Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Integrity

Discovery

Fund

1

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(98.0%)

Communication

Services

(4.5%):

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

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

399,000

$

658

IMAX

Corp.

(a)

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

28,116

455

Magnite,

Inc.

(a)

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

48,700

524

PubMatic,

Inc.

,

Class

A

(a)

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

20,500

486

The

E.W.

Scripps

Co.

,

Class

A

(a)

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

43,750

172

The

Marcus

Corp.

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

40,350

575

2,870

Consumer

Discretionary

(13.2%):

BJ's

Restaurants,

Inc.

(a)

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

17,100

619

Caleres,

Inc.

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

15,580

639

Chuy's

Holdings,

Inc.

(a)

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

14,753

498

European

Wax

Center,

Inc.

,

Class

A

(a)

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

25,900

336

Hibbett,

Inc.

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

7,400

568

Latham

Group,

Inc.

(a)

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

131,500

521

Lindblad

Expeditions

Holdings,

Inc.

(a)

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

53,500

499

MasterCraft

Boat

Holdings,

Inc.

(a)

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

17,000

403

Modine

Manufacturing

Co.

(a)

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

7,950

757

Motorcar

Parts

of

America,

Inc.

(a)

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

47,300

380

National

Vision

Holdings,

Inc.

(a)

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

17,600

390

OneWater

Marine,

Inc.

(a)

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

19,550

550

PlayAGS,

Inc.

(a)

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

40,700

366

Potbelly

Corp.

(a)

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

33,000

400

Red

Robin

Gourmet

Burgers,

Inc.

(a)

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

61,754

473

Universal

Electronics,

Inc.

(a)

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

32,000

320

Wolverine

World

Wide,

Inc.

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

43,100

483

Zumiez,

Inc.

(a)

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

18,700

284

8,486

Energy

(7.4%):

Ardmore

Shipping

Corp.

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

29,000

476

Berry

Corp.

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

76,500

616

Diamond

Offshore

Drilling,

Inc.

(a)

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

44,950

613

Helix

Energy

Solutions

Group,

Inc.

(a)

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

54,150

587

ProPetro

Holding

Corp.

(a)

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

51,800

419

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

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

50,000

434

Talos

Energy,

Inc.

(a)

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

30,750

428

Teekay

Tankers

Ltd.

,

Class

A

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

8,096

473

Vital

Energy,

Inc.

(a)

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

13,520

710

4,756

Financials

(24.0%):

Ares

Commercial

Real

Estate

Corp.

(b)

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

42,456

316

Bridgewater

Bancshares,

Inc.

(a)

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

34,500

402

Business

First

Bancshares,

Inc.

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

18,950

422

Central

Pacific

Financial

Corp.

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

21,700

429

Civista

Bancshares,

Inc.

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

27,800

428

ConnectOne

Bancorp,

Inc.

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

27,700

540

Diamond

Hill

Investment

Group,

Inc.

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

3,815

588

Dime

Community

Bancshares,

Inc.

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

24,875

479

Dynex

Capital,

Inc.

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

52,350

652

EZCORP,

Inc.

,

Class

A

(a)

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

57,600

653

Financial

Institutions,

Inc.

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

17,100

322

First

Internet

Bancorp

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

14,650

509

First

Mid

Bancshares,

Inc.

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

16,700

546

German

American

Bancorp,

Inc.

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

18,600

644

HarborOne

Bancorp,

Inc.

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

44,600

475

HCI

Group,

Inc.

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

5,970

693

Heritage

Commerce

Corp.

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

56,850

488

Heritage

Insurance

Holdings,

Inc.

(a)

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

57,700

615

I3

Verticals,

Inc.

,

Class

A

(a)

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

24,900

570

Independent

Bank

Corp.

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

17,600

446

Victory

Portfolios

Victory

Integrity

Discovery

Fund

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Mercantile

Bank

Corp.

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

10,000

$

385

Origin

Bancorp,

Inc.

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

18,500

578

Peoples

Bancorp,

Inc.

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

19,300

571

Premier

Financial

Corp.

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

26,600

540

Primis

Financial

Corp.

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

31,600

385

QCR

Holdings,

Inc.

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

8,750

531

SmartFinancial,

Inc.

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

14,150

298

Southern

Missouri

Bancorp,

Inc.

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

10,175

445

The

First

Bancshares,

Inc.

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

22,250

577

Univest

Financial

Corp.

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

28,300

589

Washington

Trust

Bancorp,

Inc.

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

10,800

290

15,406

Health

Care

(5.8%):

Artivion,

Inc.

(a)

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

32,000

677

Brookdale

Senior

Living,

Inc.

(a)

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

136,846

905

Collegium

Pharmaceutical,

Inc.

(a)

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

16,008

621

HealthStream,

Inc.

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

22,700

605

RadNet,

Inc.

(a)

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

18,506

901

3,709

Industrials

(19.5%):

BlueLinx

Holdings,

Inc.

(a)

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

5,200

677

Columbus

McKinnon

Corp.

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

19,550

872

Covenant

Logistics

Group,

Inc.

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

9,200

426

CRA

International,

Inc.

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

3,600

538

Ducommun,

Inc.

(a)

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

11,050

567

DXP

Enterprises,

Inc.

(a)

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

13,600

731

Eagle

Bulk

Shipping,

Inc.

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

7,775

486

Enviri

Corp.

(a)

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

70,700

647

Great

Lakes

Dredge

&

Dock

Corp.

(a)

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

72,000

630

IBEX

Holdings

Ltd.

(a)

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

26,325

406

Insteel

Industries,

Inc.

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

13,300

508

Interface,

Inc.

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

43,500

732

Kelly

Services,

Inc.

,

Class

A

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

23,550

590

Liquidity

Services,

Inc.

(a)

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

18,150

338

Matrix

Service

Co.

(a)

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

37,700

491

Pangaea

Logistics

Solutions

Ltd.

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

38,100

265

Park

Aerospace

Corp.

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

23,100

384

Park-Ohio

Holdings

Corp.

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

13,750

367

Quanex

Building

Products

Corp.

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

12,700

488

Thermon

Group

Holdings,

Inc.

(a)

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

17,500

573

Titan

Machinery,

Inc.

(a)

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

21,850

542

VSE

Corp.

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

8,520

682

Willdan

Group,

Inc.

(a)

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

19,275

559

12,499

Information

Technology

(12.1%):

Benchmark

Electronics,

Inc.

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

22,550

677

Digi

International,

Inc.

(a)

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

14,200

453

Harmonic,

Inc.

(a)

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

47,092

633

Ichor

Holdings

Ltd.

(a)

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

21,900

846

Infinera

Corp.

(a)

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

58,853

355

Kimball

Electronics,

Inc.

(a)

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

25,200

545

nLight,

Inc.

(a)

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

40,682

529

OneSpan,

Inc.

(a)

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

32,300

375

PDF

Solutions,

Inc.

(a)

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

15,200

512

Ribbon

Communications,

Inc.

(a)

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

172,400

552

SkyWater

Technology,

Inc.

(a)

(b)

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

51,900

528

TTM

Technologies,

Inc.

(a)

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

31,200

488

Veeco

Instruments,

Inc.

(a)

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

20,650

726

Vishay

Precision

Group,

Inc.

(a)

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

15,000

530

7,749

Victory

Portfolios

Victory

Integrity

Discovery

Fund

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Materials

(6.3%):

AdvanSix,

Inc.

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

22,450

$

642

Clearwater

Paper

Corp.

(a)

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

16,950

741

Haynes

International,

Inc.

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

8,500

511

Koppers

Holdings,

Inc.

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

10,850

599

Metallus,

Inc.

(a)

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

26,700

594

Radius

Recycling,

Inc.

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

26,600

562

SunCoke

Energy,

Inc.

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

33,000

372

4,021

Real

Estate

(4.5%):

City

Office

REIT,

Inc.

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

76,700

400

Global

Medical

REIT,

Inc.

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

64,550

565

NETSTREIT

Corp.

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

44,000

808

NexPoint

Residential

Trust,

Inc.

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

14,000

451

Plymouth

Industrial

REIT,

Inc.

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

29,000

652

2,876

Utilities

(0.7%):

Unitil

Corp.

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

8,723

457

Total

Common

Stocks

(Cost

$49,946)

a

a

a

62,829

Collateral

for

Securities

Loaned

(1.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

164,630

164

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

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

164,630

165

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

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

164,630

165

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

164,630

165

Total

Collateral

for

Securities

Loaned

(Cost

$659)

a

a

a

659

Total

Investments

(Cost

$50,605)

—

99.0%

63,488

Other

assets

in

excess

of

liabilities

—

1.0%

636

NET

ASSETS

-

100.00%

$

64,124

^

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

March

31,

2024.

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

4

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(99.3%)

Communication

Services

(2.1%):

Liberty

Media

Corp.-Liberty

Formula

One

(a)

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

33,476

$

2,196

Lions

Gate

Entertainment

Corp.

,

Class

B

(a)

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

167,648

1,561

Take-Two

Interactive

Software,

Inc.

(a)

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

18,584

2,759

6,516

Consumer

Discretionary

(8.7%):

Brunswick

Corp.

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

28,402

2,741

Caesars

Entertainment,

Inc.

(a)

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

66,800

2,922

Genuine

Parts

Co.

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

17,470

2,707

Marriott

Vacations

Worldwide

Corp.

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

26,492

2,854

Nordstrom,

Inc.

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

81,377

1,650

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

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

141,474

2,961

PVH

Corp.

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

20,379

2,866

Ralph

Lauren

Corp.

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

12,800

2,403

Victoria's

Secret

&

Co.

(a)

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

82,987

1,608

Visteon

Corp.

(a)

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

17,000

1,999

Yum!

Brands,

Inc.

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

20,049

2,780

27,491

Consumer

Staples

(4.8%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

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

36,546

2,765

Coty,

Inc.

,

Class

A

(a)

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

192,454

2,302

Dollar

Tree,

Inc.

(a)

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

15,384

2,048

Lamb

Weston

Holdings,

Inc.

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

23,176

2,469

Molson

Coors

Beverage

Co.

,

Class

B

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

43,366

2,916

Performance

Food

Group

Co.

(a)

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

37,191

2,776

15,276

Energy

(6.0%):

Antero

Resources

Corp.

(a)

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

90,045

2,611

Diamondback

Energy,

Inc.

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

17,353

3,439

Halliburton

Co.

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

79,600

3,138

Hess

Corp.

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

17,001

2,595

Ovintiv,

Inc.

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

51,978

2,698

Phillips

66

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

26,784

4,375

18,856

Financials

(15.2%):

Annaly

Capital

Management,

Inc.

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

108,734

2,141

Arch

Capital

Group

Ltd.

(a)

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

33,651

3,111

Arthur

J.

Gallagher

&

Co.

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

13,384

3,346

Cincinnati

Financial

Corp.

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

19,567

2,430

Fifth

Third

Bancorp

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

94,487

3,516

First

Horizon

Corp.

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

185,000

2,849

Global

Payments,

Inc.

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

24,402

3,262

Huntington

Bancshares,

Inc.

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

222,521

3,104

Lincoln

National

Corp.

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

79,829

2,549

M&T

Bank

Corp.

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

19,462

2,831

Nasdaq,

Inc.

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

43,500

2,745

Principal

Financial

Group,

Inc.

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

26,892

2,321

Raymond

James

Financial,

Inc.

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

25,988

3,337

Reinsurance

Group

of

America,

Inc.

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

17,946

3,461

State

Street

Corp.

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

48,076

3,717

The

Hartford

Financial

Services

Group,

Inc.

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

29,656

3,056

47,776

Health

Care

(6.8%):

Centene

Corp.

(a)

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

27,265

2,140

Encompass

Health

Corp.

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

38,901

3,212

GE

HealthCare

Technologies,

Inc.

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

27,265

2,479

Jazz

Pharmaceuticals

PLC

(a)

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

14,037

1,690

Laboratory

Corp.

of

America

Holdings

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

9,408

2,055

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Perrigo

Co.

PLC

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

64,000

$

2,060

STERIS

PLC

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

10,593

2,382

Tenet

Healthcare

Corp.

(a)

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

28,965

3,045

United

Therapeutics

Corp.

(a)

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

10,136

2,328

21,391

Industrials

(23.3%):

Alight,

Inc.

,

Class

A

(a)

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

218,534

2,153

Carlisle

Cos.,

Inc.

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

8,412

3,296

Clean

Harbors,

Inc.

(a)

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

14,576

2,934

Curtiss-Wright

Corp.

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

10,979

2,810

Delta

Air

Lines,

Inc.

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

53,910

2,581

Ferguson

PLC

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

21,227

4,637

Fluor

Corp.

(a)

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

64,122

2,711

Howmet

Aerospace,

Inc.

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

32,651

2,234

ITT,

Inc.

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

27,457

3,735

Jacobs

Solutions,

Inc.

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

20,505

3,152

Johnson

Controls

International

PLC

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

24,766

1,618

Knight-Swift

Transportation

Holdings,

Inc.

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

43,822

2,411

Leidos

Holdings,

Inc.

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

23,879

3,130

PACCAR,

Inc.

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

37,525

4,649

Parker-Hannifin

Corp.

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

8,174

4,543

Pentair

PLC

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

40,999

3,503

Regal

Rexnord

Corp.

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

18,931

3,410

Ryder

System,

Inc.

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

18,080

2,173

Saia,

Inc.

(a)

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

4,769

2,790

Textron,

Inc.

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

31,848

3,055

The

Brink's

Co.

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

26,270

2,427

Valmont

Industries,

Inc.

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

12,233

2,793

WESCO

International,

Inc.

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

15,315

2,623

Westinghouse

Air

Brake

Technologies

Corp.

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

28,126

4,097

73,465

Information

Technology

(8.8%):

Amdocs

Ltd.

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

27,667

2,500

Ciena

Corp.

(a)

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

39,107

1,934

Flex

Ltd.

(a)

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

82,744

2,367

Gen

Digital,

Inc.

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

125,093

2,802

HP,

Inc.

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

98,700

2,983

Jabil,

Inc.

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

18,050

2,418

Marvell

Technology,

Inc.

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

29,616

2,099

Microchip

Technology,

Inc.

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

27,825

2,496

MKS

Instruments,

Inc.

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

17,934

2,385

ON

Semiconductor

Corp.

(a)

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

13,475

991

TD

SYNNEX

Corp.

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

18,879

2,135

Western

Digital

Corp.

(a)

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

40,554

2,768

27,878

Materials

(7.8%):

ATI,

Inc.

(a)

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

60,870

3,115

Celanese

Corp.

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

22,122

3,802

Cleveland-Cliffs,

Inc.

(a)

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

161,000

3,661

Corteva,

Inc.

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

65,792

3,794

Martin

Marietta

Materials,

Inc.

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

5,959

3,658

Reliance,

Inc.

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

9,878

3,301

Westlake

Corp.

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

20,541

3,139

24,470

Real

Estate

(7.4%):

Apartment

Income

REIT

Corp.

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

71,684

2,328

Essex

Property

Trust,

Inc.

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

13,439

3,290

Federal

Realty

Investment

Trust

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

25,414

2,595

Host

Hotels

&

Resorts,

Inc.

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

118,300

2,446

Realty

Income

Corp.

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

71,323

3,859

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

VICI

Properties,

Inc.

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

111,000

$

3,307

Welltower,

Inc.

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

29,891

2,793

Weyerhaeuser

Co.

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

79,373

2,850

23,468

Utilities

(8.4%):

CenterPoint

Energy,

Inc.

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

87,644

2,497

Constellation

Energy

Corp.

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

22,087

4,083

Evergy,

Inc.

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

41,010

2,189

FirstEnergy

Corp.

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

65,171

2,517

National

Fuel

Gas

Co.

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

36,453

1,958

Pinnacle

West

Capital

Corp.

(b)

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

37,700

2,817

PPL

Corp.

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

99,948

2,751

UGI

Corp.

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

103,100

2,530

Vistra

Corp.

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

39,722

2,767

Xcel

Energy,

Inc.

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

42,136

2,265

26,374

Total

Common

Stocks

(Cost

$241,397)

a

a

a

312,961

Collateral

for

Securities

Loaned

(0.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

516,800

516

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

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

516,800

517

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

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

516,800

517

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

516,800

517

Total

Collateral

for

Securities

Loaned

(Cost

$2,067)

a

a

a

2,067

Total

Investments

(Cost

$243,464)

—

100.0%

315,028

Other

assets

in

excess

of

liabilities

—

0.0%(d)

125

NET

ASSETS

-

100.00%

$

315,153

^

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

March

31,

2024.

(d)

Amount

represents

less

than

0.05%

of

net

assets.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

7

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(97.3%)

Communication

Services

(2.0%):

Cinemark

Holdings,

Inc.

(a)

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

700,200

$

12,583

Lions

Gate

Entertainment

Corp.

,

Class

B

(a)

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

813,800

7,576

Magnite,

Inc.

(a)

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

950,000

10,213

30,372

Consumer

Discretionary

(8.8%):

Bloomin'

Brands,

Inc.

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

428,700

12,295

Light

&

Wonder,

Inc.

(a)

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

91,000

9,290

Marriott

Vacations

Worldwide

Corp.

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

137,500

14,813

Modine

Manufacturing

Co.

(a)

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

123,700

11,775

Nordstrom,

Inc.

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

767,400

15,555

PVH

Corp.

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

81,400

11,446

Sally

Beauty

Holdings,

Inc.

(a)

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

970,900

12,059

Steven

Madden

Ltd.

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

244,000

10,316

The

Buckle,

Inc.

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

215,000

8,658

The

Gap,

Inc.

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

296,000

8,155

Victoria's

Secret

&

Co.

(a)

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

406,100

7,870

Visteon

Corp.

(a)

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

84,500

9,938

132,170

Consumer

Staples

(2.4%):

Edgewell

Personal

Care

Co.

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

206,300

7,971

The

Andersons,

Inc.

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

198,100

11,365

The

Chefs'

Warehouse,

Inc.

(a)

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

222,000

8,361

The

Simply

Good

Foods

Co.

(a)

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

216,900

7,381

35,078

Energy

(10.5%):

Atlas

Energy

Solutions,

Inc.

(b)

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

588,000

13,301

California

Resources

Corp.

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

181,600

10,006

Chord

Energy

Corp.

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

94,300

16,808

Civitas

Resources,

Inc.

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

181,800

13,800

Diamond

Offshore

Drilling,

Inc.

(a)

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

1,046,400

14,273

International

Seaways,

Inc.

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

261,400

13,907

Matador

Resources

Co.

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

253,200

16,906

Murphy

Oil

Corp.

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

368,600

16,845

Permian

Resources

Corp.

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

1,193,000

21,068

Scorpio

Tankers,

Inc.

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

152,400

10,904

Uranium

Energy

Corp.

(a)

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

1,305,000

8,809

156,627

Financials

(20.4%):

AGNC

Investment

Corp.

(b)

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

1,564,000

15,484

Ameris

Bancorp

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

258,000

12,482

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

170,400

7,799

Assured

Guaranty

Ltd.

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

129,500

11,299

Atlantic

Union

Bankshares

Corp.

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

366,300

12,934

Banc

of

California,

Inc.

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

541,200

8,232

Bank

of

Hawaii

Corp.

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

188,900

11,785

Banner

Corp.

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

277,700

13,330

Bread

Financial

Holdings,

Inc.

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

312,000

11,619

Dynex

Capital,

Inc.

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

866,000

10,782

First

Bancorp

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

288,000

10,402

First

Merchants

Corp.

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

410,800

14,337

Glacier

Bancorp,

Inc.

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

410,000

16,515

Kemper

Corp.

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

136,900

8,477

Ladder

Capital

Corp.

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

837,000

9,316

MGIC

Investment

Corp.

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

669,900

14,979

Northwest

Bancshares,

Inc.

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

1,110,000

12,931

Pacific

Premier

Bancorp,

Inc.

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

556,200

13,349

Primerica,

Inc.

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

40,000

10,118

Prosperity

Bancshares,

Inc.

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

138,000

9,078

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

RLI

Corp.

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

59,300

$

8,804

Skyward

Specialty

Insurance

Group,

Inc.

(a)

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

277,700

10,389

SouthState

Corp.

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

221,100

18,800

Synovus

Financial

Corp.

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

199,700

8,000

Veritex

Holdings,

Inc.

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

548,000

11,228

Virtus

Investment

Partners,

Inc.

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

50,100

12,424

304,893

Health

Care

(6.8%):

Brookdale

Senior

Living,

Inc.

(a)

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

1,245,900

8,235

Collegium

Pharmaceutical,

Inc.

(a)

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

217,400

8,439

Encompass

Health

Corp.

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

93,800

7,746

Fortrea

Holdings,

Inc.

(a)

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

300,000

12,042

Haemonetics

Corp.

(a)

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

91,700

7,827

LivaNova

PLC

(a)

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

253,000

14,153

Perrigo

Co.

PLC

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

225,400

7,256

Prestige

Consumer

Healthcare,

Inc.

(a)

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

173,200

12,567

Select

Medical

Holdings

Corp.

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

416,500

12,557

Supernus

Pharmaceuticals,

Inc.

(a)

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

327,900

11,185

102,007

Industrials

(16.8%):

Alight,

Inc.

,

Class

A

(a)

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

1,176,400

11,588

ArcBest

Corp.

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

96,800

13,794

Atkore,

Inc.

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

62,100

11,821

BWX

Technologies,

Inc.

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

86,900

8,918

Curtiss-Wright

Corp.

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

33,000

8,446

Esab

Corp.

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

95,200

10,526

Fluor

Corp.

(a)

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

259,200

10,959

Genco

Shipping

&

Trading

Ltd.

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

458,500

9,321

Gibraltar

Industries,

Inc.

(a)

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

176,000

14,173

Hub

Group,

Inc.

,

Class

A

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

244,500

10,567

Korn

Ferry

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

212,600

13,981

Moog,

Inc.

,

Class

A

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

100,000

15,965

Ryder

System,

Inc.

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

80,000

9,615

Terex

Corp.

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

172,400

11,103

The

Brink's

Co.

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

155,700

14,384

The

Greenbrier

Cos.,

Inc.

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

179,400

9,347

UFP

Industries,

Inc.

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

131,500

16,176

Valmont

Industries,

Inc.

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

47,800

10,912

Vestis

Corp.

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

613,400

11,820

Wabash

National

Corp.

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

347,300

10,398

Werner

Enterprises,

Inc.

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

225,800

8,833

WESCO

International,

Inc.

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

53,100

9,095

251,742

Information

Technology

(7.6%):

Belden,

Inc.

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

152,500

14,123

Diodes,

Inc.

(a)

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

174,100

12,274

FormFactor,

Inc.

(a)

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

253,500

11,567

Harmonic,

Inc.

(a)

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

875,800

11,771

Kulicke

&

Soffa

Industries,

Inc.

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

225,000

11,320

MKS

Instruments,

Inc.

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

57,400

7,634

Plexus

Corp.

(a)

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

93,000

8,818

Sanmina

Corp.

(a)

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

196,400

12,212

Synaptics,

Inc.

(a)

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

116,900

11,405

Veeco

Instruments,

Inc.

(a)

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

359,400

12,640

113,764

Materials

(8.5%):

Arch

Resources,

Inc.

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

97,000

15,597

ATI,

Inc.

(a)

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

314,400

16,088

Commercial

Metals

Co.

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

315,500

18,542

Ecovyst,

Inc.

(a)

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

877,500

9,784

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Huntsman

Corp.

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

400,000

$

10,412

Ingevity

Corp.

(a)

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

280,000

13,356

Orion

SA

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

503,300

11,838

Summit

Materials,

Inc.

,

Class

A

(a)

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

395,700

17,636

Tronox

Holdings

PLC

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

783,700

13,597

126,850

Real

Estate

(8.6%):

Alexander

&

Baldwin,

Inc.

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

453,300

7,466

CareTrust

REIT,

Inc.

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

384,000

9,358

Cushman

&

Wakefield

PLC

(a)

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

1,057,000

11,056

DiamondRock

Hospitality

Co.

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

1,262,500

12,133

Easterly

Government

Properties,

Inc.

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

900,000

10,359

Essential

Properties

Realty

Trust,

Inc.

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

507,500

13,530

LXP

Industrial

Trust

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

1,370,000

12,357

Sabra

Health

Care

REIT,

Inc.

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

788,500

11,646

SITE

Centers

Corp.

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

1,038,000

15,207

STAG

Industrial,

Inc.

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

198,200

7,619

Summit

Hotel

Properties,

Inc.

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

1,227,000

7,988

Veris

Residential,

Inc.

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

601,200

9,144

127,863

Utilities

(4.9%):

ALLETE,

Inc.

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

237,800

14,182

National

Fuel

Gas

Co.

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

218,000

11,711

Northwestern

Energy

Group,

Inc.

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

244,100

12,432

ONE

Gas,

Inc.

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

170,800

11,022

Portland

General

Electric

Co.

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

306,900

12,890

Spire,

Inc.

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

174,000

10,678

72,915

Total

Common

Stocks

(Cost

$1,168,867)

a

a

a

1,454,281

Exchange-Traded

Funds

(0.6%)

iShares

Russell

2000

Value

ETF

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

60,000

9,528

Total

Exchange-Traded

Funds

(Cost

$8,888)

a

a

a

9,528

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

2,079,032

2,079

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

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

2,079,032

2,079

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

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

2,079,032

2,079

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

2,079,032

2,079

Total

Collateral

for

Securities

Loaned

(Cost

$8,316)

a

a

a

8,316

Total

Investments

(Cost

$1,186,071)

—

98.5%

1,472,125

Other

assets

in

excess

of

liabilities

—

1.5%

22,704

NET

ASSETS

-

100.00%

$

1,494,829

^

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

March

31,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

10

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(99.2%)

Communication

Services

(1.9%):

Cinemark

Holdings,

Inc.

(a)

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

142,481

$

2,561

Liberty

Media

Corp.-Liberty

Formula

One

(a)

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

27,947

1,833

Lions

Gate

Entertainment

Corp.

,

Class

B

(a)

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

161,537

1,504

5,898

Consumer

Discretionary

(11.4%):

Bloomin'

Brands,

Inc.

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

89,979

2,581

Brunswick

Corp.

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

28,027

2,705

Caesars

Entertainment,

Inc.

(a)

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

65,505

2,865

Churchill

Downs,

Inc.

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

15,497

1,918

Light

&

Wonder,

Inc.

(a)

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

17,186

1,754

Marriott

Vacations

Worldwide

Corp.

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

30,209

3,254

Nordstrom,

Inc.

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

167,075

3,387

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

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

151,286

3,166

PVH

Corp.

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

23,135

3,253

Ralph

Lauren

Corp.

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

12,700

2,385

Sally

Beauty

Holdings,

Inc.

(a)

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

196,163

2,436

Steven

Madden

Ltd.

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

50,723

2,145

Victoria's

Secret

&

Co.

(a)

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

83,770

1,623

Visteon

Corp.

(a)

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

16,850

1,982

35,454

Consumer

Staples

(4.0%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

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

33,681

2,548

Coty,

Inc.

,

Class

A

(a)

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

195,547

2,339

Molson

Coors

Beverage

Co.

,

Class

B

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

37,478

2,520

Performance

Food

Group

Co.

(a)

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

39,417

2,942

Post

Holdings,

Inc.

(a)

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

20,800

2,211

12,560

Energy

(6.2%):

Antero

Resources

Corp.

(a)

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

65,300

1,894

Cactus,

Inc.

,

Class

A

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

44,747

2,241

California

Resources

Corp.

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

36,177

1,993

Chord

Energy

Corp.

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

13,084

2,332

Civitas

Resources,

Inc.

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

27,752

2,107

Diamond

Offshore

Drilling,

Inc.

(a)

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

145,784

1,989

International

Seaways,

Inc.

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

35,217

1,874

Ovintiv,

Inc.

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

44,263

2,297

Permian

Resources

Corp.

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

146,278

2,583

19,310

Financials

(15.8%):

AGNC

Investment

Corp.

(b)

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

268,886

2,662

American

Financial

Group,

Inc.

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

16,638

2,271

Annaly

Capital

Management,

Inc.

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

148,861

2,931

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

34,078

1,560

Assurant,

Inc.

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

12,034

2,265

Atlantic

Union

Bankshares

Corp.

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

63,037

2,226

Bread

Financial

Holdings,

Inc.

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

63,650

2,370

East

West

Bancorp,

Inc.

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

30,370

2,403

Euronet

Worldwide,

Inc.

(a)

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

22,373

2,459

First

Horizon

Corp.

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

221,700

3,414

Glacier

Bancorp,

Inc.

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

71,446

2,878

Kinsale

Capital

Group,

Inc.

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

4,004

2,101

Lincoln

National

Corp.

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

65,919

2,105

MGIC

Investment

Corp.

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

148,800

3,327

Prosperity

Bancshares,

Inc.

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

35,950

2,365

Reinsurance

Group

of

America,

Inc.

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

13,085

2,524

SouthState

Corp.

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

33,521

2,850

Synovus

Financial

Corp.

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

51,000

2,043

Veritex

Holdings,

Inc.

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

107,956

2,212

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Voya

Financial,

Inc.

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

31,582

$

2,335

49,301

Health

Care

(7.1%):

Encompass

Health

Corp.

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

35,377

2,921

Fortrea

Holdings,

Inc.

(a)

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

62,995

2,528

Jazz

Pharmaceuticals

PLC

(a)

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

12,960

1,561

LivaNova

PLC

(a)

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

41,113

2,300

Perrigo

Co.

PLC

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

68,737

2,213

Prestige

Consumer

Healthcare,

Inc.

(a)

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

34,248

2,485

Select

Medical

Holdings

Corp.

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

75,978

2,291

Tenet

Healthcare

Corp.

(a)

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

32,551

3,421

United

Therapeutics

Corp.

(a)

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

10,905

2,505

22,225

Industrials

(23.3%):

Alight,

Inc.

,

Class

A

(a)

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

257,796

2,539

Atkore,

Inc.

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

15,265

2,906

Carlisle

Cos.,

Inc.

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

11,550

4,526

Clean

Harbors,

Inc.

(a)

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

16,400

3,301

Core

&

Main,

Inc.

,

Class

A

(a)

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

53,700

3,074

Curtiss-Wright

Corp.

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

11,730

3,002

Fluor

Corp.

(a)

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

64,763

2,738

ITT,

Inc.

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

30,128

4,098

Jacobs

Solutions,

Inc.

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

15,234

2,342

Kirby

Corp.

(a)

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

32,875

3,134

Knight-Swift

Transportation

Holdings,

Inc.

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

47,736

2,626

Korn

Ferry

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

43,788

2,880

Leidos

Holdings,

Inc.

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

18,336

2,404

Oshkosh

Corp.

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

20,516

2,559

Pentair

PLC

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

47,494

4,058

Ryder

System,

Inc.

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

21,486

2,582

Saia,

Inc.

(a)

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

6,470

3,785

SkyWest,

Inc.

(a)

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

33,881

2,341

Terex

Corp.

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

36,025

2,320

Textron,

Inc.

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

41,350

3,967

The

Brink's

Co.

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

34,489

3,186

Valmont

Industries,

Inc.

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

13,643

3,114

Vestis

Corp.

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

129,677

2,499

WESCO

International,

Inc.

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

15,281

2,617

72,598

Information

Technology

(8.5%):

Amdocs

Ltd.

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

27,999

2,530

Belden,

Inc.

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

28,673

2,656

Ciena

Corp.

(a)

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

44,691

2,210

Diodes,

Inc.

(a)

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

34,650

2,443

Flex

Ltd.

(a)

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

87,600

2,506

FormFactor,

Inc.

(a)

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

54,224

2,474

Jabil,

Inc.

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

19,350

2,592

Kulicke

&

Soffa

Industries,

Inc.

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

46,000

2,314

MKS

Instruments,

Inc.

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

20,060

2,668

Synaptics,

Inc.

(a)

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

20,200

1,971

TD

SYNNEX

Corp.

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

18,709

2,116

26,480

Materials

(8.9%):

Arch

Resources,

Inc.

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

19,453

3,128

ATI,

Inc.

(a)

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

60,720

3,107

Cleveland-Cliffs,

Inc.

(a)

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

177,240

4,030

Commercial

Metals

Co.

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

58,980

3,466

Huntsman

Corp.

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

93,118

2,424

Ingevity

Corp.

(a)

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

58,881

2,809

Reliance,

Inc.

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

10,824

3,617

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

12

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Summit

Materials,

Inc.

,

Class

A

(a)

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

55,289

$

2,464

Westlake

Corp.

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

18,662

2,852

27,897

Real

Estate

(7.5%):

Apartment

Income

REIT

Corp.

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

81,902

2,660

Camden

Property

Trust

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

27,350

2,691

Cushman

&

Wakefield

PLC

(a)

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

223,500

2,338

Federal

Realty

Investment

Trust

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

29,644

3,027

First

Industrial

Realty

Trust,

Inc.

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

70,029

3,679

Gaming

and

Leisure

Properties,

Inc.

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

75,500

3,478

Highwoods

Properties,

Inc.

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

95,876

2,510

Host

Hotels

&

Resorts,

Inc.

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

138,350

2,861

23,244

Utilities

(4.6%):

ALLETE,

Inc.

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

49,754

2,967

National

Fuel

Gas

Co.

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

55,733

2,994

Pinnacle

West

Capital

Corp.

(b)

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

38,835

2,902

UGI

Corp.

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

114,615

2,813

Vistra

Corp.

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

36,454

2,539

14,215

Total

Common

Stocks

(Cost

$248,786)

a

a

a

309,182

Collateral

for

Securities

Loaned

(0.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

578,267

579

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

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

578,267

578

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

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

578,267

578

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

578,267

578

Total

Collateral

for

Securities

Loaned

(Cost

$2,313)

a

a

a

2,313

Total

Investments

(Cost

$251,099)

—

99.9%

311,495

Other

assets

in

excess

of

liabilities

—

0.1%

378

NET

ASSETS

-

100.00%

$

311,873

^

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

March

31,

2024.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

13

(Unaudited)

T

Security

Description

Shares

Value

(000)

Common

Stocks

(97.8%)

Communication

Services

(9.0%):

Alphabet,

Inc.

,

Class

A

(a)

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

139,960

$

21,124

Meta

Platforms,

Inc.

,

Class

A

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

18,600

9,032

Netflix,

Inc.

(a)

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

4,500

2,733

The

New

York

Times

Co.

,

Class

A

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

82,500

3,566

T-Mobile

US,

Inc.

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

14,400

2,350

Yelp,

Inc.

(a)

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

70,300

2,770

41,575

Communications

Equipment

(0.6%):

Arista

Networks,

Inc.

(a)

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

9,600

2,784

Consumer

Discretionary

(10.9%):

Amazon.com,

Inc.

(a)

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

95,100

17,154

AutoZone,

Inc.

(a)

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

1,600

5,043

Booking

Holdings,

Inc.

(a)

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

700

2,540

D.R.

Horton,

Inc.

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

29,700

4,887

O'Reilly

Automotive,

Inc.

(a)

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

4,100

4,628

PulteGroup,

Inc.

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

23,400

2,823

Starbucks

Corp.

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

42,000

3,838

Tesla,

Inc.

(a)

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

7,200

1,266

Toll

Brothers,

Inc.

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

21,700

2,807

TopBuild

Corp.

(a)

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

11,300

4,980

49,966

Consumer

Staples

(2.9%):

BellRing

Brands,

Inc.

(a)

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

104,000

6,139

Casey's

General

Stores,

Inc.

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

13,400

4,267

Philip

Morris

International,

Inc.

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

30,000

2,749

13,155

Electronic

Equipment,

Instruments

&

Components

(2.3%):

Badger

Meter,

Inc.

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

26,900

4,353

Fabrinet

(a)

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

33,400

6,313

10,666

Energy

(5.3%):

Diamondback

Energy,

Inc.

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

30,700

6,084

EOG

Resources,

Inc.

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

38,300

4,896

Halliburton

Co.

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

69,800

2,752

Matador

Resources

Co.

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

79,800

5,328

Oceaneering

International,

Inc.

(a)

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

124,900

2,923

Schlumberger

NV

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

44,900

2,461

24,444

Financials

(15.5%):

Ameriprise

Financial,

Inc.

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

15,000

6,577

Axos

Financial,

Inc.

(a)

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

76,800

4,150

Chubb

Ltd.

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

16,900

4,379

Corebridge

Financial,

Inc.

(b)

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

126,900

3,646

First

Citizens

BancShares,

Inc.

,

Class

A

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

1,700

2,780

Fiserv,

Inc.

(a)

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

30,800

4,922

Globe

Life,

Inc.

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

43,700

5,085

Interactive

Brokers

Group,

Inc.

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

45,600

5,094

JPMorgan

Chase

&

Co.

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

35,400

7,091

Kinsale

Capital

Group,

Inc.

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

7,200

3,778

LPL

Financial

Holdings,

Inc.

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

16,000

4,227

NMI

Holdings,

Inc.

,

Class

A

(a)

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

87,900

2,843

The

Bancorp,

Inc.

(a)

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

108,100

3,617

Visa,

Inc.

,

Class

A

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

29,500

8,233

W.R.

Berkley

Corp.

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

54,300

4,802

71,224

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Health

Care

(16.0%):

Amphastar

Pharmaceuticals,

Inc.

(a)

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

98,900

$

4,343

Cencora,

Inc.

(b)

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

18,800

4,568

Elevance

Health,

Inc.

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

8,100

4,200

Eli

Lilly

&

Co.

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

16,800

13,070

HCA

Healthcare,

Inc.

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

20,200

6,737

McKesson

Corp.

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

8,500

4,563

Medpace

Holdings,

Inc.

(a)

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

11,300

4,567

Novo

Nordisk

A/S

,

ADR

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

51,000

6,548

ResMed,

Inc.

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

24,600

4,872

Stryker

Corp.

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

13,800

4,939

The

Cigna

Group

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

14,100

5,121

The

Ensign

Group,

Inc.

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

36,700

4,566

Veeva

Systems,

Inc.

,

Class

A

(a)

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

12,000

2,780

Vertex

Pharmaceuticals,

Inc.

(a)

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

6,300

2,634

73,508

Industrials

(10.1%):

Allison

Transmission

Holdings,

Inc.

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

37,500

3,044

Comfort

Systems

USA,

Inc.

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

17,300

5,496

EMCOR

Group,

Inc.

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

20,100

7,039

GXO

Logistics,

Inc.

(a)

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

47,800

2,570

Parsons

Corp.

(a)

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

33,400

2,771

Saia,

Inc.

(a)

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

8,200

4,797

Textron,

Inc.

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

71,900

6,897

United

Rentals,

Inc.

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

6,700

4,831

Verra

Mobility

Corp.

(a)

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

109,800

2,742

W.W.

Grainger,

Inc.

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

3,300

3,357

Westinghouse

Air

Brake

Technologies

Corp.

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

20,100

2,928

46,472

Materials

(1.1%):

Linde

PLC

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

4,900

2,275

Summit

Materials,

Inc.

,

Class

A

(a)

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

58,430

2,604

4,879

Real

Estate

(1.6%):

Simon

Property

Group,

Inc.

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

23,700

3,709

VICI

Properties,

Inc.

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

130,800

3,896

7,605

Semiconductors

&

Semiconductor

Equipment

(8.4%):

Axcelis

Technologies,

Inc.

(a)

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

19,400

2,164

Broadcom,

Inc.

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

4,900

6,495

Microchip

Technology,

Inc.

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

51,400

4,611

NVIDIA

Corp.

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

19,400

17,529

ON

Semiconductor

Corp.

(a)

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

55,600

4,089

Photronics,

Inc.

(a)

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

140,500

3,979

38,867

Software

(9.8%):

Adobe,

Inc.

(a)

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

6,000

3,027

Cadence

Design

Systems,

Inc.

(a)

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

24,300

7,564

Microsoft

Corp.

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

74,960

31,536

ServiceNow,

Inc.

(a)

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

4,000

3,050

45,177

Technology

Hardware,

Storage

&

Peripherals

(4.3%):

Apple,

Inc.

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

114,780

19,682

Total

Common

Stocks

(Cost

$287,415)

a

a

a

450,004

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Exchange-Traded

Funds

(1.0%)

iShares

Russell

3000

ETF

(b)

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

15,400

$

4,622

Total

Exchange-Traded

Funds

(Cost

$4,003)

a

a

a

4,622

Collateral

for

Securities

Loaned

(1.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

2,223,093

2,223

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

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

2,223,093

2,223

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

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

2,223,093

2,223

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

2,223,093

2,223

Total

Collateral

for

Securities

Loaned

(Cost

$8,892)

a

a

a

8,892

Total

Investments

(Cost

$300,310)

—

100.7%

463,518

Liabilities

in

excess

of

other

assets

—

(0.7)%

(

3,439

)

NET

ASSETS

-

100.00%

$

460,079

^

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

S&P

500

Index

Fund

16

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(99.1%)

Communication

Services

(8.9%):

Alphabet,

Inc.,

Class

A(a)

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

36,703

$

5,540

Alphabet,

Inc.,

Class

C(a)

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

30,729

4,679

AT&T,

Inc.

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

44,532

784

Charter

Communications,

Inc.,

Class

A(a)

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

615

179

Comcast

Corp.,

Class

A

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

24,679

1,070

Electronic

Arts,

Inc.

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

1,515

201

Fox

Corp.,

Class

A

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

1,490

47

Fox

Corp.,

Class

B

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

822

23

Live

Nation

Entertainment,

Inc.(a)

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

884

93

Match

Group,

Inc.(a)

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

1,693

61

Meta

Platforms,

Inc.,

Class

A

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

13,702

6,653

Netflix,

Inc.(a)

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

2,695

1,637

News

Corp.,

Class

A

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

2,367

62

News

Corp.,

Class

B

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

714

19

Omnicom

Group,

Inc.

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

1,233

119

Paramount

Global,

Class

B

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

3,005

35

Take-Two

Interactive

Software,

Inc.(a)

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

988

147

The

Interpublic

Group

of

Cos.,

Inc.

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

2,385

78

The

Walt

Disney

Co.

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

11,425

1,398

T-Mobile

US,

Inc.

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

3,252

531

Verizon

Communications,

Inc.

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

26,185

1,099

Warner

Bros

Discovery,

Inc.(a)

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

13,821

121

24,576

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.(a)

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

1,569

455

Cisco

Systems,

Inc.

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

25,308

1,263

F5,

Inc.(a)

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

366

70

Juniper

Networks,

Inc.

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

2,005

74

Motorola

Solutions,

Inc.

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

1,034

367

2,229

Consumer

Discretionary

(10.2%):

Airbnb,

Inc.,

Class

A(a)

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

2,713

448

Amazon.com,

Inc.(a)

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

56,932

10,269

Aptiv

PLC(a)

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

1,738

138

AutoZone,

Inc.(a)

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

108

340

Bath

&

Body

Works,

Inc.

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

1,407

70

Best

Buy

Co.,

Inc.

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

1,194

98

Booking

Holdings,

Inc.(a)

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

217

787

BorgWarner,

Inc.

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

1,431

50

Caesars

Entertainment,

Inc.(a)

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

1,344

59

CarMax,

Inc.

(a)

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

984

86

Carnival

Corp.(a)

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

6,275

103

Chipotle

Mexican

Grill,

Inc.(a)

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

171

497

D.R.

Horton,

Inc.

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

1,860

306

Darden

Restaurants,

Inc.

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

744

124

Deckers

Outdoor

Corp.(a)

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

159

150

Domino's

Pizza,

Inc.

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

217

108

eBay,

Inc.

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

3,232

171

Etsy,

Inc.(a)

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

746

51

Expedia

Group,

Inc.(a)

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

814

112

Ford

Motor

Co.

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

24,308

323

Garmin

Ltd.

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

953

142

General

Motors

Co.

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

7,190

326

Genuine

Parts

Co.

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

873

135

Hasbro,

Inc.

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

812

46

Hilton

Worldwide

Holdings,

Inc.

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

1,571

335

Las

Vegas

Sands

Corp.

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

2,300

119

Lennar

Corp.,

Class

A

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

1,539

265

LKQ

Corp.

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

1,667

89

Victory

Portfolios

Victory

S&P

500

Index

Fund

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Lowe's

Cos.,

Inc.

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

3,582

$

912

Lululemon

Athletica,

Inc.(a)

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

715

279

Marriott

International,

Inc.,

Class

A

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

1,537

388

McDonald's

Corp.

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

4,518

1,274

MGM

Resorts

International(a)

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

1,702

80

Mohawk

Industries,

Inc.(a)

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

329

43

NIKE,

Inc.,

Class

B

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

7,581

712

Norwegian

Cruise

Line

Holdings

Ltd.(a)

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

2,650

55

NVR,

Inc.(a)

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

20

162

O'Reilly

Automotive,

Inc.(a)

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

368

415

Pool

Corp.

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

241

97

PulteGroup,

Inc.

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

1,321

159

Ralph

Lauren

Corp.

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

243

46

Ross

Stores,

Inc.

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

2,097

308

Royal

Caribbean

Cruises

Ltd.(a)

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

1,469

204

Starbucks

Corp.

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

7,052

645

Tapestry,

Inc.

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

1,429

68

Tesla,

Inc.(a)

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

17,257

3,034

The

Home

Depot,

Inc.

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

6,199

2,378

The

TJX

Cos.,

Inc.

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

7,098

720

Tractor

Supply

Co.

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

673

176

Ulta

Beauty,

Inc.(a)

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

302

158

VF

Corp.

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

2,058

32

Wynn

Resorts

Ltd.

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

594

61

Yum!

Brands,

Inc.

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

1,750

243

28,396

Consumer

Staples

(5.9%):

Altria

Group,

Inc.

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

10,983

479

Archer-Daniels-Midland

Co.

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

3,322

209

Brown-Forman

Corp.,

Class

B

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

1,126

58

Bunge

Global

SA

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

905

93

Campbell

Soup

Co.

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

1,225

54

Church

&

Dwight

Co.,

Inc.

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

1,535

160

Colgate-Palmolive

Co.

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

5,128

462

Conagra

Brands,

Inc.

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

2,977

88

Constellation

Brands,

Inc.,

Class

A

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

1,002

272

Costco

Wholesale

Corp.

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

2,764

2,025

Dollar

General

Corp.

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

1,367

213

Dollar

Tree,

Inc.(a)

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

1,289

172

General

Mills,

Inc.

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

3,537

247

Hormel

Foods

Corp.

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

1,805

63

Kellanova

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

1,643

94

Kenvue,

Inc.

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

10,734

230

Keurig

Dr

Pepper,

Inc.

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

6,486

199

Kimberly-Clark

Corp.

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

2,098

271

Lamb

Weston

Holdings,

Inc.

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

899

96

McCormick

&

Co.,

Inc.

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

1,566

120

Molson

Coors

Beverage

Co.,

Class

B

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

1,153

78

Mondelez

International,

Inc.,

Class

A

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

8,386

587

Monster

Beverage

Corp.(a)

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

4,601

273

PepsiCo,

Inc.

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

8,560

1,498

Philip

Morris

International,

Inc.

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

9,669

886

Sysco

Corp.

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

3,101

252

Target

Corp.

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

2,875

509

The

Clorox

Co.

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

773

118

The

Coca-Cola

Co.

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

24,235

1,483

The

Estee

Lauder

Cos.,

Inc.

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

1,451

224

The

Hershey

Co.

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

934

182

The

J.M.

Smucker

Co.

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

661

83

The

Kraft

Heinz

Co.

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

4,965

183

The

Kroger

Co.

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

4,122

236

The

Procter

&

Gamble

Co.

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

14,655

2,378

Victory

Portfolios

Victory

S&P

500

Index

Fund

18

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Tyson

Foods,

Inc.,

Class

A

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

1,783

$

105

Walgreens

Boots

Alliance,

Inc.

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

4,458

97

Walmart,

Inc.

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

26,661

1,604

16,381

Electronic

Equipment,

Instruments

&

Components

(0.6%):

Amphenol

Corp.,

Class

A

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

3,736

431

CDW

Corp.

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

834

213

Corning,

Inc.

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

4,782

158

Jabil,

Inc.

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

794

106

Keysight

Technologies,

Inc.(a)

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

1,088

170

TE

Connectivity

Ltd.

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

1,923

279

Teledyne

Technologies,

Inc.(a)

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

294

126

Trimble,

Inc.(a)

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

1,549

100

Zebra

Technologies

Corp.(a)

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

320

97

1,680

Energy

(3.9%):

APA

Corp.

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

1,888

65

Baker

Hughes

Co.

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

6,234

209

Chevron

Corp.

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

10,803

1,704

ConocoPhillips

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

7,338

934

Coterra

Energy,

Inc.

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

4,685

131

Devon

Energy

Corp.

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

3,990

200

Diamondback

Energy,

Inc.

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

1,115

221

EOG

Resources,

Inc.

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

3,632

464

EQT

Corp.

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

2,562

95

Exxon

Mobil

Corp.

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

24,732

2,875

Halliburton

Co.

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

5,544

218

Hess

Corp.

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

1,714

262

Kinder

Morgan,

Inc.

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

12,044

221

Marathon

Oil

Corp.

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

3,645

103

Marathon

Petroleum

Corp.

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

2,292

462

Occidental

Petroleum

Corp.

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

4,099

266

ONEOK,

Inc.

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

3,628

291

Phillips

66

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

2,678

437

Pioneer

Natural

Resources

Co.

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

1,455

382

Schlumberger

NV

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

8,890

487

Targa

Resources

Corp.

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

1,389

156

The

Williams

Cos.,

Inc.

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

7,577

295

Valero

Energy

Corp.

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

2,120

362

10,840

Financials

(13.0%):

Aflac,

Inc.

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

3,279

281

American

Express

Co.

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

3,562

811

American

International

Group,

Inc.

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

4,372

342

Ameriprise

Financial,

Inc.

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

624

274

Aon

PLC,

Class

A

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

1,247

416

Arch

Capital

Group

Ltd.(a)

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

2,311

214

Arthur

J.

Gallagher

&

Co.

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

1,350

338

Assurant,

Inc.

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

323

61

Bank

of

America

Corp.

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

42,881

1,626

Berkshire

Hathaway,

Inc.,

Class

B(a)

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

11,332

4,765

BlackRock,

Inc.

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

871

726

Blackstone,

Inc.

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

4,480

589

Brown

&

Brown,

Inc.

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

1,471

129

Capital

One

Financial

Corp.

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

2,369

353

Cboe

Global

Markets,

Inc.

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

657

121

Chubb

Ltd.

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

2,524

654

Cincinnati

Financial

Corp.

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

978

121

Citigroup,

Inc.

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

11,853

750

Citizens

Financial

Group,

Inc.

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

2,904

105

CME

Group,

Inc.

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

2,242

483

Victory

Portfolios

Victory

S&P

500

Index

Fund

19

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Comerica,

Inc.

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

821

$

45

Discover

Financial

Services

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

1,557

204

Everest

Group

Ltd.

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

270

107

FactSet

Research

Systems,

Inc.

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

237

108

Fidelity

National

Information

Services,

Inc.

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

3,690

274

Fifth

Third

Bancorp

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

4,242

158

Fiserv,

Inc.(a)

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

3,738

597

Franklin

Resources,

Inc.

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

1,869

53

Global

Payments,

Inc.

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

1,622

217

Globe

Life,

Inc.

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

533

62

Huntington

Bancshares,

Inc.

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

9,021

126

Intercontinental

Exchange,

Inc.

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

3,566

490

Invesco

Ltd.

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

2,800

46

Jack

Henry

&

Associates,

Inc.

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

454

79

JPMorgan

Chase

&

Co.

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

18,006

3,607

KeyCorp

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

5,833

92

Loews

Corp.

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

1,135

89

M&T

Bank

Corp.

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

1,035

150

MarketAxess

Holdings,

Inc.

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

236

52

Marsh

&

McLennan

Cos.,

Inc.

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

3,064

631

Mastercard,

Inc.,

Class

A

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

5,139

2,475

MetLife,

Inc.

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

3,823

283

Moody's

Corp.

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

980

385

Morgan

Stanley

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

7,803

735

MSCI,

Inc.

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

493

276

Nasdaq,

Inc.

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

2,388

151

Northern

Trust

Corp.

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

1,278

114

PayPal

Holdings,

Inc.(a)

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

6,675

447

Principal

Financial

Group,

Inc.

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

1,366

118

Prudential

Financial,

Inc.

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

2,248

264

Raymond

James

Financial,

Inc.

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

1,172

150

Regions

Financial

Corp.

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

5,755

121

S&P

Global,

Inc.

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

2,001

851

State

Street

Corp.

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

1,881

145

Synchrony

Financial

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

2,534

109

T.

Rowe

Price

Group,

Inc.

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

1,395

170

The

Allstate

Corp.

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

1,635

283

The

Bank

of

New

York

Mellon

Corp.

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

4,729

272

The

Charles

Schwab

Corp.

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

9,269

670

The

Goldman

Sachs

Group,

Inc.

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

2,031

848

The

Hartford

Financial

Services

Group,

Inc.

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

1,859

192

The

PNC

Financial

Services

Group,

Inc.

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

2,479

401

The

Progressive

Corp.

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

3,645

754

The

Travelers

Cos.,

Inc.

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

1,421

327

Truist

Financial

Corp.

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

8,307

324

U.S.

Bancorp

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

9,697

433

Visa,

Inc.,

Class

A

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

9,851

2,749

W.R.

Berkley

Corp.

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

1,262

112

Wells

Fargo

&

Co.

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

22,415

1,299

Willis

Towers

Watson

PLC

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

639

176

35,980

Health

Care

(12.3%):

Abbott

Laboratories

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

10,813

1,229

AbbVie,

Inc.

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

10,996

2,002

Agilent

Technologies,

Inc.

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

1,825

266

Align

Technology,

Inc.(a)

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

444

146

Amgen,

Inc.

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

3,332

947

Baxter

International,

Inc.

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

3,163

135

Becton

Dickinson

&

Co.

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

1,799

445

Biogen,

Inc.(a)

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

902

194

Bio-Rad

Laboratories,

Inc.,

Class

A(a)

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

130

45

Bio-Techne

Corp.

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

979

69

Victory

Portfolios

Victory

S&P

500

Index

Fund

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Boston

Scientific

Corp.(a)

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

9,124

$

625

Bristol-Myers

Squibb

Co.

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

12,673

687

Cardinal

Health,

Inc.

....................................................

1,515

170

Catalent,

Inc.(a)

........................................................

1,126

64

Cencora,

Inc.

..........................................................

1,031

250

Centene

Corp.(a)

.......................................................

3,329

261

Charles

River

Laboratories

International,

Inc.(a)

.................................

319

86

CVS

Health

Corp.

......................................................

7,838

625

Danaher

Corp.

.........................................................

4,096

1,023

DaVita,

Inc.(a)

.........................................................

335

46

DENTSPLY

SIRONA,

Inc.

................................................

1,320

44

Dexcom,

Inc.(a)

........................................................

2,401

333

Edwards

Lifesciences

Corp.(a)

.............................................

3,777

361

Elevance

Health,

Inc.

....................................................

1,463

759

Eli

Lilly

&

Co.

.........................................................

4,967

3,864

GE

HealthCare

Technologies,

Inc.

...........................................

2,524

229

Gilead

Sciences,

Inc.

....................................................

7,760

568

HCA

Healthcare,

Inc.

....................................................

1,234

412

Henry

Schein,

Inc.(a)

....................................................

809

61

Hologic,

Inc.(a)

........................................................

1,462

114

Humana,

Inc.

..........................................................

761

264

IDEXX

Laboratories,

Inc.(a)

...............................................

517

279

Illumina,

Inc.(a)

........................................................

989

136

Incyte

Corp.(a)

.........................................................

1,159

66

Insulet

Corp.(a)

........................................................

435

75

Intuitive

Surgical,

Inc.(a)

.................................................

2,194

876

IQVIA

Holdings,

Inc.(a)

..................................................

1,137

288

Johnson

&

Johnson

.....................................................

14,993

2,372

Laboratory

Corp.

of

America

Holdings

........................................

529

116

McKesson

Corp.

.......................................................

818

439

Medtronic

PLC

........................................................

8,281

722

Merck

&

Co.,

Inc.

......................................................

15,783

2,083

Mettler-Toledo

International,

Inc.(a)

.........................................

134

178

Moderna,

Inc.(a)

.......................................................

2,066

220

Molina

Healthcare,

Inc.(a)

................................................

361

148

Pfizer,

Inc.

............................................................

35,167

976

Quest

Diagnostics,

Inc.

...................................................

691

92

Regeneron

Pharmaceuticals,

Inc.(a)

..........................................

658

633

ResMed,

Inc.

..........................................................

916

181

Revvity,

Inc.

..........................................................

769

81

STERIS

PLC

..........................................................

615

138

Stryker

Corp.

..........................................................

2,106

754

Teleflex,

Inc.

..........................................................

293

66

The

Cigna

Group

.......................................................

1,822

662

The

Cooper

Cos.,

Inc.

....................................................

1,238

126

Thermo

Fisher

Scientific,

Inc.

..............................................

2,406

1,398

UnitedHealth

Group,

Inc.

.................................................

5,761

2,850

Universal

Health

Services,

Inc.,

Class

B

.......................................

380

69

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

1,605

671

Viatris,

Inc.

...........................................................

7,472

89

Waters

Corp.(a)

........................................................

368

127

West

Pharmaceutical

Services,

Inc.

..........................................

461

182

Zimmer

Biomet

Holdings,

Inc.

.............................................

1,302

172

Zoetis,

Inc.

...........................................................

2,859

484

34,073

Industrials

(8.7%):

3M

Co.

..............................................................

3,442

365

A.O.

Smith

Corp.

.......................................................

765

68

Allegion

PLC

.........................................................

547

74

American

Airlines

Group,

Inc.(a)

............................................

4,075

63

AMETEK,

Inc.

........................................................

1,437

263

Automatic

Data

Processing,

Inc.

............................................

2,559

639

Victory

Portfolios

Victory

S&P

500

Index

Fund

21

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Axon

Enterprise,

Inc.(a)

..................................................

439

$

137

Broadridge

Financial

Solutions,

Inc.

.........................................

734

150

Builders

FirstSource,

Inc.(a)

...............................................

768

160

C.H.

Robinson

Worldwide,

Inc.

.............................................

727

55

Carrier

Global

Corp.

.....................................................

5,204

303

Caterpillar,

Inc.

........................................................

3,171

1,162

Cintas

Corp.

..........................................................

537

369

Copart,

Inc.(a)

.........................................................

5,442

315

CSX

Corp.

............................................................

12,308

456

Cummins,

Inc.

.........................................................

883

260

Dayforce,

Inc.(a)

.......................................................

972

64

Deere

&

Co.

..........................................................

1,622

666

Delta

Air

Lines,

Inc.

.....................................................

3,988

191

Dover

Corp.

...........................................................

871

154

Eaton

Corp.

PLC

.......................................................

2,487

778

Emerson

Electric

Co.

....................................................

3,561

404

Equifax,

Inc.

..........................................................

768

205

Expeditors

International

of

Washington,

Inc.

....................................

906

110

Fastenal

Co.

...........................................................

3,564

275

FedEx

Corp.

..........................................................

1,432

415

Fortive

Corp.

..........................................................

2,184

188

Generac

Holdings,

Inc.(a)

.................................................

383

48

General

Dynamics

Corp.

..................................................

1,414

399

General

Electric

Co.

.....................................................

6,778

1,190

Honeywell

International,

Inc.

..............................................

4,106

843

Howmet

Aerospace,

Inc.

..................................................

2,436

167

Hubbell,

Inc.

..........................................................

334

139

Huntington

Ingalls

Industries,

Inc.

...........................................

247

72

IDEX

Corp.

...........................................................

471

115

Illinois

Tool

Works,

Inc.

..................................................

1,694

455

Ingersoll

Rand,

Inc.

.....................................................

2,521

239

J.B.

Hunt

Transport

Services,

Inc.

...........................................

508

101

Jacobs

Solutions,

Inc.

....................................................

783

120

Johnson

Controls

International

PLC

..........................................

4,245

277

L3Harris

Technologies,

Inc.

...............................................

1,181

252

Leidos

Holdings,

Inc.

....................................................

856

112

Lockheed

Martin

Corp.

...................................................

1,339

609

Masco

Corp.

..........................................................

1,369

108

Nordson

Corp.

.........................................................

338

93

Norfolk

Southern

Corp.

..................................................

1,407

359

Northrop

Grumman

Corp.

.................................................

878

420

Old

Dominion

Freight

Line,

Inc.

............................................

1,114

244

Otis

Worldwide

Corp.

....................................................

2,525

251

PACCAR,

Inc.

.........................................................

3,258

404

Parker-Hannifin

Corp.

...................................................

800

445

Paychex,

Inc.

..........................................................

1,995

245

Paycom

Software,

Inc.

...................................................

299

60

Pentair

PLC

...........................................................

1,030

88

Quanta

Services,

Inc.

....................................................

905

235

Republic

Services,

Inc.

...................................................

1,274

244

Robert

Half,

Inc.

.......................................................

649

51

Rockwell

Automation,

Inc.

................................................

714

208

Rollins,

Inc.

...........................................................

1,749

81

RTX

Corp.

............................................................

8,264

806

Snap-on,

Inc.

..........................................................

329

97

Southwest

Airlines

Co.

...................................................

3,716

109

Stanley

Black

&

Decker,

Inc.

..............................................

955

94

Textron,

Inc.

..........................................................

1,221

117

The

Boeing

Co.(a)

......................................................

3,572

689

Trane

Technologies

PLC

..................................................

1,417

425

TransDigm

Group,

Inc.

...................................................

346

426

Uber

Technologies,

Inc.(a)

................................................

12,817

987

Union

Pacific

Corp.

.....................................................

3,798

934

Victory

Portfolios

Victory

S&P

500

Index

Fund

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

United

Airlines

Holdings,

Inc.(a)

............................................

2,043

$

98

United

Parcel

Service,

Inc.,

Class

B

..........................................

4,505

670

United

Rentals,

Inc.

.....................................................

418

301

Veralto

Corp.

..........................................................

1,366

121

Verisk

Analytics,

Inc.

....................................................

903

213

W.W.

Grainger,

Inc.

.....................................................

275

280

Waste

Management,

Inc.

..................................................

2,283

487

Westinghouse

Air

Brake

Technologies

Corp.

....................................

1,116

163

Xylem,

Inc.

...........................................................

1,501

194

24,174

IT

Services

(1.2%):

Accenture

PLC,

Class

A

..................................................

3,905

1,354

Akamai

Technologies,

Inc.(a)

..............................................

939

102

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

3,102

228

EPAM

Systems,

Inc.(a)

...................................................

359

99

Gartner,

Inc.(a)

........................................................

485

231

International

Business

Machines

Corp.

........................................

5,699

1,088

VeriSign,

Inc.(a)

........................................................

549

104

3,206

Materials

(2.3%):

Air

Products

and

Chemicals,

Inc.

............................................

1,385

336

Albemarle

Corp.

.......................................................

731

96

Amcor

PLC

...........................................................

9,002

86

Avery

Dennison

Corp.

...................................................

502

112

Ball

Corp.

............................................................

1,964

132

Celanese

Corp.

.........................................................

624

107

CF

Industries

Holdings,

Inc.

...............................................

1,190

99

Corteva,

Inc.

..........................................................

4,371

252

Dow,

Inc.

............................................................

4,374

253

DuPont

de

Nemours,

Inc.

.................................................

2,679

206

Eastman

Chemical

Co.

...................................................

731

73

Ecolab,

Inc.

...........................................................

1,581

365

FMC

Corp.

...........................................................

777

50

Freeport-McMoRan,

Inc.

.................................................

8,931

420

International

Flavors

&

Fragrances,

Inc.

.......................................

1,590

137

International

Paper

Co.

...................................................

2,155

84

Linde

PLC

............................................................

3,020

1,402

LyondellBasell

Industries

NV,

Class

A

........................................

1,594

163

Martin

Marietta

Materials,

Inc.

.............................................

385

236

Newmont

Corp.

........................................................

7,178

257

Nucor

Corp.

...........................................................

1,531

303

Packaging

Corp.

of

America

...............................................

554

105

PPG

Industries,

Inc.

.....................................................

1,469

213

Steel

Dynamics,

Inc.

.....................................................

947

140

The

Mosaic

Co.

........................................................

2,036

66

The

Sherwin-Williams

Co.

................................................

1,467

510

Vulcan

Materials

Co.

....................................................

828

226

Westrock

Co.

..........................................................

1,600

79

6,508

Real

Estate

(2.3%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

981

126

American

Tower

Corp.

...................................................

2,903

574

AvalonBay

Communities,

Inc.

..............................................

883

164

Boston

Properties,

Inc.

...................................................

899

59

Camden

Property

Trust

...................................................

665

65

CBRE

Group,

Inc.,

Class

A(a)

..............................................

1,852

180

CoStar

Group,

Inc.(a)

....................................................

2,543

246

Crown

Castle,

Inc.

......................................................

2,701

286

Digital

Realty

Trust,

Inc.

..................................................

1,886

272

Equinix,

Inc.

..........................................................

585

483

Equity

Residential

......................................................

2,150

136

Victory

Portfolios

Victory

S&P

500

Index

Fund

23

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Essex

Property

Trust,

Inc.

.................................................

400

$

98

Extra

Space

Storage,

Inc.

.................................................

1,316

193

Federal

Realty

Investment

Trust

............................................

458

47

Healthpeak

Properties,

Inc.

................................................

4,409

83

Host

Hotels

&

Resorts,

Inc.

................................................

4,394

91

Invitation

Homes,

Inc.

...................................................

3,583

127

Iron

Mountain,

Inc.

.....................................................

1,819

146

Kimco

Realty

Corp.

.....................................................

4,149

81

Mid-America

Apartment

Communities,

Inc.

....................................

727

96

Prologis,

Inc.

..........................................................

5,755

749

Public

Storage

.........................................................

986

286

Realty

Income

Corp.

....................................................

5,180

280

Regency

Centers

Corp.

...................................................

1,023

62

SBA

Communications

Corp.

...............................................

672

146

Simon

Property

Group,

Inc.

...............................................

2,030

318

UDR,

Inc.

............................................................

1,885

70

Ventas,

Inc.

...........................................................

2,506

109

VICI

Properties,

Inc.

....................................................

6,443

192

Welltower,

Inc.

.........................................................

3,447

322

Weyerhaeuser

Co.

......................................................

4,545

163

6,250

Semiconductors

&

Semiconductor

Equipment

(10.2%):

Advanced

Micro

Devices,

Inc.(a)

............................................

10,064

1,816

Analog

Devices,

Inc.

....................................................

3,088

611

Applied

Materials,

Inc.

...................................................

5,182

1,069

Broadcom,

Inc.

........................................................

2,741

3,633

Enphase

Energy,

Inc.(a)

..................................................

846

102

First

Solar,

Inc.(a)

......................................................

665

112

Intel

Corp.

............................................................

26,333

1,163

KLA

Corp.

...........................................................

842

588

Lam

Research

Corp.

.....................................................

817

794

Microchip

Technology,

Inc.

................................................

3,366

302

Micron

Technology,

Inc.

..................................................

6,875

810

Monolithic

Power

Systems,

Inc.

............................................

299

203

NVIDIA

Corp.

.........................................................

15,384

13,900

NXP

Semiconductors

NV

.................................................

1,605

398

ON

Semiconductor

Corp.(a)

...............................................

2,662

196

Qorvo,

Inc.(a)

.........................................................

601

69

QUALCOMM,

Inc.

.....................................................

6,951

1,177

Skyworks

Solutions,

Inc.

.................................................

998

108

Teradyne,

Inc.

.........................................................

952

107

Texas

Instruments,

Inc.

...................................................

5,663

987

28,145

Software

(10.7%):

Adobe,

Inc.(a)

.........................................................

2,815

1,420

ANSYS,

Inc.(a)

........................................................

541

188

Autodesk,

Inc.(a)

.......................................................

1,332

347

Cadence

Design

Systems,

Inc.(a)

............................................

1,694

527

Corpay,

Inc.(a)

.........................................................

450

139

Fair

Isaac

Corp.(a)

......................................................

155

194

Fortinet,

Inc.(a)

........................................................

3,970

271

Gen

Digital,

Inc.

.......................................................

3,491

78

Intuit,

Inc.

............................................................

1,744

1,134

Microsoft

Corp.

........................................................

46,279

19,470

Oracle

Corp.

..........................................................

9,930

1,247

Palo

Alto

Networks,

Inc.(a)

................................................

1,964

558

PTC,

Inc.(a)

...........................................................

745

141

Roper

Technologies,

Inc.

..................................................

665

373

Salesforce,

Inc.(a)

......................................................

6,029

1,816

ServiceNow,

Inc.(a)

.....................................................

1,277

974

Synopsys,

Inc.(a)

.......................................................

950

543

Victory

Portfolios

Victory

S&P

500

Index

Fund

24

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Tyler

Technologies,

Inc.(a)

................................................

262

$

111

29,531

Technology

Hardware,

Storage

&

Peripherals

(5.9%):

Apple,

Inc.

...........................................................

90,406

15,503

Hewlett

Packard

Enterprise

Co.

.............................................

8,097

143

HP,

Inc.

..............................................................

5,431

164

NetApp,

Inc.

..........................................................

1,283

135

Seagate

Technology

Holdings

PLC

..........................................

1,214

113

Super

Micro

Computer,

Inc.(a)

.............................................

302

305

Western

Digital

Corp.(a)

..................................................

2,019

138

16,501

Utilities

(2.2%):

Alliant

Energy

Corp.

....................................................

1,589

80

Ameren

Corp.

.........................................................

1,638

121

American

Electric

Power

Co.,

Inc.

...........................................

3,275

282

American

Water

Works

Co.,

Inc.

............................................

1,213

148

Atmos

Energy

Corp.

.....................................................

939

112

CenterPoint

Energy,

Inc.

..................................................

3,931

112

CMS

Energy

Corp.

......................................................

1,834

111

Consolidated

Edison,

Inc.

.................................................

2,150

195

Constellation

Energy

Corp.

................................................

1,989

368

Dominion

Energy,

Inc.

...................................................

5,212

256

DTE

Energy

Co.

.......................................................

1,286

144

Duke

Energy

Corp.

......................................................

4,802

465

Edison

International

.....................................................

2,389

169

Entergy

Corp.

.........................................................

1,317

139

Evergy,

Inc.

...........................................................

1,431

76

Eversource

Energy

......................................................

2,176

130

Exelon

Corp.

..........................................................

6,200

233

FirstEnergy

Corp.

.......................................................

3,216

124

NextEra

Energy,

Inc.

....................................................

12,779

817

NiSource,

Inc.

.........................................................

2,575

71

NRG

Energy,

Inc.

.......................................................

1,406

95

PG&E

Corp.

..........................................................

13,288

223

Pinnacle

West

Capital

Corp.

...............................................

706

53

PPL

Corp.

............................................................

4,591

126

Public

Service

Enterprise

Group,

Inc.

.........................................

3,104

207

Sempra

..............................................................

3,920

282

The

AES

Corp.

........................................................

4,171

75

The

Southern

Co.

.......................................................

6,793

487

WEC

Energy

Group,

Inc.

.................................................

1,965

161

Xcel

Energy,

Inc.

.......................................................

3,437

185

6,047

Total

Common

Stocks

(Cost

$45,501)

a

a

a

274,517

Total

Investments

(Cost

$45,501)

—

99.1%

274,517

Other

assets

in

excess

of

liabilities

—

0.9%

2,590

NET

ASSETS

-

100.00%

$

277,107

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Victory

Portfolios

Victory

S&P

500

Index

Fund

25

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

8

6/21/24

$

2,087,104

$

2,123,400

$

36,296

Total

unrealized

appreciation

$

36,296

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

36,296

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Munder

Mid-Cap

Core

Growth

Fund

26

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(97.6%)

Communication

Services

(4.1%):

Live

Nation

Entertainment,

Inc.

(a)

...........................................

69,844

$

7,387

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

75,400

6,592

13,979

Consumer

Discretionary

(9.8%):

Caesars

Entertainment,

Inc.

(a)

..............................................

39,400

1,723

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

1,900

5,523

D.R.

Horton,

Inc.

.......................................................

32,100

5,282

Lithia

Motors,

Inc.

......................................................

8,100

2,437

NVR,

Inc.

(a)

..........................................................

700

5,670

Pool

Corp.

............................................................

12,600

5,084

Ross

Stores,

Inc.

.......................................................

31,100

4,564

YETI

Holdings,

Inc.

(a)

...................................................

85,200

3,285

33,568

Consumer

Staples

(5.2%):

Casey's

General

Stores,

Inc.

...............................................

17,800

5,668

Church

&

Dwight

Co.,

Inc.

................................................

36,500

3,807

Freshpet,

Inc.

(a)

........................................................

50,600

5,863

Performance

Food

Group

Co.

(a)

............................................

36,100

2,695

18,033

Energy

(3.8%):

Cheniere

Energy,

Inc.

....................................................

21,000

3,387

Diamondback

Energy,

Inc.

................................................

35,300

6,995

Matador

Resources

Co.

...................................................

43,500

2,905

13,287

Financials

(15.0%):

Ameriprise

Financial,

Inc.

.................................................

8,400

3,683

Arch

Capital

Group

Ltd.

(a)

................................................

43,500

4,021

Brown

&

Brown,

Inc.

....................................................

86,300

7,555

Evercore,

Inc.

.........................................................

33,000

6,356

FactSet

Research

Systems,

Inc.

.............................................

11,100

5,044

Global

Payments,

Inc.

....................................................

35,600

4,758

Kinsale

Capital

Group,

Inc.

................................................

10,100

5,300

MSCI,

Inc.

...........................................................

7,400

4,147

Shift4

Payments,

Inc.

,

Class

A

(a)

............................................

43,700

2,887

The

Bancorp,

Inc.

(a)

.....................................................

77,700

2,600

W.R.

Berkley

Corp.

.....................................................

59,000

5,218

51,569

Health

Care

(12.0%):

Cencora,

Inc.

..........................................................

10,400

2,527

Dexcom,

Inc.

(a)

........................................................

46,800

6,491

Halozyme

Therapeutics,

Inc.

(a)

.............................................

32,500

1,322

Intra-Cellular

Therapies,

Inc.

(a)

.............................................

39,100

2,706

IQVIA

Holdings,

Inc.

(a)

..................................................

17,400

4,400

Medpace

Holdings,

Inc.

(a)

................................................

14,900

6,022

Neurocrine

Biosciences,

Inc.

(a)

.............................................

24,300

3,352

ResMed,

Inc.

..........................................................

18,100

3,584

West

Pharmaceutical

Services,

Inc.

..........................................

14,000

5,540

Zoetis,

Inc.

...........................................................

31,030

5,251

41,195

Industrials

(19.0%):

Advanced

Drainage

Systems,

Inc.

...........................................

28,100

4,840

AMETEK,

Inc.

........................................................

33,600

6,145

Chart

Industries,

Inc.

(a)

..................................................

11,500

1,894

Copa

Holdings

SA

,

Class

A

................................................

33,000

3,437

HEICO

Corp.

..........................................................

13,100

2,502

IDEX

Corp.

...........................................................

13,600

3,319

Victory

Portfolios

Victory

Munder

Mid-Cap

Core

Growth

Fund

27

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Old

Dominion

Freight

Line,

Inc.

............................................

22,300

$

4,891

Paylocity

Holding

Corp.

(a)

................................................

14,700

2,526

Saia,

Inc.

(a)

...........................................................

9,500

5,557

The

Middleby

Corp.

(a)

...................................................

21,300

3,425

Trane

Technologies

PLC

..................................................

30,400

9,126

Trex

Co.,

Inc.

(a)

........................................................

81,100

8,090

Verisk

Analytics,

Inc.

....................................................

23,300

5,493

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......................................

87,400

4,064

65,309

Information

Technology

(14.7%):

Amphenol

Corp.

,

Class

A

.................................................

55,520

6,404

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......................................

13,800

4,424

CyberArk

Software

Ltd.

(a)

................................................

18,500

4,914

HubSpot,

Inc.

(a)

.......................................................

9,100

5,702

Keysight

Technologies,

Inc.

(a)

.............................................

28,900

4,519

Lam

Research

Corp.

.....................................................

4,500

4,372

Monolithic

Power

Systems,

Inc.

............................................

7,000

4,742

Synopsys,

Inc.

(a)

.......................................................

8,800

5,029

Teledyne

Technologies,

Inc.

(a)

.............................................

3,600

1,546

Tyler

Technologies,

Inc.

(a)

................................................

11,800

5,015

Zscaler,

Inc.

(a)

.........................................................

20,700

3,988

50,655

Materials

(5.2%):

Avery

Dennison

Corp.

...................................................

26,500

5,916

Freeport-McMoRan,

Inc.

.................................................

62,500

2,939

Louisiana-Pacific

Corp.

..................................................

63,700

5,345

Summit

Materials,

Inc.

,

Class

A

(a)

..........................................

81,300

3,623

17,823

Real

Estate

(5.8%):

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

53,600

5,212

CoStar

Group,

Inc.

(a)

....................................................

49,500

4,782

SBA

Communications

Corp.

...............................................

6,703

1,452

Sun

Communities,

Inc.

...................................................

28,116

3,615

VICI

Properties,

Inc.

....................................................

163,000

4,856

19,917

Utilities

(3.0%):

Atmos

Energy

Corp.

.....................................................

41,100

4,885

Sempra

..............................................................

75,078

5,393

10,278

Total

Common

Stocks

(Cost

$228,079)

a

a

a

335,613

Exchange-Traded

Funds

(2.5%)

SPDR

S&P

MidCap

400

ETF

Trust

..........................................

15,100

8,402

Total

Exchange-Traded

Funds

(Cost

$7,889)

a

a

a

8,402

Total

Investments

(Cost

$235,968)

—

100.1%

344,015

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

304

)

NET

ASSETS

-

100.00%

$

343,711

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

6.3%

of

net

assets.

(a)

Non-income

producing

security.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

28

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(98.2%)

Australia

(4.5%):

Consumer

Discretionary

(0.4%):

Aristocrat

Leisure

Ltd.

...................................................

28,467

$

797

Energy

(0.3%):

Woodside

Energy

Group

Ltd.

..............................................

36,119

720

Financials

(1.2%):

National

Australia

Bank

Ltd.

...............................................

76,761

1,737

QBE

Insurance

Group

Ltd.

................................................

68,176

806

2,543

Health

Care

(0.4%):

Cochlear

Ltd.

..........................................................

4,076

896

Industrials

(0.6%):

Brambles

Ltd.

.........................................................

70,706

744

Qantas

Airways

Ltd.

(a)

...................................................

182,997

649

1,393

Materials

(0.9%):

Northern

Star

Resources

Ltd.

..............................................

78,431

740

Rio

Tinto

Ltd.

.........................................................

13,748

1,091

1,831

Real

Estate

(0.7%):

Charter

Hall

Group

......................................................

71,424

640

Goodman

Group

.......................................................

43,826

965

1,605

9,785

Austria

(0.4%):

Industrials

(0.4%):

ANDRITZ

AG

.........................................................

15,691

978

Belgium

(0.1%):

Materials

(0.1%):

Titan

Cement

International

SA

.............................................

11,751

336

Brazil

(1.5%):

Energy

(0.4%):

PRIO

SA

.............................................................

82,700

804

Financials

(0.7%):

Banco

do

Brasil

SA

.....................................................

136,500

1,541

Materials

(0.1%):

Gerdau

SA

,

Preference

Shares

..............................................

54,620

242

Utilities

(0.3%):

Equatorial

Energia

SA

...................................................

96,800

628

3,215

Canada

(6.6%):

Consumer

Discretionary

(0.3%):

Linamar

Corp.

.........................................................

12,531

666

Energy

(1.1%):

ARC

Resources

Ltd.

.....................................................

33,946

605

Headwater

Exploration,

Inc.

...............................................

113,596

643

Parex

Resources,

Inc.

....................................................

29,468

471

Suncor

Energy,

Inc.

.....................................................

17,434

644

2,363

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Financials

(2.6%):

Fairfax

Financial

Holdings

Ltd.

.............................................

1,871

$

2,017

National

Bank

of

Canada

.................................................

16,341

1,376

Sun

Life

Financial,

Inc.

..................................................

18,775

1,025

The

Toronto-Dominion

Bank

...............................................

19,862

1,199

5,617

Industrials

(0.9%):

Element

Fleet

Management

Corp.

...........................................

80,105

1,295

Finning

International,

Inc.

.................................................

24,579

722

2,017

Materials

(1.7%):

Dundee

Precious

Metals,

Inc.

..............................................

113,015

859

Lundin

Mining

Corp.

....................................................

73,288

750

Stella-Jones,

Inc.

.......................................................

20,547

1,199

Teck

Resources

Ltd.

,

Class

B

..............................................

19,622

898

3,706

14,369

Chile

(0.3%):

Consumer

Staples

(0.3%):

Cencosud

SA

..........................................................

357,393

620

China

(5.6%):

Communication

Services

(1.4%):

Baidu,

Inc.

,

Class

SW

(a)

..................................................

39,450

519

Kuaishou

Technology

,

Class

W

(a)

(b)

.........................................

133,100

838

Tencent

Holdings

Ltd.

...................................................

43,800

1,706

3,063

Consumer

Discretionary

(1.5%):

Alibaba

Group

Holding

Ltd.

...............................................

114,096

1,032

BYD

Co.

Ltd.

.........................................................

26,500

678

New

Oriental

Education

&

Technology

Group,

Inc.

(a)

.............................

183,700

1,606

3,316

Consumer

Staples

(0.3%):

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

82,000

564

Financials

(1.5%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

1,485,000

627

Bank

of

China

Ltd.

,

Class

H

...............................................

2,071,275

849

China

Construction

Bank

Corp.

,

Class

H

......................................

1,210,000

730

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

808,000

1,067

3,273

Health

Care

(0.2%):

Sinopharm

Group

Co.

Ltd.

,

Class

H

..........................................

174,800

448

Industrials

(0.4%):

China

Railway

Group

Ltd.

,

Class

H

..........................................

1,604,000

794

Materials

(0.3%):

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

229,500

476

Ganfeng

Lithium

Group

Co.

Ltd.

,

Class

H

(b)

...................................

72,600

223

699

12,157

Denmark

(3.2%):

Consumer

Discretionary

(0.7%):

Pandora

A/S

..........................................................

8,684

1,402

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

30

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Health

Care

(2.5%):

Novo

Nordisk

A/S

,

Class

B

................................................

43,131

$

5,533

6,935

France

(6.6%):

Communication

Services

(0.8%):

Publicis

Groupe

SA

.....................................................

16,572

1,806

Consumer

Discretionary

(0.5%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

1,178

1,060

Energy

(0.4%):

Technip

Energies

NV

....................................................

31,450

796

Financials

(0.9%):

AXA

SA

.............................................................

22,342

839

BNP

Paribas

SA

........................................................

17,079

1,216

2,055

Health

Care

(0.7%):

EssilorLuxottica

SA

.....................................................

3,336

754

Ipsen

SA

.............................................................

5,639

671

1,425

Industrials

(1.4%):

Cie

de

Saint-Gobain

SA

..................................................

17,517

1,359

Eiffage

SA

............................................................

7,816

887

Rexel

SA

.............................................................

33,350

901

3,147

Information

Technology

(0.6%):

Capgemini

SE

.........................................................

5,667

1,304

Materials

(0.6%):

Arkema

SA

...........................................................

12,160

1,280

Real

Estate

(0.3%):

Klepierre

SA

(c)

........................................................

24,519

635

Utilities

(0.4%):

Engie

SA

.............................................................

49,373

827

14,335

Germany

(4.6%):

Communication

Services

(0.9%):

Deutsche

Telekom

AG

...................................................

80,730

1,959

Consumer

Discretionary

(0.3%):

HUGO

BOSS

AG

......................................................

11,502

678

Consumer

Staples

(0.6%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

14,879

1,196

Financials

(0.6%):

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

...............

2,870

1,401

Industrials

(1.8%):

Daimler

Truck

Holding

AG

................................................

21,294

1,079

Siemens

AG

,

Registered

Shares

.............................................

14,518

2,772

3,851

Information

Technology

(0.4%):

SAP

SE

..............................................................

4,718

918

10,003

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

31

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Greece

(0.3%):

Financials

(0.3%):

National

Bank

of

Greece

SA

(a)

.............................................

84,614

$

662

Hong

Kong

(0.7%):

Financials

(0.2%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

178,500

479

Real

Estate

(0.2%):

Sino

Land

Co.

Ltd.

......................................................

490,000

509

Utilities

(0.3%):

Kunlun

Energy

Co.

Ltd.

..................................................

702,000

586

1,574

India

(5.0%):

Consumer

Discretionary

(0.5%):

Tata

Motors

Ltd.

.......................................................

98,107

1,171

Consumer

Staples

(0.4%):

Varun

Beverages

Ltd.

....................................................

55,733

937

Energy

(0.7%):

Reliance

Industries

Ltd.

..................................................

42,763

1,529

Financials

(1.3%):

ICICI

Bank

Ltd.

........................................................

111,133

1,465

Power

Finance

Corp.

Ltd.

.................................................

302,056

1,418

2,883

Information

Technology

(0.7%):

HCL

Technologies

Ltd.

...................................................

41,444

771

Tata

Consultancy

Services

Ltd.

.............................................

15,608

728

1,499

Materials

(0.9%):

ACC

Ltd.

............................................................

20,237

606

Jindal

Stainless

Ltd.

.....................................................

149,205

1,246

1,852

Utilities

(0.5%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

320,261

1,063

10,934

Indonesia

(0.4%):

Communication

Services

(0.4%):

PT

Indosat

Tbk

........................................................

1,177,400

830

Ireland

(2.8%):

Consumer

Discretionary

(0.7%):

PDD

Holdings,

Inc.

,

ADR

(a)

...............................................

13,498

1,569

Financials

(0.4%):

Bank

of

Ireland

Group

PLC

...............................................

72,400

739

Health

Care

(0.6%):

ICON

PLC

(a)

.........................................................

3,828

1,286

Industrials

(0.7%):

AerCap

Holdings

NV

(a)

..................................................

17,784

1,546

Materials

(0.4%):

James

Hardie

Industries

PLC

(a)

............................................

22,700

912

6,052

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

32

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Israel

(0.4%):

Information

Technology

(0.4%):

Nice

Ltd.

(a)

...........................................................

3,500

$

912

Italy

(1.4%):

Health

Care

(0.4%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

14,504

801

Industrials

(0.4%):

Leonardo

SpA

.........................................................

38,589

969

Utilities

(0.6%):

Enel

SpA

.............................................................

118,471

782

Iren

SpA

.............................................................

213,140

436

1,218

2,988

Japan

(15.1%):

Communication

Services

(0.5%):

Nippon

Telegraph

&

Telephone

Corp.

........................................

938,000

1,117

Consumer

Discretionary

(2.4%):

Honda

Motor

Co.

Ltd.

...................................................

101,700

1,259

Isuzu

Motors

Ltd.

.......................................................

87,700

1,186

Panasonic

Holdings

Corp.

.................................................

61,600

588

Suzuki

Motor

Corp.

.....................................................

95,200

1,087

Toyota

Motor

Corp.

.....................................................

46,100

1,165

5,285

Consumer

Staples

(0.8%):

Asahi

Group

Holdings

Ltd.

................................................

23,100

848

Toyo

Suisan

Kaisha

Ltd.

..................................................

14,800

905

1,753

Financials

(2.4%):

Mizuho

Financial

Group,

Inc.

..............................................

64,810

1,282

ORIX

Corp.

...........................................................

40,000

875

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

34,325

2,007

Tokio

Marine

Holdings,

Inc.

...............................................

32,800

1,028

5,192

Health

Care

(0.9%):

Otsuka

Holdings

Co.

Ltd.

.................................................

22,300

927

Shionogi

&

Co.

Ltd.

.....................................................

18,100

925

1,852

Industrials

(3.8%):

Central

Japan

Railway

Co.

................................................

30,900

768

Fuji

Electric

Co.

Ltd.

....................................................

18,600

1,248

ITOCHU

Corp.

........................................................

44,700

1,921

Komatsu

Ltd.

..........................................................

42,200

1,249

Mitsubishi

Heavy

Industries

Ltd.

............................................

154,000

1,396

Mitsui

&

Co.

Ltd.

.......................................................

37,800

1,767

8,349

Information

Technology

(2.6%):

Advantest

Corp.

........................................................

21,800

968

Canon,

Inc.

...........................................................

24,800

739

Disco

Corp.

...........................................................

4,100

1,499

NEC

Corp.

...........................................................

19,500

1,424

TDK

Corp.

...........................................................

22,400

1,100

5,730

Materials

(1.3%):

Nippon

Steel

Corp.

......................................................

41,400

996

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

33

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

22,100

$

970

Tosoh

Corp.

...........................................................

58,700

798

2,764

Real

Estate

(0.4%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

26,500

789

32,831

Luxembourg

(0.4%):

Energy

(0.4%):

Tenaris

SA

............................................................

40,641

803

Malaysia

(0.4%):

Industrials

(0.4%):

Gamuda

Bhd

..........................................................

698,800

779

Mexico

(1.3%):

Consumer

Staples

(0.4%):

Arca

Continental

SAB

de

CV

..............................................

76,685

838

Energy

(0.5%):

Vista

Energy

SAB

de

CV

,

ADR

(a)

(c)

.........................................

24,860

1,029

Financials

(0.4%):

Gentera

SAB

de

CV

.....................................................

514,841

884

2,751

Netherlands

(4.9%):

Communication

Services

(0.3%):

Koninklijke

KPN

NV

....................................................

177,353

663

Consumer

Discretionary

(1.8%):

Prosus

NV

............................................................

32,472

1,016

Stellantis

NV

..........................................................

103,269

2,934

3,950

Consumer

Staples

(0.6%):

Koninklijke

Ahold

Delhaize

NV

............................................

44,202

1,322

Financials

(1.3%):

Euronext

NV

(b)

........................................................

10,249

975

ING

Groep

NV

........................................................

62,478

1,028

NN

Group

NV

.........................................................

15,978

738

2,741

Information

Technology

(0.9%):

ASML

Holding

NV

.....................................................

2,037

1,975

10,651

Norway

(0.8%):

Consumer

Staples

(0.5%):

Mowi

ASA

...........................................................

59,717

1,098

Energy

(0.3%):

Equinor

ASA

..........................................................

23,534

631

1,729

Portugal

(0.4%):

Energy

(0.4%):

Galp

Energia

SGPS

SA

...................................................

52,762

872

Qatar

(0.3%):

Communication

Services

(0.3%):

Ooredoo

QPSC

........................................................

210,673

614

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

34

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Russian

Federation

(0.0%):(d)

Energy

(0.0%):(d)

LUKOIL

PJSC

,

ADR

(a)

(e)

(f)

..............................................

8,489

$

1

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(a)

(e)

(f)

...........................................

220,230

—

1

Saudi

Arabia

(0.4%):

Financials

(0.4%):

Saudi

Awwal

Bank

......................................................

89,199

987

Singapore

(1.2%):

Consumer

Discretionary

(0.3%):

Genting

Singapore

Ltd.

...................................................

1,058,700

694

Financials

(0.4%):

DBS

Group

Holdings

Ltd.

.................................................

35,800

956

Utilities

(0.5%):

Sembcorp

Industries

Ltd.

.................................................

270,300

1,081

2,731

South

Africa

(0.7%):

Energy

(0.1%):

Exxaro

Resources

Ltd.

...................................................

39,448

353

Financials

(0.3%):

Investec

PLC

..........................................................

97,641

654

Health

Care

(0.3%):

Aspen

Pharmacare

Holdings

Ltd.

............................................

54,453

631

1,638

South

Korea

(3.8%):

Consumer

Discretionary

(0.7%):

Hankook

Tire

&

Technology

Co.

Ltd.

........................................

15,763

633

Kia

Corp.

............................................................

9,994

831

1,464

Financials

(0.8%):

DB

Insurance

Co.

Ltd.

...................................................

12,684

907

Hana

Financial

Group,

Inc.

................................................

19,789

867

1,774

Industrials

(0.6%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

4,251

656

Samsung

Engineering

Co.

Ltd.

(a)

...........................................

35,017

656

1,312

Information

Technology

(1.7%):

Samsung

Electronics

Co.

Ltd.

..............................................

44,053

2,648

SK

Hynix,

Inc.

.........................................................

8,300

1,099

3,747

8,297

Spain

(2.7%):

Consumer

Discretionary

(0.9%):

Industria

de

Diseno

Textil

SA

..............................................

36,221

1,824

Energy

(0.3%):

Repsol

SA

............................................................

43,658

729

Financials

(1.1%):

Banco

Santander

SA

.....................................................

355,974

1,738

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

35

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Bankinter

SA

..........................................................

92,093

$

675

2,413

Utilities

(0.4%):

Iberdrola

SA

..........................................................

74,842

929

5,895

Sweden

(1.3%):

Consumer

Discretionary

(0.5%):

Evolution

AB

(b)

.......................................................

8,258

1,026

Financials

(0.3%):

Swedbank

AB

,

A

Shares

(c)

................................................

39,377

782

Industrials

(0.5%):

Volvo

AB

,

Class

B

......................................................

40,173

1,089

2,897

Switzerland

(6.0%):

Consumer

Staples

(1.1%):

Coca-Cola

HBC

AG

.....................................................

31,919

1,008

Nestle

SA

,

Registered

Shares

..............................................

13,210

1,404

2,412

Financials

(0.7%):

Swiss

Life

Holding

AG

...................................................

1,124

788

Zurich

Insurance

Group

AG

...............................................

1,502

812

1,600

Health

Care

(1.9%):

Novartis

AG

,

Registered

Shares

.............................................

34,173

3,311

Sandoz

Group

AG

(a)

....................................................

26,903

812

4,123

Industrials

(0.5%):

ABB

Ltd.

,

Registered

Shares

...............................................

21,230

985

Information

Technology

(0.6%):

Logitech

International

SA

,

Class

R

..........................................

7,494

672

STMicroelectronics

NV

..................................................

15,138

651

1,323

Materials

(1.2%):

Glencore

PLC

.........................................................

121,576

667

Holcim

AG

...........................................................

22,396

2,029

2,696

13,139

Taiwan

(4.1%):

Financials

(0.3%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

630,000

638

Health

Care

(0.3%):

Lotus

Pharmaceutical

Co.

Ltd.

.............................................

73,000

698

Information

Technology

(3.5%):

Elite

Material

Co.

Ltd.

...................................................

49,000

618

MediaTek,

Inc.

.........................................................

21,000

761

Quanta

Computer,

Inc.

...................................................

99,000

867

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

190,000

4,552

Wiwynn

Corp.

.........................................................

11,000

753

7,551

8,887

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

36

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Thailand

(0.4%):

Health

Care

(0.4%):

Bumrungrad

Hospital

PCL

................................................

136,300

$

834

United

Arab

Emirates

(0.6%):

Real

Estate

(0.6%):

Emaar

Development

PJSC

................................................

591,519

1,321

United

Kingdom

(9.0%):

Communication

Services

(0.4%):

Informa

PLC

..........................................................

86,999

913

Consumer

Staples

(2.1%):

Associated

British

Foods

PLC

..............................................

35,802

1,129

Coca-Cola

Europacific

Partners

PLC

.........................................

13,865

970

Marks

&

Spencer

Group

PLC

..............................................

393,074

1,316

Tesco

PLC

............................................................

310,666

1,164

4,579

Energy

(0.7%):

BP

PLC

..............................................................

180,201

1,130

Harbour

Energy

PLC

....................................................

128,585

448

1,578

Financials

(2.1%):

3i

Group

PLC

.........................................................

56,320

1,997

Barclays

PLC

.........................................................

315,801

732

Man

Group

PLC

.......................................................

103,033

347

Standard

Chartered

PLC

..................................................

164,168

1,391

4,467

Health

Care

(1.1%):

AstraZeneca

PLC

.......................................................

9,458

1,270

GSK

PLC

............................................................

56,465

1,212

2,482

Industrials

(1.2%):

easyJet

PLC

...........................................................

115,134

829

RELX

PLC

...........................................................

16,720

721

Rolls-Royce

Holdings

PLC

(a)

..............................................

191,922

1,032

2,582

Information

Technology

(0.5%):

The

Sage

Group

PLC

....................................................

61,500

983

Real

Estate

(0.3%):

The

British

Land

Co.

PLC

................................................

146,492

731

Utilities

(0.6%):

Drax

Group

PLC

.......................................................

83,610

530

National

Grid

PLC

......................................................

53,824

725

1,255

19,570

Total

Common

Stocks

(Cost

$174,839)

213,912

Exchange-Traded

Funds

(0.4%)

United

States

(0.4%):

iShares

Core

MSCI

EAFE

ETF

.............................................

6,830

507

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

7,096

366

873

Total

Exchange-Traded

Funds

(Cost

$826)

873

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

37

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Name

Acquisition

Date

Cost

LUKOIL

PJSC

,

ADR

.........................................

8/21/2019

$

729

Sberbank

of

Russia

PJSC

......................................

12/9/2016

752

Security

Description

Shares

Value

(000)

Collateral

for

Securities

Loaned

(0.8%)^

United

States

(0.8%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(g)

........

466,125

$

467

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(g)

............

466,125

466

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(g)

...............

466,125

466

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(g)

.

466,125

466

Total

Collateral

for

Securities

Loaned

(Cost

$1,865)

1,865

Total

Investments

(Cost

$177,530)

—

99.4%

216,650

Other

assets

in

excess

of

liabilities

—

0.6%

1,214

NET

ASSETS

-

100.00%

$

217,864

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$3,062

(thousands)

and

amounted

to

1.4%

of

net

assets.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(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

March

31,

2024

(amounts

in

thousands):

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(g)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

38

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(98.1%)

Australia

(4.8%):

Consumer

Discretionary

(0.9%):

JB

Hi-Fi

Ltd.

..........................................................

404,791

$

16,942

Super

Retail

Group

Ltd.

..................................................

1,505,732

15,797

32,739

Energy

(0.3%):

Beach

Energy

Ltd.

......................................................

9,558,901

11,462

Financials

(0.3%):

Magellan

Financial

Group

Ltd.

.............................................

1,715,839

11,053

Industrials

(1.2%):

ALS

Ltd.

.............................................................

1,160,762

9,922

Seven

Group

Holdings

Ltd.

................................................

720,680

19,147

Ventia

Services

Group

Pty

Ltd.

.............................................

5,445,814

13,663

42,732

Information

Technology

(0.6%):

Technology

One

Ltd.

....................................................

1,719,647

19,003

Materials

(0.9%):

Champion

Iron

Ltd.

.....................................................

2,841,436

13,715

OceanaGold

Corp.

......................................................

7,498,305

16,941

30,656

Real

Estate

(0.3%):

Charter

Hall

Group

......................................................

1,272,041

11,389

Utilities

(0.3%):

AGL

Energy

Ltd.

.......................................................

1,869,798

10,166

169,200

Bermuda

(0.4%):

Energy

(0.4%):

Seadrill

Ltd.(a)(b)

......................................................

265,066

13,299

Canada

(9.8%):

Communication

Services

(0.3%):

IMAX

Corp.(a)

........................................................

628,869

10,169

Consumer

Discretionary

(0.3%):

Linamar

Corp.

.........................................................

199,714

10,617

Energy

(1.8%):

Headwater

Exploration,

Inc.

...............................................

3,434,887

19,452

NuVista

Energy

Ltd.(a)

...................................................

1,583,838

13,892

Parex

Resources,

Inc.

....................................................

839,655

13,416

Whitecap

Resources,

Inc.

.................................................

2,163,054

16,370

63,130

Financials

(0.6%):

CI

Financial

Corp.

......................................................

731,767

9,358

EQB,

Inc.

............................................................

195,834

12,283

21,641

Health

Care

(0.0%):(c)

Tilray

Brands,

Inc.(a)(b)

..................................................

2

—(d)

Industrials

(1.4%):

Bombardier,

Inc.,

Class

B(a)(b)

.............................................

265,202

11,386

Finning

International,

Inc.

.................................................

865,871

25,451

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

39

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

SNC-Lavalin

Group,

Inc.

.................................................

299,111

$

12,235

49,072

Information

Technology

(1.8%):

Celestica,

Inc.(a)

.......................................................

1,188,456

53,403

Docebo,

Inc.(a)

........................................................

213,471

10,437

63,840

Materials

(2.3%):

Agnico

Eagle

Mines

Ltd.

.................................................

1

—(d)

Alamos

Gold,

Inc.

......................................................

1,631,999

24,063

Dundee

Precious

Metals,

Inc.

..............................................

2,681,957

20,396

Lundin

Mining

Corp.

....................................................

1,438,589

14,721

Stella-Jones,

Inc.

.......................................................

384,472

22,426

81,606

Real

Estate

(0.7%):

Boardwalk

Real

Estate

Investment

Trust

......................................

420,338

24,232

Utilities

(0.6%):

Boralex,

Inc.,

Class

A

....................................................

374,977

7,923

Superior

Plus

Corp.(b)

...................................................

1,477,600

11,008

18,931

343,238

Denmark

(2.7%):

Consumer

Discretionary

(0.7%):

Pandora

A/S

..........................................................

144,848

23,384

Financials

(0.6%):

Jyske

Bank

A/S,

Registered

Shares

..........................................

246,784

20,908

Health

Care

(0.7%):

Ascendis

Pharma

A/S,

ADR(a)

.............................................

91,663

13,856

Bavarian

Nordic

A/S(a)(b)

................................................

481,482

10,788

24,644

Industrials

(0.7%):

ISS

A/S

..............................................................

555,765

10,127

ROCKWOOL

A/S,

Class

B

................................................

44,886

14,771

24,898

93,834

Finland

(0.8%):

Industrials

(0.6%):

Konecranes

Oyj

........................................................

403,691

20,951

Information

Technology

(0.2%):

TietoEVRY

Oyj

........................................................

384,415

8,134

29,085

France

(8.4%):

Consumer

Discretionary

(1.6%):

Accor

SA

............................................................

529,164

24,701

La

Francaise

des

Jeux

SAEM(e)

............................................

308,003

12,552

Renault

SA

...........................................................

401,104

20,237

57,490

Energy

(1.1%):

Technip

Energies

NV

....................................................

670,303

16,955

Vallourec

SACA(a)

.....................................................

1,141,997

21,209

38,164

Health

Care

(0.7%):

Ipsen

SA

.............................................................

116,314

13,839

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

40

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Virbac

SACA

..........................................................

30,337

$

11,335

25,174

Industrials

(2.4%):

Eiffage

SA

............................................................

222,612

25,261

Elis

SA

..............................................................

991,347

22,529

Rexel

SA

.............................................................

491,945

13,287

SPIE

SA

.............................................................

655,288

24,629

85,706

Information

Technology

(0.8%):

Sopra

Steria

Group

......................................................

119,932

29,061

Materials

(1.1%):

Arkema

SA

...........................................................

260,872

27,461

Verallia

SA(e)

.........................................................

277,753

10,797

38,258

Real

Estate

(0.7%):

Klepierre

SA(b)

........................................................

864,341

22,371

296,224

Germany

(6.4%):

Communication

Services

(1.6%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

257,795

22,918

Freenet

AG

...........................................................

630,573

17,743

Scout24

SE(e)

.........................................................

220,807

16,633

57,294

Consumer

Discretionary

(0.4%):

HUGO

BOSS

AG

......................................................

230,880

13,606

Health

Care

(0.5%):

Gerresheimer

AG

.......................................................

154,408

17,380

Industrials

(1.3%):

GEA

Group

AG

........................................................

417,765

17,661

KION

Group

AG

.......................................................

237,996

12,518

Rheinmetall

AG

........................................................

24,863

13,981

44,160

Information

Technology

(1.5%):

AIXTRON

SE

.........................................................

665,922

17,580

Bechtle

AG

...........................................................

366,435

19,365

SMA

Solar

Technology

AG(a)(b)

............................................

123,122

7,109

TeamViewer

SE(a)(e)

....................................................

620,235

9,241

53,295

Materials

(0.3%):

Aurubis

AG(b)

.........................................................

163,783

11,518

Real

Estate

(0.6%):

TAG

Immobilien

AG(a)

..................................................

1,627,425

22,239

Utilities

(0.2%):

Encavis

AG(a)(b)

.......................................................

278,268

5,057

224,549

Hong

Kong

(1.1%):

Consumer

Discretionary

(0.5%):

MGM

China

Holdings

Ltd.(a)

..............................................

10,020,400

16,756

Health

Care

(0.4%):

The

United

Laboratories

International

Holdings

Ltd.

..............................

13,478,000

15,441

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

41

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Real

Estate

(0.2%):

Kerry

Properties

Ltd.

....................................................

4,256,500

$

7,798

39,995

Ireland

(2.4%):

Consumer

Discretionary

(0.4%):

Dalata

Hotel

Group

PLC

..................................................

2,840,139

13,804

Consumer

Staples

(0.7%):

Glanbia

PLC

..........................................................

1,157,592

22,830

Financials

(0.7%):

Bank

of

Ireland

Group

PLC

...............................................

2,538,244

25,899

Industrials

(0.3%):

DCC

PLC

............................................................

139,588

10,154

Materials

(0.3%):

Smurfit

Kappa

Group

PLC

................................................

230,290

10,499

83,186

Isle

of

Man

(0.3%):

Consumer

Discretionary

(0.3%):

Playtech

PLC(a)

........................................................

1,631,069

9,492

Israel

(0.4%):

Communication

Services

(0.4%):

Perion

Network

Ltd.(a)(b)

.................................................

586,125

13,176

Italy

(3.9%):

Consumer

Discretionary

(0.4%):

Brunello

Cucinelli

SpA

...................................................

113,895

13,015

Energy

(0.4%):

Saras

SpA

............................................................

6,992,815

13,365

Financials

(1.1%):

Azimut

Holding

SpA

....................................................

484,097

13,158

Banco

BPM

SpA(b)

.....................................................

4,152,203

27,622

40,780

Industrials

(0.7%):

Iveco

Group

NV(a)

.....................................................

729,566

10,867

Leonardo

SpA

.........................................................

551,186

13,846

24,713

Materials

(0.7%):

Buzzi

SpA

............................................................

659,457

25,895

Utilities

(0.6%):

ERG

SpA

............................................................

368,774

9,257

Iren

SpA

.............................................................

5,499,704

11,250

20,507

138,275

Japan

(23.9%):

Consumer

Discretionary

(4.5%):

Adastria

Co.

Ltd.

.......................................................

504,400

12,816

Asics

Corp.

...........................................................

391,400

18,531

J

Front

Retailing

Co.

Ltd.(b)

...............................................

1,420,200

15,779

Resorttrust,

Inc.

........................................................

600,400

10,274

Round

One

Corp.

.......................................................

2,938,200

15,214

Sankyo

Co.

Ltd.(b)

......................................................

1,693,000

18,496

Shimamura

Co.

Ltd.

.....................................................

284,000

16,193

Sumitomo

Forestry

Co.

Ltd.

...............................................

503,800

15,891

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

42

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Toyo

Tire

Corp.

........................................................

980,400

$

18,529

Toyoda

Gosei

Co.

Ltd.

...................................................

698,400

15,406

157,129

Consumer

Staples

(1.4%):

Morinaga

Milk

Industry

Co.

Ltd.

............................................

541,000

11,069

Nissui

Corp.

..........................................................

3,013,600

18,898

Toyo

Suisan

Kaisha

Ltd.

..................................................

337,200

20,621

50,588

Financials

(2.0%):

Credit

Saison

Co.

Ltd.

...................................................

1,138,200

23,480

Fuyo

General

Lease

Co.

Ltd.(b)

.............................................

146,400

13,026

Mebuki

Financial

Group,

Inc.

..............................................

5,165,100

16,973

Yamaguchi

Financial

Group,

Inc.

............................................

1,759,600

17,877

71,356

Health

Care

(1.6%):

Jeol

Ltd.

.............................................................

401,600

16,639

Nakanishi,

Inc.

.........................................................

719,700

11,295

Santen

Pharmaceutical

Co.

Ltd.

.............................................

1,740,500

17,119

Sawai

Group

Holdings

Co.

Ltd.

.............................................

257,300

10,061

55,114

Industrials

(6.4%):

Amada

Co.

Ltd.(b)

......................................................

1,140,400

13,062

Daihen

Corp.

..........................................................

362,300

22,617

DMG

Mori

Co.

Ltd.(b)

...................................................

534,300

14,127

Ebara

Corp.

...........................................................

295,900

26,933

Fujikura

Ltd.

..........................................................

1,345,800

19,894

Hitachi

Zosen

Corp.

.....................................................

1,559,400

13,630

INFRONEER

Holdings,

Inc.

...............................................

1,615,900

15,511

JGC

Holdings

Corp.

.....................................................

742,200

7,278

Nankai

Electric

Railway

Co.

Ltd.(b)

.........................................

484,100

9,945

Nitto

Boseki

Co.

Ltd.(b)

..................................................

294,400

11,437

Park24

Co.

Ltd.(a)

......................................................

1,204,000

14,220

Sankyu,

Inc.

..........................................................

325,100

11,191

Sanwa

Holdings

Corp.

...................................................

1,251,800

21,890

Takeuchi

Manufacturing

Co.

Ltd.

...........................................

549,300

22,022

223,757

Information

Technology

(3.3%):

BIPROGY,

Inc.

........................................................

424,400

12,615

Citizen

Watch

Co.

Ltd.(b)

.................................................

1,896,700

12,500

Fuji

Soft,

Inc.

..........................................................

421,500

16,714

Horiba

Ltd.

...........................................................

171,000

17,768

Nichicon

Corp.

........................................................

1,149,200

9,706

Nippon

Electric

Glass

Co.

Ltd.

.............................................

431,200

11,015

Socionext,

Inc.

.........................................................

454,700

12,422

Tokyo

Seimitsu

Co.

Ltd.(b)

................................................

321,400

24,972

117,712

Materials

(2.9%):

Daicel

Corp.

..........................................................

1,953,900

19,290

Daido

Steel

Co.

Ltd.

.....................................................

2,483,400

28,782

Kaneka

Corp.

..........................................................

372,300

9,265

Mitsubishi

Gas

Chemical

Co.,

Inc.

...........................................

581,100

9,749

Rengo

Co.

Ltd.

........................................................

2,558,500

19,506

Sumitomo

Bakelite

Co.

Ltd.

...............................................

479,200

14,443

101,035

Real

Estate

(1.8%):

Invincible

Investment

Corp.

...............................................

34,389

15,449

KDX

Realty

Investment

Corp.

..............................................

7,119

7,568

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

43

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Nippon

Accommodations

Fund,

Inc.(b)

.......................................

2,202

$

9,504

Tokyo

Tatemono

Co.

Ltd.

.................................................

964,300

16,290

Tokyu

Fudosan

Holdings

Corp.

.............................................

1,909,300

15,428

64,239

840,930

Jersey

(0.2%):

Materials

(0.2%):

Arcadium

Lithium

PLC(a)

................................................

1,590,103

7,014

Jordan

(0.4%):

Health

Care

(0.4%):

Hikma

Pharmaceuticals

PLC

...............................................

655,367

15,851

Netherlands

(3.3%):

Financials

(1.3%):

ASR

Nederland

NV

.....................................................

494,653

24,239

Euronext

NV(e)

........................................................

207,140

19,711

43,950

Health

Care

(0.3%):

Pharming

Group

NV(a)(b)

................................................

8,772,988

9,641

Industrials

(0.7%):

Fugro

NV(a)

..........................................................

1,065,058

26,104

Information

Technology

(0.7%):

BE

Semiconductor

Industries

NV

...........................................

158,312

24,247

Materials

(0.3%):

OCI

NV

.............................................................

420,551

11,525

115,467

Singapore

(0.8%):

Real

Estate

(0.2%):

Frasers

Logistics

&

Commercial

Trust

........................................

10,717,900

8,414

Utilities

(0.6%):

Sembcorp

Industries

Ltd.

.................................................

5,196,600

20,779

29,193

South

Africa

(0.4%):

Financials

(0.4%):

Investec

PLC

..........................................................

2,022,660

13,558

South

Korea

(3.9%):

Communication

Services

(0.3%):

AfreecaTV

Co.

Ltd.

.....................................................

109,965

10,062

Consumer

Discretionary

(0.2%):

Youngone

Corp.

........................................................

283,763

8,538

Consumer

Staples

(0.2%):

NongShim

Co.

Ltd.

.....................................................

26,463

7,322

Health

Care

(1.2%):

Classys,

Inc.

..........................................................

535,707

14,141

Dentium

Co.

Ltd.

.......................................................

147,235

14,755

Hanmi

Pharm

Co.

Ltd.

...................................................

53,909

13,700

42,596

Industrials

(1.0%):

HD

Hyundai

Electric

Co.

Ltd.

..............................................

179,416

23,874

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

44

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Samsung

Engineering

Co.

Ltd.(a)

...........................................

648,857

$

12,155

36,029

Information

Technology

(0.7%):

LEENO

Industrial,

Inc.

...................................................

64,495

12,387

SOLUM

Co.

Ltd.(a)

.....................................................

592,566

10,866

23,253

Materials

(0.3%):

LOTTE

Fine

Chemical

Co.

Ltd.

............................................

242,472

8,538

136,338

Spain

(3.1%):

Financials

(0.7%):

Bankinter

SA

..........................................................

3,422,790

25,075

Health

Care

(0.5%):

Laboratorios

Farmaceuticos

Rovi

SA

.........................................

201,798

17,607

Industrials

(0.4%):

Cia

de

Distribucion

Integral

Logista

Holdings

SA

................................

507,478

14,181

Information

Technology

(0.5%):

Indra

Sistemas

SA

......................................................

761,390

15,777

Materials

(0.4%):

Acerinox

SA

..........................................................

1,404,123

15,417

Real

Estate

(0.6%):

Merlin

Properties

Socimi

SA

...............................................

2,029,667

21,834

109,891

Sweden

(2.4%):

Consumer

Staples

(0.3%):

Axfood

AB

...........................................................

421,533

12,256

Financials

(0.3%):

Avanza

Bank

Holding

AB(b)

...............................................

537,353

11,586

Industrials

(1.4%):

AFRY

AB

............................................................

639,238

10,209

Loomis

AB

...........................................................

337,675

9,427

NCC

AB,

Class

B

.......................................................

797,581

10,979

Trelleborg

AB,

Class

B

...................................................

472,529

16,900

47,515

Real

Estate

(0.4%):

Wihlborgs

Fastigheter

AB

.................................................

1,493,358

13,840

85,197

Switzerland

(6.1%):

Consumer

Staples

(0.7%):

Coca-Cola

HBC

AG

.....................................................

726,021

22,938

Financials

(1.0%):

Baloise

Holding

AG,

Registered

Shares

.......................................

68,658

10,768

Swissquote

Group

Holding

SA,

Registered

Shares

...............................

92,683

25,988

36,756

Health

Care

(1.2%):

Galenica

AG(e)

........................................................

247,496

20,656

Siegfried

Holding

AG,

Registered

Shares

......................................

20,502

20,938

41,594

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

45

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Industrials

(2.0%):

Accelleron

Industries

AG

.................................................

366,454

$

13,728

Adecco

Group

AG

......................................................

255,152

10,096

Bucher

Industries

AG,

Registered

Shares

......................................

24,715

10,870

Flughafen

Zurich

AG,

Registered

Shares

......................................

65,862

14,958

Sulzer

AG,

Registered

Shares

..............................................

182,309

22,191

71,843

Information

Technology

(0.5%):

Logitech

International

SA,

Class

R

..........................................

97,952

8,779

Temenos

AG,

Registered

Shares

............................................

131,724

9,424

18,203

Real

Estate

(0.7%):

PSP

Swiss

Property

AG,

Registered

Shares

.....................................

191,937

25,165

216,499

United

Kingdom

(12.2%):

Communication

Services

(1.1%):

4imprint

Group

PLC

.....................................................

311,075

24,830

Moneysupermarket.com

Group

PLC

.........................................

5,238,641

14,526

39,356

Consumer

Discretionary

(1.6%):

Berkeley

Group

Holdings

PLC

.............................................

216,797

13,023

Dowlais

Group

PLC

.....................................................

7,063,000

6,956

Dunelm

Group

PLC

.....................................................

632,740

9,065

Inchcape

PLC

.........................................................

1,707,105

15,626

Taylor

Wimpey

PLC

.....................................................

7,265,309

12,558

57,228

Consumer

Staples

(0.9%):

Marks

&

Spencer

Group

PLC

..............................................

6,683,934

22,379

Nomad

Foods

Ltd.

......................................................

519,186

10,155

32,534

Energy

(0.3%):

Harbour

Energy

PLC

....................................................

2,569,030

8,945

Financials

(1.7%):

Beazley

PLC

..........................................................

1,966,611

16,534

Intermediate

Capital

Group

PLC

............................................

612,805

15,869

Man

Group

PLC

.......................................................

5,395,648

18,199

OSB

Group

PLC

.......................................................

2,305,191

11,010

61,612

Health

Care

(0.7%):

ConvaTec

Group

PLC(e)

.................................................

4,414,894

15,946

CVS

Group

PLC

.......................................................

587,878

7,225

23,171

Industrials

(2.8%):

Balfour

Beatty

PLC

.....................................................

3,321,831

16,025

easyJet

PLC

...........................................................

1,733,358

12,474

IMI

PLC

.............................................................

582,064

13,332

JET2

PLC

............................................................

726,181

13,216

QinetiQ

Group

PLC

.....................................................

2,593,060

11,943

Serco

Group

PLC

.......................................................

8,485,313

20,312

The

Weir

Group

PLC

....................................................

479,348

12,242

99,544

Information

Technology

(0.9%):

Computacenter

PLC

.....................................................

662,324

22,514

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

46

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Spectris

PLC

..........................................................

253,678

$

10,553

33,067

Materials

(0.4%):

Endeavour

Mining

PLC

..................................................

672,861

13,672

Real

Estate

(1.5%):

LondonMetric

Property

PLC

...............................................

6,166,115

15,820

Safestore

Holdings

PLC

..................................................

1,102,303

10,516

The

British

Land

Co.

PLC

................................................

2,830,914

14,121

Tritax

Big

Box

REIT

PLC

.................................................

5,485,340

10,903

51,360

Utilities

(0.3%):

Drax

Group

PLC

.......................................................

1,686,907

10,701

431,190

Total

Common

Stocks

(Cost

$2,721,091)

3,454,681

Exchange-Traded

Funds

(0.3%)

United

States

(0.3%):

Vanguard

FTSE

Developed

Markets

ETF

......................................

243,420

12,212

Total

Exchange-Traded

Funds

(Cost

$12,067)

12,212

Collateral

for

Securities

Loaned

(1.6%)^

United

States

(1.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(f)

........

13,621,208

13,621

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(f)

............

13,621,208

13,621

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(f)

................

13,621,410

13,621

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(f)

.

13,621,208

13,622

Total

Collateral

for

Securities

Loaned

(Cost

$54,485)

54,485

Total

Investments

(Cost

$2,787,643)

—

100.0%

3,521,378

Liabilities

in

excess

of

other

assets

—

0.0%

(1,263)

NET

ASSETS

-

100.00%

$

3,520,115

^

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

thousand.

(e)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$105,536

(thousands)

and

amounted

to

3.0%

of

net

assets.

(f)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Total

Return

Bond

Fund

47

(Unaudited)

Security

Description

Principal

Amount

(000)

Value

(000)

Asset-Backed

Securities

(7.3%)

ABS

Auto

(5.7%):

Chase

Auto

Owner

Trust

,

Series

2024-1A

,

Class

A4

,

5

.05

%

,

10/25/29

,

Callable

3/25/28

@

100

(a)

...........................................................

$

100

$

100

Ent

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

6

.26

%

,

11/15/29

,

Callable

8/15/28

@

100

(a)

...........................................................

50

51

Enterprise

Fleet

Financing

LLC

,

Series

2023-3

,

Class

A3

,

6

.41

%

,

6/20/30

,

Callable

8/20/27

@

100

(a)

...........................................................

50

52

Ford

Credit

Auto

Owner

Trust

,

Series

2020-1

,

Class

C

,

2

.54

%

,

8/15/31

,

Callable

2/15/25

@

100

(a)

...........................................................

100

97

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

A3

,

5

.39

%

,

12/15/27

,

Callable

9/15/26

@

100

(a)

............................................

540

538

JPMorgan

Chase

Bank

NA

,

Series

2021-2

,

Class

C

,

0

.97

%

,

12/26/28

,

Callable

10/25/25

@

100

(a)

...........................................................

27

26

LAD

Auto

Receivables

Trust

,

Series

2023-4A

,

Class

B

,

6

.39

%

,

10/16/28

,

Callable

10/15/27

@

100

(a)

...........................................................

50

51

Santander

Drive

Auto

Receivables

Trust

.......................................

Series

2022-2

,

Class

B

,

3

.44

%

,

9/15/27

,

Callable

3/15/26

@

100

.................

275

271

Series

2023-1

,

Class

B

,

4

.98

%

,

2/15/28

,

Callable

5/15/26

@

100

.................

195

194

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

A4

,

5

.21

%

,

4/16/29

,

Callable

8/15/28

@

100

(a)

..............

50

50

Series

2024-A

,

Class

B

,

5

.29

%

,

9/17/29

,

Callable

8/15/28

@

100

(a)

...............

50

50

SFS

Auto

Receivables

Securitization

Trust

,

Series

2024-1A

,

Class

B

,

5

.38

%

,

1/21/31

,

Callable

4/20/28

@

100

(a)

...................................................

42

42

Tesla

Auto

Lease

Trust

...................................................

Series

2023-A

,

Class

B

,

6

.41

%

,

7/20/27

,

Callable

9/20/25

@

100

(a)

...............

100

101

Series

2023-B

,

Class

A4

,

6

.22

%

,

3/22/27

,

Callable

12/20/25

@

100

(a)

.............

89

90

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

6

.79

%

,

8/25/32

,

Callable

10/25/26

@

100

(a)

.......

119

120

Westlake

Automobile

Receivables

Trust

.......................................

Series

2022-1A

,

Class

C

,

3

.11

%

,

3/15/27

,

Callable

11/15/25

@

100

(a)

.............

310

304

Series

2023-1A

,

Class

B

,

5

.41

%

,

1/18/28

,

Callable

8/15/26

@

100

(a)

..............

250

249

Series

2023-2A

,

Class

B

,

6

.14

%

,

3/15/28

,

Callable

9/15/26

@

100

(a)

..............

500

503

2,889

ABS

Card

(0.5%):

Citibank

Credit

Card

Issuance

Trust

,

Series

2018-A7

,

Class

A7

,

3

.96

%

,

10/13/30

.........

100

96

Master

Credit

Card

Trust

II

,

Series

2023-4A

,

Class

C

,

7

.53

%

,

10/21/32

(a)

..............

127

132

228

ABS

Home

(0.1%):

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

Series

2002-HE16

,

Class

M1

,

6

.76

%

(

TSFR1M

+

143

bps

)

,

10/25/32

,

Callable

4/25/24

@

100

(b)

......................

56

58

ABS

Other

(1.0%):

CCG

Receivables

Trust

,

Series

2023-2

,

Class

B

,

6

.21

%

,

4/14/32

,

Callable

11/14/27

@

100

(a)

50

51

HPEFS

Equipment

Trust

,

Series

2023-2A

,

Class

C

,

6

.48

%

,

1/21/31

,

Callable

10/20/26

@

100

(a)

...........................................................

200

203

SCF

Equipment

Leasing

LLC

..............................................

Series

2019-2A

,

Class

C

,

3

.11

%

,

6/21/27

,

Callable

8/20/24

@

100

(a)

..............

220

218

Series

2023-1A

,

Class

B

,

6

.37

%

,

5/20/32

,

Callable

8/20/30

@

100

(a)

..............

43

45

517

Total

Asset-Backed

Securities

(Cost

$3,670)

a

a

a

3,692

Collateralized

Mortgage

Obligations

(8.2%)

Agency

CMO

Other

(1.0%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

4395

,

Class

PA

,

2

.50

%

,

4/15/37

........

116

109

Federal

National

Mortgage

Association

.......................................

Series

2005-19

,

Class

PB

,

5

.50

%

,

3/25/35

.................................

150

153

Series

2011-21

,

Class

PA

,

4

.50

%

,

5/25/40

.................................

156

154

Victory

Portfolios

Victory

Total

Return

Bond

Fund

48

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

Series

2013-81

,

Class

KA

,

2

.75

%

,

9/25/42

.................................

$

111

$

104

520

Commercial

MBS

(7.2%):

BANK

,

Series

2020-BN26

,

Class

AS

,

2

.69

%

,

3/15/63

,

Callable

3/15/30

@

100

...........

290

241

CFCRE

Commercial

Mortgage

Trust

,

Series

2016-C4

,

Class

A4

,

3

.28

%

,

5/10/58

,

Callable

5/10/26

@

100

.....................................................

163

156

Citigroup

Commercial

Mortgage

Trust

........................................

Series

2015-GC33

,

Class

A4

,

3

.78

%

,

9/10/58

,

Callable

5/10/26

@

100

.............

463

447

Series

2016-P4

,

Class

A4

,

2

.90

%

,

7/10/49

,

Callable

7/10/26

@

100

...............

244

229

Series

2020-GC46

,

Class

AS

,

2

.92

%

,

2/15/53

,

Callable

2/15/30

@

100

.............

257

221

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C3

,

Class

A4

,

3

.72

%

,

8/15/48

,

Callable

8/15/25

@

100

.....................................................

348

338

GS

Mortgage

Securities

Trust

,

Series

2016-GS2

,

Class

A4

,

3

.05

%

,

5/10/49

,

Callable

5/10/26

@

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

354

JPMBB

Commercial

Mortgage

Securities

Trust

.................................

Series

2015-C28

,

Class

A4

,

3

.23

%

,

10/15/48

,

Callable

4/15/25

@

100

.............

453

442

Series

2015-C31

,

Class

A3

,

3

.80

%

,

8/15/48

,

Callable

8/15/25

@

100

..............

138

134

Series

2016-C1

,

Class

A5

,

3

.58

%

,

3/17/49

,

Callable

2/15/26

@

100

...............

419

403

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-NXS6

,

Class

A4

,

2

.92

%

,

11/15/49

,

Callable

10/15/26

@

100

.............................................

548

517

3,636

Total

Collateralized

Mortgage

Obligations

(Cost

$4,393)

a

a

a

4,156

Corporate

Bonds

(25.5%)

Communication

Services

(1.7%):

AT&T,

Inc.

,

5

.15

%

,

11/15/46

,

Callable

5/15/46

@

100

............................

100

95

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

,

2

.25

%

,

1/15/29

,

Callable

11/15/28

@

100

.......................................

150

128

Comcast

Corp.

,

3

.45

%

,

2/1/50

,

Callable

8/1/49

@

100

............................

250

183

T-Mobile

US,

Inc.

,

3

.88

%

,

4/15/30

,

Callable

1/15/30

@

100

........................

250

234

Verizon

Communications,

Inc.

,

3

.55

%

,

3/22/51

,

Callable

9/22/50

@

100

................

200

148

Warnermedia

Holdings,

Inc.

,

4

.05

%

,

3/15/29

,

Callable

1/15/29

@

100

.................

100

94

882

Consumer

Discretionary

(2.1%):

General

Motors

Financial

Co.,

Inc.

,

5

.85

%

,

4/6/30

,

Callable

2/6/30

@

100

..............

100

102

Genuine

Parts

Co.

,

6

.88

%

,

11/1/33

,

Callable

8/1/33

@

100

.........................

48

53

Marriott

International,

Inc.

,

3

.60

%

,

4/15/24

....................................

326

326

Meritage

Homes

Corp.

,

6

.00

%

,

6/1/25

,

Callable

3/1/25

@

100

.......................

41

41

NVR,

Inc.

,

3

.00

%

,

5/15/30

,

Callable

11/15/29

@

100

.............................

167

148

O'Reilly

Automotive,

Inc.

,

4

.70

%

,

6/15/32

,

Callable

3/15/32

@

100

...................

99

97

Ross

Stores,

Inc.

,

3

.38

%

,

9/15/24

,

Callable

6/15/24

@

100

.........................

160

158

Tapestry,

Inc.

,

7

.85

%

,

11/27/33

,

Callable

8/27/33

@

100

...........................

100

109

Volkswagen

Group

of

America

Finance

LLC

,

6

.45

%

,

11/16/30

,

Callable

9/16/30

@

100

(a)

..

40

42

1,076

Consumer

Staples

(2.1%):

Altria

Group,

Inc.

,

4

.40

%

,

2/14/26

,

Callable

12/14/25

@

100

........................

105

103

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4

.38

%

,

4/15/38

,

Callable

10/15/37

@

100

........

175

163

BAT

Capital

Corp.

,

5

.28

%

,

4/2/50

,

Callable

10/2/49

@

100

.........................

100

86

Bimbo

Bakeries

USA,

Inc.

,

5

.38

%

,

1/9/36

,

Callable

10/9/35

@

100

(a)

.................

100

99

Campbell

Soup

Co.

,

5

.20

%

,

3/21/29

,

Callable

2/21/29

@

100

.......................

57

57

Keurig

Dr

Pepper,

Inc.

,

4

.50

%

,

4/15/52

,

Callable

10/15/51

@

100

....................

100

86

Sodexo,

Inc.

,

2

.72

%

,

4/16/31

,

Callable

1/16/31

@

100

(a)

..........................

200

169

The

Estee

Lauder

Cos.,

Inc.

,

4

.15

%

,

3/15/47

,

Callable

9/15/46

@

100

.................

105

88

The

J.M.

Smucker

Co.

,

6

.20

%

,

11/15/33

,

Callable

8/15/33

@

100

....................

100

107

Victory

Portfolios

Victory

Total

Return

Bond

Fund

49

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

Tyson

Foods,

Inc.

,

5

.10

%

,

9/28/48

,

Callable

3/28/48

@

100

.........................

$

135

$

122

1,080

Energy

(1.8%):

Continental

Resources,

Inc.

,

2

.27

%

,

11/15/26

,

Callable

5/6/24

@

100

(a)

................

100

92

Energy

Transfer

LP

,

3

.75

%

,

5/15/30

,

Callable

2/15/30

@

100

........................

100

92

EOG

Resources,

Inc.

,

4

.95

%

,

4/15/50

,

Callable

10/15/49

@

100

.....................

135

128

MPLX

LP

,

4

.00

%

,

3/15/28

,

Callable

12/15/27

@

100

.............................

150

145

Murphy

Oil

USA,

Inc.

,

3

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88

(a)

.................

201

176

Pioneer

Natural

Resources

Co.

,

1

.90

%

,

8/15/30

,

Callable

5/15/30

@

100

...............

251

211

Western

Midstream

Operating

LP

,

4

.05

%

,

2/1/30

,

Callable

11/1/29

@

100

..............

88

82

926

Financials

(6.6%):

Aflac,

Inc.

,

4

.75

%

,

1/15/49

,

Callable

7/15/48

@

100

..............................

35

32

Bank

of

America

Corp.

,

2

.57

%

(

SOFR

+

121

bps

)

,

10/20/32

,

Callable

10/20/31

@

100

(b)

....

400

332

Capital

One

Financial

Corp.

,

2

.36

%

(

SOFR

+

134

bps

)

,

7/29/32

,

Callable

7/29/31

@

100

(b)

...

145

112

Cincinnati

Financial

Corp.

,

6

.13

%

,

11/1/34

.....................................

130

138

Citigroup,

Inc.

,

4

.45

%

,

9/29/27

.............................................

58

56

Citizens

Financial

Group,

Inc.

,

2

.50

%

,

2/6/30

,

Callable

11/6/29

@

100

.................

150

127

Fiserv,

Inc.

,

5

.60

%

,

3/2/33

,

Callable

12/2/32

@

100

..............................

100

102

Ford

Motor

Credit

Co.

LLC

,

4

.06

%

,

11/1/24

,

Callable

10/1/24

@

100

.................

290

287

JPMorgan

Chase

&

Co.

5

.72

%

(

SOFR

+

258

bps

)

,

9/14/33

,

Callable

9/14/32

@

100

(b)

....................

204

208

5

.60

%

,

7/15/41

....................................................

137

143

KeyCorp.

,

4

.79

%

(

SOFRINDX

+

206

bps

)

,

6/1/33

,

MTN

,

Callable

6/1/32

@

100

(b)

........

150

137

Morgan

Stanley

,

2

.51

%

(

SOFR

+

120

bps

)

,

10/20/32

,

MTN

,

Callable

10/20/31

@

100

(b)

.....

300

248

New

York

Life

Global

Funding

,

5

.00

%

,

1/9/34

(a)

................................

100

99

Old

Republic

International

Corp.

,

3

.85

%

,

6/11/51

,

Callable

12/11/50

@

100

.............

104

75

Regions

Financial

Corp.

,

1

.80

%

,

8/12/28

,

Callable

6/12/28

@

100

....................

100

86

RGA

Global

Funding

,

5

.50

%

,

1/11/31

(a)

......................................

100

100

State

Street

Corp.

,

5

.16

%

(

SOFR

+

189

bps

)

,

5/18/34

,

Callable

5/18/33

@

100

(b)

..........

100

99

The

Bank

of

New

York

Mellon

Corp.

,

4

.70

%

(

H15T5Y

+

436

bps

)

,

Callable

9/20/25

@

100

(b)

(c)

.........................................................

150

147

The

Huntington

National

Bank

,

5

.65

%

,

1/10/30

,

Callable

11/10/29

@

100

..............

250

252

The

PNC

Financial

Services

Group,

Inc.

,

4

.63

%

(

SOFRINDX

+

185

bps

)

,

6/6/33

,

Callable

6/6/32

@

100

(b)

....................................................

100

93

U.S.

Bancorp

,

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(b)

.............

200

204

UL

Solutions,

Inc.

,

6

.50

%

,

10/20/28

,

Callable

9/20/28

@

100

(a)

.....................

100

104

Wells

Fargo

&

Co.

,

4

.90

%

,

11/17/45

.........................................

155

140

3,321

Health

Care

(2.6%):

AbbVie,

Inc.

,

4

.45

%

,

5/14/46

,

Callable

11/14/45

@

100

...........................

142

128

Amgen,

Inc.

,

5

.15

%

,

3/2/28

,

Callable

2/2/28

@

100

..............................

140

141

Baxter

International,

Inc.

,

3

.50

%

,

8/15/46

,

Callable

2/15/46

@

100

...................

109

79

Bristol-Myers

Squibb

Co.

,

5

.90

%

,

11/15/33

,

Callable

8/15/33

@

100

..................

150

160

Centene

Corp.

,

4

.25

%

,

12/15/27

,

Callable

4/22/24

@

101.42

........................

168

160

CVS

Health

Corp.

,

2

.13

%

,

9/15/31

,

Callable

6/15/31

@

100

........................

150

123

Elevance

Health,

Inc.

,

2

.38

%

,

1/15/25

,

Callable

12/15/24

@

100

.....................

148

144

HCA,

Inc.

,

4

.13

%

,

6/15/29

,

Callable

3/15/29

@

100

..............................

193

183

Regeneron

Pharmaceuticals,

Inc.

,

2

.80

%

,

9/15/50

,

Callable

3/15/50

@

100

..............

146

92

Universal

Health

Services,

Inc.

,

2

.65

%

,

10/15/30

,

Callable

7/15/30

@

100

(a)

............

102

86

1,296

Industrials

(3.1%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

107

89

Air

Lease

Corp.

,

0

.80

%

,

8/18/24

,

Callable

7/18/24

@

100

..........................

146

143

Ashtead

Capital,

Inc.

,

4

.25

%

,

11/1/29

,

Callable

11/1/24

@

102.13

(a)

..................

250

233

Concentrix

Corp.

,

6

.85

%

,

8/2/33

,

Callable

5/2/33

@

100

...........................

100

99

CSX

Corp.

,

3

.35

%

,

9/15/49

,

Callable

3/15/49

@

100

.............................

92

66

Cummins,

Inc.

,

4

.90

%

,

2/20/29

,

Callable

1/20/29

@

100

...........................

100

101

Honeywell

International,

Inc.

,

2

.80

%

,

6/1/50

,

Callable

12/1/49

@

100

.................

82

57

Victory

Portfolios

Victory

Total

Return

Bond

Fund

50

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

Norfolk

Southern

Corp.

2

.30

%

,

5/15/31

,

Callable

2/15/31

@

100

..................................

$

100

$

84

2

.90

%

,

8/25/51

,

Callable

2/25/51

@

100

..................................

125

81

Northrop

Grumman

Corp.

,

5

.25

%

,

5/1/50

,

Callable

11/1/49

@

100

....................

116

114

Northwestern

Mutual

Global

Funding

,

4

.71

%

,

1/10/29

(a)

..........................

250

247

Otis

Worldwide

Corp.

,

3

.11

%

,

2/15/40

,

Callable

8/15/39

@

100

......................

75

58

Snap-on,

Inc.

,

4

.10

%

,

3/1/48

,

Callable

9/1/47

@

100

..............................

115

97

The

Boeing

Co.

,

5

.81

%

,

5/1/50

,

Callable

11/1/49

@

100

...........................

100

95

1,564

Information

Technology

(1.6%):

Apple,

Inc.

,

4

.65

%

,

2/23/46

,

Callable

8/23/45

@

100

.............................

117

112

Broadcom,

Inc.

,

5

.00

%

,

4/15/30

,

Callable

1/15/30

@

100

..........................

165

166

Oracle

Corp.

2

.95

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

150

134

3

.60

%

,

4/1/50

,

Callable

10/1/49

@

100

...................................

100

72

Texas

Instruments,

Inc.

,

4

.15

%

,

5/15/48

,

Callable

11/15/47

@

100

....................

160

138

TSMC

Arizona

Corp.

,

2

.50

%

,

10/25/31

,

Callable

7/25/31

@

100

.....................

200

171

793

Materials

(0.7%):

Avery

Dennison

Corp.

,

2

.25

%

,

2/15/32

,

Callable

11/15/31

@

100

....................

150

123

Martin

Marietta

Materials,

Inc.

,

2

.40

%

,

7/15/31

,

Callable

4/15/31

@

100

...............

50

42

Newmont

Corp.

,

2

.60

%

,

7/15/32

,

Callable

4/15/32

@

100

..........................

104

87

Packaging

Corp.

of

America

,

3

.05

%

,

10/1/51

,

Callable

4/1/51

@

100

..................

150

102

354

Real

Estate

(1.6%):

DOC

DR.

LLC

,

2

.63

%

,

11/1/31

,

Callable

8/1/31

@

100

...........................

128

105

Essential

Properties

LP

,

2

.95

%

,

7/15/31

,

Callable

4/15/31

@

100

.....................

131

106

Realty

Income

Corp.

3

.20

%

,

1/15/27

,

Callable

11/15/26

@

100

..................................

100

95

5

.63

%

,

10/13/32

,

Callable

7/13/32

@

100

.................................

203

207

Regency

Centers

LP

,

4

.65

%

,

3/15/49

,

Callable

9/15/48

@

100

.......................

114

98

Sabra

Health

Care

LP

,

5

.13

%

,

8/15/26

,

Callable

5/15/26

@

100

......................

145

144

Simon

Property

Group

LP

,

6

.25

%

,

1/15/34

,

Callable

10/15/33

@

100

..................

60

64

819

Utilities

(1.6%):

Ameren

Illinois

Co.

,

1

.55

%

,

11/15/30

,

Callable

8/15/30

@

100

......................

225

182

Consolidated

Edison

Co.

of

New

York,

Inc.

,

6

.30

%

,

8/15/37

........................

125

135

Duke

Energy

Corp.

,

4

.50

%

,

8/15/32

,

Callable

5/15/32

@

100

.......................

100

95

Oglethorpe

Power

Corp.

,

4

.20

%

,

12/1/42

......................................

50

40

Public

Service

Electric

&

Gas

Co.

,

3

.95

%

,

5/1/42

,

MTN

,

Callable

11/1/41

@

100

.........

159

134

The

Southern

Co.

,

5

.70

%

,

3/15/34

,

Callable

9/15/33

@

100

.........................

100

103

Wisconsin

Public

Service

Corp.

,

2

.85

%

,

12/1/51

,

Callable

6/1/51

@

100

...............

174

111

800

Total

Corporate

Bonds

(Cost

$13,892)

a

a

a

12,911

Yankee

Dollars

(6.1%)

Consumer

Discretionary

(0.3%):

Aptiv

PLC/Aptiv

Corp.

,

3

.25

%

,

3/1/32

,

Callable

12/1/31

@

100

.....................

185

161

Consumer

Staples

(0.4%):

Suntory

Holdings

Ltd.

,

2

.25

%

,

10/16/24

,

Callable

9/16/24

@

100

(a)

..................

200

196

Energy

(0.3%):

TotalEnergies

Capital

International

SA

,

2

.99

%

,

6/29/41

,

Callable

12/29/40

@

100

.........

195

147

Financials

(3.4%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

6

.50

%

,

7/15/25

,

Callable

6/15/25

@

100

...........................................................

150

152

Victory

Portfolios

Victory

Total

Return

Bond

Fund

51

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

Banco

Santander

SA

,

6

.92

%

,

8/8/33

.........................................

$

200

$

209

Barclays

PLC

,

2

.28

%

(

H15T1Y

+

105

bps

)

,

11/24/27

,

Callable

11/24/26

@

100

(b)

.........

200

184

BPCE

SA

,

6

.51

%

(

H15T1Y

+

279

bps

)

,

1/18/35

,

Callable

1/18/34

@

100

(a)

(b)

............

100

101

Canadian

Imperial

Bank

of

Commerce

,

6

.09

%

,

10/3/33

,

Callable

7/3/33

@

100

...........

150

158

Credit

Agricole

SA

,

6

.25

%

(

SOFR

+

267

bps

)

,

1/10/35

,

Callable

1/10/34

@

100

(a)

(b)

.......

150

153

Deutsche

Bank

AG

,

3

.74

%

(

SOFR

+

226

bps

)

,

1/7/33

,

Callable

10/7/31

@

100

(b)

..........

100

82

HSBC

Holdings

PLC

,

2

.87

%

(

SOFR

+

141

bps

)

,

11/22/32

,

Callable

11/22/31

@

100

(b)

......

140

117

Mizuho

Financial

Group,

Inc.

,

2

.56

%

,

9/13/31

..................................

200

164

Pfizer

Investment

Enterprises

Pte

Ltd.

,

4

.75

%

,

5/19/33

,

Callable

2/19/33

@

100

..........

150

148

UBS

Group

AG

,

4

.28

%

,

1/9/28

,

Callable

1/9/27

@

100

(a)

..........................

250

241

1,709

Health

Care

(0.1%):

Smith

&

Nephew

PLC

,

5

.40

%

,

3/20/34

,

Callable

12/20/33

@

100

....................

64

64

Industrials

(1.0%):

Canadian

National

Railway

Co.

,

3

.20

%

,

8/2/46

,

Callable

2/2/46

@

100

................

85

64

Canadian

Pacific

Railway

Co.

,

3

.10

%

,

12/2/51

,

Callable

6/2/51

@

100

.................

92

63

Ferguson

Finance

PLC

,

4

.65

%

,

4/20/32

,

Callable

1/20/32

@

100

(a)

...................

200

191

Pentair

Finance

Sarl

,

5

.90

%

,

7/15/32

,

Callable

4/15/32

@

100

.......................

100

103

Trane

Technologies

Financing

Ltd.

,

5

.25

%

,

3/3/33

,

Callable

12/3/32

@

100

.............

100

102

523

Materials

(0.5%):

Anglo

American

Capital

PLC

,

3

.95

%

,

9/10/50

,

Callable

3/10/50

@

100

(a)

..............

200

149

Rio

Tinto

Finance

USA

Ltd.

,

5

.20

%

,

11/2/40

...................................

75

75

224

Utilities

(0.1%):

Iberdrola

International

BV

,

6

.75

%

,

9/15/33

.....................................

50

53

Total

Yankee

Dollars

(Cost

$3,233)

a

a

a

3,077

U.S.

Government

Agency

Mortgages

(11.0%)

Federal

Home

Loan

Mortgage

Corporation

9

.00

%

,

4/1/25

.....................................................

1

1

5

.50

%

,

10/1/38

....................................................

176

178

2

.00

%

,

3/1/51

.....................................................

484

388

3

.50

%

,

3/1/52

.....................................................

1,676

1,500

4

.50

%

,

6/1/52

.....................................................

1,544

1,472

3,539

Federal

National

Mortgage

Association

6

.00

%

,

2/1/37

.....................................................

49

51

4

.00

%

,

3/1/47

-

10/1/48

..............................................

50

47

2

.50

%

,

7/1/51

.....................................................

1,774

1,467

1,565

Government

National

Mortgage

Association

5

.50

%

,

4/20/53

....................................................

191

191

2

.50

%

,

7/20/53

....................................................

94

80

6

.00

%

,

9/20/53

....................................................

197

201

472

Total

U.S.

Government

Agency

Mortgages

(Cost

$6,121)

a

a

a

5,576

U.S.

Treasury

Obligations

(39.5%)

U.S.

Treasury

Bonds

2

.00

%

,

11/15/41

....................................................

356

250

2

.88

%

,

5/15/49

....................................................

500

381

1

.88

%

,

2/15/51

....................................................

81

49

4

.13

%

,

8/15/53

....................................................

300

289

4

.75

%

,

11/15/53

....................................................

2,500

2,674

Victory

Portfolios

Victory

Total

Return

Bond

Fund

52

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

U.S.

Treasury

Notes

3

.00

%

,

7/31/24

....................................................

$

492

$

488

0

.38

%

,

8/15/24

....................................................

502

493

1

.75

%

,

3/15/25

....................................................

1,300

1,260

4

.00

%

,

2/15/26

....................................................

1,000

988

0

.50

%

,

6/30/27

....................................................

390

345

4

.00

%

,

2/29/28

....................................................

961

950

3

.75

%

,

12/31/28

....................................................

2,000

1,959

4

.00

%

,

1/31/29

....................................................

1,000

990

4

.25

%

,

2/28/29

....................................................

1,000

1,002

4

.25

%

,

2/28/31

....................................................

3,050

3,056

1

.88

%

,

2/15/32

....................................................

289

244

2

.88

%

,

5/15/32

....................................................

268

243

2

.75

%

,

8/15/32

....................................................

272

244

4

.50

%

,

11/15/33

....................................................

3,500

3,582

4

.00

%

,

2/15/34

....................................................

500

492

Total

U.S.

Treasury

Obligations

(Cost

$19,975)

a

a

a

19,979

Commercial

Paper

(1.0%)

Financials

(1.0%):

Hannover

Funding

Co.

LLC

,

5

.51

%

,

4/1/24

(d)

..................................

500

500

Total

Commercial

Paper

(Cost

$500)

a

a

a

500

Total

Investments

(Cost

$51,784)

—

98.6%

49,891

Other

assets

in

excess

of

liabilities

—

1.4%

727

NET

ASSETS

-

100.00%

$

50,618

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

6.3%

of

net

assets.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$5,551

(thousands)

and

amounted

to

11.0%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2024.

(c)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(d)

Rate

represents

the

effective

yield

at

March

31,

2024.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2024.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2024.

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

March

31,

2024.

TSFR1M

—

1

month

Term

SOFR,

rate

disclosed

as

of

March

31,

2024.

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Diversified

Stock

Fund

53

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(96.1%)

Communication

Services

(8.0%):

Alphabet,

Inc.,

Class

C(a)

.................................................

90,187

$

13,732

Meta

Platforms,

Inc.,

Class

A

..............................................

12,376

6,010

Netflix,

Inc.(a)

.........................................................

3,039

1,846

T-Mobile

US,

Inc.

......................................................

9,357

1,527

Yelp,

Inc.(a)

...........................................................

46,729

1,841

24,956

Communications

Equipment

(0.6%):

Arista

Networks,

Inc.(a)

..................................................

6,393

1,854

Consumer

Discretionary

(10.7%):

Amazon.com,

Inc.(a)

....................................................

63,152

11,391

AutoZone,

Inc.(a)

.......................................................

1,081

3,407

Booking

Holdings,

Inc.

...................................................

468

1,698

D.R.

Horton,

Inc.

.......................................................

20,085

3,305

O'Reilly

Automotive,

Inc.(a)

...............................................

2,733

3,085

PulteGroup,

Inc.

........................................................

15,847

1,911

Starbucks

Corp.

........................................................

27,937

2,553

Tesla,

Inc.(a)

..........................................................

4,776

840

Toll

Brothers,

Inc.

......................................................

14,677

1,899

TopBuild

Corp.(a)

......................................................

7,464

3,290

33,379

Consumer

Staples

(2.8%):

BellRing

Brands,

Inc.(a)

..................................................

69,070

4,077

Casey's

General

Stores,

Inc.

...............................................

8,914

2,839

Philip

Morris

International,

Inc.

.............................................

20,276

1,858

8,774

Electronic

Equipment,

Instruments

&

Components

(2.3%):

Badger

Meter,

Inc.

......................................................

17,837

2,886

Fabrinet(a)

............................................................

22,180

4,193

7,079

Energy

(5.2%):

Diamondback

Energy,

Inc.

................................................

20,443

4,051

EOG

Resources,

Inc.

....................................................

25,587

3,271

Halliburton

Co.

........................................................

46,334

1,827

Matador

Resources

Co.

...................................................

53,171

3,550

Oceaneering

International,

Inc.(a)

...........................................

84,546

1,978

Schlumberger

NV

......................................................

29,864

1,637

16,314

Financials

(15.2%):

Ameriprise

Financial,

Inc.

.................................................

9,813

4,302

Axos

Financial,

Inc.(a)

...................................................

51,111

2,762

Chubb

Ltd.

...........................................................

11,267

2,920

Corebridge

Financial,

Inc.(b)

...............................................

84,887

2,439

First

Citizens

BancShares,

Inc.,

Class

A

.......................................

1,123

1,836

Fiserv,

Inc.(a)

..........................................................

20,466

3,271

Globe

Life,

Inc.

........................................................

29,242

3,403

Interactive

Brokers

Group,

Inc.

.............................................

30,024

3,354

JPMorgan

Chase

&

Co.

..................................................

23,508

4,709

Kinsale

Capital

Group,

Inc.

................................................

4,807

2,522

LPL

Financial

Holdings,

Inc.

...............................................

10,630

2,808

NMI

Holdings,

Inc.,

Class

A(a)

.............................................

58,414

1,889

The

Bancorp,

Inc.(a)

.....................................................

72,927

2,440

Visa,

Inc.,

Class

A

......................................................

19,150

5,344

W.R.

Berkley

Corp.

.....................................................

36,279

3,209

47,208

Victory

Portfolios

Victory

Diversified

Stock

Fund

54

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Health

Care

(15.8%):

Amphastar

Pharmaceuticals,

Inc.(a)

..........................................

65,797

$

2,889

Cencora,

Inc.

..........................................................

12,740

3,096

Elevance

Health,

Inc.

....................................................

5,443

2,822

Eli

Lilly

&

Co.

.........................................................

11,215

8,725

HCA

Healthcare,

Inc.

....................................................

13,457

4,488

McKesson

Corp.

.......................................................

5,641

3,028

Medpace

Holdings,

Inc.(a)

................................................

7,520

3,039

Novo

Nordisk

A/S,

ADR

..................................................

33,999

4,366

ResMed,

Inc.

..........................................................

16,333

3,234

Stryker

Corp.

..........................................................

9,156

3,277

The

Cigna

Group

.......................................................

9,351

3,396

The

Ensign

Group,

Inc.

...................................................

24,811

3,087

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

8,136

1,885

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

4,219

1,764

49,096

Industrials

(10.0%):

Allison

Transmission

Holdings,

Inc.

.........................................

25,043

2,033

Comfort

Systems

USA,

Inc.

...............................................

11,676

3,710

EMCOR

Group,

Inc.

....................................................

13,585

4,757

GXO

Logistics,

Inc.(a)

...................................................

31,972

1,719

Parsons

Corp.(a)

.......................................................

22,618

1,876

Saia,

Inc.(a)

...........................................................

5,441

3,183

Textron,

Inc.

..........................................................

48,499

4,653

United

Rentals,

Inc.

.....................................................

4,445

3,205

Verra

Mobility

Corp.(a)

..................................................

74,328

1,856

W.W.

Grainger,

Inc.

.....................................................

2,096

2,132

Westinghouse

Air

Brake

Technologies

Corp.

....................................

13,435

1,957

31,081

Materials

(1.0%):

Linde

PLC

............................................................

3,308

1,536

Summit

Materials,

Inc.,

Class

A(a)

..........................................

39,037

1,740

3,276

Real

Estate

(0.8%):

VICI

Properties,

Inc.

....................................................

87,284

2,600

Semiconductors

&

Semiconductor

Equipment

(9.3%):

Axcelis

Technologies,

Inc.(a)

..............................................

12,894

1,438

Broadcom,

Inc.

........................................................

3,266

4,329

Microchip

Technology,

Inc.

................................................

34,740

3,116

NVIDIA

Corp.

.........................................................

16,211

14,648

ON

Semiconductor

Corp.(a)

...............................................

36,958

2,718

Photronics,

Inc.(a)

......................................................

94,599

2,679

28,928

Software

(10.1%):

Adobe,

Inc.(a)

.........................................................

4,068

2,053

Cadence

Design

Systems,

Inc.(a)

............................................

15,713

4,891

Microsoft

Corp.

........................................................

53,660

22,576

ServiceNow,

Inc.(a)

.....................................................

2,705

2,062

31,582

Technology

Hardware,

Storage

&

Peripherals

(4.3%):

Apple,

Inc.

...........................................................

77,562

13,300

Total

Common

Stocks

(Cost

$189,610)

a

a

a

299,427

Victory

Portfolios

Victory

Diversified

Stock

Fund

55

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Exchange-Traded

Funds

(2.5%)

SPDR

S&P

500

ETF

Trust

................................................

14,863

$

7,774

Total

Exchange-Traded

Funds

(Cost

$6,630)

a

a

a

7,774

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(c)

........

609,198

609

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(c)

............

609,198

609

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(c)

...............

609,198

609

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(c)

.

609,198

609

Total

Collateral

for

Securities

Loaned

(Cost

$2,437)

a

a

a

2,437

Total

Investments

(Cost

$198,677)

—

99.4%

309,638

Other

assets

in

excess

of

liabilities

—

0.6%

1,853

NET

ASSETS

-

100.00%

$

311,491

^

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Special

Value

Fund

56

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(97.3%)

Communication

Services

(8.2%):

Alphabet,

Inc.

,

Class

C

(a)

.................................................

12,491

$

1,902

Meta

Platforms,

Inc.

,

Class

A

..............................................

1,699

825

Netflix,

Inc.

(a)

.........................................................

415

252

T-Mobile

US,

Inc.

......................................................

1,280

209

Yelp,

Inc.

(a)

...........................................................

6,423

253

3,441

Communications

Equipment

(0.6%):

Arista

Networks,

Inc.

(a)

..................................................

876

254

Consumer

Discretionary

(10.8%):

Amazon.com,

Inc.

(a)

....................................................

8,665

1,563

AutoZone,

Inc.

(a)

.......................................................

149

470

Booking

Holdings,

Inc.

...................................................

64

232

D.R.

Horton,

Inc.

.......................................................

2,769

456

O'Reilly

Automotive,

Inc.

(a)

...............................................

375

423

PulteGroup,

Inc.

........................................................

2,197

265

Starbucks

Corp.

........................................................

3,788

346

Tesla,

Inc.

(a)

..........................................................

653

115

Toll

Brothers,

Inc.

......................................................

2,035

263

TopBuild

Corp.

(a)

......................................................

1,013

446

4,579

Consumer

Staples

(2.9%):

BellRing

Brands,

Inc.

(a)

..................................................

9,493

560

Casey's

General

Stores,

Inc.

...............................................

1,217

388

Philip

Morris

International,

Inc.

.............................................

2,812

258

1,206

Electronic

Equipment,

Instruments

&

Components

(2.3%):

Badger

Meter,

Inc.

......................................................

2,438

394

Fabrinet

(a)

............................................................

3,045

576

970

Energy

(5.3%):

Diamondback

Energy,

Inc.

................................................

2,777

550

EOG

Resources,

Inc.

....................................................

3,474

444

Halliburton

Co.

........................................................

6,428

253

Matador

Resources

Co.

...................................................

7,220

482

Oceaneering

International,

Inc.

(a)

...........................................

12,117

284

Schlumberger

NV

......................................................

4,141

227

2,240

Financials

(15.3%):

Ameriprise

Financial,

Inc.

.................................................

1,342

588

Axos

Financial,

Inc.

(a)

...................................................

6,929

374

Chubb

Ltd.

...........................................................

1,535

398

Corebridge

Financial,

Inc.

(b)

...............................................

11,590

333

First

Citizens

BancShares,

Inc.

,

Class

A

.......................................

154

252

Fiserv,

Inc.

(a)

..........................................................

2,813

450

Globe

Life,

Inc.

........................................................

4,001

466

Interactive

Brokers

Group,

Inc.

.............................................

4,170

466

JPMorgan

Chase

&

Co.

..................................................

3,231

647

Kinsale

Capital

Group,

Inc.

................................................

656

344

LPL

Financial

Holdings,

Inc.

...............................................

1,450

383

NMI

Holdings,

Inc.

,

Class

A

(a)

.............................................

8,029

260

The

Bancorp,

Inc.

(a)

.....................................................

10,058

337

Visa,

Inc.

,

Class

A

......................................................

2,628

733

W.R.

Berkley

Corp.

.....................................................

4,943

437

6,468

Victory

Portfolios

Victory

Special

Value

Fund

57

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Health

Care

(15.9%):

Amphastar

Pharmaceuticals,

Inc.

(a)

..........................................

8,922

$

392

Cencora,

Inc.

..........................................................

1,767

429

Elevance

Health,

Inc.

....................................................

741

384

Eli

Lilly

&

Co.

.........................................................

1,523

1,185

HCA

Healthcare,

Inc.

....................................................

1,842

614

McKesson

Corp.

.......................................................

774

416

Medpace

Holdings,

Inc.

(a)

................................................

1,034

418

Novo

Nordisk

A/S

,

ADR

..................................................

4,613

592

ResMed,

Inc.

..........................................................

2,245

445

Stryker

Corp.

..........................................................

1,253

448

The

Cigna

Group

.......................................................

1,283

466

The

Ensign

Group,

Inc.

...................................................

3,441

428

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

1,137

264

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

582

243

6,724

Industrials

(10.1%):

Allison

Transmission

Holdings,

Inc.

.........................................

3,397

276

Comfort

Systems

USA,

Inc.

...............................................

1,610

512

EMCOR

Group,

Inc.

....................................................

1,874

656

GXO

Logistics,

Inc.

(a)

...................................................

4,356

234

Parsons

Corp.

(a)

.......................................................

3,136

260

Saia,

Inc.

(a)

...........................................................

746

436

Textron,

Inc.

..........................................................

6,690

642

United

Rentals,

Inc.

.....................................................

610

440

Verra

Mobility

Corp.

(a)

..................................................

10,307

257

W.W.

Grainger,

Inc.

.....................................................

293

298

Westinghouse

Air

Brake

Technologies

Corp.

....................................

1,841

268

4,279

Materials

(1.1%):

Linde

PLC

............................................................

454

211

Summit

Materials,

Inc.

,

Class

A

(a)

..........................................

5,300

236

447

Real

Estate

(0.8%):

VICI

Properties,

Inc.

....................................................

11,860

353

Semiconductors

&

Semiconductor

Equipment

(9.4%):

Axcelis

Technologies,

Inc.

(a)

..............................................

1,778

198

Broadcom,

Inc.

........................................................

443

587

Microchip

Technology,

Inc.

................................................

4,789

430

NVIDIA

Corp.

.........................................................

2,239

2,023

ON

Semiconductor

Corp.

(a)

...............................................

5,067

373

Photronics,

Inc.

(a)

......................................................

13,062

370

3,981

Software

(10.3%):

Adobe,

Inc.

(a)

.........................................................

554

280

Cadence

Design

Systems,

Inc.

(a)

............................................

2,157

671

Microsoft

Corp.

........................................................

7,409

3,117

ServiceNow,

Inc.

(a)

.....................................................

367

280

4,348

Technology

Hardware,

Storage

&

Peripherals

(4.3%):

Apple,

Inc.

...........................................................

10,693

1,834

Total

Common

Stocks

(Cost

$25,769)

a

a

a

41,124

Victory

Portfolios

Victory

Special

Value

Fund

58

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Exchange-Traded

Funds

(3.1%)

SPDR

S&P

500

ETF

Trust

................................................

2,508

$

1,312

Total

Exchange-Traded

Funds

(Cost

$1,265)

a

a

a

1,312

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

82,613

82

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

............

82,613

82

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

...............

82,613

83

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

82,613

83

Total

Collateral

for

Securities

Loaned

(Cost

$330)

a

a

a

330

Total

Investments

(Cost

$27,364)

—

101.2%

42,766

Liabilities

in

excess

of

other

assets

—

(1.2)%

(

494

)

NET

ASSETS

-

100.00%

$

42,272

^

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

THB

US

Small

Opportunities

Fund

59

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(99.8%)

Consumer

Discretionary

(17.1%):

Atmus

Filtration

Technologies,

Inc.

(a)

........................................

6,190

$

200

Beyond,

Inc.

(a)

........................................................

10,850

390

BJ's

Restaurants,

Inc.

(a)

..................................................

6,654

241

Century

Communities,

Inc.

................................................

3,400

328

Gentherm,

Inc.

(a)

.......................................................

2,410

139

Johnson

Outdoors,

Inc.

,

Class

A

............................................

5,660

261

Latham

Group,

Inc.

(a)

...................................................

87,055

345

M/I

Homes,

Inc.

(a)

......................................................

2,795

381

MarineMax,

Inc.

(a)

.....................................................

1,540

51

MasterCraft

Boat

Holdings,

Inc.

(a)

..........................................

4,690

111

OneSpaWorld

Holdings

Ltd.

(a)

.............................................

4,290

57

Sonos,

Inc.

(a)

.........................................................

12,510

238

The

Cheesecake

Factory,

Inc.

..............................................

1,480

53

Thor

Industries,

Inc.

.....................................................

720

84

2,879

Consumer

Staples

(0.1%):

SunOpta,

Inc.

(a)

........................................................

2,030

14

Energy

(7.2%):

Dril-Quip,

Inc.

(a)

.......................................................

3,620

82

Expro

Group

Holdings

NV

(a)

..............................................

13,006

260

RPC,

Inc.

............................................................

46,400

359

Select

Water

Solutions,

Inc.

................................................

20,590

190

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

....................................

15,330

133

TETRA

Technologies,

Inc.

(a)

..............................................

42,000

186

1,210

Financials

(9.0%):

BayCom

Corp.

.........................................................

8,142

168

Brightsphere

Investment

Group,

Inc.

.........................................

16,820

384

EVERTEC,

Inc.

........................................................

2,100

84

First

Busey

Corp.

.......................................................

12,131

292

HarborOne

Bancorp,

Inc.

.................................................

27,060

289

Live

Oak

Bancshares,

Inc.

................................................

5,190

215

OFG

Bancorp

.........................................................

2,130

78

1,510

Health

Care

(22.1%):

Addus

HomeCare

Corp.

(a)

................................................

2,001

207

Artivion,

Inc.

(a)

........................................................

7,705

163

Astrana

Health,

Inc.

(a)

...................................................

4,280

180

Atrion

Corp.

..........................................................

294

136

BioLife

Solutions,

Inc.

(a)

.................................................

12,394

230

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

10,170

162

CorVel

Corp.

(a)

........................................................

277

73

CryoPort,

Inc.

(a)

.......................................................

6,380

113

Definitive

Healthcare

Corp.

(a)

..............................................

15,030

121

Dynavax

Technologies

Corp.

(a)

.............................................

8,250

103

Halozyme

Therapeutics,

Inc.

(a)

.............................................

5,800

236

LeMaitre

Vascular,

Inc.

...................................................

6,436

427

Mesa

Laboratories,

Inc.

..................................................

623

68

Neogen

Corp.

(a)

.......................................................

4,080

64

STAAR

Surgical

Co.

(a)

..................................................

5,050

193

U.S.

Physical

Therapy,

Inc.

................................................

2,820

318

UFP

Technologies,

Inc.

(a)

.................................................

2,250

568

Vericel

Corp.

(a)

........................................................

6,810

354

3,716

Industrials

(22.7%):

Allient,

Inc.

...........................................................

6,291

224

Argan,

Inc.

...........................................................

1,530

77

Victory

Portfolios

Victory

THB

US

Small

Opportunities

Fund

60

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Bowman

Consulting

Group

Ltd.

(a)

..........................................

5,010

$

174

Energy

Recovery,

Inc.

(a)

.................................................

7,970

126

ESCO

Technologies,

Inc.

.................................................

820

88

GMS,

Inc.

(a)

..........................................................

924

90

Hexcel

Corp.

..........................................................

1,090

79

Insteel

Industries,

Inc.

....................................................

7,345

281

Limbach

Holdings,

Inc.

(a)

................................................

7,330

304

MYR

Group,

Inc.

(a)

.....................................................

1,571

278

Northwest

Pipe

Co.

(a)

...................................................

5,930

206

NV5

Global,

Inc.

(a)

.....................................................

850

83

Omega

Flex,

Inc.

.......................................................

1,400

99

Park

Aerospace

Corp.

....................................................

15,262

254

Preformed

Line

Products

Co.

..............................................

2,170

279

Rush

Enterprises,

Inc.

,

Class

A

.............................................

1,600

86

Standex

International

Corp.

................................................

1,420

259

The

Greenbrier

Cos.,

Inc.

.................................................

5,410

282

Transcat,

Inc.

(a)

........................................................

3,200

356

Twin

Disc,

Inc.

........................................................

11,325

187

3,812

Information

Technology

(15.4%):

Cerence,

Inc.

(a)

........................................................

6,090

96

Climb

Global

Solutions,

Inc.

...............................................

2,390

169

ePlus,

Inc.

(a)

..........................................................

5,752

452

FARO

Technologies,

Inc.

(a)

...............................................

6,910

149

Grid

Dynamics

Holdings,

Inc.

(a)

............................................

9,450

116

Ichor

Holdings

Ltd.

(a)

...................................................

6,820

263

Immersion

Corp.

.......................................................

33,650

252

Luna

Innovations,

Inc.

(a)

.................................................

37,100

119

NVE

Corp.

...........................................................

1,680

152

PAR

Technology

Corp.

(a)

.................................................

3,836

174

Ultra

Clean

Holdings,

Inc.

(a)

..............................................

7,993

367

Upland

Software,

Inc.

(a)

..................................................

29,440

91

Vishay

Precision

Group,

Inc.

(a)

.............................................

5,530

195

2,595

Materials

(5.8%):

Century

Aluminum

Co.

(a)

.................................................

18,960

292

Ferroglobe

PLC

........................................................

17,810

89

Hawkins,

Inc.

.........................................................

2,740

210

Koppers

Holdings,

Inc.

...................................................

3,797

209

NewMarket

Corp.

......................................................

120

76

Radius

Recycling,

Inc.

...................................................

4,770

101

977

Utilities

(0.4%):

Artesian

Resources

Corp.

,

Class

A

...........................................

1,740

65

Total

Common

Stocks

(Cost

$10,489)

a

a

a

16,778

Total

Investments

(Cost

$10,489)

—

99.8%

16,778

Other

assets

in

excess

of

liabilities

—

0.2%

32

NET

ASSETS

-

100.00%

$

16,810

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Strategic

Allocation

Fund

61

(Unaudited)

Security

Description

Shares

Value

(000)

Affiliated

Exchange-Traded

Funds

(6.6%)

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

...........................

39,640

$

1,793

Total

Affiliated

Exchange-Traded

Funds

(Cost

$1,006)

a

a

a

1,793

Affiliated

Mutual

Funds

(92.3%)

Victory

Global

Energy

Transition

Fund,

Class

Y

.................................

33,926

1,032

Victory

Integrity

Discovery

Fund,

Class

Y

.....................................

20,368

952

Victory

Investment

Grade

Convertible

Fund,

Class

I

..............................

88,891

1,525

Victory

Market

Neutral

Income

Fund,

Class

I

...................................

47,681

401

Victory

RS

Global

Fund,

Class

Y

............................................

355,679

7,896

Victory

RS

Partners

Fund,

Class

Y

...........................................

33,145

1,031

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

...............................

124,898

2,468

Victory

Total

Return

Bond

Fund,

Class

R6

.....................................

965,923

7,959

Victory

Trivalent

International

Small-Cap

Fund,

Class

I

...........................

109,929

1,690

Total

Affiliated

Mutual

Funds

(Cost

$21,379)

a

a

a

24,954

Total

Investments

(Cost

$22,385)

—

98.9%

26,747

Other

assets

in

excess

of

liabilities

—

1.1%

287

NET

ASSETS

-

100.00%

$

27,034

At

March

31,

2024,

the

foreign

securities

held

by

the

underlying

Funds

were

48.4%

of

net

assets.

ETF

—

Exchange-Traded

Fund

Affiliated  Holdings

(Amounts

in

thousands)

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

3/31/2024

Dividend

Income

Victory

Global

Energy

Transition

Fund,

Class

Y

...........

$

1,552

$

32

$

(

444

)

$

45

$

—

$

(

153

)

$

1,032

$

32

Victory

Integrity

Discovery

Fund,

Class

Y

...........

810

12

—

—

8

130

952

4

Victory

Investment

Grade

Convertible

Fund,

Class

I

..

1,421

33

—

—

—

71

1,525

33

Victory

Market

Neutral

Income

Fund,

Class

I

...........

—

402

—

—

—

(

1

)

401

2

Victory

RS

Global

Fund,

Class

Y

7,224

81

(

556

)

179

—

968

7,896

81

Victory

RS

Partners

Fund,

Class

Y

....................

866

48

—

—

22

117

1,031

27

Victory

Sophus

Emerging

Markets

Fund,

Class

R6

....

2,394

65

(

106

)

(

41

)

—

156

2,468

64

Victory

Total

Return

Bond

Fund,

Class

R6

..............

7,766

227

—

—

—

(

34

)

7,959

227

Victory

Trivalent

International

Small-Cap

Fund,

Class

I

...

1,520

29

—

—

*

—

141

1,690

30

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

...

1,689

—

(

76

)

28

—

152

1,793

21

$

25,242

$

929

$

(

1,182

)

$

211

$

30

$

1,547

$

26,747

$

521

*

Rounds

to

less

than

$1

thousand.

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Fund

for

Income

62

(Unaudited)

Security

Description

Principal

Amount

(000)

Value

(000)

Collateralized

Mortgage

Obligations

(3.0%)

Agency

CMO

Other

(3.0%):

Government

National

Mortgage

Association

....................................

Series

2001-10

,

Class

PE

,

6

.50

%

,

3/16/31

,

Callable

4/16/24

@

100

...............

$

63

$

63

Series

2005-74

,

Class

HB

,

7

.50

%

,

9/16/35

.................................

3

3

Series

2005-74

,

Class

HC

,

7

.50

%

,

9/16/35

.................................

23

24

Series

2011-166

,

Class

NT

,

7

.73

%

,

11/20/31

(a)

..............................

383

393

Series

2012-106

,

Class

JM

,

7

.33

%

,

10/20/34

(a)

.............................

288

302

Series

2012-30

,

Class

WB

,

6

.95

%

,

11/20/39

(a)

..............................

835

865

Series

2013-190

,

Class

KT

,

8

.24

%

,

9/20/30

(a)

..............................

85

88

Series

2013-51

,

Class

BL

,

6

.04

%

,

4/20/34

(a)

...............................

843

857

Series

2013-64

,

Class

KY

,

6

.61

%

,

12/20/38

(a)

..............................

412

424

Series

2013-70

,

Class

KP

,

6

.97

%

,

2/20/39

(a)

...............................

426

438

Series

2014-69

,

Class

W

,

7

.20

%

,

11/20/34

(a)

...............................

53

55

Series

2014-74

,

Class

PT

,

7

.86

%

,

5/16/44

(a)

...............................

44

45

Series

2015-77

,

Class

PT

,

7

.13

%

,

6/20/39

(a)

...............................

149

154

Series

2019-22

,

Class

PT

,

7

.94

%

,

2/20/49

(a)

...............................

2,216

2,308

Series

2021-1

,

Class

WT

,

7

.82

%

,

1/20/51

(a)

................................

2,410

2,511

Series

2023-186

,

Class

BT

,

8

.00

%

,

9/20/31

................................

1,734

1,826

10,356

Total

Collateralized

Mortgage

Obligations

(Cost

$11,213)

a

a

a

10,356

U.S.

Government

Agency

Mortgages

(76.2%)

Single

Family

Pass-throughs

(75.8%):

Government

National

Mortgage

Association

6

.50

%

,

5/15/24

-

2/20/41

.............................................

74,381

76,569

6

.00

%

,

10/15/24

-

2/20/49

.............................................

49,113

50,491

8

.00

%

,

10/15/24

-

4/15/38

.............................................

15,205

15,867

9

.00

%

,

4/15/25

-

9/15/30

.............................................

298

307

7

.13

%

,

7/15/25

....................................................

5

5

8

.50

%

,

7/15/25

-

7/15/32

.............................................

1,189

1,231

7

.50

%

,

8/15/25

-

12/20/38

.............................................

23,853

24,629

7

.00

%

,

1/20/26

-

5/20/39

.............................................

47,184

49,032

6

.13

%

,

6/20/28

-

11/20/28

.............................................

123

121

6

.28

%

,

10/20/28

-

9/20/29

.............................................

291

291

6

.10

%

,

5/20/29

-

7/20/31

.............................................

277

279

7

.30

%

,

4/20/30

-

2/20/31

.............................................

113

113

6

.49

%

,

5/20/31

-

3/20/32

.............................................

493

499

5

.50

%

,

3/20/32

-

11/15/45

.............................................

19,014

19,619

4

.50

%

,

12/15/33

-

5/15/41

.............................................

6,750

6,677

5

.00

%

,

1/20/34

-

2/20/42

.............................................

14,709

14,747

4

.00

%

,

8/15/41

....................................................

442

424

260,901

Multi-Family

Pass-throughs

(0.4%):

Government

National

Mortgage

Association

8

.00

%

,

1/15/31

-

11/15/33

.............................................

852

851

7

.75

%

,

9/15/33

....................................................

330

329

6

.00

%

,

4/20/38

....................................................

49

49

1,229

Total

U.S.

Government

Agency

Mortgages

(Cost

$286,268)

a

a

a

262,130

U.S.

Treasury

Obligations

(20.2%)

U.S.

Treasury

Bills

,

5

.15

%

,

5/16/24

(b)

........................................

27,071

26,894

U.S.

Treasury

Bonds

,

7

.50

%

,

11/15/24

........................................

41,997

42,639

Total

U.S.

Treasury

Obligations

(Cost

$70,613)

a

a

a

69,533

Victory

Portfolios

Victory

Fund

for

Income

63

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Investment

Companies

(0.0%)(c)

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

Shares

,

4

.58

%

(b)

...........

99,944

$

100

Total

Investment

Companies

(Cost

$100)

a

a

a

100

Total

Investments

(Cost

$368,194)

—

99.4%

342,119

Other

assets

in

excess

of

liabilities

—

0.6%

2,021

NET

ASSETS

-

100.00%

$

344,140

(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

March

31,

2024.

(b)

Rate

represents

the

effective

yield

at

March

31,

2024.

(c)

Amount

represents

less

than

0.05%

of

net

assets.

CMO

—

Collateralized

Mortgage

Obligations

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Investment

Grade

Convertible

Fund

64

(Unaudited)

Security

Description

Principal

Amount

(000)

Value

(000)

Convertible

Corporate

Bonds

(77.8%)

Consumer

Discretionary

(15.1%):

Booking

Holdings,

Inc.,

0.75%,

5/1/25

........................................

$

8,595

$

16,588

Expedia

Group,

Inc.,

2/15/26(a)

.............................................

12,228

11,262

Ford

Motor

Co.,

3/15/26(a)

................................................

11,935

12,335

Winnebago

Industries,

Inc.,

1.50%,

4/1/25

.....................................

755

929

41,114

Energy

(6.4%):

Pioneer

Natural

Resources

Co.,

0.25%,

5/15/25

.................................

6,056

17,324

Financials

(16.9%):

Barclays

Bank

PLC

 2/18/25(a)

........................................................

2,325

2,681

1.00%,

2/16/29

....................................................

10,525

11,329

Blackstone

Mortgage

Trust,

Inc.,

5.50%,

3/15/27

................................

4,605

4,133

Block,

Inc.,

0.13%,

3/1/25

.................................................

2,050

2,096

Euronet

Worldwide,

Inc.,

0.75%,

3/15/49,

Callable

3/20/25

@

100(b)

..................

7,997

7,753

Global

Payments,

Inc.,

1.50%,

3/1/31(c)

.......................................

2,502

2,645

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

6/15/27

.............................

1,760

1,945

New

Mountain

Finance

Corp.,

7.50%,

10/15/25,

Callable

7/15/25

@

100

...............

6,565

6,650

PPL

Capital

Funding,

Inc.,

2.88%,

3/15/28

.....................................

6,530

6,249

Prospect

Capital

Corp.,

6.38%,

3/1/25

........................................

691

686

46,167

Health

Care

(4.1%):

Dexcom

,

Inc.,

0.38%,

5/15/28(c)

............................................

1,500

1,607

Envista

Holdings

Corp.,

1.75%,

8/15/28(c)

.....................................

10,900

9,585

11,192

Industrials

(10.2%):

Parsons

Corp.,

0.25%,

8/15/25

.............................................

6,300

11,582

Southwest

Airlines

Co.,

1.25%,

5/1/25

........................................

15,255

15,438

The

Middleby

Corp.,

1.00%,

9/1/25

..........................................

535

703

27,723

Information

Technology

(5.6%):

Akamai

Technologies,

Inc.,

0.13%,

5/1/25

.....................................

5,399

6,368

ON

Semiconductor

Corp.,

5/1/27(a)

..........................................

735

1,080

Vishay

Intertechnology

,

Inc.,

2.25%,

9/15/30(c)

.................................

8,240

7,869

15,317

Materials

(0.4%):

U.S.

Steel

Corp.,

5.00%,

11/1/26

............................................

380

1,161

Real

Estate

(8.6%):

Federal

Realty

OP

LP,

3.25%,

1/15/29(c)

......................................

4,380

4,251

Kite

Realty

Group

LP,

0.75%,

4/1/27(c)

.......................................

8,280

7,949

Rexford

Industrial

Realty

LP

4.13%,

3/15/29(c)

..................................................

315

321

4.38%,

3/15/27(c)

..................................................

640

652

Ventas

Realty

LP,

3.75%,

6/1/26(c)

..........................................

4,750

4,740

Welltower

OP

LLC,

2.75%,

5/15/28(c)

........................................

4,920

5,476

23,389

Utilities

(10.5%):

Alliant

Energy

Corp.,

3.88%,

3/15/26

........................................

3,185

3,149

American

Water

Capital

Corp.,

3.63%,

6/15/26(c)

................................

8,060

7,871

CenterPoint

Energy,

Inc.,

4.25%,

8/15/26(c)

....................................

4,245

4,205

CMS

Energy

Corp.,

3.38%,

5/1/28(c)

.........................................

2,455

2,414

Duke

Energy

Corp.,

4.13%,

4/15/26(c)

........................................

3,205

3,166

Evergy

,

Inc.,

4.50%,

12/15/27(c)

............................................

2,520

2,562

Victory

Portfolios

Victory

Investment

Grade

Convertible

Fund

65

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

The

Southern

Co.,

3.88%,

12/15/25

..........................................

$

5,205

$

5,179

28,546

Total

Convertible

Corporate

Bonds

(Cost

$196,252)

a

a

a

211,933

Shares

Convertible

Preferred

Stocks

(21.1%)

Financials

(15.6%):

Apollo

Global

Management,

Inc.,

6.75%,

7/31/26

................................

140,025

8,927

Bank

of

America

Corp.,

Series

L,

7.25%(d)

....................................

13,050

15,578

New

York

Community

Capital

Trust

V,

6.00%,

11/1/51

............................

53,619

1,760

Wells

Fargo

&

Co.,

Series

L,

7.50%(d)

........................................

13,394

16,332

42,597

Utilities

(5.5%):

NextEra

Energy,

Inc.,

6.93%,

9/1/25(b)

.......................................

387,160

15,072

Total

Convertible

Preferred

Stocks

(Cost

$62,080)

a

a

a

57,669

Collateral

for

Securities

Loaned

(4.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(e)

........

3,047,447

3,047

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(e)

............

3,047,447

3,047

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(e)

...............

3,047,447

3,048

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(e)

.

3,047,447

3,048

Total

Collateral

for

Securities

Loaned

(Cost

$12,190)

a

a

a

12,190

Total

Investments

(Cost

$270,522)

—

103.4%

281,792

Liabilities

in

excess

of

other

assets

—

(3.4)%

(9,242)

NET

ASSETS

-

100.00%

$

272,550

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

5.1%

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

March

31,

2024,

the

fair

value

of

these

securities

was

$65,313

(thousands)

and

amounted

to

24.0%

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

March

31,

2024.

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Sycamore

Established

Value

Fund

66

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(97.5%)

Consumer

Discretionary

(10.8%):

Aptiv

PLC

(a)

..........................................................

2,640,000

$

210,276

BorgWarner,

Inc.

.......................................................

9,130,000

317,176

Darden

Restaurants,

Inc.

..................................................

1,995,000

333,464

Dick's

Sporting

Goods,

Inc.

................................................

645,000

145,035

eBay,

Inc.

............................................................

4,535,000

239,357

Hilton

Worldwide

Holdings,

Inc.

............................................

660,000

140,785

Ralph

Lauren

Corp.

.....................................................

970,000

182,127

Ross

Stores,

Inc.

.......................................................

1,540,000

226,010

Yum!

Brands,

Inc.

......................................................

2,000,000

277,300

2,071,530

Consumer

Staples

(5.1%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

4,125,000

312,056

Target

Corp.

..........................................................

2,000,000

354,420

U.S.

Foods

Holding

Corp.

(a)

...............................................

5,885,000

317,614

984,090

Energy

(4.9%):

Baker

Hughes

Co.

......................................................

9,370,000

313,895

Coterra

Energy,

Inc.

.....................................................

12,080,000

336,790

Devon

Energy

Corp.

.....................................................

5,880,000

295,059

945,744

Financials

(15.9%):

American

Financial

Group,

Inc.

.............................................

2,620,000

357,578

Fidelity

National

Financial,

Inc.

............................................

4,565,000

242,402

Global

Payments,

Inc.

....................................................

2,180,000

291,379

Huntington

Bancshares,

Inc.

...............................................

11,050,000

154,148

Old

Republic

International

Corp.

............................................

8,160,000

250,675

Prosperity

Bancshares,

Inc.

................................................

3,666,000

241,149

T.

Rowe

Price

Group,

Inc.

.................................................

2,045,000

249,326

The

Bank

of

New

York

Mellon

Corp.

.........................................

4,915,000

283,202

The

Hartford

Financial

Services

Group,

Inc.

....................................

3,481,000

358,717

W.R.

Berkley

Corp.

.....................................................

2,975,000

263,109

Willis

Towers

Watson

PLC

................................................

1,305,000

358,875

3,050,560

Health

Care

(8.4%):

Agilent

Technologies,

Inc.

.................................................

1,490,000

216,810

Hologic,

Inc.

(a)

........................................................

3,835,000

298,977

ICON

PLC

(a)

.........................................................

695,000

233,485

Quest

Diagnostics,

Inc.

...................................................

2,600,000

346,086

The

Cooper

Cos.,

Inc.

....................................................

2,398,211

243,322

Zimmer

Biomet

Holdings,

Inc.

.............................................

2,125,000

280,458

1,619,138

Industrials

(22.8%):

AGCO

Corp.

..........................................................

2,315,000

284,791

Alaska

Air

Group,

Inc.

(a)

.................................................

3,980,000

171,100

Carrier

Global

Corp.

.....................................................

2,850,000

165,670

FTI

Consulting,

Inc.

(a)

...................................................

1,470,000

309,126

Genpact

Ltd.

..........................................................

6,425,000

211,704

Hubbell,

Inc.

..........................................................

295,000

122,440

J.B.

Hunt

Transport

Services,

Inc.

...........................................

1,583,008

315,414

Knight-Swift

Transportation

Holdings,

Inc.

....................................

4,450,000

244,839

Landstar

System,

Inc.

....................................................

1,060,000

204,326

Leidos

Holdings,

Inc.

....................................................

2,410,000

315,927

Lincoln

Electric

Holdings,

Inc.

.............................................

475,000

121,334

ManpowerGroup,

Inc.

(b)

.................................................

2,493,000

193,557

Maximus,

Inc.

.........................................................

2,120,000

177,867

Regal

Rexnord

Corp.

....................................................

880,000

158,488

Republic

Services,

Inc.

...................................................

840,000

160,810

Victory

Portfolios

Victory

Sycamore

Established

Value

Fund

67

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Textron,

Inc.

..........................................................

3,860,000

$

370,290

The

Middleby

Corp.

(a)

...................................................

1,915,000

307,913

The

Toro

Co.

..........................................................

2,565,000

235,031

TransUnion

...........................................................

1,915,000

152,817

Xylem,

Inc.

...........................................................

1,250,000

161,550

4,384,994

Information

Technology

(8.2%):

Amphenol

Corp.

,

Class

A

.................................................

1,395,000

160,913

Flex

Ltd.

(a)

...........................................................

9,460,000

270,651

MKS

Instruments,

Inc.

...................................................

2,535,000

337,155

Motorola

Solutions,

Inc.

..................................................

535,000

189,914

Skyworks

Solutions,

Inc.

.................................................

2,745,000

297,338

Western

Digital

Corp.

(a)

..................................................

1,785,000

121,809

Zebra

Technologies

Corp.

(a)

...............................................

650,000

195,936

1,573,716

Materials

(10.6%):

AptarGroup,

Inc.

.......................................................

1,162,000

167,200

Avery

Dennison

Corp.

...................................................

845,000

188,646

Axalta

Coating

Systems

Ltd.

(a)

.............................................

6,700,000

230,413

Crown

Holdings,

Inc.

....................................................

3,705,000

293,659

Franco-Nevada

Corp.

....................................................

2,205,000

262,748

Packaging

Corp.

of

America

...............................................

1,790,000

339,706

RPM

International,

Inc.

..................................................

2,120,000

252,174

Westlake

Corp.

........................................................

2,015,000

307,892

2,042,438

Real

Estate

(7.6%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

2,490,000

320,986

Camden

Property

Trust

...................................................

2,710,000

266,664

Equity

LifeStyle

Properties,

Inc.

............................................

2,605,000

167,762

Lamar

Advertising

Co.

,

Class

A

.............................................

2,800,000

334,348

NNN

REIT,

Inc.

........................................................

8,825,000

377,180

1,466,940

Utilities

(3.2%):

Alliant

Energy

Corp.

....................................................

6,765,000

340,956

Xcel

Energy,

Inc.

.......................................................

5,000,000

268,750

609,706

Total

Common

Stocks

(Cost

$14,636,452)

a

a

a

18,748,856

Exchange-Traded

Funds

(0.7%)

iShares

Russell

Mid-Cap

Value

ETF

(c)

.......................................

1,159,000

145,258

Total

Exchange-Traded

Funds

(Cost

$71,345)

a

a

a

145,258

Collateral

for

Securities

Loaned

(0.0%)^(d)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(e)

........

70,073

70

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(e)

............

70,073

70

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(e)

...............

70,073

70

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(e)

.

70,073

70

Total

Collateral

for

Securities

Loaned

(Cost

$280)

a

a

a

280

Total

Investments

(Cost

$14,708,077)

—

98.2%

18,894,394

Other

assets

in

excess

of

liabilities

—

1.8%

338,081

NET

ASSETS

-

100.00%

$

19,232,475

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

5.5%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

Victory

Portfolios

Victory

Sycamore

Established

Value

Fund

68

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

(b)

Affiliated

security.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Amount

represents

less

than

0.05%

of

net

assets.

(e)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Affiliated  Holdings

(Amounts

in

thousands)

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

3/31/2024

Dividend

Income

ManpowerGroup,

Inc.

......

$

161,976

$

38,607

$

(

5,637

)

$

(

2,036

)

$

—

$

647

$

193,557

$

3,579

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

69

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(97.5%)

Communication

Services

(0.2%):

The

E.W.

Scripps

Co.,

Class

A(a)

...........................................

3,260,000

$

12,812

Consumer

Discretionary

(10.3%):

Brunswick

Corp.

.......................................................

560,000

54,051

Choice

Hotels

International,

Inc.(b)

..........................................

690,000

87,182

Columbia

Sportswear

Co.

.................................................

1,030,000

83,616

Frontdoor,

Inc.(a)

.......................................................

1,435,000

46,752

Kontoor

Brands,

Inc.

....................................................

800,000

48,200

LCI

Industries

.........................................................

385,000

47,378

Mattel,

Inc.(a)

.........................................................

4,762,000

94,335

Murphy

USA,

Inc.

......................................................

124,000

51,981

Oxford

Industries,

Inc.

...................................................

220,000

24,728

Signet

Jewelers

Ltd.

.....................................................

615,000

61,543

Texas

Roadhouse,

Inc.

...................................................

320,000

49,430

Visteon

Corp.(a)

........................................................

765,000

89,972

739,168

Consumer

Staples

(2.5%):

Central

Garden

&

Pet

Co.,

Class

A(a)

........................................

2,220,000

81,962

Ingredion,

Inc.

.........................................................

210,000

24,539

Performance

Food

Group

Co.(a)

............................................

940,000

70,162

176,663

Energy

(6.8%):

Civitas

Resources,

Inc.

...................................................

1,502,000

114,017

Delek

U.S.

Holdings,

Inc.

.................................................

1,900,000

58,406

Helmerich

&

Payne,

Inc.

..................................................

2,125,000

89,377

Magnolia

Oil

&

Gas

Corp.,

Class

A

..........................................

4,550,000

118,073

Matador

Resources

Co.

...................................................

1,650,000

110,170

490,043

Financials

(20.2%):

AMERISAFE,

Inc.

......................................................

830,000

41,641

Bank

of

Hawaii

Corp.

....................................................

690,000

43,049

Cohen

&

Steers,

Inc.

....................................................

1,260,000

96,881

EVERTEC,

Inc.

........................................................

1,355,000

54,065

First

American

Financial

Corp.

.............................................

1,545,000

94,322

Independent

Bank

Corp.

..................................................

860,000

44,737

Lakeland

Financial

Corp.

.................................................

1,150,000

76,269

NCR

Atleos

Corp.(a)

....................................................

2,125,000

41,969

Renasant

Corp.(c)

......................................................

2,858,004

89,512

Ryan

Specialty

Holdings,

Inc.

..............................................

1,250,000

69,375

Safety

Insurance

Group,

Inc.(c)

.............................................

925,000

76,026

Selective

Insurance

Group,

Inc.

.............................................

795,000

86,790

SouthState

Corp.

.......................................................

1,380,000

117,341

Stewart

Information

Services

Corp.

..........................................

535,000

34,807

The

Hanover

Insurance

Group,

Inc.

..........................................

775,000

105,532

UMB

Financial

Corp.

....................................................

1,320,000

114,827

United

Bankshares,

Inc.

..................................................

2,661,007

95,237

Walker

&

Dunlop,

Inc.

...................................................

515,000

52,046

Wintrust

Financial

Corp.

..................................................

1,105,000

115,351

1,449,777

Health

Care

(3.8%):

Charles

River

Laboratories

International,

Inc.(a)

.................................

321,000

86,975

Chemed

Corp.

.........................................................

70,000

44,935

Integer

Holdings

Corp.(a)

.................................................

640,000

74,675

Prestige

Consumer

Healthcare,

Inc.(a)

........................................

921,000

66,828

273,413

Industrials

(22.9%):

Air

Transport

Services

Group,

Inc.(a)

.........................................

2,850,000

39,216

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

70

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Alamo

Group,

Inc.

......................................................

255,000

$

58,224

Apogee

Enterprises,

Inc.

..................................................

857,000

50,734

ASGN,

Inc.(a)

.........................................................

640,000

67,046

Astec

Industries,

Inc.(c)

..................................................

1,370,000

59,883

Core

&

Main,

Inc.,

Class

A(a)

..............................................

420,000

24,045

Crane

Co.

............................................................

330,000

44,593

Gibraltar

Industries,

Inc.(a)

................................................

655,000

52,747

Hayward

Holdings,

Inc.(a)

................................................

3,020,000

46,236

Hexcel

Corp.

..........................................................

605,000

44,074

Hillenbrand,

Inc.

.......................................................

2,070,000

104,100

Hub

Group,

Inc.,

Class

A

.................................................

2,318,900

100,223

ICF

International,

Inc.

...................................................

290,000

43,683

John

Bean

Technologies

Corp.

..............................................

865,000

90,730

Kennametal,

Inc.

.......................................................

2,040,000

50,878

Marten

Transport

Ltd.

....................................................

3,040,000

56,179

Maximus,

Inc.

.........................................................

1,025,000

85,998

McGrath

RentCorp.(b)

...................................................

485,000

59,834

Mercury

Systems,

Inc.(a)

.................................................

1,375,000

40,563

Mueller

Industries,

Inc.

...................................................

1,075,000

57,975

MYR

Group,

Inc.(a)

.....................................................

205,000

36,234

NEXTracker,

Inc.,

Class

A(a)

..............................................

1,040,000

58,521

UFP

Industries,

Inc.

.....................................................

590,000

72,576

UniFirst

Corp.

.........................................................

412,000

71,453

Viad

Corp.(a)(c)

........................................................

1,335,000

52,719

Watts

Water

Technologies,

Inc.,

Class

A

.......................................

340,000

72,267

Werner

Enterprises,

Inc.

..................................................

2,625,000

102,690

1,643,421

Information

Technology

(10.4%):

Advanced

Energy

Industries,

Inc.

...........................................

735,000

74,955

Ciena

Corp.(a)

.........................................................

950,000

46,977

Cohu,

Inc.(a)

..........................................................

2,284,005

76,126

Crane

NXT

Co.

........................................................

795,000

49,211

Kulicke

&

Soffa

Industries,

Inc.

.............................................

1,550,000

77,981

Littelfuse,

Inc.

.........................................................

295,000

71,493

NCR

Voyix

Corp.(a)

.....................................................

2,975,000

37,574

Perficient,

Inc.(a)

.......................................................

800,000

45,032

Rogers

Corp.(a)

........................................................

650,000

77,148

ScanSource,

Inc.(a)

.....................................................

890,000

39,196

Tower

Semiconductor

Ltd.(a)

..............................................

2,375,000

79,444

Verint

Systems,

Inc.(a)

...................................................

2,216,000

73,460

748,597

Materials

(11.0%):

AdvanSix,

Inc.(c)

.......................................................

1,870,000

53,482

Commercial

Metals

Co.

..................................................

830,000

48,779

Eagle

Materials,

Inc.

.....................................................

173,000

47,013

H.B.

Fuller

Co.

........................................................

1,245,000

99,276

Innospec,

Inc.

.........................................................

710,000

91,547

Kaiser

Aluminum

Corp.

..................................................

766,000

68,450

Minerals

Technologies,

Inc.

................................................

1,095,000

82,432

MP

Materials

Corp.(a)(b)

.................................................

1,715,000

24,524

Silgan

Holdings,

Inc.

....................................................

1,695,427

82,330

Sonoco

Products

Co.

....................................................

1,525,000

88,206

Stepan

Co.

............................................................

520,000

46,821

Summit

Materials,

Inc.,

Class

A(a)

..........................................

1,200,000

53,484

786,344

Real

Estate

(6.0%):

Apple

Hospitality

REIT,

Inc.

...............................................

3,750,000

61,425

Colliers

International

Group,

Inc.

...........................................

515,000

62,948

COPT

Defense

Properties

.................................................

2,740,000

66,226

Cushman

&

Wakefield

PLC(a)

.............................................

3,000,000

31,380

First

Industrial

Realty

Trust,

Inc.

............................................

1,050,000

55,167

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

71

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

(000)

Four

Corners

Property

Trust,

Inc.

............................................

3,050,000

$

74,633

Rayonier,

Inc.

.........................................................

2,265,000

75,289

427,068

Utilities

(3.4%):

IDACORP,

Inc.

........................................................

1,030,000

95,677

MGE

Energy,

Inc.

......................................................

740,000

58,253

Northwestern

Energy

Group,

Inc.

...........................................

940,000

47,874

ONE

Gas,

Inc.

.........................................................

635,000

40,976

242,780

Total

Common

Stocks

(Cost

$5,782,116)

a

a

a

6,990,086

Exchange-Traded

Funds

(0.8%)

iShares

Russell

2000

Value

ETF

............................................

340,000

53,995

Total

Exchange-Traded

Funds

(Cost

$39,345)

a

a

a

53,995

Collateral

for

Securities

Loaned

(0.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(d)

........

17,006,763

17,007

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(d)

............

17,006,763

17,007

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(d)

...............

17,006,763

17,007

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(d)

.

17,006,763

17,006

Total

Collateral

for

Securities

Loaned

(Cost

$68,027)

a

a

a

68,027

Total

Investments

(Cost

$5,889,488)

—

99.2%

7,112,108

Other

assets

in

excess

of

liabilities

—

0.8%

55,260

NET

ASSETS

-

100.00%

$

7,167,368

^

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)

Affiliated

security.

(d)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Affiliated  Holdings

(Amounts

in

thousands)

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

3/31/2024

Dividend

Income

AdvanSix,

Inc.

............

$

44,529

$

18,548

$

—

$

—

$

—

$

(9,595)

$

53,482

$

811

Astec

Industries,

Inc.

.......

67,251

—

(4,293)

(2,348)

—

(727)

59,883

564

Renasant

Corp.

...........

46,982

31,915

(786)

3

—

11,398

89,512

1,600

Safety

Insurance

Group,

Inc.

..

57,734

9,660

(919)

(252)

—

9,803

76,026

2,382

Viad

Corp.

...............

35,129

2,479

(1,414)

(590)

—

17,115

52,719

—

$

251,625

$

62,602

$

(7,412)

$

(3,187)

$

—

$

27,994

$

331,622

$

5,357

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Partners

Fund

72

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(97.8%)

Banks

(14.4%):

Ameris

Bancorp

........................................................

199,360

$

9,645,037

First

Bancorp

..........................................................

602,500

10,567,850

Old

National

Bancorp

....................................................

538,360

9,372,848

Pinnacle

Financial

Partners,

Inc.

............................................

93,850

8,059,838

Prosperity

Bancshares,

Inc.

................................................

155,530

10,230,763

SouthState

Corp.

.......................................................

104,960

8,924,749

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

140,370

4,490,436

UMB

Financial

Corp.

....................................................

106,604

9,273,482

70,565,003

Capital

Markets

(1.3%):

PJT

Partners,

Inc.

,

Class

A

................................................

69,880

6,586,889

Communication

Services

(1.7%):

Madison

Square

Garden

Sports

Corp.

(a)

.......................................

43,760

8,074,595

Consumer

Discretionary

(7.5%):

Atmus

Filtration

Technologies,

Inc.

(a)

........................................

212,230

6,844,417

Brunswick

Corp.

.......................................................

45,240

4,366,565

Garrett

Motion,

Inc.

(a)

(b)

.................................................

622,090

6,183,575

Group

1

Automotive,

Inc.

.................................................

10,090

2,948,601

Light

&

Wonder,

Inc.

(a)

..................................................

36,100

3,685,449

Taylor

Morrison

Home

Corp.

(a)

............................................

110,300

6,857,351

Under

Armour,

Inc.

,

Class

C

(a)

.............................................

843,560

6,023,018

36,908,976

Consumer

Staples

(4.2%):

Nomad

Foods

Ltd.

......................................................

606,980

11,872,529

U.S.

Foods

Holding

Corp.

(a)

...............................................

164,590

8,882,922

20,755,451

Energy

(8.7%):

California

Resources

Corp.

................................................

99,050

5,457,655

Gulfport

Energy

Corp.

(a)

.................................................

45,640

7,307,877

Liberty

Energy,

Inc.

.....................................................

296,660

6,146,795

Northern

Oil

&

Gas,

Inc.

..................................................

310,460

12,319,053

Plains

GP

Holdings

LP

,

Class

A

.............................................

616,310

11,247,657

42,479,037

Health

Care

(9.1%):

Bausch

+

Lomb

Corp.

(a)

..................................................

234,420

4,055,466

Encompass

Health

Corp.

..................................................

125,570

10,369,571

Fortrea

Holdings,

Inc.

(a)

..................................................

251,830

10,108,456

Integer

Holdings

Corp.

(a)

.................................................

41,070

4,792,048

Integra

LifeSciences

Holdings

Corp.

(a)

.......................................

195,790

6,940,755

The

Ensign

Group,

Inc.

...................................................

68,170

8,481,711

44,748,007

Industrials

(14.9%):

Applied

Industrial

Technologies,

Inc.

.........................................

18,520

3,658,626

ArcBest

Corp.

.........................................................

46,310

6,599,175

Finning

International,

Inc.

.................................................

137,130

4,030,674

Fluor

Corp.

(a)

.........................................................

195,280

8,256,439

Gates

Industrial

Corp.

PLC

(a)

..............................................

544,720

9,646,991

Granite

Construction,

Inc.

.................................................

214,590

12,259,527

Hayward

Holdings,

Inc.

(a)

................................................

332,880

5,096,393

Mueller

Water

Products,

Inc.

,

Class

A

........................................

337,000

5,422,330

Tecnoglass,

Inc.

(b)

......................................................

107,580

5,597,387

The

Timken

Co.

........................................................

56,080

4,903,074

Titan

Machinery,

Inc.

(a)

..................................................

147,710

3,664,685

Werner

Enterprises,

Inc.

..................................................

97,150

3,800,508

72,935,809

Victory

Portfolios

Victory

RS

Partners

Fund

73

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Information

Technology

(6.9%):

ACI

Worldwide,

Inc.

(a)

..................................................

156,280

$

5,190,059

Belden,

Inc.

...........................................................

56,800

5,260,248

CommVault

Systems,

Inc.

(a)

...............................................

77,600

7,870,968

Crane

NXT

Co.

........................................................

61,470

3,804,993

Verint

Systems,

Inc.

(a)

...................................................

359,540

11,918,751

34,045,019

Insurance

(11.7%):

Fidelis

Insurance

Holdings

Ltd.

(b)

...........................................

770,570

15,010,704

Globe

Life,

Inc.

........................................................

79,370

9,236,287

Kemper

Corp.

.........................................................

160,450

9,935,064

Primerica,

Inc.

.........................................................

37,463

9,476,640

Stewart

Information

Services

Corp.

..........................................

67,030

4,360,972

White

Mountains

Insurance

Group

Ltd.

.......................................

5,340

9,581,562

57,601,229

Materials

(7.3%):

Axalta

Coating

Systems

Ltd.

(a)

.............................................

149,670

5,147,151

Constellium

SE

(a)

......................................................

431,340

9,536,927

Ecovyst,

Inc.

(a)

........................................................

663,570

7,398,806

Graphic

Packaging

Holding

Co.

............................................

241,270

7,040,259

Olin

Corp.

............................................................

110,480

6,496,224

35,619,367

Real

Estate

(7.5%):

COPT

Defense

Properties

.................................................

332,830

8,044,501

Equity

Commonwealth

(a)

.................................................

213,140

4,024,083

Essential

Properties

Realty

Trust,

Inc.

........................................

265,100

7,067,566

Four

Corners

Property

Trust,

Inc.

............................................

346,540

8,479,834

Howard

Hughes

Holdings,

Inc.

(a)

...........................................

122,930

8,927,177

36,543,161

Utilities

(2.6%):

ALLETE,

Inc.

.........................................................

106,260

6,337,346

Black

Hills

Corp.

.......................................................

116,515

6,361,719

12,699,065

Total

Common

Stocks

(Cost

$363,805,781)

479,561,608

Preferred

Stocks

(0.1%)

Information

Technology

(0.1%):

WellDoc,

Inc.

(a)

(c)

......................................................

1,587,483

587,369

Total

Preferred

Stocks

(Cost

$1,942,920)

587,369

Collateral

for

Securities

Loaned

(2.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(d)

........

2,792,401

2,792,401

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(d)

............

2,807,526

2,807,526

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(d)

...............

2,792,401

2,792,401

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(d)

.

2,777,276

2,777,276

Total

Collateral

for

Securities

Loaned

(Cost

$11,169,604)

11,169,604

Total

Investments

(Cost

$376,918,305)

—

100.2%

491,318,581

Liabilities

in

excess

of

other

assets

—

(0.2)%

(

900,854

)

NET

ASSETS

-

100.00%

$

490,417,727

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

13.4%

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.

Victory

Portfolios

Victory

RS

Partners

Fund

74

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

(c)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(d)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Value

Fund

75

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.3%)

Communication

Services

(2.0%):

TKO

Group

Holdings,

Inc.

................................................

68,990

$

5,961,426

Consumer

Discretionary

(6.3%):

Brunswick

Corp.

.......................................................

15,820

1,526,947

LKQ

Corp.

...........................................................

125,300

6,692,273

Mattel,

Inc.

(a)

.........................................................

202,630

4,014,100

PVH

Corp.

...........................................................

28,710

4,036,913

Toll

Brothers,

Inc.

......................................................

18,340

2,372,646

18,642,879

Consumer

Staples

(7.1%):

Keurig

Dr

Pepper,

Inc.

...................................................

214,625

6,582,549

Nomad

Foods

Ltd.

......................................................

381,360

7,459,402

U.S.

Foods

Holding

Corp.

(a)

...............................................

127,990

6,907,620

20,949,571

Energy

(5.5%):

Baker

Hughes

Co.

......................................................

97,260

3,258,210

Chesapeake

Energy

Corp.

(b)

...............................................

35,830

3,182,779

Marathon

Oil

Corp.

.....................................................

230,640

6,536,337

The

Williams

Cos.,

Inc.

..................................................

85,780

3,342,847

16,320,173

Financials

(18.9%):

Cboe

Global

Markets,

Inc.

................................................

22,940

4,214,766

Everest

Group

Ltd.

......................................................

17,160

6,821,100

Fairfax

Financial

Holdings

Ltd.

.............................................

7,100

7,654,098

First

American

Financial

Corp.

.............................................

81,950

5,003,047

Fiserv,

Inc.

(a)

..........................................................

28,920

4,621,994

Globe

Life,

Inc.

........................................................

49,240

5,730,059

Prosperity

Bancshares,

Inc.

................................................

91,960

6,049,129

The

Progressive

Corp.

...................................................

27,660

5,720,641

White

Mountains

Insurance

Group

Ltd.

.......................................

3,160

5,669,988

Wintrust

Financial

Corp.

..................................................

41,230

4,304,000

55,788,822

Health

Care

(7.7%):

Bausch

+

Lomb

Corp.

(a)

..................................................

142,800

2,470,440

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

........................................

9,390

3,247,719

Encompass

Health

Corp.

..................................................

81,810

6,755,870

Humana,

Inc.

..........................................................

8,480

2,940,186

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a)

...................................

210,040

2,963,665

Zimmer

Biomet

Holdings,

Inc.

.............................................

32,880

4,339,502

22,717,382

Industrials

(21.3%):

AGCO

Corp.

..........................................................

43,540

5,356,291

API

Group

Corp.

(a)

.....................................................

111,560

4,380,961

Curtiss-Wright

Corp.

....................................................

20,490

5,244,211

Fluor

Corp.

(a)

.........................................................

157,440

6,656,563

L3Harris

Technologies,

Inc.

...............................................

25,360

5,404,216

Leidos

Holdings,

Inc.

....................................................

40,160

5,264,574

Parker-Hannifin

Corp.

...................................................

7,300

4,057,267

Regal

Rexnord

Corp.

....................................................

11,580

2,085,558

Sensata

Technologies

Holding

PLC

..........................................

118,430

4,351,118

SS&C

Technologies

Holdings,

Inc.

..........................................

87,720

5,646,536

TFI

International,

Inc.

....................................................

44,470

7,091,186

The

Timken

Co.

........................................................

45,850

4,008,666

WESCO

International,

Inc.

................................................

18,620

3,189,234

62,736,381

Information

Technology

(8.7%):

Lam

Research

Corp.

.....................................................

3,650

3,546,230

Victory

Portfolios

Victory

RS

Value

Fund

76

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Littelfuse,

Inc.

.........................................................

17,130

$

4,151,456

Trimble,

Inc.

(a)

........................................................

91,580

5,894,089

Verint

Systems,

Inc.

(a)

...................................................

180,160

5,972,304

Zebra

Technologies

Corp.

(a)

...............................................

19,910

6,001,670

25,565,749

Materials

(5.5%):

Graphic

Packaging

Holding

Co.

............................................

189,020

5,515,604

Olin

Corp.

............................................................

67,850

3,989,580

Sealed

Air

Corp.

.......................................................

176,450

6,563,940

16,069,124

Real

Estate

(8.9%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

42,360

5,460,628

CubeSmart

...........................................................

101,510

4,590,282

Equity

Commonwealth

(a)

.................................................

214,730

4,054,102

Equity

LifeStyle

Properties,

Inc.

............................................

54,810

3,529,764

Invitation

Homes,

Inc.

...................................................

83,790

2,983,762

NNN

REIT,

Inc.

........................................................

127,330

5,442,084

26,060,622

Utilities

(6.4%):

CenterPoint

Energy,

Inc.

..................................................

96,930

2,761,535

FirstEnergy

Corp.

.......................................................

138,490

5,348,484

The

AES

Corp.

........................................................

307,000

5,504,510

Vistra

Corp.

...........................................................

75,220

5,239,073

18,853,602

Total

Common

Stocks

(Cost

$225,963,230)

289,665,731

Collateral

for

Securities

Loaned

(1.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

793,664

793,664

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

............

793,664

793,664

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

...............

793,664

793,664

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

793,664

793,664

Total

Collateral

for

Securities

Loaned

(Cost

$3,174,656)

3,174,656

Total

Investments

(Cost

$229,137,886)

—

99.4%

292,840,387

Other

assets

in

excess

of

liabilities

—

0.6%

1,789,276

NET

ASSETS

-

100.00%

$

294,629,663

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

11.7%

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Large

Cap

Alpha

Fund

77

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.3%)

Communication

Services

(6.4%):

Alphabet,

Inc.

,

Class

A

(a)

.................................................

116,470

$

17,578,817

Take-Two

Interactive

Software,

Inc.

(a)

........................................

36,210

5,376,823

TKO

Group

Holdings,

Inc.

................................................

121,560

10,504,000

33,459,640

Consumer

Discretionary

(3.0%):

LKQ

Corp.

...........................................................

196,260

10,482,247

Mattel,

Inc.

(a)

.........................................................

275,120

5,450,127

15,932,374

Consumer

Staples

(7.1%):

Keurig

Dr

Pepper,

Inc.

...................................................

476,560

14,616,095

Mondelez

International,

Inc.

,

Class

A

.........................................

149,880

10,491,600

U.S.

Foods

Holding

Corp.

(a)

...............................................

229,720

12,397,989

37,505,684

Energy

(7.9%):

Chevron

Corp.

.........................................................

48,200

7,603,068

Enterprise

Products

Partners

LP

.............................................

350,040

10,214,167

Exxon

Mobil

Corp.

.....................................................

102,470

11,911,113

Marathon

Oil

Corp.

.....................................................

414,090

11,735,310

41,463,658

Financials

(21.2%):

Cboe

Global

Markets,

Inc.

................................................

40,130

7,373,085

Citigroup,

Inc.

.........................................................

287,670

18,192,251

Everest

Group

Ltd.

......................................................

26,860

10,676,850

Fairfax

Financial

Holdings

Ltd.

.............................................

17,260

18,607,004

JPMorgan

Chase

&

Co.

..................................................

71,210

14,263,363

The

Goldman

Sachs

Group,

Inc.

............................................

38,690

16,160,426

The

PNC

Financial

Services

Group,

Inc.

......................................

67,100

10,843,360

The

Progressive

Corp.

...................................................

75,770

15,670,751

111,787,090

Health

Care

(17.4%):

AbbVie,

Inc.

..........................................................

65,610

11,947,581

GE

HealthCare

Technologies,

Inc.

...........................................

58,340

5,303,689

Humana,

Inc.

..........................................................

10,430

3,616,290

Johnson

&

Johnson

.....................................................

47,780

7,558,318

McKesson

Corp.

.......................................................

14,040

7,537,374

Medtronic

PLC

........................................................

118,970

10,368,236

Merck

&

Co.,

Inc.

......................................................

122,710

16,191,585

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a)

...................................

373,320

5,267,545

The

Cigna

Group

.......................................................

40,020

14,534,864

UnitedHealth

Group,

Inc.

.................................................

18,645

9,223,681

91,549,163

Industrials

(15.5%):

FedEx

Corp.

..........................................................

31,270

9,060,170

General

Dynamics

Corp.

..................................................

33,820

9,553,812

Johnson

Controls

International

PLC

..........................................

121,880

7,961,202

Leidos

Holdings,

Inc.

....................................................

90,640

11,881,998

PACCAR,

Inc.

.........................................................

64,605

8,003,913

Parker-Hannifin

Corp.

...................................................

13,440

7,469,817

RTX

Corp.

............................................................

90,852

8,860,795

Sensata

Technologies

Holding

PLC

..........................................

226,110

8,307,281

SS&C

Technologies

Holdings,

Inc.

..........................................

167,610

10,789,056

81,888,044

Information

Technology

(10.3%):

Amphenol

Corp.

,

Class

A

.................................................

85,310

9,840,508

Analog

Devices,

Inc.

....................................................

42,140

8,334,871

Applied

Materials,

Inc.

...................................................

53,560

11,045,679

Victory

Portfolios

Victory

RS

Large

Cap

Alpha

Fund

78

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Corpay,

Inc.

(a)

.........................................................

30,650

$

9,456,751

Salesforce,

Inc.

........................................................

24,780

7,463,240

Zebra

Technologies

Corp.

(a)

...............................................

27,870

8,401,133

54,542,182

Materials

(3.3%):

PPG

Industries,

Inc.

.....................................................

55,090

7,982,541

Sealed

Air

Corp.

.......................................................

248,612

9,248,366

17,230,907

Real

Estate

(2.8%):

Equity

LifeStyle

Properties,

Inc.

............................................

114,510

7,374,444

Invitation

Homes,

Inc.

...................................................

210,620

7,500,178

14,874,622

Utilities

(3.4%):

Exelon

Corp.

..........................................................

241,740

9,082,172

Vistra

Corp.

...........................................................

128,200

8,929,130

18,011,302

Total

Common

Stocks

(Cost

$383,218,440)

518,244,666

Total

Investments

(Cost

$383,218,440)

—

98.3%

518,244,666

Other

assets

in

excess

of

liabilities

—

1.7%

8,985,276

NET

ASSETS

-

100.00%

$

527,229,942

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

10.0%

of

net

assets.

(a)

Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Investors

Fund

79

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(95.4%)

Communication

Services

(5.0%):

Alphabet,

Inc.

,

Class

A

(a)

.................................................

15,730

$

2,374,129

Consumer

Discretionary

(3.0%):

LKQ

Corp.

...........................................................

26,610

1,421,240

Consumer

Staples

(11.2%):

Keurig

Dr

Pepper,

Inc.

...................................................

73,620

2,257,926

Nomad

Foods

Ltd.

......................................................

87,270

1,707,001

U.S.

Foods

Holding

Corp.

(a)

...............................................

24,490

1,321,725

5,286,652

Energy

(10.9%):

Exxon

Mobil

Corp.

.....................................................

21,010

2,442,203

Northern

Oil

&

Gas,

Inc.

..................................................

37,240

1,477,683

Plains

GP

Holdings

LP

,

Class

A

.............................................

67,100

1,224,575

5,144,461

Financials

(23.6%):

Citigroup,

Inc.

.........................................................

23,910

1,512,068

Everest

Group

Ltd.

......................................................

4,730

1,880,175

Fairfax

Financial

Holdings

Ltd.

.............................................

1,570

1,692,526

First

American

Financial

Corp.

.............................................

19,870

1,213,064

The

Goldman

Sachs

Group,

Inc.

............................................

3,260

1,361,669

The

Progressive

Corp.

...................................................

6,380

1,319,512

White

Mountains

Insurance

Group

Ltd.

.......................................

1,180

2,117,274

11,096,288

Health

Care

(11.0%):

Encompass

Health

Corp.

..................................................

18,680

1,542,594

Fortrea

Holdings,

Inc.

(a)

..................................................

30,500

1,224,270

Integra

LifeSciences

Holdings

Corp.

(a)

.......................................

34,150

1,210,618

Merck

&

Co.,

Inc.

......................................................

9,230

1,217,898

5,195,380

Industrials

(13.8%):

Fluor

Corp.

(a)

.........................................................

28,790

1,217,241

Granite

Construction,

Inc.

.................................................

22,090

1,262,002

Leidos

Holdings,

Inc.

....................................................

8,840

1,158,836

Sensata

Technologies

Holding

PLC

..........................................

39,610

1,455,271

SS&C

Technologies

Holdings,

Inc.

..........................................

22,170

1,427,083

6,520,433

Information

Technology

(3.8%):

Verint

Systems,

Inc.

(a)

...................................................

53,310

1,767,226

Materials

(6.1%):

Graphic

Packaging

Holding

Co.

............................................

52,240

1,524,363

Olin

Corp.

............................................................

22,770

1,338,876

2,863,239

Real

Estate

(4.7%):

Equity

Commonwealth

(a)

.................................................

66,610

1,257,597

Four

Corners

Property

Trust,

Inc.

............................................

39,340

962,650

2,220,247

Utilities

(2.3%):

Vistra

Corp.

...........................................................

15,500

1,079,575

Total

Common

Stocks

(Cost

$34,912,091)

44,968,870

Total

Investments

(Cost

$34,912,091)

—

95.4%

44,968,870

Other

assets

in

excess

of

liabilities

—

4.6%

2,159,239

NET

ASSETS

-

100.00%

$

47,128,109

Victory

Portfolios

Victory

RS

Investors

Fund

80

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

11.2%

of

net

assets.

(a)

Non-income

producing

security.

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Global

Energy

Transition

Fund

81

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(92.5%)

Chemicals

(7.5%):

Linde

PLC

............................................................

31,378

$

14,569,433

Nutrien

Ltd.

...........................................................

169,625

9,212,334

23,781,767

Industrials

(3.7%):

Energy

Vault

Holdings,

Inc.(a)(b)

...........................................

4,812,387

8,614,173

NuScale

Power

Corp.(a)

..................................................

563,808

2,993,820

11,607,993

Metals

&

Mining

(41.1%):

Barrick

Gold

Corp.

......................................................

145,943

2,428,492

Compass

Minerals

International,

Inc.

.........................................

693,006

10,907,914

First

Quantum

Minerals

Ltd.

...............................................

2,872,848

30,883,540

Iluka

Resources

Ltd.

.....................................................

2,601,352

12,219,365

Ivanhoe

Electric,

Inc.(a)

..................................................

960,821

9,416,046

Ivanhoe

Electric,

Inc.(a)

..................................................

2,437,188

23,884,442

Metals

Acquisition

Ltd.,

Class

A(a)(b)

........................................

1,602,505

20,592,189

Newmont

Corp.

........................................................

67,746

2,428,017

Norsk

Hydro

ASA

......................................................

2,615,539

14,316,269

Sunrise

Energy

Metals

Ltd.(a)(b)

............................................

5,786,876

2,431,746

129,508,020

Oil,

Gas

&

Consumable

Fuels

(40.2%):

Antero

Resources

Corp.(a)

................................................

727,362

21,093,498

Cameco

Corp.

.........................................................

216,075

9,355,167

Cheniere

Energy,

Inc.

....................................................

17,800

2,870,784

Enterprise

Products

Partners

LP

.............................................

522,387

15,243,253

Peyto

Exploration

&

Development

Corp.

......................................

1,302,776

14,360,931

Range

Resources

Corp.

...................................................

592,681

20,406,007

Tourmaline

Oil

Corp.

....................................................

325,615

15,225,338

Whitecap

Resources,

Inc.

.................................................

3,717,865

28,136,530

126,691,508

Total

Common

Stocks

(Cost

$239,271,923)

291,589,288

Collateral

for

Securities

Loaned

(2.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(c)

........

1,905,052

1,905,052

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(c)

............

1,905,052

1,905,052

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(c)

...............

1,905,052

1,905,052

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(c)

.

1,905,052

1,905,052

Total

Collateral

for

Securities

Loaned

(Cost

$7,620,208)

7,620,208

Total

Investments

(Cost

$246,892,131)

—

94.9%

299,209,496

Other

assets

in

excess

of

liabilities

—

5.1%

16,213,750

NET

ASSETS

-

100.00%

$

315,423,246

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

58.0%

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

March

31,

2024.

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Small

Cap

Growth

Fund

82

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.0%)

Consumer

Discretionary

(11.4%):

American

Eagle

Outfitters,

Inc.

.............................................

335,530

$

8,653,319

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

.......................................

101,420

8,069,989

PVH

Corp.

...........................................................

32,910

4,627,475

RH(a)

...............................................................

16,740

5,829,872

Shake

Shack,

Inc.,

Class

A(a)

..............................................

56,850

5,914,105

Skyline

Champion

Corp.(a)

................................................

105,460

8,965,155

Sonos,

Inc.(a)

.........................................................

355,860

6,782,692

Sweetgreen,

Inc.,

Class

A(a)

...............................................

120,580

3,045,851

Under

Armour,

Inc.,

Class

C(a)

.............................................

1,156,770

8,259,338

Wayfair,

Inc.,

Class

A(a)(b)

................................................

57,330

3,891,560

YETI

Holdings,

Inc.(a)

...................................................

45,090

1,738,220

65,777,576

Consumer

Staples

(3.3%):

BellRing

Brands,

Inc.(a)

..................................................

45,180

2,666,976

Freshpet,

Inc.(a)

........................................................

91,020

10,545,577

Utz

Brands,

Inc.

........................................................

334,980

6,177,031

19,389,584

Electronic

Equipment,

Instruments

&

Components

(1.8%):

Badger

Meter,

Inc.

......................................................

25,030

4,050,104

Fabrinet(a)

............................................................

33,640

6,358,633

10,408,737

Energy

(3.9%):

Matador

Resources

Co.

...................................................

99,470

6,641,612

Tidewater,

Inc.(a)

.......................................................

73,560

6,767,520

Weatherford

International

PLC(a)

...........................................

80,090

9,243,988

22,653,120

Financials

(8.3%):

Euronet

Worldwide,

Inc.(a)

................................................

36,570

4,020,140

FirstCash

Holdings,

Inc.

..................................................

79,330

10,117,748

Flywire

Corp.(a)

.......................................................

235,920

5,853,175

Payoneer

Global,

Inc.(a)

..................................................

872,530

4,240,496

Remitly

Global,

Inc.(a)

...................................................

229,010

4,749,667

Shift4

Payments,

Inc.,

Class

A(a)(b)

.........................................

67,380

4,451,797

Walker

&

Dunlop,

Inc.

...................................................

58,740

5,936,265

Wintrust

Financial

Corp.

..................................................

53,520

5,586,953

WisdomTree,

Inc.

.......................................................

330,980

3,041,706

47,997,947

Health

Care

(21.9%):

Acadia

Healthcare

Co.,

Inc.(a)

..............................................

68,140

5,398,051

Amicus

Therapeutics,

Inc.(a)

...............................................

377,590

4,448,010

Apellis

Pharmaceuticals,

Inc.(a)

............................................

96,800

5,689,904

Apogee

Therapeutics,

Inc.(a)

...............................................

29,010

1,927,715

Arcellx,

Inc.(a)

........................................................

52,980

3,684,759

Biohaven

Ltd.(a)

.......................................................

57,310

3,134,284

Blueprint

Medicines

Corp.(a)

..............................................

57,640

5,467,730

Bridgebio

Pharma,

Inc.(a)

.................................................

87,370

2,701,480

Cabaletta

Bio,

Inc.(a)

....................................................

107,000

1,825,420

Crinetics

Pharmaceuticals,

Inc.(a)

...........................................

71,230

3,334,276

Disc

Medicine,

Inc.(a)

...................................................

57,830

3,600,496

Evolent

Health,

Inc.,

Class

A(a)

.............................................

108,280

3,550,501

HealthEquity,

Inc.(a)

....................................................

90,770

7,409,555

Ideaya

Biosciences,

Inc.(a)

................................................

76,800

3,369,984

Immunome,

Inc.(a)

......................................................

108,400

2,675,312

Immunovant,

Inc.(a)

.....................................................

89,920

2,905,315

Inspire

Medical

Systems,

Inc.(a)

............................................

25,020

5,374,046

Krystal

Biotech,

Inc.(a)

...................................................

28,610

5,090,577

MoonLake

Immunotherapeutics(a)(b)

........................................

40,570

2,037,831

Nuvalent,

Inc.,

Class

A(a)

.................................................

47,800

3,589,302

Victory

Portfolios

Victory

RS

Small

Cap

Growth

Fund

83

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Olema

Pharmaceuticals,

Inc.(a)

.............................................

172,910

$

1,957,341

Opthea

Ltd.,

ADR(a)

....................................................

371,115

1,525,283

PROCEPT

BioRobotics

Corp.(a)

............................................

69,800

3,449,516

Pulmonx

Corp.(a)

.......................................................

287,860

2,668,462

RadNet,

Inc.(a)

........................................................

121,200

5,897,592

REVOLUTION

Medicines,

Inc.(a)

..........................................

167,120

5,386,278

RxSight,

Inc.(a)

........................................................

49,110

2,533,094

SI-BONE,

Inc.(a)

.......................................................

198,370

3,247,317

SpringWorks

Therapeutics,

Inc.(a)

...........................................

99,860

4,915,109

Surgery

Partners,

Inc.(a)

..................................................

222,390

6,633,894

Vaxcyte,

Inc.(a)

........................................................

70,550

4,819,270

Vericel

Corp.(a)

........................................................

49,380

2,568,748

Viking

Therapeutics,

Inc.(a)

...............................................

44,580

3,655,560

126,472,012

Industrials

(22.8%):

AAR

Corp.(a)

.........................................................

97,870

5,859,477

AeroVironment,

Inc.(a)

...................................................

39,320

6,026,970

Applied

Industrial

Technologies,

Inc.

.........................................

35,300

6,973,515

Chart

Industries,

Inc.(a)

..................................................

40,389

6,652,876

Clean

Harbors,

Inc.(a)

...................................................

36,350

7,317,618

Comfort

Systems

USA,

Inc.

...............................................

15,620

4,962,630

Hexcel

Corp.

..........................................................

70,050

5,103,142

Leonardo

DRS,

Inc.(a)

...................................................

81,820

1,807,404

Maximus,

Inc.

.........................................................

51,870

4,351,893

Moog,

Inc.,

Class

A

.....................................................

46,540

7,430,111

MYR

Group,

Inc.(a)

.....................................................

44,350

7,838,862

NEXTracker,

Inc.,

Class

A(a)

..............................................

134,670

7,577,881

Paycor

HCM,

Inc.(a)

....................................................

184,790

3,592,318

Simpson

Manufacturing

Co.,

Inc.

...........................................

31,190

6,399,564

Tecnoglass,

Inc.

........................................................

177,210

9,220,236

Terex

Corp.

...........................................................

89,480

5,762,512

The

AZEK

Co.,

Inc.(a)

...................................................

187,530

9,417,757

Vertiv

Holdings

Co.,

Class

A

...............................................

100,460

8,204,568

Watts

Water

Technologies,

Inc.,

Class

A

.......................................

32,130

6,829,232

WNS

Holdings

Ltd.(a)

...................................................

78,897

3,986,665

Zurn

Elkay

Water

Solutions

Corp.

...........................................

199,370

6,672,914

131,988,145

IT

Services

(0.6%):

Globant

SA(a)

.........................................................

16,600

3,351,540

Materials

(1.6%):

Materion

Corp.

........................................................

31,430

4,140,902

Summit

Materials,

Inc.,

Class

A(a)

..........................................

118,970

5,302,493

9,443,395

Semiconductors

&

Semiconductor

Equipment

(6.3%):

Camtek

Ltd.(a)

.........................................................

51,980

4,354,365

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

173,860

3,684,093

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

123,043

11,767,833

Onto

Innovation,

Inc.(a)

..................................................

14,940

2,705,335

Rambus,

Inc.(a)

........................................................

62,250

3,847,672

Semtech

Corp.(a)

.......................................................

361,710

9,943,408

36,302,706

Software

(14.6%):

Altair

Engineering,

Inc.,

Class

A(a)

..........................................

62,040

5,344,746

Appfolio,

Inc.,

Class

A(a)

.................................................

26,030

6,422,642

Box,

Inc.,

Class

A(a)

....................................................

165,080

4,675,066

Braze,

Inc.,

Class

A(a)

...................................................

117,070

5,186,201

Confluent,

Inc.,

Class

A(a)

................................................

135,030

4,121,116

CyberArk

Software

Ltd.(a)

................................................

34,790

9,241,268

Five9,

Inc.(a)

..........................................................

55,750

3,462,632

Gitlab,

Inc.,

Class

A(a)

...................................................

71,750

4,184,460

Victory

Portfolios

Victory

RS

Small

Cap

Growth

Fund

84

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

MicroStrategy,

Inc.(a)

....................................................

6,750

$

11,505,780

Q2

Holdings,

Inc.(a)

.....................................................

139,750

7,345,260

Sprout

Social,

Inc.,

Class

A(a)

..............................................

221,940

13,252,037

Varonis

Systems,

Inc.(a)

..................................................

200,670

9,465,604

84,206,812

Technology

Hardware,

Storage

&

Peripherals

(2.5%):

Super

Micro

Computer,

Inc.(a)

.............................................

14,360

14,504,031

Total

Common

Stocks

(Cost

$430,965,034)

572,495,605

Collateral

for

Securities

Loaned

(1.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(c)

........

2,432,577

2,432,577

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(c)

............

2,432,577

2,432,577

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(c)

...............

2,432,577

2,432,577

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(c)

.

2,432,577

2,432,577

Total

Collateral

for

Securities

Loaned

(Cost

$9,730,308)

9,730,308

Total

Investments

(Cost

$440,695,342)

—

100.7%

582,225,913

Liabilities

in

excess

of

other

assets

—

(0.7)%

(4,273,805)

NET

ASSETS

-

100.00%

$

577,952,108

^

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Select

Growth

Fund

85

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.4%)

Consumer

Discretionary

(12.7%):

Cava

Group,

Inc.(a)(b)

...................................................

7,230

$

506,461

Deckers

Outdoor

Corp.(a)

.................................................

3,130

2,946,144

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

.......................................

28,590

2,274,906

RH(a)

...............................................................

4,480

1,560,205

Skechers

USA,

Inc.,

Class

A(a)

.............................................

36,880

2,259,269

Skyline

Champion

Corp.(a)

................................................

29,000

2,465,290

Wingstop,

Inc.

.........................................................

2,680

981,952

12,994,227

Consumer

Staples

(2.7%):

Celsius

Holdings,

Inc.(a)

..................................................

8,210

680,773

Freshpet,

Inc.(a)

........................................................

17,870

2,070,418

2,751,191

Electronic

Equipment,

Instruments

&

Components

(2.6%):

Badger

Meter,

Inc.

......................................................

7,930

1,283,153

Fabrinet(a)

............................................................

7,280

1,376,066

2,659,219

Energy

(3.7%):

Matador

Resources

Co.

...................................................

25,440

1,698,629

Weatherford

International

PLC(a)

...........................................

17,800

2,054,476

3,753,105

Financials

(11.8%):

Euronet

Worldwide,

Inc.(a)

................................................

9,410

1,034,441

FirstCash

Holdings,

Inc.

..................................................

21,850

2,786,749

Flywire

Corp.(a)

.......................................................

57,950

1,437,740

Kinsale

Capital

Group,

Inc.

................................................

2,100

1,101,954

LPL

Financial

Holdings,

Inc.

...............................................

2,940

776,748

Payoneer

Global,

Inc.(a)

..................................................

209,490

1,018,121

Shift4

Payments,

Inc.,

Class

A(a)(b)

.........................................

18,060

1,193,224

Walker

&

Dunlop,

Inc.

...................................................

15,740

1,590,685

Wintrust

Financial

Corp.

..................................................

11,300

1,179,607

12,119,269

Health

Care

(21.0%):

Acadia

Healthcare

Co.,

Inc.(a)

..............................................

15,610

1,236,624

Amicus

Therapeutics,

Inc.(a)

...............................................

140,640

1,656,739

Apellis

Pharmaceuticals,

Inc.(a)

............................................

35,460

2,084,339

Evolent

Health,

Inc.,

Class

A(a)

.............................................

32,660

1,070,921

HealthEquity,

Inc.(a)

....................................................

20,270

1,654,640

Inspire

Medical

Systems,

Inc.(a)

............................................

6,890

1,479,903

Krystal

Biotech,

Inc.(a)

...................................................

10,870

1,934,099

Medpace

Holdings,

Inc.(a)

................................................

2,550

1,030,583

Natera,

Inc.(a)

.........................................................

21,130

1,932,550

Neurocrine

Biosciences,

Inc.(a)

.............................................

15,440

2,129,485

Sarepta

Therapeutics,

Inc.(a)

...............................................

15,840

2,050,646

Shockwave

Medical,

Inc.(a)

...............................................

5,220

1,699,789

SpringWorks

Therapeutics,

Inc.(a)

...........................................

32,380

1,593,744

21,554,062

Industrials

(19.3%):

Advanced

Drainage

Systems,

Inc.

...........................................

8,600

1,481,264

AeroVironment,

Inc.(a)

...................................................

11,030

1,690,678

Applied

Industrial

Technologies,

Inc.

.........................................

7,470

1,475,698

Axon

Enterprise,

Inc.(a)

..................................................

3,490

1,091,951

Builders

FirstSource,

Inc.(a)

...............................................

4,900

1,021,895

BWX

Technologies,

Inc.

..................................................

11,330

1,162,685

Chart

Industries,

Inc.(a)

..................................................

10,540

1,736,149

Clean

Harbors,

Inc.(a)

...................................................

12,290

2,474,100

Hexcel

Corp.

..........................................................

17,600

1,282,160

Lincoln

Electric

Holdings,

Inc.

.............................................

4,200

1,072,848

Victory

Portfolios

Victory

RS

Select

Growth

Fund

86

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

NEXTracker,

Inc.,

Class

A(a)

..............................................

17,660

$

993,728

Saia,

Inc.(a)

...........................................................

1,380

807,300

Tecnoglass,

Inc.

........................................................

36,230

1,885,047

The

AZEK

Co.,

Inc.(a)

...................................................

32,930

1,653,745

19,829,248

IT

Services

(1.8%):

Globant

SA(a)

.........................................................

9,310

1,879,689

Semiconductors

&

Semiconductor

Equipment

(5.9%):

Entegris,

Inc.

..........................................................

9,620

1,351,995

Lattice

Semiconductor

Corp.(a)

.............................................

13,200

1,032,636

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

27,450

2,625,318

Onto

Innovation,

Inc.(a)

..................................................

5,990

1,084,669

6,094,618

Software

(16.6%):

Altair

Engineering,

Inc.,

Class

A(a)

..........................................

21,290

1,834,133

Appfolio,

Inc.,

Class

A(a)

.................................................

7,040

1,737,050

AppLovin

Corp.,

Class

A(a)

...............................................

44,330

3,068,523

Check

Point

Software

Technologies

Ltd.(a)

....................................

17,460

2,863,615

Dynatrace,

Inc.(a)

......................................................

60,420

2,805,905

Five9,

Inc.(a)

..........................................................

19,830

1,231,641

HubSpot,

Inc.(a)

.......................................................

3,590

2,249,350

MicroStrategy,

Inc.(a)

....................................................

720

1,227,283

17,017,500

Technology

Hardware,

Storage

&

Peripherals

(1.3%):

Super

Micro

Computer,

Inc.(a)

.............................................

1,340

1,353,440

Total

Common

Stocks

(Cost

$77,811,106)

102,005,568

Collateral

for

Securities

Loaned

(1.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(c)

........

480,523

480,523

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(c)

............

480,523

480,523

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(c)

...............

407,180

407,180

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(c)

.

480,523

480,523

Total

Collateral

for

Securities

Loaned

(Cost

$1,848,749)

1,848,749

Total

Investments

(Cost

$79,659,855)

—

101.2%

103,854,317

Liabilities

in

excess

of

other

assets

—

(1.2)%

(1,254,085)

NET

ASSETS

-

100.00%

$

102,600,232

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

6.0%

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

March

31,

2024.

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Mid

Cap

Growth

Fund

87

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.4%)

Communication

Services

(7.6%):

Pinterest,

Inc.

,

Class

A

(a)

.................................................

46,280

$

1,604,528

ROBLOX

Corp.

,

Class

A

(a)

...............................................

25,550

975,499

Take-Two

Interactive

Software,

Inc.

(a)

........................................

5,470

812,240

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

31,960

2,793,943

6,186,210

Consumer

Discretionary

(12.6%):

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

300

872,031

Deckers

Outdoor

Corp.

(a)

.................................................

1,450

1,364,827

DoorDash,

Inc.

,

Class

A

(a)

................................................

6,340

873,145

DraftKings,

Inc.

(a)

......................................................

18,160

824,646

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.......................................

12,240

973,937

RH

(a)

...............................................................

2,360

821,893

Ross

Stores,

Inc.

.......................................................

6,860

1,006,773

Skyline

Champion

Corp.

(a)

................................................

13,670

1,162,087

Under

Armour,

Inc.

,

Class

C

(a)

.............................................

152,220

1,086,851

Wingstop,

Inc.

.........................................................

1,090

399,376

Yum!

Brands,

Inc.

......................................................

5,860

812,489

10,198,055

Consumer

Staples

(2.3%):

Celsius

Holdings,

Inc.

(a)

..................................................

5,250

435,330

Freshpet,

Inc.

(a)

........................................................

12,690

1,470,263

1,905,593

Energy

(3.8%):

Cheniere

Energy,

Inc.

....................................................

5,840

941,875

Diamondback

Energy,

Inc.

................................................

4,180

828,351

Matador

Resources

Co.

...................................................

10,960

731,799

Weatherford

International

PLC

(a)

...........................................

4,910

566,712

3,068,737

Financials

(12.7%):

Ameriprise

Financial,

Inc.

.................................................

2,240

982,106

Apollo

Global

Management,

Inc.

............................................

12,430

1,397,754

Block,

Inc.

(a)

..........................................................

4,840

409,367

Euronet

Worldwide,

Inc.

(a)

................................................

5,200

571,636

FirstCash

Holdings,

Inc.

..................................................

17,240

2,198,790

Kinsale

Capital

Group,

Inc.

................................................

1,510

792,357

LPL

Financial

Holdings,

Inc.

...............................................

1,900

501,980

MSCI,

Inc.

...........................................................

3,040

1,703,768

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........................................

14,050

928,283

Tradeweb

Markets,

Inc.

,

Class

A

............................................

7,760

808,359

10,294,400

Health

Care

(18.3%):

Agilent

Technologies,

Inc.

.................................................

7,580

1,102,966

Apellis

Pharmaceuticals,

Inc.

(a)

............................................

11,570

680,085

Argenx

SE

,

ADR

(a)

.....................................................

1,110

437,029

Cencora,

Inc.

..........................................................

5,040

1,224,669

Dexcom,

Inc.

(a)

........................................................

13,460

1,866,902

HealthEquity,

Inc.

(a)

....................................................

9,460

772,220

IDEXX

Laboratories,

Inc.

(a)

...............................................

1,880

1,015,068

Inspire

Medical

Systems,

Inc.

(a)

............................................

3,910

839,829

Insulet

Corp.

(a)

........................................................

4,320

740,448

IQVIA

Holdings,

Inc.

(a)

..................................................

3,230

816,835

Neurocrine

Biosciences,

Inc.

(a)

.............................................

4,670

644,086

Sarepta

Therapeutics,

Inc.

(a)

...............................................

5,660

732,744

Shockwave

Medical,

Inc.

(a)

...............................................

1,920

625,210

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

6,810

1,577,809

West

Pharmaceutical

Services,

Inc.

..........................................

4,460

1,764,866

14,840,766

Victory

Portfolios

Victory

RS

Mid

Cap

Growth

Fund

88

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Industrials

(18.6%):

Advanced

Drainage

Systems,

Inc.

...........................................

4,690

$

807,806

Axon

Enterprise,

Inc.

(a)

..................................................

2,390

747,783

Builders

FirstSource,

Inc.

(a)

...............................................

2,600

542,230

Chart

Industries,

Inc.

(a)

..................................................

9,930

1,635,670

Clean

Harbors,

Inc.

(a)

...................................................

8,530

1,717,174

Copart,

Inc.

(a)

.........................................................

20,400

1,181,568

HEICO

Corp.

,

Class

A

...................................................

7,330

1,128,380

Hexcel

Corp.

..........................................................

5,580

406,503

Lincoln

Electric

Holdings,

Inc.

.............................................

3,220

822,517

Pentair

PLC

...........................................................

8,880

758,707

Quanta

Services,

Inc.

....................................................

2,970

771,606

Saia,

Inc.

(a)

...........................................................

1,320

772,200

Tecnoglass,

Inc.

........................................................

10,950

569,729

United

Rentals,

Inc.

.....................................................

1,110

800,432

Verisk

Analytics,

Inc.

....................................................

5,250

1,237,582

Vertiv

Holdings

Co.

,

Class

A

...............................................

14,150

1,155,631

15,055,518

Information

Technology

(22.6%):

Amphenol

Corp.

,

Class

A

.................................................

11,100

1,280,385

AppLovin

Corp.

,

Class

A

(a)

...............................................

27,310

1,890,398

Confluent,

Inc.

,

Class

A

(a)

................................................

33,280

1,015,706

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......................................

8,470

2,715,397

Datadog,

Inc.

,

Class

A

(a)

.................................................

10,130

1,252,068

Dynatrace,

Inc.

(a)

......................................................

20,780

965,023

Entegris,

Inc.

..........................................................

4,620

649,295

Fair

Isaac

Corp.

(a)

......................................................

980

1,224,618

HubSpot,

Inc.

(a)

.......................................................

1,970

1,234,323

Lattice

Semiconductor

Corp.

(a)

.............................................

10,170

795,599

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

................................

6,230

595,837

MongoDB,

Inc.

(a)

......................................................

3,420

1,226,549

Monolithic

Power

Systems,

Inc.

............................................

1,500

1,016,130

Nutanix,

Inc.

,

Class

A

(a)

..................................................

14,570

899,261

Synopsys,

Inc.

(a)

.......................................................

1,660

948,690

Trimble,

Inc.

(a)

........................................................

9,350

601,766

18,311,045

Real

Estate

(0.9%):

CoStar

Group,

Inc.

(a)

....................................................

7,920

765,072

Total

Common

Stocks

(Cost

$58,624,935)

80,625,396

Collateral

for

Securities

Loaned

(0.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

100,400

100,400

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

............

100,400

100,400

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

...............

100,400

100,400

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

100,400

100,400

Total

Collateral

for

Securities

Loaned

(Cost

$401,600)

401,600

Total

Investments

(Cost

$59,026,535)

—

99.9%

81,026,996

Other

assets

in

excess

of

liabilities

—

0.1%

107,473

NET

ASSETS

-

100.00%

$

81,134,469

^

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Growth

Fund

89

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.4%)

Communication

Services

(14.4%):

Alphabet,

Inc.

,

Class

C

(a)

.................................................

105,730

$

16,098,450

Meta

Platforms,

Inc.

,

Class

A

..............................................

36,180

17,568,284

Netflix,

Inc.

(a)

.........................................................

8,710

5,289,844

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

65,350

5,712,897

44,669,475

Communications

Equipment

(1.3%):

Arista

Networks,

Inc.

(a)

..................................................

13,470

3,906,031

Consumer

Discretionary

(9.4%):

Amazon.com,

Inc.

(a)

....................................................

86,010

15,514,484

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

1,330

3,866,004

DraftKings,

Inc.

(a)

......................................................

62,970

2,859,468

Lululemon

Athletica,

Inc.

(a)

...............................................

6,420

2,507,973

Ross

Stores,

Inc.

.......................................................

16,610

2,437,683

Tesla,

Inc.

(a)

..........................................................

10,880

1,912,595

29,098,207

Consumer

Staples

(5.6%):

Celsius

Holdings,

Inc.

(a)

..................................................

16,560

1,373,155

Costco

Wholesale

Corp.

..................................................

5,280

3,868,286

Freshpet,

Inc.

(a)

........................................................

16,810

1,947,607

PepsiCo,

Inc.

..........................................................

17,200

3,010,172

Target

Corp.

..........................................................

40,090

7,104,349

17,303,569

Energy

(0.7%):

Diamondback

Energy,

Inc.

................................................

11,450

2,269,047

Financials

(7.2%):

MSCI,

Inc.

...........................................................

7,010

3,928,754

The

Progressive

Corp.

...................................................

19,440

4,020,581

Tradeweb

Markets,

Inc.

,

Class

A

............................................

20,750

2,161,528

Visa,

Inc.

,

Class

A

......................................................

44,187

12,331,708

22,442,571

Health

Care

(10.3%):

Dexcom,

Inc.

(a)

........................................................

25,180

3,492,466

Eli

Lilly

&

Co.

.........................................................

14,370

11,179,285

Intuitive

Surgical,

Inc.

(a)

.................................................

9,920

3,958,973

UnitedHealth

Group,

Inc.

.................................................

7,310

3,616,257

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

14,180

5,927,382

West

Pharmaceutical

Services,

Inc.

..........................................

9,300

3,680,103

31,854,466

Industrials

(5.7%):

Builders

FirstSource,

Inc.

(a)

...............................................

8,420

1,755,991

HEICO

Corp.

,

Class

A

...................................................

24,740

3,808,476

Lincoln

Electric

Holdings,

Inc.

.............................................

12,350

3,154,684

Quanta

Services,

Inc.

....................................................

17,560

4,562,088

Saia,

Inc.

(a)

...........................................................

4,090

2,392,650

Verisk

Analytics,

Inc.

....................................................

8,870

2,090,925

17,764,814

IT

Services

(1.5%):

Snowflake,

Inc.

,

Class

A

(a)

................................................

29,050

4,694,480

Semiconductors

&

Semiconductor

Equipment

(15.1%):

Advanced

Micro

Devices,

Inc.

(a)

............................................

15,580

2,812,034

Applied

Materials,

Inc.

...................................................

11,300

2,330,399

Broadcom,

Inc.

........................................................

3,520

4,665,443

Lam

Research

Corp.

.....................................................

4,570

4,440,075

Monolithic

Power

Systems,

Inc.

............................................

4,440

3,007,745

Victory

Portfolios

Victory

RS

Growth

Fund

90

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

NVIDIA

Corp.

.........................................................

32,880

$

29,709,053

46,964,749

Software

(19.7%):

Intuit,

Inc.

............................................................

8,550

5,557,500

Microsoft

Corp.

........................................................

91,430

38,466,429

Palo

Alto

Networks,

Inc.

(a)

................................................

10,530

2,991,889

Salesforce,

Inc.

........................................................

8,450

2,544,971

ServiceNow,

Inc.

(a)

.....................................................

5,360

4,086,464

Synopsys,

Inc.

(a)

.......................................................

7,540

4,309,110

Workday,

Inc.

,

Class

A

(a)

.................................................

11,230

3,062,982

61,019,345

Technology

Hardware,

Storage

&

Peripherals

(8.5%):

Apple,

Inc.

...........................................................

154,818

26,548,191

Total

Common

Stocks

(Cost

$139,090,264)

308,534,945

Total

Investments

(Cost

$139,090,264)

—

99.4%

308,534,945

Other

assets

in

excess

of

liabilities

—

0.6%

1,935,985

NET

ASSETS

-

100.00%

$

310,470,930

(a)

Non-income

producing

security.

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Science

and

Technology

Fund

91

(Unaudited)

c

Security

Description

Shares

Value

Common

Stocks

(99.1%)

Biotechnology

(23.1%):

Absci

Corp.

(a)

(b)

.......................................................

116,800

$

663,424

Alpine

Immune

Sciences,

Inc.(a)

............................................

19,980

792,007

Amicus

Therapeutics,

Inc.(a)

...............................................

142,950

1,683,951

AnaptysBio,

Inc.(a)

.....................................................

25,470

573,584

Apellis

Pharmaceuticals,

Inc.(a)

............................................

39,073

2,296,711

Apogee

Therapeutics,

Inc.(a)

...............................................

10,080

669,816

Arcellx,

Inc.(a)

........................................................

21,850

1,519,667

Autolus

Therapeutics

PLC,

ADR(a)

..........................................

90,050

574,519

Biohaven

Ltd.(a)

.......................................................

8,520

465,959

Blueprint

Medicines

Corp.(a)

..............................................

7,230

685,838

Bridgebio

Pharma,

Inc.(a)

.................................................

34,120

1,054,990

Cabaletta

Bio,

Inc.(a)

....................................................

37,520

640,091

Crinetics

Pharmaceuticals,

Inc.(a)

...........................................

25,160

1,177,740

Disc

Medicine,

Inc.(a)

...................................................

22,240

1,384,662

Exact

Sciences

Corp.(a)

..................................................

28,150

1,944,039

Fate

Therapeutics,

Inc.(a)

.................................................

45,480

333,823

Gossamer

Bio,

Inc.(a)

....................................................

152,340

179,761

Ideaya

Biosciences,

Inc.(a)

................................................

26,220

1,150,534

Immunome,

Inc.(a)

......................................................

23,180

572,082

Immunovant,

Inc.(a)

.....................................................

25,290

817,120

Krystal

Biotech,

Inc.(a)

...................................................

8,020

1,426,999

MacroGenics,

Inc.(a)

....................................................

22,130

325,754

Merus

NV(a)

..........................................................

8,360

376,451

MoonLake

Immunotherapeutics(a)(b)

........................................

12,450

625,363

Morphic

Holding,

Inc.(a)

.................................................

19,260

677,952

Natera,

Inc.(a)

.........................................................

14,710

1,345,377

Nuvalent,

Inc.,

Class

A(a)

.................................................

17,370

1,304,313

Olema

Pharmaceuticals,

Inc.(a)

.............................................

67,150

760,138

Opthea

Ltd.,

ADR(a)

....................................................

62,050

255,025

ORIC

Pharmaceuticals,

Inc.(a)

.............................................

58,480

804,100

Regulus

Therapeutics,

Inc.(a)(b)

............................................

245,278

706,401

REVOLUTION

Medicines,

Inc.(a)

..........................................

60,060

1,935,734

Rocket

Pharmaceuticals,

Inc.(a)

.............................................

24,560

661,646

Sagimet

Biosciences,

Inc.,

Class

A(a)(b)

......................................

34,100

184,822

Sarepta

Therapeutics,

Inc.(a)

...............................................

5,490

710,735

SpringWorks

Therapeutics,

Inc.(a)

...........................................

34,590

1,702,520

Tango

Therapeutics,

Inc.(a)

................................................

38,490

305,611

Tyra

Biosciences,

Inc.(a)

..................................................

32,040

525,456

Vaxcyte,

Inc.(a)

........................................................

34,160

2,333,470

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

12,480

5,216,765

Viking

Therapeutics,

Inc.(a)

...............................................

28,850

2,365,700

Zymeworks,

Inc.(a)

.....................................................

30,950

325,594

44,056,244

Communication

Services

(9.7%):

Bandwidth,

Inc.,

Class

A(a)

................................................

28,600

522,236

Meta

Platforms,

Inc.,

Class

A

..............................................

24,870

12,076,374

Netflix,

Inc.(a)

.........................................................

5,530

3,358,535

Take-Two

Interactive

Software,

Inc.(a)

........................................

16,320

2,423,357

18,380,502

Consumer

Discretionary

(4.7%):

Amazon.com,

Inc.(a)

....................................................

49,510

8,930,614

Electronic

Equipment,

Instruments

&

Components

(0.5%):

Trimble,

Inc.(a)

........................................................

14,670

944,161

Financials

(2.9%):

Shift4

Payments,

Inc.,

Class

A(a)(b)

.........................................

21,200

1,400,684

Visa,

Inc.,

Class

A

......................................................

14,600

4,074,568

5,475,252

Victory

Portfolios

Victory

RS

Science

and

Technology

Fund

92

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Health

Care

Technology

(0.9%):

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

7,210

$

1,670,485

Industrials

(1.0%):

Lyft,

Inc.,

Class

A(a)

....................................................

98,130

1,898,816

IT

Services

(2.5%):

Backblaze,

Inc.,

Class

A(a)

................................................

27,470

281,018

MongoDB,

Inc.(a)

......................................................

3,620

1,298,277

Snowflake,

Inc.,

Class

A(a)

................................................

8,930

1,443,088

Wix.com

Ltd.(a)

........................................................

12,320

1,693,754

4,716,137

Life

Sciences

Tools

&

Services

(2.7%):

Repligen

Corp.(a)

.......................................................

4,740

871,781

West

Pharmaceutical

Services,

Inc.

..........................................

10,730

4,245,968

5,117,749

Pharmaceuticals

(2.6%):

Arvinas,

Inc.(a)

........................................................

20,520

847,066

Eli

Lilly

&

Co.

.........................................................

4,430

3,446,363

EyePoint

Pharmaceuticals,

Inc.(a)

...........................................

17,020

351,803

Marinus

Pharmaceuticals,

Inc.(a)

............................................

40,670

367,657

5,012,889

Real

Estate

(0.5%):

Opendoor

Technologies,

Inc.(a)

.............................................

307,150

930,665

Semiconductors

&

Semiconductor

Equipment

(23.2%):

Applied

Materials,

Inc.

...................................................

15,070

3,107,886

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

88,120

1,867,263

Impinj,

Inc.(a)

.........................................................

21,300

2,735,133

Lam

Research

Corp.

.....................................................

3,180

3,089,593

Lattice

Semiconductor

Corp.(a)

.............................................

44,070

3,447,596

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

49,120

4,697,837

Marvell

Technology,

Inc.

.................................................

26,090

1,849,259

MaxLinear,

Inc.(a)

......................................................

61,170

1,142,044

Monolithic

Power

Systems,

Inc.

............................................

5,400

3,658,068

NVIDIA

Corp.

.........................................................

15,510

14,014,215

Semtech

Corp.(a)

.......................................................

164,660

4,526,503

44,135,397

Software

(24.8%):

AppLovin

Corp.,

Class

A(a)

...............................................

65,780

4,553,291

Confluent,

Inc.,

Class

A(a)

................................................

86,290

2,633,571

DocuSign,

Inc.(a)

.......................................................

21,240

1,264,842

Dynatrace,

Inc.(a)

......................................................

33,970

1,577,567

Fair

Isaac

Corp.(a)

......................................................

2,970

3,711,342

Gitlab,

Inc.,

Class

A(a)

...................................................

19,620

1,144,238

Microsoft

Corp.

........................................................

35,690

15,015,497

Monday.com

Ltd.(a)

.....................................................

4,340

980,276

Salesforce,

Inc.(a)

......................................................

9,530

2,870,245

Samsara,

Inc.,

Class

A(a)

.................................................

33,710

1,273,901

ServiceNow,

Inc.(a)

.....................................................

5,960

4,543,904

Sprout

Social,

Inc.,

Class

A(a)

..............................................

37,620

2,246,290

Varonis

Systems,

Inc.(a)

..................................................

114,310

5,392,003

47,206,967

Total

Common

Stocks

(Cost

$92,721,340)

188,475,878

Warrants

(0.0%)(c)

Health

Care

(0.0%):(c)

Athenex,

Inc.(a)(d)

......................................................

1,346,518

—(e)

Nuvation

Bio,

Inc.(a)

....................................................

38,770

11,728

Victory

Portfolios

Victory

RS

Science

and

Technology

Fund

93

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Name

Acquisition

Date

Cost

Regulus

Therapeutics,

Inc.

.....................................

12/1/2020

$

165,796

Security

Description

Shares

Value

Regulus

Therapeutics,

Inc.(a)(f)(g)

..........................................

132,637

$

—(e)

11,728

Total

Warrants

(Cost

$179,261)

11,728

Collateral

for

Securities

Loaned

(1.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(h)

........

769,427

769,427

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(h)

............

769,427

769,427

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(h)

...............

769,427

769,427

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(h)

.

769,427

769,427

Total

Collateral

for

Securities

Loaned

(Cost

$3,077,708)

3,077,708

Total

Investments

(Cost

$95,978,309)

—

100.7%

191,565,314

Liabilities

in

excess

of

other

assets

—

(0.7)%

(1,299,274)

NET

ASSETS

-

100.00%

$

190,266,040

^

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)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(e)

Rounds

to

less

than

$1.

(f)

Restricted

security

that

is

not

registered

under

the

Securities

Act

of

1933.

(g)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

at

March

31,

2024.

(h)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Small

Cap

Equity

Fund

94

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.5%)

Aerospace

&

Defense

(8.2%):

AAR

Corp.(a)

.........................................................

15,320

$

917,208

AeroVironment,

Inc.(a)

...................................................

7,200

1,103,616

Moog,

Inc.,

Class

A

.....................................................

5,560

887,654

2,908,478

Building

Products

(5.6%):

Hayward

Holdings,

Inc.(a)

................................................

55,440

848,786

Tecnoglass,

Inc.

........................................................

22,120

1,150,904

1,999,690

Construction

&

Engineering

(2.5%):

MYR

Group,

Inc.(a)

.....................................................

5,010

885,518

Consumer

Discretionary

(11.8%):

American

Eagle

Outfitters,

Inc.

.............................................

43,070

1,110,775

RH(a)

...............................................................

2,000

696,520

Skyline

Champion

Corp.(a)

................................................

14,510

1,233,495

Under

Armour,

Inc.,

Class

C(a)

.............................................

159,710

1,140,330

4,181,120

Electrical

Equipment

(3.2%):

NEXTracker,

Inc.,

Class

A(a)

..............................................

19,960

1,123,149

Energy

(4.2%):

Geospace

Technologies

Corp.(a)

............................................

58,980

777,946

Weatherford

International

PLC(a)

...........................................

6,050

698,291

1,476,237

Financials

(17.3%):

Euronet

Worldwide,

Inc.(a)

................................................

4,200

461,706

FirstCash

Holdings,

Inc.

..................................................

10,420

1,328,967

Flywire

Corp.(a)

.......................................................

58,890

1,461,061

LendingTree,

Inc.(a)

.....................................................

25,310

1,071,625

Payoneer

Global,

Inc.(a)

..................................................

207,620

1,009,033

Shift4

Payments,

Inc.,

Class

A(a)(b)

.........................................

12,160

803,411

6,135,803

Health

Care

(14.0%):

Amicus

Therapeutics,

Inc.(a)

...............................................

65,150

767,467

Apellis

Pharmaceuticals,

Inc.(a)

............................................

9,950

584,861

Arcellx,

Inc.(a)

........................................................

7,670

533,449

Blueprint

Medicines

Corp.(a)

..............................................

3,900

369,954

Inspire

Medical

Systems,

Inc.(a)

............................................

1,920

412,397

Krystal

Biotech,

Inc.(a)

...................................................

1,580

281,130

PROCEPT

BioRobotics

Corp.(a)

............................................

13,170

650,861

RxSight,

Inc.(a)

........................................................

8,630

445,135

SpringWorks

Therapeutics,

Inc.(a)

...........................................

18,560

913,523

4,958,777

Information

Technology

(24.0%):

Altair

Engineering,

Inc.,

Class

A(a)

..........................................

3,720

320,478

Badger

Meter,

Inc.

......................................................

2,550

412,616

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

41,450

878,326

CyberArk

Software

Ltd.(a)

................................................

650

172,660

Fabrinet(a)

............................................................

850

160,667

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

15,760

1,507,286

Q2

Holdings,

Inc.(a)

.....................................................

31,070

1,633,039

Semtech

Corp.(a)

.......................................................

64,470

1,772,280

Sprout

Social,

Inc.,

Class

A(a)

..............................................

14,810

884,305

Varonis

Systems,

Inc.(a)

..................................................

16,630

784,437

8,526,094

Victory

Portfolios

Victory

RS

Small

Cap

Equity

Fund

95

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Machinery

(6.0%):

Chart

Industries,

Inc.(a)

..................................................

12,850

$

2,116,652

Professional

Services

(2.7%):

CBIZ,

Inc.(a)

..........................................................

12,190

956,915

Total

Common

Stocks

(Cost

$29,726,132)

35,268,433

Collateral

for

Securities

Loaned

(2.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(c)

........

200,732

200,732

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(c)

............

200,732

200,732

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(c)

...............

200,732

200,732

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(c)

.

200,732

200,732

Total

Collateral

for

Securities

Loaned

(Cost

$802,928)

802,928

Total

Investments

(Cost

$30,529,060)

—

101.8%

36,071,361

Liabilities

in

excess

of

other

assets

—

(1.8)%

(621,295)

NET

ASSETS

-

100.00%

$

35,450,066

^

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

March

31,

2024.

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

International

Fund

96

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(97.2%)

Australia

(6.3%):

Consumer

Discretionary

(1.0%):

Aristocrat

Leisure

Ltd.

...................................................

142,947

$

4,001,726

Financials

(1.2%):

Macquarie

Group

Ltd.

...................................................

35,343

4,596,272

Health

Care

(1.0%):

CSL

Ltd.

.............................................................

22,137

4,152,553

Materials

(2.0%):

BHP

Group

Ltd.

........................................................

280,369

8,104,706

Real

Estate

(1.1%):

Scentre

Group

.........................................................

2,054,878

4,537,203

25,392,460

Belgium

(0.7%):

Information

Technology

(0.7%):

Melexis

NV

...........................................................

34,380

2,783,736

China

(0.4%):

Communication

Services

(0.4%):

Tencent

Holdings

Ltd.

...................................................

44,900

1,748,897

Denmark

(5.1%):

Consumer

Discretionary

(1.2%):

Pandora

A/S

..........................................................

30,473

4,919,416

Health

Care

(3.9%):

Novo

Nordisk

A/S

,

Class

B

................................................

121,295

15,561,737

20,481,153

France

(11.0%):

Consumer

Discretionary

(3.6%):

La

Francaise

des

Jeux

SAEM

(a)

............................................

98,334

4,007,318

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

11,519

10,363,338

14,370,656

Consumer

Staples

(2.3%):

L'Oreal

SA

...........................................................

19,374

9,173,720

Energy

(0.7%):

Gaztransport

Et

Technigaz

SA

..............................................

18,896

2,824,793

Industrials

(2.6%):

Rexel

SA

.............................................................

137,925

3,725,235

Safran

SA

............................................................

29,644

6,712,607

10,437,842

Information

Technology

(0.4%):

Capgemini

SE

.........................................................

8,023

1,845,926

Materials

(1.4%):

Arkema

SA

...........................................................

53,941

5,678,115

44,331,052

Germany

(8.1%):

Consumer

Discretionary

(1.1%):

Volkswagen

AG

,

Preference

Shares

..........................................

32,661

4,331,040

Financials

(1.9%):

Allianz

SE

,

Registered

Shares

..............................................

25,969

7,782,291

Victory

Portfolios

Victory

RS

International

Fund

97

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Industrials

(2.2%):

Siemens

AG

,

Registered

Shares

.............................................

47,252

$

9,021,007

Information

Technology

(2.2%):

SAP

SE

..............................................................

45,280

8,815,668

Utilities

(0.7%):

RWE

AG

.............................................................

85,614

2,909,382

32,859,388

Hong

Kong

(1.9%):

Financials

(1.2%):

AIA

Group

Ltd.

........................................................

683,400

4,597,058

Real

Estate

(0.7%):

CK

Asset

Holdings

Ltd.

..................................................

708,000

2,917,513

7,514,571

Ireland

(1.9%):

Industrials

(0.9%):

Ryanair

Holdings

PLC

,

ADR

(b)

............................................

26,079

3,796,842

Materials

(1.0%):

James

Hardie

Industries

PLC

(b)

............................................

100,356

4,032,720

7,829,562

Italy

(0.9%):

Utilities

(0.9%):

Snam

SpA

............................................................

733,953

3,465,034

Japan

(23.4%):

Communication

Services

(1.7%):

Capcom

Co.

Ltd.

.......................................................

191,200

3,582,435

Kakaku.com,

Inc.

.......................................................

287,200

3,484,592

7,067,027

Consumer

Discretionary

(3.9%):

Toyota

Motor

Corp.

.....................................................

472,800

11,951,585

ZOZO,

Inc.

(c)

.........................................................

151,900

3,770,630

15,722,215

Consumer

Staples

(1.1%):

Toyo

Suisan

Kaisha

Ltd.

..................................................

70,300

4,299,118

Financials

(2.9%):

Mizuho

Financial

Group,

Inc.

..............................................

276,300

5,464,640

Tokio

Marine

Holdings,

Inc.

...............................................

204,000

6,395,484

11,860,124

Health

Care

(2.7%):

Hoya

Corp.

...........................................................

52,400

6,554,579

Shionogi

&

Co.

Ltd.

.....................................................

84,000

4,293,116

10,847,695

Industrials

(6.3%):

Fuji

Electric

Co.

Ltd.

....................................................

89,800

6,026,782

MISUMI

Group,

Inc.

....................................................

158,800

2,212,539

Mitsubishi

Heavy

Industries

Ltd.

............................................

687,000

6,227,335

Nippon

Yusen

KK

......................................................

151,300

4,154,353

OKUMA

Corp.

........................................................

29,600

1,408,011

Sanwa

Holdings

Corp.

...................................................

307,100

5,370,224

25,399,244

Information

Technology

(3.1%):

Disco

Corp.

...........................................................

13,000

4,752,563

Fujitsu

Ltd.

(c)

.........................................................

244,000

3,905,492

Victory

Portfolios

Victory

RS

International

Fund

98

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Oracle

Corp.

..........................................................

51,900

$

3,903,455

12,561,510

Real

Estate

(1.0%):

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

104,100

3,879,231

Utilities

(0.7%):

Tokyo

Gas

Co.

Ltd.

.....................................................

126,200

2,869,261

94,505,425

Netherlands

(6.7%):

Communication

Services

(1.1%):

Koninklijke

KPN

NV

....................................................

1,202,001

4,495,357

Financials

(1.8%):

ING

Groep

NV

........................................................

432,174

7,114,030

Industrials

(1.1%):

Wolters

Kluwer

NV

.....................................................

29,539

4,624,874

Information

Technology

(2.7%):

ASM

International

NV

...................................................

10,215

6,254,835

ASML

Holding

NV

.....................................................

4,582

4,441,465

10,696,300

26,930,561

New

Zealand

(0.5%):

Health

Care

(0.5%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

143,592

2,199,004

Norway

(1.0%):

Energy

(0.3%):

Aker

BP

ASA

.........................................................

48,953

1,228,301

Financials

(0.7%):

SpareBank

1

SMN

......................................................

222,696

2,835,866

4,064,167

Spain

(2.6%):

Financials

(2.6%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

874,601

10,413,758

Sweden

(1.7%):

Industrials

(1.7%):

Atlas

Copco

AB

,

Class

B

.................................................

454,442

6,713,531

Switzerland

(11.8%):

Consumer

Staples

(3.6%):

Coca-Cola

HBC

AG

.....................................................

150,179

4,744,734

Nestle

SA

,

Registered

Shares

..............................................

93,754

9,963,016

14,707,750

Financials

(3.2%):

Partners

Group

Holding

AG

...............................................

4,302

6,146,368

UBS

Group

AG

........................................................

215,481

6,635,965

12,782,333

Health

Care

(5.0%):

Novartis

AG

,

Registered

Shares

.............................................

102,904

9,968,779

Roche

Holding

AG

......................................................

33,408

8,531,117

Sandoz

Group

AG

(b)

....................................................

55,463

1,674,471

20,174,367

47,664,450

Victory

Portfolios

Victory

RS

International

Fund

99

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

United

Kingdom

(13.2%):

Consumer

Discretionary

(2.1%):

Greggs

PLC

...........................................................

113,321

$

4,109,682

Next

PLC

............................................................

35,694

4,159,806

8,269,488

Consumer

Staples

(2.2%):

Diageo

PLC

...........................................................

119,456

4,419,238

Imperial

Brands

PLC

....................................................

193,032

4,314,278

8,733,516

Energy

(3.0%):

BP

PLC

..............................................................

593,360

3,721,645

Shell

PLC

............................................................

255,190

8,465,355

12,187,000

Financials

(3.2%):

Barclays

PLC

.........................................................

2,180,750

5,053,184

HSBC

Holdings

PLC

....................................................

820,101

6,409,283

Legal

&

General

Group

PLC

...............................................

445,653

1,431,449

12,893,916

Industrials

(0.7%):

Ashtead

Group

PLC

.....................................................

42,023

2,992,657

Materials

(1.5%):

Rio

Tinto

PLC

.........................................................

95,431

6,032,389

Utilities

(0.5%):

Centrica

PLC

..........................................................

1,340,715

2,160,873

53,269,839

Total

Common

Stocks

(Cost

$301,709,927)

392,166,588

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

MSCI

EAFE

ETF

(c)

...............................................

4,988

398,342

Total

Exchange-Traded

Funds

(Cost

$329,657)

398,342

Collateral

for

Securities

Loaned

(1.2%)^

United

States

(1.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(d)

........

1,061,450

1,061,450

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(d)

............

1,061,450

1,061,450

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(d)

...............

1,459,314

1,459,314

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(d)

.

1,061,450

1,061,450

Total

Collateral

for

Securities

Loaned

(Cost

$4,643,664)

4,643,664

Total

Investments

(Cost

$306,683,248)

—

98.5%

397,208,594

Other

assets

in

excess

of

liabilities

—

1.5%

6,090,856

NET

ASSETS

-

100.00%

$

403,299,450

^

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

March

31,

2024,

the

fair

value

of

these

securities

was

$4,007,318

and

amounted

to

1.0%

of

net

assets.

(b)

Non-income

producing

security.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

RS

Global

Fund

100

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(96.9%)

Australia

(1.9%):

Consumer

Discretionary

(0.8%):

Aristocrat

Leisure

Ltd.

...................................................

273,396

$

7,653,577

Financials

(0.5%):

Macquarie

Group

Ltd.

...................................................

36,905

4,799,407

Health

Care

(0.6%):

CSL

Ltd.

.............................................................

33,194

6,226,672

18,679,656

Belgium

(0.6%):

Information

Technology

(0.6%):

Melexis

NV

...........................................................

66,765

5,405,938

Canada

(4.2%):

Consumer

Staples

(0.8%):

Alimentation

Couche-Tard,

Inc.

.............................................

135,169

7,715,531

Energy

(0.5%):

Parex

Resources,

Inc.

....................................................

313,688

5,011,967

Industrials

(0.5%):

Bombardier,

Inc.

,

Class

B

(a)

...............................................

107,655

4,622,075

Information

Technology

(1.1%):

Constellation

Software,

Inc.

...............................................

3,972

10,850,856

Materials

(1.3%):

Agnico

Eagle

Mines

Ltd.

.................................................

100,327

5,983,027

Stella-Jones,

Inc.

.......................................................

108,765

6,344,090

12,327,117

40,527,546

China

(2.3%):

Communication

Services

(1.1%):

Tencent

Holdings

Ltd.

...................................................

284,000

11,062,067

Consumer

Staples

(0.6%):

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.

,

Class

A

..............................

1,042,930

5,718,686

Financials

(0.6%):

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

11,236,000

5,647,739

22,428,492

Denmark

(2.2%):

Consumer

Discretionary

(0.8%):

Pandora

A/S

..........................................................

51,479

8,310,524

Health

Care

(1.4%):

Novo

Nordisk

A/S

,

Class

B

................................................

102,662

13,171,186

21,481,710

France

(4.8%):

Consumer

Discretionary

(0.8%):

La

Francaise

des

Jeux

SAEM

(b)

............................................

188,638

7,687,396

Consumer

Staples

(1.0%):

L'Oreal

SA

...........................................................

19,486

9,226,752

Energy

(0.8%):

Gaztransport

Et

Technigaz

SA

..............................................

50,178

7,501,190

Industrials

(1.5%):

Rexel

SA

.............................................................

263,321

7,112,073

Victory

Portfolios

Victory

RS

Global

Fund

101

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Safran

SA

............................................................

33,597

$

7,607,727

14,719,800

Materials

(0.7%):

Arkema

SA

...........................................................

65,425

6,886,982

46,022,120

Indonesia

(0.6%):

Communication

Services

(0.6%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

26,752,700

5,885,993

Ireland

(0.7%):

Materials

(0.7%):

James

Hardie

Industries

PLC

(a)

............................................

161,065

6,472,260

Italy

(0.5%):

Utilities

(0.5%):

Snam

SpA

............................................................

1,018,830

4,809,954

Japan

(5.9%):

Communication

Services

(1.0%):

Capcom

Co.

Ltd.

.......................................................

189,200

3,544,962

Kakaku.com,

Inc.

.......................................................

513,600

6,231,499

9,776,461

Consumer

Discretionary

(0.5%):

ZOZO,

Inc.

(c)

.........................................................

205,500

5,101,149

Consumer

Staples

(0.7%):

Toyo

Suisan

Kaisha

Ltd.

..................................................

106,100

6,488,427

Financials

(0.8%):

Mizuho

Financial

Group,

Inc.

..............................................

407,200

8,053,570

Health

Care

(0.4%):

Hoya

Corp.

...........................................................

34,800

4,353,041

Industrials

(1.1%):

Fuji

Electric

Co.

Ltd.

....................................................

96,500

6,476,442

Nippon

Yusen

KK

......................................................

139,000

3,816,623

10,293,065

Information

Technology

(1.1%):

Disco

Corp.

...........................................................

16,100

5,885,867

Oracle

Corp.

..........................................................

63,000

4,738,297

10,624,164

Utilities

(0.3%):

Tokyo

Gas

Co.

Ltd.

.....................................................

127,700

2,903,365

57,593,242

Netherlands

(0.8%):

Information

Technology

(0.8%):

ASM

International

NV

...................................................

11,998

7,346,598

New

Zealand

(0.5%):

Health

Care

(0.5%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

297,950

4,562,882

Norway

(0.7%):

Energy

(0.3%):

Aker

BP

ASA

.........................................................

141,061

3,539,423

Victory

Portfolios

Victory

RS

Global

Fund

102

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Financials

(0.4%):

SpareBank

1

SMN

......................................................

284,153

$

3,618,475

7,157,898

Singapore

(0.6%):

Financials

(0.6%):

Singapore

Exchange

Ltd.

.................................................

853,700

5,827,438

South

Africa

(0.6%):

Consumer

Discretionary

(0.6%):

Mr

Price

Group

Ltd.

.....................................................

669,788

6,141,549

South

Korea

(0.9%):

Information

Technology

(0.9%):

Samsung

Electronics

Co.

Ltd.

..............................................

138,297

8,312,232

Spain

(1.2%):

Financials

(1.2%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

1,000,642

11,914,511

Sweden

(0.7%):

Industrials

(0.7%):

Atlas

Copco

AB

,

Class

B

.................................................

429,705

6,348,088

Switzerland

(2.6%):

Financials

(1.6%):

Chubb

Ltd.

...........................................................

33,223

8,609,076

Partners

Group

Holding

AG

...............................................

5,141

7,345,067

15,954,143

Health

Care

(1.0%):

Roche

Holding

AG

......................................................

36,679

9,366,405

25,320,548

Taiwan

(2.5%):

Financials

(1.0%):

Cathay

Financial

Holding

Co.

Ltd.

...........................................

6,183,000

9,319,228

Information

Technology

(1.5%):

ASE

Technology

Holding

Co.

Ltd.

...........................................

1,679,000

8,151,430

Lite-On

Technology

Corp.

................................................

2,044,000

6,776,902

14,928,332

24,247,560

United

Kingdom

(3.5%):

Consumer

Discretionary

(1.3%):

Greggs

PLC

...........................................................

194,567

7,056,137

Next

PLC

............................................................

47,127

5,492,217

12,548,354

Consumer

Staples

(0.5%):

Imperial

Brands

PLC

....................................................

197,534

4,414,897

Financials

(0.8%):

HSBC

Holdings

PLC

....................................................

1,017,710

7,953,644

Materials

(0.9%):

Rio

Tinto

PLC

.........................................................

141,953

8,973,140

33,890,035

United

States

(58.6%):

Communication

Services

(5.2%):

Alphabet,

Inc.

,

Class

C

(a)

.................................................

178,941

27,245,557

Meta

Platforms,

Inc.

,

Class

A

..............................................

46,901

22,774,187

50,019,744

Victory

Portfolios

Victory

RS

Global

Fund

103

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Consumer

Discretionary

(7.6%):

Amazon.com,

Inc.

(a)

....................................................

129,017

$

23,272,087

McDonald's

Corp.

......................................................

55,532

15,657,248

PulteGroup,

Inc.

........................................................

92,947

11,211,267

Ross

Stores,

Inc.

.......................................................

53,483

7,849,165

Tesla,

Inc.

(a)

..........................................................

37,937

6,668,945

Ulta

Beauty,

Inc.

(a)

.....................................................

17,681

9,245,041

73,903,753

Consumer

Staples

(3.1%):

Colgate-Palmolive

Co.

...................................................

172,753

15,556,408

PepsiCo,

Inc.

..........................................................

79,649

13,939,371

29,495,779

Energy

(2.3%):

APA

Corp.

............................................................

247,387

8,505,165

Cactus,

Inc.

,

Class

A

.....................................................

77,716

3,892,795

ConocoPhillips

........................................................

79,669

10,140,270

22,538,230

Financials

(8.8%):

Bank

of

America

Corp.

...................................................

291,107

11,038,777

JPMorgan

Chase

&

Co.

..................................................

82,428

16,510,328

LPL

Financial

Holdings,

Inc.

...............................................

27,940

7,381,748

Mastercard,

Inc.

,

Class

A

.................................................

37,345

17,984,232

S&P

Global,

Inc.

.......................................................

31,059

13,214,051

Synchrony

Financial

.....................................................

128,084

5,522,982

The

PNC

Financial

Services

Group,

Inc.

......................................

32,931

5,321,650

Unum

Group

..........................................................

152,366

8,175,960

85,149,728

Health

Care

(6.8%):

Amgen,

Inc.

...........................................................

42,404

12,056,305

CVS

Health

Corp.

......................................................

95,570

7,622,663

Eli

Lilly

&

Co.

.........................................................

24,839

19,323,749

IDEXX

Laboratories,

Inc.

(a)

...............................................

16,302

8,801,939

Johnson

&

Johnson

.....................................................

47,585

7,527,471

UnitedHealth

Group,

Inc.

.................................................

20,636

10,208,629

65,540,756

Industrials

(5.7%):

AGCO

Corp.

..........................................................

51,908

6,385,722

Caterpillar,

Inc.

........................................................

39,979

14,649,505

Delta

Air

Lines,

Inc.

.....................................................

164,308

7,865,424

Eaton

Corp.

PLC

.......................................................

45,003

14,071,538

Lennox

International,

Inc.

.................................................

24,676

12,060,642

55,032,831

Information

Technology

(16.2%):

Apple,

Inc.

...........................................................

226,162

38,782,260

Cisco

Systems,

Inc.

.....................................................

175,444

8,756,410

Fortinet,

Inc.

(a)

........................................................

154,845

10,577,462

Microsoft

Corp.

........................................................

116,821

49,148,931

NVIDIA

Corp.

.........................................................

41,164

37,194,144

Texas

Instruments,

Inc.

...................................................

72,312

12,597,473

157,056,680

Materials

(0.5%):

Alcoa

Corp.

...........................................................

150,311

5,079,009

Real

Estate

(0.8%):

Prologis,

Inc.

..........................................................

56,600

7,370,452

Utilities

(1.6%):

Constellation

Energy

Corp.

................................................

52,947

9,787,253

Victory

Portfolios

Victory

RS

Global

Fund

104

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

MGE

Energy,

Inc.

......................................................

77,231

$

6,079,624

15,866,877

567,053,839

Total

Common

Stocks

(Cost

$711,602,932)

937,430,089

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

(a)

(d)

...........................................

3,376

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(0.5%)

United

States

(0.5%):

iShares

MSCI

ACWI

ETF

.................................................

43,734

4,816,425

Total

Exchange-Traded

Funds

(Cost

$3,662,542)

4,816,425

Collateral

for

Securities

Loaned

(0.1%)^

United

States

(0.1%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(e)

........

165,750

165,750

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(e)

............

165,750

165,750

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(e)

...............

165,750

165,750

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(e)

.

165,750

165,750

Total

Collateral

for

Securities

Loaned

(Cost

$663,000)

663,000

Total

Investments

(Cost

$715,928,474)

—

97.5%

942,909,514

Other

assets

in

excess

of

liabilities

—

2.5%

24,655,880

NET

ASSETS

-

100.00%

$

967,565,394

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$7,687,396

and

amounted

to

0.8%

of

net

assets.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(e)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

105

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.7%)

Brazil

(7.2%):

Communication

Services

(0.7%):

TIM

SA

..............................................................

826,100

$

2,932,295

Consumer

Discretionary

(1.0%):

Smartfit

Escola

de

Ginastica

e

Danca

SA

......................................

240,100

1,244,860

Vibra

Energia

SA

.......................................................

562,696

2,806,355

4,051,215

Energy

(0.9%):

Petroleo

Brasileiro

SA,

ADR

...............................................

250,010

3,802,652

Financials

(1.1%):

Itau

Unibanco

Holding

SA,

ADR

............................................

689,967

4,781,471

Industrials

(1.2%):

Marcopolo

SA,

Preference

Shares

...........................................

877,800

1,319,842

Santos

Brasil

Participacoes

SA

.............................................

917,300

2,436,524

SIMPAR

SA

..........................................................

784,864

1,162,889

4,919,255

Information

Technology

(0.5%):

TOTVS

SA

...........................................................

364,300

2,061,705

Materials

(0.9%):

Vale

SA

..............................................................

298,100

3,616,053

Real

Estate

(0.5%):

Multiplan

Empreendimentos

Imobiliarios

SA

...................................

388,300

1,981,494

Utilities

(0.4%):

CPFL

Energia

SA

.......................................................

224,600

1,559,082

29,705,222

Chile

(0.3%):

Financials

(0.0%):(a)

Banco

de

Credito

e

Inversiones

SA

..........................................

1

29

Utilities

(0.3%):

Enel

Chile

SA

.........................................................

21,930,828

1,318,923

1,318,952

China

(21.9%):

Communication

Services

(6.5%):

NetEase,

Inc.

..........................................................

269,900

5,592,914

Tencent

Holdings

Ltd.

...................................................

466,615

18,175,093

Tencent

Music

Entertainment

Group,

ADR(b)

...................................

253,788

2,839,888

26,607,895

Consumer

Discretionary

(5.5%):

Alibaba

Group

Holding

Ltd.

...............................................

795,572

7,194,410

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

..................................

525,600

3,123,776

H

World

Group

Ltd.,

ADR

................................................

122,830

4,753,521

MINISO

Group

Holding

Ltd.,

ADR

..........................................

145,779

2,988,470

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR(b)

........................

26,737

2,321,306

Vipshop

Holdings

Ltd.,

ADR

..............................................

136,842

2,264,735

22,646,218

Consumer

Staples

(0.8%):

Tsingtao

Brewery

Co.

Ltd.,

Class

H

..........................................

478,000

3,289,769

Energy

(1.2%):

PetroChina

Co.

Ltd.,

Class

H

..............................................

5,890,000

5,051,525

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

106

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Financials

(2.9%):

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................................

623,500

$

2,471,316

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

.............................

13,073,000

6,571,101

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

...................................

2,164,000

2,855,999

11,898,416

Health

Care

(0.8%):

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

.......................

79,500

3,080,961

Industrials

(2.0%):

Anhui

Heli

Co.

Ltd.,

Class

A

...............................................

894,500

2,405,014

Weichai

Power

Co.

Ltd.,

Class

H

............................................

1,213,000

2,314,600

ZTO

Express

Cayman,

Inc.,

ADR

...........................................

176,707

3,700,244

8,419,858

Materials

(2.2%):

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

.................................

8,373,100

3,906,679

Western

Mining

Co.

Ltd.,

Class

A

...........................................

1,929,300

4,954,057

8,860,736

89,855,378

Greece

(1.9%):

Energy

(0.5%):

Motor

Oil

Hellas

Corinth

Refineries

SA

.......................................

75,248

2,240,403

Financials

(0.8%):

National

Bank

of

Greece

SA(b)

.............................................

426,440

3,335,257

Industrials

(0.6%):

Mytilineos

SA

.........................................................

60,846

2,346,178

7,921,838

Hong

Kong

(1.1%):

Consumer

Discretionary

(0.3%):

Man

Wah

Holdings

Ltd.

..................................................

1,767,600

1,249,219

Industrials

(0.8%):

Techtronic

Industries

Co.

Ltd.

..............................................

249,000

3,383,465

4,632,684

Hungary

(0.8%):

Financials

(0.8%):

OTP

Bank

Nyrt

........................................................

71,112

3,276,431

India

(14.5%):

Consumer

Discretionary

(2.8%):

Hero

MotoCorp

Ltd.

.....................................................

68,954

3,915,242

Mahindra

&

Mahindra

Ltd.

................................................

192,769

4,453,493

Tata

Motors

Ltd.

.......................................................

259,323

3,096,089

11,464,824

Financials

(5.1%):

ICICI

Bank

Ltd.,

ADR

...................................................

482,133

12,733,133

LIC

Housing

Finance

Ltd.

.................................................

468,511

3,444,952

Manappuram

Finance

Ltd.

................................................

2,196,120

4,573,242

20,751,327

Health

Care

(1.0%):

Dr

Reddy's

Laboratories

Ltd.

...............................................

53,719

3,970,289

Industrials

(1.2%):

Larsen

&

Toubro

Ltd.

....................................................

110,479

4,997,186

Information

Technology

(1.2%):

Cyient

Ltd.

...........................................................

51,435

1,233,444

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

107

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

HCL

Technologies

Ltd.

...................................................

191,736

$

3,565,074

4,798,518

Materials

(2.0%):

JK

Paper

Ltd.

..........................................................

77,380

299,449

Tata

Steel

Ltd.

.........................................................

2,282,098

4,279,533

UltraTech

Cement

Ltd.

...................................................

32,494

3,805,373

8,384,355

Utilities

(1.2%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

1,521,224

5,049,878

59,416,377

Indonesia

(1.7%):

Financials

(1.7%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

15,309,100

6,967,731

Ireland

(1.8%):

Consumer

Discretionary

(1.8%):

PDD

Holdings,

Inc.,

ADR(b)

...............................................

62,965

7,319,681

Jordan

(0.3%):

Health

Care

(0.3%):

Hikma

Pharmaceuticals

PLC

...............................................

53,042

1,282,878

Luxembourg

(0.7%):

Materials

(0.7%):

Ternium

SA,

ADR

......................................................

70,144

2,919,393

Mexico

(3.8%):

Consumer

Staples

(1.6%):

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

...............................

25,228

3,286,451

Gruma

SAB

de

CV,

Class

B

...............................................

89,381

1,671,601

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

.................................

692,462

1,612,071

6,570,123

Financials

(1.7%):

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

.................................

461,775

4,905,198

Qualitas

Controladora

SAB

de

CV

...........................................

169,776

1,977,319

6,882,517

Real

Estate

(0.5%):

Corp

Inmobiliaria

Vesta

SAB

de

CV

.........................................

508,393

1,990,853

15,443,493

Panama

(0.6%):

Industrials

(0.6%):

Copa

Holdings

SA,

Class

A

................................................

25,024

2,606,500

Poland

(1.1%):

Consumer

Discretionary

(0.5%):

LPP

SA

..............................................................

561

2,148,459

Financials

(0.6%):

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

................................

156,804

2,327,951

4,476,410

Russian

Federation

(0.0%):(a)

Energy

(0.0%):(a)

Gazprom

PJSC(b)(c)(d)

..................................................

1,511,910

39,187

Rosneft

Oil

Co.

PJSC,

GDR(b)(c)(d)

.........................................

677,591

31,752

70,939

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

108

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Financials

(0.0%):

Sberbank

of

Russia

PJSC,

ADR(b)(c)(d)

......................................

446,943

$

—

70,939

Saudi

Arabia

(3.1%):

Communication

Services

(1.1%):

Saudi

Telecom

Co.

......................................................

419,925

4,433,141

Financials

(1.4%):

Alinma

Bank

..........................................................

235,314

2,749,395

Saudi

Awwal

Bank

......................................................

260,474

2,882,904

5,632,299

Information

Technology

(0.6%):

Arabian

Internet

&

Communications

Services

Co.

................................

27,213

2,743,586

12,809,026

South

Africa

(1.2%):

Consumer

Discretionary

(0.3%):

The

Foschini

Group

Ltd.

..................................................

236,231

1,244,169

Financials

(0.9%):

Nedbank

Group

Ltd.(e)

...................................................

320,867

3,872,251

5,116,420

South

Korea

(15.5%):

Consumer

Discretionary

(0.9%):

Kia

Corp.

............................................................

45,755

3,803,086

Energy

(0.6%):

S-Oil

Corp.

...........................................................

40,167

2,326,658

Financials

(3.0%):

DB

Insurance

Co.

Ltd.

...................................................

55,386

3,962,267

KakaoBank

Corp.

.......................................................

196,507

4,104,648

KIWOOM

Securities

Co.

Ltd.

..............................................

13,928

1,276,079

Samsung

Securities

Co.

Ltd.

...............................................

101,753

3,077,234

12,420,228

Health

Care

(0.3%):

Classys,

Inc.

..........................................................

38,487

1,015,959

Industrials

(3.7%):

Doosan

Bobcat,

Inc.

.....................................................

42,306

1,697,594

Hanwha

Aerospace

Co.

Ltd.

...............................................

21,876

3,374,735

HD

Hyundai

Electric

Co.

Ltd.

..............................................

20,778

2,764,769

Hyundai

Rotem

Co.

Ltd.

..................................................

91,821

2,347,744

Samsung

C&T

Corp.

....................................................

24,077

2,863,538

Samsung

Engineering

Co.

Ltd.(b)

...........................................

112,831

2,113,705

15,162,085

Information

Technology

(6.0%):

HAESUNG

DS

Co.

Ltd.

..................................................

33,212

1,258,484

Innox

Advanced

Materials

Co.

Ltd.

..........................................

51,704

1,127,246

Samsung

Electronics

Co.

Ltd.

..............................................

372,343

22,379,382

24,765,112

Materials

(1.0%):

LG

Chem

Ltd.

.........................................................

12,608

4,127,126

63,620,254

Taiwan

(15.9%):

Consumer

Discretionary

(0.9%):

Makalot

Industrial

Co.

Ltd.

................................................

180,000

2,056,014

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

109

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Poya

International

Co.

Ltd.

................................................

112,090

$

1,743,556

3,799,570

Health

Care

(0.5%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

90,000

1,817,670

Industrials

(1.3%):

Fortune

Electric

Co.

Ltd.

.................................................

126,000

2,637,800

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

.................................

628,000

2,582,122

5,219,922

Information

Technology

(13.2%):

Compeq

Manufacturing

Co.

Ltd.

............................................

859,000

2,098,837

Elite

Material

Co.

Ltd.

...................................................

139,000

1,751,698

Gold

Circuit

Electronics

Ltd.

...............................................

282,100

2,156,820

King

Yuan

Electronics

Co.

Ltd.

.............................................

614,000

2,035,040

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

1,641,998

39,342,817

Unimicron

Technology

Corp.

..............................................

453,000

2,693,633

United

Microelectronics

Corp.

.............................................

1,288,000

2,092,126

Wiwynn

Corp.

.........................................................

33,000

2,260,107

54,431,078

65,268,240

Thailand

(1.5%):

Energy

(0.8%):

PTT

Exploration

&

Production

PCL-NVDR

....................................

804,500

3,299,259

Health

Care

(0.7%):

Bangkok

Dusit

Medical

Services

PCL-NVDR

..................................

3,436,900

2,664,379

5,963,638

Turkey

(1.2%):

Consumer

Discretionary

(0.2%):

Teknosa

Ic

Ve

Dis

Ticaret

AS(b)

............................................

619,313

759,974

Financials

(0.6%):

Yapi

ve

Kredi

Bankasi

AS

.................................................

3,067,235

2,608,640

Industrials

(0.4%):

Pegasus

Hava

Tasimaciligi

AS(b)

...........................................

65,000

1,640,531

5,009,145

United

Arab

Emirates

(1.8%):

Financials

(0.8%):

Emirates

NBD

Bank

PJSC

................................................

696,160

3,280,453

Real

Estate

(1.0%):

Emaar

Properties

PJSC

...................................................

1,919,808

4,260,763

7,541,216

United

States

(0.8%):

Consumer

Discretionary

(0.8%):

Samsonite

International

SA(b)(f)

............................................

919,500

3,483,956

Total

Common

Stocks

(Cost

$345,411,816)

406,025,802

Collateral

for

Securities

Loaned

(0.7%)^

United

States

(0.7%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(g)

........

703,185

703,185

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(g)

............

703,185

703,185

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(g)

...............

703,185

703,185

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

110

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

7/28/2021

$

5,922,464

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

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(g)

.

703,185

$

703,185

Total

Collateral

for

Securities

Loaned

(Cost

$2,812,740)

2,812,740

Total

Investments

(Cost

$348,224,556)

—

99.4%

408,838,542

Other

assets

in

excess

of

liabilities

—

0.6%

2,276,003

NET

ASSETS

-

100.00%

$

411,114,545

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Amount

represents

less

than

0.05%

of

net

assets.

(b)

Non-income

producing

security.

(c)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

March

31,

2024.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$3,483,956

and

amounted

to

0.8%

of

net

assets.

(g)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

111

(Unaudited)

Security

Description

Principal

Amount

Value

Asset-Backed

Securities

(22.7%)

ABS

Auto

(16.3%):

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-1,

Class

C,

0.89%,

10/19/26,

Callable

6/18/25

@

100

.....................................................

$

1,815,000

$

1,750,497

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-8A,

Class

B,

6.66%,

2/20/30(a)

..

750,000

781,182

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

B,

0.85%,

6/15/26,

Callable

12/15/24

@

100

434,000

419,027

Chesapeake

Funding

II

LLC

...............................................

Series

2023-2A,

Class

A1,

6.16%,

10/15/35,

Callable

7/15/26

@

100(a)

............

222,698

224,073

Series

2023-2A,

Class

C,

6.15%,

10/15/35,

Callable

7/15/26

@

100(a)

.............

382,000

386,269

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

D,

1.39%,

3/15/29,

Callable

7/15/25

@

100

500,000

478,294

DT

Auto

Owner

Trust,

Series

2020-1A,

Class

E,

3.48%,

2/16/27,

Callable

8/15/24

@

100(a)

.

500,000

494,588

Ent

Auto

Receivables

Trust,

Series

2023-1A,

Class

A4,

6.26%,

11/15/29,

Callable

8/15/28

@

100(a)

...........................................................

250,000

255,047

Enterprise

Fleet

Financing

LLC

.............................................

Series

2023-3,

Class

A3,

6.41%,

6/20/30,

Callable

8/20/27

@

100(a)

..............

500,000

518,704

Series

2024-1,

Class

A2,

5.23%,

3/20/30,

Callable

9/20/27

@

100(a)

..............

400,000

399,278

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-B,

Class

B,

6.20%,

2/15/27,

Callable

3/15/26

@

100

.................

250,000

252,758

Series

2023-B,

Class

C,

6.43%,

4/15/27,

Callable

3/15/26

@

100

.................

393,000

400,117

Foursight

Capital

Automobile

Receivables

Trust,

Series

2023-1,

Class

A3,

5.39%,

12/15/27,

Callable

9/15/26

@

100(a)

............................................

1,460,000

1,453,166

GLS

Auto

Select

Receivables

Trust,

Series

2023-2A,

Class

C,

7.31%,

1/15/30,

Callable

8/15/28

@

100(a)

.........................................................

500,000

525,907

GM

Financial

Automobile

Leasing

Trust,

Series

2022-1,

Class

C,

2.64%,

2/20/26,

Callable

7/20/24

@

100

.....................................................

750,000

742,477

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2021-2,

Class

C,

1.28%,

1/19/27,

Callable

5/16/25

@

100

........................................

886,000

839,818

Hertz

Vehicle

Financing

III

LLC,

Series

2023-3A,

Class

B,

6.53%,

2/25/28(a)

...........

750,000

762,751

JPMorgan

Chase

Bank

NA,

Series

2021-2,

Class

B,

0.89%,

12/26/28,

Callable

10/25/25

@

100(a)

...........................................................

118,104

116,009

LAD

Auto

Receivables

Trust,

Series

2023-4A,

Class

B,

6.39%,

10/16/28,

Callable

10/15/27

@

100(a)

...........................................................

350,000

357,289

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

A,

7.21%,

5/20/36(a)

.............

500,000

506,233

OCCU

Auto

Receivables

Trust,

Series

2023-1A,

Class

A4,

6.29%,

9/17/29,

Callable

3/15/28

@

100(a)

...........................................................

462,500

472,656

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

D,

7.08%,

6/15/33,

Callable

7/15/27

@

100(a)

...................................................

304,113

304,878

Santander

Drive

Auto

Receivables

Trust

.......................................

Series

2021-3,

Class

C,

0.95%,

9/15/27,

Callable

8/15/25

@

100

.................

142,753

142,196

Series

2022-2,

Class

B,

3.44%,

9/15/27,

Callable

3/15/26

@

100

.................

750,000

738,439

Series

2023-1,

Class

B,

4.98%,

2/15/28,

Callable

5/15/26

@

100

.................

550,000

546,249

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A,

Class

A4,

5.70%,

8/15/29,

Callable

11/15/27

@

100(a)

............

225,000

226,825

Series

2023-1A,

Class

B,

6.08%,

11/15/29,

Callable

11/15/27

@

100(a)

............

250,000

253,365

Tesla

Auto

Lease

Trust,

Series

2023-B,

Class

A4,

6.22%,

3/22/27,

Callable

12/20/25

@

100(a)

223,000

225,926

U.S.

Bank

NA,

Series

2023-1,

Class

B,

6.79%,

8/25/32,

Callable

10/25/26

@

100(a)

.......

396,414

398,703

Westlake

Automobile

Receivables

Trust

.......................................

Series

2020-3A,

Class

E,

3.34%,

6/15/26,

Callable

8/15/24

@

100(a)

..............

500,000

494,333

Series

2021-1A,

Class

C,

0.95%,

3/16/26,

Callable

3/15/25

@

100(a)

..............

230,729

229,858

Series

2021-2A,

Class

C,

0.89%,

7/15/26,

Callable

7/15/25

@

100(a)

..............

820,450

809,733

Series

2022-1A,

Class

C,

3.11%,

3/15/27,

Callable

11/15/25

@

100(a)

.............

1,000,000

981,734

Series

2023-1A,

Class

B,

5.41%,

1/18/28,

Callable

8/15/26

@

100(a)

..............

750,000

746,469

Series

2023-2A,

Class

B,

6.14%,

3/15/28,

Callable

9/15/26

@

100(a)

..............

1,500,000

1,508,013

19,742,861

ABS

Card

(0.4%):

Trillium

Credit

Card

Trust

II,

Series

2023-3A,

Class

B,

6.26%,

8/26/28(a)

..............

500,000

501,677

ABS

Other

(6.0%):

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/31,

Callable

4/20/28

@

100(a)

............................................

400,000

399,858

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

B,

6.05%,

6/17/30,

Callable

2/15/28

@

100(a)

...........................................................

206,000

209,563

CARS-DB7

LP,

Series

2023-1A,

Class

A1,

5.75%,

9/15/53,

Callable

9/15/28

@

100(a)

.....

490,000

485,341

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

112

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

CCG

Receivables

Trust

...................................................

Series

2021-2,

Class

C,

1.50%,

3/14/29,

Callable

6/14/25

@

100(a)

...............

$

500,000

$

475,922

Series

2023-2,

Class

C,

6.45%,

4/14/32,

Callable

11/14/27

@

100(a)

..............

500,000

514,646

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

6/15/27

@

100(a)

.........................................................

214,422

216,892

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A3,

5.90%,

3/15/27,

Callable

11/15/26

@

100

.............................................................

600,000

604,765

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

B,

6.05%,

4/23/29,

Callable

6/22/26

@

100(a)

...........................................................

250,000

252,969

Dext

ABS

LLC,

Series

2023-2,

Class

B,

6.41%,

5/15/34,

Callable

2/15/28

@

100(a)

.......

250,000

253,845

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A,

Class

A2,

6.51%,

5/20/30(a)

...............................

500,000

504,266

Series

2023-1A,

Class

A3,

6.46%,

9/20/32,

Callable

8/20/30

@

100(a)

.............

250,000

259,227

HPEFS

Equipment

Trust

..................................................

Series

2023-2A,

Class

C,

6.48%,

1/21/31,

Callable

10/20/26

@

100(a)

.............

750,000

759,921

Series

2024-1A,

Class

C,

5.33%,

5/20/31,

Callable

6/20/27

@

100(a)

..............

500,000

497,691

MMAF

Equipment

Finance

LLC,

Series

2024-A,

Class

A3,

4.95%,

7/14/31,

Callable

3/13/31

@

100(a)

.........................................................

250,000

249,139

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

C,

5.81%,

10/15/30,

Callable

2/15/27

@

100(a)

...................................................

424,000

421,102

SCF

Equipment

Leasing

LLC

..............................................

Series

2019-2A,

Class

C,

3.11%,

6/21/27,

Callable

8/20/24

@

100(a)

..............

263,973

262,202

Series

2023-1A,

Class

C,

6.77%,

8/22/33,

Callable

8/20/30

@

100(a)

..............

250,000

262,250

Vantage

Data

Centers

Issuer

LLC,

Series

2019-1A,

Class

A2,

3.19%,

7/15/44,

Callable

4/15/24

@

100(a)

.........................................................

455,868

451,648

Verizon

Master

Trust,

Series

2024-2,

Class

A,

4.83%,

12/22/31,

Callable

12/20/28

@

100(a)

.

250,000

250,239

7,331,486

Total

Asset-Backed

Securities

(Cost

$27,460,792)

27,576,024

Collateralized

Mortgage

Obligations

(24.4%)

Agency

CMO

Other

(3.4%):

Federal

Home

Loan

Mortgage

Corporation,

Series

5270,

Class

AB,

5.50%,

1/25/49

........

469,692

469,615

Federal

National

Mortgage

Association

.......................................

Series

2011-21,

Class

PA,

4.50%,

5/25/40

.................................

786,115

774,485

Series

2022-88,

Class

BA,

5.50%,

7/25/47

.................................

675,184

672,970

Government

National

Mortgage

Association

....................................

Series

2023-107,

Class

PA,

5.50%,

1/20/46

................................

725,605

726,060

Series

2023-128,

Class

KA,

6.00%,

6/20/47

................................

482,073

483,937

Series

2023-131,

Class

P,

5.50%,

6/20/48

..................................

494,051

488,947

Series

2023-168,

Class

GB,

6.00%,

2/20/50

................................

489,311

490,100

4,106,114

Commercial

MBS

(21.0%):

Banc

of

America

Commercial

Mortgage

Trust,

Series

2015-UBS7,

Class

A4,

3.71%,

9/15/48,

Callable

9/15/25

@

100

..............................................

1,000,000

968,770

Bank,

Series

2017-BNK9,

Class

A3,

3.28%,

11/15/54,

Callable

12/15/29

@

100

..........

819,619

778,607

CFCRE

Commercial

Mortgage

Trust

.........................................

Series

2016-C3,

Class

A2,

3.60%,

1/10/48,

Callable

1/10/26

@

100

...............

494,860

479,125

Series

2016-C3,

Class

A3,

3.87%,

1/10/48,

Callable

1/10/26

@

100

...............

925,000

891,085

Series

2016-C4,

Class

A4,

3.28%,

5/10/58,

Callable

5/10/26

@

100

...............

489,000

467,528

Citigroup

Commercial

Mortgage

Trust

........................................

Series

2015-GC29,

Class

A4,

3.19%,

4/10/48,

Callable

4/10/25

@

100

.............

500,000

485,232

Series

2015-GC33,

Class

A4,

3.78%,

9/10/58,

Callable

5/10/26

@

100

.............

1,502,000

1,451,215

Series

2015-P1,

Class

A5,

3.72%,

9/15/48,

Callable

5/15/26

@

100

...............

500,000

486,245

Series

2016-P4,

Class

A4,

2.90%,

7/10/49,

Callable

7/10/26

@

100

...............

1,226,000

1,151,327

COMM

Mortgage

Trust,

Series

2015-CR25,

Class

A4,

3.76%,

8/10/48,

Callable

8/10/25

@

100

.............................................................

1,219,000

1,186,821

CSAIL

Commercial

Mortgage

Trust

.........................................

Series

2015-C2,

Class

A4,

3.50%,

6/15/57,

Callable

5/15/25

@

100

...............

667,000

649,392

Series

2015-C3,

Class

A4,

3.72%,

8/15/48,

Callable

8/15/25

@

100

...............

1,280,899

1,244,206

Series

2015-C4,

Class

A4,

3.81%,

11/15/48,

Callable

11/15/25

@

100

.............

832,000

808,078

Series

2016-C6,

Class

A5,

3.09%,

1/15/49,

Callable

5/15/26

@

100

...............

696,000

661,343

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

113

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

A4,

3.28%,

5/10/49,

Callable

4/10/26

@

100

.

$

500,000

$

477,390

GS

Mortgage

Securities

Trust

..............................................

Series

2015-GC30,

Class

A4,

3.38%,

5/10/50,

Callable

5/10/25

@

100

.............

1,250,000

1,214,328

Series

2015-GC32,

Class

A4,

3.76%,

7/10/48,

Callable

7/10/25

@

100

.............

1,098,000

1,069,773

Series

2016-GS2,

Class

A4,

3.05%,

5/10/49,

Callable

5/10/26

@

100

..............

1,000,000

952,487

JPMBB

Commercial

Mortgage

Securities

Trust

.................................

Series

2015-C28,

Class

A4,

3.23%,

10/15/48,

Callable

4/15/25

@

100

.............

1,191,000

1,160,875

Series

2015-C31,

Class

A3,

3.80%,

8/15/48,

Callable

8/15/25

@

100

..............

435,551

422,711

Series

2015-C33,

Class

A4,

3.77%,

12/15/48,

Callable

11/15/25

@

100

............

1,250,000

1,213,840

Series

2016-C1,

Class

A5,

3.58%,

3/17/49,

Callable

2/15/26

@

100

...............

1,000,000

962,583

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C29,

Class

A4,

3.33%,

5/15/49,

Callable

5/15/26

@

100

........................................

1,250,000

1,196,196

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2015-C28,

Class

A4,

3.54%,

5/15/48,

Callable

5/15/25

@

100

..............

942,000

917,173

Series

2015-C29,

Class

A4,

3.64%,

6/15/48,

Callable

6/15/25

@

100

..............

1,097,000

1,067,434

Series

2015-C30,

Class

A4,

3.66%,

9/15/58,

Callable

8/15/25

@

100

..............

498,000

483,492

Series

2015-C31,

Class

A4,

3.70%,

11/15/48,

Callable

11/15/25

@

100

............

1,250,000

1,210,990

Series

2015-P2,

Class

A4,

3.81%,

12/15/48,

Callable

12/15/25

@

100

.............

532,000

515,299

Series

2016-NXS6,

Class

A4,

2.92%,

11/15/49,

Callable

10/15/26

@

100

...........

1,000,000

943,953

25,517,498

Private

CMO

Other

(0.0%):(b)

GSR

Mortgage

Loan

Trust,

Series

2004-15F,

Class

5A1,

5.50%,

1/25/20

...............

14,274

12,798

Total

Collateralized

Mortgage

Obligations

(Cost

$30,177,136)

29,636,410

Corporate

Bonds

(27.0%)

Communication

Services

(0.5%):

TEGNA,

Inc.,

4.63%,

3/15/28,

Callable

5/6/24

@

101.16

..........................

250,000

229,878

Verizon

Communications,

Inc.,

3.38%,

2/15/25

..................................

354,000

347,589

577,467

Consumer

Discretionary

(0.8%):

General

Motors

Financial

Co.,

Inc.,

5.40%,

4/6/26

...............................

434,000

434,359

Nissan

Motor

Acceptance

Co.

LLC,

6.95%,

9/15/26(a)

............................

500,000

513,075

947,434

Consumer

Staples

(1.2%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

5.88%,

2/15/28,

Callable

5/6/24

@

102.94(a)

...........................................

250,000

247,394

Tyson

Foods,

Inc.,

3.95%,

8/15/24,

Callable

5/15/24

@

100

.........................

1,170,000

1,162,106

1,409,500

Energy

(0.4%):

Energy

Transfer

LP,

5.63%,

5/1/27,

Callable

4/22/24

@

101.88(a)

....................

500,000

498,559

Financials

(14.8%):

Ameriprise

Financial,

Inc.,

5.70%,

12/15/28,

Callable

11/15/28

@

100

.................

350,000

360,968

Athene

Global

Funding,

5.52%,

3/25/27(a)

.....................................

250,000

250,129

Aviation

Capital

Group

LLC,

6.75%,

10/25/28,

Callable

9/25/28

@

100(a)

..............

500,000

521,666

Bank

of

America

Corp.

4.20%,

8/26/24,

MTN

................................................

519,000

515,695

6.41%

(SOFR+105bps),

2/4/28,

Callable

2/4/27

@

100(c)

......................

1,016,000

1,019,706

Capital

One

Financial

Corp.,

2.64%

(SOFR+129bps),

3/3/26,

Callable

3/3/25

@

100(c)

.....

814,000

791,086

Citigroup,

Inc.,

3.11%

(SOFR+284bps),

4/8/26,

Callable

4/8/25

@

100(c)

..............

1,272,000

1,240,106

Citizens

Bank

NA,

6.06%

(SOFR+145bps),

10/24/25,

Callable

10/24/24

@

100(c)

........

600,000

597,746

Corebridge

Global

Funding,

5.90%,

9/19/28(a)

..................................

500,000

512,805

Enact

Holdings,

Inc.,

6.50%,

8/15/25,

Callable

2/15/25

@

100(a)

.....................

650,000

649,834

Ford

Motor

Credit

Co.

LLC,

3.82%,

11/2/27,

Callable

8/2/27

@

100

..................

500,000

468,494

GA

Global

Funding

Trust,

5.50%,

1/8/29(a)

....................................

400,000

401,484

JPMorgan

Chase

&

Co.,

6.54%

(SOFR+118bps),

2/24/28,

Callable

2/24/27

@

100(c)

......

1,350,000

1,364,042

KeyCorp.,

3.88%

(SOFRINDX+125bps),

5/23/25,

Callable

5/23/24

@

100,

MTN(c)

.......

350,000

348,432

Metropolitan

Life

Global

Funding

I,

5.40%,

9/12/28(a)

............................

500,000

506,925

New

York

Life

Global

Funding,

5.45%,

9/18/26(a)

...............................

500,000

504,174

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

114

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

5.35%,

3/30/29,

Callable

2/28/29

@

100(a)

$

400,000

$

400,179

Protective

Life

Global

Funding,

5.47%,

12/8/28(a)

...............................

400,000

407,256

RGA

Global

Funding,

6.00%,

11/21/28(a)(d)

...................................

400,000

412,585

Santander

Holdings

USA,

Inc.,

4.26%

(SOFRINDX+138bps),

6/9/25,

Callable

6/9/24

@

100(c)

...........................................................

500,000

496,930

State

Street

Corp.,

5.75%

(SOFR+135bps),

11/4/26,

Callable

11/4/25

@

100(c)

...........

1,407,000

1,416,153

The

Bank

of

New

York

Mellon

Corp.,

4.41%

(SOFR+135bps),

7/24/26,

Callable

7/24/25

@

100(c)

...........................................................

683,000

674,735

The

Goldman

Sachs

Group,

Inc.,

7.22%

(SOFR+185bps),

3/15/28,

Callable

3/15/27

@

100(c)

500,000

511,199

The

Huntington

National

Bank,

5.70%

(SOFR+122bps),

11/18/25,

Callable

11/18/24

@

100(c)

500,000

496,408

The

PNC

Financial

Services

Group,

Inc.,

5.35%

(SOFR+162bps),

12/2/28,

Callable

12/2/27

@

100(c)

...........................................................

500,000

502,141

Truist

Bank,

3.80%,

10/30/26,

Callable

9/30/26

@

100

............................

500,000

480,094

UL

Solutions,

Inc.,

6.50%,

10/20/28,

Callable

9/20/28

@

100(a)

.....................

500,000

521,200

US

Bancorp,

4.55%

(SOFR+166bps),

7/22/28,

Callable

7/22/27

@

100(c)

..............

500,000

490,061

Wells

Fargo

&

Co.

0.81%

(SOFR+51bps),

5/19/25,

Callable

5/19/24

@

100,

MTN(c)

................

585,000

580,594

2.41%

(TSFR3M+109bps),

10/30/25,

Callable

10/30/24

@

100,

MTN(c)

...........

577,000

566,051

18,008,878

Health

Care

(2.6%):

Amgen,

Inc.,

5.51%,

3/2/26,

Callable

4/15/24

@

100

.............................

755,000

754,663

Centene

Corp.,

4.25%,

12/15/27,

Callable

4/22/24

@

101.42

........................

621,000

592,187

Humana,

Inc.,

5.70%,

3/13/26,

Callable

4/15/24

@

100

............................

932,000

931,138

Universal

Health

Services,

Inc.,

1.65%,

9/1/26,

Callable

8/1/26

@

100

.................

937,000

853,960

3,131,948

Industrials

(1.3%):

American

Airlines

Pass

Through

Trust,

3.60%,

9/22/27

............................

745,212

701,501

Hexcel

Corp.,

4.95%,

8/15/25,

Callable

5/15/25

@

100

............................

522,000

517,572

United

Airlines

Pass

Through

Trust,

3.45%,

12/1/27

..............................

333,973

311,862

1,530,935

Information

Technology

(2.0%):

Arrow

Electronics,

Inc.,

6.13%,

3/1/26,

Callable

4/11/24

@

100

......................

1,167,000

1,165,716

Cadence

Design

Systems,

Inc.,

4.38%,

10/15/24,

Callable

7/15/24

@

100

...............

1,173,000

1,163,182

KLA

Corp.,

4.65%,

11/1/24,

Callable

8/1/24

@

100

..............................

144,000

143,263

2,472,161

Real

Estate

(2.3%):

Equinix,

Inc.,

1.25%,

7/15/25,

Callable

6/15/25

@

100

............................

700,000

662,503

GLP

Capital

LP/GLP

Financing

II,

Inc.,

5.38%,

4/15/26,

Callable

1/15/26

@

100

.........

500,000

495,882

Regency

Centers

LP,

3.90%,

11/1/25,

Callable

8/1/25

@

100

........................

1,194,000

1,157,592

Retail

Opportunity

Investments

Partnership

LP,

6.75%,

10/15/28,

Callable

9/15/28

@

100

...

500,000

518,012

2,833,989

Utilities

(1.1%):

Exelon

Corp.,

3.95%,

6/15/25,

Callable

3/15/25

@

100

............................

591,000

580,178

Pinnacle

West

Capital

Corp.,

1.30%,

6/15/25,

Callable

5/15/25

@

100

.................

800,000

758,857

1,339,035

Total

Corporate

Bonds

(Cost

$32,805,964)

32,749,906

Yankee

Dollars

(12.4%)

Energy

(1.6%):

Canadian

Natural

Resources

Ltd.,

3.80%,

4/15/24

................................

1,180,000

1,179,035

Northriver

Midstream

Finance

LP,

5.63%,

2/15/26,

Callable

5/6/24

@

101.41(a)

..........

250,000

247,501

Var

Energi

ASA,

7.50%,

1/15/28,

Callable

12/15/27

@

100(a)

.......................

500,000

530,245

1,956,781

Financials

(7.0%):

ABN

AMRO

Bank

NV,

6.34%

(H15T1Y+165bps),

9/18/27,

Callable

9/18/26

@

100(a)(c)

...

720,000

732,354

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

1.75%,

1/30/26,

Callable

12/30/25

@

100

...........................................................

1,100,000

1,027,782

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

115

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Bank

of

Montreal,

5.72%,

9/25/28,

Callable

8/25/28

@

100

.........................

$

500,000

$

513,858

Barclays

PLC,

6.49%

(SOFR+222bps),

9/13/29,

Callable

9/13/28

@

100(c)

.............

750,000

779,606

BBVA

Bancomer

SA,

5.35%

(H15T5Y+300bps),

11/12/29,

Callable

11/12/24

@

100(a)(c)

..

400,000

395,513

Canadian

Imperial

Bank

of

Commerce,

5.93%,

10/2/26

............................

500,000

509,567

Danske

Bank

A/S,

6.26%

(H15T1Y+118bps),

9/22/26,

Callable

9/22/25

@

100(a)(c)

.......

750,000

757,575

Nationwide

Building

Society,

6.56%

(SOFR+191bps),

10/18/27,

Callable

10/18/26

@

100(a)

(c)

.............................................................

500,000

512,794

Phoenix

Group

Holdings

PLC,

5.38%,

7/6/27,

MTN

..............................

500,000

490,289

Societe

Generale

SA,

5.52%

(H15T1Y+150bps),

1/19/28,

Callable

1/19/27

@

100(a)(c)

....

500,000

496,901

Svenska

Handelsbanken

AB,

5.50%,

6/15/28(a)

.................................

750,000

757,529

Swedbank

AB,

6.14%,

9/12/26(a)

...........................................

500,000

507,011

UBS

Group

AG,

4.28%,

1/9/28,

Callable

1/9/27

@

100(a)

..........................

1,000,000

964,673

8,445,452

Industrials

(0.4%):

Element

Fleet

Management

Corp.,

6.32%,

12/4/28,

Callable

11/4/28

@

100(a)

...........

500,000

516,597

Information

Technology

(1.3%):

NXP

BV/NXP

Funding

LLC,

5.35%,

3/1/26,

Callable

1/1/26

@

100

..................

1,000,000

1,000,292

Open

Text

Corp.,

6.90%,

12/1/27,

Callable

11/1/27

@

100(a)

........................

500,000

517,273

1,517,565

Materials

(1.2%):

Anglo

American

Capital

PLC,

3.63%,

9/11/24(a)

................................

880,000

870,181

OCI

NV,

4.63%,

10/15/25,

Callable

5/6/24

@

101.16(a)

...........................

590,000

578,012

1,448,193

Utilities

(0.9%):

Algonquin

Power

Utilities

Corp.,

5.37%,

6/15/26

................................

500,000

497,362

Enel

Generacion

Chile

SA,

4.25%,

4/15/24

....................................

655,000

654,023

1,151,385

Total

Yankee

Dollars

(Cost

$14,919,722)

15,035,973

U.S.

Government

Agency

Mortgages

(2.2%)

Federal

Home

Loan

Mortgage

Corporation

7.00%,

9/1/38

.....................................................

1,884

2,046

5.50%,

10/1/38

....................................................

440,874

443,799

5.00%,

8/1/40

.....................................................

328,392

329,603

775,448

Federal

National

Mortgage

Association

6.00%,

2/1/37

.....................................................

522,144

540,547

5.00%,

2/1/41

-

10/1/41

..............................................

1,322,781

1,326,402

1,866,949

Total

U.S.

Government

Agency

Mortgages

(Cost

$2,822,325)

2,642,397

U.S.

Treasury

Obligations

(6.9%)

U.S.

Treasury

Notes

3.50%,

9/15/25

....................................................

2,100,000

2,060,871

0.75%,

5/31/26

....................................................

500,000

460,664

4.50%,

7/15/26

....................................................

1,000,000

998,672

4.63%,

10/15/26

....................................................

1,000,000

1,002,891

1.50%,

1/31/27

....................................................

500,000

461,250

2.75%,

4/30/27

....................................................

500,000

476,406

3.88%,

11/30/27

....................................................

1,000,000

984,063

4.00%,

6/30/28

....................................................

750,000

741,738

1.25%,

9/30/28

....................................................

700,000

614,578

2.75%,

5/31/29

....................................................

700,000

652,203

Total

U.S.

Treasury

Obligations

(Cost

$8,469,503)

8,453,336

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

116

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Commercial

Paper

(3.9%)

Energy

(3.9%):

Brookfield

Corp.

Treasury

Ltd.,

22.70%,

4/1/24(e)

...............................

$

500,000

$

499,685

Crown

Castle,

Inc.,

14.31%,

4/2/24(a)(e)

......................................

500,000

499,603

Enbridge

Gas

Distribution,

13.83%,

4/2/24(e)

...................................

600,000

599,540

Eversource

Energy,

8.70%,

4/5/24(e)

.........................................

1,000,000

998,793

Guadalupe

Valley

Electric

Cooperative,

Inc.

8.40%,

4/9/24(e)

...................................................

250,000

249,476

7.35%,

4/17/24(e)

..................................................

500,000

498,271

7.29%,

4/18/24(e)

..................................................

250,000

249,092

Targa

Resources

Corp.,

5.80%,

4/1/24(a)(e)

....................................

1,200,000

1,199,238

4,793,698

Total

Commercial

Paper

(Cost

$4,796,810)

4,793,698

Shares

Collateral

for

Securities

Loaned

(0.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(f)

........

106,425

106,425

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(f)

............

106,425

106,425

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(f)

................

106,425

106,425

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(f)

.

106,425

106,425

Total

Collateral

for

Securities

Loaned

(Cost

$425,700)

425,700

Total

Investments

(Cost

$121,877,952)

—

99.9%

121,313,444

Other

assets

in

excess

of

liabilities

—

0.1%

140,729

NET

ASSETS

-

100.00%

$

121,454,173

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

12.8%

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

March

31,

2024,

the

fair

value

of

these

securities

was

$37,091,652

and

amounted

to

30.5%

of

net

assets.

(b)

Amount

represents

less

than

0.05%

of

net

assets.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2024.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Rate

represents

the

effective

yield

at

March

31,

2024.

(f)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2024.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2024.

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

March

31,

2024.

TSFR3M

—

3

month

Term

SOFR,

rate

disclosed

as

of

March

31,

2024.

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

High

Yield

Fund

117

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(0.4%)

Consumer

Discretionary

(0.3%):

Men's

Wearhouse,

Inc.

(a)

.................................................

31,563

$

552,352

Health

Care

(0.1%):

Air

Methods

Corp.

(a)

....................................................

11,817

265,883

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

—

265,883

Total

Common

Stocks

(Cost

$265,789)

818,235

Principal

Amount

Senior

Secured

Loans

(12.9%)

Communication

Services

(0.4%):

Cengage

Learning,

Inc.,

Term

B

Loans,

First

Lien

,

9

.58

%

(

SOFR01M

+

425

bps

)

,

3/18/31

(c)

..

$

750,000

748,357

Consumer

Discretionary

(2.1%):

Bally's

Corp.,

Term

B

Facility

Loans,

First

Lien

,

10/2/28

(d)

.........................

1,750,000

1,641,168

Carnival

Corp.,

Initial

Advance,

First

Lien

,

8

.32

%

(

SOFR01M

+

300

bps

)

,

8/9/27

(c)

........

645,125

645,531

Jo-Ann

Stores

LLC,

Term

B-1

Loan,

First

Lien

,

10

.07

%

(

SOFR03M

+

475

bps

)

,

6/30/28

(c)

...

796,804

4,980

Petco

Health

&

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

,

8

.56

%

(

SOFR03M

+

325

bps

)

,

3/6/28

(c)

.........................................................

699,297

645,626

The

Michaels

Cos.,

Inc.,

Term

B

Loans,

First

Lien

,

9

.56

%

(

SOFR03M

+

425

bps

)

,

4/15/28

(c)

..

925,440

828,269

WestJet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

12/11/26

(c)

187,592

187,387

3,952,961

Energy

(0.9%):

Traverse

Midstream

Partners

LLC,

Advance,

First

Lien

,

8

.82

%

(

SOFR03M

+

350

bps

)

,

9/27/24

(c)

........................................................

1,703,690

1,705,292

Financials

(4.5%):

Covis

Pharma

Holdings

S.a.r.l,

Dollar

Term

B

Loans,

First

Lien

,

11

.85

%

(

SOFR03M

+

650

bps

)

,

2/18/27

(c)

........................................................

1,996,016

746,011

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

1/27/29

(c)

........................................................

1,355,484

1,358,032

Fleet

Midco

I

Limited,

Term

Loan

B,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

2/3/31

(c)

....

1,000,000

1,000,000

Hunter

Douglas,

Inc.,

Tranche

B-1

Term

Loans,

First

Lien

,

8

.82

%

(

SOFR03M

+

350

bps

)

,

2/26/29

(c)

........................................................

900,000

888,048

Knight

Health

Holdings

LLC,

Term

B

Loans,

First

Lien

,

10

.58

%

(

SOFR01M

+

525

bps

)

,

12/23/28

(c)

.......................................................

3,910,000

1,668,280

Men's

Wearhouse,

Inc.Term

Loans,

First

Lien

,

11

.82

%

(

SOFR03M

+

650

bps

)

,

2/21/29

(c)

....

900,000

891,000

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien

,

9

.07

%

(

SOFR01M

+

375

bps

)

,

2/1/31

(c)

...

1,750,000

1,748,547

8,299,918

Health

Care

(3.9%):

Air

Methods

Corp.

,

14

.31

%

(

SOFR03M

+

900

bps

)

,

12/28/28

(c)

......................

378,540

383,272

Amneal

Pharmaceuticals

LLC,

Term

Loan,

First

Lien

,

10

.83

%

(

SOFR01M

+

550

bps

)

,

3/23/25

(c)

........................................................

1,739,063

1,734,176

Global

Medical

Response,

Inc.,

2020

Term

Loan,

First

Lien

,

9

.58

%

(

SOFR03M

+

425

bps

)

,

10/2/25

(c)

........................................................

1,745,490

1,624,405

LifeScan

Global

Corporation,

Term

Loan,

First

Lien

,

11

.88

%

(

SOFR06M

+

650

bps

)

,

12/31/26

(c)

.......................................................

2,212,876

1,327,726

Radiology

Partners,

Inc.,

Term

B,

First

Lien

,

8

.83

%

(

SOFR03M

+

350

bps

)

,

7/9/25

(c)

.......

1,343,736

1,295,267

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

B,

First

Lien

,

10

.56

%

(

SOFR03M

+

525

bps

)

,

2/2/27

(c)

.........................................

994,317

878,727

7,243,573

Industrials

(1.1%):

Air

Canada,

Term

Loans,

First

Lien

,

7

.83

%

(

SOFR03M

+

250

bps

)

,

3/21/31

(c)

............

815,000

815,514

Victory

Portfolios

Victory

High

Yield

Fund

118

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Cotiviti

Corporation,

Term

Loan,

First

Lien

,

2/24/31

(d)

............................

$

1,125,000

$

1,126,406

1,941,920

Total

Senior

Secured

Loans

(Cost

$28,791,231)

23,892,021

Corporate

Bonds

(63.8%)

Communication

Services

(10.5%):

AMC

Networks,

Inc.

,

10

.25

%

,

1/15/29

,

Callable

1/15/26

@

105.13

(e)

.................

875,000

881,352

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

1,812,701

Clear

Channel

Outdoor

Holdings,

Inc.

,

7

.88

%

,

4/1/30

,

Callable

10/1/26

@

103.94

(e)

.......

1,800,000

1,789,152

CSC

Holdings

LLC

11

.75

%

,

1/31/29

,

Callable

1/31/26

@

105.88

(e)

.............................

900,000

900,243

6

.50

%

,

2/1/29

,

Callable

4/15/24

@

103.25

(e)

...............................

2,800,000

2,380,000

Cumulus

Media

New

Holdings,

Inc.

,

6

.75

%

,

7/1/26

,

Callable

5/6/24

@

101.69

(e)

.........

2,135,000

1,253,277

Frontier

Communications

Holdings

LLC

,

5

.88

%

,

10/15/27

,

Callable

5/6/24

@

102.94

(e)

....

1,750,000

1,693,856

Gray

Television,

Inc.

7

.00

%

,

5/15/27

,

Callable

4/15/24

@

103.5

(e)

(f)

.............................

1,000,000

931,046

5

.38

%

,

11/15/31

,

Callable

11/15/26

@

102.69

(e)

............................

1,950,000

1,280,018

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.

,

4

.25

%

,

1/15/29

,

Callable

5/6/24

@

102.13

(e)

.........................................................

1,000,000

906,151

Scripps

Escrow

II,

Inc.

,

5

.38

%

,

1/15/31

,

Callable

1/15/26

@

102.69

(e)

.................

2,600,000

1,596,501

Sinclair

Television

Group,

Inc.

,

5

.50

%

,

3/1/30

,

Callable

12/1/24

@

102.75

(e)

(f)

..........

3,500,000

2,521,747

Univision

Communications,

Inc.

,

7

.38

%

,

6/30/30

,

Callable

6/30/25

@

103.69

(e)

..........

1,500,000

1,484,268

19,430,312

Consumer

Discretionary

(16.9%):

Academy

Ltd.

,

6

.00

%

,

11/15/27

,

Callable

4/15/24

@

103

(e)

........................

1,800,000

1,773,375

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.

,

5

.38

%

,

3/1/29

,

Callable

5/6/24

@

102.69

(e)

(f)

.......................................................

2,625,000

2,447,264

Beazer

Homes

USA,

Inc.

,

5

.88

%

,

10/15/27

,

Callable

4/22/24

@

101.96

................

900,000

888,621

Caesars

Entertainment,

Inc.

8

.13

%

,

7/1/27

,

Callable

4/15/24

@

104.06

(e)

...............................

2,105,000

2,155,757

6

.50

%

,

2/15/32

,

Callable

2/15/27

@

103.25

(e)

..............................

500,000

504,903

Carnival

Holdings

Bermuda

Ltd.

,

10

.38

%

,

5/1/28

,

Callable

5/1/25

@

105.19

(e)

..........

2,470,000

2,695,055

Cinemark

USA,

Inc.

,

5

.25

%

,

7/15/28

,

Callable

7/15/24

@

102.63

(e)

(f)

.................

725,000

686,459

Hanesbrands,

Inc.

4

.88

%

,

5/15/26

,

Callable

2/15/26

@

100

(e)

................................

1,000,000

974,564

9

.00

%

,

2/15/31

,

Callable

2/15/26

@

104.5

(e)

(f)

.............................

1,000,000

1,027,177

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Esc

,

6

.63

%

,

1/15/32

,

Callable

1/15/27

@

103.31

(e)

....................................

1,100,000

1,103,259

LBM

Acquisition

LLC

,

6

.25

%

,

1/15/29

,

Callable

5/6/24

@

103.13

(e)

..................

1,750,000

1,641,102

Life

Time,

Inc.

,

8

.00

%

,

4/15/26

,

Callable

5/6/24

@

102

(e)

..........................

500,000

505,844

Light

&

Wonder

International,

Inc.

,

7

.00

%

,

5/15/28

,

Callable

4/22/24

@

103.5

(e)

.........

2,625,000

2,647,084

PetSmart,

Inc./PetSmart

Finance

Corp.

,

7

.75

%

,

2/15/29

,

Callable

5/6/24

@

103.88

(e)

......

1,600,000

1,558,081

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.

,

5

.88

%

,

9/1/31

,

Callable

9/1/26

@

102.98

(e)

.................................................

1,425,000

1,044,309

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.

,

6

.63

%

,

3/1/30

,

Callable

3/1/25

@

103.31

(e)

.................................................

2,000,000

1,934,053

Station

Casinos

LLC

,

4

.50

%

,

2/15/28

,

Callable

5/6/24

@

101.13

(e)

...................

1,500,000

1,413,094

The

Goodyear

Tire

&

Rubber

Co.

,

5

.25

%

,

7/15/31

,

Callable

4/15/31

@

100

(f)

...........

2,000,000

1,823,200

The

Hertz

Corp.

,

5

.00

%

,

12/1/29

,

Callable

12/1/24

@

102.5

(e)

(f)

.....................

1,875,000

1,449,860

The

Michaels

Cos.,

Inc.

,

7

.88

%

,

5/1/29

,

Callable

5/1/24

@

103.94

(e)

..................

875,000

656,202

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

,

7

.13

%

,

2/15/31

,

Callable

11/15/30

@

100

(e)

...........................................................

2,300,000

2,380,934

31,310,197

Consumer

Staples

(1.5%):

B&G

Foods,

Inc.

,

5

.25

%

,

9/15/27

,

Callable

5/6/24

@

101.31

........................

1,000,000

935,074

Post

Holdings,

Inc.

,

4

.50

%

,

9/15/31

,

Callable

9/15/26

@

102.25

(e)

...................

2,000,000

1,799,223

2,734,297

Victory

Portfolios

Victory

High

Yield

Fund

119

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Energy

(11.3%):

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

,

5

.38

%

,

6/15/29

,

Callable

6/15/24

@

102.69

(e)

................................................

$

1,084,000

$

1,042,685

Antero

Resources

Corp.

,

7

.63

%

,

2/1/29

,

Callable

5/6/24

@

103.81

(e)

..................

1,500,000

1,541,773

Callon

Petroleum

Co.

,

7

.50

%

,

6/15/30

,

Callable

6/15/25

@

103.75

(e)

..................

1,000,000

1,058,774

CITGO

Petroleum

Corp.

7

.00

%

,

6/15/25

,

Callable

5/6/24

@

101.75

(e)

(f)

.............................

2,500,000

2,497,410

8

.38

%

,

1/15/29

,

Callable

10/15/25

@

104.19

(e)

.............................

1,500,000

1,571,717

Comstock

Resources,

Inc.

,

6

.75

%

,

3/1/29

,

Callable

4/22/24

@

103.38

(e)

...............

4,251,000

4,053,824

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.

,

8

.63

%

,

3/15/29

,

Callable

3/15/26

@

104.31

(e)

......................................................

1,000,000

1,021,276

New

Fortress

Energy,

Inc.

6

.75

%

,

9/15/25

,

Callable

4/25/24

@

101.69

(e)

..............................

325,000

322,781

6

.50

%

,

9/30/26

,

Callable

5/6/24

@

101.63

(e)

...............................

1,000,000

963,102

8

.75

%

,

3/15/29

,

Callable

3/15/26

@

104.38

(e)

..............................

500,000

498,235

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

,

6

.00

%

,

2/15/28

,

Callable

5/6/24

@

101.5

......

3,750,000

3,686,459

Permian

Resources

Operating

LLC

,

5

.88

%

,

7/1/29

,

Callable

7/1/24

@

102.94

(e)

..........

1,500,000

1,475,099

Talos

Production,

Inc.

9

.00

%

,

2/1/29

,

Callable

2/1/26

@

104.5

(e)

.................................

750,000

797,065

9

.38

%

,

2/1/31

,

Callable

2/1/27

@

104.69

(e)

(f)

..............................

450,000

478,998

21,009,198

Financials

(4.8%):

Arsenal

AIC

Parent

LLC

,

8

.00

%

,

10/1/30

,

Callable

10/1/26

@

104

(e)

..................

875,000

918,503

Boost

Newco

Borrower

LLC

,

7

.50

%

,

1/15/31

,

Callable

1/15/27

@

103.75

(e)

............

500,000

523,568

Compass

Group

Diversified

Holdings

LLC

,

5

.25

%

,

4/15/29

,

Callable

5/6/24

@

102.63

(e)

...

1,300,000

1,234,775

McGraw-Hill

Education,

Inc.

,

8

.00

%

,

8/1/29

,

Callable

8/1/24

@

104

(e)

................

1,375,000

1,294,456

NESCO

Holdings

II,

Inc.

,

5

.50

%

,

4/15/29

,

Callable

5/6/24

@

102.75

(e)

................

2,050,000

1,940,822

Stagwell

Global

LLC

,

5

.63

%

,

8/15/29

,

Callable

8/15/24

@

102.81

(e)

..................

3,250,000

2,954,249

8,866,373

Health

Care

(4.8%):

CHS/Community

Health

Systems,

Inc.

,

6

.13

%

,

4/1/30

,

Callable

4/1/25

@

103.06

(e)

.......

2,550,000

1,836,059

LifePoint

Health,

Inc.

5

.38

%

,

1/15/29

,

Callable

5/6/24

@

102.69

(e)

...............................

1,200,000

986,169

11

.00

%

,

10/15/30

,

Callable

10/15/26

@

105.5

(e)

............................

1,250,000

1,336,195

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV

,

5

.13

%

,

4/30/31

,

Callable

4/30/26

@

102.56

(e)

.........................................................

1,000,000

885,613

Radiology

Partners,

Inc.

,

9

.78

%

,

2/15/30

,

Callable

5/6/24

@

100

(e)

(g)

.................

3,033,998

2,453,306

Team

Health

Holdings,

Inc.

,

6

.38

%

,

2/1/25

,

Callable

4/22/24

@

100

(e)

................

1,600,000

1,475,875

8,973,217

Industrials

(4.3%):

American

Airlines,

Inc.

7

.25

%

,

2/15/28

,

Callable

2/15/25

@

103.63

(e)

(f)

............................

875,000

888,100

8

.50

%

,

5/15/29

,

Callable

11/15/25

@

104.25

(e)

.............................

500,000

528,028

Chart

Industries,

Inc.

,

7

.50

%

,

1/1/30

,

Callable

1/1/26

@

103.75

(e)

....................

875,000

908,804

ITT

Holdings

LLC

,

6

.50

%

,

8/1/29

,

Callable

8/1/24

@

103.25

(e)

.....................

2,000,000

1,826,248

Madison

IAQ

LLC

,

5

.88

%

,

6/30/29

,

Callable

6/30/24

@

102.94

(e)

...................

1,250,000

1,145,945

Rand

Parent

LLC

,

8

.50

%

,

2/15/30

,

Callable

2/15/26

@

104.25

(e)

(f)

...................

1,700,000

1,682,004

Wabash

National

Corp.

,

4

.50

%

,

10/15/28

,

Callable

10/15/24

@

102.25

(e)

...............

750,000

687,695

WESCO

Distribution,

Inc.

,

7

.25

%

,

6/15/28

,

Callable

5/6/24

@

103.63

(e)

...............

375,000

382,884

8,049,708

Information

Technology

(3.4%):

Cloud

Software

Group,

Inc.

6

.50

%

,

3/31/29

,

Callable

9/30/25

@

103.25

(e)

..............................

2,250,000

2,136,583

9

.00

%

,

9/30/29

,

Callable

9/30/25

@

104.5

(e)

...............................

1,300,000

1,247,349

Neptune

Bidco

U.S.,

Inc.

,

9

.29

%

,

4/15/29

,

Callable

10/15/25

@

104.65

(e)

..............

2,000,000

1,892,255

UKG,

Inc.

,

6

.88

%

,

2/1/31

,

Callable

2/1/27

@

103.44

(e)

............................

1,000,000

1,019,005

6,295,192

Materials

(5.0%):

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.

,

5

.25

%

,

8/15/27

,

Callable

5/6/24

@

101.31

(e)

(f)

.....................................................

1,075,000

678,937

Victory

Portfolios

Victory

High

Yield

Fund

120

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

ATI,

Inc.

,

5

.13

%

,

10/1/31

,

Callable

10/1/26

@

102.56

.............................

$

3,000,000

$

2,780,285

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.

,

6

.13

%

,

6/15/28

,

Callable

6/15/24

@

103.06

(e)

2,550,000

2,451,825

The

Scotts

Miracle-Gro

Co.

4

.00

%

,

4/1/31

,

Callable

4/1/26

@

102

....................................

1,275,000

1,098,378

4

.38

%

,

2/1/32

,

Callable

8/1/26

@

102.19

..................................

1,225,000

1,056,583

White

Cap

Parent

LLC

,

8

.25

%

,

3/15/26

,

Callable

5/6/24

@

100

(e)

(h)

..................

1,100,000

1,098,870

9,164,878

Utilities

(1.3%):

Calpine

Corp.

,

5

.13

%

,

3/15/28

,

Callable

5/6/24

@

101.71

(e)

........................

2,500,000

2,397,983

Total

Corporate

Bonds

(Cost

$121,793,490)

118,231,355

Yankee

Dollars

(17.4%)

Communication

Services

(2.5%):

Intelsat

Jackson

Holdings

SA

,

6

.50

%

,

3/15/30

,

Callable

3/15/25

@

102

(e)

..............

2,565,000

2,389,628

Telesat

Canada/Telesat

LLC

,

5

.63

%

,

12/6/26

,

Callable

4/22/24

@

102.81

(e)

(f)

...........

3,750,000

2,237,260

4,626,888

Consumer

Discretionary

(4.5%):

Adient

Global

Holdings

Ltd.

,

8

.25

%

,

4/15/31

,

Callable

4/15/26

@

104.13

(e)

.............

2,000,000

2,114,319

Carnival

Corp.

,

6

.00

%

,

5/1/29

,

Callable

11/1/24

@

103

(e)

..........................

1,000,000

987,417

International

Game

Technology

PLC

,

5

.25

%

,

1/15/29

,

Callable

5/7/24

@

102.63

(e)

........

1,000,000

966,562

Royal

Caribbean

Cruises

Ltd.

,

7

.25

%

,

1/15/30

,

Callable

12/15/25

@

103.63

(e)

...........

2,000,000

2,076,065

Viking

Cruises

Ltd.

,

9

.13

%

,

7/15/31

,

Callable

7/15/26

@

104.56

(e)

...................

500,000

546,697

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5

.63

%

,

2/15/29

,

Callable

5/6/24

@

102.81

(e)

........

1,750,000

1,702,453

8,393,513

Energy

(3.2%):

Northriver

Midstream

Finance

LP

,

5

.63

%

,

2/15/26

,

Callable

5/6/24

@

101.41

(e)

..........

900,000

891,003

Seadrill

Finance

Ltd.

,

8

.38

%

,

8/1/30

,

Callable

8/1/26

@

104.19

(e)

....................

1,500,000

1,574,301

TechnipFMC

PLC

,

6

.50

%

,

2/1/26

,

Callable

5/7/24

@

101.63

(e)

......................

800,000

797,328

Transocean,

Inc.

8

.00

%

,

2/1/27

,

Callable

4/15/24

@

102

(e)

.................................

1,500,000

1,489,438

7

.50

%

,

4/15/31

....................................................

1,250,000

1,161,571

5,913,641

Financials

(1.1%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC

,

8

.50

%

,

10/1/30

,

Callable

10/1/26

@

104.25

(e)

.........................................................

2,000,000

2,107,347

Health

Care

(0.7%):

Bausch

Health

Cos.,

Inc.

,

6

.13

%

,

2/1/27

,

Callable

5/6/24

@

103.06

(e)

(f)

...............

2,000,000

1,247,590

Industrials

(2.6%):

Bombardier,

Inc.

,

7

.88

%

,

4/15/27

,

Callable

5/6/24

@

100

(e)

........................

1,245,000

1,246,910

Husky

Injection

Molding

Systems

Ltd/Titan

Co-Borrower

LLC

,

9

.00

%

,

2/15/29

,

Callable

2/15/26

@

104.5

(e)

.................................................

1,000,000

1,034,245

Titan

Acquisition

Ltd/Titan

Co-Borrower

LLC

,

7

.75

%

,

4/15/26

,

Callable

4/15/24

@

100

(e)

..

500,000

499,607

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

,

6

.38

%

,

2/1/30

,

Callable

2/1/25

@

103.19

(e)

(f)

.....................................................

2,750,000

2,029,076

4,809,838

Materials

(2.8%):

INEOS

Finance

PLC

6

.75

%

,

5/15/28

,

Callable

2/15/25

@

103.38

(e)

(f)

............................

1,964,000

1,929,102

7

.50

%

,

4/15/29

,

Callable

4/15/26

@

103.75

(e)

(f)

............................

2,000,000

2,006,165

NOVA

Chemicals

Corp.

,

9

.00

%

,

2/15/30

,

Callable

8/15/26

@

104.5

(e)

.................

1,150,000

1,188,333

5,123,600

Total

Yankee

Dollars

(Cost

$33,127,926)

32,222,417

Victory

Portfolios

Victory

High

Yield

Fund

121

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(5.8%)

Federal

Home

Loan

Bank

5

.15

%

,

4/1/24

(i)

....................................................

$

10,800,000

$

10,798,402

Total

U.S.

Government

Agency

Mortgages

(Cost

$10,800,000)

10,798,402

Shares

Exchange-Traded

Funds

(1.0%)

SPDR

Blackstone

Senior

Loan

ETF

..........................................

44,200

1,861,262

Total

Exchange-Traded

Funds

(Cost

$1,857,284)

1,861,262

Collateral

for

Securities

Loaned

(7.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(j)

........

3,660,400

3,660,400

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(j)

............

3,660,400

3,660,400

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(j)

................

3,660,400

3,660,400

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(j)

.

3,660,400

3,660,400

Total

Collateral

for

Securities

Loaned

(Cost

$14,641,600)

14,641,600

Total

Investments

(Cost

$211,277,320)

—

109.2%

202,465,292

Liabilities

in

excess

of

other

assets

—

(9.2)%

(

17,090,674

)

NET

ASSETS

-

100.00%

$

185,374,618

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

17.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2024.

(d)

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.

(e)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$137,023,601

and

amounted

to

73.9%

of

net

assets.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

All

of

the

coupon

is

PIK.

(h)

Up

to

9.00%

of

the

coupon

may

be

PIK.

(i)

Rate

represents

the

effective

yield

at

March

31,

2024.

(j)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

bps

—

Basis

points

ETF

—

Exchange-Traded

Fund

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

March

31,

2024.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Portfolios

Victory

Tax-Exempt

Fund

122

(Unaudited)

Security

Description

Principal

Amount

Value

Municipal

Bonds

(98.3%)

Arizona

(1.7%):

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

AMT,

Series

B,

5.00%,

7/1/44,

Continuously

Callable

@100

...........................................

$

540,000

$

564,108

Arkansas

(2.3%):

Arkansas

Development

Finance

Authority

Revenue,

3.20%,

12/1/49,

Continuously

Callable

@100

...........................................................

750,000

565,800

University

of

Central

Arkansas

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

3.00%,

11/1/49,

Continuously

Callable

@100

............................

265,000

206,165

771,965

California

(1.4%):

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT,

Series

A,

4.00%,

5/1/52,

Continuously

Callable

@100

....................

500,000

464,541

Colorado

(5.2%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue,

4.50%,

7/1/53,

Continuously

Callable

@100

.....................................................

500,000

465,769

Colorado

Health

Facilities

Authority

Revenue,

Series

A,

4.00%,

12/1/50,

Continuously

Callable

@103

.....................................................

750,000

616,979

Gold

Hill

Mesa

Metropolitan

District

No.

2,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

5.50%,

12/1/47,

Continuously

Callable

@100

........................

585,000

645,389

1,728,137

Florida

(10.9%):

Capital

Trust

Agency,

Inc.

Revenue,

5.00%,

8/1/55,

Continuously

Callable

@100

.........

400,000

381,895

City

of

Pompano

Beach

Revenue,

4.00%,

9/1/50,

Continuously

Callable

@103

...........

500,000

404,590

County

of

Miami-Dade

Revenue,

Series

A,

5.00%,

6/1/33,

Continuously

Callable

@100

....

1,000,000

1,019,403

County

of

Miami-Dade

Seaport

Department

Revenue

AMT,

Series

B-1,

4.00%,

10/1/50,

Continuously

Callable

@100

...........................................

500,000

460,163

Florida

Development

Finance

Corp.

Revenue,

Series

A,

5.00%,

6/15/55,

Continuously

Callable

@100

...........................................................

500,000

491,809

Hillsborough

County

IDA

Revenue,

4.00%,

8/1/50,

Continuously

Callable

@100

.........

500,000

458,184

St.

Johns

County

IDA

Revenue,

4.00%,

8/1/55,

Continuously

Callable

@103

............

500,000

417,261

3,633,305

Georgia

(3.1%):

Development

Authority

of

Appling

County

Revenue,

3.65%,

9/1/29,

Continuously

Callable

@100(a)

.........................................................

500,000

500,000

Private

Colleges

&

Universities

Authority

Revenue,

5.25%,

10/1/51,

Continuously

Callable

@100

...........................................................

500,000

542,851

1,042,851

Guam

(3.0%):

Port

Authority

of

Guam

Revenue,

Series

A,

5.00%,

7/1/48,

Continuously

Callable

@100

....

1,000,000

1,014,722

Illinois

(19.5%):

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue,

6.00%,

4/1/46,

Continuously

Callable

@100

...........................................

1,275,000

1,341,292

City

of

Chicago

IL

Wastewater

Transmission

Revenue,

Series

C,

5.00%,

1/1/34,

Continuously

Callable

@100

.....................................................

1,000,000

1,013,492

City

of

Chicago

Wastewater

Transmission

Revenue,

Series

A,

5.00%,

1/1/47,

Continuously

Callable

@100

.....................................................

1,000,000

1,022,820

City

of

Chicago,

GO,

Series

A,

5.50%,

1/1/49,

Continuously

Callable

@100

.............

1,000,000

1,046,845

Sales

Tax

Securitization

Corp.

Revenue,

Series

C,

5.00%,

1/1/43,

Continuously

Callable

@100

1,500,000

1,570,913

State

of

Illinois,

GO,

Series

B,

4.50%,

5/1/48,

Continuously

Callable

@100

.............

500,000

507,297

6,502,659

Indiana

(1.6%):

Indiana

Finance

Authority

Revenue,

Series

A,

5.50%,

7/1/52,

Continuously

Callable

@100

..

500,000

530,538

Iowa

(1.1%):

Iowa

Finance

Authority

Revenue,

Series

A-1,

4.00%,

5/15/55,

Continuously

Callable

@103

.

500,000

359,945

Kansas

(0.6%):

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation,

5.75%,

3/1/41,

Continuously

Callable

@103(b)

........................................

200,000

195,633

Victory

Portfolios

Victory

Tax-Exempt

Fund

123

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Maryland

(0.7%):

City

of

Gaithersburg

Revenue,

5.13%,

1/1/42,

Continuously

Callable

@103

.............

$

250,000

$

243,117

Massachusetts

(1.2%):

University

of

Massachusetts

Building

Authority

Revenue,

Series

1-2021,

5.00%,

11/1/39,

Continuously

Callable

@100

...........................................

410,000

414,417

Michigan

(1.9%):

City

of

Detroit,

GO,

Series

C,

6.00%,

5/1/43,

Continuously

Callable

@100

..............

250,000

280,659

Michigan

Finance

Authority

Revenue,

4.00%,

12/1/51,

Continuously

Callable

@100

.......

500,000

359,053

639,712

Missouri

(3.3%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue,

4.25%,

12/1/42,

Continuously

Callable

@100(b)

........................................

1,150,000

1,116,962

New

Hampshire

(1.6%):

New

Hampshire

Business

Finance

Authority

Revenue,

Series

A,

5.25%,

7/1/48,

Continuously

Callable

@103

.....................................................

500,000

522,907

New

Jersey

(2.2%):

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

A,

12/15/38(c)

................................................

1,000,000

561,310

Series

BB,

3.50%,

6/15/46,

Continuously

Callable

@100

......................

200,000

180,965

742,275

New

York

(12.1%):

Build

NYC

Resource

Corp.

Revenue,

4.75%,

6/15/53,

Continuously

Callable

@100

.......

350,000

334,268

Metropolitan

Transportation

Authority

Revenue

Series

B-1,

5.00%,

11/15/56,

Continuously

Callable

@100

.....................

1,545,000

1,587,092

Series

D-3,

4.00%,

11/15/49,

Continuously

Callable

@100

.....................

500,000

464,854

New

York

Counties

Tobacco

Trust

II

Revenue,

5.75%,

6/1/43,

Continuously

Callable

@100

.

195,000

195,303

New

York

State

Dormitory

Authority

Revenue,

6.00%,

7/1/40,

Continuously

Callable

@100(b)

250,000

226,297

Schenectady

County

Capital

Resource

Corp.

Revenue,

5.25%,

7/1/52,

Continuously

Callable

@100

...........................................................

200,000

220,968

TSASC,

Inc.

Revenue,

Series

A,

5.00%,

6/1/41,

Continuously

Callable

@100

............

1,000,000

1,005,736

4,034,518

North

Carolina

(2.0%):

North

Carolina

Medical

Care

Commission

Revenue

Series

A,

4.00%,

9/1/50,

Continuously

Callable

@100

.........................

500,000

365,444

Series

A,

4.00%,

10/1/50,

Continuously

Callable

@103

........................

350,000

294,670

660,114

Ohio

(11.3%):

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Series

B-2,

5.00%,

6/1/55,

Continuously

Callable

@100

...........................................

900,000

849,750

County

of

Franklin

Revenue,

Series

B,

5.00%,

7/1/45,

Continuously

Callable

@103

.......

500,000

414,629

County

of

Hardin

Revenue,

5.00%,

5/1/30,

Continuously

Callable

@103

...............

350,000

344,762

Logan

Elm

Local

School

District,

GO,

4.00%,

11/1/55,

Continuously

Callable

@100

......

1,500,000

1,420,885

Ohio

Higher

Educational

Facility

Commission

Revenue,

6.00%,

9/1/47,

Continuously

Callable

@100

...........................................................

250,000

251,434

Port

of

Greater

Cincinnati

Development

Authority

Revenue,

Series

CO,

5.00%,

5/1/25,

Continuously

Callable

@100(b)

........................................

500,000

499,537

3,780,997

Pennsylvania

(2.8%):

Pennsylvania

Economic

Development

Financing

Authority

Revenue,

Series

A-2,

4.00%,

5/15/53,

Continuously

Callable

@100

....................................

1,000,000

919,952

Texas

(3.4%):

City

of

Arlington

Tax

Allocation,

4.00%,

8/15/50,

Continuously

Callable

@100

..........

500,000

413,911

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund),

4.25%,

4/1/53,

Continuously

Callable

@100

...............................

750,000

722,288

1,136,199

Utah

(4.4%):

Military

Installation

Development

Authority

Revenue,

Series

A-1,

4.00%,

6/1/41,

Continuously

Callable

@103

.....................................................

250,000

209,681

Utah

Charter

School

Finance

Authority

Revenue,

Series

A,

5.63%,

6/15/42,

Continuously

Callable

@100(b)

...................................................

250,000

253,423

Victory

Portfolios

Victory

Tax-Exempt

Fund

124

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Utah

Infrastructure

Agency

Revenue,

Series

A,

5.00%,

10/15/40,

Continuously

Callable

@100

$

1,000,000

$

1,012,616

1,475,720

Wisconsin

(1.0%):

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

4.00%,

1/1/47,

Continuously

Callable

@103

.....................................................

500,000

324,864

Total

Municipal

Bonds

(Cost

$35,455,986)

32,820,158

Total

Investments

(Cost

$35,455,986)

—

98.3%

32,820,158

Other

assets

in

excess

of

liabilities

—

1.7%

574,476

NET

ASSETS

-

100.00%

$

33,394,634

(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

March

31,

2024,

the

fair

value

of

these

securities

was

$2,291,852

and

amounted

to

6.9%

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.

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

March

31,

2024

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

125

(Unaudited)

Security

Description

Principal

Amount

Value

Municipal

Bonds

(98.3%)

Arizona

(8.1%):

Arizona

IDA

Revenue

4.00%,

7/15/51,

Continuously

Callable

@100(a)

.............................

$

500,000

$

381,641

4.00%,

12/15/51,

Continuously

Callable

@100(a)

............................

700,000

516,601

La

Paz

County

IDA

Revenue,

4.00%,

2/15/51,

Continuously

Callable

@100

.............

280,000

228,044

Maricopa

County

IDA

Revenue

AMT,

4.00%,

10/15/47,

Continuously

Callable

@104(a)

....

500,000

439,742

The

IDA

of

the

City

of

Phoenix

Revenue,

4.00%,

12/1/51,

Continuously

Callable

@100(a)

..

1,000,000

785,588

The

IDA

of

the

County

of

Pima

Revenue

4.00%,

6/15/51,

Continuously

Callable

@100(a)

.............................

500,000

377,561

Series

A,

6.88%,

11/15/52,

Continuously

Callable

@103(a)

.....................

250,000

262,725

2,991,902

California

(0.4%):

California

County

Tobacco

Securitization

Agency

Revenue,

Series

B-1,

5.00%,

6/1/49,

Continuously

Callable

@100

...........................................

135,000

137,566

Delaware

(0.9%):

Delaware

State

Economic

Development

Authority

Revenue,

4.00%,

6/1/52,

Continuously

Callable

@100

.....................................................

500,000

336,592

Florida

(7.4%):

Capital

Trust

Agency,

Inc.

Revenue,

6.38%,

5/1/53,

Continuously

Callable

@100(a)

.......

250,000

249,061

Escambia

County

Health

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

3.00%,

8/15/50,

Continuously

Callable

@100

.........................

1,000,000

743,056

Florida

Development

Finance

Corp.

Revenue

4.00%,

7/1/55,

Continuously

Callable

@100

...............................

500,000

399,964

5.25%,

10/1/56,

Continuously

Callable

@100(a)

.............................

500,000

493,304

Pinellas

County

Educational

Facilities

Authority

Revenue,

Series

A,

4.00%,

6/1/46,

Continuously

Callable

@100(a)

.........................................

500,000

369,862

Seminole

County

IDA

Revenue,

Series

A,

4.00%,

6/15/56,

Continuously

Callable

@100(a)

..

705,000

501,195

2,756,442

Georgia

(3.0%):

Development

Authority

of

Appling

County

Revenue,

3.65%,

9/1/29,

Continuously

Callable

@100(b)

.........................................................

100,000

100,000

Development

Authority

Of

Floyd

County

Revenue,

Series

GA,

3.65%,

9/1/26,

Continuously

Callable

@100(b)

...................................................

400,000

400,000

The

Burke

County

Development

Authority

Revenue

(NBGA

-

Southern

Co.),

3.90%,

11/1/52,

Continuously

Callable

@100(b)

........................................

100,000

100,000

The

Development

Authority

of

Burke

County

Revenue,

Series

1S,

3.65%,

11/1/48,

Continuously

Callable

@100(b)

........................................

500,000

500,000

1,100,000

Illinois

(8.5%):

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue,

6.00%,

4/1/46,

Continuously

Callable

@100

...........................................

1,500,000

1,577,990

Chicago

O'Hare

International

Airport

Revenue

AMT,

4.63%,

1/1/53,

Continuously

Callable

@100

...........................................................

500,000

505,499

City

of

Chicago,

GO,

Series

A,

5.50%,

1/1/49,

Continuously

Callable

@100

.............

1,000,000

1,046,846

3,130,335

Indiana

(3.9%):

Indiana

Finance

Authority

Revenue

Series

A,

4.13%,

12/1/26

.............................................

1,000,000

989,244

Series

A,

5.00%,

7/1/55,

Continuously

Callable

@100

.........................

500,000

454,500

1,443,744

Iowa

(2.2%):

Iowa

Finance

Authority

Revenue

Series

A,

5.00%,

5/15/48,

Continuously

Callable

@100

........................

500,000

440,916

Series

A-1,

4.00%,

5/15/55,

Continuously

Callable

@103

......................

500,000

359,946

800,862

Kansas

(0.5%):

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation,

5.75%,

3/1/41,

Continuously

Callable

@103(a)

.........................................

200,000

195,633

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

126

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Kentucky

(1.4%):

Louisville/Jefferson

County

Metropolitan

Government

Revenue,

Series

A,

5.00%,

5/15/52,

Continuously

Callable

@100

...........................................

$

500,000

$

519,896

Maryland

(0.5%):

Maryland

Economic

Development

Corp.

Revenue,

4.25%,

7/1/50,

Continuously

Callable

@100

...........................................................

200,000

187,149

Massachusetts

(1.4%):

Massachusetts

Development

Finance

Agency

Revenue

4.00%,

10/1/32,

Continuously

Callable

@104(a)

.............................

300,000

283,207

5.00%,

7/1/47,

Continuously

Callable

@100

...............................

250,000

250,257

533,464

Minnesota

(0.8%):

City

of

Woodbury

Revenue,

4.00%,

7/1/51,

Continuously

Callable

@103

...............

400,000

280,525

Missouri

(1.3%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue,

4.25%,

12/1/42,

Continuously

Callable

@100(a)

.........................................

500,000

485,636

New

Hampshire

(1.0%):

New

Hampshire

Business

Finance

Authority

Revenue,

4.00%,

1/1/51,

Continuously

Callable

@103

...........................................................

500,000

369,664

New

Jersey

(2.3%):

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

A,

12/15/38(c)

..........

1,500,000

841,965

New

Mexico

(2.4%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue,

Series

A,

5.00%,

7/1/49,

Continuously

Callable

@102

...........................................

500,000

411,260

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation,

4.25%,

5/1/40,

Continuously

Callable

@103(a)

...................................

500,000

462,029

873,289

New

York

(11.7%):

Build

NYC

Resource

Corp.

Revenue

5.75%,

6/1/52,

Continuously

Callable

@100(a)

.............................

250,000

257,102

5.75%,

6/1/62,

Continuously

Callable

@100(a)

.............................

250,000

255,492

Series

A,

4.00%,

6/15/51,

Continuously

Callable

@100(a)

......................

500,000

372,359

Series

A,

5.00%,

6/15/51,

Continuously

Callable

@100(a)

......................

100,000

92,736

Metropolitan

Transportation

Authority

Revenue

Series

A-2,

5.00%,

11/15/45,

(Put

Date

5/15/30)(d)

...........................

365,000

406,059

Series

D-3,

4.00%,

11/15/49,

Continuously

Callable

@100

.....................

500,000

464,855

Monroe

County

Industrial

Development

Corp.

Revenue,

5.00%,

12/1/46,

Continuously

Callable

@100

.....................................................

600,000

604,665

New

York

State

Dormitory

Authority

Revenue

6.00%,

7/1/40,

Continuously

Callable

@100(a)

.............................

1,000,000

905,189

4.00%,

7/1/40,

Continuously

Callable

@100

...............................

200,000

172,527

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

DBE-

8105,

3.75%,

8/1/50,

Continuously

Callable

@100(a)(b)

.......................

198,350

198,350

Onondaga

Civic

Development

Corp.

Revenue,

5.00%,

10/1/40,

Continuously

Callable

@100

.

250,000

208,177

Western

Regional

Off-Track

Betting

Corp.

Revenue,

4.13%,

12/1/41,

Continuously

Callable

@100(a)

.........................................................

500,000

396,899

4,334,410

North

Carolina

(0.6%):

North

Carolina

Medical

Care

Commission

Revenue,

5.00%,

10/1/50,

Continuously

Callable

@103

...........................................................

250,000

207,143

North

Dakota

(2.5%):

City

of

Grand

Forks

Revenue,

5.00%,

12/1/36,

Continuously

Callable

@100

............

1,000,000

910,900

Ohio

(2.5%):

County

of

Hardin

Revenue,

5.50%,

5/1/50,

Continuously

Callable

@103

...............

500,000

455,869

Northeast

Ohio

Medical

University

Revenue,

Series

A,

4.00%,

12/1/45,

Continuously

Callable

@100

...........................................................

225,000

204,649

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

127

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Ohio

Higher

Educational

Facility

Commission

Revenue,

6.00%,

9/1/47,

Continuously

Callable

@100

...........................................................

$

250,000

$

251,434

911,952

Oregon

(2.0%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

A,

5.00%,

11/15/52,

Continuously

Callable

@102

.......................

500,000

451,742

Series

A,

5.38%,

11/15/55,

Continuously

Callable

@102

.......................

100,000

94,593

Yamhill

County

Hospital

Authority

Revenue,

Series

A,

5.00%,

11/15/51,

Continuously

Callable

@103

...........................................................

250,000

192,911

739,246

Pennsylvania

(3.9%):

Bucks

County

IDA

Revenue,

5.00%,

7/1/54,

Continuously

Callable

@100

..............

500,000

392,104

Chester

County

IDA

Revenue,

6.00%,

10/15/52,

Continuously

Callable

@100(a)

.........

500,000

491,687

Pennsylvania

Economic

Development

Financing

Authority

Revenue

AMT,

9.00%,

4/1/51,

(Put

Date

4/13/28)(a)(d)

.................................................

500,000

561,098

1,444,889

South

Carolina

(5.2%):

County

of

Lancaster

Special

Assessment,

Series

2016

A-1,

5.00%,

12/1/37,

Continuously

Callable

@100

.....................................................

1,675,000

1,675,123

County

of

Richland

Special

Assessment,

3.63%,

11/1/31,

Continuously

Callable

@103(a)

...

290,000

242,246

1,917,369

Texas

(2.8%):

City

of

Houston

Texas

Airport

System

Revenue

AMT,

4.00%,

7/15/41,

Continuously

Callable

@100

...........................................................

750,000

697,733

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A,

3.75%,

4/1/40,

Continuously

Callable

@100(b)

......................

245,000

245,000

Series

C,

3.75%,

4/1/40,

Continuously

Callable

@100(b)

......................

100,000

100,000

1,042,733

Utah

(5.9%):

Military

Installation

Development

Authority

Revenue

Series

A-1,

4.00%,

6/1/41,

Continuously

Callable

@103

.......................

250,000

209,681

Series

A-1,

4.00%,

6/1/52,

Continuously

Callable

@103

.......................

250,000

188,272

Utah

Charter

School

Finance

Authority

Revenue

2.75%,

4/15/50,

Continuously

Callable

@100

...............................

525,000

344,001

Series

A,

5.63%,

6/15/42,

Continuously

Callable

@100(a)

......................

250,000

253,423

Utah

Infrastructure

Agency

Revenue,

Series

A,

5.38%,

10/15/40,

Continuously

Callable

@100

1,150,000

1,184,391

2,179,768

Vermont

(4.4%):

Vermont

Economic

Development

Authority

Revenue,

4.00%,

5/1/45,

Continuously

Callable

@103

...........................................................

500,000

413,123

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

5.00%,

10/15/46,

Continuously

Callable

@100

..............................

750,000

683,945

6.00%,

10/1/52,

Continuously

Callable

@100(a)

.............................

500,000

527,350

1,624,418

West

Virginia

(2.7%):

Monongalia

County

Commission

Excise

Tax

District

Revenue,

Series

A,

5.75%,

6/1/43,

Continuously

Callable

@100(a)

.........................................

1,000,000

1,019,737

Wisconsin

(8.1%):

Public

Finance

Authority

Revenue

4.00%,

4/1/52,

Continuously

Callable

@100(a)

.............................

500,000

427,186

Series

A,

4.25%,

12/1/51,

Continuously

Callable

@100(a)

......................

500,000

387,509

Series

A,

5.88%,

6/1/52,

Continuously

Callable

@100(a)

.......................

250,000

240,942

Series

A,

5.25%,

3/1/55,

Continuously

Callable

@100(a)

.......................

500,000

436,549

Series

A,

5.00%,

7/1/55,

Continuously

Callable

@100(a)

.......................

500,000

417,542

Series

A-1,

4.00%,

7/1/51,

Continuously

Callable

@100(a)

.....................

500,000

412,420

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4.00%,

1/1/47,

Continuously

Callable

@103

...............................

500,000

324,864

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

128

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

4.00%,

12/1/51,

Continuously

Callable

@100

...............................

$

500,000

$

361,146

3,008,158

Total

Municipal

Bonds

(Cost

$41,219,475)

36,325,387

Total

Investments

(Cost

$41,219,475)

—

98.3%

36,325,387

Other

assets

in

excess

of

liabilities

—

1.7%

643,065

NET

ASSETS

-

100.00%

$

36,968,452

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$13,699,601

and

amounted

to

37.1%

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.

(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.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

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

March

31,

2024

Victory

Portfolios

Victory

Floating

Rate

Fund

129

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(0.5%)

Consumer

Discretionary

(0.1%):

Men's

Wearhouse,

Inc.

(a)

.................................................

51,299

$

897,733

Health

Care

(0.4%):

Air

Methods

Corp.

(a)

....................................................

106,325

2,392,312

Covis

Parent

SCA,

Class

A

Shares

(a)

(b)

.......................................

10,030

—

Covis

Parent

SCA,

Class

B

Shares

(a)

(b)

.......................................

10,030

—

Covis

Parent

SCA,

Class

C

Shares

(a)

(b)

.......................................

10,030

—

Covis

Parent

SCA,

Class

D

Shares

(a)

(b)

......................................

10,030

—

Covis

Parent

SCA,

Class

E

Shares

(a)

(b)

.......................................

10,030

—

Rising

Tide

Holdings,

Inc.

(a)

..............................................

241,726

876,257

3,268,569

Total

Common

Stocks

(Cost

$2,062,753)

4,166,302

Principal

Amount

Senior

Secured

Loans

(85.7%)

Communication

Services

(6.4%):

Audacy

Capital

Corp.,

Term

Loan,

First

Lien

,

11

.33

%

(

SOFR01M

+

600

bps

)

,

8/19/24

(c)

.....

$

589,868

588,393

Cengage

Learning,

Inc.,

Term

B

Loans,

First

Lien

,

9

.58

%

(

SOFR01M

+

425

bps

)

,

3/18/31

(c)

..

6,000,000

5,986,860

Cinemark

USA,

Inc.,

Term

Loan,

First

Lien

,

9

.05

%

(

SOFR03M

+

375

bps

)

,

5/31/30

(c)

......

628,108

630,074

Cinemark

USA,

Inc.,

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

5/31/30

(c)

......

1,465,992

1,470,580

CSC

Holdings

LLC,

Term

Loan

2022,

First

Lien

,

9

.83

%

(

SOFR01M

+

450

bps

)

,

1/18/28

(c)

...

7,924,962

7,610,421

Entercom

Media

Corp.,

New

Term

Loan,

First

Lien

,

7

.81

%

(

SOFR03M

+

250

bps

)

,

11/17/24

(c)

(d)

.....................................................

14,706,476

8,434,164

Frontier

Communications

Corp.,

Refinancing

Term

Loans,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

10/8/27

(c)

........................................

3,210,381

3,197,347

GoodRx,

Inc.,

Term

B

Loan,

First

Lien

,

10/10/25

(e)

..............................

3,000,000

2,994,390

Level

3

Financing,

Inc.,

Tranche

B

2027

Term

Loans,

First

Lien

,

7

.08

%

(

SOFR01M

+

175

bps

)

,

3/1/27

(c)

.........................................................

2,325,000

2,303,936

Sinclair

Television

Group,

Inc.,

Term

Loan

B-3,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

3/25/28

(c)

........................................................

10,636,792

8,474,013

Telesat

Canada,

Term

B-5

Loans,

First

Lien

,

8

.09

%

(

SOFR03M

+

275

bps

)

,

11/22/26

(c)

......

5,600,000

3,360,000

Univision

Communications,

Inc.,

2021

Replacement

New

First-Lien

Term,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

3/24/26

(c)

........................................

5,064,687

5,068,182

50,118,360

Consumer

Discretionary

(19.5%):

Alterra

Mountain

Co.,

Facility

2028

Term

Loan

B,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

8/17/28

(c)

........................................................

4,947,513

4,961,960

Avis

Budget

Car

Rental

LLC,

Term

B

Loan,

First

Lien

,

7

.08

%

(

SOFR01M

+

175

bps

)

,

8/6/27

(c)

3,000,000

2,984,370

Bally's

Corp.,

Term

B

Facility

Loans,

First

Lien

,

8

.57

%

(

SOFR03M

+

325

bps

)

,

10/1/28

(c)

...

13,173,713

12,354,440

Caesars

Entertainment,

Inc.,

2023

Incremental

Term

B

Loan,

First

Lien

,

8

.56

%

(

SOFR03M

+

325

bps

)

,

2/6/30

(c)

.........................................

9,989,820

10,006,502

Carnival

Corp.,

2021

Incremental

Term

B

Advance,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

10/18/28

(c)

.......................................................

5,939,279

5,940,526

Carnival

Corp.,

Initial

Advance,

First

Lien

,

8

.32

%

(

SOFR01M

+

300

bps

)

,

8/9/27

(c)

........

845,750

846,283

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien

,

9

.07

%

(

SOFR03M

+

375

bps

)

,

10/20/27

(c)

.......................................

8,345,613

8,599,487

Entain

PLC,

Facility

B

(USD)

Loan,

First

Lien

,

7

.81

%

(

SOFR03M

+

250

bps

)

,

3/16/27

(c)

....

1,940,223

1,941,445

Fitness

International

LLC,

Term

B

Loan,

First

Lien

,

10

.58

%

(

SOFR01M

+

525

bps

)

,

2/12/29

(c)

4,500,000

4,432,500

Flutter

Entertainment

PLC,

Term

B

Loan,

First

Lien

,

11/25/30

(e)

.....................

5,000,000

4,997,300

Gray

Television,

Inc.,

Term

D

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

12/1/28

(c)

....

2,977,215

2,783,696

Great

Outdoors

Group

LLC,

Term

B1,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

3/5/28

(c)

....

1,664,781

1,664,548

Hanesbrands,

Inc.,

Initial

Tranche

B

Term

Loans,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

3/8/30

(c)

.........................................................

6,048,950

6,041,388

Hilton

Grand

Vacations

Borrower

LLC,

Amendment

No.

4

Term

Loan,

First

Lien

,

8

.08

%

(

SOFR01M

+

275

bps

)

,

1/10/31

(c)

........................................

6,500,000

6,510,140

Holley

Purchaser,

Inc.,

Initial

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

11/10/28

(c)

6,238,032

6,164,360

Houghton

Mifflin

Harcourt

Co.,

Term

B

Loans,

First

Lien

,

10

.58

%

(

SOFR01M

+

525

bps

)

,

4/7/29

(c)

.........................................................

6,850,138

6,781,637

iHeartCommunications,

Inc.,

Second

Amendment

Incremental

Term

Loan,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

5/1/26

(c)

.........................................

4,689,535

4,068,172

Victory

Portfolios

Victory

Floating

Rate

Fund

130

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

iHeartCommunications,

Inc.,

Term

Loans,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

5/1/26

(c)

.

$

1,524,463

$

1,329,957

Jo-Ann

Stores

LLC,

Term

B-1

Loan,

First

Lien

,

10

.07

%

(

SOFR03M

+

475

bps

)

,

6/30/28

(c)

...

9,877,726

61,736

Light

&

Wonder

International,

Inc.,

Term

B-1

Loan,

First

Lien

,

8

.08

%

(

SOFR01M

+

275

bps

)

,

4/16/29

(c)

........................................................

8,887,330

8,895,951

Marriott

Ownership

Resorts,

Inc.,

Term

B

Loan,

First

Lien

,

3/17/31

(e)

.................

5,000,000

4,975,000

McGraw

Hill

Education,

Inc.,

Initial

Term

Loan,

First

Lien

,

10

.08

%

(

SOFR01M

+

475

bps

)

,

7/30/28

(c)

........................................................

3,387,816

3,392,661

Miwd

Holdco

II

LLC,

Term

B-2

loan,

First

Lien

,

3/21/31

(e)

........................

750,000

752,812

Petco

Health

&

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

,

8

.56

%

(

SOFR03M

+

325

bps

)

,

3/6/28

(c)

.........................................................

3,376,537

3,117,388

Rising

Tide

Holdings,

Inc.,

2023

Term

Loan,

First

Lien

,

13

.32

%

(

SOFR01M

+

800

bps

)

,

9/12/28

(c)

........................................................

3,388,395

2,998,730

Station

Casinos

LLC,

Term

B

Facility

Loan,

First

Lien

,

7

.58

%

(

SOFR03M

+

225

bps

)

,

3/14/31

(c)

........................................................

9,000,000

8,982,630

The

Dun

&

Bradstreet

Corp.,

Term

B

Loan,

First

Lien

,

1/18/29

(e)

....................

4,500,000

4,497,885

The

Michaels

Cos.,

Inc.,

Term

B

Loans,

First

Lien

,

9

.56

%

(

SOFR03M

+

425

bps

)

,

4/15/28

(c)

..

10,052,849

8,997,300

Travel

+

Leisure

Co.,

2023

Incremental

Term

Loans,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

12/14/29

(c)

.......................................................

2,200,000

2,203,300

Truck

Hero

INC,

Initial

Term

Loan,

First

Lien

,

1/29/28

(e)

..........................

2,500,000

2,476,250

Uber

Technologies,

Inc.,

2023

Refinancing

Term

Loan,

First

Lien

,

8

.08

%

(

SOFR03M

+

275

bps

)

,

3/4/30

(c)

.........................................................

4,998,999

5,018,295

United

Airlines,

Inc.,

Term

B

Loan,

First

Lien

,

8

.08

%

(

SOFR03M

+

275

bps

)

,

2/24/31

(c)

.....

1,850,000

1,849,704

WestJet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

12/11/26

(c)

1,194,625

1,193,323

151,821,676

Consumer

Staples

(2.3%):

Alliance

Laundry

Systems

LLC,

Initial

Term

B

Loans,

First

Lien

,

8

.83

%

(

SOFR03M

+

350

bps

)

,

10/8/27

(c)

........................................................

3,010,124

3,015,964

Alliance

Laundry

Systems

LLC,

Initial

Term

B

Loans,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

10/8/27

(c)

........................................................

103,396

103,597

Anchor

Packaging

LLC,

Initial

Term

Loans,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

7/18/26

(c)

........................................................

6,780,600

6,772,124

B&G

Foods,

Inc.,

Tranche

B-4

Term

Loan,

First

Lien

,

7

.83

%

(

SOFR01M

+

250

bps

)

,

10/10/26

(c)

.......................................................

6,720,318

6,709,229

First

Brands

Group

LLC,

2021

Term

Loans,

First

Lien

,

10

.31

%

(

SOFR03M

+

500

bps

)

,

3/24/27

(c)

........................................................

1,345,469

1,346,142

17,947,056

Energy

(4.4%):

Delek

U.S.

Holdings,

Inc.,

TLB,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

11/19/29

(c)

......

9,864,988

9,852,657

Discovery

Energy

Holding

Corp.,

Term

B

Loan,

First

Lien

,

1/30/31

(e)

.................

4,200,000

4,203,486

New

Fortress

Energy,

Inc.,

Initial

Term

Loans,

First

Lien

,

10

.32

%

(

SOFR03M

+

500

bps

)

,

10/30/28

(c)

.......................................................

5,486,250

5,499,965

Traverse

Midstream

Partners

LLC,

Advance,

First

Lien

,

8

.82

%

(

SOFR03M

+

350

bps

)

,

9/27/24

(c)

........................................................

12,561,234

12,573,042

US

Silica

Company,

Initial

Term

Loan,

First

Lien

,

3/25/30

(e)

.......................

2,450,000

2,450,000

34,579,150

Financials

(26.4%):

19th

Holdings

Golf

LLC,

Initial

Term

Loans,

First

Lien

,

8

.57

%

(

SOFR01M

+

325

bps

)

,

2/7/29

(c)

.........................................................

3,758,639

3,662,342

AAdvantage

Loyalty

IP

Ltd.,

Initial

Term

Loan,

First

Lien

,

10

.07

%

(

SOFR03M

+

475

bps

)

,

4/20/28

(c)

........................................................

8,011,785

8,311,106

ACProducts,

Inc.,

Initial

Term

Loans,

First

Lien

,

9

.55

%

(

SOFR03M

+

425

bps

)

,

5/17/28

(c)

...

6,408,831

5,828,063

Arches

Buyer,

Inc.,

New

Term

Loan,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

12/6/27

(c)

....

2,000,000

1,935,280

Arsenal

AIC

Parent

LLC,

Term

B

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

8/19/30

(c)

..

4,488,750

4,498,850

BW

NHHC

Holdco,

Inc.,

Term

Loan

Lien

2,

Second

Lien

,

14

.33

%

(

SOFR03M

+

900

bps

)

,

5/15/26

(c)

........................................................

3,000,000

600,000

Chariot

Buyer

LLC,

Initial

Term

Loans,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

11/3/28

(c)

..

4,835,769

4,825,517

Clydesdale

Acquisition

Holdings,

Inc.,

Term

B

Loans,

First

Lien

,

9

.01

%

(

SOFR01M

+

368

bps

)

,

4/13/29

(c)

........................................................

3,905,439

3,909,461

Covis

Pharma

Holdings

S.a.r.l,

Dollar

Term

B

Loans,

First

Lien

,

11

.85

%

(

SOFR03M

+

650

bps

)

,

2/18/27

(c)

........................................................

12,339,005

4,611,703

Victory

Portfolios

Victory

Floating

Rate

Fund

131

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Cumulus

Media

New

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

3/31/26

(c)

........................................

$

15,164,544

$

9,705,308

Exgen

Renewables

IV,

LLC,

Term

Loan,

First

Lien

,

7

.84

%

(

SOFR03M

+

250

bps

)

,

12/15/27

(c)

3,000,000

3,000,000

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

1/27/29

(c)

........................................................

9,267,948

9,285,372

Fleet

Midco

I

Limited,

Term

Loan

B,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

2/3/31

(c)

....

3,000,000

3,000,000

GIP

Pilot

Acquisition

Partners

LP,

TL,

First

Lien

,

8

.33

%

(

SOFR03M

+

300

bps

)

,

9/15/30

(c)

...

3,250,000

3,257,313

Hunter

Douglas,

Inc.,

Tranche

B-1

Term

Loans,

First

Lien

,

8

.82

%

(

SOFR03M

+

350

bps

)

,

2/25/29

(c)

........................................................

6,808,098

6,717,686

INEOS

US

Finance

LLC,

Dollar

Term

Loans,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

2/16/30

(c)

........................................................

6,939,964

6,930,039

INEOS

US

Finance

LLC,

Dollar

Term

Loans,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

1/31/31

(c)

........................................................

2,000,000

2,001,660

Innio

North

America

Holding,

Inc.,

Facility

B

USD,

First

Lien

,

9

.56

%

(

SOFR03M

+

425

bps

)

,

11/6/25

(c)

........................................................

8,665,739

8,701,875

ITT

Holdings

LLC,

Initial

Term

Loans,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

7/8/28

(c)

...

4,954,784

4,957,262

Knight

Health

Holdings

LLC,

Term

B

Loans,

First

Lien

,

10

.58

%

(

SOFR01M

+

525

bps

)

,

12/23/28

(c)

.......................................................

22,971,250

9,801,143

LBM

Acquisition

LLC,

Initial

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

12/17/27

(c)

9,646,867

9,624,003

LSF11

A5

Holdco

LLC,

Term

Loans,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

10/15/28

(c)

...

2,005,386

2,004,383

MajorDrive

Holdings

IV

LLC,

Initial

Term

Loans,

First

Lien

,

9

.31

%

(

SOFR03M

+

400

bps

)

,

6/1/28

(c)

.........................................................

2,960,410

2,963,371

Men's

Wearhouse,

Inc.,

Term

Loan,

First

Lien

,

11

.82

%

(

SOFR03M

+

650

bps

)

,

2/21/29

(c)

....

4,500,000

4,455,000

MH

Sub

I,

LLC,

Term

Loan,

First

Lien

,

9

.58

%

(

SOFR01M

+

425

bps

)

,

5/3/28

(c)

...........

3,989,950

3,961,821

Mileage

Plus

Holdings

LLC,

Initial

Term

Loan,

First

Lien

,

10

.58

%

(

SOFR03M

+

525

bps

)

,

6/20/27

(c)

........................................................

7,825,658

8,048,846

Neptune

Bidco

U.S.,

Inc.,

Dollar

Term

B

Loan,

First

Lien

,

10

.32

%

(

SOFR03M

+

500

bps

)

,

4/11/29

(c)

........................................................

8,079,063

7,438,231

Northriver

Midstream

Finance

LP,

Term

B,

First

Lien

,

7

.81

%

(

SOFR03M

+

250

bps

)

,

8/16/30

(c)

8,095,817

8,096,950

Oldcastle

BuildingEnvelope,

Inc.,

Term

B

Loans,

First

Lien

,

9

.80

%

(

SOFR03M

+

450

bps

)

,

4/29/29

(c)

........................................................

9,408,493

9,426,181

Packaging

Coordinators

Midco,

Inc.,

Term

B

Loans,

First

Lien

,

8

.81

%

(

SOFR03M

+

350

bps

)

,

11/30/27

(c)

.......................................................

498,715

499,408

Peraton

Corp.,

Term

B

Loans,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

2/1/28

(c)

..........

5,020,065

5,010,677

PG

Investment

Co.

59

Sarl,

Term

B

Loan,

First

Lien

,

2/24/31

(e)

.....................

1,500,000

1,501,875

Rand

Parent

LLC,

Term

B

Loans,

First

Lien

,

9

.56

%

(

SOFR03M

+

425

bps

)

,

2/9/30

(c)

.......

2,970,000

2,971,871

Robertshaw

U.S.

Holding

Corp.,

2nd

Lien

Initial

Term

Loans,

Second

Lien

,

13

.35

%

(

SOFR03M

+

800

bps

)

,

2/15/26

(c)

........................................

4,000,000

800,000

Robertshaw

U.S.

Holding

Corp.,

Term

Loan

B,

First

Lien

,

8

.85

%

(

SOFR03M

+

350

bps

)

,

2/28/25

(c)

........................................................

6,238,644

3,119,322

Sparta

U.S.

Holdco

LLC,

Initial

Term

Loan,

First

Lien

,

8

.57

%

(

SOFR01M

+

325

bps

)

,

4/30/28

(c)

........................................................

3,910,000

3,909,296

SWF

Holdings

Corp.

I,

Initial

Term

Loans,

First

Lien

,

9

.33

%

(

SOFR01M

+

400

bps

)

,

10/6/28

(c)

5,657,395

5,181,212

Tailwind

Smith

Cooper

Intermediate

Corp.,

2nd

Lien

Initial

Term

Loans,

Second

Lien

,

14

.31

%

(

SOFR03M

+

900

bps

)

,

5/28/27

(c)

........................................

3,000,000

2,527,500

Virgin

Media

Bristol

LLC,

N

Facility,

First

Lien

,

7

.83

%

(

SOFR01M

+

250

bps

)

,

1/31/28

(c)

...

5,000,000

4,920,650

Westjet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien

,

9

.07

%

(

SOFR01M

+

375

bps

)

,

2/14/31

(c)

.

8,000,000

7,993,360

Ziggo

Financing

Partnership,

Term

Loan

I,

First

Lien

,

7

.83

%

(

SOFR01M

+

250

bps

)

,

4/30/28

(c)

6,000,000

5,908,920

205,902,857

Health

Care

(7.8%):

Air

Methods

Corp.

,

14

.31

%

(

SOFR03M

+

900

bps

)

,

12/28/28

(c)

......................

3,406,168

3,448,745

Amneal

Pharmaceuticals

LLC,

Term

Loan,

First

Lien

,

10

.83

%

(

SOFR01M

+

550

bps

)

,

3/23/25

(c)

........................................................

6,659,685

6,640,971

Bausch

Health

Americas,

Inc.,

Second

Amendment

Term

Loan,

First

Lien

,

10

.58

%

(

SOFR01M

+

525

bps

)

,

2/1/27

(c)

.........................................

6,050,515

4,711,838

Embecta

Corp.,

Initial

Term

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

4/2/29

(c)

......

3,989,822

3,690,027

Global

Medical

Response,

Inc.,

2020

Term

Loan,

First

Lien

,

9

.58

%

(

SOFR03M

+

425

bps

)

,

10/2/25

(c)

........................................................

5,713,048

5,316,734

Global

Medical

Response,

Inc.,

Incremental

Term

Loan

B,

First

Lien

,

9

.56

%

(

SOFR03M

+

425

bps

)

,

3/14/25

(c)

........................................

2,104,660

1,957,776

LifePoint

Health,

Inc.,

Senior

Secured

Term

Loan

B

Facility,

First

Lien

,

10

.83

%

(

SOFR03M

+

550

bps

)

,

11/16/28

(c)

.......................................

4,956,155

4,967,653

Victory

Portfolios

Victory

Floating

Rate

Fund

132

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

LifeScan

Global

Corporation,

Term

Loan,

First

Lien

,

11

.88

%

(

SOFR06M

+

650

bps

)

,

12/31/26

(c)

.......................................................

$

12,296,883

$

7,378,130

LifeScan

Global

Corporation,

Term

Loan,

Second

Lien

,

14

.88

%

(

SOFR06M

+

950

bps

)

,

3/31/27

(c)

........................................................

3,750,000

1,785,937

Perrigo

Investments,

LLC,

Initial

Term

B

Loan,

First

Lien

,

7

.58

%

(

SOFR01M

+

225

bps

)

,

4/20/29

(c)

........................................................

4,239,241

4,214,526

Radiology

Partners,

Inc.,

Term

B,

First

Lien

,

8

.83

%

(

SOFR03M

+

350

bps

)

,

7/9/25

(c)

.......

6,382,126

6,151,922

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

B,

First

Lien

,

10

.56

%

(

SOFR03M

+

525

bps

)

,

2/2/27

(c)

.........................................

7,436,345

6,571,870

U.S.

Renal

Care,

Inc.,

SOFR

TRM

C,

First

Lien

,

10

.33

%

(

SOFR01M

+

500

bps

)

,

6/28/28

(c)

..

4,524,526

3,913,715

60,749,844

Industrials

(14.2%):

Air

Canada,

Term

Loans,

First

Lien

,

7

.83

%

(

SOFR03M

+

250

bps

)

,

3/21/31

(c)

............

5,500,000

5,503,465

American

Airlines,

Inc.,

Initial

Term

Loan,

First

Lien

,

8

.77

%

(

SOFR06M

+

350

bps

)

,

6/4/29

(c)

3,500,000

3,508,750

Avis

Budget

Car

Rental

LLC,

Tranche

C

Term

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

3/16/29

(c)

........................................................

2,155,000

2,155,668

AZZ,

Inc.,

Initial

Term

Loan,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

5/13/29

(c)

.........

4,111,644

4,126,034

Chart

Industries,

Inc.,

Term

B

Loans,

First

Lien

,

8

.57

%

(

SOFR01M

+

325

bps

)

,

3/18/30

(c)

....

2,509,224

2,512,361

Core

&

Main,

LP,

Term

B

Loan,

First

Lien

,

7

.56

%

(

SOFR03M

+

225

bps

)

,

2/5/31

(c)

........

4,250,000

4,234,063

Cornerstone

Building

Brands,

Inc.,

New

Term

Loan

B,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

4/12/28

(c)

........................................................

5,402,563

5,362,043

Cotiviti

Corporation,

Term

B

Loan,

First

Lien

,

2/24/31

(e)

..........................

5,875,000

5,860,313

Dynasty

Acquisition

Co

Inc,

2024

Specified

Refinancing

Term

B2

Loan,

First

Lien

,

8/24/28

(e)

333,933

334,311

Dynasty

Acquisition

Co.,

Inc.,

2024

Specified

Refinancing

Term

B1

Loan,

First

Loan

,

8/24/28

(e)

........................................................

866,067

867,046

Gates

Global

LLC,

Initial

B-3

Dollar

Term

Loan,

First

Lien

,

7

.83

%

(

SOFR01M

+

250

bps

)

,

3/31/27

(c)

........................................................

7,118,462

7,125,723

Graham

Packaging

Co.,

Inc.,

New

Term

Loans,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

8/4/27

(c)

.........................................................

6,429,000

6,426,235

Harsco

Corp.,

Term

B-3

Loans,

First

Lien

,

7

.58

%

(

SOFR01M

+

225

bps

)

,

3/10/28

(c)

........

3,923,720

3,874,673

Hertz

Corp.,

Initial

Term

B

Loans,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

6/30/28

(c)

......

12,283,359

11,872,235

Hertz

Corp.,

Initial

Term

C

Loan,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

6/30/28

(c)

......

2,380,402

2,300,730

Janus

International

Group

LLC,

Amendment

No.

6

Refinancing

Term

Loan,

First

Lien

,

8

.52

%

(

SOFR03M

+

325

bps

)

,

8/3/30

(c)

.........................................

3,980,000

3,990,945

KBR,

Inc.,

Term

B

Facility,

First

Lien

,

1/17/31

(e)

................................

3,125,000

3,128,906

Madison

IAQ

LLC,

Initial

Term

Loans,

First

Lien

,

8

.58

%

(

SOFR01M

+

325

bps

)

,

6/16/28

(c)

..

6,037,228

6,024,670

SRS

Distribution,

Inc.,

2021

Refinancing

Term

Loans,

First

Lien

,

8

.83

%

(

SOFR01M

+

350

bps

)

,

6/4/28

(c)

.........................................................

5,149,155

5,180,513

Titan

Acquisition

Ltd.,

Initial

Term

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

3/28/25

(c)

6,044,272

6,036,717

Titan

Acquisition

Ltd.,

Term

B

Loan,

First

Lien

,

2/1/29

(e)

..........................

5,000,000

5,010,400

TransDigm,

Inc.,

Tranche

I

Term

Loans,

First

Lien

,

8

.60

%

(

SOFR03M

+

325

bps

)

,

8/24/28

(c)

.

5,309,361

5,325,979

TransDigm,

Inc.,

Tranche

J

Term

Loan,

First

Lien

,

2/28/31

(e)

.......................

748,125

751,596

Trident

TPI

Holdings,

Inc.,

Tranche

B-3

Initial

Term

Loans,

First

Lien

,

9

.31

%

(

SOFR03M

+

400

bps

)

,

9/17/28

(c)

........................................

2,926,658

2,925,429

White

Cap

Buyer

LLC,

Initial

Closing

Date

Term

Loan,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

10/19/27

(c)

.......................................

6,176,801

6,192,861

110,631,666

Information

Technology

(2.8%):

McAfee

Corp.,

Tranche

B-1

Term

Loans,

First

Lien

,

9

.08

%

(

SOFR01M

+

375

bps

)

,

3/1/29

(c)

..

1,989,873

1,983,526

Proofpoint,

Inc.,

Initial

Term

Loan,

First

Lien

,

8/31/28

(e)

..........................

2,250,000

2,250,022

TIBCO

Software

Inc.,

Dollar

Term

B

Loans,

First

Lien

,

9

.81

%

(

SOFR03M

+

450

bps

)

,

3/30/29

(c)

........................................................

7,632,264

7,591,890

UKG,

Inc.,

Initial

Term

Loan,

First

Lien

,

8

.81

%

(

SOFR03M

+

350

bps

)

,

2/10/31

(c)

.........

6,974,619

7,007,749

Waystar

Technologies,

Inc.,

Initial

Term

Loan,

First

Lien

,

9

.33

%

(

SOFR01M

+

400

bps

)

,

10/23/29

(c)

.......................................................

2,700,000

2,704,050

21,537,237

Materials

(1.0%):

Bakelite

US

Holdco,

Inc.,

Initial

Term

Loan,

First

Lien

,

9

.31

%

(

SOFR03M

+

400

bps

)

,

5/28/29

(c)

........................................................

4,000,000

3,997,520

Victory

Portfolios

Victory

Floating

Rate

Fund

133

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

WireCo

WorldGroup,

Inc.,

Initial

Term

Loan,

First

Lien

,

9

.07

%

(

SOFR03M

+

375

bps

)

,

11/13/28

(c)

.......................................................

$

3,785,571

$

3,783,224

7,780,744

Real

Estate

(0.9%):

RealPage,

Inc.,

Initial

Term

Loan,

First

Lien

,

8

.33

%

(

SOFR01M

+

300

bps

)

,

4/22/28

(c)

......

6,966,915

6,773,374

Total

Senior

Secured

Loans

(Cost

$730,118,485)

667,841,964

Corporate

Bonds

(9.0%)

Communication

Services

(1.0%):

CSC

Holdings

LLC

,

11

.75

%

,

1/31/29

,

Callable

1/31/26

@

105.88

(f)

..................

1,000,000

1,000,270

Cumulus

Media

New

Holdings,

Inc.

,

6

.75

%

,

7/1/26

,

Callable

5/6/24

@

101.69

(f)

.........

2,437,000

1,430,556

Gray

Television,

Inc.

,

5

.38

%

,

11/15/31

,

Callable

11/15/26

@

102.69

(f)

.................

2,000,000

1,312,839

Sinclair

Television

Group,

Inc.

,

5

.50

%

,

3/1/30

,

Callable

12/1/24

@

102.75

(f)

............

5,850,000

4,214,920

7,958,585

Consumer

Discretionary

(2.4%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.

,

5

.38

%

,

3/1/29

,

Callable

5/6/24

@

102.69

(f)

.........................................................

3,500,000

3,263,018

Caesars

Entertainment,

Inc.

,

8

.13

%

,

7/1/27

,

Callable

4/15/24

@

104.06

(f)

..............

800,000

819,290

Carnival

Holdings

Bermuda

Ltd.

,

10

.38

%

,

5/1/28

,

Callable

5/1/25

@

105.19

(f)

...........

2,000,000

2,182,231

Cinemark

USA,

Inc.

,

5

.25

%

,

7/15/28

,

Callable

7/15/24

@

102.63

(f)

...................

250,000

236,710

Hanesbrands,

Inc.

,

9

.00

%

,

2/15/31

,

Callable

2/15/26

@

104.5

(f)

.....................

1,250,000

1,283,971

Life

Time,

Inc.

5

.75

%

,

1/15/26

,

Callable

5/6/24

@

101.44

(f)

...............................

1,000,000

992,993

8

.00

%

,

4/15/26

,

Callable

5/6/24

@

102

(f)

.................................

1,500,000

1,517,531

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.

,

5

.88

%

,

9/1/31

,

Callable

9/1/26

@

102.98

(f)

..................................................

875,000

641,243

The

Goodyear

Tire

&

Rubber

Co.

,

5

.25

%

,

7/15/31

,

Callable

4/15/31

@

100

.............

4,000,000

3,646,401

The

Hertz

Corp.

,

5

.00

%

,

12/1/29

,

Callable

12/1/24

@

102.5

(f)

.......................

1,200,000

927,910

The

Michaels

Cos.,

Inc.

,

7

.88

%

,

5/1/29

,

Callable

5/1/24

@

103.94

(f)

..................

1,000,000

749,945

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

,

7

.13

%

,

2/15/31

,

Callable

11/15/30

@

100

(f)

...........................................................

2,100,000

2,173,896

18,435,139

Consumer

Staples

(0.2%):

B&G

Foods,

Inc.

,

5

.25

%

,

9/15/27

,

Callable

5/6/24

@

101.31

........................

1,750,000

1,636,381

Energy

(1.7%):

Apache

Corp.

,

5

.10

%

,

9/1/40

,

Callable

3/1/40

@

100

.............................

2,000,000

1,715,794

Callon

Petroleum

Co.

,

7

.50

%

,

6/15/30

,

Callable

6/15/25

@

103.75

(f)

..................

2,250,000

2,382,240

Comstock

Resources,

Inc.

6

.75

%

,

3/1/29

,

Callable

4/22/24

@

103.38

(f)

...............................

2,005,000

1,912,001

5

.88

%

,

1/15/30

,

Callable

1/15/25

@

102.94

(f)

..............................

1,500,000

1,358,484

New

Fortress

Energy,

Inc.

,

6

.50

%

,

9/30/26

,

Callable

5/6/24

@

101.63

(f)

................

1,000,000

963,102

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

,

6

.00

%

,

2/15/28

,

Callable

5/6/24

@

101.5

......

1,508,000

1,482,448

Permian

Resources

Operating

LLC

,

5

.88

%

,

7/1/29

,

Callable

7/1/24

@

102.94

(f)

..........

2,000,000

1,966,799

Talos

Production,

Inc.

9

.00

%

,

2/1/29

,

Callable

2/1/26

@

104.5

(f)

.................................

1,175,000

1,248,735

9

.38

%

,

2/1/31

,

Callable

2/1/27

@

104.69

(f)

................................

500,000

532,221

13,561,824

Financials

(0.4%):

Compass

Group

Diversified

Holdings

LLC

,

5

.25

%

,

4/15/29

,

Callable

5/6/24

@

102.63

(f)

...

3,000,000

2,849,482

Health

Care

(1.9%):

CHS/Community

Health

Systems,

Inc.

6

.13

%

,

4/1/30

,

Callable

4/1/25

@

103.06

(f)

................................

4,500,000

3,240,103

5

.25

%

,

5/15/30

,

Callable

5/15/25

@

102.63

(f)

..............................

2,335,000

1,904,772

LifePoint

Health,

Inc.

,

11

.00

%

,

10/15/30

,

Callable

10/15/26

@

105.5

(f)

................

3,500,000

3,741,347

Radiology

Partners,

Inc.

,

9

.78

%

,

2/15/30

,

Callable

5/6/24

@

100

(f)

(g)

.................

2,734,279

2,210,952

Victory

Portfolios

Victory

Floating

Rate

Fund

134

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Team

Health

Holdings,

Inc.

,

6

.38

%

,

2/1/25

,

Callable

4/22/24

@

100

(f)

.................

$

3,983,000

$

3,674,007

14,771,181

Industrials

(0.7%):

American

Airlines,

Inc.

,

8

.50

%

,

5/15/29

,

Callable

11/15/25

@

104.25

(f)

................

800,000

844,845

ITT

Holdings

LLC

,

6

.50

%

,

8/1/29

,

Callable

8/1/24

@

103.25

(f)

......................

1,750,000

1,597,967

Rand

Parent

LLC

,

8

.50

%

,

2/15/30

,

Callable

2/15/26

@

104.25

(f)

.....................

1,650,000

1,632,533

Wabash

National

Corp.

,

4

.50

%

,

10/15/28

,

Callable

10/15/24

@

102.25

(f)

...............

1,200,000

1,100,312

5,175,657

Information

Technology

(0.2%):

Cloud

Software

Group,

Inc.

,

6

.50

%

,

3/31/29

,

Callable

9/30/25

@

103.25

(f)

.............

2,000,000

1,899,185

Materials

(0.5%):

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.

,

5

.25

%

,

8/15/27

,

Callable

5/6/24

@

101.31

(f)

.......................................................

2,635,000

1,664,184

The

Scotts

Miracle-Gro

Co.

4

.00

%

,

4/1/31

,

Callable

4/1/26

@

102

....................................

2,000,000

1,722,946

4

.38

%

,

2/1/32

,

Callable

8/1/26

@

102.19

..................................

790,000

681,388

4,068,518

Total

Corporate

Bonds

(Cost

$73,001,716)

70,355,952

Yankee

Dollars

(2.6%)

Communication

Services

(0.4%):

Intelsat

Jackson

Holdings

SA

,

6

.50

%

,

3/15/30

,

Callable

3/15/25

@

102

(f)

..............

3,000,000

2,794,887

Consumer

Discretionary

(0.8%):

Carnival

Corp.

,

6

.00

%

,

5/1/29

,

Callable

11/1/24

@

103

(f)

..........................

875,000

863,990

Royal

Caribbean

Cruises

Ltd.

,

7

.25

%

,

1/15/30

,

Callable

12/15/25

@

103.63

(f)

...........

2,000,000

2,076,065

Viking

Cruises

Ltd.

,

9

.13

%

,

7/15/31

,

Callable

7/15/26

@

104.56

(f)

...................

1,000,000

1,093,393

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5

.63

%

,

2/15/29

,

Callable

5/6/24

@

102.81

(f)

.........

1,875,000

1,824,057

5,857,505

Energy

(0.3%):

Transocean,

Inc.

,

7

.50

%

,

4/15/31

............................................

2,900,000

2,694,844

Financials

(0.2%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC

,

8

.50

%

,

10/1/30

,

Callable

10/1/26

@

104.25

(f)

.........................................................

1,250,000

1,317,092

Health

Care

(0.1%):

Bausch

Health

Cos.,

Inc.

,

6

.13

%

,

2/1/27

,

Callable

5/6/24

@

103.06

(f)

.................

1,800,000

1,122,831

Industrials

(0.6%):

Bombardier,

Inc.

7

.88

%

,

4/15/27

,

Callable

5/6/24

@

100

(f)

.................................

2,220,000

2,223,407

8

.75

%

,

11/15/30

,

Callable

11/15/26

@

104.38

(f)

.............................

1,000,000

1,068,750

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

,

6

.38

%

,

2/1/30

,

Callable

2/1/25

@

103.19

(f)

.......................................................

1,800,000

1,328,122

4,620,279

Materials

(0.2%):

NOVA

Chemicals

Corp.

,

9

.00

%

,

2/15/30

,

Callable

8/15/26

@

104.5

(f)

.................

1,750,000

1,808,333

Total

Yankee

Dollars

(Cost

$19,662,056)

20,215,771

U.S.

Government

Agency

Mortgages

(3.1%)

Federal

Home

Loan

Bank

5

.15

%

,

4/1/24

(h)

...................................................

23,800,000

23,796,478

Total

U.S.

Government

Agency

Mortgages

(Cost

$23,800,000)

23,796,478

Victory

Portfolios

Victory

Floating

Rate

Fund

135

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Exchange-Traded

Funds

(1.7%)

Invesco

Senior

Loan

ETF

.................................................

355,000

$

7,508,250

SPDR

Blackstone

Senior

Loan

ETF

..........................................

129,000

5,432,190

Total

Exchange-Traded

Funds

(Cost

$12,900,750)

12,940,440

Total

Investments

(Cost

$861,545,760)

—

102.6%

799,316,907

Liabilities

in

excess

of

other

assets

—

(2.6)%

(

20,501,523

)

NET

ASSETS

-

100.00%

$

778,815,384

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

6.6%

of

net

assets.

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2024.

(d)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(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)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$76,991,521

and

amounted

to

9.9%

of

net

assets.

(g)

All

of

the

coupon

is

PIK.

(h)

Rate

represents

the

effective

yield

at

March

31,

2024.

bps

—

Basis

points

ETF

—

Exchange-Traded

Fund

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

March

31,

2024.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.