6/26
,
Callable
12/6/25
@
100
.....................
1,200,000
1,172,332
6,138,722
Materials
(1.4%):
Southern
Copper
Corp.
,
3
.88
%
,
4/23/25
.......................................
2,050,000
1,967,617
Real
Estate
(1.9%):
Equinix,
Inc.
,
1
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
............................
700,000
643,927
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
.........
500,000
485,051
Regency
Centers
LP
,
3
.90
%
,
11/1/25
,
Callable
8/1/25
@
100
........................
1,194,000
1,131,965
Retail
Opportunity
Investments
Partnership
LP
,
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
...
500,000
493,052
2,753,995
Utilities
(1.9%):
Ameren
Corp.
,
2
.50
%
,
9/15/24
,
Callable
8/15/24
@
100
...........................
588,000
568,913
Exelon
Corp.
,
3
.95
%
,
6/15/25
,
Callable
3/15/25
@
100
............................
591,000
571,280
Pinnacle
West
Capital
Corp.
,
1
.30
%
,
6/15/25
,
Callable
5/15/25
@
100
.................
800,000
739,880
WEC
Energy
Group,
Inc.
,
5
.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
,
5
.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.
,
3
.80
%
,
4/15/24
,
Callable
1/15/24
@
100
..............
1,180,000
1,164,750
Var
Energi
ASA
,
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
.......................
500,000
513,317
1,678,067
Financials
(7.5%):
ABN
AMRO
Bank
NV
,
6
.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
,
1
.75
%
,
1/30/26
,
Callable
12/30/25
@
100
...........................................................
1,100,000
991,892
Bank
of
Montreal
,
5
.72
%
,
9/25/28
,
Callable
8/25/28
@
100
.........................
500,000
494,910
Barclays
PLC
,
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
.............
750,000
743,908
Canadian
Imperial
Bank
of
Commerce
,
5
.93
%
,
10/2/26
............................
500,000
500,048
Danske
Bank
A/S
,
6
.26
%
(
H15T1Y
+
118
bps
)
,
9/22/26
,
Callable
9/22/25
@
100
(a)
(b)
......
750,000
750,030
HSBC
Holdings
PLC
,
1
.16
%
(
SOFR
+
58
bps
)
,
11/22/24
,
Callable
1/4/24
@
100
(b)
.........
1,000,000
990,856
NXP
BV/NXP
Funding
LLC
,
5
.35
%
,
3/1/26
,
Callable
1/1/26
@
100
..................
1,000,000
986,923
Pfizer
Investment
Enterprises
Pte
Ltd.
,
4
.45
%
,
5/19/26
,
Callable
4/19/26
@
100
..........
1,275,000
1,245,033
Svenska
Handelsbanken
AB
,
5
.50
%
,
6/15/28
(a)
.................................
750,000
727,551
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Swedbank
AB
,
6
.14
%
,
9/12/26
(a)
...........................................
$
500,000
$
497,146
The
Toronto-Dominion
Bank
,
2
.35
%
,
3/8/24
...................................
1,359,000
1,337,857
UBS
Group
AG
,
4
.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.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
500,000
500,970
Materials
(1.0%):
Anglo
American
Capital
PLC
,
3
.63
%
,
9/11/24
(a)
................................
880,000
858,655
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
11/6/23
@
101.16
(a)
...........................
590,000
560,746
1,419,401
Utilities
(0.4%):
Enel
Generacion
Chile
SA
,
4
.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
20
,
Class
H
,
5
.50
%
,
10/25/23
-
1/25/49
..............................
494,082
480,423
7
.00
%
,
9/1/38
.....................................................
1,996
2,137
5
.00
%
,
8/1/40
.....................................................
342,198
333,454
816,014
Federal
National
Mortgage
Association
6
.00
%
,
2/1/37
.....................................................
567,917
583,613
Series
2011-21
,
Class
PA
,
4
.50
%
,
5/25/40
.................................
898,073
878,116
5
.00
%
,
2/1/41
-
10/1/41
..............................................
1,383,471
1,346,140
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
715,098
700,478
3,508,347
Government
National
Mortgage
Association
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
-
6/20/48
.........................
1,246,182
1,229,531
Series
2023-128
,
Class
KA
,
6
.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
4
.50
%
,
11/30/24
....................................................
1,500,000
1,484,648
3
.50
%
,
9/15/25
....................................................
11,125,000
10,797,769
4
.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
,
4
.75
%
,
10/11/23
(a)
(e)
......................................
1,400,000
1,397,970
Consumer
Staples
(1.9%):
Constellation
Brands,
Inc.
,
5
.63
%
,
10/3/23
(a)
(e)
.................................
900,000
899,427
Constellation
Brands,
Inc.
,
5
.64
%
,
10/2/23
(a)
(e)
.................................
500,000
499,762
Walgreens
Boots
Alliance,
Inc.
,
6
.01
%
,
10/2/23
(a)
(e)
.............................
1,400,000
1,399,315
2,798,504
Financials
(2.4%):
Brookfield
Corp.
Treasury
,
5
.73
%
,
10/5/23
(a)
(e)
.................................
1,000,000
999,087
Brookfield
Corp.
Treasury
,
5
.73
%
,
10/3/23
(a)
(e)
.................................
450,000
449,727
Hyundai
Capital
America
,
5
.40
%
,
10/2/23
(a)
(e)
.................................
600,000
599,730
VW
Credit,
Inc.
,
5
.50
%
,
10/2/23
(a)
(e)
........................................
1,200,000
1,199,458
VW
Credit,
Inc.
,
5
.59
%
,
10/3/23
(a)
(e)
........................................
250,000
249,849
3,497,851
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Health
Care
(1.0%):
CSLB
Holdings,
Inc.
,
5
.48
%
,
10/4/23
(a)
(e)
....................................
$
1,400,000
$
1,398,945
Industrials
(1.8%):
Aviation
Captial
Group
LLC
,
5
.96
%
,
10/10/23
(a)
(e)
..............................
1,300,000
1,297,797
Penske
Truck
Leasing
Co.
LP
,
5
.56
%
,
10/10/23
(a)
(e)
.............................
1,400,000
1,397,626
2,695,423
Real
Estate
(1.0%):
Crown
Castle
International
Corp.
,
5
.94
%
,
10/10/23
(a)
(e)
...........................
700,000
698,767
Crown
Castle
International
Corp.
,
5
.98
%
,
10/3/23
(a)
(e)
............................
750,000
749,523
1,448,290
Utilities
(0.7%):
ONE
Gas,
Inc.
,
5
.48
%
,
10/4/23
(a)
(e)
.........................................
1,000,000
999,241
Total
Commercial
Papers
(Cost
$14,240,347)
14,236,224
Shares
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(f)
........
41,310
41,310
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(f)
............
41,310
41,310
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
................
41,310
41,310
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(f)
.
41,310
41,310
Total
Collateral
for
Securities
Loaned
(Cost
$165,240)
165,240
Total
Investments
(Cost
$152,164,290)
—
102.0%
148,378,825
Liabilities
in
excess
of
other
assets
—
(2.0)%
(
2,919,241
)
NET
ASSETS
-
100.00%
$
145,459,584
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
10.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$38,619,057
and
amounted
to
26.5%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Rate
represents
the
effective
yield
at
September
30,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Tax-Exempt
Fund
22
(Unaudited)
Security
Description
Principal
Amount
Value
Municipal
Bonds
(98.5%)
Arizona
(1.5%):
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
AMT
,
Series
B
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...........................................
$
540,000
$
539,433
Arkansas
(1.9%):
Arkansas
Development
Finance
Authority
Revenue
,
3
.20
%
,
12/1/49
,
Continuously
Callable
@100
...........................................................
750,000
503,332
University
of
Central
Arkansas
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
3
.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
A
,
6
.25
%
,
12/1/40
,
Callable
12/1/23
@
100
(a)
............................................
310,000
310,000
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT
,
4
.00
%
,
5/1/52
,
Continuously
Callable
@100
...........................
500,000
409,893
719,893
Colorado
(4.5%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
,
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
.....................................................
500,000
424,103
Colorado
Health
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
.....................................................
750,000
569,311
Gold
Hill
Mesa
Metropolitan,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.50
%
,
12/1/47
,
Continuously
Callable
@100
....................................
585,000
616,613
1,610,027
Florida
(9.2%):
Capital
Trust
Agency,
Inc.
Revenue
,
5
.00
%
,
8/1/55
,
Continuously
Callable
@100
.........
400,000
340,825
City
of
Pompano
Beach
Revenue
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@103
...........
500,000
355,460
County
of
Miami-Dade
Revenue
,
Series
A
,
5
.00
%
,
6/1/33
,
Continuously
Callable
@100
....
1,000,000
1,018,405
County
of
Miami-Dade
Seaport
Department
Revenue
AMT
,
4
.00
%
,
10/1/50
,
Continuously
Callable
@100
.....................................................
500,000
412,094
Florida
Development
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/15/55
,
Continuously
Callable
@100
...........................................................
500,000
426,084
Hillsborough
County
IDA
Revenue
,
4
.00
%
,
8/1/50
,
Continuously
Callable
@100
.........
500,000
404,726
St.
Johns
County
IDA
Revenue
,
4
.00
%
,
8/1/55
,
Continuously
Callable
@103
............
500,000
358,720
3,316,314
Georgia
(3.9%):
Development
Authority
of
Appling
County
Revenue
,
3
.30
%
,
9/1/41
,
Continuously
Callable
@100
(a)
.........................................................
400,000
400,000
Private
Colleges
&
Universities
Authority
Revenue
,
5
.25
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
500,000
505,335
The
Development
Authority
of
Monroe
County
Revenue
,
3
.30
%
,
11/1/48
,
Continuously
Callable
@100
(a)
...................................................
500,000
500,000
1,405,335
Guam
(2.8%):
Port
Authority
of
Guam
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
....
1,000,000
1,003,983
Illinois
(17.3%):
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
6
.00
%
,
4/1/46
,
Continuously
Callable
@100
...........................................
1,275,000
1,302,616
City
of
Chicago
Wastewater
Transmission
Revenue
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
1,000,000
970,602
Series
C
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
1,000,000
1,009,467
City
of
Chicago,
GO
,
Series
A
,
5
.50
%
,
1/1/49
,
Continuously
Callable
@100
.............
1,000,000
1,006,603
Sales
Tax
Securitization
Corp.
Revenue
,
Series
2018
C
,
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...........................................................
1,500,000
1,503,773
State
of
Illinois,
GO
,
Series
B
,
4
.50
%
,
5/1/48
,
Continuously
Callable
@100
.............
500,000
454,120
6,247,181
Indiana
(1.3%):
Indiana
Finance
Authority
Revenue
,
Series
A
,
5
.50
%
,
7/1/52
,
Continuously
Callable
@100
..
500,000
482,144
Iowa
(0.8%):
Iowa
Finance
Authority
Revenue
,
Series
A-1
,
4
.00
%
,
5/15/55
,
Continuously
Callable
@103
.
500,000
284,592
Victory
Portfolios
Victory
Tax-Exempt
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Kansas
(0.5%):
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation
,
5
.75
%
,
3/1/41
,
Continuously
Callable
@103
(b)
........................................
$
200,000
$
188,199
Maryland
(0.6%):
City
of
Gaithersburg
Maryland
Revenue
,
5
.13
%
,
1/1/42
,
Continuously
Callable
@103
......
250,000
231,632
Massachusetts
(2.3%):
University
of
Massachusetts
Building
Authority
Revenue
5
.00
%
,
11/1/39
,
Pre-refunded
11/1/24
@
100
...............................
220,000
222,756
Series
1-2021
,
5
.00
%
,
11/1/39
,
Continuously
Callable
@100
....................
410,000
412,423
Series
1-2021
,
5
.00
%
,
11/1/39
,
Pre-refunded
11/1/24
@
100
....................
190,000
192,380
827,559
Michigan
(1.7%):
City
of
Detroit,
GO
,
Series
C
,
6
.00
%
,
5/1/43
,
Continuously
Callable
@100
..............
250,000
264,227
Michigan
Finance
Authority
Revenue
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
.......
500,000
363,208
627,435
Missouri
(2.7%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
,
4
.25
%
,
12/1/42
,
Continuously
Callable
@100
(b)
........................................
1,150,000
966,538
New
Hampshire
(1.2%):
New
Hampshire
Business
Finance
Authority
Revenue
,
Series
A
,
5
.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
A
,
5
.00
%
,
7/15/29
,
Continuously
Callable
@100
........................
885,000
909,614
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(LOC
-
Valley
National
Bank)
,
Series
A2
,
5
.50
%
,
7/1/35
,
Continuously
Callable
@100
(a)
......................
630,000
630,000
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Series
A
,
12/15/38
(c)
................................................
1,000,000
464,894
Series
BB
,
3
.50
%
,
6/15/46
,
Continuously
Callable
@100
......................
200,000
158,413
2,162,921
New
York
(13.9%):
Build
NYC
Resource
Corp.
Revenue
,
4
.75
%
,
6/15/53
,
Continuously
Callable
@100
.......
350,000
297,913
City
of
New
York,
GO
,
Series
B-3
,
4
.17
%
,
10/1/46
,
Continuously
Callable
@100
(a)
.......
100,000
100,000
Metropolitan
Transportation
Authority
Revenue
Series
2016
B1
,
5
.00
%
,
11/15/56
,
Continuously
Callable
@100
..................
1,545,000
1,552,135
Series
D-3
,
4
.00
%
,
11/15/49
,
Continuously
Callable
@100
.....................
500,000
414,076
New
York
Counties
Tobacco
Trust
II
Revenue
,
5
.75
%
,
6/1/43
,
Continuously
Callable
@100
.
195,000
195,252
New
York
State
Dormitory
Authority
Revenue
,
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
(b)
285,000
239,756
Port
Authority
of
New
York
&
New
Jersey
Revenue
AMT
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
.....................................................
1,000,000
1,000,830
Schenectady
County
Capital
Resource
Corp.
Revenue
,
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
...........................................................
200,000
204,402
TSASC,
Inc.
Revenue
,
Series
A
,
5
.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
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
500,000
339,625
Series
A
,
4
.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
,
5
.00
%
,
6/1/55
,
Continuously
Callable
@100
...........................................
900,000
775,098
County
of
Franklin
Revenue
,
Series
B
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@103
.......
500,000
425,090
County
of
Hardin
Revenue
,
5
.00
%
,
5/1/30
,
Continuously
Callable
@103
...............
350,000
321,702
Logan
Elm
Local
School
District,
GO
,
4
.00
%
,
11/1/55
,
Continuously
Callable
@100
......
1,500,000
1,232,701
Ohio
Higher
Educational
Facility
Commission
Revenue
,
6
.00
%
,
9/1/47
,
Continuously
Callable
@100
...........................................................
250,000
249,922
Port
of
Greater
Cincinnati
Development
Authority
Revenue
,
Series
CO
,
5
.00
%
,
5/1/25
,
Continuously
Callable
@100
(b)
........................................
500,000
494,621
3,499,134
Victory
Portfolios
Victory
Tax-Exempt
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Pennsylvania
(5.6%):
Pennsylvania
Economic
Development
Financing
Authority
Revenue
,
Series
A-2
,
4
.00
%
,
5/15/53
,
Continuously
Callable
@100
....................................
$
1,000,000
$
821,958
The
School
District
of
Philadelphia,
GO
,
Series
A
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
...........................................................
1,200,000
1,217,589
2,039,547
Texas
(2.8%):
City
of
Arlington
Tax
Allocation
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
..........
500,000
365,439
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.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
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.....................................................
250,000
185,478
Utah
Charter
School
Finance
Authority
Revenue
,
Series
A
,
5
.63
%
,
6/15/42
,
Continuously
Callable
@100
(b)
...................................................
250,000
233,264
Utah
Infrastructure
Agency
Revenue
,
Series
A
,
5
.00
%
,
10/15/40
,
Continuously
Callable
@100
1,000,000
902,810
1,321,552
Wisconsin
(0.9%):
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
,
4
.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
in
excess
of
liabilities
—
1.5%
551,522
NET
ASSETS
-
100.00%
$
36,108,090
(a)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$2,122,378
and
amounted
to
5.9%
of
net
assets.
(c)
Zero-coupon
bond.
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS
—
Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LOC
—
Principal
and
interest
payments
are
guaranteed
by
a
bank
letter
of
credit
or
other
bank
credit
agreement.
NBGA
—
Principal
and
interest
payments
or,
under
certain
circumstances
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Growth
Fund
1
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.8%)
Communication
Services
(11.6%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
105,730
$
13,940,500
Meta
Platforms,
Inc.
,
Class
A
(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
(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
(a)
....................................................
103,080
1,930,688
Visa,
Inc.
,
Class
A
......................................................
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
A
...................................................
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
IT
Services
(1.1%):
Snowflake,
Inc.
,
Class
A
(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
RS
Growth
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
(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
Shares
,
5
.24
%
(c)
........
642,226
642,226
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
642,226
642,226
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
642,226
642,226
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
642,226
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
in
excess
of
liabilities
—
0.2%
522,041
NET
ASSETS
-
100.00%
$
248,550,287
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Mid
Cap
Growth
Fund
3
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.2%)
Communication
Services
(5.8%):
Pinterest,
Inc.
,
Class
A
(a)
.................................................
54,740
$
1,479,622
Take-Two
Interactive
Software,
Inc.
(a)
........................................
5,760
808,646
The
Trade
Desk,
Inc.
,
Class
A
(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
(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
C
(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
(a)
............................................
23,720
1,313,376
Toast,
Inc.
,
Class
A
(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
SE
,
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
(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
RS
Mid
Cap
Growth
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Genpact
Ltd.
..........................................................
17,680
$
640,016
HEICO
Corp.
,
Class
A
...................................................
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
A
.................................................
14,390
1,208,616
Confluent,
Inc.
,
Class
A
(a)
................................................
50,670
1,500,339
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
7,470
1,250,328
Datadog,
Inc.
,
Class
A
(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
Shares
,
5
.24
%
(c)
........
183,572
183,572
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
183,572
183,572
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
183,572
183,572
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
183,572
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
in
excess
of
liabilities
—
1.8%
1,356,059
NET
ASSETS
-
100.00%
$
74,794,383
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Science
and
Technology
Fund
5
(Unaudited)
c
Security
Description
Shares
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
A
......................................................
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
RS
Science
and
Technology
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
IT
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
of
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
ON
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
RS
Science
and
Technology
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Regulus
Therapeutics,
Inc.
.....................................
12/3/2020
$
165,796
Security
Description
Shares
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
371,176
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(f)
............
371,176
371,176
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(f)
................
371,176
371,176
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(f)
.
371,176
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
in
excess
of
liabilities
—
0.4%
583,665
NET
ASSETS
-
100.00%
$
162,283,190
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rounds
to
less
than
$1.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Select
Growth
Fund
8
(Unaudited)
Security
Description
Shares
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
RS
Select
Growth
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
in
excess
of
liabilities
—
2.8%
2,638,677
NET
ASSETS
-
100.00%
$
94,022,519
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
7.5%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Small
Cap
Equity
Fund
10
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.3%)
Consumer
Discretionary
(9.4%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
14,060
$
792,562
Ralph
Lauren
Corp.
.....................................................
3,080
357,557
RH
(a)
...............................................................
2,720
719,059
Skyline
Champion
Corp.
(a)
................................................
7,990
509,123
Under
Armour,
Inc.
,
Class
C
(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
(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
of
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
(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
(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
(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
Q2
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
Shares
,
5
.24
%
(c)
........
90,243
90,243
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
90,243
90,243
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
90,243
90,243
Victory
Portfolios
Victory
RS
Small
Cap
Equity
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
90,243
$
90,243
Total
Collateral
for
Securities
Loaned
(Cost
$360,972)
360,972
Total
Investments
(Cost
$32,831,842)
—
99.3%
34,272,457
Other
assets
in
excess
of
liabilities
—
0.7%
255,904
NET
ASSETS
-
100.00%
$
34,528,361
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
12
(Unaudited)
Security
Description
Shares
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
of
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
RS
Small
Cap
Growth
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
A
.....................................................
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
A
.......................................
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
RS
Small
Cap
Growth
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(c)
........
1,419,061
$
1,419,061
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(c)
............
1,419,061
1,419,061
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(c)
...............
1,419,061
1,419,061
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(c)
.
1,419,061
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
in
excess
of
liabilities
—
0.6%
3,418,195
NET
ASSETS
-
100.00%
$
534,826,169
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
8.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Global
Fund
1
(Unaudited)
Security
Description
Shares
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
NV
...........................................................
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
B
(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
A
..............................
254,614
1,333,738
Financials
(0.7%):
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
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
B
................................................
84,920
7,733,443
10,908,893
France
(4.4%):
Consumer
Discretionary
(0.6%):
La
Francaise
des
Jeux
SAEM
(b)
............................................
99,700
3,237,778
Consumer
Staples
(0.7%):
L'Oreal
SA
...........................................................
9,270
3,841,073
Energy
(0.8%):
Gaztransport
Et
Technigaz
SA
..............................................
35,707
4,388,100
Victory
Portfolios
Victory
RS
Global
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Industrials
(1.4%):
Rexel
SA
.............................................................
159,746
$
3,578,773
Safran
SA
............................................................
24,002
3,760,819
7,339,592
Materials
(0.9%):
Arkema
SA
...........................................................
48,165
4,740,745
23,547,288
Germany
(0.8%):
Consumer
Discretionary
(0.5%):
Volkswagen
AG
,
Preference
Shares
..........................................
22,381
2,571,210
Utilities
(0.3%):
RWE
AG
.............................................................
50,645
1,879,674
4,450,884
Indonesia
(0.6%):
Communication
Services
(0.6%):
PT
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
KK
......................................................
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
NV
...................................................
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
RS
Global
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Norway
(0.7%):
Energy
(0.3%):
Aker
BP
ASA
.........................................................
66,678
$
1,841,625
Financials
(0.4%):
SpareBank
1
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%):
Mr
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
SA
.........................................
699,774
5,662,444
Sweden
(0.5%):
Industrials
(0.5%):
Atlas
Copco
AB
,
Class
B
.................................................
243,308
2,846,425
Switzerland
(2.7%):
Financials
(1.5%):
Chubb
Ltd.
...........................................................
23,117
4,812,497
Partners
Group
Holding
AG
...............................................
3,181
3,571,951
8,384,448
Health
Care
(1.2%):
Roche
Holding
AG
......................................................
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
Next
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
RS
Global
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
C
(a)
.................................................
94,088
12,405,503
Meta
Platforms,
Inc.
,
Class
A
(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
A
.....................................................
49,155
2,468,072
ConocoPhillips
........................................................
58,666
7,028,187
14,579,836
Financials
(9.1%):
Bank
of
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
A
.................................................
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
&
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
RS
Global
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
in
excess
of
liabilities
—
2.6%
13,955,951
NET
ASSETS
-
100.00%
$
540,437,134
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$3,237,778
and
amounted
to
0.6%
of
net
assets.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
International
Fund
6
(Unaudited)
Security
Description
Shares
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
NV
...........................................................
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
B
................................................
137,258
12,499,729
16,562,678
France
(12.1%):
Consumer
Discretionary
(4.2%):
La
Francaise
des
Jeux
SAEM
(a)
............................................
95,958
3,116,256
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
13,954
10,531,461
13,647,717
Consumer
Staples
(2.5%):
L'Oreal
SA
...........................................................
19,498
8,079,097
Energy
(0.7%):
Gaztransport
Et
Technigaz
SA
..............................................
17,944
2,205,172
Industrials
(2.4%):
Rexel
SA
.............................................................
131,151
2,938,162
Safran
SA
............................................................
32,313
5,063,050
8,001,212
Information
Technology
(0.8%):
Capgemini
SE
.........................................................
14,986
2,614,605
Materials
(1.5%):
Arkema
SA
...........................................................
51,963
5,114,572
39,662,375
Germany
(7.5%):
Consumer
Discretionary
(0.7%):
Volkswagen
AG
,
Preference
Shares
..........................................
19,424
2,231,499
Financials
(1.9%):
Allianz
SE
,
Registered
Shares
..............................................
26,260
6,248,398
Victory
Portfolios
Victory
RS
International
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Industrials
(2.2%):
Siemens
AG
,
Registered
Shares
.............................................
50,011
$
7,146,028
Information
Technology
(1.8%):
SAP
SE
..............................................................
45,725
5,917,924
Utilities
(0.9%):
RWE
AG
.............................................................
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%):
CK
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
KK
......................................................
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
RS
International
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
NV
....................................................
580,246
1,911,454
Financials
(1.7%):
ING
Groep
NV
........................................................
417,359
5,500,064
Industrials
(1.5%):
Wolters
Kluwer
NV
.....................................................
40,308
4,879,642
Information
Technology
(1.4%):
ASM
International
NV
...................................................
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
BP
ASA
.........................................................
47,769
1,319,364
Financials
(0.9%):
SpareBank
1
SMN
......................................................
239,674
3,066,556
4,385,920
Spain
(2.2%):
Financials
(2.2%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
882,288
7,139,314
Sweden
(2.0%):
Industrials
(2.0%):
Atlas
Copco
AB
,
Class
B
.................................................
564,591
6,605,067
Switzerland
(12.5%):
Consumer
Staples
(3.7%):
Coca-Cola
HBC
AG
.....................................................
144,035
3,937,812
Nestle
SA
,
Registered
Shares
..............................................
72,981
8,263,415
12,201,227
Financials
(3.1%):
Partners
Group
Holding
AG
...............................................
4,155
4,665,658
UBS
Group
AG
........................................................
217,023
5,347,212
10,012,870
Health
Care
(5.7%):
Novartis
AG
,
Registered
Shares
.............................................
101,309
10,349,377
Roche
Holding
AG
......................................................
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
Next
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
RS
International
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Energy
(3.6%):
BP
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
in
excess
of
liabilities
—
2.6%
8,484,281
NET
ASSETS
-
100.00%
$
327,963,743
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$3,116,256
and
amounted
to
1.0%
of
net
assets.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
10
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Brazil
(7.9%):
Communication
Services
(0.6%):
TIM
SA
..............................................................
810,200
$
2,400,820
Consumer
Discretionary
(0.6%):
Vibra
Energia
SA
.......................................................
551,874
2,077,943
Consumer
Staples
(0.5%):
Sao
Martinho
SA
.......................................................
254,100
1,985,306
Energy
(1.4%):
Petroleo
Brasileiro
SA
,
ADR
...............................................
350,917
5,260,246
Financials
(1.1%):
Itau
Unibanco
Holding
SA
,
ADR
............................................
760,225
4,082,408
Industrials
(0.8%):
Santos
Brasil
Participacoes
SA
.............................................
972,000
1,657,752
SIMPAR
SA
..........................................................
769,764
1,354,199
3,011,951
Information
Technology
(0.6%):
TOTVS
SA
...........................................................
410,800
2,207,328
Materials
(1.8%):
Gerdau
SA
,
Preference
Shares
..............................................
454,950
2,184,709
Vale
SA
..............................................................
344,600
4,634,533
6,819,242
Real
Estate
(0.5%):
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
380,700
1,861,490
29,706,734
Chile
(0.4%):
Financials
(0.0%):(a)
Banco
de
Credito
e
Inversiones
SA
..........................................
1
26
Utilities
(0.4%):
Enel
Chile
SA
.........................................................
21,509,105
1,307,186
1,307,212
China
(26.0%):
Communication
Services
(8.1%):
Baidu,
Inc.
,
Class
A
(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
H
...................................................
154,000
4,744,926
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
..................................
373,200
1,891,863
H
World
Group,
Ltd.
,
ADR
(b)
..............................................
99,880
3,938,268
Hisense
Home
Appliances
Group
Co.
Ltd.
,
Class
A
...............................
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
A
...................................
814,700
1,675,808
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
290,000
2,361,537
4,037,345
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Energy
(0.8%):
PetroChina
Co.
Ltd.
,
Class
H
..............................................
4,150,000
$
3,110,245
Financials
(3.6%):
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
12,445,000
5,969,325
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
2,894,000
3,705,855
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
Class
H
..............................
679,000
3,851,171
13,526,351
Health
Care
(0.9%):
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
.......................
51,800
1,924,964
WuXi
AppTec
Co.
Ltd.
,
Class
A
............................................
106,500
1,265,779
3,190,743
Industrials
(2.1%):
China
Railway
Group
Ltd.
,
Class
H
..........................................
6,642,000
3,415,934
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
............................
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
A
...................................
468,900
1,923,374
Materials
(1.0%):
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
.................................
4,673,000
2,014,088
Tianqi
Lithium
Corp.
,
Class
A
..............................................
211,100
1,594,788
3,608,876
97,897,948
Greece
(2.1%):
Energy
(0.6%):
Motor
Oil
Hellas
Corinth
Refineries
SA
.......................................
92,174
2,327,804
Financials
(0.9%):
National
Bank
of
Greece
SA
(b)
.............................................
625,511
3,521,038
Industrials
(0.6%):
Mytilineos
SA
.........................................................
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
&
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
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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%):
JK
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.
of
India
Ltd.
.............................................
1,570,057
3,768,834
55,993,943
Indonesia
(2.0%):
Energy
(0.4%):
PT
Adaro
Energy
Indonesia
Tbk
............................................
8,373,300
1,540,713
Financials
(1.6%):
PT
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
SA
,
ADR
......................................................
100,858
4,024,234
Mexico
(4.7%):
Consumer
Discretionary
(0.4%):
Alsea
SAB
de
CV
(b)
....................................................
450,880
1,640,811
Consumer
Staples
(1.5%):
Fomento
Economico
Mexicano
SAB
de
CV
,
ADR
...............................
39,879
4,352,793
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
679,145
1,352,482
5,705,275
Financials
(1.6%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
705,926
5,919,415
Industrials
(0.7%):
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
............................
158,062
2,598,369
Real
Estate
(0.5%):
Corp
Inmobiliaria
Vesta
SAB
de
CV
.........................................
498,616
1,645,122
17,508,992
Panama
(0.5%):
Industrials
(0.5%):
Copa
Holdings
SA
,
Class
A
................................................
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
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
of
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%):
DB
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
DS
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
14
(Unaudited)
Schedule
of
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
of
Russia
PJSC
,
ADR
..................................
11/11/2020
6,053,328
Security
Description
Shares
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
X
PCL
...........................................................
1,206,100
3,388,668
Real
Estate
(0.5%):
AP
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
SA
(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
in
excess
of
liabilities
—
0.5%
2,053,554
NET
ASSETS
-
100.00%
$
376,123,468
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$8,148,367
and
amounted
to
2.2%
of
net
assets.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
Global
Energy
Transition
Fund
1
(Unaudited)
Security
Name
Acquisition
Date
Cost
Metals
Acquisition
Ltd.,
Class
A
.................................
4/14/2023
$
–
Security
Description
Shares
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
LP
.............................................
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
3,496,568
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(e)
............
3,496,568
3,496,568
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(e)
...............
3,496,568
3,496,568
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(e)
.
3,496,568
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
in
excess
of
liabilities
—
6.6%
25,868,058
NET
ASSETS
-
100.00%
$
394,650,939
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
55.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
September
30,
2023.
(e)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
Victory
Portfolios
Victory
Global
Energy
Transition
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Investors
Fund
3
(Unaudited)
Security
Description
Shares
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
Dr
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
GP
Holdings
LP,
Class
A
.............................................
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
Victory
Portfolios
Victory
RS
Investors
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(4.0%):
Vistra
Corp.
...........................................................
48,460
$
1,607,903
Total
Common
Stocks
(Cost
$32,819,873)
38,799,528
Total
Investments
(Cost
$32,819,873)
—
96.1%
38,799,528
Other
assets
in
excess
of
liabilities
—
3.9%
1,557,773
NET
ASSETS
-
100.00%
$
40,357,301
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
8.8%
of
net
assets.
(a)
Non-income
producing
security.
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Large
Cap
Alpha
Fund
5
(Unaudited)
Security
Description
Shares
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
Dr
Pepper,
Inc.
...................................................
426,430
13,462,395
Mondelez
International,
Inc.,
Class
A
.........................................
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
LP
.............................................
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
GE
HealthCare
Technologies,
Inc.
...........................................
69,810
4,749,872
Humana,
Inc.
..........................................................
13,210
6,426,929
Johnson
&
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
A
.................................................
85,310
7,165,187
Analog
Devices,
Inc.
....................................................
29,040
5,084,614
Applied
Materials,
Inc.
...................................................
53,560
7,415,382
Victory
Portfolios
Victory
RS
Large
Cap
Alpha
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
in
excess
of
liabilities
—
1.8%
8,421,913
NET
ASSETS
-
100.00%
$
461,862,336
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
8.7%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Partners
Fund
7
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.6%)
Banks
(9.9%):
Banc
of
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
of
NT
Butterfield
&
Son
Ltd.
.......................................
143,250
3,879,210
39,955,701
Capital
Markets
(1.8%):
PJT
Partners,
Inc.,
Class
A
................................................
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
GP
Holdings
LP,
Class
A
.............................................
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
A
........................................
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
RS
Partners
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
600,424
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(d)
............
600,424
600,424
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(d)
...............
600,424
600,424
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(d)
.
600,424
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
in
excess
of
liabilities
—
1.7%
6,706,596
NET
ASSETS
-
100.00%
$
404,492,864
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
8.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
Victory
Portfolios
Victory
RS
Partners
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
Victory
RS
Value
Fund
10
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.9%)
Communication
Services
(1.5%):
Endeavor
Group
Holdings,
Inc.,
Class
A
.......................................
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
Dr
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
RS
Value
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
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
577,319
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(c)
............
577,319
577,319
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(c)
...............
577,319
577,319
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(c)
.
577,319
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
in
excess
of
liabilities
—
1.2%
3,231,025
NET
ASSETS
-
100.00%
$
266,486,761
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
8.9%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust