Victory High Yield Fund - Class Y NPORTP Victory RS Value Fund (Sep 2024 report)

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Integrity

Discovery

Fund

(Unaudited)

Security

Description

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)

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

25,150

374

The

E.W.

Scripps

Co.

Class

(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)

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

35,465

241

Golden

Entertainment,

Inc.

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

16,361

520

Jack

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

America,

Inc.

(a)

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

57,500

425

National

Vision

Holdings,

Inc.

(a)

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

31,678

346

Portillo's,

Inc.

Class

(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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Consumer

Finance

(0.8%):

EZCORP,

Inc.

Class

(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

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

55,300

706

Vital

Energy,

Inc.

(a)

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

15,050

405

3,129

Financial

Services

(0.9%):

Verticals,

Inc.

Class

(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

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

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

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)

67,528

Collateral

for

Securities

Loaned

(1.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(c)

........

199,594

200

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(c)

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

199,594

200

Invesco

Government

Agency

Portfolio,

Institutional

.84

(c)

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

199,594

199

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(c)

199,594

199

Total

Collateral

for

Securities

Loaned

(Cost

$798)

798

Total

Investments

(Cost

$57,804)

—

99.8%

68,326

Other

assets

excess

liabilities

—

0.2%

117

NET

ASSETS

100.00%

68,443

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

REIT

—

Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Integrity

Mid-Cap

Value

Fund

(Unaudited)

Security

Description

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

(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)

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

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)

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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)

327,122

Total

Investments

(Cost

$274,972)

—

99.6%

327,122

Other

assets

excess

liabilities

—

0.4%

1,335

NET

ASSETS

100.00%

328,457

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

(Unaudited)

Security

Description

Value

(000)

Common

Stocks

(98.4%)

Banks

(18.6%):

Ameris

Bancorp

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

212,000

13,227

Atlantic

Union

Bankshares

Corp.

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

339,500

12,789

Bank

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

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

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

(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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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)

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

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

498,200

8,873

Ryerson

Holding

Corp.

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

277,100

5,517

Summit

Materials,

Inc.

Class

(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)

1,249,840

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(c)

........

2,547,210

2,547

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(c)

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

2,547,210

2,547

Invesco

Government

Agency

Portfolio,

Institutional

.84

(c)

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

2,547,210

2,547

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(c)

2,547,210

2,548

Total

Collateral

for

Securities

Loaned

(Cost

$10,189)

10,189

Total

Investments

(Cost

$1,132,427)

—

99.2%

1,260,029

Other

assets

excess

liabilities

—

0.8%

10,702

NET

ASSETS

100.00%

1,270,731

Purchased

with

cash

collateral

from

securities

loan.

Victory

Portfolios

Victory

Integrity

Small-Cap

Value

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Integrity

Small/Mid-Cap

Value

Fund

(Unaudited)

Security

Description

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

(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)

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

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

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

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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)

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Summit

Materials,

Inc.

Class

(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

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)

321,063

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(c)

........

669,010

669

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(c)

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

669,010

669

Invesco

Government

Agency

Portfolio,

Institutional

.84

(c)

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

669,010

669

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(c)

669,010

669

Total

Collateral

for

Securities

Loaned

(Cost

$2,676)

2,676

Total

Investments

(Cost

$277,593)

—

98.7%

323,739

Other

assets

excess

liabilities

—

1.3%

4,397

NET

ASSETS

100.00%

328,136

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

(Unaudited)

Security

Description

Value

(000)

Common

Stocks

(96.9%)

Communication

Services

(11.2%):

Alphabet,

Inc.

Class

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

125,260

20,774

Meta

Platforms,

Inc.

Class

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

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

Holdings

Ltd.

Class

(a)

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

363,700

4,964

Pagseguro

Digital

Ltd.

Class

(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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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)

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

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

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

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

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)

471,348

Exchange-Traded

Funds

(0.9%)

iShares

Russell

3000

ETF

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

13,500

4,411

Total

Exchange-Traded

Funds

(Cost

$3,617)

4,411

Collateral

for

Securities

Loaned

(1.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(c)

........

1,338,356

1,338

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(c)

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

1,338,356

1,338

Invesco

Government

Agency

Portfolio,

Institutional

.84

(c)

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

1,338,356

1,338

Victory

Portfolios

Victory

Munder

Multi-Cap

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(c)

1,338,356

1,339

Total

Collateral

for

Securities

Loaned

(Cost

$5,353)

5,353

Total

Investments

(Cost

$309,612)

—

98.9%

481,112

Other

assets

excess

liabilities

—

1.1%

5,207

NET

ASSETS

100.00%

486,319

September

30,

2024,

the

Fund's

investments

foreign

securities

were

6.3%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Security

Description

Value

(000)

Common

Stocks

(99.4%)

Communication

Services

(8.8%):

Alphabet,

Inc.

Class

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

31,693

5,256

Alphabet,

Inc.

Class

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

25,982

4,344

AT&T,

Inc.

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

38,786

853

Charter

Communications,

Inc.

Class

(a)

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

525

170

Comcast

Corp.

Class

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

20,897

873

Electronic

Arts,

Inc.

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

1,301

187

Fox

Corp.

Class

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

1,215

Fox

Corp.

Class

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

714

Live

Nation

Entertainment,

Inc.

(a)

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

847

Match

Group,

Inc.

(a)

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

1,395

Meta

Platforms,

Inc.

Class

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

11,818

6,765

Netflix,

Inc.

(a)

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

2,322

1,647

News

Corp.

Class

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

2,047

News

Corp.

Class

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

607

Omnicom

Group,

Inc.

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

1,058

109

Paramount

Global

Class

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

3,217

Take-Two

Interactive

Software,

Inc.

(a)

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

882

136

The

Interpublic

Group

Cos.,

Inc.

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

2,032

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

Juniper

Networks,

Inc.

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

1,781

Motorola

Solutions,

Inc.

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

903

406

2,239

Consumer

Discretionary

(10.0%):

Airbnb,

Inc.

Class

(a)

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

2,380

302

Amazon.com,

Inc.

(a)

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

50,529

9,415

Aptiv

PLC

(a)

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

1,438

104

AutoZone,

Inc.

(a)

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

290

Best

Buy

Co.,

Inc.

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

1,062

110

Booking

Holdings,

Inc.

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

181

762

BorgWarner,

Inc.

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

1,232

Caesars

Entertainment,

Inc.

(a)

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

1,170

CarMax,

Inc.

(a)

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

844

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

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

Hilton

Worldwide

Holdings,

Inc.

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

1,333

307

Las

Vegas

Sands

Corp.

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

1,912

Lennar

Corp.

Class

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

1,307

245

LKQ

Corp.

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

1,424

Lowe's

Cos.,

Inc.

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

3,082

835

Lululemon

Athletica,

Inc.

(a)

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

622

169

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Marriott

International,

Inc.

Class

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

1,264

314

McDonald's

Corp.

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

3,880

1,181

MGM

Resorts

International

(a)

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

1,249

Mohawk

Industries,

Inc.

(a)

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

283

NIKE,

Inc.

Class

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

6,499

574

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

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

2,378

NVR,

Inc.

(a)

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

167

O'Reilly

Automotive,

Inc.

(a)

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

314

362

Pool

Corp.

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

207

PulteGroup,

Inc.

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

1,123

161

Ralph

Lauren

Corp.

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

217

Ross

Stores,

Inc.

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

1,804

272

Royal

Caribbean

Cruises

Ltd.

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

1,281

227

Starbucks

Corp.

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

6,130

598

Tapestry,

Inc.

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

1,245

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

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

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

992

Bunge

Global

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

766

Campbell

Soup

Co.

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

1,066

Church

Dwight

Co.,

Inc.

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

1,324

139

Colgate-Palmolive

Co.

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

4,420

459

Conagra

Brands,

Inc.

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

2,591

Constellation

Brands,

Inc.

Class

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

848

218

Costco

Wholesale

Corp.

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

2,398

2,126

Dollar

General

Corp.

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

1,189

101

Dollar

Tree,

Inc.

(a)

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

1,093

General

Mills,

Inc.

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

3,011

222

Hormel

Foods

Corp.

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

1,572

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

McCormick

Co.,

Inc.

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

1,363

112

Molson

Coors

Beverage

Co.

Class

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

950

Mondelez

International,

Inc.

Class

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

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

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

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

1,546

Walgreens

Boots

Alliance,

Inc.

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

3,876

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Walmart,

Inc.

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

23,496

1,897

15,506

Electronic

Equipment,

Instruments

Components

(0.6%):

Amphenol

Corp.

Class

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

6,514

424

CDW

Corp.

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

723

164

Corning,

Inc.

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

4,166

188

Jabil,

Inc.

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

614

Keysight

Technologies,

Inc.

(a)

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

944

150

Connectivity

PLC

(a)

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

1,644

248

Teledyne

Technologies,

Inc.

(a)

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

253

111

Trimble,

Inc.

(a)

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

1,321

Zebra

Technologies

Corp.

(a)

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

279

103

1,544

Energy

(3.3%):

APA

Corp.

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

2,001

Baker

Hughes

Co.

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

5,374

194

Chevron

Corp.

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

9,201

1,355

ConocoPhillips

Co.

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

6,282

661

Coterra

Energy,

Inc.

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

3,999

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

Marathon

Petroleum

Corp.

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

1,810

295

Occidental

Petroleum

Corp.

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

3,642

188

ONEOK,

Inc.

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

3,159

288

Phillips

Co.

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

2,264

298

Schlumberger

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

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

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

1,175

407

Arch

Capital

Group

Ltd.

(a)

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

2,026

227

Arthur

Gallagher

Co.

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

1,185

333

Assurant,

Inc.

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

280

Bank

America

Corp.

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

36,518

1,449

Berkshire

Hathaway,

Inc.

Class

(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

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

135

Everest

Group

Ltd.

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

234

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

FactSet

Research

Systems,

Inc.

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

206

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

Global

Payments,

Inc.

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

1,376

141

Globe

Life,

Inc.

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

486

Huntington

Bancshares,

Inc.

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

7,857

115

Intercontinental

Exchange,

Inc.

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

3,106

499

Invesco

Ltd.

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

2,434

Jack

Henry

Associates,

Inc.

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

394

JPMorgan

Chase

Co.

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

15,391

3,245

KeyCorp

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

5,021

KKR

Co.,

Inc.

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

3,648

476

Loews

Corp.

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

986

M&T

Bank

Corp.

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

903

161

MarketAxess

Holdings,

Inc.

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

204

Marsh

McLennan

Cos.,

Inc.

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

2,660

593

Mastercard,

Inc.

Class

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

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

PayPal

Holdings,

Inc.

(a)

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

5,530

432

Principal

Financial

Group,

Inc.

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

1,153

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

Rowe

Price

Group,

Inc.

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

1,204

131

The

Allstate

Corp.

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

1,428

271

The

Bank

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

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

9,036

2,484

W.R.

Berkley

Corp.

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

1,626

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Catalent,

Inc.

(a)

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

979

Cencora,

Inc.

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

944

213

Centene

Corp.

(a)

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

2,845

214

Charles

River

Laboratories

International,

Inc.

(a)

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

279

CVS

Health

Corp.

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

6,805

428

Danaher

Corp.

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

3,477

967

DaVita,

Inc.

(a)

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

250

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

HealthCare

Technologies,

Inc.

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

2,297

216

Gilead

Sciences,

Inc.

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

6,735

565

HCA

Healthcare,

Inc.

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

1,005

408

Henry

Schein,

Inc.

(a)

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

685

Hologic,

Inc.

(a)

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

1,256

102

Humana,

Inc.

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

651

206

IDEXX

Laboratories,

Inc.

(a)

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

445

225

Incyte

Corp.

(a)

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

865

Insulet

Corp.

(a)

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

379

Intuitive

Surgical,

Inc.

(a)

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

1,919

943

IQVIA

Holdings,

Inc.

(a)

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

937

222

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

Regeneron

Pharmaceuticals,

Inc.

(a)

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

574

603

ResMed,

Inc.

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

795

194

Revvity,

Inc.

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

667

Solventum

Corp.

(a)

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

747

STERIS

PLC

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

533

129

Stryker

Corp.

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

1,855

670

Teleflex,

Inc.

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

255

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

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

322

Vertex

Pharmaceuticals,

Inc.

(a)

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

1,396

649

Viatris,

Inc.

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

6,456

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%):

Co.

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

2,972

406

A.O.

Smith

Corp.

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

649

Allegion

PLC

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

471

Amentum

Holdings,

Inc.

(a)

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

677

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

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

Washington,

Inc.

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

763

100

Fastenal

Co.

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

3,098

221

FedEx

Corp.

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

1,219

334

Fortive

Corp.

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

1,895

150

Vernova,

Inc.

(a)

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

1,487

379

Generac

Holdings,

Inc.

(a)

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

325

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

IDEX

Corp.

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

410

Illinois

Tool

Works,

Inc.

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

1,461

383

Ingersoll

Rand,

Inc.

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

2,183

214

J.B.

Hunt

Transport

Services,

Inc.

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

436

Jacobs

Solutions,

Inc.

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

677

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

Nordson

Corp.

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

294

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

Pentair

PLC

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

895

Quanta

Services,

Inc.

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

797

238

Republic

Services,

Inc.

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

1,104

222

Rockwell

Automation,

Inc.

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

614

165

Rollins,

Inc.

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

1,520

RTX

Corp.

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

7,196

872

Snap-on,

Inc.

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

285

Southwest

Airlines

Co.

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

3,241

Stanley

Black

Decker,

Inc.

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

833

Textron,

Inc.

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

1,014

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

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

3,962

540

United

Rentals,

Inc.

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

360

291

Veralto

Corp.

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

1,337

150

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

Services

(1.2%):

Accenture

PLC

Class

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

3,388

1,197

Akamai

Technologies,

Inc.

(a)

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

820

Cognizant

Technology

Solutions

Corp.

Class

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

2,681

207

EPAM

Systems,

Inc.

(a)

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

308

Gartner,

Inc.

(a)

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

417

211

GoDaddy,

Inc.

Class

(a)

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

763

120

International

Business

Machines

Corp.

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

4,983

1,102

VeriSign,

Inc.

(a)

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

454

3,067

Materials

(2.2%):

Air

Products

and

Chemicals,

Inc.

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

1,203

358

Albemarle

Corp.

(b)

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

636

Amcor

PLC

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

7,818

Avery

Dennison

Corp.

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

436

Ball

Corp.

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

1,642

111

Celanese

Corp.

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

591

Industries

Holdings,

Inc.

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

976

Corteva,

Inc.

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

3,745

220

Dow,

Inc.

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

3,792

207

DuPont

Nemours,

Inc.

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

2,258

201

Eastman

Chemical

Co.

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

632

Ecolab,

Inc.

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

1,370

350

FMC

Corp.

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

675

Freeport-McMoRan,

Inc.

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

7,772

388

International

Flavors

Fragrances,

Inc.

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

1,383

145

International

Paper

Co.

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

1,879

Linde

PLC

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

2,600

1,240

LyondellBasell

Industries

Class

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

1,407

135

Martin

Marietta

Materials,

Inc.

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

331

178

Newmont

Corp.

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

6,207

332

Nucor

Corp.

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

1,284

193

Packaging

Corp.

America

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

482

104

PPG

Industries,

Inc.

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

1,262

167

Smurfit

WestRock

PLC

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

2,669

132

Steel

Dynamics,

Inc.

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

776

The

Mosaic

Co.

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

1,724

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

Camden

Property

Trust

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

577

CBRE

Group,

Inc.

Class

(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

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Healthpeak

Properties,

Inc.

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

3,807

Host

Hotels

Resorts,

Inc.

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

3,800

Invitation

Homes,

Inc.

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

3,082

109

Iron

Mountain,

Inc.

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

1,587

189

Kimco

Realty

Corp.

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

3,647

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

SBA

Communications

Corp.

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

581

140

Simon

Property

Group,

Inc.

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

1,658

280

UDR,

Inc.

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

1,624

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

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

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

1,378

331

Semiconductor

Corp.

(a)

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

2,317

168

Qorvo,

Inc.

(a)

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

513

QUALCOMM,

Inc.

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

6,026

1,025

Skyworks

Solutions,

Inc.

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

864

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)

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

1,249

350

Fair

Isaac

Corp.

(a)

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

133

259

Fortinet,

Inc.

(a)

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

3,434

266

Gen

Digital,

Inc.

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

2,930

Intuit,

Inc.

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

1,512

939

Microsoft

Corp.

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

40,577

17,460

Oracle

Corp.

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

8,646

1,473

Palantir

Technologies,

Inc.

Class

(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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

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

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

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

NRG

Energy,

Inc.

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

1,116

102

PG&E

Corp.

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

11,562

229

Pinnacle

West

Capital

Corp.

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

614

PPL

Corp.

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

3,991

132

Public

Service

Enterprise

Group,

Inc.

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

2,695

240

Sempra

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

3,425

286

The

AES

Corp.

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

3,846

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)

263,860

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(d)

........

15,411

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(d)

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

15,411

Invesco

Government

Agency

Portfolio,

Institutional

.84

(d)

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

15,411

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(d)

15,411

Total

Collateral

for

Securities

Loaned

(Cost

$62)

Total

Investments

(Cost

$42,060)

—

99.4%

263,922

Other

assets

excess

liabilities

—

0.6%

1,476

NET

ASSETS

100.00%

265,398

Purchased

with

cash

collateral

from

securities

loan.

Victory

Portfolios

Victory

S&P

500

Index

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Amount

represents

less

than

0.05%

net

assets.

(d)

Rate

disclosed

the

daily

yield

September

30,

2024.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

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

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

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Munder

Mid-Cap

Core

Growth

Fund

(Unaudited)

Security

Description

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)

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

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

Holdings

Ltd.

Class

(a)

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

238,600

3,257

Shift4

Payments,

Inc.

Class

(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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Copa

Holdings

Class

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

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

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

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)

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

79,800

3,114

16,956

Real

Estate

(7.3%):

CBRE

Group,

Inc.

Class

(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)

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)

9,342

Total

Investments

(Cost

$227,943)

—

99.9%

315,161

Other

assets

excess

liabilities

—

0.1%

338

NET

ASSETS

100.00%

315,499

September

30,

2024,

the

Fund's

investments

foreign

securities

were

7.6%

net

assets.

(a)

Non-income

producing

security.

Victory

Portfolios

Victory

Munder

Mid-Cap

Core

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Security

Description

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

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

15,691

1,112

Belgium

(0.6%):

Materials

(0.6%):

Titan

Cement

International

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

32,397

1,286

Brazil

(1.2%):

Energy

(0.3%):

PRIO

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

82,700

658

Financials

(0.4%):

Banco

Brasil

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

183,100

914

Industrials

(0.3%):

Embraer

(a)

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

73,600

648

Utilities

(0.2%):

Equatorial

Energia

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

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

Commerce

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

18,356

1,126

Fairfax

Financial

Holdings

Ltd.

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

1,871

2,363

National

Bank

Canada

(b)

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

16,341

1,543

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Royal

Bank

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

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

19,622

1,025

4,257

15,706

Chile

(0.3%):

Consumer

Staples

(0.3%):

Cencosud

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

357,393

722

China

(6.8%):

Communication

Services

(1.7%):

Baidu,

Inc.

Class

(a)

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

39,450

519

Kuaishou

Technology

Class

(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

(c)

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

103,600

696

Meituan

Class

(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

China

Ltd.

Class

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

1,485,000

693

Bank

China

Ltd.

Class

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

2,071,275

967

China

Construction

Bank

Corp.

Class

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

1,210,000

903

PICC

Property

Casualty

Co.

Ltd.

Class

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

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

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

229,500

669

Zijin

Mining

Group

Co.

Ltd.

Class

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

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

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

38,987

4,625

6,056

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

France

(6.4%):

Communication

Services

(0.8%):

Publicis

Groupe

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

16,572

1,813

Consumer

Discretionary

(0.7%):

LVMH

Moet

Hennessy

Louis

Vuitton

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

1,018

780

Renault

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

18,764

816

1,596

Energy

(0.3%):

Technip

Energies

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

31,450

760

Financials

(0.9%):

AXA

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

22,342

860

BNP

Paribas

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

17,079

1,172

2,032

Health

Care

(0.6%):

EssilorLuxottica

(a)

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

3,336

790

Ipsen

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

5,639

695

1,485

Industrials

(1.4%):

Cie

Saint-Gobain

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

17,517

1,597

Eiffage

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

7,816

755

Rexel

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

33,350

967

3,319

Information

Technology

(0.5%):

Capgemini

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

4,971

1,073

Materials

(0.5%):

Arkema

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

12,160

1,158

Real

Estate

(0.3%):

Klepierre

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

24,519

803

Utilities

(0.4%):

Engie

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

49,373

854

14,893

Germany

(5.0%):

Communication

Services

(1.0%):

Deutsche

Telekom

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

80,730

2,371

Consumer

Staples

(0.6%):

Henkel

Co.

KGaA

Preference

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

14,879

1,398

Financials

(1.1%):

Allianz

Registered

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

2,916

959

Muenchener

Rueckversicherungs-Gesellschaft

Muenchen

Class

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

2,870

1,581

2,540

Industrials

(1.4%):

GEA

Group

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

16,302

800

Siemens

Registered

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

12,444

2,517

3,317

Information

Technology

(0.5%):

SAP

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

4,718

1,079

Materials

(0.4%):

Evonik

Industries

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

35,999

843

11,548

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Greece

(0.3%):

Financials

(0.3%):

National

Bank

Greece

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

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.

India

Ltd.

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

320,261

1,351

11,006

Indonesia

(0.7%):

Communication

Services

(0.4%):

Indosat

Tbk

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

1,177,400

852

Energy

(0.3%):

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

Ireland

Group

PLC

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

72,400

808

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Health

Care

(0.5%):

ICON

PLC

(a)

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

3,828

1,100

Industrials

(0.7%):

AerCap

Holdings

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

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

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

1,599

749

PRADA

SpA

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

94,200

721

1,470

Health

Care

(0.4%):

Recordati

Industria

Chimica

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

37,099

589

Mexico

(1.0%):

Consumer

Staples

(0.3%):

Arca

Continental

SAB

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

76,685

717

Energy

(0.5%):

Vista

Energy

SAB

ADR

(a)

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

24,860

1,098

Financials

(0.2%):

Gentera

SAB

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

514,841

576

2,391

Netherlands

(3.7%):

Communication

Services

(0.3%):

Koninklijke

KPN

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

177,353

724

Consumer

Discretionary

(0.6%):

Prosus

(a)

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

32,472

1,417

Consumer

Staples

(0.5%):

Koninklijke

Ahold

Delhaize

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

32,150

1,111

Financials

(1.3%):

Euronext

(c)

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

10,249

1,112

ING

Groep

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

62,478

1,134

Group

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

15,978

797

3,043

Information

Technology

(1.0%):

ASML

Holding

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

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

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

49,512

927

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

Financials

(0.0%):

Sberbank

Russia

PJSC

(a)

(e)

(f)

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

220,230

—

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%):

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

Hynix,

Inc.

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

8,300

1,111

2,883

7,627

Spain

(2.8%):

Consumer

Discretionary

(0.9%):

Industria

Diseno

Textil

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

36,221

2,145

Energy

(0.3%):

Repsol

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

43,658

576

Financials

(1.1%):

Banco

Santander

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

355,974

1,823

Victory

Portfolios

Victory

Trivalent

International

Fund

—

Core

Equity

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Bankinter

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

92,093

813

2,636

Utilities

(0.5%):

Iberdrola

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

74,842

1,157

6,514

Sweden

(1.7%):

Consumer

Discretionary

(0.3%):

Evolution

(c)

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

8,258

813

Consumer

Staples

(0.6%):

Essity

Class

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

41,703

1,302

Financials

(0.4%):

Swedbank

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

39,377

836

Industrials

(0.4%):

Volvo

Class

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

40,173

1,063

4,014

Switzerland

(6.2%):

Consumer

Staples

(0.5%):

Coca-Cola

HBC

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

31,919

1,138

Financials

(0.5%):

Zurich

Insurance

Group

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

2,009

1,214

Health

Care

(2.6%):

Alcon,

Inc.

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

9,692

970

Novartis

Registered

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

34,173

3,936

Sandoz

Group

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

26,903

1,121

6,027

Industrials

(0.6%):

ABB

Ltd.

Registered

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

22,612

1,312

Information

Technology

(0.3%):

Logitech

International

Class

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

7,494

671

Materials

(1.7%):

Clariant

Registered

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

48,683

738

Glencore

PLC

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

174,142

997

Holcim

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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%):

PLC

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

180,201

940

Harbour

Energy

PLC

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

161,560

576

1,516

Financials

(2.3%):

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Name

Acquisition

Date

Cost

LUKOIL

PJSC

ADR

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

8/21/2019

729

Sberbank

Russia

PJSC

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

12/9/2016

752

Security

Description

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

.83

(g)

........

667,752

667

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(g)

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

667,752

668

Invesco

Government

Agency

Portfolio,

Institutional

.84

(g)

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

667,752

668

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.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

excess

other

assets

—

(0.2)%

(

312

)

NET

ASSETS

100.00%

231,780

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$6,888

(thousands)

and

amounted

3.0%

net

assets.

(d)

Amount

represents

less

than

0.05%

net

assets.

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

September

30,

2024

(amounts

thousands):

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(g)

Rate

disclosed

the

daily

yield

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

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

Security

Description

Value

(000)

Common

Stocks

(97.7%)

Australia

(5.5%):

Consumer

Discretionary

(1.1%):

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%):

Financial

Corp.

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

816,914

11,121

EQB,

Inc.

(a)

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

245,270

18,908

30,029

Health

Care

(0.0%):(c)

Tilray

Brands,

Inc.

(b)

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

—

(d)

Industrials

(1.6%):

AtkinsRealis

Group,

Inc.

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

296,772

12,059

Bombardier,

Inc.

Class

(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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Docebo,

Inc.

(b)

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

211,802

9,347

55,971

Materials

(2.5%):

Agnico

Eagle

Mines

Ltd.

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

—

(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

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

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

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

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

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

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

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

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

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

477,086

20,736

Francaise

des

Jeux

SAEM

(e)

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

392,523

16,150

Renault

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

428,416

18,622

55,508

Energy

(0.9%):

Technip

Energies

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

665,063

16,068

Vallourec

SACA

(b)

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

1,133,069

17,176

33,244

Health

Care

(0.7%):

Ipsen

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

115,405

14,214

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Virbac

SACA

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

30,099

12,816

27,030

Industrials

(2.4%):

Eiffage

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

220,872

21,326

Elis

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

983,596

20,524

Nexans

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

80,100

11,756

Rexel

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

421,179

12,207

SPIE

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

650,165

24,858

90,671

Information

Technology

(0.6%):

Sopra

Steria

Group

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

108,914

22,898

Materials

(0.7%):

Arkema

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

258,832

24,650

Real

Estate

(0.7%):

Klepierre

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

857,584

28,096

282,097

Germany

(5.5%):

Communication

Services

(1.7%):

CTS

Eventim

Co.

KGaA

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

255,779

26,630

Freenet

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

625,643

18,622

Scout24

(e)

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

193,811

16,684

61,936

Consumer

Discretionary

(0.3%):

TUI

(b)

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

1,503,715

11,478

Health

Care

(0.4%):

Gerresheimer

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

153,201

13,673

Industrials

(0.8%):

GEA

Group

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

414,499

20,327

Nordex

(a)

(b)

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

707,804

11,007

31,334

Information

Technology

(1.2%):

AIXTRON

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

503,026

8,964

Bechtle

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

328,161

14,678

SUSS

MicroTec

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

197,029

15,188

TeamViewer

(b)

(e)

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

615,386

7,856

46,686

Materials

(0.3%):

Evonik

Industries

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

489,743

11,463

Real

Estate

(0.8%):

TAG

Immobilien

(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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Consumer

Staples

(0.5%):

Glanbia

PLC

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

1,148,542

20,224

Financials

(0.7%):

Bank

Ireland

Group

PLC

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

2,176,014

24,297

Industrials

(0.3%):

DCC

PLC

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

138,497

9,453

66,844

Isle

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

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

723,863

7,286

Leonardo

SpA

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

546,877

12,238

19,524

Information

Technology

(0.4%):

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Luxembourg

(0.4%):

Communication

Services

(0.4%):

Millicom

International

Cellular

(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

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

490,785

24,056

Euronext

(e)

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

205,521

22,306

46,362

Industrials

(0.7%):

Fugro

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

1,056,731

24,075

Information

Technology

(0.5%):

Semiconductor

Industries

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

144,198

18,389

Materials

(0.3%):

OCI

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

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%):

Hyundai

Electric

Co.

Ltd.

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

64,640

16,266

LIG

Nex1

Co.

Ltd.

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

77,523

12,547

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

Innotek

Co.

Ltd.

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

56,565

9,420

19,931

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Materials

(0.2%):

LOTTE

Fine

Chemical

Co.

Ltd.

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

240,577

8,787

162,421

Spain

(3.2%):

Financials

(1.2%):

Bankinter

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

3,396,031

29,976

Mapfre

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

4,949,406

13,179

43,155

Health

Care

(0.1%):

Laboratorios

Farmaceuticos

Rovi

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

69,096

5,508

Industrials

(0.4%):

Logista

Integral

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

503,510

15,154

Information

Technology

(0.4%):

Indra

Sistemas

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

845,667

15,543

Materials

(0.4%):

Acerinox

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

1,393,146

14,979

Real

Estate

(0.7%):

Merlin

Properties

Socimi

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

2,013,799

25,524

119,863

Sweden

(2.6%):

Consumer

Staples

(0.3%):

Axfood

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

418,238

11,793

Financials

(0.4%):

Avanza

Bank

Holding

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

602,885

14,956

Industrials

(1.4%):

AFRY

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

634,241

11,559

Loomis

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

335,035

11,012

NCC

Class

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

791,345

13,241

Trelleborg

Class

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

414,954

15,978

51,790

Real

Estate

(0.5%):

Wihlborgs

Fastigheter

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

1,481,682

17,107

95,646

Switzerland

(7.2%):

Consumer

Staples

(0.7%):

Coca-Cola

HBC

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

720,345

25,677

Financials

(0.9%):

Swissquote

Group

Holding

Registered

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

91,958

33,185

Health

Care

(1.3%):

Galenica

(e)

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

245,561

21,639

Siegfried

Holding

Registered

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

20,341

27,400

49,039

Industrials

(2.3%):

Accelleron

Industries

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

363,589

18,868

Bucher

Industries

Registered

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

24,521

11,132

DKSH

Holding

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

140,030

11,140

Flughafen

Zurich

Registered

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

65,347

15,723

Sulzer

Registered

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

180,884

29,684

86,547

Victory

Portfolios

Victory

Trivalent

International

Small-Cap

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Information

Technology

(0.3%):

Logitech

International

Class

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

113,875

10,201

Materials

(0.7%):

Clariant

Registered

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

1,653,291

25,062

Real

Estate

(0.7%):

PSP

Swiss

Property

Registered

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

190,437

27,907

Utilities

(0.3%):

BKW

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

.83

(f)

........

15,035,253

15,036

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(f)

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

15,035,253

15,035

Invesco

Government

Agency

Portfolio,

Institutional

.84

(f)

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

15,035,253

15,035

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.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

excess

liabilities

—

0.0%

349

NET

ASSETS

100.00%

3,750,146

Purchased

with

cash

collateral

from

securities

loan.

(a)

All

portion

this

security

loan.

(b)

Non-income

producing

security.

(c)

Amount

represents

less

than

0.05%

net

assets.

(d)

Rounds

less

than

thousand.

(e)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$121,206

(thousands)

and

amounted

3.2%

net

assets.

(f)

Rate

disclosed

the

daily

yield

September

30,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Also

Known

Victory

Core

Bond

Fund*)

(Unaudited)

Security

Description

Principal

Amount

(000)

Value

(000)

Asset-Backed

Securities

(8.9%)

ABS

Auto

(5.8%):

CarMax

Auto

Owner

Trust,

Series

2024-2,

Class

5.69%,

11/15/29,

Callable

7/15/27

100

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

5.55%,

1/25/30,

Callable

10/25/27

100(a)

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

Series

2024-3A,

Class

A4,

5.08%,

12/25/29,

Callable

12/25/27

100(a)

...........

Series

2024-4A,

Class

5.23%,

4/25/30,

Callable

12/25/27

100(a)

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

Chesapeake

Funding

LLC,

Series

2024-1A,

Class

A1,

5.52%,

5/15/36,

Callable

7/15/27

100(a)

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

Ent

Auto

Receivables

Trust,

Series

2023-1A,

Class

A4,

6.26%,

11/15/29,

Callable

1/15/28

100(a)

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

Enterprise

Fleet

Financing

LLC

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

Series

2023-3,

Class

A3,

6.41%,

6/20/30,

Callable

6/20/27

100(a)

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

Series

2024-2,

Class

A4,

5.69%,

12/20/30,

Callable

1/20/28

100(a)

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

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

3.35%,

4/15/27,

Callable

3/15/25

100(a)

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

Ford

Credit

Auto

Owner

Trust,

Series

2020-1,

Class

2.54%,

8/15/31,

Callable

2/15/25

100(a)

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

100

Foursight

Capital

Automobile

Receivables

Trust

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

Series

2021-2,

Class

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

JPMorgan

Chase

Bank

NA,

Series

2021-2,

Class

0.97%,

12/26/28,

Callable

9/25/25

100(a)

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

LAD

Auto

Receivables

Trust,

Series

2023-4A,

Class

6.39%,

10/16/28,

Callable

10/15/27

100(a)

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

PenFed

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

A4,

4.75%,

3/15/30,

Callable

1/15/29

100(a)

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

Santander

Drive

Auto

Receivables

Trust

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

Series

2022-2,

Class

3.44%,

9/15/27,

Callable

3/15/26

100

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

184

183

Series

2023-1,

Class

4.98%,

2/15/28,

Callable

9/15/26

100

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

195

SBNA

Auto

Receivables

Trust

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

Series

2024-A,

Class

A4,

5.21%,

4/16/29,

Callable

10/15/27

100(a)

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

Series

2024-A,

Class

5.29%,

9/17/29,

Callable

10/15/27

100(a)

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

SCCU

Auto

Receivables

Trust,

Series

2024-1A,

Class

5.33%,

7/15/30,

Callable

4/15/28

100(a)

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

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

5.38%,

1/21/31,

Callable

1/20/28

100(a)

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

Tesla

Auto

Lease

Trust

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

Series

2023-A,

Class

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)

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

U.S.

Bank

NA,

Series

2023-1,

Class

6.79%,

8/25/32,

Callable

10/25/26

100(a)

.......

Westlake

Automobile

Receivables

Trust

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

Series

2022-1A,

Class

3.11%,

3/15/27,

Callable

11/15/25

100(a)

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

251

250

Series

2023-1A,

Class

5.41%,

1/18/28,

Callable

8/15/26

100(a)

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

250

251

Series

2023-2A,

Class

6.14%,

3/15/28,

Callable

10/15/26

100(a)

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

200

202

Wheels

Fleet

Lease

Funding

LLC,

Series

2024-2A,

Class

4.84%,

6/21/39(a)

.........

2,711

ABS

Card

(1.3%):

American

Express

Credit

Account

Master

Trust,

Series

2023-4,

Class

5.15%,

9/15/30

....

100

104

Credit

Card

Trust

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

Series

2023-A2,

Class

A2,

4.98%,

11/15/28

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

Series

2024-A1,

Class

4.93%,

5/15/29

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

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

A2,

1.39%,

7/15/30

.......

CARDS

Trust,

Series

2024-1A,

Class

5.84%,

7/16/29(a)

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

Chase

Issuance

Trust,

Series

2024-A2,

Class

4.63%,

1/15/31

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

Citibank

Credit

Card

Issuance

Trust,

Series

2018-A7,

Class

A7,

3.96%,

10/13/30

.........

100

Master

Credit

Card

Trust

II,

Series

2023-4A,

Class

7.53%,

10/21/32(a)

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

127

136

621

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Also

Known

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

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)

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

ABS

Other

(1.7%):

CCG

Receivables

Trust,

Series

2023-2,

Class

6.21%,

4/14/32,

Callable

11/14/27

100(a)

Crossroads

Asset

Trust,

Series

2024-A,

Class

5.94%,

8/20/30,

Callable

4/20/28

100(a)

CyrusOne

Data

Centers

Issuer

LLC,

Series

2024-2A,

Class

A2,

4.50%,

5/20/49(a)

.......

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

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)

......

DLLMT

LLC,

Series

2024-1A,

Class

A4,

4.98%,

4/20/32,

Callable

5/20/28

100(a)

......

HPEFS

Equipment

Trust,

Series

2023-2A,

Class

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

Kubota

Credit

Owner

Trust,

Series

2024-2A,

Class

A4,

5.19%,

5/15/30,

Callable

4/15/28

100(a)

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

M&T

Equipment

LEAF

Notes,

Series

2024-1A,

Class

A4,

4.94%,

8/18/31,

Callable

8/16/28

100(a)

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

PEAC

Solutions

Receivables

LLC,

Series

2024-1A,

Class

A3,

5.64%,

11/20/30,

Callable

12/20/27

100(a)

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

SCF

Equipment

Leasing

LLC,

Series

2023-1A,

Class

6.37%,

5/20/32,

Callable

8/20/30

100(a)

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

VB-S1

Issuer

LLC

VBTEL,

Series

2024-1A,

Class

C2,

5.59%,

5/15/54,

Callable

5/15/27

100(a)

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

Volvo

Financial

Equipment

LLC,

Series

2024-1A,

Class

A4,

4.29%,

7/15/31,

Callable

4/15/28

100(a)

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

814

Total

Asset-Backed

Securities

(Cost

$4,119)

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

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

454

Agency

Commercial

MBS

(0.1%):

Federal

National

Mortgage

Association,

Series

2022-M12,

Class

3.18%,

12/25/28(c)

.....

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

6.34%,

8/10/44(a)(d)

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

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C3,

Class

A4,

3.72%,

8/15/48,

Callable

8/15/25

100

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

100

Mortgage

Securities

Trust,

Series

2016-GS2,

Class

A4,

3.05%,

5/10/49,

Callable

5/10/26

100

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

162

158

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

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Also

Known

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

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)

3,147

Corporate

Bonds

(25.5%)

Communication

Services

(1.6%):

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

100

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

100

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

780

Consumer

Discretionary

(1.2%):

D.R.

Horton,

Inc.,

5.00%,

10/15/34,

Callable

7/15/34

100

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

Genuine

Parts

Co.

4.95%,

8/15/29,

Callable

7/15/29

100

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

2.75%,

2/1/32,

Callable

11/1/31

100

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

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

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

100

Tapestry,

Inc.,

7.85%,

11/27/33,

Callable

8/27/33

100

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

100

108

Volkswagen

Group

America

Finance

LLC,

6.45%,

11/16/30,

Callable

9/16/30

100(a)

574

Consumer

Staples

(2.4%):

Altria

Group,

Inc.,

4.40%,

2/14/26,

Callable

12/14/25

100

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

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

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

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

Coca-Cola

Consolidated,

Inc.,

5.45%,

6/1/34,

Callable

3/1/34

100

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

Keurig

Dr.

Pepper,

Inc.,

4.50%,

4/15/52,

Callable

10/15/51

100

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

100

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

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

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

1,127

Energy

(1.9%):

Energy

Transfer

LP,

3.75%,

5/15/30,

Callable

2/15/30

100

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

100

Enterprise

Products

Operating

LLC,

4.95%,

2/15/35,

Callable

11/15/34

100

...........

Evergy

Missouri

West,

Inc.,

5.65%,

6/1/34,

Callable

3/1/34

100(a)

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

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

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

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

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

878

Financials

(6.3%):

American

Express

Co.,

5.28%

(SOFR+142bps),

7/26/35,

Callable

7/26/34

100(b)

.......

Bank

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)

...

Cincinnati

Financial

Corp.,

6.13%,

11/1/34

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

130

141

Citigroup,

Inc.,

4.45%,

9/29/27

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

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)

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

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

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

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

MassMutual

Global

Funding

II,

4.35%,

9/17/31(a)

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

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

PPL

Capital

Funding,

Inc.,

5.25%,

9/1/34,

Callable

6/1/34

100

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

Regions

Financial

Corp.,

1.80%,

8/12/28,

Callable

6/12/28

100

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

100

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)

...

Simon

Property

Group

LP,

5.85%,

3/8/53,

Callable

9/8/52

100

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

State

Street

Corp.,

5.16%

(SOFR+189bps),

5/18/34,

Callable

5/18/33

100(b)(e)

........

100

104

The

Bank

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)

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

5.68%

(SOFR+190bps),

1/22/35,

Callable

1/22/34

100(b)

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

Truist

Financial

Corp.,

4.95%

(H15T5Y+461bps),

Callable

9/1/25

100(b)(f)

...........

U.S.

Bancorp,

5.78%

(SOFR+202bps),

6/12/29,

Callable

6/12/28

100(b)

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

Solutions,

Inc.,

6.50%,

10/20/28,

Callable

9/20/28

100(a)

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

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

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.

Mutual

Legal

Reserve

Co.,

5.45%,

6/15/34,

Callable

3/15/34

100(a)

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

Laboratory

Corp.

America

Holdings,

4.55%,

4/1/32,

Callable

2/1/32

100

...........

Universal

Health

Services,

Inc.,

2.65%,

10/15/30,

Callable

7/15/30

100(a)

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

102

Zimmer

Biomet

Holdings,

Inc.,

5.20%,

9/15/34,

Callable

6/15/34

100

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

1,397

Industrials

(3.2%):

Acuity

Brands

Lighting,

Inc.,

2.15%,

12/15/30,

Callable

9/15/30

100

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

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)

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

CSX

Corp.,

3.35%,

9/15/49,

Callable

3/15/49

100

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

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

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

Honeywell

International,

Inc.,

2.80%,

6/1/50,

Callable

12/1/49

100

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

Norfolk

Southern

Corp.

2.30%,

5/15/31,

Callable

2/15/31

100

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

100

2.90%,

8/25/51,

Callable

2/25/51

100

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

125

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

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

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

United

Airlines

Pass

Through

Trust,

5.45%,

2/15/37

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

Verisk

Analytics,

Inc.,

5.25%,

6/5/34,

Callable

3/5/34

100

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

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

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

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

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Also

Known

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

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

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

Martin

Marietta

Materials,

Inc.,

2.40%,

7/15/31,

Callable

4/15/31

100

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

Newmont

Corp.,

2.60%,

7/15/32,

Callable

4/15/32

100

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

104

Packaging

Corp.

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)

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

Sonoco

Products

Co.,

5.00%,

9/1/34,

Callable

6/1/34

100

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

505

Real

Estate

(0.9%):

AvalonBay

Communities,

Inc.,

5.35%,

6/1/34,

Callable

3/1/34

100

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

DOC

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

.........

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)

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

411

Utilities

(2.7%):

AEP

Texas,

Inc.,

5.70%,

5/15/34,

Callable

2/15/34

100

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

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

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

Black

Hills

Corp.,

6.00%,

1/15/35,

Callable

10/15/34

100

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

Commonwealth

Edison

Co.,

5.30%,

6/1/34,

Callable

3/1/34

100

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

Consolidated

Edison

Co.

New

York,

Inc.,

6.30%,

8/15/37

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

125

141

Duke

Energy

Corp.,

4.50%,

8/15/32,

Callable

5/15/32

100

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

100

Entergy

Arkansas

LLC,

5.45%,

6/1/34,

Callable

3/1/34

100

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

Entergy

Louisiana

LLC,

5.15%,

9/15/34,

Callable

6/15/34

100

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

Niagara

Mohawk

Power

Corp.,

5.29%,

1/17/34,

Callable

10/17/33

100(a)

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

Northern

States

Power

Co.,

5.65%,

6/15/54,

Callable

12/15/53

100

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

Oglethorpe

Power

Corp.

4.20%,

12/1/42

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

5.80%,

6/1/54,

Callable

12/1/53

100(a)

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

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)

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)

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

Energy

(0.1%):

Enbridge,

Inc.,

5.63%,

4/5/34,

Callable

1/5/34

100

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

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

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

Barclays

PLC,

2.28%

(H15T1Y+105bps),

11/24/27,

Callable

11/24/26

100(b)

.........

100

BPCE

SA,

6.51%

(SOFR+279bps),

1/18/35,

Callable

1/18/34

100(a)(b)

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

100

105

Canadian

Imperial

Bank

Commerce,

6.09%,

10/3/33,

Callable

7/3/33

100

...........

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

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

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

The

Bank

Nova

Scotia,

4.90%

(H15T5Y+455bps),

Callable

6/4/25

100(b)(f)

........

1,048

Health

Care

(0.2%):

Smith

Nephew

PLC,

5.40%,

3/20/34,

Callable

12/20/33

100

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

Takeda

Pharmaceutical

Co.

Ltd.,

5.65%,

7/5/54,

Callable

1/5/54

100

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

103

Industrials

(1.0%):

Canadian

National

Railway

Co.,

3.20%,

8/2/46,

Callable

2/2/46

100

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

Canadian

Pacific

Railway

Co.,

3.10%,

12/2/51,

Callable

6/2/51

100

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

Ferguson

Finance

PLC,

4.65%,

4/20/32,

Callable

1/20/32

100(a)

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

200

196

Energy

Solution

Ltd.,

5.50%,

7/2/34(a)

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

Pentair

Finance

SARL,

5.90%,

7/15/32,

Callable

4/15/32

100

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

Trane

Technologies

Financing

Ltd.,

5.25%,

3/3/33,

Callable

12/3/32

100

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

474

Materials

(0.2%):

Rio

Tinto

Finance

USA

Ltd.,

5.20%,

11/2/40

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

Utilities

(0.1%):

Iberdrola

International

BV,

6.75%,

9/15/33

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

Total

Yankee

Dollars

(Cost

$1,865)

1,867

Municipal

Bonds

(0.2%)

Louisiana

(0.2%):

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

Revenue

Series

4.28%,

2/1/36

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

Series

4.48%,

8/1/39

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

123

Total

Municipal

Bonds

(Cost

$121)

123

U.S.

Government

Agency

Mortgages

(14.1%)

Farm

Credit

Bank

Texas

Series

5.70%

(H15T5Y+542bps)(a)(b)(f)

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

Federal

Farm

Credit

Banks

Funding

Corporation

2.20%,

9/2/36

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

100

5.60%,

8/5/39

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

6.19%,

6/17/44

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

156

Federal

Home

Loan

Banks

5.65%,

7/30/31

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

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

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

2.50%,

7/1/51

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

1,740

1,501

1,696

Government

National

Mortgage

Association

4.50%,

3/20/53

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

5.50%,

4/20/53

8/20/53

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

368

373

2.50%,

7/20/53

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

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Also

Known

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

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)

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)

18,826

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.83%(h)

........

89,674

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.85%(h)

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

89,674

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

4.84%(h)

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

89,674

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.82%(h)

89,674

Total

Collateral

for

Securities

Loaned

(Cost

$359)

359

Total

Investments

(Cost

$47,292)

—

100.0%

47,221

Liabilities

excess

other

assets

— (0.0)%(i)

(11)

NET

ASSETS

100.00%

47,210

Effective

the

start

business

November

2024,

the

Fund

name

will

change

Victory

Core

Bond

Fund.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$5,567

(thousands)

and

amounted

11.8%

net

assets.

(b)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2024.

(c)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

factors

relating

the

pool

assets

underlying

the

security.

The

rate

disclosed

the

rate

effect

September

30,

2024.

(d)

Security

interest

only.

(e)

All

portion

this

security

loan.

(f)

Security

perpetual

and

has

final

maturity

date

but

may

subject

calls

various

dates

the

future.

(g)

Rounds

less

than

thousand.

(h)

Rate

disclosed

the

daily

yield

September

30,

2024.

(i)

Amount

represents

less

than

0.05%

net

assets.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

September

30,

2024.

Victory

Portfolios

Victory

Total

Return

Bond

Fund

(Also

Known

Victory

Core

Bond

Fund*)

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

September

30,

2024.

LLC

—

Limited

Liability

Company

—

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

September

30,

2024.

TSFR1M

—

month

Term

SOFR,

rate

disclosed

September

30,

2024.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Diversified

Stock

Fund

(Unaudited)

Security

Description

Value

(000)

Common

Stocks

(95.4%)

Communication

Services

(11.1%):

Alphabet,

Inc.,

Class

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

82,494

13,792

Meta

Platforms,

Inc.,

Class

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

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

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

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

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)

313,450

Exchange-Traded

Funds

(2.0%)

SPDR

S&P

500

ETF

Trust

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

11,566

6,636

Total

Exchange-Traded

Funds

(Cost

$6,506)

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.82%(c)

212,975

213

Total

Collateral

for

Securities

Loaned

(Cost

$852)

852

Total

Investments

(Cost

$205,427)

—

97.7%

320,938

Other

assets

excess

liabilities

—

2.3%

7,569

NET

ASSETS

100.00%

328,507

September

30,

2024,

the

Fund's

investments

foreign

securities

were

6.2%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Special

Value

Fund

(Unaudited)

Security

Description

Value

(000)

Common

Stocks

(94.3%)

Communication

Services

(11.1%):

Alphabet,

Inc.,

Class

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

10,978

1,835

Meta

Platforms,

Inc.,

Class

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

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

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

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

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

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)

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)

1,486

Collateral

for

Securities

Loaned

(1.1%)^

Goldman

Sachs

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.82%(c)

117,294

118

Total

Collateral

for

Securities

Loaned

(Cost

$469)

469

Total

Investments

(Cost

$27,808)

—

98.7%

43,300

Other

assets

excess

liabilities

—

1.3%

549

NET

ASSETS

100.00%

43,849

September

30,

2024,

the

Fund's

investments

foreign

securities

were

6.2%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

THB

Small

Opportunities

Fund

(Unaudited)

Security

Description

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

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

Energy

(6.1%):

Cactus,

Inc.

Class

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

2,490

149

Dorian

LPG

Ltd.

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

1,000

Expro

Group

Holdings

(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

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

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

Boise

Cascade

Co.

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

970

137

Casella

Waste

Systems,

Inc.

(a)

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

970

ESCO

Technologies,

Inc.

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

1,600

206

GMS,

Inc.

(a)

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

1,294

117

Hub

Group,

Inc.

Class

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

1,940

Landstar

System,

Inc.

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

960

181

RBC

Bearings,

Inc.

(a)

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

590

177

Rush

Enterprises,

Inc.

Class

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

1,820

SPX

Technologies,

Inc.

(a)

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

1,000

159

Victory

Portfolios

Victory

THB

Small

Opportunities

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Standex

International

Corp.

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

770

141

Sterling

Infrastructure,

Inc.

(a)

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

630

The

AZEK

Co.,

Inc.

(a)

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

1,950

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

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

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)

9,986

Total

Investments

(Cost

$7,825)

—

99.6%

9,986

Other

assets

excess

liabilities

—

0.4%

NET

ASSETS

100.00%

10,030

(a)

Non-income

producing

security.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Strategic

Allocation

Fund

(Unaudited)

Security

Description

Value

(000)

Affiliated

Exchange-Traded

Funds

(6.5%)

VictoryShares

Multi-Factor

Minimum

Volatility

ETF

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

35,750

1,737

Total

Affiliated

Exchange-Traded

Funds

(Cost

$907)

1,737

Affiliated

Mutual

Funds

(93.1%)

Victory

Global

Energy

Transition

Fund,

Class

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

28,386

951

Victory

Integrity

Discovery

Fund,

Class

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

18,098

885

Victory

Investment

Grade

Convertible

Fund,

Class

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

87,102

1,577

Victory

Market

Neutral

Income

Fund,

Class

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

48,986

414

Victory

Global

Fund,

Class

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

308,569

7,674

Victory

Partners

Fund,

Class

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

29,385

961

Victory

Sophus

Emerging

Markets

Fund,

Class

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

111,828

2,374

Victory

Total

Return

Bond

Fund,

Class

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

985,386

8,366

Victory

Trivalent

International

Small-Cap

Fund,

Class

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

100,709

1,662

Total

Affiliated

Mutual

Funds

(Cost

$20,134)

24,864

Total

Investments

(Cost

$21,041)

—

99.6%

26,601

Other

assets

excess

liabilities

—

0.4%

105

NET

ASSETS

100.00%

26,706

September

30,

2024,

the

foreign

securities

held

the

underlying

Funds

were

47.4%

net

assets.

ETF

—

Exchange-Traded

Fund

Affiliated

Holdings

(Amounts

thousands)

Fair

Value

6/30/2024

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

Unrealized

Appreciation/

Depreciation

Fair

Value

9/30/2024

Dividend

Income

Victory

Global

Energy

Transition

Fund,

Class

.........

950

—

(

)

—

951

—

Victory

Integrity

Discovery

Fund,

Class

.........

867

—

(

)

—

885

—

Victory

Investment

Grade

Convertible

Fund,

Class

.....

1,533

(

)

(

)

—

1,577

Victory

Market

Neutral

Income

Fund,

Class

409

—

414

Victory

Global

Fund,

Class

.....

7,956

—

(

828

)

401

—

145

7,674

—

Victory

Partners

Fund,

Class

.....

972

—

(

121

)

—

961

—

Victory

Sophus

Emerging

Markets

Fund,

Class

....

2,518

—

(

187

)

(

)

—

104

2,374

—

Victory

Total

Return

Bond

Fund,

Class

7,971

—

312

8,366

Victory

Trivalent

International

Small-

Cap

Fund,

Class

1,669

—

(

146

)

—

1,662

—

VictoryShares

Multi-Factor

Minimum

Volatility

ETF

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

1,801

—

(

184

)

—

1,737

26,646

102

(

1,642

)

499

—

996

26,601

107

Rounds

less

than

thousand.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Fund

for

Income

(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

.50

3/16/31

Callable

10/16/24

100

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

Series

2005-74

Class

.50

9/16/35

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

Series

2005-74

Class

.50

9/16/35

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

Series

2011-166

Class

.73

11/20/31

(a)

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

328

338

Series

2012-106

Class

.33

10/20/34

(a)

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

257

274

Series

2012-30

Class

.94

11/20/39

(a)

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

676

712

Series

2013-190

Class

.19

9/20/30

(a)

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

Series

2013-51

Class

.04

4/20/34

(a)

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

758

787

Series

2013-64

Class

.57

12/20/38

(a)

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

349

366

Series

2013-70

Class

.90

2/20/39

(a)

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

377

396

Series

2014-69

Class

.20

11/20/34

(a)

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

Series

2014-74

Class

.83

5/16/44

(a)

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

Series

2015-77

Class

.14

6/20/39

(a)

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

134

141

Series

2019-22

Class

.93

2/20/49

(a)

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

1,797

1,893

Series

2021-1

Class

.84

1/20/51

(a)

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

1,941

2,049

Series

2023-186

Class

.00

9/20/31

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

1,457

1,558

8,730

Total

Collateralized

Mortgage

Obligations

(Cost

$9,295)

8,730

U.S.

Government

Agency

Mortgages

(75.4%)

Single

Family

Pass-throughs

(75.0%):

Government

National

Mortgage

Association

.00

12/15/24

2/20/49

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

48,188

50,523

.00

12/15/24

4/15/38

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

12,722

13,469

.13

7/15/25

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

.50

7/15/25

7/15/32

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

801

846

.50

8/15/25

2/20/41

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

69,449

72,893

.50

8/15/25

12/20/38

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

19,718

20,647

.00

1/20/26

5/20/39

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

43,765

46,278

.13

6/20/28

11/20/28

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

.28

10/20/28

9/20/29

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

255

258

.10

5/20/29

7/20/31

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

244

249

.30

4/20/30

2/20/31

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

105

106

.00

5/15/30

9/15/30

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

193

203

.49

5/20/31

3/20/32

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

461

470

.50

3/20/32

11/15/45

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

22,808

23,744

.50

12/15/33

5/15/41

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

6,213

6,285

.00

1/20/34

2/20/42

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

13,636

14,001

.00

8/15/41

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

420

417

250,484

Multi-Family

Pass-throughs

(0.4%):

Government

National

Mortgage

Association

.00

1/15/31

11/15/33

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

809

.75

9/15/33

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

318

.00

4/20/38

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

1,175

Total

U.S.

Government

Agency

Mortgages

(Cost

$267,940)

251,659

U.S.

Treasury

Obligations

(21.7%)

U.S.

Treasury

Bills

.46

1/23/25

(b)

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

31,385

30,944

U.S.

Treasury

Bonds

.63

2/15/25

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

40,766

41,288

Total

U.S.

Treasury

Obligations

(Cost

$72,145)

72,232

Victory

Portfolios

Victory

Fund

for

Income

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

(000)

Investment

Companies

(0.0%)(c)

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

.02

(b)

...........

100,188

100

Total

Investment

Companies

(Cost

$100)

100

Total

Investments

(Cost

$349,480)

—

99.7%

332,721

Other

assets

excess

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

factors

relating

the

pool

assets

underlying

the

security.

The

rate

disclosed

the

rate

effect

September

30,

2024.

(b)

Rate

represents

the

effective

yield

September

30,

2024.

(c)

Amount

represents

less

than

0.05%

net

assets.

CMO

—

Collateralized

Mortgage

Obligations

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Investment

Grade

Convertible

Fund

(Unaudited)

Security

Description

Principal

Amount

(000)

Value

(000)

Convertible

Corporate

Bonds

(77.6%)

Consumer

Discretionary

(16.4%):

Booking

Holdings,

Inc.

.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.

.75

5/15/28

(b)

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

4,660

5,319

Winnebago

Industries,

Inc.

.50

4/1/25

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

755

791

45,610

Financials

(17.6%):

Barclays

Bank

PLC

2/18/25

(a)

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

2,325

2,571

.00

2/16/29

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

10,275

10,660

Blackstone

Mortgage

Trust,

Inc.

.50

3/15/27

(c)

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

4,105

3,923

Block,

Inc.

.13

3/1/25

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

1,210

1,184

Euronet

Worldwide,

Inc.

.75

3/15/49

Callable

3/20/25

100

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

7,997

7,836

Global

Payments,

Inc.

.50

3/1/31

(b)

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

6,342

6,058

HAT

Holdings

LLC/HAT

Holdings

LLC

.75

8/15/28

(b)

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

520

717

JPMorgan

Chase

Financial

Co.

LLC

.50

6/15/27

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

1,760

1,777

New

Mountain

Finance

Corp.

.50

10/15/25

Callable

7/15/25

100

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

6,565

6,625

PPL

Capital

Funding,

Inc.

.88

3/15/28

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

6,530

6,928

Prospect

Capital

Corp.

.38

3/1/25

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

691

690

48,969

Health

Care

(4.0%):

Dexcom,

Inc.

.38

5/15/28

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

1,500

1,327

Envista

Holdings

Corp.

.75

8/15/28

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

10,900

9,885

11,212

Industrials

(11.3%):

Parsons

Corp.

.25

8/15/25

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

4,000

9,199

.63

3/1/29

(b)

(c)

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

1,880

2,365

Southwest

Airlines

Co.

.25

5/1/25

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

13,255

13,372

The

Middleby

Corp.

.00

9/1/25

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

535

616

Uber

Technologies,

Inc.

.88

12/1/28

(b)

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

4,720

5,912

31,464

Information

Technology

(5.1%):

Akamai

Technologies,

Inc.

.13

5/1/25

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

5,399

6,014

Semiconductor

Corp.

5/1/27

(a)

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

735

1,078

Vishay

Intertechnology,

Inc.

.25

9/15/30

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

7,740

7,111

14,203

Real

Estate

(10.5%):

Federal

Realty

.25

1/15/29

(b)

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

4,380

4,616

Kite

Realty

Group

.75

4/1/27

(b)

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

8,280

9,265

Rexford

Industrial

Realty

.38

3/15/27

(b)

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

640

666

.13

3/15/29

(b)

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

1,165

1,232

Ventas

Realty

.75

6/1/26

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

4,750

5,776

Welltower

LLC

.75

5/15/28

(b)

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

4,920

6,776

.13

7/15/29

(b)

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

860

1,001

29,332

Utilities

(12.7%):

Alliant

Energy

Corp.

.88

3/15/26

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

3,185

3,334

American

Water

Capital

Corp.

.63

6/15/26

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

8,060

8,265

CenterPoint

Energy,

Inc.

.25

8/15/26

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

4,245

4,305

CMS

Energy

Corp.

.38

5/1/28

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

2,455

2,633

Duke

Energy

Corp.

.13

4/15/26

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

5,140

5,445

Evergy,

Inc.

.50

12/15/27

(b)

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

2,520

2,777

The

Southern

Co.

.88

12/15/25

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

5,205

5,795

Victory

Portfolios

Victory

Investment

Grade

Convertible

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

(000)

Value

(000)

WEC

Energy

Group,

Inc.

.38

6/1/27

(b)

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

1,310

1,423

.38

6/1/29

(b)

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

1,310

1,453

35,430

Total

Convertible

Corporate

Bonds

(Cost

$202,787)

216,220

Convertible

Preferred

Stocks

(20.9%)

Financials

(15.0%):

Apollo

Global

Management,

Inc.

.75

7/31/26

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

160,025

10,880

Bank

America

Corp.

Series

.25

(d)

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

11,950

15,213

New

York

Community

Capital

Trust

.00

11/1/51

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

30,476

1,180

Wells

Fargo

Co.

Series

.50

(d)

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

11,369

14,577

41,850

Materials

(0.4%):

Albemarle

Corp.

.25

3/1/27

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

22,050

992

Utilities

(5.5%):

NextEra

Energy,

Inc.

.93

9/1/25

(c)

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

331,385

15,363

Total

Convertible

Preferred

Stocks

(Cost

$56,277)

58,205

Collateral

for

Securities

Loaned

(2.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(e)

........

1,561,198

1,562

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(e)

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

1,561,198

1,561

Invesco

Government

Agency

Portfolio,

Institutional

.84

(e)

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

1,561,198

1,561

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(e)

1,561,198

1,561

Total

Collateral

for

Securities

Loaned

(Cost

$6,245)

6,245

Total

Investments

(Cost

$265,309)

—

100.7%

280,670

Liabilities

excess

other

assets

—

(0.7)%

(

2,051

)

NET

ASSETS

100.00%

278,619

Purchased

with

cash

collateral

from

securities

loan.

(a)

Zero-coupon

bond.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$49,580

(thousands)

and

amounted

17.8%

net

assets.

(c)

All

portion

this

security

loan.

(d)

Security

perpetual

and

has

final

maturity

date

but

may

subject

calls

various

dates

the

future.

(e)

Rate

disclosed

the

daily

yield

September

30,

2024.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Sycamore

Established

Value

Fund

(Unaudited)

Security

Description

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

Rowe

Price

Group,

Inc.

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

1,905,000

207,512

The

Bank

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

(a)

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

1,035,000

205,075

MKS

Instruments,

Inc.

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

2,065,000

224,486

Motorola

Solutions,

Inc.

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

435,000

195,589

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

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.

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

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

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)

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)

132,250

Total

Investments

(Cost

$15,089,129)

—

98.5%

19,126,591

Other

assets

excess

liabilities

—

1.5%

296,264

NET

ASSETS

100.00%

19,422,855

September

30,

2024,

the

Fund's

investments

foreign

securities

were

7.2%

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Affiliated

Holdings

(Amounts

thousands)

Fair

Value

6/30/2024

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

Unrealized

Appreciation/

Depreciation

Fair

Value

9/30/2024

Dividend

Income

ManpowerGroup,

Inc.

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

175,198

2,061

—

9,482

186,741

—

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Sycamore

Small

Company

Opportunity

Fund

(Unaudited)

Security

Description

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

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

Holdings,

Inc.

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

2,257,000

42,319

Helmerich

Payne,

Inc.

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

2,015,000

61,296

Magnolia

Oil

Gas

Corp.,

Class

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

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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

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

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

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

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

(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

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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)

6,585,404

Exchange-Traded

Funds

(0.8%)

iShares

Russell

2000

Value

ETF

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

300,000

50,046

Total

Exchange-Traded

Funds

(Cost

$34,076)

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)

77,201

Total

Investments

(Cost

$5,736,518)

—

99.7%

6,712,651

Other

assets

excess

liabilities

—

0.3%

20,807

NET

ASSETS

100.00%

6,733,458

September

30,

2024,

the

Fund's

investments

foreign

securities

were

6.4%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

All

portion

this

security

loan.

(b)

Non-income

producing

security.

(c)

Affiliated

security.

(d)

Rate

disclosed

the

daily

yield

September

30,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Affiliated

Holdings

(Amounts

thousands)

Fair

Value

6/30/2024

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

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

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

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Partners

Fund

(Unaudited)

Security

Description

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

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

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

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

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

(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

Holdings

Class

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

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

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

299,060

6,489,602

Tecnoglass,

Inc.

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

76,840

5,275,834

The

Timken

Co.

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

68,000

5,731,720

Victory

Portfolios

Victory

Partners

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

(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

excess

liabilities

—

2.8%

14,903,978

NET

ASSETS

100.00%

541,064,425

September

30,

2024,

the

Fund's

investments

foreign

securities

were

11.2%

net

assets.

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Value

Fund

(Unaudited)

Security

Description

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)

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

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

Value

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

.83

(c)

........

748,714

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(c)

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

748,714

Invesco

Government

Agency

Portfolio,

Institutional

.84

(c)

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

748,714

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(c)

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

excess

liabilities

—

1.1%

3,145,433

NET

ASSETS

100.00%

293,135,594

September

30,

2024,

the

Fund's

investments

foreign

securities

were

7.4%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Large

Cap

Alpha

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(97.9%)

Communication

Services

(6.1%):

Alphabet,

Inc.,

Class

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

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

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

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

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

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

HealthCare

Technologies,

Inc.

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

58,340

5,475,209

Humana,

Inc.

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

10,430

3,303,598

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

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

111,710

7,279,024

Analog

Devices,

Inc.

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

47,620

10,960,695

Victory

Portfolios

Victory

Large

Cap

Alpha

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

excess

liabilities

—

2.1%

11,319,944

NET

ASSETS

100.00%

550,122,874

September

30,

2024,

the

Fund's

investments

foreign

securities

were

7.5%

net

assets.

(a)

Non-income

producing

security.

ADR

—

American

Depositary

Receipt

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Investors

Fund

(Unaudited)

Security

Description

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

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

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

Holdings

LP,

Class

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

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

Investors

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

excess

liabilities

—

4.4%

2,610,500

NET

ASSETS

100.00%

59,606,423

September

30,

2024,

the

Fund's

investments

foreign

securities

were

5.6%

net

assets.

(a)

Non-income

producing

security.

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Global

Energy

Transition

Fund

(Unaudited)

Security

Description

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)

(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

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

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

.83

(d)

........

785,913

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(d)

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

785,913

Invesco

Government

Agency

Portfolio,

Institutional

.84

(d)

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

785,913

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(d)

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

excess

liabilities

—

5.7%

20,308,393

NET

ASSETS

100.00%

356,707,986

September

30,

2024,

the

Fund's

investments

foreign

securities

were

48.5%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Affiliated

security.

(d)

Rate

disclosed

the

daily

yield

September

30,

2024.

—

Limited

Partnership

PLC

—

Public

Limited

Company

Victory

Portfolios

Victory

Global

Energy

Transition

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Affiliated

Holdings

Fair

Value

12/31/2023

Purchases

Cost

Proceeds

from

Sales

Realized

Gains

(Losses)

Capital

Gain

Distribution

Net

Change

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

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Small

Cap

Growth

Fund

(Unaudited)

Security

Description

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)

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

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)

(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

(a)

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

10,520

3,518,204

Sweetgreen,

Inc.

Class

(a)

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

84,880

3,008,996

Under

Armour,

Inc.

Class

(a)

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

1,211,660

10,129,477

Wayfair,

Inc.

Class

(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)

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

40,890

3,622,854

Walker

Dunlop,

Inc.

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

60,270

6,846,069

Victory

Portfolios

Victory

Small

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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

22,900

4,626,258

MSA

Safety,

Inc.

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

24,760

4,390,938

NEXTracker,

Inc.

Class

(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

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

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)

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

95,890

9,158,454

Appfolio,

Inc.

Class

(a)

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

18,680

4,397,272

Badger

Meter,

Inc.

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

12,040

2,629,656

Box,

Inc.

Class

(a)

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

140,800

4,608,384

Braze,

Inc.

Class

(a)

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

126,190

4,080,985

Confluent,

Inc.

Class

(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)

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

98,270

5,064,836

Globant

(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

Holdings,

Inc.

(a)

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

67,600

5,392,452

Semtech

Corp.

(a)

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

174,980

7,989,587

Smartsheet,

Inc.

Class

(a)

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

59,560

3,297,242

Sprout

Social,

Inc.

Class

(a)

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

80,990

2,354,379

Victory

Portfolios

Victory

Small

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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)

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

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

.83

(c)

........

1,233,255

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(c)

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

1,233,255

Invesco

Government

Agency

Portfolio,

Institutional

.84

(c)

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

1,233,255

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(c)

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

excess

liabilities

—

.6%

3,032,942

NET

ASSETS

100.00%

508,591,650

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Select

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(98.5%)

Communication

Services

(1.7%):

Reddit,

Inc.

Class

(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

(a)

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

2,470

826,042

Skechers

USA,

Inc.

Class

(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)

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

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)

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

23,390

876,657

Saia,

Inc.

(a)

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

3,340

1,460,448

Tecnoglass,

Inc.

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

17,500

1,201,550

Victory

Portfolios

Victory

Select

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

The

AZEK

Co.,

Inc.

(a)

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

31,010

1,451,268

22,674,377

Information

Technology

(24.0%):

Altair

Engineering,

Inc.

Class

(a)

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

21,660

2,068,747

Appfolio,

Inc.

Class

(a)

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

5,810

1,367,674

AppLovin

Corp.

Class

(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

(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

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

excess

liabilities

—

1.5%

1,355,377

NET

ASSETS

100.00%

92,927,290

September

30,

2024,

the

Fund's

investments

foreign

securities

were

6.8%

net

assets.

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Mid

Cap

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(99.4%)

Communication

Services

(8.1%):

Pinterest,

Inc.

Class

(a)

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

33,340

1,079,216

Reddit,

Inc.

Class

(a)

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

16,140

1,063,949

ROBLOX

Corp.

Class

(a)

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

27,340

1,210,068

Take-Two

Interactive

Software,

Inc.

(a)

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

5,180

796,218

The

Trade

Desk,

Inc.

Class

(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

(a)

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

1,500

501,645

Skechers

USA,

Inc.

Class

(a)

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

13,840

926,173

Under

Armour,

Inc.

Class

(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)

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

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)

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

5,830

516,538

Tradeweb

Markets,

Inc.

Class

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

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

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

Mid

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Veeva

Systems,

Inc.

Class

(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

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

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

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

9,640

959,084

Xylem,

Inc.

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

4,310

581,979

13,778,763

Information

Technology

(22.0%):

Amphenol

Corp.

Class

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

10,740

699,818

AppLovin

Corp.

Class

(a)

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

21,720

2,835,546

Coherent

Corp.

(a)

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

8,080

718,393

Datadog,

Inc.

Class

(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)

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

28,920

1,075,824

Samsara,

Inc.

Class

(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

excess

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

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Growth

Fund

(Unaudited)

Security

Description

Value

Common

Stocks

(99.6%)

Communication

Services

(14.2%):

Alphabet,

Inc.

Class

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

103,130

17,242,305

Meta

Platforms,

Inc.

Class

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

34,700

19,863,668

Netflix,

Inc.

(a)

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

10,300

7,305,481

The

Trade

Desk,

Inc.

Class

(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

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

33,140

4,098,424

Visa,

Inc.

Class

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

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

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

15,860

3,231,633

Quanta

Services,

Inc.

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

9,580

2,856,277

Saia,

Inc.

(a)

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

8,980

3,926,595

17,095,476

Services

(1.1%):

Snowflake,

Inc.

Class

(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)

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

7,990

2,240,955

Victory

Portfolios

Victory

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

excess

liabilities

—

0.4%

1,217,343

NET

ASSETS

100.00%

334,684,568

(a)

Non-income

producing

security.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Science

and

Technology

Fund

(Unaudited)

Security

Description

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

(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)

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

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

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

24,520

14,036,229

Netflix,

Inc.

(a)

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

6,610

4,688,275

Reddit,

Inc.

Class

(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

Science

and

Technology

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Financials

(2.7%):

Shift4

Payments,

Inc.

Class

(a)

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

26,750

2,370,050

Visa,

Inc.

Class

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

10,390

2,856,730

5,226,780

Health

Care

Technology

(0.5%):

Veeva

Systems,

Inc.

Class

(a)

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

4,340

910,836

Services

(2.7%):

MongoDB,

Inc.

(a)

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

3,570

965,149

Snowflake,

Inc.

Class

(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)

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

64,870

8,468,779

Confluent,

Inc.

Class

(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)

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

38,360

440,373

Gitlab,

Inc.

Class

(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)

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

33,240

1,599,509

ServiceNow,

Inc.

(a)

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

5,890

5,267,957

Sprout

Social,

Inc.

Class

(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

.83

(h)

........

24,953

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(h)

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

24,953

Victory

Portfolios

Victory

Science

and

Technology

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Name

Acquisition

Date

Cost

Regulus

Therapeutics,

Inc.

.....................................

12/1/2020

165,796

Security

Description

Value

Invesco

Government

Agency

Portfolio,

Institutional

.84

(h)

...............

24,953

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(h)

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

excess

liabilities

—

0.2%

448,498

NET

ASSETS

100.00%

191,386,646

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Amount

represents

less

than

0.05%

net

assets.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(e)

Rounds

less

than

$1.

(f)

Restricted

security

that

not

registered

under

the

Securities

Act

1933.

(g)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

September

30,

2024.

(h)

Rate

disclosed

the

daily

yield

September

30,

2024.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Small

Cap

Equity

Fund

(Unaudited)

Security

Description

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

.....................................................

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

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

Small

Cap

Equity

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.85%(c)

............

79,210

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

4.84%(c)

...............

79,210

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.82%(c)

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

excess

liabilities

—

0.8%

290,908

NET

ASSETS

100.00%

34,303,050

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

International

Fund

100

(Unaudited)

Security

Description

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

(a)

...................................................

47,025

3,642,874

Belgium

(1.5%):

Information

Technology

(0.7%):

Melexis

...........................................................

39,755

3,288,906

Materials

(0.8%):

Solvay

Class

.....................................................

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

................................................

106,339

12,615,009

17,790,613

France

(9.8%):

Consumer

Discretionary

(2.6%):

Francaise

des

Jeux

SAEM

(a)

............................................

98,334

4,045,866

LVMH

Moet

Hennessy

Louis

Vuitton

......................................

10,169

7,797,335

11,843,201

Consumer

Staples

(2.0%):

L'Oreal

...........................................................

19,772

8,867,302

Energy

(0.4%):

Gaztransport

Technigaz

..............................................

13,622

1,925,858

Industrials

(2.8%):

Rexel

.............................................................

171,223

4,962,535

Safran

............................................................

32,027

7,535,696

12,498,231

Information

Technology

(0.9%):

Capgemini

.........................................................

18,421

3,976,581

Materials

(1.1%):

Arkema

...........................................................

53,941

5,137,135

44,248,308

Victory

Portfolios

Victory

International

Fund

101

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Germany

(9.0%):

Communication

Services

(0.8%):

CTS

Eventim

Co.

KGaA

.............................................

33,474

3,485,043

Consumer

Discretionary

(0.6%):

Volkswagen

Preference

..........................................

26,108

2,772,631

Financials

(2.4%):

Allianz

Registered

..............................................

32,417

10,661,167

Industrials

(1.7%):

Siemens

Registered

.............................................

38,954

7,879,665

Information

Technology

(2.3%):

SAP

..............................................................

45,098

10,314,023

Utilities

(1.2%):

RWE

.............................................................

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%):

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

......................................................

139,300

5,117,240

Victory

Portfolios

Victory

International

Fund

102

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

....................................................

1,443,281

5,893,993

Financials

(1.7%):

ING

Groep

........................................................

417,308

7,570,230

Industrials

(1.4%):

Wolters

Kluwer

.....................................................

38,526

6,497,391

Information

Technology

(2.2%):

ASM

International

...................................................

8,988

5,929,140

ASML

Holding

.....................................................

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

ASA

.........................................................

68,907

1,475,328

Financials

(0.3%):

SpareBank

SMN

......................................................

76,166

1,108,370

2,583,698

Spain

(2.1%):

Financials

(2.1%):

Banco

Bilbao

Vizcaya

Argentaria

.........................................

867,271

9,367,262

Sweden

(1.8%):

Industrials

(1.8%):

Atlas

Copco

Class

.................................................

461,885

7,928,274

Switzerland

(11.7%):

Consumer

Staples

(3.5%):

Coca-Cola

HBC

.....................................................

156,515

5,579,077

Nestle

Registered

..............................................

100,762

10,127,614

15,706,691

Financials

(2.7%):

Partners

Group

Holding

...............................................

3,214

4,846,532

UBS

Group

........................................................

238,398

7,378,308

12,224,840

Health

Care

(5.5%):

Novartis

Registered

.............................................

106,649

12,281,997

Victory

Portfolios

Victory

International

Fund

103

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Roche

Holding

......................................................

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

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%):

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

.83

(e)

........

47,869

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(e)

............

47,869

Invesco

Government

Agency

Portfolio,

Institutional

.84

(e)

...............

47,869

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(e)

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

excess

liabilities

—

2.5%

11,219,446

NET

ASSETS

100.00%

449,308,574

Purchased

with

cash

collateral

from

securities

loan.

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$7,688,740

and

amounted

1.7%

net

assets.

(b)

Non-income

producing

security.

(c)

All

portion

this

security

loan.

(d)

Amount

represents

less

than

0.05%

net

assets.

(e)

Rate

disclosed

the

daily

yield

September

30,

2024.

Victory

Portfolios

Victory

International

Fund

104

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Global

Fund

105

(Unaudited)

Security

Description

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

(a)

...................................................

81,297

6,297,814

Belgium

(1.4%):

Information

Technology

(0.6%):

Melexis

(b)

.........................................................

80,534

6,662,527

Materials

(0.8%):

Solvay

Class

.....................................................

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

(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

..............................

1,087,730

7,364,780

Financials

(0.7%):

Industrial

Commercial

Bank

China

Ltd.

Class

.............................

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

................................................

92,540

10,978,032

19,827,842

France

(3.7%):

Consumer

Discretionary

(0.6%):

Francaise

des

Jeux

SAEM

(a)

............................................

166,033

6,831,282

Victory

Portfolios

Victory

Global

Fund

106

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Consumer

Staples

(0.7%):

L'Oreal

...........................................................

18,890

8,471,745

Energy

(0.5%):

Gaztransport

Technigaz

..............................................

44,673

6,315,803

Industrials

(1.3%):

Rexel

.............................................................

274,617

7,959,190

Safran

............................................................

30,202

7,106,288

15,065,478

Materials

(0.6%):

Arkema

...........................................................

68,232

6,498,155

43,182,463

Indonesia

(0.7%):

Communication

Services

(0.7%):

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

......................................................

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

...................................................

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

Global

Fund

107

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Norway

(0.5%):

Energy

(0.3%):

Aker

ASA

.........................................................

183,456

3,927,870

Financials

(0.2%):

SpareBank

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%):

Price

Group

Ltd.

.....................................................

708,457

11,096,697

Spain

(0.9%):

Financials

(0.9%):

Banco

Bilbao

Vizcaya

Argentaria

.........................................

956,676

10,332,912

Sweden

(0.6%):

Industrials

(0.6%):

Atlas

Copco

Class

.................................................

448,136

7,692,272

Switzerland

(2.5%):

Financials

(1.3%):

Chubb

Ltd.

...........................................................

30,973

8,932,303

Partners

Group

Holding

...............................................

4,519

6,814,399

15,746,702

Health

Care

(1.2%):

Roche

Holding

......................................................

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

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

...................................................

171,468

28,667,735

Meta

Platforms,

Inc.

Class

..............................................

51,078

29,239,090

Victory

Portfolios

Victory

Global

Fund

108

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

The

Trade

Desk,

Inc.

Class

(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

.....................................................

108,505

6,474,493

ConocoPhillips

Co.

.....................................................

78,318

8,245,319

24,944,019

Financials

(8.8%):

Bank

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

.................................................

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

.....................................................

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

Global

Fund

109

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

.83

(e)

........

214,554

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(e)

............

214,554

Invesco

Government

Agency

Portfolio,

Institutional

.84

(e)

...............

214,554

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(e)

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

excess

liabilities

—

1.6%

19,522,007

NET

ASSETS

100.00%

1,178,232,451

Purchased

with

cash

collateral

from

securities

loan.

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$13,129,096

and

amounted

1.1%

net

assets.

(b)

All

portion

this

security

loan.

(c)

Non-income

producing

security.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(e)

Rate

disclosed

the

daily

yield

September

30,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

110

(Unaudited)

Security

Description

Value

Common

Stocks

(99.5%)

Brazil

(5.3%):

Communication

Services

(0.7%):

TIM

..............................................................

718,900

2,472,138

Consumer

Discretionary

(0.9%):

Smartfit

Escola

Ginastica

Danca

......................................

313,800

1,235,220

Vibra

Energia

.......................................................

443,271

1,904,372

3,139,592

Energy

(1.2%):

Petroleo

Brasileiro

ADR

...............................................

312,098

4,497,332

Financials

(1.1%):

Itau

Unibanco

Holding

ADR

............................................

623,931

4,149,141

Industrials

(0.7%):

Marcopolo

Preference

...........................................

763,600

1,114,550

Santos

Brasil

Participacoes

.............................................

532,100

1,441,937

2,556,487

Real

Estate

(0.4%):

Multiplan

Empreendimentos

Imobiliarios

...................................

337,800

1,590,793

Utilities

(0.3%):

CPFL

Energia

.......................................................

195,400

1,217,236

19,622,719

Chile

(0.0%):(a)

Financials

(0.0%):(a)

Banco

Credito

Inversiones

..........................................

China

(25.5%):

Communication

Services

(7.1%):

China

Tower

Corp.

Ltd.

Class

(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

........................................

602,672

8,009,036

BYD

Co.

Ltd.

.........................................................

100,000

3,567,911

Fuyao

Glass

Industry

Group

Co.

Ltd.

Class

..................................

359,600

2,978,820

Meituan

Class

(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

..............................................

2,918,000

2,353,945

Financials

(3.0%):

Agricultural

Bank

China

Ltd.

Class

......................................

3,129,000

1,459,950

China

Construction

Bank

Corp.

Class

......................................

8,348,000

6,225,306

China

Pacific

Insurance

Group

Co.

Ltd.

Class

................................

972,200

3,442,750

11,128,006

Health

Care

(1.1%):

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.

Class

...............................

503,800

1,767,773

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

Class

.......................

59,700

2,462,185

4,229,958

Industrials

(0.9%):

Anhui

Heli

Co.

Ltd.

Class

...............................................

735,500

2,271,039

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

111

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Yutong

Bus

Co.

Ltd.

Class

..............................................

321,700

1,200,927

3,471,966

Information

Technology

(2.1%):

Foxconn

Industrial

Internet

Co.

Ltd.

Class

...................................

1,615,200

5,755,490

Luxshare

Precision

Industry

Co.

Ltd.

Class

...................................

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

.................................

7,134,300

4,425,078

Shanjin

International

Gold

Co.

Ltd.

Class

....................................

449,200

1,184,491

Western

Mining

Co.

Ltd.

Class

...........................................

807,500

2,150,986

Zijin

Mining

Group

Co.

Ltd.

Class

........................................

1,222,000

2,728,383

12,831,515

94,747,905

Greece

(0.4%):

Energy

(0.4%):

Motor

Oil

Hellas

Corinth

Refineries

.......................................

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

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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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.

India

Ltd.

.............................................

879,026

3,707,590

72,751,130

Indonesia

(1.2%):

Energy

(0.5%):

United

Tractors

Tbk

..................................................

1,066,100

1,915,399

Financials

(0.7%):

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

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

Class

...............................................

77,787

1,444,731

Kimberly-Clark

Mexico

SAB

Class

.................................

602,646

974,705

2,419,436

Financials

(0.8%):

Grupo

Financiero

Banorte

SAB

Class

.................................

443,485

3,142,616

Real

Estate

(0.4%):

Corp

Inmobiliaria

Vesta

SAB

.........................................

522,737

1,411,317

6,973,369

Netherlands

(0.4%):

Real

Estate

(0.4%):

NEPI

Rockcastle

....................................................

188,269

1,596,536

Panama

(0.5%):

Industrials

(0.5%):

Copa

Holdings

Class

................................................

18,756

1,760,063

Poland

(1.8%):

Consumer

Discretionary

(0.5%):

LPP

..............................................................

489

2,005,100

Financials

(1.3%):

Powszechna

Kasa

Oszczednosci

Bank

Polski

................................

316,921

4,619,914

6,625,014

Victory

Portfolios

Victory

Sophus

Emerging

Markets

Fund

113

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

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%):

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

Hyundai

Electric

Co.

Ltd.

..............................................

9,003

2,265,497

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

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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

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%):

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

Ticaret

A/S

Class

(b)

..................................

340,832

898,914

Consumer

Staples

(0.5%):

BIM

Birlesik

Magazalar

A/S

...............................................

126,062

1,827,050

Financials

(0.5%):

Yapi

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

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

Russia

PJSC

ADR

..................................

11/11/2020

6,053,328

Security

Description

Value

United

States

(0.5%):

Consumer

Discretionary

(0.5%):

Samsonite

International

(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

.83

(h)

........

2,149,783

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(h)

............

2,149,783

Invesco

Government

Agency

Portfolio,

Institutional

.84

(h)

...............

2,149,783

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(h)

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

excess

other

assets

—

(1.8)%

(

6,554,926

)

NET

ASSETS

100.00%

371,867,355

Purchased

with

cash

collateral

from

securities

loan.

(a)

Amount

represents

less

than

0.05%

net

assets.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$13,076,070

and

amounted

3.5%

net

assets.

(c)

Non-income

producing

security.

(d)

All

portion

this

security

loan.

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

September

30,

2024.

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(g)

Rounds

less

than

$1.

(h)

Rate

disclosed

the

daily

yield

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

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

.89

10/19/26

Callable

6/18/25

100

.....................................................

629,613

620,376

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-8A

Class

.66

2/20/30

(a)

750,000

793,798

CarMax

Auto

Owner

Trust

................................................

Series

2020-4

Class

.85

6/15/26

Callable

12/15/24

100

................

434,000

430,266

Series

2022-3

Class

.20

1/16/29

Callable

8/15/26

100

.................

250,000

255,626

Chesapeake

Funding

LLC

...............................................

Series

2023-2A

Class

.16

10/15/35

Callable

11/15/26

100

(a)

...........

190,766

193,940

Series

2023-2A

Class

.15

10/15/35

Callable

11/15/26

100

(a)

............

382,000

395,627

Credit

Acceptance

Auto

Loan

Trust

Series

2024-3A

Class

.85

11/15/34

(a)

.........

250,000

249,606

Drive

Auto

Receivables

Trust

Series

2021-2

Class

.39

3/15/29

Callable

8/15/25

100

440,894

431,577

Ent

Auto

Receivables

Trust

Series

2023-1A

Class

.26

11/15/29

Callable

1/15/28

100

(a)

...........................................................

250,000

259,931

Enterprise

Fleet

Financing

LLC

.............................................

Series

2023-3

Class

.41

6/20/30

Callable

6/20/27

100

(a)

..............

500,000

527,705

Series

2024-1

Class

.23

3/20/30

Callable

6/20/27

100

(a)

..............

400,000

403,604

Series

2024-2

Class

.69

12/20/30

Callable

1/20/28

100

(a)

.............

328,000

341,466

Exeter

Automobile

Receivables

Trust

Series

2020-1A

Class

.74

1/15/27

Callable

10/15/24

100

(a)

..................................................

400,000

399,635

FCCU

Auto

Receivables

Trust

Series

2024-1A

Class

.46

4/15/30

Callable

5/15/28

100

(a)

...........................................................

202,000

208,541

First

Investors

Auto

Owner

Trust

Series

2021-1A

Class

.35

4/15/27

Callable

3/15/25

100

(a)

.........................................................

500,000

492,351

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-B

Class

.20

2/15/27

Callable

4/15/26

100

.................

250,000

255,345

Series

2023-B

Class

.43

4/15/27

Callable

4/15/26

100

.................

393,000

402,685

Foursight

Capital

Automobile

Receivables

Trust

Series

2023-1

Class

.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

.31

1/15/30

Callable

8/15/28

100

(a)

.........................................................

500,000

533,321

Financial

Automobile

Leasing

Trust

Series

2024-1

Class

.33

3/20/28

Callable

8/20/26

100

.....................................................

400,000

405,426

Financial

Consumer

Automobile

Receivables

Trust

Series

2021-2

Class

.28

1/19/27

Callable

5/16/25

100

........................................

886,000

865,333

Hertz

Vehicle

Financing

III

LLC

Series

2023-3A

Class

.53

2/25/28

(a)

...........

750,000

766,175

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-1

Class

.75

(

SOFR30A

140

bps

)

5/20/32

Callable

10/20/27

100

(a)

(b)

...................

215,131

215,425

JPMorgan

Chase

Bank

Series

2021-2

Class

.89

12/26/28

Callable

9/25/25

100

(a)

...........................................................

8,154

8,116

LAD

Auto

Receivables

Trust

Series

2023-4A

Class

.39

10/16/28

Callable

10/15/27

100

(a)

...........................................................

350,000

361,243

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A

Class

.21

5/20/36

Callable

5/20/26

100

(a)

..............

399,597

404,694

Series

2024-1A

Class

.18

4/20/37

Callable

9/20/27

100

(a)

..............

250,000

257,319

OCCU

Auto

Receivables

Trust

Series

2023-1A

Class

.29

9/17/29

Callable

9/15/27

100

(a)

...........................................................

462,500

481,792

Oscar

Funding

XVII

LLC

Series

2024-2A

Class

.47

3/12/29

Callable

6/10/27

100

(a)

...........................................................

350,000

349,971

PenFed

Auto

Receivables

Owner

Trust

Series

2024-A

Class

.97

5/15/30

Callable

1/15/29

100

(a)

...................................................

400,000

404,107

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-A

Class

.08

6/15/33

Callable

7/15/27

100

(a)

...................................................

204,473

205,988

Santander

Drive

Auto

Receivables

Trust

.......................................

Series

2022-2

Class

.44

9/15/27

Callable

3/15/26

100

.................

503,163

500,166

Series

2023-1

Class

.98

2/15/28

Callable

9/15/26

100

.................

550,000

550,293

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

Class

.70

8/15/29

Callable

11/15/27

100

(a)

............

225,000

232,632

Series

2023-1A

Class

.08

11/15/29

Callable

11/15/27

100

(a)

............

250,000

261,215

Tesla

Auto

Lease

Trust

...................................................

Series

2023-A

Class

.41

7/20/27

Callable

7/20/25

100

(a)

...............

300,000

304,626

Series

2023-B

Class

.22

3/22/27

Callable

10/20/25

100

(a)

.............

223,000

227,286

U.S.

Bank

Series

2023-1

Class

.79

8/25/32

Callable

10/25/26

100

(a)

.......

278,326

282,520

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

117

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Westlake

Automobile

Receivables

Trust

.......................................

Series

2021-2A

Class

.89

7/15/26

Callable

7/15/25

100

(a)

..............

71,315

71,179

Series

2022-1A

Class

.11

3/15/27

Callable

11/15/25

100

(a)

.............

809,590

805,295

Series

2023-1A

Class

.41

1/18/28

Callable

8/15/26

100

(a)

..............

750,000

753,348

Series

2023-2A

Class

.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

................................................

Series

2022-1A

Class

.27

7/21/26

(a)

................................

250,000

247,277

Series

2023-1A

Class

.87

6/21/27

(a)

................................

250,000

251,679

Trillium

Credit

Card

Trust

Series

2023-3A

Class

.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

.38

1/21/31

Callable

3/20/28

100

(a)

............................................

379,317

383,870

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A

Class

.05

6/17/30

Callable

2/15/28

100

(a)

..............

206,000

213,943

Series

2024-1A

Class

.69

7/15/31

Callable

3/15/29

100

(a)

..............

122,857

127,415

Capital

Automotive

REIT

Series

2024-3A

Class

.40

10/15/54

Callable

10/15/27

100

(a)

...........................................................

226,531

222,727

CARS-DB7

Series

2023-1A

Class

.75

9/15/53

Callable

9/15/26

100

(a)

.....

480,000

485,928

CCG

Receivables

Trust

...................................................

Series

2021-2

Class

.50

3/14/29

Callable

5/14/25

100

(a)

...............

500,000

489,121

Series

2023-2

Class

.45

4/14/32

Callable

11/14/27

100

(a)

..............

500,000

524,062

Clarus

Capital

Funding

LLC

Series

2024-1A

Class

.79

8/20/32

Callable

3/20/28

100

(a)

...........................................................

175,000

174,522

Asset

Securitization

LLC

Series

2023-1A

Class

.48

3/15/32

Callable

6/15/27

100

(a)

.........................................................

161,673

164,402

Crossroads

Asset

Trust

Series

2024-A

Class

.94

8/20/30

Callable

4/20/28

100

(a)

336,000

343,009

CyrusOne

Data

Centers

Issuer

LLC

Series

2024-2A

Class

.50

5/20/49

(a)

.......

465,000

452,345

Daimler

Trucks

Retail

Trust

Series

2023-1

Class

.90

3/15/27

Callable

10/15/26

100

.............................................................

600,000

608,766

Dell

Equipment

Finance

Trust

Series

2023-3

Class

.05

4/23/29

Callable

5/22/26

100

(a)

...........................................................

250,000

255,290

Dext

ABS

LLC

Series

2023-2

Class

.41

5/15/34

Callable

2/15/28

100

(a)

.......

250,000

257,574

DLLMT

LLC

Series

2024-1A

Class

.98

4/20/32

Callable

5/20/28

100

(a)

......

281,250

286,062

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A

Class

.51

5/20/30

(a)

...............................

452,869

460,327

Series

2023-1A

Class

.46

9/20/32

Callable

8/20/30

100

(a)

.............

250,000

261,337

HPEFS

Equipment

Trust

..................................................

Series

2023-2A

Class

.48

1/21/31

Callable

11/20/26

100

(a)

.............

750,000

767,290

Series

2024-1A

Class

.33

5/20/31

Callable

5/20/27

100

(a)

..............

500,000

507,076

MMAF

Equipment

Finance

LLC

Series

2024-A

Class

.95

7/14/31

Callable

3/13/30

100

(a)

.........................................................

250,000

254,190

NMEF

Funding

LLC

Series

2024-A

Class

.32

12/15/31

Callable

5/15/28

100

(a)

350,000

353,569

PEAC

Solutions

Receivables

LLC

Series

2024-2A

Class

.83

10/20/31

Callable

6/20/27

100

(a)

...................................................

313,000

312,264

Post

Road

Equipment

Finance

LLC

Series

2024-1A

Class

.81

10/15/30

Callable

4/15/27

100

(a)

...................................................

424,000

432,441

SCF

Equipment

Leasing

LLC

Series

2023-1A

Class

.77

8/22/33

Callable

8/20/30

100

(a)

...........................................................

250,000

271,729

Verizon

Master

Trust

Series

2024-2

Class

.83

12/22/31

Callable

12/20/28

100

(a)

250,000

255,508

Wingspire

Equipment

Finance

LLC

Series

2024-1A

Class

.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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Collateralized

Loan

Obligations

(0.5%)

Cash

Flow

CLO

(0.5%):

Dryden

CLO

Ltd.

Series

2019-80A

Class

.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

.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

.50

1/25/49

...................................

435,128

439,550

Series

5450

Class

.50

6/25/51

...................................

396,420

393,282

Federal

National

Mortgage

Association

.......................................

Series

2011-21

Class

.50

5/25/40

.................................

615,727

615,007

Series

2022-88

Class

.50

7/25/47

.................................

623,265

626,360

Government

National

Mortgage

Association

....................................

Series

2023-107

Class

.50

1/20/46

................................

697,380

706,952

Series

2023-128

Class

.00

6/20/47

................................

435,477

439,450

Series

2023-131

Class

.50

6/20/48

..................................

475,491

475,618

Series

2023-168

Class

.00

2/20/50

................................

467,420

470,818

4,167,037

Commercial

MBS

(17.7%):

Banc

America

Commercial

Mortgage

Trust

Series

2015-UBS7

Class

.71

9/15/48

Callable

9/15/25

100

..............................................

1,000,000

987,217

Bank

Series

2017-BNK9

Class

.28

11/15/54

Callable

12/15/29

100

..........

819,619

796,791

BPR

Trust

Series

2022-STAR

Class

.33

(

TSFR1M

323

bps

)

8/15/39

(a)

(b)

(c)

......

170,000

169,256

CFCRE

Commercial

Mortgage

Trust

.........................................

Series

2016-C3

Class

.60

1/10/48

Callable

1/10/26

100

...............

391,026

385,918

Series

2016-C3

Class

.87

1/10/48

Callable

1/10/26

100

...............

925,000

914,724

Series

2016-C4

Class

.28

5/10/58

Callable

5/10/26

100

...............

489,000

479,113

Citigroup

Commercial

Mortgage

Trust

........................................

Series

2015-GC33

Class

.78

9/10/58

Callable

5/10/26

100

.............

900,000

887,025

Series

2015-P1

Class

.72

9/15/48

Callable

5/15/26

100

...............

500,000

494,659

Series

2016-P4

Class

.90

7/10/49

Callable

7/10/26

100

...............

1,226,000

1,188,447

COMM

Mortgage

Trust

..................................................

Series

2015-CR25

Class

.76

8/10/48

Callable

8/10/25

100

.............

1,219,000

1,206,688

Series

2024-277P

Class

.34

8/10/44

(a)

(c)

.............................

300,000

314,961

CSAIL

Commercial

Mortgage

Trust

.........................................

Series

2015-C2

Class

.50

6/15/57

Callable

5/15/25

100

...............

667,000

660,704

Series

2015-C3

Class

.72

8/15/48

Callable

8/15/25

100

...............

750,000

741,126

Series

2015-C4

Class

.81

11/15/48

Callable

11/15/25

100

.............

832,000

822,514

Series

2016-C6

Class

.09

1/15/49

Callable

5/15/26

100

...............

696,000

680,980

DBJPM

Mortgage

Trust

Series

2016-C1

Class

.28

5/10/49

Callable

4/10/26

100

500,000

489,323

Mortgage

Securities

Trust

..............................................

Series

2015-GC30

Class

.38

5/10/50

Callable

5/10/25

100

.............

250,000

247,355

Series

2015-GC32

Class

.76

7/10/48

Callable

7/10/25

100

.............

700,000

693,290

Series

2016-GS2

Class

.05

5/10/49

Callable

5/10/26

100

..............

1,000,000

976,164

JPMBB

Commercial

Mortgage

Securities

Trust

.................................

Series

2015-C28

Class

.23

10/15/48

Callable

4/15/25

100

.............

1,191,000

1,180,476

Series

2015-C31

Class

.80

8/15/48

Callable

8/15/25

100

..............

435,551

430,493

Series

2015-C33

Class

.77

12/15/48

Callable

11/15/25

100

............

500,000

494,329

Series

2016-C1

Class

.58

3/17/49

Callable

2/15/26

100

...............

750,000

737,631

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

Series

2016-C29

Class

.33

5/15/49

Callable

5/15/26

100

........................................

1,250,000

1,226,475

SHR

Trust

Series

2024-LXRY

Class

.05

(

TSFR1M

195

bps

)

10/15/41

(a)

(b)

(c)

.....

210,526

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2015-C28

Class

.54

5/15/48

Callable

5/15/25

100

..............

942,000

933,640

Series

2015-C30

Class

.66

9/15/58

Callable

8/15/25

100

..............

498,000

493,172

Series

2015-C31

Class

.70

11/15/48

Callable

11/15/25

100

............

750,000

741,407

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

119

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Series

2015-P2

Class

.81

12/15/48

Callable

12/15/25

100

.............

532,000

526,184

Series

2016-NXS6

Class

.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

.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.

.63

3/15/28

Callable

11/4/24

101.16

..........................

250,000

239,804

T-Mobile

US,

Inc.

.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

.13

9/25/27

Callable

8/25/27

100

(a)

....

250,000

255,414

Nissan

Motor

Acceptance

Co.

LLC

.95

9/15/26

(a)

............................

500,000

517,078

Volkswagen

Group

America

Finance

LLC

.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

.88

2/15/28

Callable

11/4/24

101.47

(a)

..........................................

250,000

250,806

Energy

(1.4%):

Energy

Transfer

.63

5/1/27

Callable

10/21/24

100.94

(a)

...................

500,000

502,000

Helmerich

Payne,

Inc.

.65

12/1/27

Callable

11/1/27

100

(a)

..................

350,000

350,685

Sinclair

Corp.

.00

2/1/28

Callable

10/15/24

102.5

(a)

.....................

215,000

213,620

Rockies

Express

Pipeline

LLC

.60

5/15/25

Callable

4/15/25

100

(a)

.............

250,000

245,917

Schlumberger

Holdings

Corp.

.00

11/15/29

Callable

10/15/29

100

(a)

............

300,000

309,691

1,621,913

Financials

(15.3%):

American

National

Group,

Inc.

.75

10/1/29

Callable

9/1/29

100

................

500,000

502,650

Ameriprise

Financial,

Inc.

.70

12/15/28

Callable

11/15/28

100

.................

350,000

370,551

Athene

Global

Funding

.52

3/25/27

(a)

.....................................

250,000

255,997

Aviation

Capital

Group

LLC

.75

10/25/28

Callable

9/25/28

100

(a)

..............

500,000

534,108

Bank

America

Corp.

.22

(

SOFR

105

bps

)

2/4/28

Callable

2/4/27

100

(b)

........

1,016,000

1,020,164

Capital

One

Financial

Corp.

.64

(

SOFR

129

bps

)

3/3/26

Callable

3/3/25

100

(b)

.....

814,000

804,902

Citigroup,

Inc.

.11

(

SOFR

284

bps

)

4/8/26

Callable

4/8/25

100

(b)

..............

772,000

764,482

Citizens

Bank

.06

(

SOFR

145

bps

)

10/24/25

Callable

9/23/25

100

(b)

.........

600,000

598,488

Citizens

Financial

Group,

Inc.

.65

(

H15T5Y

531

bps

)

Callable

10/6/25

100

(b)

(e)

....

350,000

348,262

CNO

Global

Funding

.95

9/9/29

(a)

.......................................

326,000

327,415

Corebridge

Global

Funding

.90

9/19/28

(a)

..................................

500,000

526,208

Enact

Holdings,

Inc.

.25

5/28/29

Callable

4/28/29

100

.......................

500,000

519,562

F&G

Annuities

Life,

Inc.

.50

6/4/29

Callable

5/4/29

100

...................

500,000

514,945

Ford

Motor

Credit

Co.

LLC

.82

11/2/27

Callable

8/2/27

100

..................

500,000

481,794

Global

Funding

Trust

.50

1/8/29

(a)

....................................

400,000

414,770

Intercontinental

Exchange,

Inc.

.63

9/1/28

Callable

6/1/28

100

(a)

...............

250,000

244,798

JPMorgan

Chase

Co.

.25

(

SOFR

118

bps

)

2/24/28

Callable

2/24/27

100

(b)

......

1,000,000

1,008,096

KeyCorp.

.32

(

SOFRINDX

125

bps

)

5/23/25

Callable

2/23/25

100

(b)

...........

350,000

350,909

Metropolitan

Life

Global

Funding

.40

9/12/28

(a)

............................

500,000

521,954

New

York

Life

Global

Funding

.45

9/18/26

(a)

...............................

500,000

513,913

NMI

Holdings,

Inc.

.00

8/15/29

Callable

7/15/29

100

.......................

500,000

514,579

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

.35

3/30/29

Callable

2/28/29

100

(a)

400,000

412,918

Protective

Life

Global

Funding

.47

12/8/28

(a)

...............................

400,000

418,164

Reliance

Standard

Life

Global

Funding

.75

1/21/27

(a)

........................

350,000

333,622

RGA

Global

Funding

.00

11/21/28

(a)

.....................................

400,000

424,243

Sammons

Financial

Group,

Inc.

.45

5/12/27

Callable

2/12/27

100

(a)

(f)

...........

500,000

494,852

State

Street

Corp.

.75

(

SOFR

135

bps

)

11/4/26

Callable

11/4/25

100

(b)

..........

907,000

919,216

The

Bank

New

York

Mellon

Corp.

.41

(

SOFR

135

bps

)

7/24/26

Callable

7/24/25

100

(b)

...........................................................

683,000

681,832

The

Goldman

Sachs

Group,

Inc.

.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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

The

Huntington

National

Bank

.70

(

SOFR

122

bps

)

11/18/25

Callable

11/18/24

100

(b)

500,000

500,012

Truist

Bank

.80

10/30/26

Callable

9/30/26

100

............................

500,000

494,410

U.S.

Bancorp

.55

(

SOFR

166

bps

)

7/22/28

Callable

7/22/27

100

(b)

.............

500,000

503,717

Solutions,

Inc.

.50

10/20/28

Callable

9/20/28

100

(a)

.....................

500,000

534,903

Wells

Fargo

Co.

.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.

.25

12/15/27

Callable

10/21/24

101.42

.......................

621,000

610,236

Health

Care

Service

Corp.

Mutual

Legal

Reserve

Co.

.20

6/15/29

Callable

5/15/29

100

(a)

...........................................................

500,000

515,668

Humana,

Inc.

.70

3/13/26

Callable

10/15/24

100

...........................

932,000

932,234

Universal

Health

Services,

Inc.

.65

9/1/26

Callable

8/1/26

100

.................

937,000

887,390

2,945,528

Industrials

(1.9%):

American

Airlines

Pass

Through

Trust

.60

9/22/27

............................

716,776

693,150

GXO

Logistics,

Inc.

.25

5/6/29

Callable

4/6/29

100

.........................

400,000

420,896

Hexcel

Corp.

.95

8/15/25

Callable

5/15/25

100

............................

522,000

520,666

United

Airlines

Pass

Through

Trust

.00

4/11/26

.....................................................

254,192

249,515

.45

12/1/27

....................................................

321,304

309,201

2,193,428

Information

Technology

(1.1%):

Cadence

Design

Systems,

Inc.

.38

10/15/24

.................................

1,173,000

1,172,261

KLA

Corp.

.65

11/1/24

................................................

144,000

143,874

1,316,135

Real

Estate

(2.5%):

EPR

Properties

.50

6/1/27

Callable

3/1/27

100

............................

250,000

246,493

GLP

Capital

LP/GLP

Financing

II,

Inc.

.38

4/15/26

Callable

1/15/26

100

.........

500,000

502,186

Regency

Centers

.90

11/1/25

Callable

8/1/25

100

........................

1,194,000

1,181,911

Retail

Opportunity

Investments

Partnership

.75

10/15/28

Callable

9/15/28

100

...

500,000

536,903

SBA

Tower

Trust

.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.

.25

4/26/26

Callable

11/4/24

100

(a)

................

250,000

245,218

Energy

(0.5%):

Var

Energi

ASA

.50

1/15/28

Callable

12/15/27

100

(a)

.......................

500,000

534,802

Financials

(8.6%):

ABN

AMRO

Bank

.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

.75

1/30/26

Callable

12/30/25

100

...........................................................

600,000

578,247

Bank

Montreal

.72

9/25/28

Callable

8/25/28

100

.........................

500,000

527,042

Barclays

PLC

.49

(

SOFR

222

bps

)

9/13/29

Callable

9/13/28

100

(b)

.............

750,000

800,405

BBVA

Bancomer

.35

(

H15T5Y

300

bps

)

11/12/29

Callable

11/12/24

100

(a)

(b)

400,000

397,783

Canadian

Imperial

Bank

Commerce

.93

10/2/26

............................

500,000

516,672

Danske

Bank

A/S

.26

(

H15T1Y

118

bps

)

9/22/26

Callable

9/22/25

100

(a)

(b)

......

750,000

761,625

Deutsche

Bank

.32

(

SOFR

122

bps

)

11/16/27

Callable

11/16/26

100

(b)

.......

500,000

497,487

Enstar

Group

Ltd.

.95

6/1/29

Callable

3/1/29

100

..........................

500,000

502,699

Essent

Group

Ltd.

.25

7/1/29

Callable

6/1/29

100

..........................

250,000

260,754

Nationwide

Building

Society

.56

(

SOFR

191

bps

)

10/18/27

Callable

10/18/26

100

(a)

(b)

.........................................................

500,000

520,503

Phoenix

Group

Holdings

PLC

.38

7/6/27

MTN

..............................

500,000

496,860

QBE

Insurance

Group

Ltd.

.88

(

H15T5Y

551

bps

)

Callable

5/12/25

100

(a)

(b)

(e)

....

250,000

249,441

Societe

Generale

.52

(

H15T1Y

150

bps

)

1/19/28

Callable

1/19/27

100

(a)

(b)

....

500,000

506,709

Svenska

Handelsbanken

.50

6/15/28

(a)

.................................

750,000

776,057

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

121

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Swedbank

.14

9/12/26

(a)

...........................................

500,000

516,498

The

Bank

Nova

Scotia

.90

(

H15T5Y

455

bps

)

Callable

6/4/25

100

(b)

(e)

........

500,000

494,132

UBS

Group

.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.

.50

1/15/26

Callable

12/15/25

100

(a)

............

393,000

395,044

Element

Fleet

Management

Corp.

.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

.35

3/1/26

Callable

1/1/26

100

..................

1,000,000

1,010,136

Open

Text

Corp.

.90

12/1/27

Callable

11/1/27

100

(a)

........................

500,000

527,634

1,537,770

Materials

(0.5%):

OCI

.63

10/15/25

Callable

11/4/24

100

(a)

.............................

590,000

587,432

Utilities

(0.4%):

Algonquin

Power

Utilities

Corp.

.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

.79

11/30/29

...................

250,000

253,360

Ohio

(0.2%):

Columbus

Metropolitan

Housing

Authority

Revenue

.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

Texas

Series

.70

(

H15T5Y

542

bps

)

(a)

(b)

(e)

...............................

250,000

250,170

Federal

Home

Loan

Banks

.65

7/30/31

....................................................

300,000

300,282

Federal

Home

Loan

Mortgage

Corporation

.00

9/1/38

.....................................................

1,752

1,938

.50

10/1/38

....................................................

395,362

404,266

.00

8/1/40

.....................................................

316,664

325,887

732,091

Federal

National

Mortgage

Association

.00

2/1/37

.....................................................

481,365

507,780

.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

.50

9/15/25

....................................................

1,350,000

1,343,725

.50

7/15/26

....................................................

1,000,000

1,013,867

.63

10/15/26

....................................................

1,000,000

1,018,984

.50

1/31/27

....................................................

1,250,000

1,191,406

.75

4/30/27

....................................................

500,000

489,727

.88

11/30/27

....................................................

1,250,000

1,260,937

.00

6/30/28

....................................................

750,000

761,250

.25

9/30/28

....................................................

700,000

639,680

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

122

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

.75

5/31/29

....................................................

1,500,000

1,446,445

.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.

.43

10/29/24

(a)

(h)

..................................

250,000

248,918

Industrials

(1.2%):

Huntington

Ingalls

Industries,

Inc.

.25

10/2/24

(a)

(h)

...........................

1,100,000

1,099,681

Sonoco

Products

Co.

.90

10/1/24

(h)

......................................

300,000

299,959

1,399,640

Information

Technology

(0.9%):

Jabil,

Inc.

.35

10/3/24

(a)

(h)

............................................

1,000,000

999,536

Real

Estate

(0.4%):

Crown

Castle

International

Corp.

.32

10/24/24

(a)

(h)

...........................

500,000

498,252

Utilities

(0.7%):

Guadalupe

Valley

Electric

Cooperative,

Inc.

.47

10/9/24

(a)

(h)

....................

800,000

798,875

Total

Commercial

Paper

(Cost

$3,945,876)

3,945,221

Collateral

for

Securities

Loaned

(0.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(i)

........

127,463

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(i)

............

127,463

Invesco

Government

Agency

Portfolio,

Institutional

.84

(i)

................

127,463

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(i)

127,463

Total

Collateral

for

Securities

Loaned

(Cost

$509,852)

509,852

Total

Investments

(Cost

$116,852,800)

—

100.9%

118,472,507

Liabilities

excess

other

assets

—

(0.9)%

(1,040,191)

NET

ASSETS

100.00%

117,432,316

September

30,

2024,

the

Fund's

investments

foreign

securities

were

13.7%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$47,123,320

and

amounted

40.1%

net

assets.

(b)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2024.

(c)

Security

interest

only.

(d)

Amount

represents

less

than

0.05%

net

assets.

(e)

Security

perpetual

and

has

final

maturity

date

but

may

subject

calls

various

dates

the

future.

(f)

All

portion

this

security

loan.

(g)

Stepped

coupon

security

for

which

the

coupon

rate

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

(h)

Rate

represents

the

effective

yield

September

30,

2024.

(i)

Rate

disclosed

the

daily

yield

September

30,

2024.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

September

30,

2024.

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

September

30,

2024.

LLC

—

Limited

Liability

Company

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

Victory

Portfolios

Victory

Low

Duration

Bond

Fund

123

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

September

30,

2024.

SOFR30A

—

day

average

SOFR,

rate

disclosed

September

30,

2024.

TSFR1M

—

month

Term

SOFR,

rate

disclosed

September

30,

2024.

TSFR3M

—

month

Term

SOFR,

rate

disclosed

September

30,

2024.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

High

Yield

Fund

124

(Unaudited)

Security

Description

Value

Common

Stocks

(0.4%)

Consumer

Discretionary

(0.2%):

Jo-Ann

Stores

LLC

(a)

...................................................

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)

(b)

.......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

......................................

1,622

—

Covis

Parent

SCA,

Class

(a)

(b)

.......................................

1,622

—

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

.76

(

SOFR06M

350

bps

)

7/1/31

(c)

.........................................

1,600,000

1,608,000

Consumer

Discretionary

(4.7%):

Bally's

Corp.,

Term

Facility

Loans,

First

Lien

.53

(

SOFR03M

325

bps

)

10/2/28

(c)

...

863,851

821,738

Carnival

Corp.,

2027

Term

Loan,

First

Lien

.00

(

SOFR01M

275

bps

)

8/9/27

(c)

.......

347,321

347,863

Cengage

Learning,

Inc.,

Term

Loans,

First

Lien

.54

(

SOFR06M

425

bps

)

3/24/31

(c)

746,250

747,429

Fertitta

Entertainment

LLC,

Initial

Term

Loan,

First

Lien

.85

(

SOFR01M

375

bps

)

1/29/29

(c)

........................................................

1,347,302

1,342,910

Fleet

Midco

Ltd.,

Term

Loan

B2,

First

Lien

.58

(

SOFR06M

275

bps

)

2/21/31

(c)

.....

914,167

911,881

Houghton

Mifflin

Harcourt

Co.,

Term

Loans,

First

Lien

.50

(

SOFR01M

525

bps

)

4/9/29

(c)

.........................................................

1,989,848

1,930,510

Men's

Wearhouse,

Inc.,

Term

Loans,

First

Lien

.74

(

SOFR03M

650

bps

)

2/26/29

(c)

...

767,493

761,100

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

.58

(

SOFR03M

325

bps

)

3/3/28

(c)

.........................................

699,297

663,996

The

Michaels

Cos.,

Inc.,

Term

Loans,

First

Lien

.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

.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

.57

(

SOFR03M

350

bps

)

2/25/29

(c)

........................................................

893,147

884,216

Knight

Health

Holdings

LLC,

Term

Loans,

First

Lien

.50

(

SOFR01M

525

bps

)

12/15/28

(c)

.......................................................

3,890,000

2,165,446

Virgin

Media

Bristol

LLC,

Facility,

First

Lien

.60

(

SOFR01M

250

bps

)

1/31/28

(c)

...

1,000,000

955,830

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien

.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

.75

(

SOFR01M

550

bps

)

5/4/28

(c)

1,717,188

1,735,081

Covis

Pharma

Holdings

SARL,

Dollar

Term

Loans,

First

Lien

.83

(

SOFR03M

650

bps

)

2/4/27

(c)

.........................................................

1,954,274

762,167

Covis

Pharma

Holdings

SARL,

Dollar

Term

Loans,

First

Lien

.83

(

SOFR03M

850

bps

)

2/4/27

(c)

.........................................

41,742

16,279

Embecta

Corp.,

Initial

Term

Loan,

First

Lien

.25

(

SOFR01M

300

bps

)

3/30/29

(c)

......

1,843,045

1,793,891

Global

Medical

Response,

Inc.,

2024

Extented

Term

Loan,

First

Lien

.46

(

SOFR01M

550

bps

)

10/31/28

(c)

.......................................

1,758,747

1,746,101

LifeScan

Global

Corp.,

Term

Loan,

First

Lien

.63

(

SOFR03M

650

bps

)

12/31/26

(c)

...

2,110,092

844,037

Radiology

Partners,

Inc.,

Term

First

Lien

.62

(

SOFR03M

350

bps

)

1/31/29

(c)

......

1,347,211

1,316,064

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

First

Lien

.50

(

SOFR03M

525

bps

)

3/2/27

(c)

.........................................

985,787

940,657

Victory

Portfolios

Victory

High

Yield

Fund

125

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

First

Lien

.50

(

SOFR01M

525

bps

)

3/2/27

(c)

.........................................

2,843

2,713

9,156,990

Industrials

(1.0%):

Air

Canada,

Term

Loans,

First

Lien

.25

(

SOFR03M

250

bps

)

3/21/31

(c)

............

810,925

811,939

Cotiviti

Corp.,

Initial

Fixed

Rate

Term

Loans,

First

Lien

.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

.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.

.25

1/15/29

Callable

1/15/26

105.13

(d)

.................

1,375,000

1,415,902

Central

Parent

LLC/CDK

Global

LLC/CDK

Financing

Co.,

Inc.

.00

6/15/29

Callable

6/15/25

104

(d)

...................................................

1,750,000

1,820,761

Clear

Channel

Outdoor

Holdings,

Inc.

.88

4/1/30

Callable

10/1/26

103.94

(d)

.......

1,800,000

1,883,808

CSC

Holdings

LLC

.75

1/31/29

Callable

1/31/26

105.88

(d)

.............................

900,000

868,673

.50

2/1/29

Callable

10/15/24

103.25

(d)

..............................

2,800,000

2,316,353

Cumulus

Media

New

Holdings,

Inc.

.00

7/1/29

Callable

11/4/24

100

(d)

..........

2,028,000

806,754

Frontier

Communications

Holdings

LLC

.88

10/15/27

Callable

11/4/24

101.47

(d)

...

1,750,000

1,757,026

Gray

Television,

Inc.

.00

5/15/27

Callable

10/15/24

101.75

(d)

(e)

...........................

1,000,000

982,694

.38

11/15/31

Callable

11/15/26

102.69

(d)

............................

1,950,000

1,217,634

Scripps

Escrow

II,

Inc.

.38

1/15/31

Callable

1/15/26

102.69

(d)

(e)

...............

2,600,000

1,509,474

Sinclair

Television

Group,

Inc.

.50

3/1/30

Callable

12/1/24

102.75

(d)

(e)

..........

3,275,000

2,365,815

Univision

Communications,

Inc.

.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.

.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.

.38

3/1/29

Callable

11/4/24

102.69

(d)

(e)

......................................................

1,625,000

1,519,230

Beazer

Homes

USA,

Inc.

.50

3/15/31

Callable

3/15/27

103.75

(d)

...............

2,000,000

2,077,917

Caesars

Entertainment,

Inc.

.13

7/1/27

Callable

10/15/24

102.03

(d)

..............................

2,105,000

2,149,512

.50

2/15/32

Callable

2/15/27

103.25

(d)

..............................

500,000

517,158

Cinemark

USA,

Inc.

.25

7/15/28

Callable

11/4/24

102.63

(d)

..................

725,000

712,784

Hanesbrands,

Inc.

.88

5/15/26

Callable

2/15/26

100

(d)

................................

750,000

743,189

.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

.63

1/15/32

Callable

1/15/27

103.31

(d)

....................................

1,600,000

1,621,026

LBM

Acquisition

LLC

.25

1/15/29

Callable

11/4/24

103.13

(d)

.................

1,750,000

1,655,835

Light

Wonder

International,

Inc.

.00

5/15/28

Callable

10/21/24

101.75

(d)

.......

2,625,000

2,645,158

PetSmart,

Inc./PetSmart

Finance

Corp.

.75

2/15/29

Callable

11/4/24

103.88

(d)

.....

1,600,000

1,578,282

Scientific

Games

Holdings

LP/Scientific

Games

FinCo,

Inc.

.63

3/1/30

Callable

3/1/25

103.31

(d)

.................................................

2,500,000

2,482,275

Station

Casinos

LLC

.50

2/15/28

Callable

11/4/24

101.13

(d)

..................

1,500,000

1,448,852

The

Goodyear

Tire

Rubber

Co.

.25

7/15/31

Callable

4/15/31

100

(e)

...........

1,625,000

1,467,216

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

.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.

.25

9/15/27

Callable

11/4/24

101.31

(e)

..............................

1,900,000

1,823,049

.00

9/15/28

Callable

9/15/25

104

(d)

................................

500,000

522,880

Victory

Portfolios

Victory

High

Yield

Fund

126

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Post

Holdings,

Inc.

.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.

.63

2/1/29

Callable

11/4/24

103.81

(d)

.................

1,050,000

1,082,834

Comstock

Resources,

Inc.

.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.

.63

3/15/29

Callable

3/15/26

104.31

(d)

......................................................

1,500,000

1,579,240

New

Fortress

Energy,

Inc.

.75

9/15/25

Callable

10/25/24

100

(d)

(e)

.............................

325,000

310,528

.50

9/30/26

Callable

11/4/24

101.63

(d)

(e)

............................

1,000,000

841,986

.75

3/15/29

Callable

3/15/26

104.38

(d)

(e)

............................

500,000

377,062

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

.00

2/15/28

Callable

11/4/24

101.5

.....

1,750,000

1,728,860

Permian

Resources

Operating

LLC

.88

7/1/29

Callable

11/4/24

102.94

(d)

.........

280,000

280,348

Talos

Production,

Inc.

.00

2/1/29

Callable

2/1/26

104.5

(d)

.................................

750,000

772,359

.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.

.50

11/6/30

Callable

5/15/26

103.75

(d)

.......

2,100,000

2,162,758

Arsenal

AIC

Parent

LLC

.00

10/1/30

Callable

10/1/26

104

(d)

.................

875,000

939,161

Boost

Newco

Borrower

LLC

.50

1/15/31

Callable

1/15/27

103.75

(d)

............

500,000

536,357

McGraw-Hill

Education,

Inc.

.00

8/1/29

Callable

11/4/24

104

(d)

...............

1,875,000

1,882,900

NESCO

Holdings

II,

Inc.

.50

4/15/29

Callable

11/4/24

102.75

(d)

...............

2,050,000

1,889,032

Stagwell

Global

LLC

.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.

.13

4/1/30

Callable

4/1/25

103.06

(d)

(e)

.....

2,550,000

2,174,621

Embecta

Corp.

.00

2/15/30

Callable

2/15/27

101.25

(d)

......................

1,000,000

919,943

LifePoint

Health,

Inc.

.38

1/15/29

Callable

11/4/24

102.69

(d)

..............................

1,700,000

1,600,922

.00

10/15/30

Callable

10/15/26

105.5

(d)

............................

1,250,000

1,413,405

Organon

Co./Organon

Foreign

Debt

Co.-Issuer

.13

4/30/31

Callable

4/30/26

102.56

(d)

(e)

......................................................

2,000,000

1,882,141

Radiology

Partners,

Inc.

.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.

.25

2/15/28

Callable

2/15/25

103.63

(d)

(e)

............................

1,875,000

1,918,742

.50

5/15/29

Callable

11/15/25

104.25

(d)

.............................

500,000

530,157

Chart

Industries,

Inc.

.50

1/1/30

Callable

1/1/26

103.75

(d)

....................

875,000

922,582

ITT

Holdings

LLC

.50

8/1/29

Callable

11/4/24

103.25

(d)

....................

2,500,000

2,371,565

Madison

IAQ

LLC

.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.

.50

6/20/27

Callable

11/4/24

101.63

(d)

..........................................

90,000

91,122

Rand

Parent

LLC

.50

2/15/30

Callable

2/15/26

104.25

(d)

....................

1,700,000

1,731,836

WESCO

Distribution,

Inc.

.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.

.50

3/31/29

Callable

9/30/25

103.25

(d)

..............................

2,250,000

2,239,335

.00

9/30/29

Callable

9/30/25

104.5

(d)

...............................

1,300,000

1,323,094

Neptune

BidCo

US,

Inc.

.29

4/15/29

Callable

10/15/25

104.65

(d)

...............

2,500,000

2,447,437

UKG,

Inc.

.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

.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.

.25

8/15/27

Callable

11/4/24

100

(d)

(e)

.......................................................

1,250,000

943,563

ATI,

Inc.

.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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.

.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.

.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

.50

3/15/30

Callable

3/15/25

102

(d)

..............

2,565,000

2,464,686

Telesat

Canada/Telesat

LLC

.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.

.25

4/15/31

Callable

4/15/26

104.13

(d)

............

2,000,000

2,123,170

Carnival

Corp.

.00

5/1/29

Callable

11/6/24

103

(d)

(e)

........................

1,000,000

1,012,014

International

Game

Technology

PLC

.25

1/15/29

Callable

11/4/24

102.63

(d)

.......

1,000,000

995,775

Viking

Cruises

Ltd.

.13

7/15/31

Callable

7/15/26

104.56

(d)

...................

1,000,000

1,092,806

Viking

Ocean

Cruises

Ship

VII

Ltd.

.63

2/15/29

Callable

11/4/24

102.81

(d)

.......

375,000

374,033

5,597,798

Energy

(2.9%):

Seadrill

Finance

Ltd.

.38

8/1/30

Callable

8/1/26

104.19

(d)

....................

1,500,000

1,568,445

TechnipFMC

PLC

.50

2/1/26

Callable

11/4/24

101.63

(d)

.....................

800,000

802,476

Transocean,

Inc.

.00

2/1/27

Callable

10/15/24

102

(d)

................................

1,536,000

1,535,327

.50

4/15/31

....................................................

1,625,000

1,496,376

5,402,624

Financials

(1.1%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC

.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.

.13

2/1/27

Callable

11/4/24

103.06

(d)

(e)

..............

2,000,000

1,804,761

Industrials

(2.7%):

Bombardier,

Inc.

.88

4/15/27

Callable

11/4/24

100

(d)

................................

711,000

712,961

.75

11/15/30

Callable

11/15/26

104.38

(d)

............................

875,000

960,810

Husky

Injection

Molding

Systems

Ltd/Titan

Co-Borrower

LLC

.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.

.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

.75

5/15/28

Callable

2/15/25

103.38

(d)

..............................

1,964,000

1,986,201

.50

4/15/29

Callable

4/15/26

103.75

(d)

..............................

2,000,000

2,090,578

NOVA

Chemicals

Corp.

.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

.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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

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

.83

(h)

........

7,006,155

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(h)

............

7,006,155

Invesco

Government

Agency

Portfolio,

Institutional

.84

(h)

...............

7,006,155

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(h)

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

excess

other

assets

—

(12.6)%

(23,290,060)

NET

ASSETS

100.00%

185,526,596

September

30,

2024,

the

Fund's

investments

foreign

securities

were

17.7%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(c)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2024.

(d)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$121,862,750

and

amounted

65.7%

net

assets.

(e)

All

portion

this

security

loan.

(f)

All

the

coupon

PIK.

(g)

Rate

represents

the

effective

yield

September

30,

2024.

(h)

Rate

disclosed

the

daily

yield

September

30,

2024.

bps

—

Basis

points

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

ETF

—

Exchange-Traded

Fund

LLC

—

Limited

Liability

Company

—

Limited

Partnership

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

SOFR03M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

SOFR06M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

Schedule

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

5.00%,

6/1/54,

Continuously

Callable

@100

250,000

259,368

Arizona

(1.4%):

City

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

Central

Arkansas

Revenue

(INS

Build

America

Mutual

Assurance

Co.),

Series

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

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

4.00%,

12/1/50,

Continuously

Callable

@103

.....................................................

750,000

676,500

Gold

Hill

Mesa

Metropolitan

District

No.

(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

Pompano

Beach

Revenue,

4.00%,

9/1/50,

Continuously

Callable

@103

...........

500,000

428,548

County

Broward

Airport

System

Revenue

AMT,

4.00%,

10/1/49,

Continuously

Callable

@100

...........................................................

500,000

476,178

County

Broward

Port

Facilities

Revenue,

4.00%,

9/1/49,

Continuously

Callable

@100

500,000

476,234

County

Lee

Airport

Revenue

AMT,

5.25%,

10/1/54,

Continuously

Callable

@100

.......

500,000

542,466

County

Miami-Dade

Revenue,

Series

5.00%,

6/1/33,

Continuously

Callable

@100

....

1,000,000

1,011,935

County

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

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

Appling

County

Revenue

2.20%,

9/1/29,

Continuously

Callable

@100(a)

.............................

700,000

Series

GA,

2.20%,

9/1/41,

Continuously

Callable

@100(a)

.....................

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

Guam

Revenue,

Series

5.00%,

7/1/48,

Continuously

Callable

@100

....

1,000,000

1,023,324

Illinois

(16.1%):

Chicago

Board

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

5.50%,

1/1/59,

Continuously

Callable

@100

.....................................................

1,000,000

1,086,804

City

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

5.00%,

1/1/43,

Continuously

Callable

@100

1,500,000

1,580,306

State

Illinois,

GO,

Series

4.50%,

5/1/48,

Continuously

Callable

@100

.............

500,000

508,687

6,540,877

Indiana

(1.3%):

Indiana

Finance

Authority

Revenue,

Series

5.50%,

7/1/52,

Continuously

Callable

@100

500,000

532,202

Victory

Portfolios

Victory

Tax-Exempt

Fund

130

(Unaudited)

Schedule

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

Gaithersburg

Revenue,

5.13%,

1/1/42,

Continuously

Callable

@103

.............

250,000

258,396

Massachusetts

(1.0%):

University

Massachusetts

Building

Authority

Revenue,

Series

2021-1,

5.00%,

11/1/39,

Continuously

Callable

@100

...........................................

410,000

410,424

Michigan

(2.6%):

City

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

the

State

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

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

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

Dunkirk,

GO,

7.50%,

7/24/25(b)

......................................

250,000

252,545

City

New

York,

GO,

Series

B-3,

1.85%,

10/1/46,

Continuously

Callable

@100(a)

.......

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

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

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

4.00%,

9/1/50,

Continuously

Callable

@100

.........................

500,000

423,182

Series

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

Franklin

Revenue,

5.00%,

7/1/45,

Continuously

Callable

@103

..............

500,000

520,193

County

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

4.00%,

5/15/53,

Continuously

Callable

@100

....................................

1,000,000

964,737

Victory

Portfolios

Victory

Tax-Exempt

Fund

131

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

South

Carolina

(1.3%):

Charleston

County

Airport

District

Revenue

AMT,

Series

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

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

Arthur

Navigation

District

Revenue

2.00%,

4/1/40,

Continuously

Callable

@100(a)

.............................

100,000

Series

2.10%,

4/1/40,

Continuously

Callable

@100(a)

.......................

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

5.63%,

6/15/42,

Continuously

Callable

@100(b)

...................................................

250,000

258,509

Utah

Infrastructure

Agency

Revenue,

Series

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

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

excess

other

assets

—

(2.5)%

(1,010,499)

NET

ASSETS

100.00%

40,672,582

(a)

Variable

Rate

Demand

Notes

that

provide

the

rights

sell

the

security

face

value

either

that

day

within

the

rate-reset

period.

The

interest

rate

reset

the

put

date

stipulated

daily,

weekly,

monthly,

quarterly,

other

specified

time

interval

reflect

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$2,034,543

and

amounted

5.0%

net

assets.

(c)

Zero-coupon

bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

ETF

—

Exchange-Traded

Fund

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

the

provider

the

enhancement

support

the

issuer’s

ability

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

provided

high-quality

bank,

insurance

company

other

corporation,

collateral

trust.

The

enhancements

not

guarantee

the

market

values

the

securities.

INS—Principal

and

interest

payments

are

insured

the

name

listed.

Although

bond

insurance

reduces

the

risk

loss

due

default

issuer,

such

bonds

remain

subject

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

Portfolio

Investments

September

30,

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

.00

6/1/54

Continuously

Callable

@100

250,000

259,368

Arizona

(8.5%):

Arizona

IDA

Revenue

.00

12/15/51

Continuously

Callable

@100

(a)

............................

700,000

596,098

Series

.00

7/15/51

Continuously

Callable

@100

(a)

......................

500,000

433,989

Paz

County

IDA

Revenue

.00

2/15/51

Continuously

Callable

@100

.............

280,000

234,323

Maricopa

County

IDA

Revenue

AMT

.00

10/15/47

Continuously

Callable

@104

(a)

....

500,000

454,919

The

County

Pima

IDA

Revenue

.00

6/15/51

Continuously

Callable

@100

(a)

.............................

500,000

434,236

Series

.88

11/15/52

Continuously

Callable

@103

(a)

.....................

250,000

274,233

The

IDA

the

City

Phoenix

Revenue

.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

.00

6/1/49

Continuously

Callable

@100

.....................................................

85,000

85,895

Delaware

(1.1%):

Delaware

State

Economic

Development

Authority

Revenue

.00

6/1/52

Continuously

Callable

@100

.....................................................

500,000

422,279

Florida

(7.7%):

Capital

Trust

Agency,

Inc.

Revenue

.38

5/1/53

Continuously

Callable

@100

(a)

.......

250,000

257,541

Escambia

County

Health

Facilities

Authority

Revenue

(INS

Assured

Guaranty

Municipal

Corp.)

.00

8/15/50

Continuously

Callable

@100

.........................

1,000,000

765,773

Florida

Development

Finance

Corp.

Revenue

.00

7/1/55

Continuously

Callable

@100

...............................

500,000

435,887

.25

10/1/56

Continuously

Callable

@100

(a)

.............................

500,000

504,538

Pinellas

County

Educational

Facilities

Authority

Revenue

Series

.00

6/1/46

Continuously

Callable

@100

(a)

.........................................

500,000

387,411

Seminole

County

IDA

Revenue

Series

.00

6/15/56

Continuously

Callable

@100

(a)

705,000

590,425

2,941,575

Georgia

(1.3%):

Development

Authority

Floyd

County

Revenue

Series

.20

9/1/26

Continuously

Callable

@100

(b)

...................................................

300,000

The

Burke

County

Development

Authority

Revenue

.20

11/1/48

Continuously

Callable

@100

(b)

.........................................................

200,000

500,000

Indiana

(4.0%):

Indiana

Finance

Authority

Revenue

Series

.13

12/1/26

.............................................

1,000,000

1,007,048

Series

.00

7/1/55

Continuously

Callable

@100

.........................

500,000

501,513

1,508,561

Iowa

(2.4%):

Iowa

Finance

Authority

Revenue

.00

5/15/48

Continuously

Callable

@100

...............................

500,000

499,500

Series

A-1

.00

5/15/55

Continuously

Callable

@103

......................

500,000

418,736

918,236

Kansas

(0.5%):

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

.75

3/1/41

Continuously

Callable

@103

(a)

.........................................

200,000

205,080

Kentucky

(1.4%):

Louisville/Jefferson

County

Metropolitan

Government

Revenue

.00

5/15/52

Continuously

Callable

@100

.....................................................

500,000

518,458

Maryland

(0.5%):

Maryland

Economic

Development

Corp.

Revenue

.25

7/1/50

Continuously

Callable

@100

...........................................................

200,000

187,703

Massachusetts

(1.4%):

Massachusetts

Development

Finance

Agency

Revenue

.00

10/1/32

Continuously

Callable

@103

(a)

.............................

300,000

300,453

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

133

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

.00

7/1/47

Continuously

Callable

@100

...............................

250,000

252,090

552,543

Minnesota

(0.8%):

City

Woodbury

Revenue

.00

7/1/51

Continuously

Callable

@103

...............

400,000

307,089

Missouri

(1.3%):

Health

Educational

Facilities

Authority

the

State

Missouri

Revenue

.25

12/1/42

Continuously

Callable

@100

(a)

.........................................

500,000

487,318

New

Hampshire

(1.1%):

New

Hampshire

Business

Finance

Authority

Revenue

.00

1/1/51

Continuously

Callable

@103

...........................................................

500,000

431,281

New

Jersey

(2.3%):

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

12/15/38

(c)

..........

1,500,000

885,368

New

Mexico

(2.6%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

Series

.00

7/1/49

Continuously

Callable

@102

...........................................

500,000

498,493

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

.25

5/1/40

Continuously

Callable

@103

(a)

...................................

500,000

486,967

985,460

New

York

(13.7%):

Build

NYC

Resource

Corp.

Revenue

.75

6/1/52

Continuously

Callable

@100

(a)

.............................

250,000

258,532

.75

6/1/62

Continuously

Callable

@100

(a)

.............................

250,000

258,709

Series

.00

6/15/51

Continuously

Callable

@100

(a)

......................

500,000

419,662

Series

.00

6/15/51

Continuously

Callable

@100

(a)

......................

100,000

100,530

City

Dunkirk,

.50

7/24/25

(a)

.......................................

500,000

505,089

City

New

York,

Series

B-3

.85

10/1/46

Continuously

Callable

@100

(b)

.......

400,000

Metropolitan

Transportation

Authority

Revenue

Series

A-2

.00

11/15/45

(Put

Date

5/15/30)

(d)

...........................

365,000

408,675

Series

D-3

.00

11/15/49

Continuously

Callable

@100

.....................

500,000

485,461

Monroe

County

Industrial

Development

Corp.

Revenue

.00

12/1/46

Continuously

Callable

@100

.....................................................

600,000

604,443

New

York

State

Dormitory

Authority

Revenue

.00

7/1/40

Continuously

Callable

@100

(a)

.............................

1,000,000

918,969

.00

7/1/40

Continuously

Callable

@100

...............................

200,000

174,600

Onondaga

Civic

Development

Corp.

Revenue

.00

10/1/40

Continuously

Callable

@100

250,000

229,384

Western

Regional

Off-Track

Betting

Corp.

Revenue

.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

.00

10/1/50

Continuously

Callable

@103

...........................................................

250,000

249,091

North

Dakota

(2.6%):

City

Grand

Forks

Revenue

.00

12/1/36

Continuously

Callable

@100

............

1,000,000

990,908

Ohio

(2.5%):

County

Hardin

Revenue

.50

5/1/50

Continuously

Callable

@103

...............

500,000

493,714

Northeast

Ohio

Medical

University

Revenue

Series

.00

12/1/45

Continuously

Callable

@100

...........................................................

225,000

207,330

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

9/1/47

Continuously

Callable

@100

...........................................................

250,000

269,665

970,709

Oregon

(2.1%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

.00

11/15/52

Continuously

Callable

@102

.......................

500,000

485,184

Series

.38

11/15/55

Continuously

Callable

@102

.......................

100,000

100,107

Yamhill

County

Hospital

Authority

Revenue

.00

11/15/51

Continuously

Callable

@103

250,000

217,912

803,203

Pennsylvania

(4.2%):

Bucks

County

IDA

Revenue

.00

7/1/54

Continuously

Callable

@100

..............

500,000

494,527

Chester

County

IDA

Revenue

.00

10/15/52

Continuously

Callable

@100

(a)

.........

500,000

530,960

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

134

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Pennsylvania

Economic

Development

Financing

Authority

Revenue

AMT

.00

4/1/51

(Put

Date

4/13/28)

(a)

(d)

.................................................

500,000

575,388

1,600,875

South

Carolina

(5.1%):

County

Lancaster

Special

Assessment

Series

.00

12/1/37

Continuously

Callable

@100

...........................................................

1,675,000

1,675,486

County

Richland

Special

Assessment

.63

11/1/31

Continuously

Callable

@103

(a)

...

290,000

254,343

1,929,829

Texas

(4.8%):

City

Houston

Texas

Airport

System

Revenue

AMT

.00

7/15/41

Continuously

Callable

@100

...........................................................

750,000

729,744

Port

Arthur

Navigation

District

Revenue

.00

4/1/40

Continuously

Callable

@100

(b)

.............................

300,000

Series

.10

4/1/40

Continuously

Callable

@100

(b)

......................

800,000

1,829,744

Utah

(5.9%):

Military

Installation

Development

Authority

Revenue

Series

A-1

.00

6/1/41

Continuously

Callable

@103

.......................

250,000

230,362

Series

A-1

.00

6/1/52

Continuously

Callable

@103

.......................

250,000

214,028

Utah

Charter

School

Finance

Authority

Revenue

.75

4/15/50

Continuously

Callable

@100

...............................

525,000

363,455

Series

.63

6/15/42

Continuously

Callable

@100

(a)

......................

250,000

258,509

Utah

Infrastructure

Agency

Revenue

Series

.38

10/15/40

Continuously

Callable

@100

1,150,000

1,196,681

2,263,035

Vermont

(4.4%):

Vermont

Economic

Development

Authority

Revenue

.00

5/1/45

Continuously

Callable

@103

...........................................................

500,000

457,611

Vermont

Educational

Health

Buildings

Financing

Agency

Revenue

.00

10/15/46

Continuously

Callable

@100

..............................

750,000

738,304

.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

.75

6/1/43

Continuously

Callable

@100

(a)

...................................................

1,000,000

1,029,664

Wisconsin

(8.7%):

Public

Finance

Authority

Revenue

.00

4/1/52

Continuously

Callable

@100

(a)

.............................

500,000

441,768

Series

.25

12/1/51

Continuously

Callable

@100

(a)

......................

500,000

402,176

Series

.88

6/1/52

Continuously

Callable

@100

(a)

.......................

250,000

254,144

Series

.25

3/1/55

Continuously

Callable

@100

(a)

.......................

500,000

479,777

Series

.00

7/1/55

Continuously

Callable

@100

(a)

.......................

500,000

478,249

Series

A-1

.00

7/1/51

Continuously

Callable

@100

(a)

.....................

500,000

435,835

Wisconsin

Health

Educational

Facilities

Authority

Revenue

.00

1/1/47

Continuously

Callable

@103

...............................

500,000

450,503

.00

12/1/51

Continuously

Callable

@100

...............................

500,000

370,497

3,312,949

Total

Municipal

Bonds

(Cost

$39,229,254)

36,318,251

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

excess

liabilities

—

2.0%

748,809

NET

ASSETS

100.00%

38,128,460

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$14,769,775

and

amounted

38.7%

net

assets.

(b)

Variable

Rate

Demand

Notes

that

provide

the

rights

sell

the

security

face

value

either

that

day

within

the

rate-reset

period.

The

interest

rate

reset

the

put

date

stipulated

daily,

weekly,

monthly,

quarterly,

other

specified

time

interval

reflect

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description.

Victory

Portfolios

Victory

High

Income

Municipal

Bond

Fund

135

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

(c)

Zero-coupon

bond.

(d)

Put

Bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

ETF

—

Exchange-Traded

Fund

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

the

provider

the

enhancement

support

the

issuer’s

ability

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

provided

high-quality

bank,

insurance

company

other

corporation,

collateral

trust.

The

enhancements

not

guarantee

the

market

values

the

securities.

INS—Principal

and

interest

payments

are

insured

the

name

listed.

Although

bond

insurance

reduces

the

risk

loss

due

default

issuer,

such

bonds

remain

subject

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

assurance

that

the

insurance

company

will

meet

its

obligations.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Portfolios

Victory

Floating

Rate

Fund

136

(Unaudited)

Security

Description

Value

Common

Stocks

(0.9%)

Diversified

Consumer

Services

(0.0%):(a)

Jo-Ann

Stores

LLC(b)

...................................................

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

Shares(b)(c)

.......................................

10,030

—

Covis

Parent

SCA,

Class

Shares(b)(c)

.......................................

10,030

—

Covis

Parent

SCA,

Class

Shares(b)(c)

.......................................

10,030

—

Covis

Parent

SCA,

Class

Shares(b)(c)

......................................

10,030

—

Covis

Parent

SCA,

Class

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

Facility

Loans,

First

Lien,

8.53%

(SOFR03M+325bps),

10/2/28(d)

...

5,037,556

4,791,975

Caesars

Entertainment,

Inc.,

2023

Incremental

Term

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

Loans,

First

Lien,

9.54%

(SOFR06M+425bps),

3/24/31(d)

5,970,000

5,979,433

Delta

Air

Lines,

Inc.

and

SkyMiles

Ltd.,

Initial

Term

Loan,

First

Lien,

9.03%

(SOFR03M+375bps),

10/20/27(d)

.......................................

4,435,559

4,514,290

Entain

PLC,

Facility

(USD)

Loan,

First

Lien,

7.76%

(SOFR06M+250bps),

3/29/27(d)

....

1,930,247

1,935,671

Fertitta

Entertainment

LLC,

Initial

Term

Loan,

First

Lien,

8.85%

(SOFR01M+375bps),

1/29/29(d)

........................................................

6,228,335

6,208,031

Fitness

International

LLC,

Term

Loan,

First

Lien,

10.51%

(SOFR03M+525bps),

2/12/29(d)

4,466,250

4,449,502

Fitness

International

LLC,

Term

Loan,

First

Lien,

10.50%

(SOFR01M+525bps),

2/12/29(d)

11,250

11,208

Fleet

Midco

Ltd.,

Term

Loan

B2,

First

Lien,

7.58%

(SOFR06M+275bps),

2/21/31(d)

.....

2,742,500

2,735,644

Flutter

Entertainment

PLC,

Term

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

Loan,

First

Lien,

8.20%

(SOFR01M+300bps),

12/1/28(d)

....

4,946,835

4,551,732

Hanesbrands,

Inc.,

Initial

Tranche

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.

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

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

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

First

Lien,

6/13/28(f)

......................

1,189,897

1,130,403

Station

Casinos

LLC,

Term

Facility

Loans,

First

Lien,

7.50%

(SOFR01M+225bps),

3/14/31(d)

........................................................

5,962,519

5,933,779

The

Dun

Bradstreet

Corp.,

Term

Loan

First

Lien,

7.61%

(SOFR01M+275bps),

1/18/29(d)

4,477,500

4,472,217

The

Michaels

Cos.,

Inc.,

Term

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

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.

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

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

NHHC

Holdco,

Inc.,

Term

Loan

Lien

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

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

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

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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

GIP

Pilot

Acquisition

Partners

LP,

2024

Term

Loan

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

First

Lien,

8.54%

(SOFR03M+325bps),

11/2/28(d)

........................................................

3,647,410

3,648,942

ITT

Holdings

LLC,

Term

Loan

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

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

SUB

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

Loan,

First

Lien,

10.30%

(SOFR03M+500bps),

4/11/29(d)

........................................................

6,035,837

5,654,311

NorthRiver

Midstream

Finance

LP,

Term

First

Lien,

7.83%

(SOFR03M+250bps),

8/16/30(d)

........................................................

5,055,135

5,052,607

Oldcastle

BuildingEnvelope,

Inc.,

Term

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

Loans,

First

Lien,

9.00%

(SOFR01M+375bps),

2/1/28(d)

..........

5,006,845

4,807,623

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

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,

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

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

Loans,

First

Lien,

11.83%

(SOFR03M+650bps),

2/4/27(d)

.........................................................

12,080,965

4,711,576

Covis

Pharma

Holdings

SARL,

Dollar

Term

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

Loans,

First

Lien,

10.50%

(SOFR01M+525bps),

12/15/28(d)

.......................................................

22,853,750

12,721,997

Lifepoint

Health,

Inc.,

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

Loan,

First

Lien,

7.50%

(SOFR01M+225bps),

4/20/29(d)

........................................................

3,018,984

3,007,663

Radiology

Partners,

Inc.,

Term

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

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

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Team

Health

Holdings,

Inc.,

Facility

Extending

Term

Loan

First

Lien,

10.50%

(SOFR01M+525bps),

3/2/27(d)

.........................................

18,405

17,563

69,669,844

Industrials

(14.4%):

AAdvantage

Loyalty

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

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

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.

Term

Loan,

First

Lien,

7.82%

(SOFR03M+250bps),

3/15/30(d)

........................................................

2,509,224

2,502,951

Core

Main

LP,

Tranche

Term

Loan,

First

Lien,

7.11%

(SOFR01M+225bps),

2/10/31(d)

4,228,750

Cornerstone

Building

Brands,

Inc.,

New

Term

Loan

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

Loans,

First

Lien,

8.75%

(SOFR01M+350bps),

6/30/28(d)

.....

2,065,323

1,843,528

Hertz

Corp.,

Initial

Term

Loan,

First

Lien,

8.75%

(SOFR01M+350bps),

6/30/28(d)

......

404,813

361,340

Husky

Injection

Molding

Systems

Ltd.,

Amendment

No.

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

Group

Opco

Acquisition,

LLC,

Term

Loan

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

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

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

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

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

WireCo

WorldGroup,

Inc.,

Term

Loan

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

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

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

excess

liabilities

—

2.1%

11,774,882

NET

ASSETS

100.00%

563,444,032

September

30,

2024,

the

Fund's

investments

foreign

securities

were

8.0%

net

assets.

(a)

Amount

represents

less

than

0.05%

net

assets.

(b)

Non-income

producing

security.

(c)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(d)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2024.

(e)

Currently

the

issuer

default

with

respect

interest

and/or

principal

payments.

(f)

The

rates

for

this

senior

secured

loan

will

known

settlement

date

the

loan,

subsequent

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

line

with

prevailing

interest

rates.

(g)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$17,761,179

and

amounted

3.2%

net

assets.

bps

—

Basis

points

LLC

—

Limited

Liability

Company

—

Limited

Partnership

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

SOFR03M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

SOFR06M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

Victory High Yield Fund - Class Y (RSYYX) NPORT-PVictory RS Value Fund (Sep 2024 report)