NPORT-EX 2 762_0000802716.htm
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Integrity
Discovery
Fund
1
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.6%)
Banks
(22.1%):
Bridgewater
Bancshares,
Inc.
(a)
............................................
37,000
$
524
Business
First
Bancshares,
Inc.
.............................................
16,450
422
Central
Pacific
Financial
Corp.
.............................................
13,000
384
Civista
Bancshares,
Inc.
..................................................
28,800
513
Community
West
Bancshares
..............................................
26,000
501
ConnectOne
Bancorp,
Inc.
................................................
29,150
730
Dime
Community
Bancshares,
Inc.
..........................................
25,500
734
Financial
Institutions,
Inc.
.................................................
21,700
553
First
Internet
Bancorp
....................................................
16,450
564
First
Mid
Bancshares,
Inc.
................................................
17,650
687
German
American
Bancorp,
Inc.
............................................
17,200
667
HarborOne
Bancorp,
Inc.
.................................................
47,000
610
Heritage
Commerce
Corp.
................................................
66,800
660
Independent
Bank
Corp.
..................................................
17,700
590
Mercantile
Bank
Corp.
...................................................
10,000
437
Origin
Bancorp,
Inc.
.....................................................
23,000
740
Peapack-Gladstone
Financial
Corp.
..........................................
20,700
567
Peoples
Bancorp,
Inc.
....................................................
22,150
666
Premier
Financial
Corp.
..................................................
28,700
674
Primis
Financial
Corp.
...................................................
46,500
566
QCR
Holdings,
Inc.
.....................................................
8,450
626
SmartFinancial,
Inc.
.....................................................
19,024
554
Southern
Missouri
Bancorp,
Inc.
............................................
11,500
650
The
First
Bancshares,
Inc.
.................................................
19,700
633
Univest
Financial
Corp.
..................................................
16,100
453
Washington
Trust
Bancorp,
Inc.
.............................................
12,900
416
15,121
Capital
Markets
(1.0%):
Diamond
Hill
Investment
Group,
Inc.
........................................
4,372
707
Communication
Services
(4.6%):
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
......................................
425,200
680
IMAX
Corp.
(a)
........................................................
31,200
640
Magnite,
Inc.
(a)
........................................................
35,550
492
PubMatic,
Inc.
,
Class
A
(a)
................................................
25,150
374
The
E.W.
Scripps
Co.
,
Class
A
(a)
...........................................
120,900
272
The
Marcus
Corp.
......................................................
48,400
729
3,187
Consumer
Discretionary
(11.6%):
BJ's
Restaurants,
Inc.
(a)
..................................................
18,925
616
Caleres,
Inc.
..........................................................
17,195
568
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
35,465
241
Golden
Entertainment,
Inc.
................................................
16,361
520
Jack
in
the
Box,
Inc.
.....................................................
9,979
465
Latham
Group,
Inc.
(a)
...................................................
73,700
501
Lindblad
Expeditions
Holdings,
Inc.
(a)
.......................................
57,000
527
MarineMax,
Inc.
(a)
.....................................................
17,134
604
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
19,050
347
Motorcar
Parts
of
America,
Inc.
(a)
...........................................
57,500
425
National
Vision
Holdings,
Inc.
(a)
............................................
31,678
346
Portillo's,
Inc.
,
Class
A
(a)
.................................................
47,070
634
Potbelly
Corp.
(a)
.......................................................
60,058
501
Shoe
Carnival,
Inc.
......................................................
9,269
407
Universal
Electronics,
Inc.
(a)
..............................................
31,703
293
Wolverine
World
Wide,
Inc.
...............................................
35,729
622
Zumiez,
Inc.
(a)
........................................................
16,351
348
7,965
Victory
Portfolios
Victory
Integrity
Discovery
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Consumer
Finance
(0.8%):
EZCORP,
Inc.
,
Class
A
(a)
.................................................
50,000
$
560
Consumer
Staples
(0.5%):
The
Honest
Co.,
Inc.
(a)
...................................................
94,711
338
Energy
(4.6%):
Ardmore
Shipping
Corp.
..................................................
31,569
571
Berry
Corp.
...........................................................
98,800
508
ProPetro
Holding
Corp.
(a)
................................................
68,000
521
Riley
Exploration
Permian,
Inc.
.............................................
15,800
418
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
55,300
706
Vital
Energy,
Inc.
(a)
.....................................................
15,050
405
3,129
Financial
Services
(0.9%):
I3
Verticals,
Inc.
,
Class
A
(a)
...............................................
29,000
618
Health
Care
(6.1%):
Artivion,
Inc.
(a)
........................................................
31,700
844
Brookdale
Senior
Living,
Inc.
(a)
............................................
138,500
940
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
16,200
626
HealthStream,
Inc.
......................................................
23,643
682
MiMedx
Group,
Inc.
(a)
...................................................
75,840
448
Orthofix
Medical,
Inc.
(a)
.................................................
38,957
609
4,149
Industrials
(18.8%):
BlueLinx
Holdings,
Inc.
(a)
................................................
5,858
618
Columbus
McKinnon
Corp.
...............................................
21,250
765
Covenant
Logistics
Group,
Inc.
.............................................
10,075
532
CRA
International,
Inc.
...................................................
2,600
456
Ducommun,
Inc.
(a)
.....................................................
11,200
737
DXP
Enterprises,
Inc.
(a)
..................................................
11,600
619
Enviri
Corp.
(a)
.........................................................
72,350
748
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........................................
73,028
769
IBEX
Holdings
Ltd.
(a)
...................................................
31,250
624
Insteel
Industries,
Inc.
....................................................
16,200
504
Interface,
Inc.
.........................................................
39,100
742
Kelly
Services,
Inc.
,
Class
A
...............................................
18,400
394
Liquidity
Services,
Inc.
(a)
.................................................
21,762
496
Matrix
Service
Co.
(a)
....................................................
42,987
496
Pangaea
Logistics
Solutions
Ltd.
............................................
68,300
494
Park
Aerospace
Corp.
....................................................
30,400
396
Park-Ohio
Holdings
Corp.
................................................
13,200
405
Quanex
Building
Products
Corp.
............................................
21,900
608
Thermon
Group
Holdings,
Inc.
(a)
...........................................
23,700
707
Titan
Machinery,
Inc.
(a)
..................................................
29,600
412
VSE
Corp.
............................................................
7,100
587
Willdan
Group,
Inc.
(a)
...................................................
18,574
761
12,870
Information
Technology
(12.6%):
Bel
Fuse,
Inc.
,
Class
B
...................................................
7,926
622
Benchmark
Electronics,
Inc.
...............................................
9,301
412
Cohu,
Inc.
(a)
..........................................................
13,222
340
Digi
International,
Inc.
(a)
.................................................
25,524
703
Harmonic,
Inc.
(a)
.......................................................
41,100
599
Ichor
Holdings
Ltd.
(a)
...................................................
22,050
702
Infinera
Corp.
(a)
(b)
.....................................................
57,800
390
Kimball
Electronics,
Inc.
(a)
...............................................
35,195
652
nLight,
Inc.
(a)
.........................................................
58,450
625
OneSpan,
Inc.
(a)
.......................................................
35,200
587
PDF
Solutions,
Inc.
(a)
...................................................
15,851
502
Victory
Portfolios
Victory
Integrity
Discovery
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Ribbon
Communications,
Inc.
(a)
............................................
197,284
$
641
SkyWater
Technology,
Inc.
(a)
..............................................
55,000
499
Thoughtworks
Holding,
Inc.
(a)
.............................................
62,461
276
TTM
Technologies,
Inc.
(a)
................................................
32,509
593
Vishay
Precision
Group,
Inc.
(a)
.............................................
17,800
461
8,604
Insurance
(1.7%):
HCI
Group,
Inc.
........................................................
5,505
590
Heritage
Insurance
Holdings,
Inc.
(a)
.........................................
49,209
602
1,192
Materials
(5.6%):
AdvanSix,
Inc.
.........................................................
25,250
767
Clearwater
Paper
Corp.
(a)
.................................................
16,600
474
Haynes
International,
Inc.
.................................................
3,475
207
Koppers
Holdings,
Inc.
...................................................
16,600
606
Metallus,
Inc.
(a)
........................................................
33,750
501
Radius
Recycling,
Inc.
...................................................
31,000
575
Ramaco
Resources,
Inc.
,
Class
A
............................................
32,000
374
SunCoke
Energy,
Inc.
....................................................
38,688
336
3,840
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(1.7%):
Ares
Commercial
Real
Estate
Corp.
(b)
........................................
52,893
370
Dynex
Capital,
Inc.
.....................................................
60,430
771
1,141
Real
Estate
(5.1%):
City
Office
REIT,
Inc.
....................................................
99,200
579
Global
Medical
REIT,
Inc.
................................................
76,000
753
NETSTREIT
Corp.
(b)
...................................................
50,700
838
NexPoint
Residential
Trust,
Inc.
............................................
12,600
555
Plymouth
Industrial
REIT,
Inc.
.............................................
34,200
773
3,498
Utilities
(0.9%):
Unitil
Corp.
...........................................................
10,048
609
Total
Common
Stocks
(Cost
$57,006)
a
a
a
67,528
Collateral
for
Securities
Loaned
(1.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(c)
........
199,594
200
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(c)
............
199,594
200
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(c)
...............
199,594
199
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(c)
.
199,594
199
Total
Collateral
for
Securities
Loaned
(Cost
$798)
a
a
a
798
Total
Investments
(Cost
$57,804)
—
99.8%
68,326
Other
assets
in
excess
of
liabilities
—
0.2%
117
NET
ASSETS
-
100.00%
$
68,443
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
4
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(2.0%):
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
33,035
$
2,558
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
167,648
1,160
Take-Two
Interactive
Software,
Inc.
(a)
........................................
18,334
2,818
6,536
Consumer
Discretionary
(8.9%):
American
Eagle
Outfitters,
Inc.
.............................................
111,024
2,486
Brunswick
Corp.
.......................................................
28,060
2,352
Caesars
Entertainment,
Inc.
(a)
..............................................
75,248
3,141
Marriott
Vacations
Worldwide
Corp.
.........................................
29,691
2,182
Mohawk
Industries,
Inc.
(a)
................................................
18,294
2,939
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
165,810
3,401
PVH
Corp.
...........................................................
25,527
2,574
Ross
Stores,
Inc.
.......................................................
17,896
2,693
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
195,335
1,729
Visteon
Corp.
(a)
........................................................
25,613
2,439
Yum!
Brands,
Inc.
......................................................
23,831
3,329
29,265
Consumer
Staples
(6.1%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
29,188
2,408
Casey's
General
Stores,
Inc.
...............................................
7,011
2,634
Coty,
Inc.
,
Class
A
(a)
....................................................
250,821
2,355
Kenvue,
Inc.
..........................................................
127,143
2,941
Performance
Food
Group
Co.
(a)
............................................
36,702
2,876
Pilgrim's
Pride
Corp.
(a)
..................................................
55,525
2,557
Post
Holdings,
Inc.
(a)
....................................................
18,879
2,185
Sprouts
Farmers
Market,
Inc.
(a)
............................................
18,904
2,087
20,043
Energy
(4.4%):
Antero
Resources
Corp.
(a)
................................................
88,865
2,546
Civitas
Resources,
Inc.
...................................................
40,050
2,029
Devon
Energy
Corp.
.....................................................
51,686
2,022
Diamondback
Energy,
Inc.
................................................
17,118
2,951
Halliburton
Co.
........................................................
97,673
2,838
Ovintiv,
Inc.
..........................................................
51,375
1,968
14,354
Financials
(15.2%):
Annaly
Capital
Management,
Inc.
...........................................
124,400
2,497
Arch
Capital
Group
Ltd.
(a)
................................................
33,171
3,711
Arthur
J.
Gallagher
&
Co.
.................................................
11,070
3,115
Axis
Capital
Holdings
Ltd.
................................................
30,040
2,391
Cincinnati
Financial
Corp.
................................................
19,312
2,629
Fifth
Third
Bancorp
.....................................................
93,141
3,990
First
American
Financial
Corp.
.............................................
54,456
3,595
First
Horizon
Corp.
.....................................................
185,000
2,873
Huntington
Bancshares,
Inc.
...............................................
242,000
3,557
Lincoln
National
Corp.
...................................................
78,800
2,483
M&T
Bank
Corp.
.......................................................
23,000
4,097
Nasdaq,
Inc.
..........................................................
43,500
3,176
New
York
Community
Bancorp,
Inc.
.........................................
150,450
1,690
Raymond
James
Financial,
Inc.
.............................................
25,988
3,182
State
Street
Corp.
.......................................................
47,388
4,192
The
Hartford
Financial
Services
Group,
Inc.
....................................
23,370
2,749
49,927
Health
Care
(9.8%):
Agilent
Technologies,
Inc.
.................................................
23,195
3,444
Centene
Corp.
(a)
.......................................................
40,454
3,045
Encompass
Health
Corp.
..................................................
31,169
3,012
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
GE
HealthCare
Technologies,
Inc.
...........................................
38,489
$
3,612
Globus
Medical,
Inc.
(a)
..................................................
36,168
2,588
Jazz
Pharmaceuticals
PLC
(a)
..............................................
22,435
2,500
Labcorp
Holdings,
Inc.
...................................................
12,260
2,740
Perrigo
Co.
PLC
.......................................................
87,585
2,297
STERIS
PLC
..........................................................
14,674
3,559
Tenet
Healthcare
Corp.
(a)
.................................................
15,539
2,583
United
Therapeutics
Corp.
(a)
..............................................
8,065
2,890
32,270
Industrials
(19.1%):
Alight,
Inc.
,
Class
A
(a)
...................................................
259,120
1,918
Amentum
Holdings,
Inc.
(a)
................................................
20,505
661
Builders
FirstSource,
Inc.
(a)
...............................................
17,590
3,410
Clean
Harbors,
Inc.
(a)
...................................................
11,379
2,750
Cummins,
Inc.
.........................................................
11,323
3,666
Delta
Air
Lines,
Inc.
.....................................................
53,232
2,704
Fluor
Corp.
(a)
.........................................................
56,383
2,690
ITT,
Inc.
.............................................................
22,817
3,411
Jacobs
Solutions,
Inc.
....................................................
20,505
2,684
Johnson
Controls
International
PLC
..........................................
27,022
2,097
Knight-Swift
Transportation
Holdings,
Inc.
....................................
55,668
3,003
L3Harris
Technologies,
Inc.
...............................................
12,414
2,953
Oshkosh
Corp.
.........................................................
20,173
2,022
Owens
Corning
........................................................
13,000
2,295
Pentair
PLC
...........................................................
31,326
3,063
Regal
Rexnord
Corp.
....................................................
18,194
3,018
Robert
Half,
Inc.
.......................................................
39,723
2,678
Saia,
Inc.
(a)
...........................................................
7,839
3,428
Sensata
Technologies
Holding
PLC
..........................................
78,165
2,803
Textron,
Inc.
..........................................................
28,419
2,517
The
Brink's
Co.
........................................................
23,570
2,726
WESCO
International,
Inc.
................................................
15,146
2,544
Westinghouse
Air
Brake
Technologies
Corp.
....................................
20,481
3,723
62,764
Information
Technology
(9.1%):
Akamai
Technologies,
Inc.
(a)
..............................................
27,603
2,786
Amdocs
Ltd.
..........................................................
37,994
3,324
Ciena
Corp.
(a)
.........................................................
46,463
2,862
Corning,
Inc.
..........................................................
55,202
2,492
Flex
Ltd.
(a)
...........................................................
56,612
1,893
HP,
Inc.
..............................................................
70,686
2,535
Jabil,
Inc.
............................................................
20,864
2,500
Microchip
Technology,
Inc.
................................................
54,315
4,361
MKS
Instruments,
Inc.
...................................................
22,027
2,395
TD
SYNNEX
Corp.
.....................................................
24,504
2,942
Western
Digital
Corp.
(a)
..................................................
24,466
1,671
29,761
Materials
(8.1%):
ATI,
Inc.
(a)
...........................................................
44,363
2,968
Celanese
Corp.
.........................................................
21,870
2,974
Cleveland-Cliffs,
Inc.
(a)
..................................................
181,319
2,315
Corteva,
Inc.
..........................................................
65,030
3,823
International
Flavors
&
Fragrances,
Inc.
.......................................
25,260
2,651
International
Paper
Co.
...................................................
60,571
2,959
Martin
Marietta
Materials,
Inc.
.............................................
5,947
3,201
PPG
Industries,
Inc.
.....................................................
21,253
2,815
Reliance,
Inc.
..........................................................
9,757
2,822
26,528
Real
Estate
(9.6%):
Camden
Property
Trust
...................................................
22,369
2,763
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Essex
Property
Trust,
Inc.
.................................................
9,855
$
2,911
Federal
Realty
Investment
Trust
............................................
25,073
2,883
Host
Hotels
&
Resorts,
Inc.
................................................
118,300
2,082
Kilroy
Realty
Corp.
.....................................................
65,200
2,523
Realty
Income
Corp.
....................................................
83,968
5,325
VICI
Properties,
Inc.
....................................................
111,000
3,697
Welltower,
Inc.
.........................................................
22,887
2,930
Weyerhaeuser
Co.
......................................................
101,932
3,452
WP
Carey,
Inc.
.........................................................
49,750
3,100
31,666
Utilities
(7.3%):
CenterPoint
Energy,
Inc.
..................................................
76,850
2,261
Evergy,
Inc.
...........................................................
49,065
3,043
FirstEnergy
Corp.
.......................................................
71,956
3,191
National
Fuel
Gas
Co.
...................................................
36,001
2,182
Pinnacle
West
Capital
Corp.
...............................................
41,695
3,694
PPL
Corp.
............................................................
109,500
3,622
UGI
Corp.
............................................................
101,765
2,546
Xcel
Energy,
Inc.
.......................................................
53,120
3,469
24,008
Total
Common
Stocks
(Cost
$274,972)
a
a
a
327,122
Total
Investments
(Cost
$274,972)
—
99.6%
327,122
Other
assets
in
excess
of
liabilities
—
0.4%
1,335
NET
ASSETS
-
100.00%
$
328,457
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
7
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.4%)
Banks
(18.6%):
Ameris
Bancorp
........................................................
212,000
$
13,227
Atlantic
Union
Bankshares
Corp.
............................................
339,500
12,789
Bank
of
Hawaii
Corp.
....................................................
216,400
13,583
Bank
OZK
............................................................
225,100
9,677
Banner
Corp.
..........................................................
247,500
14,741
First
Bancorp
..........................................................
254,500
10,585
First
Merchants
Corp.
....................................................
347,500
12,927
Glacier
Bancorp,
Inc.
....................................................
368,300
16,831
Hancock
Whitney
Corp.
..................................................
227,600
11,646
Independent
Bank
Corp.
..................................................
202,700
11,986
NBT
Bancorp,
Inc.
......................................................
230,000
10,173
New
York
Community
Bancorp,
Inc.
.........................................
786,000
8,827
Northwest
Bancshares,
Inc.
................................................
978,500
13,092
Pacific
Premier
Bancorp,
Inc.
..............................................
531,900
13,383
Prosperity
Bancshares,
Inc.
................................................
135,000
9,729
Sandy
Spring
Bancorp,
Inc.
................................................
342,000
10,729
SouthState
Corp.
.......................................................
204,900
19,912
Valley
National
Bancorp
..................................................
1,228,000
11,126
Veritex
Holdings,
Inc.
....................................................
447,700
11,783
236,746
Capital
Markets
(1.3%):
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
181,400
7,858
Virtus
Investment
Partners,
Inc.
.............................................
41,700
8,734
16,592
Communication
Services
(3.1%):
Cinemark
Holdings,
Inc.
(a)
................................................
351,600
9,788
Iridium
Communications,
Inc.
..............................................
315,600
9,610
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
832,800
5,763
Lumen
Technologies,
Inc.
(a)
...............................................
916,000
6,504
Magnite,
Inc.
(a)
........................................................
533,800
7,393
39,058
Consumer
Discretionary
(8.6%):
American
Eagle
Outfitters,
Inc.
.............................................
480,300
10,754
Bloomin'
Brands,
Inc.
....................................................
486,300
8,039
Jack
in
the
Box,
Inc.
.....................................................
179,600
8,359
Marriott
Vacations
Worldwide
Corp.
.........................................
143,800
10,566
Newell
Brands,
Inc.
.....................................................
992,900
7,625
PVH
Corp.
...........................................................
89,295
9,004
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
814,000
11,046
Steven
Madden
Ltd.
.....................................................
152,700
7,481
The
Buckle,
Inc.
........................................................
144,000
6,332
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
1,087,600
9,625
Victoria's
Secret
&
Co.
(a)
.................................................
390,500
10,036
Visteon
Corp.
(a)
........................................................
101,400
9,657
108,524
Consumer
Staples
(2.4%):
Edgewell
Personal
Care
Co.
...............................................
172,000
6,251
Grocery
Outlet
Holding
Corp.
(a)
............................................
383,000
6,722
The
Andersons,
Inc.
.....................................................
167,600
8,403
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
211,500
8,885
30,261
Energy
(6.2%):
Atlas
Energy
Solutions,
Inc.
(b)
.............................................
434,000
9,461
California
Resources
Corp.
................................................
183,000
9,602
Civitas
Resources,
Inc.
...................................................
187,300
9,491
CONSOL
Energy,
Inc.
...................................................
96,200
10,067
Murphy
Oil
Corp.
......................................................
295,500
9,970
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Noble
Corp.
PLC
.......................................................
200,449
$
7,244
Talos
Energy,
Inc.
(a)
.....................................................
749,700
7,760
Uranium
Energy
Corp.
(a)
.................................................
1,525,000
9,470
Vital
Energy,
Inc.
(a)
.....................................................
208,400
5,606
78,671
Financial
Services
(1.1%):
MGIC
Investment
Corp.
..................................................
554,000
14,182
Health
Care
(7.5%):
Brookdale
Senior
Living,
Inc.
(a)
............................................
1,044,800
7,094
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
182,100
7,036
Fortrea
Holdings,
Inc.
(a)
..................................................
139,000
2,780
Haemonetics
Corp.
(a)
....................................................
114,889
9,235
ICU
Medical,
Inc.
(a)
....................................................
60,800
11,079
LivaNova
PLC
(a)
.......................................................
215,800
11,338
Perrigo
Co.
PLC
.......................................................
241,800
6,343
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
145,872
10,517
Select
Medical
Holdings
Corp.
.............................................
247,500
8,630
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
319,900
9,975
Surgery
Partners,
Inc.
(a)
..................................................
364,400
11,748
95,775
Industrials
(11.8%):
Alight,
Inc.
,
Class
A
(a)
...................................................
1,305,500
9,661
ArcBest
Corp.
.........................................................
60,400
6,550
BlueLinx
Holdings,
Inc.
(a)
................................................
82,000
8,644
Columbus
McKinnon
Corp.
...............................................
135,500
4,878
Gibraltar
Industries,
Inc.
(a)
................................................
145,100
10,147
Hub
Group,
Inc.
,
Class
A
.................................................
204,500
9,294
Janus
International
Group,
Inc.
(a)
...........................................
562,000
5,682
JELD-WEN
Holding,
Inc.
(a)
...............................................
555,500
8,782
Korn
Ferry
...........................................................
160,800
12,099
ManpowerGroup,
Inc.
...................................................
82,000
6,029
MRC
Global,
Inc.
(a)
.....................................................
584,800
7,450
Ryder
System,
Inc.
......................................................
67,226
9,802
SkyWest,
Inc.
(a)
........................................................
107,800
9,165
Terex
Corp.
...........................................................
144,000
7,619
The
Brink's
Co.
........................................................
78,400
9,066
The
Greenbrier
Cos.,
Inc.
.................................................
177,200
9,018
The
Manitowoc
Co.,
Inc.
(a)
...............................................
338,100
3,252
Titan
International,
Inc.
(a)
.................................................
670,800
5,454
Wabash
National
Corp.
...................................................
399,300
7,663
150,255
Information
Technology
(7.2%):
Belden,
Inc.
...........................................................
101,500
11,889
Diodes,
Inc.
(a)
.........................................................
158,000
10,126
Extreme
Networks,
Inc.
(a)
................................................
552,000
8,297
Harmonic,
Inc.
(a)
.......................................................
520,700
7,587
Knowles
Corp.
(a)
.......................................................
432,300
7,794
Kulicke
&
Soffa
Industries,
Inc.
.............................................
176,500
7,965
Plexus
Corp.
(a)
........................................................
78,300
10,704
Sanmina
Corp.
(a)
.......................................................
154,700
10,589
Synaptics,
Inc.
(a)
.......................................................
131,330
10,189
Veeco
Instruments,
Inc.
(a)
.................................................
172,300
5,708
90,848
Insurance
(3.4%):
CNO
Financial
Group,
Inc.
................................................
278,400
9,772
Kemper
Corp.
.........................................................
114,389
7,006
RLI
Corp.
............................................................
49,500
7,672
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
231,973
9,448
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Stewart
Information
Services
Corp.
..........................................
128,900
$
9,634
43,532
Materials
(7.3%):
Avient
Corp.
..........................................................
208,800
10,507
Commercial
Metals
Co.
..................................................
217,400
11,948
Huntsman
Corp.
........................................................
382,700
9,261
Ingevity
Corp.
(a)
.......................................................
215,900
8,420
Minerals
Technologies,
Inc.
................................................
125,300
9,677
Myers
Industries,
Inc.
....................................................
424,400
5,865
Orion
SA
.............................................................
498,200
8,873
Ryerson
Holding
Corp.
...................................................
277,100
5,517
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
335,600
13,099
Tronox
Holdings
PLC
...................................................
663,900
9,713
92,880
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(2.2%):
AGNC
Investment
Corp.
(b)
...............................................
864,700
9,045
Dynex
Capital,
Inc.
.....................................................
867,500
11,069
Ladder
Capital
Corp.
....................................................
703,100
8,156
28,270
Real
Estate
(11.4%):
Alexander
&
Baldwin,
Inc.
................................................
393,300
7,551
Broadstone
Net
Lease,
Inc.
................................................
614,500
11,645
CareTrust
REIT,
Inc.
....................................................
324,200
10,005
Cushman
&
Wakefield
PLC
(a)
.............................................
950,000
12,949
DiamondRock
Hospitality
Co.
..............................................
1,061,900
9,270
Douglas
Emmett,
Inc.
....................................................
651,000
11,438
Easterly
Government
Properties,
Inc.
.........................................
804,000
10,918
Essential
Properties
Realty
Trust,
Inc.
........................................
389,200
13,291
LXP
Industrial
Trust
.....................................................
1,238,600
12,448
Sabra
Health
Care
REIT,
Inc.
..............................................
647,500
12,050
SITE
Centers
Corp.
(a)
...................................................
178,750
10,814
STAG
Industrial,
Inc.
....................................................
133,000
5,199
Summit
Hotel
Properties,
Inc.
..............................................
1,064,700
7,304
Veris
Residential,
Inc.
....................................................
521,700
9,318
144,200
Utilities
(6.3%):
National
Fuel
Gas
Co.
...................................................
183,600
11,128
Northwestern
Energy
Group,
Inc.
...........................................
251,500
14,391
ONE
Gas,
Inc.
.........................................................
182,800
13,604
Portland
General
Electric
Co.
..............................................
311,600
14,926
Spire,
Inc.
............................................................
187,300
12,603
TXNM
Energy,
Inc.
.....................................................
306,000
13,394
80,046
Total
Common
Stocks
(Cost
$1,122,238)
a
a
a
1,249,840
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(c)
........
2,547,210
2,547
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(c)
............
2,547,210
2,547
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(c)
...............
2,547,210
2,547
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(c)
.
2,547,210
2,548
Total
Collateral
for
Securities
Loaned
(Cost
$10,189)
a
a
a
10,189
Total
Investments
(Cost
$1,132,427)
—
99.2%
1,260,029
Other
assets
in
excess
of
liabilities
—
0.8%
10,702
NET
ASSETS
-
100.00%
$
1,270,731
^
Purchased
with
cash
collateral
from
securities
on
loan.
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
11
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.9%)
Communication
Services
(3.1%):
Cinemark
Holdings,
Inc.
(a)
................................................
87,625
$
2,440
Iridium
Communications,
Inc.
..............................................
106,696
3,249
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
38,000
2,942
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
202,468
1,401
10,032
Consumer
Discretionary
(12.1%):
American
Eagle
Outfitters,
Inc.
.............................................
111,488
2,496
Bloomin'
Brands,
Inc.
....................................................
124,447
2,057
Brunswick
Corp.
.......................................................
28,565
2,394
Caesars
Entertainment,
Inc.
(a)
..............................................
84,806
3,540
Churchill
Downs,
Inc.
....................................................
17,045
2,305
Marriott
Vacations
Worldwide
Corp.
.........................................
38,540
2,832
Mohawk
Industries,
Inc.
(a)
................................................
22,739
3,654
Newell
Brands,
Inc.
.....................................................
291,097
2,236
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
184,300
3,780
PVH
Corp.
...........................................................
29,388
2,963
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
199,943
2,713
Steven
Madden
Ltd.
.....................................................
39,100
1,915
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
224,431
1,986
Victoria's
Secret
&
Co.
(a)
.................................................
98,700
2,537
Visteon
Corp.
(a)
........................................................
25,396
2,419
39,827
Consumer
Staples
(3.8%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
27,511
2,269
Casey's
General
Stores,
Inc.
...............................................
5,710
2,146
Coty,
Inc.
,
Class
A
(a)
....................................................
259,760
2,439
Performance
Food
Group
Co.
(a)
............................................
40,975
3,211
Post
Holdings,
Inc.
(a)
....................................................
21,400
2,477
12,542
Energy
(4.6%):
Antero
Resources
Corp.
(a)
................................................
66,264
1,898
Cactus,
Inc.
,
Class
A
.....................................................
46,518
2,776
California
Resources
Corp.
................................................
33,250
1,745
Chord
Energy
Corp.
.....................................................
13,336
1,737
Civitas
Resources,
Inc.
...................................................
39,650
2,009
Noble
Corp.
PLC
.......................................................
33,628
1,215
Ovintiv,
Inc.
..........................................................
46,250
1,772
Permian
Resources
Corp.
.................................................
149,077
2,029
15,181
Financials
(17.7%):
AGNC
Investment
Corp.
(b)
...............................................
274,068
2,867
American
Financial
Group,
Inc.
.............................................
16,958
2,283
Annaly
Capital
Management,
Inc.
...........................................
168,750
3,387
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
51,720
2,240
Assurant,
Inc.
.........................................................
12,265
2,439
Atlantic
Union
Bankshares
Corp.
............................................
72,600
2,735
Bank
OZK
............................................................
66,082
2,841
First
American
Financial
Corp.
.............................................
41,568
2,744
First
Horizon
Corp.
.....................................................
229,000
3,556
Glacier
Bancorp,
Inc.
....................................................
83,084
3,797
Independent
Bank
Corp.
..................................................
50,861
3,007
Lincoln
National
Corp.
...................................................
67,900
2,140
MGIC
Investment
Corp.
..................................................
155,100
3,971
New
York
Community
Bancorp,
Inc.
.........................................
169,500
1,903
Prosperity
Bancshares,
Inc.
................................................
47,608
3,431
SouthState
Corp.
.......................................................
39,900
3,877
Unum
Group
..........................................................
41,820
2,486
Valley
National
Bancorp
..................................................
316,000
2,863
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Veritex
Holdings,
Inc.
....................................................
107,956
$
2,841
Voya
Financial,
Inc.
.....................................................
32,185
2,550
57,958
Health
Care
(7.7%):
Encompass
Health
Corp.
..................................................
28,895
2,792
Fortrea
Holdings,
Inc.
(a)
..................................................
35,200
704
Globus
Medical,
Inc.
(a)
..................................................
36,063
2,580
Jazz
Pharmaceuticals
PLC
(a)
..............................................
23,393
2,606
LivaNova
PLC
(a)
.......................................................
54,665
2,872
Perrigo
Co.
PLC
.......................................................
84,500
2,217
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
34,902
2,516
Select
Medical
Holdings
Corp.
.............................................
67,856
2,366
Tenet
Healthcare
Corp.
(a)
.................................................
19,850
3,299
United
Therapeutics
Corp.
(a)
..............................................
9,205
3,299
25,251
Industrials
(20.3%):
Alight,
Inc.
,
Class
A
(a)
...................................................
309,100
2,287
Amentum
Holdings,
Inc.
(a)
................................................
15,394
496
Builders
FirstSource,
Inc.
(a)
...............................................
15,205
2,948
Chart
Industries,
Inc.
(a)
..................................................
19,786
2,456
Clean
Harbors,
Inc.
(a)
...................................................
12,816
3,098
Fluor
Corp.
(a)
.........................................................
56,904
2,715
ITT,
Inc.
.............................................................
26,875
4,018
Jacobs
Solutions,
Inc.
....................................................
15,394
2,015
Kirby
Corp.
(a)
.........................................................
26,281
3,218
Knight-Swift
Transportation
Holdings,
Inc.
....................................
62,700
3,383
Korn
Ferry
...........................................................
45,005
3,386
Oshkosh
Corp.
.........................................................
25,693
2,575
Owens
Corning
........................................................
14,920
2,634
Pentair
PLC
...........................................................
45,443
4,444
Robert
Half,
Inc.
.......................................................
46,921
3,163
Ryder
System,
Inc.
......................................................
21,896
3,192
Saia,
Inc.
(a)
...........................................................
7,969
3,484
Sensata
Technologies
Holding
PLC
..........................................
79,036
2,834
SkyWest,
Inc.
(a)
........................................................
35,100
2,984
Terex
Corp.
...........................................................
43,242
2,288
Textron,
Inc.
..........................................................
38,547
3,414
The
Brink's
Co.
........................................................
25,820
2,986
WESCO
International,
Inc.
................................................
15,310
2,572
66,590
Information
Technology
(8.3%):
Amdocs
Ltd.
..........................................................
42,908
3,754
Belden,
Inc.
...........................................................
22,754
2,665
Ciena
Corp.
(a)
.........................................................
51,774
3,189
Diodes,
Inc.
(a)
.........................................................
37,804
2,423
Flex
Ltd.
(a)
...........................................................
62,601
2,093
Jabil,
Inc.
............................................................
24,500
2,936
Kulicke
&
Soffa
Industries,
Inc.
.............................................
50,090
2,260
MKS
Instruments,
Inc.
...................................................
22,200
2,413
Synaptics,
Inc.
(a)
.......................................................
33,250
2,579
TD
SYNNEX
Corp.
.....................................................
24,075
2,891
27,203
Materials
(6.5%):
ATI,
Inc.
(a)
...........................................................
49,818
3,333
Cleveland-Cliffs,
Inc.
(a)
..................................................
226,268
2,890
Commercial
Metals
Co.
..................................................
61,883
3,401
Huntsman
Corp.
........................................................
147,214
3,563
Ingevity
Corp.
(a)
.......................................................
60,623
2,364
Reliance,
Inc.
..........................................................
11,235
3,249
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
64,323
$
2,511
21,311
Real
Estate
(9.6%):
Camden
Property
Trust
...................................................
31,400
3,879
Cushman
&
Wakefield
PLC
(a)
.............................................
245,000
3,339
Federal
Realty
Investment
Trust
............................................
30,212
3,473
First
Industrial
Realty
Trust,
Inc.
............................................
79,096
4,428
Gaming
and
Leisure
Properties,
Inc.
.........................................
88,500
4,553
Highwoods
Properties,
Inc.
................................................
97,710
3,274
Host
Hotels
&
Resorts,
Inc.
................................................
140,435
2,472
Kilroy
Realty
Corp.
.....................................................
73,400
2,841
WP
Carey,
Inc.
.........................................................
50,000
3,115
31,374
Utilities
(4.2%):
Evergy,
Inc.
...........................................................
51,378
3,186
National
Fuel
Gas
Co.
...................................................
57,850
3,506
Pinnacle
West
Capital
Corp.
...............................................
46,517
4,121
UGI
Corp.
............................................................
119,147
2,981
13,794
Total
Common
Stocks
(Cost
$274,917)
a
a
a
321,063
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(c)
........
669,010
669
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(c)
............
669,010
669
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(c)
...............
669,010
669
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(c)
.
669,010
669
Total
Collateral
for
Securities
Loaned
(Cost
$2,676)
a
a
a
2,676
Total
Investments
(Cost
$277,593)
—
98.7%
323,739
Other
assets
in
excess
of
liabilities
—
1.3%
4,397
NET
ASSETS
-
100.00%
$
328,136
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
14
(Unaudited)
T
Security
Description
Shares
Value
(000)
Common
Stocks
(96.9%)
Communication
Services
(11.2%):
Alphabet,
Inc.
,
Class
A
...................................................
125,260
$
20,774
Meta
Platforms,
Inc.
,
Class
A
..............................................
32,300
18,490
Netflix,
Inc.
(a)
.........................................................
11,100
7,873
T-Mobile
US,
Inc.
......................................................
36,100
7,450
54,587
Consumer
Discretionary
(11.7%):
Amazon.com,
Inc.
(a)
....................................................
105,500
19,658
D.R.
Horton,
Inc.
.......................................................
27,900
5,322
General
Motors
Co.
.....................................................
131,400
5,892
JD.com,
Inc.
,
ADR
......................................................
97,300
3,892
PulteGroup,
Inc.
........................................................
37,500
5,382
Tesla,
Inc.
(a)
..........................................................
14,600
3,820
Texas
Roadhouse,
Inc.
...................................................
17,200
3,038
Toll
Brothers,
Inc.
......................................................
20,300
3,136
Wingstop,
Inc.
.........................................................
16,600
6,907
57,047
Consumer
Staples
(2.2%):
BellRing
Brands,
Inc.
(a)
..................................................
97,300
5,908
Casey's
General
Stores,
Inc.
...............................................
12,600
4,734
10,642
Electronic
Equipment,
Instruments
&
Components
(2.0%):
Fabrinet
(a)
............................................................
11,400
2,696
OSI
Systems,
Inc.
(a)
.....................................................
46,000
6,984
9,680
Energy
(4.9%):
Baker
Hughes
Co.
......................................................
135,600
4,902
Diamondback
Energy,
Inc.
................................................
20,400
3,517
EOG
Resources,
Inc.
....................................................
35,900
4,413
Matador
Resources
Co.
...................................................
74,700
3,692
Oceaneering
International,
Inc.
(a)
...........................................
155,700
3,872
Weatherford
International
PLC
.............................................
38,700
3,286
23,682
Financials
(12.5%):
Affiliated
Managers
Group,
Inc.
............................................
27,300
4,854
Ameriprise
Financial,
Inc.
.................................................
14,100
6,624
Chubb
Ltd.
...........................................................
15,800
4,557
Fiserv,
Inc.
(a)
..........................................................
28,900
5,192
Interactive
Brokers
Group,
Inc.
.............................................
42,800
5,965
JPMorgan
Chase
&
Co.
..................................................
33,300
7,022
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
363,700
4,964
Pagseguro
Digital
Ltd.
,
Class
A
(a)
...........................................
215,700
1,857
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
70,800
2,884
The
Bancorp,
Inc.
(a)
.....................................................
73,900
3,954
Visa,
Inc.
,
Class
A
......................................................
21,100
5,801
W.R.
Berkley
Corp.
.....................................................
127,700
7,244
60,918
Health
Care
(13.6%):
Addus
HomeCare
Corp.
(a)
................................................
24,800
3,299
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
92,600
4,494
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
80,900
3,126
Elevance
Health,
Inc.
....................................................
4,300
2,236
Eli
Lilly
&
Co.
.........................................................
12,200
10,808
HCA
Healthcare,
Inc.
....................................................
18,900
7,682
Neurocrine
Biosciences,
Inc.
(a)
.............................................
38,500
4,436
Novo
Nordisk
A/S
,
ADR
..................................................
20,900
2,489
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
ResMed,
Inc.
..........................................................
20,700
$
5,053
Stryker
Corp.
..........................................................
20,000
7,225
The
Cigna
Group
.......................................................
13,200
4,573
The
Ensign
Group,
Inc.
...................................................
44,200
6,357
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
9,100
4,232
66,010
Industrials
(9.7%):
Allison
Transmission
Holdings,
Inc.
.........................................
52,400
5,034
Comfort
Systems
USA,
Inc.
...............................................
15,700
6,128
EMCOR
Group,
Inc.
....................................................
13,200
5,683
Federal
Signal
Corp.
.....................................................
46,800
4,374
GXO
Logistics,
Inc.
(a)
...................................................
44,700
2,328
Huron
Consulting
Group,
Inc.
(a)
............................................
20,300
2,207
Kirby
Corp.
(a)
.........................................................
39,500
4,836
Parsons
Corp.
(a)
.......................................................
53,800
5,578
Powell
Industries,
Inc.
...................................................
17,500
3,885
Textron,
Inc.
..........................................................
49,600
4,394
Verra
Mobility
Corp.
(a)
..................................................
102,500
2,850
47,297
Materials
(0.9%):
Linde
PLC
............................................................
4,500
2,146
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
54,630
2,132
4,278
Real
Estate
(2.2%):
Digital
Realty
Trust,
Inc.
..................................................
18,300
2,962
Simon
Property
Group,
Inc.
...............................................
22,300
3,769
VICI
Properties,
Inc.
....................................................
122,200
4,070
10,801
Semiconductors
&
Semiconductor
Equipment
(10.2%):
Broadcom,
Inc.
........................................................
87,900
15,163
NVIDIA
Corp.
.........................................................
193,800
23,535
ON
Semiconductor
Corp.
(a)
...............................................
52,000
3,776
Photronics,
Inc.
(a)
......................................................
84,800
2,099
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
28,100
4,880
49,453
Software
(10.7%):
Adobe,
Inc.
(a)
.........................................................
8,800
4,556
Cadence
Design
Systems,
Inc.
(a)
............................................
22,900
6,207
Clear
Secure,
Inc.
,
Class
A
................................................
168,000
5,568
Microsoft
Corp.
........................................................
70,160
30,190
Nice
Ltd.
,
ADR
(a)
(b)
....................................................
30,900
5,366
51,887
Technology
Hardware,
Storage
&
Peripherals
(5.1%):
Apple,
Inc.
...........................................................
107,580
25,066
Total
Common
Stocks
(Cost
$300,642)
a
a
a
471,348
Exchange-Traded
Funds
(0.9%)
iShares
Russell
3000
ETF
.................................................
13,500
4,411
Total
Exchange-Traded
Funds
(Cost
$3,617)
a
a
a
4,411
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(c)
........
1,338,356
1,338
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(c)
............
1,338,356
1,338
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(c)
...............
1,338,356
1,338
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(c)
.
1,338,356
$
1,339
Total
Collateral
for
Securities
Loaned
(Cost
$5,353)
a
a
a
5,353
Total
Investments
(Cost
$309,612)
—
98.9%
481,112
Other
assets
in
excess
of
liabilities
—
1.1%
5,207
NET
ASSETS
-
100.00%
$
486,319
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
6.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
S&P
500
Index
Fund
17
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.4%)
Communication
Services
(8.8%):
Alphabet,
Inc.
,
Class
A
...................................................
31,693
$
5,256
Alphabet,
Inc.
,
Class
C
...................................................
25,982
4,344
AT&T,
Inc.
...........................................................
38,786
853
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
525
170
Comcast
Corp.
,
Class
A
..................................................
20,897
873
Electronic
Arts,
Inc.
.....................................................
1,301
187
Fox
Corp.
,
Class
A
......................................................
1,215
51
Fox
Corp.
,
Class
B
......................................................
714
28
Live
Nation
Entertainment,
Inc.
(a)
...........................................
847
93
Match
Group,
Inc.
(a)
....................................................
1,395
53
Meta
Platforms,
Inc.
,
Class
A
..............................................
11,818
6,765
Netflix,
Inc.
(a)
.........................................................
2,322
1,647
News
Corp.
,
Class
A
.....................................................
2,047
54
News
Corp.
,
Class
B
....................................................
607
17
Omnicom
Group,
Inc.
....................................................
1,058
109
Paramount
Global
,
Class
B
................................................
3,217
34
Take-Two
Interactive
Software,
Inc.
(a)
........................................
882
136
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
2,032
64
The
Walt
Disney
Co.
....................................................
9,810
944
T-Mobile
US,
Inc.
......................................................
2,651
547
Verizon
Communications,
Inc.
..............................................
22,771
1,023
Warner
Bros
Discovery,
Inc.
(a)
.............................................
12,070
100
23,348
Communications
Equipment
(0.8%):
Arista
Networks,
Inc.
(a)
..................................................
1,393
535
Cisco
Systems,
Inc.
.....................................................
21,793
1,160
F5,
Inc.
(a)
............................................................
315
69
Juniper
Networks,
Inc.
...................................................
1,781
69
Motorola
Solutions,
Inc.
..................................................
903
406
2,239
Consumer
Discretionary
(10.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
2,380
302
Amazon.com,
Inc.
(a)
....................................................
50,529
9,415
Aptiv
PLC
(a)
..........................................................
1,438
104
AutoZone,
Inc.
(a)
.......................................................
92
290
Best
Buy
Co.,
Inc.
......................................................
1,062
110
Booking
Holdings,
Inc.
...................................................
181
762
BorgWarner,
Inc.
.......................................................
1,232
45
Caesars
Entertainment,
Inc.
(a)
..............................................
1,170
49
CarMax,
Inc.
(a)
........................................................
844
65
Carnival
Corp.
(a)
.......................................................
5,465
101
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
7,408
427
D.R.
Horton,
Inc.
.......................................................
1,587
303
Darden
Restaurants,
Inc.
..................................................
641
105
Deckers
Outdoor
Corp.
(a)
.................................................
825
132
Domino's
Pizza,
Inc.
.....................................................
189
81
eBay,
Inc.
............................................................
2,645
172
Expedia
Group,
Inc.
(a)
...................................................
674
100
Ford
Motor
Co.
........................................................
21,120
223
Garmin
Ltd.
...........................................................
832
146
General
Motors
Co.
.....................................................
6,080
273
Genuine
Parts
Co.
......................................................
754
105
Hasbro,
Inc.
...........................................................
709
51
Hilton
Worldwide
Holdings,
Inc.
............................................
1,333
307
Las
Vegas
Sands
Corp.
...................................................
1,912
96
Lennar
Corp.
,
Class
A
....................................................
1,307
245
LKQ
Corp.
...........................................................
1,424
57
Lowe's
Cos.,
Inc.
.......................................................
3,082
835
Lululemon
Athletica,
Inc.
(a)
...............................................
622
169
Victory
Portfolios
Victory
S&P
500
Index
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Marriott
International,
Inc.
,
Class
A
..........................................
1,264
$
314
McDonald's
Corp.
......................................................
3,880
1,181
MGM
Resorts
International
(a)
..............................................
1,249
49
Mohawk
Industries,
Inc.
(a)
................................................
283
45
NIKE,
Inc.
,
Class
B
.....................................................
6,499
574
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
2,378
49
NVR,
Inc.
(a)
..........................................................
17
167
O'Reilly
Automotive,
Inc.
(a)
...............................................
314
362
Pool
Corp.
............................................................
207
78
PulteGroup,
Inc.
........................................................
1,123
161
Ralph
Lauren
Corp.
.....................................................
217
42
Ross
Stores,
Inc.
.......................................................
1,804
272
Royal
Caribbean
Cruises
Ltd.
..............................................
1,281
227
Starbucks
Corp.
........................................................
6,130
598
Tapestry,
Inc.
..........................................................
1,245
58
Tesla,
Inc.
(a)
..........................................................
15,009
3,927
The
Home
Depot,
Inc.
...................................................
5,364
2,173
The
TJX
Cos.,
Inc.
......................................................
6,113
719
Tractor
Supply
Co.
......................................................
584
170
Ulta
Beauty,
Inc.
(a)
.....................................................
258
100
Wynn
Resorts
Ltd.
......................................................
506
49
Yum!
Brands,
Inc.
......................................................
1,521
212
26,597
Consumer
Staples
(5.8%):
Altria
Group,
Inc.
.......................................................
9,230
471
Archer-Daniels-Midland
Co.
...............................................
2,586
154
Brown-Forman
Corp.
,
Class
B
.............................................
992
49
Bunge
Global
SA
.......................................................
766
74
Campbell
Soup
Co.
.....................................................
1,066
52
Church
&
Dwight
Co.,
Inc.
................................................
1,324
139
Colgate-Palmolive
Co.
...................................................
4,420
459
Conagra
Brands,
Inc.
....................................................
2,591
84
Constellation
Brands,
Inc.
,
Class
A
..........................................
848
218
Costco
Wholesale
Corp.
..................................................
2,398
2,126
Dollar
General
Corp.
....................................................
1,189
101
Dollar
Tree,
Inc.
(a)
......................................................
1,093
77
General
Mills,
Inc.
......................................................
3,011
222
Hormel
Foods
Corp.
.....................................................
1,572
50
Kellanova
............................................................
1,451
117
Kenvue,
Inc.
..........................................................
10,360
240
Keurig
Dr.
Pepper,
Inc.
...................................................
5,722
214
Kimberly-Clark
Corp.
....................................................
1,822
259
Lamb
Weston
Holdings,
Inc.
...............................................
777
50
McCormick
&
Co.,
Inc.
..................................................
1,363
112
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
950
55
Mondelez
International,
Inc.
,
Class
A
.........................................
7,226
532
Monster
Beverage
Corp.
(a)
................................................
3,815
199
PepsiCo,
Inc.
..........................................................
7,430
1,263
Philip
Morris
International,
Inc.
.............................................
8,410
1,021
Sysco
Corp.
...........................................................
2,660
208
Target
Corp.
..........................................................
2,503
390
The
Clorox
Co.
........................................................
670
109
The
Coca-Cola
Co.
......................................................
20,982
1,508
The
Estee
Lauder
Cos.,
Inc.
...............................................
1,261
126
The
Hershey
Co.
.......................................................
799
153
The
J.M.
Smucker
Co.
...................................................
576
70
The
Kraft
Heinz
Co.
.....................................................
4,774
168
The
Kroger
Co.
........................................................
3,592
206
The
Procter
&
Gamble
Co.
................................................
12,734
2,206
Tyson
Foods,
Inc.
,
Class
A
................................................
1,546
92
Walgreens
Boots
Alliance,
Inc.
.............................................
3,876
35
Victory
Portfolios
Victory
S&P
500
Index
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Walmart,
Inc.
..........................................................
23,496
$
1,897
15,506
Electronic
Equipment,
Instruments
&
Components
(0.6%):
Amphenol
Corp.
,
Class
A
.................................................
6,514
424
CDW
Corp.
...........................................................
723
164
Corning,
Inc.
..........................................................
4,166
188
Jabil,
Inc.
............................................................
614
74
Keysight
Technologies,
Inc.
(a)
.............................................
944
150
TE
Connectivity
PLC
(a)
..................................................
1,644
248
Teledyne
Technologies,
Inc.
(a)
.............................................
253
111
Trimble,
Inc.
(a)
........................................................
1,321
82
Zebra
Technologies
Corp.
(a)
...............................................
279
103
1,544
Energy
(3.3%):
APA
Corp.
............................................................
2,001
49
Baker
Hughes
Co.
......................................................
5,374
194
Chevron
Corp.
.........................................................
9,201
1,355
ConocoPhillips
Co.
.....................................................
6,282
661
Coterra
Energy,
Inc.
.....................................................
3,999
96
Devon
Energy
Corp.
.....................................................
3,387
132
Diamondback
Energy,
Inc.
................................................
965
166
EOG
Resources,
Inc.
....................................................
3,076
378
EQT
Corp.
............................................................
3,213
118
Exxon
Mobil
Corp.
.....................................................
24,033
2,817
Halliburton
Co.
........................................................
4,776
139
Hess
Corp.
............................................................
1,495
203
Kinder
Morgan,
Inc.
.....................................................
10,445
231
Marathon
Oil
Corp.
.....................................................
3,026
81
Marathon
Petroleum
Corp.
................................................
1,810
295
Occidental
Petroleum
Corp.
...............................................
3,642
188
ONEOK,
Inc.
..........................................................
3,159
288
Phillips
66
Co.
.........................................................
2,264
298
Schlumberger
NV
......................................................
7,681
322
Targa
Resources
Corp.
...................................................
1,185
175
The
Williams
Cos.,
Inc.
..................................................
6,594
301
Valero
Energy
Corp.
.....................................................
1,733
234
8,721
Financials
(12.8%):
Aflac,
Inc.
............................................................
2,726
305
American
Express
Co.
...................................................
3,038
824
American
International
Group,
Inc.
..........................................
3,483
255
Ameriprise
Financial,
Inc.
.................................................
531
249
Aon
PLC
,
Class
A
......................................................
1,175
407
Arch
Capital
Group
Ltd.
(a)
................................................
2,026
227
Arthur
J.
Gallagher
&
Co.
.................................................
1,185
333
Assurant,
Inc.
.........................................................
280
56
Bank
of
America
Corp.
...................................................
36,518
1,449
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
9,909
4,561
BlackRock,
Inc.
........................................................
753
715
Blackstone,
Inc.
........................................................
3,895
596
Brown
&
Brown,
Inc.
....................................................
1,281
133
Capital
One
Financial
Corp.
...............................................
2,066
309
Cboe
Global
Markets,
Inc.
................................................
566
116
Chubb
Ltd.
...........................................................
2,032
586
Cincinnati
Financial
Corp.
................................................
845
115
Citigroup,
Inc.
.........................................................
10,320
646
Citizens
Financial
Group,
Inc.
..............................................
2,425
100
CME
Group,
Inc.
.......................................................
1,948
430
Discover
Financial
Services
...............................................
1,358
191
Erie
Indemnity
Co.
,
Class
A
...............................................
135
73
Everest
Group
Ltd.
......................................................
234
92
Victory
Portfolios
Victory
S&P
500
Index
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
FactSet
Research
Systems,
Inc.
.............................................
206
$
95
Fidelity
National
Information
Services,
Inc.
....................................
2,951
247
Fifth
Third
Bancorp
.....................................................
3,661
157
Fiserv,
Inc.
(a)
..........................................................
3,114
559
Franklin
Resources,
Inc.
..................................................
1,669
34
Global
Payments,
Inc.
....................................................
1,376
141
Globe
Life,
Inc.
........................................................
486
51
Huntington
Bancshares,
Inc.
...............................................
7,857
115
Intercontinental
Exchange,
Inc.
.............................................
3,106
499
Invesco
Ltd.
...........................................................
2,434
43
Jack
Henry
&
Associates,
Inc.
..............................................
394
70
JPMorgan
Chase
&
Co.
..................................................
15,391
3,245
KeyCorp
.............................................................
5,021
84
KKR
&
Co.,
Inc.
.......................................................
3,648
476
Loews
Corp.
..........................................................
986
78
M&T
Bank
Corp.
.......................................................
903
161
MarketAxess
Holdings,
Inc.
...............................................
204
52
Marsh
&
McLennan
Cos.,
Inc.
.............................................
2,660
593
Mastercard,
Inc.
,
Class
A
.................................................
4,463
2,204
MetLife,
Inc.
..........................................................
3,182
262
Moody's
Corp.
.........................................................
847
402
Morgan
Stanley
........................................................
6,739
702
MSCI,
Inc.
...........................................................
425
248
Nasdaq,
Inc.
..........................................................
2,238
163
Northern
Trust
Corp.
....................................................
1,091
98
PayPal
Holdings,
Inc.
(a)
..................................................
5,530
432
Principal
Financial
Group,
Inc.
.............................................
1,153
99
Prudential
Financial,
Inc.
.................................................
1,931
234
Raymond
James
Financial,
Inc.
.............................................
1,003
123
Regions
Financial
Corp.
..................................................
4,950
115
S&P
Global,
Inc.
.......................................................
1,732
895
State
Street
Corp.
.......................................................
1,615
143
Synchrony
Financial
.....................................................
2,138
107
T.
Rowe
Price
Group,
Inc.
.................................................
1,204
131
The
Allstate
Corp.
......................................................
1,428
271
The
Bank
of
New
York
Mellon
Corp.
.........................................
3,992
287
The
Charles
Schwab
Corp.
................................................
8,081
524
The
Goldman
Sachs
Group,
Inc.
............................................
1,708
846
The
Hartford
Financial
Services
Group,
Inc.
....................................
1,585
186
The
PNC
Financial
Services
Group,
Inc.
......................................
2,150
397
The
Progressive
Corp.
...................................................
3,168
804
The
Travelers
Cos.,
Inc.
..................................................
1,233
289
Truist
Financial
Corp.
....................................................
7,244
310
U.S.
Bancorp
..........................................................
8,441
386
Visa,
Inc.
,
Class
A
......................................................
9,036
2,484
W.R.
Berkley
Corp.
.....................................................
1,626
92
Wells
Fargo
&
Co.
......................................................
18,412
1,040
Willis
Towers
Watson
PLC
................................................
549
162
33,904
Health
Care
(11.5%):
Abbott
Laboratories
.....................................................
9,412
1,073
AbbVie,
Inc.
..........................................................
9,555
1,887
Agilent
Technologies,
Inc.
.................................................
1,578
234
Align
Technology,
Inc.
(a)
.................................................
380
97
Amgen,
Inc.
...........................................................
2,907
937
Baxter
International,
Inc.
.................................................
2,760
105
Becton
Dickinson
&
Co.
..................................................
1,564
377
Biogen,
Inc.
(a)
.........................................................
788
153
Bio-Techne
Corp.
.......................................................
852
68
Boston
Scientific
Corp.
(a)
.................................................
7,966
668
Bristol-Myers
Squibb
Co.
.................................................
10,967
567
Cardinal
Health,
Inc.
....................................................
1,319
146
Victory
Portfolios
Victory
S&P
500
Index
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Catalent,
Inc.
(a)
........................................................
979
$
59
Cencora,
Inc.
..........................................................
944
213
Centene
Corp.
(a)
.......................................................
2,845
214
Charles
River
Laboratories
International,
Inc.
(a)
.................................
279
55
CVS
Health
Corp.
......................................................
6,805
428
Danaher
Corp.
.........................................................
3,477
967
DaVita,
Inc.
(a)
.........................................................
250
41
Dexcom,
Inc.
(a)
........................................................
2,168
145
Edwards
Lifesciences
Corp.
(a)
.............................................
3,259
215
Elevance
Health,
Inc.
....................................................
1,254
652
Eli
Lilly
&
Co.
.........................................................
4,267
3,780
GE
HealthCare
Technologies,
Inc.
...........................................
2,297
216
Gilead
Sciences,
Inc.
....................................................
6,735
565
HCA
Healthcare,
Inc.
....................................................
1,005
408
Henry
Schein,
Inc.
(a)
....................................................
685
50
Hologic,
Inc.
(a)
........................................................
1,256
102
Humana,
Inc.
..........................................................
651
206
IDEXX
Laboratories,
Inc.
(a)
...............................................
445
225
Incyte
Corp.
(a)
.........................................................
865
57
Insulet
Corp.
(a)
........................................................
379
88
Intuitive
Surgical,
Inc.
(a)
.................................................
1,919
943
IQVIA
Holdings,
Inc.
(a)
..................................................
937
222
Johnson
&
Johnson
.....................................................
13,022
2,110
Labcorp
Holdings,
Inc.
...................................................
454
101
McKesson
Corp.
.......................................................
701
347
Medtronic
PLC
........................................................
6,938
625
Merck
&
Co.,
Inc.
......................................................
13,712
1,557
Mettler-Toledo
International,
Inc.
(a)
.........................................
115
172
Moderna,
Inc.
(a)
.......................................................
1,830
122
Molina
Healthcare,
Inc.
(a)
................................................
317
109
Pfizer,
Inc.
............................................................
30,653
887
Quest
Diagnostics,
Inc.
...................................................
602
93
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
574
603
ResMed,
Inc.
..........................................................
795
194
Revvity,
Inc.
..........................................................
667
85
Solventum
Corp.
(a)
.....................................................
747
52
STERIS
PLC
..........................................................
533
129
Stryker
Corp.
..........................................................
1,855
670
Teleflex,
Inc.
..........................................................
255
63
The
Cigna
Group
.......................................................
1,512
524
The
Cooper
Cos.,
Inc.
(a)
..................................................
1,077
119
Thermo
Fisher
Scientific,
Inc.
..............................................
2,066
1,278
UnitedHealth
Group,
Inc.
.................................................
4,995
2,921
Universal
Health
Services,
Inc.
,
Class
B
.......................................
322
74
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,396
649
Viatris,
Inc.
...........................................................
6,456
75
Waters
Corp.
(a)
........................................................
321
116
West
Pharmaceutical
Services,
Inc.
..........................................
392
118
Zimmer
Biomet
Holdings,
Inc.
.............................................
1,102
119
Zoetis,
Inc.
...........................................................
2,451
479
30,554
Industrials
(8.4%):
3M
Co.
..............................................................
2,972
406
A.O.
Smith
Corp.
.......................................................
649
58
Allegion
PLC
.........................................................
471
69
Amentum
Holdings,
Inc.
(a)
................................................
677
22
AMETEK,
Inc.
........................................................
1,252
215
Automatic
Data
Processing,
Inc.
............................................
2,206
610
Axon
Enterprise,
Inc.
(a)
..................................................
388
155
Broadridge
Financial
Solutions,
Inc.
.........................................
631
136
Builders
FirstSource,
Inc.
(a)
...............................................
630
122
C.H.
Robinson
Worldwide,
Inc.
.............................................
634
70
Victory
Portfolios
Victory
S&P
500
Index
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Carrier
Global
Corp.
.....................................................
4,541
$
365
Caterpillar,
Inc.
........................................................
2,623
1,026
Cintas
Corp.
..........................................................
1,853
381
Copart,
Inc.
(a)
.........................................................
4,737
248
CSX
Corp.
............................................................
10,487
362
Cummins,
Inc.
.........................................................
741
240
Dayforce,
Inc.
(a)
.......................................................
855
52
Deere
&
Co.
..........................................................
1,386
578
Delta
Air
Lines,
Inc.
.....................................................
3,469
176
Dover
Corp.
...........................................................
744
143
Eaton
Corp.
PLC
.......................................................
2,153
714
Emerson
Electric
Co.
....................................................
3,098
339
Equifax,
Inc.
..........................................................
669
197
Expeditors
International
of
Washington,
Inc.
....................................
763
100
Fastenal
Co.
...........................................................
3,098
221
FedEx
Corp.
..........................................................
1,219
334
Fortive
Corp.
..........................................................
1,895
150
GE
Vernova,
Inc.
(a)
.....................................................
1,487
379
Generac
Holdings,
Inc.
(a)
.................................................
325
52
General
Dynamics
Corp.
..................................................
1,395
422
General
Electric
Co.
.....................................................
5,865
1,106
Honeywell
International,
Inc.
..............................................
3,523
728
Howmet
Aerospace,
Inc.
..................................................
2,208
221
Hubbell,
Inc.
..........................................................
290
124
Huntington
Ingalls
Industries,
Inc.
...........................................
212
56
IDEX
Corp.
...........................................................
410
88
Illinois
Tool
Works,
Inc.
..................................................
1,461
383
Ingersoll
Rand,
Inc.
.....................................................
2,183
214
J.B.
Hunt
Transport
Services,
Inc.
...........................................
436
75
Jacobs
Solutions,
Inc.
....................................................
677
89
Johnson
Controls
International
PLC
..........................................
3,614
280
L3Harris
Technologies,
Inc.
...............................................
1,026
244
Leidos
Holdings,
Inc.
....................................................
729
119
Lockheed
Martin
Corp.
...................................................
1,148
671
Masco
Corp.
..........................................................
1,181
99
Nordson
Corp.
.........................................................
294
77
Norfolk
Southern
Corp.
..................................................
1,223
304
Northrop
Grumman
Corp.
.................................................
744
393
Old
Dominion
Freight
Line,
Inc.
............................................
1,020
203
Otis
Worldwide
Corp.
....................................................
2,167
225
PACCAR,
Inc.
.........................................................
2,836
280
Parker-Hannifin
Corp.
...................................................
695
439
Paychex,
Inc.
..........................................................
1,734
233
Paycom
Software,
Inc.
...................................................
263
44
Pentair
PLC
...........................................................
895
88
Quanta
Services,
Inc.
....................................................
797
238
Republic
Services,
Inc.
...................................................
1,104
222
Rockwell
Automation,
Inc.
................................................
614
165
Rollins,
Inc.
...........................................................
1,520
77
RTX
Corp.
............................................................
7,196
872
Snap-on,
Inc.
..........................................................
285
83
Southwest
Airlines
Co.
...................................................
3,241
96
Stanley
Black
&
Decker,
Inc.
..............................................
833
92
Textron,
Inc.
..........................................................
1,014
90
The
Boeing
Co.
(a)
......................................................
3,166
481
Trane
Technologies
PLC
..................................................
1,221
475
TransDigm
Group,
Inc.
...................................................
304
434
Uber
Technologies,
Inc.
(a)
................................................
11,365
854
Union
Pacific
Corp.
.....................................................
3,295
812
United
Airlines
Holdings,
Inc.
(a)
............................................
1,779
102
United
Parcel
Service,
Inc.
,
Class
B
..........................................
3,962
540
United
Rentals,
Inc.
.....................................................
360
291
Veralto
Corp.
..........................................................
1,337
150
Victory
Portfolios
Victory
S&P
500
Index
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Verisk
Analytics,
Inc.
....................................................
770
$
206
W.W.
Grainger,
Inc.
.....................................................
240
249
Waste
Management,
Inc.
..................................................
1,975
410
Westinghouse
Air
Brake
Technologies
Corp.
....................................
948
172
Xylem,
Inc.
...........................................................
1,314
177
22,413
IT
Services
(1.2%):
Accenture
PLC
,
Class
A
..................................................
3,388
1,197
Akamai
Technologies,
Inc.
(a)
..............................................
820
83
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
2,681
207
EPAM
Systems,
Inc.
(a)
...................................................
308
61
Gartner,
Inc.
(a)
........................................................
417
211
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
763
120
International
Business
Machines
Corp.
........................................
4,983
1,102
VeriSign,
Inc.
(a)
........................................................
454
86
3,067
Materials
(2.2%):
Air
Products
and
Chemicals,
Inc.
............................................
1,203
358
Albemarle
Corp.
(b)
.....................................................
636
60
Amcor
PLC
...........................................................
7,818
89
Avery
Dennison
Corp.
...................................................
436
96
Ball
Corp.
............................................................
1,642
111
Celanese
Corp.
.........................................................
591
80
CF
Industries
Holdings,
Inc.
...............................................
976
84
Corteva,
Inc.
..........................................................
3,745
220
Dow,
Inc.
............................................................
3,792
207
DuPont
de
Nemours,
Inc.
.................................................
2,258
201
Eastman
Chemical
Co.
...................................................
632
71
Ecolab,
Inc.
...........................................................
1,370
350
FMC
Corp.
...........................................................
675
45
Freeport-McMoRan,
Inc.
.................................................
7,772
388
International
Flavors
&
Fragrances,
Inc.
.......................................
1,383
145
International
Paper
Co.
...................................................
1,879
92
Linde
PLC
............................................................
2,600
1,240
LyondellBasell
Industries
NV
,
Class
A
........................................
1,407
135
Martin
Marietta
Materials,
Inc.
.............................................
331
178
Newmont
Corp.
........................................................
6,207
332
Nucor
Corp.
...........................................................
1,284
193
Packaging
Corp.
of
America
...............................................
482
104
PPG
Industries,
Inc.
.....................................................
1,262
167
Smurfit
WestRock
PLC
...................................................
2,669
132
Steel
Dynamics,
Inc.
.....................................................
776
98
The
Mosaic
Co.
........................................................
1,724
46
The
Sherwin-Williams
Co.
................................................
1,255
479
Vulcan
Materials
Co.
....................................................
714
179
5,880
Real
Estate
(2.3%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
842
100
American
Tower
Corp.
...................................................
2,527
588
AvalonBay
Communities,
Inc.
..............................................
768
173
BXP,
Inc.
.............................................................
786
63
Camden
Property
Trust
...................................................
577
71
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
1,629
203
CoStar
Group,
Inc.
(a)
....................................................
2,217
167
Crown
Castle,
Inc.
......................................................
2,351
279
Digital
Realty
Trust,
Inc.
..................................................
1,665
269
Equinix,
Inc.
..........................................................
514
456
Equity
Residential
......................................................
1,846
137
Essex
Property
Trust,
Inc.
.................................................
347
102
Extra
Space
Storage,
Inc.
.................................................
1,146
206
Federal
Realty
Investment
Trust
............................................
407
47
Victory
Portfolios
Victory
S&P
500
Index
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Healthpeak
Properties,
Inc.
................................................
3,807
$
87
Host
Hotels
&
Resorts,
Inc.
................................................
3,800
67
Invitation
Homes,
Inc.
...................................................
3,082
109
Iron
Mountain,
Inc.
.....................................................
1,587
189
Kimco
Realty
Corp.
.....................................................
3,647
85
Mid-America
Apartment
Communities,
Inc.
....................................
632
100
Prologis,
Inc.
..........................................................
5,009
633
Public
Storage
.........................................................
852
310
Realty
Income
Corp.
....................................................
4,711
299
Regency
Centers
Corp.
...................................................
884
64
SBA
Communications
Corp.
...............................................
581
140
Simon
Property
Group,
Inc.
...............................................
1,658
280
UDR,
Inc.
............................................................
1,624
74
Ventas,
Inc.
...........................................................
2,235
143
VICI
Properties,
Inc.
....................................................
5,665
189
Welltower,
Inc.
.........................................................
3,130
401
Weyerhaeuser
Co.
......................................................
3,934
133
6,164
Semiconductors
&
Semiconductor
Equipment
(11.1%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
8,755
1,437
Analog
Devices,
Inc.
....................................................
2,684
618
Applied
Materials,
Inc.
...................................................
4,479
905
Broadcom,
Inc.
........................................................
25,180
4,344
Enphase
Energy,
Inc.
(a)
..................................................
733
83
First
Solar,
Inc.
(a)
......................................................
579
144
Intel
Corp.
............................................................
23,082
542
KLA
Corp.
...........................................................
727
563
Lam
Research
Corp.
.....................................................
705
575
Microchip
Technology,
Inc.
................................................
2,902
233
Micron
Technology,
Inc.
..................................................
5,998
622
Monolithic
Power
Systems,
Inc.
............................................
264
244
NVIDIA
Corp.
.........................................................
134,292
16,308
NXP
Semiconductors
NV
.................................................
1,378
331
ON
Semiconductor
Corp.
(a)
...............................................
2,317
168
Qorvo,
Inc.
(a)
.........................................................
513
53
QUALCOMM,
Inc.
.....................................................
6,026
1,025
Skyworks
Solutions,
Inc.
.................................................
864
85
Teradyne,
Inc.
.........................................................
883
118
Texas
Instruments,
Inc.
...................................................
4,939
1,020
29,418
Software
(10.4%):
Adobe,
Inc.
(a)
.........................................................
2,399
1,242
ANSYS,
Inc.
(a)
........................................................
473
151
Autodesk,
Inc.
(a)
.......................................................
1,165
321
Cadence
Design
Systems,
Inc.
(a)
............................................
1,481
401
Corpay,
Inc.
(a)
.........................................................
376
118
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,249
350
Fair
Isaac
Corp.
(a)
......................................................
133
259
Fortinet,
Inc.
(a)
........................................................
3,434
266
Gen
Digital,
Inc.
.......................................................
2,930
80
Intuit,
Inc.
............................................................
1,512
939
Microsoft
Corp.
........................................................
40,577
17,460
Oracle
Corp.
..........................................................
8,646
1,473
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
10,892
405
Palo
Alto
Networks,
Inc.
(a)
................................................
1,752
599
PTC,
Inc.
(a)
...........................................................
650
118
Roper
Technologies,
Inc.
..................................................
580
323
Salesforce,
Inc.
........................................................
5,242
1,435
ServiceNow,
Inc.
(a)
.....................................................
1,114
996
Synopsys,
Inc.
(a)
.......................................................
829
420
Victory
Portfolios
Victory
S&P
500
Index
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Tyler
Technologies,
Inc.
(a)
................................................
231
$
135
27,491
Technology
Hardware,
Storage
&
Peripherals
(7.7%):
Apple,
Inc.
...........................................................
83,000
19,339
Dell
Technologies,
Inc.
,
Class
C
............................................
1,556
185
Hewlett
Packard
Enterprise
Co.
.............................................
7,030
144
HP,
Inc.
..............................................................
5,293
190
NetApp,
Inc.
..........................................................
1,112
137
Seagate
Technology
Holdings
PLC
..........................................
1,136
124
Super
Micro
Computer,
Inc.
(a)
.............................................
272
113
Western
Digital
Corp.
(a)
..................................................
1,766
121
20,353
Utilities
(2.5%):
Alliant
Energy
Corp.
....................................................
1,388
84
Ameren
Corp.
.........................................................
1,443
126
American
Electric
Power
Co.,
Inc.
...........................................
2,878
295
American
Water
Works
Co.,
Inc.
............................................
1,054
154
Atmos
Energy
Corp.
.....................................................
840
117
CenterPoint
Energy,
Inc.
..................................................
3,525
104
CMS
Energy
Corp.
......................................................
1,616
114
Consolidated
Edison,
Inc.
.................................................
1,871
195
Constellation
Energy
Corp.
................................................
1,691
440
Dominion
Energy,
Inc.
...................................................
4,538
262
DTE
Energy
Co.
.......................................................
1,120
144
Duke
Energy
Corp.
......................................................
4,176
482
Edison
International
.....................................................
2,089
182
Entergy
Corp.
.........................................................
1,157
152
Evergy,
Inc.
...........................................................
1,244
77
Eversource
Energy
......................................................
1,933
132
Exelon
Corp.
..........................................................
5,409
219
FirstEnergy
Corp.
.......................................................
2,773
123
NextEra
Energy,
Inc.
....................................................
11,114
940
NiSource,
Inc.
.........................................................
2,426
84
NRG
Energy,
Inc.
.......................................................
1,116
102
PG&E
Corp.
..........................................................
11,562
229
Pinnacle
West
Capital
Corp.
...............................................
614
54
PPL
Corp.
............................................................
3,991
132
Public
Service
Enterprise
Group,
Inc.
.........................................
2,695
240
Sempra
..............................................................
3,425
286
The
AES
Corp.
........................................................
3,846
77
The
Southern
Co.
.......................................................
5,915
533
Vistra
Corp.
...........................................................
1,858
220
WEC
Energy
Group,
Inc.
.................................................
1,710
165
Xcel
Energy,
Inc.
.......................................................
3,016
197
6,661
Total
Common
Stocks
(Cost
$41,998)
a
a
a
263,860
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(d)
........
15,411
15
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(d)
............
15,411
15
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(d)
...............
15,411
16
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(d)
.
15,411
16
Total
Collateral
for
Securities
Loaned
(Cost
$62)
a
a
a
62
Total
Investments
(Cost
$42,060)
—
99.4%
263,922
Other
assets
in
excess
of
liabilities
—
0.6%
1,476
NET
ASSETS
-
100.00%
$
265,398
^
Purchased
with
cash
collateral
from
securities
on
loan.
Victory
Portfolios
Victory
S&P
500
Index
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
5
12/20/24
$
1,422,634
$
1,453,563
$
30,929
Total
unrealized
appreciation
$
30,929
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
30,929
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
27
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(96.9%)
Communication
Services
(3.1%):
Live
Nation
Entertainment,
Inc.
(a)
...........................................
30,944
$
3,388
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
57,200
6,272
9,660
Consumer
Discretionary
(9.3%):
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
76,700
4,419
D.R.
Horton,
Inc.
.......................................................
31,500
6,009
General
Motors
Co.
.....................................................
61,700
2,767
NVR,
Inc.
(a)
..........................................................
500
4,906
Ross
Stores,
Inc.
.......................................................
30,700
4,621
Wingstop,
Inc.
.........................................................
8,000
3,329
YETI
Holdings,
Inc.
(a)
...................................................
83,400
3,422
29,473
Consumer
Staples
(6.0%):
BellRing
Brands,
Inc.
(a)
..................................................
50,800
3,085
Casey's
General
Stores,
Inc.
...............................................
13,200
4,959
Church
&
Dwight
Co.,
Inc.
................................................
35,700
3,739
Freshpet,
Inc.
(a)
........................................................
32,200
4,404
Performance
Food
Group
Co.
(a)
............................................
35,300
2,766
18,953
Energy
(3.5%):
Cheniere
Energy,
Inc.
....................................................
20,600
3,705
Diamondback
Energy,
Inc.
................................................
17,500
3,017
Matador
Resources
Co.
...................................................
42,500
2,100
Permian
Resources
Corp.
.................................................
167,400
2,278
11,100
Financials
(16.4%):
Affiliated
Managers
Group,
Inc.
............................................
18,200
3,236
Ameriprise
Financial,
Inc.
.................................................
12,200
5,732
Arch
Capital
Group
Ltd.
(a)
................................................
53,400
5,975
Brown
&
Brown,
Inc.
....................................................
57,100
5,916
Evercore,
Inc.
.........................................................
17,900
4,535
FactSet
Research
Systems,
Inc.
.............................................
7,600
3,495
Global
Payments,
Inc.
....................................................
34,800
3,564
MSCI,
Inc.
...........................................................
7,300
4,255
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
238,600
3,257
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
42,700
3,783
The
Bancorp,
Inc.
(a)
.....................................................
59,800
3,199
W.R.
Berkley
Corp.
.....................................................
86,800
4,924
51,871
Health
Care
(9.4%):
Addus
HomeCare
Corp.
(a)
................................................
12,400
1,650
Cencora,
Inc.
..........................................................
18,500
4,164
Halozyme
Therapeutics,
Inc.
(a)
.............................................
31,800
1,820
ICON
PLC
(a)
.........................................................
6,100
1,753
Intra-Cellular
Therapies,
Inc.
(a)
.............................................
38,200
2,795
IQVIA
Holdings,
Inc.
(a)
..................................................
17,200
4,076
Neurocrine
Biosciences,
Inc.
(a)
.............................................
23,900
2,754
ResMed,
Inc.
..........................................................
16,500
4,028
The
Ensign
Group,
Inc.
...................................................
29,200
4,199
West
Pharmaceutical
Services,
Inc.
..........................................
7,700
2,311
29,550
Industrials
(20.0%):
Advanced
Drainage
Systems,
Inc.
...........................................
27,600
4,338
Allison
Transmission
Holdings,
Inc.
.........................................
34,600
3,324
AMETEK,
Inc.
........................................................
33,000
5,667
Comfort
Systems
USA,
Inc.
...............................................
9,200
3,591
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Copa
Holdings
SA
,
Class
A
................................................
32,200
$
3,022
EMCOR
Group,
Inc.
....................................................
8,000
3,444
HEICO
Corp.
..........................................................
13,000
3,399
IDEX
Corp.
...........................................................
13,400
2,874
Kirby
Corp.
(a)
.........................................................
25,700
3,147
Old
Dominion
Freight
Line,
Inc.
............................................
21,900
4,350
Paylocity
Holding
Corp.
(a)
................................................
14,400
2,376
Quanta
Services,
Inc.
....................................................
10,700
3,190
Saia,
Inc.
(a)
...........................................................
4,300
1,880
The
Middleby
Corp.
(a)
...................................................
20,900
2,908
Trane
Technologies
PLC
..................................................
11,700
4,548
Trex
Co.,
Inc.
(a)
........................................................
50,200
3,342
Verisk
Analytics,
Inc.
....................................................
16,700
4,475
WillScot
Holdings
Corp.
(a)
................................................
85,700
3,222
63,097
Information
Technology
(12.9%):
Amphenol
Corp.
,
Class
A
.................................................
82,740
5,391
CyberArk
Software
Ltd.
(a)
................................................
18,200
5,307
HubSpot,
Inc.
(a)
.......................................................
6,300
3,349
Keysight
Technologies,
Inc.
(a)
.............................................
28,500
4,530
Monolithic
Power
Systems,
Inc.
............................................
6,800
6,287
OSI
Systems,
Inc.
(a)
.....................................................
21,900
3,325
Synopsys,
Inc.
(a)
.......................................................
8,500
4,304
Tyler
Technologies,
Inc.
(a)
................................................
8,000
4,670
Zscaler,
Inc.
(a)
.........................................................
20,400
3,487
40,650
Materials
(5.4%):
Avery
Dennison
Corp.
...................................................
26,200
5,784
Freeport-McMoRan,
Inc.
.................................................
61,100
3,050
Louisiana-Pacific
Corp.
..................................................
46,600
5,008
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
79,800
3,114
16,956
Real
Estate
(7.3%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
52,500
6,535
CoStar
Group,
Inc.
(a)
....................................................
48,500
3,659
SBA
Communications
Corp.
...............................................
15,703
3,780
Sun
Communities,
Inc.
...................................................
27,616
3,732
VICI
Properties,
Inc.
....................................................
159,900
5,326
23,032
Utilities
(3.6%):
Atmos
Energy
Corp.
.....................................................
22,700
3,149
NiSource,
Inc.
.........................................................
75,300
2,609
PPL
Corp.
............................................................
96,600
3,195
Sempra
..............................................................
30,178
2,524
11,477
Total
Common
Stocks
(Cost
$218,792)
a
a
a
305,819
Exchange-Traded
Funds
(3.0%)
SPDR
S&P
MidCap
400
ETF
Trust
..........................................
16,400
9,342
Total
Exchange-Traded
Funds
(Cost
$9,151)
a
a
a
9,342
Total
Investments
(Cost
$227,943)
—
99.9%
315,161
Other
assets
in
excess
of
liabilities
—
0.1%
338
NET
ASSETS
-
100.00%
$
315,499
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
7.6%
of
net
assets.
(a)
Non-income
producing
security.
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
30
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.2%)
Australia
(4.6%):
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
28,467
$
1,149
Energy
(0.3%):
Woodside
Energy
Group
Ltd.
..............................................
36,119
622
Financials
(1.2%):
National
Australia
Bank
Ltd.
...............................................
76,761
1,987
QBE
Insurance
Group
Ltd.
(a)
..............................................
68,176
778
2,765
Industrials
(0.8%):
Brambles
Ltd.
.........................................................
70,706
928
Qantas
Airways
Ltd.
(a)
...................................................
182,997
934
1,862
Materials
(1.0%):
Northern
Star
Resources
Ltd.
(a)
............................................
93,257
1,021
Rio
Tinto
Ltd.
.........................................................
16,180
1,431
2,452
Real
Estate
(0.8%):
Charter
Hall
Group
......................................................
71,424
785
Goodman
Group
.......................................................
43,826
1,118
1,903
10,753
Austria
(0.5%):
Industrials
(0.5%):
ANDRITZ
AG
.........................................................
15,691
1,112
Belgium
(0.6%):
Materials
(0.6%):
Titan
Cement
International
SA
.............................................
32,397
1,286
Brazil
(1.2%):
Energy
(0.3%):
PRIO
SA
.............................................................
82,700
658
Financials
(0.4%):
Banco
do
Brasil
SA
.....................................................
183,100
914
Industrials
(0.3%):
Embraer
SA
(a)
.........................................................
73,600
648
Utilities
(0.2%):
Equatorial
Energia
SA
...................................................
96,800
577
2,797
Canada
(6.8%):
Consumer
Discretionary
(0.3%):
Linamar
Corp.
.........................................................
12,531
585
Energy
(0.9%):
ARC
Resources
Ltd.
.....................................................
33,946
574
Headwater
Exploration,
Inc.
...............................................
145,877
683
Suncor
Energy,
Inc.
.....................................................
22,570
833
2,090
Financials
(2.7%):
Canadian
Imperial
Bank
of
Commerce
........................................
18,356
1,126
Fairfax
Financial
Holdings
Ltd.
.............................................
1,871
2,363
National
Bank
of
Canada
(b)
...............................................
16,341
1,543
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Royal
Bank
of
Canada
...................................................
9,870
$
1,232
6,264
Industrials
(1.1%):
Element
Fleet
Management
Corp.
...........................................
80,105
1,703
Finning
International,
Inc.
.................................................
24,579
807
2,510
Materials
(1.8%):
Dundee
Precious
Metals,
Inc.
..............................................
113,015
1,145
Lundin
Mining
Corp.
....................................................
84,719
888
Stella-Jones,
Inc.
.......................................................
18,269
1,199
Teck
Resources
Ltd.
,
Class
B
..............................................
19,622
1,025
4,257
15,706
Chile
(0.3%):
Consumer
Staples
(0.3%):
Cencosud
SA
..........................................................
357,393
722
China
(6.8%):
Communication
Services
(1.7%):
Baidu,
Inc.
,
Class
SW
(a)
..................................................
39,450
519
Kuaishou
Technology
,
Class
W
(a)
(c)
.........................................
133,100
915
Tencent
Holdings
Ltd.
...................................................
43,800
2,435
3,869
Consumer
Discretionary
(2.0%):
BYD
Co.
Ltd.
.........................................................
26,500
945
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(c)
................................
103,600
696
Meituan
,
Class
W
(a)
(c)
...................................................
71,900
1,527
MINISO
Group
Holding
Ltd.
,
ADR
..........................................
30,845
541
Trip.com
Group
Ltd.
(a)
...................................................
15,250
918
4,627
Consumer
Staples
(0.4%):
Giant
Biogene
Holding
Co.
Ltd.
(c)
..........................................
161,400
1,044
Financials
(1.6%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
1,485,000
693
Bank
of
China
Ltd.
,
Class
H
...............................................
2,071,275
967
China
Construction
Bank
Corp.
,
Class
H
......................................
1,210,000
903
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
808,000
1,196
3,759
Industrials
(0.4%):
Sinotruk
Hong
Kong
Ltd.
.................................................
302,500
903
Materials
(0.7%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
229,500
669
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
416,000
929
1,598
15,800
Denmark
(2.6%):
Consumer
Discretionary
(0.6%):
Pandora
A/S
..........................................................
8,684
1,431
Health
Care
(2.0%):
Novo
Nordisk
A/S
,
Class
B
................................................
38,987
4,625
6,056
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
France
(6.4%):
Communication
Services
(0.8%):
Publicis
Groupe
SA
.....................................................
16,572
$
1,813
Consumer
Discretionary
(0.7%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
1,018
780
Renault
SA
...........................................................
18,764
816
1,596
Energy
(0.3%):
Technip
Energies
NV
....................................................
31,450
760
Financials
(0.9%):
AXA
SA
.............................................................
22,342
860
BNP
Paribas
SA
........................................................
17,079
1,172
2,032
Health
Care
(0.6%):
EssilorLuxottica
SA
(a)
...................................................
3,336
790
Ipsen
SA
.............................................................
5,639
695
1,485
Industrials
(1.4%):
Cie
de
Saint-Gobain
SA
..................................................
17,517
1,597
Eiffage
SA
............................................................
7,816
755
Rexel
SA
.............................................................
33,350
967
3,319
Information
Technology
(0.5%):
Capgemini
SE
.........................................................
4,971
1,073
Materials
(0.5%):
Arkema
SA
...........................................................
12,160
1,158
Real
Estate
(0.3%):
Klepierre
SA
..........................................................
24,519
803
Utilities
(0.4%):
Engie
SA
.............................................................
49,373
854
14,893
Germany
(5.0%):
Communication
Services
(1.0%):
Deutsche
Telekom
AG
...................................................
80,730
2,371
Consumer
Staples
(0.6%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
14,879
1,398
Financials
(1.1%):
Allianz
SE
,
Registered
Shares
..............................................
2,916
959
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
2,870
1,581
2,540
Industrials
(1.4%):
GEA
Group
AG
........................................................
16,302
800
Siemens
AG
,
Registered
Shares
.............................................
12,444
2,517
3,317
Information
Technology
(0.5%):
SAP
SE
..............................................................
4,718
1,079
Materials
(0.4%):
Evonik
Industries
AG
....................................................
35,999
843
11,548
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Greece
(0.3%):
Financials
(0.3%):
National
Bank
of
Greece
SA
...............................................
84,614
$
723
Hong
Kong
(0.8%):
Financials
(0.3%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
178,500
566
Real
Estate
(0.2%):
Sino
Land
Co.
Ltd.
(a)
....................................................
490,000
535
Utilities
(0.3%):
Kunlun
Energy
Co.
Ltd.
..................................................
702,000
721
1,822
India
(4.7%):
Consumer
Discretionary
(0.4%):
Tata
Motors
Ltd.
.......................................................
85,801
997
Consumer
Staples
(0.3%):
Varun
Beverages,
Ltd.
(a)
.................................................
92,218
667
Energy
(0.5%):
Reliance
Industries
Ltd.
..................................................
34,085
1,199
Financials
(1.5%):
ICICI
Bank
Ltd.
........................................................
111,133
1,687
Nippon
Life
India
Asset
Management
Ltd.
(c)
...................................
100,317
781
Power
Finance
Corp.
Ltd.
.................................................
176,371
1,028
3,496
Health
Care
(0.3%):
Zydus
Lifesciences
Ltd.
..................................................
50,829
648
Information
Technology
(0.6%):
KPIT
Technologies
Ltd.
..................................................
35,433
688
Tata
Consultancy
Services
Ltd.
.............................................
15,608
795
1,483
Materials
(0.5%):
Jindal
Stainless
Ltd.
.....................................................
123,529
1,165
Utilities
(0.6%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
320,261
1,351
11,006
Indonesia
(0.7%):
Communication
Services
(0.4%):
PT
Indosat
Tbk
........................................................
1,177,400
852
Energy
(0.3%):
PT
United
Tractors
Tbk
..................................................
394,500
709
1,561
Ireland
(2.6%):
Consumer
Discretionary
(0.8%):
PDD
Holdings,
Inc.
,
ADR
(a)
...............................................
13,498
1,820
Consumer
Staples
(0.3%):
Glanbia
PLC
..........................................................
36,734
647
Financials
(0.3%):
Bank
of
Ireland
Group
PLC
...............................................
72,400
808
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Health
Care
(0.5%):
ICON
PLC
(a)
.........................................................
3,828
$
1,100
Industrials
(0.7%):
AerCap
Holdings
NV
....................................................
17,784
1,684
6,059
Israel
(0.3%):
Information
Technology
(0.3%):
Nice
Ltd.
(a)
...........................................................
4,132
719
Italy
(1.8%):
Consumer
Discretionary
(0.6%):
Ferrari
NV
............................................................
1,599
749
PRADA
SpA
..........................................................
94,200
721
1,470
Health
Care
(0.4%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
14,504
821
Industrials
(0.4%):
Leonardo
SpA
.........................................................
38,589
863
Utilities
(0.4%):
Enel
SpA
.............................................................
118,471
946
4,100
Japan
(14.4%):
Communication
Services
(0.7%):
Konami
Group
Corp.
....................................................
15,200
1,550
Consumer
Discretionary
(2.2%):
Asics
Corp.
...........................................................
49,600
1,042
Honda
Motor
Co.
Ltd.
...................................................
101,700
1,086
Isuzu
Motors
Ltd.
.......................................................
80,600
1,099
Suzuki
Motor
Corp.
.....................................................
95,200
1,072
Toyota
Motor
Corp.
.....................................................
46,100
829
5,128
Consumer
Staples
(0.8%):
Asahi
Group
Holdings
Ltd.
................................................
69,300
908
Toyo
Suisan
Kaisha
Ltd.
..................................................
14,800
972
1,880
Financials
(2.4%):
Mizuho
Financial
Group,
Inc.
..............................................
64,810
1,340
ORIX
Corp.
...........................................................
40,000
936
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
102,975
2,200
Tokio
Marine
Holdings,
Inc.
...............................................
32,800
1,210
5,686
Health
Care
(1.0%):
Otsuka
Holdings
Co.
Ltd.
.................................................
25,300
1,437
Shionogi
&
Co.
Ltd.
.....................................................
54,300
779
2,216
Industrials
(3.8%):
Central
Japan
Railway
Co.
................................................
30,900
714
Fuji
Electric
Co.
Ltd.
....................................................
18,600
1,127
Hitachi
Ltd.
...........................................................
64,500
1,711
ITOCHU
Corp.
........................................................
44,700
2,409
Komatsu
Ltd.
..........................................................
42,200
1,181
Mitsubishi
Heavy
Industries
Ltd.
............................................
109,400
1,635
8,777
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(2.4%):
Canon,
Inc.
...........................................................
24,800
$
817
Disco
Corp.
...........................................................
4,100
1,080
NEC
Corp.
...........................................................
19,500
1,883
Tokyo
Electron
Ltd.
.....................................................
3,400
606
Yokogawa
Electric
Corp.
.................................................
46,100
1,182
5,568
Materials
(0.7%):
Nippon
Steel
Corp.
(b)
...................................................
41,400
928
Tosoh
Corp.
...........................................................
58,700
786
1,714
Real
Estate
(0.4%):
Daiwa
House
Industry
Co.
Ltd.
(b)
...........................................
26,500
834
33,353
Jordan
(0.3%):
Health
Care
(0.3%):
Hikma
Pharmaceuticals
PLC
...............................................
28,165
721
Luxembourg
(0.3%):
Energy
(0.3%):
Tenaris
SA
............................................................
37,099
589
Mexico
(1.0%):
Consumer
Staples
(0.3%):
Arca
Continental
SAB
de
CV
..............................................
76,685
717
Energy
(0.5%):
Vista
Energy
SAB
de
CV
,
ADR
(a)
...........................................
24,860
1,098
Financials
(0.2%):
Gentera
SAB
de
CV
.....................................................
514,841
576
2,391
Netherlands
(3.7%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
177,353
724
Consumer
Discretionary
(0.6%):
Prosus
NV
(a)
..........................................................
32,472
1,417
Consumer
Staples
(0.5%):
Koninklijke
Ahold
Delhaize
NV
............................................
32,150
1,111
Financials
(1.3%):
Euronext
NV
(c)
........................................................
10,249
1,112
ING
Groep
NV
........................................................
62,478
1,134
NN
Group
NV
.........................................................
15,978
797
3,043
Information
Technology
(1.0%):
ASML
Holding
NV
.....................................................
2,839
2,362
8,657
Norway
(0.3%):
Energy
(0.3%):
Equinor
ASA
..........................................................
23,534
596
Portugal
(0.4%):
Energy
(0.4%):
Galp
Energia
SGPS
SA
...................................................
49,512
927
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Qatar
(0.3%):
Communication
Services
(0.3%):
Ooredoo
QPSC
........................................................
210,673
$
678
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
826
Singapore
(1.3%):
Consumer
Discretionary
(0.3%):
Genting
Singapore
Ltd.
...................................................
1,058,700
718
Financials
(0.5%):
DBS
Group
Holdings
Ltd.
.................................................
39,380
1,167
Utilities
(0.5%):
Sembcorp
Industries
Ltd.
.................................................
270,300
1,162
3,047
South
Africa
(0.6%):
Financials
(0.3%):
Investec
PLC
..........................................................
97,641
743
Health
Care
(0.3%):
Aspen
Pharmacare
Holdings
Ltd.
............................................
54,453
614
1,357
South
Korea
(3.3%):
Consumer
Discretionary
(0.3%):
Kia
Corp.
............................................................
9,994
761
Financials
(1.0%):
DB
Insurance
Co.
Ltd.
...................................................
12,684
1,090
Hana
Financial
Group,
Inc.
................................................
29,517
1,325
2,415
Industrials
(0.7%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
3,827
872
Hanwha
Industrial
Solutions
Co.
Ltd.
(a)
.......................................
4,239
108
Samsung
E&A
Co.
Ltd.
(a)
................................................
35,017
588
1,568
Information
Technology
(1.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
37,904
1,772
SK
Hynix,
Inc.
.........................................................
8,300
1,111
2,883
7,627
Spain
(2.8%):
Consumer
Discretionary
(0.9%):
Industria
de
Diseno
Textil
SA
..............................................
36,221
2,145
Energy
(0.3%):
Repsol
SA
............................................................
43,658
576
Financials
(1.1%):
Banco
Santander
SA
.....................................................
355,974
1,823
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Bankinter
SA
..........................................................
92,093
$
813
2,636
Utilities
(0.5%):
Iberdrola
SA
..........................................................
74,842
1,157
6,514
Sweden
(1.7%):
Consumer
Discretionary
(0.3%):
Evolution
AB
(c)
........................................................
8,258
813
Consumer
Staples
(0.6%):
Essity
AB
,
Class
B
......................................................
41,703
1,302
Financials
(0.4%):
Swedbank
AB
,
A
Shares
..................................................
39,377
836
Industrials
(0.4%):
Volvo
AB
,
Class
B
......................................................
40,173
1,063
4,014
Switzerland
(6.2%):
Consumer
Staples
(0.5%):
Coca-Cola
HBC
AG
.....................................................
31,919
1,138
Financials
(0.5%):
Zurich
Insurance
Group
AG
...............................................
2,009
1,214
Health
Care
(2.6%):
Alcon,
Inc.
...........................................................
9,692
970
Novartis
AG
,
Registered
Shares
.............................................
34,173
3,936
Sandoz
Group
AG
......................................................
26,903
1,121
6,027
Industrials
(0.6%):
ABB
Ltd.
,
Registered
Shares
...............................................
22,612
1,312
Information
Technology
(0.3%):
Logitech
International
SA
,
Class
R
..........................................
7,494
671
Materials
(1.7%):
Clariant
AG
,
Registered
Shares
.............................................
48,683
738
Glencore
PLC
.........................................................
174,142
997
Holcim
AG
...........................................................
22,396
2,194
3,929
14,291
Taiwan
(4.4%):
Financials
(0.3%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
630,000
686
Health
Care
(0.3%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
30,000
710
Information
Technology
(3.8%):
Elite
Material
Co.
Ltd.
...................................................
49,000
692
MediaTek,
Inc.
.........................................................
21,000
774
Quanta
Computer,
Inc.
...................................................
99,000
825
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
197,000
5,943
Wiwynn
Corp.
.........................................................
11,000
597
8,831
10,227
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Thailand
(0.4%):
Health
Care
(0.4%):
Bumrungrad
Hospital
PCL,
NVDR
..........................................
103,700
$
862
United
Arab
Emirates
(0.6%):
Real
Estate
(0.6%):
Emaar
Development
PJSC
................................................
591,519
1,406
United
Kingdom
(9.8%):
Communication
Services
(0.4%):
Informa
PLC
..........................................................
86,999
957
Consumer
Discretionary
(0.3%):
Birkenstock
Holding
PLC
(a)
...............................................
12,286
605
Consumer
Staples
(2.5%):
Coca-Cola
Europacific
Partners
PLC
.........................................
10,956
863
Marks
&
Spencer
Group
PLC
..............................................
321,060
1,602
Tesco
PLC
............................................................
310,666
1,491
Unilever
PLC
.........................................................
27,040
1,753
5,709
Energy
(0.6%):
BP
PLC
..............................................................
180,201
940
Harbour
Energy
PLC
....................................................
161,560
576
1,516
Financials
(2.3%):
3i
Group
PLC
.........................................................
48,253
2,137
Barclays
PLC
.........................................................
315,801
949
Man
Group
PLC
.......................................................
218,210
618
Standard
Chartered
PLC
..................................................
164,168
1,741
5,445
Health
Care
(0.9%):
AstraZeneca
PLC
.......................................................
5,933
924
GSK
PLC
............................................................
56,465
1,150
2,074
Industrials
(1.3%):
easyJet
PLC
...........................................................
115,134
802
RELX
PLC
...........................................................
16,720
789
Rolls-Royce
Holdings
PLC
(a)
..............................................
191,922
1,358
2,949
Information
Technology
(0.3%):
The
Sage
Group
PLC
....................................................
55,127
757
Real
Estate
(0.4%):
The
British
Land
Co.
PLC
................................................
146,492
853
Utilities
(0.8%):
Drax
Group
PLC
.......................................................
127,554
1,098
National
Grid
PLC
(a)
....................................................
62,893
869
1,967
22,832
Total
Common
Stocks
(Cost
$177,695)
227,579
Exchange-Traded
Funds
(0.8%)
United
States
(0.8%):
iShares
Core
MSCI
EAFE
ETF
.............................................
17,084
1,333
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
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)
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
8,866
$
509
1,842
Total
Exchange-Traded
Funds
(Cost
$1,782)
1,842
Collateral
for
Securities
Loaned
(1.2%)^
United
States
(1.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(g)
........
667,752
667
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(g)
............
667,752
668
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(g)
...............
667,752
668
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(g)
.
667,752
668
Total
Collateral
for
Securities
Loaned
(Cost
$2,671)
2,671
Total
Investments
(Cost
$182,148)
—
100.2%
232,092
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
312
)
NET
ASSETS
-
100.00%
$
231,780
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$6,888
(thousands)
and
amounted
to
3.0%
of
net
assets.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
40
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.7%)
Australia
(5.5%):
Consumer
Discretionary
(1.1%):
JB
Hi-Fi
Ltd.
..........................................................
401,626
$
22,099
Super
Retail
Group
Ltd.
..................................................
1,493,960
18,709
40,808
Energy
(0.5%):
Karoon
Energy
Ltd.
(a)
...................................................
7,090,729
7,652
Paladin
Energy
Ltd.
(b)
...................................................
1,291,335
10,308
17,960
Financials
(0.4%):
Magellan
Financial
Group
Ltd.
.............................................
2,274,477
15,687
Industrials
(0.5%):
Ventia
Services
Group
Pty
Ltd.
.............................................
5,403,238
16,956
Information
Technology
(0.7%):
Technology
One
Ltd.
....................................................
1,706,202
28,074
Materials
(1.5%):
Champion
Iron
Ltd.
.....................................................
2,299,482
11,566
OceanaGold
Corp.
......................................................
7,439,683
21,071
Ramelius
Resources
Ltd.
(b)
...............................................
15,929,790
23,981
56,618
Real
Estate
(0.4%):
Charter
Hall
Group
......................................................
1,481,330
16,275
Utilities
(0.4%):
AGL
Energy
Ltd.
.......................................................
1,855,180
15,154
207,532
Canada
(10.3%):
Communication
Services
(0.5%):
IMAX
Corp.
(b)
........................................................
927,914
19,031
Consumer
Discretionary
(0.4%):
Linamar
Corp.
.........................................................
279,034
13,020
Energy
(1.9%):
Headwater
Exploration,
Inc.
(a)
.............................................
3,408,033
15,953
NuVista
Energy
Ltd.
(b)
...................................................
1,571,455
12,922
Secure
Energy
Services,
Inc.
...............................................
1,374,121
12,427
Vermilion
Energy,
Inc.
(a)
.................................................
1,294,744
12,638
Whitecap
Resources,
Inc.
(a)
...............................................
2,146,144
16,029
69,969
Financials
(0.8%):
CI
Financial
Corp.
......................................................
816,914
11,121
EQB,
Inc.
(a)
..........................................................
245,270
18,908
30,029
Health
Care
(0.0%):(c)
Tilray
Brands,
Inc.
(b)
....................................................
2
—
(d)
Industrials
(1.6%):
AtkinsRealis
Group,
Inc.
..................................................
296,772
12,059
Bombardier,
Inc.
,
Class
B
(a)
(b)
.............................................
263,128
20,024
Finning
International,
Inc.
.................................................
859,102
28,201
60,284
Information
Technology
(1.5%):
Celestica,
Inc.
(b)
.......................................................
911,903
46,624
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Docebo,
Inc.
(b)
........................................................
211,802
$
9,347
55,971
Materials
(2.5%):
Agnico
Eagle
Mines
Ltd.
.................................................
1
—
(d)
Alamos
Gold,
Inc.
......................................................
1,407,811
28,057
Dundee
Precious
Metals,
Inc.
..............................................
2,660,990
26,958
Eldorado
Gold
Corp.
(b)
..................................................
778,701
13,538
Lundin
Mining
Corp.
....................................................
473,271
4,959
Stella-Jones,
Inc.
.......................................................
321,697
21,122
94,634
Real
Estate
(0.7%):
Boardwalk
Real
Estate
Investment
Trust
......................................
417,052
26,418
Utilities
(0.4%):
Boralex,
Inc.
,
Class
A
....................................................
608,708
16,196
385,552
Denmark
(3.1%):
Consumer
Discretionary
(0.6%):
Pandora
A/S
..........................................................
143,716
23,691
Financials
(0.5%):
Jyske
Bank
A/S
,
Registered
Shares
..........................................
244,854
19,060
Health
Care
(0.8%):
Ascendis
Pharma
A/S
,
ADR
(b)
.............................................
90,946
13,579
Bavarian
Nordic
A/S
(b)
..................................................
477,718
16,484
30,063
Industrials
(0.9%):
ISS
A/S
..............................................................
551,420
11,007
ROCKWOOL
A/S
,
Class
B
................................................
44,535
20,910
31,917
Information
Technology
(0.3%):
Netcompany
Group
A/S
(b)
(e)
..............................................
244,003
11,219
115,950
Finland
(1.5%):
Health
Care
(0.4%):
Orion
Oyj
,
Class
B
......................................................
232,167
12,720
Industrials
(1.1%):
Konecranes
Oyj
........................................................
400,535
30,089
Valmet
Oyj
(a)
.........................................................
354,382
11,366
41,455
54,175
France
(7.5%):
Consumer
Discretionary
(1.5%):
Accor
SA
............................................................
477,086
20,736
La
Francaise
des
Jeux
SAEM
(e)
............................................
392,523
16,150
Renault
SA
...........................................................
428,416
18,622
55,508
Energy
(0.9%):
Technip
Energies
NV
....................................................
665,063
16,068
Vallourec
SACA
(b)
.....................................................
1,133,069
17,176
33,244
Health
Care
(0.7%):
Ipsen
SA
.............................................................
115,405
14,214
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Virbac
SACA
..........................................................
30,099
$
12,816
27,030
Industrials
(2.4%):
Eiffage
SA
............................................................
220,872
21,326
Elis
SA
..............................................................
983,596
20,524
Nexans
SA
...........................................................
80,100
11,756
Rexel
SA
.............................................................
421,179
12,207
SPIE
SA
.............................................................
650,165
24,858
90,671
Information
Technology
(0.6%):
Sopra
Steria
Group
......................................................
108,914
22,898
Materials
(0.7%):
Arkema
SA
...........................................................
258,832
24,650
Real
Estate
(0.7%):
Klepierre
SA
..........................................................
857,584
28,096
282,097
Germany
(5.5%):
Communication
Services
(1.7%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
255,779
26,630
Freenet
AG
...........................................................
625,643
18,622
Scout24
SE
(e)
.........................................................
193,811
16,684
61,936
Consumer
Discretionary
(0.3%):
TUI
AG
(b)
...........................................................
1,503,715
11,478
Health
Care
(0.4%):
Gerresheimer
AG
.......................................................
153,201
13,673
Industrials
(0.8%):
GEA
Group
AG
........................................................
414,499
20,327
Nordex
SE
(a)
(b)
.......................................................
707,804
11,007
31,334
Information
Technology
(1.2%):
AIXTRON
SE
.........................................................
503,026
8,964
Bechtle
AG
...........................................................
328,161
14,678
SUSS
MicroTec
SE
.....................................................
197,029
15,188
TeamViewer
SE
(b)
(e)
....................................................
615,386
7,856
46,686
Materials
(0.3%):
Evonik
Industries
AG
....................................................
489,743
11,463
Real
Estate
(0.8%):
TAG
Immobilien
AG
(b)
..................................................
1,614,702
29,925
206,495
Hong
Kong
(0.7%):
Health
Care
(0.5%):
The
United
Laboratories
International
Holdings
Ltd.
..............................
13,370,000
17,214
Real
Estate
(0.2%):
Kerry
Properties
Ltd.
....................................................
4,222,500
8,918
26,132
Ireland
(1.8%):
Consumer
Discretionary
(0.3%):
Dalata
Hotel
Group
PLC
..................................................
2,817,935
12,870
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Consumer
Staples
(0.5%):
Glanbia
PLC
..........................................................
1,148,542
$
20,224
Financials
(0.7%):
Bank
of
Ireland
Group
PLC
...............................................
2,176,014
24,297
Industrials
(0.3%):
DCC
PLC
............................................................
138,497
9,453
66,844
Isle
of
Man
(0.4%):
Consumer
Discretionary
(0.4%):
Playtech
PLC
(b)
.......................................................
1,618,317
16,247
Italy
(3.2%):
Consumer
Discretionary
(0.3%):
Brunello
Cucinelli
SpA
...................................................
113,005
12,199
Financials
(1.0%):
Azimut
Holding
SpA
....................................................
487,272
12,601
Banco
BPM
SpA
.......................................................
3,584,547
24,215
36,816
Industrials
(0.5%):
Iveco
Group
NV
.......................................................
723,863
7,286
Leonardo
SpA
.........................................................
546,877
12,238
19,524
Information
Technology
(0.4%):
Reply
SpA
............................................................
83,800
12,635
Materials
(0.7%):
Buzzi
SpA
............................................................
654,302
26,105
Utilities
(0.3%):
Iren
SpA
.............................................................
5,456,707
12,378
119,657
Japan
(23.3%):
Consumer
Discretionary
(4.8%):
ABC-Mart,
Inc.
........................................................
720,300
15,310
Adastria
Co.
Ltd.
.......................................................
500,400
11,600
Asics
Corp.
...........................................................
701,700
14,743
NHK
Spring
Co.
Ltd.
....................................................
896,700
11,475
Resorttrust,
Inc.
........................................................
701,700
14,118
Round
One
Corp.
.......................................................
2,915,100
22,351
Sankyo
Co.
Ltd.
........................................................
1,679,700
24,760
Sumitomo
Forestry
Co.
Ltd.
...............................................
499,800
24,605
Takashimaya
Co.
Ltd.
(a)
..................................................
1,699,000
13,641
Toyo
Tire
Corp.
........................................................
972,700
14,287
Toyoda
Gosei
Co.
Ltd.
...................................................
692,900
11,977
178,867
Consumer
Staples
(1.5%):
Morinaga
Milk
Industry
Co.
Ltd.
(a)
..........................................
612,300
14,961
Nissui
Corp.
..........................................................
2,989,900
19,198
Toyo
Suisan
Kaisha
Ltd.
..................................................
305,200
20,040
54,199
Financials
(2.2%):
Credit
Saison
Co.
Ltd.
...................................................
1,129,300
28,342
Fuyo
General
Lease
Co.
Ltd.
...............................................
145,200
11,200
Mebuki
Financial
Group,
Inc.
..............................................
5,611,300
22,717
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Yamaguchi
Financial
Group,
Inc.
............................................
1,934,800
$
21,141
83,400
Health
Care
(1.7%):
Jeol
Ltd.
.............................................................
398,400
15,610
Santen
Pharmaceutical
Co.
Ltd.
.............................................
1,726,800
20,964
Sawai
Group
Holdings
Co.
Ltd.
(a)
...........................................
1,036,200
14,805
Tsumura
&
Co.
........................................................
436,700
13,794
65,173
Industrials
(5.7%):
DMG
Mori
Co.
Ltd.
.....................................................
464,400
9,907
Ebara
Corp.
...........................................................
1,209,900
19,833
Fujikura
Ltd.
..........................................................
1,115,100
37,895
GS
Yuasa
Corp.
........................................................
537,200
10,746
INFRONEER
Holdings,
Inc.
...............................................
1,603,200
13,174
Kanadevia
Corp.
.......................................................
1,547,100
10,769
Kinden
Corp.
..........................................................
546,200
12,092
Kyushu
Railway
Co.
....................................................
590,000
16,975
Nitto
Boseki
Co.
Ltd.
(a)
..................................................
292,000
12,141
Park24
Co.
Ltd.
(b)
......................................................
1,194,500
14,991
Sankyu,
Inc.
..........................................................
322,500
10,893
Sanwa
Holdings
Corp.
...................................................
1,242,000
33,069
Takeuchi
Manufacturing
Co.
Ltd.
...........................................
371,100
11,550
214,035
Information
Technology
(2.9%):
Citizen
Watch
Co.
Ltd.
(a)
.................................................
1,881,700
12,064
Dexerials
Corp.
........................................................
778,500
11,123
Fuji
Soft,
Inc.
..........................................................
164,000
10,327
Horiba
Ltd.
...........................................................
169,600
11,099
NET
One
Systems
Co.
Ltd.
................................................
741,600
18,521
Nippon
Electric
Glass
Co.
Ltd.
.............................................
427,800
10,061
Socionext,
Inc.
(a)
.......................................................
451,100
8,974
Tokyo
Seimitsu
Co.
Ltd.
..................................................
281,300
14,976
Ulvac,
Inc.
............................................................
225,500
12,096
109,241
Materials
(2.5%):
Daicel
Corp.
..........................................................
1,938,600
18,094
Daido
Steel
Co.
Ltd.
(a)
...................................................
2,463,900
24,195
Kaneka
Corp.
..........................................................
369,300
10,108
Mitsubishi
Gas
Chemical
Co.,
Inc.
(a)
.........................................
576,500
11,242
Rengo
Co.
Ltd.
........................................................
2,538,500
17,736
Sumitomo
Bakelite
Co.
Ltd.
...............................................
475,400
13,397
94,772
Real
Estate
(1.6%):
Invincible
Investment
Corp.
...............................................
34,120
14,779
KDX
Realty
Investment
Corp.
..............................................
7,063
7,443
Nippon
Accommodations
Fund,
Inc.
(a)
.......................................
2,184
9,716
Tokyo
Tatemono
Co.
Ltd.
.................................................
956,700
15,368
Tokyu
Fudosan
Holdings
Corp.
.............................................
1,894,300
13,181
60,487
Utilities
(0.4%):
Tohoku
Electric
Power
Co.,
Inc.
(a)
..........................................
1,437,700
13,780
873,954
Jordan
(0.5%):
Health
Care
(0.5%):
Hikma
Pharmaceuticals
PLC
...............................................
778,870
19,927
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Luxembourg
(0.4%):
Communication
Services
(0.4%):
Millicom
International
Cellular
SA
(b)
........................................
548,776
$
14,916
Macau
(0.4%):
Consumer
Discretionary
(0.4%):
MGM
China
Holdings
Ltd.
................................................
9,941,600
15,666
Netherlands
(2.7%):
Financials
(1.2%):
ASR
Nederland
NV
.....................................................
490,785
24,056
Euronext
NV
(e)
........................................................
205,521
22,306
46,362
Industrials
(0.7%):
Fugro
NV
............................................................
1,056,731
24,075
Information
Technology
(0.5%):
BE
Semiconductor
Industries
NV
...........................................
144,198
18,389
Materials
(0.3%):
OCI
NV
.............................................................
417,263
11,894
100,720
Singapore
(0.8%):
Real
Estate
(0.2%):
Frasers
Logistics
&
Commercial
Trust
........................................
10,634,000
9,479
Utilities
(0.6%):
Sembcorp
Industries
Ltd.
.................................................
5,155,800
22,170
31,649
South
Africa
(0.4%):
Financials
(0.4%):
Investec
PLC
..........................................................
2,112,560
16,076
South
Korea
(4.3%):
Communication
Services
(0.4%):
SOOP
Co.
Ltd.
.........................................................
171,337
13,106
Consumer
Staples
(0.5%):
Kolmar
Korea
Co.
Ltd.
...................................................
219,692
12,513
NongShim
Co.
Ltd.
.....................................................
26,256
7,719
20,232
Health
Care
(1.3%):
Classys,
Inc.
..........................................................
531,519
21,973
Hanmi
Pharm
Co.
Ltd.
...................................................
53,487
13,151
PharmaResearch
Co.
Ltd.
.................................................
94,438
13,830
48,954
Industrials
(1.4%):
HD
Hyundai
Electric
Co.
Ltd.
..............................................
64,640
16,266
LIG
Nex1
Co.
Ltd.
......................................................
77,523
12,547
LS
Electric
Co.
Ltd.
.....................................................
94,384
11,794
Samsung
E&A
Co.
Ltd.
(b)
................................................
643,784
10,804
51,411
Information
Technology
(0.5%):
LEENO
Industrial,
Inc.
...................................................
72,967
10,511
LG
Innotek
Co.
Ltd.
.....................................................
56,565
9,420
19,931
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Materials
(0.2%):
LOTTE
Fine
Chemical
Co.
Ltd.
............................................
240,577
$
8,787
162,421
Spain
(3.2%):
Financials
(1.2%):
Bankinter
SA
..........................................................
3,396,031
29,976
Mapfre
SA
............................................................
4,949,406
13,179
43,155
Health
Care
(0.1%):
Laboratorios
Farmaceuticos
Rovi
SA
.........................................
69,096
5,508
Industrials
(0.4%):
Logista
Integral
SA
.....................................................
503,510
15,154
Information
Technology
(0.4%):
Indra
Sistemas
SA
......................................................
845,667
15,543
Materials
(0.4%):
Acerinox
SA
..........................................................
1,393,146
14,979
Real
Estate
(0.7%):
Merlin
Properties
Socimi
SA
...............................................
2,013,799
25,524
119,863
Sweden
(2.6%):
Consumer
Staples
(0.3%):
Axfood
AB
...........................................................
418,238
11,793
Financials
(0.4%):
Avanza
Bank
Holding
AB
.................................................
602,885
14,956
Industrials
(1.4%):
AFRY
AB
............................................................
634,241
11,559
Loomis
AB
...........................................................
335,035
11,012
NCC
AB
,
Class
B
.......................................................
791,345
13,241
Trelleborg
AB
,
Class
B
...................................................
414,954
15,978
51,790
Real
Estate
(0.5%):
Wihlborgs
Fastigheter
AB
.................................................
1,481,682
17,107
95,646
Switzerland
(7.2%):
Consumer
Staples
(0.7%):
Coca-Cola
HBC
AG
.....................................................
720,345
25,677
Financials
(0.9%):
Swissquote
Group
Holding
SA
,
Registered
Shares
...............................
91,958
33,185
Health
Care
(1.3%):
Galenica
AG
(e)
........................................................
245,561
21,639
Siegfried
Holding
AG
,
Registered
Shares
......................................
20,341
27,400
49,039
Industrials
(2.3%):
Accelleron
Industries
AG
.................................................
363,589
18,868
Bucher
Industries
AG
,
Registered
Shares
......................................
24,521
11,132
DKSH
Holding
AG
.....................................................
140,030
11,140
Flughafen
Zurich
AG
,
Registered
Shares
......................................
65,347
15,723
Sulzer
AG
,
Registered
Shares
..............................................
180,884
29,684
86,547
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(0.3%):
Logitech
International
SA
,
Class
R
..........................................
113,875
$
10,201
Materials
(0.7%):
Clariant
AG
,
Registered
Shares
.............................................
1,653,291
25,062
Real
Estate
(0.7%):
PSP
Swiss
Property
AG
,
Registered
Shares
.....................................
190,437
27,907
Utilities
(0.3%):
BKW
AG
............................................................
62,389
11,315
268,933
United
Kingdom
(12.4%):
Communication
Services
(0.7%):
4imprint
Group
PLC
.....................................................
246,510
16,537
MONY
Group
PLC
.....................................................
3,067,595
8,684
25,221
Consumer
Discretionary
(1.8%):
Bellway
PLC
..........................................................
235,402
9,812
Berkeley
Group
Holdings
PLC
(b)
...........................................
38,111
2,410
Birkenstock
Holding
PLC
(b)
...............................................
207,767
10,241
Deliveroo
PLC
(b)
(e)
....................................................
5,834,821
12,051
Inchcape
PLC
.........................................................
1,693,759
18,093
Taylor
Wimpey
PLC
.....................................................
7,208,509
15,854
68,461
Consumer
Staples
(1.0%):
Marks
&
Spencer
Group
PLC
..............................................
5,846,167
29,170
Nomad
Foods
Ltd.
......................................................
515,127
9,818
38,988
Energy
(0.3%):
Harbour
Energy
PLC
....................................................
2,548,945
9,089
Financials
(1.9%):
Beazley
PLC
..........................................................
2,338,762
23,879
Intermediate
Capital
Group
PLC
............................................
672,371
20,075
Man
Group
PLC
.......................................................
5,353,465
15,172
OSB
Group
PLC
.......................................................
2,287,169
11,967
71,093
Health
Care
(0.6%):
ConvaTec
Group
PLC
(e)
.................................................
4,380,379
13,301
CVS
Group
PLC
.......................................................
583,282
8,790
22,091
Industrials
(2.8%):
Balfour
Beatty
PLC
.....................................................
3,295,861
19,038
easyJet
PLC
...........................................................
1,719,806
11,975
IMI
PLC
.............................................................
577,513
14,048
JET2
PLC
............................................................
720,504
13,524
QinetiQ
Group
PLC
.....................................................
2,572,787
15,501
Serco
Group
PLC
.......................................................
8,418,975
20,101
The
Weir
Group
PLC
....................................................
406,657
11,815
106,002
Information
Technology
(0.8%):
Computacenter
PLC
.....................................................
590,744
19,545
Spectris
PLC
..........................................................
251,694
9,197
28,742
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Materials
(0.4%):
Endeavour
Mining
PLC
..................................................
667,601
$
15,867
Real
Estate
(1.7%):
LondonMetric
Property
PLC
(b)
.............................................
6,117,908
16,817
Safestore
Holdings
PLC
..................................................
1,093,685
13,171
The
British
Land
Co.
PLC
................................................
3,197,670
18,629
Tritax
Big
Box
REIT
PLC
.................................................
6,809,742
14,532
63,149
Utilities
(0.4%):
Drax
Group
PLC
.......................................................
1,673,719
14,408
463,111
Total
Common
Stocks
(Cost
$2,778,332)
3,663,563
Exchange-Traded
Funds
(0.7%)
United
States
(0.7%):
Vanguard
FTSE
Developed
Markets
ETF
......................................
494,085
26,093
Total
Exchange-Traded
Funds
(Cost
$25,364)
26,093
Collateral
for
Securities
Loaned
(1.6%)^
United
States
(1.6%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(f)
........
15,035,253
15,036
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(f)
............
15,035,253
15,035
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(f)
................
15,035,253
15,035
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(f)
.
15,035,253
15,035
Total
Collateral
for
Securities
Loaned
(Cost
$60,141)
60,141
Total
Investments
(Cost
$2,863,837)
—
100.0%
3,749,797
Other
assets
in
excess
of
liabilities
—
0.0%
349
NET
ASSETS
-
100.00%
$
3,750,146
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
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
September
30,
2024,
the
fair
value
of
these
securities
was
$121,206
(thousands)
and
amounted
to
3.2%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
49
(Unaudited)
Security
Description
Principal
Amount
(000)
a*
Value
(000)
Asset-Backed
Securities
(8.9%)
ABS
Auto
(5.8%):
CarMax
Auto
Owner
Trust,
Series
2024-2,
Class
B,
5.69%,
11/15/29,
Callable
7/15/27
@
100
$
50
$
52
Chase
Auto
Owner
Trust
..................................................
Series
2024-1A,
Class
A4,
5.05%,
10/25/29,
Callable
8/25/27
@
100(a)
............
100
103
Series
2024-2A,
Class
B,
5.55%,
1/25/30,
Callable
10/25/27
@
100(a)
.............
50
52
Series
2024-3A,
Class
A4,
5.08%,
12/25/29,
Callable
12/25/27
@
100(a)
...........
50
51
Series
2024-4A,
Class
B,
5.23%,
4/25/30,
Callable
12/25/27
@
100(a)
.............
50
51
Chesapeake
Funding
II
LLC,
Series
2024-1A,
Class
A1,
5.52%,
5/15/36,
Callable
7/15/27
@
100(a)
...........................................................
41
41
Ent
Auto
Receivables
Trust,
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
1/15/28
@
100(a)
...........................................................
50
52
Enterprise
Fleet
Financing
LLC
.............................................
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
6/20/27
@
100(a)
..............
50
53
Series
2024-2,
Class
A4,
5.69%,
12/20/30,
Callable
1/20/28
@
100(a)
.............
34
35
First
Investors
Auto
Owner
Trust,
Series
2021-1A,
Class
E,
3.35%,
4/15/27,
Callable
3/15/25
@
100(a)
.........................................................
50
49
Ford
Credit
Auto
Owner
Trust,
Series
2020-1,
Class
C,
2.54%,
8/15/31,
Callable
2/15/25
@
100(a)
...........................................................
100
99
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2021-2,
Class
E,
3.35%,
10/15/27,
Callable
3/15/25
@
100(a)
..............
175
173
Series
2023-1,
Class
A3,
5.39%,
12/15/27,
Callable
10/15/26
@
100(a)
............
200
200
JPMorgan
Chase
Bank
NA,
Series
2021-2,
Class
C,
0.97%,
12/26/28,
Callable
9/25/25
@
100(a)
...........................................................
5
5
LAD
Auto
Receivables
Trust,
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
10/15/27
@
100(a)
...........................................................
50
52
PenFed
Auto
Receivables
Owner
Trust,
Series
2024-A,
Class
A4,
4.75%,
3/15/30,
Callable
1/15/29
@
100(a)
...................................................
50
51
Santander
Drive
Auto
Receivables
Trust
.......................................
Series
2022-2,
Class
B,
3.44%,
9/15/27,
Callable
3/15/26
@
100
.................
184
183
Series
2023-1,
Class
B,
4.98%,
2/15/28,
Callable
9/15/26
@
100
.................
195
195
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A,
Class
A4,
5.21%,
4/16/29,
Callable
10/15/27
@
100(a)
.............
50
51
Series
2024-A,
Class
B,
5.29%,
9/17/29,
Callable
10/15/27
@
100(a)
..............
50
51
SCCU
Auto
Receivables
Trust,
Series
2024-1A,
Class
B,
5.33%,
7/15/30,
Callable
4/15/28
@
100(a)
...........................................................
40
41
SFS
Auto
Receivables
Securitization
Trust,
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
1/20/28
@
100(a)
...................................................
42
43
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
7/20/25
@
100(a)
...............
100
102
Series
2023-B,
Class
A4,
6.22%,
3/22/27,
Callable
10/20/25
@
100(a)
.............
89
91
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
89
90
Westlake
Automobile
Receivables
Trust
.......................................
Series
2022-1A,
Class
C,
3.11%,
3/15/27,
Callable
11/15/25
@
100(a)
.............
251
250
Series
2023-1A,
Class
B,
5.41%,
1/18/28,
Callable
8/15/26
@
100(a)
..............
250
251
Series
2023-2A,
Class
B,
6.14%,
3/15/28,
Callable
10/15/26
@
100(a)
.............
200
202
Wheels
Fleet
Lease
Funding
1
LLC,
Series
2024-2A,
Class
B,
4.84%,
6/21/39(a)
.........
42
42
2,711
ABS
Card
(1.3%):
American
Express
Credit
Account
Master
Trust,
Series
2023-4,
Class
A,
5.15%,
9/15/30
....
100
104
BA
Credit
Card
Trust
....................................................
Series
2023-A2,
Class
A2,
4.98%,
11/15/28
................................
61
62
Series
2024-A1,
Class
A,
4.93%,
5/15/29
..................................
50
51
Capital
One
Multi-Asset
Execution
Trust,
Series
2021-A2,
Class
A2,
1.39%,
7/15/30
.......
73
66
CARDS
II
Trust,
Series
2024-1A,
Class
C,
5.84%,
7/16/29(a)
.......................
25
25
Chase
Issuance
Trust,
Series
2024-A2,
Class
A,
4.63%,
1/15/31
......................
75
77
Citibank
Credit
Card
Issuance
Trust,
Series
2018-A7,
Class
A7,
3.96%,
10/13/30
.........
100
100
Master
Credit
Card
Trust
II,
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
..............
127
136
621
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
a*
Value
(000)
ABS
Home
(0.1%):
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-HE16,
Class
M1,
6.29%
(TSFR1M+143bps),
10/25/32,
Callable
10/25/24
@
100(b)
.....................
$
52
$
54
ABS
Other
(1.7%):
CCG
Receivables
Trust,
Series
2023-2,
Class
B,
6.21%,
4/14/32,
Callable
11/14/27
@
100(a)
50
52
Crossroads
Asset
Trust,
Series
2024-A,
Class
B,
5.94%,
8/20/30,
Callable
4/20/28
@
100(a)
.
42
43
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2024-2A,
Class
A2,
4.50%,
5/20/49(a)
.......
46
45
Dell
Equipment
Finance
Trust,
Series
2024-1,
Class
B,
5.53%,
3/22/30,
Callable
12/22/26
@
100(a)
...........................................................
100
102
DLLAD
LLC,
Series
2024-1A,
Class
A4,
5.38%,
9/22/31,
Callable
2/20/29
@
100(a)
......
48
50
DLLMT
LLC,
Series
2024-1A,
Class
A4,
4.98%,
4/20/32,
Callable
5/20/28
@
100(a)
......
35
36
HPEFS
Equipment
Trust,
Series
2023-2A,
Class
C,
6.48%,
1/21/31,
Callable
11/20/26
@
100(a)
...........................................................
200
205
John
Deere
Owner
Trust,
Series
2024-C,
Class
A4,
4.15%,
8/15/31,
Callable
5/15/28
@
100
.
33
33
Kubota
Credit
Owner
Trust,
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
4/15/28
@
100(a)
...........................................................
32
33
M&T
Equipment
LEAF
Notes,
Series
2024-1A,
Class
A4,
4.94%,
8/18/31,
Callable
8/16/28
@
100(a)
...........................................................
40
40
PEAC
Solutions
Receivables
LLC,
Series
2024-1A,
Class
A3,
5.64%,
11/20/30,
Callable
12/20/27
@
100(a)
..................................................
50
51
SCF
Equipment
Leasing
LLC,
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
8/20/30
@
100(a)
...........................................................
43
45
VB-S1
Issuer
LLC
-
VBTEL,
Series
2024-1A,
Class
C2,
5.59%,
5/15/54,
Callable
5/15/27
@
100(a)
...........................................................
34
34
Volvo
Financial
Equipment
LLC,
Series
2024-1A,
Class
A4,
4.29%,
7/15/31,
Callable
4/15/28
@
100(a)
.........................................................
45
45
814
Total
Asset-Backed
Securities
(Cost
$4,119)
a
a
a
4,200
Collateralized
Mortgage
Obligations
(6.7%)
Agency
CMO
Other
(1.0%):
Federal
Home
Loan
Mortgage
Corporation,
Series
4395,
Class
PA,
2.50%,
4/15/37
........
104
100
Federal
National
Mortgage
Association
.......................................
Series
2005-19,
Class
PB,
5.50%,
3/25/35
.................................
131
136
Series
2011-21,
Class
PA,
4.50%,
5/25/40
.................................
123
122
Series
2013-81,
Class
KA,
2.75%,
9/25/42
.................................
99
96
454
Agency
Commercial
MBS
(0.1%):
Federal
National
Mortgage
Association,
Series
2022-M12,
Class
A,
3.18%,
12/25/28(c)
.....
50
48
Commercial
MBS
(5.6%):
BANK,
Series
2020-BN26,
Class
AS,
2.69%,
3/15/63,
Callable
3/15/30
@
100
...........
290
252
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
A4,
3.28%,
5/10/58,
Callable
5/10/26
@
100
.....................................................
163
160
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2015-GC33,
Class
A4,
3.78%,
9/10/58,
Callable
5/10/26
@
100
.............
463
456
Series
2016-P4,
Class
A4,
2.90%,
7/10/49,
Callable
7/10/26
@
100
...............
244
237
COMM
Mortgage
Trust,
Series
2024-277P,
Class
A,
6.34%,
8/10/44(a)(d)
..............
40
42
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C3,
Class
A4,
3.72%,
8/15/48,
Callable
8/15/25
@
100
.....................................................
100
99
GS
Mortgage
Securities
Trust,
Series
2016-GS2,
Class
A4,
3.05%,
5/10/49,
Callable
5/10/26
@
100
.............................................................
162
158
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP2,
Class
A4,
2.82%,
8/15/49,
Callable
7/15/26
@
100
........................................
376
364
JPMBB
Commercial
Mortgage
Securities
Trust
.................................
Series
2015-C28,
Class
A4,
3.23%,
10/15/48,
Callable
4/15/25
@
100
.............
453
449
Series
2015-C31,
Class
A3,
3.80%,
8/15/48,
Callable
8/15/25
@
100
..............
138
136
Series
2016-C1,
Class
A5,
3.58%,
3/17/49,
Callable
2/15/26
@
100
...............
100
98
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
a*
Value
(000)
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-NXS6,
Class
A4,
2.92%,
11/15/49,
Callable
10/15/26
@
100
.............................................
$
200
$
194
2,645
Total
Collateralized
Mortgage
Obligations
(Cost
$3,249)
a
a
a
3,147
Corporate
Bonds
(25.5%)
Communication
Services
(1.6%):
AT&T,
Inc.,
5.15%,
11/15/46,
Callable
5/15/46
@
100
............................
100
98
Comcast
Corp.,
3.45%,
2/1/50,
Callable
8/1/49
@
100
............................
250
189
T-Mobile
US,
Inc.,
3.88%,
4/15/30,
Callable
1/15/30
@
100
........................
250
243
Verizon
Communications,
Inc.,
3.55%,
3/22/51,
Callable
9/22/50
@
100
................
200
155
Warnermedia
Holdings,
Inc.,
4.05%,
3/15/29,
Callable
1/15/29
@
100
.................
100
95
780
Consumer
Discretionary
(1.2%):
D.R.
Horton,
Inc.,
5.00%,
10/15/34,
Callable
7/15/34
@
100
........................
75
76
Genuine
Parts
Co.
4.95%,
8/15/29,
Callable
7/15/29
@
100
..................................
50
51
2.75%,
2/1/32,
Callable
11/1/31
@
100
...................................
48
42
NVR,
Inc.,
3.00%,
5/15/30,
Callable
11/15/29
@
100
.............................
167
154
O'Reilly
Automotive,
Inc.,
4.70%,
6/15/32,
Callable
3/15/32
@
100
...................
99
100
Tapestry,
Inc.,
7.85%,
11/27/33,
Callable
8/27/33
@
100
...........................
100
108
Volkswagen
Group
of
America
Finance
LLC,
6.45%,
11/16/30,
Callable
9/16/30
@
100(a)
..
40
43
574
Consumer
Staples
(2.4%):
Altria
Group,
Inc.,
4.40%,
2/14/26,
Callable
12/14/25
@
100
........................
105
105
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.38%,
4/15/38,
Callable
10/15/37
@
100
........
175
168
BAT
Capital
Corp.,
5.28%,
4/2/50,
Callable
10/2/49
@
100(e)
.......................
100
94
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
100
103
Campbell
Soup
Co.,
5.20%,
3/21/29,
Callable
2/21/29
@
100
.......................
57
59
Coca-Cola
Consolidated,
Inc.,
5.45%,
6/1/34,
Callable
3/1/34
@
100
..................
50
53
Keurig
Dr.
Pepper,
Inc.,
4.50%,
4/15/52,
Callable
10/15/51
@
100
....................
100
90
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
200
177
The
Estee
Lauder
Cos.,
Inc.,
4.15%,
3/15/47,
Callable
9/15/46
@
100
.................
105
91
The
J.M.
Smucker
Co.,
6.20%,
11/15/33,
Callable
8/15/33
@
100(e)
..................
100
111
The
Kroger
Co.,
5.00%,
9/15/34,
Callable
6/15/34
@
100
..........................
75
76
1,127
Energy
(1.9%):
Energy
Transfer
LP,
3.75%,
5/15/30,
Callable
2/15/30
@
100
........................
100
95
Enterprise
Products
Operating
LLC,
4.95%,
2/15/35,
Callable
11/15/34
@
100
...........
50
51
Evergy
Missouri
West,
Inc.,
5.65%,
6/1/34,
Callable
3/1/34
@
100(a)
..................
50
53
MPLX
LP,
4.00%,
3/15/28,
Callable
12/15/27
@
100
.............................
150
148
Murphy
Oil
USA,
Inc.,
3.75%,
2/15/31,
Callable
2/15/26
@
101.88(a)
.................
201
181
ONEOK,
Inc.,
5.05%,
11/1/34,
Callable
8/1/34
@
100
.............................
45
45
Pioneer
Natural
Resources
Co.,
1.90%,
8/15/30,
Callable
5/15/30
@
100
...............
251
220
Western
Midstream
Operating
LP,
4.05%,
2/1/30,
Callable
11/1/29
@
100
..............
88
85
878
Financials
(6.3%):
American
Express
Co.,
5.28%
(SOFR+142bps),
7/26/35,
Callable
7/26/34
@
100(b)
.......
50
52
Bank
of
America
Corp.,
2.57%
(SOFR+121bps),
10/20/32,
Callable
10/20/31
@
100(b)
....
200
175
Capital
One
Financial
Corp.,
2.36%
(SOFR+134bps),
7/29/32,
Callable
7/29/31
@
100(b)
...
45
37
Cincinnati
Financial
Corp.,
6.13%,
11/1/34
.....................................
130
141
Citigroup,
Inc.,
4.45%,
9/29/27
.............................................
58
58
Citizens
Financial
Group,
Inc.,
2.50%,
2/6/30,
Callable
11/6/29
@
100
.................
150
133
CNO
Global
Funding,
4.95%,
9/9/29(a)
.......................................
29
29
Fiserv,
Inc.,
5.60%,
3/2/33,
Callable
12/2/32
@
100
..............................
100
106
Ford
Motor
Credit
Co.
LLC,
4.06%,
11/1/24
....................................
290
290
JPMorgan
Chase
&
Co.,
5.72%
(SOFR+258bps),
9/14/33,
Callable
9/14/32
@
100(b)
......
204
216
KeyCorp.,
4.79%
(SOFRINDX+206bps),
6/1/33,
MTN,
Callable
6/1/32
@
100(b)
........
150
147
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
a*
Value
(000)
MassMutual
Global
Funding
II,
4.35%,
9/17/31(a)
...............................
$
45
$
45
Morgan
Stanley,
2.51%
(SOFR+120bps),
10/20/32,
MTN,
Callable
10/20/31
@
100(b)
.....
150
131
New
York
Life
Global
Funding,
5.00%,
1/9/34(a)
................................
100
103
Old
Republic
International
Corp.,
3.85%,
6/11/51,
Callable
12/11/50
@
100
.............
104
79
PPL
Capital
Funding,
Inc.,
5.25%,
9/1/34,
Callable
6/1/34
@
100
.....................
16
17
Regions
Financial
Corp.,
1.80%,
8/12/28,
Callable
6/12/28
@
100
....................
100
90
RGA
Global
Funding,
5.50%,
1/11/31(a)
......................................
100
105
Santander
Holdings
USA,
Inc.,
5.35%
(SOFR+194bps),
9/6/30,
Callable
9/6/29
@
100(b)
...
50
51
Simon
Property
Group
LP,
5.85%,
3/8/53,
Callable
9/8/52
@
100
.....................
60
64
State
Street
Corp.,
5.16%
(SOFR+189bps),
5/18/34,
Callable
5/18/33
@
100(b)(e)
........
100
104
The
Bank
of
New
York
Mellon
Corp.,
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(b)(f)
150
149
The
Huntington
National
Bank,
5.65%,
1/10/30,
Callable
11/10/29
@
100
..............
250
261
The
PNC
Financial
Services
Group,
Inc.
4.63%
(SOFRINDX+185bps),
6/6/33,
Callable
6/6/32
@
100(b)
.................
55
54
5.68%
(SOFR+190bps),
1/22/35,
Callable
1/22/34
@
100(b)
....................
56
59
Truist
Financial
Corp.,
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(b)(f)
...........
50
50
U.S.
Bancorp,
5.78%
(SOFR+202bps),
6/12/29,
Callable
6/12/28
@
100(b)
.............
50
52
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100(a)
.....................
50
54
Wells
Fargo
&
Co.,
4.90%,
11/17/45
.........................................
155
145
2,997
Health
Care
(2.9%):
AbbVie,
Inc.,
4.45%,
5/14/46,
Callable
11/14/45
@
100
...........................
142
133
Amgen,
Inc.,
5.15%,
3/2/28,
Callable
2/2/28
@
100
..............................
140
144
Baxter
International,
Inc.,
3.50%,
8/15/46,
Callable
2/15/46
@
100
...................
109
82
Bristol-Myers
Squibb
Co.,
5.90%,
11/15/33,
Callable
8/15/33
@
100
..................
150
166
Centene
Corp.,
4.25%,
12/15/27,
Callable
10/21/24
@
101.42
.......................
168
165
CVS
Health
Corp.,
2.13%,
9/15/31,
Callable
6/15/31
@
100
........................
150
127
Elevance
Health,
Inc.,
2.38%,
1/15/25,
Callable
12/15/24
@
100
.....................
148
147
HCA,
Inc.,
4.13%,
6/15/29,
Callable
3/15/29
@
100
..............................
193
190
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.,
5.45%,
6/15/34,
Callable
3/15/34
@
100(a)
...........................................................
50
52
Laboratory
Corp.
of
America
Holdings,
4.55%,
4/1/32,
Callable
2/1/32
@
100
...........
50
49
Universal
Health
Services,
Inc.,
2.65%,
10/15/30,
Callable
7/15/30
@
100(a)
............
102
91
Zimmer
Biomet
Holdings,
Inc.,
5.20%,
9/15/34,
Callable
6/15/34
@
100
...............
50
51
1,397
Industrials
(3.2%):
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
50
44
Ashtead
Capital,
Inc.,
4.25%,
11/1/29,
Callable
11/1/24
@
102.13(a)
..................
250
243
Concentrix
Corp.,
6.85%,
8/2/33,
Callable
5/2/33
@
100(e)
.........................
50
52
CSX
Corp.,
3.35%,
9/15/49,
Callable
3/15/49
@
100
.............................
92
70
Cummins,
Inc.,
4.90%,
2/20/29,
Callable
1/20/29
@
100
...........................
100
103
GXO
Logistics,
Inc.,
6.50%,
5/6/34,
Callable
2/6/34
@
100
.........................
33
35
Honeywell
International,
Inc.,
2.80%,
6/1/50,
Callable
12/1/49
@
100
.................
82
58
Norfolk
Southern
Corp.
2.30%,
5/15/31,
Callable
2/15/31
@
100
..................................
100
89
2.90%,
8/25/51,
Callable
2/25/51
@
100
..................................
125
84
Northrop
Grumman
Corp.,
5.25%,
5/1/50,
Callable
11/1/49
@
100
....................
116
118
Northwestern
Mutual
Global
Funding,
4.71%,
1/10/29(a)
..........................
250
256
Otis
Worldwide
Corp.,
3.11%,
2/15/40,
Callable
8/15/39
@
100
......................
50
40
Snap-on,
Inc.,
4.10%,
3/1/48,
Callable
9/1/47
@
100
..............................
115
100
The
Boeing
Co.,
5.81%,
5/1/50,
Callable
11/1/49
@
100
...........................
100
97
United
Airlines
Pass
Through
Trust,
5.45%,
2/15/37
..............................
50
52
Verisk
Analytics,
Inc.,
5.25%,
6/5/34,
Callable
3/5/34
@
100
........................
50
52
1,493
Information
Technology
(1.3%):
Broadcom,
Inc.,
5.00%,
4/15/30,
Callable
1/15/30
@
100
..........................
165
171
Hewlett
Packard
Enterprise
Co.,
5.00%,
10/15/34,
Callable
7/15/34
@
100
..............
45
45
Oracle
Corp.
2.95%,
4/1/30,
Callable
1/1/30
@
100
....................................
150
139
3.60%,
4/1/50,
Callable
10/1/49
@
100
...................................
100
76
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
a*
Value
(000)
TSMC
Arizona
Corp.,
2.50%,
10/25/31,
Callable
7/25/31
@
100
.....................
$
200
$
176
607
Materials
(1.1%):
Avery
Dennison
Corp.,
2.25%,
2/15/32,
Callable
11/15/31
@
100
....................
150
127
Huntsman
International
LLC,
5.70%,
10/15/34,
Callable
7/15/34
@
100
................
40
40
Martin
Marietta
Materials,
Inc.,
2.40%,
7/15/31,
Callable
4/15/31
@
100
...............
50
44
Newmont
Corp.,
2.60%,
7/15/32,
Callable
4/15/32
@
100
..........................
104
92
Packaging
Corp.
of
America,
3.05%,
10/1/51,
Callable
4/1/51
@
100
..................
150
105
Solvay
Finance
America
LLC,
5.85%,
6/4/34,
Callable
3/4/34
@
100(a)
................
50
53
Sonoco
Products
Co.,
5.00%,
9/1/34,
Callable
6/1/34
@
100
........................
45
44
505
Real
Estate
(0.9%):
AvalonBay
Communities,
Inc.,
5.35%,
6/1/34,
Callable
3/1/34
@
100
.................
55
58
DOC
DR
LLC,
2.63%,
11/1/31,
Callable
8/1/31
@
100
............................
128
111
GLP
Capital
LP/GLP
Financing
II,
Inc.,
5.63%,
9/15/34,
Callable
6/15/34
@
100
.........
50
51
Sabra
Health
Care
LP,
5.13%,
8/15/26,
Callable
5/15/26
@
100
......................
145
146
SBA
Tower
Trust,
4.83%,
10/15/29,
Callable
10/15/27
@
100(a)
.....................
45
45
411
Utilities
(2.7%):
AEP
Texas,
Inc.,
5.70%,
5/15/34,
Callable
2/15/34
@
100
..........................
45
47
Ameren
Illinois
Co.,
1.55%,
11/15/30,
Callable
8/15/30
@
100
......................
225
193
Arizona
Public
Service
Co.,
5.70%,
8/15/34,
Callable
5/15/34
@
100
..................
50
53
Black
Hills
Corp.,
6.00%,
1/15/35,
Callable
10/15/34
@
100
........................
50
53
Commonwealth
Edison
Co.,
5.30%,
6/1/34,
Callable
3/1/34
@
100
...................
45
47
Consolidated
Edison
Co.
of
New
York,
Inc.,
6.30%,
8/15/37
........................
125
141
Duke
Energy
Corp.,
4.50%,
8/15/32,
Callable
5/15/32
@
100
.......................
100
99
Entergy
Arkansas
LLC,
5.45%,
6/1/34,
Callable
3/1/34
@
100
.......................
55
58
Entergy
Louisiana
LLC,
5.15%,
9/15/34,
Callable
6/15/34
@
100
....................
50
52
Niagara
Mohawk
Power
Corp.,
5.29%,
1/17/34,
Callable
10/17/33
@
100(a)
.............
50
51
Northern
States
Power
Co.,
5.65%,
6/15/54,
Callable
12/15/53
@
100
.................
45
49
Oglethorpe
Power
Corp.
4.20%,
12/1/42
....................................................
50
42
5.80%,
6/1/54,
Callable
12/1/53
@
100(a)
.................................
10
11
Public
Service
Electric
&
Gas
Co.,
3.95%,
5/1/42,
MTN,
Callable
11/1/41
@
100
.........
159
139
The
Southern
Co.,
5.70%,
3/15/34,
Callable
9/15/33
@
100
.........................
100
107
Wisconsin
Public
Service
Corp.,
2.85%,
12/1/51,
Callable
6/1/51
@
100
...............
174
116
1,258
Total
Corporate
Bonds
(Cost
$12,321)
a
a
a
12,027
Yankee
Dollars
(3.9%)
Consumer
Staples
(0.1%):
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL,
6.75%,
3/15/34,
Callable
12/15/33
@
100(a)
...........................................
50
55
Energy
(0.1%):
Enbridge,
Inc.,
5.63%,
4/5/34,
Callable
1/5/34
@
100
.............................
50
53
Financials
(2.2%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
6.50%,
7/15/25,
Callable
6/15/25
@
100
...........................................................
150
152
Amcor
Group
Finance
PLC,
5.45%,
5/23/29,
Callable
4/23/29
@
100
..................
50
52
Barclays
PLC,
2.28%
(H15T1Y+105bps),
11/24/27,
Callable
11/24/26
@
100(b)
.........
100
95
BPCE
SA,
6.51%
(SOFR+279bps),
1/18/35,
Callable
1/18/34
@
100(a)(b)
..............
100
105
Canadian
Imperial
Bank
of
Commerce,
6.09%,
10/3/33,
Callable
7/3/33
@
100
...........
50
55
Credit
Agricole
SA,
6.25%
(SOFR+267bps),
1/10/35,
Callable
1/10/34
@
100(a)(b)
.......
150
160
Deutsche
Bank
AG,
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(b)
..........
100
88
HSBC
Holdings
PLC,
2.87%
(SOFR+141bps),
11/22/32,
Callable
11/22/31
@
100(b)
......
140
123
Mizuho
Financial
Group,
Inc.,
2.56%,
9/13/31
..................................
200
171
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
a*
Value
(000)
The
Bank
of
Nova
Scotia,
4.90%
(H15T5Y+455bps),
Callable
6/4/25
@
100(b)(f)
........
$
48
$
47
1,048
Health
Care
(0.2%):
Smith
&
Nephew
PLC,
5.40%,
3/20/34,
Callable
12/20/33
@
100
....................
64
66
Takeda
Pharmaceutical
Co.
Ltd.,
5.65%,
7/5/54,
Callable
1/5/54
@
100
................
35
37
103
Industrials
(1.0%):
Canadian
National
Railway
Co.,
3.20%,
8/2/46,
Callable
2/2/46
@
100
................
85
65
Canadian
Pacific
Railway
Co.,
3.10%,
12/2/51,
Callable
6/2/51
@
100
.................
92
66
Ferguson
Finance
PLC,
4.65%,
4/20/32,
Callable
1/20/32
@
100(a)
...................
200
196
LG
Energy
Solution
Ltd.,
5.50%,
7/2/34(a)
.....................................
40
41
Pentair
Finance
SARL,
5.90%,
7/15/32,
Callable
4/15/32
@
100
.....................
50
54
Trane
Technologies
Financing
Ltd.,
5.25%,
3/3/33,
Callable
12/3/32
@
100
.............
50
52
474
Materials
(0.2%):
Rio
Tinto
Finance
USA
Ltd.,
5.20%,
11/2/40
...................................
75
78
Utilities
(0.1%):
Iberdrola
International
BV,
6.75%,
9/15/33
.....................................
50
56
Total
Yankee
Dollars
(Cost
$1,865)
a
a
a
1,867
Municipal
Bonds
(0.2%)
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A,
4.28%,
2/1/36
..............................................
50
49
Series
A,
4.48%,
8/1/39
..............................................
75
74
123
Total
Municipal
Bonds
(Cost
$121)
a
a
a
123
U.S.
Government
Agency
Mortgages
(14.1%)
Farm
Credit
Bank
of
Texas
Series
4,
5.70%
(H15T5Y+542bps)(a)(b)(f)
................................
50
50
Federal
Farm
Credit
Banks
Funding
Corporation
2.20%,
9/2/36
.....................................................
100
78
5.60%,
8/5/39
.....................................................
32
33
6.19%,
6/17/44
....................................................
45
45
156
Federal
Home
Loan
Banks
5.65%,
7/30/31
....................................................
50
50
Federal
Home
Loan
Mortgage
Corporation
9.00%,
4/1/25
.....................................................
—(g)
–(g)
5.50%,
10/1/38
....................................................
158
162
2.00%,
3/1/51
.....................................................
477
398
3.50%,
3/1/52
.....................................................
1,633
1,520
4.50%,
6/1/52
.....................................................
1,480
1,458
3,538
Federal
National
Mortgage
Association
6.00%,
2/1/37
-
3/1/54
...............................................
144
148
4.00%,
3/1/47
-
10/1/48
..............................................
48
47
2.50%,
7/1/51
.....................................................
1,740
1,501
1,696
Government
National
Mortgage
Association
4.50%,
3/20/53
....................................................
92
90
5.50%,
4/20/53
-
8/20/53
.............................................
368
373
2.50%,
7/20/53
....................................................
90
79
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
a*
Value
(000)
5.00%,
7/20/53
-
4/20/54
.............................................
$
454
$
455
6.00%,
9/20/53
....................................................
179
185
1,182
Total
U.S.
Government
Agency
Mortgages
(Cost
$6,978)
a
a
a
6,672
U.S.
Treasury
Obligations
(39.9%)
U.S.
Treasury
Bonds
2.00%,
11/15/41
....................................................
356
262
4.13%,
8/15/44
....................................................
1,000
992
2.88%,
5/15/49
....................................................
500
395
4.13%,
8/15/53
....................................................
300
299
4.75%,
11/15/53
....................................................
1,000
1,105
4.25%,
2/15/54
....................................................
250
255
4.25%,
8/15/54
....................................................
1,000
1,021
U.S.
Treasury
Notes
4.00%,
2/15/26
....................................................
700
702
0.50%,
6/30/27
....................................................
290
267
3.75%,
8/15/27
....................................................
3,000
3,015
4.00%,
2/29/28
....................................................
1,361
1,380
4.00%,
1/31/29
....................................................
1,000
1,017
4.25%,
2/28/29
....................................................
700
719
4.38%,
11/30/30
....................................................
1,500
1,561
4.25%,
2/28/31
....................................................
1,250
1,293
1.88%,
2/15/32
....................................................
289
255
2.88%,
5/15/32
....................................................
268
253
2.75%,
8/15/32
....................................................
272
254
4.50%,
11/15/33
....................................................
1,750
1,848
4.00%,
2/15/34
....................................................
1,900
1,933
Total
U.S.
Treasury
Obligations
(Cost
$18,280)
a
a
a
18,826
Shares
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.83%(h)
........
89,674
90
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.85%(h)
............
89,674
90
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.84%(h)
...............
89,674
90
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.82%(h)
.
89,674
89
Total
Collateral
for
Securities
Loaned
(Cost
$359)
a
a
a
359
Total
Investments
(Cost
$47,292)
—
100.0%
47,221
Liabilities
in
excess
of
other
assets
—  (0.0)%(i)
(11)
NET
ASSETS
-
100.00%
$
47,210
*
Effective
at
the
start
of
business
on
November
1,
2024,
the
Fund
name
will
change
to
Victory
Core
Bond
Fund.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$5,567
(thousands)
and
amounted
to
11.8%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2024.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
September
30,
2024.
(d)
Security
is
interest
only.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
Rounds
to
less
than
$1
thousand.
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
(i)
Amount
represents
less
than
0.05%
of
net
assets.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2024.
Victory
Portfolios
Victory
Total
Return
Bond
Fund
(Also
Known
as
Victory
Core
Bond
Fund*)
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
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
September
30,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2024.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Diversified
Stock
Fund
57
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(95.4%)
Communication
Services
(11.1%):
Alphabet,
Inc.,
Class
C
...................................................
82,494
$
13,792
Meta
Platforms,
Inc.,
Class
A
..............................................
21,774
12,464
Netflix,
Inc.(a)
.........................................................
7,306
5,182
T-Mobile
US,
Inc.
......................................................
23,686
4,888
36,326
Consumer
Discretionary
(11.5%):
Amazon.com,
Inc.(a)
....................................................
69,405
12,932
D.R.
Horton,
Inc.
.......................................................
18,371
3,505
General
Motors
Co.
.....................................................
86,979
3,900
JD.com,
Inc.,
ADR
......................................................
65,611
2,624
PulteGroup,
Inc.
........................................................
24,800
3,560
Tesla,
Inc.(a)
..........................................................
9,665
2,529
Texas
Roadhouse,
Inc.
...................................................
11,593
2,047
Toll
Brothers,
Inc.
......................................................
13,424
2,074
Wingstop,
Inc.
.........................................................
11,227
4,671
37,842
Consumer
Staples
(2.1%):
BellRing
Brands,
Inc.(a)
..................................................
63,177
3,836
Casey's
General
Stores,
Inc.
...............................................
8,153
3,063
6,899
Electronic
Equipment,
Instruments
&
Components
(2.0%):
Fabrinet(a)
............................................................
7,717
1,825
OSI
Systems,
Inc.(a)
.....................................................
30,378
4,612
6,437
Energy
(4.7%):
Baker
Hughes
Co.
......................................................
91,504
3,308
Diamondback
Energy,
Inc.
................................................
13,524
2,331
EOG
Resources,
Inc.
....................................................
23,403
2,877
Matador
Resources
Co.
...................................................
48,635
2,404
Oceaneering
International,
Inc.(a)
...........................................
101,958
2,536
Weatherford
International
PLC
.............................................
25,393
2,156
15,612
Financials
(12.1%):
Affiliated
Managers
Group,
Inc.(b)
..........................................
17,815
3,167
Ameriprise
Financial,
Inc.
.................................................
8,975
4,217
Chubb
Ltd.
...........................................................
10,305
2,972
Fiserv,
Inc.(a)
..........................................................
18,720
3,363
Interactive
Brokers
Group,
Inc.
.............................................
27,461
3,827
JPMorgan
Chase
&
Co.
..................................................
21,502
4,534
NU
Holdings
Ltd.,
Class
A(a)
..............................................
240,646
3,285
Pagseguro
Digital
Ltd.,
Class
A(a)
...........................................
142,898
1,230
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
46,398
1,890
The
Bancorp,
Inc.(a)
.....................................................
48,489
2,594
Visa,
Inc.,
Class
A
......................................................
13,827
3,802
W.R.
Berkley
Corp.
.....................................................
83,711
4,749
39,630
Health
Care
(13.2%):
Addus
HomeCare
Corp.(a)
................................................
16,488
2,193
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
60,185
2,921
Collegium
Pharmaceutical,
Inc.(a)
...........................................
54,614
2,110
Elevance
Health,
Inc.
....................................................
2,866
1,490
Eli
Lilly
&
Co.
.........................................................
8,017
7,103
HCA
Healthcare,
Inc.
....................................................
12,310
5,003
Neurocrine
Biosciences,
Inc.(a)
.............................................
25,963
2,992
Novo
Nordisk
A/S,
ADR
..................................................
13,759
1,638
ResMed,
Inc.
..........................................................
13,505
3,297
Victory
Portfolios
Victory
Diversified
Stock
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Stryker
Corp.
..........................................................
13,086
$
4,728
The
Cigna
Group
.......................................................
8,554
2,963
The
Ensign
Group,
Inc.
...................................................
28,899
4,156
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
5,910
2,749
43,343
Industrials
(9.4%):
Allison
Transmission
Holdings,
Inc.
.........................................
34,298
3,295
Comfort
Systems
USA,
Inc.
...............................................
10,235
3,995
EMCOR
Group,
Inc.
....................................................
8,628
3,715
Federal
Signal
Corp.
.....................................................
30,617
2,861
GXO
Logistics,
Inc.(a)
...................................................
29,243
1,523
Huron
Consulting
Group,
Inc.(a)
............................................
13,298
1,446
Kirby
Corp.(a)
.........................................................
25,886
3,169
Parsons
Corp.(a)
.......................................................
35,521
3,683
Powell
Industries,
Inc.
...................................................
11,523
2,558
Textron,
Inc.
..........................................................
32,821
2,907
Verra
Mobility
Corp.(a)
..................................................
67,986
1,891
31,043
Materials
(0.4%):
Summit
Materials,
Inc.,
Class
A(a)
..........................................
35,707
1,394
Real
Estate
(1.4%):
Digital
Realty
Trust,
Inc.
..................................................
12,123
1,962
VICI
Properties,
Inc.
....................................................
79,837
2,659
4,621
Semiconductors
&
Semiconductor
Equipment
(10.7%):
Broadcom,
Inc.
........................................................
59,245
10,220
NVIDIA
Corp.
.........................................................
148,279
18,007
ON
Semiconductor
Corp.(a)
...............................................
33,805
2,454
Photronics,
Inc.(a)
......................................................
56,336
1,395
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
18,375
3,191
35,267
Software
(10.8%):
Adobe,
Inc.(a)
.........................................................
5,941
3,076
Cadence
Design
Systems,
Inc.(a)
............................................
14,373
3,895
Clear
Secure,
Inc.,
Class
A
................................................
113,477
3,761
Microsoft
Corp.
........................................................
49,084
21,121
Nice
Ltd.,
ADR(a)(b)
....................................................
20,423
3,547
35,400
Technology
Hardware,
Storage
&
Peripherals
(6.0%):
Apple,
Inc.
...........................................................
84,274
19,636
Total
Common
Stocks
(Cost
$198,069)
a
a
a
313,450
Exchange-Traded
Funds
(2.0%)
SPDR
S&P
500
ETF
Trust
................................................
11,566
6,636
Total
Exchange-Traded
Funds
(Cost
$6,506)
a
a
a
6,636
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.83%(c)
........
212,975
213
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.85%(c)
............
212,975
213
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.84%(c)
...............
212,975
213
Victory
Portfolios
Victory
Diversified
Stock
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.82%(c)
.
212,975
$
213
Total
Collateral
for
Securities
Loaned
(Cost
$852)
a
a
a
852
Total
Investments
(Cost
$205,427)
—
97.7%
320,938
Other
assets
in
excess
of
liabilities
—
2.3%
7,569
NET
ASSETS
-
100.00%
$
328,507
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
6.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Special
Value
Fund
60
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(94.3%)
Communication
Services
(11.1%):
Alphabet,
Inc.,
Class
C
...................................................
10,978
$
1,835
Meta
Platforms,
Inc.,
Class
A
..............................................
2,913
1,668
Netflix,
Inc.(a)
.........................................................
987
700
T-Mobile
US,
Inc.
......................................................
3,177
656
4,859
Consumer
Discretionary
(11.5%):
Amazon.com,
Inc.(a)
....................................................
9,308
1,734
D.R.
Horton,
Inc.
.......................................................
2,434
464
General
Motors
Co.
.....................................................
11,449
513
JD.com,
Inc.,
ADR
......................................................
8,787
351
PulteGroup,
Inc.
........................................................
3,293
473
Tesla,
Inc.(a)
..........................................................
1,271
333
Texas
Roadhouse,
Inc.
...................................................
1,551
274
Toll
Brothers,
Inc.
......................................................
1,868
289
Wingstop,
Inc.
.........................................................
1,502
625
5,056
Consumer
Staples
(2.1%):
BellRing
Brands,
Inc.(a)
..................................................
8,342
507
Casey's
General
Stores,
Inc.
...............................................
1,070
402
909
Electronic
Equipment,
Instruments
&
Components
(2.0%):
Fabrinet(a)
............................................................
1,033
244
OSI
Systems,
Inc.(a)
.....................................................
3,998
607
851
Energy
(4.7%):
Baker
Hughes
Co.
......................................................
12,243
443
Diamondback
Energy,
Inc.
................................................
1,834
316
EOG
Resources,
Inc.
....................................................
3,052
375
Matador
Resources
Co.
...................................................
6,344
314
Oceaneering
International,
Inc.(a)
...........................................
13,772
342
Weatherford
International
PLC
.............................................
3,393
288
2,078
Financials
(12.0%):
Affiliated
Managers
Group,
Inc.
............................................
2,406
428
Ameriprise
Financial,
Inc.
.................................................
1,180
554
Chubb
Ltd.
...........................................................
1,348
389
Fiserv,
Inc.(a)
..........................................................
2,472
444
Interactive
Brokers
Group,
Inc.
.............................................
3,664
511
JPMorgan
Chase
&
Co.
..................................................
2,840
599
NU
Holdings
Ltd.,
Class
A(a)
..............................................
31,678
433
Pagseguro
Digital
Ltd.,
Class
A(a)
...........................................
18,970
163
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
6,266
255
The
Bancorp,
Inc.(a)
.....................................................
6,488
347
Visa,
Inc.,
Class
A
......................................................
1,867
513
W.R.
Berkley
Corp.
.....................................................
11,245
638
5,274
Health
Care
(13.2%):
Addus
HomeCare
Corp.
(a)
................................................
2,294
305
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
7,839
380
Collegium
Pharmaceutical,
Inc.(a)
...........................................
7,313
282
Elevance
Health,
Inc.
....................................................
387
201
Eli
Lilly
&
Co.
.........................................................
1,055
935
HCA
Healthcare,
Inc.
....................................................
1,619
658
Neurocrine
Biosciences,
Inc.(a)
.............................................
3,478
401
Novo
Nordisk
A/S,
ADR
..................................................
1,846
220
ResMed,
Inc.
..........................................................
1,824
445
Victory
Portfolios
Victory
Special
Value
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Stryker
Corp.
..........................................................
1,768
$
639
The
Cigna
Group
.......................................................
1,128
391
The
Ensign
Group,
Inc.
...................................................
3,903
561
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
799
372
5,790
Industrials
(9.5%):
Allison
Transmission
Holdings,
Inc.
.........................................
4,632
445
Comfort
Systems
USA,
Inc.
...............................................
1,368
534
EMCOR
Group,
Inc.
....................................................
1,153
496
Federal
Signal
Corp.
.....................................................
4,136
387
GXO
Logistics,
Inc.(a)
...................................................
3,827
199
Huron
Consulting
Group,
Inc.(a)
............................................
1,794
195
Kirby
Corp.(a)
.........................................................
3,495
428
Parsons
Corp.(a)
.......................................................
4,700
487
Powell
Industries,
Inc.
...................................................
1,555
345
Textron,
Inc.
..........................................................
4,342
385
Verra
Mobility
Corp.(a)
..................................................
9,057
252
4,153
Materials
(0.4%):
Summit
Materials,
Inc.,
Class
A(a)
..........................................
4,656
182
Real
Estate
(1.4%):
Digital
Realty
Trust,
Inc.
..................................................
1,596
258
VICI
Properties,
Inc.
....................................................
10,421
347
605
Semiconductors
&
Semiconductor
Equipment
(10.7%):
Broadcom,
Inc.
........................................................
7,932
1,368
NVIDIA
Corp.
.........................................................
19,692
2,392
ON
Semiconductor
Corp.(a)
...............................................
4,452
323
Photronics,
Inc.(a)
......................................................
7,402
183
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
2,482
431
4,697
Software
(10.7%):
Adobe,
Inc.(a)
.........................................................
796
412
Cadence
Design
Systems,
Inc.(a)
............................................
1,896
514
Clear
Secure,
Inc.,
Class
A
................................................
15,175
503
Microsoft
Corp.
........................................................
6,512
2,802
Nice
Ltd.,
ADR(a)(b)
....................................................
2,709
470
4,701
Technology
Hardware,
Storage
&
Peripherals
(5.0%):
Apple,
Inc.
...........................................................
9,398
2,190
Total
Common
Stocks
(Cost
$25,920)
a
a
a
41,345
Exchange-Traded
Funds
(3.3%)
SPDR
S&P
500
ETF
Trust
................................................
1,936
1,111
Technology
Select
Sector
SPDR
Fund
........................................
1,660
375
Total
Exchange-Traded
Funds
(Cost
$1,419)
a
a
a
1,486
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
F
inancial
Square
Government
Fund,
Institutional
Shares,
4.83%(c)
........
117,294
117
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.85%(c)
............
117,294
117
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.84%(c)
...............
117,294
117
Victory
Portfolios
Victory
Special
Value
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.82%(c)
.
117,294
$
118
Total
Collateral
for
Securities
Loaned
(Cost
$469)
a
a
a
469
Total
Investments
(Cost
$27,808)
—
98.7%
43,300
Other
assets
in
excess
of
liabilities
—
1.3%
549
NET
ASSETS
-
100.00%
$
43,849
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
6.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
63
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.6%)
Consumer
Discretionary
(18.7%):
Atmus
Filtration
Technologies,
Inc.
..........................................
6,460
$
242
Brunswick
Corp.
.......................................................
2,570
215
Century
Communities,
Inc.
................................................
850
88
Gentherm,
Inc.
(a)
.......................................................
2,210
103
Installed
Building
Products,
Inc.
............................................
630
155
Latham
Group,
Inc.
(a)
...................................................
47,725
325
LCI
Industries
.........................................................
1,110
134
M/I
Homes,
Inc.
(a)
......................................................
865
148
Steven
Madden
Ltd.
.....................................................
2,660
130
Thor
Industries,
Inc.
.....................................................
1,390
153
Tri
Pointe
Homes,
Inc.
(a)
.................................................
3,950
179
1,872
Consumer
Staples
(0.8%):
WD-40
Co.
...........................................................
290
75
Energy
(6.1%):
Cactus,
Inc.
,
Class
A
.....................................................
2,490
149
Dorian
LPG
Ltd.
.......................................................
1,000
34
Expro
Group
Holdings
NV
(a)
..............................................
9,966
171
Oceaneering
International,
Inc.
(a)
...........................................
4,480
111
RPC,
Inc.
............................................................
23,380
149
614
Financials
(12.6%):
Brightsphere
Investment
Group,
Inc.
.........................................
10,961
278
EVERTEC,
Inc.
........................................................
5,160
175
First
Busey
Corp.
.......................................................
6,861
179
Home
Bancshares,
Inc.
...................................................
6,030
163
Houlihan
Lokey,
Inc.
....................................................
810
128
OFG
Bancorp
.........................................................
2,610
117
Stifel
Financial
Corp.
....................................................
1,130
106
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
1,650
118
1,264
Health
Care
(17.3%):
CorVel
Corp.
(a)
........................................................
837
273
Definitive
Healthcare
Corp.
(a)
..............................................
15,196
68
Halozyme
Therapeutics,
Inc.
(a)
.............................................
4,433
254
Integer
Holdings
Corp.
(a)
.................................................
1,200
156
Merit
Medical
Systems,
Inc.
(a)
.............................................
1,300
128
Neogen
Corp.
(a)
.......................................................
11,300
190
Privia
Health
Group,
Inc.
(a)
...............................................
4,390
80
STAAR
Surgical
Co.
(a)
..................................................
4,814
179
UFP
Technologies,
Inc.
(a)
.................................................
760
241
Vericel
Corp.
(a)
........................................................
4,000
169
1,738
Industrials
(23.4%):
AAON,
Inc.
...........................................................
2,280
246
ABM
Industries,
Inc.
....................................................
2,440
129
Alamo
Group,
Inc.
......................................................
640
115
Armstrong
World
Industries,
Inc.
............................................
600
79
Boise
Cascade
Co.
......................................................
970
137
Casella
Waste
Systems,
Inc.
(a)
.............................................
970
97
ESCO
Technologies,
Inc.
.................................................
1,600
206
GMS,
Inc.
(a)
..........................................................
1,294
117
Hub
Group,
Inc.
,
Class
A
.................................................
1,940
88
Landstar
System,
Inc.
....................................................
960
181
RBC
Bearings,
Inc.
(a)
...................................................
590
177
Rush
Enterprises,
Inc.
,
Class
A
.............................................
1,820
96
SPX
Technologies,
Inc.
(a)
.................................................
1,000
159
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Standex
International
Corp.
................................................
770
$
141
Sterling
Infrastructure,
Inc.
(a)
..............................................
630
91
The
AZEK
Co.,
Inc.
(a)
...................................................
1,950
91
UFP
Industries,
Inc.
.....................................................
1,530
201
2,351
Information
Technology
(14.6%):
Advanced
Energy
Industries,
Inc.
...........................................
1,990
209
Alarm.com
Holdings,
Inc.
(a)
...............................................
1,460
80
Badger
Meter,
Inc.
......................................................
1,010
221
Diodes,
Inc.
(a)
.........................................................
2,280
146
ePlus,
Inc.
(a)
..........................................................
2,812
277
Fabrinet
(a)
............................................................
600
142
Insight
Enterprises,
Inc.
(a)
................................................
980
211
Photronics,
Inc.
(a)
......................................................
2,980
74
Progress
Software
Corp.
..................................................
1,520
102
1,462
Materials
(6.1%):
Balchem
Corp.
.........................................................
944
166
H.B.
Fuller
Co.
........................................................
1,470
117
Hawkins,
Inc.
.........................................................
1,610
205
NewMarket
Corp.
......................................................
220
122
610
Total
Common
Stocks
(Cost
$7,825)
a
a
a
9,986
Total
Investments
(Cost
$7,825)
—
99.6%
9,986
Other
assets
in
excess
of
liabilities
—
0.4%
44
NET
ASSETS
-
100.00%
$
10,030
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Strategic
Allocation
Fund
65
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(6.5%)
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
35,750
$
1,737
Total
Affiliated
Exchange-Traded
Funds
(Cost
$907)
a
a
a
1,737
Affiliated
Mutual
Funds
(93.1%)
Victory
Global
Energy
Transition
Fund,
Class
Y
.................................
28,386
951
Victory
Integrity
Discovery
Fund,
Class
Y
.....................................
18,098
885
Victory
Investment
Grade
Convertible
Fund,
Class
I
..............................
87,102
1,577
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
48,986
414
Victory
RS
Global
Fund,
Class
Y
............................................
308,569
7,674
Victory
RS
Partners
Fund,
Class
Y
...........................................
29,385
961
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
111,828
2,374
Victory
Total
Return
Bond
Fund,
Class
R6
.....................................
985,386
8,366
Victory
Trivalent
International
Small-Cap
Fund,
Class
I
...........................
100,709
1,662
Total
Affiliated
Mutual
Funds
(Cost
$20,134)
a
a
a
24,864
Total
Investments
(Cost
$21,041)
—
99.6%
26,601
Other
assets
in
excess
of
liabilities
—
0.4%
105
NET
ASSETS
-
100.00%
$
26,706
At
September
30,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
47.4%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
6/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2024
Dividend
Income
Victory
Global
Energy
Transition
Fund,
Class
Y
.........
$
950
$
—
$
(
68
)
$
7
$
—
$
62
$
951
$
—
Victory
Integrity
Discovery
Fund,
Class
Y
.........
867
—
(
54
)
13
—
59
885
—
Victory
Investment
Grade
Convertible
Fund,
Class
I
.....
1,533
14
(
54
)
(
6
)
—
90
1,577
13
Victory
Market
Neutral
Income
Fund,
Class
I
409
5
—
—
—
—
*
414
6
Victory
RS
Global
Fund,
Class
Y
.....
7,956
—
(
828
)
401
—
145
7,674
—
Victory
RS
Partners
Fund,
Class
Y
.....
972
—
(
121
)
19
—
91
961
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
2,518
—
(
187
)
(
61
)
—
104
2,374
—
Victory
Total
Return
Bond
Fund,
Class
R6
7,971
83
—
—
—
312
8,366
82
Victory
Trivalent
International
Small-
Cap
Fund,
Class
I
..
1,669
—
(
146
)
41
—
98
1,662
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
............
1,801
—
(
184
)
85
—
35
1,737
6
$
26,646
$
102
$
(
1,642
)
$
499
$
—
$
996
$
26,601
$
107
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Fund
for
Income
66
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Collateralized
Mortgage
Obligations
(2.6%)
Agency
CMO
Other
(2.6%):
Government
National
Mortgage
Association
....................................
Series
2001-10
,
Class
PE
,
6
.50
%
,
3/16/31
,
Callable
10/16/24
@
100
..............
$
52
$
51
Series
2005-74
,
Class
HB
,
7
.50
%
,
9/16/35
.................................
2
2
Series
2005-74
,
Class
HC
,
7
.50
%
,
9/16/35
.................................
19
20
Series
2011-166
,
Class
NT
,
7
.73
%
,
11/20/31
(a)
..............................
328
338
Series
2012-106
,
Class
JM
,
7
.33
%
,
10/20/34
(a)
.............................
257
274
Series
2012-30
,
Class
WB
,
6
.94
%
,
11/20/39
(a)
..............................
676
712
Series
2013-190
,
Class
KT
,
8
.19
%
,
9/20/30
(a)
..............................
60
62
Series
2013-51
,
Class
BL
,
6
.04
%
,
4/20/34
(a)
...............................
758
787
Series
2013-64
,
Class
KY
,
6
.57
%
,
12/20/38
(a)
..............................
349
366
Series
2013-70
,
Class
KP
,
6
.90
%
,
2/20/39
(a)
...............................
377
396
Series
2014-69
,
Class
W
,
7
.20
%
,
11/20/34
(a)
...............................
44
46
Series
2014-74
,
Class
PT
,
7
.83
%
,
5/16/44
(a)
...............................
34
35
Series
2015-77
,
Class
PT
,
7
.14
%
,
6/20/39
(a)
...............................
134
141
Series
2019-22
,
Class
PT
,
7
.93
%
,
2/20/49
(a)
...............................
1,797
1,893
Series
2021-1
,
Class
WT
,
7
.84
%
,
1/20/51
(a)
................................
1,941
2,049
Series
2023-186
,
Class
BT
,
8
.00
%
,
9/20/31
................................
1,457
1,558
8,730
Total
Collateralized
Mortgage
Obligations
(Cost
$9,295)
a
a
a
8,730
U.S.
Government
Agency
Mortgages
(75.4%)
Single
Family
Pass-throughs
(75.0%):
Government
National
Mortgage
Association
6
.00
%
,
12/15/24
-
2/20/49
.............................................
48,188
50,523
8
.00
%
,
12/15/24
-
4/15/38
.............................................
12,722
13,469
7
.13
%
,
7/15/25
....................................................
2
2
8
.50
%
,
7/15/25
-
7/15/32
.............................................
801
846
6
.50
%
,
8/15/25
-
2/20/41
.............................................
69,449
72,893
7
.50
%
,
8/15/25
-
12/20/38
.............................................
19,718
20,647
7
.00
%
,
1/20/26
-
5/20/39
.............................................
43,765
46,278
6
.13
%
,
6/20/28
-
11/20/28
.............................................
94
93
6
.28
%
,
10/20/28
-
9/20/29
.............................................
255
258
6
.10
%
,
5/20/29
-
7/20/31
.............................................
244
249
7
.30
%
,
4/20/30
-
2/20/31
.............................................
105
106
9
.00
%
,
5/15/30
-
9/15/30
.............................................
193
203
6
.49
%
,
5/20/31
-
3/20/32
.............................................
461
470
5
.50
%
,
3/20/32
-
11/15/45
.............................................
22,808
23,744
4
.50
%
,
12/15/33
-
5/15/41
.............................................
6,213
6,285
5
.00
%
,
1/20/34
-
2/20/42
.............................................
13,636
14,001
4
.00
%
,
8/15/41
....................................................
420
417
250,484
Multi-Family
Pass-throughs
(0.4%):
Government
National
Mortgage
Association
8
.00
%
,
1/15/31
-
11/15/33
.............................................
809
809
7
.75
%
,
9/15/33
....................................................
318
318
6
.00
%
,
4/20/38
....................................................
48
48
1,175
Total
U.S.
Government
Agency
Mortgages
(Cost
$267,940)
a
a
a
251,659
U.S.
Treasury
Obligations
(21.7%)
U.S.
Treasury
Bills
,
4
.46
%
,
1/23/25
(b)
........................................
31,385
30,944
U.S.
Treasury
Bonds
,
7
.63
%
,
2/15/25
.........................................
40,766
41,288
Total
U.S.
Treasury
Obligations
(Cost
$72,145)
a
a
a
72,232
Victory
Portfolios
Victory
Fund
for
Income
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Investment
Companies
(0.0%)(c)
BlackRock
Liquidity
Funds
FedFund
Portfolio,
Institutional
Shares
,
4
.02
%
(b)
...........
100,188
$
100
Total
Investment
Companies
(Cost
$100)
a
a
a
100
Total
Investments
(Cost
$349,480)
—
99.7%
332,721
Other
assets
in
excess
of
liabilities
—
0.3%
1,066
NET
ASSETS
-
100.00%
$
333,787
(a)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
September
30,
2024.
(b)
Rate
represents
the
effective
yield
at
September
30,
2024.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
CMO
—
Collateralized
Mortgage
Obligations
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
68
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Convertible
Corporate
Bonds
(77.6%)
Consumer
Discretionary
(16.4%):
Booking
Holdings,
Inc.
,
0
.75
%
,
5/1/25
........................................
$
7,220
$
16,153
Expedia
Group,
Inc.
,
2/15/26
(a)
.............................................
11,328
10,807
Ford
Motor
Co.
,
3/15/26
(a)
................................................
12,795
12,540
Meritage
Homes
Corp.
,
1
.75
%
,
5/15/28
(b)
.....................................
4,660
5,319
Winnebago
Industries,
Inc.
,
1
.50
%
,
4/1/25
.....................................
755
791
45,610
Financials
(17.6%):
Barclays
Bank
PLC
2/18/25
(a)
........................................................
2,325
2,571
1
.00
%
,
2/16/29
....................................................
10,275
10,660
Blackstone
Mortgage
Trust,
Inc.
,
5
.50
%
,
3/15/27
(c)
..............................
4,105
3,923
Block,
Inc.
,
0
.13
%
,
3/1/25
.................................................
1,210
1,184
Euronet
Worldwide,
Inc.
,
0
.75
%
,
3/15/49
,
Callable
3/20/25
@
100
....................
7,997
7,836
Global
Payments,
Inc.
,
1
.50
%
,
3/1/31
(b)
......................................
6,342
6,058
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
,
3
.75
%
,
8/15/28
(b)
......................
520
717
JPMorgan
Chase
Financial
Co.
LLC
,
0
.50
%
,
6/15/27
.............................
1,760
1,777
New
Mountain
Finance
Corp.
,
7
.50
%
,
10/15/25
,
Callable
7/15/25
@
100
...............
6,565
6,625
PPL
Capital
Funding,
Inc.
,
2
.88
%
,
3/15/28
.....................................
6,530
6,928
Prospect
Capital
Corp.
,
6
.38
%
,
3/1/25
........................................
691
690
48,969
Health
Care
(4.0%):
Dexcom,
Inc.
,
0
.38
%
,
5/15/28
..............................................
1,500
1,327
Envista
Holdings
Corp.
,
1
.75
%
,
8/15/28
.......................................
10,900
9,885
11,212
Industrials
(11.3%):
Parsons
Corp.
0
.25
%
,
8/15/25
....................................................
4,000
9,199
2
.63
%
,
3/1/29
(b)
(c)
.................................................
1,880
2,365
Southwest
Airlines
Co.
,
1
.25
%
,
5/1/25
........................................
13,255
13,372
The
Middleby
Corp.
,
1
.00
%
,
9/1/25
..........................................
535
616
Uber
Technologies,
Inc.
,
0
.88
%
,
12/1/28
(b)
....................................
4,720
5,912
31,464
Information
Technology
(5.1%):
Akamai
Technologies,
Inc.
,
0
.13
%
,
5/1/25
.....................................
5,399
6,014
ON
Semiconductor
Corp.
,
5/1/27
(a)
..........................................
735
1,078
Vishay
Intertechnology,
Inc.
,
2
.25
%
,
9/15/30
...................................
7,740
7,111
14,203
Real
Estate
(10.5%):
Federal
Realty
OP
LP
,
3
.25
%
,
1/15/29
(b)
......................................
4,380
4,616
Kite
Realty
Group
LP
,
0
.75
%
,
4/1/27
(b)
.......................................
8,280
9,265
Rexford
Industrial
Realty
LP
4
.38
%
,
3/15/27
(b)
..................................................
640
666
4
.13
%
,
3/15/29
(b)
..................................................
1,165
1,232
Ventas
Realty
LP
,
3
.75
%
,
6/1/26
............................................
4,750
5,776
Welltower
OP
LLC
2
.75
%
,
5/15/28
(b)
..................................................
4,920
6,776
3
.13
%
,
7/15/29
(b)
..................................................
860
1,001
29,332
Utilities
(12.7%):
Alliant
Energy
Corp.
,
3
.88
%
,
3/15/26
........................................
3,185
3,334
American
Water
Capital
Corp.
,
3
.63
%
,
6/15/26
..................................
8,060
8,265
CenterPoint
Energy,
Inc.
,
4
.25
%
,
8/15/26
......................................
4,245
4,305
CMS
Energy
Corp.
,
3
.38
%
,
5/1/28
...........................................
2,455
2,633
Duke
Energy
Corp.
,
4
.13
%
,
4/15/26
..........................................
5,140
5,445
Evergy,
Inc.
,
4
.50
%
,
12/15/27
(b)
............................................
2,520
2,777
The
Southern
Co.
,
3
.88
%
,
12/15/25
..........................................
5,205
5,795
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
WEC
Energy
Group,
Inc.
4
.38
%
,
6/1/27
(b)
...................................................
$
1,310
$
1,423
4
.38
%
,
6/1/29
(b)
...................................................
1,310
1,453
35,430
Total
Convertible
Corporate
Bonds
(Cost
$202,787)
a
a
a
216,220
Shares
Convertible
Preferred
Stocks
(20.9%)
Financials
(15.0%):
Apollo
Global
Management,
Inc.
,
6
.75
%
,
7/31/26
................................
160,025
10,880
Bank
of
America
Corp.
,
Series
L
,
7
.25
%
(d)
....................................
11,950
15,213
New
York
Community
Capital
Trust
V
,
6
.00
%
,
11/1/51
............................
30,476
1,180
Wells
Fargo
&
Co.
,
Series
L
,
7
.50
%
(d)
........................................
11,369
14,577
41,850
Materials
(0.4%):
Albemarle
Corp.
,
7
.25
%
,
3/1/27
............................................
22,050
992
Utilities
(5.5%):
NextEra
Energy,
Inc.
,
6
.93
%
,
9/1/25
(c)
.......................................
331,385
15,363
Total
Convertible
Preferred
Stocks
(Cost
$56,277)
a
a
a
58,205
Collateral
for
Securities
Loaned
(2.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(e)
........
1,561,198
1,562
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(e)
............
1,561,198
1,561
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(e)
...............
1,561,198
1,561
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(e)
.
1,561,198
1,561
Total
Collateral
for
Securities
Loaned
(Cost
$6,245)
a
a
a
6,245
Total
Investments
(Cost
$265,309)
—
100.7%
280,670
Liabilities
in
excess
of
other
assets
—
(0.7)%
(
2,051
)
NET
ASSETS
-
100.00%
$
278,619
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Zero-coupon
bond.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$49,580
(thousands)
and
amounted
to
17.8%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
70
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.8%)
Consumer
Discretionary
(9.0%):
Aptiv
PLC
(a)
..........................................................
2,585,000
$
186,146
BorgWarner,
Inc.
.......................................................
8,900,000
322,981
Darden
Restaurants,
Inc.
..................................................
830,000
136,228
eBay,
Inc.
............................................................
4,117,000
268,058
Expedia
Group,
Inc.
(a)
...................................................
732,000
108,351
Hilton
Worldwide
Holdings,
Inc.
............................................
550,000
126,775
Ralph
Lauren
Corp.
.....................................................
850,000
164,789
Ross
Stores,
Inc.
.......................................................
2,035,000
306,288
Yum!
Brands,
Inc.
......................................................
900,000
125,739
1,745,355
Consumer
Staples
(5.8%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
4,475,000
369,098
Target
Corp.
..........................................................
2,297,000
358,010
U.S.
Foods
Holding
Corp.
(a)
...............................................
6,430,000
395,445
1,122,553
Energy
(5.3%):
Baker
Hughes
Co.
......................................................
9,400,000
339,810
Chord
Energy
Corp.
.....................................................
1,547,000
201,466
Coterra
Energy,
Inc.
.....................................................
11,100,000
265,845
Devon
Energy
Corp.
.....................................................
5,600,000
219,072
1,026,193
Financials
(14.5%):
American
Financial
Group,
Inc.
.............................................
2,240,000
301,504
Fidelity
National
Financial,
Inc.
............................................
5,098,000
316,382
Global
Payments,
Inc.
....................................................
1,975,000
202,279
Huntington
Bancshares,
Inc.
...............................................
13,330,000
195,951
Old
Republic
International
Corp.
............................................
7,805,000
276,453
Prosperity
Bancshares,
Inc.
................................................
3,650,000
263,056
T.
Rowe
Price
Group,
Inc.
.................................................
1,905,000
207,512
The
Bank
of
New
York
Mellon
Corp.
.........................................
4,075,000
292,829
The
Hartford
Financial
Services
Group,
Inc.
....................................
2,925,000
344,009
Willis
Towers
Watson
PLC
................................................
1,435,000
422,651
2,822,626
Health
Care
(8.7%):
Agilent
Technologies,
Inc.
.................................................
1,470,000
218,266
Hologic,
Inc.
(a)
........................................................
3,400,000
276,964
ICON
PLC
(a)
.........................................................
902,000
259,154
Quest
Diagnostics,
Inc.
...................................................
2,440,000
378,810
The
Cooper
Cos.,
Inc.
(a)
..................................................
2,815,000
310,607
Zimmer
Biomet
Holdings,
Inc.
.............................................
2,255,000
243,427
1,687,228
Industrials
(19.2%):
AGCO
Corp.
..........................................................
2,270,000
222,142
Carrier
Global
Corp.
.....................................................
2,740,000
220,543
FTI
Consulting,
Inc.
(a)
...................................................
1,400,000
318,584
Genpact
Ltd.
..........................................................
5,995,000
235,064
Hubbell,
Inc.
..........................................................
215,000
92,095
J.B.
Hunt
Transport
Services,
Inc.
...........................................
1,550,000
267,111
Knight-Swift
Transportation
Holdings,
Inc.
....................................
5,000,000
269,750
Landstar
System,
Inc.
....................................................
1,125,000
212,479
Leidos
Holdings,
Inc.
....................................................
1,660,000
270,580
Lincoln
Electric
Holdings,
Inc.
.............................................
745,000
143,055
ManpowerGroup,
Inc.
(b)
.................................................
2,540,000
186,741
Regal
Rexnord
Corp.
....................................................
1,280,000
212,326
Republic
Services,
Inc.
...................................................
595,000
119,500
Textron,
Inc.
..........................................................
3,620,000
320,660
The
Middleby
Corp.
(a)
...................................................
2,070,000
287,999
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
TransUnion
...........................................................
1,924,000
$
201,443
Xylem,
Inc.
...........................................................
1,095,000
147,858
3,727,930
Information
Technology
(8.5%):
Akamai
Technologies,
Inc.
(a)
..............................................
2,385,000
240,766
Flex
Ltd.
(a)
...........................................................
3,943,000
131,814
Globant
SA
(a)
.........................................................
1,035,000
205,075
MKS
Instruments,
Inc.
...................................................
2,065,000
224,486
Motorola
Solutions,
Inc.
..................................................
435,000
195,589
On
Semiconductor
Corp.
(a)
...............................................
2,702,000
196,192
Trimble,
Inc.
(a)
........................................................
3,712,000
230,478
Zebra
Technologies
Corp.
(a)
...............................................
640,000
237,005
1,661,405
Materials
(12.7%):
AptarGroup,
Inc.
.......................................................
1,525,000
244,290
Avery
Dennison
Corp.
...................................................
915,000
201,995
Axalta
Coating
Systems
Ltd.
(a)
.............................................
7,330,000
265,273
CF
Industries
Holdings,
Inc.
...............................................
2,465,000
211,497
Crown
Holdings,
Inc.
....................................................
4,105,000
393,587
Franco-Nevada
Corp.
....................................................
2,565,000
318,701
Packaging
Corp.
of
America
...............................................
1,359,000
292,729
RPM
International,
Inc.
..................................................
2,100,000
254,100
Westlake
Corp.
........................................................
1,885,000
283,297
2,465,469
Real
Estate
(9.9%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
2,265,000
268,969
Camden
Property
Trust
...................................................
2,775,000
342,796
Equity
LifeStyle
Properties,
Inc.
............................................
2,985,000
212,950
Lamar
Advertising
Co.
,
Class
A
.............................................
2,502,000
334,267
Lineage,
Inc.
..........................................................
1,635,000
128,151
NNN
REIT,
Inc.
........................................................
8,785,000
425,984
SBA
Communications
Corp.
...............................................
844,000
203,151
1,916,268
Utilities
(4.2%):
Alliant
Energy
Corp.
....................................................
7,550,000
458,209
American
Water
Works
Co.,
Inc.
............................................
960,002
140,391
Xcel
Energy,
Inc.
.......................................................
3,380,000
220,714
819,314
Total
Common
Stocks
(Cost
$15,029,692)
a
a
a
18,994,341
Exchange-Traded
Funds
(0.7%)
iShares
Russell
Mid-Cap
Value
ETF
.........................................
1,000,000
132,250
Total
Exchange-Traded
Funds
(Cost
$59,437)
a
a
a
132,250
Total
Investments
(Cost
$15,089,129)
—
98.5%
19,126,591
Other
assets
in
excess
of
liabilities
—
1.5%
296,264
NET
ASSETS
-
100.00%
$
19,422,855
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
7.2%
of
net
assets.
(a)
Non-income
producing
security.
(b)
Affiliated
security.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
6/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2024
Dividend
Income
ManpowerGroup,
Inc.
.............
$
175,198
$
2,061
$
—
$
—
$
—
$
9,482
$
186,741
$
—
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
73
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.8%)
Consumer
Discretionary
(10.2%):
Acushnet
Holdings
Corp.(a)
...............................................
787,000
$
50,171
Boyd
Gaming
Corp.
.....................................................
670,000
43,316
Brunswick
Corp.
.......................................................
640,000
53,645
Choice
Hotels
International,
Inc.(a)
..........................................
390,000
50,817
Frontdoor,
Inc.(b)
.......................................................
1,080,000
51,829
Kontoor
Brands,
Inc.
....................................................
794,000
64,933
LCI
Industries
.........................................................
370,000
44,600
Mattel,
Inc.(b)
.........................................................
3,510,000
66,866
Murphy
USA,
Inc.
......................................................
105,000
51,751
Oxford
Industries,
Inc.
...................................................
420,000
36,439
Stride,
Inc.(b)
.........................................................
591,000
50,418
VF
Corp.
.............................................................
2,730,000
54,464
Visteon
Corp.(b)
.......................................................
734,000
69,906
689,155
Consumer
Staples
(2.8%):
Central
Garden
&
Pet
Co.,
Class
A(b)
........................................
2,140,000
67,196
Inter
Parfums,
Inc.
......................................................
248,000
32,111
Performance
Food
Group
Co.(b)
............................................
800,000
62,696
The
Simply
Good
Foods
Co.(b)
.............................................
750,000
26,077
188,080
Energy
(5.7%):
Civitas
Resources,
Inc.
...................................................
1,535,000
77,778
Delek
US
Holdings,
Inc.
..................................................
2,257,000
42,319
Helmerich
&
Payne,
Inc.
..................................................
2,015,000
61,296
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
3,845,000
93,895
Matador
Resources
Co.
...................................................
1,590,000
78,578
Select
Water
Solutions,
Inc.
................................................
2,700,000
30,051
383,917
Financials
(23.9%):
AMERISAFE,
Inc.
......................................................
347,000
16,771
Axis
Capital
Holdings
Ltd.
................................................
971,000
77,301
Banner
Corp.
..........................................................
454,000
27,040
Bowhead
Specialty
Holdings,
Inc.(b)
.........................................
480,000
13,445
Cohen
&
Steers,
Inc.(a)
..................................................
1,185,000
113,701
EVERTEC,
Inc.
........................................................
1,420,000
48,124
First
American
Financial
Corp.
.............................................
1,395,000
92,084
Lakeland
Financial
Corp.
.................................................
1,081,000
70,395
Lazard,
Inc.
...........................................................
735,000
37,029
National
Bank
Holdings
Corp.,
Class
A(c)
.....................................
2,100,000
88,410
NCR
Atleos
Corp.(b)
....................................................
1,809,000
51,611
Old
National
Bancorp
....................................................
4,650,000
86,769
Renasant
Corp.
........................................................
2,925,000
95,062
Ryan
Specialty
Holdings,
Inc.
..............................................
640,000
42,490
Safety
Insurance
Group,
Inc.(c)
.............................................
841,000
68,777
ServisFirst
Bancshares,
Inc.
...............................................
297,000
23,894
SouthState
Corp.
.......................................................
1,035,000
100,581
Stewart
Information
Services
Corp.
..........................................
370,000
27,654
Stock
Yards
Bancorp,
Inc.
.................................................
357,177
22,141
The
Hanover
Insurance
Group,
Inc.
..........................................
585,000
86,644
Towne
Bank
..........................................................
1,440,000
47,606
UMB
Financial
Corp.
....................................................
960,000
100,906
United
Bankshares,
Inc.
..................................................
2,750,000
102,025
Walker
&
Dunlop,
Inc.
...................................................
790,000
89,736
Wintrust
Financial
Corp.
..................................................
745,000
80,855
1,611,051
Health
Care
(4.9%):
Charles
River
Laboratories
International,
Inc.(b)
.................................
247,000
48,652
Integer
Holdings
Corp.(b)
.................................................
375,000
48,750
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
Omnicell,
Inc.(b)
.......................................................
840,000
$
36,624
Option
Care
Health,
Inc.(b)
................................................
1,165,000
36,464
Prestige
Consumer
Healthcare,
Inc.(b)
........................................
1,055,000
76,065
QIAGEN
NV(b)
.......................................................
1,905,000
86,811
333,366
Industrials
(21.1%):
Air
Transport
Services
Group,
Inc.(b)
........................................
2,726,000
44,134
Alamo
Group,
Inc.
......................................................
282,000
50,797
Albany
International
Corp.
................................................
620,000
55,087
Apogee
Enterprises,
Inc.
..................................................
784,000
54,892
ASGN,
Inc.(b)
.........................................................
579,000
53,980
Astec
Industries,
Inc.(c)
..................................................
1,185,000
37,849
Gibraltar
Industries,
Inc.(b)
................................................
835,000
58,392
Hayward
Holdings,
Inc.(b)
................................................
3,360,000
51,542
Hillenbrand,
Inc.
.......................................................
2,115,000
58,797
Hub
Group,
Inc.,
Class
A
.................................................
1,941,000
88,218
ICF
International,
Inc.
...................................................
295,000
49,203
John
Bean
Technologies
Corp.
..............................................
835,000
82,256
Kennametal,
Inc.
.......................................................
1,959,000
50,797
Marten
Transport
Ltd.
....................................................
2,987,000
52,870
Maximus,
Inc.
.........................................................
614,000
57,200
McGrath
RentCorp.
.....................................................
557,000
58,641
Mercury
Systems,
Inc.(b)
.................................................
1,320,000
48,840
Mueller
Industries,
Inc.
...................................................
695,000
51,499
NEXTracker,
Inc.,
Class
A(b)
..............................................
1,190,000
44,601
UFP
Industries,
Inc.
.....................................................
487,000
63,899
UniFirst
Corp.
.........................................................
480,000
95,352
Viad
Corp.(b)(c)
........................................................
1,510,000
54,103
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
267,000
55,320
Werner
Enterprises,
Inc.
..................................................
2,584,000
99,717
1,417,986
Information
Technology
(9.7%):
Ciena
Corp.(b)
.........................................................
1,005,000
61,898
Cohu,
Inc.(b)(c)
........................................................
2,459,000
63,196
Crane
NXT
Co.
........................................................
787,000
44,151
Diodes,
Inc.(b)
.........................................................
715,000
45,824
Extreme
Networks,
Inc.(b)
................................................
2,245,000
33,742
Kulicke
&
Soffa
Industries,
Inc.
.............................................
1,405,000
63,408
Littelfuse,
Inc.
.........................................................
355,000
94,164
NCR
Voyix
Corp.(b)
.....................................................
2,902,000
39,380
Rogers
Corp.(b)
........................................................
640,000
72,327
Tower
Semiconductor
Ltd.(b)
..............................................
1,697,000
75,109
Verint
Systems,
Inc.(b)
...................................................
2,266,000
57,398
650,597
Materials
(8.4%):
AdvanSix,
Inc.(c)
.......................................................
1,799,000
54,654
Commercial
Metals
Co.
..................................................
840,000
46,166
Eagle
Materials,
Inc.
.....................................................
90,000
25,888
H.B.
Fuller
Co.
........................................................
1,078,000
85,572
Innospec,
Inc.
.........................................................
666,000
75,318
Kaiser
Aluminum
Corp.
..................................................
625,000
45,325
Minerals
Technologies,
Inc.
................................................
535,000
41,318
MP
Materials
Corp.(a)(b)
.................................................
1,725,000
30,446
Silgan
Holdings,
Inc.
....................................................
1,560,000
81,900
Sonoco
Products
Co.
....................................................
920,000
50,260
Summit
Materials,
Inc.,
Class
A
(b)
..........................................
670,000
26,150
562,997
Real
Estate
(6.9%):
Apple
Hospitality
REIT,
Inc.
...............................................
4,960,000
73,656
Colliers
International
Group,
Inc.
...........................................
535,000
81,218
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
(000)
COPT
Defense
Properties
.................................................
2,566,000
$
77,827
Cushman
&
Wakefield
PLC(b)
.............................................
4,395,000
59,904
Four
Corners
Property
Trust,
Inc.
............................................
2,808,000
82,303
Rayonier,
Inc.
.........................................................
2,005,000
64,521
Ryman
Hospitality
Properties,
Inc.
...........................................
210,000
22,520
461,949
Utilities
(4.2%):
IDACORP,
Inc.
........................................................
1,030,000
106,183
MGE
Energy,
Inc.
......................................................
695,000
63,558
National
Fuel
Gas
Co.
...................................................
860,000
52,125
Northwestern
Energy
Group,
Inc.
...........................................
710,000
40,626
ONE
Gas,
Inc.
.........................................................
320,000
23,814
286,306
Total
Common
Stocks
(Cost
$5,625,241)
a
a
a
6,585,404
Exchange-Traded
Funds
(0.8%)
iShares
Russell
2000
Value
ETF
............................................
300,000
50,046
Total
Exchange-Traded
Funds
(Cost
$34,076)
a
a
a
50,046
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.83%(d)
........
19,300,351
19,300
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.85%(d)
............
19,300,351
19,300
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.84%(d)
...............
19,300,351
19,300
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.82%(d)
.
19,300,351
19,301
Total
Collateral
for
Securities
Loaned
(Cost
$77,201)
a
a
a
77,201
Total
Investments
(Cost
$5,736,518)
—
99.7%
6,712,651
Other
assets
in
excess
of
liabilities
—
0.3%
20,807
NET
ASSETS
-
100.00%
$
6,733,458
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
6.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliated
security.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
6/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2024
Dividend
Income
AdvanSix,
Inc.
...................
$
42,860
$
—
$
(1,974)
$
(835)
$
—
$
14,603
$
54,654
$
288
Astec
Industries,
Inc.
..............
39,151
—
(4,482)
(3,408)
—
6,588
37,849
154
Cohu,
Inc.
......................
77,454
4,512
(1,596)
(220)
—
(16,954)
63,196
—
National
Bank
Holdings
Corp.,
Class
A
.
53,303
30,567
—
—
—
4,540
88,410
565
Safety
Insurance
Group,
Inc.
.........
69,403
—
(7,031)
(949)
—
7,354
68,777
777
Viad
Corp.
......................
45,390
5,667
—
—
—
3,046
54,103
—
$
327,561
$
40,746
$
(15,083
)
$
(5,412)
$
—
$
19,177
$
366,989
$
1,784
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Partners
Fund
76
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.1%)
Banks
(19.5%):
Ameris
Bancorp
........................................................
226,900
$
14,156,291
First
Bancorp
..........................................................
614,890
13,017,221
Old
National
Bancorp
....................................................
600,870
11,212,234
Pinnacle
Financial
Partners,
Inc.
............................................
118,460
11,605,526
Prosperity
Bancshares,
Inc.
................................................
209,520
15,100,107
SouthState
Corp.
.......................................................
131,160
12,746,129
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
277,000
10,215,760
UMB
Financial
Corp.
....................................................
168,364
17,696,740
105,750,008
Capital
Markets
(1.5%):
PJT
Partners,
Inc.
,
Class
A
................................................
59,440
7,925,730
Communication
Services
(1.4%):
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
35,420
7,376,569
Consumer
Discretionary
(11.4%):
Atmus
Filtration
Technologies,
Inc.
..........................................
263,800
9,900,414
Beazer
Homes
USA,
Inc.
(a)
...............................................
154,970
5,295,325
Brunswick
Corp.
.......................................................
81,140
6,801,155
Garrett
Motion,
Inc.
(a)
...................................................
808,340
6,612,221
Group
1
Automotive,
Inc.
.................................................
18,640
7,139,866
PVH
Corp.
...........................................................
77,960
7,860,707
Taylor
Morrison
Home
Corp.
(a)
............................................
112,280
7,888,793
The
Cheesecake
Factory,
Inc.
..............................................
94,110
3,816,160
Under
Armour,
Inc.
,
Class
C
(a)
.............................................
766,240
6,405,766
61,720,407
Consumer
Staples
(3.7%):
Nomad
Foods
Ltd.
......................................................
569,150
10,847,999
U.S.
Foods
Holding
Corp.
(a)
...............................................
150,390
9,248,985
20,096,984
Energy
(7.2%):
California
Resources
Corp.
................................................
100,840
5,291,075
Gulfport
Energy
Corp.
(a)
.................................................
43,260
6,547,401
Liberty
Energy,
Inc.
.....................................................
296,660
5,663,239
Northern
Oil
&
Gas,
Inc.
..................................................
337,080
11,936,003
Plains
GP
Holdings
LP
,
Class
A
.............................................
514,050
9,509,925
38,947,643
Financial
Services
(1.2%):
Walker
&
Dunlop,
Inc.
...................................................
59,030
6,705,218
Health
Care
(6.3%):
Encompass
Health
Corp.
..................................................
105,950
10,239,008
Fortrea
Holdings,
Inc.
(a)
..................................................
418,470
8,369,400
Integer
Holdings
Corp.
(a)
.................................................
41,070
5,339,100
The
Ensign
Group,
Inc.
...................................................
70,010
10,068,838
34,016,346
Industrials
(12.7%):
ArcBest
Corp.
.........................................................
51,180
5,550,471
Fluor
Corp.
(a)
.........................................................
155,420
7,415,088
Gates
Industrial
Corp.
PLC
(a)
..............................................
662,060
11,619,153
Granite
Construction,
Inc.
.................................................
121,560
9,637,277
Hayward
Holdings,
Inc.
(a)
................................................
368,850
5,658,159
JELD-WEN
Holding,
Inc.
(a)
...............................................
533,840
8,440,010
Mueller
Water
Products,
Inc.
,
Class
A
........................................
299,060
6,489,602
Tecnoglass,
Inc.
........................................................
76,840
5,275,834
The
Timken
Co.
........................................................
68,000
5,731,720
Victory
Portfolios
Victory
RS
Partners
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Titan
Machinery,
Inc.
(a)
..................................................
205,420
$
2,861,501
68,678,815
Information
Technology
(6.8%):
ACI
Worldwide,
Inc.
(a)
..................................................
156,280
7,954,652
Belden,
Inc.
...........................................................
59,910
7,017,258
CommVault
Systems,
Inc.
(a)
...............................................
51,760
7,963,276
Crane
NXT
Co.
........................................................
98,950
5,551,095
Verint
Systems,
Inc.
(a)
...................................................
319,950
8,104,334
36,590,615
Insurance
(8.9%):
Fidelis
Insurance
Holdings
Ltd.
.............................................
589,880
10,653,233
Globe
Life,
Inc.
........................................................
136,420
14,448,242
Kemper
Corp.
.........................................................
82,110
5,029,238
Primerica,
Inc.
.........................................................
23,373
6,197,351
Stewart
Information
Services
Corp.
..........................................
98,060
7,329,004
White
Mountains
Insurance
Group
Ltd.
.......................................
2,810
4,766,322
48,423,390
Materials
(5.4%):
Axalta
Coating
Systems
Ltd.
(a)
.............................................
160,330
5,802,343
Constellium
SE
(a)
......................................................
570,040
9,268,850
Graphic
Packaging
Holding
Co.
............................................
260,160
7,698,134
Ryerson
Holding
Corp.
...................................................
327,660
6,523,711
29,293,038
Real
Estate
(9.7%):
COPT
Defense
Properties
.................................................
396,950
12,039,493
Equity
Commonwealth
(a)
.................................................
81,580
1,623,442
Essential
Properties
Realty
Trust,
Inc.
........................................
361,760
12,354,104
Four
Corners
Property
Trust,
Inc.
............................................
404,470
11,855,016
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
185,970
14,399,657
52,271,712
Utilities
(1.4%):
Black
Hills
Corp.
.......................................................
127,235
7,776,603
Total
Common
Stocks
(Cost
$398,555,403)
525,573,078
Preferred
Stocks
(0.1%)
Information
Technology
(0.1%):
WellDoc,
Inc.
(a)
(b)
.....................................................
1,587,483
587,369
Total
Preferred
Stocks
(Cost
$1,942,920)
587,369
Total
Investments
(Cost
$400,498,323)
—
97.2%
526,160,447
Other
assets
in
excess
of
liabilities
—
2.8%
14,903,978
NET
ASSETS
-
100.00%
$
541,064,425
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
11.2%
of
net
assets.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2024.
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Value
Fund
78
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.9%)
Communication
Services
(2.7%):
TKO
Group
Holdings,
Inc.
(a)
..............................................
64,290
$
7,953,316
Consumer
Discretionary
(6.9%):
Brunswick
Corp.
.......................................................
40,960
3,433,267
LKQ
Corp.
...........................................................
138,890
5,544,489
Mattel,
Inc.
(a)
.........................................................
211,320
4,025,646
PVH
Corp.
...........................................................
42,380
4,273,175
Toll
Brothers,
Inc.
......................................................
18,340
2,833,347
20,109,924
Consumer
Staples
(7.1%):
Keurig
Dr.
Pepper,
Inc.
...................................................
204,125
7,650,605
Nomad
Foods
Ltd.
......................................................
300,840
5,734,010
U.S.
Foods
Holding
Corp.
(a)
...............................................
120,990
7,440,885
20,825,500
Energy
(5.6%):
Baker
Hughes
Co.
......................................................
101,320
3,662,718
Chesapeake
Energy
Corp.
(b)
...............................................
35,830
2,947,018
Marathon
Oil
Corp.
.....................................................
224,640
5,982,163
The
Williams
Cos.,
Inc.
..................................................
85,780
3,915,857
16,507,756
Financials
(20.2%):
Cboe
Global
Markets,
Inc.
................................................
21,440
4,392,413
Euronet
Worldwide,
Inc.
(a)
................................................
14,480
1,436,850
Fairfax
Financial
Holdings
Ltd.
.............................................
5,760
7,273,667
First
American
Financial
Corp.
.............................................
107,970
7,127,100
Fiserv,
Inc.
(a)
..........................................................
27,120
4,872,108
Globe
Life,
Inc.
........................................................
93,210
9,871,871
KeyCorp
.............................................................
217,340
3,640,445
Prosperity
Bancshares,
Inc.
................................................
85,710
6,177,120
The
Progressive
Corp.
...................................................
13,590
3,448,598
UMB
Financial
Corp.
....................................................
29,890
3,141,738
White
Mountains
Insurance
Group
Ltd.
.......................................
1,210
2,052,402
Wintrust
Financial
Corp.
..................................................
53,910
5,850,852
59,285,164
Health
Care
(7.3%):
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
11,700
3,914,586
Encompass
Health
Corp.
..................................................
62,500
6,040,000
Humana,
Inc.
..........................................................
8,480
2,685,955
Teleflex,
Inc.
..........................................................
16,270
4,023,897
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
...................................
264,010
4,757,460
21,421,898
Industrials
(18.5%):
AGCO
Corp.
..........................................................
43,540
4,260,824
AMETEK,
Inc.
........................................................
17,040
2,925,938
API
Group
Corp.
(a)
.....................................................
91,680
3,027,274
Curtiss-Wright
Corp.
....................................................
12,960
4,259,822
Fluor
Corp.
(a)
.........................................................
100,240
4,782,451
L3Harris
Technologies,
Inc.
...............................................
22,760
5,413,921
Leidos
Holdings,
Inc.
....................................................
29,630
4,829,690
Regal
Rexnord
Corp.
....................................................
11,580
1,920,890
Sensata
Technologies
Holding
PLC
..........................................
141,920
5,089,251
SS&C
Technologies
Holdings,
Inc.
..........................................
90,890
6,744,947
TFI
International,
Inc.
....................................................
28,650
3,921,899
The
Timken
Co.
........................................................
45,850
3,864,697
WESCO
International,
Inc.
................................................
18,620
3,127,788
54,169,392
Victory
Portfolios
Victory
RS
Value
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Information
Technology
(8.6%):
Lam
Research
Corp.
.....................................................
3,450
$
2,815,476
Littelfuse,
Inc.
.........................................................
22,210
5,891,202
Trimble,
Inc.
(a)
........................................................
105,250
6,534,972
Verint
Systems,
Inc.
(a)
...................................................
114,490
2,900,032
Zebra
Technologies
Corp.
(a)
...............................................
18,980
7,028,674
25,170,356
Materials
(4.8%):
Graphic
Packaging
Holding
Co.
............................................
196,780
5,822,720
Olin
Corp.
............................................................
86,150
4,133,477
Sealed
Air
Corp.
.......................................................
117,900
4,279,770
14,235,967
Real
Estate
(9.1%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
49,150
5,836,563
CubeSmart
...........................................................
131,050
7,054,422
Equity
LifeStyle
Properties,
Inc.
............................................
54,810
3,910,145
Invitation
Homes,
Inc.
...................................................
83,790
2,954,435
NNN
REIT,
Inc.
........................................................
141,210
6,847,273
26,602,838
Utilities
(7.1%):
CenterPoint
Energy,
Inc.
..................................................
104,200
3,065,564
FirstEnergy
Corp.
.......................................................
128,490
5,698,531
The
AES
Corp.
........................................................
307,000
6,158,420
Vistra
Corp.
...........................................................
48,850
5,790,679
20,713,194
Total
Common
Stocks
(Cost
$219,789,896)
286,995,305
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(c)
........
748,714
748,714
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(c)
............
748,714
748,714
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(c)
...............
748,714
748,714
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(c)
.
748,714
748,714
Total
Collateral
for
Securities
Loaned
(Cost
$2,994,856)
2,994,856
Total
Investments
(Cost
$222,784,752)
—
98.9%
289,990,161
Other
assets
in
excess
of
liabilities
—
1.1%
3,145,433
NET
ASSETS
-
100.00%
$
293,135,594
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
7.4%
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.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Large
Cap
Alpha
Fund
80
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.9%)
Communication
Services
(6.1%):
Alphabet,
Inc.,
Class
A
...................................................
66,060
$
10,956,051
Take-Two
Interactive
Software,
Inc.(a)
........................................
50,720
7,796,171
TKO
Group
Holdings,
Inc.(a)
..............................................
121,560
15,038,188
33,790,410
Consumer
Discretionary
(3.2%):
LKQ
Corp.
...........................................................
280,160
11,183,987
Mattel,
Inc.(a)
.........................................................
335,050
6,382,703
17,566,690
Consumer
Staples
(8.1%):
Keurig
Dr.
Pepper,
Inc.
...................................................
491,900
18,436,412
Mondelez
International,
Inc.,
Class
A
.........................................
149,880
11,041,659
U.S.
Foods
Holding
Corp.(a)
...............................................
241,230
14,835,645
44,313,716
Energy
(7.4%):
Chevron
Corp.
.........................................................
48,200
7,098,414
Enterprise
Products
Partners
LP
.............................................
350,040
10,189,664
Exxon
Mobil
Corp.
.....................................................
104,420
12,240,112
Marathon
Oil
Corp.
.....................................................
414,090
11,027,217
40,555,407
Financials
(21.2%):
Cboe
Global
Markets,
Inc.
................................................
40,130
8,221,433
Citigroup,
Inc.
.........................................................
287,670
18,008,142
Everest
Group
Ltd.
......................................................
16,820
6,590,581
Fairfax
Financial
Holdings
Ltd.
.............................................
13,210
16,681,447
JPMorgan
Chase
&
Co.
..................................................
59,410
12,527,193
KeyCorp
.............................................................
648,470
10,861,872
The
Goldman
Sachs
Group,
Inc.
............................................
38,690
19,155,806
The
PNC
Financial
Services
Group,
Inc.
......................................
59,930
11,078,060
The
Progressive
Corp.
...................................................
53,910
13,680,202
116,804,736
Health
Care
(17.1%):
AbbVie,
Inc.
..........................................................
65,610
12,956,663
GE
HealthCare
Technologies,
Inc.
...........................................
58,340
5,475,209
Humana,
Inc.
..........................................................
10,430
3,303,598
Johnson
&
Johnson
.....................................................
47,780
7,743,227
McKesson
Corp.
.......................................................
14,040
6,941,657
Medtronic
PLC
........................................................
118,970
10,710,869
Merck
&
Co.,
Inc.
......................................................
133,440
15,153,446
Teva
Pharmaceutical
Industries
Ltd.,
ADR(a)
...................................
397,890
7,169,978
The
Cigna
Group
.......................................................
40,020
13,864,529
UnitedHealth
Group,
Inc.
.................................................
18,645
10,901,358
94,220,534
Industrials
(15.0%):
FedEx
Corp.
..........................................................
31,270
8,557,974
General
Dynamics
Corp.
..................................................
33,820
10,220,404
Johnson
Controls
International
PLC
..........................................
90,180
6,998,870
Leidos
Holdings,
Inc.
....................................................
63,320
10,321,160
PACCAR,
Inc.
.........................................................
62,175
6,135,429
Parker-Hannifin
Corp.
...................................................
10,350
6,539,337
RTX
Corp.
............................................................
90,852
11,007,628
Sensata
Technologies
Holding
PLC
..........................................
273,590
9,810,937
SS&C
Technologies
Holdings,
Inc.
..........................................
176,650
13,109,197
82,700,936
Information
Technology
(9.6%):
Amphenol
Corp.,
Class
A
.................................................
111,710
7,279,024
Analog
Devices,
Inc.
....................................................
47,620
10,960,695
Victory
Portfolios
Victory
RS
Large
Cap
Alpha
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Applied
Materials,
Inc.
...................................................
38,650
$
7,809,233
Corpay,
Inc.(a)
.........................................................
30,650
9,586,094
Salesforce,
Inc.
........................................................
24,780
6,782,534
Zebra
Technologies
Corp.(a)
...............................................
27,870
10,320,818
52,738,398
Materials
(3.0%):
PPG
Industries,
Inc.
.....................................................
67,790
8,979,463
Sealed
Air
Corp.
.......................................................
213,472
7,749,034
16,728,497
Real
Estate
(3.0%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
68,230
8,102,313
Equity
LifeStyle
Properties,
Inc.
............................................
114,510
8,169,143
16,271,456
Utilities
(4.2%):
Exelon
Corp.
..........................................................
276,350
11,205,992
Vistra
Corp.
...........................................................
100,440
11,906,158
23,112,150
Total
Common
Stocks
(Cost
$383,193,430)
538,802,930
Total
Investments
(Cost
$383,193,430)
—
97.9%
538,802,930
Other
assets
in
excess
of
liabilities
—
2.1%
11,319,944
NET
ASSETS
-
100.00%
$
550,122,874
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
7.5%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Investors
Fund
82
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(95.6%)
Banks
(11.2%):
Citigroup,
Inc.
.........................................................
30,980
$
1,939,348
Prosperity
Bancshares,
Inc.
................................................
39,710
2,861,900
UMB
Financial
Corp.
....................................................
18,130
1,905,644
6,706,892
Capital
Markets
(3.1%):
The
Goldman
Sachs
Group,
Inc.
............................................
3,710
1,836,858
Communication
Services
(2.4%):
Alphabet,
Inc.,
Class
A
...................................................
8,660
1,436,261
Consumer
Discretionary
(2.9%):
LKQ
Corp.
...........................................................
43,940
1,754,085
Consumer
Staples
(11.7%):
Keurig
Dr.
Pepper,
Inc.
...................................................
79,840
2,992,403
Nomad
Foods
Ltd.
......................................................
94,920
1,809,175
U.S.
Foods
Holding
Corp.(a)
...............................................
34,870
2,144,505
6,946,083
Energy
(7.9%):
Exxon
Mobil
Corp.
.....................................................
13,740
1,610,603
Northern
Oil
&
Gas,
Inc.
..................................................
45,880
1,624,611
Plains
GP
Holdings
LP,
Class
A
.............................................
78,930
1,460,205
4,695,419
Health
Care
(7.5%):
Encompass
Health
Corp.
..................................................
20,510
1,982,086
Fortrea
Holdings,
Inc.(a)
..................................................
60,700
1,214,000
Merck
&
Co.,
Inc.
......................................................
11,160
1,267,330
4,463,416
Industrials
(14.5%):
Fluor
Corp.(a)
.........................................................
31,830
1,518,609
Gates
Industrial
Corp.
PLC(a)
..............................................
96,420
1,692,171
Granite
Construction,
Inc.
.................................................
14,170
1,123,398
Sensata
Technologies
Holding
PLC
..........................................
56,200
2,015,332
SS&C
Technologies
Holdings,
Inc.
..........................................
30,600
2,270,826
8,620,336
Information
Technology
(6.5%):
Trimble,
Inc.(a)
........................................................
37,740
2,343,277
Verint
Systems,
Inc.(a)
...................................................
60,010
1,520,053
3,863,330
Insurance
(13.4%):
Fairfax
Financial
Holdings
Ltd.
.............................................
1,230
1,553,231
First
American
Financial
Corp.
.............................................
35,980
2,375,040
Globe
Life,
Inc.
........................................................
27,190
2,879,693
The
Progressive
Corp.
...................................................
4,660
1,182,521
7,990,485
Materials
(3.7%):
Graphic
Packaging
Holding
Co.
............................................
75,400
2,231,086
Real
Estate
(8.1%):
CubeSmart
...........................................................
37,190
2,001,938
Howard
Hughes
Holdings,
Inc.(a)
...........................................
36,540
2,829,292
4,831,230
Victory
Portfolios
Victory
RS
Investors
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Utilities
(2.7%):
Vistra
Corp.
...........................................................
13,670
$
1,620,442
Total
Common
Stocks
(Cost
$46,324,487)
56,995,923
Total
Investments
(Cost
$46,324,487)
—
95.6%
56,995,923
Other
assets
in
excess
of
liabilities
—
4.4%
2,610,500
NET
ASSETS
-
100.00%
$
59,606,423
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
5.6%
of
net
assets.
(a)
Non-income
producing
security.
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Global
Energy
Transition
Fund
84
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(93.4%)
Chemicals
(6.5%):
Linde
PLC
............................................................
35,794
$
17,068,727
Nutrien
Ltd.
...........................................................
127,795
6,141,828
23,210,555
Industrials
(3.1%):
Energy
Vault
Holdings,
Inc.
(a)
(b)
...........................................
4,812,387
4,619,891
NuScale
Power
Corp.
(a)
..................................................
563,808
6,528,897
11,148,788
Metals
&
Mining
(43.0%):
Barrick
Gold
Corp.
......................................................
171,333
3,407,813
Compass
Minerals
International,
Inc.
(c)
.......................................
2,957,508
35,549,246
First
Quantum
Minerals
Ltd.
(a)
.............................................
1,643,656
22,412,938
Iluka
Resources
Ltd.
(a)
...................................................
3,612,953
17,405,985
Ivanhoe
Electric,
Inc.
(a)
..................................................
3,547,364
30,010,700
Metals
Acquisition
Ltd.
,
Class
A
(a)
(b)
........................................
1,799,777
24,926,911
Newmont
Corp.
........................................................
64,756
3,461,208
Norsk
Hydro
ASA
......................................................
2,249,357
14,535,895
Sunrise
Energy
Metals
Ltd.
(a)
(b)
(c)
..........................................
5,786,876
1,659,953
153,370,649
Oil,
Gas
&
Consumable
Fuels
(40.8%):
Antero
Resources
Corp.
(a)
................................................
683,243
19,574,912
ARC
Resources
Ltd.
.....................................................
655,400
11,079,231
Cameco
Corp.
.........................................................
197,602
9,441,001
Enterprise
Products
Partners
LP
.............................................
398,391
11,597,162
Keyera
Corp.
..........................................................
364,570
11,368,718
Peyto
Exploration
&
Development
Corp.
......................................
1,463,664
16,668,214
Range
Resources
Corp.
...................................................
650,107
19,997,291
The
Williams
Cos.,
Inc.
..................................................
255,952
11,684,209
Tourmaline
Oil
Corp.
....................................................
236,682
10,993,120
Whitecap
Resources,
Inc.
.................................................
3,095,842
23,122,091
145,525,949
Total
Common
Stocks
(Cost
$274,961,454)
333,255,941
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(d)
........
785,913
785,913
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(d)
............
785,913
785,913
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(d)
...............
785,913
785,913
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(d)
.
785,913
785,913
Total
Collateral
for
Securities
Loaned
(Cost
$3,143,652)
3,143,652
Total
Investments
(Cost
$278,105,106)
—
94.3%
336,399,593
Other
assets
in
excess
of
liabilities
—
5.7%
20,308,393
NET
ASSETS
-
100.00%
$
356,707,986
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
48.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliated
security.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Victory
Portfolios
Victory
Global
Energy
Transition
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Affiliated
Holdings
Fair
Value
12/31/2023
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Capital
Gain
Distribution
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2024
Dividend
Income
Compass
Minerals
International,
Inc.
...
$
—
$
36,988,973
$
—
$
—
$
—
$
(
1,439,727
)
$
35,549,246
$
56,019
Sunrise
Energy
Metals
Ltd.
.............
1,793,885
—
—
—
—
(
133,932
)
1,659,953
—
$
1,793,885
$
36,988,973
$
—
$
—
$
—
$
(
1,573,659
)
$
37,209,199
$
56,019
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
86
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.4%)
Biotechnology
(17.6%):
Amicus
Therapeutics,
Inc.
(a)
...............................................
201,700
$
2,154,156
AnaptysBio,
Inc.
(a)
.....................................................
60,050
2,011,675
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
61,030
1,760,105
Apogee
Therapeutics,
Inc.
(a)
...............................................
93,370
5,484,554
Arcellx,
Inc.
(a)
........................................................
51,550
4,304,941
Biohaven
Ltd.
(a)
.......................................................
95,800
4,787,126
Blueprint
Medicines
Corp.
(a)
..............................................
35,660
3,298,550
Bridgebio
Pharma,
Inc.
(a)
.................................................
92,840
2,363,707
Cabaletta
Bio,
Inc.
(a)
....................................................
174,360
822,979
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
84,490
4,317,439
Disc
Medicine,
Inc.
(a)
...................................................
59,080
2,903,191
Halozyme
Therapeutics,
Inc.
(a)
.............................................
49,390
2,827,084
Ideaya
Biosciences,
Inc.
(a)
................................................
82,740
2,621,203
Immunome,
Inc.
(a)
(b)
...................................................
206,770
3,022,977
Immunovant,
Inc.
(a)
.....................................................
88,040
2,510,020
Insmed,
Inc.
(a)
.........................................................
90,740
6,624,020
Krystal
Biotech,
Inc.
(a)
...................................................
20,200
3,677,006
MoonLake
Immunotherapeutics
(a)
..........................................
57,600
2,904,192
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
39,400
4,030,620
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
228,600
2,729,484
Protagonist
Therapeutics,
Inc.
(a)
............................................
32,850
1,478,250
REVOLUTION
Medicines,
Inc.
(a)
..........................................
108,620
4,925,917
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
106,710
3,418,988
Twist
Bioscience
Corp.
(a)
.................................................
89,590
4,047,676
Vaxcyte,
Inc.
(a)
........................................................
58,840
6,723,647
Vericel
Corp.
(a)
........................................................
96,020
4,056,845
89,806,352
Communication
Services
(1.5%):
Reddit,
Inc.
,
Class
A
(a)
(b)
.................................................
112,870
7,440,390
Consumer
Discretionary
(10.5%):
American
Eagle
Outfitters,
Inc.
.............................................
426,400
9,547,096
Atmus
Filtration
Technologies,
Inc.
..........................................
108,230
4,061,872
Champion
Homes,
Inc.
(a)
.................................................
72,680
6,893,698
Modine
Manufacturing
Co.
(a)
..............................................
45,350
6,022,026
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
70,060
6,809,832
RH
(a)
...............................................................
10,520
3,518,204
Sweetgreen,
Inc.
,
Class
A
(a)
...............................................
84,880
3,008,996
Under
Armour,
Inc.
,
Class
C
(a)
.............................................
1,211,660
10,129,477
Wayfair,
Inc.
,
Class
A
(a)
..................................................
59,010
3,315,182
53,306,383
Consumer
Staples
(3.5%):
Freshpet,
Inc.
(a)
........................................................
18,460
2,524,774
The
Vita
Coco
Co.,
Inc.
(a)
................................................
266,300
7,538,953
Utz
Brands,
Inc.
........................................................
438,600
7,763,220
17,826,947
Energy
(2.4%):
Matador
Resources
Co.
...................................................
87,290
4,313,872
Tidewater,
Inc.
(a)
.......................................................
55,240
3,965,679
Weatherford
International
PLC
.............................................
49,880
4,235,810
12,515,361
Financials
(9.9%):
Euronet
Worldwide,
Inc.
(a)
................................................
63,950
6,345,759
FirstCash
Holdings,
Inc.
..................................................
59,220
6,798,456
Flywire
Corp.
(a)
.......................................................
123,500
2,024,165
Palomar
Holdings,
Inc.
(a)
.................................................
49,780
4,712,673
Payoneer
Global,
Inc.
(a)
..................................................
859,470
6,471,809
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
40,890
3,622,854
Walker
&
Dunlop,
Inc.
...................................................
60,270
6,846,069
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Wintrust
Financial
Corp.
..................................................
62,440
$
6,776,613
WisdomTree,
Inc.
(b)
.....................................................
659,900
6,592,401
50,190,799
Health
Care
Equipment
&
Supplies
(4.7%):
Glaukos
Corp.
(a)
.......................................................
20,380
2,655,106
Inspire
Medical
Systems,
Inc.
(a)
............................................
18,760
3,959,298
Lantheus
Holdings,
Inc.
(a)
................................................
14,160
1,554,060
PROCEPT
BioRobotics
Corp.
(a)
............................................
55,070
4,412,208
RxSight,
Inc.
(a)
........................................................
73,850
3,650,406
SI-BONE,
Inc.
(a)
.......................................................
149,110
2,084,558
Tandem
Diabetes
Care,
Inc.
(a)
..............................................
132,380
5,614,236
23,929,872
Health
Care
Providers
&
Services
(4.2%):
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
65,230
4,136,234
HealthEquity,
Inc.
(a)
....................................................
62,710
5,132,814
RadNet,
Inc.
(a)
........................................................
102,900
7,140,231
Surgery
Partners,
Inc.
(a)
..................................................
152,420
4,914,021
21,323,300
Industrials
(22.3%):
AAON,
Inc.
...........................................................
56,950
6,141,488
AeroVironment,
Inc.
(a)
...................................................
37,780
7,574,890
Applied
Industrial
Technologies,
Inc.
.........................................
34,020
7,590,883
Chart
Industries,
Inc.
(a)
..................................................
41,149
5,108,237
FTAI
Aviation
Ltd.
......................................................
83,730
11,127,717
Kirby
Corp.
(a)
.........................................................
41,310
5,057,583
Maximus,
Inc.
.........................................................
23,750
2,212,550
Montrose
Environmental
Group,
Inc.
(a)
.......................................
71,040
1,868,352
Moog,
Inc.
,
Class
A
.....................................................
22,900
4,626,258
MSA
Safety,
Inc.
.......................................................
24,760
4,390,938
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
170,700
6,397,836
Paylocity
Holding
Corp.
(a)
................................................
28,380
4,681,849
Powell
Industries,
Inc.
...................................................
13,490
2,994,645
Primoris
Services
Corp.
..................................................
79,570
4,621,426
RXO,
Inc.
(a)
..........................................................
223,130
6,247,640
Simpson
Manufacturing
Co.,
Inc.
...........................................
34,100
6,522,307
SPX
Technologies,
Inc.
(a)
.................................................
49,950
7,965,027
Tecnoglass,
Inc.
........................................................
64,490
4,427,883
The
AZEK
Co.,
Inc.
(a)
...................................................
134,420
6,290,856
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
12,350
2,558,797
Zurn
Elkay
Water
Solutions
Corp.
...........................................
140,760
5,058,914
113,466,076
Information
Technology
(19.1%):
Altair
Engineering,
Inc.
,
Class
A
(a)
..........................................
95,890
9,158,454
Appfolio,
Inc.
,
Class
A
(a)
.................................................
18,680
4,397,272
Badger
Meter,
Inc.
......................................................
12,040
2,629,656
Box,
Inc.
,
Class
A
(a)
....................................................
140,800
4,608,384
Braze,
Inc.
,
Class
A
(a)
...................................................
126,190
4,080,985
Confluent,
Inc.
,
Class
A
(a)
................................................
49,380
1,006,364
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
166,450
5,126,660
CyberArk
Software
Ltd.
(a)
................................................
11,400
3,324,354
Fabrinet
(a)
............................................................
31,500
7,447,860
Gitlab,
Inc.
,
Class
A
(a)
...................................................
98,270
5,064,836
Globant
SA
(a)
.........................................................
19,560
3,875,618
Itron,
Inc.
(a)
..........................................................
76,460
8,166,693
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
48,903
5,440,948
Onto
Innovation,
Inc.
(a)
..................................................
24,200
5,022,952
Q2
Holdings,
Inc.
(a)
.....................................................
67,600
5,392,452
Semtech
Corp.
(a)
.......................................................
174,980
7,989,587
Smartsheet,
Inc.
,
Class
A
(a)
...............................................
59,560
3,297,242
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
80,990
2,354,379
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Varonis
Systems,
Inc.
(a)
..................................................
158,760
$
8,969,940
97,354,636
Materials
(2.0%):
Balchem
Corp.
.........................................................
17,550
3,088,800
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
178,210
6,955,536
10,044,336
Real
Estate
(0.7%):
National
Storage
Affiliates
Trust
............................................
70,980
3,421,236
Total
Common
Stocks
(Cost
$401,352,707)
500,625,688
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(c)
........
1,233,255
1,233,255
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(c)
............
1,233,255
1,233,255
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(c)
...............
1,233,255
1,233,255
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(c)
.
1,233,255
1,233,255
Total
Collateral
for
Securities
Loaned
(Cost
$4,933,020)
4,933,020
Total
Investments
(Cost
$406,285,727)
—
99.4%
505,558,708
Other
assets
in
excess
of
liabilities
—
.6%
3,032,942
NET
ASSETS
-
100.00%
$
508,591,650
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Select
Growth
Fund
89
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.5%)
Communication
Services
(1.7%):
Reddit,
Inc.
,
Class
A
(a)
...................................................
24,110
$
1,589,331
Consumer
Discretionary
(12.9%):
American
Eagle
Outfitters,
Inc.
.............................................
115,620
2,588,732
Champion
Homes,
Inc.
(a)
.................................................
17,230
1,634,266
Churchill
Downs,
Inc.
....................................................
17,420
2,355,358
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
18,470
1,795,284
RH
(a)
...............................................................
2,470
826,042
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
29,550
1,977,486
Wingstop,
Inc.
.........................................................
1,940
807,195
11,984,363
Consumer
Staples
(1.0%):
Freshpet,
Inc.
(a)
........................................................
6,680
913,624
Energy
(2.1%):
Matador
Resources
Co.
...................................................
18,250
901,915
Weatherford
International
PLC
.............................................
12,520
1,063,198
1,965,113
Financials
(10.9%):
Euronet
Worldwide,
Inc.
(a)
................................................
17,290
1,715,687
FirstCash
Holdings,
Inc.
..................................................
19,360
2,222,528
Payoneer
Global,
Inc.
(a)
..................................................
219,190
1,650,501
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
11,760
1,041,936
Walker
&
Dunlop,
Inc.
...................................................
17,010
1,932,166
Wintrust
Financial
Corp.
..................................................
14,510
1,574,770
10,137,588
Health
Care
(21.5%):
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
15,880
1,006,951
Amicus
Therapeutics,
Inc.
(a)
...............................................
88,720
947,530
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
33,750
973,350
Blueprint
Medicines
Corp.
(a)
..............................................
12,300
1,137,750
HealthEquity,
Inc.
(a)
....................................................
13,740
1,124,619
Insmed,
Inc.
(a)
.........................................................
23,900
1,744,700
Inspire
Medical
Systems,
Inc.
(a)
............................................
5,260
1,110,123
Krystal
Biotech,
Inc.
(a)
...................................................
5,380
979,321
Medpace
Holdings,
Inc.
(a)
................................................
2,560
854,528
Natera,
Inc.
(a)
.........................................................
21,080
2,676,106
Neurocrine
Biosciences,
Inc.
(a)
.............................................
17,790
2,049,764
Sarepta
Therapeutics,
Inc.
(a)
...............................................
9,560
1,193,948
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
50,210
1,608,728
Tandem
Diabetes
Care,
Inc.
(a)
..............................................
33,790
1,433,034
Vericel
Corp.
(a)
........................................................
28,250
1,193,563
20,034,015
Industrials
(24.4%):
AAON,
Inc.
...........................................................
15,630
1,685,539
Advanced
Drainage
Systems,
Inc.
...........................................
8,720
1,370,435
AeroVironment,
Inc.
(a)
...................................................
10,190
2,043,095
Applied
Industrial
Technologies,
Inc.
.........................................
9,290
2,072,878
Axon
Enterprise,
Inc.
(a)
..................................................
2,400
959,040
Builders
FirstSource,
Inc.
(a)
...............................................
9,310
1,804,837
BWX
Technologies,
Inc.
..................................................
14,730
1,601,151
Chart
Industries,
Inc.
(a)
..................................................
13,160
1,633,682
Clean
Harbors,
Inc.
(a)
...................................................
10,240
2,475,111
FTAI
Aviation
Ltd.
......................................................
15,340
2,038,686
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
23,390
876,657
Saia,
Inc.
(a)
...........................................................
3,340
1,460,448
Tecnoglass,
Inc.
........................................................
17,500
1,201,550
Victory
Portfolios
Victory
RS
Select
Growth
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
The
AZEK
Co.,
Inc.
(a)
...................................................
31,010
$
1,451,268
22,674,377
Information
Technology
(24.0%):
Altair
Engineering,
Inc.
,
Class
A
(a)
..........................................
21,660
2,068,747
Appfolio,
Inc.
,
Class
A
(a)
.................................................
5,810
1,367,674
AppLovin
Corp.
,
Class
A
(a)
...............................................
21,150
2,761,132
Check
Point
Software
Technologies
Ltd.
(a)
....................................
13,820
2,664,634
Coherent
Corp.
(a)
......................................................
9,840
874,874
CyberArk
Software
Ltd.
(a)
................................................
4,690
1,367,651
Dynatrace,
Inc.
(a)
......................................................
40,410
2,160,723
Fabrinet
(a)
............................................................
4,360
1,030,878
Globant
SA
(a)
.........................................................
6,570
1,301,780
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
14,210
1,581,005
Onto
Innovation,
Inc.
(a)
..................................................
5,940
1,232,906
Procore
Technologies,
Inc.
(a)
..............................................
14,340
885,065
Q2
Holdings,
Inc.
(a)
.....................................................
15,430
1,230,851
Semtech
Corp.
(a)
.......................................................
38,230
1,745,582
22,273,502
Total
Common
Stocks
(Cost
$72,989,393)
91,571,913
Total
Investments
(Cost
$72,989,393)
—
98.5%
91,571,913
Other
assets
in
excess
of
liabilities
—
1.5%
1,355,377
NET
ASSETS
-
100.00%
$
92,927,290
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
6.8%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Mid
Cap
Growth
Fund
91
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(8.1%):
Pinterest,
Inc.
,
Class
A
(a)
.................................................
33,340
$
1,079,216
Reddit,
Inc.
,
Class
A
(a)
...................................................
16,140
1,063,949
ROBLOX
Corp.
,
Class
A
(a)
...............................................
27,340
1,210,068
Take-Two
Interactive
Software,
Inc.
(a)
........................................
5,180
796,218
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
15,980
1,752,207
5,901,658
Consumer
Discretionary
(13.2%):
American
Eagle
Outfitters,
Inc.
.............................................
61,040
1,366,685
Burlington
Stores,
Inc.
(a)
.................................................
4,200
1,106,616
Champion
Homes,
Inc.
(a)
.................................................
9,660
916,251
Churchill
Downs,
Inc.
....................................................
12,020
1,625,224
Domino's
Pizza,
Inc.
.....................................................
1,380
593,593
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
10,040
975,888
RH
(a)
...............................................................
1,500
501,645
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
13,840
926,173
Under
Armour,
Inc.
,
Class
C
(a)
.............................................
143,600
1,200,496
Wingstop,
Inc.
.........................................................
970
403,598
9,616,169
Consumer
Staples
(3.9%):
Campbell
Soup
Co.
.....................................................
11,250
550,350
Freshpet,
Inc.
(a)
........................................................
2,490
340,558
Maplebear,
Inc.
(a)
......................................................
20,480
834,355
Utz
Brands,
Inc.
........................................................
64,910
1,148,907
2,874,170
Energy
(2.8%):
Diamondback
Energy,
Inc.
................................................
2,810
484,444
Matador
Resources
Co.
...................................................
6,640
328,149
Permian
Resources
Corp.
.................................................
44,460
605,101
Weatherford
International
PLC
.............................................
7,030
596,987
2,014,681
Financials
(14.8%):
Ameriprise
Financial,
Inc.
.................................................
3,160
1,484,600
Apollo
Global
Management,
Inc.
............................................
4,240
529,618
Block,
Inc.
(a)
..........................................................
10,600
711,578
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
4,700
837,399
Euronet
Worldwide,
Inc.
(a)
................................................
13,470
1,336,628
FirstCash
Holdings,
Inc.
..................................................
15,140
1,738,072
Kinsale
Capital
Group,
Inc.
................................................
1,340
623,864
LPL
Financial
Holdings,
Inc.
...............................................
1,950
453,628
MSCI,
Inc.
...........................................................
1,530
891,883
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
5,830
516,538
Tradeweb
Markets,
Inc.
,
Class
A
............................................
7,230
894,134
WisdomTree,
Inc.
.......................................................
72,700
726,273
10,744,215
Health
Care
(15.7%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
3,780
1,039,613
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
9,450
272,538
Argenx
SE
,
ADR
(a)
.....................................................
610
330,669
Cencora,
Inc.
..........................................................
4,890
1,100,641
Dexcom,
Inc.
(a)
........................................................
8,800
589,952
HealthEquity,
Inc.
(a)
....................................................
6,990
572,131
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,530
772,987
Inspire
Medical
Systems,
Inc.
(a)
............................................
3,250
685,913
Insulet
Corp.
(a)
........................................................
5,170
1,203,317
IQVIA
Holdings,
Inc.
(a)
..................................................
3,810
902,856
Natera,
Inc.
(a)
.........................................................
12,010
1,524,670
Neurocrine
Biosciences,
Inc.
(a)
.............................................
4,850
558,817
Sarepta
Therapeutics,
Inc.
(a)
...............................................
3,410
425,875
Victory
Portfolios
Victory
RS
Mid
Cap
Growth
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
7,090
$
1,487,978
11,467,957
Industrials
(18.9%):
AAON,
Inc.
...........................................................
8,120
875,661
Advanced
Drainage
Systems,
Inc.
...........................................
3,800
597,208
Axon
Enterprise,
Inc.
(a)
..................................................
2,210
883,116
Builders
FirstSource,
Inc.
(a)
...............................................
7,490
1,452,011
BWX
Technologies,
Inc.
..................................................
7,180
780,466
Chart
Industries,
Inc.
(a)
..................................................
4,150
515,181
Clean
Harbors,
Inc.
(a)
...................................................
5,780
1,397,084
Copart,
Inc.
(a)
.........................................................
8,260
432,824
Donaldson
Co.,
Inc.
.....................................................
4,580
337,546
FTAI
Aviation
Ltd.
......................................................
11,960
1,589,484
HEICO
Corp.
,
Class
A
...................................................
4,010
817,078
Quanta
Services,
Inc.
....................................................
2,090
623,133
Saia,
Inc.
(a)
...........................................................
1,960
857,029
Verisk
Analytics,
Inc.
....................................................
4,030
1,079,879
Vertiv
Holdings
Co.
,
Class
A
...............................................
9,640
959,084
Xylem,
Inc.
...........................................................
4,310
581,979
13,778,763
Information
Technology
(22.0%):
Amphenol
Corp.
,
Class
A
.................................................
10,740
699,818
AppLovin
Corp.
,
Class
A
(a)
...............................................
21,720
2,835,546
Coherent
Corp.
(a)
......................................................
8,080
718,393
Datadog,
Inc.
,
Class
A
(a)
.................................................
14,930
1,717,846
Dynatrace,
Inc.
(a)
......................................................
28,410
1,519,083
Entegris,
Inc.
..........................................................
7,020
789,961
Fair
Isaac
Corp.
(a)
......................................................
680
1,321,594
HubSpot,
Inc.
(a)
.......................................................
1,700
903,720
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
6,050
673,123
MongoDB,
Inc.
(a)
......................................................
1,110
300,088
Monolithic
Power
Systems,
Inc.
............................................
1,460
1,349,770
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
28,920
1,075,824
Samsara,
Inc.
,
Class
A
(a)
.................................................
8,940
430,193
Synopsys,
Inc.
(a)
.......................................................
1,770
896,310
Trimble,
Inc.
(a)
........................................................
12,370
768,053
15,999,322
Total
Common
Stocks
(Cost
$57,111,737)
72,396,935
Total
Investments
(Cost
$57,111,737)
—
99.4%
72,396,935
Other
assets
in
excess
of
liabilities
—
0.6%
465,521
NET
ASSETS
-
100.00%
$
72,862,456
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Growth
Fund
93
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.6%)
Communication
Services
(14.2%):
Alphabet,
Inc.
,
Class
C
...................................................
103,130
$
17,242,305
Meta
Platforms,
Inc.
,
Class
A
..............................................
34,700
19,863,668
Netflix,
Inc.
(a)
.........................................................
10,300
7,305,481
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
29,700
3,256,605
47,668,059
Communications
Equipment
(1.4%):
Arista
Networks,
Inc.
(a)
..................................................
12,610
4,839,970
Consumer
Discretionary
(8.7%):
Amazon.com,
Inc.
(a)
....................................................
80,050
14,915,717
Burlington
Stores,
Inc.
(a)
.................................................
12,160
3,203,917
Domino's
Pizza,
Inc.
.....................................................
4,830
2,077,576
Tesla,
Inc.
(a)
..........................................................
34,130
8,929,432
29,126,642
Consumer
Staples
(5.5%):
Campbell
Soup
Co.
.....................................................
59,080
2,890,194
Colgate-Palmolive
Co.
...................................................
44,900
4,661,069
Costco
Wholesale
Corp.
..................................................
3,260
2,890,055
Target
Corp.
..........................................................
50,960
7,942,625
18,383,943
Energy
(0.4%):
Diamondback
Energy,
Inc.
................................................
8,230
1,418,852
Financials
(5.7%):
The
Progressive
Corp.
...................................................
18,940
4,806,214
Tradeweb
Markets,
Inc.
,
Class
A
............................................
33,140
4,098,424
Visa,
Inc.
,
Class
A
......................................................
36,587
10,059,596
18,964,234
Health
Care
(8.5%):
Dexcom,
Inc.
(a)
........................................................
24,000
1,608,960
Eli
Lilly
&
Co.
.........................................................
17,520
15,521,669
Intuitive
Surgical,
Inc.
(a)
.................................................
9,440
4,637,589
Natera,
Inc.
(a)
.........................................................
20,280
2,574,546
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
8,580
3,990,386
28,333,150
Industrials
(5.1%):
Builders
FirstSource,
Inc.
(a)
...............................................
17,350
3,363,471
Clean
Harbors,
Inc.
(a)
...................................................
15,380
3,717,500
HEICO
Corp.
,
Class
A
...................................................
15,860
3,231,633
Quanta
Services,
Inc.
....................................................
9,580
2,856,277
Saia,
Inc.
(a)
...........................................................
8,980
3,926,595
17,095,476
IT
Services
(1.1%):
Snowflake,
Inc.
,
Class
A
(a)
................................................
31,770
3,649,102
Semiconductors
&
Semiconductor
Equipment
(16.5%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
15,730
2,580,978
Applied
Materials,
Inc.
...................................................
10,740
2,170,017
Broadcom,
Inc.
........................................................
41,850
7,219,125
Lam
Research
Corp.
.....................................................
3,030
2,472,723
Monolithic
Power
Systems,
Inc.
............................................
4,290
3,966,105
NVIDIA
Corp.
.........................................................
303,130
36,812,107
55,221,055
Software
(21.8%):
Autodesk,
Inc.
(a)
.......................................................
14,290
3,936,609
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
7,990
2,240,955
Victory
Portfolios
Victory
RS
Growth
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Fair
Isaac
Corp.
(a)
......................................................
2,000
$
3,887,040
Intuit,
Inc.
............................................................
7,400
4,595,400
Microsoft
Corp.
........................................................
89,950
38,705,485
Oracle
Corp.
..........................................................
27,740
4,726,896
Palo
Alto
Networks,
Inc.
(a)
................................................
11,120
3,800,816
ServiceNow,
Inc.
(a)
.....................................................
7,250
6,484,328
Synopsys,
Inc.
(a)
.......................................................
8,920
4,516,999
72,894,528
Technology
Hardware,
Storage
&
Peripherals
(10.7%):
Apple,
Inc.
...........................................................
153,958
35,872,214
Total
Common
Stocks
(Cost
$141,383,136)
333,467,225
Total
Investments
(Cost
$141,383,136)
—
99.6%
333,467,225
Other
assets
in
excess
of
liabilities
—
0.4%
1,217,343
NET
ASSETS
-
100.00%
$
334,684,568
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Science
and
Technology
Fund
95
(Unaudited)
c
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Biotechnology
(22.4%):
Absci
Corp.
(a)
(b)
.......................................................
96,650
$
369,203
Amicus
Therapeutics,
Inc.
(a)
...............................................
67,560
721,541
AnaptysBio,
Inc.
(a)
.....................................................
30,210
1,012,035
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
26,373
760,597
Apogee
Therapeutics,
Inc.
(a)
...............................................
26,680
1,567,183
Arcellx,
Inc.
(a)
........................................................
20,240
1,690,242
Biohaven
Ltd.
(a)
.......................................................
19,020
950,429
Blueprint
Medicines
Corp.
(a)
..............................................
5,850
541,125
Bridgebio
Pharma,
Inc.
(a)
.................................................
33,640
856,474
Cabaletta
Bio,
Inc.
(a)
....................................................
59,570
281,170
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
.....................................
17,140
353,598
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
35,630
1,820,693
Disc
Medicine,
Inc.
(a)
...................................................
19,900
977,886
Dyne
Therapeutics,
Inc.
(a)
................................................
8,800
316,096
Exact
Sciences
Corp.
(a)
..................................................
18,870
1,285,424
Gossamer
Bio,
Inc.
(a)
....................................................
150,250
148,207
Gritstone
bio,
Inc.
(a)
....................................................
368,960
213,960
Ideaya
Biosciences,
Inc.
(a)
................................................
31,030
983,030
Immunome,
Inc.
(a)
......................................................
43,830
640,795
Immunovant,
Inc.
(a)
.....................................................
32,720
932,847
Insmed,
Inc.
(a)
.........................................................
41,130
3,002,490
Iovance
Biotherapeutics,
Inc.
(a)
............................................
78,160
733,923
Janux
Therapeutics,
Inc.
(a)
................................................
11,460
520,628
Krystal
Biotech,
Inc.
(a)
...................................................
6,740
1,226,882
Merus
NV
(a)
..........................................................
6,790
339,229
MoonLake
Immunotherapeutics
(a)
..........................................
17,480
881,342
Natera,
Inc.
(a)
.........................................................
11,960
1,518,322
Nurix
Therapeutics,
Inc.
(a)
................................................
14,920
335,252
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
12,650
1,294,095
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
80,550
961,767
ORIC
Pharmaceuticals,
Inc.
(a)
.............................................
69,110
708,378
Perspective
Therapeutics,
Inc.
(a)
............................................
36,971
493,563
Protagonist
Therapeutics,
Inc.
(a)
............................................
8,200
369,000
Regulus
Therapeutics,
Inc.
(a)
(b)
............................................
276,338
433,851
REVOLUTION
Medicines,
Inc.
(a)
..........................................
40,700
1,845,745
Sarepta
Therapeutics,
Inc.
(a)
...............................................
5,020
626,948
Savara,
Inc.
(a)
.........................................................
90,910
385,458
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
44,980
1,441,159
Twist
Bioscience
Corp.
(a)
.................................................
11,110
501,950
Tyra
Biosciences,
Inc.
(a)
..................................................
20,890
491,124
Vaxcyte,
Inc.
(a)
........................................................
29,480
3,368,680
Vera
Therapeutics,
Inc.
(a)
.................................................
22,840
1,009,528
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
7,580
3,525,306
Zymeworks,
Inc.
(a)
.....................................................
37,380
469,119
42,906,274
Communication
Services
(12.3%):
Meta
Platforms,
Inc.
,
Class
A
..............................................
24,520
14,036,229
Netflix,
Inc.
(a)
.........................................................
6,610
4,688,275
Reddit,
Inc.
,
Class
A
(a)
...................................................
34,770
2,292,038
Take-Two
Interactive
Software,
Inc.
(a)
........................................
16,090
2,473,194
23,489,736
Consumer
Discretionary
(4.7%):
Amazon.com,
Inc.
(a)
....................................................
48,820
9,096,631
Electronic
Equipment,
Instruments
&
Components
(2.0%):
Coherent
Corp.
(a)
......................................................
19,720
1,753,305
Trimble,
Inc.
(a)
........................................................
33,220
2,062,630
3,815,935
Victory
Portfolios
Victory
RS
Science
and
Technology
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Financials
(2.7%):
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
26,750
$
2,370,050
Visa,
Inc.
,
Class
A
......................................................
10,390
2,856,730
5,226,780
Health
Care
Technology
(0.5%):
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
4,340
910,836
IT
Services
(2.7%):
MongoDB,
Inc.
(a)
......................................................
3,570
965,149
Snowflake,
Inc.
,
Class
A
(a)
................................................
18,210
2,091,601
Wix.com
Ltd.
(a)
........................................................
12,140
2,029,444
5,086,194
Pharmaceuticals
(3.9%):
Arvinas,
Inc.
(a)
........................................................
32,140
791,608
Eli
Lilly
&
Co.
.........................................................
7,520
6,662,269
7,453,877
Semiconductors
&
Semiconductor
Equipment
(20.8%):
Applied
Materials,
Inc.
...................................................
14,850
3,000,442
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
86,900
2,676,520
Impinj,
Inc.
(a)
.........................................................
7,880
1,706,178
Lam
Research
Corp.
.....................................................
1,740
1,419,979
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
48,440
5,389,434
Marvell
Technology,
Inc.
.................................................
25,720
1,854,926
MaxLinear,
Inc.
(a)
......................................................
141,170
2,044,142
Monolithic
Power
Systems,
Inc.
............................................
4,540
4,197,230
NVIDIA
Corp.
.........................................................
121,050
14,700,312
Semtech
Corp.
(a)
.......................................................
60,160
2,746,906
39,736,069
Software
(27.7%):
AppLovin
Corp.
,
Class
A
(a)
...............................................
64,870
8,468,779
Confluent,
Inc.
,
Class
A
(a)
................................................
85,100
1,734,338
CyberArk
Software
Ltd.
(a)
................................................
5,330
1,554,281
Dynatrace,
Inc.
(a)
......................................................
33,490
1,790,710
Fair
Isaac
Corp.
(a)
......................................................
2,940
5,713,949
Freshworks,
Inc.
,
Class
A
(a)
...............................................
38,360
440,373
Gitlab,
Inc.
,
Class
A
(a)
...................................................
19,330
996,268
Microsoft
Corp.
........................................................
35,200
15,146,560
Monday.com
Ltd.
(a)
.....................................................
4,270
1,186,078
Salesforce,
Inc.
........................................................
6,450
1,765,430
Samsara,
Inc.
,
Class
A
(a)
.................................................
33,240
1,599,509
ServiceNow,
Inc.
(a)
.....................................................
5,890
5,267,957
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
37,090
1,078,206
Varonis
Systems,
Inc.
(a)
..................................................
112,740
6,369,810
53,112,248
Total
Common
Stocks
(Cost
$90,984,550)
190,834,580
Warrants
(0.0%)(c)
Health
Care
(0.0%):(c)
Athenex,
Inc.
(a)
(d)
......................................................
1,346,518
—
(e)
Nuvation
Bio,
Inc.
(a)
....................................................
38,370
3,756
Regulus
Therapeutics,
Inc.
(a)
(f)
(g)
..........................................
132,637
—
(e)
3,756
Total
Warrants
(Cost
$179,261)
3,756
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(h)
........
24,953
24,953
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(h)
............
24,953
24,953
Victory
Portfolios
Victory
RS
Science
and
Technology
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Name
Acquisition
Date
Cost
Regulus
Therapeutics,
Inc.
.....................................
12/1/2020
$
165,796
Security
Description
Shares
Value
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(h)
...............
24,953
$
24,953
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(h)
.
24,953
24,953
Total
Collateral
for
Securities
Loaned
(Cost
$99,812)
99,812
Total
Investments
(Cost
$91,263,623)
—
99.8%
190,938,148
Other
assets
in
excess
of
liabilities
—
0.2%
448,498
NET
ASSETS
-
100.00%
$
191,386,646
^
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
September
30,
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
September
30,
2024.
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Small
Cap
Equity
Fund
98
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.3%)
Aerospace
&
Defense
(8.0%):
AeroVironment,
Inc.(a)
...................................................
7,560
$
1,515,780
Leonardo
DRS,
Inc.(a)
...................................................
26,890
758,836
Moog,
Inc.,
Class
A
.....................................................
2,340
472,727
2,747,343
Building
Products
(1.6%):
Tecnoglass,
Inc.
........................................................
7,870
540,354
Consumer
Discretionary
(12.1%):
American
Eagle
Outfitters,
Inc.
.............................................
60,680
1,358,625
Champion
Homes,
Inc.(a)
.................................................
13,100
1,242,535
RH(a)
...............................................................
1,510
504,989
Under
Armour,
Inc.,
Class
C(a)
.............................................
125,280
1,047,341
4,153,490
Consumer
Staples
(1.0%):
The
Vita
Coco
Co.,
Inc.(a)
................................................
12,360
349,911
Electrical
Equipment
(3.8%):
NEXTracker,
Inc.,
Class
A(a)
..............................................
34,560
1,295,309
Energy
(3.1%):
Geospace
Technologies
Corp.(a)(b)
..........................................
56,840
587,726
Weatherford
International
PLC
.............................................
5,350
454,322
1,042,048
Financials
(20.4%):
Euronet
Worldwide,
Inc.(a)
................................................
16,780
1,665,079
FirstCash
Holdings,
Inc.
..................................................
13,940
1,600,312
Flywire
Corp.(a)
.......................................................
20,840
341,568
LendingTree,
Inc.(a)
.....................................................
20,130
1,168,144
Payoneer
Global,
Inc.(a)
..................................................
202,430
1,524,298
Shift4
Payments,
Inc.,
Class
A(a)
............................................
7,930
702,598
7,001,999
Health
Care
(16.9%):
Amicus
Therapeutics,
Inc.(a)
...............................................
76,660
818,729
Apellis
Pharmaceuticals,
Inc.(a)
............................................
19,160
552,574
Arcellx,
Inc.(a)
........................................................
2,010
167,855
BioLife
Solutions,
Inc.(a)
.................................................
14,010
350,810
Blueprint
Medicines
Corp.(a)
..............................................
3,630
335,775
PROCEPT
BioRobotics
Corp.(a)
............................................
4,670
374,161
RadNet,
Inc.(a)
........................................................
3,670
254,661
RxSight,
Inc.(a)
........................................................
9,530
471,068
SpringWorks
Therapeutics,
Inc.(a)
...........................................
20,700
663,228
Tandem
Diabetes
Care,
Inc.(a)
..............................................
19,000
805,790
Twist
Bioscience
Corp.(a)
.................................................
12,060
544,871
Vericel
Corp.(a)
........................................................
10,880
459,680
5,799,202
Information
Technology
(18.3%):
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
35,240
1,085,392
Itron,
Inc.(a)
..........................................................
9,770
1,043,534
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
10,150
1,129,289
Q2
Holdings,
Inc.(a)(b)
...................................................
8,910
710,751
Semtech
Corp.(a)(b)
.....................................................
25,020
1,142,413
Varonis
Systems,
Inc.(a)
..................................................
20,570
1,162,205
6,273,584
Machinery
(6.1%):
Chart
Industries,
Inc.(a)
..................................................
16,770
2,081,828
Victory
Portfolios
Victory
RS
Small
Cap
Equity
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Professional
Services
(2.8%):
CBIZ,
Inc.(a)
..........................................................
14,350
$
965,611
Trading
Companies
&
Distributors
(4.2%):
FTAI
Aviation
Ltd.
......................................................
10,870
1,444,623
Total
Common
Stocks
(Cost
$30,085,391)
33,695,302
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.83%(c)
........
79,210
79,210
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.85%(c)
............
79,210
79,210
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.84%(c)
...............
79,210
79,210
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.82%(c)
.
79,210
79,210
Total
Collateral
for
Securities
Loaned
(Cost
$316,840)
316,840
Total
Investments
(Cost
$30,402,231)
—
99.2%
34,012,142
Other
assets
in
excess
of
liabilities
—
0.8%
290,908
NET
ASSETS
-
100.00%
$
34,303,050
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
International
Fund
100
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(97.4%)
Australia
(6.9%):
Consumer
Discretionary
(1.3%):
Aristocrat
Leisure
Ltd.
...................................................
146,799
$
5,925,649
Financials
(1.3%):
Macquarie
Group
Ltd.
...................................................
36,525
5,843,156
Health
Care
(1.0%):
CSL
Ltd.
.............................................................
22,740
4,490,936
Materials
(2.1%):
BHP
Group
Ltd.
........................................................
301,755
9,366,298
Real
Estate
(1.2%):
Scentre
Group
.........................................................
2,089,210
5,250,915
30,876,954
Austria
(0.8%):
Financials
(0.8%):
BAWAG
Group
AG
(a)
...................................................
47,025
3,642,874
Belgium
(1.5%):
Information
Technology
(0.7%):
Melexis
NV
...........................................................
39,755
3,288,906
Materials
(0.8%):
Solvay
SA
,
Class
A
.....................................................
84,174
3,297,103
6,586,009
China
(0.8%):
Communication
Services
(0.8%):
Tencent
Holdings
Ltd.
...................................................
62,900
3,497,660
Denmark
(4.0%):
Consumer
Discretionary
(1.2%):
Pandora
A/S
..........................................................
31,397
5,175,604
Health
Care
(2.8%):
Novo
Nordisk
A/S
,
Class
B
................................................
106,339
12,615,009
17,790,613
France
(9.8%):
Consumer
Discretionary
(2.6%):
La
Francaise
des
Jeux
SAEM
(a)
............................................
98,334
4,045,866
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
10,169
7,797,335
11,843,201
Consumer
Staples
(2.0%):
L'Oreal
SA
...........................................................
19,772
8,867,302
Energy
(0.4%):
Gaztransport
Et
Technigaz
SA
..............................................
13,622
1,925,858
Industrials
(2.8%):
Rexel
SA
.............................................................
171,223
4,962,535
Safran
SA
............................................................
32,027
7,535,696
12,498,231
Information
Technology
(0.9%):
Capgemini
SE
.........................................................
18,421
3,976,581
Materials
(1.1%):
Arkema
SA
...........................................................
53,941
5,137,135
44,248,308
Victory
Portfolios
Victory
RS
International
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Germany
(9.0%):
Communication
Services
(0.8%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
33,474
$
3,485,043
Consumer
Discretionary
(0.6%):
Volkswagen
AG
,
Preference
Shares
..........................................
26,108
2,772,631
Financials
(2.4%):
Allianz
SE
,
Registered
Shares
..............................................
32,417
10,661,167
Industrials
(1.7%):
Siemens
AG
,
Registered
Shares
.............................................
38,954
7,879,665
Information
Technology
(2.3%):
SAP
SE
..............................................................
45,098
10,314,023
Utilities
(1.2%):
RWE
AG
.............................................................
147,577
5,375,937
40,488,466
Hong
Kong
(2.7%):
Financials
(1.8%):
AIA
Group
Ltd.
........................................................
933,200
8,149,765
Real
Estate
(0.9%):
CK
Asset
Holdings
Ltd.
..................................................
951,500
4,142,569
12,292,334
Ireland
(1.1%):
Materials
(1.1%):
James
Hardie
Industries
PLC
(b)
............................................
130,034
5,166,119
Italy
(0.7%):
Utilities
(0.7%):
Snam
SpA
............................................................
595,865
3,034,785
Japan
(22.5%):
Communication
Services
(2.1%):
Capcom
Co.
Ltd.
.......................................................
195,900
4,569,675
Kakaku.com,
Inc.
.......................................................
276,500
4,813,599
9,383,274
Consumer
Discretionary
(3.1%):
Toyota
Motor
Corp.
.....................................................
484,400
8,707,521
ZOZO,
Inc.
...........................................................
146,400
5,319,210
14,026,731
Consumer
Staples
(1.0%):
Toyo
Suisan
Kaisha
Ltd.
..................................................
71,100
4,668,561
Financials
(3.1%):
Mizuho
Financial
Group,
Inc.
..............................................
289,700
5,988,966
Tokio
Marine
Holdings,
Inc.
...............................................
210,100
7,748,130
13,737,096
Health
Care
(2.6%):
Hoya
Corp.
...........................................................
54,000
7,479,972
Shionogi
&
Co.
Ltd.
.....................................................
287,400
4,120,076
11,600,048
Industrials
(6.0%):
Fuji
Electric
Co.
Ltd.
....................................................
85,100
5,157,022
MISUMI
Group,
Inc.
....................................................
187,800
3,406,855
Mitsubishi
Heavy
Industries
Ltd.
............................................
494,700
7,393,567
Nippon
Yusen
KK
......................................................
139,300
5,117,240
Victory
Portfolios
Victory
RS
International
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Sanwa
Holdings
Corp.
(c)
.................................................
218,400
$
5,814,971
26,889,655
Information
Technology
(3.3%):
Disco
Corp.
...........................................................
14,500
3,820,101
Fujitsu
Ltd.
...........................................................
279,300
5,742,846
Oracle
Corp.
..........................................................
53,100
5,482,806
15,045,753
Real
Estate
(0.9%):
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
117,600
3,981,239
Utilities
(0.4%):
Tokyo
Gas
Co.
Ltd.
.....................................................
77,400
1,803,076
101,135,433
Netherlands
(6.6%):
Communication
Services
(1.3%):
Koninklijke
KPN
NV
....................................................
1,443,281
5,893,993
Financials
(1.7%):
ING
Groep
NV
........................................................
417,308
7,570,230
Industrials
(1.4%):
Wolters
Kluwer
NV
.....................................................
38,526
6,497,391
Information
Technology
(2.2%):
ASM
International
NV
...................................................
8,988
5,929,140
ASML
Holding
NV
.....................................................
4,680
3,892,594
9,821,734
29,783,348
New
Zealand
(0.7%):
Health
Care
(0.7%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
143,592
3,181,869
Norway
(0.6%):
Energy
(0.3%):
Aker
BP
ASA
.........................................................
68,907
1,475,328
Financials
(0.3%):
SpareBank
1
SMN
......................................................
76,166
1,108,370
2,583,698
Spain
(2.1%):
Financials
(2.1%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
867,271
9,367,262
Sweden
(1.8%):
Industrials
(1.8%):
Atlas
Copco
AB
,
Class
B
.................................................
461,885
7,928,274
Switzerland
(11.7%):
Consumer
Staples
(3.5%):
Coca-Cola
HBC
AG
.....................................................
156,515
5,579,077
Nestle
SA
,
Registered
Shares
..............................................
100,762
10,127,614
15,706,691
Financials
(2.7%):
Partners
Group
Holding
AG
...............................................
3,214
4,846,532
UBS
Group
AG
........................................................
238,398
7,378,308
12,224,840
Health
Care
(5.5%):
Novartis
AG
,
Registered
Shares
.............................................
106,649
12,281,997
Victory
Portfolios
Victory
RS
International
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Roche
Holding
AG
......................................................
38,617
$
12,360,297
24,642,294
52,573,825
United
Kingdom
(14.1%):
Consumer
Discretionary
(2.1%):
Greggs
PLC
...........................................................
107,221
4,484,887
Next
PLC
............................................................
36,768
4,815,585
9,300,472
Consumer
Staples
(2.6%):
Diageo
PLC
...........................................................
136,176
4,755,732
Imperial
Brands
PLC
....................................................
240,372
6,990,900
11,746,632
Energy
(2.7%):
BP
PLC
..............................................................
681,196
3,552,144
Shell
PLC
(b)
..........................................................
261,136
8,470,133
12,022,277
Financials
(3.6%):
Barclays
PLC
.........................................................
2,393,260
7,189,411
HSBC
Holdings
PLC
....................................................
846,358
7,591,289
Legal
&
General
Group
PLC
...............................................
464,871
1,408,663
16,189,363
Industrials
(0.7%):
Ashtead
Group
PLC
.....................................................
42,317
3,278,147
Materials
(1.6%):
Rio
Tinto
PLC
.........................................................
104,079
7,386,950
Utilities
(0.8%):
Centrica
PLC
..........................................................
2,160,584
3,378,834
63,302,675
Total
Common
Stocks
(Cost
$322,411,518)
437,480,506
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
MSCI
EAFE
ETF
.................................................
4,988
417,146
Total
Exchange-Traded
Funds
(Cost
$329,657)
417,146
Collateral
for
Securities
Loaned
(0.0%)^(d)
United
States
(0.0%):(d)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(e)
........
47,869
47,869
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(e)
............
47,869
47,869
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(e)
...............
47,869
47,869
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(e)
.
47,869
47,869
Total
Collateral
for
Securities
Loaned
(Cost
$191,476)
191,476
Total
Investments
(Cost
$322,932,651)
—
97.5%
438,089,128
Other
assets
in
excess
of
liabilities
—
2.5%
11,219,446
NET
ASSETS
-
100.00%
$
449,308,574
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$7,688,740
and
amounted
to
1.7%
of
net
assets.
(b)
Non-income
producing
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
September
30,
2024.
Victory
Portfolios
Victory
RS
International
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
RS
Global
Fund
105
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.2%)
Australia
(2.0%):
Consumer
Discretionary
(1.0%):
Aristocrat
Leisure
Ltd.
...................................................
281,457
$
11,361,218
Financials
(0.5%):
Macquarie
Group
Ltd.
...................................................
38,488
6,157,191
Health
Care
(0.5%):
CSL
Ltd.
.............................................................
29,986
5,921,953
23,440,362
Austria
(0.5%):
Financials
(0.5%):
BAWAG
Group
AG
(a)
...................................................
81,297
6,297,814
Belgium
(1.4%):
Information
Technology
(0.6%):
Melexis
NV
(b)
.........................................................
80,534
6,662,527
Materials
(0.8%):
Solvay
SA
,
Class
A
.....................................................
256,050
10,029,500
16,692,027
Canada
(4.1%):
Consumer
Staples
(0.9%):
George
Weston
Ltd.
.....................................................
64,181
10,773,561
Energy
(0.4%):
Parex
Resources,
Inc.
....................................................
453,843
4,027,299
Industrials
(0.7%):
Bombardier,
Inc.
,
Class
B
(c)
...............................................
112,274
8,544,049
Information
Technology
(0.9%):
Constellation
Software,
Inc.
...............................................
3,389
11,026,843
Materials
(1.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
91,362
7,360,711
Stella-Jones,
Inc.
.......................................................
104,701
6,874,512
14,235,223
48,606,975
China
(2.9%):
Communication
Services
(1.6%):
Tencent
Holdings
Ltd.
...................................................
339,500
18,878,468
Consumer
Staples
(0.6%):
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
,
Class
A
..............................
1,087,730
7,364,780
Financials
(0.7%):
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
13,465,000
7,934,745
34,177,993
Denmark
(1.7%):
Consumer
Discretionary
(0.8%):
Pandora
A/S
..........................................................
53,686
8,849,810
Health
Care
(0.9%):
Novo
Nordisk
A/S
,
Class
B
................................................
92,540
10,978,032
19,827,842
France
(3.7%):
Consumer
Discretionary
(0.6%):
La
Francaise
des
Jeux
SAEM
(a)
............................................
166,033
6,831,282
Victory
Portfolios
Victory
RS
Global
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Consumer
Staples
(0.7%):
L'Oreal
SA
...........................................................
18,890
$
8,471,745
Energy
(0.5%):
Gaztransport
Et
Technigaz
SA
..............................................
44,673
6,315,803
Industrials
(1.3%):
Rexel
SA
.............................................................
274,617
7,959,190
Safran
SA
............................................................
30,202
7,106,288
15,065,478
Materials
(0.6%):
Arkema
SA
...........................................................
68,232
6,498,155
43,182,463
Indonesia
(0.7%):
Communication
Services
(0.7%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
39,812,700
7,886,079
Ireland
(0.8%):
Materials
(0.8%):
James
Hardie
Industries
PLC
(c)
............................................
246,879
9,808,252
Italy
(0.5%):
Utilities
(0.5%):
Snam
SpA
............................................................
1,092,637
5,564,882
Japan
(5.4%):
Communication
Services
(0.8%):
Kakaku.com,
Inc.
.......................................................
535,800
9,327,763
Consumer
Discretionary
(0.6%):
ZOZO,
Inc.
...........................................................
214,500
7,793,515
Consumer
Staples
(0.6%):
Toyo
Suisan
Kaisha
Ltd.
..................................................
110,600
7,262,206
Financials
(0.8%):
Mizuho
Financial
Group,
Inc.
..............................................
459,100
9,490,971
Health
Care
(0.5%):
Hoya
Corp.
...........................................................
43,400
6,011,681
Industrials
(1.0%):
Fuji
Electric
Co.
Ltd.
....................................................
93,300
5,653,938
Nippon
Yusen
KK
......................................................
164,300
6,035,625
11,689,563
Information
Technology
(0.8%):
Disco
Corp.
...........................................................
12,800
3,372,227
Oracle
Corp.
..........................................................
59,300
6,122,983
9,495,210
Utilities
(0.3%):
Tokyo
Gas
Co.
Ltd.
.....................................................
133,300
3,105,297
64,176,206
Netherlands
(0.7%):
Information
Technology
(0.7%):
ASM
International
NV
...................................................
12,512
8,253,827
New
Zealand
(0.7%):
Health
Care
(0.7%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
364,048
8,066,975
Victory
Portfolios
Victory
RS
Global
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Norway
(0.5%):
Energy
(0.3%):
Aker
BP
ASA
.........................................................
183,456
$
3,927,870
Financials
(0.2%):
SpareBank
1
SMN
......................................................
119,173
1,734,210
5,662,080
Singapore
(0.9%):
Financials
(0.9%):
Singapore
Exchange
Ltd.
.................................................
1,167,900
10,351,284
South
Africa
(0.9%):
Consumer
Discretionary
(0.9%):
Mr
Price
Group
Ltd.
.....................................................
708,457
11,096,697
Spain
(0.9%):
Financials
(0.9%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
956,676
10,332,912
Sweden
(0.6%):
Industrials
(0.6%):
Atlas
Copco
AB
,
Class
B
.................................................
448,136
7,692,272
Switzerland
(2.5%):
Financials
(1.3%):
Chubb
Ltd.
...........................................................
30,973
8,932,303
Partners
Group
Holding
AG
...............................................
4,519
6,814,399
15,746,702
Health
Care
(1.2%):
Roche
Holding
AG
......................................................
43,311
13,862,724
29,609,426
Taiwan
(4.0%):
Financials
(1.4%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
7,634,000
16,036,299
Information
Technology
(2.6%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
1,988,000
9,432,124
Lite-On
Technology
Corp.
................................................
1,400,000
4,395,479
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
555,000
16,742,697
30,570,300
46,606,599
United
Kingdom
(3.6%):
Consumer
Discretionary
(1.2%):
Greggs
PLC
...........................................................
176,512
7,383,221
Next
PLC
............................................................
49,149
6,437,152
13,820,373
Consumer
Staples
(0.8%):
Imperial
Brands
PLC
....................................................
312,107
9,077,217
Financials
(0.9%):
HSBC
Holdings
PLC
....................................................
1,169,472
10,489,414
Materials
(0.7%):
Rio
Tinto
PLC
.........................................................
121,384
8,615,163
42,002,167
United
States
(59.2%):
Communication
Services
(5.6%):
Alphabet,
Inc.
,
Class
C
...................................................
171,468
28,667,735
Meta
Platforms,
Inc.
,
Class
A
..............................................
51,078
29,239,090
Victory
Portfolios
Victory
RS
Global
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
The
Trade
Desk,
Inc.
,
Class
A
(c)
............................................
78,857
$
8,646,670
66,553,495
Consumer
Discretionary
(6.0%):
Amazon.com,
Inc.
(c)
....................................................
129,687
24,164,579
Booking
Holdings,
Inc.
...................................................
2,325
9,793,179
McDonald's
Corp.
......................................................
46,934
14,291,872
PulteGroup,
Inc.
........................................................
89,429
12,835,744
Ross
Stores,
Inc.
.......................................................
62,070
9,342,156
70,427,530
Consumer
Staples
(2.8%):
Colgate-Palmolive
Co.
...................................................
191,620
19,892,072
PepsiCo,
Inc.
..........................................................
77,476
13,174,794
33,066,866
Energy
(2.1%):
APA
Corp.
............................................................
417,997
10,224,207
Cactus,
Inc.
,
Class
A
.....................................................
108,505
6,474,493
ConocoPhillips
Co.
.....................................................
78,318
8,245,319
24,944,019
Financials
(8.8%):
Bank
of
America
Corp.
...................................................
335,313
13,305,220
JPMorgan
Chase
&
Co.
..................................................
91,207
19,231,908
LPL
Financial
Holdings,
Inc.
...............................................
23,325
5,426,095
Mastercard,
Inc.
,
Class
A
.................................................
34,513
17,042,519
S&P
Global,
Inc.
.......................................................
34,024
17,577,479
Synchrony
Financial
.....................................................
151,735
7,568,542
The
PNC
Financial
Services
Group,
Inc.
......................................
60,638
11,208,934
Unum
Group
..........................................................
206,442
12,270,913
103,631,610
Health
Care
(6.7%):
Align
Technology,
Inc.
(c)
.................................................
27,064
6,882,917
Amgen,
Inc.
...........................................................
40,523
13,056,916
Eli
Lilly
&
Co.
.........................................................
26,195
23,207,198
IDEXX
Laboratories,
Inc.
(c)
...............................................
16,311
8,240,644
Johnson
&
Johnson
.....................................................
70,070
11,355,544
UnitedHealth
Group,
Inc.
.................................................
27,199
15,902,711
78,645,930
Industrials
(5.5%):
AGCO
Corp.
..........................................................
55,095
5,391,597
Caterpillar,
Inc.
........................................................
41,692
16,306,575
Delta
Air
Lines,
Inc.
.....................................................
171,355
8,703,120
Eaton
Corp.
PLC
.......................................................
55,645
18,442,979
Lennox
International,
Inc.
.................................................
26,880
16,243,315
65,087,586
Information
Technology
(18.1%):
Apple,
Inc.
...........................................................
257,695
60,042,935
Cisco
Systems,
Inc.
.....................................................
244,532
13,013,993
Fortinet,
Inc.
(c)
........................................................
195,506
15,161,490
Microsoft
Corp.
........................................................
129,532
55,737,620
NVIDIA
Corp.
.........................................................
441,179
53,576,778
Texas
Instruments,
Inc.
...................................................
74,995
15,491,717
213,024,533
Materials
(0.6%):
Alcoa
Corp.
...........................................................
167,864
6,476,193
Real
Estate
(1.1%):
Prologis,
Inc.
..........................................................
101,825
12,858,461
Victory
Portfolios
Victory
RS
Global
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Utilities
(1.9%):
Constellation
Energy
Corp.
................................................
58,820
$
15,294,376
MGE
Energy,
Inc.
......................................................
80,544
7,365,749
22,660,125
697,376,348
Total
Common
Stocks
(Cost
$814,810,921)
1,156,711,482
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(c)
(d)
...........................................
3,376
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
MSCI
ACWI
ETF
.................................................
9,542
1,140,746
Total
Exchange-Traded
Funds
(Cost
$749,163)
1,140,746
Collateral
for
Securities
Loaned
(0.1%)^
United
States
(0.1%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(e)
........
214,554
214,554
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(e)
............
214,554
214,554
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(e)
...............
214,554
214,554
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(e)
.
214,554
214,554
Total
Collateral
for
Securities
Loaned
(Cost
$858,216)
858,216
Total
Investments
(Cost
$816,418,300)
—
98.4%
1,158,710,444
Other
assets
in
excess
of
liabilities
—
1.6%
19,522,007
NET
ASSETS
-
100.00%
$
1,178,232,451
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$13,129,096
and
amounted
to
1.1%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Non-income
producing
security.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2024.
(e)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
110
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Brazil
(5.3%):
Communication
Services
(0.7%):
TIM
SA
..............................................................
718,900
$
2,472,138
Consumer
Discretionary
(0.9%):
Smartfit
Escola
de
Ginastica
e
Danca
SA
......................................
313,800
1,235,220
Vibra
Energia
SA
.......................................................
443,271
1,904,372
3,139,592
Energy
(1.2%):
Petroleo
Brasileiro
SA
,
ADR
...............................................
312,098
4,497,332
Financials
(1.1%):
Itau
Unibanco
Holding
SA
,
ADR
............................................
623,931
4,149,141
Industrials
(0.7%):
Marcopolo
SA
,
Preference
Shares
...........................................
763,600
1,114,550
Santos
Brasil
Participacoes
SA
.............................................
532,100
1,441,937
2,556,487
Real
Estate
(0.4%):
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
337,800
1,590,793
Utilities
(0.3%):
CPFL
Energia
SA
.......................................................
195,400
1,217,236
19,622,719
Chile
(0.0%):(a)
Financials
(0.0%):(a)
Banco
de
Credito
e
Inversiones
SA
..........................................
1
31
China
(25.5%):
Communication
Services
(7.1%):
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..........................................
13,018,000
1,710,570
Tencent
Holdings
Ltd.
...................................................
403,815
22,454,811
Tencent
Music
Entertainment
Group
,
ADR
.....................................
166,381
2,004,891
26,170,272
Consumer
Discretionary
(7.2%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
602,672
8,009,036
BYD
Co.
Ltd.
.........................................................
100,000
3,567,911
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
..................................
359,600
2,978,820
Meituan
,
Class
W
(b)
(c)
...................................................
411,500
8,738,644
MotoMotion
China
Corp.
.................................................
148,500
1,211,040
New
Oriental
Education
&
Technology
Group,
Inc.
,
ADR
..........................
28,637
2,171,830
26,677,281
Energy
(0.6%):
PetroChina
Co.
Ltd.
,
Class
H
..............................................
2,918,000
2,353,945
Financials
(3.0%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
3,129,000
1,459,950
China
Construction
Bank
Corp.
,
Class
H
......................................
8,348,000
6,225,306
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
972,200
3,442,750
11,128,006
Health
Care
(1.1%):
Pacific
Shuanglin
Bio-pharmacy
Co.
Ltd.
,
Class
A
...............................
503,800
1,767,773
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
.......................
59,700
2,462,185
4,229,958
Industrials
(0.9%):
Anhui
Heli
Co.
Ltd.
,
Class
A
...............................................
735,500
2,271,039
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Yutong
Bus
Co.
Ltd.
,
Class
A
..............................................
321,700
$
1,200,927
3,471,966
Information
Technology
(2.1%):
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
...................................
1,615,200
5,755,490
Luxshare
Precision
Industry
Co.
Ltd.
,
Class
A
...................................
346,800
2,129,472
7,884,962
Materials
(3.5%):
China
Hongqiao
Group
Ltd.
...............................................
1,428,000
2,342,577
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
.................................
7,134,300
4,425,078
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
....................................
449,200
1,184,491
Western
Mining
Co.
Ltd.
,
Class
A
...........................................
807,500
2,150,986
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
1,222,000
2,728,383
12,831,515
94,747,905
Greece
(0.4%):
Energy
(0.4%):
Motor
Oil
Hellas
Corinth
Refineries
SA
.......................................
65,488
1,551,538
Hong
Kong
(1.0%):
Consumer
Discretionary
(0.3%):
Bosideng
International
Holdings
Ltd.
.........................................
2,038,000
1,159,321
Industrials
(0.3%):
Techtronic
Industries
Co.
Ltd.
..............................................
72,500
1,082,345
Utilities
(0.4%):
Kunlun
Energy
Co.
Ltd.
..................................................
1,462,000
1,502,359
3,744,025
Hungary
(1.3%):
Financials
(1.0%):
OTP
Bank
Nyrt
........................................................
69,290
3,627,465
Health
Care
(0.3%):
Richter
Gedeon
Nyrt
....................................................
36,260
1,118,040
4,745,505
India
(19.6%):
Consumer
Discretionary
(4.1%):
Crompton
Greaves
Consumer
Electricals
Ltd.
...................................
347,121
1,722,702
Hero
MotoCorp
Ltd.
.....................................................
74,172
5,057,988
Mahindra
&
Mahindra
Ltd.
(c)
..............................................
125,111
4,617,934
Maruti
Suzuki
India
Ltd.
..................................................
23,902
3,774,335
15,172,959
Consumer
Staples
(0.7%):
Britannia
Industries
Ltd.
..................................................
34,610
2,619,115
Financials
(4.8%):
ICICI
Bank
Ltd.
,
ADR
...................................................
366,700
10,945,995
LIC
Housing
Finance
Ltd.
.................................................
320,784
2,533,730
Manappuram
Finance
Ltd.
................................................
720,636
1,732,107
Shriram
Finance
Ltd.
....................................................
59,862
2,559,680
17,771,512
Health
Care
(1.7%):
Dr.
Reddy's
Laboratories
Ltd.
..............................................
33,258
2,677,365
Sun
Pharmaceutical
Industries
Ltd.
..........................................
161,570
3,714,789
6,392,154
Industrials
(0.8%):
Larsen
&
Toubro
Ltd.
....................................................
70,659
3,098,833
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Information
Technology
(2.6%):
Infosys
Ltd.
,
ADR
(d)
....................................................
428,531
$
9,543,385
Materials
(3.1%):
MOIL
Ltd.
............................................................
327,342
1,591,768
UltraTech
Cement
Ltd.
...................................................
30,897
4,350,680
Vedanta
Ltd.
..........................................................
608,601
3,719,388
Welspun
Corp.
Ltd.
.....................................................
220,943
2,022,723
11,684,559
Real
Estate
(0.8%):
Oberoi
Realty
Ltd.
......................................................
122,350
2,761,023
Utilities
(1.0%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
879,026
3,707,590
72,751,130
Indonesia
(1.2%):
Energy
(0.5%):
PT
United
Tractors
Tbk
..................................................
1,066,100
1,915,399
Financials
(0.7%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
5,557,100
2,557,084
4,472,483
Jordan
(0.3%):
Health
Care
(0.3%):
Hikma
Pharmaceuticals
PLC
...............................................
46,161
1,181,025
Luxembourg
(0.6%):
Materials
(0.6%):
Ternium
SA
,
ADR
......................................................
58,565
2,161,634
Malaysia
(0.5%):
Utilities
(0.5%):
YTL
Power
International
Bhd
..............................................
1,974,400
1,762,325
Mexico
(1.9%):
Consumer
Staples
(0.7%):
Gruma
SAB
de
CV
,
Class
B
...............................................
77,787
1,444,731
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
602,646
974,705
2,419,436
Financials
(0.8%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
443,485
3,142,616
Real
Estate
(0.4%):
Corp
Inmobiliaria
Vesta
SAB
de
CV
.........................................
522,737
1,411,317
6,973,369
Netherlands
(0.4%):
Real
Estate
(0.4%):
NEPI
Rockcastle
NV
....................................................
188,269
1,596,536
Panama
(0.5%):
Industrials
(0.5%):
Copa
Holdings
SA
,
Class
A
................................................
18,756
1,760,063
Poland
(1.8%):
Consumer
Discretionary
(0.5%):
LPP
SA
..............................................................
489
2,005,100
Financials
(1.3%):
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
................................
316,921
4,619,914
6,625,014
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Russian
Federation
(0.0%):(a)
Energy
(0.0%):(a)
Gazprom
PJSC
(c)
(e)
(f)
...................................................
1,511,910
$
39,542
Rosneft
Oil
Co.
PJSC
,
GDR
(c)
(e)
(f)
.........................................
677,591
—
(g)
39,542
Financials
(0.0%):
Sberbank
of
Russia
PJSC
,
ADR
(c)
(e)
(f)
.......................................
446,943
—
39,542
Saudi
Arabia
(3.1%):
Communication
Services
(1.1%):
Saudi
Telecom
Co.
......................................................
350,698
4,086,911
Consumer
Discretionary
(0.3%):
United
Electronics
Co.
...................................................
44,873
1,137,472
Financials
(1.4%):
Alinma
Bank
..........................................................
384,958
2,929,538
Saudi
Awwal
Bank
......................................................
266,164
2,463,497
5,393,035
Industrials
(0.3%):
Riyadh
Cables
Group
Co.
.................................................
39,649
1,048,458
11,665,876
South
Africa
(1.8%):
Consumer
Discretionary
(0.5%):
The
Foschini
Group
Ltd.
..................................................
193,756
1,748,020
Financials
(1.3%):
Nedbank
Group
Ltd.
.....................................................
288,613
4,986,994
6,735,014
South
Korea
(11.2%):
Consumer
Discretionary
(0.8%):
Kia
Corp.
............................................................
36,258
2,761,316
Financials
(1.5%):
DB
Insurance
Co.
Ltd.
...................................................
17,435
1,498,486
KIWOOM
Securities
Co.
Ltd.
..............................................
12,122
1,202,369
Samsung
Securities
Co.
Ltd.
...............................................
88,555
2,943,719
5,644,574
Health
Care
(0.6%):
Classys,
Inc.
..........................................................
33,494
1,384,645
T&L
Co.
Ltd.
..........................................................
16,176
917,553
2,302,198
Industrials
(3.2%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
8,918
2,032,462
Hanwha
Industrial
Solutions
Co.
Ltd.
(c)
.......................................
9,878
251,585
HD
Hyundai
Electric
Co.
Ltd.
..............................................
9,003
2,265,497
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(c)
........................
13,476
1,925,165
Hyundai
Rotem
Co.
Ltd.
..................................................
44,738
1,830,987
Samsung
C&T
Corp.
....................................................
19,582
2,051,341
Samsung
E&A
Co.
Ltd.
(c)
................................................
98,196
1,647,984
12,005,021
Information
Technology
(5.1%):
Innox
Advanced
Materials
Co.
Ltd.
..........................................
44,997
938,012
LG
Innotek
Co.
Ltd.
.....................................................
14,746
2,455,701
Samsung
Electronics
Co.
Ltd.
..............................................
167,950
7,850,985
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
SK
Hynix,
Inc.
.........................................................
58,212
$
7,792,099
19,036,797
41,749,906
Taiwan
(15.7%):
Health
Care
(0.5%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
69,000
1,633,221
Industrials
(0.4%):
Fortune
Electric
Co.
Ltd.
.................................................
78,400
1,554,821
Information
Technology
(14.5%):
Chroma
ATE,
Inc.
......................................................
271,000
3,183,154
Compeq
Manufacturing
Co.
Ltd.
............................................
775,000
1,665,634
Elite
Material
Co.
Ltd.
...................................................
242,000
3,418,165
Gold
Circuit
Electronics
Ltd.
...............................................
245,100
1,528,006
Insyde
Software
Corp.
...................................................
74,000
1,212,849
King
Yuan
Electronics
Co.
Ltd.
.............................................
495,000
1,756,417
Lotes
Co.
Ltd.
.........................................................
39,000
1,702,153
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
1,255,998
37,889,719
Wiwynn
Corp.
.........................................................
29,000
1,572,480
53,928,577
Materials
(0.3%):
Gloria
Material
Technology
Corp.
...........................................
745,000
1,135,970
58,252,589
Thailand
(2.9%):
Consumer
Staples
(1.3%):
CP
ALL
PCL,
NVDR
....................................................
2,370,600
4,805,286
Energy
(0.7%):
PTT
Exploration
&
Production
PCL,
NVDR
...................................
639,200
2,607,468
Health
Care
(0.9%):
Bangkok
Dusit
Medical
Services
PCL,
NVDR
..................................
3,596,900
3,341,265
10,754,019
Turkey
(1.7%):
Consumer
Discretionary
(0.2%):
Mavi
Giyim
Sanayi
Ve
Ticaret
A/S
,
Class
B
(b)
..................................
340,832
898,914
Consumer
Staples
(0.5%):
BIM
Birlesik
Magazalar
A/S
...............................................
126,062
1,827,050
Financials
(0.5%):
Yapi
ve
Kredi
Bankasi
A/S
................................................
2,283,346
2,061,028
Industrials
(0.5%):
Pegasus
Hava
Tasimaciligi
A/S
(c)
...........................................
247,080
1,723,267
6,510,259
United
Arab
Emirates
(2.3%):
Financials
(1.3%):
Dubai
Islamic
Bank
PJSC
.................................................
728,734
1,250,296
Emirates
NBD
Bank
PJSC
................................................
666,987
3,687,090
4,937,386
Real
Estate
(1.0%):
Emaar
Properties
PJSC
...................................................
1,582,682
3,755,314
8,692,700
Victory
Portfolios
Victory
Sophus
Emerging
Markets
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
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
United
States
(0.5%):
Consumer
Discretionary
(0.5%):
Samsonite
International
SA
(b)
..............................................
638,400
$
1,727,942
Total
Common
Stocks
(Cost
$303,409,171)
369,823,149
Collateral
for
Securities
Loaned
(2.3%)^
United
States
(2.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(h)
........
2,149,783
2,149,783
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(h)
............
2,149,783
2,149,783
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(h)
...............
2,149,783
2,149,783
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(h)
.
2,149,783
2,149,783
Total
Collateral
for
Securities
Loaned
(Cost
$8,599,132)
8,599,132
Total
Investments
(Cost
$312,008,303)
—
101.8%
378,422,281
Liabilities
in
excess
of
other
assets
—
(1.8)%
(
6,554,926
)
NET
ASSETS
-
100.00%
$
371,867,355
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$13,076,070
and
amounted
to
3.5%
of
net
assets.
(c)
Non-income
producing
security.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2024.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2024.
(g)
Rounds
to
less
than
$1.
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
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
September
30,
2024
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
116
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(24.6%)
ABS
Auto
(16.1%):
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
C
,
0
.89
%
,
10/19/26
,
Callable
6/18/25
@
100
.....................................................
$
629,613
$
620,376
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-8A
,
Class
B
,
6
.66
%
,
2/20/30
(a)
..
750,000
793,798
CarMax
Auto
Owner
Trust
................................................
Series
2020-4
,
Class
B
,
0
.85
%
,
6/15/26
,
Callable
12/15/24
@
100
................
434,000
430,266
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
8/15/26
@
100
.................
250,000
255,626
Chesapeake
Funding
II
LLC
...............................................
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
11/15/26
@
100
(a)
...........
190,766
193,940
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
11/15/26
@
100
(a)
............
382,000
395,627
Credit
Acceptance
Auto
Loan
Trust
,
Series
2024-3A
,
Class
B
,
4
.85
%
,
11/15/34
(a)
.........
250,000
249,606
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
8/15/25
@
100
440,894
431,577
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
1/15/28
@
100
(a)
...........................................................
250,000
259,931
Enterprise
Fleet
Financing
LLC
.............................................
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
6/20/27
@
100
(a)
..............
500,000
527,705
Series
2024-1
,
Class
A2
,
5
.23
%
,
3/20/30
,
Callable
6/20/27
@
100
(a)
..............
400,000
403,604
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
328,000
341,466
Exeter
Automobile
Receivables
Trust
,
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
10/15/24
@
100
(a)
..................................................
400,000
399,635
FCCU
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
5/15/28
@
100
(a)
...........................................................
202,000
208,541
First
Investors
Auto
Owner
Trust
,
Series
2021-1A
,
Class
E
,
3
.35
%
,
4/15/27
,
Callable
3/15/25
@
100
(a)
.........................................................
500,000
492,351
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-B
,
Class
B
,
6
.20
%
,
2/15/27
,
Callable
4/15/26
@
100
.................
250,000
255,345
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
393,000
402,685
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A3
,
5
.39
%
,
12/15/27
,
Callable
10/15/26
@
100
(a)
...........................................
1,460,000
1,461,980
GLS
Auto
Select
Receivables
Trust
,
Series
2023-2A
,
Class
C
,
7
.31
%
,
1/15/30
,
Callable
8/15/28
@
100
(a)
.........................................................
500,000
533,321
GM
Financial
Automobile
Leasing
Trust
,
Series
2024-1
,
Class
B
,
5
.33
%
,
3/20/28
,
Callable
8/20/26
@
100
.....................................................
400,000
405,426
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2021-2
,
Class
C
,
1
.28
%
,
1/19/27
,
Callable
5/16/25
@
100
........................................
886,000
865,333
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
...........
750,000
766,175
Huntington
Bank
Auto
Credit-Linked
Notes
,
Series
2024-1
,
Class
B2
,
6
.75
%
(
SOFR30A
+
140
bps
)
,
5/20/32
,
Callable
10/20/27
@
100
(a)
(b)
...................
215,131
215,425
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
9/25/25
@
100
(a)
...........................................................
8,154
8,116
LAD
Auto
Receivables
Trust
,
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
10/15/27
@
100
(a)
...........................................................
350,000
361,243
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
399,597
404,694
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
9/20/27
@
100
(a)
..............
250,000
257,319
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
9/15/27
@
100
(a)
...........................................................
462,500
481,792
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
6/10/27
@
100
(a)
...........................................................
350,000
349,971
PenFed
Auto
Receivables
Owner
Trust
,
Series
2024-A
,
Class
B
,
4
.97
%
,
5/15/30
,
Callable
1/15/29
@
100
(a)
...................................................
400,000
404,107
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...................................................
204,473
205,988
Santander
Drive
Auto
Receivables
Trust
.......................................
Series
2022-2
,
Class
B
,
3
.44
%
,
9/15/27
,
Callable
3/15/26
@
100
.................
503,163
500,166
Series
2023-1
,
Class
B
,
4
.98
%
,
2/15/28
,
Callable
9/15/26
@
100
.................
550,000
550,293
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
225,000
232,632
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
250,000
261,215
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
7/20/25
@
100
(a)
...............
300,000
304,626
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
10/20/25
@
100
(a)
.............
223,000
227,286
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
278,326
282,520
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-2A
,
Class
C
,
0
.89
%
,
7/15/26
,
Callable
7/15/25
@
100
(a)
..............
$
71,315
$
71,179
Series
2022-1A
,
Class
C
,
3
.11
%
,
3/15/27
,
Callable
11/15/25
@
100
(a)
.............
809,590
805,295
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
8/15/26
@
100
(a)
..............
750,000
753,348
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
10/15/26
@
100
(a)
.............
1,500,000
1,514,178
18,885,707
ABS
Card
(0.8%):
Master
Credit
Card
Trust
II
................................................
Series
2022-1A
,
Class
C
,
2
.27
%
,
7/21/26
(a)
................................
250,000
247,277
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
250,000
251,679
Trillium
Credit
Card
Trust
II
,
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
..............
500,000
506,340
1,005,296
ABS
Other
(7.7%):
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
A2
,
5
.38
%
,
1/21/31
,
Callable
3/20/28
@
100
(a)
............................................
379,317
383,870
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
206,000
213,943
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
..............
122,857
127,415
Capital
Automotive
REIT
,
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........................................................
226,531
222,727
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
480,000
485,928
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
5/14/25
@
100
(a)
...............
500,000
489,121
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
11/14/27
@
100
(a)
..............
500,000
524,062
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
3/20/28
@
100
(a)
...........................................................
175,000
174,522
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
161,673
164,402
Crossroads
Asset
Trust
,
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
4/20/28
@
100
(a)
.
336,000
343,009
CyrusOne
Data
Centers
Issuer
I
LLC
,
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
(a)
.......
465,000
452,345
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A3
,
5
.90
%
,
3/15/27
,
Callable
10/15/26
@
100
.............................................................
600,000
608,766
Dell
Equipment
Finance
Trust
,
Series
2023-3
,
Class
B
,
6
.05
%
,
4/23/29
,
Callable
5/22/26
@
100
(a)
...........................................................
250,000
255,290
Dext
ABS
LLC
,
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
.......
250,000
257,574
DLLMT
LLC
,
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
......
281,250
286,062
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
A2
,
6
.51
%
,
5/20/30
(a)
...............................
452,869
460,327
Series
2023-1A
,
Class
A3
,
6
.46
%
,
9/20/32
,
Callable
8/20/30
@
100
(a)
.............
250,000
261,337
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
11/20/26
@
100
(a)
.............
750,000
767,290
Series
2024-1A
,
Class
C
,
5
.33
%
,
5/20/31
,
Callable
5/20/27
@
100
(a)
..............
500,000
507,076
MMAF
Equipment
Finance
LLC
,
Series
2024-A
,
Class
A3
,
4
.95
%
,
7/14/31
,
Callable
3/13/30
@
100
(a)
.........................................................
250,000
254,190
NMEF
Funding
LLC
,
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
..
350,000
353,569
PEAC
Solutions
Receivables
LLC
,
Series
2024-2A
,
Class
B
,
4
.83
%
,
10/20/31
,
Callable
6/20/27
@
100
(a)
...................................................
313,000
312,264
Post
Road
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
...................................................
424,000
432,441
SCF
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
...........................................................
250,000
271,729
Verizon
Master
Trust
,
Series
2024-2
,
Class
A
,
4
.83
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.
250,000
255,508
Wingspire
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
1/20/28
@
100
(a)
...................................................
145,895
147,624
9,012,391
Total
Asset-Backed
Securities
(Cost
$28,380,852)
28,903,394
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Collateralized
Loan
Obligations
(0.5%)
Cash
Flow
CLO
(0.5%):
Dryden
80
CLO
Ltd.
,
Series
2019-80A
,
Class
AR
,
6
.54
%
(
TSFR3M
+
125
bps
)
,
1/17/33
,
Callable
10/17/24
@
100
(a)
(b)
.........................................
$
300,000
$
299,820
Octagon
Investment
Partners
XXI
Ltd.
,
Series
2014-1A
,
Class
AAR3
,
6
.38
%
(
TSFR3M
+
126
bps
)
,
2/14/31
,
Callable
11/14/24
@
100
(a)
(b)
....................
249,878
250,103
549,923
Total
Collateralized
Loan
Obligations
(Cost
$550,448)
549,923
Collateralized
Mortgage
Obligations
(21.3%)
Agency
CMO
Other
(3.6%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
435,128
439,550
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
396,420
393,282
Federal
National
Mortgage
Association
.......................................
Series
2011-21
,
Class
PA
,
4
.50
%
,
5/25/40
.................................
615,727
615,007
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
623,265
626,360
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
697,380
706,952
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
435,477
439,450
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
475,491
475,618
Series
2023-168
,
Class
GB
,
6
.00
%
,
2/20/50
................................
467,420
470,818
4,167,037
Commercial
MBS
(17.7%):
Banc
of
America
Commercial
Mortgage
Trust
,
Series
2015-UBS7
,
Class
A4
,
3
.71
%
,
9/15/48
,
Callable
9/15/25
@
100
..............................................
1,000,000
987,217
Bank
,
Series
2017-BNK9
,
Class
A3
,
3
.28
%
,
11/15/54
,
Callable
12/15/29
@
100
..........
819,619
796,791
BPR
Trust
,
Series
2022-STAR
,
Class
A
,
8
.33
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(c)
......
170,000
169,256
CFCRE
Commercial
Mortgage
Trust
.........................................
Series
2016-C3
,
Class
A2
,
3
.60
%
,
1/10/48
,
Callable
1/10/26
@
100
...............
391,026
385,918
Series
2016-C3
,
Class
A3
,
3
.87
%
,
1/10/48
,
Callable
1/10/26
@
100
...............
925,000
914,724
Series
2016-C4
,
Class
A4
,
3
.28
%
,
5/10/58
,
Callable
5/10/26
@
100
...............
489,000
479,113
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2015-GC33
,
Class
A4
,
3
.78
%
,
9/10/58
,
Callable
5/10/26
@
100
.............
900,000
887,025
Series
2015-P1
,
Class
A5
,
3
.72
%
,
9/15/48
,
Callable
5/15/26
@
100
...............
500,000
494,659
Series
2016-P4
,
Class
A4
,
2
.90
%
,
7/10/49
,
Callable
7/10/26
@
100
...............
1,226,000
1,188,447
COMM
Mortgage
Trust
..................................................
Series
2015-CR25
,
Class
A4
,
3
.76
%
,
8/10/48
,
Callable
8/10/25
@
100
.............
1,219,000
1,206,688
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
300,000
314,961
CSAIL
Commercial
Mortgage
Trust
.........................................
Series
2015-C2
,
Class
A4
,
3
.50
%
,
6/15/57
,
Callable
5/15/25
@
100
...............
667,000
660,704
Series
2015-C3
,
Class
A4
,
3
.72
%
,
8/15/48
,
Callable
8/15/25
@
100
...............
750,000
741,126
Series
2015-C4
,
Class
A4
,
3
.81
%
,
11/15/48
,
Callable
11/15/25
@
100
.............
832,000
822,514
Series
2016-C6
,
Class
A5
,
3
.09
%
,
1/15/49
,
Callable
5/15/26
@
100
...............
696,000
680,980
DBJPM
Mortgage
Trust
,
Series
2016-C1
,
Class
A4
,
3
.28
%
,
5/10/49
,
Callable
4/10/26
@
100
.
500,000
489,323
GS
Mortgage
Securities
Trust
..............................................
Series
2015-GC30
,
Class
A4
,
3
.38
%
,
5/10/50
,
Callable
5/10/25
@
100
.............
250,000
247,355
Series
2015-GC32
,
Class
A4
,
3
.76
%
,
7/10/48
,
Callable
7/10/25
@
100
.............
700,000
693,290
Series
2016-GS2
,
Class
A4
,
3
.05
%
,
5/10/49
,
Callable
5/10/26
@
100
..............
1,000,000
976,164
JPMBB
Commercial
Mortgage
Securities
Trust
.................................
Series
2015-C28
,
Class
A4
,
3
.23
%
,
10/15/48
,
Callable
4/15/25
@
100
.............
1,191,000
1,180,476
Series
2015-C31
,
Class
A3
,
3
.80
%
,
8/15/48
,
Callable
8/15/25
@
100
..............
435,551
430,493
Series
2015-C33
,
Class
A4
,
3
.77
%
,
12/15/48
,
Callable
11/15/25
@
100
............
500,000
494,329
Series
2016-C1
,
Class
A5
,
3
.58
%
,
3/17/49
,
Callable
2/15/26
@
100
...............
750,000
737,631
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
1,226,475
SHR
Trust
,
Series
2024-LXRY
,
Class
A
,
7
.05
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(c)
.....
210,526
210,526
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2015-C28
,
Class
A4
,
3
.54
%
,
5/15/48
,
Callable
5/15/25
@
100
..............
942,000
933,640
Series
2015-C30
,
Class
A4
,
3
.66
%
,
9/15/58
,
Callable
8/15/25
@
100
..............
498,000
493,172
Series
2015-C31
,
Class
A4
,
3
.70
%
,
11/15/48
,
Callable
11/15/25
@
100
............
750,000
741,407
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Series
2015-P2
,
Class
A4
,
3
.81
%
,
12/15/48
,
Callable
12/15/25
@
100
.............
$
532,000
$
526,184
Series
2016-NXS6
,
Class
A4
,
2
.92
%
,
11/15/49
,
Callable
10/15/26
@
100
...........
750,000
726,654
20,837,242
Private
CMO
Other
(0.0%):(d)
GSR
Mortgage
Loan
Trust
,
Series
2004-15F
,
Class
5A1
,
5
.50
%
,
1/25/20
...............
13,928
12,314
Total
Collateralized
Mortgage
Obligations
(Cost
$24,951,435)
25,016,593
Corporate
Bonds
(26.5%)
Communication
Services
(0.5%):
TEGNA,
Inc.
,
4
.63
%
,
3/15/28
,
Callable
11/4/24
@
101.16
..........................
250,000
239,804
T-Mobile
US,
Inc.
,
4
.75
%
,
2/1/28
,
Callable
10/15/24
@
101.58
......................
400,000
400,677
640,481
Consumer
Discretionary
(1.1%):
Daimler
Truck
Finance
North
America
LLC
,
5
.13
%
,
9/25/27
,
Callable
8/25/27
@
100
(a)
....
250,000
255,414
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(a)
............................
500,000
517,078
Volkswagen
Group
of
America
Finance
LLC
,
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
(a)
...
500,000
500,826
1,273,318
Consumer
Staples
(0.2%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
5
.88
%
,
2/15/28
,
Callable
11/4/24
@
101.47
(a)
..........................................
250,000
250,806
Energy
(1.4%):
Energy
Transfer
LP
,
5
.63
%
,
5/1/27
,
Callable
10/21/24
@
100.94
(a)
...................
500,000
502,000
Helmerich
&
Payne,
Inc.
,
4
.65
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
..................
350,000
350,685
HF
Sinclair
Corp.
,
5
.00
%
,
2/1/28
,
Callable
10/15/24
@
102.5
(a)
.....................
215,000
213,620
Rockies
Express
Pipeline
LLC
,
3
.60
%
,
5/15/25
,
Callable
4/15/25
@
100
(a)
.............
250,000
245,917
Schlumberger
Holdings
Corp.
,
5
.00
%
,
11/15/29
,
Callable
10/15/29
@
100
(a)
............
300,000
309,691
1,621,913
Financials
(15.3%):
American
National
Group,
Inc.
,
5
.75
%
,
10/1/29
,
Callable
9/1/29
@
100
................
500,000
502,650
Ameriprise
Financial,
Inc.
,
5
.70
%
,
12/15/28
,
Callable
11/15/28
@
100
.................
350,000
370,551
Athene
Global
Funding
,
5
.52
%
,
3/25/27
(a)
.....................................
250,000
255,997
Aviation
Capital
Group
LLC
,
6
.75
%
,
10/25/28
,
Callable
9/25/28
@
100
(a)
..............
500,000
534,108
Bank
of
America
Corp.
,
6
.22
%
(
SOFR
+
105
bps
)
,
2/4/28
,
Callable
2/4/27
@
100
(b)
........
1,016,000
1,020,164
Capital
One
Financial
Corp.
,
2
.64
%
(
SOFR
+
129
bps
)
,
3/3/26
,
Callable
3/3/25
@
100
(b)
.....
814,000
804,902
Citigroup,
Inc.
,
3
.11
%
(
SOFR
+
284
bps
)
,
4/8/26
,
Callable
4/8/25
@
100
(b)
..............
772,000
764,482
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
9/23/25
@
100
(b)
.........
600,000
598,488
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(b)
(e)
....
350,000
348,262
CNO
Global
Funding
,
4
.95
%
,
9/9/29
(a)
.......................................
326,000
327,415
Corebridge
Global
Funding
,
5
.90
%
,
9/19/28
(a)
..................................
500,000
526,208
Enact
Holdings,
Inc.
,
6
.25
%
,
5/28/29
,
Callable
4/28/29
@
100
.......................
500,000
519,562
F&G
Annuities
&
Life,
Inc.
,
6
.50
%
,
6/4/29
,
Callable
5/4/29
@
100
...................
500,000
514,945
Ford
Motor
Credit
Co.
LLC
,
3
.82
%
,
11/2/27
,
Callable
8/2/27
@
100
..................
500,000
481,794
GA
Global
Funding
Trust
,
5
.50
%
,
1/8/29
(a)
....................................
400,000
414,770
Intercontinental
Exchange,
Inc.
,
3
.63
%
,
9/1/28
,
Callable
6/1/28
@
100
(a)
...............
250,000
244,798
JPMorgan
Chase
&
Co.
,
6
.25
%
(
SOFR
+
118
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(b)
......
1,000,000
1,008,096
KeyCorp.
,
6
.32
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
2/23/25
@
100
(b)
...........
350,000
350,909
Metropolitan
Life
Global
Funding
I
,
5
.40
%
,
9/12/28
(a)
............................
500,000
521,954
New
York
Life
Global
Funding
,
5
.45
%
,
9/18/26
(a)
...............................
500,000
513,913
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
500,000
514,579
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(a)
400,000
412,918
Protective
Life
Global
Funding
,
5
.47
%
,
12/8/28
(a)
...............................
400,000
418,164
Reliance
Standard
Life
Global
Funding
II
,
2
.75
%
,
1/21/27
(a)
........................
350,000
333,622
RGA
Global
Funding
,
6
.00
%
,
11/21/28
(a)
.....................................
400,000
424,243
Sammons
Financial
Group,
Inc.
,
4
.45
%
,
5/12/27
,
Callable
2/12/27
@
100
(a)
(f)
...........
500,000
494,852
State
Street
Corp.
,
5
.75
%
(
SOFR
+
135
bps
)
,
11/4/26
,
Callable
11/4/25
@
100
(b)
..........
907,000
919,216
The
Bank
of
New
York
Mellon
Corp.
,
4
.41
%
(
SOFR
+
135
bps
)
,
7/24/26
,
Callable
7/24/25
@
100
(b)
...........................................................
683,000
681,832
The
Goldman
Sachs
Group,
Inc.
,
6
.82
%
(
SOFR
+
185
bps
)
,
3/15/28
,
Callable
3/15/27
@
100
(b)
500,000
510,794
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
The
Huntington
National
Bank
,
5
.70
%
(
SOFR
+
122
bps
)
,
11/18/25
,
Callable
11/18/24
@
100
(b)
$
500,000
$
500,012
Truist
Bank
,
3
.80
%
,
10/30/26
,
Callable
9/30/26
@
100
............................
500,000
494,410
U.S.
Bancorp
,
4
.55
%
(
SOFR
+
166
bps
)
,
7/22/28
,
Callable
7/22/27
@
100
(b)
.............
500,000
503,717
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
500,000
534,903
Wells
Fargo
&
Co.
,
2
.41
%
(
TSFR3M
+
109
bps
)
,
10/30/25
,
Callable
10/30/24
@
100
,
MTN
(b)
.
577,000
575,478
17,942,708
Health
Care
(2.5%):
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
10/21/24
@
101.42
.......................
621,000
610,236
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.20
%
,
6/15/29
,
Callable
5/15/29
@
100
(a)
...........................................................
500,000
515,668
Humana,
Inc.
,
5
.70
%
,
3/13/26
,
Callable
10/15/24
@
100
...........................
932,000
932,234
Universal
Health
Services,
Inc.
,
1
.65
%
,
9/1/26
,
Callable
8/1/26
@
100
.................
937,000
887,390
2,945,528
Industrials
(1.9%):
American
Airlines
Pass
Through
Trust
,
3
.60
%
,
9/22/27
............................
716,776
693,150
GXO
Logistics,
Inc.
,
6
.25
%
,
5/6/29
,
Callable
4/6/29
@
100
.........................
400,000
420,896
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
522,000
520,666
United
Airlines
Pass
Through
Trust
4
.00
%
,
4/11/26
.....................................................
254,192
249,515
3
.45
%
,
12/1/27
....................................................
321,304
309,201
2,193,428
Information
Technology
(1.1%):
Cadence
Design
Systems,
Inc.
,
4
.38
%
,
10/15/24
.................................
1,173,000
1,172,261
KLA
Corp.
,
4
.65
%
,
11/1/24
................................................
144,000
143,874
1,316,135
Real
Estate
(2.5%):
EPR
Properties
,
4
.50
%
,
6/1/27
,
Callable
3/1/27
@
100
............................
250,000
246,493
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
.........
500,000
502,186
Regency
Centers
LP
,
3
.90
%
,
11/1/25
,
Callable
8/1/25
@
100
........................
1,194,000
1,181,911
Retail
Opportunity
Investments
Partnership
LP
,
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
...
500,000
536,903
SBA
Tower
Trust
,
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
.....................
500,000
497,275
2,964,768
Total
Corporate
Bonds
(Cost
$30,606,676)
31,149,085
Yankee
Dollars
(12.3%)
Consumer
Discretionary
(0.2%):
Melco
Resorts
Finance
Ltd.
,
5
.25
%
,
4/26/26
,
Callable
11/4/24
@
100
(a)
................
250,000
245,218
Energy
(0.5%):
Var
Energi
ASA
,
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
.......................
500,000
534,802
Financials
(8.6%):
ABN
AMRO
Bank
NV
,
6
.34
%
(
H15T1Y
+
165
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
...
720,000
745,338
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
1
.75
%
,
1/30/26
,
Callable
12/30/25
@
100
...........................................................
600,000
578,247
Bank
of
Montreal
,
5
.72
%
,
9/25/28
,
Callable
8/25/28
@
100
.........................
500,000
527,042
Barclays
PLC
,
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
.............
750,000
800,405
BBVA
Bancomer
SA
,
5
.35
%
(
H15T5Y
+
300
bps
)
,
11/12/29
,
Callable
11/12/24
@
100
(a)
(b)
..
400,000
397,783
Canadian
Imperial
Bank
of
Commerce
,
5
.93
%
,
10/2/26
............................
500,000
516,672
Danske
Bank
A/S
,
6
.26
%
(
H15T1Y
+
118
bps
)
,
9/22/26
,
Callable
9/22/25
@
100
(a)
(b)
......
750,000
761,625
Deutsche
Bank
AG
,
6
.32
%
(
SOFR
+
122
bps
)
,
11/16/27
,
Callable
11/16/26
@
100
(b)
.......
500,000
497,487
Enstar
Group
Ltd.
,
4
.95
%
,
6/1/29
,
Callable
3/1/29
@
100
..........................
500,000
502,699
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
250,000
260,754
Nationwide
Building
Society
,
6
.56
%
(
SOFR
+
191
bps
)
,
10/18/27
,
Callable
10/18/26
@
100
(a)
(b)
.........................................................
500,000
520,503
Phoenix
Group
Holdings
PLC
,
5
.38
%
,
7/6/27
,
MTN
..............................
500,000
496,860
QBE
Insurance
Group
Ltd.
,
5
.88
%
(
H15T5Y
+
551
bps
)
,
Callable
5/12/25
@
100
(a)
(b)
(e)
....
250,000
249,441
Societe
Generale
SA
,
5
.52
%
(
H15T1Y
+
150
bps
)
,
1/19/28
,
Callable
1/19/27
@
100
(a)
(b)
....
500,000
506,709
Svenska
Handelsbanken
AB
,
5
.50
%
,
6/15/28
(a)
.................................
750,000
776,057
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Swedbank
AB
,
6
.14
%
,
9/12/26
(a)
...........................................
$
500,000
$
516,498
The
Bank
of
Nova
Scotia
,
4
.90
%
(
H15T5Y
+
455
bps
)
,
Callable
6/4/25
@
100
(b)
(e)
........
500,000
494,132
UBS
Group
AG
,
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..........................
1,000,000
992,181
10,140,433
Industrials
(0.8%):
Avolon
Holdings
Funding
Ltd.
,
5
.50
%
,
1/15/26
,
Callable
12/15/25
@
100
(a)
............
393,000
395,044
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
...........
500,000
532,577
927,621
Information
Technology
(1.3%):
NXP
BV/NXP
Funding
LLC
,
5
.35
%
,
3/1/26
,
Callable
1/1/26
@
100
..................
1,000,000
1,010,136
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
500,000
527,634
1,537,770
Materials
(0.5%):
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
11/4/24
@
100
(a)
.............................
590,000
587,432
Utilities
(0.4%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
(g)
............................
500,000
506,243
Total
Yankee
Dollars
(Cost
$14,074,507)
14,479,519
Municipal
Bonds
(0.4%)
Maryland
(0.2%):
Maryland
Economic
Development
Corp.
Revenue
,
4
.79
%
,
11/30/29
...................
250,000
253,360
Ohio
(0.2%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
200,000
204,785
Total
Municipal
Bonds
(Cost
$450,000)
458,145
U.S.
Government
Agency
Mortgages
(2.6%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
(a)
(b)
(e)
...............................
250,000
250,170
Federal
Home
Loan
Banks
5
.65
%
,
7/30/31
....................................................
300,000
300,282
Federal
Home
Loan
Mortgage
Corporation
7
.00
%
,
9/1/38
.....................................................
1,752
1,938
5
.50
%
,
10/1/38
....................................................
395,362
404,266
5
.00
%
,
8/1/40
.....................................................
316,664
325,887
732,091
Federal
National
Mortgage
Association
6
.00
%
,
2/1/37
.....................................................
481,365
507,780
5
.00
%
,
2/1/41
-
10/1/41
..............................................
1,261,640
1,296,556
1,804,336
Total
U.S.
Government
Agency
Mortgages
(Cost
$3,195,519)
3,086,879
U.S.
Treasury
Obligations
(8.9%)
U.S.
Treasury
Notes
3
.50
%
,
9/15/25
....................................................
1,350,000
1,343,725
4
.50
%
,
7/15/26
....................................................
1,000,000
1,013,867
4
.63
%
,
10/15/26
....................................................
1,000,000
1,018,984
1
.50
%
,
1/31/27
....................................................
1,250,000
1,191,406
2
.75
%
,
4/30/27
....................................................
500,000
489,727
3
.88
%
,
11/30/27
....................................................
1,250,000
1,260,937
4
.00
%
,
6/30/28
....................................................
750,000
761,250
1
.25
%
,
9/30/28
....................................................
700,000
639,680
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
2
.75
%
,
5/31/29
....................................................
$
1,500,000
$
1,446,445
3
.75
%
,
6/30/30
....................................................
1,200,000
1,207,875
Total
U.S.
Treasury
Obligations
(Cost
$10,187,635)
10,373,896
Commercial
Paper
(3.4%)
Energy
(0.2%):
Targa
Resources
Corp.
,
5
.43
%
,
10/29/24
(a)
(h)
..................................
250,000
248,918
Industrials
(1.2%):
Huntington
Ingalls
Industries,
Inc.
,
5
.25
%
,
10/2/24
(a)
(h)
...........................
1,100,000
1,099,681
Sonoco
Products
Co.
,
4
.90
%
,
10/1/24
(h)
......................................
300,000
299,959
1,399,640
Information
Technology
(0.9%):
Jabil,
Inc.
,
5
.35
%
,
10/3/24
(a)
(h)
............................................
1,000,000
999,536
Real
Estate
(0.4%):
Crown
Castle
International
Corp.
,
5
.32
%
,
10/24/24
(a)
(h)
...........................
500,000
498,252
Utilities
(0.7%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
,
5
.47
%
,
10/9/24
(a)
(h)
....................
800,000
798,875
Total
Commercial
Paper
(Cost
$3,945,876)
3,945,221
Shares
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(i)
........
127,463
127,463
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(i)
............
127,463
127,463
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(i)
................
127,463
127,463
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(i)
.
127,463
127,463
Total
Collateral
for
Securities
Loaned
(Cost
$509,852)
509,852
Total
Investments
(Cost
$116,852,800)
—
100.9%
118,472,507
Liabilities
in
excess
of
other
assets
—
(0.9)%
(1,040,191)
NET
ASSETS
-
100.00%
$
117,432,316
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
13.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$47,123,320
and
amounted
to
40.1%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2024.
(c)
Security
is
interest
only.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(h)
Rate
represents
the
effective
yield
at
September
30,
2024.
(i)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2024.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
September
30,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
September
30,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2024.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
High
Yield
Fund
124
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(0.4%)
Consumer
Discretionary
(0.2%):
Jo-Ann
Stores
LLC
(a)
...................................................
3,118
$
3,118
Men's
Wearhouse,
Inc.
(a)
.................................................
20,063
300,945
304,063
Health
Care
(0.2%):
Air
Methods
Corp.
(a)
....................................................
11,817
384,053
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
—
384,053
Total
Common
Stocks
(Cost
$231,429)
688,116
Principal
Amount
Senior
Secured
Loans
(16.2%)
Communication
Services
(0.9%):
Frontier
Communications
Holdings
LLC,
2024
Refinancing
Term
Loans,
First
Lien
,
8
.76
%
(
SOFR06M
+
350
bps
)
,
7/1/31
(c)
.........................................
$
1,600,000
1,608,000
Consumer
Discretionary
(4.7%):
Bally's
Corp.,
Term
B
Facility
Loans,
First
Lien
,
8
.53
%
(
SOFR03M
+
325
bps
)
,
10/2/28
(c)
...
863,851
821,738
Carnival
Corp.,
2027
Term
Loan,
First
Lien
,
8
.00
%
(
SOFR01M
+
275
bps
)
,
8/9/27
(c)
.......
347,321
347,863
Cengage
Learning,
Inc.,
Term
B
Loans,
First
Lien
,
9
.54
%
(
SOFR06M
+
425
bps
)
,
3/24/31
(c)
..
746,250
747,429
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien
,
8
.85
%
(
SOFR01M
+
375
bps
)
,
1/29/29
(c)
........................................................
1,347,302
1,342,910
Fleet
Midco
I
Ltd.,
Term
Loan
B2,
First
Lien
,
7
.58
%
(
SOFR06M
+
275
bps
)
,
2/21/31
(c)
.....
914,167
911,881
Houghton
Mifflin
Harcourt
Co.,
Term
B
Loans,
First
Lien
,
10
.50
%
(
SOFR01M
+
525
bps
)
,
4/9/29
(c)
.........................................................
1,989,848
1,930,510
Men's
Wearhouse,
Inc.,
Term
Loans,
First
Lien
,
11
.74
%
(
SOFR03M
+
650
bps
)
,
2/26/29
(c)
...
767,493
761,100
Petco
Health
and
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien
,
8
.58
%
(
SOFR03M
+
325
bps
)
,
3/3/28
(c)
.........................................
699,297
663,996
The
Michaels
Cos.,
Inc.,
Term
B
Loans,
First
Lien
,
9
.58
%
(
SOFR03M
+
425
bps
)
,
4/17/28
(c)
..
1,542,469
1,213,152
8,740,579
Energy
(0.7%):
Traverse
Midstream
Partners
LLC,
Advance,
First
Lien
,
8
.75
%
(
SOFR03M
+
350
bps
)
,
2/16/28
(c)
........................................................
1,203,690
1,204,063
Financials
(3.1%):
Hunter
Douglas,
Inc.,
Tranche
B-1
Term
Loans,
First
Lien
,
8
.57
%
(
SOFR03M
+
350
bps
)
,
2/25/29
(c)
........................................................
893,147
884,216
Knight
Health
Holdings
LLC,
Term
B
Loans,
First
Lien
,
10
.50
%
(
SOFR01M
+
525
bps
)
,
12/15/28
(c)
.......................................................
3,890,000
2,165,446
Virgin
Media
Bristol
LLC,
N
Facility,
First
Lien
,
7
.60
%
(
SOFR01M
+
250
bps
)
,
1/31/28
(c)
...
1,000,000
955,830
WestJet
Loyalty
LP,
Initial
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR03M
+
375
bps
)
,
2/14/31
(c)
..
1,741,250
1,720,930
5,726,422
Health
Care
(4.9%):
Amneal
Pharmaceuticals
LLC,
Term
Loan,
First
Lien
,
10
.75
%
(
SOFR01M
+
550
bps
)
,
5/4/28
(c)
1,717,188
1,735,081
Covis
Pharma
Holdings
SARL,
Dollar
Term
B
Loans,
First
Lien
,
11
.83
%
(
SOFR03M
+
650
bps
)
,
2/4/27
(c)
.........................................................
1,954,274
762,167
Covis
Pharma
Holdings
SARL,
Dollar
Term
B
Loans,
First
Lien
,
13
.83
%
(
SOFR03M
+
850
bps
)
,
2/4/27
(c)
.........................................
41,742
16,279
Embecta
Corp.,
Initial
Term
Loan,
First
Lien
,
8
.25
%
(
SOFR01M
+
300
bps
)
,
3/30/29
(c)
......
1,843,045
1,793,891
Global
Medical
Response,
Inc.,
2024
Extented
Term
Loan,
First
Lien
,
10
.46
%
(
SOFR01M
+
550
bps
)
,
10/31/28
(c)
.......................................
1,758,747
1,746,101
LifeScan
Global
Corp.,
Term
Loan,
First
Lien
,
11
.63
%
(
SOFR03M
+
650
bps
)
,
12/31/26
(c)
...
2,110,092
844,037
Radiology
Partners,
Inc.,
Term
B,
First
Lien
,
8
.62
%
(
SOFR03M
+
350
bps
)
,
1/31/29
(c)
......
1,347,211
1,316,064
Team
Health
Holdings,
Inc.,
Facility
Extending
Term
Loan
B,
First
Lien
,
10
.50
%
(
SOFR03M
+
525
bps
)
,
3/2/27
(c)
.........................................
985,787
940,657
Victory
Portfolios
Victory
High
Yield
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Team
Health
Holdings,
Inc.,
Facility
Extending
Term
Loan
B,
First
Lien
,
10
.50
%
(
SOFR01M
+
525
bps
)
,
3/2/27
(c)
.........................................
$
2,843
$
2,713
9,156,990
Industrials
(1.0%):
Air
Canada,
Term
Loans,
First
Lien
,
7
.25
%
(
SOFR03M
+
250
bps
)
,
3/21/31
(c)
............
810,925
811,939
Cotiviti
Corp.,
Initial
Fixed
Rate
Term
Loans,
First
Lien
,
7
.63
%
(
SOFR01M
+
763
bps
)
,
5/1/31
(c)
.........................................................
1,125,000
1,129,219
1,941,158
Information
Technology
(0.9%):
McAfee
Corp.,
Tranche
B-1
Term
Loan,
First
Lien
,
8
.45
%
(
SOFR01M
+
325
bps
)
,
3/1/29
(c)
..
1,745,625
1,737,438
Total
Senior
Secured
Loans
(Cost
$34,026,129)
30,114,650
Corporate
Bonds
(55.0%)
Communication
Services
(10.1%):
AMC
Networks,
Inc.
,
10
.25
%
,
1/15/29
,
Callable
1/15/26
@
105.13
(d)
.................
1,375,000
1,415,902
Central
Parent
LLC/CDK
Global
II
LLC/CDK
Financing
Co.,
Inc.
,
8
.00
%
,
6/15/29
,
Callable
6/15/25
@
104
(d)
...................................................
1,750,000
1,820,761
Clear
Channel
Outdoor
Holdings,
Inc.
,
7
.88
%
,
4/1/30
,
Callable
10/1/26
@
103.94
(d)
.......
1,800,000
1,883,808
CSC
Holdings
LLC
11
.75
%
,
1/31/29
,
Callable
1/31/26
@
105.88
(d)
.............................
900,000
868,673
6
.50
%
,
2/1/29
,
Callable
10/15/24
@
103.25
(d)
..............................
2,800,000
2,316,353
Cumulus
Media
New
Holdings,
Inc.
,
8
.00
%
,
7/1/29
,
Callable
11/4/24
@
100
(d)
..........
2,028,000
806,754
Frontier
Communications
Holdings
LLC
,
5
.88
%
,
10/15/27
,
Callable
11/4/24
@
101.47
(d)
...
1,750,000
1,757,026
Gray
Television,
Inc.
7
.00
%
,
5/15/27
,
Callable
10/15/24
@
101.75
(d)
(e)
...........................
1,000,000
982,694
5
.38
%
,
11/15/31
,
Callable
11/15/26
@
102.69
(d)
............................
1,950,000
1,217,634
Scripps
Escrow
II,
Inc.
,
5
.38
%
,
1/15/31
,
Callable
1/15/26
@
102.69
(d)
(e)
...............
2,600,000
1,509,474
Sinclair
Television
Group,
Inc.
,
5
.50
%
,
3/1/30
,
Callable
12/1/24
@
102.75
(d)
(e)
..........
3,275,000
2,365,815
Univision
Communications,
Inc.
,
7
.38
%
,
6/30/30
,
Callable
6/30/25
@
103.69
(d)
..........
1,750,000
1,692,089
18,636,983
Consumer
Discretionary
(14.1%):
American
Axle
&
Manufacturing,
Inc.
,
6
.88
%
,
7/1/28
,
Callable
10/15/24
@
101.72
........
2,000,000
1,994,886
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.
,
5
.38
%
,
3/1/29
,
Callable
11/4/24
@
102.69
(d)
(e)
......................................................
1,625,000
1,519,230
Beazer
Homes
USA,
Inc.
,
7
.50
%
,
3/15/31
,
Callable
3/15/27
@
103.75
(d)
...............
2,000,000
2,077,917
Caesars
Entertainment,
Inc.
8
.13
%
,
7/1/27
,
Callable
10/15/24
@
102.03
(d)
..............................
2,105,000
2,149,512
6
.50
%
,
2/15/32
,
Callable
2/15/27
@
103.25
(d)
..............................
500,000
517,158
Cinemark
USA,
Inc.
,
5
.25
%
,
7/15/28
,
Callable
11/4/24
@
102.63
(d)
..................
725,000
712,784
Hanesbrands,
Inc.
4
.88
%
,
5/15/26
,
Callable
2/15/26
@
100
(d)
................................
750,000
743,189
9
.00
%
,
2/15/31
,
Callable
2/15/26
@
104.5
(d)
(e)
.............................
1,000,000
1,079,581
Hilton
Grand
Vacations
Borrower
Escrow
LLC/Hilton
Grand
Vacations
Borrower
Esc
,
6
.63
%
,
1/15/32
,
Callable
1/15/27
@
103.31
(d)
....................................
1,600,000
1,621,026
LBM
Acquisition
LLC
,
6
.25
%
,
1/15/29
,
Callable
11/4/24
@
103.13
(d)
.................
1,750,000
1,655,835
Light
&
Wonder
International,
Inc.
,
7
.00
%
,
5/15/28
,
Callable
10/21/24
@
101.75
(d)
.......
2,625,000
2,645,158
PetSmart,
Inc./PetSmart
Finance
Corp.
,
7
.75
%
,
2/15/29
,
Callable
11/4/24
@
103.88
(d)
.....
1,600,000
1,578,282
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.
,
6
.63
%
,
3/1/30
,
Callable
3/1/25
@
103.31
(d)
.................................................
2,500,000
2,482,275
Station
Casinos
LLC
,
4
.50
%
,
2/15/28
,
Callable
11/4/24
@
101.13
(d)
..................
1,500,000
1,448,852
The
Goodyear
Tire
&
Rubber
Co.
,
5
.25
%
,
7/15/31
,
Callable
4/15/31
@
100
(e)
...........
1,625,000
1,467,216
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.
,
7
.13
%
,
2/15/31
,
Callable
11/15/30
@
100
(d)
...........................................................
2,300,000
2,489,645
26,182,546
Consumer
Staples
(2.3%):
B&G
Foods,
Inc.
5
.25
%
,
9/15/27
,
Callable
11/4/24
@
101.31
(e)
..............................
1,900,000
1,823,049
8
.00
%
,
9/15/28
,
Callable
9/15/25
@
104
(d)
................................
500,000
522,880
Victory
Portfolios
Victory
High
Yield
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Post
Holdings,
Inc.
,
4
.50
%
,
9/15/31
,
Callable
9/15/26
@
102.25
(d)
...................
$
2,000,000
$
1,869,813
4,215,742
Energy
(5.2%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
11/4/24
@
103.81
(d)
.................
1,050,000
1,082,834
Comstock
Resources,
Inc.
,
6
.75
%
,
3/1/29
,
Callable
10/21/24
@
103.38
(d)
..............
2,251,000
2,200,391
Delek
Logistics
Partners
LP/Delek
Logistics
Finance
Corp.
,
8
.63
%
,
3/15/29
,
Callable
3/15/26
@
104.31
(d)
......................................................
1,500,000
1,579,240
New
Fortress
Energy,
Inc.
6
.75
%
,
9/15/25
,
Callable
10/25/24
@
100
(d)
(e)
.............................
325,000
310,528
6
.50
%
,
9/30/26
,
Callable
11/4/24
@
101.63
(d)
(e)
............................
1,000,000
841,986
8
.75
%
,
3/15/29
,
Callable
3/15/26
@
104.38
(d)
(e)
............................
500,000
377,062
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
6
.00
%
,
2/15/28
,
Callable
11/4/24
@
101.5
.....
1,750,000
1,728,860
Permian
Resources
Operating
LLC
,
5
.88
%
,
7/1/29
,
Callable
11/4/24
@
102.94
(d)
.........
280,000
280,348
Talos
Production,
Inc.
9
.00
%
,
2/1/29
,
Callable
2/1/26
@
104.5
(d)
.................................
750,000
772,359
9
.38
%
,
2/1/31
,
Callable
2/1/27
@
104.69
(d)
................................
450,000
462,513
9,636,121
Financials
(5.2%):
Acrisure
LLC/Acrisure
Finance,
Inc.
,
7
.50
%
,
11/6/30
,
Callable
5/15/26
@
103.75
(d)
.......
2,100,000
2,162,758
Arsenal
AIC
Parent
LLC
,
8
.00
%
,
10/1/30
,
Callable
10/1/26
@
104
(d)
.................
875,000
939,161
Boost
Newco
Borrower
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(d)
............
500,000
536,357
McGraw-Hill
Education,
Inc.
,
8
.00
%
,
8/1/29
,
Callable
11/4/24
@
104
(d)
...............
1,875,000
1,882,900
NESCO
Holdings
II,
Inc.
,
5
.50
%
,
4/15/29
,
Callable
11/4/24
@
102.75
(d)
...............
2,050,000
1,889,032
Stagwell
Global
LLC
,
5
.63
%
,
8/15/29
,
Callable
11/4/24
@
102.81
(d)
..................
2,300,000
2,227,180
9,637,388
Health
Care
(5.9%):
CHS/Community
Health
Systems,
Inc.
,
6
.13
%
,
4/1/30
,
Callable
4/1/25
@
103.06
(d)
(e)
.....
2,550,000
2,174,621
Embecta
Corp.
,
5
.00
%
,
2/15/30
,
Callable
2/15/27
@
101.25
(d)
......................
1,000,000
919,943
LifePoint
Health,
Inc.
5
.38
%
,
1/15/29
,
Callable
11/4/24
@
102.69
(d)
..............................
1,700,000
1,600,922
11
.00
%
,
10/15/30
,
Callable
10/15/26
@
105.5
(d)
............................
1,250,000
1,413,405
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
,
5
.13
%
,
4/30/31
,
Callable
4/30/26
@
102.56
(d)
(e)
......................................................
2,000,000
1,882,141
Radiology
Partners,
Inc.
,
9
.78
%
,
2/15/30
,
Continuously
Callable
@100
(d)
(e)
(f)
..........
3,166,633
2,992,280
10,983,312
Industrials
(5.0%):
American
Airlines,
Inc.
7
.25
%
,
2/15/28
,
Callable
2/15/25
@
103.63
(d)
(e)
............................
1,875,000
1,918,742
8
.50
%
,
5/15/29
,
Callable
11/15/25
@
104.25
(d)
.............................
500,000
530,157
Chart
Industries,
Inc.
,
7
.50
%
,
1/1/30
,
Callable
1/1/26
@
103.75
(d)
....................
875,000
922,582
ITT
Holdings
LLC
,
6
.50
%
,
8/1/29
,
Callable
11/4/24
@
103.25
(d)
....................
2,500,000
2,371,565
Madison
IAQ
LLC
,
5
.88
%
,
6/30/29
,
Callable
11/4/24
@
102.94
(d)
...................
1,250,000
1,217,950
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
11/4/24
@
101.63
(d)
..........................................
90,000
91,122
Rand
Parent
LLC
,
8
.50
%
,
2/15/30
,
Callable
2/15/26
@
104.25
(d)
....................
1,700,000
1,731,836
WESCO
Distribution,
Inc.
,
7
.25
%
,
6/15/28
,
Callable
11/4/24
@
102.42
(d)
..............
375,000
383,940
9,167,894
Information
Technology
(3.8%):
Cloud
Software
Group,
Inc.
6
.50
%
,
3/31/29
,
Callable
9/30/25
@
103.25
(d)
..............................
2,250,000
2,239,335
9
.00
%
,
9/30/29
,
Callable
9/30/25
@
104.5
(d)
...............................
1,300,000
1,323,094
Neptune
BidCo
US,
Inc.
,
9
.29
%
,
4/15/29
,
Callable
10/15/25
@
104.65
(d)
...............
2,500,000
2,447,437
UKG,
Inc.
,
6
.88
%
,
2/1/31
,
Callable
2/1/27
@
103.44
(d)
...........................
1,000,000
1,033,705
7,043,571
Materials
(2.9%):
AmeriTex
HoldCo
Intermediate
LLC
,
10
.25
%
,
10/15/28
,
Callable
10/15/25
@
105.13
(d)
(e)
..
1,750,000
1,829,818
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
,
5
.25
%
,
8/15/27
,
Callable
11/4/24
@
100
(d)
(e)
.......................................................
1,250,000
943,563
ATI,
Inc.
,
5
.13
%
,
10/1/31
,
Callable
10/1/26
@
102.56
.............................
1,125,000
1,094,070
Victory
Portfolios
Victory
High
Yield
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
CVR
Partners
LP/CVR
Nitrogen
Finance
Corp.
,
6
.13
%
,
6/15/28
,
Callable
11/4/24
@
103.06
(d)
$
1,600,000
$
1,567,568
5,435,019
Utilities
(0.5%):
Calpine
Corp.
,
5
.13
%
,
3/15/28
,
Callable
11/4/24
@
101.71
(d)
.......................
1,000,000
985,441
Total
Corporate
Bonds
(Cost
$103,086,490)
101,924,017
Yankee
Dollars
(15.9%)
Communication
Services
(2.3%):
Intelsat
Jackson
Holdings
SA
,
6
.50
%
,
3/15/30
,
Callable
3/15/25
@
102
(d)
..............
2,565,000
2,464,686
Telesat
Canada/Telesat
LLC
,
5
.63
%
,
12/6/26
,
Callable
10/21/24
@
102.81
(d)
(e)
..........
3,750,000
1,786,700
4,251,386
Consumer
Discretionary
(3.0%):
Adient
Global
Holdings
Ltd.
,
8
.25
%
,
4/15/31
,
Callable
4/15/26
@
104.13
(d)
............
2,000,000
2,123,170
Carnival
Corp.
,
6
.00
%
,
5/1/29
,
Callable
11/6/24
@
103
(d)
(e)
........................
1,000,000
1,012,014
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
11/4/24
@
102.63
(d)
.......
1,000,000
995,775
Viking
Cruises
Ltd.
,
9
.13
%
,
7/15/31
,
Callable
7/15/26
@
104.56
(d)
...................
1,000,000
1,092,806
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
5
.63
%
,
2/15/29
,
Callable
11/4/24
@
102.81
(d)
.......
375,000
374,033
5,597,798
Energy
(2.9%):
Seadrill
Finance
Ltd.
,
8
.38
%
,
8/1/30
,
Callable
8/1/26
@
104.19
(d)
....................
1,500,000
1,568,445
TechnipFMC
PLC
,
6
.50
%
,
2/1/26
,
Callable
11/4/24
@
101.63
(d)
.....................
800,000
802,476
Transocean,
Inc.
8
.00
%
,
2/1/27
,
Callable
10/15/24
@
102
(d)
................................
1,536,000
1,535,327
7
.50
%
,
4/15/31
....................................................
1,625,000
1,496,376
5,402,624
Financials
(1.1%):
Diamond
Foreign
Asset
Co./Diamond
Finance
LLC
,
8
.50
%
,
10/1/30
,
Callable
10/1/26
@
104.25
(d)
........................................................
2,000,000
2,089,505
Health
Care
(1.0%):
Bausch
Health
Cos.,
Inc.
,
6
.13
%
,
2/1/27
,
Callable
11/4/24
@
103.06
(d)
(e)
..............
2,000,000
1,804,761
Industrials
(2.7%):
Bombardier,
Inc.
7
.88
%
,
4/15/27
,
Callable
11/4/24
@
100
(d)
................................
711,000
712,961
8
.75
%
,
11/15/30
,
Callable
11/15/26
@
104.38
(d)
............................
875,000
960,810
Husky
Injection
Molding
Systems
Ltd/Titan
Co-Borrower
LLC
,
9
.00
%
,
2/15/29
,
Callable
2/15/26
@
104.5
(d)
.................................................
1,000,000
1,039,995
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
6
.38
%
,
2/1/30
,
Callable
2/1/25
@
103.19
(d)
(e)
....................................................
2,750,000
2,360,950
5,074,716
Materials
(2.9%):
INEOS
Finance
PLC
6
.75
%
,
5/15/28
,
Callable
2/15/25
@
103.38
(d)
..............................
1,964,000
1,986,201
7
.50
%
,
4/15/29
,
Callable
4/15/26
@
103.75
(d)
..............................
2,000,000
2,090,578
NOVA
Chemicals
Corp.
,
9
.00
%
,
2/15/30
,
Callable
8/15/26
@
104.5
(d)
.................
1,150,000
1,245,621
5,322,400
Total
Yankee
Dollars
(Cost
$30,129,090)
29,543,190
U.S.
Government
Agency
Mortgages
(5.9%)
Federal
Home
Loan
Bank
4
.64
%
,
10/1/24
(g)
..................................................
11,000,000
10,998,581
Total
U.S.
Government
Agency
Mortgages
(Cost
$11,000,000)
10,998,581
Victory
Portfolios
Victory
High
Yield
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Shares
Value
Exchange-Traded
Funds
(4.1%)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(e)
..............................
46,050
$
3,697,815
SPDR
Blackstone
Senior
Loan
ETF
..........................................
21,535
899,301
SPDR
Bloomberg
High
Yield
Bond
ETF
(e)
....................................
29,925
2,926,366
Total
Exchange-Traded
Funds
(Cost
$7,360,467)
7,523,482
Collateral
for
Securities
Loaned
(15.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.83
%
(h)
........
7,006,155
7,006,155
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.85
%
(h)
............
7,006,155
7,006,155
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.84
%
(h)
...............
7,006,155
7,006,155
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.82
%
(h)
.
7,006,155
7,006,155
Total
Collateral
for
Securities
Loaned
(Cost
$28,024,620)
28,024,620
Total
Investments
(Cost
$213,858,225)
—
112.6%
208,816,656
Liabilities
in
excess
of
other
assets
—
(12.6)%
(23,290,060)
NET
ASSETS
-
100.00%
$
185,526,596
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
17.7%
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
September
30,
2024.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2024.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$121,862,750
and
amounted
to
65.7%
of
net
assets.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
All
of
the
coupon
is
PIK.
(g)
Rate
represents
the
effective
yield
at
September
30,
2024.
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
2024.
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
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
September
30,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
September
30,
2024.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
September
30,
2024.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Tax-Exempt
Fund
129
(Unaudited)
Security
Description
Principal
Amount
Value
Municipal
Bonds
(98.5%)
Alabama
(0.6%):
Mobile
County
IDA
Revenue
AMT,
Series
A,
5.00%,
6/1/54,
Continuously
Callable
@100
..
$
250,000
$
259,368
Arizona
(1.4%):
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
AMT,
5.00%,
7/1/44,
Continuously
Callable
@100
.....................................................
540,000
559,800
Arkansas
(2.0%):
Arkansas
Development
Finance
Authority
Revenue,
3.20%,
12/1/49,
Continuously
Callable
@100
...........................................................
750,000
610,996
University
of
Central
Arkansas
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.),
Series
A,
3.00%,
11/1/49,
Continuously
Callable
@100
............................
265,000
204,004
815,000
California
(1.2%):
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT,
Series
A,
4.00%,
5/1/52,
Continuously
Callable
@100
....................
500,000
471,048
Colorado
(4.5%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue,
4.50%,
7/1/53,
Continuously
Callable
@100
.....................................................
500,000
488,882
Colorado
Health
Facilities
Authority
Revenue,
Series
A,
4.00%,
12/1/50,
Continuously
Callable
@103
.....................................................
750,000
676,500
Gold
Hill
Mesa
Metropolitan
District
No.
2,
GO
(INS
-
Build
America
Mutual
Assurance
Co.),
5.50%,
12/1/47,
Continuously
Callable
@100
...............................
585,000
647,913
1,813,295
Florida
(12.9%):
Capital
Trust
Agency,
Inc.
Revenue,
5.00%,
8/1/55,
Continuously
Callable
@100
.........
400,000
405,865
City
of
Pompano
Beach
Revenue,
4.00%,
9/1/50,
Continuously
Callable
@103
...........
500,000
428,548
County
of
Broward
Airport
System
Revenue
AMT,
4.00%,
10/1/49,
Continuously
Callable
@100
...........................................................
500,000
476,178
County
of
Broward
FL
Port
Facilities
Revenue,
4.00%,
9/1/49,
Continuously
Callable
@100
.
500,000
476,234
County
of
Lee
Airport
Revenue
AMT,
5.25%,
10/1/54,
Continuously
Callable
@100
.......
500,000
542,466
County
of
Miami-Dade
Revenue,
Series
A,
5.00%,
6/1/33,
Continuously
Callable
@100
....
1,000,000
1,011,935
County
of
Miami-Dade
Seaport
Department
Revenue
AMT,
Series
B-1,
4.00%,
10/1/50,
Continuously
Callable
@100
...........................................
500,000
478,007
Florida
Development
Finance
Corp.
Revenue,
Series
A,
5.00%,
6/15/55,
Continuously
Callable
@100
...........................................................
500,000
503,588
Hillsborough
County
IDA
Revenue,
4.00%,
8/1/50,
Continuously
Callable
@100
.........
500,000
449,075
St.
Johns
County
IDA
Revenue,
4.00%,
8/1/55,
Continuously
Callable
@103
............
500,000
453,244
5,225,140
Georgia
(4.5%):
Development
Authority
of
Appling
County
Revenue
2.20%,
9/1/29,
Continuously
Callable
@100(a)
.............................
700,000
700,000
Series
GA,
2.20%,
9/1/41,
Continuously
Callable
@100(a)
.....................
600,000
600,000
Private
Colleges
&
Universities
Authority
Revenue,
5.25%,
10/1/51,
Continuously
Callable
@100
...........................................................
500,000
542,654
1,842,654
Guam
(2.5%):
Port
Authority
of
Guam
Revenue,
Series
A,
5.00%,
7/1/48,
Continuously
Callable
@100
....
1,000,000
1,023,324
Illinois
(16.1%):
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue,
6.00%,
4/1/46,
Continuously
Callable
@100
...........................................
1,275,000
1,339,559
Chicago
O'Hare
International
Airport
Revenue
AMT,
Series
A,
5.50%,
1/1/59,
Continuously
Callable
@100
.....................................................
1,000,000
1,086,804
City
of
Chicago
Wastewater
Transmission
Revenue
5.00%,
1/1/34,
Continuously
Callable
@100
...............................
1,000,000
1,003,755
5.00%,
1/1/47,
Continuously
Callable
@100
...............................
1,000,000
1,021,766
Sales
Tax
Securitization
Corp.
Revenue,
Series
C,
5.00%,
1/1/43,
Continuously
Callable
@100
1,500,000
1,580,306
State
of
Illinois,
GO,
Series
B,
4.50%,
5/1/48,
Continuously
Callable
@100
.............
500,000
508,687
6,540,877
Indiana
(1.3%):
Indiana
Finance
Authority
Revenue,
Series
A,
5.50%,
7/1/52,
Continuously
Callable
@100
..
500,000
532,202
Victory
Portfolios
Victory
Tax-Exempt
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Iowa
(1.0%):
Iowa
Finance
Authority
Revenue,
Series
A-1,
4.00%,
5/15/55,
Continuously
Callable
@103
.
$
500,000
$
418,736
Kansas
(0.5%):
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation,
5.75%,
3/1/41,
Continuously
Callable
@103(b)
........................................
200,000
205,080
Maryland
(0.6%):
City
of
Gaithersburg
Revenue,
5.13%,
1/1/42,
Continuously
Callable
@103
.............
250,000
258,396
Massachusetts
(1.0%):
University
of
Massachusetts
Building
Authority
Revenue,
Series
2021-1,
5.00%,
11/1/39,
Continuously
Callable
@100
...........................................
410,000
410,424
Michigan
(2.6%):
City
of
Detroit,
GO,
6.00%,
5/1/43,
Continuously
Callable
@100
.....................
250,000
287,266
Michigan
Finance
Authority
Revenue
4.00%,
2/15/50,
Continuously
Callable
@100
...............................
500,000
479,635
4.00%,
12/1/51,
Continuously
Callable
@100
...............................
445,000
273,846
1,040,747
Missouri
(2.8%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue,
4.25%,
12/1/42,
Continuously
Callable
@100(b)
........................................
1,150,000
1,120,831
New
Hampshire
(1.3%):
New
Hampshire
Business
Finance
Authority
Revenue,
Series
A,
5.25%,
7/1/48,
Continuously
Callable
@103
.....................................................
500,000
532,950
New
Jersey
(1.9%):
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
3.50%,
6/15/46,
Continuously
Callable
@100
...............................
200,000
179,643
Series
A,
12/15/38(c)
................................................
1,000,000
590,246
769,889
New
York
(13.7%):
Build
NYC
Resource
Corp.
Revenue,
4.75%,
6/15/53,
Continuously
Callable
@100
.......
350,000
350,247
City
of
Dunkirk,
GO,
7.50%,
7/24/25(b)
......................................
250,000
252,545
City
of
New
York,
GO,
Series
B-3,
1.85%,
10/1/46,
Continuously
Callable
@100(a)
.......
1,300,000
1,300,000
Metropolitan
Transportation
Authority
Revenue
Series
B-1,
5.00%,
11/15/56,
Continuously
Callable
@100
.....................
1,545,000
1,573,495
Series
D-3,
4.00%,
11/15/49,
Continuously
Callable
@100
.....................
500,000
485,461
New
York
Counties
Tobacco
Trust
II
Revenue,
5.75%,
6/1/43,
Continuously
Callable
@100
.
190,000
190,374
New
York
State
Dormitory
Authority
Revenue,
6.00%,
7/1/40,
Continuously
Callable
@100(b)
215,000
197,578
Schenectady
County
Capital
Resource
Corp.
Revenue,
5.25%,
7/1/52,
Continuously
Callable
@100
...........................................................
200,000
219,128
TSASC,
Inc.
Revenue,
Series
A,
5.00%,
6/1/41,
Continuously
Callable
@100
............
1,000,000
1,018,237
5,587,065
North
Carolina
(1.8%):
North
Carolina
Medical
Care
Commission
Revenue
Series
A,
4.00%,
9/1/50,
Continuously
Callable
@100
.........................
500,000
423,182
Series
A,
4.00%,
10/1/50,
Continuously
Callable
@103
........................
350,000
319,517
742,699
Ohio
(8.5%):
Buckeye
Tobacco
Settlement
Financing
Authority
Revenue,
Series
B-2,
5.00%,
6/1/55,
Continuously
Callable
@100
...........................................
900,000
845,265
County
of
Franklin
Revenue,
5.00%,
7/1/45,
Continuously
Callable
@103
..............
500,000
520,193
County
of
Hardin
Revenue,
5.00%,
5/1/30,
Continuously
Callable
@103
...............
350,000
351,560
Logan
Elm
Local
School
District,
GO,
4.00%,
11/1/55,
Continuously
Callable
@100
......
1,500,000
1,460,699
Ohio
Higher
Educational
Facility
Commission
Revenue,
6.00%,
9/1/47,
Continuously
Callable
@100
...........................................................
250,000
269,664
3,447,381
Pennsylvania
(2.4%):
Pennsylvania
Economic
Development
Financing
Authority
Revenue
AMT,
Series
A,
4.00%,
5/15/53,
Continuously
Callable
@100
....................................
1,000,000
964,737
Victory
Portfolios
Victory
Tax-Exempt
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
South
Carolina
(1.3%):
Charleston
County
Airport
District
Revenue
AMT,
Series
A,
5.25%,
7/1/54,
Continuously
Callable
@100
.....................................................
$
500,000
$
543,859
Texas
(7.3%):
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund),
4.13%,
8/15/54,
Continuously
Callable
@100
...............................
500,000
489,361
City
of
Arlington
Tax
Allocation,
4.00%,
8/15/50,
Continuously
Callable
@100
..........
500,000
434,443
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund),
4.25%,
4/1/53,
Continuously
Callable
@100
...............................
750,000
750,877
Port
of
Port
Arthur
Navigation
District
Revenue
2.00%,
4/1/40,
Continuously
Callable
@100(a)
.............................
100,000
100,000
Series
C,
2.10%,
4/1/40,
Continuously
Callable
@100(a)
.......................
1,200,000
1,200,000
2,974,681
Utah
(3.7%):
Military
Installation
Development
Authority
Revenue,
4.00%,
6/1/41,
Continuously
Callable
@103
...........................................................
250,000
230,362
Utah
Charter
School
Finance
Authority
Revenue,
Series
A,
5.63%,
6/15/42,
Continuously
Callable
@100(b)
...................................................
250,000
258,509
Utah
Infrastructure
Agency
Revenue,
Series
A,
5.00%,
10/15/40,
Continuously
Callable
@100
1,000,000
1,026,524
1,515,395
Wisconsin
(1.1%):
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue,
4.00%,
1/1/47,
Continuously
Callable
@103
.....................................................
500,000
450,503
Total
Municipal
Bonds
(Cost
$41,749,635)
40,066,081
Shares
Exchange-Traded
Funds
(4.0%)
iShares
National
Muni
Bond
ETF
...........................................
10,000
1,086,300
VanEck
High
Yield
Muni
ETF
..............................................
10,000
530,700
Total
Exchange-Traded
Funds
(Cost
$1,596,197)
1,617,000
Total
Investments
(Cost
$43,345,832)
—
102.5%
41,683,081
Liabilities
in
excess
of
other
assets
—
(2.5)%
(1,010,499)
NET
ASSETS
-
100.00%
$
40,672,582
(a)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$2,034,543
and
amounted
to
5.0%
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.
ETF
—
Exchange-Traded
Fund
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
September
30,
2024
Victory
Portfolios
Victory
High
Income
Municipal
Bond
Fund
132
(Unaudited)
Security
Description
Principal
Amount
Value
Municipal
Bonds
(95.2%)
Alabama
(0.7%):
Mobile
County
IDA
Revenue
AMT
,
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
..
$
250,000
$
259,368
Arizona
(8.5%):
Arizona
IDA
Revenue
4
.00
%
,
12/15/51
,
Continuously
Callable
@100
(a)
............................
700,000
596,098
Series
A
,
4
.00
%
,
7/15/51
,
Continuously
Callable
@100
(a)
......................
500,000
433,989
La
Paz
County
IDA
Revenue
,
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
.............
280,000
234,323
Maricopa
County
IDA
Revenue
AMT
,
4
.00
%
,
10/15/47
,
Continuously
Callable
@104
(a)
....
500,000
454,919
The
County
of
Pima
IDA
Revenue
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
.............................
500,000
434,236
Series
A
,
6
.88
%
,
11/15/52
,
Continuously
Callable
@103
(a)
.....................
250,000
274,233
The
IDA
of
the
City
of
Phoenix
Revenue
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
(a)
..
1,000,000
800,291
3,228,089
California
(0.2%):
California
County
Tobacco
Securitization
Agency
Revenue
,
5
.00
%
,
6/1/49
,
Continuously
Callable
@100
.....................................................
85,000
85,895
Delaware
(1.1%):
Delaware
State
Economic
Development
Authority
Revenue
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@100
.....................................................
500,000
422,279
Florida
(7.7%):
Capital
Trust
Agency,
Inc.
Revenue
,
6
.38
%
,
5/1/53
,
Continuously
Callable
@100
(a)
.......
250,000
257,541
Escambia
County
Health
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
3
.00
%
,
8/15/50
,
Continuously
Callable
@100
.........................
1,000,000
765,773
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
7/1/55
,
Continuously
Callable
@100
...............................
500,000
435,887
5
.25
%
,
10/1/56
,
Continuously
Callable
@100
(a)
.............................
500,000
504,538
Pinellas
County
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
(a)
.........................................
500,000
387,411
Seminole
County
IDA
Revenue
,
Series
A
,
4
.00
%
,
6/15/56
,
Continuously
Callable
@100
(a)
..
705,000
590,425
2,941,575
Georgia
(1.3%):
Development
Authority
of
Floyd
County
Revenue
,
Series
GA
,
2
.20
%
,
9/1/26
,
Continuously
Callable
@100
(b)
...................................................
300,000
300,000
The
Burke
County
Development
Authority
Revenue
,
2
.20
%
,
11/1/48
,
Continuously
Callable
@100
(b)
.........................................................
200,000
200,000
500,000
Indiana
(4.0%):
Indiana
Finance
Authority
Revenue
Series
A
,
4
.13
%
,
12/1/26
.............................................
1,000,000
1,007,048
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
.........................
500,000
501,513
1,508,561
Iowa
(2.4%):
Iowa
Finance
Authority
Revenue
5
.00
%
,
5/15/48
,
Continuously
Callable
@100
...............................
500,000
499,500
Series
A-1
,
4
.00
%
,
5/15/55
,
Continuously
Callable
@103
......................
500,000
418,736
918,236
Kansas
(0.5%):
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation
,
5
.75
%
,
3/1/41
,
Continuously
Callable
@103
(a)
.........................................
200,000
205,080
Kentucky
(1.4%):
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
.....................................................
500,000
518,458
Maryland
(0.5%):
Maryland
Economic
Development
Corp.
Revenue
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
...........................................................
200,000
187,703
Massachusetts
(1.4%):
Massachusetts
Development
Finance
Agency
Revenue
4
.00
%
,
10/1/32
,
Continuously
Callable
@103
(a)
.............................
300,000
300,453
Victory
Portfolios
Victory
High
Income
Municipal
Bond
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
$
250,000
$
252,090
552,543
Minnesota
(0.8%):
City
of
Woodbury
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
...............
400,000
307,089
Missouri
(1.3%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
,
4
.25
%
,
12/1/42
,
Continuously
Callable
@100
(a)
.........................................
500,000
487,318
New
Hampshire
(1.1%):
New
Hampshire
Business
Finance
Authority
Revenue
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
...........................................................
500,000
431,281
New
Jersey
(2.3%):
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
,
Series
A
,
12/15/38
(c)
..........
1,500,000
885,368
New
Mexico
(2.6%):
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@102
...........................................
500,000
498,493
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
,
4
.25
%
,
5/1/40
,
Continuously
Callable
@103
(a)
...................................
500,000
486,967
985,460
New
York
(13.7%):
Build
NYC
Resource
Corp.
Revenue
5
.75
%
,
6/1/52
,
Continuously
Callable
@100
(a)
.............................
250,000
258,532
5
.75
%
,
6/1/62
,
Continuously
Callable
@100
(a)
.............................
250,000
258,709
Series
A
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
......................
500,000
419,662
Series
A
,
5
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
......................
100,000
100,530
City
of
Dunkirk,
GO
,
7
.50
%
,
7/24/25
(a)
.......................................
500,000
505,089
City
of
New
York,
GO
,
Series
B-3
,
1
.85
%
,
10/1/46
,
Continuously
Callable
@100
(b)
.......
400,000
400,000
Metropolitan
Transportation
Authority
Revenue
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(d)
...........................
365,000
408,675
Series
D-3
,
4
.00
%
,
11/15/49
,
Continuously
Callable
@100
.....................
500,000
485,461
Monroe
County
Industrial
Development
Corp.
Revenue
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
.....................................................
600,000
604,443
New
York
State
Dormitory
Authority
Revenue
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
(a)
.............................
1,000,000
918,969
4
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
200,000
174,600
Onondaga
Civic
Development
Corp.
Revenue
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
.
250,000
229,384
Western
Regional
Off-Track
Betting
Corp.
Revenue
,
4
.13
%
,
12/1/41
,
Continuously
Callable
@100
(a)
.........................................................
500,000
463,267
5,227,321
North
Carolina
(0.7%):
North
Carolina
Medical
Care
Commission
Revenue
,
5
.00
%
,
10/1/50
,
Continuously
Callable
@103
...........................................................
250,000
249,091
North
Dakota
(2.6%):
City
of
Grand
Forks
Revenue
,
5
.00
%
,
12/1/36
,
Continuously
Callable
@100
............
1,000,000
990,908
Ohio
(2.5%):
County
of
Hardin
Revenue
,
5
.50
%
,
5/1/50
,
Continuously
Callable
@103
...............
500,000
493,714
Northeast
Ohio
Medical
University
Revenue
,
Series
A
,
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
...........................................................
225,000
207,330
Ohio
Higher
Educational
Facility
Commission
Revenue
,
6
.00
%
,
9/1/47
,
Continuously
Callable
@100
...........................................................
250,000
269,665
970,709
Oregon
(2.1%):
Clackamas
County
Hospital
Facility
Authority
Revenue
Series
A
,
5
.00
%
,
11/15/52
,
Continuously
Callable
@102
.......................
500,000
485,184
Series
A
,
5
.38
%
,
11/15/55
,
Continuously
Callable
@102
.......................
100,000
100,107
Yamhill
County
Hospital
Authority
Revenue
,
5
.00
%
,
11/15/51
,
Continuously
Callable
@103
.
250,000
217,912
803,203
Pennsylvania
(4.2%):
Bucks
County
IDA
Revenue
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
..............
500,000
494,527
Chester
County
IDA
Revenue
,
6
.00
%
,
10/15/52
,
Continuously
Callable
@100
(a)
.........
500,000
530,960
Victory
Portfolios
Victory
High
Income
Municipal
Bond
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Pennsylvania
Economic
Development
Financing
Authority
Revenue
AMT
,
9
.00
%
,
4/1/51
,
(Put
Date
4/13/28)
(a)
(d)
.................................................
$
500,000
$
575,388
1,600,875
South
Carolina
(5.1%):
County
of
Lancaster
Special
Assessment
,
Series
A
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
...........................................................
1,675,000
1,675,486
County
of
Richland
Special
Assessment
,
3
.63
%
,
11/1/31
,
Continuously
Callable
@103
(a)
...
290,000
254,343
1,929,829
Texas
(4.8%):
City
of
Houston
Texas
Airport
System
Revenue
AMT
,
4
.00
%
,
7/15/41
,
Continuously
Callable
@100
...........................................................
750,000
729,744
Port
of
Port
Arthur
Navigation
District
Revenue
2
.00
%
,
4/1/40
,
Continuously
Callable
@100
(b)
.............................
300,000
300,000
Series
C
,
2
.10
%
,
4/1/40
,
Continuously
Callable
@100
(b)
......................
800,000
800,000
1,829,744
Utah
(5.9%):
Military
Installation
Development
Authority
Revenue
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.......................
250,000
230,362
Series
A-1
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.......................
250,000
214,028
Utah
Charter
School
Finance
Authority
Revenue
2
.75
%
,
4/15/50
,
Continuously
Callable
@100
...............................
525,000
363,455
Series
A
,
5
.63
%
,
6/15/42
,
Continuously
Callable
@100
(a)
......................
250,000
258,509
Utah
Infrastructure
Agency
Revenue
,
Series
A
,
5
.38
%
,
10/15/40
,
Continuously
Callable
@100
1,150,000
1,196,681
2,263,035
Vermont
(4.4%):
Vermont
Economic
Development
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@103
...........................................................
500,000
457,611
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
..............................
750,000
738,304
6
.00
%
,
10/1/52
,
Continuously
Callable
@100
(a)
.............................
500,000
490,705
1,686,620
West
Virginia
(2.7%):
Monongalia
County
Commission
Excise
Tax
District
Revenue
,
5
.75
%
,
6/1/43
,
Continuously
Callable
@100
(a)
...................................................
1,000,000
1,029,664
Wisconsin
(8.7%):
Public
Finance
Authority
Revenue
4
.00
%
,
4/1/52
,
Continuously
Callable
@100
(a)
.............................
500,000
441,768
Series
A
,
4
.25
%
,
12/1/51
,
Continuously
Callable
@100
(a)
......................
500,000
402,176
Series
A
,
5
.88
%
,
6/1/52
,
Continuously
Callable
@100
(a)
.......................
250,000
254,144
Series
A
,
5
.25
%
,
3/1/55
,
Continuously
Callable
@100
(a)
.......................
500,000
479,777
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
(a)
.......................
500,000
478,249
Series
A-1
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(a)
.....................
500,000
435,835
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
500,000
450,503
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
500,000
370,497
3,312,949
Total
Municipal
Bonds
(Cost
$39,229,254)
36,318,251
Shares
Exchange-Traded
Funds
(2.8%)
VanEck
High
Yield
Muni
ETF
..............................................
20,000
1,061,400
Total
Exchange-Traded
Funds
(Cost
$1,047,600)
1,061,400
Total
Investments
(Cost
$40,276,854)
—
98.0%
37,379,651
Other
assets
in
excess
of
liabilities
—
2.0%
748,809
NET
ASSETS
-
100.00%
$
38,128,460
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$14,769,775
and
amounted
to
38.7%
of
net
assets.
(b)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Victory
Portfolios
Victory
High
Income
Municipal
Bond
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
(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.
ETF
—
Exchange-Traded
Fund
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.
Schedule
of
Portfolio
Investments
September
30,
2024
Victory
Portfolios
Victory
Floating
Rate
Fund
136
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(0.9%)
Diversified
Consumer
Services
(0.0%):(a)
Jo-Ann
Stores
LLC(b)
...................................................
38,650
$
38,650
Textiles,
Apparel
&
Luxury
Goods
(0.1%):
Men's
Wearhouse,
Inc.(b)
.................................................
32,607
489,105
Health
Care
(0.8%):
Air
Methods
Corp.(b)
....................................................
106,325
3,455,563
Covis
Parent
SCA,
Class
A
Shares(b)(c)
.......................................
10,030
—
Covis
Parent
SCA,
Class
B
Shares(b)(c)
.......................................
10,030
—
Covis
Parent
SCA,
Class
C
Shares(b)(c)
.......................................
10,030
—
Covis
Parent
SCA,
Class
D
Shares(b)(c)
......................................
10,030
—
Covis
Parent
SCA,
Class
E
Shares(b)(c)
.......................................
10,030
—
Rising
Tide
Holdings,
Inc.(b)(c)
............................................
241,726
815,825
4,271,388
Total
Common
Stocks
(Cost
$2,101,313)
4,799,143
Principal
Amount
Senior
Secured
Loans
(93.1%)
Communication
Services
(5.4%):
Audacy
Capital
Corp.,
Term
Loan,
First
Lien,
11.25%
(SOFR01M+600bps),
10/31/24(d)(e)
..
$
460,834
459,682
CSC
Holdings
LLC,
Term
Loan
2022,
First
Lien,
9.60%
(SOFR01M+450bps),
1/18/28(d)
...
7,884,937
7,649,809
Entercom
Media
Corp.,
New
Term
Loan,
First
Lien,
7.75%
(SOFR03M+250bps),
11/18/24(d)
(e)
.............................................................
14,706,476
6,462,908
Frontier
Communications
Holdings
LLC,
2024
Refinancing
Term
Loans,
First
Lien,
8.76%
(SOFR06M+350bps),
7/1/31(d)
.........................................
3,300,000
3,316,500
Sinclair
Television
Group,
Inc.,
Term
Loan
B-3,
First
Lien,
8.25%
(SOFR03M+300bps),
4/3/28(d)
.........................................................
10,609,448
7,795,716
Telesat
Canada,
Term
B-5
Loans,
First
Lien,
7.81%
(SOFR03M+275bps),
12/6/26(d)
......
5,600,000
2,740,528
Univision
Communications,
Inc.,
2021
Replacement
New
First-Lien
Term,
First
Lien,
8.50%
(SOFR01M+325bps),
3/16/26(d)
........................................
2,003,790
2,001,666
30,426,809
Consumer
Discretionary
(25.3%):
Alterra
Mountain
Co.,
Term
Loan
B-4,
First
Lien,
8.50%
(SOFR01M+325bps),
8/17/28(d)
..
4,922,523
4,926,608
Bally's
Corp.,
Term
B
Facility
Loans,
First
Lien,
8.53%
(SOFR03M+325bps),
10/2/28(d)
...
5,037,556
4,791,975
Caesars
Entertainment,
Inc.,
2023
Incremental
Term
B
Loan,
First
Lien,
8.00%
(SOFR01M+275bps),
2/6/30(d)
.........................................
9,535,737
9,526,773
Carnival
Corp.,
2027
Term
Loan,
First
Lien,
8.00%
(SOFR01M+275bps),
8/9/27(d)
.......
454,189
454,898
Carnival
Corp.,
2028
Term
Loan,
First
Lien,
8.00%
(SOFR01M+275bps),
10/18/28(d)
.....
4,606,630
4,609,532
Cengage
Learning,
Inc.,
Term
B
Loans,
First
Lien,
9.54%
(SOFR06M+425bps),
3/24/31(d)
..
5,970,000
5,979,433
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
9.03%
(SOFR03M+375bps),
10/20/27(d)
.......................................
4,435,559
4,514,290
Entain
PLC,
Facility
B
(USD)
Loan,
First
Lien,
7.76%
(SOFR06M+250bps),
3/29/27(d)
....
1,930,247
1,935,671
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
8.85%
(SOFR01M+375bps),
1/29/29(d)
........................................................
6,228,335
6,208,031
Fitness
International
LLC,
Term
B
Loan,
First
Lien,
10.51%
(SOFR03M+525bps),
2/12/29(d)
4,466,250
4,449,502
Fitness
International
LLC,
Term
B
Loan,
First
Lien,
10.50%
(SOFR01M+525bps),
2/12/29(d)
11,250
11,208
Fleet
Midco
I
Ltd.,
Term
Loan
B2,
First
Lien,
7.58%
(SOFR06M+275bps),
2/21/31(d)
.....
2,742,500
2,735,644
Flutter
Entertainment
PLC,
Term
B
Loans,
First
Lien,
7.33%
(SOFR03M+200bps),
11/25/30(d)
.......................................................
4,962,500
4,960,713
Graham
Packaging
Co.,
Inc.,
Initial
Term
Loan,
First
Lien,
7.75%
(SOFR01M+250bps),
8/4/27(d)
.........................................................
5,405,958
5,398,282
Gray
Television,
Inc.,
Term
D
Loan,
First
Lien,
8.20%
(SOFR01M+300bps),
12/1/28(d)
....
4,946,835
4,551,732
Hanesbrands,
Inc.,
Initial
Tranche
B
Term
Loans,
First
Lien,
9.00%
(SOFR01M+375bps),
3/8/30(d)
.........................................................
6,033,675
6,018,590
Hilton
Grand
Vacations
Borrower
LLC,
Amendment
No.
4
Term
Loans,
First
Lien,
7.50%
(SOFR01M+225bps),
1/17/31(d)
........................................
6,483,750
6,427,017
Holley
Purchaser,
Inc.,
Initial
Term
Loan,
First
Lien,
9.00%
(SOFR01M+375bps),
11/17/28(d)
4,134,960
4,010,911
Houghton
Mifflin
Harcourt
Co.,
Term
B
Loans,
First
Lien,
10.50%
(SOFR01M+525bps),
4/9/29(d)
.........................................................
6,820,403
6,617,019
Victory
Portfolios
Victory
Floating
Rate
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
iHeartCommunications,
Inc.,
Second
Amendment
Incremental
Term
Loan,
First
Lien,
8.50%
(SOFR01M+325bps),
5/1/26(d)
.........................................
$
3,789,535
$
3,242,440
Light
&
Wonder
International,
Inc.,
Term
B-2
Loans,
First
Lien,
7.33%
(SOFR01M+225bps),
4/16/29(d)
........................................................
8,865,112
8,849,243
Marriott
Ownership
Resorts,
Inc.,
2024
Incremental
Term
Loans,
First
Lien,
7.50%
(SOFR01M+225bps),
4/1/31(d)
.........................................
5,000,000
4,984,400
Men's
Wearhouse,
Inc.,
Term
Loans,
First
Lien,
11.74%
(SOFR03M+650bps),
2/26/29(d)
...
3,837,464
3,805,498
Petco
Health
and
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
8.58%
(SOFR03M+325bps),
3/3/28(d)
.........................................
3,376,537
3,206,090
Rising
Tide
Holdings,
Inc.,
2023
Term
Loan,
First
Lien,
12.93%
(SOFR03M+800bps),
9/12/28(d)
........................................................
3,510,709
2,948,995
Rising
Tide
Holdings,
Inc.,
Term
Loan
A,
First
Lien,
6/13/28(f)
......................
1,189,897
1,130,403
Station
Casinos
LLC,
Term
B
Facility
Loans,
First
Lien,
7.50%
(SOFR01M+225bps),
3/14/31(d)
........................................................
5,962,519
5,933,779
The
Dun
&
Bradstreet
Corp.,
Term
Loan
B,
First
Lien,
7.61%
(SOFR01M+275bps),
1/18/29(d)
4,477,500
4,472,217
The
Michaels
Cos.,
Inc.,
Term
B
Loans,
First
Lien,
9.58%
(SOFR03M+425bps),
4/17/28(d)
.
7,638,375
6,007,582
Travel
+
Leisure
Co.,
2023
Incremental
Term
Loans,
First
Lien,
8.17%
(SOFR01M+325bps),
12/14/29(d)
.......................................................
2,183,500
2,186,775
Trident
TPI
Holdings,
Inc.,
Tranche
B-6
Initial
Term
Loans,
First
Lien,
9.33%
(SOFR03M+400bps),
9/15/28(d)
........................................
2,911,969
2,913,920
Truck
Hero,
Inc.,
Initial
Term
Loans,
First
Lien,
8.75%
(SOFR01M+350bps),
1/31/28(d)
....
2,487,147
2,442,900
United
Airlines,
Inc.,
Class
B
Term
Loan,
First
Lien,
8.03%
(SOFR03M+275bps),
2/22/31(d)
1,845,375
1,845,947
142,098,018
Consumer
Staples
(2.3%):
Anchor
Packaging
LLC,
Amendment
No.
4
Term
Loan,
First
Lien,
9.00%
(SOFR01M+375bps),
7/18/29(d)
........................................
4,750,942
4,759,874
B&G
Foods,
Inc.,
Tranche
B-5
Term
Loans,
First
Lien,
8.56%
(SOFR03M+350bps),
10/10/29(d)
.......................................................
6,449,344
6,388,914
First
Brands
Group
LLC,
2021
Term
Loans,
First
Lien,
10.25%
(SOFR03M+500bps),
3/30/27(d)
........................................................
2,283,637
2,256,530
13,405,318
Energy
(3.2%):
Apro
LLC,
Initial
Term
Loan,
First
Lien,
8.87%
(SOFR01M+375bps),
7/9/31(d)
..........
2,000,000
2,005,000
Delek
U.S.
Holdings,
Inc.,
TLB,
First
Lien,
8.75%
(SOFR01M+350bps),
11/9/29(d)
.......
3,855,203
3,841,826
New
Fortress
Energy,
Inc.,
Initial
Term
Loans,
First
Lien,
10.25%
(SOFR03M+500bps),
10/30/28(d)
.......................................................
5,472,500
4,935,046
Traverse
Midstream
Partners
LLC,
Advance,
First
Lien,
8.75%
(SOFR03M+350bps),
2/16/28(d)
........................................................
7,061,234
7,063,423
17,845,295
Financials
(23.5%):
19th
Holdings
Golf
LLC,
Initial
Term
Loans,
First
Lien,
8.41%
(SOFR01M+325bps),
2/7/29(d)
.........................................................
5,719,842
5,605,445
ACProducts,
Inc.,
Initial
Term
Loans,
First
Lien,
9.58%
(SOFR03M+425bps),
5/17/28(d)
...
4,212,063
3,511,049
Arches
Buyer,
Inc.,
New
Term
Loan,
First
Lien,
8.50%
(SOFR01M+325bps),
12/6/27(d)
....
1,979,381
1,895,258
Arsenal
AIC
Parent
LLC,
2024
Refinancing
Term
B
Loans,
First
Lien,
8.56%
(SOFR01M+325bps),
8/19/30(d)
........................................
4,455,140
4,446,230
Bakelite
U.S.
Holdco,
Inc.,
Term
Loan,
First
Lien,
8.83%
(SOFR03M+350bps),
5/28/29(d)
..
3,979,873
3,986,082
BW
NHHC
Holdco,
Inc.,
Term
Loan
Lien
2,
Second
Lien,
14.12%
(SOFR03M+900bps),
5/15/26(d)
........................................................
3,000,000
600,000
Chariot
Buyer
LLC,
Initial
Term
Loans,
First
Lien,
8.50%
(SOFR01M+325bps),
11/3/28(d)
..
4,811,097
4,782,230
Clydesdale
Acquisition
Holdings,
Inc.,
Term
B
Loans,
First
Lien,
8.42%
(SOFR01M+318bps),
4/13/29(d)
........................................................
2,396,975
2,383,384
Cumulus
Media
New
Holdings,
Inc.,
Incremental
Term
Loan
Facility,
First
Lien,
10.24%
(SOFR03M+500bps),
5/2/29(d)
.........................................
14,406,317
6,245,138
Discovery
Energy
Holding
Corp.,
Initial
Dollar
Term
Loan,
First
Lien,
10.08%
(SOFR03M+475bps),
5/1/31(d)
.........................................
4,189,500
4,226,158
Dynasty
Acquisition
Co.,
Inc.,
2024
Specified
Refinancing
Term
B1
Loan,
First
Lien,
8.75%
(SOFR01M+350bps),
8/24/28(d)
........................................
861,737
861,918
Dynasty
Acquisition
Co.,
Inc.,
2024
Specified
Refinancing
Term
Loan
B2,
First
Lien,
8.75%
(SOFR01M+350bps),
8/24/28(d)
........................................
332,263
332,333
Exgen
Renewables
IV
LLC,
Term
Loans,
First
Lien,
7.31%
(SOFR03M+225bps),
12/15/27(d)
2,897,403
2,898,851
Victory
Portfolios
Victory
Floating
Rate
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
GIP
Pilot
Acquisition
Partners
LP,
2024
Term
Loan
B,
First
Lien,
7.82%
(SOFR03M+250bps),
10/4/30(d)
........................................................
$
3,233,705
$
3,236,389
Hunter
Douglas,
Inc.,
Tranche
B-1
Term
Loans,
First
Lien,
8.57%
(SOFR03M+350bps),
2/25/29(d)
........................................................
6,773,539
6,705,804
Ineos
U.S.
Finance
LLC,
2030
Dollar
Term
Loans,
First
Lien,
8.50%
(SOFR01M+325bps),
2/18/30(d)
........................................................
6,922,526
6,913,873
Innio
North
America
Holding
Inc.,
Term
Loan
B,
First
Lien,
8.54%
(SOFR03M+325bps),
11/2/28(d)
........................................................
3,647,410
3,648,942
ITT
Holdings
LLC,
Term
Loan
B,
First
Lien,
8.25%
(SOFR01M+300bps),
10/7/30(d)
......
4,930,010
4,934,102
LBM
Acquisition
LLC,
Initial
Term
Loan,
First
Lien,
9.00%
(SOFR01M+375bps),
12/17/27(d)
6,588,034
6,540,271
LSF11
A5
Holdco
LLC,
2024
Refinancing
Term
Loan,
First
Lien,
8.75%
(SOFR01M+350bps),
10/16/28(d)
.......................................................
1,497,706
1,493,692
McGraw-Hill
Education,
Inc.,
2024
Term
Loans,
First
Lien,
9.23%
(SOFR03M+400bps),
8/1/31(d)
.........................................................
4,574,719
4,591,874
MH
SUB
I
LLC,
Term
Loan,
First
Lien,
9.50%
(SOFR01M+425bps),
5/3/28(d)
..........
3,969,849
3,941,981
Neptune
BidCo
U.S.,
Inc.,
Dollar
Term
B
Loan,
First
Lien,
10.30%
(SOFR03M+500bps),
4/11/29(d)
........................................................
6,035,837
5,654,311
NorthRiver
Midstream
Finance
LP,
Term
B,
First
Lien,
7.83%
(SOFR03M+250bps),
8/16/30(d)
........................................................
5,055,135
5,052,607
Oldcastle
BuildingEnvelope,
Inc.,
Term
B
Loans,
First
Lien,
9.58%
(SOFR03M+425bps),
4/30/29(d)
........................................................
6,352,264
6,268,478
Packaging
Coordinators
Midco,
Inc.,
2024
Replacement
Term
Loans,
First
Lien,
8.58%
(SOFR03M+325bps),
11/30/27(d)
.......................................
498,715
498,246
Peraton
Corp.,
Term
B
Loans,
First
Lien,
9.00%
(SOFR01M+375bps),
2/1/28(d)
..........
5,006,845
4,807,623
PQ
Performance
Chemicals,
Initial
Term
Loan,
First
Lien,
8.45%
(SOFR01M+325bps),
8/2/30(d)
.........................................................
3,900,000
3,894,579
Rand
Parent
LLC,
Term
B
Loans,
First
Lien,
9.07%
(SOFR03M+375bps),
3/18/30(d)
......
2,955,094
2,956,749
Robertshaw
U.S.
Holding
Corp.,
2/28/25(e)(f)
..................................
6,238,644
62,386
Robertshaw
U.S.
Holding
Corp.,
2/15/26(e)(f)
..................................
4,000,000
20,000
Sedgwick
Claims
Management
Services,
Inc.,
2024
Term
Loans,
First
Lien,
8.25%
(SOFR03M+300bps),
7/31/31(d)
........................................
2,665,000
2,659,004
URSA
Minor
U.S.
Bidco
LLC,
Initial
Term
Loan,
First
Lien,
8.83%
(SOFR03M+350bps),
3/26/31(d)
........................................................
1,496,250
1,497,656
Virgin
Media
Bristol
LLC,
N
Facility,
First
Lien,
7.60%
(SOFR01M+250bps),
1/31/28(d)
...
5,000,000
4,779,150
WestJet
Loyalty
LP,
Initial
Term
Loan,
First
Lien,
9.08%
(SOFR03M+375bps),
2/14/31(d)
..
4,975,000
4,916,942
Ziggo
Financing
Partnership,
Term
Loan
I,
First
Lien,
7.60%
(SOFR01M+250bps),
4/28/28(d)
6,000,000
5,854,800
132,703,535
Health
Care
(12.4%):
Amneal
Pharmaceuticals
LLC,
Term
Loan,
First
Lien,
10.75%
(SOFR01M+550bps),
5/4/28(d)
6,534,816
6,602,909
Bausch
Health
Cos.,
Inc.,
Second
Amendment
Term
Loan,
First
Lien,
10.50%
(SOFR01M+525bps),
2/1/27(d)
.........................................
5,886,987
5,642,677
Covis
Pharma
Holdings
SARL,
Dollar
Term
B
Loans,
First
Lien,
11.83%
(SOFR03M+650bps),
2/4/27(d)
.........................................................
12,080,965
4,711,576
Covis
Pharma
Holdings
SARL,
Dollar
Term
B
Loans,
First
Lien,
13.83%
(SOFR03M+850bps),
2/4/27(d)
.........................................
258,040
100,636
Embecta
Corp.,
Initial
Term
Loan,
First
Lien,
8.25%
(SOFR01M+300bps),
3/30/29(d)
.....
4,964,364
4,831,964
Global
Medical
Response,
Inc.,
2024
Extented
Term
Loan,
First
Lien,
10.46%
(SOFR01M+550bps),
10/31/28(d)
.......................................
7,877,085
7,820,449
Knight
Health
Holdings
LLC,
Term
B
Loans,
First
Lien,
10.50%
(SOFR01M+525bps),
12/15/28(d)
.......................................................
22,853,750
12,721,997
Lifepoint
Health,
Inc.,
TL
B
2024
Repricing,
First
Lien,
10.05%
(SOFR03M+475bps),
11/16/28(d)
.......................................................
4,943,764
4,933,877
LifeScan
Global
Corp.,
Term
Loan,
First
Lien,
11.63%
(SOFR03M+650bps),
12/31/26(d)
...
12,011,300
4,804,520
LifeScan
Global
Corporation,
Term
Loan,
Second
Lien,
14.63%
(SOFR03M+950bps),
3/31/27(d)
........................................................
3,750,000
139,050
Perrigo
Investments
LLC,
Initial
Term
B
Loan,
First
Lien,
7.50%
(SOFR01M+225bps),
4/20/29(d)
........................................................
3,018,984
3,007,663
Radiology
Partners,
Inc.,
Term
B,
First
Lien,
8.62%
(SOFR03M+350bps),
1/31/29(d)
......
6,398,631
6,250,695
Surgery
Center
Holdings,
Inc.,
2024
Refinancing
Term
Loans,
First
Lien,
7.67%
(SOFR01M+275bps),
12/19/30(d)
.......................................
1,994,987
1,995,267
Team
Health
Holdings,
Inc.,
Facility
Extending
Term
Loan
B,
First
Lien,
10.50%
(SOFR03M+525bps),
3/2/27(d)
.........................................
6,381,129
6,089,001
Victory
Portfolios
Victory
Floating
Rate
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Team
Health
Holdings,
Inc.,
Facility
Extending
Term
Loan
B,
First
Lien,
10.50%
(SOFR01M+525bps),
3/2/27(d)
.........................................
$
18,405
$
17,563
69,669,844
Industrials
(14.4%):
AAdvantage
Loyalty
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
10.03%
(SOFR03M+475bps),
4/20/28(d)
........................................................
6,106,189
6,271,545
Air
Canada,
Term
Loans,
First
Lien,
7.25%
(SOFR03M+250bps),
3/21/31(d)
............
2,487,500
2,490,609
American
Airlines,
Inc.,
Initial
Term
Loans,
First
Lien,
7.21%
(SOFR06M+250bps),
6/4/29(d)
3,500,000
3,470,635
Avis
Budget
Car
Rental
LLC,
New
Tranche
C
Term
Loans,
First
Lien,
8.25%
(SOFR01M+300bps),
3/16/29(d)
........................................
2,138,837
2,137,511
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
First
Lien,
7.00%
(SOFR01M+175bps),
8/6/27(d)
2,976,563
2,960,936
AZZ,
Inc.,
Initial
Term
Loan,
First
Lien,
7.75%
(SOFR01M+250bps),
5/14/29(d)
.........
3,734,140
3,746,799
Chart
Industries,
Inc.,
Amendment  No.
7
Term
Loan,
First
Lien,
7.82%
(SOFR03M+250bps),
3/15/30(d)
........................................................
2,509,224
2,502,951
Core
&
Main
LP,
Tranche
C
Term
Loan,
First
Lien,
7.11%
(SOFR01M+225bps),
2/10/31(d)
.
4,228,750
4,228,750
Cornerstone
Building
Brands,
Inc.,
New
Term
Loan
B,
First
Lien,
8.35%
(SOFR01M+325bps),
4/12/28(d)
........................................................
5,388,638
5,269,657
Cotiviti
Corp.,
Initial
Floating
Rate
Term
Loans,
First
Lien,
8.45%
(SOFR01M+325bps),
5/1/31(d)
.........................................................
5,845,625
5,838,318
Gates
Global
LLC,
Initial
B-5
Dollar
Term
Loans,
First
Lien,
7.50%
(SOFR01M+225bps),
6/4/31(d)
.........................................................
6,982,500
6,991,787
Harsco
Corp.,
Term
B-3
Loans,
First
Lien,
7.50%
(SOFR01M+225bps),
3/10/28(d)
........
3,893,537
3,882,168
Hertz
Corp.,
Initial
Term
B
Loans,
First
Lien,
8.75%
(SOFR01M+350bps),
6/30/28(d)
.....
2,065,323
1,843,528
Hertz
Corp.,
Initial
Term
C
Loan,
First
Lien,
8.75%
(SOFR01M+350bps),
6/30/28(d)
......
404,813
361,340
Husky
Injection
Molding
Systems
Ltd.,
Amendment
No.
5
Refinancing
Term
Loan,
First
Lien,
10.33%
(SOFR06M+500bps),
2/15/29(d)
..................................
3,000,000
2,982,510
Janus
International
Group
LLC,
TLB,
First
Lien,
7.75%
(SOFR01M+250bps),
8/5/30(d)
....
3,830,400
3,823,237
LS
Group
Opco
Acquisition,
LLC,
Term
Loan
B,
First
Lien,
8.25%
(SOFR01M+300bps),
4/23/31(d)
........................................................
4,700,000
4,697,086
Madison
IAQ
LLC,
Initial
Term
Loans,
First
Lien,
7.89%
(SOFR06M+275bps),
6/21/28(d)
..
6,006,188
5,998,080
MITER
Brands
Acquisition
Holdco,
Inc.,
2024
Incremental
Term
Loans,
First
Lien,
8.75%
(SOFR01M+350bps),
3/28/31(d)
........................................
748,125
748,746
Transdigm,
Inc.,
Tranche
J
Term
Loans,
First
Lien,
7.84%
(SOFR03M+250bps),
2/28/31(d)
..
3,301,087
3,287,223
Vestis
Corp.,
Term
B-1
Loan,
First
Lien,
7.37%
(SOFR03M+225bps),
2/24/31(d)
.........
2,493,750
2,475,047
White
Cap
Supply
Holdings
LLC,
Tranche
C
Term
Facility,
First
Lien,
8.50%
(SOFR01M+325bps),
10/19/29(d)
.......................................
6,161,044
6,113,296
82,121,759
Information
Technology
(3.9%):
Cloud
Software
Group,
Inc.,
Initial
Dollar
Term
B
Facility,
First
Lien,
9.33%
(SOFR03M+400bps),
3/30/29(d)
........................................
6,615,684
6,583,267
McAfee
Corp.,
Tranche
B-1
Term
Loan,
First
Lien,
8.45%
(SOFR01M+325bps),
3/1/29(d)
..
5,989,873
5,961,781
Proofpoint,
Inc.,
Term
Loan,
First
Lien,
8.25%
(SOFR01M+300bps),
8/31/28(d)
..........
2,233,039
2,231,386
UKG,
Inc.,
Initial
Term
Loans,
First
Lien,
8.55%
(SOFR03M+325bps),
2/10/31(d)
........
4,962,183
4,962,183
Waystar
Technologies,
Inc.,
Initial
Term
Loan,
First
Lien,
8.00%
(SOFR01M+275bps),
10/22/29(d)
.......................................................
1,435,909
1,435,019
21,173,636
Materials
(1.5%):
Soliant
Lower
Intermediate
LLC,
Initial
Term
Loans,
First
Lien,
9.00%
(SOFR01M+375bps),
7/18/31(d)
........................................................
5,000,000
5,000,000
WireCo
WorldGroup,
Inc.,
Term
Loan
B,
First
Lien,
9.03%
(SOFR03M+375bps),
11/13/28(d)
3,766,596
3,653,598
8,653,598
Real
Estate
(1.2%):
RealPage,
Inc.,
Initial
Term
Loan,
First
Lien,
8.25%
(SOFR01M+300bps),
4/24/28(d)
......
6,913,460
6,706,056
Total
Senior
Secured
Loans
(Cost
$583,522,551)
524,803,868
Corporate
Bonds
(2.6%)
Communication
Services
(1.3%):
CSC
Holdings
LLC,
11.75%,
1/31/29,
Callable
1/31/26
@
105.88(g)
..................
1,000,000
965,192
Victory
Portfolios
Victory
Floating
Rate
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2024
Security
Description
Principal
Amount
Value
Cumulus
Media
New
Holdings,
Inc.,
8.00%,
7/1/29,
Callable
11/4/24
@
100(g)
..........
$
2,315,000
$
920,924
Gray
Television,
Inc.,
5.38%,
11/15/31,
Callable
11/15/26
@
102.69(g)
................
2,000,000
1,248,856
Sinclair
Television
Group,
Inc.,
5.50%,
3/1/30,
Callable
12/1/24
@
102.75(g)
............
5,550,000
4,009,244
7,144,216
Consumer
Discretionary
(0.3%):
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/1/30,
Callable
3/1/25
@
103.31(g)
.................................................
2,000,000
1,985,820
Energy
(0.2%):
Talos
Production,
Inc.,
9.00%,
2/1/29,
Callable
2/1/26
@
104.5(g)
....................
1,175,000
1,210,028
Health
Care
(0.4%):
CHS/Community
Health
Systems,
Inc.,
6.13%,
4/1/30,
Callable
4/1/25
@
103.06(g)
.......
2,500,000
2,131,981
Materials
(0.4%):
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.,
5.25%,
8/15/27,
Callable
11/4/24
@
100(g)
.........................................................
3,125,000
2,358,908
Total
Corporate
Bonds
(Cost
$17,812,009)
14,830,953
Yankee
Dollars
(1.3%)
Energy
(0.8%):
Transocean,
Inc.,
7.50%,
4/15/31
............................................
4,675,000
4,304,960
Financials
(0.2%):
Diamond
Foreign
Asset
Co./Diamond
Finance
LLC,
8.50%,
10/1/30,
Callable
10/1/26
@
104.25(g)
........................................................
1,250,000
1,305,941
Health
Care
(0.3%):
Bausch
Health
Cos.,
Inc.,
6.13%,
2/1/27,
Callable
11/4/24
@
103.06(g)
................
1,800,000
1,624,285
Total
Yankee
Dollars
(Cost
$6,986,194)
7,235,186
Total
Investments
(Cost
$610,422,067)
—
97.9%
551,669,150
Other
assets
in
excess
of
liabilities
—
2.1%
11,774,882
NET
ASSETS
-
100.00%
$
563,444,032
At
September
30,
2024,
the
Fund's
investments
in
foreign
securities
were
8.0%
of
net
assets.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2024.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2024.
(e)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(f)
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.
(g)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2024,
the
fair
value
of
these
securities
was
$17,761,179
and
amounted
to
3.2%
of
net
assets.
bps
—
Basis
points
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
September
30,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
September
30,
2024.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
September
30,
2024.