| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Integrity Discovery Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (97.9%) | ||||||||
| Banks (21.8%): | ||||||||
| Business First Bancshares, Inc. | 27,000 | $ | 581 | |||||
| Central Pacific Financial Corp. | 16,900 | 350 | ||||||
| Civista Bancshares, Inc. | 23,000 | 478 | ||||||
| ConnectOne Bancorp, Inc. | 29,550 | 681 | ||||||
| Dime Community Bancshares, Inc. | 20,950 | 613 | ||||||
| Financial Institutions, Inc. (a) | 23,100 | 556 | ||||||
| First Foundation, Inc. | 33,600 | 610 | ||||||
| First Internet Bancorp | 16,900 | 572 | ||||||
| First Mid Bancshares, Inc. | 20,000 | 639 | ||||||
| German American Bancorp, Inc. (a) | 17,200 | 614 | ||||||
| HarborOne Bancorp, Inc. | 45,500 | 611 | ||||||
| Heritage Commerce Corp. | 60,800 | 689 | ||||||
| Hometrust Bancshares, Inc. | 19,300 | 427 | ||||||
| Independent Bank Corp. | 30,400 | 581 | ||||||
| Mercantile Bank Corp. | 17,700 | 526 | ||||||
| Origin Bancorp, Inc. | 18,000 | 692 | ||||||
| Peoples Bancorp, Inc. | 22,900 | 663 | ||||||
| Primis Financial Corp. | 41,500 | 503 | ||||||
| QCR Holdings, Inc. | 12,800 | 652 | ||||||
| SmartFinancial, Inc. | 18,300 | 452 | ||||||
| The First Bancshares, Inc. | 23,700 | 708 | ||||||
| Univest Financial Corp. | 26,470 | 622 | ||||||
| Washington Trust Bancorp, Inc. | 11,700 | 544 | ||||||
| 13,364 | ||||||||
| Capital Markets (2.0%): | ||||||||
| Cowen, Inc., Class A (a) | 18,900 | 730 | ||||||
| Diamond Hill Investment Group, Inc. | 2,840 | 469 | ||||||
| 1,199 | ||||||||
| Communication Services (2.9%): | ||||||||
| Clear Channel Outdoor Holdings, Inc. (a)(b) | 363,000 | 497 | ||||||
| Emerald Holding, Inc. (a)(b) | 94,000 | 318 | ||||||
| The EW Scripps Co., Class A (b) | 32,900 | 371 | ||||||
| The Marcus Corp. (a) | 43,820 | 608 | ||||||
| 1,794 | ||||||||
| Consumer Discretionary (11.9%): | ||||||||
| BJ's Restaurants, Inc. (b) | 16,700 | 398 | ||||||
| Chico's FAS, Inc. (b) | 109,000 | 527 | ||||||
| Chuy's Holdings, Inc. (b) | 21,300 | 494 | ||||||
| Express, Inc. (a)(b) | 147,000 | 160 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Discovery Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Funko, Inc., Class A (a)(b) | 24,400 | $ | 493 | |||||
| Genesco, Inc. (a)(b) | 12,400 | 488 | ||||||
| Green Brick Partners, Inc. (b) | 12,000 | 257 | ||||||
| Inspired Entertainment, Inc. (b) | 35,270 | 311 | ||||||
| Lindblad Expeditions Holdings, Inc. (a)(b) | 44,700 | 302 | ||||||
| Malibu Boats, Inc., Class A (b) | 6,500 | 312 | ||||||
| Modine Manufacturing Co. (b) | 53,500 | 692 | ||||||
| Motorcar Parts of America, Inc. (b) | 36,400 | 554 | ||||||
| Noodles & Co. (b) | 64,800 | 305 | ||||||
| OneWater Marine, Inc. (b) | 9,420 | 284 | ||||||
| Potbelly Corp. (b) | 65,500 | 297 | ||||||
| Ruth's Hospitality Group, Inc. | 7,481 | 126 | ||||||
| Shoe Carnival, Inc. | 18,000 | 386 | ||||||
| The Children's Place, Inc. (a)(b) | 6,700 | 207 | ||||||
| Universal Electronics, Inc. (b) | 15,600 | 307 | ||||||
| Zumiez, Inc. (a)(b) | 16,600 | 357 | ||||||
| 7,257 | ||||||||
| Consumer Finance (1.1%): | ||||||||
| EZCORP, Inc., Class A (b) | 88,200 | 680 | ||||||
| Energy (4.8%): | ||||||||
| Berry Corp. | 72,100 | 541 | ||||||
| International Seaways, Inc. | 22,620 | 795 | ||||||
| ProPetro Holding Corp. (b) | 36,700 | 295 | ||||||
| Solaris Oilfield Infrastructure, Inc., Class A | 44,500 | 416 | ||||||
| Talos Energy, Inc. (b) | 33,515 | 558 | ||||||
| Tidewater, Inc. (b) | 16,200 | 352 | ||||||
| 2,957 | ||||||||
| Health Care (9.2%): | ||||||||
| AngioDynamics, Inc. (b) | 42,200 | 863 | ||||||
| Brookdale Senior Living, Inc. (a)(b) | 97,400 | 416 | ||||||
| Collegium Pharmaceutical, Inc. (b) | 33,000 | 529 | ||||||
| Community Health Systems, Inc. (a)(b) | 95,422 | 205 | ||||||
| Cross Country Healthcare, Inc. (a)(b) | 20,200 | 573 | ||||||
| Hanger, Inc. (a)(b) | 36,140 | 677 | ||||||
| HealthStream, Inc. (b) | 27,900 | 593 | ||||||
| Orthofix Medical, Inc. (b) | 26,600 | 508 | ||||||
| RadNet, Inc. (b) | 33,000 | 672 | ||||||
| Vanda Pharmaceuticals, Inc. (b) | 37,300 | 368 | ||||||
| Zimvie, Inc. (b) | 22,250 | 220 | ||||||
| 5,624 | ||||||||
| Industrials (15.3%): | ||||||||
| CIRCOR International, Inc. (a)(b) | 28,900 | 477 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Discovery Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Columbus McKinnon Corp. | 19,500 | $ | 510 | |||||
| Covenant Logistics Group, Inc., Class A (a) | 23,100 | 663 | ||||||
| CRA International, Inc. | 5,150 | 457 | ||||||
| Ducommun, Inc. (b) | 14,500 | 575 | ||||||
| DXP Enterprises, Inc. (b) | 19,900 | 471 | ||||||
| Eagle Bulk Shipping, Inc. | 10,700 | 462 | ||||||
| Great Lakes Dredge & Dock Corp. (b) | 44,000 | 334 | ||||||
| Hawaiian Holdings, Inc. (b) | 28,400 | 374 | ||||||
| Heritage-Crystal Clean, Inc. (b) | 19,350 | 572 | ||||||
| Interface, Inc. | 44,800 | 403 | ||||||
| Kelly Services, Inc., Class A | 34,250 | 466 | ||||||
| Kimball International, Inc., Class B | 61,345 | 386 | ||||||
| Matrix Service Co. (b) | 38,000 | 157 | ||||||
| NN, Inc. (b) | 93,000 | 159 | ||||||
| Park Aerospace Corp. (a) | 43,200 | 477 | ||||||
| Park-Ohio Holdings Corp. | 20,100 | 227 | ||||||
| SP Plus Corp. (a)(b) | 18,750 | 587 | ||||||
| Titan Machinery, Inc. (b) | 23,900 | 675 | ||||||
| Triumph Group, Inc. (b) | 18,100 | 156 | ||||||
| VSE Corp. | 12,950 | 458 | ||||||
| Willdan Group, Inc. (a)(b) | 19,859 | 294 | ||||||
| 9,340 | ||||||||
| Information Technology (12.8%): | ||||||||
| American Software, Inc., Class A | 25,800 | 395 | ||||||
| Benchmark Electronics, Inc. | 18,300 | 453 | ||||||
| Comtech Telecommunications Corp. | 45,200 | 452 | ||||||
| Digi International, Inc. (b) | 24,400 | 844 | ||||||
| EMCORE Corp. (b) | 73,000 | 122 | ||||||
| Extreme Networks, Inc. (b) | 35,235 | 461 | ||||||
| Harmonic, Inc. (a)(b) | 64,400 | 842 | ||||||
| I3 Verticals, Inc., Class A (b) | 16,450 | 329 | ||||||
| Ichor Holdings Ltd. (b) | 18,400 | 445 | ||||||
| Impinj, Inc. (a)(b) | 5,950 | 476 | ||||||
| Kimball Electronics, Inc. (b) | 33,100 | 568 | ||||||
| Lantronix, Inc. (b) | 80,400 | 387 | ||||||
| PDF Solutions, Inc. (b) | 25,550 | 627 | ||||||
| ScanSource, Inc. (b) | 19,250 | 508 | ||||||
| Veeco Instruments, Inc. (b) | 21,550 | 395 | ||||||
| Vishay Precision Group, Inc. (b) | 17,300 | 512 | ||||||
| 7,816 | ||||||||
| Insurance (0.8%): | ||||||||
| HCI Group, Inc. (a) | 8,200 | 322 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Discovery Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Heritage Insurance Holdings, Inc. | 63,000 | $ | 142 | |||||
| 464 | ||||||||
| Materials (5.0%): | ||||||||
| AdvanSix, Inc. | 17,600 | 565 | ||||||
| Clearwater Paper Corp. (b) | 13,670 | 514 | ||||||
| Haynes International, Inc. | 15,000 | 527 | ||||||
| Koppers Holdings, Inc. | 22,545 | 468 | ||||||
| Schnitzer Steel Industries, Inc. | 17,000 | 484 | ||||||
| SunCoke Energy, Inc. | 86,500 | 503 | ||||||
| 3,061 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) (1.8%): | ||||||||
| Ares Commercial Real Estate Corp. | 42,500 | 444 | ||||||
| Dynex Capital, Inc. (a) | 41,900 | 488 | ||||||
| Western Asset Mortgage Capital Corp. | 14,400 | 161 | ||||||
| 1,093 | ||||||||
| Real Estate (4.8%): | ||||||||
| City Office REIT, Inc. | 48,000 | 478 | ||||||
| Global Medical REIT, Inc. | 55,000 | 469 | ||||||
| NETSTREIT Corp. (a) | 31,550 | 562 | ||||||
| NexPoint Residential Trust, Inc. | 6,550 | 303 | ||||||
| Plymouth Industrial REIT, Inc. | 30,900 | 519 | ||||||
| Urstadt Biddle Properties, Inc., Class A | 37,800 | 586 | ||||||
| 2,917 | ||||||||
| Thrifts & Mortgage Finance (3.7%): | ||||||||
| Bridgewater Bancshares, Inc. (b) | 35,400 | 583 | ||||||
| HomeStreet, Inc. | 15,500 | 447 | ||||||
| Premier Financial Corp. | 28,150 | 723 | ||||||
| Southern Missouri Bancorp, Inc. | 10,400 | 531 | ||||||
| 2,284 | ||||||||
| Total Common Stocks (Cost $59,495) | 59,850 | |||||||
| Collateral for Securities Loaned (13.0%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 171,452 | 171 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 115,402 | 115 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 85,563 | 85 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 3,895,653 | 3,896 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 170,835 | 171 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 463,873 | 464 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Discovery Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 3,067,549 | $ | 3,068 | |||||
| Total Collateral for Securities Loaned (Cost $7,970) | 7,970 | |||||||
| Total Investments (Cost $67,465) — 110.9% | 67,820 | |||||||
| Liabilities in excess of other assets — (10.9)% | (6,662 | ) | ||||||
| NET ASSETS - 100.00% | $ | 61,158 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Integrity Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (98.0%) | ||||||||
| Communication Services (2.9%): | ||||||||
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 31,980 | $ | 1,871 | |||||
| Lions Gate Entertainment Corp., Class B (a) | 165,600 | 1,151 | ||||||
| Nexstar Media Group, Inc., Class A (b) | 17,538 | 2,926 | ||||||
| Take-Two Interactive Software, Inc. (a) | 14,685 | 1,601 | ||||||
| 7,549 | ||||||||
| Consumer Discretionary (9.7%): | ||||||||
| Aptiv PLC (a) | 20,300 | 1,588 | ||||||
| Aramark | 65,197 | 2,034 | ||||||
| Brunswick Corp. | 24,500 | 1,604 | ||||||
| Caesars Entertainment, Inc. (a) | 35,282 | 1,138 | ||||||
| D.R. Horton, Inc. | 21,207 | 1,428 | ||||||
| Dollar Tree, Inc. (a) | 22,178 | 3,018 | ||||||
| Foot Locker, Inc. | 36,501 | 1,136 | ||||||
| Newell Brands, Inc. | 111,851 | 1,554 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a)(b) | 106,796 | 1,213 | ||||||
| Ralph Lauren Corp. | 22,700 | 1,928 | ||||||
| Ross Stores, Inc. | 25,123 | 2,117 | ||||||
| Tapestry, Inc. | 67,924 | 1,931 | ||||||
| Travel + Leisure Co. | 44,000 | 1,501 | ||||||
| Victoria's Secret & Co. (a)(b) | 32,748 | 954 | ||||||
| Yum! Brands, Inc. | 23,900 | 2,542 | ||||||
| 25,686 | ||||||||
| Consumer Staples (5.2%): | ||||||||
| Archer-Daniels-Midland Co. | 32,888 | 2,646 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a)(b) | 38,459 | 2,800 | ||||||
| Coty, Inc., Class A (a) | 278,707 | 1,761 | ||||||
| Molson Coors Beverage Co., Class B | 50,500 | 2,424 | ||||||
| Performance Food Group Co. (a) | 43,000 | 1,847 | ||||||
| Tyson Foods, Inc., Class A | 34,127 | 2,250 | ||||||
| 13,728 | ||||||||
| Energy (4.4%): | ||||||||
| Cheniere Energy, Inc. | 14,838 | 2,462 | ||||||
| Devon Energy Corp. | 50,700 | 3,048 | ||||||
| Diamondback Energy, Inc. | 16,627 | 2,003 | ||||||
| Halliburton Co. | 82,778 | 2,038 | ||||||
| Hess Corp. | 19,229 | 2,096 | ||||||
| 11,647 | ||||||||
| Financials (15.4%): | ||||||||
| American Financial Group, Inc. | 21,458 | 2,638 | ||||||
| Arthur J. Gallagher & Co. | 24,400 | 4,178 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 59,200 | 1,594 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Cincinnati Financial Corp. | 20,900 | $ | 1,872 | |||||
| Fifth Third Bancorp | 106,258 | 3,396 | ||||||
| Huntington Bancshares, Inc. | 240,825 | 3,174 | ||||||
| M&T Bank Corp. | 22,300 | 3,932 | ||||||
| Northern Trust Corp. | 29,260 | 2,503 | ||||||
| Regions Financial Corp. | 130,028 | 2,610 | ||||||
| Reinsurance Group of America, Inc. | 23,439 | 2,949 | ||||||
| State Street Corp. | 41,086 | 2,498 | ||||||
| The Allstate Corp. | 17,809 | 2,218 | ||||||
| The Hartford Financial Services Group, Inc. | 39,200 | 2,428 | ||||||
| Unum Group | 63,305 | 2,456 | ||||||
| Western Alliance Bancorp | 35,241 | 2,317 | ||||||
| 40,763 | ||||||||
| Health Care (7.7%): | ||||||||
| Centene Corp. (a) | 25,584 | 1,991 | ||||||
| Elanco Animal Health, Inc. (a) | 127,000 | 1,576 | ||||||
| Encompass Health Corp. | 50,280 | 2,274 | ||||||
| Jazz Pharmaceuticals PLC (a) | 16,111 | 2,147 | ||||||
| Laboratory Corp. of America Holdings | 9,000 | 1,843 | ||||||
| McKesson Corp. | 5,050 | 1,716 | ||||||
| Organon & Co. | 66,500 | 1,556 | ||||||
| Perrigo Co. PLC | 53,151 | 1,895 | ||||||
| STERIS PLC | 10,900 | 1,813 | ||||||
| Tenet Healthcare Corp. (a) | 31,032 | 1,601 | ||||||
| Zimmer Biomet Holdings, Inc. | 17,472 | 1,827 | ||||||
| 20,239 | ||||||||
| Industrials (17.9%): | ||||||||
| Booz Allen Hamilton Holding Corp. | 27,900 | 2,577 | ||||||
| BWX Technologies, Inc. | 55,000 | 2,770 | ||||||
| Carlisle Cos., Inc. | 9,515 | 2,668 | ||||||
| Crane Holdings Co. | 25,600 | 2,241 | ||||||
| Cummins, Inc. | 11,260 | 2,291 | ||||||
| Curtiss-Wright Corp. | 16,680 | 2,321 | ||||||
| Delta Air Lines, Inc. (a) | 80,550 | 2,260 | ||||||
| Dover Corp. | 20,302 | 2,367 | ||||||
| Howmet Aerospace, Inc. | 64,977 | 2,010 | ||||||
| ITT, Inc. | 31,970 | 2,089 | ||||||
| KBR, Inc. | 19,264 | 833 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 44,284 | 2,167 | ||||||
| Nordson Corp. | 6,841 | 1,452 | ||||||
| Old Dominion Freight Line, Inc. | 10,317 | 2,567 | ||||||
| Oshkosh Corp. | 22,449 | 1,578 | ||||||
| Parker-Hannifin Corp. | 12,133 | 2,940 | ||||||
| Regal Rexnord Corp. | 16,150 | 2,267 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Republic Services, Inc. | 26,988 | $ | 3,671 | |||||
| Rockwell Automation, Inc. | 8,951 | 1,925 | ||||||
| WESCO International, Inc. (a) | 17,711 | 2,114 | ||||||
| Westinghouse Air Brake Technologies Corp. | 28,750 | 2,339 | ||||||
| 47,447 | ||||||||
| Information Technology (11.1%): | ||||||||
| Akamai Technologies, Inc. (a) | 19,750 | 1,586 | ||||||
| Ciena Corp. (a) | 51,432 | 2,079 | ||||||
| DXC Technology Co. (a) | 90,550 | 2,217 | ||||||
| Flex Ltd. (a) | 164,500 | 2,741 | ||||||
| Global Payments, Inc. | 26,396 | 2,852 | ||||||
| Jabil, Inc. | 42,586 | 2,458 | ||||||
| Juniper Networks, Inc. | 87,800 | 2,293 | ||||||
| MKS Instruments, Inc. | 21,190 | 1,751 | ||||||
| Motorola Solutions, Inc. | 17,951 | 4,021 | ||||||
| ON Semiconductor Corp. (a) | 34,287 | 2,137 | ||||||
| Verint Systems, Inc. (a) | 41,085 | 1,380 | ||||||
| Western Digital Corp. (a) | 62,859 | 2,046 | ||||||
| Zebra Technologies Corp. (a) | 6,500 | 1,703 | ||||||
| 29,264 | ||||||||
| Materials (6.8%): | ||||||||
| Ashland, Inc. | 19,889 | 1,889 | ||||||
| Avery Dennison Corp. | 12,960 | 2,109 | ||||||
| Berry Global Group, Inc. (a) | 44,500 | 2,070 | ||||||
| Corteva, Inc. | 50,300 | 2,875 | ||||||
| DuPont de Nemours, Inc. | 37,800 | 1,905 | ||||||
| Olin Corp. | 43,500 | 1,865 | ||||||
| Packaging Corp. of America | 14,549 | 1,634 | ||||||
| Reliance Steel & Aluminum Co. | 10,457 | 1,824 | ||||||
| Westlake Corp. | 21,806 | 1,894 | ||||||
| 18,065 | ||||||||
| Real Estate (8.9%): | ||||||||
| Apartment Income REIT Corp. | 70,300 | 2,715 | ||||||
| Duke Realty Corp. | 21,900 | 1,055 | ||||||
| Essex Property Trust, Inc. | 14,060 | 3,406 | ||||||
| Federal Realty Investment Trust | 24,440 | 2,202 | ||||||
| Host Hotels & Resorts, Inc. | 159,903 | 2,539 | ||||||
| Realty Income Corp. | 68,147 | 3,966 | ||||||
| VICI Properties, Inc. | 103,783 | 3,098 | ||||||
| Welltower, Inc. (b) | 51,580 | 3,318 | ||||||
| Weyerhaeuser Co. | 44,000 | 1,257 | ||||||
| 23,556 | ||||||||
| Utilities (8.0%): | ||||||||
| CenterPoint Energy, Inc. | 102,600 | 2,891 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Constellation Energy Corp. | 40,275 | $ | 3,351 | |||||
| DTE Energy Co. | 20,591 | 2,369 | ||||||
| Evergy, Inc. | 40,605 | 2,412 | ||||||
| PPL Corp. | 84,000 | 2,129 | ||||||
| UGI Corp. | 68,600 | 2,218 | ||||||
| Vistra Corp. | 135,270 | 2,841 | ||||||
| Xcel Energy, Inc. | 44,250 | 2,832 | ||||||
| 21,043 | ||||||||
| Total Common Stocks (Cost $260,676) | 258,987 | |||||||
| Collateral for Securities Loaned (2.1%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 121,193 | 121 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 81,573 | 82 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 60,481 | 60 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 2,753,683 | 2,754 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 120,757 | 121 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 327,893 | 328 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 2,168,329 | 2,168 | ||||||
| Total Collateral for Securities Loaned (Cost $5,634) | 5,634 | |||||||
| Total Investments (Cost $266,310) — 100.1% | 264,621 | |||||||
| Liabilities in excess of other assets — (0.1)% | (220 | ) | ||||||
| NET ASSETS - 100.00% | $ | 264,401 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Integrity Small-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (97.1%) | ||||||||
| Banks (15.5%): | ||||||||
| Ameris Bancorp | 350,000 | $ | 15,649 | |||||
| Atlantic Union Bankshares Corp. | 394,059 | 11,972 | ||||||
| Banc of California, Inc. | 627,500 | 10,021 | ||||||
| Bank of Hawaii Corp. | 166,900 | 12,704 | ||||||
| Banner Corp. | 232,500 | 13,736 | ||||||
| FB Financial Corp. (a) | 305,000 | 11,654 | ||||||
| First Bancorp/Southern Pines NC | 219,120 | 8,015 | ||||||
| First Merchants Corp. | 376,800 | 14,575 | ||||||
| Heritage Financial Corp. (a) | 282,690 | 7,483 | ||||||
| Pacific Premier Bancorp, Inc. | 460,000 | 14,242 | ||||||
| Prosperity Bancshares, Inc. | 194,000 | 12,936 | ||||||
| Sandy Spring Bancorp, Inc. | 289,800 | 10,218 | ||||||
| SouthState Corp. | 253,540 | 20,060 | ||||||
| Synovus Financial Corp. | 394,723 | 14,806 | ||||||
| United Community Banks, Inc. | 551,188 | 18,244 | ||||||
| Wintrust Financial Corp. | 152,500 | 12,436 | ||||||
| 208,751 | ||||||||
| Capital Markets (2.5%): | ||||||||
| Artisan Partners Asset Management, Inc., Class A | 297,015 | 7,999 | ||||||
| Federated Hermes, Inc. | 320,000 | 10,598 | ||||||
| Stifel Financial Corp. | 167,500 | 8,695 | ||||||
| Virtus Investment Partners, Inc. | 41,000 | 6,540 | ||||||
| 33,832 | ||||||||
| Communication Services (2.0%): | ||||||||
| Cinemark Holdings, Inc. (a)(b) | 646,778 | 7,833 | ||||||
| Gray Television, Inc. | 613,065 | 8,779 | ||||||
| Lions Gate Entertainment Corp., Class B (b) | 704,514 | 4,896 | ||||||
| The Marcus Corp. (a) | 373,000 | 5,181 | ||||||
| 26,689 | ||||||||
| Consumer Discretionary (10.2%): | ||||||||
| Asbury Automotive Group, Inc. (b) | 77,800 | 11,755 | ||||||
| Bloomin' Brands, Inc. | 649,569 | 11,907 | ||||||
| Brinker International, Inc. (a)(b) | 249,124 | 6,223 | ||||||
| Brunswick Corp. | 95,133 | 6,226 | ||||||
| Dave & Buster's Entertainment, Inc. (a)(b) | 190,080 | 5,898 | ||||||
| Foot Locker, Inc. | 251,200 | 7,820 | ||||||
| Light & Wonder, Inc. (b) | 190,400 | 8,164 | ||||||
| Macy's, Inc. | 394,759 | 6,186 | ||||||
| Marriott Vacations Worldwide Corp. | 76,046 | 9,267 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Meritage Homes Corp. (b) | 114,000 | $ | 8,011 | |||||
| PVH Corp. | 138,900 | 6,223 | ||||||
| Signet Jewelers Ltd. | 177,300 | 10,140 | ||||||
| Steven Madden Ltd. | 208,216 | 5,553 | ||||||
| The Goodyear Tire & Rubber Co. (b) | 947,729 | 9,563 | ||||||
| Victoria's Secret & Co. (a)(b) | 169,781 | 4,944 | ||||||
| Visteon Corp. (b) | 118,273 | 12,544 | ||||||
| Wolverine World Wide, Inc. | 404,465 | 6,225 | ||||||
| 136,649 | ||||||||
| Consumer Staples (3.2%): | ||||||||
| Coty, Inc., Class A (b) | 1,480,920 | 9,359 | ||||||
| MGP Ingredients, Inc. (a) | 75,900 | 8,058 | ||||||
| Performance Food Group Co. (b) | 265,589 | 11,407 | ||||||
| The Andersons, Inc. | 180,500 | 5,601 | ||||||
| The Simply Good Foods Co. (b) | 272,778 | 8,726 | ||||||
| 43,151 | ||||||||
| Energy (4.6%): | ||||||||
| Cactus, Inc., Class A | 311,913 | 11,987 | ||||||
| Chord Energy Corp. | 89,121 | 12,189 | ||||||
| Civitas Resources, Inc. (a) | 204,300 | 11,725 | ||||||
| CONSOL Energy, Inc. | 234,626 | 15,091 | ||||||
| Green Plains, Inc. (a)(b) | 393,051 | 11,426 | ||||||
| 62,418 | ||||||||
| Health Care (8.6%): | ||||||||
| Brookdale Senior Living, Inc. (b) | 1,460,040 | 6,234 | ||||||
| Encompass Health Corp. | 197,900 | 8,951 | ||||||
| Haemonetics Corp. (b) | 149,500 | 11,067 | ||||||
| Ironwood Pharmaceuticals, Inc. (b) | 932,200 | 9,658 | ||||||
| LivaNova PLC (b) | 184,800 | 9,382 | ||||||
| NuVasive, Inc. (b) | 206,000 | 9,025 | ||||||
| Patterson Cos., Inc. | 353,000 | 8,479 | ||||||
| Perrigo Co. PLC | 258,400 | 9,215 | ||||||
| Prestige Consumer Healthcare, Inc. (b) | 151,700 | 7,559 | ||||||
| Select Medical Holdings Corp. | 528,295 | 11,675 | ||||||
| Supernus Pharmaceuticals, Inc. (b) | 385,135 | 13,037 | ||||||
| Tenet Healthcare Corp. (b) | 229,753 | 11,851 | ||||||
| 116,133 | ||||||||
| Industrials (17.2%): | ||||||||
| AAR Corp. (b) | 187,500 | 6,716 | ||||||
| Arcosa, Inc. | 185,370 | 10,599 | ||||||
| Atkore, Inc. (b) | 104,100 | 8,100 | ||||||
| BWX Technologies, Inc. | 236,806 | 11,928 | ||||||
| CACI International, Inc., Class A (b) | 38,985 | 10,177 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Clean Harbors, Inc. (b) | 108,747 | $ | 11,960 | |||||
| Crane Holdings Co. | 135,281 | 11,842 | ||||||
| Curtiss-Wright Corp. | 97,536 | 13,573 | ||||||
| EMCOR Group, Inc. | 122,993 | 14,203 | ||||||
| EnPro Industries, Inc. | 82,538 | 7,014 | ||||||
| ESCO Technologies, Inc. | 109,200 | 8,020 | ||||||
| Federal Signal Corp. | 246,400 | 9,196 | ||||||
| FTI Consulting, Inc. (b) | 76,400 | 12,660 | ||||||
| Hawaiian Holdings, Inc. (a)(b) | 520,431 | 6,844 | ||||||
| Hub Group, Inc., Class A (b) | 156,901 | 10,823 | ||||||
| IAA, Inc. (b) | 238,700 | 7,603 | ||||||
| Kirby Corp. (b) | 148,887 | 9,048 | ||||||
| Maxar Technologies, Inc. (a) | 423,000 | 7,919 | ||||||
| Saia, Inc. (b) | 48,978 | 9,306 | ||||||
| The Greenbrier Cos., Inc. | 244,753 | 5,940 | ||||||
| Univar Solutions, Inc. (b) | 371,288 | 8,443 | ||||||
| Wabash National Corp. (a) | 631,300 | 9,823 | ||||||
| Werner Enterprises, Inc. | 236,565 | 8,895 | ||||||
| WESCO International, Inc. (b) | 90,005 | 10,745 | ||||||
| 231,377 | ||||||||
| Information Technology (8.1%): | ||||||||
| Axcelis Technologies, Inc. (b) | 111,400 | 6,746 | ||||||
| Belden, Inc. | 212,200 | 12,736 | ||||||
| Conduent, Inc. (b) | 1,390,000 | 4,643 | ||||||
| Diodes, Inc. (a)(b) | 106,400 | 6,906 | ||||||
| Extreme Networks, Inc. (b) | 445,100 | 5,818 | ||||||
| FormFactor, Inc. (b) | 228,241 | 5,718 | ||||||
| Harmonic, Inc. (a)(b) | 873,000 | 11,410 | ||||||
| Infinera Corp. (a)(b) | 1,464,389 | 7,088 | ||||||
| Plexus Corp. (b) | 135,500 | 11,864 | ||||||
| Progress Software Corp. | 224,000 | 9,531 | ||||||
| Sanmina Corp. (a)(b) | 261,700 | 12,059 | ||||||
| Veeco Instruments, Inc. (a)(b) | 360,400 | 6,603 | ||||||
| Verint Systems, Inc. (b) | 254,300 | 8,539 | ||||||
| 109,661 | ||||||||
| Insurance (4.8%): | ||||||||
| Assured Guaranty Ltd. | 170,719 | 8,271 | ||||||
| Brighthouse Financial, Inc. (a)(b) | 168,129 | 7,300 | ||||||
| Horace Mann Educators Corp. | 218,808 | 7,722 | ||||||
| Kinsale Capital Group, Inc. | 43,791 | 11,185 | ||||||
| Primerica, Inc. | 59,282 | 7,318 | ||||||
| ProAssurance Corp. | 359,637 | 7,017 | ||||||
| RLI Corp. | 80,800 | 8,272 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| The Hanover Insurance Group, Inc. | 54,400 | $ | 6,971 | |||||
| 64,056 | ||||||||
| Materials (3.9%): | ||||||||
| AdvanSix, Inc. | 253,300 | 8,131 | ||||||
| ATI, Inc. (b) | 315,000 | 8,382 | ||||||
| Avient Corp. | 257,100 | 7,790 | ||||||
| Commercial Metals Co. | 279,000 | 9,899 | ||||||
| O-I Glass, Inc. (b) | 882,500 | 11,428 | ||||||
| Sylvamo Corp. | 203,000 | 6,882 | ||||||
| 52,512 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) (1.4%): | ||||||||
| Blackstone Mortgage Trust, Inc., Class A (a) | 490,000 | 11,437 | ||||||
| Ladder Capital Corp. | 788,000 | 7,060 | ||||||
| 18,497 | ||||||||
| Real Estate (9.3%): | ||||||||
| Alexander & Baldwin, Inc. | 401,400 | 6,655 | ||||||
| CareTrust REIT, Inc. | 530,530 | 9,608 | ||||||
| DiamondRock Hospitality Co. | 1,372,000 | 10,304 | ||||||
| Easterly Government Properties, Inc. (a) | 551,000 | 8,689 | ||||||
| Essential Properties Realty Trust, Inc. | 480,500 | 9,346 | ||||||
| Hudson Pacific Properties, Inc. | 449,745 | 4,925 | ||||||
| LXP Industrial Trust (a) | 1,200,000 | 10,992 | ||||||
| Physicians Realty Trust | 588,300 | 8,848 | ||||||
| Sabra Health Care REIT, Inc. | 848,000 | 11,126 | ||||||
| SITE Centers Corp. | 1,041,400 | 11,153 | ||||||
| STAG Industrial, Inc. | 454,408 | 12,919 | ||||||
| Summit Hotel Properties, Inc. | 1,120,000 | 7,526 | ||||||
| Sunstone Hotel Investors, Inc. | 628,700 | 5,922 | ||||||
| Veris Residential, Inc. (b) | 626,706 | 7,126 | ||||||
| 125,139 | ||||||||
| Thrifts & Mortgage Finance (1.5%): | ||||||||
| MGIC Investment Corp. | 805,399 | 10,325 | ||||||
| Northwest Bancshares, Inc. (a) | 731,000 | 9,876 | ||||||
| 20,201 | ||||||||
| Utilities (4.3%): | ||||||||
| ALLETE, Inc. | 200,800 | 10,050 | ||||||
| Black Hills Corp. | 216,400 | 14,657 | ||||||
| NorthWestern Corp. | 194,237 | 9,572 | ||||||
| ONE Gas, Inc. | 174,800 | 12,304 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Portland General Electric Co. | 265,333 | $ | 11,532 | |||||
| 58,115 | ||||||||
| Total Common Stocks (Cost $1,281,936) | 1,307,181 | |||||||
| Exchange-Traded Funds (0.4%) | ||||||||
| iShares Russell 2000 Value ETF | 40,000 | 5,157 | ||||||
| Total Exchange-Traded Funds (Cost $6,164) | 5,157 | |||||||
| Collateral for Securities Loaned (4.7%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 1,362,609 | 1,363 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 917,154 | 917 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 680,009 | 680 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 30,960,504 | 30,961 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 1,357,703 | 1,358 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 3,686,606 | 3,686 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 24,379,189 | 24,379 | ||||||
| Total Collateral for Securities Loaned (Cost $63,344) | 63,344 | |||||||
| Total Investments (Cost $1,351,444) — 102.2% | 1,375,682 | |||||||
| Liabilities in excess of other assets — (2.2)% | (29,885 | ) | ||||||
| NET ASSETS - 100.00% | $ | 1,345,797 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (99.2%) | ||||||||
| Communication Services (2.6%): | ||||||||
| Cinemark Holdings, Inc. (a)(b) | 86,000 | $ | 1,042 | |||||
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 24,794 | 1,450 | ||||||
| Lions Gate Entertainment Corp., Class B (a) | 92,700 | 644 | ||||||
| Nexstar Media Group, Inc., Class A | 13,150 | 2,194 | ||||||
| 5,330 | ||||||||
| Consumer Discretionary (11.8%): | ||||||||
| Aramark | 58,000 | 1,810 | ||||||
| Asbury Automotive Group, Inc. (a) | 11,580 | 1,750 | ||||||
| Bloomin' Brands, Inc. | 100,000 | 1,833 | ||||||
| Brunswick Corp. | 20,000 | 1,309 | ||||||
| Caesars Entertainment, Inc. (a) | 21,793 | 703 | ||||||
| Foot Locker, Inc. | 28,714 | 894 | ||||||
| Lear Corp. | 11,200 | 1,340 | ||||||
| Macy's, Inc. | 56,025 | 878 | ||||||
| Newell Brands, Inc. | 92,314 | 1,282 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a)(b) | 94,500 | 1,073 | ||||||
| PulteGroup, Inc. | 27,500 | 1,031 | ||||||
| PVH Corp. | 21,510 | 964 | ||||||
| Ralph Lauren Corp. | 18,800 | 1,597 | ||||||
| Signet Jewelers Ltd. | 27,100 | 1,550 | ||||||
| Steven Madden Ltd. | 31,378 | 837 | ||||||
| Tapestry, Inc. | 54,655 | 1,554 | ||||||
| Travel + Leisure Co. | 33,000 | 1,126 | ||||||
| Victoria's Secret & Co. (a)(b) | 26,454 | 770 | ||||||
| Visteon Corp. (a) | 16,267 | 1,725 | ||||||
| 24,026 | ||||||||
| Consumer Staples (4.0%): | ||||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 23,653 | 1,722 | ||||||
| Coty, Inc., Class A (a) | 220,353 | 1,393 | ||||||
| MGP Ingredients, Inc. | 15,916 | 1,690 | ||||||
| Molson Coors Beverage Co., Class B (b) | 34,600 | 1,660 | ||||||
| Performance Food Group Co. (a) | 36,082 | 1,550 | ||||||
| 8,015 | ||||||||
| Energy (3.8%): | ||||||||
| APA Corp. | 21,106 | 722 | ||||||
| Cactus, Inc., Class A | 35,200 | 1,353 | ||||||
| Chord Energy Corp. | 10,044 | 1,374 | ||||||
| CONSOL Energy, Inc. | 26,451 | 1,701 | ||||||
| Green Plains, Inc. (a)(b) | 45,900 | 1,334 | ||||||
| PDC Energy, Inc. | 21,122 | 1,221 | ||||||
| 7,705 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Financials (19.3%): | ||||||||
| American Financial Group, Inc. | 16,642 | $ | 2,046 | |||||
| Artisan Partners Asset Management, Inc., Class A | 46,200 | 1,244 | ||||||
| Assurant, Inc. | 12,455 | 1,809 | ||||||
| Atlantic Union Bankshares Corp. | 57,000 | 1,732 | ||||||
| Bank of Hawaii Corp. | 28,170 | 2,144 | ||||||
| Blackstone Mortgage Trust, Inc., Class A | 71,880 | 1,678 | ||||||
| East West Bancorp, Inc. | 27,200 | 1,826 | ||||||
| Federated Hermes, Inc. | 47,000 | 1,557 | ||||||
| Kinsale Capital Group, Inc. | 6,335 | 1,618 | ||||||
| MGIC Investment Corp. | 107,500 | 1,378 | ||||||
| Prosperity Bancshares, Inc. | 36,050 | 2,404 | ||||||
| Reinsurance Group of America, Inc. | 13,380 | 1,683 | ||||||
| SouthState Corp. | 33,500 | 2,650 | ||||||
| Stifel Financial Corp. | 31,000 | 1,609 | ||||||
| Synovus Financial Corp. | 67,182 | 2,520 | ||||||
| The Hanover Insurance Group, Inc. | 10,720 | 1,374 | ||||||
| Unum Group | 54,400 | 2,111 | ||||||
| Voya Financial, Inc. (b) | 29,350 | 1,776 | ||||||
| W.R. Berkley Corp. | 22,046 | 1,424 | ||||||
| Western Alliance Bancorp | 34,350 | 2,258 | ||||||
| Wintrust Financial Corp. | 27,594 | 2,250 | ||||||
| 39,091 | ||||||||
| Health Care (7.6%): | ||||||||
| Encompass Health Corp. | 37,300 | 1,687 | ||||||
| Ironwood Pharmaceuticals, Inc. (a) | 141,699 | 1,468 | ||||||
| Jazz Pharmaceuticals PLC (a) | 12,170 | 1,622 | ||||||
| LivaNova PLC (a) | 27,889 | 1,416 | ||||||
| NuVasive, Inc. (a) | 31,035 | 1,360 | ||||||
| Organon & Co. | 65,000 | 1,521 | ||||||
| Perrigo Co. PLC | 61,850 | 2,205 | ||||||
| Prestige Consumer Healthcare, Inc. (a) | 19,100 | 952 | ||||||
| Select Medical Holdings Corp. | 77,665 | 1,716 | ||||||
| Tenet Healthcare Corp. (a) | 27,369 | 1,412 | ||||||
| 15,359 | ||||||||
| Industrials (22.3%): | ||||||||
| AECOM | 27,300 | 1,866 | ||||||
| Alaska Air Group, Inc. (a) | 33,782 | 1,323 | ||||||
| Arcosa, Inc. | 28,446 | 1,627 | ||||||
| Atkore, Inc. (a) | 15,824 | 1,231 | ||||||
| BWX Technologies, Inc. | 38,800 | 1,954 | ||||||
| CACI International, Inc., Class A (a) | 6,007 | 1,568 | ||||||
| Carlisle Cos., Inc. | 6,568 | 1,842 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Clean Harbors, Inc. (a) | 19,432 | $ | 2,137 | |||||
| Crane Holdings Co. | 23,700 | 2,075 | ||||||
| Curtiss-Wright Corp. | 17,580 | 2,446 | ||||||
| EMCOR Group, Inc. | 16,142 | 1,864 | ||||||
| EnPro Industries, Inc. | 12,383 | 1,052 | ||||||
| FTI Consulting, Inc. (a) | 12,611 | 2,090 | ||||||
| Hertz Global Holdings, Inc. (a)(b) | 82,300 | 1,340 | ||||||
| Howmet Aerospace, Inc. | 56,490 | 1,747 | ||||||
| IAA, Inc. (a) | 36,400 | 1,159 | ||||||
| ITT, Inc. | 26,514 | 1,732 | ||||||
| KBR, Inc. | 14,735 | 637 | ||||||
| Kirby Corp. (a) | 25,730 | 1,564 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 31,150 | 1,524 | ||||||
| Nordson Corp. | 9,760 | 2,072 | ||||||
| Oshkosh Corp. | 14,000 | 984 | ||||||
| Regal Rexnord Corp. | 13,900 | 1,951 | ||||||
| Saia, Inc. (a) | 7,030 | 1,336 | ||||||
| The Greenbrier Cos., Inc. | 43,451 | 1,055 | ||||||
| Univar Solutions, Inc. (a) | 67,800 | 1,542 | ||||||
| WESCO International, Inc. (a) | 17,000 | 2,029 | ||||||
| Westinghouse Air Brake Technologies Corp. | 16,960 | 1,380 | ||||||
| 45,127 | ||||||||
| Information Technology (10.1%): | ||||||||
| Axcelis Technologies, Inc. (a) | 16,814 | 1,018 | ||||||
| Belden, Inc. | 29,628 | 1,778 | ||||||
| Ciena Corp. (a) | 41,500 | 1,678 | ||||||
| Diodes, Inc. (a)(b) | 18,500 | 1,201 | ||||||
| DXC Technology Co. (a) | 77,200 | 1,890 | ||||||
| Euronet Worldwide, Inc. (a) | 17,600 | 1,333 | ||||||
| Flex Ltd. (a) | 126,200 | 2,103 | ||||||
| FormFactor, Inc. (a) | 41,215 | 1,032 | ||||||
| Jabil, Inc. | 34,802 | 2,008 | ||||||
| Juniper Networks, Inc. | 71,714 | 1,873 | ||||||
| MKS Instruments, Inc. | 18,315 | 1,514 | ||||||
| Progress Software Corp. | 36,910 | 1,571 | ||||||
| Verint Systems, Inc. (a) | 43,224 | 1,452 | ||||||
| 20,451 | ||||||||
| Materials (5.9%): | ||||||||
| Berry Global Group, Inc. (a) | 33,335 | 1,551 | ||||||
| O-I Glass, Inc. (a) | 114,500 | 1,483 | ||||||
| Olin Corp. | 42,800 | 1,835 | ||||||
| Packaging Corp. of America (b) | 15,900 | 1,785 | ||||||
| Reliance Steel & Aluminum Co. | 9,413 | 1,642 | ||||||
| Steel Dynamics, Inc. | 28,267 | 2,006 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Integrity Small/Mid-Cap Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Westlake Corp. | 19,800 | $ | 1,720 | |||||
| 12,022 | ||||||||
| Real Estate (8.4%): | ||||||||
| Apartment Income REIT Corp. | 62,200 | 2,402 | ||||||
| DiamondRock Hospitality Co. | 76,200 | 572 | ||||||
| Federal Realty Investment Trust | 23,350 | 2,105 | ||||||
| First Industrial Realty Trust, Inc. | 46,000 | 2,061 | ||||||
| Gaming and Leisure Properties, Inc. | 47,000 | 2,079 | ||||||
| Highwoods Properties, Inc. | 52,300 | 1,410 | ||||||
| Host Hotels & Resorts, Inc. | 104,000 | 1,652 | ||||||
| Hudson Pacific Properties, Inc. | 76,900 | 842 | ||||||
| Medical Properties Trust, Inc. (b) | 123,000 | 1,459 | ||||||
| SITE Centers Corp. | 121,200 | 1,298 | ||||||
| Veris Residential, Inc. (a) | 97,900 | 1,113 | ||||||
| 16,993 | ||||||||
| Utilities (3.4%): | ||||||||
| ALLETE, Inc. | 31,500 | 1,577 | ||||||
| Black Hills Corp. | 23,879 | 1,617 | ||||||
| UGI Corp. | 51,630 | 1,669 | ||||||
| Vistra Corp. | 96,100 | 2,017 | ||||||
| 6,880 | ||||||||
| Total Common Stocks (Cost $210,375) | 200,999 | |||||||
| Collateral for Securities Loaned (4.9%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 215,573 | 216 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 145,099 | 145 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 107,581 | 108 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 4,898,130 | 4,898 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 214,796 | 214 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 583,242 | 583 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 3,856,928 | 3,857 | ||||||
| Total Collateral for Securities Loaned (Cost $10,021) | 10,021 | |||||||
| Total Investments (Cost $220,396) — 104.1% | 211,020 | |||||||
| Liabilities in excess of other assets — (4.1)% | (8,336 | ) | ||||||
| NET ASSETS - 100.00% | $ | 202,684 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Munder Multi-Cap Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (97.8%) | ||||||||
| Communication Services (8.2%): | ||||||||
| Alphabet, Inc., Class A (a) | 155,860 | $ | 14,908 | |||||
| Meta Platforms, Inc., Class A (a) | 11,700 | 1,587 | ||||||
| Nexstar Media Group, Inc., Class A | 29,700 | 4,955 | ||||||
| The Walt Disney Co. (a) | 44,700 | 4,217 | ||||||
| World Wrestling Entertainment, Inc., Class A (b) | 56,000 | 3,930 | ||||||
| 29,597 | ||||||||
| Communications Equipment (1.1%): | ||||||||
| Lumentum Holdings, Inc. (a) | 60,700 | 4,162 | ||||||
| Consumer Discretionary (9.1%): | ||||||||
| Amazon.com, Inc. (a) | 56,800 | 6,418 | ||||||
| Asbury Automotive Group, Inc. (a) | 23,100 | 3,490 | ||||||
| Brunswick Corp. | 47,500 | 3,109 | ||||||
| Crocs, Inc. (a)(b) | 25,400 | 1,744 | ||||||
| Group 1 Automotive, Inc. | 22,200 | 3,172 | ||||||
| Lithia Motors, Inc. | 15,300 | 3,283 | ||||||
| Meritage Homes Corp. (a) | 25,000 | 1,757 | ||||||
| Skyline Champion Corp. (a) | 71,000 | 3,754 | ||||||
| Tesla, Inc. (a) | 23,700 | 6,286 | ||||||
| 33,013 | ||||||||
| Consumer Staples (5.3%): | ||||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 59,000 | 4,296 | ||||||
| Darling Ingredients, Inc. (a) | 83,300 | 5,510 | ||||||
| PepsiCo, Inc. | 13,500 | 2,204 | ||||||
| Performance Food Group Co. (a) | 78,700 | 3,380 | ||||||
| Philip Morris International, Inc. | 44,400 | 3,686 | ||||||
| 19,076 | ||||||||
| Electronic Equipment, Instruments & Components (3.3%): | ||||||||
| Fabrinet (a) | 60,900 | 5,813 | ||||||
| Jabil, Inc. | 105,200 | 6,071 | ||||||
| 11,884 | ||||||||
| Energy (9.0%): | ||||||||
| Chevron Corp. | 54,710 | 7,860 | ||||||
| Diamondback Energy, Inc. | 43,300 | 5,216 | ||||||
| EOG Resources, Inc. | 41,100 | 4,592 | ||||||
| Magnolia Oil & Gas Corp., Class A | 100,000 | 1,981 | ||||||
| Matador Resources Co. | 67,000 | 3,278 | ||||||
| Pioneer Natural Resources Co. | 19,300 | 4,179 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Multi-Cap Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Schlumberger NV | 153,600 | $ | 5,514 | |||||
| 32,620 | ||||||||
| Financials (14.2%): | ||||||||
| Ameriprise Financial, Inc. | 15,000 | 3,779 | ||||||
| Axos Financial, Inc. (a) | 56,700 | 1,941 | ||||||
| Bank of America Corp. | 70,400 | 2,126 | ||||||
| Chubb Ltd. | 32,400 | 5,893 | ||||||
| Customers Bancorp, Inc. (a) | 51,000 | 1,503 | ||||||
| Interactive Brokers Group, Inc. | 82,800 | 5,292 | ||||||
| JPMorgan Chase & Co. | 27,400 | 2,863 | ||||||
| Morgan Stanley | 44,500 | 3,516 | ||||||
| NMI Holdings, Inc., Class A (a) | 216,800 | 4,416 | ||||||
| ServisFirst Bancshares, Inc. | 67,500 | 5,400 | ||||||
| Signature Bank | 18,700 | 2,824 | ||||||
| The Bancorp, Inc. (a) | 103,600 | 2,277 | ||||||
| The Charles Schwab Corp. | 76,800 | 5,520 | ||||||
| Western Alliance Bancorp | 59,600 | 3,918 | ||||||
| 51,268 | ||||||||
| Health Care (12.8%): | ||||||||
| AmerisourceBergen Corp. | 25,700 | 3,478 | ||||||
| AMN Healthcare Services, Inc. (a) | 40,900 | 4,334 | ||||||
| Cigna Corp. | 20,100 | 5,577 | ||||||
| Elevance Health, Inc. | 8,600 | 3,906 | ||||||
| ICON PLC (a) | 20,400 | 3,749 | ||||||
| McKesson Corp. | 15,800 | 5,370 | ||||||
| Pfizer, Inc. | 100,600 | 4,402 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 3,900 | 2,687 | ||||||
| Stryker Corp. | 8,400 | 1,701 | ||||||
| Thermo Fisher Scientific, Inc. | 6,900 | 3,500 | ||||||
| UnitedHealth Group, Inc. | 15,525 | 7,841 | ||||||
| 46,545 | ||||||||
| Industrials (7.6%): | ||||||||
| Builders FirstSource, Inc. (a) | 40,200 | 2,369 | ||||||
| Chart Industries, Inc. (a)(b) | 31,500 | 5,807 | ||||||
| Clean Harbors, Inc. (a) | 33,900 | 3,728 | ||||||
| GXO Logistics, Inc. (a) | 34,900 | 1,224 | ||||||
| Huntington Ingalls Industries, Inc. | 9,369 | 2,075 | ||||||
| Marten Transport Ltd. | 136,700 | 2,619 | ||||||
| Old Dominion Freight Line, Inc. | 8,800 | 2,189 | ||||||
| Raytheon Technologies Corp. | 21,100 | 1,727 | ||||||
| UFP Industries, Inc. | 52,200 | 3,767 | ||||||
| WESCO International, Inc. (a) | 18,200 | 2,173 | ||||||
| 27,678 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Multi-Cap Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| IT Services (1.6%): | ||||||||
| Verra Mobility Corp. (a)(b) | 248,100 | $ | 3,813 | |||||
| Visa, Inc., Class A | 11,000 | 1,954 | ||||||
| 5,767 | ||||||||
| Materials (3.2%): | ||||||||
| Commercial Metals Co. | 60,200 | 2,136 | ||||||
| Graphic Packaging Holding Co. | 109,300 | 2,158 | ||||||
| Greif, Inc., Class A | 34,600 | 2,061 | ||||||
| Materion Corp. | 30,200 | 2,416 | ||||||
| Summit Materials, Inc., Class A (a) | 113,900 | 2,729 | ||||||
| 11,500 | ||||||||
| Real Estate (1.9%): | ||||||||
| American Tower Corp. | 11,800 | 2,533 | ||||||
| CBRE Group, Inc., Class A (a) | 25,300 | 1,708 | ||||||
| Simon Property Group, Inc. | 29,200 | 2,621 | ||||||
| 6,862 | ||||||||
| Semiconductors & Semiconductor Equipment (8.0%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 65,400 | 4,144 | ||||||
| Applied Materials, Inc. | 37,200 | 3,048 | ||||||
| Broadcom, Inc. | 14,500 | 6,438 | ||||||
| Microchip Technology, Inc. (b) | 81,100 | 4,950 | ||||||
| NVIDIA Corp. | 26,100 | 3,168 | ||||||
| ON Semiconductor Corp. (a) | 34,400 | 2,144 | ||||||
| QUALCOMM, Inc. | 44,400 | 5,016 | ||||||
| 28,908 | ||||||||
| Software (6.5%): | ||||||||
| Cadence Design Systems, Inc. (a) | 39,100 | 6,390 | ||||||
| Microsoft Corp. | 74,160 | 17,272 | ||||||
| 23,662 | ||||||||
| Technology Hardware, Storage & Peripherals (6.0%): | ||||||||
| Apple, Inc. | 156,280 | 21,598 | ||||||
| Total Common Stocks (Cost $300,764) | 354,140 | |||||||
| Exchange-Traded Funds (1.5%) | ||||||||
| iShares Russell 3000 ETF (b) | 24,800 | 5,135 | ||||||
| Total Exchange-Traded Funds (Cost $5,796) | 5,135 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Multi-Cap Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Collateral for Securities Loaned (1.5%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 119,684 | $ | 120 | |||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 80,558 | 81 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 59,728 | 60 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 2,719,408 | 2,719 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 119,253 | 119 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 323,812 | 324 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 2,141,340 | 2,141 | ||||||
| Total Collateral for Securities Loaned (Cost $5,564) | 5,564 | |||||||
| Total Investments (Cost $312,124) — 100.8% | 364,839 | |||||||
| Liabilities in excess of other assets — (0.8)% | (2,734 | ) | ||||||
| NET ASSETS - 100.00% | $ | 362,105 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (99.7%) | ||||||||
| Communication Services (8.0%): | ||||||||
| Activision Blizzard, Inc. | 4,877 | $ | 363 | |||||
| Alphabet, Inc., Class A (a) | 41,073 | 3,929 | ||||||
| Alphabet, Inc., Class C (a) | 36,729 | 3,531 | ||||||
| AT&T, Inc. | 48,814 | 749 | ||||||
| Charter Communications, Inc., Class A (a) | 759 | 230 | ||||||
| Comcast Corp., Class A | 30,166 | 885 | ||||||
| DISH Network Corp., Class A (a) | 1,719 | 24 | ||||||
| Electronic Arts, Inc. | 1,809 | 209 | ||||||
| Fox Corp., Class A | 2,099 | 64 | ||||||
| Fox Corp., Class B | 964 | 27 | ||||||
| Live Nation Entertainment, Inc. (a) | 973 | 74 | ||||||
| Lumen Technologies, Inc. (b) | 6,525 | 47 | ||||||
| Match Group, Inc. (a) | 1,938 | 93 | ||||||
| Meta Platforms, Inc., Class A (a) | 15,623 | 2,120 | ||||||
| Netflix, Inc. (a) | 3,046 | 717 | ||||||
| News Corp., Class A | 2,641 | 40 | ||||||
| News Corp., Class B | 818 | 13 | ||||||
| Omnicom Group, Inc. | 1,403 | 88 | ||||||
| Paramount Global, Class B (b) | 3,459 | 66 | ||||||
| Take-Two Interactive Software, Inc. (a) | 1,073 | 117 | ||||||
| The Interpublic Group of Cos., Inc. | 2,679 | 69 | ||||||
| The Walt Disney Co. (a) | 12,488 | 1,178 | ||||||
| T-Mobile U.S., Inc. (a) | 4,123 | 553 | ||||||
| Twitter, Inc. (a) | 4,606 | 202 | ||||||
| Verizon Communications, Inc. | 28,768 | 1,092 | ||||||
| Warner Bros Discovery, Inc. (a) | 15,133 | 174 | ||||||
| 16,654 | ||||||||
| Communications Equipment (0.8%): | ||||||||
| Arista Networks, Inc. (a) | 1,688 | 190 | ||||||
| Cisco Systems, Inc. | 28,366 | 1,135 | ||||||
| F5, Inc. (a) | 408 | 59 | ||||||
| Juniper Networks, Inc. | 2,210 | 58 | ||||||
| Motorola Solutions, Inc. | 1,143 | 256 | ||||||
| 1,698 | ||||||||
| Consumer Discretionary (11.7%): | ||||||||
| Advance Auto Parts, Inc. | 415 | 65 | ||||||
| Amazon.com, Inc. (a) | 60,714 | 6,861 | ||||||
| Aptiv PLC (a) | 1,856 | 145 | ||||||
| AutoZone, Inc. (a) | 133 | 285 | ||||||
| Bath & Body Works, Inc. | 1,564 | 51 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Best Buy Co., Inc. | 1,373 | $ | 87 | |||||
| Booking Holdings, Inc. (a) | 272 | 447 | ||||||
| BorgWarner, Inc. | 1,622 | 51 | ||||||
| Caesars Entertainment, Inc. (a) | 1,469 | 47 | ||||||
| CarMax, Inc. (a)(b) | 1,090 | 72 | ||||||
| Carnival Corp. (a)(b) | 6,762 | 48 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 190 | 286 | ||||||
| D.R. Horton, Inc. | 2,166 | 146 | ||||||
| Darden Restaurants, Inc. | 840 | 106 | ||||||
| Dollar General Corp. | 1,555 | 373 | ||||||
| Dollar Tree, Inc. (a) | 1,446 | 197 | ||||||
| Domino's Pizza, Inc. | 246 | 76 | ||||||
| eBay, Inc. | 3,763 | 139 | ||||||
| Etsy, Inc. (a) | 867 | 87 | ||||||
| Expedia Group, Inc. (a) | 1,041 | 98 | ||||||
| Ford Motor Co. | 27,054 | 303 | ||||||
| Garmin Ltd. | 1,057 | 85 | ||||||
| General Motors Co. | 9,988 | 320 | ||||||
| Genuine Parts Co. | 969 | 145 | ||||||
| Hasbro, Inc. | 889 | 60 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,879 | 227 | ||||||
| Las Vegas Sands Corp. (a) | 2,251 | 84 | ||||||
| Lennar Corp., Class A | 1,747 | 130 | ||||||
| LKQ Corp. | 1,786 | 84 | ||||||
| Lowe's Cos., Inc. | 4,378 | 822 | ||||||
| Marriott International, Inc., Class A | 1,890 | 265 | ||||||
| McDonald's Corp. | 5,040 | 1,163 | ||||||
| MGM Resorts International | 2,235 | 66 | ||||||
| Mohawk Industries, Inc. (a) | 361 | 33 | ||||||
| Newell Brands, Inc. | 2,578 | 36 | ||||||
| NIKE, Inc., Class B | 8,656 | 719 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a)(b) | 2,887 | 33 | ||||||
| NVR, Inc. (a) | 21 | 84 | ||||||
| O'Reilly Automotive, Inc. (a) | 437 | 307 | ||||||
| Pool Corp. | 271 | 86 | ||||||
| PulteGroup, Inc. | 1,586 | 59 | ||||||
| Ralph Lauren Corp. | 294 | 25 | ||||||
| Ross Stores, Inc. | 2,397 | 202 | ||||||
| Royal Caribbean Cruises Ltd. (a)(b) | 1,503 | 57 | ||||||
| Starbucks Corp. | 7,860 | 662 | ||||||
| Tapestry, Inc. | 1,725 | 49 | ||||||
| Target Corp. | 3,176 | 471 | ||||||
| Tesla, Inc. (a) | 18,245 | 4,839 | ||||||
| The Home Depot, Inc. | 7,040 | 1,943 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| The TJX Cos., Inc. | 8,026 | $ | 499 | |||||
| Tractor Supply Co. | 760 | 141 | ||||||
| Ulta Beauty, Inc. (a) | 355 | 142 | ||||||
| VF Corp. | 2,262 | 68 | ||||||
| Whirlpool Corp. | 373 | 50 | ||||||
| Wynn Resorts Ltd. (a) | 709 | 45 | ||||||
| Yum! Brands, Inc. | 1,949 | 207 | ||||||
| 24,178 | ||||||||
| Consumer Staples (6.9%): | ||||||||
| Altria Group, Inc. | 12,336 | 498 | ||||||
| Archer-Daniels-Midland Co. | 3,840 | 309 | ||||||
| Brown-Forman Corp., Class B | 1,252 | 83 | ||||||
| Campbell Soup Co. | 1,380 | 65 | ||||||
| Church & Dwight Co., Inc. | 1,664 | 119 | ||||||
| Colgate-Palmolive Co. | 5,714 | 401 | ||||||
| Conagra Brands, Inc. | 3,289 | 107 | ||||||
| Constellation Brands, Inc., Class A | 1,091 | 251 | ||||||
| Costco Wholesale Corp. | 3,034 | 1,433 | ||||||
| General Mills, Inc. | 4,081 | 313 | ||||||
| Hormel Foods Corp. | 1,982 | 90 | ||||||
| Kellogg Co. | 1,747 | 122 | ||||||
| Keurig Dr Pepper, Inc. | 5,820 | 209 | ||||||
| Kimberly-Clark Corp. | 2,313 | 260 | ||||||
| Lamb Weston Holdings, Inc. | 985 | 76 | ||||||
| McCormick & Co., Inc. | 1,716 | 122 | ||||||
| Molson Coors Beverage Co., Class B | 1,289 | 62 | ||||||
| Mondelez International, Inc., Class A | 9,389 | 515 | ||||||
| Monster Beverage Corp. (a) | 2,635 | 229 | ||||||
| PepsiCo, Inc. | 9,454 | 1,543 | ||||||
| Philip Morris International, Inc. | 10,619 | 882 | ||||||
| Sysco Corp. | 3,490 | 247 | ||||||
| The Clorox Co. | 844 | 108 | ||||||
| The Coca-Cola Co. | 26,662 | 1,494 | ||||||
| The Estee Lauder Cos., Inc. | 1,588 | 343 | ||||||
| The Hershey Co. | 1,006 | 222 | ||||||
| The J.M. Smucker Co. | 730 | 100 | ||||||
| The Kraft Heinz Co. | 5,456 | 182 | ||||||
| The Kroger Co. | 4,461 | 195 | ||||||
| The Procter & Gamble Co. | 16,369 | 2,067 | ||||||
| Tyson Foods, Inc., Class A | 1,984 | 131 | ||||||
| Walgreens Boots Alliance, Inc. | 4,914 | 154 | ||||||
| Walmart, Inc. | 9,764 | 1,266 | ||||||
| 14,198 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Electronic Equipment, Instruments & Components (0.6%): | ||||||||
| Amphenol Corp., Class A | 4,075 | $ | 273 | |||||
| CDW Corp. | 926 | 145 | ||||||
| Corning, Inc. | 5,211 | 151 | ||||||
| Keysight Technologies, Inc. (a) | 1,233 | 194 | ||||||
| TE Connectivity Ltd. | 2,191 | 242 | ||||||
| Teledyne Technologies, Inc. (a) | 321 | 108 | ||||||
| Trimble, Inc. (a) | 1,696 | 92 | ||||||
| Zebra Technologies Corp. (a) | 355 | 93 | ||||||
| 1,298 | ||||||||
| Energy (4.6%): | ||||||||
| APA Corp. | 2,237 | 76 | ||||||
| Baker Hughes Co. | 6,931 | 145 | ||||||
| Chevron Corp. | 12,336 | 1,772 | ||||||
| ConocoPhillips | 8,720 | 892 | ||||||
| Coterra Energy, Inc. | 5,450 | 142 | ||||||
| Devon Energy Corp. | 4,485 | 270 | ||||||
| Diamondback Energy, Inc. | 1,218 | 147 | ||||||
| EOG Resources, Inc. | 4,014 | 449 | ||||||
| EQT Corp. | 2,551 | 104 | ||||||
| Exxon Mobil Corp. | 28,549 | 2,493 | ||||||
| Halliburton Co. | 6,213 | 153 | ||||||
| Hess Corp. | 1,909 | 208 | ||||||
| Kinder Morgan, Inc. | 13,581 | 226 | ||||||
| Marathon Oil Corp. | 4,642 | 105 | ||||||
| Marathon Petroleum Corp. | 3,416 | 339 | ||||||
| Occidental Petroleum Corp. | 5,105 | 314 | ||||||
| ONEOK, Inc. | 3,061 | 157 | ||||||
| Phillips 66 | 3,295 | 266 | ||||||
| Pioneer Natural Resources Co. | 1,635 | 354 | ||||||
| Schlumberger NV | 9,689 | 348 | ||||||
| The Williams Cos., Inc. | 8,347 | 239 | ||||||
| Valero Energy Corp. | 2,699 | 288 | ||||||
| 9,487 | ||||||||
| Financials (11.0%): | ||||||||
| Aflac, Inc. | 3,939 | 221 | ||||||
| American Express Co. | 4,109 | 554 | ||||||
| American International Group, Inc. | 5,209 | 247 | ||||||
| Ameriprise Financial, Inc. | 741 | 187 | ||||||
| Aon PLC, Class A | 1,445 | 387 | ||||||
| Arthur J. Gallagher & Co. | 1,441 | 247 | ||||||
| Assurant, Inc. | 364 | 53 | ||||||
| Bank of America Corp. | 47,887 | 1,446 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 12,363 | $ | 3,301 | |||||
| BlackRock, Inc. | 1,033 | 568 | ||||||
| Brown & Brown, Inc. | 1,606 | 97 | ||||||
| Capital One Financial Corp. | 2,629 | 242 | ||||||
| Cboe Global Markets, Inc. | 727 | 85 | ||||||
| Chubb Ltd. | 2,861 | 520 | ||||||
| Cincinnati Financial Corp. | 1,091 | 98 | ||||||
| Citigroup, Inc. | 13,267 | 553 | ||||||
| Citizens Financial Group, Inc. | 3,395 | 117 | ||||||
| CME Group, Inc. | 2,462 | 436 | ||||||
| Comerica, Inc. | 896 | 64 | ||||||
| Discover Financial Services | 1,871 | 170 | ||||||
| Everest Re Group Ltd. | 270 | 71 | ||||||
| FactSet Research Systems, Inc. | 260 | 104 | ||||||
| Fifth Third Bancorp | 4,700 | 150 | ||||||
| First Republic Bank | 1,252 | 164 | ||||||
| Franklin Resources, Inc. (b) | 1,946 | 42 | ||||||
| Globe Life, Inc. | 621 | 62 | ||||||
| Huntington Bancshares, Inc. | 9,879 | 130 | ||||||
| Intercontinental Exchange, Inc. | 3,825 | 346 | ||||||
| Invesco Ltd. | 3,116 | 43 | ||||||
| JPMorgan Chase & Co. | 20,088 | 2,099 | ||||||
| KeyCorp | 6,389 | 102 | ||||||
| Lincoln National Corp. | 1,061 | 47 | ||||||
| Loews Corp. | 1,370 | 68 | ||||||
| M&T Bank Corp. | 1,203 | 212 | ||||||
| MarketAxess Holdings, Inc. | 258 | 57 | ||||||
| Marsh & McLennan Cos., Inc. | 3,418 | 510 | ||||||
| MetLife, Inc. | 4,590 | 279 | ||||||
| Moody's Corp. | 1,081 | 263 | ||||||
| Morgan Stanley | 9,173 | 725 | ||||||
| MSCI, Inc. | 551 | 232 | ||||||
| Nasdaq, Inc. | 2,322 | 132 | ||||||
| Northern Trust Corp. | 1,427 | 122 | ||||||
| Principal Financial Group, Inc. | 1,588 | 115 | ||||||
| Prudential Financial, Inc. | 2,548 | 219 | ||||||
| Raymond James Financial, Inc. | 1,331 | 132 | ||||||
| Regions Financial Corp. | 6,401 | 129 | ||||||
| S&P Global, Inc. | 2,334 | 713 | ||||||
| Signature Bank | 431 | 65 | ||||||
| State Street Corp. | 2,518 | 153 | ||||||
| SVB Financial Group (a) | 405 | 136 | ||||||
| Synchrony Financial | 3,300 | 93 | ||||||
| T. Rowe Price Group, Inc. (b) | 1,546 | 162 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| The Allstate Corp. | 1,852 | $ | 231 | |||||
| The Bank of New York Mellon Corp. | 5,037 | 194 | ||||||
| The Charles Schwab Corp. | 10,460 | 752 | ||||||
| The Goldman Sachs Group, Inc. | 2,338 | 685 | ||||||
| The Hartford Financial Services Group, Inc. | 2,214 | 137 | ||||||
| The PNC Financial Services Group, Inc. | 2,809 | 420 | ||||||
| The Progressive Corp. | 4,007 | 466 | ||||||
| The Travelers Cos., Inc. | 1,626 | 249 | ||||||
| Truist Financial Corp. | 9,086 | 396 | ||||||
| U.S. Bancorp | 9,262 | 373 | ||||||
| W.R. Berkley Corp. | 1,399 | 90 | ||||||
| Wells Fargo & Co. | 25,983 | 1,045 | ||||||
| Willis Towers Watson PLC | 753 | 151 | ||||||
| Zions Bancorp NA | 1,031 | 52 | ||||||
| 22,711 | ||||||||
| Health Care (15.1%): | ||||||||
| Abbott Laboratories | 11,996 | 1,161 | ||||||
| AbbVie, Inc. | 12,112 | 1,626 | ||||||
| ABIOMED, Inc. (a) | 311 | 76 | ||||||
| Agilent Technologies, Inc. | 2,046 | 249 | ||||||
| Align Technology, Inc. (a) | 498 | 103 | ||||||
| AmerisourceBergen Corp. | 1,065 | 144 | ||||||
| Amgen, Inc. | 3,664 | 826 | ||||||
| Baxter International, Inc. | 3,450 | 186 | ||||||
| Becton Dickinson & Co. | 1,954 | 435 | ||||||
| Biogen, Inc. (a) | 994 | 265 | ||||||
| Bio-Rad Laboratories, Inc., Class A (a) | 147 | 61 | ||||||
| Bio-Techne Corp. | 269 | 76 | ||||||
| Boston Scientific Corp. (a) | 9,807 | 380 | ||||||
| Bristol-Myers Squibb Co. | 14,627 | 1,040 | ||||||
| Cardinal Health, Inc. | 1,866 | 124 | ||||||
| Catalent, Inc. (a) | 1,228 | 89 | ||||||
| Centene Corp. (a) | 3,915 | 305 | ||||||
| Charles River Laboratories International, Inc. (a) | 348 | 68 | ||||||
| Cigna Corp. | 2,090 | 580 | ||||||
| CVS Health Corp. | 8,993 | 858 | ||||||
| Danaher Corp. | 4,485 | 1,158 | ||||||
| DaVita, Inc. (a) | 382 | 32 | ||||||
| DENTSPLY SIRONA, Inc. | 1,476 | 42 | ||||||
| Dexcom, Inc. (a) | 2,689 | 217 | ||||||
| Edwards Lifesciences Corp. (a) | 4,247 | 351 | ||||||
| Elevance Health, Inc. | 1,644 | 747 | ||||||
| Eli Lilly & Co. | 5,402 | 1,747 | ||||||
| Gilead Sciences, Inc. | 8,586 | 530 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| HCA Healthcare, Inc. | 1,475 | $ | 271 | |||||
| Henry Schein, Inc. (a) | 932 | 61 | ||||||
| Hologic, Inc. (a) | 1,710 | 110 | ||||||
| Humana, Inc. | 867 | 421 | ||||||
| IDEXX Laboratories, Inc. (a) | 570 | 186 | ||||||
| Illumina, Inc. (a) | 1,076 | 205 | ||||||
| Incyte Corp. (a) | 1,265 | 84 | ||||||
| Intuitive Surgical, Inc. (a) | 2,446 | 458 | ||||||
| IQVIA Holdings, Inc. (a) | 1,278 | 231 | ||||||
| Johnson & Johnson | 18,010 | 2,942 | ||||||
| Laboratory Corp. of America Holdings | 619 | 127 | ||||||
| McKesson Corp. | 985 | 335 | ||||||
| Medtronic PLC | 9,102 | 735 | ||||||
| Merck & Co., Inc. | 17,353 | 1,494 | ||||||
| Mettler-Toledo International, Inc. (a) | 154 | 167 | ||||||
| Moderna, Inc. (a) | 2,305 | 273 | ||||||
| Molina Healthcare, Inc. (a) | 398 | 131 | ||||||
| Organon & Co. | 1,742 | 41 | ||||||
| PerkinElmer, Inc. | 865 | 104 | ||||||
| Pfizer, Inc. | 38,445 | 1,682 | ||||||
| Quest Diagnostics, Inc. | 799 | 98 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 734 | 506 | ||||||
| ResMed, Inc. | 1,003 | 219 | ||||||
| STERIS PLC | 685 | 114 | ||||||
| Stryker Corp. | 2,306 | 467 | ||||||
| Teleflex, Inc. | 321 | 65 | ||||||
| The Cooper Cos., Inc. | 338 | 89 | ||||||
| Thermo Fisher Scientific, Inc. | 2,684 | 1,361 | ||||||
| UnitedHealth Group, Inc. | 6,407 | 3,236 | ||||||
| Universal Health Services, Inc., Class B | 450 | 40 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,757 | 509 | ||||||
| Viatris, Inc. | 8,306 | 71 | ||||||
| Waters Corp. (a) | 410 | 110 | ||||||
| West Pharmaceutical Services, Inc. | 507 | 125 | ||||||
| Zimmer Biomet Holdings, Inc. | 1,437 | 150 | ||||||
| Zoetis, Inc. | 3,207 | 476 | ||||||
| 31,170 | ||||||||
| Industrials (7.8%): | ||||||||
| 3M Co. | 3,792 | 419 | ||||||
| A O Smith Corp. | 880 | 43 | ||||||
| Alaska Air Group, Inc. (a) | 868 | 34 | ||||||
| Allegion PLC | 602 | 54 | ||||||
| American Airlines Group, Inc. (a)(b) | 4,452 | 54 | ||||||
| AMETEK, Inc. | 1,573 | 178 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| C.H. Robinson Worldwide, Inc. | 849 | $ | 82 | |||||
| Carrier Global Corp. | 5,765 | 205 | ||||||
| Caterpillar, Inc. | 3,616 | 593 | ||||||
| Cintas Corp. | 589 | 229 | ||||||
| Copart, Inc. (a) | 1,465 | 156 | ||||||
| CoStar Group, Inc. (a) | 2,712 | 189 | ||||||
| CSX Corp. | 14,668 | 391 | ||||||
| Cummins, Inc. | 966 | 197 | ||||||
| Deere & Co. | 1,905 | 636 | ||||||
| Delta Air Lines, Inc. (a) | 4,392 | 123 | ||||||
| Dover Corp. | 983 | 115 | ||||||
| Eaton Corp. PLC | 2,728 | 364 | ||||||
| Emerson Electric Co. | 4,050 | 297 | ||||||
| Equifax, Inc. | 838 | 144 | ||||||
| Expeditors International of Washington, Inc. | 1,121 | 99 | ||||||
| Fastenal Co. | 3,937 | 181 | ||||||
| FedEx Corp. | 1,638 | 243 | ||||||
| Fortive Corp. | 2,437 | 142 | ||||||
| Fortune Brands Home & Security, Inc. | 886 | 48 | ||||||
| Generac Holdings, Inc. (a) | 437 | 78 | ||||||
| General Dynamics Corp. | 1,540 | 327 | ||||||
| General Electric Co. | 7,511 | 465 | ||||||
| Honeywell International, Inc. | 4,615 | 771 | ||||||
| Howmet Aerospace, Inc. | 2,533 | 78 | ||||||
| Huntington Ingalls Industries, Inc. | 274 | 61 | ||||||
| IDEX Corp. | 517 | 103 | ||||||
| Illinois Tool Works, Inc. | 1,930 | 349 | ||||||
| Ingersoll Rand, Inc. | 2,762 | 119 | ||||||
| J.B. Hunt Transport Services, Inc. | 569 | 89 | ||||||
| Jacobs Solutions, Inc. | 874 | 95 | ||||||
| Johnson Controls International PLC | 4,718 | 232 | ||||||
| L3Harris Technologies, Inc. | 1,311 | 272 | ||||||
| Leidos Holdings, Inc. | 935 | 82 | ||||||
| Lockheed Martin Corp. | 1,617 | 625 | ||||||
| Masco Corp. | 1,545 | 72 | ||||||
| Nielsen Holdings PLC | 2,464 | 68 | ||||||
| Nordson Corp. | 370 | 79 | ||||||
| Norfolk Southern Corp. | 1,609 | 337 | ||||||
| Northrop Grumman Corp. | 996 | 468 | ||||||
| Old Dominion Freight Line, Inc. | 628 | 156 | ||||||
| Otis Worldwide Corp. | 2,879 | 184 | ||||||
| PACCAR, Inc. | 2,382 | 199 | ||||||
| Parker-Hannifin Corp. | 879 | 213 | ||||||
| Pentair PLC | 1,127 | 46 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Quanta Services, Inc. | 980 | $ | 125 | |||||
| Raytheon Technologies Corp. | 10,114 | 828 | ||||||
| Republic Services, Inc. | 1,407 | 191 | ||||||
| Robert Half International, Inc. | 751 | 57 | ||||||
| Rockwell Automation, Inc. | 791 | 170 | ||||||
| Rollins, Inc. | 1,585 | 55 | ||||||
| Snap-on, Inc. | 365 | 74 | ||||||
| Southwest Airlines Co. (a) | 4,065 | 125 | ||||||
| Stanley Black & Decker, Inc. | 1,013 | 76 | ||||||
| Textron, Inc. | 1,449 | 84 | ||||||
| The Boeing Co. (a) | 3,824 | 463 | ||||||
| Trane Technologies PLC | 1,587 | 230 | ||||||
| TransDigm Group, Inc. | 353 | 185 | ||||||
| Union Pacific Corp. | 4,278 | 833 | ||||||
| United Airlines Holdings, Inc. (a) | 2,238 | 73 | ||||||
| United Parcel Service, Inc., Class B | 5,013 | 810 | ||||||
| United Rentals, Inc. (a) | 479 | 129 | ||||||
| Verisk Analytics, Inc. | 1,075 | 183 | ||||||
| W.W. Grainger, Inc. | 310 | 152 | ||||||
| Waste Management, Inc. | 2,577 | 413 | ||||||
| Westinghouse Air Brake Technologies Corp. | 1,246 | 101 | ||||||
| Xylem, Inc. | 1,234 | 108 | ||||||
| 16,249 | ||||||||
| IT Services (4.4%): | ||||||||
| Accenture PLC, Class A | 4,333 | 1,115 | ||||||
| Akamai Technologies, Inc. (a) | 1,089 | 87 | ||||||
| Automatic Data Processing, Inc. | 2,846 | 644 | ||||||
| Broadridge Financial Solutions, Inc. | 803 | 116 | ||||||
| Cognizant Technology Solutions Corp., Class A | 3,547 | 204 | ||||||
| DXC Technology Co. (a) | 1,575 | 39 | ||||||
| EPAM Systems, Inc. (a)(b) | 393 | 142 | ||||||
| Fidelity National Information Services, Inc. | 4,165 | 315 | ||||||
| Fiserv, Inc. (a) | 4,381 | 410 | ||||||
| FleetCor Technologies, Inc. (a) | 514 | 90 | ||||||
| Gartner, Inc. (a) | 542 | 150 | ||||||
| Global Payments, Inc. | 1,899 | 205 | ||||||
| International Business Machines Corp. | 6,187 | 735 | ||||||
| Jack Henry & Associates, Inc. | 499 | 91 | ||||||
| Mastercard, Inc., Class A | 5,845 | 1,662 | ||||||
| Paychex, Inc. | 2,194 | 246 | ||||||
| PayPal Holdings, Inc. (a) | 7,922 | 682 | ||||||
| VeriSign, Inc. (a) | 639 | 111 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Visa, Inc., Class A | 11,200 | $ | 1,990 | |||||
| 9,034 | ||||||||
| Materials (2.5%): | ||||||||
| Air Products and Chemicals, Inc. | 1,519 | 354 | ||||||
| Albemarle Corp. | 802 | 212 | ||||||
| Amcor PLC | 10,294 | 110 | ||||||
| Avery Dennison Corp. | 557 | 91 | ||||||
| Ball Corp. | 2,153 | 104 | ||||||
| Celanese Corp. | 683 | 62 | ||||||
| CF Industries Holdings, Inc. | 1,365 | 131 | ||||||
| Corteva, Inc. | 4,922 | 281 | ||||||
| Dow, Inc. | 4,920 | 216 | ||||||
| DuPont de Nemours, Inc. | 3,431 | 173 | ||||||
| Eastman Chemical Co. | 841 | 60 | ||||||
| Ecolab, Inc. | 1,698 | 245 | ||||||
| FMC Corp. | 863 | 91 | ||||||
| Freeport-McMoRan, Inc. | 9,796 | 268 | ||||||
| International Flavors & Fragrances, Inc. | 1,746 | 159 | ||||||
| International Paper Co. | 2,480 | 79 | ||||||
| Linde PLC | 3,414 | 920 | ||||||
| LyondellBasell Industries NV, Class A | 1,743 | 131 | ||||||
| Martin Marietta Materials, Inc. | 427 | 138 | ||||||
| Newmont Corp. | 5,437 | 229 | ||||||
| Nucor Corp. | 1,793 | 192 | ||||||
| Packaging Corp. of America | 642 | 72 | ||||||
| PPG Industries, Inc. | 1,610 | 178 | ||||||
| Sealed Air Corp. | 995 | 44 | ||||||
| The Mosaic Co. | 2,365 | 114 | ||||||
| The Sherwin-Williams Co. | 1,616 | 331 | ||||||
| Vulcan Materials Co. | 910 | 143 | ||||||
| Westrock Co. | 1,742 | 54 | ||||||
| 5,182 | ||||||||
| Real Estate (2.8%): | ||||||||
| Alexandria Real Estate Equities, Inc. | 1,017 | 143 | ||||||
| American Tower Corp. | 3,189 | 685 | ||||||
| AvalonBay Communities, Inc. | 958 | 176 | ||||||
| Boston Properties, Inc. | 977 | 73 | ||||||
| Camden Property Trust | 730 | 87 | ||||||
| CBRE Group, Inc., Class A (a) | 2,200 | 148 | ||||||
| Crown Castle, Inc. | 2,966 | 429 | ||||||
| Digital Realty Trust, Inc. | 1,969 | 195 | ||||||
| Duke Realty Corp. | 2,637 | 127 | ||||||
| Equinix, Inc. | 624 | 355 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Equity Residential | 2,319 | $ | 156 | |||||
| Essex Property Trust, Inc. | 446 | 108 | ||||||
| Extra Space Storage, Inc. | 917 | 158 | ||||||
| Federal Realty Investment Trust (b) | 499 | 45 | ||||||
| Healthpeak Properties, Inc. | 3,696 | 85 | ||||||
| Host Hotels & Resorts, Inc. | 4,897 | 78 | ||||||
| Invitation Homes, Inc. | 3,972 | 134 | ||||||
| Iron Mountain, Inc. | 1,991 | 88 | ||||||
| Kimco Realty Corp. | 4,237 | 78 | ||||||
| Mid-America Apartment Communities, Inc. | 791 | 123 | ||||||
| Prologis, Inc. | 5,072 | 515 | ||||||
| Public Storage | 1,082 | 317 | ||||||
| Realty Income Corp. | 4,230 | 246 | ||||||
| Regency Centers Corp. | 1,055 | 57 | ||||||
| SBA Communications Corp. | 739 | 210 | ||||||
| Simon Property Group, Inc. | 2,242 | 201 | ||||||
| UDR, Inc. | 2,092 | 87 | ||||||
| Ventas, Inc. | 2,738 | 110 | ||||||
| VICI Properties, Inc. | 6,597 | 197 | ||||||
| Vornado Realty Trust | 1,103 | 26 | ||||||
| Welltower, Inc. | 3,174 | 204 | ||||||
| Weyerhaeuser Co. | 5,071 | 145 | ||||||
| 5,786 | ||||||||
| Semiconductors & Semiconductor Equipment (4.8%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 11,058 | 701 | ||||||
| Analog Devices, Inc. | 3,561 | 496 | ||||||
| Applied Materials, Inc. | 5,959 | 488 | ||||||
| Broadcom, Inc. | 2,766 | 1,228 | ||||||
| Enphase Energy, Inc. (a) | 928 | 258 | ||||||
| Intel Corp. | 28,127 | 725 | ||||||
| KLA Corp. | 971 | 294 | ||||||
| Lam Research Corp. | 938 | 343 | ||||||
| Microchip Technology, Inc. | 3,785 | 231 | ||||||
| Micron Technology, Inc. | 7,557 | 379 | ||||||
| Monolithic Power Systems, Inc. | 304 | 110 | ||||||
| NVIDIA Corp. | 17,153 | 2,082 | ||||||
| NXP Semiconductors NV | 1,799 | 265 | ||||||
| ON Semiconductor Corp. (a) | 2,968 | 185 | ||||||
| Qorvo, Inc. (a) | 707 | 56 | ||||||
| QUALCOMM, Inc. | 7,693 | 869 | ||||||
| Skyworks Solutions, Inc. | 1,099 | 94 | ||||||
| SolarEdge Technologies, Inc. (a) | 381 | 88 | ||||||
| Teradyne, Inc. | 1,074 | 81 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Texas Instruments, Inc. | 6,259 | $ | 969 | |||||
| 9,942 | ||||||||
| Software (8.5%): | ||||||||
| Adobe, Inc. (a) | 3,206 | 882 | ||||||
| ANSYS, Inc. (a) | 596 | 132 | ||||||
| Autodesk, Inc. (a) | 1,488 | 278 | ||||||
| Cadence Design Systems, Inc. (a) | 1,876 | 307 | ||||||
| Ceridian HCM Holding, Inc. (a) | 1,048 | 59 | ||||||
| Citrix Systems, Inc. | 854 | 89 | ||||||
| Fortinet, Inc. (a) | 4,483 | 220 | ||||||
| Intuit, Inc. | 1,932 | 748 | ||||||
| Microsoft Corp. | 51,087 | 11,898 | ||||||
| NortonLifeLock, Inc. | 4,056 | 82 | ||||||
| Oracle Corp. | 10,405 | 635 | ||||||
| Paycom Software, Inc. (a) | 333 | 110 | ||||||
| PTC, Inc. (a) | 724 | 76 | ||||||
| Roper Technologies, Inc. | 726 | 261 | ||||||
| Salesforce, Inc. (a) | 6,816 | 980 | ||||||
| ServiceNow, Inc. (a) | 1,384 | 523 | ||||||
| Synopsys, Inc. (a) | 1,048 | 320 | ||||||
| Tyler Technologies, Inc. (a) | 285 | 99 | ||||||
| 17,699 | ||||||||
| Technology Hardware, Storage & Peripherals (7.1%): | ||||||||
| Apple, Inc. | 103,481 | 14,301 | ||||||
| Hewlett Packard Enterprise Co. | 8,901 | 107 | ||||||
| HP, Inc. | 6,234 | 155 | ||||||
| NetApp, Inc. | 1,505 | 93 | ||||||
| Seagate Technology Holdings PLC | 1,338 | 71 | ||||||
| Western Digital Corp. (a) | 2,145 | 70 | ||||||
| 14,797 | ||||||||
| Utilities (3.1%): | ||||||||
| Alliant Energy Corp. | 1,719 | 91 | ||||||
| Ameren Corp. | 1,770 | 143 | ||||||
| American Electric Power Co., Inc. | 3,519 | 304 | ||||||
| American Water Works Co., Inc. | 1,245 | 162 | ||||||
| Atmos Energy Corp. | 958 | 98 | ||||||
| CenterPoint Energy, Inc. | 4,312 | 122 | ||||||
| CMS Energy Corp. | 1,988 | 116 | ||||||
| Consolidated Edison, Inc. | 2,429 | 208 | ||||||
| Constellation Energy Corp. | 2,239 | 186 | ||||||
| Dominion Energy, Inc. | 5,703 | 394 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| DTE Energy Co. | 1,327 | $ | 153 | |||||
| Duke Energy Corp. | 5,274 | 491 | ||||||
| Edison International | 2,613 | 148 | ||||||
| Entergy Corp. | 1,393 | 140 | ||||||
| Evergy, Inc. | 1,572 | 93 | ||||||
| Eversource Energy | 2,373 | 185 | ||||||
| Exelon Corp. | 6,794 | 254 | ||||||
| FirstEnergy Corp. | 3,718 | 138 | ||||||
| NextEra Energy, Inc. | 13,459 | 1,055 | ||||||
| NiSource, Inc. | 2,781 | 70 | ||||||
| NRG Energy, Inc. | 1,611 | 62 | ||||||
| PG&E Corp. (a) | 11,073 | 138 | ||||||
| Pinnacle West Capital Corp. | 774 | 50 | ||||||
| PPL Corp. | 5,043 | 128 | ||||||
| Public Service Enterprise Group, Inc. | 3,417 | 192 | ||||||
| Sempra Energy | 2,153 | 323 | ||||||
| The AES Corp. | 4,575 | 103 | ||||||
| The Southern Co. | 7,282 | 495 | ||||||
| WEC Energy Group, Inc. | 2,161 | 193 | ||||||
| Xcel Energy, Inc. | 3,747 | 240 | ||||||
| 6,475 | ||||||||
| Total Common Stocks (Cost $48,132) | 206,558 | |||||||
| Collateral for Securities Loaned (0.3%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 14,689 | 15 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 9,887 | 10 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 7,331 | 7 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 333,756 | 333 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 14,636 | 15 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 39,742 | 40 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 262,809 | 263 | ||||||
| Total Collateral for Securities Loaned (Cost $683) | 683 | |||||||
| Total Investments (Cost $48,815) — 100.0% | 207,241 | |||||||
| Liabilities in excess of other assets — 0.0% | (18 | ) | ||||||
| NET ASSETS - 100.00% | $ | 207,223 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory S&P 500 Index Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Futures Contracts Purchased | ||||||||||||||||
| (Amounts not in thousands) | ||||||||||||||||
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| E-Mini S&P 500 Futures | 6 | 12/16/22 | $ | 1,191,927 | $ | 1,080,450 | $ | (111,477 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (111,477 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (111,477 | ) | |||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (98.2%) | ||||||||
| Communication Services (2.9%): | ||||||||
| Live Nation Entertainment, Inc. (a) | 68,444 | $ | 5,204 | |||||
| The Trade Desk, Inc., Class A (a) | 77,400 | 4,625 | ||||||
| 9,829 | ||||||||
| Consumer Discretionary (9.7%): | ||||||||
| AutoZone, Inc. (a) | 2,700 | 5,783 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 2,700 | 4,057 | ||||||
| Choice Hotels International, Inc. (b) | 32,800 | 3,592 | ||||||
| D.R. Horton, Inc. | 29,700 | 2,000 | ||||||
| Dollar General Corp. | 17,600 | 4,222 | ||||||
| Lithia Motors, Inc. | 9,900 | 2,124 | ||||||
| Marriott Vacations Worldwide Corp. | 26,421 | 3,220 | ||||||
| NVR, Inc. (a) | 900 | 3,588 | ||||||
| Pool Corp. | 15,300 | 4,869 | ||||||
| 33,455 | ||||||||
| Consumer Staples (5.1%): | ||||||||
| Casey’s General Stores, Inc. | 29,700 | 6,015 | ||||||
| Church & Dwight Co., Inc. | 24,400 | 1,743 | ||||||
| Darling Ingredients, Inc. (a) | 84,300 | 5,576 | ||||||
| Performance Food Group Co. (a) | 94,500 | 4,059 | ||||||
| 17,393 | ||||||||
| Energy (5.9%): | ||||||||
| Cheniere Energy, Inc. | 54,600 | 9,059 | ||||||
| Diamondback Energy, Inc. | 44,500 | 5,360 | ||||||
| EOG Resources, Inc. | 51,400 | 5,743 | ||||||
| 20,162 | ||||||||
| Financials (11.1%): | ||||||||
| Brown & Brown, Inc. | 131,500 | 7,953 | ||||||
| East West Bancorp, Inc. | 69,000 | 4,633 | ||||||
| FactSet Research Systems, Inc. | 13,000 | 5,201 | ||||||
| Kinsale Capital Group, Inc. | 26,500 | 6,769 | ||||||
| MSCI, Inc. | 14,600 | 6,158 | ||||||
| W.R. Berkley Corp. | 112,550 | 7,269 | ||||||
| 37,983 | ||||||||
| Health Care (12.3%): | ||||||||
| Agilent Technologies, Inc. | 51,793 | 6,295 | ||||||
| Edwards Lifesciences Corp. (a) | 53,600 | 4,429 | ||||||
| Halozyme Therapeutics, Inc. (a) | 123,900 | 4,899 | ||||||
| Insulet Corp. (a) | 18,400 | 4,221 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 48,400 | 2,252 | ||||||
| IQVIA Holdings, Inc. (a) | 28,800 | 5,217 | ||||||
| Medpace Holdings, Inc. (a) | 29,700 | 4,668 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Neurocrine Biosciences, Inc. (a) | 43,800 | $ | 4,652 | |||||
| Zoetis, Inc. | 38,030 | 5,640 | ||||||
| 42,273 | ||||||||
| Industrials (18.1%): | ||||||||
| Advanced Drainage Systems, Inc. | 45,400 | 5,646 | ||||||
| AMETEK, Inc. | 41,100 | 4,661 | ||||||
| Chart Industries, Inc. (a)(b) | 35,100 | 6,471 | ||||||
| Copa Holdings SA (a) | 28,800 | 1,930 | ||||||
| CoStar Group, Inc. (a) | 49,700 | 3,462 | ||||||
| HEICO Corp. | 44,500 | 6,407 | ||||||
| IDEX Corp. | 29,000 | 5,796 | ||||||
| Masco Corp. | 78,300 | 3,656 | ||||||
| Old Dominion Freight Line, Inc. | 13,750 | 3,420 | ||||||
| TFI International, Inc. | 24,900 | 2,253 | ||||||
| The Middleby Corp. (a) | 14,300 | 1,833 | ||||||
| Trane Technologies PLC | 30,700 | 4,446 | ||||||
| Trex Co., Inc. (a) | 49,300 | 2,166 | ||||||
| Verisk Analytics, Inc. | 28,200 | 4,809 | ||||||
| WESCO International, Inc. (a) | 44,400 | 5,300 | ||||||
| 62,256 | ||||||||
| Information Technology (17.7%): | ||||||||
| Amphenol Corp., Class A | 82,920 | 5,552 | ||||||
| CDW Corp. | 42,559 | 6,643 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 13,700 | 2,258 | ||||||
| CyberArk Software Ltd. (a) | 14,100 | 2,114 | ||||||
| Fair Isaac Corp. (a) | 12,900 | 5,315 | ||||||
| Global Payments, Inc. | 42,200 | 4,560 | ||||||
| Keysight Technologies, Inc. (a) | 29,800 | 4,689 | ||||||
| KLA Corp. | 18,300 | 5,538 | ||||||
| Monolithic Power Systems, Inc. | 12,800 | 4,652 | ||||||
| Paylocity Holding Corp. (a) | 18,200 | 4,397 | ||||||
| Qualys, Inc. (a) | 15,700 | 2,188 | ||||||
| Synopsys, Inc. (a) | 24,500 | 7,485 | ||||||
| Teledyne Technologies, Inc. (a) | 15,800 | 5,332 | ||||||
| 60,723 | ||||||||
| Materials (4.9%): | ||||||||
| Avery Dennison Corp. | 41,700 | 6,785 | ||||||
| FMC Corp. | 57,900 | 6,120 | ||||||
| Freeport-McMoRan, Inc. | 77,500 | 2,118 | ||||||
| Louisiana-Pacific Corp. | 34,800 | 1,781 | ||||||
| 16,804 | ||||||||
| Real Estate (5.3%): | ||||||||
| Crown Castle, Inc. | 23,100 | 3,339 | ||||||
| Digital Realty Trust, Inc. | 35,046 | 3,476 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Mid-Cap Core Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| SBA Communications Corp. | 18,403 | $ | 5,238 | |||||
| Sun Communities, Inc. | 34,416 | 4,658 | ||||||
| Ventas, Inc. | 39,300 | 1,579 | ||||||
| 18,290 | ||||||||
| Utilities (5.2%): | ||||||||
| Atmos Energy Corp. | 67,900 | 6,916 | ||||||
| Essential Utilities, Inc. | 95,900 | 3,968 | ||||||
| Sempra Energy | 46,039 | 6,903 | ||||||
| 17,787 | ||||||||
| Total Common Stocks (Cost $287,484) | 336,955 | |||||||
| Exchange-Traded Funds (0.7%) | ||||||||
| SPDR S&P MidCap 400 ETF | 6,050 | 2,430 | ||||||
| Total Exchange-Traded Funds (Cost $2,563) | 2,430 | |||||||
| Collateral for Securities Loaned (0.8%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 57,309 | 57 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 38,574 | 39 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 28,600 | 29 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 1,302,156 | 1,302 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 57,103 | 57 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 155,054 | 155 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 1,025,355 | 1,025 | ||||||
| Total Collateral for Securities Loaned (Cost $2,664) | 2,664 | |||||||
| Total Investments (Cost $292,711) — 99.7% | 342,049 | |||||||
| Other assets in excess of liabilities — 0.3% | 1,179 | |||||||
| NET ASSETS - 100.00% | $ | 343,228 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Munder Small Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (98.5%) | ||||||||
| Communication Services (2.0%): | ||||||||
| Cian PLC, ADR (a)(b)(c) | 77 | $ | — | (d) | ||||
| Iridium Communications, Inc. (a) | 3,561 | 158 | ||||||
| Radius Global Infrastructure, Inc., Class A (a) | 6,300 | 59 | ||||||
| 217 | ||||||||
| Consumer Discretionary (11.7%): | ||||||||
| Academy Sports & Outdoors, Inc. | 2,697 | 114 | ||||||
| Brunswick Corp. | 1,273 | 83 | ||||||
| Burlington Stores, Inc. (a) | 509 | 57 | ||||||
| Cavco Industries, Inc. (a) | 567 | 117 | ||||||
| Chegg, Inc. (a) | 2,678 | 56 | ||||||
| F45 Training Holdings, Inc. (a)(e) | 14,831 | 46 | ||||||
| Five Below, Inc. (a) | 381 | 52 | ||||||
| Group 1 Automotive, Inc. | 737 | 105 | ||||||
| Kohl’s Corp. | 2,352 | 59 | ||||||
| Kura Sushi USA, Inc., Class A (a) | 1,235 | 91 | ||||||
| Legacy Housing Corp. (a) | 5,799 | 99 | ||||||
| Polaris, Inc. (e) | 866 | 83 | ||||||
| Skyline Champion Corp. (a) | 3,307 | 175 | ||||||
| Sweetgreen, Inc., Class A (a)(e) | 2,488 | 46 | ||||||
| Unifi, Inc. (a) | 3,430 | 33 | ||||||
| Vizio Holding Corp., Class A (a) | 6,005 | 53 | ||||||
| 1,269 | ||||||||
| Consumer Staples (5.6%): | ||||||||
| Albertsons Cos., Inc., Class A | 2,824 | 70 | ||||||
| Celsius Holdings, Inc. (a) | 1,150 | 104 | ||||||
| e.l.f. Beauty, Inc. (a) | 2,290 | 86 | ||||||
| Performance Food Group Co. (a) | 4,200 | 181 | ||||||
| Sovos Brands, Inc. (a) | 11,486 | 164 | ||||||
| 605 | ||||||||
| Energy (7.2%): | ||||||||
| Magnolia Oil & Gas Corp., Class A (e) | 11,674 | 231 | ||||||
| Matador Resources Co. | 2,330 | 114 | ||||||
| New Fortress Energy, Inc. (e) | 1,580 | 69 | ||||||
| Noble Corp. PLC (a) | 1,555 | 46 | ||||||
| Patterson-UTI Energy, Inc. | 3,770 | 44 | ||||||
| ProPetro Holding Corp. (a) | 5,725 | 46 | ||||||
| Talos Energy, Inc. (a) | 14,134 | 236 | ||||||
| 786 | ||||||||
| Financials (11.6%): | ||||||||
| American Business Bank (a) | 1,652 | 66 | ||||||
| Coastal Financial Corp. (a) | 5,370 | 213 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Small Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Colony Bankcorp, Inc. | 2,215 | $ | 29 | |||||
| Customers Bancorp, Inc. (a) | 3,942 | 116 | ||||||
| First Western Financial, Inc. (a) | 2,768 | 68 | ||||||
| Morningstar, Inc. | 483 | 102 | ||||||
| Radian Group, Inc. | 4,234 | 82 | ||||||
| Silvercrest Asset Management Group, Inc., Class A | 11,001 | 180 | ||||||
| SLM Corp. | 5,481 | 77 | ||||||
| South Plains Financial, Inc. | 5,120 | 141 | ||||||
| Tradeweb Markets, Inc., Class A | 1,226 | 69 | ||||||
| WTB Financial Corp., Class B | 360 | 122 | ||||||
| 1,265 | ||||||||
| Health Care (19.6%): | ||||||||
| 4D Molecular Therapeutics, Inc. (a) | 662 | 5 | ||||||
| Akero Therapeutics, Inc. (a)(e) | 1,608 | 55 | ||||||
| Alpha Teknova, Inc. (a) | 2,306 | 8 | ||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 1,813 | 60 | ||||||
| Aurinia Pharmaceuticals, Inc. (a)(e) | 6,904 | 52 | ||||||
| Avidity Biosciences, Inc. (a)(e) | 1,205 | 20 | ||||||
| Beam Therapeutics, Inc. (a)(e) | 1,233 | 59 | ||||||
| Bicycle Therapeutics PLC, ADR (a)(e) | 2,928 | 68 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 283 | 24 | ||||||
| C4 Therapeutics, Inc. (a) | 249 | 2 | ||||||
| Cabaletta Bio, Inc. (a)(e) | 2,967 | 2 | ||||||
| Castle Biosciences, Inc. (a) | 2,000 | 52 | ||||||
| Cerus Corp. (a) | 6,712 | 24 | ||||||
| Codiak Biosciences, Inc. (a) | 6,305 | 5 | ||||||
| Collegium Pharmaceutical, Inc. (a) | 1,187 | 19 | ||||||
| CRISPR Therapeutics AG (a)(e) | 410 | 27 | ||||||
| CryoPort, Inc. (a) | 1,655 | 40 | ||||||
| Dynavax Technologies Corp. (a)(e) | 6,261 | 65 | ||||||
| Evolent Health, Inc., Class A (a) | 3,315 | 119 | ||||||
| Fusion Pharmaceuticals, Inc. (a) | 4,261 | 13 | ||||||
| Gamida Cell Ltd. (a)(e) | 9,195 | 15 | ||||||
| Generation Bio Co. (a) | 1,180 | 6 | ||||||
| Genetron Holdings Ltd., ADR (a) | 5,361 | 4 | ||||||
| Halozyme Therapeutics, Inc. (a) | 1,265 | 50 | ||||||
| Henry Schein, Inc. (a) | 1,145 | 75 | ||||||
| Horizon Therapeutics PLC (a) | 987 | 61 | ||||||
| IGM Biosciences, Inc. (a)(e) | 796 | 18 | ||||||
| Immunocore Holdings PLC, ADR (a) | 699 | 33 | ||||||
| Inari Medical, Inc. (a)(e) | 2,605 | 189 | ||||||
| Instil Bio, Inc. (a)(e) | 1,072 | 5 | ||||||
| Insulet Corp. (a) | 241 | 55 | ||||||
| Intellia Therapeutics, Inc. (a)(e) | 1,502 | 84 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Small Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Intra-Cellular Therapies, Inc. (a) | 1,095 | $ | 51 | |||||
| IO Biotech, Inc. (a) | 3,567 | 10 | ||||||
| Iovance Biotherapeutics, Inc. (a) | 2,461 | 24 | ||||||
| LianBio, ADR (a) | 13,402 | 27 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A (a) | 1,150 | 29 | ||||||
| Merit Medical Systems, Inc. (a) | 1,525 | 86 | ||||||
| NanoString Technologies, Inc. (a) | 3,309 | 42 | ||||||
| Natera, Inc. (a) | 1,954 | 86 | ||||||
| NeoGenomics, Inc. (a) | 3,529 | 30 | ||||||
| Neurocrine Biosciences, Inc. (a) | 336 | 36 | ||||||
| Nurix Therapeutics, Inc. (a) | 439 | 6 | ||||||
| ORIC Pharmaceuticals, Inc. (a) | 3,909 | 13 | ||||||
| Oyster Point Pharma, Inc. (a)(e) | 396 | 2 | ||||||
| PMV Pharmaceuticals, Inc. (a)(e) | 280 | 3 | ||||||
| PolyPid Ltd. (a)(e) | 7,333 | 9 | ||||||
| Pulmonx Corp. (a) | 1,906 | 32 | ||||||
| RadNet, Inc. (a) | 3,159 | 64 | ||||||
| Reata Pharmaceuticals, Inc., Class A (a)(e) | 645 | 16 | ||||||
| Recursion Pharmaceuticals, Inc., Class A (a)(e) | 218 | 2 | ||||||
| Repligen Corp. (a) | 370 | 69 | ||||||
| Singular Genomics Systems, Inc. (a)(e) | 5,036 | 13 | ||||||
| Stoke Therapeutics, Inc. (a)(e) | 1,486 | 19 | ||||||
| Surmodics, Inc. (a) | 1,860 | 57 | ||||||
| Sutro Biopharma, Inc. (a) | 3,661 | 20 | ||||||
| TCR2 Therapeutics, Inc. (a) | 8,824 | 16 | ||||||
| TG Therapeutics, Inc. (a)(e) | 2,119 | 13 | ||||||
| Xencor, Inc. (a) | 822 | 21 | ||||||
| Zai Lab Ltd., ADR (a) | 598 | 20 | ||||||
| 2,130 | ||||||||
| Industrials (15.4%): | ||||||||
| ACV Auctions, Inc., Class A (a)(e) | 357 | 3 | ||||||
| AGCO Corp. | 1,000 | 96 | ||||||
| ASGN, Inc. (a) | 1,743 | 157 | ||||||
| BWX Technologies, Inc. | 1,070 | 54 | ||||||
| Casella Waste Systems, Inc. (a) | 2,176 | 166 | ||||||
| Chart Industries, Inc. (a)(e) | 1,114 | 205 | ||||||
| Construction Partners, Inc., Class A (a)(e) | 1,877 | 49 | ||||||
| ESCO Technologies, Inc. | 571 | 42 | ||||||
| Kaman Corp. | 1,610 | 45 | ||||||
| Kratos Defense & Security Solutions, Inc. (a) | 6,093 | 62 | ||||||
| McGrath RentCorp | 1,522 | 128 | ||||||
| Owens Corning | 2,069 | 163 | ||||||
| PGT Innovations, Inc. (a) | 3,825 | 80 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Small Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Regal Rexnord Corp. | 340 | $ | 48 | |||||
| Sensata Technologies Holding PLC | 1,965 | 73 | ||||||
| Shoals Technologies Group, Inc., Class A (a) | 8,596 | 185 | ||||||
| The AZEK Co., Inc. (a) | 2,561 | 43 | ||||||
| Zurn Elkay Water Solutions Corp. | 2,954 | 72 | ||||||
| 1,671 | ||||||||
| Information Technology (20.2%): | ||||||||
| Alteryx, Inc., Class A (a) | 441 | 25 | ||||||
| Blackline, Inc. (a) | 1,250 | 75 | ||||||
| BM Technologies, Inc. (a)(e) | 606 | 4 | ||||||
| C3.ai, Inc., Class A (a)(e) | 848 | 11 | ||||||
| Couchbase, Inc. (a) | 377 | 5 | ||||||
| CS Disco, Inc. (a)(e) | 4,343 | 43 | ||||||
| Digital Turbine, Inc. (a) | 1,163 | 17 | ||||||
| DoubleVerify Holdings, Inc. (a) | 363 | 10 | ||||||
| Dropbox, Inc., Class A (a) | 1,247 | 26 | ||||||
| Elastic NV (a) | 2,867 | 206 | ||||||
| Endava PLC, ADR (a) | 1,637 | 132 | ||||||
| Expensify, Inc., Class A (a) | 5,375 | 80 | ||||||
| Flywire Corp. (a) | 1,122 | 26 | ||||||
| ForgeRock, Inc., Class A (a)(e) | 383 | 5 | ||||||
| Freshworks, Inc., Class A (a)(e) | 3,873 | 50 | ||||||
| Globant SA (a) | 841 | 157 | ||||||
| Intapp, Inc. (a) | 75 | 1 | ||||||
| JFrog Ltd. (a) | 6,700 | 148 | ||||||
| Mitek Systems, Inc. (a) | 9,134 | 84 | ||||||
| Monday.com Ltd. (a) | 37 | 4 | ||||||
| Napco Security Technologies, Inc. (a) | 10,722 | 312 | ||||||
| PagerDuty, Inc. (a) | 4,305 | 99 | ||||||
| SentinelOne, Inc., Class A (a) | 3,720 | 95 | ||||||
| Shift4 Payments, Inc., Class A (a)(e) | 1,480 | 66 | ||||||
| SiTime Corp. (a) | 1,041 | 82 | ||||||
| Smartsheet, Inc., Class A (a) | 2,908 | 100 | ||||||
| TaskUS, Inc., Class A (a)(e) | 6,682 | 108 | ||||||
| WNS Holdings Ltd., ADR (a) | 2,735 | 224 | ||||||
| 2,195 | ||||||||
| Materials (3.5%): | ||||||||
| CF Industries Holdings, Inc. | 720 | 69 | ||||||
| Compass Minerals International, Inc. | 1,115 | 43 | ||||||
| FMC Corp. | 795 | 84 | ||||||
| Intrepid Potash, Inc. (a)(e) | 1,715 | 68 | ||||||
| Summit Materials, Inc., Class A (a) | 4,929 | 118 | ||||||
| 382 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Munder Small Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Real Estate (1.5%): | ||||||||
| Rexford Industrial Realty, Inc. | 1,252 | $ | 65 | |||||
| UMH Properties, Inc. | 6,434 | 104 | ||||||
| 169 | ||||||||
| Utilities (0.2%): | ||||||||
| Ormat Technologies, Inc. (e) | 250 | 22 | ||||||
| Total Common Stocks (Cost $11,005) | 10,711 | |||||||
| Warrants (0.0%)(f) | ||||||||
| Health Care (0.0%):(f) | ||||||||
| BioNano Genomics, Inc. (a)(c) | 8,136 | 2 | ||||||
| Total Warrants (Cost $–) | 2 | |||||||
| Collateral for Securities Loaned (16.7%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (g) | 39,124 | 39 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (g) | 26,334 | 26 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (g) | 19,525 | 20 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (g) | 888,957 | 889 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (g) | 38,983 | 39 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (g) | 105,852 | 106 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (g) | 699,990 | 700 | ||||||
| Total Collateral for Securities Loaned (Cost $1,819) | 1,819 | |||||||
| Total Investments (Cost $12,824) — 115.2% | 12,532 | |||||||
| Liabilities in excess of other assets — (15.2)% | (1,649 | ) | ||||||
| NET ASSETS - 100.00% | $ | 10,883 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (c) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (d) | Rounds to less than $1 thousand. |
| (e) | All or a portion of this security is on loan. |
| (f) | Amount represents less than 0.05% of net assets. |
| (g) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (96.2%) | ||||||||
| Australia (4.2%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Aristocrat Leisure Ltd. | 25,881 | $ | 546 | |||||
| Energy (0.9%): | ||||||||
| Santos Ltd. | 147,322 | 681 | ||||||
| Woodside Energy Group Ltd. | 40,879 | 835 | ||||||
| 1,516 | ||||||||
| Financials (1.7%): | ||||||||
| Macquarie Group Ltd. | 6,345 | 619 | ||||||
| National Australia Bank Ltd. | 85,361 | 1,580 | ||||||
| QBE Insurance Group Ltd. | 75,812 | 562 | ||||||
| 2,761 | ||||||||
| Materials (0.7%): | ||||||||
| Mineral Resources Ltd. | 12,479 | 524 | ||||||
| Rio Tinto Ltd. | 9,187 | 555 | ||||||
| 1,079 | ||||||||
| Real Estate (0.6%): | ||||||||
| Goodman Group | 48,738 | 492 | ||||||
| Stockland | 273,796 | 573 | ||||||
| 1,065 | ||||||||
| 6,967 | ||||||||
| Austria (0.4%): | ||||||||
| Industrials (0.4%): | ||||||||
| ANDRITZ AG | 17,446 | 738 | ||||||
| Brazil (1.9%): | ||||||||
| Energy (0.5%): | ||||||||
| Petro Rio SA (a) | 152,200 | 777 | ||||||
| Financials (0.6%): | ||||||||
| Banco do Brasil SA | 146,600 | 1,047 | ||||||
| Materials (0.4%): | ||||||||
| Gerdau SA, Preference Shares | 169,700 | 769 | ||||||
| Utilities (0.4%): | ||||||||
| Cia Energetica de Minas Gerais, Preference Shares | 323,350 | 645 | ||||||
| 3,238 | ||||||||
| Canada (6.8%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| BRP, Inc. (b) | 10,928 | 673 | ||||||
| Energy (1.1%): | ||||||||
| Headwater Exploration, Inc. (a) | 125,512 | 478 | ||||||
| Parex Resources, Inc. | 48,148 | 703 | ||||||
| Suncor Energy, Inc. | 27,265 | 768 | ||||||
| 1,949 | ||||||||
| Financials (3.3%): | ||||||||
| Element Fleet Management Corp. | 89,793 | 1,060 | ||||||
| Fairfax Financial Holdings Ltd. | 1,404 | 641 | ||||||
| Intact Financial Corp. | 9,556 | 1,353 | ||||||
| National Bank of Canada (b) | 21,002 | 1,316 | ||||||
| The Toronto-Dominion Bank | 19,023 | 1,167 | ||||||
| 5,537 | ||||||||
| Industrials (0.3%): | ||||||||
| Finning International, Inc. | 27,160 | 478 | ||||||
| Materials (1.7%): | ||||||||
| Nutrien Ltd. | 14,048 | 1,172 | ||||||
| Teck Resources Ltd., Class B | 28,123 | 855 | ||||||
| West Fraser Timber Co. Ltd. | 10,629 | 769 | ||||||
| 2,796 | ||||||||
| 11,433 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Chile (0.3%): | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Cencosud SA | 384,409 | $ | 486 | |||||
| China (6.6%): | ||||||||
| Communication Services (1.2%): | ||||||||
| Baidu, Inc., Class A (a) | 34,350 | 506 | ||||||
| Tencent Holdings Ltd. | 43,200 | 1,459 | ||||||
| 1,965 | ||||||||
| Consumer Discretionary (2.2%): | ||||||||
| Alibaba Group Holding Ltd. (a) | 125,896 | 1,256 | ||||||
| BYD Co. Ltd., Class H | 29,000 | 715 | ||||||
| Guangzhou Automobile Group Co. Ltd., Class H | 870,000 | 618 | ||||||
| JD.com, Inc., Class A | 24,613 | 621 | ||||||
| Yadea Group Holdings Ltd. (c) | 332,000 | 531 | ||||||
| 3,741 | ||||||||
| Financials (1.5%): | ||||||||
| Agricultural Bank of China Ltd., Class H | 1,600,000 | 479 | ||||||
| Bank of China Ltd., Class H | 2,233,275 | 729 | ||||||
| China Construction Bank Corp., Class H (b) | 1,304,000 | 753 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 546,000 | 564 | ||||||
| 2,525 | ||||||||
| Health Care (0.2%): | ||||||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 161,500 | 390 | ||||||
| Industrials (0.8%): | ||||||||
| China Railway Group Ltd., Class H | 1,591,000 | 781 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 450,150 | 524 | ||||||
| 1,305 | ||||||||
| Materials (0.7%): | ||||||||
| Anhui Conch Cement Co. Ltd., Class H | 246,500 | 779 | ||||||
| Ganfeng Lithium Co., Ltd. (c) | 66,600 | 440 | ||||||
| 1,219 | ||||||||
| 11,145 | ||||||||
| Denmark (2.0%): | ||||||||
| Consumer Discretionary (0.2%): | ||||||||
| Pandora A/S | 8,047 | 376 | ||||||
| Health Care (1.4%): | ||||||||
| Novo Nordisk A/S, Class B | 23,256 | 2,317 | ||||||
| Industrials (0.4%): | ||||||||
| AP Moller - Maersk A/S, Class B | 348 | 633 | ||||||
| 3,326 | ||||||||
| Finland (0.9%): | ||||||||
| Information Technology (0.5%): | ||||||||
| Nokia Oyj | 173,644 | 746 | ||||||
| Utilities (0.4%): | ||||||||
| Fortum Oyj | 51,892 | 697 | ||||||
| 1,443 | ||||||||
| France (6.5%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Publicis Groupe SA | 18,426 | 873 | ||||||
| Consumer Discretionary (1.5%): | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 4,248 | 2,504 | ||||||
| Consumer Staples (0.7%): | ||||||||
| Pernod Ricard SA | 6,810 | 1,249 | ||||||
| Financials (0.8%): | ||||||||
| AXA SA | 24,844 | 542 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| BNP Paribas SA | 18,990 | $ | 802 | |||||
| 1,344 | ||||||||
| Industrials (1.4%): | ||||||||
| Cie de Saint-Gobain | 19,477 | 696 | ||||||
| Eiffage SA | 7,887 | 633 | ||||||
| Rexel SA | 37,088 | 556 | ||||||
| Teleperformance | 1,861 | 472 | ||||||
| 2,357 | ||||||||
| Information Technology (1.0%): | ||||||||
| Capgemini SE | 6,567 | 1,051 | ||||||
| Edenred | 12,740 | 587 | ||||||
| 1,638 | ||||||||
| Materials (0.3%): | ||||||||
| Arkema SA | 7,407 | 540 | ||||||
| Real Estate (0.3%): | ||||||||
| Klepierre SA | 27,268 | 474 | ||||||
| 10,979 | ||||||||
| Germany (5.0%): | ||||||||
| Communication Services (0.9%): | ||||||||
| Deutsche Telekom AG | 89,774 | 1,528 | ||||||
| Consumer Discretionary (0.5%): | ||||||||
| Mercedes-Benz Group AG | 15,750 | 796 | ||||||
| Energy (0.4%): | ||||||||
| VERBIO Vereinigte BioEnergie AG | 11,742 | 693 | ||||||
| Financials (0.5%): | ||||||||
| Hannover Rueck SE | 5,263 | 789 | ||||||
| Health Care (1.3%): | ||||||||
| Bayer AG, Registered Shares | 20,812 | 959 | ||||||
| Merck KGaA | 7,744 | 1,253 | ||||||
| 2,212 | ||||||||
| Industrials (0.9%): | ||||||||
| Brenntag SE | 10,769 | 651 | ||||||
| Deutsche Post AG, Registered Shares | 27,036 | 815 | ||||||
| 1,466 | ||||||||
| Information Technology (0.5%): | ||||||||
| Infineon Technologies AG | 23,136 | 506 | ||||||
| SAP SE | 5,245 | 427 | ||||||
| 933 | ||||||||
| 8,417 | ||||||||
| Hong Kong (2.5%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Chow Tai Fook Jewellery Group Ltd. | 427,000 | 803 | ||||||
| Consumer Staples (0.3%): | ||||||||
| WH Group Ltd. (c) | 824,500 | 519 | ||||||
| Industrials (0.3%): | ||||||||
| CK Hutchison Holdings Ltd. | 88,500 | 487 | ||||||
| Information Technology (0.7%): | ||||||||
| Lenovo Group Ltd. | 1,588,000 | 1,098 | ||||||
| Real Estate (0.4%): | ||||||||
| CK Asset Holdings Ltd. | 121,895 | 732 | ||||||
| Utilities (0.3%): | ||||||||
| Kunlun Energy Co. Ltd. | 760,000 | 547 | ||||||
| 4,186 | ||||||||
| India (3.9%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Mahindra & Mahindra Ltd. | 37,698 | 583 | ||||||
| Consumer Staples (0.3%): | ||||||||
| Varun Beverages Ltd. | 45,481 | 581 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (0.6%): | ||||||||
| Reliance Industries Ltd. | 36,543 | $ | 1,061 | |||||
| Financials (1.0%): | ||||||||
| Canara Bank | 387,198 | 1,079 | ||||||
| ICICI Bank Ltd. | 55,961 | 588 | ||||||
| 1,667 | ||||||||
| Information Technology (0.6%): | ||||||||
| Mindtree Ltd. | 13,525 | 518 | ||||||
| Tata Consultancy Services Ltd. | 13,601 | 499 | ||||||
| 1,017 | ||||||||
| Materials (0.5%): | ||||||||
| UPL Ltd. | 102,771 | 843 | ||||||
| Utilities (0.5%): | ||||||||
| Power Grid Corp. of India Ltd. | 318,853 | 828 | ||||||
| 6,580 | ||||||||
| Indonesia (0.5%): | ||||||||
| Communication Services (0.5%): | ||||||||
| PT Sarana Menara Nusantara Tbk | 9,781,200 | 791 | ||||||
| Ireland (0.4%): | ||||||||
| Health Care (0.4%): | ||||||||
| ICON PLC (a) | 3,266 | 600 | ||||||
| Israel (0.8%): | ||||||||
| Financials (0.4%): | ||||||||
| Bank Leumi Le-Israel BM | 67,497 | 578 | ||||||
| Information Technology (0.4%): | ||||||||
| Nice Ltd. (a) | 3,889 | 733 | ||||||
| 1,311 | ||||||||
| Italy (1.1%): | ||||||||
| Industrials (0.3%): | ||||||||
| Leonardo SpA | 75,301 | 533 | ||||||
| Information Technology (0.3%): | ||||||||
| Nexi SpA (a)(b)(c) | 54,423 | 439 | ||||||
| Utilities (0.5%): | ||||||||
| Enel SpA | 139,799 | 573 | ||||||
| Iren SpA | 231,813 | 306 | ||||||
| 879 | ||||||||
| 1,851 | ||||||||
| Japan (13.6%): | ||||||||
| Communication Services (1.1%): | ||||||||
| Nintendo Co. Ltd. | 16,000 | 645 | ||||||
| Nippon Telegraph & Telephone Corp. | 41,800 | 1,128 | ||||||
| 1,773 | ||||||||
| Consumer Discretionary (1.6%): | ||||||||
| Isuzu Motors Ltd. | 47,300 | 523 | ||||||
| Open House Group Co. Ltd. | 6,700 | 226 | ||||||
| Rinnai Corp. | 4,300 | 309 | ||||||
| Sony Group Corp. | 5,700 | 367 | ||||||
| Toyota Motor Corp. | 98,800 | 1,292 | ||||||
| 2,717 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Ajinomoto Co., Inc. | 33,300 | 910 | ||||||
| Seven & i Holdings Co. Ltd. | 19,900 | 800 | ||||||
| 1,710 | ||||||||
| Financials (2.0%): | ||||||||
| Mizuho Financial Group, Inc. | 72,310 | 783 | ||||||
| ORIX Corp. | 75,600 | 1,059 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 31,125 | $ | 863 | |||||
| Tokio Marine Holdings, Inc. | 36,600 | 651 | ||||||
| 3,356 | ||||||||
| Health Care (1.4%): | ||||||||
| Hoya Corp. | 6,700 | 646 | ||||||
| Olympus Corp. | 36,600 | 704 | ||||||
| Ono Pharmaceutical Co. Ltd. | 40,900 | 955 | ||||||
| 2,305 | ||||||||
| Industrials (3.8%): | ||||||||
| AGC, Inc. | 19,500 | 607 | ||||||
| Fuji Electric Co. Ltd. | 20,500 | 752 | ||||||
| Hitachi Ltd. | 21,100 | 898 | ||||||
| ITOCHU Corp. | 49,700 | 1,200 | ||||||
| Komatsu Ltd. | 34,500 | 628 | ||||||
| Mitsui & Co. Ltd. | 42,100 | 896 | ||||||
| Nippon Express Holdings, Inc. | 13,600 | 691 | ||||||
| Nippon Yusen KK (b) | 43,500 | 739 | ||||||
| 6,411 | ||||||||
| Information Technology (1.5%): | ||||||||
| Canon, Inc. | 25,400 | 555 | ||||||
| Fujitsu Ltd. | 7,400 | 811 | ||||||
| TDK Corp. | 21,400 | 661 | ||||||
| Tokyo Electron Ltd. | 2,300 | 567 | ||||||
| 2,594 | ||||||||
| Materials (0.8%): | ||||||||
| Shin-Etsu Chemical Co. Ltd. | 6,300 | 623 | ||||||
| Tosoh Corp. | 57,400 | 640 | ||||||
| 1,263 | ||||||||
| Real Estate (0.4%): | ||||||||
| Mitsui Fudosan Co. Ltd. | 38,700 | 737 | ||||||
| 22,866 | ||||||||
| Korea, Republic Of (3.1%): | ||||||||
| Communication Services (0.8%): | ||||||||
| Cheil Worldwide, Inc. | 33,988 | 536 | ||||||
| JYP Entertainment Corp. | 18,216 | 740 | ||||||
| 1,276 | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Kia Corp. | 13,272 | 660 | ||||||
| Financials (0.3%): | ||||||||
| Hana Financial Group, Inc. | 21,285 | 523 | ||||||
| Industrials (0.3%): | ||||||||
| Samsung Engineering Co. Ltd. (a) | 37,663 | 593 | ||||||
| Information Technology (1.3%): | ||||||||
| LG Innotek Co. Ltd. | 5,100 | 961 | ||||||
| Samsung Electronics Co. Ltd. | 19,085 | 701 | ||||||
| Samsung SDI Co. Ltd. | 1,292 | 486 | ||||||
| 2,148 | ||||||||
| 5,200 | ||||||||
| Luxembourg (0.8%): | ||||||||
| Energy (0.4%): | ||||||||
| Tenaris SA | 56,126 | 726 | ||||||
| Materials (0.4%): | ||||||||
| ArcelorMittal SA | 29,487 | 587 | ||||||
| 1,313 | ||||||||
| Malaysia (1.0%): | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Kuala Lumpur Kepong Bhd | 109,200 | 487 | ||||||
| Financials (0.7%): | ||||||||
| RHB Bank Bhd | 929,500 | 1,111 | ||||||
| 1,598 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Mexico (0.5%): | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Arca Continental SAB de CV | 114,670 | $ | 826 | |||||
| Netherlands (3.6%): | ||||||||
| Consumer Staples (1.2%): | ||||||||
| Heineken NV | 8,225 | 718 | ||||||
| Koninklijke Ahold Delhaize NV | 49,154 | 1,252 | ||||||
| 1,970 | ||||||||
| Financials (0.8%): | ||||||||
| ING Groep NV | 69,479 | 595 | ||||||
| NN Group NV | 17,768 | 691 | ||||||
| 1,286 | ||||||||
| Health Care (0.4%): | ||||||||
| QIAGEN NV (a) | 17,537 | 730 | ||||||
| Industrials (0.2%): | ||||||||
| Signify NV (c) | 14,226 | 366 | ||||||
| Information Technology (1.0%): | ||||||||
| ASM International NV | 3,122 | 699 | ||||||
| STMicroelectronics NV (b) | 32,984 | 1,025 | ||||||
| 1,724 | ||||||||
| 6,076 | ||||||||
| Norway (1.4%): | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Mowi ASA | 38,571 | 491 | ||||||
| Energy (0.7%): | ||||||||
| Equinor ASA | 18,961 | 626 | ||||||
| Var Energi ASA | 156,049 | 507 | ||||||
| 1,133 | ||||||||
| Materials (0.4%): | ||||||||
| Yara International ASA | 18,166 | 638 | ||||||
| 2,262 | ||||||||
| Qatar (0.3%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Ooredoo QPSC | 226,599 | 552 | ||||||
| Russian Federation (0.0%):(d) | ||||||||
| Consumer Staples (0.0%): | ||||||||
| Magnit PJSC, GDR (e)(f) | 36,370 | — | (g) | |||||
| Energy (0.0%): | ||||||||
| LUKOIL PJSC, ADR (e)(f) | 8,489 | 1 | ||||||
| Financials (0.0%): | ||||||||
| Sberbank of Russia PJSC (a)(c)(e)(f)(h)(i) | 220,230 | 1 | ||||||
| 2 | ||||||||
| Saudi Arabia (0.9%): | ||||||||
| Energy (0.3%): | ||||||||
| Saudi Arabian Oil Co. (c) | 55,985 | 533 | ||||||
| Financials (0.6%): | ||||||||
| Alinma Bank | 109,658 | 1,049 | ||||||
| 1,582 | ||||||||
| Singapore (1.8%): | ||||||||
| Consumer Staples (0.6%): | ||||||||
| Wilmar International Ltd. | 394,600 | 1,050 | ||||||
| Financials (0.8%): | ||||||||
| DBS Group Holdings Ltd. | 53,000 | 1,226 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.4%): | ||||||||
| Sembcorp Industries Ltd. | 329,800 | $ | 705 | |||||
| 2,981 | ||||||||
| South Africa (0.6%): | ||||||||
| Energy (0.3%): | ||||||||
| Exxaro Resources Ltd. | 42,429 | 471 | ||||||
| Financials (0.3%): | ||||||||
| Absa Group Ltd. | 60,454 | 588 | ||||||
| 1,059 | ||||||||
| Spain (2.1%): | ||||||||
| Financials (0.8%): | ||||||||
| Banco Santander SA | 310,235 | 722 | ||||||
| Bankinter SA | 102,410 | 575 | ||||||
| 1,297 | ||||||||
| Health Care (0.3%): | ||||||||
| Laboratorios Farmaceuticos Rovi SA | 10,671 | 458 | ||||||
| Utilities (1.0%): | ||||||||
| Corp. ACCIONA Energias Renovables SA | 24,864 | 928 | ||||||
| Iberdrola SA | 83,227 | 776 | ||||||
| 1,704 | ||||||||
| 3,459 | ||||||||
| Sweden (1.2%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Evolution AB (c) | 10,212 | 808 | ||||||
| Industrials (0.4%): | ||||||||
| Volvo AB, Class B | 44,676 | 633 | ||||||
| Materials (0.3%): | ||||||||
| Boliden AB | 20,232 | 625 | ||||||
| 2,066 | ||||||||
| Switzerland (6.9%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Cie Financiere Richemont SA, Registered Shares | 10,080 | 952 | ||||||
| Consumer Staples (1.5%): | ||||||||
| Coca-Cola HBC AG | 35,497 | 742 | ||||||
| Nestle SA, Registered Shares | 16,273 | 1,760 | ||||||
| 2,502 | ||||||||
| Financials (1.2%): | ||||||||
| Julius Baer Group Ltd. | 17,201 | 751 | ||||||
| Swiss Life Holding AG | 1,317 | 582 | ||||||
| UBS Group AG | 47,463 | 688 | ||||||
| 2,021 | ||||||||
| Health Care (2.6%): | ||||||||
| Novartis AG, Registered Shares | 24,290 | 1,852 | ||||||
| Roche Holding AG | 7,730 | 2,517 | ||||||
| 4,369 | ||||||||
| Materials (1.0%): | ||||||||
| Glencore PLC | 195,845 | 1,029 | ||||||
| Holcim AG | 17,247 | 707 | ||||||
| 1,736 | ||||||||
| 11,580 | ||||||||
| Taiwan (3.8%): | ||||||||
| Financials (0.7%): | ||||||||
| Chailease Holding Co. Ltd. | 98,895 | 565 | ||||||
| Fubon Financial Holding Co. Ltd. | 417,731 | 653 | ||||||
| 1,218 | ||||||||
| Health Care (0.6%): | ||||||||
| Lotus Pharmaceutical Co. Ltd. | 179,000 | 913 | ||||||
| Information Technology (2.5%): | ||||||||
| Delta Electronics, Inc. | 85,000 | 675 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Hon Hai Precision Industry Co. Ltd. | 159,000 | $ | 509 | |||||
| MediaTek, Inc. | 30,000 | 518 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 190,000 | 2,519 | ||||||
| 4,221 | ||||||||
| 6,352 | ||||||||
| Thailand (0.5%): | ||||||||
| Health Care (0.5%): | ||||||||
| Chularat Hospital PCL | 8,368,500 | 816 | ||||||
| United Arab Emirates (0.5%): | ||||||||
| Real Estate (0.5%): | ||||||||
| Emaar Development PJSC (a) | 636,237 | 791 | ||||||
| United Kingdom (9.8%): | ||||||||
| Communication Services (0.6%): | ||||||||
| Informa PLC | 96,746 | 553 | ||||||
| WPP PLC | 46,586 | 384 | ||||||
| 937 | ||||||||
| Consumer Discretionary (1.5%): | ||||||||
| Barratt Developments PLC | 83,188 | 314 | ||||||
| JD Sports Fashion PLC | 590,213 | 650 | ||||||
| Stellantis NV | 126,988 | 1,500 | ||||||
| 2,464 | ||||||||
| Consumer Staples (0.9%): | ||||||||
| Reckitt Benckiser Group PLC | 9,959 | 660 | ||||||
| Tesco PLC | 345,462 | 793 | ||||||
| 1,453 | ||||||||
| Energy (1.3%): | ||||||||
| BP PLC | 292,685 | 1,398 | ||||||
| Harbour Energy PLC | 142,991 | 710 | ||||||
| 2,108 | ||||||||
| Financials (2.0%): | ||||||||
| 3i Group PLC | 94,348 | 1,133 | ||||||
| Barclays PLC | 430,452 | 685 | ||||||
| Legal & General Group PLC | 201,307 | 480 | ||||||
| Standard Chartered PLC | 182,555 | 1,141 | ||||||
| 3,439 | ||||||||
| Health Care (1.0%): | ||||||||
| AstraZeneca PLC | 15,133 | 1,663 | ||||||
| Industrials (1.4%): | ||||||||
| Ashtead Group PLC | 11,496 | 516 | ||||||
| BAE Systems PLC | 67,068 | 589 | ||||||
| Ferguson PLC | 6,991 | 725 | ||||||
| RS GROUP PLC | 57,090 | 610 | ||||||
| 2,440 | ||||||||
| Materials (0.4%): | ||||||||
| Anglo American PLC | 24,748 | 743 | ||||||
| Real Estate (0.3%): | ||||||||
| Safestore Holdings PLC | 62,017 | 577 | ||||||
| Utilities (0.4%): | ||||||||
| Drax Group PLC | 92,977 | 619 | ||||||
| 16,443 | ||||||||
| Total Common Stocks (Cost $190,061) | 161,315 | |||||||
| Exchange-Traded Funds (2.1%) | ||||||||
| United States (2.1%): | ||||||||
| iShares Core MSCI EAFE ETF | 48,035 | 2,530 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Trivalent International Fund-Core Equity | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| iShares Core MSCI Emerging Markets ETF | 24,462 | $ | 1,051 | |||||
| 3,581 | ||||||||
| Total Exchange-Traded Funds (Cost $4,634) | 3,581 | |||||||
| Collateral for Securities Loaned (2.4%)^ | ||||||||
| United States (2.4%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (j) | 89,003 | 89 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (j) | 59,907 | 60 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (j) | 44,417 | 44 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (j) | 2,022,274 | 2,022 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (j) | 88,682 | 89 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (j) | 240,801 | 241 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (j) | 1,592,396 | 1,592 | ||||||
| Total Collateral for Securities Loaned (Cost $4,137) | 4,137 | |||||||
| Total Investments (Cost $198,832) — 100.7% | 169,033 | |||||||
| Liabilities in excess of other assets — (0.7)% | (1,254 | ) | ||||||
| NET ASSETS - 100.00% | $ | 167,779 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $3,637 (thousands) and amounted to 2.2% of net assets. |
| (d) | Amount represents less than 0.05% of net assets. |
| (e) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (f) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (g) | Rounds to less than $1 thousand. |
| (h) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (i) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||
| Sberbank of Russia PJSC | 12/9/2016 | $ | 752 | |||
| (j) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| GDR—Global Depositary Receipt |
| PCL—Public Company Limited |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Common Stocks (96.3%) | ||||||||
| Australia (6.8%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Nine Entertainment Co. Holdings Ltd. | 7,402,007 | $ | 8,876 | |||||
| Consumer Discretionary (0.7%): | ||||||||
| JB Hi-Fi Ltd. | 389,166 | 9,416 | ||||||
| Super Retail Group Ltd. | 1,266,011 | 7,198 | ||||||
| 16,614 | ||||||||
| Consumer Staples (0.7%): | ||||||||
| Elders Ltd. | 2,116,343 | 16,146 | ||||||
| Energy (0.5%): | ||||||||
| Beach Energy Ltd. | 11,745,100 | 11,276 | ||||||
| Financials (0.6%): | ||||||||
| Bank of Queensland Ltd. (a) | 2,373,798 | 9,887 | ||||||
| Pendal Group Ltd. | 1,330,445 | 3,829 | ||||||
| 13,716 | ||||||||
| Industrials (0.3%): | ||||||||
| Seven Group Holdings Ltd. (a) | 813,282 | 8,821 | ||||||
| Information Technology (0.4%): | ||||||||
| Technology One Ltd. | 1,653,294 | 11,157 | ||||||
| Materials (2.6%): | ||||||||
| Allkem Ltd. (b) | 3,008,180 | 26,597 | ||||||
| CSR Ltd. | 2,479,794 | 7,065 | ||||||
| Iluka Resources Ltd. | 2,868,119 | 16,601 | ||||||
| Incitec Pivot, Ltd. | 5,192,104 | 11,803 | ||||||
| 62,066 | ||||||||
| Real Estate (0.6%): | ||||||||
| Charter Hall Group | 1,017,635 | 7,503 | ||||||
| Shopping Centres Australasia Property Group | 5,199,565 | 7,838 | ||||||
| 15,341 | ||||||||
| 164,013 | ||||||||
| Canada (11.2%): | ||||||||
| Consumer Discretionary (1.2%): | ||||||||
| AutoCanada, Inc. (b) | 377,235 | 6,184 | ||||||
| BRP, Inc. (a) | 365,732 | 22,531 | ||||||
| 28,715 | ||||||||
| Energy (2.8%): | ||||||||
| ARC Resources Ltd. (a) | 1,690,493 | 20,305 | ||||||
| Headwater Exploration, Inc. (b) | 2,465,671 | 9,390 | ||||||
| Parex Resources, Inc. | 1,012,032 | 14,779 | ||||||
| Vermilion Energy, Inc. | 462,441 | 9,900 | ||||||
| Whitecap Resources, Inc. (a) | 1,896,566 | 12,001 | ||||||
| 66,375 | ||||||||
| Financials (0.9%): | ||||||||
| Element Fleet Management Corp. | 1,363,860 | 16,095 | ||||||
| Laurentian Bank of Canada (a) | 319,125 | 6,844 | ||||||
| 22,939 | ||||||||
| Industrials (1.4%): | ||||||||
| ATS Automation Tooling Systems, Inc. (b) | 615,159 | 16,239 | ||||||
| Ballard Power Systems, Inc. (a)(b) | 314,579 | 1,927 | ||||||
| Finning International, Inc. | 885,844 | 15,572 | ||||||
| 33,738 | ||||||||
| Information Technology (1.0%): | ||||||||
| Celestica, Inc. (b) | 1,403,401 | 11,827 | ||||||
| The Descartes Systems Group, Inc. (b) | 189,957 | 12,063 | ||||||
| 23,890 | ||||||||
| Materials (2.1%): | ||||||||
| Aginco Eagle Mines Ltd. | 1 | — | (c) | |||||
| Alamos Gold, Inc. (a) | 1,405,288 | 10,419 | ||||||
| Canfor Corp. (a)(b) | 608,752 | 8,863 | ||||||
| Dundee Precious Metals, Inc. | 1,800,875 | 8,006 | ||||||
| Methanex Corp. | 236,357 | 7,529 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| OceanaGold Corp. (b) | 4,031,436 | $ | 6,567 | |||||
| Stella-Jones, Inc. (a) | 326,070 | 9,155 | ||||||
| 50,539 | ||||||||
| Real Estate (1.5%): | ||||||||
| Boardwalk Real Estate Invest (a) | 435,540 | 14,587 | ||||||
| Colliers International Group, Inc. (a) | 69,053 | 6,329 | ||||||
| Tricon Residential, Inc. (a) | 1,705,713 | 14,758 | ||||||
| 35,674 | ||||||||
| Utilities (0.3%): | ||||||||
| TransAlta Corp. (a) | 941,186 | 8,320 | ||||||
| 270,190 | ||||||||
| Denmark (0.8%): | ||||||||
| Financials (0.5%): | ||||||||
| Jyske Bank A/S, Registered Shares (b) | 237,257 | 12,350 | ||||||
| Industrials (0.3%): | ||||||||
| ISS A/S (b) | 462,249 | 7,127 | ||||||
| 19,477 | ||||||||
| Finland (1.0%): | ||||||||
| Industrials (0.5%): | ||||||||
| Valmet Oyj | 663,005 | 13,402 | ||||||
| Information Technology (0.5%): | ||||||||
| TietoEVRY Oyj (a) | 486,304 | 11,002 | ||||||
| 24,404 | ||||||||
| France (8.0%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Criteo SA, ADR (a)(b) | 353,617 | 9,558 | ||||||
| Consumer Discretionary (0.6%): | ||||||||
| Faurecia SE (b) | 516,198 | 5,587 | ||||||
| La Francaise des Jeux SAEM (d) | 315,248 | 9,350 | ||||||
| 14,937 | ||||||||
| Energy (0.7%): | ||||||||
| Vallourec SA (b) | 1,652,817 | 15,836 | ||||||
| Health Care (0.3%): | ||||||||
| Ipsen SA | 75,209 | 6,960 | ||||||
| Industrials (2.9%): | ||||||||
| Eiffage SA | 256,115 | 20,535 | ||||||
| Elis SA | 953,090 | 9,608 | ||||||
| Nexans SA | 141,790 | 12,620 | ||||||
| Rexel SA | 859,931 | 12,886 | ||||||
| SPIE SA (a) | 629,998 | 13,194 | ||||||
| 68,843 | ||||||||
| Information Technology (1.6%): | ||||||||
| Edenred | 278,219 | 12,816 | ||||||
| SOITEC (b) | 96,799 | 11,051 | ||||||
| Sopra Steria Group | 115,300 | 14,585 | ||||||
| 38,452 | ||||||||
| Materials (0.5%): | ||||||||
| Arkema SA | 167,278 | 12,189 | ||||||
| Real Estate (1.0%): | ||||||||
| Klepierre SA | 953,491 | 16,574 | ||||||
| Nexity SA | 409,305 | 8,309 | ||||||
| 24,883 | ||||||||
| 191,658 | ||||||||
| Germany (6.0%): | ||||||||
| Communication Services (1.0%): | ||||||||
| Freenet AG | 564,359 | 10,694 | ||||||
| ProSiebenSat.1 Media SE | 1,130,076 | 8,005 | ||||||
| United Internet AG, Registered Shares | 346,966 | 6,485 | ||||||
| 25,184 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Consumer Discretionary (0.6%): | ||||||||
| Hugo Boss AG | 245,474 | $ | 11,428 | |||||
| Vitesco Technologies Group AG (b) | 60,998 | 2,965 | ||||||
| 14,393 | ||||||||
| Energy (0.3%): | ||||||||
| VERBIO Vereinigte BioEnergie AG | 125,700 | 7,416 | ||||||
| Financials (0.4%): | ||||||||
| Deutsche Pfandbriefbank AG (d) | 1,457,679 | 10,030 | ||||||
| Health Care (0.6%): | ||||||||
| Dermapharm Holding SE | 146,903 | 5,327 | ||||||
| Gerresheimer AG | 190,713 | 9,311 | ||||||
| 14,638 | ||||||||
| Industrials (1.0%): | ||||||||
| GEA Group AG | 401,641 | 12,996 | ||||||
| Rheinmetall AG | 70,855 | 10,908 | ||||||
| 23,904 | ||||||||
| Information Technology (1.1%): | ||||||||
| AIXTRON SE | 483,684 | 11,633 | ||||||
| Bechtle AG | 392,815 | 14,119 | ||||||
| 25,752 | ||||||||
| Materials (0.7%): | ||||||||
| Aurubis AG | 157,458 | 8,219 | ||||||
| LANXESS AG | 262,429 | 7,636 | ||||||
| 15,855 | ||||||||
| Utilities (0.3%): | ||||||||
| Encavis AG | 369,042 | 6,595 | ||||||
| 143,767 | ||||||||
| Hong Kong (1.6%): | ||||||||
| Health Care (0.1%): | ||||||||
| The United Laboratories International Holdings Ltd. | 9,486,000 | 3,939 | ||||||
| Industrials (0.8%): | ||||||||
| LK Technology Holdings Ltd. | 8,727,500 | 9,860 | ||||||
| Pacific Basin Shipping Ltd. | 29,827,000 | 9,211 | ||||||
| 19,071 | ||||||||
| Information Technology (0.3%): | ||||||||
| ASM Pacific Technology Ltd. | 1,089,400 | 6,604 | ||||||
| Real Estate (0.4%): | ||||||||
| Hysan Development Co. Ltd. | 3,499,000 | 8,805 | ||||||
| 38,419 | ||||||||
| Ireland (1.7%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Dalata Hotel Group PLC (b) | 2,730,554 | 7,546 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Glanbia PLC | 1,112,924 | 12,856 | ||||||
| Financials (0.9%): | ||||||||
| Bank of Ireland Group PLC | 3,299,564 | 21,160 | ||||||
| 41,562 | ||||||||
| Isle of Man (0.3%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Playtech PLC (b) | 1,568,134 | 7,681 | ||||||
| Israel (1.5%): | ||||||||
| Communication Services (0.7%): | ||||||||
| Perion Network Ltd. (a)(b) | 854,358 | 16,480 | ||||||
| Health Care (0.5%): | ||||||||
| Inmode Ltd. (b) | 412,916 | 12,020 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Information Technology (0.3%): | ||||||||
| Radware Ltd. (b) | 346,112 | $ | 7,542 | |||||
| 36,042 | ||||||||
| Italy (2.0%): | ||||||||
| Financials (0.4%): | ||||||||
| Banco Bpm SpA | 3,991,994 | 10,437 | ||||||
| Industrials (0.3%): | ||||||||
| Leonardo SpA | 949,537 | 6,722 | ||||||
| Information Technology (0.6%): | ||||||||
| Reply SpA | 142,472 | 14,838 | ||||||
| Materials (0.4%): | ||||||||
| Buzzi Unicem SpA | 634,007 | 8,967 | ||||||
| Utilities (0.3%): | ||||||||
| Iren SpA | 5,287,501 | 6,969 | ||||||
| 47,933 | ||||||||
| Japan (21.8%): | ||||||||
| Communication Services (1.1%): | ||||||||
| Gungho Online Entertainment, Inc. | 513,400 | 7,888 | ||||||
| Internet Initiative Japan, Inc. | 1,313,800 | 20,112 | ||||||
| 28,000 | ||||||||
| Consumer Discretionary (4.1%): | ||||||||
| ASKUL Corp. | 385,300 | 3,967 | ||||||
| J Front Retailing Co., Ltd. | 445,500 | 3,626 | ||||||
| Komeri Co. Ltd. | 446,100 | 8,518 | ||||||
| Nextage Co. Ltd. | 430,200 | 9,332 | ||||||
| Open House Group Co. Ltd. | 140,600 | 4,750 | ||||||
| Resorttrust, Inc. | 654,500 | 10,485 | ||||||
| Rinnai Corp. | 84,400 | 6,066 | ||||||
| Sankyo Co. Ltd. | 325,400 | 9,853 | ||||||
| Shimamura Co. Ltd. | 136,700 | 11,570 | ||||||
| Sumitomo Forestry Co. Ltd. | 813,400 | 12,384 | ||||||
| Tokyotokeiba Co. Ltd. | 214,300 | 6,111 | ||||||
| Toyo Tire Corp. | 1,068,700 | 11,634 | ||||||
| 98,296 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Morinaga Milk Industry Co. Ltd. | 217,500 | 6,377 | ||||||
| Nippon Suisan Kaisha Ltd. | 2,729,500 | 10,273 | ||||||
| Toyo Suisan Kaisha Ltd. | 197,700 | 8,154 | ||||||
| 24,804 | ||||||||
| Financials (1.3%): | ||||||||
| AEON Financial Service Co. Ltd. | 1,140,300 | 11,317 | ||||||
| Fuyo General Lease Co. Ltd. | 140,900 | 7,693 | ||||||
| Mebuki Financial Group, Inc. | 2,223,700 | 4,344 | ||||||
| Zenkoku Hosho Co. Ltd. | 261,600 | 8,702 | ||||||
| 32,056 | ||||||||
| Health Care (1.8%): | ||||||||
| Eiken Chemical Co. Ltd. | 648,400 | 8,075 | ||||||
| Jeol Ltd. | 219,400 | 7,203 | ||||||
| Miraca Holdings, Inc. | 600,700 | 10,938 | ||||||
| Sawai Group Holdings Co. Ltd. | 285,700 | 8,003 | ||||||
| Suzuken Co. Ltd. | 360,500 | 8,215 | ||||||
| 42,434 | ||||||||
| Industrials (5.7%): | ||||||||
| BayCurrent Consulting, Inc. | 54,600 | 14,167 | ||||||
| CKD Corp. | 732,500 | 8,699 | ||||||
| Daihen Corp. | 301,500 | 7,744 | ||||||
| Dmg Mori Co. Ltd. | 617,500 | 7,053 | ||||||
| Ebara Corp. | 284,600 | 9,275 | ||||||
| Fujikura Ltd. | 1,717,800 | 10,247 | ||||||
| FULLCAST Holdings Co. Ltd. | 506,200 | 8,908 | ||||||
| Infroneer Holdings, Inc. | 1,553,800 | 10,533 | ||||||
| JGC Holdings Corp. | 610,600 | 7,577 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Outsourcing, Inc. | 934,300 | $ | 7,064 | |||||
| Sankyu, Inc. | 272,000 | 7,900 | ||||||
| Sanwa Holdings Corp. | 1,046,400 | 8,988 | ||||||
| Takeuchi Manufacturing Co. Ltd. | 528,200 | 9,751 | ||||||
| TechnoPro Holdings, Inc. | 455,000 | 9,694 | ||||||
| Ushio, Inc. | 866,800 | 9,005 | ||||||
| 136,605 | ||||||||
| Information Technology (2.9%): | ||||||||
| Fuji Soft, Inc. | 202,600 | 11,459 | ||||||
| NEC Networks & System Integration Corp. | 675,700 | 7,336 | ||||||
| Nichicon Corp. | 897,300 | 8,625 | ||||||
| Nippon Electric Glass Co. Ltd. | 813,400 | 14,026 | ||||||
| Shinko Electric Industries Co. Ltd. | 878,700 | 18,840 | ||||||
| Tokyo Seimitsu Co. Ltd. | 291,900 | 8,588 | ||||||
| 68,874 | ||||||||
| Materials (1.7%): | ||||||||
| Kaneka Corp. | 373,600 | 9,332 | ||||||
| Rengo Co. Ltd. | 1,997,500 | 11,633 | ||||||
| Tokyo Ohka Kogyo Co. Ltd. | 262,100 | 10,938 | ||||||
| Zeon Corp. (a) | 978,900 | 8,652 | ||||||
| 40,555 | ||||||||
| Real Estate (1.8%): | ||||||||
| Invincible Investment Corp. | 27,390 | 8,629 | ||||||
| Kenedix Office Investment Corp. | 1,712 | 8,075 | ||||||
| Nippon Accommodations Fund, Inc. | 2,119 | 9,614 | ||||||
| Starts Corp., Inc. | 393,600 | 7,131 | ||||||
| Tokyo Tatemono Co., Ltd. | 717,200 | 10,206 | ||||||
| 43,655 | ||||||||
| Utilities (0.4%): | ||||||||
| West Holdings Corp. (a) | 311,300 | 8,898 | ||||||
| 524,177 | ||||||||
| Korea, Republic Of (5.0%): | ||||||||
| Communication Services (0.5%): | ||||||||
| JYP Entertainment Corp. | 281,767 | 11,448 | ||||||
| Consumer Discretionary (0.6%): | ||||||||
| Coway Co. Ltd. | 157,221 | 5,880 | ||||||
| Youngone Corp. | 232,464 | 7,176 | ||||||
| 13,056 | ||||||||
| Consumer Staples (0.4%): | ||||||||
| Lotte Chilsung Beverage Co. Ltd. | 87,836 | 9,737 | ||||||
| Health Care (1.1%): | ||||||||
| Daewoong Pharmaceutical Co. Ltd. | 67,992 | 7,451 | ||||||
| Dentium Co. Ltd. | 173,614 | 10,047 | ||||||
| Osstem Implant Co. Ltd. | 122,662 | 9,793 | ||||||
| 27,291 | ||||||||
| Industrials (0.6%): | ||||||||
| Samsung Engineering Co. Ltd. (b) | 855,675 | 13,471 | ||||||
| Information Technology (1.3%): | ||||||||
| Daeduck Electronics Co. Ltd. | 493,399 | 7,229 | ||||||
| LEENO Industrial, Inc. | 86,523 | 7,444 | ||||||
| LG Innotek Co. Ltd. | 56,620 | 10,673 | ||||||
| LX Semicon Co. Ltd. | 129,323 | 6,772 | ||||||
| 32,118 | ||||||||
| Materials (0.5%): | ||||||||
| KCC Corp. | 32,993 | 5,277 | ||||||
| LOTTE Fine Chemical Co. Ltd. | 184,569 | 7,188 | ||||||
| 12,465 | ||||||||
| 119,586 | ||||||||
| Netherlands (4.3%): | ||||||||
| Financials (1.1%): | ||||||||
| ASR Nederland NV | 475,563 | 18,279 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Euronext NV (d) | 145,830 | $ | 9,228 | |||||
| 27,507 | ||||||||
| Health Care (0.6%): | ||||||||
| Argenx SE, ADR (b) | 37,745 | 13,326 | ||||||
| Industrials (1.9%): | ||||||||
| Aalberts NV | 356,134 | 11,613 | ||||||
| Fugro NV (b) | 1,292,205 | 13,082 | ||||||
| IMCD NV | 55,414 | 6,569 | ||||||
| Signify NV (d) | 533,478 | 13,728 | ||||||
| 44,992 | ||||||||
| Information Technology (0.3%): | ||||||||
| BE Semiconductor Industries NV | 163,069 | 6,980 | ||||||
| Materials (0.4%): | ||||||||
| OCI NV | 276,079 | 10,106 | ||||||
| 102,911 | ||||||||
| Norway (0.2%): | ||||||||
| Financials (0.2%): | ||||||||
| Sparebanken Vest | 787,088 | 5,920 | ||||||
| Singapore (1.3%): | ||||||||
| Real Estate (0.5%): | ||||||||
| Frasers Logistics & Commercial Trust | 15,114,600 | 12,907 | ||||||
| Utilities (0.8%): | ||||||||
| Sembcorp Industries Ltd. | 8,335,900 | 17,809 | ||||||
| 30,716 | ||||||||
| Spain (3.4%): | ||||||||
| Financials (0.8%): | ||||||||
| Bankinter SA | 3,290,724 | 18,474 | ||||||
| Health Care (0.6%): | ||||||||
| Laboratorios Farmaceuticos Rovi SA | 310,554 | 13,344 | ||||||
| Industrials (0.8%): | ||||||||
| Applus Services SA | 1,177,803 | 6,610 | ||||||
| Cia de Distribucion Integral Logista Holdings SA | 666,057 | 12,136 | ||||||
| 18,746 | ||||||||
| Materials (0.4%): | ||||||||
| Acerinox SA | 1,349,943 | 10,734 | ||||||
| Real Estate (0.4%): | ||||||||
| Merlin Properties Socimi SA (a) | 1,106,904 | 8,540 | ||||||
| Utilities (0.4%): | ||||||||
| Corp. ACCIONA Energias Renovables SA | 287,532 | 10,731 | ||||||
| 80,569 | ||||||||
| Sweden (1.7%): | ||||||||
| Industrials (1.0%): | ||||||||
| Intrum AB (a) | 454,479 | 5,715 | ||||||
| Saab AB, Class B | 228,232 | 7,115 | ||||||
| Trelleborg AB, Class B | 547,470 | 10,276 | ||||||
| 23,106 | ||||||||
| Information Technology (0.2%): | ||||||||
| Truecaller AB (a)(b) | 1,493,870 | 5,052 | ||||||
| Real Estate (0.5%): | ||||||||
| Cibus Nordic Real Estate AB | 495,001 | 6,454 | ||||||
| Wihlborgs Fastigheter AB | 1,135,751 | 6,827 | ||||||
| 13,281 | ||||||||
| 41,439 | ||||||||
| Switzerland (5.8%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Forbo Holding AG, Registered Shares | 6,342 | 6,859 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Consumer Staples (0.3%): | ||||||||
| Coca-Cola HBC AG | 349,178 | $ | 7,294 | |||||
| Financials (1.3%): | ||||||||
| Julius Baer Group Ltd. | 306,371 | 13,373 | ||||||
| Swissquote Group Holding SA, Registered Shares | 89,103 | 9,246 | ||||||
| Vontobel Holding AG, Class R | 179,259 | 9,626 | ||||||
| 32,245 | ||||||||
| Health Care (1.8%): | ||||||||
| Galenica AG (d) | 237,940 | 17,234 | ||||||
| Siegfried Holding AG | 17,589 | 13,007 | ||||||
| Tecan Group AG, Class R | 38,821 | 13,320 | ||||||
| 43,561 | ||||||||
| Industrials (1.3%): | ||||||||
| Bucher Industries AG, Registered Shares | 42,511 | 13,265 | ||||||
| Oc Oerlikon Corp. AG | 1,131,377 | 7,243 | ||||||
| Sulzer AG, Registered Shares | 175,268 | 10,085 | ||||||
| 30,593 | ||||||||
| Real Estate (0.8%): | ||||||||
| PSP Swiss Property AG, Registered Shares | 184,529 | 18,450 | ||||||
| 139,002 | ||||||||
| United Kingdom (11.5%): | ||||||||
| Communication Services (0.7%): | ||||||||
| Airtel Africa PLC (d) | 6,341,749 | 9,094 | ||||||
| Future PLC | 576,643 | 8,334 | ||||||
| 17,428 | ||||||||
| Consumer Discretionary (1.5%): | ||||||||
| Inchcape PLC | 1,641,237 | 12,425 | ||||||
| Pets at Home Group PLC | 2,322,922 | 6,771 | ||||||
| Redrow PLC | 2,188,388 | 9,633 | ||||||
| Vistry Group PLC (a) | 1,075,219 | 7,033 | ||||||
| 35,862 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Cranswick PLC | 249,190 | 7,401 | ||||||
| Marks & Spencer Group PLC (b) | 6,426,040 | 7,008 | ||||||
| Tate Lyle PLC | 1,120,303 | 8,445 | ||||||
| 22,854 | ||||||||
| Energy (0.5%): | ||||||||
| Harbour Energy PLC | 2,469,903 | 12,260 | ||||||
| Financials (1.7%): | ||||||||
| IG Group Holdings PLC | 1,301,125 | 11,024 | ||||||
| Man Group PLC | 4,206,599 | 10,414 | ||||||
| OSB Group PLC | 2,918,335 | 13,576 | ||||||
| Virgin Money UK PLC | 4,931,849 | 6,765 | ||||||
| 41,779 | ||||||||
| Health Care (1.0%): | ||||||||
| Abcam PLC (b) | 877,522 | 13,100 | ||||||
| CVS Group PLC | 565,190 | 10,766 | ||||||
| 23,866 | ||||||||
| Industrials (1.8%): | ||||||||
| Balfour Beatty PLC | 2,556,826 | 8,714 | ||||||
| IMI PLC | 653,097 | 8,074 | ||||||
| RS GROUP PLC | 1,208,178 | 12,894 | ||||||
| Serco Group PLC | 8,157,913 | 14,147 | ||||||
| 43,829 | ||||||||
| Information Technology (1.0%): | ||||||||
| Computacenter PLC | 636,763 | 13,675 | ||||||
| Spirent Communications PLC | 3,698,719 | 10,756 | ||||||
| 24,431 | ||||||||
| Materials (0.4%): | ||||||||
| Endeavour Mining PLC (a) | 532,794 | 9,829 | ||||||
| Real Estate (1.5%): | ||||||||
| LondonMetric Property PLC | 4,687,751 | 9,107 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Trivalent International Small-Cap Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Safestore Holdings PLC | 1,451,341 | $ | 13,504 | |||||
| Savills PLC | 746,594 | 6,552 | ||||||
| Tritax Big Box REIT PLC | 3,604,647 | 5,439 | ||||||
| 34,602 | ||||||||
| Utilities (0.4%): | ||||||||
| Atlantica Sustainable Infrastructure PLC | 54,941 | 1,445 | ||||||
| Drax Group PLC | 1,354,136 | 9,007 | ||||||
| 10,452 | ||||||||
| 277,192 | ||||||||
| United States (0.4%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| International Game Technology PLC (a) | 588,282 | 9,295 | ||||||
| Total Common Stocks (Cost $2,775,427) | 2,315,953 | |||||||
| Exchange-Traded Funds (1.7%) | ||||||||
| United States (1.7%): | ||||||||
| Vanguard FTSE Developed Markets ETF (a) | 1,125,820 | 40,934 | ||||||
| Total Exchange-Traded Funds (Cost $44,493) | 40,934 | |||||||
| Collateral for Securities Loaned (4.5%)^ | ||||||||
| United States (4.5%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (e) | 2,303,614 | 2,304 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (e) | 1,550,532 | 1,551 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (e) | 1,149,617 | 1,150 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (e) | 52,341,529 | 52,342 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (e) | 2,295,319 | 2,295 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (e) | 6,232,540 | 6,233 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (e) | 41,215,221 | 41,215 | ||||||
| Total Collateral for Securities Loaned (Cost $107,090) | 107,090 | |||||||
| Total Investments (Cost $2,927,010) — 102.5% | 2,463,977 | |||||||
| Liabilities in excess of other assets — (2.5)% | (59,677 | ) | ||||||
| NET ASSETS - 100.00% | $ | 2,404,300 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rounds to less than $1 thousand. |
| (d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $68,664 (thousands) and amounted to 2.9% of net assets. |
| (e) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (4.4%) | ||||||||
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 | $ | 298 | $ | 289 | ||||
| GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 2/16/25 @ 100 | 245 | 223 | ||||||
| Home Equity Asset Trust, Series 2005-2, Class M5, 4.18% (LIBOR01M+110bps), 7/25/35, Callable 10/25/22 @ 100 (a) | 69 | 69 | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 6/25/24 @ 100 (b) | 130 | 124 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 12/15/23 @ 100 | 283 | 271 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 3/20/24 @ 100 (b) | 674 | 635 | ||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 11/10/23 @ 100 (b) | 231 | 222 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 1/15/24 @ 100 (b) | 332 | 318 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/24 @ 100 (b) | 337 | 319 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 9/15/24 @ 100 (b) | 310 | 294 | ||||||
| Total Asset-Backed Securities (Cost $2,906) | 2,764 | |||||||
| Collateralized Mortgage Obligations (8.5%) | ||||||||
| BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 | 290 | 233 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58, Callable 5/10/26 @ 100 | 163 | 152 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 1/10/26 @ 100 | 153 | 145 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100 | 345 | 327 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 | 257 | 211 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 | 244 | 224 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 5/10/26 @ 100 | $ | 463 | $ | 443 | ||||
| Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 5/15/26 @ 100 | 158 | 151 | ||||||
| COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 | 186 | 178 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 5/15/25 @ 100 | 212 | 202 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 8/15/25 @ 100 | 348 | 333 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48, Callable 11/15/25 @ 100 | 158 | 151 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 11/15/26 @ 100 | 137 | 127 | ||||||
| GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 5/10/26 @ 100 | 162 | 150 | ||||||
| GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 | 162 | 154 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 | 376 | 343 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 4/15/25 @ 100 | 453 | 430 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 | 143 | 137 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 1/15/27 @ 100 | 158 | 148 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 10/15/26 @ 100 | 379 | 347 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 5/15/25 @ 100 | 193 | 185 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 | 163 | 155 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 8/15/25 @ 100 | 181 | 173 | ||||||
| WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 12/15/22 @ 100 | 270 | 265 | ||||||
| Total Collateralized Mortgage Obligations (Cost $5,817) | 5,364 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Convertible Corporate Bonds (6.3%) | ||||||||
| Consumer Discretionary (1.1%): | ||||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 (c) | $ | 305 | $ | 367 | ||||
| Expedia Group, Inc., 2/15/26 (d) | 300 | 262 | ||||||
| Ford Motor Co., 3/15/26 (d) | 95 | 87 | ||||||
| 716 | ||||||||
| Energy (0.6%): | ||||||||
| Pioneer Natural Resources Co., 0.25%, 5/15/25 | 185 | 402 | ||||||
| Financials (1.3%): | ||||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 345 | 352 | ||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (d) | 110 | 140 | ||||||
| 2/18/25 (d) | 65 | 66 | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b) | 265 | 270 | ||||||
| 828 | ||||||||
| Health Care (1.0%): | ||||||||
| Anthem, Inc., 2.75%, 10/15/42 | 53 | 343 | ||||||
| Illumina, Inc., 8/15/23 (d) | 280 | 268 | ||||||
| 611 | ||||||||
| Industrials (0.5%): | ||||||||
| Southwest Airlines Co., 1.25%, 5/1/25 (c) | 300 | 343 | ||||||
| Information Technology (1.5%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | 130 | 132 | ||||||
| Block, Inc., 0.25%, 11/1/27 | 55 | 40 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (c) | 315 | 284 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 105 | 98 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 430 | 409 | ||||||
| 963 | ||||||||
| Real Estate (0.3%): | ||||||||
| Kite Realty Group LP, 0.75%, 4/1/27 (b) | 185 | 156 | ||||||
| Total Convertible Corporate Bonds (Cost $4,085) | 4,019 | |||||||
| Convertible Preferred Stocks (2.7%) | ||||||||
| Financials (1.2%): | ||||||||
| Bank of America Corp., Series L, 6.18% (e) | 280 | 328 | ||||||
| KKR & Co., Inc., Series C, 6.00%, 9/15/23 | 2,570 | 140 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Wells Fargo & Co., Series L, 0.02% (e) | $ | 245 | $ | 295 | ||||
| 763 | ||||||||
| Health Care (0.1%): | ||||||||
| Danaher Corp., Series B, 0.02%, 4/15/23 (c) | 39 | 53 | ||||||
| Industrials (0.2%): | ||||||||
| Stanley Black & Decker, Inc., 1.62%, 11/15/22 | 3,047 | 150 | ||||||
| Utilities (1.2%): | ||||||||
| American Electric Power Co., Inc., 6.13%, 8/15/23 | 1,615 | 80 | ||||||
| CenterPoint Energy, Inc., 3.37%, 9/15/29 | 1,045 | 33 | ||||||
| DTE Energy Co., 1.56%, 11/1/22 | 4,475 | 225 | ||||||
| NextEra Energy, Inc., 5.28%, 3/1/23 | 7,295 | 363 | ||||||
| NiSource, Inc., 7.75%, 3/1/24 | 210 | 21 | ||||||
| 722 | ||||||||
| Total Convertible Preferred Stocks (Cost $2,067) | 1,688 | |||||||
| Corporate Bonds (36.0%) | ||||||||
| Communication Services (1.8%): | ||||||||
| AT&T, Inc. | ||||||||
| 4.25%, 3/1/27, Callable 12/1/26 @ 100 | 129 | 124 | ||||||
| 5.15%, 11/15/46, Callable 5/15/46 @ 100 | 312 | 272 | ||||||
| CenturyLink, Inc., 6.75%, 12/1/23 (c) | 115 | 117 | ||||||
| Comcast Corp., 3.45%, 2/1/50, Callable 8/1/49 @ 100 | 150 | 105 | ||||||
| Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b) | 143 | 117 | ||||||
| T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100 | 242 | 215 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 2/15/25 (c) | 116 | 112 | ||||||
| 3.55%, 3/22/51, Callable 9/22/50 @ 100 | 125 | 88 | ||||||
| 1,150 | ||||||||
| Consumer Discretionary (5.0%): | ||||||||
| Aptiv PLC Aptiv Corp., 3.25%, 3/1/32, Callable 12/1/31 @ 100 | 185 | 147 | ||||||
| D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 | 670 | 634 | ||||||
| Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 | 110 | 92 | ||||||
| General Motors Co., 4.88%, 10/2/23 | 229 | 228 | ||||||
| General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 | 110 | 109 | ||||||
| Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 | 212 | 201 | ||||||
| Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 | 326 | 318 | ||||||
| Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 | 63 | 61 | ||||||
| Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) | 201 | 161 | ||||||
| NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 | 198 | 160 | ||||||
| NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100 | 267 | 218 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| O'Reilly Automotive, Inc., 4.70%, 6/15/32, Callable 3/15/32 @ 100 | $ | 199 | $ | 187 | ||||
| PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 | 240 | 233 | ||||||
| Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100 | 160 | 155 | ||||||
| The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100 (c) | 188 | 152 | ||||||
| Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 | 171 | 136 | ||||||
| 3,192 | ||||||||
| Consumer Staples (1.6%): | ||||||||
| 7-Eleven, Inc., 0.80%, 2/10/24, Callable 11/14/22 @ 100 (b) | 368 | 348 | ||||||
| Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (c) | 105 | 101 | ||||||
| BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 | 167 | 124 | ||||||
| Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 139 | 109 | ||||||
| Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 | 105 | 88 | ||||||
| Reynolds American, Inc., 6.15%, 9/15/43 | 175 | 145 | ||||||
| Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 | 135 | 120 | ||||||
| 1,035 | ||||||||
| Energy (3.1%): | ||||||||
| Continental Resources, Inc. | ||||||||
| 4.50%, 4/15/23, Callable 1/15/23 @ 100 | 234 | 233 | ||||||
| 2.27%, 11/15/26, Callable 11/15/23 @ 100 (b) | 267 | 228 | ||||||
| Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 | 346 | 294 | ||||||
| EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 | 135 | 126 | ||||||
| HollyFrontier Corp., 2.63%, 10/1/23 | 265 | 254 | ||||||
| Marathon Oil Corp., 6.60%, 10/1/37 | 255 | 248 | ||||||
| Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 | 251 | 192 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 11/14/22 @ 100 | 245 | 243 | ||||||
| Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100 | 188 | 160 | ||||||
| 1,978 | ||||||||
| Financials (10.4%): | ||||||||
| Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100 | 35 | 31 | ||||||
| Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 130 | 116 | ||||||
| American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100 (a) | 299 | 280 | ||||||
| Bank of America Corp. | ||||||||
| 4.20%, 8/26/24, MTN | 160 | 157 | ||||||
| 3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN | 205 | 184 | ||||||
| 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a) | 340 | 260 | ||||||
| Capital One Financial Corp. | ||||||||
| 4.93% (SOFR+206bps), 5/10/28, Callable 5/10/27 @ 100 (a) | 174 | 166 | ||||||
| 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a) | 395 | 281 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Cincinnati Financial Corp., 6.13%, 11/1/34 | $ | 230 | $ | 235 | ||||
| Citigroup, Inc. | ||||||||
| 3.88%, 3/26/25 | 108 | 104 | ||||||
| 4.60%, 3/9/26 | 232 | 224 | ||||||
| 4.45%, 9/29/27 | 108 | 100 | ||||||
| Fifth Third Bancorp | ||||||||
| 1.63%, 5/5/23, Callable 4/5/23 @ 100 | 130 | 128 | ||||||
| 3.65%, 1/25/24, Callable 12/25/23 @ 100 | 584 | 573 | ||||||
| Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 | 290 | 272 | ||||||
| Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 250 | 194 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.95%, 10/1/26, Callable 7/1/26 @ 100 (c) | 425 | 390 | ||||||
| 2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a) | 376 | 286 | ||||||
| 5.60%, 7/15/41 | 87 | 83 | ||||||
| JPMorgan Chase Co., 5.72% (SOFR+258bps), 9/14/33, Callable 9/14/32 @ 100 (a) | 204 | 193 | ||||||
| Morgan Stanley | ||||||||
| 4.88%, 11/1/22 | 303 | 303 | ||||||
| 3.13%, 7/27/26, MTN | 545 | 502 | ||||||
| Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 | 104 | 73 | ||||||
| Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 | 228 | 187 | ||||||
| SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 | 373 | 302 | ||||||
| The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100 | 275 | 264 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.30%, 7/22/27, MTN | 410 | 384 | ||||||
| 4.90%, 11/17/45 | 155 | 127 | ||||||
| Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 | 250 | 205 | ||||||
| 6,604 | ||||||||
| Health Care (3.9%): | ||||||||
| AbbVie, Inc. | ||||||||
| 3.20%, 11/21/29, Callable 8/21/29 @ 100 | 285 | 250 | ||||||
| 4.45%, 5/14/46, Callable 11/14/45 @ 100 | 142 | 116 | ||||||
| Anthem, Inc., 2.38%, 1/15/25, Callable 12/15/24 @ 100 | 148 | 140 | ||||||
| Baxter International, Inc. | ||||||||
| 2.54%, 2/1/32, Callable 11/1/31 @ 100 | 390 | 303 | ||||||
| 3.50%, 8/15/46, Callable 2/15/46 @ 100 | 109 | 78 | ||||||
| Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 | 168 | 154 | ||||||
| HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 | 193 | 170 | ||||||
| Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b) | 260 | 214 | ||||||
| Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 | 135 | 134 | ||||||
| Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 | 262 | 232 | ||||||
| Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 | 146 | 88 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Universal Health Services, Inc. | ||||||||
| 1.65%, 9/1/26, Callable 8/1/26 @ 100 (b) | $ | 394 | $ | 330 | ||||
| 2.65%, 10/15/30, Callable 7/15/30 @ 100 (b) | 102 | 75 | ||||||
| Viatris, Inc. | ||||||||
| 2.30%, 6/22/27, Callable 4/22/27 @ 100 | 95 | 78 | ||||||
| 4.00%, 6/22/50, Callable 12/22/49 @ 100 | 190 | 113 | ||||||
| 2,475 | ||||||||
| Industrials (3.1%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 107 | 79 | ||||||
| Air Lease Corp. | ||||||||
| 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN | 282 | 264 | ||||||
| 0.80%, 8/18/24, Callable 7/18/24 @ 100 | 146 | 133 | ||||||
| CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 | 92 | 65 | ||||||
| Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 (c) | 275 | 272 | ||||||
| Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 | 420 | 393 | ||||||
| Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 (c) | 82 | 58 | ||||||
| Norfolk Southern Corp. | ||||||||
| 2.30%, 5/15/31, Callable 2/15/31 @ 100 | 239 | 191 | ||||||
| 2.90%, 8/25/51, Callable 2/25/51 @ 100 | 125 | 79 | ||||||
| Northrop Grumman Corp., 5.25%, 5/1/50, Callable 11/1/49 @ 100 (c) | 116 | 111 | ||||||
| Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 | 140 | 113 | ||||||
| Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) | 130 | 103 | ||||||
| Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 | 115 | 98 | ||||||
| 1,959 | ||||||||
| Information Technology (2.5%): | ||||||||
| Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 | 117 | 109 | ||||||
| Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 | 315 | 293 | ||||||
| Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 | 342 | 338 | ||||||
| Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 | 394 | 374 | ||||||
| NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b) | 87 | 66 | ||||||
| Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 | 160 | 137 | ||||||
| Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 | 287 | 163 | ||||||
| Western Digital Corp., 2.85%, 2/1/29, Callable 12/1/28 @ 100 | 147 | 114 | ||||||
| 1,594 | ||||||||
| Materials (0.4%): | ||||||||
| Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100 | 104 | 79 | ||||||
| The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25 (c) | 188 | 137 | ||||||
| 216 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Real Estate (2.9%): | ||||||||
| Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100 | $ | 131 | $ | 96 | ||||
| Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 | 630 | 630 | ||||||
| Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b) | 108 | 89 | ||||||
| Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100 | 339 | 321 | ||||||
| Physicians Realty LP | ||||||||
| 3.95%, 1/15/28, Callable 10/15/27 @ 100 | 138 | 125 | ||||||
| 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 128 | 97 | ||||||
| Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 | 114 | 90 | ||||||
| Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 | 145 | 136 | ||||||
| Spirit Realty LP, 3.20%, 1/15/27, Callable 11/15/26 @ 100 | 266 | 234 | ||||||
| 1,818 | ||||||||
| Utilities (1.3%): | ||||||||
| Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 | 225 | 172 | ||||||
| Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 | 250 | 257 | ||||||
| Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 | 190 | 175 | ||||||
| Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 | 159 | 130 | ||||||
| Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 | 174 | 112 | ||||||
| 846 | ||||||||
| Total Corporate Bonds (Cost $26,725) | 22,867 | |||||||
| Residential Mortgage-Backed Securities (0.1%) | ||||||||
| Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 4.40% (LIBOR01M+132bps), 10/25/32, Callable 10/25/22 @ 100 (a) | 74 | 74 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $73) | 74 | |||||||
| Yankee Dollars (6.3%) | ||||||||
| Communication Services (0.2%): | ||||||||
| Vodafone Group PLC, 5.25%, 5/30/48 | 193 | 159 | ||||||
| Consumer Staples (2.3%): | ||||||||
| Barry Callebaut Services NV, 5.50%, 6/15/23 (b) | 638 | 638 | ||||||
| Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (b) | 670 | 664 | ||||||
| Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100 (b) | 200 | 186 | ||||||
| 1,488 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Energy (1.1%): | ||||||||
| Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100 | $ | 140 | $ | 139 | ||||
| Ecopetrol SA, 5.88%, 9/18/23 | 325 | 323 | ||||||
| Statoil ASA, 3.95%, 5/15/43 | 100 | 82 | ||||||
| TotalEnergies Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 | 195 | 139 | ||||||
| 683 | ||||||||
| Financials (1.2%): | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 6.50%, 7/15/25, Callable 6/15/25 @ 100 | 150 | 150 | ||||||
| 1.75%, 1/30/26, Callable 12/30/25 @ 100 | 150 | 128 | ||||||
| HSBC Holdings PLC, 2.87% (SOFR+141bps), 11/22/32, Callable 11/22/31 @ 100 (a) | 340 | 248 | ||||||
| Newcrest Finance Pty Ltd. | ||||||||
| 5.75%, 11/15/41 (b) | 155 | 140 | ||||||
| 4.20%, 5/13/50, Callable 11/13/49 @ 100 (b) | 110 | 82 | ||||||
| 748 | ||||||||
| Industrials (0.5%): | ||||||||
| Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 | 85 | 61 | ||||||
| Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100 | 92 | 60 | ||||||
| Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b) | 200 | 166 | ||||||
| 287 | ||||||||
| Materials (0.9%): | ||||||||
| Anglo American Capital PLC | ||||||||
| 2.88%, 3/17/31, Callable 12/17/30 @ 100 (b) | 300 | 233 | ||||||
| 3.95%, 9/10/50, Callable 3/10/50 @ 100 (b)(c) | 200 | 136 | ||||||
| Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 | 75 | 73 | ||||||
| Vale Overseas Ltd., 6.25%, 8/10/26 (c) | 143 | 145 | ||||||
| 587 | ||||||||
| Utilities (0.1%): | ||||||||
| Iberdrola International BV, 6.75%, 9/15/33 | 50 | 52 | ||||||
| Total Yankee Dollars (Cost $4,644) | 4,004 | |||||||
| U.S. Government Mortgage-Backed Agencies (26.9%) | ||||||||
| Federal Home Loan Bank | ||||||||
| 1.10%, 4/29/26 | 680 | 601 | ||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 9.00%, 4/1/25 | 5 | 5 | ||||||
| 7.50%, 8/1/29 | 7 | 8 | ||||||
| Series 4395, Class PA, 2.50%, 4/15/37 - 3/1/51 | 1,115 | 957 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Series 4320, Class AP, 3.50%, 7/15/39 - 3/1/52 | $ | 819 | $ | 747 | ||||
| Series 4444, Class CH, 3.00%, 1/15/41 - 3/1/52 | 382 | 338 | ||||||
| 2.00%, 3/1/51 | 547 | 443 | ||||||
| 4.00%, 6/1/52 - 10/1/52 | 2,448 | 2,274 | ||||||
| 4.50%, 6/1/52 | 1,651 | 1,572 | ||||||
| Federal National Mortgage Association | ||||||||
| Series 2005-19, Class PB, 5.50%, 3/25/35 | 223 | 228 | ||||||
| 6.00%, 2/1/37 | 64 | 68 | ||||||
| Series 2011-21, Class PA, 4.50%, 5/25/40 | 260 | 258 | ||||||
| Series 2013-81, Class KA, 2.75%, 9/25/42 | 150 | 142 | ||||||
| 3.00%, 8/1/46 - 10/1/50 | 2,563 | 2,259 | ||||||
| 4.00%, 3/1/47 - 5/1/52 | 1,432 | 1,329 | ||||||
| 3.50%, 11/1/47 - 10/25/52 | 1,282 | 1,171 | ||||||
| Series 2017-96, Class DA, 2.50%, 12/25/47 - 10/25/52 | 3,339 | 2,822 | ||||||
| 2.00%, 3/1/51 - 10/25/52 | 2,314 | 1,873 | ||||||
| 17,095 | ||||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $18,541) | 17,095 | |||||||
| U.S. Treasury Obligations (8.7%) | ||||||||
| U.S. Treasury Bonds, 1.25%, 5/15/50 | 3,650 | 2,041 | ||||||
| U.S. Treasury Notes | ||||||||
| 0.25%, 3/15/24 | 750 | 707 | ||||||
| 2.50%, 3/31/27 | 2,077 | 1,940 | ||||||
| 1.63%, 5/15/31 | 957 | 804 | ||||||
| Total U.S. Treasury Obligations (Cost $5,891) | 5,492 | |||||||
| Collateral for Securities Loaned (3.3%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f) | 44,531 | 45 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f) | 29,973 | 30 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f) | 22,223 | 22 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (f) | 1,011,810 | 1,012 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f) | 44,371 | 44 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f) | 120,481 | 120 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f) | 796,728 | 797 | ||||||
| Total Collateral for Securities Loaned (Cost $2,070) | 2,070 | |||||||
| Total Investments (Cost $72,819) — 103.2% | 65,437 | |||||||
| Liabilities in excess of other assets — (3.2)% | (2,003 | ) | ||||||
| NET ASSETS - 100.00% | $ | 63,434 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $6,314 (thousands) and amounted to 10.0% of net assets. |
| (c) | All or a portion of this security is on loan. |
| (d) | Zero-coupon bond. |
| (e) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (f) | Rate disclosed is the daily yield on September 30, 2022. |
| bps—Basis points |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| MTN—Medium Term Note |
| PLC—Public Limited Company |
| SOFR—Secured Overnight Financing Rate |
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Total Return Bond Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
Futures Contracts Purchased
(Amounts not in thousands)
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| 2-Year U.S. Treasury Note Futures | 5 | 1/2/23 | $ | 1,044,548 | $ | 1,026,953 | $ | (17,595 | ) | |||||||||
| 5-Year U.S. Treasury Note Futures | 46 | 1/2/23 | 5,055,691 | 4,945,360 | (110,331 | ) | ||||||||||||
| British Pound Futures | 17 | 12/19/22 | 1,231,606 | 1,187,981 | (43,625 | ) | ||||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 13 | 12/20/22 | 1,917,811 | 1,781,000 | (136,811 | ) | ||||||||||||
| $ | (308,362 | ) | ||||||||||||||||
Futures Contracts Sold
(Amounts not in thousands)
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| 10-Year U.S. Treasury Note Futures | 5 | 12/20/22 | $ | 588,537 | $ | 560,312 | $ | 28,225 | ||||||||||
| Australian Dollar Futures | 8 | 12/19/22 | 539,694 | 513,240 | 26,454 | |||||||||||||
| Canadian Dollar Futures | 12 | 12/20/22 | 910,683 | 868,740 | 41,943 | |||||||||||||
| Euro FX Futures | 7 | 12/19/22 | 881,73 8 | 862,881 | 18,857 | |||||||||||||
| Mexican Peso Futures | 30 | 12/19/22 | 736,259 | 735,150 | 1,109 | |||||||||||||
| Micro E-Mini S&P 500 Index Futures | 57 | 12/16/22 | 1,164,457 | 1,026,428 | 138,029 | |||||||||||||
| $ | 254,617 | |||||||||||||||||
| Total unrealized appreciation | $ | 254,617 | ||||||||||||||||
| Total unrealized depreciation | (308,362 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (53,745 | ) | |||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS International Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.3%) | ||||||||
| Australia (7.7%): | ||||||||
| Consumer Discretionary (1.1%): | ||||||||
| Aristocrat Leisure Ltd. | 149,803 | $ | 3,158,098 | |||||
| Financials (1.3%): | ||||||||
| Macquarie Group Ltd. | 41,126 | 4,011,325 | ||||||
| Health Care (2.1%): | ||||||||
| CSL Ltd. | 34,062 | 6,193,313 | ||||||
| Materials (2.2%): | ||||||||
| BHP Group Ltd. | 269,282 | 6,692,285 | ||||||
| Real Estate (1.0%): | ||||||||
| Scentre Group | 1,796,787 | 2,935,049 | ||||||
| 22,990,070 | ||||||||
| Belgium (0.7%): | ||||||||
| Information Technology (0.7%): | ||||||||
| Melexis NV | 30,969 | 2,094,812 | ||||||
| China (0.8%): | ||||||||
| Communication Services (0.8%): | ||||||||
| Tencent Holdings Ltd. | 67,700 | 2,286,730 | ||||||
| Denmark (3.6%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Pandora A/S (a) | 27,653 | 1,293,467 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Royal Unibrew A/S | 23,290 | 1,509,376 | ||||||
| Health Care (2.6%): | ||||||||
| Novo Nordisk A/S, Class B | 78,538 | 7,825,227 | ||||||
| 10,628,070 | ||||||||
| France (8.5%): | ||||||||
| Consumer Discretionary (4.1%): | ||||||||
| La Francaise des Jeux SAEM (b) | 110,744 | 3,284,607 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 15,245 | 8,986,712 | ||||||
| 12,271,319 | ||||||||
| Energy (0.7%): | ||||||||
| Gaztransport Et Technigaz SA | 19,155 | 2,111,777 | ||||||
| Industrials (1.3%): | ||||||||
| Safran SA | 40,970 | 3,727,288 | ||||||
| Information Technology (1.2%): | ||||||||
| Capgemini SE | 22,091 | 3,536,248 | ||||||
| Materials (1.2%): | ||||||||
| Arkema SA | 49,814 | 3,629,844 | ||||||
| 25,276,476 | ||||||||
| Germany (6.8%): | ||||||||
| Consumer Discretionary (0.9%): | ||||||||
| Volkswagen AG, Preference Shares | 22,854 | 2,792,155 | ||||||
| Financials (1.5%): | ||||||||
| Allianz SE, Registered Shares | 28,895 | 4,551,270 | ||||||
| Industrials (1.5%): | ||||||||
| Siemens AG, Registered Shares | 47,136 | 4,606,513 | ||||||
| Information Technology (1.7%): | ||||||||
| SAP SE | 61,071 | 4,976,241 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS International Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (1.2%): | ||||||||
| RWE AG | 95,300 | $ | 3,502,319 | |||||
| 20,428,498 | ||||||||
| Hong Kong (3.1%): | ||||||||
| Financials (1.4%): | ||||||||
| AIA Group Ltd. | 512,200 | 4,264,665 | ||||||
| Real Estate (1.7%): | ||||||||
| CK Asset Holdings Ltd. | 817,500 | 4,907,926 | ||||||
| 9,172,591 | ||||||||
| Italy (1.0%): | ||||||||
| Utilities (1.0%): | ||||||||
| Snam SpA | 762,058 | 3,079,723 | ||||||
| Japan (22.5%): | ||||||||
| Communication Services (2.0%): | ||||||||
| Capcom Co. Ltd. | 122,100 | 3,074,589 | ||||||
| Kakaku.com, Inc. | 167,700 | 2,842,268 | ||||||
| 5,916,857 | ||||||||
| Consumer Discretionary (3.5%): | ||||||||
| Toyota Motor Corp. | 583,300 | 7,625,050 | ||||||
| ZOZO, Inc. | 140,800 | 2,818,873 | ||||||
| 10,443,923 | ||||||||
| Consumer Staples (1.4%): | ||||||||
| Toyo Suisan Kaisha Ltd. | 101,800 | 4,198,629 | ||||||
| Financials (2.9%): | ||||||||
| Mitsubishi UFJ Financial Group, Inc. | 929,300 | 4,210,429 | ||||||
| Tokio Marine Holdings, Inc. | 245,700 | 4,367,462 | ||||||
| 8,577,891 | ||||||||
| Health Care (2.9%): | ||||||||
| Hoya Corp. | 54,600 | 5,261,907 | ||||||
| Shionogi & Co. Ltd. | 71,600 | 3,458,339 | ||||||
| 8,720,246 | ||||||||
| Industrials (5.5%): | ||||||||
| Fuji Electric Co. Ltd. | 111,600 | 4,090,804 | ||||||
| MISUMI Group, Inc. | 109,500 | 2,358,126 | ||||||
| Mitsubishi Heavy Industries Ltd. | 101,200 | 3,366,303 | ||||||
| Nippon Yusen KK (a) | 108,300 | 1,838,524 | ||||||
| OKUMA Corp. | 38,900 | 1,336,028 | ||||||
| Sanwa Holdings Corp. | 395,500 | 3,397,291 | ||||||
| 16,387,076 | ||||||||
| Information Technology (3.0%): | ||||||||
| Fujitsu Ltd. | 32,400 | 3,553,217 | ||||||
| Oracle Corp. | 50,300 | 2,666,524 | ||||||
| Ulvac, Inc. | 75,100 | 2,654,092 | ||||||
| 8,873,833 | ||||||||
| Real Estate (0.7%): | ||||||||
| Sumitomo Realty & Development Co. Ltd. | 92,400 | 2,101,656 | ||||||
| Utilities (0.6%): | ||||||||
| Chubu Electric Power Co., Inc. | 220,700 | 1,985,158 | ||||||
| 67,205,269 | ||||||||
| Netherlands (5.4%): | ||||||||
| Communication Services (1.6%): | ||||||||
| Koninklijke KPN NV | 1,767,528 | 4,782,857 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS International Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (1.2%): | ||||||||
| ING Groep NV | 419,319 | $ | 3,592,363 | |||||
| Industrials (1.7%): | ||||||||
| Wolters Kluwer NV | 51,481 | 5,012,135 | ||||||
| Information Technology (0.9%): | ||||||||
| ASM International NV | 12,382 | 2,771,999 | ||||||
| 16,159,354 | ||||||||
| New Zealand (0.6%): | ||||||||
| Health Care (0.6%): | ||||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 159,763 | 1,655,185 | ||||||
| Norway (1.4%): | ||||||||
| Energy (0.4%): | ||||||||
| Aker BP ASA | 48,110 | 1,381,711 | ||||||
| Financials (1.0%): | ||||||||
| SpareBank 1 SMN | 285,583 | 2,915,746 | ||||||
| 4,297,457 | ||||||||
| Spain (1.5%): | ||||||||
| Financials (1.5%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 1,031,255 | 4,625,353 | ||||||
| Sweden (2.7%): | ||||||||
| Industrials (2.7%): | ||||||||
| Atlas Copco AB, Class B | 590,105 | 4,893,923 | ||||||
| Nibe Industrier AB, Class B | 341,066 | 3,043,963 | ||||||
| 7,937,886 | ||||||||
| Switzerland (14.5%): | ||||||||
| Consumer Staples (5.5%): | ||||||||
| Coca-Cola HBC AG | 131,375 | 2,744,439 | ||||||
| Nestle SA, Registered Shares | 126,887 | 13,726,541 | ||||||
| 16,470,980 | ||||||||
| Financials (2.2%): | ||||||||
| Partners Group Holding AG | 2,963 | 2,385,060 | ||||||
| UBS Group AG | 275,117 | 3,992,197 | ||||||
| 6,377,257 | ||||||||
| Health Care (6.8%): | ||||||||
| Novartis AG, Registered Shares | 104,262 | 7,950,233 | ||||||
| Roche Holding AG | 37,894 | 12,338,240 | ||||||
| 20,288,473 | ||||||||
| 43,136,710 | ||||||||
| United Kingdom (16.5%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Next PLC | 34,266 | 1,818,283 | ||||||
| Consumer Staples (3.9%): | ||||||||
| Diageo PLC | 159,609 | 6,716,976 | ||||||
| Imperial Brands PLC | 242,374 | 4,982,770 | ||||||
| 11,699,746 | ||||||||
| Energy (3.7%): | ||||||||
| BP PLC | 763,773 | 3,648,775 | ||||||
| Shell PLC | 296,772 | 7,360,622 | ||||||
| 11,009,397 | ||||||||
| Financials (3.7%): | ||||||||
| Barclays PLC | 2,266,897 | 3,606,119 | ||||||
| HSBC Holdings PLC | 965,366 | 4,997,392 | ||||||
| Intermediate Capital Group PLC | 78,880 | 850,725 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS International Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Legal & General Group PLC | 702,567 | $ | 1,676,632 | |||||
| 11,130,868 | ||||||||
| Health Care (0.4%): | ||||||||
| CVS Group PLC | 60,862 | 1,159,356 | ||||||
| Industrials (1.2%): | ||||||||
| Ashtead Group PLC | 83,262 | 3,738,430 | ||||||
| Materials (3.0%): | ||||||||
| Croda International PLC | 47,376 | 3,383,014 | ||||||
| Rio Tinto PLC | 100,767 | 5,450,846 | ||||||
| 8,833,860 | ||||||||
| 49,389,940 | ||||||||
| Total Common Stocks (Cost $332,202,200) | 290,364,124 | |||||||
| Exchange-Traded Funds (0.3%) | ||||||||
| United States (0.3%): | ||||||||
| iShares MSCI EAFE ETF | 13,134 | 735,635 | ||||||
| Total Exchange-Traded Funds (Cost $868,026) | 735,635 | |||||||
| Collateral for Securities Loaned (0.7%)^ | ||||||||
| United States (0.7%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 49,474 | 49,474 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 33,300 | 33,300 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 24,690 | 24,690 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 1,124,130 | 1,124,130 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 49,296 | 49,296 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 133,855 | 133,855 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 885,172 | 885,172 | ||||||
| Total Collateral for Securities Loaned (Cost $2,299,917) | 2,299,917 | |||||||
| Total Investments (Cost $335,370,143) — 98.3% | 293,399,676 | |||||||
| Other assets in excess of liabilities — 1.7% | 5,063,196 | |||||||
| NET ASSETS - 100.00% | $ | 298,462,872 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $3,284,607 and amounted to 1.1% of net assets. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Global Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (101.7%) | ||||||||
| Australia (2.0%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Aristocrat Leisure Ltd. | 86,345 | $ | 1,820,297 | |||||
| Financials (0.7%): | ||||||||
| Macquarie Group Ltd. | 22,409 | 2,185,717 | ||||||
| Health Care (0.7%): | ||||||||
| CSL Ltd. | 13,614 | 2,475,361 | ||||||
| 6,481,375 | ||||||||
| Belgium (0.4%): | ||||||||
| Information Technology (0.4%): | ||||||||
| Melexis NV | 20,771 | 1,404,996 | ||||||
| Bermuda (0.8%): | ||||||||
| Industrials (0.8%): | ||||||||
| Triton International Ltd. | 45,123 | 2,469,582 | ||||||
| Canada (4.8%): | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Alimentation Couche-Tard, Inc. | 83,387 | 3,357,335 | ||||||
| Energy (0.7%): | ||||||||
| Parex Resources, Inc. | 147,736 | 2,157,425 | ||||||
| Industrials (1.0%): | ||||||||
| Canadian Pacific Railway Ltd. | 49,963 | 3,335,569 | ||||||
| Information Technology (1.3%): | ||||||||
| Constellation Software, Inc. | 3,184 | 4,430,882 | ||||||
| Materials (0.8%): | ||||||||
| Aginco Eagle Mines Ltd. | 58,336 | 2,464,878 | ||||||
| 15,746,089 | ||||||||
| China (2.4%): | ||||||||
| Communication Services (1.2%): | ||||||||
| Tencent Holdings Ltd. | 119,000 | 4,019,510 | ||||||
| Consumer Staples (0.6%): | ||||||||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 164,779 | 1,919,564 | ||||||
| Financials (0.6%): | ||||||||
| Industrial & Commercial Bank of China Ltd., Class H | 4,247,000 | 1,992,357 | ||||||
| 7,931,431 | ||||||||
| Denmark (1.8%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Pandora A/S | 28,489 | 1,332,570 | ||||||
| Health Care (1.4%): | ||||||||
| Novo Nordisk A/S, Class B | 46,435 | 4,626,607 | ||||||
| 5,959,177 | ||||||||
| France (2.6%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| La Francaise des Jeux SAEM (a) | 57,293 | 1,699,279 | ||||||
| Energy (0.9%): | ||||||||
| Gaztransport Et Technigaz SA | 25,820 | 2,846,572 | ||||||
| Industrials (0.5%): | ||||||||
| Safran SA | 19,274 | 1,753,472 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (0.7%): | ||||||||
| Arkema SA | 31,810 | $ | 2,317,930 | |||||
| 8,617,253 | ||||||||
| Germany (1.5%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Volkswagen AG, Preference Shares | 19,294 | 2,357,217 | ||||||
| Utilities (0.8%): | ||||||||
| RWE AG | 67,612 | 2,484,772 | ||||||
| 4,841,989 | ||||||||
| Indonesia (1.5%): | ||||||||
| Communication Services (1.5%): | ||||||||
| PT Telkom Indonesia Persero Tbk | 16,553,200 | 4,825,155 | ||||||
| Ireland (1.4%): | ||||||||
| Industrials (1.4%): | ||||||||
| Eaton Corp. PLC | 33,632 | 4,485,163 | ||||||
| Italy (0.5%): | ||||||||
| Utilities (0.5%): | ||||||||
| Snam SpA | 404,551 | 1,634,922 | ||||||
| Japan (5.7%): | ||||||||
| Communication Services (1.4%): | ||||||||
| Capcom Co. Ltd. | 111,400 | 2,805,154 | ||||||
| Kakaku.com, Inc. | 115,300 | 1,954,165 | ||||||
| 4,759,319 | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| ZOZO, Inc. | 130,000 | 2,602,653 | ||||||
| Consumer Staples (0.9%): | ||||||||
| Toyo Suisan Kaisha Ltd. | 69,000 | 2,845,829 | ||||||
| Financials (0.7%): | ||||||||
| Mitsubishi UFJ Financial Group, Inc. | 527,500 | 2,389,973 | ||||||
| Health Care (0.6%): | ||||||||
| Hoya Corp. | 21,800 | 2,100,908 | ||||||
| Industrials (0.9%): | ||||||||
| Fuji Electric Co. Ltd. | 37,500 | 1,374,598 | ||||||
| Nippon Yusen KK (b) | 84,900 | 1,441,280 | ||||||
| 2,815,878 | ||||||||
| Information Technology (0.4%): | ||||||||
| Ulvac, Inc. | 38,700 | 1,367,688 | ||||||
| 18,882,248 | ||||||||
| Korea, Republic Of (1.0%): | ||||||||
| Information Technology (1.0%): | ||||||||
| Samsung Electronics Co. Ltd. | 86,672 | 3,182,754 | ||||||
| Netherlands (0.5%): | ||||||||
| Information Technology (0.5%): | ||||||||
| ASM International NV | 7,245 | 1,621,962 | ||||||
| New Zealand (0.4%): | ||||||||
| Health Care (0.4%): | ||||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 136,665 | 1,415,884 | ||||||
| Norway (0.9%): | ||||||||
| Energy (0.5%): | ||||||||
| Aker BP ASA | 61,176 | 1,756,965 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.4%): | ||||||||
| SpareBank 1 SMN | 118,121 | $ | 1,205,992 | |||||
| 2,962,957 | ||||||||
| Singapore (0.7%): | ||||||||
| Financials (0.7%): | ||||||||
| Singapore Exchange Ltd. | 361,500 | 2,372,155 | ||||||
| South Africa (0.4%): | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Mr Price Group Ltd. | 149,384 | 1,423,879 | ||||||
| Spain (0.9%): | ||||||||
| Financials (0.9%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 646,601 | 2,900,115 | ||||||
| Sweden (1.3%): | ||||||||
| Industrials (1.3%): | ||||||||
| Atlas Copco AB, Class B | 262,510 | 2,177,077 | ||||||
| Nibe Industrier AB, Class B | 239,454 | 2,137,091 | ||||||
| 4,314,168 | ||||||||
| Switzerland (3.7%): | ||||||||
| Consumer Staples (0.7%): | ||||||||
| Nestle SA, Registered Shares | 21,203 | 2,293,725 | ||||||
| Financials (1.4%): | ||||||||
| Chubb Ltd. | 16,994 | 3,090,869 | ||||||
| Partners Group Holding AG | 1,820 | 1,465,005 | ||||||
| 4,555,874 | ||||||||
| Health Care (1.6%): | ||||||||
| Roche Holding AG | 16,369 | 5,329,726 | ||||||
| 12,179,325 | ||||||||
| Taiwan (2.0%): | ||||||||
| Financials (0.9%): | ||||||||
| Cathay Financial Holding Co. Ltd. | 2,282,000 | 2,860,288 | ||||||
| Information Technology (1.1%): | ||||||||
| Lite-On Technology Corp. | 1,776,000 | 3,562,294 | ||||||
| 6,422,582 | ||||||||
| United Kingdom (4.4%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Next PLC | 22,353 | 1,186,134 | ||||||
| Consumer Staples (0.7%): | ||||||||
| Imperial Brands PLC | 110,735 | 2,276,511 | ||||||
| Financials (1.3%): | ||||||||
| Barclays PLC | 1,015,409 | 1,615,285 | ||||||
| HSBC Holdings PLC | 392,379 | 2,031,221 | ||||||
| Intermediate Capital Group PLC | 55,165 | 594,958 | ||||||
| 4,241,464 | ||||||||
| Industrials (0.4%): | ||||||||
| Ashtead Group PLC | 30,879 | 1,386,455 | ||||||
| Materials (1.7%): | ||||||||
| Croda International PLC | 29,454 | 2,103,244 | ||||||
| Rio Tinto PLC | 63,312 | 3,424,771 | ||||||
| 5,528,015 | ||||||||
| 14,618,579 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| United States (60.1%): | ||||||||
| Communication Services (3.6%): | ||||||||
| Alphabet, Inc., Class C (c) | 77,784 | $ | 7,478,932 | |||||
| Meta Platforms, Inc., Class A (c) | 32,431 | 4,400,238 | ||||||
| 11,879,170 | ||||||||
| Consumer Discretionary (8.6%): | ||||||||
| Amazon.com, Inc. (c) | 55,828 | 6,308,564 | ||||||
| McDonald's Corp. | 34,405 | 7,938,610 | ||||||
| PulteGroup, Inc. | 105,046 | 3,939,225 | ||||||
| Ross Stores, Inc. | 37,596 | 3,168,215 | ||||||
| Target Corp. | 15,850 | 2,351,981 | ||||||
| Tesla, Inc. (c) | 16,765 | 4,446,916 | ||||||
| 28,153,511 | ||||||||
| Consumer Staples (5.1%): | ||||||||
| Colgate-Palmolive Co. | 82,457 | 5,792,604 | ||||||
| PepsiCo, Inc. | 44,489 | 7,263,274 | ||||||
| The Estee Lauder Cos., Inc. | 17,631 | 3,806,533 | ||||||
| 16,862,411 | ||||||||
| Energy (2.8%): | ||||||||
| APA Corp. | 85,876 | 2,936,101 | ||||||
| Cactus, Inc., Class A | 29,741 | 1,142,947 | ||||||
| ConocoPhillips | 51,510 | 5,271,533 | ||||||
| 9,350,581 | ||||||||
| Financials (8.1%): | ||||||||
| Bank of America Corp. | 151,074 | 4,562,435 | ||||||
| JPMorgan Chase & Co. | 43,952 | 4,592,984 | ||||||
| LPL Financial Holdings, Inc. | 18,946 | 4,139,322 | ||||||
| S&P Global, Inc. | 14,713 | 4,492,615 | ||||||
| Synchrony Financial | 81,386 | 2,294,271 | ||||||
| The PNC Financial Services Group, Inc. | 14,634 | 2,186,612 | ||||||
| Unum Group | 110,682 | 4,294,462 | ||||||
| 26,562,701 | ||||||||
| Health Care (8.7%): | ||||||||
| Amgen, Inc. | 20,760 | 4,679,304 | ||||||
| CVS Health Corp. | 55,655 | 5,307,817 | ||||||
| Eli Lilly & Co. | 19,137 | 6,187,949 | ||||||
| IDEXX Laboratories, Inc. (c) | 9,342 | 3,043,624 | ||||||
| Johnson & Johnson | 42,507 | 6,943,943 | ||||||
| UnitedHealth Group, Inc. | 4,645 | 2,345,911 | ||||||
| 28,508,548 | ||||||||
| Industrials (2.0%): | ||||||||
| Delta Air Lines, Inc. (c) | 87,040 | 2,442,343 | ||||||
| Honeywell International, Inc. | 25,530 | 4,262,744 | ||||||
| 6,705,087 | ||||||||
| Information Technology (17.1%): | ||||||||
| Apple, Inc. | 131,282 | 18,143,172 | ||||||
| Cisco Systems, Inc. | 110,825 | 4,433,000 | ||||||
| Fortinet, Inc. (c) | 76,434 | 3,755,203 | ||||||
| Mastercard, Inc., Class A | 17,418 | 4,952,634 | ||||||
| Microsoft Corp. | 65,366 | 15,223,741 | ||||||
| NVIDIA Corp. | 38,037 | 4,617,312 | ||||||
| Texas Instruments, Inc. | 32,223 | 4,987,476 | ||||||
| 56,112,538 | ||||||||
| Materials (0.4%): | ||||||||
| Alcoa Corp. | 43,587 | 1,467,138 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Global Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Real Estate (1.4%): | ||||||||
| Prologis, Inc. | 46,984 | $ | 4,773,574 | |||||
| Utilities (2.3%): | ||||||||
| Constellation Energy Corp. | 51,168 | 4,256,666 | ||||||
| MGE Energy, Inc. | 49,008 | 3,216,395 | ||||||
| 7,473,061 | ||||||||
| 197,848,320 | ||||||||
| Total Common Stocks (Cost $347,267,845) | 334,542,060 | |||||||
| Exchange-Traded Funds (1.1%) | ||||||||
| United States (1.1%): | ||||||||
| iShares MSCI ACWI ETF | 44,024 | 3,426,388 | ||||||
| Total Exchange-Traded Funds (Cost $3,954,810) | 3,426,388 | |||||||
| Collateral for Securities Loaned (0.4%)^ | ||||||||
| United States (0.4%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 31,601 | 31,601 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 21,270 | 21,270 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 15,771 | 15,771 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 718,028 | 718,028 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 31,487 | 31,487 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 85,499 | 85,499 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 565,396 | 565,396 | ||||||
| Total Collateral for Securities Loaned (Cost $1,469,052) | 1,469,052 | |||||||
| Total Investments (Cost $352,691,707) — 103.2% | 339,437,500 | |||||||
| Liabilities in excess of other assets — (3.2)% | (10,407,497 | ) | ||||||
| NET ASSETS - 100.00% | $ | 329,030,003 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $1,699,279 and amounted to 0.5% of net assets. |
| (b) | All or a portion of this security is on loan. |
| (c) | Non-income producing security. |
| (d) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Sophus Emerging Markets Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.2%) | ||||||||
| Brazil (8.0%): | ||||||||
| Consumer Discretionary (1.6%): | ||||||||
| Grupo SBF SA | 426,655 | $ | 1,590,692 | |||||
| Lojas Renner SA | 529,700 | 2,734,968 | ||||||
| Vibra Energia SA | 633,285 | 2,025,282 | ||||||
| 6,350,942 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Sao Martinho SA | 368,100 | 1,741,580 | ||||||
| Sendas Distribuidora SA | 594,073 | 1,932,921 | ||||||
| 3,674,501 | ||||||||
| Energy (1.7%): | ||||||||
| Petroleo Brasileiro SA, ADR | 516,248 | 6,370,500 | ||||||
| Financials (1.2%): | ||||||||
| Itau Unibanco Holding SA, ADR | 911,645 | 4,713,205 | ||||||
| Health Care (0.9%): | ||||||||
| Hypera SA | 402,400 | 3,301,174 | ||||||
| Industrials (0.3%): | ||||||||
| SIMPAR SA | 703,764 | 1,260,379 | ||||||
| Materials (0.7%): | ||||||||
| Dexco SA | 251,311 | 435,633 | ||||||
| Gerdau SA, Preference Shares | 484,800 | 2,196,650 | ||||||
| 2,632,283 | ||||||||
| Real Estate (0.6%): | ||||||||
| Multiplan Empreendimentos Imobiliarios SA | 535,900 | 2,401,361 | ||||||
| 30,704,345 | ||||||||
| Canada (0.5%): | ||||||||
| Energy (0.5%): | ||||||||
| Parex Resources, Inc. | 120,413 | 1,758,420 | ||||||
| Chile (0.0%):(a) | ||||||||
| Financials (0.0%): | ||||||||
| Banco de Credito e Inversiones SA | 1 | 27 | ||||||
| China (27.9%): | ||||||||
| Communication Services (4.4%): | ||||||||
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 893,200 | 2,185,674 | ||||||
| Baidu, Inc., Class A (b) | 245,896 | 3,620,000 | ||||||
| Tencent Holdings Ltd. | 331,515 | 11,197,713 | ||||||
| 17,003,387 | ||||||||
| Consumer Discretionary (8.5%): | ||||||||
| Alibaba Group Holding Ltd. (b) | 974,572 | 9,725,894 | ||||||
| BYD Co. Ltd., Class H | 132,500 | 3,264,316 | ||||||
| JD.com, Inc., Class A | 251,476 | 6,344,484 | ||||||
| Meituan, Class B (b)(c) | 287,400 | 6,040,323 | ||||||
| Pinduoduo, Inc., ADR (b) | 76,034 | 4,758,208 | ||||||
| Yadea Group Holdings Ltd. (c) | 1,490,000 | 2,381,509 | ||||||
| 32,514,734 | ||||||||
| Consumer Staples (2.8%): | ||||||||
| Chacha Food Co. Ltd., Class A | 413,078 | 2,685,511 | ||||||
| Chenguang Biotech Group Co. Ltd., Class A | 1,259,700 | 2,794,203 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 518,700 | 2,407,007 | ||||||
| Tongwei Co. Ltd., Class A | 420,000 | 2,765,886 | ||||||
| 10,652,607 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (1.4%): | ||||||||
| PetroChina Co. Ltd., Class H | 12,880,000 | $ | 5,265,388 | |||||
| Financials (3.4%): | ||||||||
| CITIC Securities Co. Ltd., Class A | 672,200 | 1,645,678 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 7,174,000 | 3,365,475 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 5,058,000 | 5,230,563 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H (c)(d) | 4,741,000 | 2,786,683 | ||||||
| 13,028,399 | ||||||||
| Health Care (1.7%): | ||||||||
| Hygeia Healthcare Holdings Co. Ltd. (b)(c) | 418,800 | 2,342,752 | ||||||
| Pharmaron Beijing Co. Ltd., Class H (c) | 271,050 | 1,311,298 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 67,300 | 2,831,232 | ||||||
| 6,485,282 | ||||||||
| Industrials (1.5%): | ||||||||
| China Railway Group Ltd., Class H | 7,075,000 | 3,474,700 | ||||||
| Xinte Energy Co. Ltd., Class H | 1,140,400 | 2,399,876 | ||||||
| 5,874,576 | ||||||||
| Information Technology (1.6%): | ||||||||
| Glodon Co. Ltd., Class A | 323,000 | 2,074,348 | ||||||
| Luxshare Precision Industry Co. Ltd., Class A | 590,000 | 2,433,951 | ||||||
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 1,025,050 | 1,433,759 | ||||||
| 5,942,058 | ||||||||
| Materials (1.9%): | ||||||||
| China Hongqiao Group Ltd. | 3,118,500 | 2,552,927 | ||||||
| Shandong Nanshan Aluminum Co. Ltd., Class A | 3,734,700 | 1,578,190 | ||||||
| Wanhua Chemical Group Co. Ltd., Class A | 255,400 | 3,304,071 | ||||||
| 7,435,188 | ||||||||
| Utilities (0.7%): | ||||||||
| China Longyuan Power Group Corp. Ltd., Class H | 1,972,000 | 2,464,283 | ||||||
| 106,665,902 | ||||||||
| Greece (1.2%): | ||||||||
| Financials (0.6%): | ||||||||
| National Bank of Greece SA (b) | 746,353 | 2,197,183 | ||||||
| Industrials (0.6%): | ||||||||
| Mytilineos SA | 188,852 | 2,578,863 | ||||||
| 4,776,046 | ||||||||
| Hong Kong (2.8%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Bosideng International Holdings Ltd. | 5,542,000 | 2,733,073 | ||||||
| Financials (0.5%): | ||||||||
| BOC Hong Kong Holdings Ltd. | 547,500 | 1,820,888 | ||||||
| Health Care (0.8%): | ||||||||
| CSPC Pharmaceutical Group Ltd. | 2,926,000 | 2,900,272 | ||||||
| Real Estate (0.8%): | ||||||||
| China Resources Land Ltd. | 838,000 | 3,282,456 | ||||||
| 10,736,689 | ||||||||
| India (14.6%): | ||||||||
| Communication Services (0.6%): | ||||||||
| Sun TV Network Ltd. | 376,487 | 2,339,313 | ||||||
| Consumer Discretionary (2.5%): | ||||||||
| Mahindra & Mahindra Ltd. | 474,385 | 7,340,069 | ||||||
| Raymond Ltd. | 165,862 | 2,075,375 | ||||||
| 9,415,444 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Staples (1.3%): | ||||||||
| Dabur India Ltd. | 316,774 | $ | 2,220,020 | |||||
| Varun Beverages Ltd. | 216,521 | 2,767,677 | ||||||
| 4,987,697 | ||||||||
| Financials (4.0%): | ||||||||
| Cholamandalam Investment & Finance Co. Ltd. | 491,534 | 4,392,643 | ||||||
| ICICI Bank Ltd., ADR | 524,614 | 11,001,155 | ||||||
| 15,393,798 | ||||||||
| Health Care (1.0%): | ||||||||
| Apollo Hospitals Enterprise Ltd. | 71,977 | 3,851,254 | ||||||
| Industrials (1.6%): | ||||||||
| Larsen & Toubro Ltd. | 278,565 | 6,289,079 | ||||||
| Information Technology (2.3%): | ||||||||
| Infosys Ltd., ADR (d) | 286,129 | 4,855,609 | ||||||
| WNS Holdings Ltd., ADR (b) | 49,268 | 4,032,093 | ||||||
| 8,887,702 | ||||||||
| Materials (0.5%): | ||||||||
| JK Paper Ltd. | 439,905 | 2,029,776 | ||||||
| Utilities (0.8%): | ||||||||
| Power Grid Corp. of India Ltd. | 1,100,902 | 2,858,681 | ||||||
| 56,052,744 | ||||||||
| Indonesia (1.9%): | ||||||||
| Consumer Staples (0.5%): | ||||||||
| PT Sumber Alfaria Trijaya Tbk | 13,093,100 | 2,055,089 | ||||||
| Energy (0.3%): | ||||||||
| PT Adaro Energy Indonesia Tbk | 3,658,500 | 943,616 | ||||||
| Financials (1.1%): | ||||||||
| PT Bank Mandiri Persero Tbk | 6,635,400 | 4,075,074 | ||||||
| 7,073,779 | ||||||||
| Korea, Republic Of (12.5%): | ||||||||
| Communication Services (1.7%): | ||||||||
| JYP Entertainment Corp. | 90,774 | 3,688,156 | ||||||
| KT Corp. | 115,783 | 2,910,699 | ||||||
| 6,598,855 | ||||||||
| Consumer Discretionary (2.0%): | ||||||||
| Hyundai Mobis Co. Ltd. | 15,029 | 1,984,020 | ||||||
| Kia Corp. | 55,596 | 2,767,318 | ||||||
| Shinsegae, Inc. | 16,838 | 2,690,736 | ||||||
| 7,442,074 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| BGF retail Co. Ltd. | 7,102 | 817,229 | ||||||
| Financials (2.2%): | ||||||||
| Hana Financial Group, Inc. | 135,143 | 3,318,667 | ||||||
| Samsung Securities Co. Ltd. | 90,080 | 1,917,726 | ||||||
| Woori Financial Group, Inc. | 416,800 | 3,093,367 | ||||||
| 8,329,760 | ||||||||
| Health Care (0.9%): | ||||||||
| InBody Co. Ltd. | 45,559 | 608,801 | ||||||
| Samsung Biologics Co. Ltd. (b)(c) | 5,231 | 2,928,362 | ||||||
| 3,537,163 | ||||||||
| Industrials (0.4%): | ||||||||
| CJ Corp. | 30,101 | 1,451,455 | ||||||
| Information Technology (5.1%): | ||||||||
| Innox Advanced Materials Co. Ltd. | 79,449 | 1,458,305 | ||||||
| Samsung Electro-Mechanics Co. Ltd. | 22,450 | 1,732,238 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Samsung Electronics Co. Ltd. | 338,811 | $ | 12,441,756 | |||||
| SK Hynix, Inc. | 70,271 | 4,019,798 | ||||||
| 19,652,097 | ||||||||
| 47,828,633 | ||||||||
| Malaysia (1.4%): | ||||||||
| Financials (0.9%): | ||||||||
| Public Bank Bhd | 4,023,400 | 3,663,339 | ||||||
| Materials (0.5%): | ||||||||
| Petronas Chemicals Group Bhd | 1,013,700 | 1,823,802 | ||||||
| 5,487,141 | ||||||||
| Mexico (2.0%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Alsea SAB de CV (b) | 996,448 | 1,795,914 | ||||||
| Financials (1.3%): | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 804,428 | 5,166,506 | ||||||
| Industrials (0.2%): | ||||||||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 46,517 | 588,070 | ||||||
| 7,550,490 | ||||||||
| Peru (1.0%): | ||||||||
| Financials (1.0%): | ||||||||
| Credicorp Ltd. | 31,679 | 3,890,181 | ||||||
| Philippines (0.6%): | ||||||||
| Financials (0.6%): | ||||||||
| BDO Unibank, Inc. | 1,259,690 | 2,386,812 | ||||||
| Qatar (0.8%): | ||||||||
| Industrials (0.8%): | ||||||||
| Industries Qatar QSC | 670,668 | 3,096,209 | ||||||
| Russian Federation (0.0%):(a) | ||||||||
| Consumer Staples (0.0%): | ||||||||
| Magnit PJSC (e)(f) | 41,301 | 621 | ||||||
| Energy (0.0%): | ||||||||
| Gazprom PJSC (e)(f)(g)(h) | 1,511,910 | 60,527 | ||||||
| Rosneft Oil Co. PJSC, GDR (e)(f)(g)(h) | 677,591 | 31,752 | ||||||
| 92,279 | ||||||||
| Financials (0.0%): | ||||||||
| Sberbank of Russia PJSC, ADR (b)(e)(f)(g)(h) | 446,943 | 2,990 | ||||||
| 95,890 | ||||||||
| Saudi Arabia (4.9%): | ||||||||
| Financials (2.7%): | ||||||||
| Alinma Bank | 476,825 | 4,562,363 | ||||||
| The Saudi National Bank | 352,259 | 5,879,177 | ||||||
| 10,441,540 | ||||||||
| Health Care (0.5%): | ||||||||
| Mouwasat Medical Services Co. | 38,542 | 2,020,969 | ||||||
| Materials (1.7%): | ||||||||
| SABIC Agri-Nutrients Co. | 72,647 | 3,018,530 | ||||||
| Saudi Arabian Mining Co. (b) | 181,540 | 3,320,110 | ||||||
| 6,338,640 | ||||||||
| 18,801,149 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| South Africa (3.3%): | ||||||||
| Communication Services (0.7%): | ||||||||
| MTN Group Ltd. | 383,497 | $ | 2,531,527 | |||||
| Consumer Discretionary (0.5%): | ||||||||
| Woolworths Holdings Ltd. | 568,590 | 1,911,505 | ||||||
| Financials (1.6%): | ||||||||
| Absa Group Ltd. | 372,878 | 3,623,872 | ||||||
| Capitec Bank Holdings Ltd. | 30,572 | 2,620,499 | ||||||
| 6,244,371 | ||||||||
| Industrials (0.5%): | ||||||||
| The Bidvest Group Ltd. | 161,826 | 1,753,730 | ||||||
| 12,441,133 | ||||||||
| Taiwan (10.4%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Fulgent Sun International Holding Co. Ltd. | 382,000 | 1,905,073 | ||||||
| Financials (0.0%):(a) | ||||||||
| CTBC Financial Holding Co. Ltd. | – | — | ||||||
| Health Care (0.4%): | ||||||||
| Universal Vision Biotechnology Co. Ltd. | 156,350 | 1,383,546 | ||||||
| Information Technology (8.9%): | ||||||||
| Gold Circuit Electronics Ltd. | 1,142,100 | 3,323,576 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 1,279,000 | 4,095,766 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,750,998 | 23,211,627 | ||||||
| Unimicron Technology Corp. | 340,000 | 1,244,719 | ||||||
| Wiwynn Corp. | 83,000 | 2,097,563 | ||||||
| 33,973,251 | ||||||||
| Materials (0.6%): | ||||||||
| Formosa Plastics Corp. | 910,000 | 2,477,150 | ||||||
| 39,739,020 | ||||||||
| Thailand (2.5%): | ||||||||
| Energy (0.8%): | ||||||||
| PTT PCL | 3,596,500 | 3,234,752 | ||||||
| Health Care (0.5%): | ||||||||
| Mega Lifesciences PCL | 1,594,900 | 1,946,826 | ||||||
| Materials (0.7%): | ||||||||
| Indorama Ventures PCL | 2,535,800 | 2,602,297 | ||||||
| Real Estate (0.5%): | ||||||||
| AP Thailand PCL | 7,070,700 | 1,776,865 | ||||||
| 9,560,740 | ||||||||
| United Kingdom (1.4%): | ||||||||
| Materials (1.4%): | ||||||||
| Anglo American PLC | 100,003 | 3,001,988 | ||||||
| Mondi PLC | 142,705 | 2,191,798 | ||||||
| 5,193,786 | ||||||||
| United States (0.5%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Samsonite International SA (b)(c) | 817,800 | 1,961,477 | ||||||
| Total Common Stocks (Cost $445,543,292) | 375,800,613 | |||||||
| Collateral for Securities Loaned (0.9%)^ | ||||||||
| United States (0.9%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (i) | 75,417 | 75,417 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Sophus Emerging Markets Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (i) | 50,762 | $ | 50,762 | |||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (i) | 37,637 | 37,637 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (i) | 1,713,589 | 1,713,589 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (i) | 75,146 | 75,146 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (i) | 204,045 | 204,045 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (i) | 1,349,329 | 1,349,329 | ||||||
| Total Collateral for Securities Loaned (Cost $3,505,925) | 3,505,925 | |||||||
| Total Investments (Cost $449,049,217) — 99.1% | 379,306,538 | |||||||
| Other assets in excess of liabilities — 0.9% | 3,466,704 | |||||||
| NET ASSETS - 100.00% | $ | 382,773,242 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Amount represents less than 0.05% of net assets. |
| (b) | Non-income producing security. |
| (c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $19,752,404 and amounted to 5.2% of net assets. |
| (d) | All or a portion of this security is on loan. |
| (e) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (g) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (h) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||
| Gazprom PJSC | 7/28/2021 | $ | 5,922,464 | |||
| Rosneft Oil Co. PJSC, GDR | 3/6/2020 | 4,383,338 | ||||
| Sberbank of Russia PJSC, ADR | 11/11/2020 | 6,053,328 | ||||
| (i) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| PCL—Public Company Limited |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Small Cap Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (100.2%) | ||||||||
| Biotechnology (13.0%): | ||||||||
| Agios Pharmaceuticals, Inc. (a)(b) | 284,640 | $ | 8,049,619 | |||||
| Apellis Pharmaceuticals, Inc. (a)(b) | 243,590 | 16,637,197 | ||||||
| BioCryst Pharmaceuticals, Inc. (a)(b) | 927,440 | 11,685,744 | ||||||
| Chinook Therapeutics, Inc. (a)(b) | 379,940 | 7,469,620 | ||||||
| Cytokinetics, Inc. (a)(b) | 208,850 | 10,118,783 | ||||||
| Equillium, Inc. (a) | 1,632,454 | 3,624,048 | ||||||
| Fate Therapeutics, Inc. (a)(b) | 348,150 | 7,802,042 | ||||||
| Halozyme Therapeutics, Inc. (a) | 215,480 | 8,520,079 | ||||||
| Kezar Life Sciences, Inc. (a)(b) | 806,080 | 6,940,349 | ||||||
| Krystal Biotech, Inc. (a) | 109,690 | 7,645,393 | ||||||
| Kura Oncology, Inc. (a)(b) | 473,440 | 6,467,190 | ||||||
| Mirum Pharmaceuticals, Inc. (a)(b) | 250,180 | 5,256,282 | ||||||
| Opthea Ltd., ADR (a)(c) | 772,080 | 4,779,175 | ||||||
| SpringWorks Therapeutics, Inc. (a)(b) | 347,360 | 9,910,181 | ||||||
| Twist Bioscience Corp. (a) | 113,160 | 3,987,758 | ||||||
| 118,893,460 | ||||||||
| Communication Services (2.8%): | ||||||||
| World Wrestling Entertainment, Inc., Class A (b) | 217,080 | 15,232,504 | ||||||
| ZipRecruiter, Inc. (a)(b) | 627,490 | 10,353,585 | ||||||
| 25,586,089 | ||||||||
| Communications Equipment (0.6%): | ||||||||
| Digi International, Inc. (a)(b) | 160,430 | 5,546,065 | ||||||
| Consumer Discretionary (6.6%): | ||||||||
| Acushnet Holdings Corp. (b) | 541,030 | 23,529,395 | ||||||
| Funko, Inc., Class A (a)(b) | 492,610 | 9,960,574 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 225,940 | 11,658,504 | ||||||
| Texas Roadhouse, Inc. (b) | 62,950 | 5,493,017 | ||||||
| Wingstop, Inc. (b) | 79,260 | 9,940,789 | ||||||
| 60,582,279 | ||||||||
| Consumer Staples (7.3%): | ||||||||
| BellRing Brands, Inc. (a) | 802,820 | 16,546,120 | ||||||
| Celsius Holdings, Inc. (a)(b) | 93,240 | 8,455,003 | ||||||
| e.l.f. Beauty, Inc. (a) | 235,800 | 8,870,796 | ||||||
| Grocery Outlet Holding Corp. (a)(b) | 388,290 | 12,926,174 | ||||||
| Hostess Brands, Inc. (a) | 263,870 | 6,132,339 | ||||||
| The Beauty Health Co. (a)(b) | 532,460 | 6,277,704 | ||||||
| The Simply Good Foods Co. (a) | 239,010 | 7,645,930 | ||||||
| 66,854,066 | ||||||||
| Electronic Equipment, Instruments & Components (3.2%): | ||||||||
| Advanced Energy Industries, Inc. | 381,810 | 29,555,912 | ||||||
| Energy (5.3%): | ||||||||
| Callon Petroleum Co. (a)(b) | 162,250 | 5,680,373 | ||||||
| Denbury, Inc. (a) | 132,110 | 11,395,809 | ||||||
| Matador Resources Co. | 329,960 | 16,141,643 | ||||||
| Range Resources Corp. | 125,660 | 3,174,172 | ||||||
| Ranger Oil Corp. (b) | 382,010 | 12,014,214 | ||||||
| 48,406,211 | ||||||||
| Financials (7.3%): | ||||||||
| Customers Bancorp, Inc. (a) | 303,130 | 8,936,272 | ||||||
| Focus Financial Partners, Inc., Class A (a)(b) | 241,540 | 7,610,925 | ||||||
| Kinsale Capital Group, Inc. | 46,780 | 11,948,548 | ||||||
| PRA Group, Inc. (a)(b) | 406,270 | 13,350,032 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Small Cap Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Walker & Dunlop, Inc. | 94,450 | $ | 7,908,299 | |||||
| Wintrust Financial Corp. | 214,340 | 17,479,427 | ||||||
| 67,233,503 | ||||||||
| Health Care Equipment & Supplies (6.8%): | ||||||||
| Axonics, Inc. (a)(b) | 223,340 | 15,732,070 | ||||||
| Inspire Medical Systems, Inc. (a) | 110,740 | 19,641,954 | ||||||
| LivaNova PLC (a)(b) | 152,160 | 7,725,163 | ||||||
| Shockwave Medical, Inc. (a) | 67,550 | 18,783,628 | ||||||
| 61,882,815 | ||||||||
| Health Care Providers & Services (7.2%): | ||||||||
| Acadia Healthcare Co., Inc. (a) | 220,810 | 17,262,926 | ||||||
| HealthEquity, Inc. (a) | 350,150 | 23,519,575 | ||||||
| Option Care Health, Inc. (a)(b) | 430,810 | 13,557,591 | ||||||
| Privia Health Group, Inc. (a) | 92,100 | 3,136,926 | ||||||
| Surgery Partners, Inc. (a)(b) | 370,740 | 8,675,316 | ||||||
| 66,152,334 | ||||||||
| Health Care Technology (1.5%): | ||||||||
| Evolent Health, Inc., Class A (a) | 389,130 | 13,981,441 | ||||||
| Industrials (12.3%): | ||||||||
| AAON, Inc. (b) | 208,010 | 11,207,579 | ||||||
| AAR Corp. (a) | 300,920 | 10,778,954 | ||||||
| Applied Industrial Technologies, Inc. | 149,670 | 15,383,083 | ||||||
| Bloom Energy Corp., Class A (a)(b) | 460,250 | 9,200,397 | ||||||
| Chart Industries, Inc. (a) | 91,779 | 16,919,459 | ||||||
| Clean Harbors, Inc. (a) | 52,330 | 5,755,253 | ||||||
| Evoqua Water Technologies Corp. (a) | 775,680 | 25,651,738 | ||||||
| Mercury Systems, Inc. (a) | 108,380 | 4,400,228 | ||||||
| Simpson Manufacturing Co., Inc. | 90,230 | 7,074,032 | ||||||
| Zurn Elkay Water Solutions Corp. | 261,040 | 6,395,480 | ||||||
| 112,766,203 | ||||||||
| IT Services (5.2%): | ||||||||
| DigitalOcean Holdings, Inc. (a)(b) | 246,440 | 8,913,735 | ||||||
| Flywire Corp. (a) | 280,600 | 6,442,576 | ||||||
| Marqeta, Inc., Class A (a) | 658,340 | 4,687,381 | ||||||
| Paya Holdings, Inc. (a)(b) | 451,800 | 2,760,498 | ||||||
| WNS Holdings Ltd., ADR (a) | 307,227 | 25,143,457 | ||||||
| 47,947,647 | ||||||||
| Life Sciences Tools & Services (0.7%): | ||||||||
| CryoPort, Inc. (a)(b) | 272,370 | 6,634,933 | ||||||
| Materials (3.2%): | ||||||||
| Avient Corp. | 176,110 | 5,336,133 | ||||||
| Silgan Holdings, Inc. | 390,470 | 16,415,359 | ||||||
| Summit Materials, Inc., Class A (a) | 306,360 | 7,340,386 | ||||||
| 29,091,878 | ||||||||
| Real Estate (0.7%): | ||||||||
| National Storage Affiliates Trust (b) | 154,930 | 6,441,989 | ||||||
| Semiconductors & Semiconductor Equipment (5.3%): | ||||||||
| Impinj, Inc. (a)(b) | 175,010 | 14,006,050 | ||||||
| Lattice Semiconductor Corp. (a) | 78,290 | 3,852,651 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 582,423 | 30,163,687 | ||||||
| 48,022,388 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Small Cap Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Software (11.2%): | ||||||||
| ACI Worldwide, Inc. (a) | 547,810 | $ | 11,449,229 | |||||
| Box, Inc., Class A (a)(b) | 511,550 | 12,476,704 | ||||||
| Braze, Inc., Class A (a)(b) | 237,220 | 8,262,373 | ||||||
| CyberArk Software Ltd. (a) | 59,080 | 8,858,455 | ||||||
| Gitlab, Inc., Class A (a)(b) | 135,050 | 6,917,261 | ||||||
| Jamf Holding Corp. (a)(b) | 207,370 | 4,595,319 | ||||||
| Paycor HCM, Inc. (a)(b) | 307,060 | 9,076,694 | ||||||
| Smartsheet, Inc., Class A (a) | 223,230 | 7,670,183 | ||||||
| Sprout Social, Inc., Class A (a)(b) | 325,570 | 19,755,588 | ||||||
| Telos Corp. (a)(b) | 604,080 | 5,370,271 | ||||||
| Varonis Systems, Inc. (a) | 316,560 | 8,395,171 | ||||||
| 102,827,248 | ||||||||
| Total Common Stocks (Cost $894,994,141) | 918,406,461 | |||||||
| Collateral for Securities Loaned (14.4%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 2,835,128 | 2,835,128 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 1,908,287 | 1,908,287 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 1,414,869 | 1,414,869 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 64,418,334 | 64,418,334 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 2,824,920 | 2,824,920 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 7,670,579 | 7,670,579 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 50,724,843 | 50,724,843 | ||||||
| Total Collateral for Securities Loaned (Cost $131,796,960) | 131,796,960 | |||||||
| Total Investments (Cost $1,026,791,101) — 114.6% | 1,050,203,421 | |||||||
| Liabilities in excess of other assets — (14.6)% | (133,631,553 | ) | ||||||
| NET ASSETS - 100.00% | $ | 916,571,868 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.5% of net assets. |
| (d) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Select Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.2%) | ||||||||
| Communication Services (3.8%): | ||||||||
| World Wrestling Entertainment, Inc., Class A (a) | 33,820 | $ | 2,373,150 | |||||
| ZoomInfo Technologies, Inc. (b) | 47,270 | 1,969,268 | ||||||
| 4,342,418 | ||||||||
| Consumer Discretionary (8.9%): | ||||||||
| Churchill Downs, Inc. | 10,400 | 1,915,160 | ||||||
| Five Below, Inc. (a)(b) | 14,920 | 2,054,037 | ||||||
| Mattel, Inc. (b) | 145,800 | 2,761,452 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 39,470 | 2,036,652 | ||||||
| Wingstop, Inc. (a) | 11,760 | 1,474,939 | ||||||
| 10,242,240 | ||||||||
| Consumer Staples (5.1%): | ||||||||
| BellRing Brands, Inc. (b) | 88,960 | 1,833,466 | ||||||
| Freshpet, Inc. (a)(b) | 21,290 | 1,066,416 | ||||||
| Grocery Outlet Holding Corp. (b) | 61,050 | 2,032,354 | ||||||
| Hostess Brands, Inc. (a)(b) | 39,800 | 924,952 | ||||||
| 5,857,188 | ||||||||
| Energy (5.2%): | ||||||||
| Denbury, Inc. (b) | 19,000 | 1,638,940 | ||||||
| Diamondback Energy, Inc. | 17,050 | 2,053,843 | ||||||
| Matador Resources Co. | 47,370 | 2,317,340 | ||||||
| 6,010,123 | ||||||||
| Financials (5.8%): | ||||||||
| FactSet Research Systems, Inc. | 1,410 | 564,155 | ||||||
| Focus Financial Partners, Inc., Class A (a)(b) | 31,780 | 1,001,388 | ||||||
| Kinsale Capital Group, Inc. | 8,710 | 2,224,708 | ||||||
| LPL Financial Holdings, Inc. | 5,920 | 1,293,402 | ||||||
| Western Alliance Bancorp | 24,640 | 1,619,833 | ||||||
| 6,703,486 | ||||||||
| Health Care (23.1%): | ||||||||
| Acadia Healthcare Co., Inc. (b) | 42,570 | 3,328,123 | ||||||
| BioCryst Pharmaceuticals, Inc. (a)(b) | 290,580 | 3,661,308 | ||||||
| CryoPort, Inc. (a)(b) | 37,270 | 907,897 | ||||||
| Envista Holdings Corp. (b) | 38,440 | 1,261,216 | ||||||
| Insulet Corp. (b) | 6,330 | 1,452,102 | ||||||
| Intra-Cellular Therapies, Inc. (b) | 50,130 | 2,332,549 | ||||||
| Jazz Pharmaceuticals PLC (b) | 28,190 | 3,757,445 | ||||||
| Option Care Health, Inc. (b) | 82,710 | 2,602,884 | ||||||
| Penumbra, Inc. (b) | 9,320 | 1,767,072 | ||||||
| Repligen Corp. (a)(b) | 11,490 | 2,149,894 | ||||||
| Shockwave Medical, Inc. (b) | 7,100 | 1,974,297 | ||||||
| Tenet Healthcare Corp. (b) | 25,660 | 1,323,543 | ||||||
| 26,518,330 | ||||||||
| Industrials (16.3%): | ||||||||
| Advanced Drainage Systems, Inc. | 15,050 | 1,871,768 | ||||||
| Applied Industrial Technologies, Inc. | 20,120 | 2,067,934 | ||||||
| Axon Enterprise, Inc. (b) | 14,040 | 1,625,130 | ||||||
| Builders FirstSource, Inc. (b) | 10,150 | 598,038 | ||||||
| Chart Industries, Inc. (b) | 16,690 | 3,076,801 | ||||||
| Clean Harbors, Inc. (b) | 9,520 | 1,047,010 | ||||||
| Evoqua Water Technologies Corp. (b) | 113,430 | 3,751,130 | ||||||
| Mercury Systems, Inc. (b) | 20,420 | 829,052 | ||||||
| Ritchie Bros Auctioneers, Inc. | 23,350 | 1,458,908 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Select Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Trex Co., Inc. (b) | 14,890 | $ | 654,267 | |||||
| WillScot Mobile Mini Holdings Corp. (b) | 44,730 | 1,803,961 | ||||||
| 18,783,999 | ||||||||
| Information Technology (24.6%): | ||||||||
| ACI Worldwide, Inc. (b) | 91,690 | 1,916,321 | ||||||
| Check Point Software Technologies Ltd. (b) | 11,980 | 1,342,000 | ||||||
| DigitalOcean Holdings, Inc. (a)(b) | 31,800 | 1,150,206 | ||||||
| Dynatrace, Inc. (b) | 62,370 | 2,171,100 | ||||||
| Enphase Energy, Inc. (b) | 10,190 | 2,827,419 | ||||||
| Entegris, Inc. | 20,770 | 1,724,326 | ||||||
| Five9, Inc. (b) | 10,370 | 777,543 | ||||||
| Globant SA (b) | 8,900 | 1,665,012 | ||||||
| Jack Henry & Associates, Inc. | 9,820 | 1,789,892 | ||||||
| Lattice Semiconductor Corp. (b) | 52,640 | 2,590,414 | ||||||
| MACOM Technology Solutions Holdings, Inc. (b) | 66,540 | 3,446,107 | ||||||
| Paylocity Holding Corp. (b) | 12,880 | 3,111,550 | ||||||
| Shift4 Payments, Inc., Class A (b) | 16,830 | 750,786 | ||||||
| Teledyne Technologies, Inc. (b) | 2,330 | 786,305 | ||||||
| Varonis Systems, Inc. (b) | 54,270 | 1,439,240 | ||||||
| Wolfspeed, Inc. (a)(b) | 7,690 | 794,838 | ||||||
| 28,283,059 | ||||||||
| Materials (4.4%): | ||||||||
| Graphic Packaging Holding Co. | 119,870 | 2,366,234 | ||||||
| Sealed Air Corp. | 20,410 | 908,449 | ||||||
| Silgan Holdings, Inc. | 42,230 | 1,775,349 | ||||||
| 5,050,032 | ||||||||
| Real Estate (1.0%): | ||||||||
| National Storage Affiliates Trust (a) | 27,030 | 1,123,907 | ||||||
| Total Common Stocks (Cost $112,983,868) | 112,914,782 | |||||||
| Collateral for Securities Loaned (7.7%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 191,647 | 191,647 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 128,995 | 128,995 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 95,641 | 95,641 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 4,354,495 | 4,354,495 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 190,957 | 190,957 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 518,509 | 518,509 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 3,428,854 | 3,428,854 | ||||||
| Total Collateral for Securities Loaned (Cost $8,909,098) | 8,909,098 | |||||||
| Total Investments (Cost $121,892,966) — 105.9% | 121,823,880 | |||||||
| Liabilities in excess of other assets — (5.9)% | (6,792,120 | ) | ||||||
| NET ASSETS - 100.00% | $ | 115,031,760 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Mid Cap Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (96.3%) | ||||||||
| Communication Services (6.0%): | ||||||||
| Pinterest, Inc., Class A (a) | 98,940 | $ | 2,305,302 | |||||
| Take-Two Interactive Software, Inc. (a) | 20,870 | 2,274,830 | ||||||
| The Trade Desk, Inc., Class A (a) | 18,000 | 1,075,500 | ||||||
| ZoomInfo Technologies, Inc. (a) | 124,510 | 5,187,087 | ||||||
| 10,842,719 | ||||||||
| Communications Equipment (1.3%): | ||||||||
| Arista Networks, Inc. (a) | 21,090 | 2,380,850 | ||||||
| Consumer Discretionary (13.8%): | ||||||||
| Chipotle Mexican Grill, Inc. (a) | 2,710 | 4,072,479 | ||||||
| Churchill Downs, Inc. | 14,310 | 2,635,186 | ||||||
| Dollar Tree, Inc. (a) | 18,270 | 2,486,547 | ||||||
| Five Below, Inc. (a)(b) | 15,780 | 2,172,433 | ||||||
| Mattel, Inc. (a) | 174,290 | 3,301,053 | ||||||
| O'Reilly Automotive, Inc. (a) | 5,170 | 3,636,319 | ||||||
| Tractor Supply Co. | 17,120 | 3,182,266 | ||||||
| Ulta Beauty, Inc. (a) | 8,910 | 3,574,603 | ||||||
| 25,060,886 | ||||||||
| Consumer Staples (3.2%): | ||||||||
| Constellation Brands, Inc., Class A | 12,240 | 2,811,283 | ||||||
| The Hershey Co. | 13,420 | 2,958,708 | ||||||
| 5,769,991 | ||||||||
| Electronic Equipment, Instruments & Components (2.1%): | ||||||||
| Keysight Technologies, Inc. (a) | 18,500 | 2,911,160 | ||||||
| Teledyne Technologies, Inc. (a) | 2,660 | 897,670 | ||||||
| 3,808,830 | ||||||||
| Energy (3.8%): | ||||||||
| Diamondback Energy, Inc. | 27,080 | 3,262,057 | ||||||
| Matador Resources Co. | 45,710 | 2,236,133 | ||||||
| Range Resources Corp. | 54,390 | 1,373,891 | ||||||
| 6,872,081 | ||||||||
| Financials (4.1%): | ||||||||
| FactSet Research Systems, Inc. | 3,140 | 1,256,345 | ||||||
| LPL Financial Holdings, Inc. | 9,370 | 2,047,158 | ||||||
| MSCI, Inc. | 4,590 | 1,936,016 | ||||||
| Western Alliance Bancorp | 33,330 | 2,191,114 | ||||||
| 7,430,633 | ||||||||
| Health Care (18.2%): | ||||||||
| AmerisourceBergen Corp. | 25,580 | 3,461,742 | ||||||
| Dexcom, Inc. (a) | 38,810 | 3,125,757 | ||||||
| Incyte Corp. (a) | 27,890 | 1,858,590 | ||||||
| Insulet Corp. (a) | 10,650 | 2,443,110 | ||||||
| Jazz Pharmaceuticals PLC (a) | 33,870 | 4,514,532 | ||||||
| Repligen Corp. (a) | 11,190 | 2,093,761 | ||||||
| ResMed, Inc. | 14,670 | 3,202,461 | ||||||
| Sarepta Therapeutics, Inc. (a) | 29,010 | 3,206,765 | ||||||
| Tenet Healthcare Corp. (a) | 34,790 | 1,794,468 | ||||||
| Veeva Systems, Inc., Class A (a) | 19,120 | 3,152,506 | ||||||
| West Pharmaceutical Services, Inc. (b) | 16,850 | 4,146,448 | ||||||
| 33,000,140 | ||||||||
| Industrials (10.4%): | ||||||||
| Advanced Drainage Systems, Inc. | 12,330 | 1,533,482 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Mid Cap Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Axon Enterprise, Inc. (a) | 20,070 | $ | 2,323,102 | |||||
| Chart Industries, Inc. (a) | 22,470 | 4,142,344 | ||||||
| Clean Harbors, Inc. (a) | 12,470 | 1,371,451 | ||||||
| Evoqua Water Technologies Corp. (a) | 90,810 | 3,003,087 | ||||||
| HEICO Corp., Class A | 22,930 | 2,628,237 | ||||||
| Ritchie Bros Auctioneers, Inc. | 41,750 | 2,608,540 | ||||||
| WillScot Mobile Mini Holdings Corp. (a) | 32,450 | 1,308,709 | ||||||
| 18,918,952 | ||||||||
| IT Services (4.7%): | ||||||||
| Gartner, Inc. (a) | 15,060 | 4,166,952 | ||||||
| Jack Henry & Associates, Inc. | 16,060 | 2,927,256 | ||||||
| MongoDB, Inc. (a)(b) | 7,490 | 1,487,214 | ||||||
| 8,581,422 | ||||||||
| Materials (3.6%): | ||||||||
| CF Industries Holdings, Inc. | 17,040 | 1,640,100 | ||||||
| Graphic Packaging Holding Co. | 179,530 | 3,543,922 | ||||||
| Sealed Air Corp. | 31,550 | 1,404,291 | ||||||
| 6,588,313 | ||||||||
| Real Estate (1.7%): | ||||||||
| Extra Space Storage, Inc. | 10,880 | 1,879,085 | ||||||
| SBA Communications Corp. | 4,600 | 1,309,390 | ||||||
| 3,188,475 | ||||||||
| Semiconductors & Semiconductor Equipment (8.2%): | ||||||||
| Enphase Energy, Inc. (a) | 20,260 | 5,621,542 | ||||||
| Entegris, Inc. | 29,890 | 2,481,468 | ||||||
| Lattice Semiconductor Corp. (a) | 82,300 | 4,049,983 | ||||||
| Monolithic Power Systems, Inc. | 5,080 | 1,846,072 | ||||||
| Teradyne, Inc. | 13,480 | 1,013,022 | ||||||
| 15,012,087 | ||||||||
| Software (15.2%): | ||||||||
| Bill.com Holdings, Inc. (a)(b) | 8,290 | 1,097,347 | ||||||
| Datadog, Inc., Class A (a) | 24,900 | 2,210,622 | ||||||
| Dropbox, Inc., Class A (a) | 147,870 | 3,063,866 | ||||||
| Dynatrace, Inc. (a) | 69,400 | 2,415,814 | ||||||
| Five9, Inc. (a) | 14,740 | 1,105,205 | ||||||
| Palo Alto Networks, Inc. (a) | 22,890 | 3,749,153 | ||||||
| Paycom Software, Inc. (a) | 12,330 | 4,068,777 | ||||||
| RingCentral, Inc., Class A (a) | 29,530 | 1,180,019 | ||||||
| Splunk, Inc. (a) | 14,040 | 1,055,808 | ||||||
| Synopsys, Inc. (a) | 24,990 | 7,634,695 | ||||||
| 27,581,306 | ||||||||
| Total Common Stocks (Cost $167,508,826) | 175,036,685 | |||||||
| Collateral for Securities Loaned (1.5%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 57,962 | 57,962 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 39,013 | 39,013 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 28,926 | 28,926 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 1,316,977 | 1,316,977 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 57,753 | 57,753 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 156,818 | 156,818 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Mid Cap Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 1,037,026 | $ | 1,037,026 | |||||
| Total Collateral for Securities Loaned (Cost $2,694,475) | 2,694,475 | |||||||
| Total Investments (Cost $170,203,301) — 97.8% | 177,731,160 | |||||||
| Other assets in excess of liabilities — 2.2% | 3,922,874 | |||||||
| NET ASSETS - 100.00% | $ | 181,654,034 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.4%) | ||||||||
| Communication Services (7.8%): | ||||||||
| Alphabet, Inc., Class C (a) | 154,350 | $ | 14,840,752 | |||||
| Meta Platforms, Inc., Class A (a) | 15,110 | 2,050,125 | ||||||
| 16,890,877 | ||||||||
| Consumer Discretionary (18.8%): | ||||||||
| Amazon.com, Inc. (a) | 100,000 | 11,300,000 | ||||||
| Booking Holdings, Inc. (a) | 1,780 | 2,924,914 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 1,270 | 1,908,505 | ||||||
| Dollar Tree, Inc. (a) | 24,760 | 3,369,836 | ||||||
| O'Reilly Automotive, Inc. (a) | 4,050 | 2,848,568 | ||||||
| Tesla, Inc. (a) | 35,580 | 9,437,595 | ||||||
| Tractor Supply Co. | 21,780 | 4,048,466 | ||||||
| Ulta Beauty, Inc. (a) | 12,660 | 5,079,065 | ||||||
| 40,916,949 | ||||||||
| Consumer Staples (5.2%): | ||||||||
| Constellation Brands, Inc., Class A | 25,990 | 5,969,383 | ||||||
| Costco Wholesale Corp. | 7,000 | 3,305,890 | ||||||
| The Hershey Co. (b) | 9,520 | 2,098,875 | ||||||
| 11,374,148 | ||||||||
| Energy (1.5%): | ||||||||
| Diamondback Energy, Inc. | 27,350 | 3,294,581 | ||||||
| Financials (2.5%): | ||||||||
| LPL Financial Holdings, Inc. | 6,140 | 1,341,467 | ||||||
| MSCI, Inc. | 3,690 | 1,556,405 | ||||||
| The Progressive Corp. | 22,430 | 2,606,591 | ||||||
| 5,504,463 | ||||||||
| Health Care (12.4%): | ||||||||
| Dexcom, Inc. (a) | 30,260 | 2,437,140 | ||||||
| Edwards Lifesciences Corp. (a) | 30,950 | 2,557,398 | ||||||
| Jazz Pharmaceuticals PLC (a) | 34,330 | 4,575,846 | ||||||
| Tenet Healthcare Corp. (a) | 36,800 | 1,898,144 | ||||||
| UnitedHealth Group, Inc. | 12,190 | 6,156,438 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 26,870 | 7,779,940 | ||||||
| West Pharmaceutical Services, Inc. | 6,540 | 1,609,363 | ||||||
| 27,014,269 | ||||||||
| Industrials (4.6%): | ||||||||
| Deere & Co. | 8,010 | 2,674,459 | ||||||
| Generac Holdings, Inc. (a) | 8,440 | 1,503,502 | ||||||
| HEICO Corp., Class A | 32,410 | 3,714,834 | ||||||
| Quanta Services, Inc. | 16,650 | 2,121,043 | ||||||
| 10,013,838 | ||||||||
| IT Services (8.4%): | ||||||||
| Block, Inc. (a) | 20,120 | 1,106,399 | ||||||
| Gartner, Inc. (a) | 14,940 | 4,133,749 | ||||||
| Snowflake, Inc., Class A (a) | 9,160 | 1,556,834 | ||||||
| Toast, Inc., Class A (a)(b) | 61,190 | 1,023,097 | ||||||
| Visa, Inc., Class A | 59,587 | 10,585,631 | ||||||
| 18,405,710 | ||||||||
| Materials (1.2%): | ||||||||
| Graphic Packaging Holding Co. | 81,150 | 1,601,901 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Growth Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Sealed Air Corp. | 23,670 | $ | 1,053,552 | |||||
| 2,655,453 | ||||||||
| Real Estate (1.3%): | ||||||||
| Extra Space Storage, Inc. | 7,840 | 1,354,046 | ||||||
| SBA Communications Corp. | 5,260 | 1,497,259 | ||||||
| 2,851,305 | ||||||||
| Semiconductors & Semiconductor Equipment (6.4%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 40,220 | 2,548,339 | ||||||
| Enphase Energy, Inc. (a) | 4,220 | 1,170,923 | ||||||
| Lam Research Corp. | 5,280 | 1,932,480 | ||||||
| Marvell Technology, Inc. | 34,480 | 1,479,537 | ||||||
| Monolithic Power Systems, Inc. | 4,670 | 1,697,078 | ||||||
| NVIDIA Corp. | 29,820 | 3,619,850 | ||||||
| Teradyne, Inc. | 17,290 | 1,299,343 | ||||||
| 13,747,550 | ||||||||
| Software (17.7%): | ||||||||
| Datadog, Inc., Class A (a) | 12,900 | 1,145,262 | ||||||
| Intuit, Inc. | 5,610 | 2,172,865 | ||||||
| Microsoft Corp. | 104,440 | 24,324,076 | ||||||
| Palo Alto Networks, Inc. (a) | 21,570 | 3,532,950 | ||||||
| ServiceNow, Inc. (a) | 11,000 | 4,153,710 | ||||||
| Synopsys, Inc. (a) | 10,740 | 3,281,177 | ||||||
| 38,610,040 | ||||||||
| Technology Hardware, Storage & Peripherals (11.6%): | ||||||||
| Apple, Inc. | 182,298 | 25,193,584 | ||||||
| Total Common Stocks (Cost $154,870,787) | 216,472,767 | |||||||
| Collateral for Securities Loaned (0.6%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 26,412 | 26,412 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 17,778 | 17,778 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 13,181 | 13,181 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 600,125 | 600,125 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 26,317 | 26,317 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 71,460 | 71,460 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 472,555 | 472,555 | ||||||
| Total Collateral for Securities Loaned (Cost $1,227,828) | 1,227,828 | |||||||
| Total Investments (Cost $156,098,615) — 100.0% | 217,700,595 | |||||||
| Other assets in excess of liabilities — 0.0% | 90,265 | |||||||
| NET ASSETS - 100.00% | $ | 217,790,860 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Science and Technology Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.1%) | ||||||||
| Biotechnology (25.3%): | ||||||||
| Agios Pharmaceuticals, Inc. (a)(b) | 25,940 | $ | 733,583 | |||||
| Aldeyra Therapeutics, Inc. (a)(b) | 44,250 | 236,295 | ||||||
| Amicus Therapeutics, Inc. (a)(b) | 75,380 | 786,967 | ||||||
| Apellis Pharmaceuticals, Inc. (a) | 35,113 | 2,398,218 | ||||||
| Arcutis Biotherapeutics, Inc. (a)(b) | 17,000 | 324,870 | ||||||
| Ardelyx, Inc. (a)(b) | 194,710 | 231,705 | ||||||
| Athenex, Inc. (a) | 1,224,424 | 329,860 | ||||||
| BioCryst Pharmaceuticals, Inc. (a) | 135,850 | 1,711,710 | ||||||
| Bridgebio Pharma, Inc. (a)(b) | 93,840 | 932,770 | ||||||
| Chinook Therapeutics, Inc. (a) | 40,660 | 799,376 | ||||||
| Crinetics Pharmaceuticals, Inc. (a) | 66,418 | 1,304,450 | ||||||
| Cullinan Oncology, Inc. (a)(b) | 27,770 | 356,011 | ||||||
| Cytokinetics, Inc. (a)(b) | 36,130 | 1,750,498 | ||||||
| Equillium, Inc. (a) | 252,331 | 560,175 | ||||||
| Fate Therapeutics, Inc. (a)(b) | 40,990 | 918,586 | ||||||
| FibroGen, Inc. (a)(b) | 29,940 | 389,519 | ||||||
| Foghorn Therapeutics, Inc. (a)(b) | 24,810 | 212,870 | ||||||
| Gossamer Bio, Inc. (a)(b) | 32,270 | 386,595 | ||||||
| IGM Biosciences, Inc. (a)(b) | 47,050 | 1,069,917 | ||||||
| Inhibrx, Inc. (a)(b) | 50,460 | 905,757 | ||||||
| Insmed, Inc. (a) | 16,380 | 352,825 | ||||||
| Iovance Biotherapeutics, Inc. (a)(b) | 66,260 | 634,771 | ||||||
| Kezar Life Sciences, Inc. (a)(b) | 207,326 | 1,785,077 | ||||||
| Kiniksa Pharmaceuticals Ltd., Class A (a) | 34,710 | 445,676 | ||||||
| Kinnate Biopharma, Inc. (a) | 78,650 | 939,867 | ||||||
| Krystal Biotech, Inc. (a) | 16,580 | 1,155,626 | ||||||
| Kura Oncology, Inc. (a) | 55,800 | 762,228 | ||||||
| Merus NV (a)(b) | 43,280 | 866,898 | ||||||
| Mirum Pharmaceuticals, Inc. (a)(b) | 48,660 | 1,022,347 | ||||||
| Nuvalent, Inc., Class A (a)(b) | 42,600 | 828,144 | ||||||
| Opthea Ltd., ADR (a)(c) | 80,050 | 495,509 | ||||||
| PMV Pharmaceuticals, Inc. (a)(b) | 31,130 | 370,447 | ||||||
| PTC Therapeutics, Inc. (a)(b) | 8,270 | 415,154 | ||||||
| Regulus Therapeutics, Inc. (a)(b) | 176,848 | 300,642 | ||||||
| Relay Therapeutics, Inc. (a)(b) | 43,890 | 981,819 | ||||||
| REVOLUTION Medicines, Inc. (a)(b) | 16,730 | 329,916 | ||||||
| Sarepta Therapeutics, Inc. (a) | 16,380 | 1,810,645 | ||||||
| SpringWorks Therapeutics, Inc. (a)(b) | 51,600 | 1,472,148 | ||||||
| Twist Bioscience Corp. (a) | 16,560 | 583,574 | ||||||
| Vaxcyte, Inc. (a) | 37,560 | 901,440 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 36,140 | 10,463,976 | ||||||
| Y-mAbs Therapeutics, Inc. (a)(b) | 22,430 | 323,441 | ||||||
| 43,581,902 | ||||||||
| Communication Services (5.9%): | ||||||||
| Bandwidth, Inc., Class A (a) | 35,570 | 423,283 | ||||||
| Chicken Soup For The Soul Entertainment, Inc. (a) | 31,560 | 217,133 | ||||||
| Match Group, Inc. (a) | 35,036 | 1,672,969 | ||||||
| Meta Platforms, Inc., Class A (a) | 29,850 | 4,050,048 | ||||||
| Take-Two Interactive Software, Inc. (a) | 19,840 | 2,162,560 | ||||||
| Vimeo, Inc. (a) | 21,317 | 85,268 | ||||||
| ZoomInfo Technologies, Inc. (a) | 37,120 | 1,546,419 | ||||||
| 10,157,680 | ||||||||
| Consumer Discretionary (5.5%): | ||||||||
| 2U, Inc. (a) | 152,710 | 954,437 | ||||||
| Amazon.com, Inc. (a) | 60,320 | 6,816,160 | ||||||
| Booking Holdings, Inc. (a) | 790 | 1,298,136 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Science and Technology Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Peloton Interactive, Inc., Class A (a)(b) | 50,030 | $ | 346,708 | |||||
| 9,415,441 | ||||||||
| Financials (2.8%): | ||||||||
| DA32 Life Science Tech Acquisition Corp., Class A (a) | 227,345 | 2,202,973 | ||||||
| Omega Alpha SPAC, Class A (a) | 87,270 | 868,337 | ||||||
| Panacea Acquisition Corp. II (a)(b)(c) | 181,680 | 1,780,464 | ||||||
| 4,851,774 | ||||||||
| Health Care Technology (0.8%): | ||||||||
| Veeva Systems, Inc., Class A (a) | 8,920 | 1,470,730 | ||||||
| Industrials (0.9%): | ||||||||
| Enovix Corp. (a)(b) | 81,700 | 1,497,970 | ||||||
| IT Services (6.5%): | ||||||||
| Backblaze, Inc., Class A (a) | 36,080 | 179,318 | ||||||
| GoDaddy, Inc., Class A (a) | 38,460 | 2,726,045 | ||||||
| MongoDB, Inc. (a)(b) | 5,910 | 1,173,490 | ||||||
| Shift4 Payments, Inc., Class A (a) | 27,170 | 1,212,054 | ||||||
| Twilio, Inc., Class A (a) | 20,680 | 1,429,815 | ||||||
| Visa, Inc., Class A | 18,250 | 3,242,112 | ||||||
| Wix.com Ltd. (a) | 15,450 | 1,208,653 | ||||||
| 11,171,487 | ||||||||
| Life Sciences Tools & Services (2.2%): | ||||||||
| CryoPort, Inc. (a)(b) | 46,703 | 1,137,685 | ||||||
| Repligen Corp. (a) | 4,590 | 858,835 | ||||||
| Science 37 Holdings, Inc. (a) | 178,320 | 287,095 | ||||||
| West Pharmaceutical Services, Inc. | 6,450 | 1,587,216 | ||||||
| 3,870,831 | ||||||||
| Pharmaceuticals (3.6%): | ||||||||
| Cara Therapeutics, Inc. (a) | 82,100 | 768,456 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 11,030 | 513,226 | ||||||
| Jazz Pharmaceuticals PLC (a) | 26,980 | 3,596,164 | ||||||
| Revance Therapeutics, Inc. (a)(b) | 22,310 | 602,370 | ||||||
| Theravance Biopharma, Inc. (a)(b) | 73,980 | 750,157 | ||||||
| 6,230,373 | ||||||||
| Semiconductors & Semiconductor Equipment (20.1%): | ||||||||
| Ambarella, Inc. (a) | 36,690 | 2,061,244 | ||||||
| Applied Materials, Inc. | 20,160 | 1,651,709 | ||||||
| Impinj, Inc. (a)(b) | 69,330 | 5,548,480 | ||||||
| Lam Research Corp. | 6,200 | 2,269,200 | ||||||
| Lattice Semiconductor Corp. (a) | 71,800 | 3,533,278 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a)(b) | 124,640 | 6,455,106 | ||||||
| Marvell Technology, Inc. | 50,400 | 2,162,664 | ||||||
| MaxLinear, Inc. (a) | 44,870 | 1,463,659 | ||||||
| MKS Instruments, Inc. | 34,080 | 2,816,371 | ||||||
| Monolithic Power Systems, Inc. | 9,010 | 3,274,234 | ||||||
| NVIDIA Corp. | 16,170 | 1,962,876 | ||||||
| Semtech Corp. (a) | 28,220 | 829,950 | ||||||
| Silicon Motion Technology Corp., ADR | 10,930 | 712,527 | ||||||
| 34,741,298 | ||||||||
| Software (24.5%): | ||||||||
| AppLovin Corp., Class A (a)(b) | 45,140 | 879,779 | ||||||
| Datadog, Inc., Class A (a) | 14,530 | 1,289,973 | ||||||
| Domo, Inc., Class B (a) | 55,260 | 994,127 | ||||||
| Dropbox, Inc., Class A (a) | 126,700 | 2,625,224 | ||||||
| Dynatrace, Inc. (a) | 42,420 | 1,476,640 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Science and Technology Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fair Isaac Corp. (a) | 6,430 | $ | 2,649,224 | |||||
| Gitlab, Inc., Class A (a)(b) | 24,620 | 1,261,036 | ||||||
| Microsoft Corp. | 67,910 | 15,816,239 | ||||||
| Monday.com Ltd. (a)(b) | 15,390 | 1,744,303 | ||||||
| Paycom Software, Inc. (a) | 11,910 | 3,930,181 | ||||||
| RingCentral, Inc., Class A (a) | 27,720 | 1,107,691 | ||||||
| ServiceNow, Inc. (a) | 9,350 | 3,530,654 | ||||||
| Sprout Social, Inc., Class A (a) | 32,220 | 1,955,110 | ||||||
| Varonis Systems, Inc. (a) | 115,200 | 3,055,104 | ||||||
| 42,315,285 | ||||||||
| Total Common Stocks (Cost $143,631,645) | 169,304,771 | |||||||
| Warrants (0.0%)(d) | ||||||||
| Health Care (0.0%): | ||||||||
| Athenex, Inc. (a)(c) | 1,346,518 | — | (e) | |||||
| Nuvation Bio, Inc. (a) | 43,670 | 6,987 | ||||||
| Regulus Therapeutics, Inc. (a)(c)(f)(g) | 132,637 | — | ||||||
| 6,987 | ||||||||
| Total Warrants (Cost $179,261) | 6,987 | |||||||
| Collateral for Securities Loaned (16.6%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (h) | 615,926 | 615,926 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (h) | 414,572 | 414,572 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (h) | 307,378 | 307,378 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (h) | 13,994,763 | 13,994,763 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (h) | 613,709 | 613,709 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (h) | 1,666,419 | 1,666,419 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (h) | 11,019,878 | 11,019,878 | ||||||
| Total Collateral for Securities Loaned (Cost $28,632,645) | 28,632,645 | |||||||
| Total Investments (Cost $172,443,551) — 114.7% | 197,944,403 | |||||||
| Liabilities in excess of other assets — (14.7)% | (25,390,217 | ) | ||||||
| NET ASSETS - 100.00% | $ | 172,554,186 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 1.3% of net assets. |
| (d) | Amount represents less than 0.05% of net assets. |
| (e) | Rounds to less than $1. |
| (f) | Restricted security that is not registered under the Securities Act of 1933. |
| (g) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022: |
| Security Name | Acquisition Date | Cost | ||||
Regulus Therapeutics, Inc. |
12/3/2020 | $ | 165,796 | |||
| (h) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Small Cap Equity Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (96.8%) | ||||||||
| Aerospace & Defense (3.7%): | ||||||||
| Axon Enterprise, Inc. (a) | 12,940 | $ | 1,497,805 | |||||
| Building Products (2.0%): | ||||||||
| Zurn Elkay Water Solutions Corp. | 32,310 | 791,595 | ||||||
| Communications Equipment (1.7%): | ||||||||
| Digi International, Inc. (a)(b) | 19,550 | 675,844 | ||||||
| Construction & Engineering (2.4%): | ||||||||
| Ameresco, Inc., Class A (a)(b) | 14,790 | 983,239 | ||||||
| Consumer Discretionary (3.2%): | ||||||||
| Acushnet Holdings Corp. (b) | 24,120 | 1,048,979 | ||||||
| YETI Holdings, Inc. (a) | 8,590 | 244,987 | ||||||
| 1,293,966 | ||||||||
| Consumer Staples (2.0%): | ||||||||
| e.l.f. Beauty, Inc. (a) | 21,900 | 823,878 | ||||||
| Electrical Equipment (4.9%): | ||||||||
| Bloom Energy Corp., Class A (a) | 56,150 | 1,122,438 | ||||||
| Shoals Technologies Group, Inc., Class A (a) | 40,330 | 869,112 | ||||||
| 1,991,550 | ||||||||
| Energy (3.4%): | ||||||||
| Denbury, Inc. (a) | 15,750 | 1,358,595 | ||||||
| Financials (11.6%): | ||||||||
| Customers Bancorp, Inc. (a) | 28,380 | 836,642 | ||||||
| Green Dot Corp., Class A (a) | 43,390 | 823,542 | ||||||
| PRA Group, Inc. (a) | 43,660 | 1,434,668 | ||||||
| Trupanion, Inc. (a)(b) | 27,240 | 1,618,873 | ||||||
| 4,713,725 | ||||||||
| Health Care (11.9%): | ||||||||
| Agios Pharmaceuticals, Inc. (a)(b) | 14,180 | 401,010 | ||||||
| Apellis Pharmaceuticals, Inc. (a) | 7,370 | 503,371 | ||||||
| BioCryst Pharmaceuticals, Inc. (a) | 58,110 | 732,186 | ||||||
| CryoPort, Inc. (a) | 8,260 | 201,214 | ||||||
| Fate Therapeutics, Inc. (a) | 20,980 | 470,162 | ||||||
| Halozyme Therapeutics, Inc. (a) | 16,990 | 671,784 | ||||||
| Inspire Medical Systems, Inc. (a) | 3,690 | 654,495 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 11,770 | 547,658 | ||||||
| Kura Oncology, Inc. (a) | 47,510 | 648,987 | ||||||
| 4,830,867 | ||||||||
| IT Services (17.5%): | ||||||||
| DigitalOcean Holdings, Inc. (a)(b) | 20,920 | 756,676 | ||||||
| Flywire Corp. (a) | 65,660 | 1,507,554 | ||||||
| Marqeta, Inc., Class A (a) | 151,410 | 1,078,039 | ||||||
| Paya Holdings, Inc. (a)(b) | 59,670 | 364,584 | ||||||
| Paymentus Holdings, Inc., Class A (a)(b) | 88,470 | 859,928 | ||||||
| Payoneer Global, Inc. (a) | 201,770 | 1,220,709 | ||||||
| Shift4 Payments, Inc., Class A (a) | 29,350 | 1,309,303 | ||||||
| 7,096,793 | ||||||||
| Machinery (13.0%): | ||||||||
| Chart Industries, Inc. (a) | 14,230 | 2,623,301 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Small Cap Equity Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Evoqua Water Technologies Corp. (a) | 80,160 | $ | 2,650,891 | |||||
| 5,274,192 | ||||||||
| Materials (1.4%): | ||||||||
| Livent Corp. (a)(b) | 19,020 | 582,963 | ||||||
| Professional Services (3.2%): | ||||||||
| CBIZ, Inc. (a) | 29,970 | 1,282,117 | ||||||
| Semiconductors & Semiconductor Equipment (6.8%): | ||||||||
| Impinj, Inc. (a)(b) | 15,990 | 1,279,680 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 28,450 | 1,473,425 | ||||||
| 2,753,105 | ||||||||
| Software (8.1%): | ||||||||
| ACI Worldwide, Inc. (a) | 56,600 | 1,182,940 | ||||||
| Paycor HCM, Inc. (a)(b) | 28,640 | 846,598 | ||||||
| Q2 Holdings, Inc. (a) | 25,150 | 809,830 | ||||||
| Varonis Systems, Inc. (a) | 15,980 | 423,790 | ||||||
| 3,263,158 | ||||||||
| Total Common Stocks (Cost $42,926,221) | 39,213,392 | |||||||
| Collateral for Securities Loaned (16.7%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 145,476 | 145,476 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 97,918 | 97,918 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 72,600 | 72,600 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 3,305,442 | 3,305,442 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 144,953 | 144,953 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 393,594 | 393,594 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 2,602,800 | 2,602,800 | ||||||
| Total Collateral for Securities Loaned (Cost $6,762,783) | 6,762,783 | |||||||
| Total Investments (Cost $49,689,004) — 113.5% | 45,976,175 | |||||||
| Liabilities in excess of other assets — (13.5)% | (5,472,856 | ) | ||||||
| NET ASSETS - 100.00% | $ | 40,503,319 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Partners Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (94.8%) | ||||||||
| Banks (18.1%): | ||||||||
| Banner Corp. | 92,540 | $ | 5,467,263 | |||||
| Eastern Bankshares, Inc. | 510,250 | 10,021,310 | ||||||
| First BanCorp/Puerto Rico | 672,150 | 9,195,012 | ||||||
| Pinnacle Financial Partners, Inc. (a) | 50,140 | 4,066,354 | ||||||
| SouthState Corp. | 102,060 | 8,074,987 | ||||||
| Synovus Financial Corp. | 162,250 | 6,085,997 | ||||||
| The Bank of NT Butterfield & Son Ltd. | 316,460 | 10,272,292 | ||||||
| UMB Financial Corp. | 53,972 | 4,549,300 | ||||||
| 57,732,515 | ||||||||
| Capital Markets (3.3%): | ||||||||
| Federated Hermes, Inc. | 320,920 | 10,628,871 | ||||||
| Communication Services (2.9%): | ||||||||
| Madison Square Garden Sports Corp. (b) | 42,980 | 5,873,647 | ||||||
| World Wrestling Entertainment, Inc., Class A (a) | 46,426 | 3,257,712 | ||||||
| 9,131,359 | ||||||||
| Consumer Discretionary (7.0%): | ||||||||
| Bloomin' Brands, Inc. | 125,720 | 2,304,448 | ||||||
| Carter's, Inc. (a) | 34,500 | 2,260,785 | ||||||
| Columbia Sportswear Co. | 30,270 | 2,037,171 | ||||||
| Dine Brands Global, Inc. | 41,610 | 2,644,731 | ||||||
| Light & Wonder, Inc. (b) | 92,760 | 3,977,549 | ||||||
| Taylor Morrison Home Corp. (b) | 116,400 | 2,714,448 | ||||||
| The Wendy's Co. | 174,210 | 3,255,985 | ||||||
| Under Armour, Inc., Class C (b) | 540,350 | 3,220,486 | ||||||
| 22,415,603 | ||||||||
| Consumer Staples (2.0%): | ||||||||
| U.S. Foods Holding Corp. (b) | 245,120 | 6,480,973 | ||||||
| Energy (4.9%): | ||||||||
| California Resources Corp. | 96,030 | 3,690,433 | ||||||
| Comstock Resources, Inc. (a)(b) | 102,000 | 1,763,580 | ||||||
| Northern Oil and Gas, Inc. | 120,340 | 3,298,519 | ||||||
| PDC Energy, Inc. | 39,860 | 2,303,509 | ||||||
| Plains GP Holdings LP, Class A | 420,170 | 4,584,055 | ||||||
| 15,640,096 | ||||||||
| Health Care (5.7%): | ||||||||
| Encompass Health Corp. | 98,460 | 4,453,346 | ||||||
| Halozyme Therapeutics, Inc. (b) | 82,860 | 3,276,285 | ||||||
| The Ensign Group, Inc. (a) | 97,090 | 7,718,655 | ||||||
| Zimvie, Inc. (a)(b) | 283,390 | 2,797,059 | ||||||
| 18,245,345 | ||||||||
| Industrials (12.3%): | ||||||||
| Altra Industrial Motion Corp. | 95,120 | 3,197,934 | ||||||
| Applied Industrial Technologies, Inc. | 51,780 | 5,321,948 | ||||||
| Atkore, Inc. (b) | 25,620 | 1,993,492 | ||||||
| Finning International, Inc. | 133,140 | 2,340,457 | ||||||
| Fluor Corp. (b) | 311,040 | 7,741,786 | ||||||
| H&E Equipment Services, Inc. | 107,060 | 3,034,080 | ||||||
| IAA, Inc. (a)(b) | 157,930 | 5,030,071 | ||||||
| ICF International, Inc. (a) | 53,530 | 5,835,841 | ||||||
| McGrath RentCorp | 32,360 | 2,713,710 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Partners Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Triton International Ltd. | 34,950 | $ | 1,912,813 | |||||
| 39,122,132 | ||||||||
| Information Technology (5.6%): | ||||||||
| ACI Worldwide, Inc. (b) | 113,360 | 2,369,224 | ||||||
| Euronet Worldwide, Inc. (b) | 40,750 | 3,087,220 | ||||||
| NCR Corp. (b) | 130,820 | 2,486,888 | ||||||
| Verint Systems, Inc. (b) | 150,430 | 5,051,440 | ||||||
| Verra Mobility Corp. (a)(b) | 309,920 | 4,763,470 | ||||||
| 17,758,242 | ||||||||
| Insurance (12.7%): | ||||||||
| Globe Life, Inc. | 106,470 | 10,615,059 | ||||||
| Kemper Corp. (a) | 234,400 | 9,671,344 | ||||||
| Primerica, Inc. | 82,453 | 10,178,823 | ||||||
| White Mountains Insurance Group Ltd. | 7,720 | 10,059,314 | ||||||
| 40,524,540 | ||||||||
| Materials (7.9%): | ||||||||
| Axalta Coating Systems Ltd. (b) | 181,770 | 3,828,076 | ||||||
| Constellium SE (b) | 300,220 | 3,044,231 | ||||||
| Graphic Packaging Holding Co. | 467,660 | 9,231,608 | ||||||
| Olin Corp. | 130,320 | 5,588,122 | ||||||
| Summit Materials, Inc., Class A (b) | 149,127 | 3,573,083 | ||||||
| 25,265,120 | ||||||||
| Real Estate (9.2%): | ||||||||
| Corporate Office Properties Trust | 272,310 | 6,325,761 | ||||||
| Easterly Government Properties, Inc. (a) | 161,580 | 2,548,117 | ||||||
| Equity Commonwealth | 263,830 | 6,426,899 | ||||||
| Four Corners Property Trust, Inc. | 356,300 | 8,618,897 | ||||||
| Kennedy-Wilson Holdings, Inc. | 344,070 | 5,319,322 | ||||||
| 29,238,996 | ||||||||
| Utilities (3.2%): | ||||||||
| Black Hills Corp. | 78,655 | 5,327,303 | ||||||
| ONE Gas, Inc. | 69,120 | 4,865,357 | ||||||
| 10,192,660 | ||||||||
| Total Common Stocks (Cost $287,475,107) | 302,376,452 | |||||||
| Preferred Stocks (0.2%) | ||||||||
| Health Care (0.2%): | ||||||||
| WellDoc, Inc. Series B (c)(d) | 1,587,483 | 587,369 | ||||||
| Total Preferred Stocks (Cost $1,942,921) | 587,369 | |||||||
| Collateral for Securities Loaned (3.8%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (e) | 261,363 | 261,363 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (e) | 175,920 | 175,920 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (e) | 130,433 | 130,433 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (e) | 5,938,566 | 5,938,566 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (e) | 260,422 | 260,422 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (e) | 707,132 | 707,132 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Partners Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (e) | 4,676,197 | $ | 4,676,197 | |||||
| Total Collateral for Securities Loaned (Cost $12,150,033) | 12,150,033 | |||||||
| Total Investments (Cost $301,568,061) — 98.8% | 315,113,854 | |||||||
| Other assets in excess of liabilities — 1.2% | 3,766,558 | |||||||
| NET ASSETS - 100.00% | $ | 318,880,412 |
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.2% of net assets. |
| (e) | Rate disclosed is the daily yield on September 30, 2022. |
| LP—Limited Partnership |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Value Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (96.1%) | ||||||||
| Banks (1.7%): | ||||||||
| KeyCorp | 284,270 | $ | 4,554,005 | |||||
| Capital Markets (9.5%): | ||||||||
| Cboe Global Markets, Inc. | 48,440 | 5,685,403 | ||||||
| Federated Hermes, Inc. | 268,140 | 8,880,797 | ||||||
| Interactive Brokers Group, Inc. | 109,630 | 7,006,453 | ||||||
| State Street Corp. | 58,720 | 3,570,763 | ||||||
| 25,143,416 | ||||||||
| Communication Services (2.2%): | ||||||||
| Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 83,130 | 3,134,832 | ||||||
| World Wrestling Entertainment, Inc., Class A (b) | 39,450 | 2,768,207 | ||||||
| 5,903,039 | ||||||||
| Consumer Discretionary (7.7%): | ||||||||
| Carter's, Inc. (b) | 28,750 | 1,883,987 | ||||||
| Darden Restaurants, Inc. | 29,800 | 3,764,336 | ||||||
| LKQ Corp. | 132,190 | 6,232,759 | ||||||
| O'Reilly Automotive, Inc. (a) | 3,440 | 2,419,524 | ||||||
| The Wendy's Co. | 234,570 | 4,384,113 | ||||||
| Toll Brothers, Inc. | 42,880 | 1,800,960 | ||||||
| 20,485,679 | ||||||||
| Consumer Staples (3.4%): | ||||||||
| Keurig Dr Pepper, Inc. | 108,885 | 3,900,261 | ||||||
| U.S. Foods Holding Corp. (a) | 195,230 | 5,161,881 | ||||||
| 9,062,142 | ||||||||
| Energy (4.5%): | ||||||||
| Baker Hughes Co. | 108,320 | 2,270,387 | ||||||
| Chesapeake Energy Corp. (b) | 37,460 | 3,529,107 | ||||||
| Marathon Oil Corp. | 135,030 | 3,048,977 | ||||||
| Ovintiv, Inc. | 68,560 | 3,153,760 | ||||||
| 12,002,231 | ||||||||
| Health Care (7.3%): | ||||||||
| Encompass Health Corp. | 67,580 | 3,056,644 | ||||||
| Halozyme Therapeutics, Inc. (a) | 72,950 | 2,884,443 | ||||||
| Humana, Inc. | 17,080 | 8,287,045 | ||||||
| Zimmer Biomet Holdings, Inc. | 48,500 | 5,070,675 | ||||||
| 19,298,807 | ||||||||
| Industrials (15.1%): | ||||||||
| AGCO Corp. | 33,790 | 3,249,584 | ||||||
| Crane Holdings Co. | 33,310 | 2,915,957 | ||||||
| Curtiss-Wright Corp. (b) | 21,390 | 2,976,633 | ||||||
| Fluor Corp. (a) | 255,380 | 6,356,408 | ||||||
| IAA, Inc. (a) | 125,340 | 3,992,079 | ||||||
| L3Harris Technologies, Inc. | 7,340 | 1,525,472 | ||||||
| Leidos Holdings, Inc. | 48,450 | 4,237,922 | ||||||
| nVent Electric PLC | 67,890 | 2,146,003 | ||||||
| Parker-Hannifin Corp. | 12,130 | 2,939,220 | ||||||
| Sensata Technologies Holding PLC | 125,240 | 4,668,947 | ||||||
| The Timken Co. | 69,510 | 4,103,871 | ||||||
| Triton International Ltd. | 19,400 | 1,061,762 | ||||||
| 40,173,858 | ||||||||
| Information Technology (7.0%): | ||||||||
| Euronet Worldwide, Inc. (a) | 34,263 | 2,595,765 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Value Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fiserv, Inc. (a) | 72,430 | $ | 6,777,275 | |||||
| Global Payments, Inc. | 27,540 | 2,975,697 | ||||||
| NCR Corp. (a) | 130,680 | 2,484,227 | ||||||
| Verint Systems, Inc. (a) | 113,330 | 3,805,621 | ||||||
| 18,638,585 | ||||||||
| Insurance (15.6%): | ||||||||
| Fairfax Financial Holdings Ltd. | 20,810 | 9,505,373 | ||||||
| Globe Life, Inc. | 110,010 | 10,967,997 | ||||||
| Markel Corp. (a) | 4,840 | 5,247,625 | ||||||
| The Progressive Corp. | 84,060 | 9,768,612 | ||||||
| White Mountains Insurance Group Ltd. | 4,630 | 6,032,983 | ||||||
| 41,522,590 | ||||||||
| Materials (7.2%): | ||||||||
| Graphic Packaging Holding Co. | 381,580 | 7,532,389 | ||||||
| Olin Corp. | 87,910 | 3,769,581 | ||||||
| Sealed Air Corp. | 124,040 | 5,521,021 | ||||||
| Summit Materials, Inc., Class A (a) | 94,340 | 2,260,386 | ||||||
| 19,083,377 | ||||||||
| Real Estate (7.2%): | ||||||||
| Equity Commonwealth | 237,070 | 5,775,025 | ||||||
| Equity LifeStyle Properties, Inc. | 58,270 | 3,661,687 | ||||||
| Invitation Homes, Inc. | 153,970 | 5,199,567 | ||||||
| National Retail Properties, Inc. | 108,770 | 4,335,572 | ||||||
| 18,971,851 | ||||||||
| Utilities (7.7%): | ||||||||
| Constellation Energy Corp. | 17,690 | 1,471,631 | ||||||
| Evergy, Inc. | 54,480 | 3,236,112 | ||||||
| FirstEnergy Corp. | 65,580 | 2,426,460 | ||||||
| The AES Corp. | 189,110 | 4,273,886 | ||||||
| Vistra Corp. | 432,160 | 9,075,360 | ||||||
| 20,483,449 | ||||||||
| Total Common Stocks (Cost $242,913,392) | 255,323,029 | |||||||
| Collateral for Securities Loaned (1.2%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 67,617 | 67,617 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 45,512 | 45,512 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 33,744 | 33,744 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 1,536,364 | 1,536,364 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 67,374 | 67,374 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 182,942 | 182,942 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 1,209,777 | 1,209,777 | ||||||
| Total Collateral for Securities Loaned (Cost $3,143,330) | 3,143,330 | |||||||
| Total Investments (Cost $246,056,722) — 97.3% | 258,466,359 | |||||||
| Other assets in excess of liabilities — 2.7% | 7,141,698 | |||||||
| NET ASSETS - 100.00% | $ | 265,608,057 |
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Large Cap Alpha Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (95.5%) | ||||||||
| Communication Services (2.5%): | ||||||||
| Alphabet, Inc., Class A (a) | 46,060 | $ | 4,405,639 | |||||
| Meta Platforms, Inc., Class A (a) | 46,760 | 6,344,397 | ||||||
| 10,750,036 | ||||||||
| Consumer Discretionary (4.5%): | ||||||||
| Darden Restaurants, Inc. | 39,420 | 4,979,534 | ||||||
| LKQ Corp. | 213,090 | 10,047,194 | ||||||
| Target Corp. | 29,150 | 4,325,568 | ||||||
| 19,352,296 | ||||||||
| Consumer Staples (7.1%): | ||||||||
| Keurig Dr Pepper, Inc. | 265,360 | 9,505,195 | ||||||
| Lamb Weston Holdings, Inc. | 60,620 | 4,690,776 | ||||||
| Mondelez International, Inc., Class A | 175,300 | 9,611,699 | ||||||
| U.S. Foods Holding Corp. (a) | 271,130 | 7,168,677 | ||||||
| 30,976,347 | ||||||||
| Energy (6.6%): | ||||||||
| Enterprise Products Partners LP | 402,790 | 9,578,346 | ||||||
| Hess Corp. | 52,660 | 5,739,413 | ||||||
| Marathon Oil Corp. | 361,230 | 8,156,574 | ||||||
| Ovintiv, Inc. | 114,440 | 5,264,240 | ||||||
| 28,738,573 | ||||||||
| Financials (24.9%): | ||||||||
| Cboe Global Markets, Inc. | 120,130 | 14,099,658 | ||||||
| Comerica, Inc. | 236,990 | 16,849,989 | ||||||
| Fairfax Financial Holdings Ltd. | 42,320 | 19,330,484 | ||||||
| Interactive Brokers Group, Inc. | 175,520 | 11,217,483 | ||||||
| JPMorgan Chase & Co. | 62,570 | 6,538,565 | ||||||
| Markel Corp. (a) | 11,470 | 12,436,004 | ||||||
| State Street Corp. | 134,610 | 8,185,634 | ||||||
| The Progressive Corp. | 166,420 | 19,339,668 | ||||||
| 107,997,485 | ||||||||
| Health Care (18.8%): | ||||||||
| AbbVie, Inc. | 82,650 | 11,092,456 | ||||||
| Cigna Corp. | 33,690 | 9,347,964 | ||||||
| Humana, Inc. | 27,320 | 13,255,391 | ||||||
| Johnson & Johnson | 47,780 | 7,805,341 | ||||||
| McKesson Corp. | 14,040 | 4,771,775 | ||||||
| Medtronic PLC | 151,930 | 12,268,347 | ||||||
| Merck & Co., Inc. | 132,680 | 11,426,402 | ||||||
| UnitedHealth Group, Inc. | 23,155 | 11,694,201 | ||||||
| 81,661,877 | ||||||||
| Industrials (11.0%): | ||||||||
| Eaton Corp. PLC | 37,260 | 4,968,994 | ||||||
| FedEx Corp. | 24,360 | 3,616,729 | ||||||
| Johnson Controls International PLC | 136,750 | 6,730,835 | ||||||
| L3Harris Technologies, Inc. | 24,040 | 4,996,233 | ||||||
| Leidos Holdings, Inc. | 84,170 | 7,362,350 | ||||||
| PACCAR, Inc. | 38,650 | 3,234,619 | ||||||
| Raytheon Technologies Corp. | 59,462 | 4,867,559 | ||||||
| Sensata Technologies Holding PLC | 204,940 | 7,640,163 | ||||||
| Union Pacific Corp. | 21,560 | 4,200,319 | ||||||
| 47,617,801 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Large Cap Alpha Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Information Technology (6.4%): | ||||||||
| Euronet Worldwide, Inc. (a) | 56,510 | $ | 4,281,198 | |||||
| Fidelity National Information Services, Inc. | 161,470 | 12,202,288 | ||||||
| FleetCor Technologies, Inc. (a) | 30,080 | 5,299,194 | ||||||
| Global Payments, Inc. | 55,990 | 6,049,719 | ||||||
| 27,832,399 | ||||||||
| Materials (3.5%): | ||||||||
| PPG Industries, Inc. | 53,920 | 5,968,405 | ||||||
| Sealed Air Corp. | 206,982 | 9,212,769 | ||||||
| 15,181,174 | ||||||||
| Real Estate (3.8%): | ||||||||
| Equity LifeStyle Properties, Inc. | 104,120 | 6,542,901 | ||||||
| Invitation Homes, Inc. | 302,090 | 10,201,579 | ||||||
| 16,744,480 | ||||||||
| Utilities (6.4%): | ||||||||
| Constellation Energy Corp. | 57,463 | 4,780,347 | ||||||
| Exelon Corp. | 199,280 | 7,465,029 | ||||||
| Vistra Corp. | 741,030 | 15,561,630 | ||||||
| 27,807,006 | ||||||||
| Total Common Stocks (Cost $394,717,930) | 414,659,474 | |||||||
| Total Investments (Cost $394,717,930) — 95.5% | 414,659,474 | |||||||
| Other assets in excess of liabilities — 4.5% | 19,558,111 | |||||||
| NET ASSETS - 100.00% | $ | 434,217,585 |
| (a) | Non-income producing security. |
| LP—Limited Partnership |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory RS Investors Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (96.1%) | ||||||||
| Banks (7.1%): | ||||||||
| Comerica, Inc. | 18,000 | $ | 1,279,800 | |||||
| The Bank of NT Butterfield & Son Ltd. | 33,310 | 1,081,243 | ||||||
| 2,361,043 | ||||||||
| Capital Markets (8.0%): | ||||||||
| Cboe Global Markets, Inc. | 11,890 | 1,395,529 | ||||||
| Federated Hermes, Inc. | 38,300 | 1,268,496 | ||||||
| 2,664,025 | ||||||||
| Communication Services (1.5%): | ||||||||
| Meta Platforms, Inc., Class A (a) | 3,810 | 516,941 | ||||||
| Consumer Discretionary (3.0%): | ||||||||
| LKQ Corp. | 21,000 | 990,150 | ||||||
| Consumer Staples (5.2%): | ||||||||
| Keurig Dr Pepper, Inc. | 19,300 | 691,326 | ||||||
| U.S. Foods Holding Corp. (a) | 38,870 | 1,027,723 | ||||||
| 1,719,049 | ||||||||
| Energy (6.1%): | ||||||||
| Northern Oil and Gas, Inc. | 33,790 | 926,184 | ||||||
| PDC Energy, Inc. | 19,110 | 1,104,367 | ||||||
| 2,030,551 | ||||||||
| Health Care (11.9%): | ||||||||
| Humana, Inc. | 2,730 | 1,324,569 | ||||||
| Medtronic PLC | 10,990 | 887,442 | ||||||
| Merck & Co., Inc. | 11,480 | 988,658 | ||||||
| Zimmer Biomet Holdings, Inc. | 7,460 | 779,943 | ||||||
| 3,980,612 | ||||||||
| Industrials (9.2%): | ||||||||
| Fluor Corp. (a) | 50,340 | 1,252,963 | ||||||
| IAA, Inc. (a) | 26,790 | 853,261 | ||||||
| Sensata Technologies Holding PLC | 25,660 | 956,605 | ||||||
| 3,062,829 | ||||||||
| Information Technology (8.3%): | ||||||||
| Euronet Worldwide, Inc. (a) | 8,090 | 612,898 | ||||||
| Fidelity National Information Services, Inc. | 15,330 | 1,158,488 | ||||||
| Verint Systems, Inc. (a) | 29,800 | 1,000,684 | ||||||
| 2,772,070 | ||||||||
| Insurance (20.7%): | ||||||||
| Fairfax Financial Holdings Ltd. | 3,120 | 1,425,121 | ||||||
| Markel Corp. (a) | 920 | 997,482 | ||||||
| The Progressive Corp. | 10,810 | 1,256,230 | ||||||
| White Mountains Insurance Group Ltd. | 1,350 | 1,759,077 | ||||||
| Willis Towers Watson PLC | 7,270 | 1,460,834 | ||||||
| 6,898,744 | ||||||||
| Materials (8.7%): | ||||||||
| Graphic Packaging Holding Co. | 66,570 | 1,314,092 | ||||||
| Olin Corp. | 23,660 | 1,014,540 | ||||||
| Sealed Air Corp. | 13,190 | 587,087 | ||||||
| 2,915,719 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory RS Investors Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Real Estate (1.9%): | ||||||||
| Four Corners Property Trust, Inc. | 26,680 | $ | 645,389 | |||||
| Utilities (4.5%): | ||||||||
| Vistra Corp. | 71,580 | 1,503,180 | ||||||
| Total Common Stocks (Cost $32,383,686) | 32,060,302 | |||||||
| Total Investments (Cost $32,383,686) — 96.1% | 32,060,302 | |||||||
| Other assets in excess of liabilities — 3.9% | 1,287,839 | |||||||
| NET ASSETS - 100.00% | $ | 33,348,141 |
| (a) | Non-income producing security. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Global Energy Transition Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (91.4%) | ||||||||
| Chemicals (4.8%): | ||||||||
| Linde PLC | 67,972 | $ | 18,324,571 | |||||
| Industrials (5.2%): | ||||||||
| Energy Vault Holdings, Inc. (a)(b) | 2,242,117 | 11,838,376 | ||||||
| NuScale Power Corp. (a) | 563,808 | 6,585,278 | ||||||
| NuScale Power Corp. (a)(b) | 142,608 | 1,665,661 | ||||||
| 20,089,315 | ||||||||
| Materials (3.5%): | ||||||||
| Ivanhoe (a)(c) | 1,719,859 | 13,510,920 | ||||||
| Metals & Mining (43.1%): | ||||||||
| First Quantum Minerals Ltd. | 1,382,412 | 23,470,577 | ||||||
| Iluka Resources Ltd. | 2,832,597 | 16,323,651 | ||||||
| Ivanhoe Electric, Inc. (a) | 833,311 | 6,874,816 | ||||||
| Newmont Corp. | 431,075 | 18,118,082 | ||||||
| Norsk Hydro ASA | 2,323,078 | 12,503,609 | ||||||
| Sunrise Energy Metals, Ltd. (a)(b) | 5,170,463 | 7,916,899 | ||||||
| Turquoise Hill Resources Ltd. (a)(b) | 2,685,489 | 79,409,910 | ||||||
| 164,617,544 | ||||||||
| Oil, Gas & Consumable Fuels (30.1%): | ||||||||
| Antero Resources Corp. (a) | 303,524 | 9,266,588 | ||||||
| Cameco Corp. | 1,195,215 | 31,723,561 | ||||||
| Cheniere Energy, Inc. | 24,196 | 4,014,358 | ||||||
| Enterprise Products Partners LP | 744,130 | 17,695,411 | ||||||
| Peyto Exploration & Development Corp. | 428,461 | 3,418,506 | ||||||
| Range Resources Corp. | 148,744 | 3,757,274 | ||||||
| Tourmaline Oil Corp. | 172,104 | 8,945,371 | ||||||
| Whitecap Resources, Inc. | 5,742,008 | 36,334,455 | ||||||
| 115,155,524 | ||||||||
| Utilities (4.7%): | ||||||||
| NextEra Energy, Inc. | 226,960 | 17,795,934 | ||||||
| Total Common Stocks (Cost $277,155,735) | 349,493,808 | |||||||
| Preferred Stocks (0.3%) | ||||||||
| Energy (0.3%): | ||||||||
| Energy Vault SA (a)(c)(d)(e) | 248,310 | 1,311,077 | ||||||
| Total Preferred Stocks (Cost $2,323,956) | 1,311,077 | |||||||
| Collateral for Securities Loaned (2.4%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f) | 196,340 | 196,340 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f) | 132,154 | 132,154 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f) | 97,983 | 97,983 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (f) | 4,461,140 | 4,461,140 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f) | 195,633 | 195,633 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f) | 531,208 | 531,208 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Global Energy Transition Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f) | 3,512,830 | $ | 3,512,830 | |||||
| Total Collateral for Securities Loaned (Cost $9,127,288) | 9,127,288 | |||||||
| Total Investments (Cost $288,606,979) — 94.1% | 359,932,173 | |||||||
| Other assets in excess of liabilities — 5.9% | 22,308,659 | |||||||
| NET ASSETS - 100.00% | $ | 382,240,832 |
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 3.9% of net assets. |
| (d) | Restricted security that is not registered under the Securities Act of 1933. |
| (e) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022: |
| Security Name | Acquisition Date | Cost | ||||
| Energy Vault SA | 8/24/2021 | $ | 2,323,956 | |||
| (f) | Rate disclosed is the daily yield on September 30, 2022. |
| LP—Limited Partnership |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (5.4%) | ||||||||
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 | $ | 125,000 | $ | 121,072 | ||||
| GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 2/16/25 @ 100 | 105,000 | 95,592 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 12/15/23 @ 100 | 100,000 | 95,705 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 3/20/24 @ 100 (a) | 287,000 | 270,290 | ||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 11/10/23 @ 100 (a) | 81,000 | 78,031 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 1/15/24 @ 100 (a) | 142,000 | 136,214 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/24 @ 100 (a) | 136,000 | 128,768 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 9/15/24 @ 100 (a) | 106,000 | 100,479 | ||||||
| Total Asset-Backed Securities (Cost $1,081,903) | 1,026,151 | |||||||
| Collateralized Mortgage Obligations (8.1%) | ||||||||
| BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 | 130,000 | 104,208 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58, Callable 5/10/26 @ 100 | 44,000 | 41,034 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 1/10/26 @ 100 | 53,001 | 50,084 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100 | 116,000 | 109,810 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53, Callable 2/15/30 @ 100 | 117,000 | 96,267 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 | 85,000 | 77,996 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 5/10/26 @ 100 | 50,000 | 47,827 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 5/15/26 @ 100 | 56,000 | 53,515 | ||||||
| COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 | 65,000 | 62,217 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 5/15/25 @ 100 | 73,000 | 69,685 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 8/15/25 @ 100 | 120,000 | 114,773 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48, Callable 11/15/25 @ 100 | 54,000 | 51,527 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 11/15/26 @ 100 | 48,000 | 44,548 | ||||||
| GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 5/10/26 @ 100 | 57,000 | 52,821 | ||||||
| GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 | 57,000 | 54,259 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 | $ | 131,000 | $ | 119,613 | ||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 | 49,483 | 47,227 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 4/15/25 @ 100 | 68,000 | 64,557 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 1/15/27 @ 100 | 55,000 | 51,535 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 10/15/26 @ 100 | 51,000 | 46,728 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 5/15/25 @ 100 | 67,000 | 64,082 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 | 57,000 | 54,363 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 8/15/25 @ 100 | 62,000 | 59,119 | ||||||
| Total Collateralized Mortgage Obligations (Cost $1,698,533) | 1,537,795 | |||||||
| Convertible Corporate Bonds (8.1%) | ||||||||
| Consumer Discretionary (1.5%): | ||||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 (b) | 120,000 | 144,330 | ||||||
| Expedia Group, Inc., 2/15/26(c) | 120,000 | 104,662 | ||||||
| Ford Motor Co., 3/15/26(c) | 40,000 | 36,759 | ||||||
| 285,751 | ||||||||
| Energy (0.7%): | ||||||||
| Pioneer Natural Resources Co., 0.25%, 5/15/25 | 60,000 | 130,239 | ||||||
| Financials (1.7%): | ||||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 135,000 | 137,928 | ||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (c) | 45,000 | 57,301 | ||||||
| 2/18/25 (c) | 30,000 | 30,348 | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (a) | 100,000 | 101,894 | ||||||
| 327,471 | ||||||||
| Health Care (1.2%): | ||||||||
| Anthem, Inc., 2.75%, 10/15/42 | 17,000 | 109,920 | ||||||
| Illumina, Inc., 8/15/23(c) | 110,000 | 105,555 | ||||||
| 215,475 | ||||||||
| Industrials (0.7%): | ||||||||
| Southwest Airlines Co., 1.25%, 5/1/25 | 115,000 | 131,668 | ||||||
| Information Technology (2.0%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | 50,000 | 50,954 | ||||||
| Block, Inc., 0.25%, 11/1/27 | 20,000 | 14,423 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (b) | 125,000 | 112,702 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 40,000 | 37,140 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 170,000 | 161,753 | ||||||
| 376,972 | ||||||||
| Real Estate (0.3%): | ||||||||
| Kite Realty Group LP, 0.75%, 4/1/27 (a) | 70,000 | 59,065 | ||||||
| Total Convertible Corporate Bonds (Cost $1,568,793) | 1,526,641 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Convertible Preferred Stocks (3.5%) | ||||||||
| Financials (1.6%): | ||||||||
| Bank of America Corp., Series L, 7.25% (d) | $ | 112 | $ | 131,376 | ||||
| KKR & Co., Inc., Series C, 9/15/23, 6.00% | 990 | 53,876 | ||||||
| Wells Fargo & Co., Series L, 7.50% (d) | 95 | 114,380 | ||||||
| 299,632 | ||||||||
| Health Care (0.1%): | ||||||||
| Danaher Corp., Series B, 4/15/23, 5.00% (b) | 17 | 22,907 | ||||||
| Industrials (0.3%): | ||||||||
| Stanley Black & Decker, Inc., 11/15/22, 5.25% | 1,201 | 59,233 | ||||||
| Utilities (1.5%): | ||||||||
| American Electric Power Co., Inc., 8/15/23, 6.13% (b) | 655 | 32,423 | ||||||
| CenterPoint Energy, Inc., 9/15/29, 3.37% | 455 | 14,389 | ||||||
| DTE Energy Co., 11/1/22, 6.25% | 1,765 | 88,497 | ||||||
| NextEra Energy, Inc., 3/1/23, 5.28% | 2,875 | 143,118 | ||||||
| NiSource, Inc., 3/1/24, 7.75% | 85 | 8,550 | ||||||
| 286,977 | ||||||||
| Total Convertible Preferred Stocks (Cost $816,386) | 668,749 | |||||||
| Corporate Bonds (40.5%) | ||||||||
| Communication Services (2.0%): | ||||||||
| AT&T, Inc. | ||||||||
| 4.25%, 3/1/27, Callable 12/1/26 @ 100 | 46,000 | 44,136 | ||||||
| 5.15%, 11/15/46, Callable 5/15/46 @ 100 | 126,000 | 109,970 | ||||||
| CenturyLink, Inc., 6.75%, 12/1/23 (b) | 50,000 | 51,059 | ||||||
| Comcast Corp., 3.45%, 2/1/50, Callable 8/1/49 @ 100 | 70,000 | 48,810 | ||||||
| Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (a) | 62,000 | 50,580 | ||||||
| T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100 | 81,000 | 71,782 | ||||||
| 376,337 | ||||||||
| Consumer Discretionary (5.0%): | ||||||||
| Aptiv PLC, 5.40%, 3/15/49, Callable 9/15/48 @ 100 | 34,000 | 27,848 | ||||||
| Aptiv PLC/Aptiv Corp., 3.25%, 3/1/32, Callable 12/1/31 @ 100 | 80,000 | 63,486 | ||||||
| Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 | 48,000 | 39,994 | ||||||
| General Motors Co., 4.88%, 10/2/23 | 96,000 | 95,594 | ||||||
| General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 | 49,000 | 48,747 | ||||||
| Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 | 93,000 | 88,071 | ||||||
| Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 | 27,000 | 26,200 | ||||||
| Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 78,000 | 62,612 | ||||||
| NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 (b) | 73,000 | 59,111 | ||||||
| NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100 | 118,000 | 96,241 | ||||||
| O'Reilly Automotive, Inc., 4.70%, 6/15/32, Callable 3/15/32 @ 100 | 69,000 | 64,670 | ||||||
| PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 | 100,000 | 97,215 | ||||||
| Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100 | 70,000 | 67,647 | ||||||
| The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100 (b) | 66,000 | 53,317 | ||||||
| Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 | 73,000 | 58,182 | ||||||
| 948,935 | ||||||||
| Consumer Staples (2.1%): | ||||||||
| 7-Eleven, Inc., 0.80%, 2/10/24, Callable 11/14/22 @ 100 (a) | 156,000 | 147,573 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 | $ | 75,000 | $ | 55,402 | ||||
| Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 50,000 | 39,326 | ||||||
| Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 | 52,000 | 43,463 | ||||||
| Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100 | 92,000 | 77,658 | ||||||
| Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 | 39,000 | 34,640 | ||||||
| 398,062 | ||||||||
| Energy (3.7%): | ||||||||
| Continental Resources, Inc. | ||||||||
| 4.50%, 4/15/23, Callable 1/15/23 @ 100 | 113,000 | 112,383 | ||||||
| 2.27%, 11/15/26, Callable 11/15/23 @ 100 (a) | 93,000 | 79,479 | ||||||
| EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 | 65,000 | 60,751 | ||||||
| HollyFrontier Corp., 2.63%, 10/1/23 | 116,000 | 111,040 | ||||||
| Marathon Oil Corp., 6.60%, 10/1/37 | 105,000 | 102,155 | ||||||
| Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 | 84,000 | 64,325 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 11/14/22 @ 100 | 120,000 | 119,073 | ||||||
| Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100 | 66,000 | 56,145 | ||||||
| 705,351 | ||||||||
| Financials (10.6%): | ||||||||
| Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100 | 10,000 | 8,808 | ||||||
| Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 55,000 | 49,115 | ||||||
| American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100 (e) | 103,000 | 96,352 | ||||||
| Bank of America Corp. | ||||||||
| 4.20%, 8/26/24, MTN | 51,000 | 50,200 | ||||||
| 3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN | 100,000 | 89,717 | ||||||
| 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (e) | 120,000 | 91,873 | ||||||
| Capital One Financial Corp. | ||||||||
| 4.93% (SOFR+206bps), 5/10/28, Callable 5/10/27 @ 100 (e) | 60,000 | 57,112 | ||||||
| 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (e) | 146,000 | 103,701 | ||||||
| Cincinnati Financial Corp., 6.13%, 11/1/34 | 75,000 | 76,791 | ||||||
| Citigroup, Inc. | ||||||||
| 3.88%, 3/26/25 | 35,000 | 33,608 | ||||||
| 4.60%, 3/9/26 | 36,000 | 34,809 | ||||||
| 4.45%, 9/29/27 | 63,000 | 58,442 | ||||||
| Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 | 200,000 | 187,894 | ||||||
| Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 110,000 | 85,404 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.95%, 10/1/26, Callable 7/1/26 @ 100 (b) | 170,000 | 155,931 | ||||||
| 2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (e) | 135,000 | 102,626 | ||||||
| 5.72% (SOFR+258bps), 9/14/33, Callable 9/14/32 @ 100 (e) | 74,000 | 69,917 | ||||||
| 5.60%, 7/15/41 | 27,000 | 25,659 | ||||||
| Morgan Stanley, 3.13%, 7/27/26, MTN | 205,000 | 188,938 | ||||||
| Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 | 42,000 | 29,446 | ||||||
| Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 | 89,000 | 73,124 | ||||||
| SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 | 164,000 | 132,645 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.30%, 7/22/27, MTN | 180,000 | 168,529 | ||||||
| 4.90%, 11/17/45 | 55,000 | 44,961 | ||||||
| 2,015,602 | ||||||||
| Health Care (4.6%): | ||||||||
| AbbVie, Inc. | ||||||||
| 3.20%, 11/21/29, Callable 8/21/29 @ 100 | 66,000 | 57,908 | ||||||
| 4.45%, 5/14/46, Callable 11/14/45 @ 100 | 62,000 | 50,639 | ||||||
| Anthem, Inc., 2.38%, 1/15/25, Callable 12/15/24 @ 100 | 65,000 | 61,316 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 | $ | 141,000 | $ | 109,681 | ||||
| Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 | 73,000 | 66,728 | ||||||
| HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 | 73,000 | 64,330 | ||||||
| Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (a) | 114,000 | 93,653 | ||||||
| Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 | 91,000 | 80,500 | ||||||
| Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 | 63,000 | 38,046 | ||||||
| Universal Health Services, Inc. | ||||||||
| 1.65%, 9/1/26, Callable 8/1/26 @ 100 (a) | 154,000 | 129,032 | ||||||
| 2.65%, 10/15/30, Callable 7/15/30 @ 100 (a) | 44,000 | 32,498 | ||||||
| Viatris, Inc. | ||||||||
| 2.30%, 6/22/27, Callable 4/22/27 @ 100 | 40,000 | 32,666 | ||||||
| 4.00%, 6/22/50, Callable 12/22/49 @ 100 | 75,000 | 44,815 | ||||||
| 861,812 | ||||||||
| Industrials (4.1%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 37,000 | 27,424 | ||||||
| Air Lease Corp. | ||||||||
| 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN | 120,000 | 112,141 | ||||||
| 0.80%, 8/18/24, Callable 7/18/24 @ 100 | 58,000 | 52,915 | ||||||
| CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 | 49,000 | 34,438 | ||||||
| Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 | 130,000 | 128,715 | ||||||
| Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 | 195,000 | 182,415 | ||||||
| Norfolk Southern Corp. | ||||||||
| 2.30%, 5/15/31, Callable 2/15/31 @ 100 | 40,000 | 32,036 | ||||||
| 2.90%, 8/25/51, Callable 2/25/51 @ 100 | 50,000 | 31,670 | ||||||
| Northrop Grumman Corp., 5.25%, 5/1/50, Callable 11/1/49 @ 100 (b) | 45,000 | 43,063 | ||||||
| Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 | 60,000 | 48,328 | ||||||
| Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 57,000 | 44,966 | ||||||
| Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 | 56,000 | 47,577 | ||||||
| 785,688 | ||||||||
| Information Technology (2.3%): | ||||||||
| Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 | 53,000 | 49,405 | ||||||
| Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 | 123,000 | 114,326 | ||||||
| Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 | 167,000 | 158,493 | ||||||
| NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (a) | 38,000 | 28,827 | ||||||
| Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 | 51,000 | 43,637 | ||||||
| Western Digital Corp., 2.85%, 2/1/29, Callable 12/1/28 @ 100 | 53,000 | 41,193 | ||||||
| 435,881 | ||||||||
| Materials (0.4%): | ||||||||
| Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100 | 36,000 | 27,347 | ||||||
| The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25 (b) | 66,000 | 47,990 | ||||||
| 75,337 | ||||||||
| Real Estate (4.1%): | ||||||||
| Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100 | 56,000 | 40,915 | ||||||
| Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100 | 285,000 | 284,875 | ||||||
| Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (a) | 48,000 | 39,798 | ||||||
| Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100 (b) | 155,000 | 146,712 | ||||||
| Physicians Realty LP | ||||||||
| 3.95%, 1/15/28, Callable 10/15/27 @ 100 | 60,000 | 54,235 | ||||||
| 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 48,000 | 36,489 | ||||||
| Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 | 49,000 | 38,773 | ||||||
| Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 | 65,000 | 61,017 | ||||||
| Spirit Realty LP, 3.20%, 1/15/27, Callable 11/15/26 @ 100 | 92,000 | 80,875 | ||||||
| 783,689 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Utilities (1.6%): | ||||||||
| Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 | $ | 100,000 | $ | 76,555 | ||||
| Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 | 40,000 | 41,130 | ||||||
| Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 | 105,000 | 96,379 | ||||||
| Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100 | 65,000 | 50,913 | ||||||
| Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 | 47,000 | 30,339 | ||||||
| 295,316 | ||||||||
| Total Corporate Bonds (Cost $9,076,351) | 7,682,010 | |||||||
| Residential Mortgage-Backed Securities (0.3%) | ||||||||
| Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 4.40% (LIBOR01M+132bps), 10/25/32, Callable 10/25/22 @ 100 (e) | 48,889 | 48,907 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $48,024) | 48,907 | |||||||
| Yankee Dollars (9.8%) | ||||||||
| Communication Services (0.4%): | ||||||||
| Vodafone Group PLC, 5.25%, 5/30/48 | 89,000 | 73,274 | ||||||
| Consumer Staples (4.5%): | ||||||||
| Barry Callebaut Services NV, 5.50%, 6/15/23 (a) | 275,000 | 274,975 | ||||||
| Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a) | 400,000 | 396,228 | ||||||
| Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100 (a) | 200,000 | 186,318 | ||||||
| 857,521 | ||||||||
| Energy (1.1%): | ||||||||
| Ecopetrol SA, 5.88%, 9/18/23 | 133,000 | 132,049 | ||||||
| Statoil ASA, 3.95%, 5/15/43 | 20,000 | 16,280 | ||||||
| Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 | 85,000 | 60,739 | ||||||
| 209,068 | ||||||||
| Financials (1.9%): | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 | 150,000 | 149,886 | ||||||
| HSBC Holdings PLC, 2.87% (SOFR+141bps), 11/22/32, Callable 11/22/31 @ 100 (e) | 200,000 | 145,842 | ||||||
| Newcrest Finance Pty Ltd. | ||||||||
| 5.75%, 11/15/41 (a) | 45,000 | 40,742 | ||||||
| 4.20%, 5/13/50, Callable 11/13/49 @ 100 (a) | 25,000 | 18,520 | ||||||
| 354,990 | ||||||||
| Industrials (0.3%): | ||||||||
| Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 | 60,000 | 43,076 | ||||||
| Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100 | 33,000 | 21,764 | ||||||
| 64,840 | ||||||||
| Materials (1.4%): | ||||||||
| Anglo American Capital PLC, 2.88%, 3/17/31, Callable 12/17/30 @ 100 (a) | 200,000 | 155,562 | ||||||
| Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 | 50,000 | 48,488 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Vale Overseas Ltd., 6.25%, 8/10/26 | $ | 63,000 | $ | 63,717 | ||||
| 267,767 | ||||||||
| Utilities (0.2%): | ||||||||
| Iberdrola International BV, 6.75%, 9/15/33 | 35,000 | 36,179 | ||||||
| Total Yankee Dollars (Cost $2,127,122) | 1,863,639 | |||||||
| U.S. Government Mortgage-Backed Agencies (26.1%) | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 5.00%, 6/15/23 | 2,076 | 2,074 | ||||||
| Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 | 152,563 | 135,491 | ||||||
| 5.50%, 6/1/38 | 16,188 | 16,603 | ||||||
| 7.00%, 9/1/38 | 4,544 | 4,865 | ||||||
| Series 4320, Class AP, 3.50%, 7/15/39 - 3/1/52 | 375,120 | 342,131 | ||||||
| Series 4444, Class CH, 3.00%, 1/15/41 | 6,778 | 6,745 | ||||||
| 2.00%, 3/1/51 | 239,705 | 194,432 | ||||||
| 4.00%, 6/1/52 | 391,104 | 362,746 | ||||||
| 4.50%, 6/1/52 | 522,420 | 497,500 | ||||||
| 1,562,587 | ||||||||
| Federal National Mortgage Association | ||||||||
| 7.00%, 8/1/23 - 6/1/32 | 12,196 | 13,026 | ||||||
| 7.50%, 12/1/29 - 2/1/31 | 9,788 | 10,259 | ||||||
| 8.00%, 6/1/30 - 9/1/30 | 7,352 | 7,857 | ||||||
| Series 2005-19, Class PB, 5.50%, 3/25/35 - 1/1/38 | 173,071 | 177,201 | ||||||
| 1.91% (LIBOR12M+166bps), 12/1/36 (e) | 23,982 | 23,695 | ||||||
| 6.00%, 2/1/37 | 39,336 | 41,412 | ||||||
| Series 2013-33, Class UD, 2.50%, 4/25/39 - 7/1/51 | 716,970 | 612,459 | ||||||
| Series 2011-21, Class PA, 4.50%, 5/25/40 | 123,767 | 122,945 | ||||||
| 3.50%, 7/1/46 - 12/25/50 | 86,456 | 83,437 | ||||||
| 3.00%, 8/1/46 - 10/1/50 | 895,966 | 787,530 | ||||||
| 4.00%, 10/1/48 | 17,459 | 16,443 | ||||||
| 2.00%, 3/1/51 | 265,474 | 215,417 | ||||||
| 2.00%, 10/25/52 (f) | 500,000 | 404,218 | ||||||
| 2.50%, 10/25/52 (f) | 700,000 | 587,325 | ||||||
| 3.50%, 10/25/52 (f) | 300,000 | 269,614 | ||||||
| 3,372,838 | ||||||||
| Government National Mortgage Association | ||||||||
| 6.00%, 12/15/33 | 7,493 | 7,871 | ||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $5,400,310) | 4,943,296 | |||||||
| U.S. Treasury Obligations (2.1%) | ||||||||
| U.S. Treasury Bonds, 1.25%, 5/15/50 | 315,000 | 176,154 | ||||||
| U.S. Treasury Notes | ||||||||
| 1.63%, 5/15/31 | 50,000 | 41,977 | ||||||
| 1.88%, 2/15/32 | 200,000 | 169,562 | ||||||
| Total U.S. Treasury Obligations (Cost $423,204) | 387,693 | |||||||
| Collateral for Securities Loaned (3.8%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (g) | 15,443 | 15,443 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (g) | 10,394 | 10,394 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Investment Quality Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (g) | 7,707 | $ | 7,707 | |||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (g) | 350,882 | 350,882 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (g) | 15,387 | 15,387 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (g) | 41,781 | 41,781 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (g) | 276,294 | 276,294 | ||||||
| Total Collateral for Securities Loaned (Cost $717,888) | 717,888 | |||||||
| Total Investments (Cost $22,958,514) — 107.7% | 20,402,769 | |||||||
| Liabilities in excess of other assets — (7.7)% | (1,450,071 | ) | ||||||
| NET ASSETS - 100.00% | $ | 18,952,698 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $2,656,104 and amounted to 14.0% of net assets. |
| (b) | All or a portion of this security is on loan. |
| (c) | Zero-coupon bond. |
| (d) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (e) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (f) | Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |
| (g) | Rate disclosed is the daily yield on September 30, 2022. |
| bps—Basis points |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| MTN—Medium Term Note |
| PLC—Public Limited Company |
| SOFR—Secured Overnight Financing Rate |
| Futures Contracts Purchased | |||||||||||||||||
| Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||
| 2-Year U.S. Treasury Note Futures | 2 | 1/02/23 | $ | 417,819 | $ | 410,781 | $ | (7,038 | ) | ||||||||
| 5-Year U.S. Treasury Note Futures | 15 | 1/02/23 | 1,648,083 | 1,612,617 | (35,466 | ) | |||||||||||
| British Pound Futures | 6 | 12/19/22 | 434,685 | 419,288 | (15,397 | ) | |||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 7 | 12/20/22 | 1,047,345 | 959,000 | (88,345 | ) | |||||||||||
| $ | (146,246 | ) | |||||||||||||||
| Futures Contracts Sold | |||||||||||||||||
| Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||
| 10-Year U.S. Treasury Note Futures | 8 | 12/20/22 | $ | 941,660 | $ | 896,500 | $ | 45,160 | |||||||||
| Australian Dollar Futures | 3 | 12/19/22 | 202,385 | 192,465 | 9,920 | ||||||||||||
| Canadian Dollar Futures | 4 | 12/20/22 | 303,561 | 289,580 | 13,981 | ||||||||||||
| Euro FX Futures | 2 | 12/19/22 | 251,925 | 246,538 | 5,387 | ||||||||||||
| Mexican Peso Futures | 10 | 12/19/22 | 245,420 | 245,050 | 370 | ||||||||||||
| Micro E-Mini S&P 500 Index Futures | 29 | 12/16/22 | 592,444 | 522,218 | 70,226 | ||||||||||||
| $ | 145,044 | ||||||||||||||||
| Total unrealized appreciation | $ | 145,044 | |||||||||||||||
| Total unrealized depreciation | (146,246 | ) | |||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (1,202 | ) | ||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) | |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (7.2%) | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 9/18/24 @ 100 | $ | 1,815,000 | $ | 1,690,237 | ||||
| CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 6/15/26, Callable 8/15/24 @ 100 | 434,000 | 399,141 | ||||||
| GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 7/20/23 @ 100 | 1,168,000 | 1,130,031 | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 2/16/25 @ 100 | 886,000 | 806,617 | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/24 @ 100 (a) | 570,255 | 548,642 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 7/15/23 @ 100 | 1,144,000 | 1,125,059 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 9/15/23 @ 100 | 1,125,000 | 1,096,197 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 10/15/23 @ 100 | 915,000 | 882,984 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 3/20/24 @ 100 (a) | 2,200,000 | 2,071,910 | ||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 11/10/23 @ 100 (a) | 731,000 | 704,203 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 1/15/24 @ 100 (a) | 1,230,000 | 1,179,882 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 4/15/24 @ 100 (a) | 1,223,000 | 1,157,969 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 9/15/24 @ 100 (a) | 1,000,000 | 947,915 | ||||||
| Total Asset-Backed Securities (Cost $14,428,561) | 13,740,787 | |||||||
| Collateralized Mortgage Obligations (14.7%) | ||||||||
| Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class A4, 3.71%, 9/15/48, Callable 9/15/25 @ 100 | 1,000,000 | 951,697 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 1/10/48, Callable 1/10/26 @ 100 | 925,000 | 879,174 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 1/10/26 @ 100 | 494,991 | 467,747 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58, Callable 5/10/26 @ 100 | 489,000 | 456,037 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100 | 465,000 | 440,186 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 5/10/26 @ 100 | 1,502,000 | 1,436,731 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 5/15/26 @ 100 | 1,662,000 | 1,588,238 | ||||||
| COMM Mortgage Trust, Series 2013-CR10, Class A4, 4.21%, 8/10/46, Callable 8/10/23 @ 100 (b) | 2,000,000 | 1,986,396 | ||||||
| COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 | 1,219,000 | 1,166,803 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) | |
| Security Description | Principal Amount | Value | ||||||
| CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5, 3.09%, 1/15/49, Callable 5/15/26 @ 100 | $ | 696,000 | $ | 646,171 | ||||
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 8/15/25 @ 100 | 1,280,899 | 1,225,109 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 5/15/25 @ 100 | 667,000 | 636,715 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48, Callable 11/15/25 @ 100 | 539,000 | 514,320 | ||||||
| GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 | 1,624,000 | 1,545,899 | ||||||
| GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 5/10/26 @ 100 | 1,778,000 | 1,647,657 | ||||||
| GS Mortgage Securities Trust, Series 2015-GC32, Class A4, 3.76%, 7/10/48, Callable 7/10/25 @ 100 | 848,000 | 811,762 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A4, 3.77%, 12/15/48, Callable 11/15/25 @ 100 | 1,938,000 | 1,849,990 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 4/15/25 @ 100 | 1,191,000 | 1,130,703 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 | 453,164 | 432,497 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.58%, 3/15/49, Callable 2/15/26 @ 100 | 1,321,000 | 1,248,684 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 5/15/49, Callable 5/15/26 @ 100 | 2,018,000 | 1,887,449 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.64%, 6/15/48, Callable 6/15/25 @ 100 | 1,092,000 | 1,043,896 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.70%, 11/15/48, Callable 11/15/25 @ 100 | 1,593,000 | 1,517,267 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 5/15/25 @ 100 | 732,000 | 700,122 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 | 532,000 | 507,384 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 8/15/25 @ 100 | 1,248,000 | 1,190,003 | ||||||
| Total Collateralized Mortgage Obligations (Cost $29,423,295) | 27,908,637 | |||||||
| Convertible Corporate Bonds (5.0%) | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 (c) | 525,000 | 631,444 | ||||||
| Expedia Group, Inc., 2/15/26 (d) | 590,000 | 514,586 | ||||||
| Ford Motor Co., 3/15/26 (d) | 290,000 | 266,504 | ||||||
| 1,412,534 | ||||||||
| Energy (0.7%): | ||||||||
| Pioneer Natural Resources Co., 0.25%, 5/15/25 | 565,000 | 1,226,412 | ||||||
| Financials (1.1%): | ||||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 730,000 | 745,834 | ||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (d) | 270,000 | 343,807 | ||||||
| 2/18/25 (d) | 230,000 | 232,666 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (a) | $ | 800,000 | $ | 815,152 | ||||
| 2,137,459 | ||||||||
| Health Care (0.6%): | ||||||||
| Anthem, Inc., 2.75%, 10/15/42 | 110,000 | 711,245 | ||||||
| Illumina, Inc., 8/15/23 (d) | 530,000 | 508,583 | ||||||
| 1,219,828 | ||||||||
| Industrials (0.4%): | ||||||||
| Southwest Airlines Co., 1.25%, 5/1/25 | 710,000 | 812,907 | ||||||
| Information Technology (1.2%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | 375,000 | 382,155 | ||||||
| Block, Inc., 0.25%, 11/1/27 | 195,000 | 140,622 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (c) | 730,000 | 658,183 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 225,000 | 208,910 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 995,000 | 946,733 | ||||||
| 2,336,603 | ||||||||
| Real Estate (0.2%): | ||||||||
| Kite Realty Group LP, 0.75%, 4/1/27 (a) | 435,000 | 367,049 | ||||||
| Total Convertible Corporate Bonds (Cost $9,385,747) | 9,512,792 | |||||||
| Convertible Preferred Stocks (2.1%) | ||||||||
| Financials (0.9%): | ||||||||
| Bank of America Corp., Series L, 7.25% (e) | 655 | 768,315 | ||||||
| KKR & Co., Inc., Series C, 9/15/23, 6.00% | 6,495 | 353,458 | ||||||
| Wells Fargo & Co., Series L, 7.50% (e) | 550 | 662,200 | ||||||
| 1,783,973 | ||||||||
| Health Care (0.1%): | ||||||||
| Danaher Corp., Series B, 4/15/23, 5.00% (c) | 146 | 196,733 | ||||||
| Industrials (0.2%): | ||||||||
| Stanley Black & Decker, Inc., 11/15/22, 5.25% | 6,815 | 336,116 | ||||||
| Utilities (0.9%): | ||||||||
| American Electric Power Co., Inc., 8/15/23, 6.13% | 3,530 | 174,735 | ||||||
| CenterPoint Energy, Inc., 9/15/29, 3.37% | 3,880 | 122,705 | ||||||
| DTE Energy Co., 11/1/22, 6.25% | 10,175 | 510,174 | ||||||
| NextEra Energy, Inc., 3/1/23, 5.28% | 14,070 | 700,405 | ||||||
| NiSource, Inc., 3/1/24, 7.75% | 1,710 | 172,009 | ||||||
| 1,680,028 | ||||||||
| Total Convertible Preferred Stocks (Cost $4,844,619) | 3,996,850 | |||||||
| Corporate Bonds (38.3%) | ||||||||
| Communication Services (1.4%): | ||||||||
| CenturyLink, Inc., 6.75%, 12/1/23 (c) | 424,000 | 432,980 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100 | 496,000 | 490,380 | ||||||
| Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100 (c) | 1,388,000 | 1,368,401 | ||||||
| Verizon Communications, Inc., 3.38%, 2/15/25 (c) | 354,000 | 342,446 | ||||||
| 2,634,207 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Consumer Discretionary (3.6%): | ||||||||
| D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 | $ | 3,027,000 | $ | 3,025,940 | ||||
| General Motors Co., 4.88%, 10/2/23 | 1,297,000 | 1,291,514 | ||||||
| General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100 | 1,549,000 | 1,540,635 | ||||||
| Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100 | 1,194,000 | 1,072,881 | ||||||
| 6,930,970 | ||||||||
| Consumer Staples (1.4%): | ||||||||
| 7-Eleven, Inc., 0.80%, 2/10/24, Callable 11/14/22 @ 100 (a) | 1,372,000 | 1,297,885 | ||||||
| Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (c) | 322,000 | 310,672 | ||||||
| Tyson Foods, Inc., 3.95%, 8/15/24, Callable 5/15/24 @ 100 | 1,170,000 | 1,146,869 | ||||||
| 2,755,426 | ||||||||
| Energy (2.6%): | ||||||||
| Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100 | 400,000 | 399,328 | ||||||
| Continental Resources, Inc. | ||||||||
| 4.50%, 4/15/23, Callable 1/15/23 @ 100 | 801,000 | 796,627 | ||||||
| 2.27%, 11/15/26, Callable 11/15/23 @ 100 (a) | 797,000 | 681,124 | ||||||
| HollyFrontier Corp., 2.63%, 10/1/23 | 971,000 | 929,480 | ||||||
| Pioneer Natural Resources Co., 0.55%, 5/15/23 (c) | 1,130,000 | 1,102,202 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 11/14/22 @ 100 | 1,010,000 | 1,002,203 | ||||||
| 4,910,964 | ||||||||
| Financials (13.0%): | ||||||||
| Bank of America Corp. | ||||||||
| 4.20%, 8/26/24, MTN | 1,660,000 | 1,633,955 | ||||||
| 1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (f) | 1,350,000 | 1,234,845 | ||||||
| Capital One Financial Corp. | ||||||||
| 3.30%, 10/30/24, Callable 9/30/24 @ 100 | 684,000 | 659,137 | ||||||
| 1.34% (SOFR+69bps), 12/6/24, Callable 12/6/23 @ 100 (f) | 1,695,000 | 1,610,826 | ||||||
| 2.64% (SOFR+129bps), 3/3/26, Callable 3/3/25 @ 100 (f) | 2,052,000 | 1,905,672 | ||||||
| Citigroup, Inc., 3.11% (SOFR+284bps), 4/8/26, Callable 4/8/25 @ 100 (f) | 2,772,000 | 2,599,859 | ||||||
| Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 11/11/22 @ 101.44 (a) | 772,000 | 735,747 | ||||||
| Fifth Third Bancorp | ||||||||
| 1.63%, 5/5/23, Callable 4/5/23 @ 100 | 1,660,000 | 1,631,116 | ||||||
| 3.65%, 1/25/24, Callable 12/25/23 @ 100 | 799,000 | 784,330 | ||||||
| Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100 (a) | 1,488,000 | 1,477,658 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.30% (SOFR+116bps), 10/15/25, Callable 10/15/24 @ 100 (f) | 3,000,000 | 2,813,580 | ||||||
| 2.60% (SOFR+92bps), 2/24/26, Callable 2/24/25 @ 100 (f) | 933,000 | 867,998 | ||||||
| Morgan Stanley, 0.53% (SOFR+46bps), 1/25/24, Callable 1/25/23 @ 100 (f) | 2,575,000 | 2,533,568 | ||||||
| The Bank of New York Mellon Corp., 4.41% (SOFR+135bps), 7/24/26, Callable 7/24/25 @ 100 (f) | 1,783,000 | 1,743,186 | ||||||
| Wells Fargo & Co. | ||||||||
| 0.81% (SOFR+51bps), 5/19/25, Callable 5/19/24 @ 100, MTN (f) | 585,000 | 542,277 | ||||||
| 2.41% (SOFR+109bps), 10/30/25, Callable 10/30/24 @ 100, MTN (f) | 2,077,000 | 1,940,915 | ||||||
| 24,714,669 | ||||||||
| Health Care (3.8%): | ||||||||
| Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13 | 621,000 | 567,643 | ||||||
| HCA, Inc., 5.00%, 3/15/24 | 2,479,000 | 2,462,242 | ||||||
| Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100 | 560,000 | 557,967 | ||||||
| Mylan, Inc., 3.13%, 1/15/23 (a) | 2,479,000 | 2,467,696 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100 (a) | $ | 1,387,000 | $ | 1,162,126 | ||||
| 7,217,674 | ||||||||
| Industrials (2.2%): | ||||||||
| Air Lease Corp., 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN | 2,480,000 | 2,317,585 | ||||||
| Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 | 1,115,000 | 1,103,984 | ||||||
| EnPro Industries, Inc., 5.75%, 10/15/26, Callable 11/14/22 @ 102.88 | 725,000 | 686,930 | ||||||
| 4,108,499 | ||||||||
| Information Technology (3.1%): | ||||||||
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100 | 2,175,000 | 2,133,805 | ||||||
| Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 | 1,173,000 | 1,158,220 | ||||||
| KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100 | 144,000 | 143,627 | ||||||
| Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 | 941,000 | 935,646 | ||||||
| NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5 (a) | 642,000 | 507,148 | ||||||
| Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100 | 1,000,000 | 973,390 | ||||||
| 5,851,836 | ||||||||
| Materials (1.5%): | ||||||||
| Celanese US Holdings LLC, 4.63%, 11/15/22 (c) | 855,000 | 854,829 | ||||||
| Southern Copper Corp., 3.88%, 4/23/25 | 2,050,000 | 1,960,702 | ||||||
| 2,815,531 | ||||||||
| Real Estate (3.0%): | ||||||||
| American Tower Corp., 3.00%, 6/15/23 | 1,000,000 | 987,000 | ||||||
| Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100 | 750,000 | 746,317 | ||||||
| Equinix, Inc., 1.25%, 7/15/25, Callable 6/15/25 @ 100 | 700,000 | 626,094 | ||||||
| Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (a) | 638,000 | 528,979 | ||||||
| Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100 | 1,629,000 | 1,608,214 | ||||||
| Regency Centers, LP, 3.90%, 11/1/25, Callable 8/1/25 @ 100 | 1,194,000 | 1,125,023 | ||||||
| 5,621,627 | ||||||||
| Utilities (2.7%): | ||||||||
| Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100 | 588,000 | 558,277 | ||||||
| Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100 | 591,000 | 570,746 | ||||||
| NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23 | 1,129,000 | 1,110,947 | ||||||
| WEC Energy Group, Inc., 5.00%, 9/27/25, Callable 8/27/25 @ 100 (c) | 2,870,000 | 2,860,185 | ||||||
| 5,100,155 | ||||||||
| Total Corporate Bonds (Cost $76,654,240) | 72,661,558 | |||||||
| Residential Mortgage-Backed Securities (0.9%) | ||||||||
| GSR Mortgage Loan Trust, Series 2004-15F, Class 5A1, 5.50%, 10/25/20, Callable 2/25/28 @ 100 | 15,168 | 14,259 | ||||||
| JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.82%, 10/25/29, Callable 3/25/23 @ 100 (a)(b) | 1,147,228 | 1,074,572 | ||||||
| JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 3/25/27 @ 100 (a)(b) | 603,827 | 505,514 | ||||||
| Total Residential Mortgage-Backed Securities (Cost $1,770,594) | 1,594,345 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Yankee Dollars (9.3%) | ||||||||
| Communication Services (0.2%): | ||||||||
| SES SA, 3.60%, 4/4/23 (a) | $ | 503,000 | $ | 497,693 | ||||
| Consumer Discretionary (1.1%): | ||||||||
| Stellantis NV, 5.25%, 4/15/23 (c) | 2,048,000 | 2,047,324 | ||||||
| Consumer Staples (2.5%): | ||||||||
| Barry Callebaut Services NV, 5.50%, 6/15/23 (a) | 2,346,000 | 2,345,789 | ||||||
| Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100 (a) | 2,391,000 | 2,368,453 | ||||||
| 4,714,242 | ||||||||
| Energy (1.7%): | ||||||||
| Canadian Natural Resources Ltd. | ||||||||
| 2.95%, 1/15/23, Callable 12/15/22 @ 100 (c) | 1,305,000 | 1,298,397 | ||||||
| 3.80%, 4/15/24, Callable 1/15/24 @ 100 | 1,180,000 | 1,154,807 | ||||||
| Ecopetrol SA, 5.88%, 9/18/23 | 846,000 | 839,951 | ||||||
| 3,293,155 | ||||||||
| Financials (1.7%): | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100 | 1,100,000 | 940,698 | ||||||
| HSBC Holdings PLC, 1.16% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100 (f) | 1,000,000 | 945,350 | ||||||
| The Toronto-Dominion Bank, 2.35%, 3/8/24 | 1,359,000 | 1,310,946 | ||||||
| 3,196,994 | ||||||||
| Industrials (0.3%): | ||||||||
| Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (a) | 606,000 | 502,259 | ||||||
| Materials (1.5%): | ||||||||
| Anglo American Capital PLC, 3.63%, 9/11/24 (a) | 2,880,000 | 2,787,091 | ||||||
| Utilities (0.3%): | ||||||||
| Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100 (c) | 655,000 | 633,044 | ||||||
| Total Yankee Dollars (Cost $18,598,084) | 17,671,802 | |||||||
| U.S. Government Mortgage-Backed Agencies (3.3%) | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| 5.00%, 6/15/23 - 8/1/40 | 388,924 | 391,594 | ||||||
| 5.50%, 10/25/23 | 635 | 634 | ||||||
| 7.00%, 9/1/38 | 2,181 | 2,335 | ||||||
| Series 4320, Class AP, 3.50%, 7/15/39 | 630,448 | 613,462 | ||||||
| Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 | 1,472,486 | 1,435,684 | ||||||
| Series 4444, Class CH, 3.00%, 1/15/41 | 124,266 | 123,663 | ||||||
| 2,567,372 | ||||||||
| Federal National Mortgage Association | ||||||||
| 6.00%, 2/1/37 | 681,868 | 717,860 | ||||||
| Series 2013-33, Class UD, 2.50%, 4/25/39 | 162,773 | 160,681 | ||||||
| Series 2011-21, Class PA, 4.50%, 5/25/40 | 1,304,084 | 1,295,416 | ||||||
| 5.00%, 2/1/41 - 10/1/41 | 1,539,125 | 1,548,144 | ||||||
| 3,722,101 | ||||||||
| Total U.S. Government Mortgage-Backed Agencies (Cost $6,660,307) | 6,289,473 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| U.S. Treasury Obligations (16.5%) | ||||||||
| U.S. Treasury Notes | ||||||||
| 2.25%, 3/31/24 | $ | 18,000,000 | $ | 17,457,187 | ||||
| 0.75%, 11/15/24 | 8,579,000 | 7,969,757 | ||||||
| 2.75%, 5/15/25 | 6,206,000 | 5,971,821 | ||||||
| Total U.S. Treasury Obligations (Cost $32,481,434) | 31,398,765 | |||||||
| Collateral for Securities Loaned (2.2%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (g) | 90,090 | 90,090 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (g) | 60,638 | 60,638 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (g) | 44,959 | 44,959 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (g) | 2,046,978 | 2,046,978 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (g) | 89,766 | 89,766 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (g) | 243,743 | 243,743 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (g) | 1,611,850 | 1,611,850 | ||||||
| Total Collateral for Securities Loaned (Cost $4,188,024) | 4,188,024 | |||||||
| Total Investments (Cost $198,434,905) — 99.5% | 188,963,033 | |||||||
| Other assets in excess of liabilities — 0.5% | 905,916 | |||||||
| NET ASSETS - 100.00% | $ | 189,868,949 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $26,732,456 and amounted to 14.1% of net assets. |
| (b) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at September 30, 2022. |
| (c) | All or a portion of this security is on loan. |
| (d) | Zero-coupon bond. |
| (e) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (f) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (g) | Rate disclosed is the daily yield on September 30, 2022. |
| bps—Basis points |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| MTN—Medium Term Note |
| PLC—Public Limited Company |
| SOFR—Secured Overnight Financing Rate |
| Futures Contracts Purchased | ||||||||||||||||||
| Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| 2-Year U.S. Treasury Note Futures | 101 | 1/02/23 | $ | 21,099,877 | $ | 20,744,453 | $ | (355,424 | ) | |||||||||
| British Pound Futures | 56 | 12/19/22 | 4,057,054 | 3,913,350 | (143,704 | ) | ||||||||||||
| $ | (499,128 | ) | ||||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory INCORE Low Duration Bond Fund | September 30, 2022 |
| (Unaudited) |
| Futures Contracts Sold | ||||||||||||||||||
| Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| 10-Year U.S. Treasury Note Futures | 22 | 12/20/22 | $ | 2,589,564 | $ | 2,465,375 | $ | 124,189 | ||||||||||
| 5-Year U.S. Treasury Note Futures | 75 | 1/02/23 | 8,356,966 | 8,063,086 | 293,880 | |||||||||||||
| Australian Dollar Futures | 26 | 12/19/22 | 1,754,006 | 1,668,030 | 85,976 | |||||||||||||
| Canadian Dollar Futures | 40 | 12/20/22 | 3,035,611 | 2,895,800 | 139,811 | |||||||||||||
| Euro FX Futures | 22 | 12/19/22 | 2,771,175 | 2,711,913 | 59,262 | |||||||||||||
| Mexican Peso Futures | 99 | 12/19/22 | 2,429,656 | 2,425,995 | 3,661 | |||||||||||||
| Micro E-Mini S&P 500 Index Futures | 130 | 12/16/22 | 2,655,779 | 2,340,975 | 314,804 | |||||||||||||
| Ultra Long Term U.S. Treasury Bond Futures | 4 | 12/20/22 | 598,425 | 548,000 | 50,425 | |||||||||||||
| $ | 1,072,008 | |||||||||||||||||
| Total unrealized appreciation | $ | 1,072,008 | ||||||||||||||||
| Total unrealized depreciation | (499,128 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | 572,880 | ||||||||||||||||
Centrally Cleared
Credit Default Swap Agreements - Sell Protection(a)
| Underlying Instruments | Fixed
Deal Receive Rate | Maturity Date | Payment Frequency | Implied Credit Spread at September 30, 2022(b) | Notional Amount(c) | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
| CDX North America High Yield Index; Series 38 | 5.00 | % | 6/20/27 | Quarterly | 5.64 | % | $ | 7,920,000 | $ | (183,441 | ) | $ | 306,813 | $ | (490,254 | ) | ||||||||||||
| $ | (183,441 | ) | $ | 306,813 | $ | (490,254 | ) | |||||||||||||||||||||
| (a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
| (b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
| (c) | The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory High Yield Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Common Stocks (0.5%) | ||||||||
| Communication Services (0.3%): | ||||||||
| Altice USA, Inc., Class A (a) | $ | 38,825 | $ | 226,350 | ||||
| iHeartMedia, Inc., Class A (a) | 30,500 | 223,565 | ||||||
| Sinclair Broadcast Group, Inc., Class A | 17,500 | 316,575 | ||||||
| 766,490 | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| Men's Wearhouse, Inc. | 31,563 | 193,323 | ||||||
| Health Care (0.1%): | ||||||||
| Surgery Partners, Inc. (a) | 9,390 | 219,726 | ||||||
| Total Common Stocks (Cost $1,959,997) | 1,179,539 | |||||||
| Senior Secured Loans (17.8%) | ||||||||
| 19th Holdings Golf LLC, Initial Term Loans, First Lien, 5.70% (SOFR01M+300bps), 1/27/29 (b) | 2,244,375 | 2,076,047 | ||||||
| Air Methods Corp., Initial Term Loans, First Lien, 5.75% (LIBOR03M+350bps), 4/21/24 (b) | 1,943,590 | 1,542,724 | ||||||
| Bausch Health Cos., Inc., Second Amendment Term Loan, First Lien, 8.00% (SOFR01M+525bps), 2/1/27 (b) | 2,962,500 | 2,267,705 | ||||||
| Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 8.55% (SOFR03M+650bps), 2/14/27 (b) | 2,681,250 | 2,104,781 | ||||||
| CP Altas Buyer, Inc., Term B Loans, First Lien, 6.02% (LIBOR01M+375bps), 11/23/27 (b) | 1,980,426 | 1,717,029 | ||||||
| Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 6.46% (LIBOR03M+375bps), 10/20/27 (b) | 2,625,000 | 2,627,047 | ||||||
| Diamond Sports Group LLC, Term Loan, First Lien, 10.60% (SOFR01M+800bps), 5/25/26 (b) | 521,005 | 498,211 | ||||||
| Diamond Sports Group LLC, Term Loan, Second Lien, 5.95% (SOFR01M+335bps), 8/24/26 (b) | 7,021,938 | 1,339,154 | ||||||
| Envision Healthcare Corp., First Out Term Loan, First Lien, 10.38% (SOFR03M+788bps), 7/22/27 (b) | 311,954 | 298,696 | ||||||
| Envision Healthcare Corp., Second Out Term Loan, First Lien, 6.83% (SOFR03M+425bps), 3/31/27 (b) | 1,845,789 | 802,918 | ||||||
| Envision Healthcare Corp., Third Out term Loans, First Lien, 6.33% (SOFR03M+375bps), 3/31/27 (b) | 868,064 | 222,806 | ||||||
| Great Outdoors Group LLC, Term B1, First Lien, 6.27% (LIBOR01M+375bps), 3/5/28 (b) | 3,591,225 | 3,309,314 | ||||||
| Intelsat Jackson Holdings SA, Term B loan, First Lien, 7.19% (SOFR06M+425bps), 2/1/29 (b) | 3,888,029 | 3,640,167 | ||||||
| Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 7.52% (LIBOR03M+475bps), 6/30/28 (b) | 1,570,601 | 1,016,478 | ||||||
| Knight Health Holdings LLC, Term B Loans, First Lien, 7.77% (LIBOR01M+525bps), 12/17/28 (b) | 3,970,000 | 2,873,288 | ||||||
| LifeScan Global Corp., Initial Term Loan, First Lien, 8.29% (LIBOR03M+600bps), 10/1/24 (b) | 3,727,313 | 2,989,305 | ||||||
| Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 5.50% (LIBOR03M+325bps), 3/4/28 (b) | 1,446,231 | 1,362,625 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory High Yield Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Radiology Partners, Inc., Term Loan New, First Lien, 7.33% (LIBOR01M+425bps), 7/9/25 (b) | $ | 2,000,000 | $ | 1,670,000 | ||||
| SWF Holdings Corp. I, Initial Term Loans, First Lien, 7.60% (LIBOR03M+400bps), 10/6/28 (b) | 2,338,250 | 1,819,158 | ||||||
| Team Health Holdings, Inc., Facility Extending TLB, First Lien, 7.71% (SOFR01M+525bps), 2/2/27 (b) | 2,290,102 | 1,944,686 | ||||||
| The Men's Wearhouse LLC, Term Loan, First Lien, 10.78% (LIBOR03M+800bps), 12/1/25 (b) | 1,023,282 | 997,700 | ||||||
| The Michaels Cos., Inc., Term B Loans, First Lien, 6.50% (LIBOR03M+425bps), 4/15/28 (b) | 3,953,712 | 3,170,877 | ||||||
| TIBCO Software Inc., Dollar Term B Loan, First Lien, 3/20/29 (c) | 2,000,000 | 1,792,140 | ||||||
| Traverse Midstream Partners LLC, Advance, First Lien, 5.95% (SOFR06M+425bps), 9/27/24 (b) | 1,831,360 | 1,785,576 | ||||||
| United Airlines, Inc., Class B Term Loans, First Lien, 6.53% (LIBOR03M+375bps), 4/21/28 (b) | 1,477,500 | 1,407,526 | ||||||
| Total Senior Secured Loans (Cost $53,345,470) | 45,275,958 | |||||||
| Corporate Bonds (70.5%) | ||||||||
| Communication Services (13.0%): | ||||||||
| Audacy Capital Corp., 6.50%, 5/1/27, Callable 10/27/22 @ 104.88 (d)(e) | 3,500,000 | 882,980 | ||||||
| CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88 (e) | 5,500,000 | 3,911,160 | ||||||
| Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 11/14/22 @ 103.38 (d)(e) | 4,960,000 | 4,198,491 | ||||||
| Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38 (d)(e) | 4,200,000 | 1,022,742 | ||||||
| Frontier Communications Holdings LLC, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (e) | 3,250,000 | 2,787,753 | ||||||
| Gray Television, Inc. | ||||||||
| 7.00%, 5/15/27, Callable 10/24/22 @ 105.25 (e) | 3,000,000 | 2,817,660 | ||||||
| 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (e) | 2,750,000 | 2,063,050 | ||||||
| iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 10/27/22 @ 104.19 (d) | 4,510,000 | 3,798,096 | ||||||
| Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 10/24/22 @ 104.22 (e) | 2,000,000 | 1,841,560 | ||||||
| Scripps Escrow II, Inc., 5.38%, 1/15/31, Callable 1/15/26 @ 102.69 (d)(e) | 2,600,000 | 1,978,652 | ||||||
| Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (d)(e) | 3,500,000 | 2,520,000 | ||||||
| TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5 | 3,000,000 | 2,768,940 | ||||||
| Univision Communications, Inc., 5.13%, 2/15/25, Callable 10/24/22 @ 100.85 (e) | 2,500,000 | 2,372,225 | ||||||
| 32,963,309 | ||||||||
| Consumer Discretionary (17.1%): | ||||||||
| Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103 (e) | 1,800,000 | 1,641,528 | ||||||
| Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (e) | 2,550,000 | 2,077,332 | ||||||
| American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5 (d) | 4,100,000 | 3,106,980 | ||||||
| Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/27/22 @ 102.94 | 2,000,000 | 1,546,700 | ||||||
| Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (d)(e) | 2,005,000 | 1,917,702 | ||||||
| Cinemark USA, Inc., 5.25%, 7/15/28, Callable 7/15/24 @ 102.63 (d)(e) | 3,000,000 | 2,305,620 | ||||||
| Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 11/14/22 @ 104.25 (e) | 4,000,000 | 3,822,960 | ||||||
| Ford Motor Co., 6.10%, 8/19/32, Callable 5/19/32 @ 100 | 500,000 | 440,765 | ||||||
| LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13 (e) | 3,550,000 | 2,403,989 | ||||||
| Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (e) | 4,000,000 | 3,655,640 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory High Yield Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | $ | 3,475,000 | $ | 3,114,816 | ||||
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75 (e) | 900,000 | 670,131 | ||||||
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29, Callable 2/15/24 @ 103.88 (e) | 3,600,000 | 3,219,444 | ||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
| 5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (e) | 2,000,000 | 1,384,040 | ||||||
| 5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (e) | 3,800,000 | 2,564,126 | ||||||
| Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31 (e) | 3,000,000 | 2,403,390 | ||||||
| The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5 (e) | 5,000,000 | 3,719,300 | ||||||
| The Michaels Cos., Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (e) | 1,350,000 | 778,761 | ||||||
| Viking Cruises Ltd., 13.00%, 5/15/25, Callable 10/27/22 @ 109.75 (e) | 2,700,000 | 2,803,707 | ||||||
| 43,576,931 | ||||||||
| Consumer Staples (1.6%): | ||||||||
| Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25 (e) | 1,000,000 | 805,000 | ||||||
| Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31 (e) | 1,370,000 | 1,119,523 | ||||||
| Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (e) | 2,800,000 | 2,143,400 | ||||||
| 4,067,923 | ||||||||
| Energy (7.9%): | ||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (e) | 3,450,000 | 3,037,932 | ||||||
| Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81(e) | 439,000 | 439,048 | ||||||
| Callon Petroleum Co., 8.00%, 8/1/28, Callable 8/1/24 @ 104 (d)(e) | 1,223,000 | 1,127,203 | ||||||
| CITGO Holding, Inc., 9.25%, 8/1/24, Callable 11/14/22 @ 102.31 (d)(e) | 3,500,000 | 3,474,450 | ||||||
| CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 11/14/22 @ 103.5 (e) | 2,500,000 | 2,388,050 | ||||||
| Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38 (e) | 4,776,000 | 4,419,997 | ||||||
| PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103 | 3,750,000 | 3,236,550 | ||||||
| Talos Production, Inc., 12.00%, 1/15/26, Callable 1/15/23 @ 106 | 2,000,000 | 2,085,960 | ||||||
| 20,209,190 | ||||||||
| Financials (5.4%): | ||||||||
| AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44 (e) | 1,500,000 | 1,254,840 | ||||||
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (e) | 2,200,000 | 1,729,970 | ||||||
| Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69 (e) | 1,950,000 | 1,528,819 | ||||||
| Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(e) | 3,250,000 | 2,674,035 | ||||||
| SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (d)(e) | 3,100,000 | 1,837,153 | ||||||
| Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19 (d)(e) | 4,800,000 | 2,910,624 | ||||||
| White Capital Parent LLC, 8.25%, 3/15/26, Callable 11/14/22 @ 102 (e) | 2,100,000 | 1,786,659 | ||||||
| 13,722,100 | ||||||||
| Health Care (7.0%): | ||||||||
| Air Methods Corp., 8.00%, 5/15/25, Callable 11/14/22 @ 100 (d)(e) | 3,125,000 | 1,583,938 | ||||||
| Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (e) | 2,250,000 | 851,175 | ||||||
| CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06 (d)(e) | 5,450,000 | 2,569,348 | ||||||
| LifePoint Health, Inc., 5.38%, 1/15/29, Callable 1/15/24 @ 102.69 (d)(e) | 3,500,000 | 2,463,405 | ||||||
| Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (e) | 3,685,000 | 2,411,280 | ||||||
| Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/27/22 @ 100 (d)(e) | 3,250,000 | 2,416,927 | ||||||
| Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (e) | 4,000,000 | 3,528,840 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory High Yield Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 11/14/22 @ 105.31 (d)(e) | $ | 4,390,000 | $ | 2,000,128 | ||||
| 17,825,041 | ||||||||
| Industrials (11.9%): | ||||||||
| Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 11/14/22 @ 100(e) | 1,450,000 | 987,218 | ||||||
| American Airlines, Inc., 11.75%, 7/15/25 (e) | 3,500,000 | 3,658,690 | ||||||
| Aramark Services, Inc., 6.38%, 5/1/25, Callable 11/14/22 @ 103.19 (e) | 1,000,000 | 979,730 | ||||||
| Cornerstone Building Brands, Inc., 6.13%, 1/15/29, Callable 9/15/23 @ 103.06 (e) | 3,000,000 | 1,692,330 | ||||||
| Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94 (e) | 2,800,000 | 1,952,412 | ||||||
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (e) | 3,000,000 | 2,938,350 | ||||||
| NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (e) | 2,050,000 | 1,708,470 | ||||||
| Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75 (e) | 2,000,000 | 1,620,200 | ||||||
| SRS Distribution, Inc. | ||||||||
| 6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (e) | 1,125,000 | 904,579 | ||||||
| 6.00%, 12/1/29, Callable 12/1/24 @ 103 (e) | 4,100,000 | 3,266,593 | ||||||
| TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31 | 3,325,000 | 2,684,672 | ||||||
| Triumph Group, Inc., 6.25%, 9/15/24, Callable 11/14/22 @ 100 (e) | 3,525,000 | 3,210,993 | ||||||
| Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (e) | 3,000,000 | 2,341,380 | ||||||
| WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (e) | 2,250,000 | 2,214,472 | ||||||
| 30,160,089 | ||||||||
| Information Technology (1.2%): | ||||||||
| Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81 (e) | 1,250,000 | 1,064,750 | ||||||
| Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 7/15/29, Callable 7/15/24 @ 102.25 (e) | 2,127,000 | 2,125,298 | ||||||
| 3,190,048 | ||||||||
| Materials (2.6%): | ||||||||
| Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56 | 3,000,000 | 2,463,990 | ||||||
| CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06 (e) | 1,800,000 | 1,576,278 | ||||||
| Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24, Callable 11/14/22 @ 100 (e) | 2,700,000 | 2,561,787 | ||||||
| 6,602,055 | ||||||||
| Real Estate (1.1%): | ||||||||
| Adams Homes, Inc., 7.50%, 2/15/25, Callable 10/27/22 @ 103.75 (e) | 3,371,000 | 2,781,581 | ||||||
| Utilities (1.7%): | ||||||||
| Calpine Corp., 5.13%, 3/15/28, Callable 3/15/23 @ 102.56 (d)(e) | 5,000,000 | 4,323,700 | ||||||
| Total Corporate Bonds (Cost $226,052,202) | 179,421,967 | |||||||
| Yankee Dollars (8.0%) | ||||||||
| Communication Services (1.1%): | ||||||||
| Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81 (e) | 6,050,000 | 2,906,662 | ||||||
| Consumer Discretionary (0.7%): | ||||||||
| International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (e) | 2,000,000 | 1,776,020 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory High Yield Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| Energy (0.7%): | ||||||||
| TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (e) | $ | 1,800,000 | $ | 1,727,496 | ||||
| Industrials (3.8%): | ||||||||
| Bombardier, Inc., 7.88%, 4/15/27, Callable 11/14/22 @ 103.94 (d)(e) | 4,500,000 | 4,140,450 | ||||||
| Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/11/22 @ 101.94 (e) | 2,000,000 | 1,595,280 | ||||||
| VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19 (d)(e) | 4,750,000 | 3,831,825 | ||||||
| 9,567,555 | ||||||||
| Information Technology (0.8%): | ||||||||
| ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88 (e) | 2,500,000 | 2,032,025 | ||||||
| Materials (0.9%): | ||||||||
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (e) | 3,900,000 | 2,301,117 | ||||||
| Total Yankee Dollars (Cost $26,378,378) | 20,310,875 | |||||||
| Collateral for Securities Loaned (11.6%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f) | 635,241 | 635,241 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f) | 427,572 | 427,572 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f) | 317,016 | 317,016 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (f) | 14,433,613 | 14,433,613 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f) | 632,953 | 632,953 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f) | 1,718,675 | 1,718,675 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f) | 11,365,441 | 11,365,441 | ||||||
| Total Collateral for Securities Loaned (Cost $29,530,511) | 29,530,511 | |||||||
| Total Investments (Cost $337,266,558) — 108.4% | 275,718,850 | |||||||
| Liabilities in excess of other assets — (8.4)% | (21,361,535 | ) | ||||||
| NET ASSETS - 100.00% | $ | 254,357,315 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (c) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
| (d) | All or a portion of this security is on loan. |
| (e) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $174,485,373 and amounted to 68.6% of net assets. |
| (f) | Rate disclosed is the daily yield on September 30, 2022. |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| PLC—Public Limited Company |
| SOFR—Secured Overnight Financing Rate |
| SOFR01M—1 Month SOFR, rate disclosed as of September 30, 2022. |
| SOFR03M—3 Month SOFR, rate disclosed as of September 30, 2022. |
| SOFR06M—6 Month SOFR, rate disclosed as of September 30, 2022. |
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory Tax-Exempt Fund | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Municipal Bonds (97.3%) | ||||||||
| Arizona (1.2%): | ||||||||
| City of Phoenix Civic Improvement Corp. Revenue, Series B, 5.00%, 7/1/44, Continuously Callable @100 | $ | 540,000 | $ | 541,750 | ||||
| Arkansas (1.5%): | ||||||||
| Arkansas Development Finance Authority Revenue, 3.20%, 12/1/49, Continuously Callable @100 | 750,000 | 502,404 | ||||||
| University of Central Arkansas Revenue, Series A, 3.00%, 11/1/49, Continuously Callable @100 | 265,000 | 182,242 | ||||||
| 684,646 | ||||||||
| California (0.9%): | ||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, 4.00%, 5/1/52, Continuously Callable @100 | 500,000 | 418,304 | ||||||
| Colorado (2.7%): | ||||||||
| Colorado Health Facilities Authority Revenue, 4.00%, 12/1/50, Continuously Callable @103 | 750,000 | 574,824 | ||||||
| Gold Hill Mesa Metropolitan, GO, 5.50%, 12/1/47, Continuously Callable @100 | 585,000 | 626,628 | ||||||
| 1,201,452 | ||||||||
| Connecticut (4.5%): | ||||||||
| Connecticut Health and Educational Facilities Authority Revenue, 5.00%, 12/1/41, Continuously Callable @100 | 2,000,000 | 2,018,920 | ||||||
| Florida (10.0%): | ||||||||
| Capital Trust Agency, Inc. Revenue, 5.00%, 8/1/55, Continuously Callable @100 | 400,000 | 365,027 | ||||||
| City of Pompano Beach Revenue, 4.00%, 9/1/50, Continuously Callable @103 | 500,000 | 387,962 | ||||||
| County of Miami-Dade Seaport Department Revenue, 4.00%, 10/1/50, Continuously Callable @100 | 500,000 | 445,733 | ||||||
| Florida Development Finance Corp. Revenue, Series A, 5.00%, 6/15/55, Continuously Callable @100 | 500,000 | 470,027 | ||||||
| Hillsborough County IDA Revenue, 4.00%, 8/1/50, Continuously Callable @100 | 500,000 | 387,552 | ||||||
| Miami-Dade County Public Facilities Revenue, Series A, 5.00%, 6/1/33, Continuously Callable @100 | 2,000,000 | 2,069,108 | ||||||
| St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103 | 500,000 | 389,260 | ||||||
| 4,514,669 | ||||||||
| Georgia (2.7%): | ||||||||
| Development Authority of Appling County Revenue, 2.55%, 9/1/41, Continuously Callable @100 (a) | 700,000 | 700,000 | ||||||
| Private Colleges & Universities Authority Revenue, 5.25%, 10/1/51, Continuously Callable @100 | 500,000 | 515,015 | ||||||
| 1,215,015 | ||||||||
| Guam (2.2%): | ||||||||
| Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 1,000,000 | 977,997 | ||||||
| Illinois (23.1%): | ||||||||
| Chicago Board of Education Revenue, 6.00%, 4/1/46, Continuously Callable @100 | 2,275,000 | 2,347,836 | ||||||
| Chicago Transit Authority Sales Tax Receipts Revenue, 5.00%, 12/1/44, Continuously Callable @100 | 1,450,000 | 1,472,439 | ||||||
| City of Chicago Wastewater Transmission Revenue | ||||||||
| Series A, 5.00%, 1/1/47, Continuously Callable @100 | 1,000,000 | 1,006,131 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Tax-Exempt Fund | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Series C, 5.00%, 1/1/34, Continuously Callable @100 | $ | 1,000,000 | $ | 1,020,064 | ||||
| City of Chicago, GO, Series A, 5.50%, 1/1/49, Continuously Callable @100 | 1,000,000 | 1,008,115 | ||||||
| Illinois, GO, 5.50%, 7/1/27, Continuously Callable @100 | 2,000,000 | 2,022,996 | ||||||
| Sales Tax Securitization Corp. Revenue, Series 2018 C, 5.00%, 1/1/43, Continuously Callable @100 | 1,500,000 | 1,515,861 | ||||||
| 10,393,442 | ||||||||
| Indiana (1.1%): | ||||||||
| Indiana Finance Authority Revenue, Series A, 5.50%, 7/1/52, Continuously Callable @100 | 500,000 | 514,233 | ||||||
| Iowa (0.7%): | ||||||||
| Iowa Finance Authority Revenue, Series A-1, 4.00%, 5/15/55, Continuously Callable @103 | 500,000 | 332,754 | ||||||
| Kansas (0.4%): | ||||||||
| Wyandotte County-Kansas City Unified Government Tax Allocation, 5.75%, 3/1/41, Continuously Callable @103 (b) | 200,000 | 182,515 | ||||||
| Maryland (0.5%): | ||||||||
| City of Gaithersburg Maryland Revenue, 5.13%, 1/1/42, Continuously Callable @103 | 250,000 | 246,048 | ||||||
| Massachusetts (1.9%): | ||||||||
| University of Massachusetts Building Authority Revenue | ||||||||
| 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 | 220,000 | 227,948 | ||||||
| Series 1-2021, 5.00%, 11/1/39, Continuously Callable @100 | 410,000 | 417,647 | ||||||
| Series 1-2021, 5.00%, 11/1/39, Pre-refunded 11/1/24 @ 100 | 190,000 | 196,865 | ||||||
| 842,460 | ||||||||
| Michigan (0.9%): | ||||||||
| Michigan Finance Authority Revenue, 4.00%, 12/1/51, Continuously Callable @100 | 500,000 | 398,821 | ||||||
| Missouri (2.2%): | ||||||||
| Health & Educational Facilities Authority of the State of Missouri Revenue, 4.25%, 12/1/42, Continuously Callable @100 (b) | 1,150,000 | 993,770 | ||||||
| New Jersey (8.8%): | ||||||||
| New Jersey Economic Development Authority Biomedical Research Facilities Revenue, Series 2016 A, 5.00%, 7/15/29, Continuously Callable @100 | 885,000 | 910,993 | ||||||
| New Jersey Transportation Trust Fund Authority Revenue | ||||||||
| 5.00%, 6/15/28, Continuously Callable @100 | 1,000,000 | 1,040,972 | ||||||
| Series A, 5.00%, 12/15/38 | 1,000,000 | 422,598 | ||||||
| Series BB, 3.50%, 6/15/46, Continuously Callable @100 | 200,000 | 151,257 | ||||||
| Tobacco Settlement Financing Corp. Revenue, Series 2018 A, 5.00%, 6/1/46, Continuously Callable @100 | 1,500,000 | 1,436,178 | ||||||
| 3,961,998 | ||||||||
| New York (12.6%): | ||||||||
| Metropolitan Transportation Authority Dedicated Tax Green Fund Revenue, Series 2016 B1, 5.00%, 11/15/56, Continuously Callable @100 | 1,545,000 | 1,573,315 | ||||||
| Metropolitan Transportation Authority Revenue, Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 500,000 | 400,243 | ||||||
| New York Counties Tobacco Trust II Revenue, 5.75%, 6/1/43, Continuously Callable @100 | 200,000 | 200,061 | ||||||
| New York State Dormitory Authority Revenue, 6.00%, 7/1/40, Continuously Callable @100 (b)(c) | 330,000 | 269,405 | ||||||
| Port Authority of New York & New Jersey Revenue, 5.00%, 12/1/32, Continuously Callable @100 | 1,000,000 | 1,016,857 | ||||||
| Schenectady County Capital Resource Corp. Revenue, 5.25%, 7/1/52, Continuously Callable @100 | 200,000 | 210,199 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Tax-Exempt Fund | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 | $ | 2,000,000 | $ | 2,012,108 | ||||
| 5,682,188 | ||||||||
| North Carolina (1.4%): | ||||||||
| North Carolina Medical Care Commission Revenue | ||||||||
| Series A, 4.00%, 9/1/50, Continuously Callable @100 | 500,000 | 372,969 | ||||||
| Series A, 4.00%, 10/1/50, Continuously Callable @103 | 350,000 | 270,567 | ||||||
| 643,536 | ||||||||
| Ohio (6.4%): | ||||||||
| Buckeye Tobacco Settlement Financing Authority Revenue, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 | 900,000 | 754,458 | ||||||
| County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103 | 500,000 | 503,738 | ||||||
| County of Hardin Economic Development Facilities Revenue, 5.00%, 5/1/30, Continuously Callable @103 | 350,000 | 330,320 | ||||||
| Logan Elm Local School District, GO, 4.00%, 11/1/55, Continuously Callable @100 | 1,500,000 | 1,300,755 | ||||||
| 2,889,271 | ||||||||
| Pennsylvania (5.0%): | ||||||||
| Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100 | 1,000,000 | 1,014,380 | ||||||
| The Philadelphia School District, GO, Series A, 5.00%, 9/1/38, Continuously Callable @100 | 1,200,000 | 1,224,300 | ||||||
| 2,238,680 | ||||||||
| Texas (1.8%): | ||||||||
| City of Arlington Tax Allocation, 4.00%, 8/15/50, Continuously Callable @100 | 500,000 | 391,671 | ||||||
| Port of Port Arthur Navigation District Revenue, Series B, 2.95%, 4/1/40, Continuously Callable @100 (a) | 400,000 | 400,000 | ||||||
| 791,671 | ||||||||
| Utah (3.9%): | ||||||||
| Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (b) | 368,503 | 369,138 | ||||||
| Military Installation Development Authority Revenue, Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 250,000 | 186,806 | ||||||
| Utah Charter School Finance Authority Revenue, Series A, 5.63%, 6/15/42, Continuously Callable @100 (b) | 250,000 | 242,094 | ||||||
| Utah Infrastructure Agency Revenue, Series A, 5.00%, 10/15/40, Continuously Callable @100 | 1,000,000 | 954,023 | ||||||
| 1,752,061 | ||||||||
| Wisconsin (0.9%): | ||||||||
| Wisconsin Health & Educational Facilities Authority Revenue, 4.00%, 1/1/47, Continuously Callable @103 | 500,000 | 382,475 | ||||||
| Total Municipal Bonds (Cost $48,516,964) | 43,818,676 | |||||||
| Exchange-Traded Funds (1.1%) | ||||||||
| VanEck Vectors High-Yield Municipal Index ETF | 10,000 | 499,300 | ||||||
| Total Exchange-Traded Funds (Cost $550,297) | 499,300 | |||||||
| Total Investments (Cost $49,067,261) — 98.4% | 44,317,976 | |||||||
| Other assets in excess of liabilities — 1.6% | 718,463 | |||||||
| NET ASSETS - 100.00% | $ | 45,036,439 | ||||||
| (a) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $2,056,922 and amounted to 4.6% of net assets. |
| (c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.6% of net assets. |
| ETF—Exchange-Traded Fund |
| GO—General Obligation |
| IDA—Industrial Development Authority |
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory High Income Municipal Bond Fund | September 30, 2022 | |
| (Unaudited) | ||
| Security Description | Principal Amount | Value | ||||||
| Municipal Bonds (97.8%) | ||||||||
| Arizona (6.1%): | ||||||||
| Arizona IDA Revenue | ||||||||
| 4.00%, 7/15/51, Continuously Callable @100 (a) | $ | 500,000 | $ | 354,392 | ||||
| 4.00%, 12/15/51, Continuously Callable @100 (a) | 700,000 | 540,910 | ||||||
| La Paz County IDA Revenue, 4.00%, 2/15/51, Continuously Callable @100 | 280,000 | 204,789 | ||||||
| Maricopa County IDA Revenue, 4.00%, 10/15/47, Continuously Callable @104 (a) | 500,000 | 384,307 | ||||||
| The IDA of the City of Phoenix Revenue, 4.00%, 12/1/51, Continuously Callable @100 (a) | 1,000,000 | 687,960 | ||||||
| The IDA of the County of Pima Revenue, 4.00%, 6/15/51, Continuously Callable @100 (a) | 500,000 | 382,275 | ||||||
| 2,554,633 | ||||||||
| California (0.4%): | ||||||||
| California County Tobacco Securitization Agency Revenue, Series B-1, 5.00%, 6/1/49, Continuously Callable @100 | 195,000 | 184,064 | ||||||
| Delaware (0.9%): | ||||||||
| Delaware State Economic Development Authority Revenue, 4.00%, 6/1/52, Continuously Callable @100 | 500,000 | 378,908 | ||||||
| District of Columbia (0.5%): | ||||||||
| District of Columbia Tobacco Settlement Financing Corp. Revenue, 6.50%, 5/15/33 | 195,000 | 198,498 | ||||||
| Florida (8.5%): | ||||||||
| Escambia County Health Facilities Authority Revenue, 3.00%, 8/15/50, Continuously Callable @100 | 1,000,000 | 655,861 | ||||||
| Florida Development Finance Corp. Revenue | ||||||||
| 4.00%, 7/1/55, Continuously Callable @100 | 500,000 | 361,068 | ||||||
| 5.25%, 10/1/56, Continuously Callable @100 (a) | 500,000 | 466,055 | ||||||
| Pinellas County Educational Facilities Authority Revenue, Series A, 4.00%, 6/1/46, Continuously Callable @100 (a) | 500,000 | 387,126 | ||||||
| Seminole County IDA Revenue, 4.00%, 6/15/56, Continuously Callable @100 (a) | 705,000 | 527,685 | ||||||
| Sumter County Village Community Development District No. 10 Special Assessment Revenue, Series 2014, 5.75%, 5/1/31, Continuously Callable @100 | 1,145,000 | 1,152,909 | ||||||
| 3,550,704 | ||||||||
| Georgia (0.2%): | ||||||||
| Development Authority of Heard County Revenue, 2.97%, 9/1/26, Continuously Callable @100 (b) | 100,000 | 100,000 | ||||||
| Illinois (12.6%): | ||||||||
| Chicago Board of Education Revenue, 6.00%, 4/1/46, Continuously Callable @100 | 1,500,000 | 1,548,024 | ||||||
| Chicago O Hare International Airport Revenue, 4.63%, 1/1/53, Continuously Callable @100 | 500,000 | 451,887 | ||||||
| City of Chicago, GO, Series A, 5.50%, 1/1/49, Continuously Callable @100 | 1,000,000 | 1,008,115 | ||||||
| Illinois, GO | ||||||||
| 5.50%, 7/1/33, Continuously Callable @100 | 1,000,000 | 1,006,431 | ||||||
| 5.50%, 7/1/38, Continuously Callable @100 | 1,250,000 | 1,252,131 | ||||||
| 5,266,588 | ||||||||
| Indiana (3.4%): | ||||||||
| Indiana Finance Authority Revenue | ||||||||
| 4.13%, 12/1/26 | 1,000,000 | 960,587 | ||||||
| Series A, 5.00%, 7/1/55, Continuously Callable @100 | 500,000 | 441,853 | ||||||
| 1,402,440 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Income Municipal Bond Fund | September 30, 2022 | |
| (Unaudited) | ||
| Security Description | Principal Amount | Value | ||||||
| Iowa (1.8%): | ||||||||
| Iowa Finance Authority Revenue | ||||||||
| Series A, 5.00%, 5/15/48, Continuously Callable @100 | $ | 500,000 | $ | 430,467 | ||||
| Series A-1, 4.00%, 5/15/55, Continuously Callable @103 | 500,000 | 332,754 | ||||||
| 763,221 | ||||||||
| Kansas (0.4%): | ||||||||
| Wyandotte County-Kansas City Unified Government Tax Allocation, 5.75%, 3/1/41, Continuously Callable @103 (a) | 200,000 | 182,515 | ||||||
| Kentucky (1.2%): | ||||||||
| Louisville Jefferson County Metropolitan Government Revenue, Series A, 5.00%, 5/15/52, Continuously Callable @100 | 500,000 | 492,339 | ||||||
| Maryland (0.4%): | ||||||||
| Maryland Economic Development Corp. Revenue, 4.25%, 7/1/50, Continuously Callable @100 | 200,000 | 156,984 | ||||||
| Massachusetts (0.7%): | ||||||||
| Massachusetts Development Finance Agency Revenue, 4.00%, 10/1/32, Continuously Callable @105 (a) | 300,000 | 296,092 | ||||||
| Minnesota (0.7%): | ||||||||
| City of Woodbury Revenue, 4.00%, 7/1/51, Continuously Callable @103 | 400,000 | 288,547 | ||||||
| Missouri (1.0%): | ||||||||
| Health & Educational Facilities Authority of the State of Missouri Revenue, 4.25%, 12/1/42, Continuously Callable @100 (a) | 500,000 | 432,074 | ||||||
| New Hampshire (0.9%): | ||||||||
| New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103 | 500,000 | 373,694 | ||||||
| New Jersey (4.5%): | ||||||||
| New Jersey Economic Development Authority Revenue, Series S, 4.00%, 6/15/50, Continuously Callable @100 | 450,000 | 366,575 | ||||||
| New Jersey Economic Development Motor Vehicle Surcharges Subordinate Revenue, Series A, 5.00%, 7/1/33, Continuously Callable @100 | 500,000 | 508,424 | ||||||
| New Jersey Transportation Trust Fund Authority Revenue | ||||||||
| Series A, 5.00%, 12/15/38 | 1,500,000 | 633,897 | ||||||
| Series BB, 3.50%, 6/15/46, Continuously Callable @100 | 500,000 | 378,143 | ||||||
| 1,887,039 | ||||||||
| New Mexico (1.9%): | ||||||||
| New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102 | 500,000 | 407,421 | ||||||
| Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103 (a) | 500,000 | 407,407 | ||||||
| 814,828 | ||||||||
| New York (9.6%): | ||||||||
| Build NYC Resource Corp. Revenue | ||||||||
| 4.00%, 6/15/51, Continuously Callable @100 | 500,000 | 373,275 | ||||||
| Series A, 5.00%, 6/15/51, Continuously Callable @100 (a) | 100,000 | 92,375 | ||||||
| Huntington Local Development Corp. Revenue, Series S, 3.00%, 7/1/25 | 500,000 | 480,744 | ||||||
| Metropolitan Transportation Authority Revenue | ||||||||
| Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c) | 365,000 | 377,062 | ||||||
| Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 500,000 | 400,242 | ||||||
| New York State Dormitory Authority Revenue | ||||||||
| 6.00%, 7/1/40, Continuously Callable @100 (a)(d) | 1,000,000 | 816,378 | ||||||
| 4.00%, 7/1/40, Continuously Callable @100 | 200,000 | 175,008 | ||||||
| New York Transportation Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100 | 750,000 | 700,286 | ||||||
| Onondaga Civic Development Corp. Revenue, 5.00%, 10/1/40, Continuously Callable @100 | 250,000 | 223,091 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Income Municipal Bond Fund | September 30, 2022 | |
| (Unaudited) | ||
| Security Description | Principal Amount | Value | ||||||
| Western Regional Off-Track Betting Corp. Revenue, 4.13%, 12/1/41, Continuously Callable @100 (a) | $ | 500,000 | $ | 373,214 | ||||
| 4,011,675 | ||||||||
| North Carolina (0.6%): | ||||||||
| North Carolina Medical Care Commission Revenue, 5.00%, 10/1/50, Continuously Callable @103 | 250,000 | 236,115 | ||||||
| North Dakota (2.1%): | ||||||||
| Grand Forks, North Dakota Senior Housing and Nursing Facility Revenue, 5.00%, 12/1/36, Continuously Callable @100 | 1,000,000 | 869,317 | ||||||
| Ohio (3.5%): | ||||||||
| Buckeye Tobacco Settlement Financing Authority Revenue, Series B-2, 5.00%, 6/1/55, Continuously Callable @100 | 1,000,000 | 838,287 | ||||||
| County of Hardin Revenue, 5.50%, 5/1/50, Continuously Callable @103 | 500,000 | 432,149 | ||||||
| Northeast Ohio Medical University Revenue, Series A, 4.00%, 12/1/45, Continuously Callable @100 | 225,000 | 184,583 | ||||||
| 1,455,019 | ||||||||
| Oregon (1.8%): | ||||||||
| Clackamas County Hospital Facility Authority Revenue | ||||||||
| Series A, 5.00%, 11/15/52, Continuously Callable @102 | 500,000 | 446,600 | ||||||
| Series A, 5.38%, 11/15/55, Continuously Callable @102 | 100,000 | 89,074 | ||||||
| Yamhill County Hospital Authority Revenue, Series A, 5.00%, 11/15/51, Continuously Callable @103 | 250,000 | 198,055 | ||||||
| 733,729 | ||||||||
| Pennsylvania (3.5%): | ||||||||
| Bucks County IDA Revenue, 5.00%, 7/1/54, Continuously Callable @100 | 500,000 | 429,795 | ||||||
| Chester County Industrial Development Authority Revenue, 6.00%, 10/15/52, Continuously Callable @100 (a) | 500,000 | 479,818 | ||||||
| Pennsylvania Economic Development Financing Authority Revenue, 9.00%, 4/1/51, (Put Date 4/13/28) (a)(c) | 500,000 | 562,200 | ||||||
| 1,471,813 | ||||||||
| South Carolina (4.5%): | ||||||||
| County of Richland SC Special Assessment, 3.63%, 11/1/31, Continuously Callable @103 (a) | 290,000 | 234,298 | ||||||
| Lancaster County Walnut Creek Improvement District Assessment Refunding Revenue, Series 2016 A-1, 5.00%, 12/1/37, Continuously Callable @100 | 1,675,000 | 1,658,682 | ||||||
| 1,892,980 | ||||||||
| South Dakota (0.8%): | ||||||||
| Oglala Sioux Tribe, Series 2012, 5.00%, 10/1/22 (a) | 335,000 | 335,000 | ||||||
| Texas (6.7%): | ||||||||
| City of Houston Texas Airport System Revenue, Series C, 4.00%, 7/15/41, Continuously Callable @100 | 750,000 | 586,042 | ||||||
| Port of Port Arthur Navigation District Revenue | ||||||||
| Series A, 3.00%, 4/1/40, Continuously Callable @100 (b) | 500,000 | 500,000 | ||||||
| Series B, 2.95%, 4/1/40, Continuously Callable @100 (b) | 200,000 | 200,000 | ||||||
| Series C, 3.07%, 4/1/40, Continuously Callable @100 (b) | 500,000 | 500,000 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Revenue, NTE Mobility Partners Segments 3 LLC - Segments 3A & 3B Facility, Series 2013, 7.00%, 12/31/38, Continuously Callable @100 | 1,000,000 | 1,026,245 | ||||||
| 2,812,287 | ||||||||
| Utah (7.7%): | ||||||||
| Jordanelle Special Service District Special Assessment, Series C, 12.00%, 8/1/30, Continuously Callable @100 (a) | 1,155,348 | 1,157,340 | ||||||
| Military Installation Development Authority Revenue | ||||||||
| Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 250,000 | 186,806 | ||||||
| Series A-1, 4.00%, 6/1/52, Continuously Callable @103 | 250,000 | 166,399 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory High Income Municipal Bond Fund | September 30, 2022 | |
| (Unaudited) | ||
| Security Description | Shares
or Principal Amount | Value | ||||||
| Utah Charter School Finance Authority Revenue | ||||||||
| 2.75%, 4/15/50, Continuously Callable @100 | $ | 525,000 | $ | 315,947 | ||||
| Series A, 5.63%, 6/15/42, Continuously Callable @100 (a) | 250,000 | 242,094 | ||||||
| Utah Infrastructure Agency Revenue, Series A, 5.38%, 10/15/40, Continuously Callable @100 | 1,150,000 | 1,148,951 | ||||||
| 3,217,537 | ||||||||
| Vermont (1.5%): | ||||||||
| Vermont Economic Development Authority Revenue, 4.00%, 5/1/45, Continuously Callable @103 | 500,000 | 383,540 | ||||||
| Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100 | 250,000 | 232,972 | ||||||
| 616,512 | ||||||||
| West Virginia (2.4%): | ||||||||
| The County Commission of Monongalia County, WV Special District Excise Tax Revenue, Series 2017 A, 5.75%, 6/1/43, Continuously Callable @100 (a) | 1,000,000 | 1,008,465 | ||||||
| Wisconsin (7.0%): | ||||||||
| Public Finance Authority Revenue | ||||||||
| 4.00%, 4/1/52, Continuously Callable @100 (a) | 500,000 | 362,903 | ||||||
| 5.88%, 6/1/52, Continuously Callable @100 (a) | 250,000 | 232,335 | ||||||
| Series A, 4.25%, 12/1/51, Continuously Callable @100 (a) | 500,000 | 387,683 | ||||||
| Series A, 5.25%, 3/1/55, Continuously Callable @100 (a) | 500,000 | 422,791 | ||||||
| Series A, 5.00%, 7/1/55, Continuously Callable @100 (a) | 500,000 | 423,726 | ||||||
| Series A-1, 4.00%, 7/1/51, Continuously Callable @100 (a) | 500,000 | 355,598 | ||||||
| Wisconsin Health & Educational Facilities Authority Revenue | ||||||||
| 4.00%, 1/1/47, Continuously Callable @103 | 500,000 | 382,476 | ||||||
| 4.00%, 12/1/51, Continuously Callable @100 | 500,000 | 359,900 | ||||||
| 2,927,412 | ||||||||
| Total Municipal Bonds (Cost $48,035,475) | 40,911,029 | |||||||
| Exchange-Traded Funds (1.2%) | ||||||||
| VanEck Vectors High-Yield Municipal Index ETF | 10,000 | 499,300 | ||||||
| Total Exchange-Traded Funds (Cost $550,297) | 499,300 | |||||||
| Total Investments (Cost $48,585,772) — 99.0% | 41,410,329 | |||||||
| Other assets in excess of liabilities — 1.0% | 436,909 | |||||||
| NET ASSETS - 100.00% | $ | 41,847,238 | ||||||
| (a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $12,535,016 and amounted to 30.0% of net assets. |
| (b) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (c) | Put Bond. |
| (d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 2.0% of net assets. |
| ETF—Exchange-Traded Fund |
| GO—General Obligation |
| IDA—Industrial Development Authority |
| LLC—Limited Liability Company |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares
or Principal Amount | Value | ||||||
| Common Stocks (0.0%)(a) | ||||||||
| Consumer Discretionary (0.0%): | ||||||||
| Men's Wearhouse, Inc. | 51,299 | $ | 314,206 | |||||
| Total Common Stocks (Cost $192,371) | 314,206 | |||||||
| Warrants (0.0%)(a) | ||||||||
| Communication Services (0.0%): | ||||||||
| Cineworld (b) | 377,856 | 28,261 | ||||||
| Total Warrants (Cost $–) | 28,261 | |||||||
| Senior Secured Loans (91.2%) | ||||||||
| 19th Holdings Golf LLC, Initial Term Loans, First Lien, 5.70% (SOFR01M+300bps), 1/27/29 (c) | $ | 27,431,250 | 25,373,906 | |||||
| AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 7.46% (LIBOR03M+475bps), 4/20/28 (c) | 27,334,127 | 26,432,100 | ||||||
| Accelerated Health Systems LLC, Initial Term B Loans, First Lien, 6.96% (SOFR01M+425bps), 2/2/29 (c) | 4,982,500 | 4,446,881 | ||||||
| ACProducts, Inc., Initial Term Loans, First Lien, 7.13% (LIBOR06M+425bps), 5/17/28 (c) | 23,019,238 | 16,896,812 | ||||||
| ACProducts, Inc., Initial Term Loans, First Lien, 6.50% (LIBOR03M+425bps), 5/17/28 (c) | 7,595,574 | 5,575,379 | ||||||
| Acrisure LLC, 2021-2 Additional Term Loan, First Lien, 6.77% (LIBOR01M+425bps), 2/15/27 (c) | 3,970,000 | 3,721,875 | ||||||
| Acrisure LLC, Term Loan B 2020, First Lien, 6.02% (LIBOR01M+350bps), 2/15/27 (c) | 15,141,445 | 13,810,209 | ||||||
| Adient US LLC, Term B-1 Loans, First Lien, 5.77% (LIBOR01M+325bps), 4/8/28 (c) | 4,974,811 | 4,685,675 | ||||||
| Air Canada, Term Loan, First Lien, 6.42% (LIBOR03M+350bps), 8/11/28 (c) | 26,932,500 | 25,561,905 | ||||||
| Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 6.77% (LIBOR01M+425bps), 3/14/25 (c) | 7,792,399 | 6,729,282 | ||||||
| Air Methods Corp., Initial Term Loans, First Lien, 5.75% (LIBOR03M+350bps), 4/21/24 (c) | 19,494,029 | 15,473,385 | ||||||
| Albaugh LLC, Term Loan B, First Lien, 6.08% (SOFR03M+350bps), 12/21/24 (c) | 15,920,000 | 15,442,400 | ||||||
| Alliance Laundry Systems LLC, Initial Term B Loans, First Lien, 5.96% (LIBOR03M+350bps), 10/8/27 (c) | 9,743,352 | 9,325,168 | ||||||
| Alterra Mountain Co., Facility 2028 Term Loan B, First Lien, 6.02% (LIBOR01M+350bps), 8/17/28 (c) | 12,907,330 | 12,487,842 | ||||||
| American Axle & Manufacturing, Inc., Term Loan B, First Lien, 5.04% (LIBOR03M+225bps), 4/6/24 (c) | 3,900,651 | 3,808,986 | ||||||
| American Axle & Manufacturing, Inc., Term Loan B, First Lien, 5.34% (LIBOR01M+225bps), 4/6/24 (c) | 278,618 | 272,070 | ||||||
| Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 5.81% (LIBOR03M+350bps), 3/23/25 (c) | 10,642,274 | 8,815,314 | ||||||
| Amneal Pharmaceuticals LLC, Initial Term Loans, First Lien, 6.06% (LIBOR01M+350bps), 5/4/25 (c) | 10,888,299 | 9,019,105 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | ||||||
| Victory Floating Rate Fund | September 30, 2022 | ||||||
| (Unaudited) | |||||||
| Security Description | Principal Amount | Value | ||||||
| Anchor Packaging LLC, Initial Term Loans, First Lien, 6.52% (LIBOR01M+400bps), 7/18/26 (c) | $ | 6,869,351 | $ | 6,620,337 | ||||
| Apex Tool Group LLC, Initial Term Loan, First Lien, 8.00% (SOFR01M+525bps), 2/8/29 (c) | 5,872,757 | 5,175,367 | ||||||
| AT home Group, Inc., Initial Term Loan, First Lien, 6.28% (LIBOR03M+400bps), 7/23/28 (c) | 14,597,806 | 11,175,496 | ||||||
| Avis Budget Car Rental LLC, 6.06% (SOFR01M+350bps), 3/16/29 (c) | 2,985,000 | 2,863,122 | ||||||
| AZZ, Inc., Initial Term Loan, First Lien, 6.83% (SOFR03M+425bps), 5/6/29 (c) | 7,980,000 | 7,753,927 | ||||||
| AZZ, Inc., Initial Term Loan, First Lien, 6.71% (SOFR01M+425bps), 5/6/29 (c) | 4,987,500 | 4,846,204 | ||||||
| Bally's Corp., Term B Facility Loans, First Lien, 5.93% (LIBOR01M+325bps), 10/1/28 (c) | 11,895,038 | 10,713,741 | ||||||
| Bausch Health Cos., Inc., Term B, First Lien, 8.00% (SOFR01M+525bps), 1/27/27 (c) | 25,000,000 | 19,136,750 | ||||||
| Brand Energy and Infrastructure Services, Inc., Initial Term Loan, First Lien, 7.03% (LIBOR03M+425bps), 6/21/24 (c) | 7,583,302 | 6,581,396 | ||||||
| BW NHHC Holdco, Inc., Term Loan Lien 2, Second Lien, 11.96% (LIBOR03M+900bps), 5/15/26 (c) | 3,000,000 | 1,612,500 | ||||||
| Caesars Resort Collection LLC, 1st Lien Term Loan B, 5.27% (LIBOR01M+275bps), 12/22/24 (c) | 2,917,671 | 2,845,021 | ||||||
| Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 6.02% (LIBOR01M+350bps), 6/19/25 (c) | 4,488,659 | 4,416,167 | ||||||
| Chariot Buyer LLC, Initial Term Loans, First Lien, 6.02% (LIBOR01M+350bps), 11/3/28 (c) | 12,902,500 | 11,692,891 | ||||||
| Chassix, Inc., Term Loan B, First Lien, 8.19% (LIBOR03M+550bps), 11/10/23 (c) | 1,794,306 | 1,632,818 | ||||||
| Chassix, Inc., Term Loan B, First Lien, 7.56% (LIBOR06M+550bps), 11/10/23 (c) | 2,001,299 | 1,821,182 | ||||||
| Cinemark USA, Inc., Term Loan B, First Lien, 4.56% (LIBOR03M+175bps), 3/29/25 (c) | 1,125,694 | 1,058,018 | ||||||
| Cinemark USA, Inc., Term Loan B, First Lien, 4.28% (LIBOR01M+175bps), 3/29/25 (c) | 2,842,823 | 2,671,912 | ||||||
| Clarios Global LP, Term B-1, First Lien, 5.77% (LIBOR01M+325bps), 4/30/26 (c) | 7,659,794 | 7,228,930 | ||||||
| Clear Channel Outdoor Holdings, Inc., Term B Loan, First Lien, 6.31% (LIBOR03M+350bps), 8/21/26 (c) | 9,961,506 | 8,868,828 | ||||||
| Clydesdale Acquisition Holdings LLC, Term B Loans, First Lien, 6.73% (SOFR01M+418bps), 4/13/29 (c) | 17,955,000 | 16,910,199 | ||||||
| Consolidated Communications, Inc., 2020 Term B-1, First Lien, 6.06% (LIBOR01M+350bps), 10/2/27 (c) | 12,469,115 | 10,739,025 | ||||||
| Cornerstone Building Brands, Inc., New Term Loan B, First Lien, 6.07% (LIBOR01M+325bps), 4/12/28 (c) | 16,560,250 | 13,558,705 | ||||||
| Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 8.55% (SOFR03M+650bps), 2/14/27 (c) | 16,575,000 | 13,011,375 | ||||||
| CP Altas Buyer, Inc., Term B Loans, First Lien, 6.02% (LIBOR01M+375bps), 11/23/27 (c) | 24,790,674 | 21,493,515 | ||||||
| CPM Holdings, Inc., 2nd Lien Initial Term Loans, Second Lien, 10.81% (LIBOR01M+825bps), 11/16/26 (c) | 1,595,960 | 1,516,162 | ||||||
| CPM Holdings, Inc., Initial Term Loans, First Lien, 6.06% (LIBOR01M+350bps), 11/17/25 (c) | 2,887,485 | 2,779,204 |
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Principal Amount | Value | ||||||
| Cumulus Media New Holdings, Inc., Initial Term Loan, First Lien, 6.27% (LIBOR01M+375bps), 3/31/26 (c) | $ | 19,164,544 | $ | 18,139,241 | ||||
| Delta 2 (Lux) S.a.r.l., New Term Loan B, First Lien, 5.02% (LIBOR01M+250bps), 2/1/24 (c) | 18,000,000 | 17,752,500 | ||||||
| Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 6.46% (LIBOR03M+375bps), 10/20/27 (c) | 24,911,595 | 24,931,026 | ||||||
| Diamond Sports Group LLC, Term Loan, First Lien, 10.60% (SOFR01M+800bps), 5/25/26 (c) | 1,452,386 | 1,388,844 | ||||||
| Diamond Sports Group LLC, Term Loan, Second Lien, 5.95% (SOFR01M+335bps), 8/24/26 (c) | 19,851,153 | 3,785,813 | ||||||
| Dynasty Acquisition Co., Inc., 2020 Specified Refi Term B-1 Loans, First Lien, 6.02% (LIBOR01M+350bps), 4/8/26 (c) | 2,764,187 | 2,543,632 | ||||||
| Entercom Media Corp., New Term Loan, First Lien, 5.61% (LIBOR01M+250bps), 11/17/24 (c) | 17,706,476 | 14,639,538 | ||||||
| Envision Healthcare Corp., First Out Term Loan, First Lien, 10.38% (SOFR03M+788bps), 7/22/27 (c) | 1,422,512 | 1,362,055 | ||||||
| Envision Healthcare Corp., Second Out Term Loan, First Lien, 6.83% (SOFR03M+425bps), 3/31/27 (c) | 8,416,798 | 3,661,307 | ||||||
| Envision Healthcare Corp., Third Out term Loans, First Lien, 6.33% (SOFR03M+375bps), 3/31/27 (c) | 3,958,372 | 1,015,995 | ||||||
| Eyemart Express LLC, Term B-1 Loan, First Lien, 5.13% (LIBOR01M+300bps), 8/5/27 (c) | 21,698,806 | 20,505,372 | ||||||
| Fertitta Entertainment LLC, Initial B Term Loan, First Lien, 6.46% (SOFR01M+400bps), 1/27/29 (c) | 22,387,500 | 20,731,721 | ||||||
| First Brands Group LLC, 2021 Term Loans, First Lien, 8.37% (SOFR06M+500bps), 3/24/27 (c) | 6,409,925 | 6,147,118 | ||||||
| Frontier Communications Corp., Refinancing Term Loans, First Lien, 6.06% (LIBOR03M+375bps), 10/8/27 (c) | 15,804,660 | 14,658,822 | ||||||
| Gates Global LLC, Initial B-3 Dollar Term Loan, First Lien, 5.02% (LIBOR01M+250bps), 3/31/27 (c) | 10,846,124 | 10,400,240 | ||||||
| Global Medical Response, Inc., 2020 Term Loan, First Lien, 6.81% (LIBOR01M+425bps), 10/2/25 (c) | 10,827,224 | 9,360,135 | ||||||
| Graham Packaging Co., Inc., New Term Loans, First Lien, 5.52% (LIBOR01M+300bps), 8/4/27 (c) | 15,619,763 | 14,847,209 | ||||||
| Great Outdoors Group LLC, Term B1, First Lien, 6.27% (LIBOR01M+375bps), 3/5/28 (c) | 14,012,926 | 12,912,912 | ||||||
| Harbor Purchaser, Inc., 7.71% (SOFR01M+525bps), 4/4/29 (c) | 22,000,000 | 19,992,500 | ||||||
| Hertz Corp., Initial Term B Loans, First Lien, 5.78% (LIBOR01M+325bps), 6/30/28 (c) | 29,299,973 | 27,670,309 | ||||||
| Hertz Corp., Initial Term C Loan, First Lien, 5.78% (LIBOR01M+325bps), 6/30/28 (c) | 5,591,816 | 5,280,799 | ||||||
| Hillman Group, Inc., Initial Delayed Draw Term Loan, First Lien, 5.83% (LIBOR01M+275bps), 2/24/28 (c)(d) | 1,020,455 | 972,494 | ||||||
| Hillman Group, Inc., Initial Term Loans, First Lien, 5.83% (LIBOR01M+275bps), 7/14/28 (c) | 4,221,174 | 4,022,779 | ||||||
| Holley Purchaser, Inc., Initial Term Loan, First Lien, 6.57% (LIBOR01M+375bps), 11/10/28 (c) | 1,146,536 | 1,039,770 | ||||||
| Holley Purchaser, Inc., Initial Term Loan, First Lien, 6.71% (LIBOR03M+375bps), 11/10/28 (c) | 12,335,357 | 11,186,689 | ||||||
| Hub International Ltd., Term Loan B, First Lien, 5.77% (LIBOR03M+300bps), 4/25/25 (c) | 8,132,612 | 7,809,016 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Principal Amount | Value | ||||||
| Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 6.34% (SOFR03M+350bps), 2/9/29 (c) | $ | 19,950,000 | $ | 16,329,075 | ||||
| iHeartCommunications, Inc., Second Amendment Incremental Term Loan, First Lien, 5.77% (LIBOR01M+325bps), 5/1/26 (c) | 6,189,535 | 5,798,852 | ||||||
| iHeartCommunications, Inc., Term Loans, First Lien, 5.52% (LIBOR01M+300bps), 5/1/26 (c) | 26,149,463 | 24,505,708 | ||||||
| Innio North America Holding, Inc., Facility B USD, First Lien, 5.35% (LIBOR03M+300bps), 11/6/25 (c) | 8,779,762 | 8,077,381 | ||||||
| Intelsat Jackson Holdings SA, Term B loan, First Lien, 7.19% (SOFR06M+425bps), 2/1/29 (c) | 28,579,543 | 26,757,598 | ||||||
| Janus International Group LLC, Amendment No 3 Refinancing Term Loans, First Lien, 5.77% (LIBOR01M+325bps), 2/15/25 (c) | 19,409,828 | 18,396,829 | ||||||
| Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 7.52% (LIBOR03M+475bps), 6/30/28 (c) | 18,305,075 | 11,846,862 | ||||||
| Knight Health Holdings LLC, Term B Loans, First Lien, 7.77% (LIBOR01M+525bps), 12/17/28 (c) | 23,323,750 | 16,880,564 | ||||||
| LBM Acquisition LLC, Initial Term Loan, First Lien, 7.12% (LIBOR03M+375bps), 12/17/27 (c) | 24,393,539 | 21,234,576 | ||||||
| Leslie's Poolmart, Inc., Term Loan B, First Lien, 5.02% (LIBOR01M+250bps), 3/9/28 (c) | 12,270,646 | 11,683,986 | ||||||
| Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 7.82% (LIBOR03M+475bps), 12/15/24 (c) | 11,682,191 | 11,521,561 | ||||||
| Lifepoint Health, Inc., Term B Loans, First Lien, 6.87% (LIBOR01M+375bps), 11/16/25 (c) | 11,231,875 | 10,419,586 | ||||||
| LifeScan Global Corp., Initial Term Loan, First Lien, 8.29% (LIBOR03M+600bps), 10/1/24 (c) | 21,195,621 | 16,998,888 | ||||||
| LifeScan Global Corp., Initial Term Loan, Second Lien, 11.79% (LIBOR03M+950bps), 6/19/25 (c) | 3,750,000 | 2,868,750 | ||||||
| LSF11 A5 Holdco LLC, Term Loans, First Lien, 5.96% (SOFR01M+350bps), 10/15/28 (c) | 13,930,000 | 12,920,075 | ||||||
| Madison IAQ LLC, Initial Term Loans, First Lien, 6.82% (LIBOR03M+325bps), 6/16/28 (c) | 18,248,801 | 16,824,664 | ||||||
| McGraw Hill Education, Inc., Initial Term Loan, First Lien, 8.32% (LIBOR06M+475bps), 7/30/28(c) | 21,505,399 | 19,784,967 | ||||||
| McGraw Hill Education, Inc., Initial Term Loan, First Lien, 7.82% (LIBOR03M+475bps), 7/30/28 (c) | 54,444 | 50,089 | ||||||
| MHI Holdings LLC, Initial Term Loans, First Lien, 7.52% (LIBOR01M+500bps), 9/20/26 (c) | 7,509,122 | 7,368,326 | ||||||
| Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 8.78% (LIBOR03M+525bps), 6/20/27 (c) | 23,750,000 | 23,805,100 | ||||||
| Navicure, Inc., Initial Term Loans, First Lien, 6.52% (LIBOR01M+400bps), 10/23/26 (c) | 7,812,658 | 7,470,854 | ||||||
| NorthRiver Midstream Finance LP, Initial Term Loan B, First Lien, 5.53% (LIBOR03M+325bps), 10/1/25 (c) | 11,686,702 | 11,367,421 | ||||||
| Park River Holdings, Inc., Initial Term Loans, First Lien, 5.53% (LIBOR03M+325bps), 1/20/28 (c) | 9,874,936 | 8,340,174 | ||||||
| Peraton Corp., Term B Loans, First Lien, 6.27% (LIBOR01M+375bps), 2/1/28 (c) | 11,121,793 | 10,521,216 | ||||||
| Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 5.50% (LIBOR03M+325bps), 3/4/28 (c) | 27,515,318 | 25,924,657 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Principal Amount | Value | ||||||
| PetSmart, Inc., Initial Term Loans, First Lien, 6.27% (LIBOR01M+375bps), 2/12/28 (c) | $ | 19,922,985 | $ | 18,810,685 | ||||
| PG&E CORP., Term Loans, First Lien, 5.56% (LIBOR01M+300bps), 6/23/25 (c) | 10,767,236 | 10,277,327 | ||||||
| Presidio Holdings, Inc., Term Loan B, First Lien, 6.31% (LIBOR01M+350bps), 12/19/26 (c) | 5,916,932 | 5,702,443 | ||||||
| Radiology Partners, Inc., Term Loan New, First Lien, 7.33% (LIBOR01M+425bps), 7/9/25 (c) | 20,451,802 | 17,077,255 | ||||||
| Reynolds Group Holdings, Inc., Tranche B-2 U.S. Term Loans, First Lien, 5.77% (LIBOR01M+325bps), 2/5/26 (c) | 4,479,902 | 4,277,500 | ||||||
| Ring Container Technologies Group LLC, Initial Term Loans, First Lien, 6.27% (LIBOR01M+375bps), 8/5/28 (c) | 5,453,775 | 5,244,732 | ||||||
| Rising Tide Holdings, Inc., Initial Term Loan, First Lien, 7.27% (LIBOR01M+475bps), 6/1/28 (c) | 10,879,849 | 9,269,632 | ||||||
| Robertshaw US Holding Corp., 2nd Lien Initial Term Loans, Second Lien, 10.56% (LIBOR01M+800bps), 2/15/26 (c) | 4,000,000 | 2,400,000 | ||||||
| Robertshaw US Holding Corp., Term Loan B, First Lien, 6.06% (LIBOR01M+350bps), 2/28/25 (c) | 6,321,385 | 4,804,252 | ||||||
| Ryan Specialty Group LLC, TL, First Lien, 5.56% (SOFR01M+300bps), 9/1/27 (c) | 7,847,368 | 7,572,711 | ||||||
| Scientific Games International, Inc., Initial Term B Loans, First Lien, 5.91% (SOFR01M+300bps), 4/16/29 (c) | 5,985,000 | 5,802,458 | ||||||
| Sedgwick Claims Management Services, Inc., Initial Term Loans, First Lien, 5.77% (LIBOR01M+325bps), 12/31/25 (c) | 6,907,810 | 6,527,880 | ||||||
| Sinclair Television Group, Inc., Term Loan B-3, First Lien, 5.53% (LIBOR01M+300bps), 3/25/28 (c) | 15,854,623 | 14,893,516 | ||||||
| Sparta US Holdco LLC, Initial Term Loan, First Lien, 5.80% (LIBOR01M+325bps), 4/30/28 (c) | 3,970,000 | 3,759,114 | ||||||
| SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 6.08% (SOFR03M+350bps), 6/4/28 (c) | 4,975,000 | 4,562,075 | ||||||
| SRS Distribution, Inc., 2021 Refinancing Term Loans, First Lien, 6.31% (LIBOR03M+350bps), 6/4/28 (c) | 25,272,293 | 23,271,486 | ||||||
| Standard Aero Ltd., 2020 SPCFD Refi Term B-2 Loans, First Lien, 6.02% (LIBOR01M+350bps), 4/8/26 (c) | 1,486,122 | 1,367,544 | ||||||
| Station Casinos LLC, Term B-1 Facility Loans, First Lien, 4.78% (LIBOR01M+225bps), 2/8/27 (c) | 14,243,951 | 13,599,982 | ||||||
| Surgery Center Holdings, Inc., 2021 New Term Loans, First Lien, 6.51% (LIBOR01M+375bps), 8/31/26 (c) | 22,248,466 | 21,080,421 | ||||||
| SWF Holdings Corp. I, Initial Term Loans, First Lien, 7.60% (LIBOR03M+400bps), 10/6/28 (c) | 27,098,788 | 21,082,857 | ||||||
| Tailwind Smith Cooper Intermediate Corp., 2nd Lien Initial Term Loans, Second Lien, 11.81% (LIBOR03M+900bps), 5/28/27 (c) | 3,000,000 | 2,586,570 | ||||||
| Team Health Holdings, Inc., Facility Extending TLB, First Lien, 7.71% (SOFR01M+525bps), 2/2/27 (c) | 21,373,009 | 18,149,318 | ||||||
| Tenneco, Inc., Tranche B Term Loan, First Lien, 5.52% (LIBOR01M+300bps), 10/1/25 (c) | 18,422,906 | 18,112,111 | ||||||
| The Men's Wearhouse LLC, Term Loan, First Lien, 10.78% (LIBOR03M+800bps), 12/1/25 (c) | 1,663,167 | 1,621,588 | ||||||
| The Michaels Cos., Inc., Term B Loans, First Lien, 6.50% (LIBOR03M+425bps), 4/15/28 (c) | 19,237,262 | 15,428,284 | ||||||
| Thor Industries, Inc., Term B-1, First Lien, 6.13% (LIBOR01M+300bps), 2/1/26 (c) | 6,151,332 | 6,056,478 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Principal Amount | Value | ||||||
| TIBCO Software Inc., Dollar Term B Loan, First Lien, 3/20/29 (e) | $ | 7,250,000 | $ | 6,496,508 | ||||
| Titan Acquisition Ltd., Initial Term Loan, First Lien (LIBOR06M+300bps), 3/28/25 (c) | 13,616,519 | 12,164,045 | ||||||
| Transdigm, Inc., Tranche F Refinancing Term Loan, First Lien, 4.77% (LIBOR01M+225bps), 12/9/25 (c) | 7,742,309 | 7,405,828 | ||||||
| Traverse Midstream Partners LLC, Advance, First Lien, 5.95% (SOFR06M+425bps), 9/27/24 (c) | 13,502,539 | 13,164,975 | ||||||
| TricorBraun Holdings, Inc., Closing Date Initial Term Loans, First Lien, 5.77% (LIBOR01M+325bps), 3/3/28 (c) | 12,604,931 | 11,813,972 | ||||||
| Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, First Lien, 6.25% (LIBOR03M+400bps), 9/17/28 (c)(d) | 927,228 | 876,694 | ||||||
| Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loans, First Lien, 6.25% (LIBOR03M+400bps), 9/17/28 (c) | 6,508,674 | 6,153,951 | ||||||
| Triton Water Holdings, Inc., Initial Term Loan, First Lien, 5.75% (LIBOR03M+350bps), 3/31/28 (c) | 15,713,498 | 14,065,781 | ||||||
| Truck Hero, Inc., Initial Term Loans, First Lien, 6.02% (LIBOR01M+350bps), 2/24/28 (c) | 6,058,603 | 5,265,956 | ||||||
| U.S. Renal Care, Inc., Initial Term Loan, First Lien, 7.56% (LIBOR01M+500bps), 7/26/26 (c) | 22,598,519 | 16,182,573 | ||||||
| United Airlines, Inc., Class B Term Loans, First Lien, 6.53% (LIBOR03M+375bps), 4/21/28 (c) | 15,739,700 | 14,994,268 | ||||||
| Univision Communications, Inc., 2021 Replacement New First-Lien Term, First Lien, 5.77% (LIBOR01M+325bps), 3/24/26 (c) | 10,176,061 | 9,640,190 | ||||||
| Univision Communications, Inc., Initial First-Lien Term Loans, First Lien, 5.77% (LIBOR01M+325bps), 5/7/28 (c) | 8,457,500 | 8,068,962 | ||||||
| Upstream Rehabilitation, August 2021 Incremental TL, First Lien, 6.82% (SOFR01M+425bps), 11/20/26 (c) | 4,932,475 | 4,562,539 | ||||||
| USI, Inc., 2017 New Term Loans, First Lien, 5.00% (LIBOR03M+275bps), 5/16/24 (c) | 17,483,457 | 16,988,151 | ||||||
| Verscend Holding Corp., New Term Loan B-1 Facility, First Lien, 6.52% (LIBOR01M+400bps), 8/27/25 (c) | 9,763,347 | 9,446,038 | ||||||
| Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 5.77% (LIBOR01M+325bps), 10/30/27 (c) | 7,275,545 | 5,877,258 | ||||||
| WestJet Airlines Ltd., Initial Term Loan, First Lien, 5.99% (LIBOR01M+300bps), 12/11/26 (c) | 23,693,364 | 20,796,850 | ||||||
| White Cap Buyer LLC, Initial Closing Date Term Loan, First Lien, 6.21% (SOFR01M+375bps), 10/19/27 (c) | 11,309,319 | 10,560,077 | ||||||
| WireCo WorldGroup, Inc., Initial Term Loan, First Lien, 7.19% (LIBOR03M+425bps), 11/13/28 (c) | 15,475,556 | 14,895,222 | ||||||
| WP CPP Holdings LLC, Term Loan Second Lien, Second Lien, 10.56% (LIBOR03M+775bps), 4/30/26 (c) | 2,000,000 | 1,665,000 | ||||||
| WP CPP Holdings LLC, Term Loans, First Lien, 6.56% (LIBOR03M+375bps), 4/30/25 (c) | 9,742,568 | 8,654,615 | ||||||
| Total Senior Secured Loans (Cost $1,675,481,266) | 1,514,134,353 | |||||||
| Corporate Bonds (6.3%) | ||||||||
| Communication Services (1.5%): | ||||||||
| Audacy Capital Corp., 6.50%, 5/1/27, Callable 10/27/22 @ 104.88 (f) | 2,000,000 | 504,560 | ||||||
| CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88 (f) | 2,250,000 | 1,600,020 | ||||||
| Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 11/14/22 @ 103.38 (f) | 8,247,000 | 6,980,838 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Principal Amount | Value | ||||||
| iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 10/27/22 @ 104.19 | $ | 4,500,000 | $ | 3,789,675 | ||||
| Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (f) | 13,850,000 | 9,972,000 | ||||||
| TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5 | 2,000,000 | 1,845,960 | ||||||
| 24,693,053 | ||||||||
| Consumer Discretionary (1.4%): | ||||||||
| Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (f) | 4,715,000 | 3,841,028 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 3/1/29, Callable 3/1/24 @ 102.69 (f) | 2,000,000 | 1,642,600 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.25%, 7/1/25, Callable 10/24/22 @ 103.13 (f) | 400,000 | 385,500 | ||||||
| 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (f) | 1,800,000 | 1,721,628 | ||||||
| Cinemark USA, Inc., 5.25%, 7/15/28, Callable 7/15/24 @ 102.63 (f) | 1,000,000 | 768,540 | ||||||
| Ford Motor Co., 6.10%, 8/19/32, Callable 5/19/32 @ 100 | 3,500,000 | 3,085,355 | ||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (f) | 4,000,000 | 2,699,080 | ||||||
| Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31 (f) | 2,750,000 | 2,203,107 | ||||||
| The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5 (f) | 2,000,000 | 1,487,720 | ||||||
| The Michaels Cos., Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94 (f) | 1,070,000 | 617,240 | ||||||
| Viking Cruises Ltd., 13.00%, 5/15/25, Callable 10/27/22 @ 109.75 (f) | 4,000,000 | 4,153,640 | ||||||
| 22,605,438 | ||||||||
| Energy (0.7%): | ||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (f) | 2,334,000 | 2,055,227 | ||||||
| Callon Petroleum Co., 8.00%, 8/1/28, Callable 8/1/24 @ 104 (f) | 2,000,000 | 1,843,340 | ||||||
| Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94 (f) | 1,500,000 | 1,305,870 | ||||||
| PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103 | 7,534,000 | 6,502,445 | ||||||
| 11,706,882 | ||||||||
| Financials (0.3%): | ||||||||
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (f) | 4,000,000 | 3,145,400 | ||||||
| Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69 (f) | 2,000,000 | 1,568,020 | ||||||
| SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (f) | 899,000 | 532,775 | ||||||
| 5,246,195 | ||||||||
| Health Care (1.7%): | ||||||||
| Air Methods Corp., 8.00%, 5/15/25, Callable 11/14/22 @ 100 (f) | 14,250,000 | 7,222,755 | ||||||
| Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63 (f) | 10,466,000 | 3,959,288 | ||||||
| CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06 (f) | 6,500,000 | 3,064,360 | ||||||
| LifePoint Health, Inc., 5.38%, 1/15/29, Callable 1/15/24 @ 102.69 (f) | 2,650,000 | 1,865,149 | ||||||
| Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (f) | 3,200,000 | 2,093,920 | ||||||
| Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 11/14/22 @ 105 (f) | 2,000,000 | 1,944,440 | ||||||
| Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/27/22 @ 100 (f) | 8,383,000 | 6,234,186 | ||||||
| Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (f) | 2,000,000 | 1,764,420 | ||||||
| U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 11/14/22 @ 105.31 (f) | 1,120,000 | 510,283 | ||||||
| 28,658,801 | ||||||||
| Industrials (0.5%): | ||||||||
| American Airlines, Inc., 11.75%, 7/15/25 (f) | 5,820,000 | 6,083,879 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Floating Rate Fund | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Principal Amount | Value | ||||||
| Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (f) | $ | 3,950,000 | $ | 3,082,817 | ||||
| 9,166,696 | ||||||||
| Information Technology (0.1%): | ||||||||
| Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81 (f) | 2,000,000 | 1,703,600 | ||||||
| Utilities (0.1%): | ||||||||
| Calpine Corp., 5.13%, 3/15/28, Callable 3/15/23 @ 102.56 (f) | 1,500,000 | 1,297,110 | ||||||
| Total Corporate Bonds (Cost $140,903,814) | 105,077,775 | |||||||
| Yankee Dollars (0.6%) | ||||||||
| Communication Services (0.1%): | ||||||||
| Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81 (f) | 4,350,000 | 2,089,914 | ||||||
| Industrials (0.4%): | ||||||||
| Bombardier, Inc., 7.88%, 4/15/27, Callable 11/14/22 @ 103.94 (f) | 7,000,000 | 6,440,700 | ||||||
| Materials (0.1%): | ||||||||
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (f) | 2,000,000 | 1,180,060 | ||||||
| Total Yankee Dollars (Cost $11,708,850) | 9,710,674 | |||||||
| Total Investments (Cost $1,828,286,301) — 98.1% | 1,629,265,269 | |||||||
| Other assets in excess of liabilities — 1.9% | 32,237,151 | |||||||
| NET ASSETS - 100.00% | $ | 1,661,502,420 | ||||||
| (a) | Amount represents less than 0.05% of net assets. |
| (b) | Non-income producing security. |
| (c) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (d) | The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. At September 30, 2022, the Fund held unfunded or partially unfunded loan commitments of $1,223,410, which included a $63,066 unrealized loss. |
| (e) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
| (f) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $99,565,014 and amounted to 6.0% of net assets. |
| bps—Basis points |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| SOFR—Secured Overnight Financing Rate |
| SOFR01M—1 Month SOFR, rate disclosed as of September 30, 2022. |
| SOFR03M—3 Month SOFR, rate disclosed as of September 30, 2022. |
| SOFR06M—6 Month SOFR, rate disclosed as of September 30, 2022. |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Sycamore Established Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (96.6%) | ||||||||
| Communication Services (1.2%): | ||||||||
| Live Nation Entertainment, Inc. (a) | 2,270,000 | $ | 172,611 | |||||
| Consumer Discretionary (8.2%): | ||||||||
| Aptiv PLC (a) | 2,020,000 | 157,984 | ||||||
| BorgWarner, Inc. | 7,115,000 | 223,411 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,733,600 | 209,107 | ||||||
| Newell Brands, Inc. (b) | 10,241,000 | 142,247 | ||||||
| Ross Stores, Inc. | 2,476,500 | 208,695 | ||||||
| Yum! Brands, Inc. | 2,400,000 | 255,216 | ||||||
| 1,196,660 | ||||||||
| Consumer Staples (4.9%): | ||||||||
| Archer-Daniels-Midland Co. | 1,980,000 | 159,291 | ||||||
| Sysco Corp. | 4,915,000 | 347,540 | ||||||
| Tyson Foods, Inc., Class A | 3,300,000 | 217,569 | ||||||
| 724,400 | ||||||||
| Energy (2.9%): | ||||||||
| Coterra Energy, Inc. | 8,942,400 | 233,575 | ||||||
| Devon Energy Corp. | 3,250,000 | 195,423 | ||||||
| 428,998 | ||||||||
| Financials (17.1%): | ||||||||
| Alleghany Corp. (a) | 425,001 | 356,733 | ||||||
| American Financial Group, Inc. | 1,880,000 | 231,108 | ||||||
| Everest Re Group Ltd. | 775,000 | 203,391 | ||||||
| Huntington Bancshares, Inc. (b) | 10,080,000 | 132,854 | ||||||
| Old Republic International Corp. | 8,930,000 | 186,905 | ||||||
| Prosperity Bancshares, Inc. (b) | 3,308,200 | 220,591 | ||||||
| The Allstate Corp. | 1,403,000 | 174,716 | ||||||
| The Bank of New York Mellon Corp. | 5,735,000 | 220,912 | ||||||
| The Progressive Corp. | 2,507,700 | 291,420 | ||||||
| W.R. Berkley Corp. | 3,355,000 | 216,666 | ||||||
| Zions Bancorp NA | 5,279,500 | 268,515 | ||||||
| 2,503,811 | ||||||||
| Health Care (5.5%): | ||||||||
| Hologic, Inc. (a) | 2,820,000 | 181,946 | ||||||
| Molina Healthcare, Inc. (a) | 561,900 | 185,337 | ||||||
| Quest Diagnostics, Inc. | 2,090,000 | 256,422 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Sycamore Established Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| The Cooper Cos., Inc. | 705,000 | $ | 186,050 | |||||
| 809,755 | ||||||||
| Industrials (20.7%): | ||||||||
| AGCO Corp. | 2,230,000 | 214,459 | ||||||
| Alaska Air Group, Inc. (a) | 4,370,000 | 171,086 | ||||||
| Hubbell, Inc. (b) | 1,080,000 | 240,840 | ||||||
| J.B. Hunt Transport Services, Inc. | 845,000 | 132,175 | ||||||
| Landstar System, Inc. (b) | 1,085,000 | 156,642 | ||||||
| Leidos Holdings, Inc. | 2,790,000 | 244,041 | ||||||
| Lincoln Electric Holdings, Inc. | 1,230,000 | 154,636 | ||||||
| ManpowerGroup, Inc. | 1,730,000 | 111,914 | ||||||
| Oshkosh Corp. | 1,910,000 | 134,254 | ||||||
| Owens Corning | 1,845,000 | 145,035 | ||||||
| Parker-Hannifin Corp. | 795,500 | 192,758 | ||||||
| Republic Services, Inc. | 680,000 | 92,507 | ||||||
| Textron, Inc. | 4,446,300 | 259,041 | ||||||
| The Middleby Corp. (a) | 1,695,000 | 217,248 | ||||||
| The Toro Co. | 3,100,000 | 268,088 | ||||||
| United Rentals, Inc. (a) | 452,800 | 122,310 | ||||||
| Xylem, Inc. | 1,963,900 | 171,566 | ||||||
| 3,028,600 | ||||||||
| Information Technology (12.7%): | ||||||||
| Amphenol Corp., Class A | 3,300,000 | 220,968 | ||||||
| DXC Technology Co. (a) | 6,020,000 | 147,369 | ||||||
| Flex Ltd. (a) | 14,750,000 | 245,735 | ||||||
| Genpact Ltd. | 6,038,900 | 264,323 | ||||||
| Global Payments, Inc. | 1,925,000 | 207,996 | ||||||
| Hewlett Packard Enterprise Co. | 10,765,000 | 128,965 | ||||||
| Maximus, Inc. (c) | 3,715,000 | 214,987 | ||||||
| MKS Instruments, Inc. (b) | 2,260,000 | 186,766 | ||||||
| Motorola Solutions, Inc. | 669,500 | 149,948 | ||||||
| Skyworks Solutions, Inc. | 1,170,000 | 99,766 | ||||||
| 1,866,823 | ||||||||
| Materials (11.8%): | ||||||||
| AptarGroup, Inc. | 2,020,000 | 191,961 | ||||||
| Avery Dennison Corp. | 1,335,900 | 217,351 | ||||||
| Corteva, Inc. | 2,610,000 | 149,162 | ||||||
| Crown Holdings, Inc. | 2,180,000 | 176,645 | ||||||
| Franco-Nevada Corp. (b) | 1,300,000 | 155,324 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Sycamore Established Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Packaging Corp. of America (b) | 1,760,000 | $ | 197,630 | |||||
| Reliance Steel & Aluminum Co. | 895,000 | 156,097 | ||||||
| RPM International, Inc. | 2,100,000 | 174,951 | ||||||
| Steel Dynamics, Inc. | 2,115,000 | 150,059 | ||||||
| Westlake Corp. | 1,937,000 | 168,287 | ||||||
| 1,737,467 | ||||||||
| Real Estate (8.6%): | ||||||||
| Alexandria Real Estate Equities, Inc. | 2,120,000 | 297,203 | ||||||
| American Homes 4 Rent, Class A (b) | 4,730,000 | 155,191 | ||||||
| Camden Property Trust | 1,060,000 | 126,617 | ||||||
| Equity LifeStyle Properties, Inc. | 3,430,000 | 215,541 | ||||||
| Lamar Advertising Co., Class A | 2,880,000 | 237,571 | ||||||
| National Retail Properties, Inc. | 5,775,000 | 230,192 | ||||||
| 1,262,315 | ||||||||
| Utilities (3.0%): | ||||||||
| Alliant Energy Corp. | 4,085,000 | 216,464 | ||||||
| Xcel Energy, Inc. | 3,505,000 | 224,320 | ||||||
| 440,784 | ||||||||
| Total Common Stocks (Cost $12,834,433) | 14,172,224 | |||||||
| Exchange-Traded Funds (0.9%) | ||||||||
| iShares Russell Mid-Cap Value ETF (b) | 1,340,000 | 128,707 | ||||||
| Total Exchange-Traded Funds (Cost $86,818) | 128,707 | |||||||
| Collateral for Securities Loaned (0.3%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 841,537 | 842 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 566,428 | 566 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 419,969 | 420 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 19,120,981 | 19,121 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 838,507 | 839 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 2,276,821 | 2,277 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 15,056,408 | 15,056 | ||||||
| Total Collateral for Securities Loaned (Cost $39,121) | 39,121 | |||||||
| Total Investments (Cost $12,960,372) — 97.8% | 14,340,052 | |||||||
| Other assets in excess of liabilities — 2.2% | 322,458 | |||||||
| NET ASSETS - 100.00% | $ | 14,662,510 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Sycamore Established Value Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliated security. |
| (d) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
Affiliated Holdings
| Net Change | ||||||||||||||||||||||||||||||||
| Proceeds | Capital | in Unrealized | ||||||||||||||||||||||||||||||
| Victory Sycamore Established | Fair Value | Purchases | from | Realized | Gain | Appreciation/ | Fair Value | Dividend | ||||||||||||||||||||||||
| Value Fund | 6/30/2022 | at Cost | Sales | Gains (Losses) | Distribution | Depreciation | 9/30/2022 | Income | ||||||||||||||||||||||||
| MAXIMUS, Inc. | $ | 218,785 | $ | 12,514 | $ | - | $ | - | $ | - | $ | (16,312 | ) | $ | 214,987 | $ | 980 | |||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments | |
| Victory Sycamore Small Company Opportunity Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Common Stocks (97.1%) | ||||||||
| Aerospace & Defense (1.9%): | ||||||||
| Hexcel Corp. (a) | 1,335,000 | $ | 69,046 | |||||
| Mercury Systems, Inc. (b) | 927,000 | 37,636 | ||||||
| 106,682 | ||||||||
| Air Freight & Logistics (1.7%): | ||||||||
| Forward Air Corp. | 473,800 | 42,765 | ||||||
| Hub Group, Inc., Class A (b) | 780,000 | 53,805 | ||||||
| 96,570 | ||||||||
| Building Products (1.8%): | ||||||||
| Gibraltar Industries, Inc. (b) | 980,000 | 40,112 | ||||||
| UFP Industries, Inc. | 895,000 | 64,583 | ||||||
| 104,695 | ||||||||
| Commercial Services & Supplies (2.7%): | ||||||||
| ABM Industries, Inc. | 1,225,000 | 46,832 | ||||||
| UniFirst Corp. | 305,000 | 51,310 | ||||||
| Viad Corp. (b)(c) | 1,800,000 | 56,844 | ||||||
| 154,986 | ||||||||
| Communication Services (1.0%): | ||||||||
| The EW Scripps Co., Class A (a)(b)(c) | 5,145,000 | 57,984 | ||||||
| Construction & Engineering (3.0%): | ||||||||
| Comfort Systems USA, Inc. | 440,000 | 42,825 | ||||||
| EMCOR Group, Inc. | 815,000 | 94,117 | ||||||
| MYR Group, Inc. (b) | 355,000 | 30,079 | ||||||
| 167,021 | ||||||||
| Consumer Discretionary (8.8%): | ||||||||
| Carter's, Inc. (a) | 806,100 | 52,824 | ||||||
| Choice Hotels International, Inc. (a) | 435,000 | 47,641 | ||||||
| Columbia Sportswear Co. | 887,600 | 59,736 | ||||||
| Helen of Troy Ltd. (b) | 322,000 | 31,054 | ||||||
| Hyatt Hotels Corp., Class A (a)(b) | 661,600 | 53,563 | ||||||
| LCI Industries | 328,000 | 33,279 | ||||||
| Mattel, Inc. (a)(b) | 3,602,500 | 68,231 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Sycamore Small Company Opportunity Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Murphy USA, Inc. | 110,000 | $ | 30,240 | |||||
| Signet Jewelers Ltd. | 845,800 | 48,371 | ||||||
| Visteon Corp. (b) | 670,000 | 71,060 | ||||||
| 495,999 | ||||||||
| Consumer Staples (5.4%): | ||||||||
| Casey's General Stores, Inc. | 328,000 | 66,426 | ||||||
| Central Garden & Pet Co., Class A (b) | 1,313,400 | 44,866 | ||||||
| Ingredion, Inc. | 825,000 | 66,429 | ||||||
| Lancaster Colony Corp. | 302,100 | 45,400 | ||||||
| Performance Food Group Co. (b) | 1,939,400 | 83,297 | ||||||
| 306,418 | ||||||||
| Energy (3.5%): | ||||||||
| Delek U.S. Holdings, Inc. | 1,880,000 | 51,023 | ||||||
| Magnolia Oil & Gas Corp., Class A (a) | 3,345,000 | 66,265 | ||||||
| PDC Energy, Inc. | 1,357,300 | 78,438 | ||||||
| 195,726 | ||||||||
| Financials (18.4%): | ||||||||
| AMERISAFE, Inc. (c) | 1,000,300 | 46,744 | ||||||
| Bank of Hawaii Corp. | 1,230,300 | 93,650 | ||||||
| Cohen & Steers, Inc. (a) | 855,000 | 53,549 | ||||||
| Eagle Bancorp, Inc. | 851,900 | 38,182 | ||||||
| First American Financial Corp. | 871,400 | 40,172 | ||||||
| Independent Bank Corp. | 1,295,000 | 96,516 | ||||||
| Lakeland Financial Corp. | 698,000 | 50,821 | ||||||
| Pinnacle Financial Partners, Inc. | 505,000 | 40,955 | ||||||
| Primerica, Inc. | 250,000 | 30,862 | ||||||
| Renasant Corp. (a) | 1,170,000 | 36,598 | ||||||
| Ryan Specialty Holdings, Inc. (a)(b) | 1,012,300 | 41,120 | ||||||
| Safety Insurance Group, Inc. | 469,600 | 38,301 | ||||||
| Selective Insurance Group, Inc. | 739,600 | 60,203 | ||||||
| SouthState Corp. | 1,309,500 | 103,608 | ||||||
| Stewart Information Services Corp. | 746,900 | 32,595 | ||||||
| The Hanover Insurance Group, Inc. | 497,100 | 63,698 | ||||||
| UMB Financial Corp. | 1,080,000 | 91,033 | ||||||
| Wintrust Financial Corp. | 1,003,000 | 81,795 | ||||||
| 1,040,402 | ||||||||
| Health Care (3.9%): | ||||||||
| AngioDynamics, Inc. (b)(c) | 2,085,000 | 42,659 | ||||||
| Charles River Laboratories International, Inc. (b) | 155,000 | 30,504 | ||||||
| Chemed Corp. | 135,000 | 58,936 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Sycamore Small Company Opportunity Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Hanger, Inc. (b)(c) | 2,570,000 | $ | 48,110 | |||||
| Integer Holdings Corp. (b) | 635,000 | 39,516 | ||||||
| 219,725 | ||||||||
| Information Technology (11.0%): | ||||||||
| Advanced Energy Industries, Inc. | 751,000 | 58,135 | ||||||
| Avnet, Inc. | 1,115,000 | 40,274 | ||||||
| Belden, Inc. | 1,127,300 | 67,661 | ||||||
| Cognyte Software Ltd. (a)(b) | 1,549,221 | 6,259 | ||||||
| Cohu, Inc. (a)(b) | 2,090,700 | 53,898 | ||||||
| Fabrinet (b) | 720,000 | 68,724 | ||||||
| Kulicke & Soffa Industries, Inc. (a) | 1,275,000 | 49,126 | ||||||
| Littelfuse, Inc. | 280,000 | 55,633 | ||||||
| Maximus, Inc. | 660,000 | 38,194 | ||||||
| NETGEAR, Inc. (b)(c) | 1,926,500 | 38,607 | ||||||
| Plexus Corp. (b) | 550,000 | 48,158 | ||||||
| ScanSource, Inc. (b)(c) | 1,310,000 | 34,597 | ||||||
| Verint Systems, Inc. (b) | 1,880,000 | 63,130 | ||||||
| 622,396 | ||||||||
| Machinery (6.6%): | ||||||||
| Alamo Group, Inc. | 501,200 | 61,282 | ||||||
| Altra Industrial Motion Corp. | 1,208,100 | 40,616 | ||||||
| Astec Industries, Inc. | 1,065,000 | 33,217 | ||||||
| Columbus McKinnon Corp. | 940,000 | 24,591 | ||||||
| Crane Holdings Co. | 490,900 | 42,974 | ||||||
| Hillenbrand, Inc. | 1,010,000 | 37,087 | ||||||
| Kennametal, Inc. | 1,614,000 | 33,216 | ||||||
| Mueller Industries, Inc. | 717,300 | 42,636 | ||||||
| Watts Water Technologies, Inc., Class A | 455,000 | 57,207 | ||||||
| 372,826 | ||||||||
| Materials (8.8%): | ||||||||
| Cabot Corp. | 305,000 | 19,487 | ||||||
| Eagle Materials, Inc. | 480,000 | 51,446 | ||||||
| Innospec, Inc. | 730,000 | 62,539 | ||||||
| Kaiser Aluminum Corp. (a)(c) | 1,005,000 | 61,657 | ||||||
| Minerals Technologies, Inc. | 780,000 | 38,540 | ||||||
| Silgan Holdings, Inc. | 1,830,000 | 76,933 | ||||||
| Sonoco Products Co. | 1,405,000 | 79,706 | ||||||
| TriMas Corp. (a)(c) | 2,364,900 | 59,288 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Sycamore Small Company Opportunity Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Worthington Industries, Inc. (a) | 1,199,900 | $ | 45,764 | |||||
| 495,360 | ||||||||
| Professional Services (2.5%): | ||||||||
| CBIZ, Inc. (b) | 1,370,000 | 58,609 | ||||||
| ICF International, Inc. | 775,000 | 84,490 | ||||||
| 143,099 | ||||||||
| Real Estate (7.0%): | ||||||||
| Apple Hospitality REIT, Inc. | 5,029,600 | 70,716 | ||||||
| Colliers International Group, Inc. | 414,000 | 37,947 | ||||||
| Corporate Office Properties Trust | 2,998,900 | 69,664 | ||||||
| Cushman & Wakefield PLC (b) | 3,040,000 | 34,808 | ||||||
| First Industrial Realty Trust, Inc. | 1,045,000 | 46,827 | ||||||
| Four Corners Property Trust, Inc. | 2,914,700 | 70,507 | ||||||
| Rayonier, Inc. | 2,125,000 | 63,686 | ||||||
| 394,155 | ||||||||
| Road & Rail (2.7%): | ||||||||
| Marten Transport Ltd. | 3,691,400 | 70,727 | ||||||
| Werner Enterprises, Inc. | 2,185,000 | 82,156 | ||||||
| 152,883 | ||||||||
| Trading Companies & Distributors (3.7%): | ||||||||
| Applied Industrial Technologies, Inc. | 855,000 | 87,877 | ||||||
| Core & Main, Inc., Class A (a)(b) | 2,450,000 | 55,713 | ||||||
| McGrath RentCorp | 810,000 | 67,926 | ||||||
| 211,516 | ||||||||
| Utilities (2.7%): | ||||||||
| ALLETE, Inc. (a) | 758,600 | 37,968 | ||||||
| MGE Energy, Inc. | 522,900 | 34,318 | ||||||
| NorthWestern Corp. | 853,700 | 42,070 | ||||||
| ONE Gas, Inc. | 515,100 | 36,258 | ||||||
| 150,614 | ||||||||
| Total Common Stocks (Cost $5,182,580) | 5,489,057 | |||||||
| Exchange-Traded Funds (0.7%) | ||||||||
| iShares Russell 2000 Value ETF | 320,000 | 41,258 | ||||||
| Total Exchange-Traded Funds (Cost $36,379) | 41,258 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |
| Victory Sycamore Small Company Opportunity Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |
| Security Description | Shares | Value | ||||||
| Collateral for Securities Loaned (1.7%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 2,015,907 | $ | 2,016 | |||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 1,356,880 | 1,357 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 1,006,037 | 1,006 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 45,804,400 | 45,804 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 2,008,648 | 2,009 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 5,454,135 | 5,454 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 36,067,698 | 36,068 | ||||||
| Total Collateral for Securities Loaned (Cost $93,714) | 93,714 | |||||||
| Total Investments (Cost $5,312,673) — 99.5% | 5,624,029 | |||||||
| Other assets in excess of liabilities — 0.5% | 29,982 | |||||||
| NET ASSETS - 100.00% | $ | 5,654,011 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Affiliated security |
| (d) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| REIT—Real Estate Investment Trust |
Affiliated Holdings
| Net Change | |||||||||||||||||||||||||||||
| Proceeds | Capital | in Unrealized | |||||||||||||||||||||||||||
| Sycamore Small Company | Fair Value | Purchases | from | Realized | Gain | Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||
| Opportunity Fund | 6/30/2022 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/2022 | Income | |||||||||||||||||||||
| AMERISAFE, Inc. | $ | 51,230 | $ | 714 | $ | - | $ | - | $ | - | $ | (5,200 | ) | $ | 46,744 | $ | 305 | ||||||||||||
| AngioDynamics, Inc. | 40,345 | - | - | - | - | 2,314 | 42,659 | - | |||||||||||||||||||||
| Hanger, Inc. | 36,802 | - | - | - | - | 11,308 | 48,110 | - | |||||||||||||||||||||
| Kaiser Aluminium Corp. | 56,945 | 21,157 | - | - | - | (16,445 | ) | 61,657 | 554 | ||||||||||||||||||||
| NETGEAR, Inc. | 39,262 | - | (4,991 | ) | (2,571 | ) | - | 6,907 | 38,607 | - | |||||||||||||||||||
| ScanSource, Inc. | 43,596 | - | (2,874 | ) | 16 | - | (6,141 | ) | 34,597 | - | |||||||||||||||||||
| The E.W. Scripps Co., Class A | 49,232 | 17,105 | - | - | - | (8,353 | ) | 57,984 | - | ||||||||||||||||||||
| TriMas Corp. | 61,887 | 3,759 | - | - | - | (6,358 | ) | 59,288 | 92 | ||||||||||||||||||||
| Viad Corp. | 48,891 | 884 | - | - | - | 7,069 | 56,844 | - | |||||||||||||||||||||
| $ | 428,190 | $ | 43,619 | $ | (7,865 | ) | $ | (2,555 | ) | $ | - | $ | (14,899 | ) | $ | 446,490 | $ | 951 | |||||||||||
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory Diversified Stock Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (95.9%) | ||||||||
| Communication Services (8.1%): | ||||||||
| Alphabet, Inc., Class C (a) | 103,991 | $ | 9,999 | |||||
| Meta Platforms, Inc., Class A (a) | 7,839 | 1,063 | ||||||
| Nexstar Media Group, Inc., Class A | 19,795 | 3,303 | ||||||
| The Walt Disney Co. (a) | 29,844 | 2,815 | ||||||
| World Wrestling Entertainment, Inc., Class A (b) | 37,426 | 2,626 | ||||||
| 19,806 | ||||||||
| Communications Equipment (1.1%): | ||||||||
| Lumentum Holdings, Inc. (a)(b) | 39,999 | 2,743 | ||||||
| Consumer Discretionary (8.9%): | ||||||||
| Amazon.com, Inc. (a) | 37,956 | 4,289 | ||||||
| Asbury Automotive Group, Inc. (a) | 15,456 | 2,335 | ||||||
| Brunswick Corp. | 31,540 | 2,064 | ||||||
| Crocs, Inc. (a)(b) | 17,191 | 1,180 | ||||||
| Group 1 Automotive, Inc. | 14,411 | 2,059 | ||||||
| Lithia Motors, Inc. | 10,051 | 2,157 | ||||||
| Meritage Homes Corp. (a) | 16,582 | 1,165 | ||||||
| Skyline Champion Corp. (a) | 47,408 | 2,507 | ||||||
| Tesla, Inc. (a) | 15,694 | 4,163 | ||||||
| 21,919 | ||||||||
| Consumer Staples (5.2%): | ||||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 39,421 | 2,870 | ||||||
| Darling Ingredients, Inc. (a) | 55,693 | 3,684 | ||||||
| PepsiCo, Inc. | 8,988 | 1,468 | ||||||
| Performance Food Group Co. (a) | 53,366 | 2,292 | ||||||
| Philip Morris International, Inc. | 29,646 | 2,461 | ||||||
| 12,775 | ||||||||
| Electronic Equipment, Instruments & Components (3.2%): | ||||||||
| Fabrinet (a) | 40,394 | 3,855 | ||||||
| Jabil, Inc. | 69,777 | 4,027 | ||||||
| 7,882 | ||||||||
| Energy (8.8%): | ||||||||
| Chevron Corp. | 36,570 | 5,254 | ||||||
| Diamondback Energy, Inc. | 28,923 | 3,484 | ||||||
| EOG Resources, Inc. | 27,587 | 3,082 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Diversified Stock Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Magnolia Oil & Gas Corp., Class A | 65,759 | $ | 1,303 | |||||
| Matador Resources Co. | 43,273 | 2,117 | ||||||
| Pioneer Natural Resources Co. | 12,836 | 2,779 | ||||||
| Schlumberger NV | 101,780 | 3,654 | ||||||
| 21,673 | ||||||||
| Financials (13.9%): | ||||||||
| Ameriprise Financial, Inc. | 9,854 | 2,483 | ||||||
| Axos Financial, Inc. (a) | 37,829 | 1,295 | ||||||
| Bank of America Corp. | 47,022 | 1,420 | ||||||
| Chubb Ltd. | 20,910 | 3,803 | ||||||
| Customers Bancorp, Inc. (a) | 33,879 | 999 | ||||||
| Interactive Brokers Group, Inc. | 56,167 | 3,590 | ||||||
| JPMorgan Chase & Co. | 18,297 | 1,912 | ||||||
| Morgan Stanley | 29,763 | 2,352 | ||||||
| NMI Holdings, Inc., Class A (a) | 144,737 | 2,948 | ||||||
| ServisFirst Bancshares, Inc. | 44,803 | 3,584 | ||||||
| Signature Bank | 12,423 | 1,876 | ||||||
| The Bancorp, Inc. (a) | 69,150 | 1,520 | ||||||
| The Charles Schwab Corp. (b) | 52,060 | 3,741 | ||||||
| Western Alliance Bancorp | 39,216 | 2,578 | ||||||
| 34,101 | ||||||||
| Health Care (12.6%): | ||||||||
| AmerisourceBergen Corp. | 17,140 | 2,319 | ||||||
| AMN Healthcare Services, Inc. (a) | 27,082 | 2,870 | ||||||
| Cigna Corp. | 13,430 | 3,726 | ||||||
| Elevance Health, Inc. | 5,732 | 2,604 | ||||||
| ICON PLC (a) | 12,946 | 2,379 | ||||||
| McKesson Corp. | 10,592 | 3,600 | ||||||
| Pfizer, Inc. | 67,291 | 2,945 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 2,633 | 1,814 | ||||||
| Stryker Corp. | 5,570 | 1,128 | ||||||
| Thermo Fisher Scientific, Inc. | 4,593 | 2,329 | ||||||
| UnitedHealth Group, Inc. | 10,252 | 5,178 | ||||||
| 30,892 | ||||||||
| Industrials (7.5%): | ||||||||
| Builders FirstSource, Inc. (a)(b) | 26,689 | 1,573 | ||||||
| Chart Industries, Inc. (a) | 21,340 | 3,934 | ||||||
| Clean Harbors, Inc. (a) | 23,041 | 2,534 | ||||||
| GXO Logistics, Inc. (a) | 22,420 | 786 | ||||||
| Huntington Ingalls Industries, Inc. | 6,114 | 1,354 |
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Diversified Stock Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Marten Transport Ltd. | 91,304 | $ | 1,749 | |||||
| Old Dominion Freight Line, Inc. | 5,907 | 1,470 | ||||||
| Raytheon Technologies Corp. | 13,889 | 1,137 | ||||||
| UFP Industries, Inc. | 34,665 | 2,501 | ||||||
| WESCO International, Inc. (a) | 11,983 | 1,431 | ||||||
| 18,469 | ||||||||
| IT Services (1.6%): | ||||||||
| Verra Mobility Corp. (a) | 165,683 | 2,547 | ||||||
| Visa, Inc., Class A | 7,353 | 1,306 | ||||||
| 3,853 | ||||||||
| Materials (3.1%): | ||||||||
| Commercial Metals Co. | 40,384 | 1,433 | ||||||
| Graphic Packaging Holding Co. | 72,605 | 1,433 | ||||||
| Greif, Inc., Class A | 23,024 | 1,372 | ||||||
| Materion Corp. | 20,086 | 1,607 | ||||||
| Summit Materials, Inc., Class A (a) | 74,353 | 1,781 | ||||||
| 7,626 | ||||||||
| Real Estate (1.8%): | ||||||||
| American Tower Corp. | 7,670 | 1,647 | ||||||
| CBRE Group, Inc., Class A (a) | 16,289 | 1,099 | ||||||
| Simon Property Group, Inc. | 19,343 | 1,736 | ||||||
| 4,482 | ||||||||
| Semiconductors & Semiconductor Equipment (7.8%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 43,400 | 2,750 | ||||||
| Applied Materials, Inc. | 24,449 | 2,003 | ||||||
| Broadcom, Inc. | 9,672 | 4,294 | ||||||
| Microchip Technology, Inc. (b) | 54,079 | 3,300 | ||||||
| NVIDIA Corp. | 17,445 | 2,118 | ||||||
| ON Semiconductor Corp. (a) | 22,983 | 1,433 | ||||||
| QUALCOMM, Inc. | 29,444 | 3,327 | ||||||
| 19,225 | ||||||||
| Software (6.4%): | ||||||||
| Cadence Design Systems, Inc. (a) | 25,810 | 4,218 | ||||||
| Microsoft Corp. | 49,603 | 11,553 | ||||||
| 15,771 |
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory Diversified Stock Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Technology Hardware, Storage & Peripherals (5.9%): | ||||||||
| Apple, Inc. | 104,203 | $ | 14,401 | |||||
| Total Common Stocks (Cost $197,789) | 235,618 | |||||||
| Exchange-Traded Funds (2.5%) | ||||||||
| SPDR S&P 500 ETF Trust (b) | 17,001 | 6,072 | ||||||
| Total Exchange-Traded Funds (Cost $6,233) | 6,072 | |||||||
| Collateral for Securities Loaned (4.5%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 239,171 | 239 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 160,983 | 161 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 119,358 | 119 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 5,434,326 | 5,435 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 238,310 | 238 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 647,089 | 647 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 4,279,144 | 4,279 | ||||||
| Total Collateral for Securities Loaned (Cost $11,118) | 11,118 | |||||||
| Total Investments (Cost $215,140) — 102.9% | 252,808 | |||||||
| Liabilities in excess of other assets — (2.9)% | (7,147 | ) | ||||||
| NET ASSETS - 100.00% | $ | 245,661 |
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory NewBridge Large Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (97.0%) | ||||||||
| Communication Services (9.5%): | ||||||||
| Alphabet, Inc., Class C (a) | 5,220 | $ | 502 | |||||
| Meta Platforms, Inc., Class A (a) | 727 | 98 | ||||||
| The Trade Desk, Inc., Class A (a) | 2,209 | 132 | ||||||
| 732 | ||||||||
| Communications Equipment (5.8%): | ||||||||
| Arista Networks, Inc. (a) | 2,285 | 258 | ||||||
| Motorola Solutions, Inc. | 863 | 193 | ||||||
| 451 | ||||||||
| Consumer Discretionary (21.6%): | ||||||||
| Airbnb, Inc., Class A (a) | 1,561 | 164 | ||||||
| Amazon.com, Inc. (a) | 4,322 | 488 | ||||||
| Aptiv PLC (a) | 1,527 | 119 | ||||||
| Lululemon Athletica, Inc. (a) | 674 | 188 | ||||||
| NIKE, Inc., Class B | 1,944 | 162 | ||||||
| O'Reilly Automotive, Inc. (a) | 470 | 331 | ||||||
| Tractor Supply Co. | 1,170 | 218 | ||||||
| 1,670 | ||||||||
| Electronic Equipment, Instruments & Components (2.8%): | ||||||||
| CDW Corp. | 1,396 | 218 | ||||||
| Financials (4.9%): | ||||||||
| Blackstone, Inc. | 2,051 | 172 | ||||||
| MSCI, Inc. | 489 | 206 | ||||||
| 378 | ||||||||
| Health Care (14.2%): | ||||||||
| Align Technology, Inc. (a) | 339 | 70 | ||||||
| Dexcom, Inc. (a) | 2,820 | 227 | ||||||
| Thermo Fisher Scientific, Inc. | 576 | 292 | ||||||
| Veeva Systems, Inc., Class A (a) | 1,272 | 210 | ||||||
| Zoetis, Inc. | 2,003 | 297 | ||||||
| 1,096 | ||||||||
| Industrials (6.5%): | ||||||||
| CoStar Group, Inc. (a) | 2,795 | 195 | ||||||
| Generac Holdings, Inc. (a) | 756 | 135 | ||||||
| Uber Technologies, Inc. (a) | 6,541 | 173 | ||||||
| 503 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory NewBridge Large Cap Growth Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| IT Services (6.5%): | ||||||||
| PayPal Holdings, Inc. (a) | 1,204 | $ | 104 | |||||
| Visa, Inc., Class A | 2,229 | 396 | ||||||
| 500 | ||||||||
| Semiconductors & Semiconductor Equipment (6.1%): | ||||||||
| Broadcom, Inc. | 446 | 198 | ||||||
| NVIDIA Corp. | 2,234 | 271 | ||||||
| 469 | ||||||||
| Software (19.1%): | ||||||||
| Adobe, Inc. (a) | 681 | 188 | ||||||
| Cadence Design Systems, Inc. (a) | 2,014 | 329 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 1,072 | 177 | ||||||
| Microsoft Corp. | 1,358 | 316 | ||||||
| Palo Alto Networks, Inc. (a) | 1,026 | 168 | ||||||
| ServiceNow, Inc. (a) | 774 | 292 | ||||||
| 1,470 | ||||||||
| Total Common Stocks (Cost $6,224) | 7,487 | |||||||
| Total Investments (Cost $6,224) — 97.0% | 7,487 | |||||||
| Other assets in excess of liabilities — 3.0% | 230 | |||||||
| NET ASSETS - 100.00% | $ | 7,717 |
| (a) | Non-income producing security. |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Special Value Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (95.4%) | ||||||||
| Communication Services (8.0%): | ||||||||
| Alphabet, Inc., Class C (a) | 15,549 | $ | 1,495 | |||||
| Meta Platforms, Inc., Class A (a) | 1,177 | 160 | ||||||
| Nexstar Media Group, Inc., Class A | 2,973 | 496 | ||||||
| The Walt Disney Co. (a) | 4,483 | 423 | ||||||
| World Wrestling Entertainment, Inc., Class A (b) | 5,622 | 394 | ||||||
| 2,968 | ||||||||
| Communications Equipment (1.1%): | ||||||||
| Lumentum Holdings, Inc. (a)(b) | 6,037 | 414 | ||||||
| Consumer Discretionary (8.8%): | ||||||||
| Amazon.com, Inc. (a) | 5,718 | 646 | ||||||
| Asbury Automotive Group, Inc. (a) | 2,322 | 351 | ||||||
| Brunswick Corp. | 4,862 | 318 | ||||||
| Crocs, Inc. (a)(b) | 2,603 | 179 | ||||||
| Group 1 Automotive, Inc. | 2,097 | 299 | ||||||
| Lithia Motors, Inc. | 1,453 | 312 | ||||||
| Meritage Homes Corp. (a) | 2,476 | 174 | ||||||
| Skyline Champion Corp. (a) | 7,134 | 377 | ||||||
| Tesla, Inc. (a) | 2,345 | 622 | ||||||
| 3,278 | ||||||||
| Consumer Staples (5.2%): | ||||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 5,931 | 432 | ||||||
| Darling Ingredients, Inc. (a) | 8,380 | 554 | ||||||
| PepsiCo, Inc. | 1,353 | 221 | ||||||
| Performance Food Group Co. (a) | 8,081 | 347 | ||||||
| Philip Morris International, Inc. | 4,453 | 370 | ||||||
| 1,924 | ||||||||
| Electronic Equipment, Instruments & Components (3.2%): | ||||||||
| Fabrinet (a) | 6,054 | 578 | ||||||
| Jabil, Inc. | 10,539 | 608 | ||||||
| 1,186 | ||||||||
| Energy (8.8%): | ||||||||
| Chevron Corp. | 5,503 | 791 | ||||||
| Diamondback Energy, Inc. | 4,352 | 524 | ||||||
| EOG Resources, Inc. | 4,125 | 461 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Special Value Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Magnolia Oil & Gas Corp., Class A | 9,891 | $ | 196 | |||||
| Matador Resources Co. | 6,322 | 309 | ||||||
| Pioneer Natural Resources Co. | 1,918 | 415 | ||||||
| Schlumberger NV | 15,346 | 551 | ||||||
| 3,247 | ||||||||
| Financials (13.8%): | ||||||||
| Ameriprise Financial, Inc. | 1,482 | 373 | ||||||
| Axos Financial, Inc. (a) | 5,686 | 195 | ||||||
| Bank of America Corp. | 7,094 | 214 | ||||||
| Chubb Ltd. | 3,086 | 561 | ||||||
| Customers Bancorp, Inc. (a) | 5,063 | 149 | ||||||
| Interactive Brokers Group, Inc. | 8,505 | 544 | ||||||
| JPMorgan Chase & Co. | 2,756 | 288 | ||||||
| Morgan Stanley | 4,484 | 354 | ||||||
| NMI Holdings, Inc., Class A (a) | 21,845 | 445 | ||||||
| ServisFirst Bancshares, Inc. | 6,705 | 536 | ||||||
| Signature Bank | 1,916 | 289 | ||||||
| The Bancorp, Inc. (a) | 10,393 | 229 | ||||||
| The Charles Schwab Corp. | 7,883 | 567 | ||||||
| Western Alliance Bancorp | 5,714 | 376 | ||||||
| 5,120 | ||||||||
| Health Care (12.6%): | ||||||||
| AmerisourceBergen Corp. | 2,587 | 350 | ||||||
| AMN Healthcare Services, Inc. (a) | 4,085 | 433 | ||||||
| Cigna Corp. | 2,021 | 561 | ||||||
| Elevance Health, Inc. | 862 | 392 | ||||||
| ICON PLC (a) | 1,913 | 352 | ||||||
| McKesson Corp. | 1,595 | 542 | ||||||
| Pfizer, Inc. | 10,138 | 444 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 394 | 271 | ||||||
| Stryker Corp. | 840 | 170 | ||||||
| Thermo Fisher Scientific, Inc. | 694 | 352 | ||||||
| UnitedHealth Group, Inc. | 1,581 | 798 | ||||||
| 4,665 | ||||||||
| Industrials (7.5%): | ||||||||
| Builders FirstSource, Inc. (a) | 4,087 | 241 | ||||||
| Chart Industries, Inc. (a) | 3,219 | 593 | ||||||
| Clean Harbors, Inc. (a) | 3,468 | 381 | ||||||
| GXO Logistics, Inc. (a) | 3,331 | 117 | ||||||
| Huntington Ingalls Industries, Inc. | 910 | 202 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Special Value Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Marten Transport Ltd. | 13,741 | $ | 263 | |||||
| Old Dominion Freight Line, Inc. | 890 | 221 | ||||||
| Raytheon Technologies Corp. | 2,107 | 173 | ||||||
| UFP Industries, Inc. | 5,180 | 374 | ||||||
| WESCO International, Inc. (a) | 1,802 | 215 | ||||||
| 2,780 | ||||||||
| IT Services (1.6%): | ||||||||
| Verra Mobility Corp. (a)(b) | 24,919 | 383 | ||||||
| Visa, Inc., Class A | 1,109 | 197 | ||||||
| 580 | ||||||||
| Materials (3.1%): | ||||||||
| Commercial Metals Co. | 6,043 | 214 | ||||||
| Graphic Packaging Holding Co. | 10,850 | 214 | ||||||
| Greif, Inc., Class A | 3,440 | 205 | ||||||
| Materion Corp. | 3,020 | 242 | ||||||
| Summit Materials, Inc., Class A (a) | 10,751 | 258 | ||||||
| 1,133 | ||||||||
| Real Estate (1.8%): | ||||||||
| American Tower Corp. | 1,144 | 246 | ||||||
| CBRE Group, Inc., Class A (a) | 2,409 | 163 | ||||||
| Simon Property Group, Inc. | 2,903 | 260 | ||||||
| 669 | ||||||||
| Semiconductors & Semiconductor Equipment (7.8%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 6,510 | 413 | ||||||
| Applied Materials, Inc. | 3,561 | 292 | ||||||
| Broadcom, Inc. | 1,449 | 643 | ||||||
| Microchip Technology, Inc. | 8,131 | 496 | ||||||
| NVIDIA Corp. | 2,624 | 319 | ||||||
| ON Semiconductor Corp. (a) | 3,454 | 215 | ||||||
| QUALCOMM, Inc. | 4,420 | 499 | ||||||
| 2,877 | ||||||||
| Software (6.4%): | ||||||||
| Cadence Design Systems, Inc. (a) | 3,895 | 636 | ||||||
| Microsoft Corp. | 7,508 | 1,749 | ||||||
| 2,385 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| Victory Special Value Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Technology Hardware, Storage & Peripherals (5.7%): | ||||||||
| Apple, Inc. | 15,416 | $ | 2,130 | |||||
| Total Common Stocks (Cost $29,991) | 35,356 | |||||||
| Exchange-Traded Funds (3.0%) | ||||||||
| SPDR S&P 500 ETF Trust | 3,092 | 1,105 | ||||||
| Total Exchange-Traded Funds (Cost $1,218) | 1,105 | |||||||
| Collateral for Securities Loaned (3.4%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 26,808 | 27 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 18,044 | 18 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 13,378 | 13 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 609,111 | 608 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 26,711 | 27 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 72,530 | 73 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 479,631 | 480 | ||||||
| Total Collateral for Securities Loaned (Cost $1,246) | 1,246 | |||||||
| Total Investments (Cost $32,455) — 101.8% | 37,707 | |||||||
| Liabilities in excess of other assets — (1.8)% | (654 | ) | ||||||
| NET ASSETS - 100.00% | $ | 37,053 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| ETF—Exchange-Traded Fund |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments |
| Victory Strategic Allocation Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Affiliated Exchange-Traded Funds (6.9%) | ||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 44,300 | $ | 1,530 | |||||
| Total Affiliated Exchange-Traded Funds (Cost $1,124) | 1,530 | |||||||
| Affiliated Mutual Funds (92.9%) | ||||||||
| Victory Global Energy Transition Fund, Class Y | 49,394 | 1,455 | ||||||
| Victory INCORE Investment Grade Convertible Fund, Class I | 87,509 | 1,365 | ||||||
| Victory INCORE Total Return Bond Fund, Class R6 | 917,588 | 7,543 | ||||||
| Victory Integrity Discovery Fund, Class Y | 17,912 | 712 | ||||||
| Victory RS Global Fund, Class Y | 388,861 | 5,806 | ||||||
| Victory RS Partners Fund, Class Y | 28,992 | 716 | ||||||
| Victory Sophus Emerging Markets Fund Class R6 | 115,473 | 1,918 | ||||||
| Victory Trivalent International Small-Cap Fund, Class I | 110,274 | 1,226 | ||||||
| Total Affiliated Mutual Funds (Cost $21,094) | 20,741 | |||||||
| Total Investments (Cost $22,218) — 99.8% | 22,271 | |||||||
| Other assets in excess of liabilities — 0.2% | 47 | |||||||
| NET ASSETS - 100.00% | $ | 22,318 | ||||||
ETF—Exchange-Traded Fund
Affiliated Holdings
| Net Change | ||||||||||||||||||||||||||||||||
| Proceeds | Capital | in Unrealized | ||||||||||||||||||||||||||||||
| Fair Value | Purchases | from | Realized | Gain | Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| Strategic Allocation Fund | 6/30/2022 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/2022 | Income | ||||||||||||||||||||||||
| Victory INCORE Total Return Bond Fund Class R6 | $ | 2,600 | $ | 5,064 | $ | - | $ | - | $ | - | $ | (121 | ) | $ | 7,543 | $ | 17 | |||||||||||||||
| Victory Integrity Discovery Fund Class Y | 919 | - | (196 | ) | 33 | - | (44 | ) | 712 | - | ||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 5,288 | 66 | (5,165 | ) | (305 | ) | - | 116 | - | 66 | ||||||||||||||||||||||
| Victory RS Global Fund Class Y | 6,484 | - | (338 | ) | 90 | - | (430 | ) | 5,806 | - | ||||||||||||||||||||||
| Victory RS Partners Fund Class Y | 926 | - | (170 | ) | 45 | - | (85 | ) | 716 | - | ||||||||||||||||||||||
| Victory INCORE Investment Grade Convertible Fund Class I | 1,524 | 10 | (110 | ) | (20 | ) | - | (39 | ) | 1,365 | 10 | |||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 2,166 | - | - | - | - | (248 | ) | 1,918 | - | |||||||||||||||||||||||
| Victory Global Energy Transition Fund Class Y | 1,440 | - | - | - | - | 15 | 1,455 | - | ||||||||||||||||||||||||
| Victory Trivalent International Small-Cap Fund Class I | 1,383 | - | - | - | - | (157 | ) | 1,226 | - | |||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 1,779 | - | (155 | ) | 48 | - | (142 | ) | 1,530 | 8 | ||||||||||||||||||||||
| $ | 24,509 | $ | 5,140 | $ | (6,134 | ) | $ | (109 | ) | $ | - | $ | (1,135 | ) | $ | 22,271 | $ | 101 | ||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory INCORE Fund for Income | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Government National Mortgage Association (77.2%) | ||||||||
| Multi-family (0.3%): | ||||||||
| Pass-throughs (0.3%): | ||||||||
| Government National Mortgage Assoc. | ||||||||
| 7.92%, 7/15/23 | $ | 63 | $ | 63 | ||||
| 8.00%, 1/15/31 - 11/15/33 | 971 | 973 | ||||||
| 7.75%, 9/15/33 | 363 | 363 | ||||||
| 1,399 | ||||||||
| Collateralized Mortgage Obligations (2.9%): | ||||||||
| Government National Mortgage Assoc. | ||||||||
| Series 1999-4, Class ZB, 6.00%, 2/20/29 | 114 | 114 | ||||||
| Series 2001-10, Class PE, 6.50%, 3/16/31 | 97 | 97 | ||||||
| Series 2005-74, Class HB, 7.50%, 9/16/35 | 6 | 6 | ||||||
| Series 2005-74, Class HC, 7.50%, 9/16/35 | 37 | 39 | ||||||
| Series 2011-166, Class NT, 7.73%, 11/20/31 (a) | 575 | 601 | ||||||
| Series 2012-106, Class JM, 7.34%, 10/20/34 (a) | 411 | 434 | ||||||
| Series 2012-30, Class WB, 7.00%, 11/20/39 (a) | 1,366 | 1,428 | ||||||
| Series 2013-190, Class KT, 8.10%, 9/20/30 (a) | 170 | 180 | ||||||
| Series 2013-51, Class BL, 6.05%, 4/20/34 (a) | 1,179 | 1,221 | ||||||
| Series 2013-64, Class KY, 6.71%, 12/20/38 (a) | 635 | 659 | ||||||
| Series 2013-70, Class KP, 7.02%, 2/20/39 (a) | 624 | 655 | ||||||
| Series 2014-69, Class W, 7.21%, 11/20/34 (a) | 81 | 86 | ||||||
| Series 2014-74, Class PT, 7.87%, 5/16/44 (a) | 105 | 109 | ||||||
| Series 2015-77, Class PT, 7.24%, 6/20/39 (a) | 218 | 229 | ||||||
| Series 2019-22, Class PT, 7.93%, 2/20/49 (a) | 3,990 | 4,208 | ||||||
| Series 2021-1, Class WT, 7.83%, 1/20/51 (a) | 4,317 | 4,589 | ||||||
| 14,655 | ||||||||
| Single Family (74.0%): | ||||||||
| Pass-throughs (74.0%): | ||||||||
| Government National Mortgage Assoc. | ||||||||
| 8.00%, 11/15/22 - 4/15/38 | 24,814 | 26,331 | ||||||
| 7.00%, 12/20/22 - 1/15/39 | 65,450 | 68,783 | ||||||
| 8.50%, 2/15/23 - 7/15/32 | 3,087 | 3,252 | ||||||
| 7.13%, 3/15/23 - 7/15/25 | 26 | 26 | ||||||
| 6.50%, 6/15/23 - 2/20/41 | 101,005 | 105,284 | ||||||
| 5.50%, 7/15/23 - 11/15/45 | 22,648 | 23,825 | ||||||
| 7.50%, 7/15/23 - 12/20/38 | 41,142 | 43,161 | ||||||
| 6.00%, 9/20/23 - 2/20/49 | 63,742 | 67,514 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Fund for Income | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares
or Principal Amount | Value | ||||||
| 9.00%, 4/15/25 - 9/15/30 | $ | 875 | $ | 920 | ||||
| 10.00%, 4/15/25 | — | (b) | – | (b) | ||||
| 6.13%, 6/20/28 - 11/20/28 | 217 | 211 | ||||||
| 6.28%, 10/20/28 - 9/20/29 | 439 | 441 | ||||||
| 6.10%, 5/20/29 - 7/20/31 | 365 | 365 | ||||||
| 7.30%, 4/20/30 - 2/20/31 | 162 | 163 | ||||||
| 6.49%, 5/20/31 - 3/20/32 | 639 | 642 | ||||||
| 4.50%, 12/15/33 - 5/15/41 | 8,037 | 7,975 | ||||||
| 5.00%, 1/20/34 - 2/20/42 | 18,482 | 18,464 | ||||||
| 4.00%, 8/15/41 | 521 | 510 | ||||||
| 367,867 | ||||||||
| Total Government National Mortgage Association (Cost $417,747) | 383,921 | |||||||
| U.S. Treasury Obligations (22.1%) | ||||||||
| U.S. Treasury Bills, 3.76%, 2/2/23 (c) | 22,393 | 22,127 | ||||||
| U.S. Treasury Bonds, 7.50%, 11/15/24 | 82,394 | 87,766 | ||||||
| Total U.S. Treasury Obligations (Cost $114,809) | 109,893 | |||||||
| Investment Companies (0.0%)(d) | ||||||||
| BlackRock Liquidity Funds Fedfund Portfolio, 1.19%(c) | 100,333 | 100 | ||||||
| Total Investment Companies (Cost $100) | 100 | |||||||
| Total Investments (Cost $532,656) — 99.3% | 493,914 | |||||||
| Other assets in excess of liabilities — 0.7% | 3,542 | |||||||
| NET ASSETS - 100.00% | $ | 497,456 | ||||||
| (a) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at September 30, 2022. |
| (b) | Rounds to less than $1 thousand. |
| (c) | Rate represents the effective yield at September 30, 2022. |
| (d) | Amount represents less than 0.05% of net assets. |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory INCORE Investment Grade Convertible Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Convertible Corporate Bonds (67.7%) | ||||||||
| Communication Services (0.3%): | ||||||||
| Snap, Inc., 0.75%, 8/1/26 | $ | 1,595 | $ | 1,379 | ||||
| Consumer Discretionary (11.5%): | ||||||||
| Booking Holdings, Inc., 0.75%, 5/1/25 (a) | 17,485 | 21,030 | ||||||
| Expedia Group, Inc., 2/15/26 (b) | 22,016 | 19,202 | ||||||
| Ford Motor Co., 3/15/26 (b) | 9,785 | 8,992 | ||||||
| 49,224 | ||||||||
| Energy (8.0%): | ||||||||
| EQT Corp., 1.75%, 5/1/26 | 3,995 | 11,027 | ||||||
| Pioneer Natural Resources Co., 0.25%, 5/15/25 | 10,641 | 23,098 | ||||||
| 34,125 | ||||||||
| Financials (14.2%): | ||||||||
| Ares Capital Corp., 4.63%, 3/1/24 | 17,903 | 18,291 | ||||||
| Barclays Bank PLC | ||||||||
| 2/4/25 (b) | 9,005 | 11,467 | ||||||
| 2/18/25 (b) | 4,330 | 4,380 | ||||||
| Blackstone Mortgage TR, 5.50%, 3/15/27 | 6,105 | 5,275 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc., 8/15/23 (b) | 2,435 | 2,277 | ||||||
| JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (c) | 12,505 | 12,742 | ||||||
| MGIC Investment Corp., Convertible Subordinated Notes, 9.00%, 4/1/63 | 4,717 | 6,284 | ||||||
| 60,716 | ||||||||
| Health Care (10.4%): | ||||||||
| Anthem, Inc., 2.75%, 10/15/42 | 3,215 | 20,788 | ||||||
| Bristol-Myers Squibb Co., 2.79% (LIBOR03M-50bps), 9/15/23, Callable 11/14/22 @ 100 (d) | 2,651 | 5,083 | ||||||
| Illumina, Inc., 8/15/23 (a)(b) | 19,617 | 18,824 | ||||||
| 44,695 | ||||||||
| Industrials (6.4%): | ||||||||
| Parsons Corp., 0.25%, 8/15/25 | 6,300 | 6,487 | ||||||
| Southwest Airlines Co., 1.25%, 5/1/25 (a) | 18,255 | 20,901 | ||||||
| 27,388 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Investment Grade Convertible Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Principal Amount | Value | ||||||
| Information Technology (15.1%): | ||||||||
| Akamai Technologies, Inc., 0.13%, 5/1/25 | $ | 5,399 | $ | 5,502 | ||||
| Block, Inc. | ||||||||
| 0.13%, 3/1/25 | 2,050 | 1,869 | ||||||
| 0.25%, 11/1/27 | 7,625 | 5,499 | ||||||
| Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (a) | 24,700 | 22,270 | ||||||
| Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 8,530 | 7,920 | ||||||
| Western Digital Corp., 1.50%, 2/1/24 | 22,713 | 21,611 | ||||||
| 64,671 | ||||||||
| Real Estate (1.8%): | ||||||||
| Kite Realty Group LP, 0.75%, 4/1/27 (c) | 9,280 | 7,830 | ||||||
| Total Convertible Corporate Bonds (Cost $298,848) | 290,028 | |||||||
| Convertible Preferred Stocks (30.3%) | ||||||||
| Financials (14.1%): | ||||||||
| Bank of America Corp., Series L, 7.25% (e) | 16,050 | 18,827 | ||||||
| KKR & Co., Inc., Series C, 6.00%, 9/15/23 | 314,910 | 17,137 | ||||||
| New York Community Capital Trust, 6.00%, 11/1/51 | 53,619 | 2,391 | ||||||
| Wells Fargo & Co., Series L, 7.50% (e) | 18,124 | 21,821 | ||||||
| 60,176 | ||||||||
| Industrials (2.5%): | ||||||||
| Stanley Black & Decker, Inc., 5.25%, 11/15/22 | 217,390 | 10,722 | ||||||
| Utilities (13.7%): | ||||||||
| American Electric Power Co., Inc., 6.13%, 8/15/23 (a) | 274,400 | 13,583 | ||||||
| CenterPoint Energy, Inc., 3.37%, 9/15/29 | 55,000 | 1,739 | ||||||
| DTE Energy Co., 6.25%, 11/1/22 | 144,998 | 7,270 | ||||||
| NextEra Energy, Inc. | ||||||||
| 5.28%, 3/1/23 | 274,805 | 13,680 | ||||||
| 6.22%, 9/1/23 | 162,475 | 7,890 | ||||||
| NiSource, Inc., 7.75%, 3/1/24 (a) | 145,990 | 14,685 | ||||||
| 58,847 | ||||||||
| Total Convertible Preferred Stocks (Cost $156,006) | 129,745 | |||||||
| Collateral for Securities Loaned (15.1%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f) | 1,387,722 | 1,388 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f) | 934,057 | 934 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f) | 692,542 | 693 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory INCORE Investment Grade Convertible Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (f) | 31,531,107 | $ | 31,531 | |||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f) | 1,382,725 | 1,383 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f) | 3,754,550 | 3,754 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f) | 24,828,498 | 24,828 | ||||||
| Total Collateral for Securities Loaned (Cost $64,511) | 64,511 | |||||||
| Total Investments (Cost $519,365) — 113.1% | 484,284 | |||||||
| Liabilities in excess of other assets — (13.1)% | (56,103 | ) | ||||||
| NET ASSETS - 100.00% | $ | 428,181 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Zero-coupon bond. |
| (c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $20,572 (thousands) and amounted to 4.8% of net assets. |
| (d) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (e) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (f) | Rate disclosed is the daily yield on September 30, 2022. |
| bps—Basis points |
| LIBOR—London Interbank Offered Rate |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LLC—Limited Liability Company |
| LP—Limited Partnership |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments | |||
| Victory THB US Small Opportunities Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Common Stocks (99.3%) | ||||||||
| Consumer Discretionary (15.2%): | ||||||||
| Bassett Furniture Industries, Inc. (a) | 53,190 | $ | 834 | |||||
| BJ's Restaurants, Inc. (b) | 32,474 | 775 | ||||||
| Century Communities, Inc. | 15,640 | 669 | ||||||
| Charles & Colvard Ltd. (b) | 113,330 | 110 | ||||||
| Chuy's Holdings, Inc. (b) | 23,354 | 541 | ||||||
| Holley, Inc. (a)(b) | 68,420 | 277 | ||||||
| Johnson Outdoors, Inc., Class A | 13,510 | 693 | ||||||
| Latham Group, Inc. (b) | 100,360 | 360 | ||||||
| Lazydays Holdings, Inc. (a)(b) | 56,590 | 764 | ||||||
| Liquidity Services, Inc. (b) | 13,610 | 221 | ||||||
| M/I Homes, Inc. (b) | 17,445 | 632 | ||||||
| MasterCraft Boat Holdings, Inc. (b) | 25,980 | 490 | ||||||
| Movado Group, Inc. | 49,780 | 1,403 | ||||||
| Overstock.com, Inc. (b) | 29,640 | 722 | ||||||
| Ruth's Hospitality Group, Inc. | 66,610 | 1,123 | ||||||
| Sleep Number Corp. (b) | 4,980 | 169 | ||||||
| Universal Technical Institute, Inc. (b) | 171,930 | 935 | ||||||
| 10,718 | ||||||||
| Consumer Staples (2.0%): | ||||||||
| The Beauty Health Co. (b) | 47,670 | 562 | ||||||
| Vital Farms, Inc. (b) | 70,780 | 847 | ||||||
| 1,409 | ||||||||
| Energy (10.3%): | ||||||||
| Clean Energy Fuels Corp. (b) | 182,730 | 976 | ||||||
| Expro Group Holdings NV (b) | 58,416 | 744 | ||||||
| Natural Gas Services Group, Inc. (b) | 31,078 | 312 | ||||||
| Profire Energy, Inc. | 552,220 | 470 | ||||||
| RPC, Inc. (a) | 249,850 | 1,731 | ||||||
| Select Energy Services, Inc., Class A (b) | 94,210 | 657 | ||||||
| Solaris Oilfield Infrastructure, Inc., Class A | 38,590 | 361 | ||||||
| TETRA Technologies, Inc. (b) | 565,550 | 2,030 | ||||||
| 7,281 | ||||||||
| Financials (9.8%): | ||||||||
| BayCom Corp. | 40,606 | 714 | ||||||
| Coastal Financial Corp. (b) | 13,760 | 547 | ||||||
| Colony Bankcorp, Inc. | 19,360 | 252 | ||||||
| First Busey Corp. | 77,331 | 1,700 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory THB US Small Opportunities Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Heritage Financial Corp. | 62,995 | $ | 1,667 | |||||
| Old Second Bancorp, Inc. | 82,132 | 1,072 | ||||||
| P10, Inc., Class A (a) | 36,050 | 379 | ||||||
| The First Bancshares, Inc. | 20,617 | 616 | ||||||
| 6,947 | ||||||||
| Health Care (20.4%): | ||||||||
| Addus HomeCare Corp. (b) | 11,661 | 1,111 | ||||||
| Apollo Medical Holdings, Inc. (a)(b) | 19,220 | 750 | ||||||
| Artivion, Inc. (b) | 31,965 | 442 | ||||||
| Atrion Corp. | 1,194 | 675 | ||||||
| Avanos Medical, Inc. (b) | 27,680 | 603 | ||||||
| BioLife Solutions, Inc. (b) | 58,964 | 1,341 | ||||||
| Catalyst Pharmaceuticals, Inc. (b) | 40,330 | 518 | ||||||
| CryoPort, Inc. (a)(b) | 29,690 | 723 | ||||||
| Dynavax Technologies Corp. (b) | 52,210 | 545 | ||||||
| Lantheus Holdings, Inc. (b) | 12,891 | 907 | ||||||
| LeMaitre Vascular, Inc. (a) | 33,096 | 1,677 | ||||||
| Mesa Laboratories, Inc. | 2,723 | 384 | ||||||
| OptimizeRx Corp. (b) | 37,400 | 554 | ||||||
| Organogenesis Holdings, Inc. (b) | 13,690 | 44 | ||||||
| Orthofix Medical, Inc. (b) | 40,576 | 775 | ||||||
| The Joint Corp. (b) | 24,587 | 386 | ||||||
| U.S. Physical Therapy, Inc. | 8,350 | 635 | ||||||
| UFP Technologies, Inc. (b) | 15,720 | 1,349 | ||||||
| Vanda Pharmaceuticals, Inc. (b) | 27,820 | 275 | ||||||
| Vericel Corp. (b) | 28,570 | 663 | ||||||
| 14,357 | ||||||||
| Industrials (19.4%): | ||||||||
| Allied Motion Technologies, Inc. | 36,637 | 1,049 | ||||||
| ARC Document Solutions, Inc. | 233,850 | 528 | ||||||
| Argan, Inc. | 9,560 | 307 | ||||||
| Bowman Consulting Group Ltd. (b) | 44,030 | 643 | ||||||
| CIRCOR International, Inc. (b) | 38,790 | 640 | ||||||
| Concrete Pumping Holdings, Inc. (b) | 92,450 | 596 | ||||||
| Energy Recovery, Inc. (b) | 26,350 | 573 | ||||||
| Insteel Industries, Inc. | 35,945 | 954 | ||||||
| Karat Packaging, Inc. (b) | 34,000 | 544 | ||||||
| Limbach Holdings, Inc. (a)(b) | 53,160 | 404 | ||||||
| MYR Group, Inc. (b) | 7,381 | 625 | ||||||
| NN, Inc. (b) | 26,660 | 46 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory THB US Small Opportunities Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Northwest Pipe Co. (b) | 25,970 | $ | 730 | |||||
| Preformed Line Products Co. | 11,290 | 803 | ||||||
| Quest Resource Holding Corp. (b) | 72,030 | 608 | ||||||
| The Greenbrier Cos., Inc. | 38,180 | 927 | ||||||
| The Shyft Group, Inc. | 17,216 | 352 | ||||||
| Transcat, Inc. (b) | 33,721 | 2,552 | ||||||
| Twin Disc, Inc. (b) | 47,460 | 544 | ||||||
| Willdan Group, Inc. (b) | 16,780 | 248 | ||||||
| 13,673 | ||||||||
| Information Technology (18.3%): | ||||||||
| CEVA, Inc. (b) | 22,710 | 596 | ||||||
| ePlus, Inc. (b) | 37,722 | 1,567 | ||||||
| Grid Dynamics Holdings, Inc. (b) | 103,080 | 1,931 | ||||||
| Ichor Holdings Ltd. (b) | 50,990 | 1,234 | ||||||
| Immersion Corp. (b) | 239,910 | 1,317 | ||||||
| Luna Innovations, Inc. (b) | 151,430 | 672 | ||||||
| Napco Security Technologies, Inc. (b) | 67,730 | 1,970 | ||||||
| NVE Corp. | 10,510 | 490 | ||||||
| PAR Technology Corp. (a)(b) | 31,776 | 938 | ||||||
| Perficient, Inc. (b) | 10,460 | 680 | ||||||
| Ultra Clean Holdings, Inc. (b) | 36,063 | 929 | ||||||
| Wayside Technology Group, Inc. | 21,330 | 573 | ||||||
| 12,897 | ||||||||
| Materials (2.2%): | ||||||||
| Hawkins, Inc. | 14,570 | 568 | ||||||
| Koppers Holdings, Inc. | 37,667 | 783 | ||||||
| Ranpak Holdings Corp. (b) | 48,930 | 167 | ||||||
| 1,518 | ||||||||
| Real Estate (0.6%): | ||||||||
| Gladstone Land Corp. | 23,200 | 420 | ||||||
| Utilities (1.1%): | ||||||||
| The York Water Co. | 20,610 | 792 | ||||||
| Total Common Stocks (Cost $68,005) | 70,012 | |||||||
| Collateral for Securities Loaned (2.5%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 37,834 | 38 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 25,466 | 25 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued | |||
| Victory THB US Small Opportunities Fund | September 30, 2022 | |||
| (Amounts in Thousands, Except for Shares) | (Unaudited) | |||
| Security Description | Shares | Value | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 18,881 | $ | 19 | |||||
| HSBC US Government Money Market Fund, I Shares, 2.91% (c) | 859,653 | 860 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 37,698 | 38 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 102,363 | 102 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 676,916 | 677 | ||||||
| Total Collateral for Securities Loaned (Cost $1,759) | 1,759 | |||||||
| Total Investments (Cost $69,764) — 101.8% | 71,771 | |||||||
| Liabilities in excess of other assets — (1.8)% | (1,246 | ) | ||||||
| NET ASSETS - 100.00% | $ | 70,525 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |