Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Integrity
Discovery
Fund
1
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.7%)
Banks
(22.8%):
Blue
Ridge
Bankshares,
Inc.
...............................................
142,700
$
599
Bridgewater
Bancshares,
Inc.
(a)
............................................
27,500
487
Business
First
Bancshares,
Inc.
.............................................
23,800
644
Central
Pacific
Financial
Corp.
.............................................
10,150
324
Citizens
Community
Bancorp,
Inc.
..........................................
18,500
366
Civista
Bancshares,
Inc.
..................................................
25,900
590
Commercial
Bancgroup,
Inc.
(b)
.............................................
20,200
526
Community
West
Bancshares
..............................................
24,500
571
ConnectOne
Bancorp,
Inc.
................................................
24,000
642
Dime
Community
Bancshares,
Inc.
..........................................
10,550
357
Financial
Institutions,
Inc.
.................................................
20,500
650
First
Internet
Bancorp
....................................................
19,800
404
First
Mid
Bancshares,
Inc.
................................................
17,000
700
German
American
Bancorp,
Inc.
............................................
8,650
361
Heritage
Commerce
Corp.
................................................
42,600
532
Horizon
Bancorp,
Inc.
...................................................
43,700
724
Independent
Bank
Corp.
..................................................
19,525
650
Mercantile
Bank
Corp.
...................................................
9,900
500
Orange
County
Bancorp,
Inc.
..............................................
18,300
585
Origin
Bancorp,
Inc.
.....................................................
9,700
402
Peapack-Gladstone
Financial
Corp.
..........................................
16,300
574
Peoples
Bancorp,
Inc.
....................................................
23,000
756
Primis
Financial
Corp.
...................................................
43,700
580
QCR
Holdings,
Inc.
.....................................................
9,485
811
SmartFinancial,
Inc.
.....................................................
14,550
569
Southern
Missouri
Bancorp,
Inc.
............................................
10,675
683
Univest
Financial
Corp.
..................................................
10,650
365
Washington
Trust
Bancorp,
Inc.
.............................................
20,676
692
15,644
Capital
Markets
(0.5%):
Diamond
Hill
Investment
Group,
Inc.
........................................
2,150
370
Communication
Services
(2.8%):
Clear
Channel
Outdoor
Holdings,
Inc.
,
Class
A
(a)
................................
142,000
336
IMAX
Corp.
(a)
........................................................
14,300
544
PubMatic,
Inc.
,
Class
A
(a)
................................................
41,754
342
The
Marcus
Corp.
......................................................
38,700
664
1,886
Consumer
Discretionary
(9.6%):
BJ's
Restaurants,
Inc.
(a)
..................................................
12,386
435
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
40,900
429
Genesco,
Inc.
(a)
........................................................
14,902
432
Latham
Group,
Inc.
(a)
...................................................
70,400
378
Lindblad
Expeditions
Holdings,
Inc.
(a)
.......................................
38,700
670
MarineMax,
Inc.
(a)
.....................................................
19,600
530
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
21,300
437
Monro,
Inc.
...........................................................
24,800
398
Motorcar
Parts
of
America,
Inc.
(a)
...........................................
46,300
512
National
Vision
Holdings,
Inc.
(a)
............................................
19,050
493
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............................................
67,763
358
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
28,600
396
Savers
Value
Village,
Inc.
(a)
(b)
.............................................
45,100
336
Wolverine
World
Wide,
Inc.
...............................................
21,114
345
Zumiez,
Inc.
(a)
........................................................
20,500
454
6,603
Consumer
Finance
(0.9%):
EZCORP,
Inc.
,
Class
A
(a)
.................................................
24,400
619
Consumer
Staples
(0.6%):
The
Honest
Co.,
Inc.
(a)
(b)
................................................
146,000
429
Victory
Portfolios
Victory
Integrity
Discovery
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Energy
(6.8%):
Ardmore
Shipping
Corp.
..................................................
57,000
$
869
Granite
Ridge
Resources,
Inc.
..............................................
122,012
716
Infinity
Natural
Resources,
Inc.
,
Class
A
(a)
....................................
31,127
548
National
Energy
Services
Reunited
Corp.
(a)
....................................
20,351
437
ProPetro
Holding
Corp.
(a)
................................................
46,574
671
Riley
Exploration
Permian,
Inc.
.............................................
22,200
809
Select
Water
Solutions,
Inc.
,
Class
A
.........................................
40,415
619
4,669
Health
Care
(4.7%):
Artivion,
Inc.
(a)
........................................................
18,400
674
Azenta,
Inc.
(a)
.........................................................
19,820
419
Brookdale
Senior
Living,
Inc.
(a)
............................................
44,129
604
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
13,500
446
HealthStream,
Inc.
......................................................
20,400
423
MiMedx
Group,
Inc.
(a)
...................................................
67,300
266
Orthofix
Medical,
Inc.
(a)
.................................................
34,473
395
3,227
Industrials
(18.4%):
BlueLinx
Holdings,
Inc.
(a)
................................................
10,100
547
Covenant
Logistics
Group,
Inc.
,
Class
A
.......................................
17,000
462
CRA
International,
Inc.
...................................................
2,015
326
Douglas
Dynamics,
Inc.
..................................................
14,425
607
Ducommun,
Inc.
(a)
.....................................................
6,000
732
DXP
Enterprises,
Inc.
(a)
..................................................
3,650
510
Enviri
Corp.
(a)
.........................................................
43,100
846
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........................................
42,150
716
IBEX
Holdings
Ltd.
(a)
...................................................
14,650
393
Insteel
Industries,
Inc.
....................................................
16,210
545
Interface,
Inc.
,
Class
A
...................................................
23,500
586
Kelly
Services,
Inc.
,
Class
A
...............................................
49,500
438
Liquidity
Services,
Inc.
(a)
.................................................
18,300
559
Matrix
Service
Co.
(a)
....................................................
38,250
439
Miller
Industries,
Inc.
....................................................
13,800
629
Pangaea
Logistics
Solutions
Ltd.
............................................
86,000
609
Park
Aerospace
Corp.
....................................................
21,250
582
Park-Ohio
Holdings
Corp.
................................................
22,550
542
Quanex
Building
Products
Corp.
............................................
34,000
611
Thermon
Group
Holdings,
Inc.
(a)
...........................................
17,800
897
Titan
Machinery,
Inc.
(a)
..................................................
40,900
684
Willdan
Group,
Inc.
(a)
...................................................
4,317
330
12,590
Information
Technology
(20.0%):
ADTRAN
Holdings,
Inc.
(a)
...............................................
67,500
849
Bel
Fuse,
Inc.
,
Class
B
...................................................
5,430
1,075
Benchmark
Electronics,
Inc.
...............................................
11,600
650
Cohu,
Inc.
(a)
..........................................................
22,150
678
Digi
International,
Inc.
(a)
.................................................
19,500
940
Grid
Dynamics
Holdings,
Inc.
(a)
............................................
67,000
382
Harmonic,
Inc.
(a)
.......................................................
37,081
333
I3
Verticals,
Inc.
,
Class
A
(a)
(b)
.............................................
27,600
617
Ichor
Holdings
Ltd.
(a)
...................................................
22,015
1,026
Kimball
Electronics,
Inc.
(a)
...............................................
27,100
642
Kopin
Corp.
(a)
.........................................................
179,410
404
Lantronix,
Inc.
(a)
.......................................................
60,500
317
nLight,
Inc.
(a)
.........................................................
22,374
1,276
OneSpan,
Inc.
.........................................................
42,249
445
PDF
Solutions,
Inc.
(a)
...................................................
19,600
641
Ribbon
Communications,
Inc.
(a)
............................................
219,155
465
Silvaco
Group,
Inc.
(a)
...................................................
88,300
625
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
11,745
730
Veeco
Instruments,
Inc.
(a)
.................................................
15,825
536
Victory
Portfolios
Victory
Integrity
Discovery
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Viant
Technology,
Inc.
,
Class
A
(a)
...........................................
32,000
$
359
Vishay
Precision
Group,
Inc.
(a)
.............................................
16,858
732
13,722
Insurance
(2.3%):
American
Integrity
Insurance
Group,
Inc.
......................................
29,400
567
Ethos
Technologies,
Inc.
,
Class
A
(a)
(b)
.......................................
33,100
370
HCI
Group,
Inc.
........................................................
1,060
164
Heritage
Insurance
Holdings,
Inc.
(a)
.........................................
16,900
443
1,544
Materials
(4.9%):
AdvanSix,
Inc.
.........................................................
34,600
844
Clearwater
Paper
Corp.
(a)
.................................................
34,400
495
Koppers
Holdings,
Inc.
...................................................
20,200
781
Metallus,
Inc.
(a)
........................................................
40,950
669
Ramaco
Resources,
Inc.
,
Class
A
(a)
(b)
........................................
9,275
143
SunCoke
Energy,
Inc.
....................................................
64,000
417
3,349
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(1.3%):
Ares
Commercial
Real
Estate
Corp.
(b)
........................................
98,000
471
Dynex
Capital,
Inc.
.....................................................
34,350
438
909
Real
Estate
(2.4%):
Chiron
Real
Estate,
Inc.
..................................................
19,450
643
NETSTREIT
Corp.
(b)
...................................................
27,000
508
NexPoint
Residential
Trust,
Inc.
............................................
19,100
478
1,629
Utilities
(0.7%):
Unitil
Corp.
...........................................................
8,771
458
Total
Common
Stocks
(Cost
$51,572)
a
a
a
67,648
Collateral
for
Securities
Loaned
(5.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
853,238
854
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
853,238
853
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
853,238
853
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
853,238
853
Total
Collateral
for
Securities
Loaned
(Cost
$3,413)
a
a
a
3,413
Total
Investments
(Cost
$54,985)
—
103.7%
71,061
Liabilities
in
excess
of
other
assets
—  (3.7)%
(2,510)
NET
ASSETS
-
100.00%
$
68,551
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
4
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(2.3%):
Cinemark
Holdings,
Inc.
..................................................
109,729
$
3,130
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
11,400
2,061
Roku,
Inc.
,
Class
A
(a)
....................................................
25,617
2,424
7,615
Consumer
Discretionary
(10.0%):
Brunswick
Corp.
.......................................................
33,615
2,446
Caesars
Entertainment,
Inc.
(a)
..............................................
95,651
2,528
Carnival
Corp.
.........................................................
112,025
2,899
Genuine
Parts
Co.
......................................................
24,377
2,578
Kontoor
Brands,
Inc.
....................................................
36,000
2,530
Mohawk
Industries,
Inc.
(a)
................................................
22,400
2,206
PulteGroup,
Inc.
........................................................
19,510
2,295
Ross
Stores,
Inc.
.......................................................
21,300
4,614
Signet
Jewelers
Ltd.
.....................................................
29,464
2,494
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
257,200
1,705
TopBuild
Corp.
(a)
......................................................
5,600
1,967
Visteon
Corp.
..........................................................
23,477
2,139
Yum!
Brands,
Inc.
......................................................
19,997
3,109
33,510
Consumer
Staples
(4.8%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
26,758
2,633
Casey's
General
Stores,
Inc.
...............................................
3,900
2,839
Dollar
Tree,
Inc.
(a)
......................................................
22,881
2,506
Performance
Food
Group
Co.
(a)
............................................
32,413
2,776
Pilgrim's
Pride
Corp.
....................................................
78,570
2,967
Primo
Brands
Corp.
,
Class
A
(b)
.............................................
130,681
2,461
16,182
Energy
(7.9%):
Antero
Resources
Corp.
(a)
................................................
68,479
2,906
Baker
Hughes
Co.
,
Class
A
................................................
79,650
4,863
Devon
Energy
Corp.
.....................................................
85,800
4,317
Diamondback
Energy,
Inc.
................................................
20,000
3,956
Expand
Energy
Corp.
....................................................
26,112
2,867
Kinder
Morgan,
Inc.
.....................................................
86,550
2,902
Valero
Energy
Corp.
.....................................................
19,075
4,713
26,524
Financials
(14.2%):
Annaly
Capital
Management,
Inc.
...........................................
85,057
1,799
Arch
Capital
Group
Ltd.
(a)
................................................
32,359
3,106
Axis
Capital
Holdings
Ltd.
................................................
27,300
2,769
Brown
&
Brown,
Inc.
....................................................
42,078
2,744
Everest
Group
Ltd.
......................................................
9,540
3,118
Fidelity
National
Information
Services,
Inc.
....................................
57,440
2,695
Fifth
Third
Bancorp
.....................................................
94,750
4,402
First
American
Financial
Corp.
.............................................
50,041
3,017
First
Horizon
Corp.
.....................................................
132,824
3,023
Lincoln
National
Corp.
...................................................
69,900
2,481
M&T
Bank
Corp.
.......................................................
20,842
4,308
Nasdaq,
Inc.
..........................................................
40,200
3,413
Raymond
James
Financial,
Inc.
.............................................
26,620
3,854
State
Street
Corp.
.......................................................
33,920
4,293
The
Hartford
Insurance
Group,
Inc.
..........................................
21,400
2,894
47,916
Health
Care
(8.9%):
Agilent
Technologies,
Inc.
.................................................
25,462
2,902
Cardinal
Health,
Inc.
....................................................
13,447
2,841
Charles
River
Laboratories
International,
Inc.
(a)
.................................
15,816
2,728
Encompass
Health
Corp.
..................................................
22,342
2,161
Globus
Medical,
Inc.
,
Class
A
(a)
............................................
31,470
2,711
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Jazz
Pharmaceuticals
PLC
(a)
..............................................
18,675
$
3,531
Labcorp
Holdings,
Inc.
...................................................
10,961
2,925
Revvity,
Inc.
(b)
........................................................
27,286
2,391
STERIS
PLC
..........................................................
14,630
3,235
Tenet
Healthcare
Corp.
(a)
.................................................
9,702
1,831
United
Therapeutics
Corp.
(a)
..............................................
4,300
2,550
29,806
Industrials
(18.7%):
Allison
Transmission
Holdings,
Inc.
.........................................
22,300
2,610
AMETEK,
Inc.
........................................................
20,100
4,309
Builders
FirstSource,
Inc.
(a)
...............................................
28,160
2,318
CACI
International,
Inc.
,
Class
A
(a)
.........................................
4,735
2,575
Dover
Corp.
...........................................................
18,735
3,905
EMCOR
Group,
Inc.
....................................................
2,617
1,932
Ferguson
Enterprises,
Inc.
.................................................
12,875
3,003
ITT,
Inc.
.............................................................
14,545
2,771
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..............................
64,258
3,700
L3Harris
Technologies,
Inc.
...............................................
7,999
2,761
Old
Dominion
Freight
Line,
Inc.
............................................
14,645
2,862
Oshkosh
Corp.
.........................................................
20,220
2,977
Owens
Corning
........................................................
20,161
2,182
Sensata
Technologies
Holding
PLC
..........................................
95,498
3,363
Textron,
Inc.
..........................................................
35,284
3,090
The
Brink's
Co.
........................................................
27,423
2,842
The
Timken
Co.
........................................................
28,550
2,871
United
Airlines
Holdings,
Inc.
(a)
............................................
30,560
2,814
United
Rentals,
Inc.
.....................................................
3,953
2,880
WESCO
International,
Inc.
................................................
11,700
3,201
Westinghouse
Air
Brake
Technologies
Corp.
....................................
15,812
3,952
62,918
Information
Technology
(11.5%):
Amdocs
Ltd.
..........................................................
44,220
2,886
Corning,
Inc.
..........................................................
19,612
2,667
Docusign,
Inc.
,
Class
A
(a)
.................................................
42,572
2,018
F5,
Inc.
(a)
............................................................
10,557
3,054
Flex
Ltd.
(a)
...........................................................
36,817
2,410
Gen
Digital,
Inc.
.......................................................
128,570
2,421
Keysight
Technologies,
Inc.
(a)
.............................................
10,340
2,920
Microchip
Technology,
Inc.
................................................
49,706
3,212
MKS,
Inc.
............................................................
18,180
4,178
Okta,
Inc.
,
Class
A
(a)
....................................................
21,935
1,726
ON
Semiconductor
Corp.
(a)
...............................................
49,734
3,080
Qorvo,
Inc.
(a)
.........................................................
29,960
2,319
TD
SYNNEX
Corp.
.....................................................
13,397
2,260
Tyler
Technologies,
Inc.
(a)
................................................
3,842
1,315
Zebra
Technologies
Corp.
(a)
...............................................
10,254
2,144
38,610
Materials
(6.4%):
Avery
Dennison
Corp.
...................................................
13,866
2,394
Crown
Holdings,
Inc.
....................................................
27,217
2,728
Freeport-McMoRan,
Inc.
.................................................
26,346
1,549
Martin
Marietta
Materials,
Inc.
.............................................
5,344
3,146
Nucor
Corp.
...........................................................
21,820
3,690
Reliance,
Inc.
..........................................................
9,014
2,740
Solstice
Advanced
Materials,
Inc.
...........................................
37,000
2,818
The
Mosaic
Co.
........................................................
93,104
2,374
21,439
Real
Estate
(7.3%):
Camden
Property
Trust
...................................................
26,242
2,563
Essex
Property
Trust,
Inc.
.................................................
10,723
2,595
Federal
Realty
Investment
Trust
............................................
32,012
3,400
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Kilroy
Realty
Corp.
.....................................................
91,923
$
2,593
Realty
Income
Corp.
....................................................
64,800
3,964
VICI
Properties,
Inc.
,
Class
A
..............................................
118,683
3,242
Weyerhaeuser
Co.
......................................................
130,985
3,200
WP
Carey,
Inc.
.........................................................
46,600
3,167
24,724
Utilities
(7.7%):
CenterPoint
Energy,
Inc.
..................................................
93,195
4,022
Evergy,
Inc.
...........................................................
45,017
3,688
FirstEnergy
Corp.
.......................................................
75,822
3,841
National
Fuel
Gas
Co.
...................................................
22,000
2,067
Pinnacle
West
Capital
Corp.
...............................................
31,438
3,167
Talen
Energy
Corp.
(a)
...................................................
5,036
1,608
UGI
Corp.
............................................................
81,740
2,977
Xcel
Energy,
Inc.
.......................................................
56,800
4,512
25,882
Total
Common
Stocks
(Cost
$276,506)
a
a
a
335,126
Collateral
for
Securities
Loaned
(1.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
972,654
972
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
972,654
973
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
972,654
973
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
972,654
973
Total
Collateral
for
Securities
Loaned
(Cost
$3,891)
a
a
a
3,891
Total
Investments
(Cost
$280,397)
—
100.9%
339,017
Liabilities
in
excess
of
other
assets
—  (0.9)%
(2,992)
NET
ASSETS
-
100.00%
$
336,025
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
7
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.6%)
Communication
Services
(2.0%):
Cinemark
Holdings,
Inc.
..................................................
333,000
$
9,497
Magnite,
Inc.
(a)
........................................................
403,677
4,796
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
36,500
6,600
20,893
Consumer
Discretionary
(9.3%):
Brunswick
Corp.
.......................................................
98,500
7,167
Kontoor
Brands,
Inc.
....................................................
109,200
7,676
M/I
Homes,
Inc.
(a)
......................................................
58,423
7,154
Marriott
Vacations
Worldwide
Corp.
.........................................
108,600
7,072
National
Vision
Holdings,
Inc.
(a)
............................................
296,422
7,677
Penn
Entertainment,
Inc.
(a)
................................................
286,000
4,298
Phoenix
Education
Partners,
Inc.
(b)
..........................................
90,000
2,831
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
541,000
7,493
Signet
Jewelers
Ltd.
.....................................................
97,600
8,261
Taylor
Morrison
Home
Corp.
,
Class
A
(a)
......................................
181,350
10,562
The
Buckle,
Inc.
........................................................
110,000
5,540
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
990,000
6,564
Victoria's
Secret
&
Co.
(a)
.................................................
134,287
6,225
Visteon
Corp.
..........................................................
78,100
7,116
95,636
Consumer
Staples
(1.8%):
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
156,500
9,304
United
Natural
Foods,
Inc.
(a)
..............................................
193,552
8,721
18,025
Energy
(9.9%):
California
Resources
Corp.
................................................
194,500
13,463
Core
Natural
Resources,
Inc.
...............................................
103,500
10,839
DHT
Holdings,
Inc.
.....................................................
444,044
8,113
Gulfport
Energy
Corp.
(a)
.................................................
35,150
7,437
Innovex
International,
Inc.
(a)
..............................................
308,686
7,529
Murphy
Oil
Corp.
......................................................
311,000
12,829
Noble
Corp.
PLC
(b)
.....................................................
201,399
9,883
Patterson-UTI
Energy,
Inc.
................................................
973,024
10,538
Scorpio
Tankers,
Inc.
....................................................
160,000
11,945
Talos
Energy,
Inc.
(a)
.....................................................
586,000
9,235
101,811
Financials
(24.6%):
AGNC
Investment
Corp.
.................................................
508,000
5,095
Ameris
Bancorp
........................................................
150,085
11,705
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
201,500
7,333
Bank
of
Hawaii
Corp.
....................................................
159,175
11,819
BOK
Financial
Corp.
....................................................
83,350
10,674
CNO
Financial
Group,
Inc.
................................................
212,200
8,713
Commerce
Bancshares,
Inc.
...............................................
203,400
10,007
CVB
Financial
Corp.
....................................................
574,000
11,130
Dynex
Capital,
Inc.
.....................................................
667,000
8,511
Essent
Group
Ltd.
......................................................
207,200
12,109
First
Bancorp
NC
.......................................................
98,000
5,522
First
Financial
Bancorp
...................................................
332,000
9,256
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
332,500
11,105
First
Merchants
Corp.
....................................................
292,246
11,319
Glacier
Bancorp,
Inc.
....................................................
288,000
12,865
Hancock
Whitney
Corp.
..................................................
192,730
12,256
Ladder
Capital
Corp.
,
Class
A
..............................................
832,000
8,129
Lincoln
National
Corp.
...................................................
182,200
6,468
NBT
Bancorp,
Inc.
......................................................
245,000
10,432
Northwest
Bancshares,
Inc.
................................................
701,622
8,904
Prosperity
Bancshares,
Inc.
................................................
130,300
8,753
QCR
Holdings,
Inc.
.....................................................
98,000
8,374
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
RLI
Corp.
............................................................
139,000
$
7,929
SouthState
Bank
Corp.
...................................................
114,254
10,571
Stewart
Information
Services
Corp.
..........................................
137,500
8,467
Virtus
Investment
Partners,
Inc.
.............................................
58,000
7,792
Western
Alliance
Bancorp
.................................................
110,500
7,829
253,067
Health
Care
(7.0%):
Azenta,
Inc.
(a)
.........................................................
260,860
5,512
Brookdale
Senior
Living,
Inc.
(a)
............................................
532,946
7,291
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
263,000
6,512
Charles
River
Laboratories
International,
Inc.
(a)
.................................
35,000
6,037
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
135,500
4,481
Envista
Holdings
Corp.
(a)
.................................................
394,000
9,996
ICU
Medical,
Inc.
(a)
....................................................
67,000
8,653
Lantheus
Holdings,
Inc.
(a)
................................................
25,960
1,969
LivaNova
PLC
(a)
.......................................................
156,000
9,915
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
151,900
7,852
Surgery
Partners,
Inc.
(a)
(b)
................................................
300,000
3,576
71,794
Industrials
(12.8%):
ArcBest
Corp.
.........................................................
86,250
8,484
Atkore,
Inc.
...........................................................
108,000
6,362
Blue
Bird
Corp.
(a)
......................................................
104,000
5,906
BlueLinx
Holdings,
Inc.
(a)
................................................
94,677
5,130
Fluor
Corp.
(a)
.........................................................
110,000
5,132
Korn
Ferry
...........................................................
122,200
7,692
Ryder
System,
Inc.
......................................................
55,250
11,310
Sensata
Technologies
Holding
PLC
..........................................
260,000
9,157
SkyWest,
Inc.
(a)
........................................................
94,700
8,696
Terex
Corp.
...........................................................
130,850
7,733
The
Brink's
Co.
........................................................
92,000
9,534
The
Greenbrier
Cos.,
Inc.
.................................................
145,700
7,671
The
Timken
Co.
........................................................
91,700
9,222
Titan
International,
Inc.
(a)
.................................................
654,079
4,520
UFP
Industries,
Inc.
.....................................................
91,800
8,457
V2X,
Inc.
(a)
..........................................................
110,500
7,569
Valmont
Industries,
Inc.
..................................................
21,150
8,451
131,026
Information
Technology
(10.7%):
Belden,
Inc.
...........................................................
64,600
7,418
Diodes,
Inc.
(a)
.........................................................
139,500
9,522
Extreme
Networks,
Inc.
(a)
................................................
542,252
8,177
JFrog
Ltd.
(a)
..........................................................
72,051
3,381
Knowles
Corp.
(a)
.......................................................
400,000
10,272
Kulicke
&
Soffa
Industries,
Inc.
.............................................
165,000
10,844
Littelfuse,
Inc.
.........................................................
23,100
7,839
Plexus
Corp.
(a)
........................................................
52,000
10,532
Progress
Software
Corp.
(a)
................................................
158,800
4,073
Sanmina
Corp.
(a)
.......................................................
50,200
6,508
Synaptics,
Inc.
(a)
.......................................................
143,500
10,051
Teradata
Corp.
(a)
.......................................................
219,901
5,636
TTM
Technologies,
Inc.
(a)
................................................
75,300
7,336
Veeco
Instruments,
Inc.
(a)
.................................................
250,000
8,465
110,054
Materials
(5.9%):
Avient
Corp.
..........................................................
208,050
7,552
Commercial
Metals
Co.
..................................................
169,750
10,428
Element
Solutions,
Inc.
...................................................
222,000
7,579
Ingevity
Corp.
(a)
.......................................................
158,500
11,290
Olin
Corp.
............................................................
250,000
7,433
Ryerson
Holding
Corp.
...................................................
244,147
5,488
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Solstice
Advanced
Materials,
Inc.
...........................................
137,300
$
10,457
60,227
Real
Estate
(10.1%):
Broadstone
Net
Lease,
Inc.
,
Class
A
..........................................
571,000
10,432
CareTrust
REIT,
Inc.
....................................................
268,000
9,822
Curbline
Properties
Corp.
.................................................
429,000
11,064
Cushman
&
Wakefield
Ltd.
(a)
..............................................
878,000
10,764
DiamondRock
Hospitality
Co.
..............................................
532,000
4,985
Douglas
Emmett,
Inc.
....................................................
732,000
6,895
Easterly
Government
Properties,
Inc.
,
Class
A
..................................
292,500
6,268
Essential
Properties
Realty
Trust,
Inc.
........................................
349,000
10,596
LXP
Industrial
Trust
.....................................................
194,173
8,983
Sabra
Health
Care
REIT,
Inc.
..............................................
388,000
7,461
Sila
Realty
Trust,
Inc.
(b)
..................................................
335,500
7,945
STAG
Industrial,
Inc.
....................................................
126,300
4,554
Summit
Hotel
Properties,
Inc.
..............................................
965,500
4,268
104,037
Utilities
(4.5%):
National
Fuel
Gas
Co.
...................................................
62,900
5,910
Northwestern
Energy
Group,
Inc.
...........................................
153,700
10,135
ONE
Gas,
Inc.
.........................................................
113,000
9,733
Portland
General
Electric
Co.
..............................................
188,000
9,921
Southwest
Gas
Holdings,
Inc.
..............................................
117,000
10,167
45,866
Total
Common
Stocks
(Cost
$880,226)
a
a
a
1,012,436
Exchange-Traded
Funds
(1.2%)
iShares
Russell
2000
Value
ETF
(b)
..........................................
63,000
11,944
Total
Exchange-Traded
Funds
(Cost
$10,988)
a
a
a
11,944
Collateral
for
Securities
Loaned
(0.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
1,367,934
1,368
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
1,367,934
1,368
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
1,367,934
1,368
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
1,367,934
1,368
Total
Collateral
for
Securities
Loaned
(Cost
$5,472)
a
a
a
5,472
Total
Investments
(Cost
$896,686)
—
100.3%
1,029,852
Liabilities
in
excess
of
other
assets
—  (0.3)%
(2,940)
NET
ASSETS
-
100.00%
$
1,026,912
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
10
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(2.5%):
Cinemark
Holdings,
Inc.
..................................................
106,550
$
3,039
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
13,615
2,462
Roku,
Inc.
,
Class
A
(a)
....................................................
28,529
2,699
8,200
Consumer
Discretionary
(9.1%):
Brunswick
Corp.
.......................................................
30,310
2,205
Caesars
Entertainment,
Inc.
(a)
..............................................
99,600
2,633
Kontoor
Brands,
Inc.
....................................................
35,290
2,481
Marriott
Vacations
Worldwide
Corp.
.........................................
35,372
2,303
Mohawk
Industries,
Inc.
(a)
................................................
22,080
2,174
National
Vision
Holdings,
Inc.
(a)
............................................
95,388
2,471
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
160,000
2,216
Signet
Jewelers
Ltd.
.....................................................
28,939
2,449
Taylor
Morrison
Home
Corp.
,
Class
A
(a)
......................................
45,962
2,677
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
303,516
2,012
TopBuild
Corp.
(a)
......................................................
6,242
2,193
Victoria's
Secret
&
Co.
(a)
.................................................
39,629
1,837
Visteon
Corp.
..........................................................
22,800
2,077
29,728
Consumer
Staples
(3.6%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
24,150
2,377
Casey's
General
Stores,
Inc.
...............................................
4,070
2,962
Dollar
Tree,
Inc.
(a)
......................................................
15,685
1,718
Performance
Food
Group
Co.
(a)
............................................
31,576
2,705
Post
Holdings,
Inc.
(a)
....................................................
19,100
1,888
11,650
Energy
(6.9%):
Antero
Resources
Corp.
(a)
................................................
67,400
2,860
Cactus,
Inc.
,
Class
A
.....................................................
32,620
1,545
Core
Natural
Resources,
Inc.
...............................................
21,900
2,294
DHT
Holdings,
Inc.
.....................................................
135,500
2,476
Murphy
Oil
Corp.
......................................................
88,360
3,645
Patterson-UTI
Energy,
Inc.
................................................
264,500
2,864
Permian
Resources
Corp.
,
Class
A
...........................................
130,900
2,791
Scorpio
Tankers,
Inc.
....................................................
52,734
3,937
22,412
Financials
(18.3%):
AGNC
Investment
Corp.
(b)
...............................................
268,350
2,692
Annaly
Capital
Management,
Inc.
...........................................
137,787
2,914
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
64,200
2,336
Assurant,
Inc.
.........................................................
13,365
2,911
Commerce
Bancshares,
Inc.
...............................................
75,854
3,732
Essent
Group
Ltd.
......................................................
48,000
2,805
Everest
Group
Ltd.
......................................................
11,000
3,595
First
American
Financial
Corp.
.............................................
42,751
2,577
First
Horizon
Corp.
.....................................................
138,000
3,141
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
84,875
2,835
Glacier
Bancorp,
Inc.
....................................................
73,400
3,279
Globe
Life,
Inc.
........................................................
17,721
2,466
Jack
Henry
&
Associates,
Inc.
..............................................
23,350
3,690
Lincoln
National
Corp.
...................................................
74,000
2,627
Prosperity
Bancshares,
Inc.
................................................
47,830
3,213
RLI
Corp.
............................................................
48,782
2,783
SouthState
Bank
Corp.
...................................................
38,000
3,516
Unum
Group
..........................................................
37,500
2,739
Virtus
Investment
Partners,
Inc.
.............................................
19,100
2,566
Western
Alliance
Bancorp
.................................................
45,172
3,200
59,617
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Health
Care
(8.2%):
Charles
River
Laboratories
International,
Inc.
(a)
.................................
15,340
$
2,646
DaVita,
Inc.
(a)
.........................................................
11,732
1,803
Encompass
Health
Corp.
..................................................
20,206
1,954
Envista
Holdings
Corp.
(a)
.................................................
121,000
3,070
Globus
Medical,
Inc.
,
Class
A
(a)
............................................
37,045
3,192
Jazz
Pharmaceuticals
PLC
(a)
..............................................
17,120
3,236
Lantheus
Holdings,
Inc.
(a)
................................................
8,222
624
LivaNova
PLC
(a)
.......................................................
48,848
3,105
Revvity,
Inc.
(b)
........................................................
31,705
2,778
Tenet
Healthcare
Corp.
(a)
.................................................
13,694
2,584
United
Therapeutics
Corp.
(a)
..............................................
3,050
1,809
26,801
Industrials
(20.4%):
Allison
Transmission
Holdings,
Inc.
.........................................
29,411
3,443
Builders
FirstSource,
Inc.
(a)
...............................................
27,470
2,262
C.H.
Robinson
Worldwide,
Inc.
.............................................
23,978
3,982
CACI
International,
Inc.
,
Class
A
(a)
.........................................
5,097
2,772
EMCOR
Group,
Inc.
....................................................
2,053
1,516
ITT,
Inc.
.............................................................
18,533
3,531
Kirby
Corp.
(a)
.........................................................
29,798
3,960
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..............................
56,625
3,260
Korn
Ferry
...........................................................
35,319
2,223
Oshkosh
Corp.
.........................................................
24,465
3,601
Owens
Corning
........................................................
23,400
2,532
Ryder
System,
Inc.
......................................................
15,610
3,196
Sensata
Technologies
Holding
PLC
..........................................
97,500
3,434
SkyWest,
Inc.
(a)
........................................................
29,533
2,712
Terex
Corp.
...........................................................
44,960
2,657
Textron,
Inc.
..........................................................
49,650
4,347
The
Brink's
Co.
........................................................
27,974
2,899
The
Timken
Co.
........................................................
39,326
3,955
V2X,
Inc.
(a)
..........................................................
35,500
2,432
Valmont
Industries,
Inc.
..................................................
10,533
4,209
WESCO
International,
Inc.
................................................
13,638
3,732
66,655
Information
Technology
(12.2%):
Amdocs
Ltd.
..........................................................
48,296
3,152
Belden,
Inc.
...........................................................
20,579
2,363
Diodes,
Inc.
(a)
.........................................................
36,077
2,463
Docusign,
Inc.
,
Class
A
(a)
.................................................
51,319
2,433
F5,
Inc.
(a)
............................................................
12,500
3,617
Flex
Ltd.
(a)
...........................................................
52,126
3,412
JFrog
Ltd.
(a)
..........................................................
22,989
1,079
Littelfuse,
Inc.
.........................................................
7,631
2,589
MKS,
Inc.
............................................................
19,925
4,579
Okta,
Inc.
,
Class
A
(a)
....................................................
31,348
2,467
Progress
Software
Corp.
(a)
................................................
50,600
1,298
Qorvo,
Inc.
(a)
.........................................................
29,400
2,275
Synaptics,
Inc.
(a)
.......................................................
43,781
3,066
TD
SYNNEX
Corp.
.....................................................
15,735
2,655
Teradata
Corp.
(a)
.......................................................
86,797
2,225
39,673
Materials
(6.8%):
Avery
Dennison
Corp.
...................................................
18,232
3,148
Commercial
Metals
Co.
..................................................
54,950
3,376
Crown
Holdings,
Inc.
....................................................
29,100
2,917
Element
Solutions,
Inc.
...................................................
79,366
2,710
Ingevity
Corp.
(a)
.......................................................
37,730
2,687
Reliance,
Inc.
..........................................................
7,560
2,298
Solstice
Advanced
Materials,
Inc.
...........................................
33,010
2,514
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
The
Mosaic
Co.
........................................................
104,742
$
2,671
22,321
Real
Estate
(7.6%):
Camden
Property
Trust
...................................................
34,000
3,321
Cushman
&
Wakefield
Ltd.
(a)
..............................................
284,418
3,487
Federal
Realty
Investment
Trust
............................................
35,300
3,749
First
Industrial
Realty
Trust,
Inc.
............................................
61,200
3,540
Gaming
and
Leisure
Properties,
Inc.
.........................................
62,500
2,773
Highwoods
Properties,
Inc.
................................................
111,500
2,387
Kilroy
Realty
Corp.
.....................................................
92,664
2,614
WP
Carey,
Inc.
.........................................................
45,350
3,082
24,953
Utilities
(4.1%):
Evergy,
Inc.
...........................................................
37,992
3,112
National
Fuel
Gas
Co.
...................................................
28,509
2,679
Pinnacle
West
Capital
Corp.
...............................................
26,239
2,643
Talen
Energy
Corp.
(a)
...................................................
5,350
1,708
UGI
Corp.
............................................................
89,940
3,276
13,418
Total
Common
Stocks
(Cost
$276,644)
a
a
a
325,428
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
922,126
923
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
922,126
922
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
922,126
922
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
922,126
922
Total
Collateral
for
Securities
Loaned
(Cost
$3,689)
a
a
a
3,689
Total
Investments
(Cost
$280,333)
—
100.8%
329,117
Liabilities
in
excess
of
other
assets
—  (0.8)%
(2,540)
NET
ASSETS
-
100.00%
$
326,577
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.9%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Multi-Cap
Fund
13
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.9%)
Communication
Services
(7.6%):
Alphabet,
Inc.
,
Class
A
...................................................
85,360
$
24,546
Meta
Platforms,
Inc.
,
Class
A
..............................................
18,800
10,756
Millicom
International
Cellular
SA
..........................................
42,400
3,177
38,479
Communications
Equipment
(1.3%):
Arista
Networks,
Inc.
(a)
..................................................
19,200
2,357
F5,
Inc.
(a)
............................................................
8,000
2,315
Motorola
Solutions,
Inc.
..................................................
4,600
1,996
6,668
Consumer
Discretionary
(9.4%):
Amazon.com,
Inc.
(a)
....................................................
67,000
13,954
Aptiv
PLC
(a)
..........................................................
47,900
3,326
Booking
Holdings,
Inc.
...................................................
200
842
BorgWarner,
Inc.
.......................................................
61,400
3,332
eBay,
Inc.
............................................................
31,300
2,849
Expedia
Group,
Inc.
.....................................................
19,600
4,525
General
Motors
Co.
.....................................................
35,900
2,674
Las
Vegas
Sands
Corp.
...................................................
41,900
2,258
Ralph
Lauren
Corp.
,
Class
A
...............................................
11,300
3,887
Ross
Stores,
Inc.
.......................................................
2,500
542
Royal
Caribbean
Cruises
Ltd.
..............................................
15,700
4,320
Tapestry,
Inc.
..........................................................
19,600
2,766
Ulta
Beauty,
Inc.
(a)
.....................................................
4,300
2,248
47,523
Consumer
Staples
(4.1%):
Altria
Group,
Inc.
.......................................................
44,400
2,930
Casey's
General
Stores,
Inc.
...............................................
6,200
4,513
Coca-Cola
Consolidated,
Inc.
..............................................
19,700
3,777
Dollar
General
Corp.
....................................................
28,400
3,372
Monster
Beverage
Corp.
(a)
................................................
1,400
101
PepsiCo,
Inc.
..........................................................
16,000
2,485
Philip
Morris
International,
Inc.
.............................................
13,600
2,249
The
Kroger
Co.
........................................................
15,800
1,143
U.S.
Foods
Holding
Corp.
(a)
...............................................
900
83
20,653
Electronic
Equipment,
Instruments
&
Components
(3.5%):
Amphenol
Corp.
,
Class
A
.................................................
50,300
6,355
Fabrinet
(a)
............................................................
8,700
4,537
Jabil,
Inc.
............................................................
16,000
4,250
Sanmina
Corp.
(a)
.......................................................
14,600
1,893
TD
SYNNEX
Corp.
.....................................................
4,300
726
17,761
Energy
(5.9%):
Archrock,
Inc.
.........................................................
11,500
400
Baker
Hughes
Co.
,
Class
A
................................................
74,500
4,548
EOG
Resources,
Inc.
....................................................
20,000
2,891
Exxon
Mobil
Corp.
.....................................................
41,800
7,092
HF
Sinclair
Corp.
.......................................................
63,000
3,931
Marathon
Petroleum
Corp.
................................................
12,400
3,028
Phillips
66
Co.
.........................................................
16,700
3,042
TechnipFMC
PLC
......................................................
65,700
4,542
Weatherford
International
PLC
.............................................
5,800
549
30,023
Financials
(11.6%):
Affiliated
Managers
Group,
Inc.
............................................
14,100
3,901
Ameriprise
Financial,
Inc.
.................................................
8,300
3,689
Assurant,
Inc.
.........................................................
12,500
2,723
Capital
One
Financial
Corp.
...............................................
1,400
255
Victory
Portfolios
Victory
Multi-Cap
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
FirstCash
Holdings,
Inc.
..................................................
23,300
$
4,380
Globe
Life,
Inc.
........................................................
5,400
751
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
70,400
4,722
JPMorgan
Chase
&
Co.
..................................................
29,700
8,737
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
155,400
2,233
PayPal
Holdings,
Inc.
....................................................
98,700
4,464
Raymond
James
Financial,
Inc.
.............................................
13,900
2,013
RenaissanceRe
Holdings
Ltd.
..............................................
9,500
2,824
The
Allstate
Corp.
......................................................
10,000
2,073
The
Bank
of
New
York
Mellon
Corp.
.........................................
65,800
7,806
The
Goldman
Sachs
Group,
Inc.
............................................
4,500
3,807
Wells
Fargo
&
Co.
......................................................
56,000
4,458
58,836
Health
Care
(12.3%):
AbbVie,
Inc.
..........................................................
11,700
2,545
BrightSpring
Health
Services,
Inc.
(a)
.........................................
136,400
5,812
Cencora,
Inc.
..........................................................
15,900
4,995
Eli
Lilly
&
Co.
.........................................................
12,100
11,129
Halozyme
Therapeutics,
Inc.
(a)
.............................................
51,100
3,302
HCA
Healthcare,
Inc.
....................................................
15,100
7,146
Incyte
Corp.
(a)
.........................................................
23,700
2,231
Johnson
&
Johnson
.....................................................
4,100
1,002
McKesson
Corp.
.......................................................
6,900
5,971
Medpace
Holdings,
Inc.
(a)
................................................
4,900
2,353
Merck
&
Co.,
Inc.
......................................................
19,400
2,334
Novartis
AG
,
ADR
......................................................
25,300
3,864
ResMed,
Inc.
..........................................................
1,300
292
Tenet
Healthcare
Corp.
(a)
.................................................
6,400
1,208
The
Ensign
Group,
Inc.
...................................................
19,100
3,849
United
Therapeutics
Corp.
(a)
..............................................
3,800
2,253
Universal
Health
Services,
Inc.
,
Class
B
.......................................
11,700
2,094
62,380
Industrials
(8.4%):
Allegion
PLC
.........................................................
6,600
959
Caterpillar,
Inc.
........................................................
5,100
3,613
Comfort
Systems
USA,
Inc.
...............................................
3,800
5,240
Cummins,
Inc.
.........................................................
2,500
1,345
Delta
Air
Lines,
Inc.
.....................................................
48,600
3,231
Dycom
Industries,
Inc.
(a)
.................................................
500
169
EMCOR
Group,
Inc.
....................................................
4,800
3,544
EnerSys
..............................................................
10,300
1,789
Federal
Signal
Corp.
.....................................................
34,000
3,677
Leidos
Holdings,
Inc.
....................................................
8,500
1,322
Mueller
Industries,
Inc.
...................................................
26,400
2,925
Nextpower,
Inc.
,
Class
A
(a)
................................................
28,700
3,460
Sterling
Infrastructure,
Inc.
(a)
..............................................
3,300
1,344
Trane
Technologies
PLC
..................................................
7,500
3,126
United
Airlines
Holdings,
Inc.
(a)
............................................
30,700
2,826
United
Rentals,
Inc.
.....................................................
1,700
1,239
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
8,400
2,438
42,247
IT
Services
(0.6%):
Accenture
PLC
,
Class
A
..................................................
3,900
773
International
Business
Machines
Corp.
........................................
8,100
1,964
2,737
Materials
(3.0%):
Coeur
Mining,
Inc.
(a)
....................................................
177,500
3,332
CRH
PLC
............................................................
5,700
599
Crown
Holdings,
Inc.
....................................................
36,400
3,649
Newmont
Corp.
........................................................
36,000
3,897
Victory
Portfolios
Victory
Multi-Cap
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Royal
Gold,
Inc.
........................................................
14,200
$
3,614
15,091
Real
Estate
(1.3%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
22,200
3,007
Simon
Property
Group,
Inc.
...............................................
13,000
2,425
VICI
Properties,
Inc.
,
Class
A
..............................................
32,900
899
6,331
Semiconductors
&
Semiconductor
Equipment
(14.0%):
Applied
Materials,
Inc.
...................................................
1,300
444
Broadcom,
Inc.
........................................................
44,200
13,681
Cirrus
Logic,
Inc.
(a)
.....................................................
500
72
KLA
Corp.
...........................................................
7,600
11,190
Micron
Technology,
Inc.
..................................................
9,800
3,311
NVIDIA
Corp.
.........................................................
217,100
37,862
Rambus,
Inc.
(a)
........................................................
9,100
783
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
10,800
3,650
70,993
Software
(5.4%):
Docusign,
Inc.
,
Class
A
(a)
.................................................
56,400
2,674
Intuit,
Inc.
............................................................
1,200
519
Microsoft
Corp.
........................................................
65,360
24,194
27,387
Technology
Hardware,
Storage
&
Peripherals
(8.7%):
Apple,
Inc.
...........................................................
154,080
39,104
NetApp,
Inc.
..........................................................
10,700
1,096
Seagate
Technology
Holdings
PLC
..........................................
9,900
3,878
44,078
Utilities
(0.8%):
Edison
International
.....................................................
22,100
1,617
National
Fuel
Gas
Co.
...................................................
21,600
2,030
Talen
Energy
Corp.
(a)
...................................................
1,200
383
4,030
Total
Common
Stocks
(Cost
$304,423)
a
a
a
495,217
Exchange-Traded
Funds
(2.0%)
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
246,200
10,052
Total
Exchange-Traded
Funds
(Cost
$10,094)
a
a
a
10,052
Total
Investments
(Cost
$314,517)
—
99.9%
505,269
Other
assets
in
excess
of
liabilities
—  0.1%
361
NET
ASSETS
-
100.00%
$
505,630
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
6.6%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
S&P
500
Index
Fund
16
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(10.2%):
Alphabet,
Inc.
,
Class
A
...................................................
26,913
$
7,739
Alphabet,
Inc.
,
Class
C
...................................................
21,619
6,202
AT&T,
Inc.
...........................................................
32,361
938
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
398
86
Comcast
Corp.
,
Class
A
..................................................
16,588
476
EchoStar
Corp.
,
Class
A
(a)
(b)
..............................................
622
73
Electronic
Arts,
Inc.
.....................................................
1,041
212
Fox
Corp.
,
Class
A
......................................................
928
54
Fox
Corp.
,
Class
B
......................................................
654
35
Live
Nation
Entertainment,
Inc.
(a)
...........................................
730
111
Meta
Platforms,
Inc.
,
Class
A
..............................................
10,110
5,784
Netflix,
Inc.
(a)
.........................................................
19,517
1,877
News
Corp.
,
Class
A
.....................................................
1,711
43
News
Corp.
,
Class
B
(b)
..................................................
565
16
Omnicom
Group,
Inc.
....................................................
1,454
109
Paramount
Skydance
Corp.
,
Class
B
(b)
.......................................
1,437
13
Take-Two
Interactive
Software,
Inc.
(a)
........................................
805
159
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
2,035
46
The
Walt
Disney
Co.
....................................................
8,189
789
TKO
Group
Holdings,
Inc.
,
Class
A
..........................................
306
62
T-Mobile
US,
Inc.
......................................................
2,190
460
Verizon
Communications,
Inc.
..............................................
19,494
979
Warner
Bros
Discovery,
Inc.
(a)
.............................................
11,457
315
26,578
Communications
Equipment
(1.1%):
Arista
Networks,
Inc.
(a)
..................................................
4,773
586
Ciena
Corp.
(a)
.........................................................
651
253
Cisco
Systems,
Inc.
.....................................................
18,264
1,417
F5,
Inc.
(a)
............................................................
261
76
Lumentum
Holdings,
Inc.
(a)
...............................................
330
232
Motorola
Solutions,
Inc.
..................................................
766
332
2,896
Consumer
Discretionary
(9.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
1,958
247
Amazon.com,
Inc.
(a)
....................................................
45,157
9,405
Aptiv
PLC
(a)
..........................................................
983
68
AutoZone,
Inc.
(a)
.......................................................
77
260
Best
Buy
Co.,
Inc.
......................................................
901
58
Booking
Holdings,
Inc.
...................................................
149
627
Carnival
Corp.
.........................................................
5,317
138
Carvana
Co.
,
Class
A
(a)
..................................................
654
206
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
6,021
193
D.R.
Horton,
Inc.
.......................................................
1,245
171
Darden
Restaurants,
Inc.
..................................................
532
104
Deckers
Outdoor
Corp.
(a)
.................................................
656
66
Domino's
Pizza,
Inc.
.....................................................
144
52
DoorDash,
Inc.
,
Class
A
(a)
................................................
1,728
259
eBay,
Inc.
............................................................
2,089
190
Expedia
Group,
Inc.
.....................................................
541
125
Ford
Motor
Co.
........................................................
18,114
209
Garmin
Ltd.
...........................................................
756
175
General
Motors
Co.
.....................................................
4,179
311
Genuine
Parts
Co.
......................................................
643
68
Hasbro,
Inc.
...........................................................
616
58
Hilton
Worldwide
Holdings,
Inc.
............................................
1,060
322
Las
Vegas
Sands
Corp.
...................................................
1,398
75
Lennar
Corp.
,
Class
A
....................................................
997
87
Lowe's
Cos.,
Inc.
.......................................................
2,593
613
Lululemon
Athletica,
Inc.
(a)
...............................................
493
75
Marriott
International,
Inc.
,
Class
A
..........................................
1,017
333
Victory
Portfolios
Victory
S&P
500
Index
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
McDonald's
Corp.
......................................................
3,292
$
1,023
MGM
Resorts
International
(a)
..............................................
887
33
NIKE,
Inc.
,
Class
B
.....................................................
5,508
291
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
2,104
39
NVR,
Inc.
(a)
..........................................................
13
86
O'Reilly
Automotive,
Inc.
(a)
...............................................
3,892
359
Pool
Corp.
............................................................
152
31
PulteGroup,
Inc.
........................................................
888
104
Ralph
Lauren
Corp.
,
Class
A
...............................................
179
62
Ross
Stores,
Inc.
.......................................................
1,495
324
Royal
Caribbean
Cruises
Ltd.
..............................................
1,163
320
Starbucks
Corp.
........................................................
5,267
472
Tapestry,
Inc.
..........................................................
936
132
Tesla,
Inc.
(a)
..........................................................
13,001
4,833
The
Home
Depot,
Inc.
...................................................
4,602
1,513
The
TJX
Cos.,
Inc.
......................................................
5,133
820
Tractor
Supply
Co.
......................................................
2,443
111
Ulta
Beauty,
Inc.
(a)
.....................................................
205
107
Williams-Sonoma,
Inc.
...................................................
552
101
Wynn
Resorts
Ltd.
......................................................
390
40
Yum!
Brands,
Inc.
......................................................
1,283
199
25,495
Consumer
Staples
(5.2%):
Altria
Group,
Inc.
.......................................................
7,760
512
Archer-Daniels-Midland
Co.
...............................................
2,221
161
Brown-Forman
Corp.
,
Class
B
.............................................
790
21
Bunge
Global
SA
.......................................................
626
80
Church
&
Dwight
Co.,
Inc.
................................................
1,094
102
Colgate-Palmolive
Co.
...................................................
3,726
318
Conagra
Brands,
Inc.
....................................................
2,211
35
Constellation
Brands,
Inc.
,
Class
A
..........................................
649
97
Costco
Wholesale
Corp.
..................................................
2,052
2,045
Dollar
General
Corp.
....................................................
1,018
121
Dollar
Tree,
Inc.
(a)
......................................................
855
94
General
Mills,
Inc.
......................................................
2,467
92
Hormel
Foods
Corp.
.....................................................
1,348
30
Kenvue,
Inc.
..........................................................
8,857
153
Keurig
Dr.
Pepper,
Inc.
...................................................
6,280
165
Kimberly-Clark
Corp.
....................................................
1,534
148
McCormick
&
Co.,
Inc.
..................................................
1,172
59
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
783
34
Mondelez
International,
Inc.
,
Class
A
.........................................
5,925
341
Monster
Beverage
Corp.
(a)
................................................
3,297
239
PepsiCo,
Inc.
..........................................................
6,318
981
Philip
Morris
International,
Inc.
.............................................
7,196
1,190
Sysco
Corp.
...........................................................
2,214
158
Target
Corp.
..........................................................
2,093
254
The
Campbell's
Company
(b)
...............................................
910
20
The
Clorox
Co.
........................................................
559
58
The
Coca-Cola
Co.
......................................................
17,896
1,361
The
Estee
Lauder
Cos.,
Inc.
,
Class
A
.........................................
1,143
82
The
Hershey
Co.
.......................................................
685
142
The
J.M.
Smucker
Co.
...................................................
493
47
The
Kraft
Heinz
Co.
.....................................................
3,940
89
The
Kroger
Co.
........................................................
2,691
195
The
Procter
&
Gamble
Co.
................................................
10,743
1,552
Tyson
Foods,
Inc.
,
Class
A
................................................
1,304
83
Walmart,
Inc.
..........................................................
20,264
2,518
13,577
Electronic
Equipment,
Instruments
&
Components
(0.9%):
Amphenol
Corp.
,
Class
A
.................................................
5,682
718
CDW
Corp.
...........................................................
602
73
Victory
Portfolios
Victory
S&P
500
Index
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Coherent
Corp.
(a)
......................................................
867
$
207
Corning,
Inc.
..........................................................
3,609
491
Jabil,
Inc.
............................................................
488
130
Keysight
Technologies,
Inc.
(a)
.............................................
793
224
TE
Connectivity
PLC
....................................................
1,356
283
Teledyne
Technologies,
Inc.
(a)
.............................................
217
131
Zebra
Technologies
Corp.
(a)
...............................................
227
47
2,304
Energy
(4.0%):
APA
Corp.
............................................................
1,640
70
Baker
Hughes
Co.
,
Class
A
................................................
4,568
279
Chevron
Corp.
.........................................................
8,665
1,793
ConocoPhillips
Co.
.....................................................
5,663
748
Coterra
Energy,
Inc.
.....................................................
3,507
123
Devon
Energy
Corp.
.....................................................
2,867
144
Diamondback
Energy,
Inc.
................................................
861
170
EOG
Resources,
Inc.
....................................................
2,508
363
EQT
Corp.
............................................................
2,885
184
Expand
Energy
Corp.
....................................................
1,101
121
Exxon
Mobil
Corp.
.....................................................
19,318
3,277
Halliburton
Co.
........................................................
3,872
151
Kinder
Morgan,
Inc.
.....................................................
9,050
303
Marathon
Petroleum
Corp.
................................................
1,364
333
Occidental
Petroleum
Corp.
...............................................
3,325
216
ONEOK,
Inc.
..........................................................
2,909
263
Phillips
66
Co.
.........................................................
1,863
339
SLB
Ltd.
.............................................................
6,912
355
Targa
Resources
Corp.
...................................................
992
249
Texas
Pacific
Land
Corp.
.................................................
268
127
The
Williams
Cos.,
Inc.
..................................................
5,645
411
Valero
Energy
Corp.
.....................................................
1,410
348
10,367
Financials
(12.5%):
Aflac,
Inc.
............................................................
2,158
237
American
Express
Co.
...................................................
2,476
749
American
International
Group,
Inc.
..........................................
2,480
187
Ameriprise
Financial,
Inc.
.................................................
422
188
Aon
PLC
,
Class
A
......................................................
992
320
Apollo
Global
Management,
Inc.
............................................
2,146
239
Arch
Capital
Group
Ltd.
(a)
................................................
1,652
159
Ares
Management
Corp.
,
Class
A
...........................................
952
104
Arthur
J.
Gallagher
&
Co.
.................................................
1,188
257
Assurant,
Inc.
.........................................................
232
51
Bank
of
America
Corp.
...................................................
30,673
1,495
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
8,477
4,062
BlackRock,
Inc.
........................................................
667
642
Blackstone,
Inc.
........................................................
3,461
398
Block,
Inc.
,
Class
A
(a)
...................................................
2,532
152
Brown
&
Brown,
Inc.
....................................................
1,353
88
Capital
One
Financial
Corp.
...............................................
2,890
527
Cboe
Global
Markets,
Inc.
................................................
484
136
Chubb
Ltd.
...........................................................
1,681
548
Cincinnati
Financial
Corp.
................................................
721
114
Citigroup,
Inc.
.........................................................
8,078
916
Citizens
Financial
Group,
Inc.
..............................................
1,965
118
CME
Group,
Inc.
,
Class
A
.................................................
1,667
492
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
1,031
180
Corpay,
Inc.
(a)
.........................................................
323
94
Erie
Indemnity
Co.
,
Class
A
...............................................
117
29
Everest
Group
Ltd.
......................................................
188
61
FactSet
Research
Systems,
Inc.
.............................................
171
37
Fidelity
National
Information
Services,
Inc.
....................................
2,394
112
Victory
Portfolios
Victory
S&P
500
Index
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Fifth
Third
Bancorp
.....................................................
4,161
$
193
Fiserv,
Inc.
(a)
..........................................................
2,486
139
Franklin
Resources,
Inc.
..................................................
1,420
34
Global
Payments,
Inc.
....................................................
1,100
74
Globe
Life,
Inc.
........................................................
368
51
Huntington
Bancshares,
Inc.
...............................................
9,383
147
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
2,059
138
Intercontinental
Exchange,
Inc.
.............................................
2,625
413
Invesco
Ltd.
...........................................................
2,052
50
Jack
Henry
&
Associates,
Inc.
..............................................
334
53
JPMorgan
Chase
&
Co.
..................................................
12,464
3,666
KeyCorp
.............................................................
4,332
87
KKR
&
Co.,
Inc.
.......................................................
3,173
294
Loews
Corp.
..........................................................
781
83
M&T
Bank
Corp.
.......................................................
702
145
Marsh
&
McLennan
Cos.,
Inc.
.............................................
2,238
388
Mastercard,
Inc.
,
Class
A
.................................................
3,765
1,881
MetLife,
Inc.
..........................................................
2,545
180
Moody's
Corp.
.........................................................
709
309
Morgan
Stanley
........................................................
5,561
915
MSCI,
Inc.
,
Class
A
.....................................................
340
183
Nasdaq,
Inc.
..........................................................
2,076
176
Northern
Trust
Corp.
....................................................
861
120
PayPal
Holdings,
Inc.
....................................................
4,256
193
Principal
Financial
Group,
Inc.
.............................................
915
83
Prudential
Financial,
Inc.
.................................................
1,609
157
Raymond
James
Financial,
Inc.
.............................................
811
117
Regions
Financial
Corp.
..................................................
4,012
105
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
3,653
253
S&P
Global,
Inc.
.......................................................
1,415
602
State
Street
Corp.
.......................................................
1,290
163
Synchrony
Financial
.....................................................
1,607
109
T.
Rowe
Price
Group,
Inc.
.................................................
1,011
91
The
Allstate
Corp.
......................................................
1,202
249
The
Bank
of
New
York
Mellon
Corp.
.........................................
3,181
377
The
Charles
Schwab
Corp.
................................................
7,721
726
The
Goldman
Sachs
Group,
Inc.
............................................
1,386
1,173
The
Hartford
Insurance
Group,
Inc.
..........................................
1,289
174
The
PNC
Financial
Services
Group,
Inc.
......................................
1,867
389
The
Progressive
Corp.
...................................................
2,709
537
The
Travelers
Cos.,
Inc.
..................................................
1,000
292
Truist
Financial
Corp.
....................................................
5,836
268
U.S.
Bancorp
..........................................................
7,186
374
Visa,
Inc.
,
Class
A
......................................................
7,771
2,349
W.R.
Berkley
Corp.
.....................................................
1,377
91
Wells
Fargo
&
Co.
......................................................
14,296
1,138
Willis
Towers
Watson
PLC
................................................
440
128
32,549
Health
Care
(9.4%):
Abbott
Laboratories
.....................................................
8,038
825
AbbVie,
Inc.
..........................................................
8,170
1,777
Agilent
Technologies,
Inc.
.................................................
1,307
149
Align
Technology,
Inc.
(a)
.................................................
308
53
Amgen,
Inc.
...........................................................
2,489
876
Baxter
International,
Inc.
.................................................
2,378
40
Becton
Dickinson
&
Co.
..................................................
1,316
207
Biogen,
Inc.
(a)
.........................................................
678
124
Bio-Techne
Corp.
.......................................................
723
38
Boston
Scientific
Corp.
(a)
.................................................
6,855
430
Bristol-Myers
Squibb
Co.
.................................................
9,414
571
Cardinal
Health,
Inc.
....................................................
1,088
230
Cencora,
Inc.
..........................................................
899
282
Centene
Corp.
(a)
.......................................................
2,160
71
Victory
Portfolios
Victory
S&P
500
Index
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Charles
River
Laboratories
International,
Inc.
(a)
.................................
228
$
39
CVS
Health
Corp.
......................................................
5,881
422
Danaher
Corp.
.........................................................
2,908
551
DaVita,
Inc.
(a)
.........................................................
154
24
Dexcom,
Inc.
(a)
........................................................
1,779
112
Edwards
Lifesciences
Corp.
(a)
.............................................
2,683
215
Elevance
Health,
Inc.
....................................................
1,020
299
Eli
Lilly
&
Co.
.........................................................
3,663
3,369
GE
HealthCare
Technologies,
Inc.
...........................................
2,107
150
Gilead
Sciences,
Inc.
....................................................
5,735
799
HCA
Healthcare,
Inc.
....................................................
724
343
Henry
Schein,
Inc.
(a)
....................................................
463
34
Hologic,
Inc.
(a)
........................................................
1,029
78
Humana,
Inc.
..........................................................
557
97
IDEXX
Laboratories,
Inc.
(a)
...............................................
369
207
Incyte
Corp.
(a)
.........................................................
773
73
Insulet
Corp.
(a)
........................................................
325
68
Intuitive
Surgical,
Inc.
(a)
.................................................
1,642
757
IQVIA
Holdings,
Inc.
(a)
..................................................
784
134
Johnson
&
Johnson
.....................................................
11,140
2,723
Labcorp
Holdings,
Inc.
...................................................
383
102
McKesson
Corp.
.......................................................
566
490
Medtronic
PLC
........................................................
5,926
513
Merck
&
Co.,
Inc.
......................................................
11,473
1,380
Mettler-Toledo
International,
Inc.
(a)
.........................................
94
118
Moderna,
Inc.
(a)
(b)
.....................................................
1,608
82
Pfizer,
Inc.
............................................................
26,283
738
Quest
Diagnostics,
Inc.
...................................................
508
99
Regeneron
Pharmaceuticals,
Inc.
............................................
466
360
ResMed,
Inc.
..........................................................
673
151
Revvity,
Inc.
..........................................................
524
46
Solventum
Corp.
(a)
.....................................................
682
44
STERIS
PLC
..........................................................
453
100
Stryker
Corp.
..........................................................
1,592
523
The
Cigna
Group
.......................................................
1,218
325
The
Cooper
Cos.,
Inc.
(a)
..................................................
906
65
Thermo
Fisher
Scientific,
Inc.
..............................................
1,737
854
UnitedHealth
Group,
Inc.
.................................................
4,187
1,133
Universal
Health
Services,
Inc.
,
Class
B
.......................................
255
46
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,174
524
Viatris,
Inc.
...........................................................
5,324
72
Waters
Corp.
(a)
........................................................
453
135
West
Pharmaceutical
Services,
Inc.
..........................................
333
83
Zimmer
Biomet
Holdings,
Inc.
.............................................
916
83
Zoetis,
Inc.
,
Class
A
.....................................................
1,951
231
24,464
Industrials
(9.0%):
3M
Co.
..............................................................
2,435
354
A.O.
Smith
Corp.
.......................................................
520
34
Allegion
PLC
.........................................................
398
58
AMETEK,
Inc.
........................................................
1,064
228
Automatic
Data
Processing,
Inc.
............................................
1,861
378
Axon
Enterprise,
Inc.
(a)
..................................................
365
155
Broadridge
Financial
Solutions,
Inc.
.........................................
540
88
Builders
FirstSource,
Inc.
(a)
...............................................
511
42
C.H.
Robinson
Worldwide,
Inc.
.............................................
548
91
Carrier
Global
Corp.
.....................................................
3,632
205
Caterpillar,
Inc.
........................................................
2,151
1,524
Cintas
Corp.
..........................................................
1,571
266
Comfort
Systems
USA,
Inc.
...............................................
163
225
Copart,
Inc.
(a)
.........................................................
4,117
137
CSX
Corp.
............................................................
8,596
353
Cummins,
Inc.
.........................................................
639
344
Victory
Portfolios
Victory
S&P
500
Index
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Deere
&
Co.
..........................................................
1,165
$
656
Delta
Air
Lines,
Inc.
.....................................................
3,003
200
Dover
Corp.
...........................................................
623
130
Eaton
Corp.
PLC
.......................................................
1,795
642
EMCOR
Group,
Inc.
....................................................
207
153
Emerson
Electric
Co.
....................................................
2,598
340
Equifax,
Inc.
..........................................................
557
100
Expeditors
International
of
Washington,
Inc.
....................................
620
89
Fastenal
Co.
...........................................................
5,308
246
FedEx
Corp.
..........................................................
1,000
356
Fortive
Corp.
..........................................................
1,449
80
GE
Vernova,
Inc.
.......................................................
1,246
1,088
Generac
Holdings,
Inc.
(a)
.................................................
271
53
General
Dynamics
Corp.
..................................................
1,173
403
General
Electric
Co.
.....................................................
4,848
1,376
Honeywell
International,
Inc.
..............................................
2,935
663
Howmet
Aerospace,
Inc.
..................................................
1,853
427
Hubbell,
Inc.
,
Class
B
....................................................
246
121
Huntington
Ingalls
Industries,
Inc.
...........................................
181
69
IDEX
Corp.
...........................................................
346
66
Illinois
Tool
Works,
Inc.
..................................................
1,212
315
Ingersoll
Rand,
Inc.
.....................................................
1,645
132
J.B.
Hunt
Transport
Services,
Inc.
...........................................
345
73
Jacobs
Solutions,
Inc.
....................................................
543
69
Johnson
Controls
International
PLC
..........................................
2,829
370
L3Harris
Technologies,
Inc.
...............................................
863
298
Leidos
Holdings,
Inc.
....................................................
591
92
Lennox
International,
Inc.
.................................................
148
69
Lockheed
Martin
Corp.
...................................................
936
566
Masco
Corp.
..........................................................
941
57
Nordson
Corp.
.........................................................
245
65
Norfolk
Southern
Corp.
..................................................
1,038
298
Northrop
Grumman
Corp.
.................................................
617
421
Old
Dominion
Freight
Line,
Inc.
............................................
851
166
Otis
Worldwide
Corp.
....................................................
1,797
138
PACCAR,
Inc.
.........................................................
2,429
281
Parker-Hannifin
Corp.
...................................................
583
522
Paychex,
Inc.
..........................................................
1,493
138
Pentair
PLC
...........................................................
756
66
Quanta
Services,
Inc.
....................................................
689
378
Republic
Services,
Inc.
,
Class
A
............................................
930
204
Rockwell
Automation,
Inc.
................................................
519
186
Rollins,
Inc.
...........................................................
1,357
72
RTX
Corp.
............................................................
6,205
1,197
Snap-on,
Inc.
..........................................................
240
87
Southwest
Airlines
Co.
...................................................
2,271
85
Stanley
Black
&
Decker,
Inc.
..............................................
716
51
Textron,
Inc.
..........................................................
805
70
The
Boeing
Co.
(a)
......................................................
3,630
722
Trane
Technologies
PLC
..................................................
1,023
426
TransDigm
Group,
Inc.
...................................................
261
302
Uber
Technologies,
Inc.
(a)
................................................
9,514
684
Union
Pacific
Corp.
.....................................................
2,743
665
United
Airlines
Holdings,
Inc.
(a)
............................................
1,495
138
United
Parcel
Service,
Inc.
,
Class
B
..........................................
3,416
336
United
Rentals,
Inc.
.....................................................
291
212
Veralto
Corp.
..........................................................
1,148
101
Verisk
Analytics,
Inc.
,
Class
A
..............................................
644
122
Vertiv
Holdings
Co.
,
Class
A
...............................................
1,766
443
W.W.
Grainger,
Inc.
.....................................................
202
220
Waste
Management,
Inc.
..................................................
1,715
394
Westinghouse
Air
Brake
Technologies
Corp.
....................................
788
197
Victory
Portfolios
Victory
S&P
500
Index
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Xylem,
Inc.
...........................................................
1,126
$
135
23,303
IT
Services
(0.8%):
Accenture
PLC
,
Class
A
..................................................
2,844
564
Akamai
Technologies,
Inc.
(a)
..............................................
665
76
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
2,211
136
EPAM
Systems,
Inc.
(a)
...................................................
255
34
Gartner,
Inc.
(a)
........................................................
326
52
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
625
52
International
Business
Machines
Corp.
........................................
4,321
1,047
VeriSign,
Inc.
..........................................................
382
95
2,056
Materials
(2.1%):
Air
Products
and
Chemicals,
Inc.
............................................
1,029
299
Albemarle
Corp.
.......................................................
545
98
Amcor
PLC
...........................................................
2,136
85
Avery
Dennison
Corp.
...................................................
357
62
Ball
Corp.
............................................................
1,239
73
CF
Industries
Holdings,
Inc.
...............................................
721
94
Corteva,
Inc.
..........................................................
3,109
260
CRH
PLC
............................................................
3,098
326
Dow,
Inc.
............................................................
3,317
138
DuPont
de
Nemours,
Inc.
.................................................
1,892
87
Ecolab,
Inc.
...........................................................
1,178
313
Freeport-McMoRan,
Inc.
.................................................
6,644
391
International
Flavors
&
Fragrances,
Inc.
.......................................
1,184
86
International
Paper
Co.
...................................................
2,441
87
Linde
PLC
............................................................
2,159
1,070
LyondellBasell
Industries
NV
,
Class
A
........................................
1,190
96
Martin
Marietta
Materials,
Inc.
.............................................
279
164
Newmont
Corp.
........................................................
5,044
546
Nucor
Corp.
...........................................................
1,058
179
Packaging
Corp.
of
America
...............................................
413
88
PPG
Industries,
Inc.
.....................................................
1,037
111
Smurfit
Westrock
PLC
...................................................
2,415
96
Steel
Dynamics,
Inc.
.....................................................
635
114
The
Mosaic
Co.
........................................................
1,467
37
The
Sherwin-Williams
Co.
................................................
1,066
342
Vulcan
Materials
Co.
....................................................
611
166
5,408
Real
Estate
(1.9%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
721
33
American
Tower
Corp.
...................................................
2,164
373
AvalonBay
Communities,
Inc.
..............................................
655
107
BXP,
Inc.
.............................................................
682
35
Camden
Property
Trust
...................................................
478
47
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
1,343
182
CoStar
Group,
Inc.
(a)
....................................................
1,959
79
Crown
Castle,
Inc.
......................................................
2,013
164
Digital
Realty
Trust,
Inc.
..................................................
1,493
269
Equinix,
Inc.
..........................................................
454
445
Equity
Residential
......................................................
1,589
94
Essex
Property
Trust,
Inc.
.................................................
298
72
Extra
Space
Storage,
Inc.
.................................................
981
129
Federal
Realty
Investment
Trust
............................................
363
38
Healthpeak
Properties,
Inc.
................................................
3,213
53
Host
Hotels
&
Resorts,
Inc.
................................................
2,956
57
Invitation
Homes,
Inc.
...................................................
2,607
65
Iron
Mountain,
Inc.
.....................................................
1,368
140
Kimco
Realty
Corp.
.....................................................
3,116
70
Mid-America
Apartment
Communities,
Inc.
....................................
540
66
Victory
Portfolios
Victory
S&P
500
Index
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Prologis,
Inc.
..........................................................
4,297
$
568
Public
Storage
.........................................................
730
198
Realty
Income
Corp.
....................................................
4,252
260
Regency
Centers
Corp.
...................................................
761
57
SBA
Communications
Corp.
,
Class
A
.........................................
493
85
Simon
Property
Group,
Inc.
...............................................
1,503
280
UDR,
Inc.
............................................................
1,390
47
Ventas,
Inc.
...........................................................
2,196
180
VICI
Properties,
Inc.
,
Class
A
..............................................
4,941
135
Welltower,
Inc.
.........................................................
3,225
638
Weyerhaeuser
Co.
......................................................
3,331
81
5,047
Semiconductors
&
Semiconductor
Equipment
(14.5%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
7,537
1,533
Analog
Devices,
Inc.
....................................................
2,259
719
Applied
Materials,
Inc.
...................................................
3,669
1,254
Broadcom,
Inc.
........................................................
21,917
6,783
First
Solar,
Inc.
(a)
......................................................
496
98
Intel
Corp.
(a)
..........................................................
21,705
958
KLA
Corp.
...........................................................
606
892
Lam
Research
Corp.
.....................................................
5,773
1,233
Microchip
Technology,
Inc.
................................................
2,501
162
Micron
Technology,
Inc.
..................................................
5,203
1,758
Monolithic
Power
Systems,
Inc.
............................................
225
246
NVIDIA
Corp.
.........................................................
113,444
19,785
NXP
Semiconductors
NV
.................................................
1,163
229
ON
Semiconductor
Corp.
(a)
...............................................
1,821
113
Qnity
Electronics,
Inc.
...................................................
968
112
QUALCOMM,
Inc.
.....................................................
4,932
635
Skyworks
Solutions,
Inc.
.................................................
695
37
Teradyne,
Inc.
.........................................................
724
215
Texas
Instruments,
Inc.
...................................................
4,195
814
37,576
Software
(8.3%):
Adobe,
Inc.
(a)
.........................................................
1,898
461
AppLovin
Corp.
,
Class
A
(a)
...............................................
1,253
499
Autodesk,
Inc.
(a)
.......................................................
980
235
Cadence
Design
Systems,
Inc.
(a)
............................................
1,258
350
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,165
455
Datadog,
Inc.
,
Class
A
(a)
.................................................
1,517
179
Fair
Isaac
Corp.
(a)
......................................................
110
117
Fortinet,
Inc.
(a)
........................................................
2,922
239
Gen
Digital,
Inc.
.......................................................
2,548
48
Intuit,
Inc.
............................................................
1,286
556
Microsoft
Corp.
........................................................
34,666
12,832
Oracle
Corp.
..........................................................
7,839
1,153
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
10,560
1,545
Palo
Alto
Networks,
Inc.
(a)
................................................
3,735
599
PTC,
Inc.
(a)
...........................................................
550
78
Roper
Technologies,
Inc.
..................................................
493
174
Salesforce,
Inc.
........................................................
4,331
808
ServiceNow,
Inc.
(a)
.....................................................
4,835
506
Synopsys,
Inc.
(a)
.......................................................
884
351
Trimble,
Inc.
(a)
........................................................
1,100
72
Tyler
Technologies,
Inc.
(a)
................................................
199
68
Workday,
Inc.
,
Class
A
(a)
.................................................
985
128
21,453
Technology
Hardware,
Storage
&
Peripherals
(7.4%):
Apple,
Inc.
...........................................................
68,538
17,394
Dell
Technologies,
Inc.
,
Class
C
............................................
1,374
226
Hewlett
Packard
Enterprise
Co.
.............................................
6,143
146
Victory
Portfolios
Victory
S&P
500
Index
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
HP,
Inc.
..............................................................
4,243
$
81
NetApp,
Inc.
..........................................................
916
94
Sandisk
Corp.
(a)
.......................................................
682
433
Seagate
Technology
Holdings
PLC
..........................................
1,008
395
Super
Micro
Computer,
Inc.
(a)
.............................................
2,326
53
Western
Digital
Corp.
....................................................
1,567
424
19,246
Utilities
(2.5%):
Alliant
Energy
Corp.
....................................................
1,188
85
Ameren
Corp.
.........................................................
1,278
141
American
Electric
Power
Co.,
Inc.
...........................................
2,500
328
American
Water
Works
Co.,
Inc.
............................................
902
123
Atmos
Energy
Corp.
.....................................................
765
141
CenterPoint
Energy,
Inc.
..................................................
3,018
130
CMS
Energy
Corp.
......................................................
1,416
110
Consolidated
Edison,
Inc.
.................................................
1,668
189
Constellation
Energy
Corp.
................................................
1,441
402
Dominion
Energy,
Inc.
...................................................
3,947
244
DTE
Energy
Co.
.......................................................
960
140
Duke
Energy
Corp.
......................................................
3,595
471
Edison
International
.....................................................
1,779
130
Entergy
Corp.
.........................................................
2,091
235
Evergy,
Inc.
...........................................................
1,064
87
Eversource
Energy
......................................................
1,734
120
Exelon
Corp.
..........................................................
4,728
232
FirstEnergy
Corp.
.......................................................
2,403
122
NextEra
Energy,
Inc.
....................................................
9,627
894
NiSource,
Inc.
.........................................................
2,212
103
NRG
Energy,
Inc.
.......................................................
982
144
PG&E
Corp.
..........................................................
10,160
179
Pinnacle
West
Capital
Corp.
...............................................
553
56
PPL
Corp.
............................................................
3,420
131
Public
Service
Enterprise
Group,
Inc.
.........................................
2,307
187
Sempra
..............................................................
3,017
293
The
AES
Corp.
........................................................
3,292
46
The
Southern
Co.
.......................................................
5,090
491
Vistra
Corp.
...........................................................
1,472
221
WEC
Energy
Group,
Inc.
.................................................
1,504
174
Xcel
Energy,
Inc.
.......................................................
2,734
217
6,566
Total
Common
Stocks
(Cost
$39,478)
a
a
a
258,885
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
56,993
57
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
56,993
57
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
56,993
57
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
56,993
57
Total
Collateral
for
Securities
Loaned
(Cost
$228)
a
a
a
228
Total
Investments
(Cost
$39,706)
—
99.7%
259,113
Other
assets
in
excess
of
liabilities
—  0.3%
653
NET
ASSETS
-
100.00%
$
259,766
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
Victory
Portfolios
Victory
S&P
500
Index
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
2
6/18/26
$
663
$
657
$
(
6
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
6
)
Total
net
unrealized
appreciation
(depreciation)
$
(
6
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Mid-Cap
Core
Growth
Fund
26
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(1.7%):
Millicom
International
Cellular
SA
..........................................
33,100
$
2,481
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
7,800
1,410
Tencent
Music
Entertainment
Group
,
ADR
.....................................
84,100
780
4,671
Consumer
Discretionary
(13.2%):
Aptiv
PLC
(a)
..........................................................
22,700
1,576
BorgWarner,
Inc.
.......................................................
16,300
885
Boyd
Gaming
Corp.
.....................................................
29,500
2,424
Deckers
Outdoor
Corp.
(a)
.................................................
11,700
1,171
eBay,
Inc.
............................................................
31,000
2,822
Expedia
Group,
Inc.
.....................................................
17,100
3,948
Ford
Motor
Co.
........................................................
147,000
1,696
Installed
Building
Products,
Inc.
............................................
2,600
689
Las
Vegas
Sands
Corp.
...................................................
30,000
1,617
Macy's,
Inc.
...........................................................
102,500
1,854
Ralph
Lauren
Corp.
,
Class
A
...............................................
15,300
5,263
Ross
Stores,
Inc.
.......................................................
19,400
4,203
Royal
Caribbean
Cruises
Ltd.
..............................................
8,200
2,257
Tapestry,
Inc.
..........................................................
5,700
804
TopBuild
Corp.
(a)
......................................................
6,800
2,389
Ulta
Beauty,
Inc.
(a)
.....................................................
2,500
1,307
Urban
Outfitters,
Inc.
(a)
..................................................
28,700
1,818
36,723
Consumer
Staples
(4.6%):
Casey's
General
Stores,
Inc.
...............................................
5,400
3,930
Coca-Cola
Consolidated,
Inc.
..............................................
9,200
1,764
Dollar
General
Corp.
....................................................
13,900
1,650
Performance
Food
Group
Co.
(a)
............................................
20,400
1,748
Sysco
Corp.
...........................................................
7,900
564
The
Hershey
Co.
.......................................................
8,500
1,767
U.S.
Foods
Holding
Corp.
(a)
...............................................
14,900
1,374
12,797
Energy
(8.2%):
Archrock,
Inc.
.........................................................
41,900
1,458
Baker
Hughes
Co.
,
Class
A
................................................
46,800
2,857
Cheniere
Energy,
Inc.
....................................................
11,100
3,150
Devon
Energy
Corp.
.....................................................
94,700
4,765
HF
Sinclair
Corp.
.......................................................
18,100
1,129
TechnipFMC
PLC
......................................................
70,700
4,888
Valero
Energy
Corp.
.....................................................
18,300
4,522
22,769
Financials
(14.1%):
Affiliated
Managers
Group,
Inc.
............................................
17,500
4,842
Ameriprise
Financial,
Inc.
.................................................
7,200
3,200
Arch
Capital
Group
Ltd.
(a)
................................................
26,200
2,515
Assurant,
Inc.
.........................................................
7,700
1,677
Axos
Financial,
Inc.
(a)
...................................................
14,100
1,200
BGC
Group,
Inc.
,
Class
A
.................................................
56,100
549
Evercore,
Inc.
,
Class
A
...................................................
7,300
2,179
FirstCash
Holdings,
Inc.
..................................................
19,900
3,741
Hancock
Whitney
Corp.
..................................................
23,000
1,463
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
44,100
2,958
MSCI,
Inc.
,
Class
A
.....................................................
4,600
2,479
Popular,
Inc.
..........................................................
8,400
1,127
RenaissanceRe
Holdings
Ltd.
..............................................
6,800
2,021
StoneX
Group,
Inc.
(a)
...................................................
11,250
907
The
Allstate
Corp.
......................................................
9,900
2,053
The
Bank
of
New
York
Mellon
Corp.
.........................................
30,500
3,618
Victory
Portfolios
Victory
Mid-Cap
Core
Growth
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
The
Hartford
Insurance
Group,
Inc.
..........................................
18,700
$
2,529
39,058
Health
Care
(12.3%):
Addus
HomeCare
Corp.
(a)
................................................
2,500
234
BrightSpring
Health
Services,
Inc.
(a)
.........................................
85,000
3,622
Cencora,
Inc.
..........................................................
13,400
4,209
Exelixis,
Inc.
(a)
........................................................
42,500
1,823
Halozyme
Therapeutics,
Inc.
(a)
.............................................
72,800
4,705
HCA
Healthcare,
Inc.
....................................................
6,800
3,218
Incyte
Corp.
(a)
.........................................................
18,700
1,760
Jazz
Pharmaceuticals
PLC
(a)
..............................................
8,800
1,664
Medpace
Holdings,
Inc.
(a)
................................................
4,300
2,065
Neurocrine
Biosciences,
Inc.
(a)
.............................................
11,800
1,555
ResMed,
Inc.
..........................................................
3,200
718
Royalty
Pharma
PLC
,
Class
A
..............................................
30,000
1,439
Tenet
Healthcare
Corp.
(a)
.................................................
4,600
868
The
Ensign
Group,
Inc.
...................................................
11,400
2,297
United
Therapeutics
Corp.
(a)
..............................................
3,100
1,838
Universal
Health
Services,
Inc.
,
Class
B
.......................................
11,000
1,969
33,984
Industrials
(18.9%):
Allegion
PLC
.........................................................
3,900
567
Argan,
Inc.
...........................................................
5,200
2,832
Comfort
Systems
USA,
Inc.
...............................................
4,800
6,619
Cummins,
Inc.
.........................................................
1,300
699
Delta
Air
Lines,
Inc.
.....................................................
57,300
3,809
Dycom
Industries,
Inc.
(a)
.................................................
700
237
EMCOR
Group,
Inc.
....................................................
6,500
4,799
EnerSys
..............................................................
12,200
2,119
Federal
Signal
Corp.
.....................................................
31,000
3,352
Ferguson
Enterprises,
Inc.
.................................................
5,200
1,213
Genpact
Ltd.
..........................................................
53,400
1,989
Griffon
Corp.
..........................................................
36,500
2,653
Howmet
Aerospace,
Inc.
..................................................
14,600
3,365
Leidos
Holdings,
Inc.
....................................................
11,900
1,851
Mueller
Industries,
Inc.
...................................................
10,200
1,130
Nextpower,
Inc.
,
Class
A
(a)
................................................
19,300
2,326
Quanta
Services,
Inc.
....................................................
2,300
1,263
Rockwell
Automation,
Inc.
................................................
4,700
1,687
Sterling
Infrastructure,
Inc.
(a)
..............................................
4,000
1,629
Trane
Technologies
PLC
..................................................
8,400
3,501
United
Airlines
Holdings,
Inc.
(a)
............................................
22,600
2,081
United
Rentals,
Inc.
.....................................................
900
656
Vertiv
Holdings
Co.
,
Class
A
...............................................
8,400
2,105
52,482
Information
Technology
(13.7%):
Cirrus
Logic,
Inc.
(a)
.....................................................
10,700
1,547
Clear
Secure,
Inc.
,
Class
A
................................................
60,500
2,929
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
17,000
1,596
Docusign,
Inc.
,
Class
A
(a)
.................................................
57,700
2,736
F5,
Inc.
(a)
............................................................
3,200
926
Fabrinet
(a)
............................................................
7,700
4,016
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
21,800
1,802
InterDigital,
Inc.
.......................................................
6,100
1,842
Jabil,
Inc.
............................................................
14,000
3,719
Monolithic
Power
Systems,
Inc.
............................................
4,300
4,701
NetApp,
Inc.
..........................................................
31,600
3,235
Rambus,
Inc.
(a)
........................................................
22,000
1,893
Sandisk
Corp.
(a)
.......................................................
2,900
1,842
Sanmina
Corp.
(a)
.......................................................
13,600
1,763
TD
SYNNEX
Corp.
.....................................................
8,700
1,468
Victory
Portfolios
Victory
Mid-Cap
Core
Growth
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Teradyne,
Inc.
.........................................................
6,800
$
2,016
38,031
Materials
(5.1%):
Avery
Dennison
Corp.
...................................................
15,000
2,590
CF
Industries
Holdings,
Inc.
...............................................
15,100
1,961
Coeur
Mining,
Inc.
(a)
....................................................
103,600
1,945
Commercial
Metals
Co.
..................................................
26,800
1,646
Crown
Holdings,
Inc.
....................................................
15,200
1,524
Reliance,
Inc.
..........................................................
4,200
1,276
Royal
Gold,
Inc.
........................................................
8,300
2,112
Steel
Dynamics,
Inc.
.....................................................
5,600
1,008
14,062
Real
Estate
(3.7%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
22,300
3,021
SBA
Communications
Corp.
,
Class
A
.........................................
6,903
1,188
Sun
Communities,
Inc.
...................................................
24,916
3,138
Ventas,
Inc.
...........................................................
34,400
2,813
10,160
Utilities
(4.2%):
Atmos
Energy
Corp.
.....................................................
20,100
3,713
Edison
International
.....................................................
21,100
1,544
National
Fuel
Gas
Co.
...................................................
12,900
1,212
NiSource,
Inc.
.........................................................
66,300
3,094
NRG
Energy,
Inc.
.......................................................
5,000
731
Talen
Energy
Corp.
(a)
...................................................
4,700
1,500
11,794
Total
Common
Stocks
(Cost
$218,524)
a
a
a
276,531
Total
Investments
(Cost
$218,524)
—
99.7%
276,531
Other
assets
in
excess
of
liabilities
—  0.3%
694
NET
ASSETS
-
100.00%
$
277,225
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
9.1%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
29
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.3%)
Australia
(3.2%):
Consumer
Discretionary
(0.3%):
Aristocrat
Leisure
Ltd.
...................................................
23,331
$
742
Financials
(1.1%):
ANZ
Group
Holdings
Ltd.
................................................
86,940
2,186
QBE
Insurance
Group
Ltd.
................................................
63,893
942
3,128
Industrials
(0.7%):
Brambles
Ltd.
.........................................................
66,264
1,040
Qantas
Airways
Ltd.
.....................................................
171,505
1,007
2,047
Materials
(0.6%):
Rio
Tinto
Ltd.
.........................................................
15,168
1,723
Real
Estate
(0.5%):
Charter
Hall
Group
......................................................
66,936
872
Goodman
Group
.......................................................
36,437
654
1,526
9,166
Belgium
(1.7%):
Consumer
Staples
(0.9%):
Anheuser-Busch
InBev
SA
................................................
35,646
2,466
Health
Care
(0.4%):
UCB
SA
.............................................................
4,219
1,271
Materials
(0.4%):
Titan
SA
.............................................................
20,735
1,087
4,824
Brazil
(1.5%):
Consumer
Staples
(0.4%):
Raia
Drogasil
SA
.......................................................
250,714
1,139
Energy
(0.4%):
PRIO
SA
(a)
...........................................................
92,600
1,184
Financials
(0.4%):
Banco
Bradesco
SA
,
Preference
Shares
.......................................
287,500
1,064
Utilities
(0.3%):
Axia
Energia
..........................................................
83,067
939
4,326
Canada
(8.4%):
Consumer
Discretionary
(0.2%):
Gildan
Activewear,
Inc.
..................................................
12,606
702
Energy
(1.4%):
Headwater
Exploration,
Inc.
...............................................
135,557
1,252
Suncor
Energy,
Inc.
.....................................................
20,973
1,388
Whitecap
Resources,
Inc.
.................................................
111,192
1,255
3,895
Financials
(2.7%):
Bank
of
Montreal
.......................................................
8,753
1,186
Brookfield
Corp.
,
Class
A
.................................................
18,306
742
Canadian
Imperial
Bank
of
Commerce
........................................
20,274
1,922
Fairfax
Financial
Holdings
Ltd.
.............................................
1,189
2,026
Royal
Bank
of
Canada
...................................................
10,867
1,757
7,633
Industrials
(0.8%):
Element
Fleet
Management
Corp.
...........................................
42,877
930
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Finning
International,
Inc.
.................................................
22,841
$
1,414
2,344
Information
Technology
(0.8%):
Celestica,
Inc.
(a)
.......................................................
5,913
1,668
Shopify,
Inc.
,
Class
A
(a)
..................................................
5,715
678
2,346
Materials
(2.5%):
DPM
Metals,
Inc.
.......................................................
88,790
3,127
Lundin
Mining
Corp.
....................................................
98,090
2,446
Nutrien
Ltd.
...........................................................
20,308
1,533
7,106
24,026
China
(5.2%):
Communication
Services
(1.3%):
Kuaishou
Technology
,
Class
B
(b)
...........................................
89,000
524
Tencent
Holdings
Ltd.
...................................................
52,600
3,318
3,842
Consumer
Discretionary
(0.9%):
BYD
Co.
Ltd.
.........................................................
75,900
1,038
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(b)
................................
97,600
734
Laopu
Gold
Co.
Ltd.
,
Class
H
..............................................
11,235
909
2,681
Consumer
Staples
(0.4%):
JD
Health
International,
Inc.
(a)
(b)
...........................................
92,500
565
Tingyi
Cayman
Islands
Holding
Corp.
........................................
362,000
604
1,169
Financials
(1.8%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
1,405,000
1,005
Bank
of
China
Ltd.
,
Class
H
...............................................
2,334,275
1,490
China
Construction
Bank
Corp.
,
Class
H
......................................
1,145,000
1,236
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
698,000
1,285
5,016
Health
Care
(0.3%):
WuXi
AppTec
Co.
Ltd.
,
Class
H
(b)
..........................................
56,000
858
Materials
(0.5%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
326,000
1,467
15,033
Denmark
(0.7%):
Health
Care
(0.4%):
Genmab
A/S
(a)
........................................................
3,752
1,010
Industrials
(0.3%):
Vestas
Wind
Systems
A/S
.................................................
31,140
940
1,950
Finland
(0.3%):
Industrials
(0.3%):
Konecranes
Oyj
........................................................
26,211
860
France
(5.9%):
Communication
Services
(0.9%):
Orange
SA
............................................................
80,569
1,652
Publicis
Groupe
SA
.....................................................
12,229
1,012
2,664
Energy
(0.4%):
Vallourec
SACA
.......................................................
46,019
1,165
Financials
(0.9%):
AXA
SA
.............................................................
20,941
962
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
BNP
Paribas
SA
........................................................
16,010
$
1,525
2,487
Health
Care
(0.4%):
Ipsen
SA
.............................................................
6,833
1,277
Industrials
(1.5%):
Eiffage
SA
............................................................
6,292
965
Schneider
Electric
SE
....................................................
8,863
2,414
SPIE
SA
.............................................................
17,507
876
4,255
Information
Technology
(0.5%):
Capgemini
SE
.........................................................
11,120
1,312
Real
Estate
(0.3%):
Klepierre
SA
..........................................................
22,983
863
Utilities
(1.0%):
Engie
SA
.............................................................
51,951
1,674
Veolia
Environnement
SA
.................................................
31,993
1,218
2,892
16,915
Germany
(4.6%):
Consumer
Staples
(0.4%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
16,176
1,249
Financials
(1.0%):
Allianz
SE
,
Registered
Shares
..............................................
2,737
1,156
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Registered
Shares
.......
2,693
1,700
2,856
Industrials
(2.4%):
GEA
Group
AG
........................................................
11,272
809
MTU
Aero
Engines
AG
..................................................
2,108
769
Siemens
AG
,
Registered
Shares
.............................................
9,147
2,228
Siemens
Energy
AG
.....................................................
18,895
3,258
7,064
Information
Technology
(0.3%):
SAP
SE
..............................................................
4,878
832
Utilities
(0.5%):
E.ON
SE
.............................................................
61,345
1,343
13,344
Greece
(0.4%):
Financials
(0.4%):
National
Bank
of
Greece
SA
...............................................
80,456
1,243
Hong
Kong
(2.4%):
Consumer
Discretionary
(1.4%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
196,600
3,082
Galaxy
Entertainment
Group
Ltd.
...........................................
173,000
782
3,864
Financials
(0.8%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
271,000
1,495
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
17,800
898
2,393
Utilities
(0.2%):
Kunlun
Energy
Co.
Ltd.
..................................................
656,000
599
6,856
India
(3.6%):
Consumer
Discretionary
(0.2%):
Mahindra
&
Mahindra
Ltd.
................................................
20,056
629
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Energy
(0.5%):
Reliance
Industries
Ltd.
..................................................
100,429
$
1,444
Financials
(1.2%):
Nippon
Life
India
Asset
Management
Ltd.
(b)
...................................
94,551
806
Power
Finance
Corp.
Ltd.
.................................................
254,402
1,028
Union
Bank
of
India
Ltd.
.................................................
821,892
1,441
3,275
Industrials
(0.5%):
Adani
Ports
&
Special
Economic
Zone
Ltd.
....................................
50,591
708
Bharat
Electronics
Ltd.
...................................................
186,710
799
1,507
Information
Technology
(0.5%):
Infosys
Ltd.
...........................................................
55,224
745
Persistent
Systems
Ltd.
...................................................
10,461
549
1,294
Materials
(0.4%):
Hindalco
Industries
Ltd.
..................................................
128,302
1,213
Utilities
(0.3%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
301,876
951
10,313
Ireland
(1.0%):
Financials
(0.4%):
Bank
of
Ireland
Group
PLC
...............................................
67,852
1,231
Industrials
(0.6%):
AerCap
Holdings
NV
....................................................
12,781
1,753
2,984
Italy
(1.3%):
Consumer
Discretionary
(0.4%):
Lottomatica
Group
SpA
..................................................
33,522
968
Energy
(0.6%):
Eni
SpA
.............................................................
62,252
1,770
Financials
(0.3%):
Banca
Mediolanum
SpA
..................................................
47,046
953
3,691
Japan
(14.7%):
Communication
Services
(0.5%):
Konami
Group
Corp.
....................................................
11,900
1,467
Consumer
Discretionary
(3.1%):
Asics
Corp.
...........................................................
46,500
1,250
Sony
Group
Corp.
......................................................
89,000
1,855
Sumitomo
Electric
Industries
Ltd.
...........................................
45,600
2,591
Suzuki
Motor
Corp.
.....................................................
66,300
808
Toyota
Motor
Corp.
.....................................................
119,900
2,493
8,997
Consumer
Staples
(0.8%):
Asahi
Group
Holdings
Ltd.
................................................
64,800
647
MatsukiyoCocokara
&
Co.
................................................
58,500
934
Toyo
Suisan
Kaisha
Ltd.
(c)
................................................
11,500
809
2,390
Financials
(2.8%):
Mizuho
Financial
Group,
Inc.
..............................................
60,510
2,450
ORIX
Corp.
...........................................................
37,500
1,113
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
96,375
3,169
Tokio
Marine
Holdings,
Inc.
...............................................
30,800
1,446
8,178
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(1.1%):
Otsuka
Holdings
Co.
Ltd.
.................................................
23,700
$
1,682
Shionogi
&
Co.
Ltd.
.....................................................
68,300
1,511
3,193
Industrials
(3.1%):
Central
Japan
Railway
Co.
................................................
48,000
1,248
Fujikura
Ltd.
..........................................................
102,600
2,822
ITOCHU
Corp.
........................................................
186,200
2,369
Obayashi
Corp.
........................................................
58,000
1,405
Recruit
Holdings
Co.
Ltd.
.................................................
23,000
1,002
8,846
Information
Technology
(2.6%):
Disco
Corp.
...........................................................
2,700
1,101
Ibiden
Co.
Ltd.
.........................................................
33,200
1,661
Kioxia
Holdings
Corp.
(a)
.................................................
6,800
888
NEC
Corp.
...........................................................
53,000
1,319
SCREEN
Holdings
Co.
Ltd.
...............................................
19,600
1,168
Yokogawa
Electric
Corp.
.................................................
43,100
1,332
7,469
Materials
(0.4%):
Asahi
Kasei
Corp.
......................................................
104,400
1,022
Real
Estate
(0.3%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
25,000
784
42,346
Luxembourg
(0.5%):
Materials
(0.5%):
ArcelorMittal
SA
.......................................................
25,448
1,320
Mexico
(1.0%):
Energy
(0.5%):
Vista
Energy
SAB
de
CV
,
ADR
(a)
...........................................
19,617
1,481
Financials
(0.5%):
Gentera
SAB
de
CV
.....................................................
489,580
1,384
2,865
Netherlands
(4.8%):
Consumer
Discretionary
(0.6%):
Prosus
NV
(a)
..........................................................
39,184
1,814
Consumer
Staples
(0.5%):
Koninklijke
Ahold
Delhaize
NV
............................................
30,135
1,407
Energy
(0.4%):
SBM
Offshore
NV
......................................................
25,112
1,001
Financials
(0.9%):
Euronext
NV
(b)
........................................................
9,609
1,543
NN
Group
NV
.........................................................
14,977
1,169
2,712
Health
Care
(0.4%):
Argenx
SE
(a)
..........................................................
1,772
1,286
Information
Technology
(2.0%):
ASML
Holding
NV
.....................................................
4,245
5,644
13,864
Norway
(1.0%):
Materials
(1.0%):
Norsk
Hydro
ASA
......................................................
270,797
2,888
Portugal
(0.4%):
Energy
(0.4%):
Galp
Energia
SGPS
SA
...................................................
50,001
1,199
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Russian
Federation
(0.0%):
Energy
(0.0%):
LUKOIL
PJSC
,
ADR
(a)
(d)
(e)
..............................................
8,489
$
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(a)
(d)
(e)
...........................................
220,230
—
—
Saudi
Arabia
(0.8%):
Communication
Services
(0.3%):
Etihad
Etisalat
Co.
......................................................
41,265
719
Financials
(0.5%):
Saudi
Awwal
Bank
......................................................
150,806
1,507
2,226
Singapore
(1.1%):
Financials
(0.6%):
DBS
Group
Holdings
Ltd.
.................................................
37,080
1,651
Industrials
(0.5%):
Singapore
Technologies
Engineering
Ltd.
......................................
179,300
1,522
3,173
South
Africa
(0.6%):
Financials
(0.3%):
Discovery
Ltd.
.........................................................
67,418
991
Materials
(0.3%):
Harmony
Gold
Mining
Co.
Ltd.
.............................................
52,500
803
1,794
South
Korea
(5.1%):
Consumer
Discretionary
(0.3%):
Kia
Corp.
............................................................
9,499
938
Consumer
Staples
(0.4%):
APR
Corp.
............................................................
5,215
1,190
Financials
(0.7%):
Hana
Financial
Group,
Inc.
................................................
28,064
2,046
Industrials
(0.9%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
1,915
1,633
HD
Hyundai
Electric
Co.
Ltd.
..............................................
1,330
754
2,387
Information
Technology
(2.8%):
Samsung
Electronics
Co.
Ltd.
..............................................
28,426
3,326
SK
Hynix,
Inc.
.........................................................
8,466
4,805
8,131
14,692
Spain
(3.4%):
Consumer
Discretionary
(0.6%):
Industria
de
Diseno
Textil
SA
..............................................
31,755
1,848
Energy
(0.6%):
Repsol
SA
............................................................
59,148
1,665
Financials
(1.8%):
Banco
Santander
SA
.....................................................
333,621
3,739
Bankinter
SA
(c)
........................................................
86,311
1,367
5,106
Utilities
(0.4%):
Endesa
SA
............................................................
28,361
1,185
9,804
Sweden
(1.8%):
Communication
Services
(0.6%):
Telia
Co.
AB
..........................................................
319,917
1,640
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Consumer
Staples
(0.3%):
Essity
AB
,
Class
B
(c)
....................................................
39,087
$
1,008
Financials
(0.4%):
Swedbank
AB
,
Class
A
...................................................
36,905
1,259
Materials
(0.5%):
Boliden
AB
(a)
.........................................................
25,880
1,357
5,264
Switzerland
(6.2%):
Consumer
Staples
(0.6%):
Coca-Cola
HBC
AG
(a)
...................................................
29,919
1,685
Financials
(1.0%):
UBS
Group
AG
........................................................
20,965
817
Zurich
Insurance
Group
AG
...............................................
2,826
1,998
2,815
Health
Care
(2.7%):
Novartis
AG
,
Registered
Shares
.............................................
32,031
4,918
Roche
Holding
AG
......................................................
3,806
1,519
Sandoz
Group
AG
......................................................
17,349
1,360
7,797
Industrials
(1.0%):
ABB
Ltd.
,
Registered
Shares
...............................................
35,289
2,870
Materials
(0.9%):
Amrize
Ltd.
(a)
.........................................................
16,661
924
Holcim
AG
(a)
.........................................................
19,594
1,620
2,544
17,711
Taiwan
(6.7%):
Financials
(0.3%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
593,000
964
Health
Care
(0.2%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
33,194
467
Industrials
(0.3%):
Bizlink
Holding,
Inc.
....................................................
16,000
919
Information
Technology
(5.9%):
Delta
Electronics,
Inc.
...................................................
39,000
1,759
Elite
Material
Co.
Ltd.
...................................................
27,000
2,304
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
121,000
740
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
191,000
11,048
Wiwynn
Corp.
.........................................................
11,000
1,184
17,035
19,385
Thailand
(0.6%):
Communication
Services
(0.3%):
Advanced
Info
Service
PCL,
NVDR
.........................................
76,800
877
Health
Care
(0.3%):
Bumrungrad
Hospital
PCL,
NVDR
..........................................
139,300
696
1,573
United
Arab
Emirates
(0.3%):
Real
Estate
(0.3%):
Emaar
Development
PJSC
................................................
252,371
955
United
Kingdom
(8.1%):
Communication
Services
(0.3%):
Informa
PLC
..........................................................
84,759
851
Consumer
Staples
(0.7%):
Unilever
PLC
.........................................................
35,140
1,929
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Name
Acquisition
Date
Cost
LUKOIL
PJSC
,
ADR
.........................................
8/21/2019
$
729
Sberbank
of
Russia
PJSC
......................................
12/9/2016
752
Security
Description
Shares
Value
(000)
Energy
(0.4%):
Harbour
Energy
PLC
....................................................
285,694
$
1,136
Financials
(2.0%):
3i
Group
PLC
.........................................................
36,091
1,176
Barclays
PLC
.........................................................
295,970
1,549
Standard
Chartered
PLC
..................................................
153,859
3,206
5,931
Health
Care
(1.5%):
AstraZeneca
PLC
.......................................................
21,984
4,298
Industrials
(1.5%):
International
Consolidated
Airlines
Group
SA
...................................
163,155
767
RELX
PLC
...........................................................
28,115
921
Rolls-Royce
Holdings
PLC
................................................
168,263
2,556
4,244
Materials
(0.5%):
Endeavour
Mining
PLC
..................................................
22,104
1,331
Real
Estate
(0.2%):
LondonMetric
Property
PLC
...............................................
304,310
735
Utilities
(1.0%):
Drax
Group
PLC
.......................................................
119,545
1,413
National
Grid
PLC
......................................................
84,973
1,434
2,847
23,302
Total
Common
Stocks
(Cost
$198,636)
279,892
Exchange-Traded
Funds
(1.1%)
United
States
(1.1%):
iShares
Core
MSCI
EAFE
ETF
.............................................
22,146
2,005
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
16,936
1,181
3,186
Total
Exchange-Traded
Funds
(Cost
$3,203)
3,186
Collateral
for
Securities
Loaned
(0.9%)^
United
States
(0.9%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(f)
........
622,556
622
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(f)
............
633,144
633
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(f)
................
622,556
623
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(f)
.
622,556
623
Total
Collateral
for
Securities
Loaned
(Cost
$2,501)
2,501
Total
Investments
(Cost
$204,340)
—
99.3%
285,579
Other
assets
in
excess
of
liabilities
—
0.7%
2,067
NET
ASSETS
-
100.00%
$
287,646
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$5,030
(thousands)
and
amounted
to
1.7%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2026
(amounts
in
thousands):
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
38
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.2%)
Australia
(4.8%):
Energy
(0.7%):
Paladin
Energy
Ltd.
(a)
(b)
.................................................
1,983,006
$
15,790
Whitehaven
Coal
Ltd.
....................................................
2,102,965
13,566
29,356
Financials
(0.7%):
Bendigo
&
Adelaide
Bank
Ltd.
.............................................
1,800,887
12,387
Magellan
Financial
Group
Ltd.
.............................................
2,831,377
19,451
31,838
Health
Care
(0.4%):
Ansell
Ltd.
(b)
.........................................................
862,224
16,917
Industrials
(0.4%):
Ventia
Services
Group
Pty
Ltd.
.............................................
5,204,976
18,947
Materials
(2.2%):
Orica
Ltd.
............................................................
1,666,374
23,415
Ramelius
Resources
Ltd.
.................................................
15,584,895
40,566
Sandfire
Resources
Ltd.
(a)
................................................
2,519,812
28,909
92,890
Real
Estate
(0.4%):
Charter
Hall
Group
......................................................
1,406,882
18,328
208,276
Austria
(0.2%):
Industrials
(0.2%):
Do
&
Co.
AG
..........................................................
52,300
9,758
Belgium
(0.9%):
Consumer
Staples
(0.3%):
Colruyt
Group
NV
......................................................
291,574
12,261
Materials
(0.6%):
Umicore
SA
...........................................................
1,365,436
26,046
38,307
Canada
(13.3%):
Communication
Services
(1.2%):
IMAX
Corp.
(a)
........................................................
707,279
26,884
Quebecor,
Inc.
,
Class
B
...................................................
596,248
25,322
52,206
Consumer
Discretionary
(1.3%):
Aritzia,
Inc.
(a)
.........................................................
291,746
23,811
BRP,
Inc.
.............................................................
259,470
18,655
Gildan
Activewear,
Inc.
(b)
................................................
248,172
13,823
56,289
Consumer
Staples
(0.3%):
Maple
Leaf
Foods,
Inc.
...................................................
680,707
14,682
Energy
(3.4%):
CES
Energy
Solutions
Corp.
...............................................
1,838,480
24,334
Enerflex
Ltd.
..........................................................
1,339,583
28,026
Headwater
Exploration,
Inc.
(b)
.............................................
3,257,181
30,092
Vermilion
Energy,
Inc.
(b)
.................................................
1,815,762
25,026
Whitecap
Resources,
Inc.
(b)
...............................................
3,603,408
40,674
148,152
Industrials
(1.3%):
Bird
Construction,
Inc.
(b)
.................................................
587,849
16,838
Finning
International,
Inc.
.................................................
619,355
38,331
55,169
Information
Technology
(0.3%):
Kinaxis,
Inc.
(a)
........................................................
127,534
12,873
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Materials
(4.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
1
$
—
(c)
DPM
Metals,
Inc.
.......................................................
1,722,763
60,667
Hudbay
Minerals,
Inc.
...................................................
1,615,521
33,834
Methanex
Corp.
(b)
......................................................
531,631
31,682
OceanaGold
Corp.
......................................................
1,734,609
54,698
180,881
Real
Estate
(0.6%):
Boardwalk
Real
Estate
Investment
Trust
......................................
358,126
16,208
Colliers
International
Group,
Inc.
...........................................
93,068
9,952
26,160
Utilities
(0.7%):
Algonquin
Power
&
Utilities
Corp.
(b)
........................................
1,293,657
7,925
Atco
Ltd.
,
Class
I
.......................................................
303,312
14,848
Boralex,
Inc.
,
Class
A
....................................................
224,051
5,902
Northland
Power,
Inc.
....................................................
264,774
4,443
33,118
579,530
Denmark
(2.2%):
Consumer
Staples
(0.4%):
Royal
Unibrew
A/S
.....................................................
209,493
17,048
Financials
(0.6%):
Jyske
Bank
A/S
,
Registered
Shares
..........................................
188,701
25,897
Industrials
(0.8%):
FLSmidth
&
Co.
A/S
....................................................
216,005
16,366
ISS
A/S
..............................................................
529,280
19,281
35,647
Information
Technology
(0.4%):
Netcompany
Group
A/S
(a)
(b)
(d)
............................................
277,244
17,001
95,593
Finland
(1.1%):
Health
Care
(0.3%):
Orion
Oyj
,
Class
B
(b)
....................................................
192,973
15,595
Industrials
(0.8%):
Konecranes
Oyj
........................................................
1,031,832
33,861
49,456
France
(5.2%):
Energy
(0.1%):
Vallourec
SACA
.......................................................
158,886
4,021
Financials
(0.3%):
SCOR
SE
............................................................
373,270
13,339
Health
Care
(0.9%):
Ipsen
SA
.............................................................
132,631
24,783
Virbac
SACA
..........................................................
33,301
13,752
38,535
Industrials
(2.5%):
Alstom
SA
(a)
.........................................................
454,938
13,009
Ayvens
SA
(d)
.........................................................
1,236,121
14,572
Eiffage
SA
............................................................
189,665
29,085
Elis
SA
..............................................................
844,612
23,915
SPIE
SA
.............................................................
558,298
27,953
108,534
Information
Technology
(0.3%):
Sopra
Steria
Group
......................................................
93,529
13,095
Real
Estate
(1.1%):
Covivio
SA
...........................................................
323,381
19,324
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Klepierre
SA
..........................................................
736,412
$
27,643
46,967
224,491
Germany
(4.8%):
Communication
Services
(0.8%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
150,698
8,826
Freenet
AG
...........................................................
417,071
12,840
Scout24
SE
(d)
.........................................................
201,379
15,536
37,202
Consumer
Discretionary
(0.8%):
TUI
AG
..............................................................
2,370,833
18,668
Zalando
SE
(a)
(d)
.......................................................
743,529
18,162
36,830
Energy
(0.2%):
Verbio
SE
(a)
(b)
........................................................
135,227
7,291
Industrials
(1.9%):
Bilfinger
SE
...........................................................
162,169
18,775
GEA
Group
AG
........................................................
257,329
18,453
KION
Group
AG
.......................................................
202,432
10,815
Nordex
SE
(a)
(b)
.......................................................
607,792
32,933
80,976
Information
Technology
(0.6%):
Bechtle
AG
(b)
.........................................................
281,795
9,716
SUSS
MicroTec
SE
(b)
...................................................
251,937
14,981
24,697
Real
Estate
(0.5%):
TAG
Immobilien
AG
....................................................
1,386,538
21,764
208,760
Ireland
(0.4%):
Consumer
Discretionary
(0.4%):
Cairn
Homes
PLC
......................................................
6,671,766
16,404
Italy
(3.4%):
Consumer
Discretionary
(0.8%):
De'
Longhi
SpA
........................................................
408,112
14,341
Lottomatica
Group
SpA
..................................................
768,172
22,178
36,519
Financials
(0.9%):
Azimut
Holding
SpA
....................................................
595,573
22,627
Banca
Generali
SpA
.....................................................
262,021
15,634
38,261
Industrials
(0.3%):
Maire
SpA
............................................................
982,706
15,295
Information
Technology
(0.3%):
Reply
SpA
............................................................
120,035
11,295
Materials
(0.7%):
Buzzi
SpA
............................................................
561,849
28,402
Utilities
(0.4%):
Iren
SpA
.............................................................
5,955,990
16,847
146,619
Japan
(22.8%):
Communication
Services
(0.3%):
CyberAgent,
Inc.
.......................................................
1,505,400
12,880
Consumer
Discretionary
(3.0%):
Food
&
Life
Cos.
Ltd.
...................................................
317,500
18,943
Nextage
Co.
Ltd.
.......................................................
609,100
12,392
NHK
Spring
Co.
Ltd.
....................................................
1,171,800
18,687
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Open
House
Group
Co.
Ltd.
...............................................
239,100
$
15,326
PAL
GROUP
Holdings
Co.
Ltd.
............................................
867,100
7,956
Resorttrust,
Inc.
........................................................
1,204,200
13,236
Seria
Co.
Ltd.
.........................................................
542,400
12,950
Toyo
Tire
Corp.
........................................................
540,000
12,670
Toyoda
Gosei
Co.
Ltd.
...................................................
626,500
16,424
128,584
Consumer
Staples
(1.9%):
Lion
Corp.
............................................................
1,165,700
12,257
Morinaga
Milk
Industry
Co.
Ltd.
............................................
524,900
15,852
Nissui
Corp.
..........................................................
2,566,500
21,881
Sugi
Holdings
Co.
Ltd.
...................................................
597,200
13,152
Toyo
Suisan
Kaisha
Ltd.
(b)
................................................
262,000
18,427
81,569
Financials
(2.0%):
Credit
Saison
Co.
Ltd.
(b)
.................................................
969,000
25,332
Mebuki
Financial
Group,
Inc.
..............................................
4,817,700
37,576
Yamaguchi
Financial
Group,
Inc.
............................................
1,661,000
26,016
88,924
Health
Care
(1.2%):
Nippon
Shinyaku
Co.
Ltd.
................................................
386,200
12,706
Santen
Pharmaceutical
Co.
Ltd.
.............................................
1,224,100
13,842
Sawai
Group
Holdings
Co.
Ltd.
.............................................
998,200
14,068
Tsumura
&
Co.
........................................................
541,200
12,865
53,481
Industrials
(6.2%):
CKD
Corp.
...........................................................
157,400
4,480
Ebara
Corp.
...........................................................
447,500
12,669
Fuji
Corp.
............................................................
684,500
20,903
GS
Yuasa
Corp.
........................................................
777,300
26,723
INFRONEER
Holdings,
Inc.
(b)
.............................................
1,689,800
23,445
Kandenko
Co.
Ltd.
......................................................
817,500
31,051
Kinden
Corp.
..........................................................
468,300
21,070
Meidensha
Corp.
.......................................................
310,100
15,378
Mitsui
E&S
Co.
Ltd.
(b)
..................................................
459,800
16,837
Nitto
Boseki
Co.
Ltd.
(b)
..................................................
324,800
41,121
Sankyu,
Inc.
..........................................................
220,400
12,322
Sanwa
Holdings
Corp.
(b)
.................................................
886,700
20,168
SWCC
Corp.
..........................................................
279,500
22,519
268,686
Information
Technology
(3.2%):
Anritsu
Corp.
..........................................................
1,052,000
19,104
Azbil
Corp.
...........................................................
1,457,900
12,740
BIPROGY,
Inc.
........................................................
521,100
15,340
Horiba
Ltd.
...........................................................
145,600
17,030
Ibiden
Co.
Ltd.
.........................................................
606,700
30,363
Nippon
Electric
Glass
Co.
Ltd.
.............................................
509,200
19,600
Tokyo
Seimitsu
Co.
Ltd.
..................................................
279,100
24,820
138,997
Materials
(3.4%):
Daicel
Corp.
..........................................................
1,396,500
11,065
Kaneka
Corp.
..........................................................
316,500
9,689
Mitsui
Kinzoku
Co.
Ltd.
..................................................
258,900
49,114
Nissan
Chemical
Corp.
...................................................
477,600
18,574
Sumitomo
Bakelite
Co.
Ltd.
...............................................
407,400
12,851
Taiheiyo
Cement
Corp.
(b)
.................................................
455,500
10,265
Tokyo
Ohka
Kogyo
Co.
Ltd.
...............................................
661,200
32,359
UACJ
Corp.
...........................................................
142,000
2,125
146,042
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Real
Estate
(1.2%):
Japan
Hotel
REIT
Investment
Corp.
,
Class
A
...................................
26,887
$
12,762
Tokyo
Tatemono
Co.
Ltd.
.................................................
820,800
18,938
Tokyu
Fudosan
Holdings
Corp.
.............................................
2,298,500
19,620
51,320
Utilities
(0.4%):
Kyushu
Electric
Power
Co.,
Inc.
............................................
1,468,900
17,028
987,511
Luxembourg
(0.8%):
Communication
Services
(0.8%):
Millicom
International
Cellular
SA
..........................................
476,680
35,722
Netherlands
(2.9%):
Energy
(0.4%):
SBM
Offshore
NV
......................................................
458,584
18,285
Financials
(1.2%):
ASR
Nederland
NV
.....................................................
330,010
22,717
Euronext
NV
(d)
........................................................
176,483
28,336
51,053
Health
Care
(0.3%):
QIAGEN
NV
..........................................................
350,965
14,216
Industrials
(0.4%):
Koninklijke
Heijmans
NV
.................................................
160,945
14,424
Information
Technology
(0.6%):
BE
Semiconductor
Industries
NV
...........................................
123,825
26,519
124,497
Norway
(0.7%):
Information
Technology
(0.3%):
Kitron
ASA
...........................................................
1,382,985
13,359
Utilities
(0.4%):
Scatec
ASA
(a)
(d)
.......................................................
1,269,980
17,190
30,549
Singapore
(1.8%):
Consumer
Staples
(0.3%):
Sheng
Siong
Group
Ltd.
..................................................
6,029,600
13,268
Financials
(0.4%):
iFAST
Corp.
Ltd.
(b)
.....................................................
2,252,700
15,848
Industrials
(0.3%):
SATS
Ltd.
............................................................
4,731,400
13,042
Real
Estate
(0.8%):
Keppel
DC
REIT
.......................................................
9,063,700
15,432
UOL
Group
Ltd.
.......................................................
2,787,600
21,171
36,603
78,761
South
Africa
(0.4%):
Financials
(0.4%):
Investec
PLC
..........................................................
2,059,545
15,872
South
Korea
(7.2%):
Communication
Services
(0.3%):
Netmarble
Corp.
(d)
.....................................................
452,405
14,901
Consumer
Discretionary
(0.4%):
Silicon2
Co.
Ltd.
.......................................................
575,971
14,879
Youngone
Corp.
........................................................
6,385
340
15,219
Financials
(1.0%):
JB
Financial
Group
Co.
Ltd.
...............................................
961,729
19,740
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
KIWOOM
Securities
Co.
Ltd.
..............................................
79,726
$
22,561
42,301
Health
Care
(0.7%):
Classys,
Inc.
..........................................................
506,577
17,219
Daewoong
Pharmaceutical
Co.
Ltd.
..........................................
107,796
11,656
28,875
Industrials
(2.2%):
Hanwha
Corp.
.........................................................
185,376
13,812
HD-Hyundai
Marine
Engine
(a)
.............................................
317,339
15,108
Hyosung
Heavy
Industries
Corp.
............................................
9,104
15,377
Iljin
Electric
Co.
Ltd.
....................................................
336,408
16,074
Samsung
E&A
Co.
Ltd.
..................................................
873,412
21,460
Sanil
Electric
Co.
Ltd.
...................................................
157,962
14,583
96,414
Information
Technology
(1.9%):
IsuPetasys
Co.
Ltd.
......................................................
353,611
24,511
LEENO
Industrial,
Inc.
...................................................
424,455
27,669
LG
Innotek
Co.
Ltd.
.....................................................
82,274
16,600
WONIK
IPS
Co.
Ltd.
....................................................
175,595
13,069
81,849
Materials
(0.7%):
Han
Kuk
Carbon
Co.
Ltd.
(a)
...............................................
567,442
15,046
Poongsan
Corp.
........................................................
294,828
17,311
32,357
311,916
Spain
(3.9%):
Financials
(1.6%):
Bankinter
SA
(b)
........................................................
2,657,116
42,076
Mapfre
SA
(b)
.........................................................
6,064,704
27,024
69,100
Industrials
(0.3%):
Logista
Integral
SA
.....................................................
367,736
13,760
Information
Technology
(0.9%):
Indra
Sistemas
SA
......................................................
726,175
40,581
Materials
(0.4%):
Atalaya
Mining
Copper
SA
................................................
1,771,524
16,860
Real
Estate
(0.7%):
Merlin
Properties
Socimi
SA
...............................................
1,729,240
28,170
168,471
Sweden
(1.8%):
Financials
(0.6%):
Avanza
Bank
Holding
AB
(b)
...............................................
671,941
25,960
Industrials
(0.9%):
Bravida
Holding
AB
(d)
...................................................
1,321,896
13,837
NCC
AB
,
Class
B
.......................................................
679,529
14,971
Storskogen
Group
AB
,
Class
B
.............................................
10,662,708
9,992
38,800
Real
Estate
(0.3%):
Wihlborgs
Fastigheter
AB
(b)
...............................................
1,558,950
14,229
78,989
Switzerland
(6.1%):
Consumer
Discretionary
(0.6%):
Avolta
AG
(a)
..........................................................
297,238
17,826
Sportradar
Group
AG
,
Class
A
(a)
(b)
.........................................
607,213
10,165
27,991
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Financials
(1.1%):
EFG
International
AG
(a)
..................................................
572,682
$
12,160
Swissquote
Group
Holding
SA
,
Registered
Shares
...............................
68,611
34,090
46,250
Health
Care
(1.0%):
Galenica
AG
(d)
........................................................
210,866
24,013
Siegfried
Holding
AG
,
Registered
Shares
(a)
....................................
119,878
11,374
Ypsomed
Holding
AG
,
Registered
Shares
(b)
....................................
24,517
8,597
43,984
Industrials
(2.1%):
Accelleron
Industries
AG
.................................................
312,215
28,227
Adecco
Group
AG
......................................................
585,957
14,097
DKSH
Holding
AG
.....................................................
205,461
15,123
Sulzer
AG
,
Registered
Shares
..............................................
155,328
32,572
90,019
Information
Technology
(0.5%):
Temenos
AG
,
Registered
Shares
............................................
255,320
22,383
Real
Estate
(0.8%):
PSP
Swiss
Property
AG
,
Registered
Shares
.....................................
163,530
32,477
263,104
United
Kingdom
(11.9%):
Consumer
Discretionary
(2.4%):
Berkeley
Group
Holdings
PLC
.............................................
250,433
11,470
Currys
PLC
...........................................................
12,536,065
20,757
Entain
PLC
...........................................................
1,553,023
11,665
Games
Workshop
Group
PLC
..............................................
71,994
17,017
Inchcape
PLC
.........................................................
1,587,576
15,832
Trainline
PLC
(a)
(d)
.....................................................
3,856,471
11,650
Watches
of
Switzerland
Group
PLC
(a)
(d)
......................................
2,280,308
13,668
102,059
Consumer
Staples
(0.4%):
Cranswick
PLC
........................................................
260,396
18,042
Energy
(0.6%):
Harbour
Energy
PLC
....................................................
6,094,930
24,232
Financials
(2.0%):
ICG
PLC
.............................................................
577,368
11,840
Lancashire
Holdings
Ltd.
.................................................
2,106,938
16,367
Marex
Group
PLC
......................................................
494,607
22,049
OSB
Group
PLC
.......................................................
2,238,257
15,569
St
James's
Place
PLC
....................................................
1,367,943
21,581
87,406
Health
Care
(0.6%):
Convatec
Group
PLC
(d)
..................................................
5,294,604
15,270
Genus
PLC
...........................................................
356,499
11,303
26,573
Industrials
(2.8%):
Babcock
International
Group
PLC
...........................................
1,778,581
27,608
Balfour
Beatty
PLC
.....................................................
2,830,135
28,650
easyJet
PLC
...........................................................
2,558,445
11,902
Howden
Joinery
Group
PLC
...............................................
1,202,245
12,732
IMI
PLC
.............................................................
495,913
16,868
Mitie
Group
PLC
.......................................................
5,885,704
13,242
Serco
Group
PLC
.......................................................
3,212,603
12,171
123,173
Information
Technology
(0.6%):
Computacenter
PLC
.....................................................
425,453
17,051
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Softcat
PLC
...........................................................
591,451
$
9,665
26,716
Materials
(0.9%):
Endeavour
Mining
PLC
..................................................
686,529
41,170
Real
Estate
(1.1%):
LondonMetric
Property
PLC
...............................................
7,152,275
17,274
The
British
Land
Co.
PLC
................................................
3,098,018
14,653
Tritax
Big
Box
REIT
PLC
.................................................
7,383,408
13,904
45,831
Utilities
(0.5%):
Drax
Group
PLC
.......................................................
1,926,241
22,760
517,962
United
States
(0.6%):
Consumer
Discretionary
(0.3%):
Nexteer
Automotive
Group
Ltd.
............................................
18,381,000
12,015
Health
Care
(0.3%):
Kiniksa
Pharmaceuticals
International
PLC
,
Class
A
(a)
............................
332,730
16,021
28,036
Total
Common
Stocks
(Cost
$3,026,153)
4,218,584
Exchange-Traded
Funds
(0.8%)
United
States
(0.8%):
Vanguard
FTSE
Developed
Markets
ETF
......................................
510,352
32,703
Total
Exchange-Traded
Funds
(Cost
$31,780)
32,703
Collateral
for
Securities
Loaned
(7.4%)^
United
States
(7.4%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(e)
........
80,344,290
80,345
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(e)
............
80,483,711
80,484
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(e)
...............
80,344,290
80,344
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(e)
.
80,344,290
80,344
Total
Collateral
for
Securities
Loaned
(Cost
$321,517)
321,517
Total
Investments
(Cost
$3,379,450)
—
105.4%
4,572,804
Liabilities
in
excess
of
other
assets
—
(5.4)%
(
234,349
)
NET
ASSETS
-
100.00%
$
4,338,455
^
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)
Rounds
to
less
than
$1
thousand.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$204,136
(thousands)
and
amounted
to
4.7%
of
net
assets.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Diversified
Stock
Fund
46
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.8%)
Communication
Services
(8.3%):
Alphabet,
Inc.,
Class
C
...................................................
65,929
$
18,912
Match
Group,
Inc.
......................................................
15,920
489
Meta
Platforms,
Inc.,
Class
A
..............................................
4,352
2,490
Millicom
International
Cellular
SA
..........................................
34,557
2,590
The
New
York
Times
Co.,
Class
A
...........................................
5,298
443
The
Walt
Disney
Co.
....................................................
9,215
888
Verizon
Communications,
Inc.
..............................................
78,240
3,928
29,740
Communications
Equipment
(1.6%):
Arista
Networks,
Inc.(a)
..................................................
9,301
1,142
Cisco
Systems,
Inc.
.....................................................
41,993
3,258
F5,
Inc.(a)
............................................................
4,516
1,307
5,707
Consumer
Discretionary
(7.2%):
Amazon.com,
Inc.(a)
....................................................
23,637
4,923
Aptiv
PLC(a)
..........................................................
5,428
377
Booking
Holdings,
Inc.
...................................................
410
1,726
Deckers
Outdoor
Corp.(a)
.................................................
16,650
1,666
eBay,
Inc.
............................................................
21,315
1,940
Expedia
Group,
Inc.
.....................................................
17,453
4,030
General
Motors
Co.
.....................................................
28,599
2,131
Las
Vegas
Sands
Corp.
...................................................
25,984
1,400
PulteGroup,
Inc.
........................................................
9,981
1,174
Ralph
Lauren
Corp.,
Class
A
...............................................
11,572
3,981
Tapestry,
Inc.
..........................................................
4,716
665
The
TJX
Cos.,
Inc.
......................................................
2,398
383
Ulta
Beauty,
Inc.(a)
.....................................................
2,670
1,396
25,792
Consumer
Staples
(5.2%):
Altria
Group,
Inc.
.......................................................
73,535
4,853
Casey's
General
Stores,
Inc.
...............................................
5,463
3,976
Coca-Cola
Consolidated,
Inc.
..............................................
11,792
2,261
Dollar
General
Corp.
....................................................
11,063
1,314
Monster
Beverage
Corp.(a)
................................................
4,155
301
Philip
Morris
International,
Inc.
.............................................
12,347
2,041
Sysco
Corp.
...........................................................
18,562
1,324
The
Kroger
Co.
........................................................
28,274
2,046
U.S.
Foods
Holding
Corp.(a)
...............................................
6,664
614
18,730
Electronic
Equipment,
Instruments
&
Components
(3.0%):
Amphenol
Corp.,
Class
A
.................................................
34,799
4,397
Fabrinet(a)
............................................................
6,270
3,270
Jabil,
Inc.
............................................................
10,939
2,906
10,573
Energy
(3.1%):
Baker
Hughes
Co.,
Class
A
................................................
32,514
1,985
EOG
Resources,
Inc.
....................................................
36,777
5,317
TechnipFMC
PLC
......................................................
55,581
3,842
11,144
Financials
(13.9%):
Affiliated
Managers
Group,
Inc.
............................................
13,271
3,672
Ameriprise
Financial,
Inc.
.................................................
6,566
2,918
Assurant,
Inc.
.........................................................
8,133
1,771
FirstCash
Holdings,
Inc.
..................................................
10,587
1,990
Globe
Life,
Inc.
........................................................
13,548
1,885
Interactive
Brokers
Group,
Inc.,
Class
A
.......................................
55,124
3,697
JPMorgan
Chase
&
Co.
..................................................
17,934
5,275
Victory
Portfolios
Victory
Diversified
Stock
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
NU
Holdings
Ltd.,
Class
A(a)
..............................................
59,126
$
850
PayPal
Holdings,
Inc.
....................................................
56,355
2,549
Popular,
Inc.
..........................................................
27,486
3,688
Raymond
James
Financial,
Inc.
.............................................
9,447
1,368
Synchrony
Financial
.....................................................
54,075
3,678
The
Allstate
Corp.
......................................................
20,646
4,281
The
Bank
of
New
York
Mellon
Corp.
.........................................
15,209
1,804
The
Goldman
Sachs
Group,
Inc.
............................................
2,982
2,523
The
Hartford
Insurance
Group,
Inc.
..........................................
12,803
1,731
The
PNC
Financial
Services
Group,
Inc.
......................................
9,509
1,979
The
Progressive
Corp.
...................................................
2,525
501
Travel
+
Leisure
Co.
.....................................................
4,956
1,446
Wells
Fargo
&
Co.
......................................................
24,821
1,976
49,582
Health
Care
(12.7%):
AbbVie,
Inc.
..........................................................
13,685
2,976
BrightSpring
Health
Services,
Inc.(a)
.........................................
61,326
2,613
Bristol-Myers
Squibb
Co.
.................................................
55,512
3,367
Cardinal
Health,
Inc.
....................................................
1,218
257
Cencora
,
Inc.
..........................................................
10,722
3,368
Eli
Lilly
&
Co.
.........................................................
7,686
7,069
Exelixis
,
Inc.(a)
........................................................
30,395
1,304
Gilead
Sciences,
Inc.
....................................................
14,561
2,029
Halozyme
Therapeutics,
Inc.(a)
.............................................
23,974
1,549
HCA
Healthcare,
Inc.
....................................................
9,071
4,293
Johnson
&
Johnson
.....................................................
9,902
2,420
McKesson
Corp.
.......................................................
4,705
4,072
Merck
&
Co.,
Inc.
......................................................
18,152
2,184
Novartis
AG,
ADR
......................................................
7,482
1,143
ResMed,
Inc.
..........................................................
939
211
Tenet
Healthcare
Corp.(a)
.................................................
2,454
463
The
Cigna
Group
.......................................................
6,265
1,671
The
Ensign
Group,
Inc.
...................................................
14,047
2,831
Universal
Health
Services,
Inc.,
Class
B
.......................................
8,360
1,496
45,316
Industrials
(7.1%):
Allegion
PLC
.........................................................
1,392
202
Comfort
Systems
USA,
Inc.
...............................................
2,750
3,792
Delta
Air
Lines,
Inc.
.....................................................
41,782
2,778
EMCOR
Group,
Inc.
....................................................
3,280
2,422
Federal
Signal
Corp.
.....................................................
16,238
1,756
Ferguson
Enterprises,
Inc.
.................................................
3,874
904
GE
Vernova
,
Inc.
.......................................................
1,987
1,734
Leidos
Holdings,
Inc.
....................................................
7,591
1,181
Lockheed
Martin
Corp.
...................................................
4,499
2,719
Mueller
Industries,
Inc.
...................................................
14,336
1,588
Owens
Corning
........................................................
13,939
1,509
Quanta
Services,
Inc.
....................................................
955
524
Trane
Technologies
PLC
..................................................
4,168
1,737
United
Airlines
Holdings,
Inc.(a)
............................................
27,674
2,548
25,394
IT
Services
(1.6%):
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
27,116
1,664
GoDaddy,
Inc.,
Class
A(a)
.................................................
21,353
1,765
International
Business
Machines
Corp.
........................................
10,092
2,446
5,875
Materials
(3.7%):
Avery
Dennison
Corp.
...................................................
9,482
1,637
CF
Industries
Holdings,
Inc.
...............................................
35,833
4,652
CRH
PLC
............................................................
5,610
590
Newmont
Corp.
........................................................
29,420
3,185
Victory
Portfolios
Victory
Diversified
Stock
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Nucor
Corp.
...........................................................
4,672
$
790
Royal
Gold,
Inc.
........................................................
6,790
1,728
Steel
Dynamics,
Inc.
.....................................................
4,578
824
13,406
Real
Estate
(0.6%):
CBRE
Group,
Inc.,
Class
A(a)
..............................................
11,291
1,529
VICI
Properties,
Inc.,
Class
A
..............................................
25,213
689
2,218
Semiconductors
&
Semiconductor
Equipment
(12.6%):
Broadcom,
Inc.
........................................................
21,470
6,645
KLA
Corp.
...........................................................
3,673
5,408
Lam
Research
Corp.
.....................................................
602
129
NVIDIA
Corp.
.........................................................
161,078
28,092
QUALCOMM,
Inc.
.....................................................
1,609
207
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
13,132
4,438
44,919
Software
(7.6%):
Adobe,
Inc.(a)
.........................................................
14,444
3,511
Microsoft
Corp.
........................................................
57,482
21,278
Salesforce,
Inc.
........................................................
13,080
2,442
27,231
Technology
Hardware,
Storage
&
Peripherals
(7.9%):
Apple,
Inc.
...........................................................
109,491
27,788
NetApp,
Inc.
..........................................................
6,180
633
28,421
Utilities
(1.7%):
Edison
International
.....................................................
35,398
2,590
National
Fuel
Gas
Co.
...................................................
22,658
2,129
NRG
Energy,
Inc.
.......................................................
8,298
1,213
5,932
Total
Common
Stocks
(Cost
$219,959)
a
a
a
349,980
Exchange-Traded
Funds
(2.0%)
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
172,251
7,033
Total
Exchange-Traded
Funds
(Cost
$7,190)
a
a
a
7,033
Total
Investments
(Cost
$227,149)
—
99.8%
357,013
Other
assets
in
excess
of
liabilities
—  0.2%
777
NET
ASSETS
-
100.00%
$
357,790
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
6.4%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Fund
for
Income
49
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Mortgage
Obligations
(1.8%)
Agency
CMO
Other
(1.8%):
Government
National
Mortgage
Association
....................................
Series
2001-10
,
Class
PE
,
6
.50
%
,
3/16/31
,
Callable
4/16/26
@
100
...............
$
26
$
26
Series
2005-74
,
Class
HB
,
7
.50
%
,
9/16/35
.................................
—
(a)
—
(a)
Series
2005-74
,
Class
HC
,
7
.50
%
,
9/16/35
.................................
10
10
Series
2011-166
,
Class
NT
,
7
.75
%
,
11/20/31
(b)
.............................
196
195
Series
2012-106
,
Class
JM
,
7
.32
%
,
10/20/34
(b)
.............................
162
169
Series
2012-30
,
Class
WB
,
6
.84
%
,
11/20/39
(b)
..............................
360
370
Series
2013-190
,
Class
KT
,
8
.21
%
,
9/20/30
(b)
..............................
32
33
Series
2013-51
,
Class
BL
,
6
.03
%
,
4/20/34
(b)
...............................
486
497
Series
2013-64
,
Class
KY
,
6
.49
%
,
12/20/38
(b)
..............................
205
210
Series
2013-70
,
Class
KP
,
6
.79
%
,
2/20/39
(b)
...............................
265
271
Series
2014-69
,
Class
W
,
7
.23
%
,
11/20/34
(b)
...............................
61
65
Series
2014-74
,
Class
PT
,
7
.31
%
,
5/16/44
(b)
...............................
9
10
Series
2015-103
,
Class
B
,
6
.93
%
,
1/20/40
(b)
...............................
1,282
1,353
Series
2015-77
,
Class
PT
,
6
.96
%
,
6/20/39
(b)
...............................
90
93
Series
2019-22
,
Class
PT
,
7
.90
%
,
2/20/49
(b)
...............................
814
843
Series
2021-1
,
Class
WT
,
7
.93
%
,
1/20/51
(b)
................................
909
949
Series
2023-186
,
Class
BT
,
8
.00
%
,
9/20/31
................................
744
784
5,878
Total
Collateralized
Mortgage
Obligations
(Cost
$6,205)
a
a
a
5,878
U.S.
Government
Agency
Mortgages
(67.8%)
Single
Family
Pass-throughs
(67.1%):
Government
National
Mortgage
Association
6
.50
%
,
4/15/26
-
2/20/41
.............................................
51,111
53,554
7
.00
%
,
6/20/26
-
5/20/39
.............................................
27,615
28,864
7
.50
%
,
8/15/26
-
12/20/38
.............................................
9,368
9,705
8
.00
%
,
7/15/27
-
4/15/38
.............................................
7,078
7,361
6
.13
%
,
6/20/28
-
9/20/28
.............................................
38
39
6
.00
%
,
8/15/28
-
2/20/49
.............................................
57,732
60,404
6
.28
%
,
10/20/28
-
9/20/29
.............................................
142
143
6
.10
%
,
5/20/29
-
7/20/31
.............................................
149
149
7
.30
%
,
4/20/30
-
2/20/31
.............................................
77
77
9
.00
%
,
5/15/30
-
9/15/30
.............................................
89
94
8
.50
%
,
6/15/31
-
7/15/32
.............................................
347
366
6
.49
%
,
8/20/31
-
3/20/32
.............................................
319
325
5
.50
%
,
3/20/32
-
11/15/45
.............................................
46,511
48,058
7
.75
%
,
9/15/33
....................................................
280
281
4
.50
%
,
12/15/33
-
5/15/41
.............................................
5,111
5,084
5
.00
%
,
1/20/34
-
2/20/42
.............................................
11,523
11,713
4
.00
%
,
8/15/41
....................................................
350
337
226,554
Multi-Family
Pass-throughs
(0.8%):
Government
National
Mortgage
Association
6
.50
%
,
5/15/29
-
5/20/32
.............................................
2,166
2,269
7
.50
%
,
2/20/31
-
2/15/35
.............................................
247
258
8
.00
%
,
8/15/31
....................................................
99
99
2,626
Total
U.S.
Government
Agency
Mortgages
(Cost
$239,735)
a
a
a
229,180
U.S.
Treasury
Obligations
(29.8%)
U.S.
Treasury
Bills
,
3
.60
%
,
6/11/26
(c)
........................................
32,374
32,144
U.S.
Treasury
Bonds
6
.13
%
,
8/15/29
....................................................
31,749
34,000
6
.25
%
,
5/15/30
....................................................
31,676
34,476
Total
U.S.
Treasury
Obligations
(Cost
$101,279)
a
a
a
100,620
Victory
Portfolios
Victory
Fund
for
Income
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Investment
Companies
(0.0%)(d)
BlackRock
Liquidity
Funds
FedFund
Portfolio,
Institutional
Shares
,
3
.78
%
(c)
...........
100,297
$
100
Total
Investment
Companies
(Cost
$100)
a
a
a
100
Total
Investments
(Cost
$347,319)
—
99.4%
335,778
Other
assets
in
excess
of
liabilities
—  0.6%
2,139
NET
ASSETS
-
100.00%
$
337,917
(a)
Rounds
to
less
than
$1
thousand.
(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
March
31,
2026.
(c)
Rate
represents
the
effective
yield
at
March
31,
2026.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
CMO
—
Collateralized
Mortgage
Obligations
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
51
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Convertible
Corporate
Bonds
(68.9%)
Consumer
Discretionary
(4.0%):
Meritage
Homes
Corp.
,
1
.75
%
,
5/15/28
.......................................
$
9,550
$
9,204
Financials
(11.5%):
Barclays
Bank
PLC
,
1
.00
%
,
2/16/29
.........................................
8,990
9,024
Capital
Southwest
Corp.
,
5
.13
%
,
11/15/29
.....................................
2,620
2,671
Euronet
Worldwide,
Inc.
,
0
.63
%
,
10/1/30
(a)
....................................
5,450
4,780
Global
Payments,
Inc.
,
1
.50
%
,
3/1/31
........................................
7,988
7,026
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
,
3
.75
%
,
8/15/28
(a)
......................
520
740
JPMorgan
Chase
Financial
Co.
LLC
,
0
.50
%
,
6/15/27
.............................
1,760
1,970
26,211
Health
Care
(5.3%):
BioMarin
Pharmaceutical,
Inc.
,
1
.25
%
,
5/15/27
.................................
250
241
Dexcom,
Inc.
,
0
.38
%
,
5/15/28
..............................................
1,500
1,386
Envista
Holdings
Corp.
,
1
.75
%
,
8/15/28
.......................................
9,050
8,993
Zoetis,
Inc.
,
0
.25
%
,
6/15/29
(a)
.............................................
1,325
1,317
11,937
Industrials
(8.4%):
Parsons
Corp.
,
2
.63
%
,
3/1/29
..............................................
7,250
7,175
Uber
Technologies,
Inc.
,
0
.88
%
,
12/1/28
......................................
9,810
11,849
19,024
Information
Technology
(4.3%):
Akamai
Technologies,
Inc.
,
1
.13
%
,
2/15/29
....................................
1,715
1,959
ON
Semiconductor
Corp.
,
5/1/27
(b)
.........................................
735
947
Vishay
Intertechnology,
Inc.
,
2
.25
%
,
9/15/30
...................................
5,840
5,604
Western
Digital
Corp.
,
3
.00
%
,
11/15/28
.......................................
180
1,287
9,797
Real
Estate
(15.2%):
Boston
Properties
LP
,
2
.00
%
,
10/1/30
(a)
......................................
1,750
1,593
COPT
Defense
Properties
LP
,
5
.25
%
,
9/15/28
(a)
.................................
2,250
2,632
Digital
Realty
Trust
LP
,
1
.88
%
,
11/15/29
(a)
....................................
3,225
3,410
Federal
Realty
OP
LP
,
3
.25
%
,
1/15/29
(a)
......................................
2,880
2,951
Kite
Realty
Group
LP
,
0
.75
%
,
4/1/27
(a)
.......................................
3,455
3,712
Rexford
Industrial
Realty
LP
4
.38
%
,
3/15/27
(a)
..................................................
640
638
4
.13
%
,
3/15/29
(a)
..................................................
1,669
1,639
Ventas
Realty
LP
,
3
.75
%
,
6/1/26
............................................
4,220
6,279
Welltower
OP
LLC
2
.75
%
,
5/15/28
(a)
..................................................
4,920
10,243
3
.13
%
,
7/15/29
(a)
..................................................
860
1,363
34,460
Utilities
(20.2%):
Alliant
Energy
Corp.
,
3
.25
%
,
5/30/28
(a)
......................................
4,975
5,273
American
Water
Capital
Corp.
,
3
.63
%
,
6/15/26
..................................
6,060
6,049
CenterPoint
Energy,
Inc.
4
.25
%
,
8/15/26
....................................................
4,245
5,038
3
.00
%
,
8/1/28
(a)
...................................................
665
703
2
.88
%
,
5/15/29
(a)
..................................................
690
694
CMS
Energy
Corp.
3
.38
%
,
5/1/28
.....................................................
2,855
3,225
3
.13
%
,
5/1/31
(a)
...................................................
1,760
1,807
Duke
Energy
Corp.
,
3
.00
%
,
3/15/29
(a)
........................................
3,410
3,423
Evergy,
Inc.
,
4
.50
%
,
12/15/27
..............................................
2,520
3,400
Exelon
Corp.
,
3
.25
%
,
3/15/29
(a)
............................................
1,045
1,080
PPL
Capital
Funding,
Inc.
,
2
.88
%
,
3/15/28
.....................................
6,755
7,912
The
Southern
Co.
,
4
.50
%
,
6/15/27
...........................................
1,590
1,765
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
WEC
Energy
Group,
Inc.
4
.38
%
,
6/1/27
.....................................................
$
1,680
$
2,027
4
.38
%
,
6/1/29
(c)
...................................................
2,680
3,317
45,713
Total
Convertible
Corporate
Bonds
(Cost
$146,781)
a
a
a
156,346
Shares
Convertible
Preferred
Stocks
(29.9%)
Financials
(18.8%):
Apollo
Global
Management,
Inc.
,
6
.75
%
,
7/31/26
................................
95,330
5,573
Ares
Management
Corp.
,
Series
B
,
6
.75
%
,
10/1/27
...............................
197,585
7,149
Bank
of
America
Corp.
,
Series
L
,
7
.25
%
(d)
....................................
9,850
11,737
KKR
&
Co.,
Inc.
,
Series
D
,
6
.25
%
,
3/1/28
.....................................
196,195
7,891
Wells
Fargo
&
Co.
,
Series
L
,
7
.50
%
(d)
........................................
8,904
10,284
42,634
Industrials
(0.3%):
The
Boeing
Co.
,
6
.00
%
,
10/15/27
...........................................
10,000
649
Information
Technology
(0.1%):
Oracle
Corp.
,
Series
D
,
6
.50
%
,
1/15/29
.......................................
5,100
230
Materials
(1.5%):
Albemarle
Corp.
,
7
.25
%
,
3/1/27
............................................
47,050
3,380
Utilities
(9.2%):
NextEra
Energy,
Inc.
7
.30
%
,
6/1/27
.....................................................
151,420
8,477
7
.23
%
,
11/1/27
.....................................................
76,919
4,041
The
Southern
Co.
,
Series
A
,
7
.13
%
,
12/15/28
...................................
161,735
8,313
20,831
Total
Convertible
Preferred
Stocks
(Cost
$70,319)
a
a
a
67,724
Collateral
for
Securities
Loaned
(1.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(e)
........
846,813
846
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(e)
............
846,813
847
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(e)
...............
846,813
847
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(e)
.
846,813
847
Total
Collateral
for
Securities
Loaned
(Cost
$3,387)
a
a
a
3,387
Total
Investments
(Cost
$220,487)
—
100.3%
227,457
Liabilities
in
excess
of
other
assets
—  (0.3)%
(759)
NET
ASSETS
-
100.00%
$
226,698
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$47,998
(thousands)
and
amounted
to
21.2%
of
net
assets.
(b)
Zero-coupon
bond.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
53
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.3%)
Consumer
Discretionary
(11.5%):
AutoZone,
Inc.(a)
.......................................................
65,500
$
221,245
BorgWarner,
Inc.
.......................................................
3,099,000
168,152
Expedia
Group,
Inc.
.....................................................
640,000
147,770
Hilton
Worldwide
Holdings,
Inc.
............................................
555,000
168,764
Lowe's
Cos.,
Inc.
.......................................................
1,165,000
275,266
Penske
Automotive
Group,
Inc.
.............................................
1,195,000
178,676
Texas
Roadhouse,
Inc.,
Class
A
.............................................
1,165,000
192,388
TopBuild
Corp.(a)
......................................................
570,000
200,241
Williams-Sonoma,
Inc.
...................................................
985,000
179,595
1,732,097
Consumer
Staples
(7.5%):
Archer-Daniels-Midland
Co.
...............................................
3,475,000
252,598
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
1,655,000
162,885
Casey's
General
Stores,
Inc.
...............................................
247,500
180,145
The
Estee
Lauder
Cos.,
Inc.,
Class
A
.........................................
2,250,000
161,483
U.S.
Foods
Holding
Corp.(a)
...............................................
4,030,000
371,606
1,128,717
Energy
(7.2%):
Baker
Hughes
Co.,
Class
A
................................................
2,470,000
150,794
Chord
Energy
Corp.
.....................................................
1,350,000
191,943
Coterra
Energy,
Inc.
.....................................................
2,280,000
80,119
Devon
Energy
Corp.
.....................................................
5,420,000
272,734
Expand
Energy
Corp.
....................................................
1,970,000
216,267
SLB
Ltd.
.............................................................
3,490,000
179,351
1,091,208
Financials
(9.4%):
American
Financial
Group,
Inc.
.............................................
1,415,000
180,710
LPL
Financial
Holdings,
Inc.
...............................................
220,000
66,183
Old
Republic
International
Corp.
............................................
4,625,000
184,537
Raymond
James
Financial,
Inc.
.............................................
1,610,000
233,112
The
Hartford
Insurance
Group,
Inc.
..........................................
1,930,000
260,994
Truist
Financial
Corp.
....................................................
5,815,000
267,315
Willis
Towers
Watson
PLC
................................................
765,000
222,385
1,415,236
Health
Care
(7.9%):
IQVIA
Holdings,
Inc.(a)
..................................................
900,000
153,486
Labcorp
Holdings,
Inc.
...................................................
1,435,000
382,872
Molina
Healthcare,
Inc.(a)
................................................
1,505,000
200,617
Quest
Diagnostics,
Inc.
...................................................
1,287,000
252,226
Revvity,
Inc.(b)
........................................................
2,215,000
194,056
1,183,257
Industrials
(21.8%):
AGCO
Corp.
..........................................................
1,350,000
156,424
CACI
International,
Inc.,
Class
A(a)
.........................................
342,000
186,003
Carrier
Global
Corp.
.....................................................
3,680,000
207,221
CSX
Corp.
............................................................
7,105,000
291,660
FTI
Consulting,
Inc.(a)
...................................................
1,160,000
205,053
Hubbell,
Inc.,
Class
B
....................................................
500,000
245,370
IDEX
Corp.
...........................................................
1,085,000
205,662
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
..............................
4,095,000
235,790
L3Harris
Technologies,
Inc.
...............................................
550,000
189,832
Landstar
System,
Inc.
....................................................
770,000
123,439
Lincoln
Electric
Holdings,
Inc.
.............................................
1,045,000
260,289
Regal
Rexnord
Corp.
....................................................
1,045,000
195,687
Republic
Services,
Inc.,
Class
A
............................................
755,000
165,360
StandardAero,
Inc.(a)
....................................................
6,890,000
177,969
The
Toro
Co.
..........................................................
2,170,000
202,765
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Xylem,
Inc.
...........................................................
1,900,000
$
227,050
3,275,574
Information
Technology
(9.6%):
Akamai
Technologies,
Inc.(a)
..............................................
1,755,000
201,562
CDW
Corp.
...........................................................
945,000
114,364
Check
Point
Software
Technologies
Ltd.(a)
....................................
630,000
89,996
F5,
Inc.(a)
............................................................
460,000
133,092
Keysight
Technologies,
Inc.(a)
.............................................
900,000
254,133
Microchip
Technology,
Inc.
................................................
4,040,000
261,024
MKS,
Inc.
............................................................
480,000
110,309
Trimble,
Inc.(a)
........................................................
2,366,000
154,334
Zebra
Technologies
Corp.(a)
...............................................
580,000
121,266
1,440,080
Materials
(10.6%):
Amrize
Ltd.(a)
.........................................................
2,750,000
154,055
AptarGroup,
Inc.
.......................................................
1,745,000
219,905
CF
Industries
Holdings,
Inc.
...............................................
1,070,000
138,929
DuPont
de
Nemours,
Inc.
.................................................
4,450,000
203,810
Franco-Nevada
Corp.
....................................................
345,000
85,232
Packaging
Corp.
of
America
...............................................
1,400,000
297,108
RPM
International,
Inc.
..................................................
2,735,350
271,894
Steel
Dynamics,
Inc.
.....................................................
1,215,000
218,700
1,589,633
Real
Estate
(6.1%):
Camden
Property
Trust
...................................................
1,876,000
183,210
Equity
LifeStyle
Properties,
Inc.
............................................
3,580,000
223,464
Lamar
Advertising
Co.,
Class
A
.............................................
2,100,000
265,986
NNN
REIT,
Inc.
........................................................
5,905,000
248,187
920,847
Utilities
(5.7%):
Alliant
Energy
Corp.
....................................................
4,825,000
346,242
American
Water
Works
Co.,
Inc.
............................................
1,730,000
235,436
CMS
Energy
Corp.
......................................................
3,600,000
279,288
860,966
Total
Common
Stocks
(Cost
$12,203,547)
a
a
a
14,637,615
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(d)
........
56,225
57
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(d)
............
56,225
56
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(d)
...............
56,225
56
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(d)
.
56,225
56
Total
Collateral
for
Securities
Loaned
(Cost
$225)
a
a
a
225
Total
Investments
(Cost
$12,203,772)
—
97.3%
14,637,840
Other
assets
in
excess
of
liabilities
—  2.7%
411,637
NET
ASSETS
-
100.00%
$
15,049,477
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
55
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.4%)
Communication
Services
(1.2%):
Madison
Square
Garden
Sports
Corp.(a)
.......................................
167,000
$
53,674
Consumer
Discretionary
(9.5%):
Boyd
Gaming
Corp.
.....................................................
575,000
47,253
Capri
Holdings
Ltd.(a)
...................................................
1,165,000
20,527
Cavco
Industries,
Inc.(a)
..................................................
56,000
27,120
Dorman
Products,
Inc.(a)
.................................................
285,000
29,743
Graham
Holdings
Co.,
Class
B
.............................................
15,000
15,859
Mobileye
Global,
Inc.,
Class
A(a)
...........................................
2,275,000
15,629
OneSpaWorld
Holdings
Ltd.
...............................................
2,560,000
58,752
Phinia
,
Inc.
...........................................................
450,000
30,798
Pursuit
Attractions
and
Hospitality,
Inc.(a)
.....................................
985,000
36,081
Stride,
Inc.(a)
..........................................................
445,000
39,236
The
Gap,
Inc.
..........................................................
2,485,000
60,137
Visteon
Corp.
..........................................................
465,000
42,366
423,501
Consumer
Staples
(5.8%):
Central
Garden
&
Pet
Co.,
Class
A(a)
........................................
1,141,000
36,991
Dole
PLC
............................................................
3,560,000
50,872
Interparfums
,
Inc.
.......................................................
210,000
19,077
PriceSmart
,
Inc.
........................................................
230,000
34,615
Sprouts
Farmers
Market,
Inc.(a)
............................................
295,000
22,753
The
Andersons,
Inc.
.....................................................
520,000
37,326
The
Chefs'
Warehouse,
Inc.(a)
..............................................
945,000
56,180
257,814
Energy
(8.0%):
California
Resources
Corp.
................................................
1,005,000
69,566
Gulfport
Energy
Corp.(a)
.................................................
282,000
59,663
Helmerich
&
Payne,
Inc.
..................................................
945,000
34,048
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
1,890,000
59,667
Matador
Resources
Co.
...................................................
685,000
43,278
Select
Water
Solutions,
Inc.,
Class
A
.........................................
1,925,000
29,453
Weatherford
International
PLC
.............................................
610,000
57,694
353,369
Financials
(22.8%):
Axis
Capital
Holdings
Ltd.
................................................
221,000
22,412
Banner
Corp.
..........................................................
500,000
30,340
Bowhead
Specialty
Holdings,
Inc.(a)
.........................................
1,145,000
25,682
Cohen
&
Steers,
Inc.
....................................................
402,000
25,145
Federated
Hermes,
Inc.,
Class
B
............................................
820,000
46,502
FirstCash
Holdings,
Inc.
..................................................
270,000
50,760
Glacier
Bancorp,
Inc.
....................................................
875,000
39,086
Heritage
Financial
Corp.(b)
................................................
1,825,000
47,450
Lazard,
Inc.,
Class
A
.....................................................
1,265,000
53,737
NCR
Atleos
Corp.(a)
....................................................
1,165,000
50,771
Old
National
Bancorp
....................................................
3,110,000
68,731
Renasant
Corp.
........................................................
1,965,000
70,996
ServisFirst
Bancshares,
Inc.
...............................................
630,000
45,883
SiriusPoint
Ltd.(a)
......................................................
2,520,000
54,281
SouthState
Bank
Corp.
...................................................
635,000
58,750
Stifel
Financial
Corp.
....................................................
625,000
46,200
Stock
Yards
Bancorp,
Inc.
.................................................
690,000
45,740
Towne
Bank
..........................................................
1,420,000
47,811
UMB
Financial
Corp.
....................................................
560,000
63,163
United
Bankshares
,
Inc.
..................................................
1,800,000
74,556
Wintrust
Financial
Corp.
..................................................
335,000
46,545
1,014,541
Health
Care
(7.1%):
Charles
River
Laboratories
International,
Inc.(a)
.................................
364,000
62,790
Chemed
Corp.
.........................................................
88,000
33,241
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Envista
Holdings
Corp.(a)
.................................................
1,550,000
$
39,323
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
200,000
39,930
Pediatrix
Medical
Group,
Inc.(a)
............................................
2,630,000
56,256
QIAGEN
NV
..........................................................
1,000,000
40,040
The
Ensign
Group,
Inc.
...................................................
206,000
41,509
313,089
Industrials
(20.2%):
Alamo
Group,
Inc.
......................................................
260,000
42,892
Donaldson
Co.,
Inc.
.....................................................
440,000
37,343
Ducommun,
Inc.(a)
.....................................................
235,000
28,670
Esab
Corp.
............................................................
325,000
31,415
Franklin
Electric
Co.,
Inc.
.................................................
480,000
44,242
Gates
Industrial
Corp.
PLC(a)
..............................................
1,515,000
34,254
GXO
Logistics,
Inc.(a)
...................................................
825,000
42,776
Hayward
Holdings,
Inc.(a)
................................................
4,075,000
54,524
Hub
Group,
Inc.,
Class
A
.................................................
1,545,000
55,682
JBT
Marel
Corp.
.......................................................
311,000
39,768
Lyft,
Inc.,
Class
A(a)
....................................................
2,260,000
30,058
McGrath
RentCorp
......................................................
590,000
65,065
MSA
Safety,
Inc.
.......................................................
315,000
51,644
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
......................................
615,000
56,746
Mueller
Industries,
Inc.
...................................................
202,000
22,382
Simpson
Manufacturing
Co.,
Inc.
...........................................
305,000
52,344
The
Gorman-Rupp
Co.
...................................................
565,000
35,103
The
Timken
Co.
........................................................
650,000
65,370
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
100,000
29,029
Werner
Enterprises,
Inc.
..................................................
1,625,000
47,791
WillScot
Holdings
Corp.
..................................................
1,605,000
27,863
894,961
Information
Technology
(9.6%):
Cohu
,
Inc.(a)
..........................................................
1,565,000
47,920
Crane
NXT
Co.(c)
......................................................
715,000
29,022
FormFactor
,
Inc.(a)
.....................................................
232,000
22,502
Ingram
Micro
Holding
Corp.(c)
.............................................
2,555,000
59,557
Littelfuse
,
Inc.
.........................................................
109,000
36,989
Photronics
,
Inc.(a)
......................................................
1,320,000
53,341
Plexus
Corp.(a)
........................................................
180,000
36,457
Ralliant
Corp.
.........................................................
680,000
28,281
Tower
Semiconductor
Ltd.(a)
..............................................
95,000
16,671
Viavi
Solutions,
Inc.(a)
...................................................
590,000
19,635
Vishay
Intertechnology
,
Inc.
...............................................
1,340,000
24,120
Vontier
Corp.
..........................................................
1,465,000
51,964
426,459
Materials
(8.4%):
Commercial
Metals
Co.
..................................................
780,000
47,915
Eagle
Materials,
Inc.
.....................................................
155,000
29,365
H.B.
Fuller
Co.
........................................................
815,000
50,269
Innospec,
Inc.
.........................................................
625,000
45,637
Louisiana-Pacific
Corp.
..................................................
468,000
34,047
Quaker
Chemical
Corp.
..................................................
230,000
28,573
Sensient
Technologies
Corp.
...............................................
416,000
35,959
Silgan
Holdings,
Inc.
....................................................
730,000
28,324
Titan
America
SA(a)(c)
...................................................
2,615,000
39,173
Warrior
Met
Coal,
Inc.
...................................................
350,000
32,603
371,865
Real
Estate
(3.9%):
Apple
Hospitality
REIT,
Inc.
...............................................
3,630,000
41,781
Four
Corners
Property
Trust,
Inc.
............................................
2,425,000
57,351
Rayonier,
Inc.
.........................................................
1,229,000
25,342
Ryman
Hospitality
Properties,
Inc.
...........................................
535,000
49,365
173,839
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Utilities
(1.9%):
H2O
America(c)
.......................................................
360,000
$
21,121
IDACORP,
Inc.(c)
......................................................
450,000
64,337
85,458
Total
Common
Stocks
(Cost
$3,751,420)
a
a
a
4,368,570
Collateral
for
Securities
Loaned
(2.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(d)
........
22,435,550
22,435
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(d)
............
22,435,550
22,435
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(d)
...............
22,435,550
22,436
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(d)
.
22,435,550
22,436
Total
Collateral
for
Securities
Loaned
(Cost
$89,742)
a
a
a
89,742
Total
Investments
(Cost
$3,841,162)
—
100.4%
4,458,312
Liabilities
in
excess
of
other
assets
—  (0.4)%
(15,743)
NET
ASSETS
-
100.00%
$
4,442,569
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Affiliated
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
6/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Heritage
Financial
Corp.
....
$
41,958
$
8,299
$
(5,890)
$
(440)
$
3,523
$
47,450
1,825,000
$
1,294
$
—
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Partners
Fund
58
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.2%)
Banks
(16.6%):
Ameris
Bancorp
........................................................
145,330
$
11,334
FNB
Corp.
............................................................
718,020
12,005
Old
National
Bancorp
....................................................
432,580
9,560
QCR
Holdings,
Inc.
.....................................................
49,390
4,220
Renasant
Corp.
........................................................
249,060
8,999
SouthState
Bank
Corp.
...................................................
128,860
11,922
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
270,100
14,175
UMB
Financial
Corp.
....................................................
103,544
11,679
United
Bankshares
,
Inc.
..................................................
130,880
5,421
Valley
National
Bancorp
..................................................
511,450
6,281
95,596
Communication
Services
(1.1%):
Madison
Square
Garden
Sports
Corp.(a)
.......................................
19,540
6,280
Consumer
Discretionary
(10.8%):
Bath
&
Body
Works,
Inc.
.................................................
341,030
6,367
Garrett
Motion,
Inc.
.....................................................
817,680
14,857
Group
1
Automotive,
Inc.
.................................................
16,020
5,297
Mattel,
Inc.(a)
.........................................................
465,150
6,759
PVH
Corp.
...........................................................
85,350
5,954
Taylor
Morrison
Home
Corp.,
Class
A(a)
......................................
104,050
6,060
Valvoline,
Inc.(a)
.......................................................
296,960
10,001
YETI
Holdings,
Inc.(a)
...................................................
182,940
6,694
61,989
Consumer
Staples
(1.0%):
Herbalife
Ltd.(a)
.......................................................
388,790
5,723
Energy
(8.7%):
Gulfport
Energy
Corp.(a)
.................................................
44,070
9,324
Northern
Oil
&
Gas,
Inc.(b)
...............................................
283,510
8,287
Plains
GP
Holdings
LP,
Class
A(a)
...........................................
482,250
11,709
Scorpio
Tankers,
Inc.
....................................................
151,570
11,316
Tidewater,
Inc.(a)
.......................................................
115,190
9,624
50,260
Financial
Services
(1.2%):
Euronet
Worldwide,
Inc.(a)
................................................
108,730
7,217
Health
Care
(6.2%):
Encompass
Health
Corp.
..................................................
68,890
6,664
Neogen
Corp.(a)
.......................................................
6,970
65
Teleflex,
Inc.
..........................................................
80,860
9,672
The
Ensign
Group,
Inc.
...................................................
52,740
10,627
The
Pennant
Group,
Inc.(a)
................................................
276,070
8,414
35,442
Industrials
(18.4%):
ArcBest
Corp.
.........................................................
85,410
8,401
Atmus
Filtration
Technologies,
Inc.
..........................................
188,740
10,715
Gates
Industrial
Corp.
PLC(a)
..............................................
524,070
11,849
Granite
Construction,
Inc.(b)
...............................................
76,570
9,179
Hayward
Holdings,
Inc.(a)
................................................
414,480
5,546
Helios
Technologies,
Inc.
.................................................
84,350
5,458
ICF
International,
Inc.
...................................................
98,190
6,411
Matson,
Inc.
..........................................................
84,730
13,891
Terex
Corp.
...........................................................
118,630
7,011
The
Timken
Co.
........................................................
137,210
13,799
Titan
Machinery,
Inc.(a)
..................................................
219,830
3,675
V2X,
Inc.(a)
..........................................................
141,980
9,726
105,661
Victory
Portfolios
Victory
RS
Partners
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Information
Technology
(6.1%):
ACI
Worldwide,
Inc.(a)
..................................................
175,470
$
7,196
Belden,
Inc.
...........................................................
78,340
8,996
Commvault
Systems,
Inc.(a)
...............................................
46,770
3,643
Crane
NXT
Co.
........................................................
242,730
9,852
Onto
Innovation,
Inc.(a)
..................................................
25,600
5,250
34,937
Insurance
(8.3%):
First
American
Financial
Corp.
.............................................
131,680
7,939
Globe
Life,
Inc.
........................................................
120,920
16,829
Hamilton
Insurance
Group
Ltd.,
Class
B
......................................
48,890
1,458
Primerica,
Inc.
.........................................................
41,293
10,343
White
Mountains
Insurance
Group
Ltd.
.......................................
5,190
11,402
47,971
Materials
(5.5%):
Coeur
Mining,
Inc.(a)
....................................................
338,780
6,359
Knife
River
Corp.(a)
....................................................
105,350
8,602
Methanex
Corp.
........................................................
167,510
9,973
Ryerson
Holding
Corp.
...................................................
296,560
6,667
31,601
Real
Estate
(7.9%):
COPT
Defense
Properties
.................................................
274,620
8,403
Four
Corners
Property
Trust,
Inc.
............................................
432,300
10,224
Howard
Hughes
Holdings,
Inc.(a)(b)
.........................................
89,780
5,680
Independence
Realty
Trust,
Inc.
.............................................
312,100
4,647
The
St.
Joe
Co.
........................................................
259,080
16,270
45,224
Utilities
(5.4%):
Black
Hills
Corp.
.......................................................
183,525
12,738
H2O
America(b)
.......................................................
171,160
10,042
New
Jersey
Resources
Corp.
...............................................
150,800
8,282
31,062
Total
Common
Stocks
(Cost
$441,323)
a
a
a
558,963
Preferred
Stocks
(0.1%)
Health
Care
(0.1%):
WellDoc
,
Inc.(a)(c)
......................................................
$
1,587,483
587
Total
Preferred
Stocks
(Cost
$1,943)
a
a
a
587
Collateral
for
Securities
Loaned
(3.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(d)
........
4,904,971
4,905
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(d)
............
4,904,971
4,905
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(d)
...............
4,904,971
4,905
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(d)
.
4,904,971
4,905
Total
Collateral
for
Securities
Loaned
(Cost
$19,620)
a
a
a
19,620
Total
Investments
(Cost
$462,886)
—
100.7%
579,170
Liabilities
in
excess
of
other
assets
—  (0.7)%
(3,866)
NET
ASSETS
-
100.00%
$
575,304
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
9.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
Victory
Portfolios
Victory
RS
Partners
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Value
Fund
61
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.7%)
Consumer
Discretionary
(5.7%):
Bath
&
Body
Works,
Inc.
.................................................
135,730
$
2,534
Mattel,
Inc.(a)
.........................................................
368,890
5,360
PVH
Corp.
...........................................................
42,790
2,985
Toll
Brothers,
Inc.
......................................................
22,100
3,016
13,895
Consumer
Staples
(2.6%):
Keurig
Dr.
Pepper,
Inc.
...................................................
84,885
2,235
U.S.
Foods
Holding
Corp.(a)
...............................................
45,660
4,210
6,445
Energy
(8.9%):
Baker
Hughes
Co.,
Class
A
................................................
88,830
5,423
Expand
Energy
Corp.
....................................................
34,230
3,758
Noble
Corp.
PLC
.......................................................
71,330
3,500
Suncor
Energy,
Inc.
.....................................................
60,730
4,015
Valero
Energy
Corp.
.....................................................
20,540
5,075
21,771
Financials
(20.6%):
Cboe
Global
Markets,
Inc.
................................................
10,230
2,875
Citizens
Financial
Group,
Inc.
..............................................
42,690
2,560
Euronet
Worldwide,
Inc.(a)
................................................
36,540
2,425
Fairfax
Financial
Holdings
Ltd.
.............................................
2,280
3,886
Fidelity
National
Financial,
Inc.
............................................
58,830
2,729
Globe
Life,
Inc.
........................................................
64,510
8,978
KeyCorp
.............................................................
181,500
3,639
London
Stock
Exchange
Group
PLC,
ADR(a)
..................................
192,190
5,733
MarketAxess
Holdings,
Inc.
...............................................
51,370
8,475
Prosperity
Bancshares,
Inc.
................................................
67,020
4,502
UMB
Financial
Corp.
....................................................
21,770
2,456
Unum
Group
..........................................................
30,760
2,246
50,504
Health
Care
(9.8%):
CVS
Health
Corp.
......................................................
63,470
4,558
Encompass
Health
Corp.
..................................................
46,740
4,521
Lantheus
Holdings,
Inc.(a)
................................................
31,910
2,420
Option
Care
Health,
Inc.(a)
................................................
116,860
3,146
Teleflex,
Inc.
..........................................................
21,390
2,559
Teva
Pharmaceutical
Industries
Ltd.,
ADR(a)
...................................
228,180
6,873
24,077
Industrials
(20.9%):
AGCO
Corp.
..........................................................
38,680
4,482
AMETEK,
Inc.
........................................................
29,390
6,300
API
Group
Corp.(a)
.....................................................
91,895
3,724
CACI
International,
Inc.,
Class
A(a)
.........................................
10,110
5,498
Dover
Corp.
...........................................................
24,230
5,051
Leidos
Holdings,
Inc.
....................................................
25,610
3,983
Maximus,
Inc.
.........................................................
48,530
3,111
SS&C
Technologies
Holdings,
Inc.
..........................................
38,030
2,570
TFI
International,
Inc.
....................................................
43,620
4,738
The
Timken
Co.
........................................................
67,320
6,770
WESCO
International,
Inc.
................................................
18,400
5,035
51,262
Information
Technology
(8.1%):
Check
Point
Software
Technologies
Ltd.(a)
....................................
26,880
3,840
Commvault
Systems,
Inc.(a)
...............................................
30,560
2,380
Littelfuse
,
Inc.
.........................................................
15,000
5,090
Trimble,
Inc.(a)
........................................................
39,240
2,560
Vontier
Corp.
..........................................................
64,460
2,286
Victory
Portfolios
Victory
RS
Value
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Zebra
Technologies
Corp.(a)
...............................................
17,830
$
3,728
19,884
Materials
(6.7%):
Axalta
Coating
Systems
Ltd.(a)
.............................................
84,370
2,337
Element
Solutions,
Inc.
...................................................
88,570
3,024
Knife
River
Corp.(a)
....................................................
47,410
3,871
Methanex
Corp.
........................................................
61,630
3,669
Westlake
Corp.
........................................................
30,170
3,525
16,426
Real
Estate
(6.3%):
Camden
Property
Trust
...................................................
19,010
1,857
CubeSmart
...........................................................
69,150
2,534
Equity
LifeStyle
Properties,
Inc.
............................................
81,210
5,069
NNN
REIT,
Inc.
........................................................
139,670
5,870
15,330
Utilities
(8.1%):
CenterPoint
Energy,
Inc.
..................................................
147,450
6,364
FirstEnergy
Corp.
.......................................................
145,060
7,349
PPL
Corp.
............................................................
160,450
6,129
19,842
Total
Common
Stocks
(Cost
$198,340)
a
a
a
239,436
Total
Investments
(Cost
$198,340)
—
97.7%
239,436
Other
assets
in
excess
of
liabilities
—  2.3%
5,609
NET
ASSETS
-
100.00%
$
245,045
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
13.4%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Large
Cap
Alpha
Fund
63
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(96.3%)
Communication
Services
(2.5%):
Alphabet,
Inc.,
Class
A
...................................................
47,220
$
13,579
Consumer
Discretionary
(5.5%):
Amazon.com,
Inc.(a)
....................................................
50,790
10,578
Darden
Restaurants,
Inc.
..................................................
22,790
4,468
Mattel,
Inc.(a)
.........................................................
510,500
7,418
Toll
Brothers,
Inc.
......................................................
51,610
7,043
29,507
Consumer
Staples
(5.6%):
Keurig
Dr.
Pepper,
Inc.
...................................................
182,450
4,804
Mondelez
International,
Inc.,
Class
A
.........................................
135,590
7,815
The
Procter
&
Gamble
Co.
................................................
57,980
8,375
U.S.
Foods
Holding
Corp.(a)
...............................................
99,260
9,153
30,147
Energy
(8.4%):
Enterprise
Products
Partners
LP
.............................................
372,150
14,082
Exxon
Mobil
Corp.
.....................................................
119,660
20,302
Valero
Energy
Corp.
.....................................................
43,330
10,706
45,090
Financials
(22.0%):
Cboe
Global
Markets,
Inc.
................................................
44,280
12,446
Citigroup,
Inc.
.........................................................
132,040
14,975
Corpay
,
Inc.(a)
.........................................................
43,680
12,710
Fairfax
Financial
Holdings
Ltd.
.............................................
6,220
10,600
JPMorgan
Chase
&
Co.
..................................................
30,200
8,884
KeyCorp
.............................................................
812,590
16,292
London
Stock
Exchange
Group
PLC,
ADR(a)
..................................
431,250
12,864
MarketAxess
Holdings,
Inc.
...............................................
44,650
7,366
Rocket
Cos.,
Inc.,
Class
A(a)
...............................................
308,540
4,397
U.S.
Bancorp
..........................................................
189,740
9,868
Unum
Group
..........................................................
106,340
7,766
118,168
Health
Care
(16.0%):
AbbVie,
Inc.
..........................................................
38,980
8,478
CVS
Health
Corp.
......................................................
125,590
9,020
GE
HealthCare
Technologies,
Inc.
...........................................
70,690
5,032
Johnson
&
Johnson
.....................................................
51,380
12,559
Medtronic
PLC
........................................................
123,940
10,739
Regeneron
Pharmaceuticals,
Inc.
............................................
10,880
8,406
Teva
Pharmaceutical
Industries
Ltd.,
ADR(a)
...................................
584,330
17,600
The
Cigna
Group
.......................................................
52,820
14,090
85,924
Industrials
(19.7%):
AMETEK,
Inc.
........................................................
57,320
12,287
CACI
International,
Inc.,
Class
A(a)
.........................................
16,590
9,023
Dover
Corp.
...........................................................
45,630
9,512
Eaton
Corp.
PLC
.......................................................
30,930
11,063
FedEx
Corp.
..........................................................
41,180
14,667
Honeywell
International,
Inc.
..............................................
59,830
13,523
Leidos
Holdings,
Inc.
....................................................
48,430
7,532
RTX
Corp.
............................................................
51,582
9,950
SS&C
Technologies
Holdings,
Inc.
..........................................
82,450
5,571
Union
Pacific
Corp.
.....................................................
53,910
13,080
106,208
Information
Technology
(7.2%):
Amphenol
Corp.,
Class
A
.................................................
36,940
4,667
Analog
Devices,
Inc.
....................................................
33,990
10,814
Applied
Materials,
Inc.
...................................................
13,080
4,471
Check
Point
Software
Technologies
Ltd.(a)
....................................
63,230
9,032
Victory
Portfolios
Victory
RS
Large
Cap
Alpha
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Zebra
Technologies
Corp.(a)
...............................................
45,700
$
9,555
38,539
Materials
(2.9%):
Newmont
Corp.
........................................................
61,800
6,690
PPG
Industries,
Inc.
.....................................................
85,190
9,105
15,795
Real
Estate
(1.8%):
Equity
LifeStyle
Properties,
Inc.
............................................
155,710
9,719
Utilities
(4.7%):
American
Electric
Power
Co.,
Inc.
...........................................
82,450
10,807
Exelon
Corp.
..........................................................
293,490
14,387
25,194
Total
Common
Stocks
(Cost
$393,702)
a
a
a
517,870
Total
Investments
(Cost
$393,702)
—
96.3%
517,870
Other
assets
in
excess
of
liabilities
—  3.7%
20,076
NET
ASSETS
-
100.00%
$
537,946
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
13.4%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Investors
Fund
65
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.6%)
Banks
(6.6%):
Citigroup,
Inc.
.........................................................
20,570
$
2,333
Prosperity
Bancshares,
Inc.
................................................
33,890
2,277
4,610
Capital
Markets
(8.4%):
London
Stock
Exchange
Group
PLC,
ADR(a)
..................................
75,820
2,262
MarketAxess
Holdings,
Inc.
...............................................
21,780
3,593
5,855
Communication
Services
(3.0%):
Alphabet,
Inc.,
Class
A
...................................................
7,290
2,096
Consumer
Discretionary
(6.3%):
Mattel,
Inc.(a)
.........................................................
173,290
2,518
Valvoline,
Inc.(a)
.......................................................
54,430
1,833
4,351
Energy
(9.7%):
Exxon
Mobil
Corp.
.....................................................
21,110
3,582
Plains
GP
Holdings
LP,
Class
A(a)
...........................................
128,950
3,131
6,713
Financial
Services
(3.3%):
Corpay
,
Inc.(a)
.........................................................
7,950
2,313
Health
Care
(17.5%):
CVS
Health
Corp.
......................................................
44,250
3,178
Encompass
Health
Corp.
..................................................
19,400
1,877
Teva
Pharmaceutical
Industries
Ltd.,
ADR(a)
...................................
79,390
2,391
The
Cigna
Group
.......................................................
10,680
2,849
The
Pennant
Group,
Inc.(a)
................................................
62,570
1,907
12,202
Industrials
(16.8%):
Gates
Industrial
Corp.
PLC(a)
..............................................
69,820
1,579
Matson,
Inc.
..........................................................
11,560
1,895
TFI
International,
Inc.
....................................................
15,240
1,656
The
Timken
Co.
........................................................
23,470
2,360
Union
Pacific
Corp.
.....................................................
9,890
2,399
V2X,
Inc.(a)
..........................................................
26,470
1,813
11,702
Information
Technology
(5.9%):
Check
Point
Software
Technologies
Ltd.(a)
....................................
15,130
2,161
Crane
NXT
Co.
........................................................
48,150
1,955
4,116
Insurance
(8.5%):
Globe
Life,
Inc.
........................................................
26,560
3,697
Unum
Group
..........................................................
30,730
2,244
5,941
Materials
(4.7%):
Methanex
Corp.
........................................................
36,350
2,164
Newmont
Corp.
........................................................
9,820
1,063
3,227
Real
Estate
(4.9%):
The
St.
Joe
Co.
........................................................
54,480
3,421
Utilities
(3.0%):
FirstEnergy
Corp.
.......................................................
40,610
2,057
Total
Common
Stocks
(Cost
$60,047)
a
a
a
68,604
Total
Investments
(Cost
$60,047)
—
98.6%
68,604
Other
assets
in
excess
of
liabilities
—  1.4%
996
NET
ASSETS
-
100.00%
$
69,600
Victory
Portfolios
Victory
RS
Investors
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
15.3%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Global
Energy
Transition
Fund
67
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(88.4%)
Australia
(15.5%):
Materials
(15.5%):
Iluka
Resources
Ltd.
.....................................................
8,427,807
$
39,612
Sunrise
Energy
Metals
Ltd.
(a)
(b)
(c)
..........................................
7,318,265
44,927
84,539
Canada
(27.9%):
Energy
(22.1%):
ARC
Resources
Ltd.
(b)
..................................................
945,540
19,680
Cameco
Corp.
.........................................................
43,865
4,771
Keyera
Corp.
..........................................................
691,140
26,738
Peyto
Exploration
&
Development
Corp.
......................................
915,708
17,894
Tamarack
Valley
Energy
Ltd.
..............................................
4,301,808
35,568
Tourmaline
Oil
Corp.
....................................................
336,347
16,100
120,751
Materials
(5.8%):
First
Quantum
Minerals
Ltd.
(a)
.............................................
262,942
6,288
Ivanhoe
Mines
Ltd.
,
Class
A
(a)
.............................................
686,000
5,864
Nutrien
Ltd.
...........................................................
115,533
8,718
West
Fraser
Timber
Co.
Ltd.
...............................................
158,854
10,377
31,247
151,998
Chile
(1.4%):
Materials
(1.4%):
Antofagasta
PLC
.......................................................
89,074
3,994
Sociedad
Quimica
y
Minera
de
Chile
SA
,
ADR
(a)
...............................
46,427
3,758
7,752
Norway
(2.2%):
Materials
(2.2%):
Norsk
Hydro
ASA
......................................................
1,116,815
11,912
United
States
(41.4%):
Energy
(15.4%):
Antero
Resources
Corp.
(a)
................................................
450,868
19,135
Enterprise
Products
Partners
LP
.............................................
674,216
25,512
Metals
Acquisition
Corp.
II
(a)
(c)
............................................
533,695
5,385
Range
Resources
Corp.
...................................................
515,948
23,311
The
Williams
Cos.,
Inc.
..................................................
151,236
11,007
84,350
Industrials
(2.6%):
Energy
Vault
Holdings,
Inc.
(a)
(b)
...........................................
2,657,126
8,768
Hubbell,
Inc.
,
Class
B
....................................................
10,630
5,217
13,985
Materials
(22.4%):
Compass
Minerals
International,
Inc.
(a)
(c)
.....................................
2,643,505
61,726
Ivanhoe
Electric,
Inc.
(a)
..................................................
1,785,012
21,089
Linde
PLC
............................................................
61,207
30,344
Martin
Marietta
Materials,
Inc.
.............................................
6,610
3,891
Materion
Corp.
........................................................
36,731
5,313
122,363
Utilities
(1.0%):
Constellation
Energy
Corp.
................................................
19,690
5,497
226,195
Total
Common
Stocks
(Cost
$271,656)
482,396
Victory
Portfolios
Victory
Global
Energy
Transition
Fund
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Warrants
(3.0%)
Australia
(3.0%):
Materials
(3.0%):
Sunrise
Energy
Metals
Ltd.
,
expiring
12/31/26
(a)
(d)
..............................
3,430,247
$
16,165
Total
Warrants
(Cost
$–)
16,165
Collateral
for
Securities
Loaned
(7.6%)^
United
States
(7.6%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(e)
........
10,404,450
10,405
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(e)
............
10,404,450
10,404
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(e)
...............
10,404,450
10,405
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(e)
.
10,404,450
10,404
Total
Collateral
for
Securities
Loaned
(Cost
$41,618)
41,618
Total
Investments
(Cost
$313,274)
—
99.0%
540,179
Other
assets
in
excess
of
liabilities
—
1.0%
5,712
NET
ASSETS
-
100.00%
$
545,891
^
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)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
12/31/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Compass
Minerals
International,
Inc.
.......
$
60,632
$
—
$
(
10,674
)
$
3,886
$
7,882
$
61,726
2,643,505
$
—
$
—
Metals
Acquisition
Corp.
II
..
—
5,337
—
—
48
5,385
533,695
—
—
Sunrise
Energy
Metals
Ltd.
..
43,100
1,066
(
9,446
)
6,630
3,577
44,927
7,318,265
—
—
$
103,732
$
6,403
$
(
20,120
)
$
10,516
$
11,507
$
112,038
10,495,465
$
—
$
—
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
69
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Consumer
Discretionary
(9.1%):
Callaway
Golf
Co.(a)
....................................................
236,980
$
3,289
Champion
Homes,
Inc.(a)
.................................................
27,190
2,022
Dutch
Bros,
Inc.,
Class
A(a)
...............................................
44,870
2,273
Five
Below,
Inc.(a)
......................................................
15,760
3,601
Genius
Sports
Ltd.(a)
....................................................
143,940
638
Kontoor
Brands,
Inc.
....................................................
17,850
1,255
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
19,410
1,787
OneSpaWorld
Holdings
Ltd.
...............................................
169,840
3,898
Planet
Fitness,
Inc.,
Class
A(a)
.............................................
34,020
2,530
The
Gap,
Inc.
..........................................................
99,850
2,416
Universal
Technical
Institute,
Inc.(a)
.........................................
62,777
2,266
Warby
Parker,
Inc.,
Class
A(a)
..............................................
123,000
2,592
Wingstop
,
Inc.
.........................................................
11,440
1,773
30,340
Consumer
Staples
(1.5%):
elf
Beauty,
Inc.(a)
.......................................................
21,780
1,320
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
38,109
985
The
Vita
Coco
Co.,
Inc.(a)
................................................
53,410
2,559
4,864
Energy
(2.3%):
Archrock
,
Inc.
.........................................................
38,350
1,335
Permian
Resources
Corp.,
Class
A
...........................................
122,240
2,606
Tidewater,
Inc.(a)
.......................................................
42,100
3,517
7,458
Financials
(10.2%):
Customers
Bancorp,
Inc.(a)
................................................
49,230
3,417
Exzeo
Group,
Inc.(a)
....................................................
109,358
1,604
FirstCash
Holdings,
Inc.
..................................................
24,650
4,634
LendingTree,
Inc.(a)
.....................................................
37,680
1,616
Palomar
Holdings,
Inc.(a)
.................................................
30,210
3,610
Payoneer
Global,
Inc.(a)
..................................................
463,420
2,238
Piper
Sandler
Cos
.......................................................
62,160
4,759
TWFG,
Inc.,
Class
A(a)
..................................................
71,910
1,323
UMB
Financial
Corp.
....................................................
33,550
3,784
Wintrust
Financial
Corp.
..................................................
32,490
4,514
WisdomTree,
Inc.(b)
.....................................................
162,350
2,364
33,863
Health
Care
(24.9%):
Adaptive
Biotechnologies
Corp.(a)
..........................................
286,920
3,983
AnaptysBio
,
Inc.(a)
.....................................................
30,930
1,715
Apogee
Therapeutics,
Inc.(a)
...............................................
43,710
3,679
Ascendis
Pharma
A/S,
ADR(a)
.............................................
16,490
3,772
Bridgebio
Pharma,
Inc.(a)
.................................................
94,950
7,051
Brookdale
Senior
Living,
Inc.(a)
............................................
181,040
2,477
Crinetics
Pharmaceuticals,
Inc.(a)
...........................................
15,830
575
GeneDx
Holdings
Corp.,
Class
A(a)
..........................................
35,960
2,309
Glaukos
Corp.(a)
.......................................................
44,180
4,756
Guardant
Health,
Inc.(a)
..................................................
80,380
7,425
Halozyme
Therapeutics,
Inc.(a)
.............................................
13,320
861
HealthEquity,
Inc.(a)
....................................................
30,990
2,590
Hinge
Health,
Inc.,
Class
A(a)
..............................................
73,583
2,837
Ideaya
Biosciences,
Inc.(a)
................................................
92,140
3,070
IRhythm
Holdings,
Inc.(a)
................................................
18,550
2,189
Krystal
Biotech,
Inc.(a)
...................................................
15,900
4,107
Kymera
Therapeutics,
Inc.(a)
..............................................
32,560
2,712
Mirum
Pharmaceuticals,
Inc.(a)
.............................................
36,340
3,357
ORIC
Pharmaceuticals,
Inc.(a)
.............................................
273,610
3,467
RadNet
,
Inc.(a)
........................................................
32,710
1,828
Revolution
Medicines,
Inc.(a)
..............................................
55,170
5,365
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
SI-BONE,
Inc.(a)
.......................................................
151,960
$
1,919
Spyre
Therapeutics,
Inc.(a)
................................................
89,818
4,531
Viridian
Therapeutics,
Inc.(a)
..............................................
71,870
1,406
Waystar
Holding
Corp.(a)
.................................................
94,221
2,272
Xenon
Pharmaceuticals,
Inc.(a)
.............................................
42,190
2,453
82,706
Industrials
(23.3%):
Applied
Industrial
Technologies,
Inc.
.........................................
22,940
6,086
Argan,
Inc.
...........................................................
3,510
1,912
Bloom
Energy
Corp.,
Class
A(a)
............................................
54,430
7,375
Casella
Waste
Systems,
Inc.,
Class
A(a)
.......................................
61,340
4,867
ESCO
Technologies,
Inc.
.................................................
14,640
4,119
Karman
Holdings,
Inc.(a)
.................................................
21,110
1,690
Korn
Ferry
...........................................................
43,230
2,721
Kratos
Defense
&
Security
Solutions,
Inc.(a)
...................................
47,240
3,331
Mercury
Systems,
Inc.(a)
.................................................
116,190
8,471
Modine
Manufacturing
Co.(a)
..............................................
34,000
7,368
Mueller
Water
Products,
Inc.,
Class
A
........................................
135,200
3,717
Nextpower
,
Inc.,
Class
A(a)
................................................
62,610
7,548
Primoris
Services
Corp.
..................................................
46,690
6,679
SPX
Technologies,
Inc.(a)
.................................................
42,230
8,443
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
7,420
2,154
Zurn
Elkay
Water
Solutions
Corp.
...........................................
21,440
961
77,442
Information
Technology
(24.7%):
ACI
Worldwide,
Inc.(a)
..................................................
85,400
3,502
Badger
Meter,
Inc.
......................................................
38,670
5,891
Box,
Inc.,
Class
A(a)
....................................................
86,980
2,056
Braze,
Inc.,
Class
A(a)
...................................................
112,270
2,651
Commvault
Systems,
Inc.(a)
...............................................
25,300
1,971
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
50,620
4,752
DigitalOcean
Holdings,
Inc.(a)(b)
...........................................
32,590
2,796
Fabrinet(a)
............................................................
18,530
9,664
Freshworks
,
Inc.,
Class
A(a)
...............................................
203,040
1,630
IonQ
,
Inc.(a)(b)
........................................................
85,800
2,474
Itron
,
Inc.(a)
..........................................................
42,600
3,818
JFrog
Ltd.(a)
..........................................................
46,231
2,170
Klaviyo
,
Inc.,
Class
A(a)
..................................................
109,010
2,121
Life360,
Inc.(a)(b)
......................................................
39,770
1,623
LightPath
Technologies,
Inc.,
Class
A(a)
......................................
194,400
1,950
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
24,663
5,477
nLight
,
Inc.(a)
.........................................................
32,330
1,843
Novanta,
Inc.(a)
........................................................
40,660
4,802
Onto
Innovation,
Inc.(a)
..................................................
17,190
3,525
Q2
Holdings,
Inc.(a)
.....................................................
59,540
2,816
Riot
Platforms,
Inc.(a)
...................................................
216,470
2,676
Rubrik,
Inc.,
Class
A(a)
..................................................
36,020
1,764
Semtech
Corp.(a)
.......................................................
90,110
6,929
ServiceTitan
,
Inc.,
Class
A(a)
..............................................
39,160
2,485
Varonis
Systems,
Inc.,
Class
B(a)
...........................................
35,730
767
82,153
Materials
(3.7%):
Avient
Corp.
..........................................................
97,210
3,529
Balchem
Corp.
.........................................................
27,620
4,681
Coeur
Mining,
Inc.(a)
....................................................
131,130
2,461
Titan
America
SA(a)(b)
..................................................
114,694
1,718
12,389
Total
Common
Stocks
(Cost
$273,844)
a
a
a
331,215
Victory
Portfolios
Victory
RS
Small
Cap
Growth
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Collateral
for
Securities
Loaned
(1.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(c)
........
1,365,614
$
1,365
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(c)
............
1,365,614
1,365
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(c)
...............
1,365,614
1,366
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(c)
.
1,365,614
1,366
Total
Collateral
for
Securities
Loaned
(Cost
$5,462)
a
a
a
5,462
Total
Investments
(Cost
$279,306)
—
101.3%
336,677
Liabilities
in
excess
of
other
assets
—  (1.3)%
(4,374)
NET
ASSETS
-
100.00%
$
332,303
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
6.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Select
Growth
Fund
72
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(100.2%)
Aerospace
&
Defense
(10.3%):
FTAI
Aviation
Ltd.
......................................................
9,740
$
2,386
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
6,690
472
Mercury
Systems,
Inc.
(a)
.................................................
25,770
1,879
Rocket
Lab
Corp.
(a)
.....................................................
14,640
940
Woodward,
Inc.
........................................................
5,990
2,144
7,821
Commercial
Services
&
Supplies
(1.1%):
Clean
Harbors,
Inc.
(a)
...................................................
3,010
863
Communication
Services
(1.1%):
Reddit,
Inc.
,
Class
A
(a)
...................................................
6,220
838
Construction
&
Engineering
(4.8%):
Comfort
Systems
USA,
Inc.
...............................................
1,380
1,903
Primoris
Services
Corp.
..................................................
11,930
1,706
3,609
Consumer
Discretionary
(11.4%):
Burlington
Stores,
Inc.
(a)
.................................................
5,420
1,764
Champion
Homes,
Inc.
(a)
.................................................
11,150
829
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
25,260
1,280
Five
Below,
Inc.
(a)
......................................................
6,110
1,396
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
10,860
999
Planet
Fitness,
Inc.
,
Class
A
(a)
.............................................
10,270
764
The
Gap,
Inc.
..........................................................
40,200
973
Wingstop,
Inc.
.........................................................
4,030
624
8,629
Consumer
Staples
(1.0%):
The
Vita
Coco
Co.,
Inc.
(a)
................................................
15,980
766
Electrical
Equipment
(3.9%):
Bloom
Energy
Corp.
,
Class
A
(a)
............................................
7,420
1,005
Nextpower,
Inc.
,
Class
A
(a)
................................................
16,330
1,969
2,974
Energy
(2.3%):
Permian
Resources
Corp.
,
Class
A
...........................................
51,620
1,101
Tidewater,
Inc.
(a)
.......................................................
8,120
678
1,779
Financials
(9.7%):
FirstCash
Holdings,
Inc.
..................................................
9,396
1,767
Palomar
Holdings,
Inc.
(a)
.................................................
7,610
909
Payoneer
Global,
Inc.
(a)
..................................................
151,210
730
Piper
Sandler
Cos
.......................................................
18,400
1,409
Wintrust
Financial
Corp.
..................................................
11,510
1,599
WisdomTree,
Inc.
.......................................................
64,786
943
7,357
Health
Care
(21.1%):
Ascendis
Pharma
A/S
,
ADR
(a)
.............................................
5,620
1,285
Bridgebio
Pharma,
Inc.
(a)
.................................................
23,260
1,727
Glaukos
Corp.
(a)
.......................................................
12,750
1,373
Guardant
Health,
Inc.
(a)
..................................................
22,800
2,106
HealthEquity,
Inc.
(a)
....................................................
8,870
741
Hinge
Health,
Inc.
,
Class
A
(a)
..............................................
21,854
843
Insmed,
Inc.
(a)
.........................................................
12,390
2,026
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
20,070
1,507
Natera,
Inc.
(a)
.........................................................
7,390
1,478
Penumbra,
Inc.
(a)
.......................................................
3,580
1,176
Revolution
Medicines,
Inc.
(a)
..............................................
7,810
760
Victory
Portfolios
Victory
RS
Select
Growth
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Waystar
Holding
Corp.
(a)
.................................................
42,701
$
1,029
16,051
Information
Technology
(23.2%):
Check
Point
Software
Technologies
Ltd.
(a)
....................................
8,490
1,213
Coherent
Corp.
(a)
......................................................
5,630
1,341
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
11,060
1,038
CyberArk
Software
Ltd.
(a)
................................................
3,450
155
Fabrinet
(a)
............................................................
4,370
2,279
HubSpot,
Inc.
(a)
.......................................................
3,840
937
Itron,
Inc.
(a)
..........................................................
10,750
963
Life360,
Inc.
(a)
(b)
......................................................
10,780
440
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
8,500
1,888
Mirion
Technologies,
Inc.
,
Class
A
(a)
........................................
49,531
921
Nebius
Group
NV
,
Class
A
(a)
(b)
............................................
6,560
681
Novanta,
Inc.
(a)
(b)
......................................................
4,740
560
Onto
Innovation,
Inc.
(a)
..................................................
5,750
1,179
Procore
Technologies,
Inc.
(a)
..............................................
25,840
1,473
Q2
Holdings,
Inc.
(a)
.....................................................
21,610
1,022
Riot
Platforms,
Inc.
(a)
...................................................
44,460
550
Semtech
Corp.
(a)
.......................................................
13,240
1,018
17,658
Machinery
(4.7%):
ESCO
Technologies,
Inc.
.................................................
3,620
1,019
Mueller
Water
Products,
Inc.
,
Class
A
........................................
37,080
1,019
SPX
Technologies,
Inc.
(a)
.................................................
7,860
1,571
3,609
Materials
(3.3%):
Avient
Corp.
..........................................................
25,230
916
Balchem
Corp.
.........................................................
9,350
1,585
2,501
Trading
Companies
&
Distributors
(2.3%):
Applied
Industrial
Technologies,
Inc.
.........................................
6,470
1,717
Total
Common
Stocks
(Cost
$61,364)
a
a
a
76,172
Collateral
for
Securities
Loaned
(1.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
320,325
321
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
320,325
320
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
320,325
320
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
320,325
320
Total
Collateral
for
Securities
Loaned
(Cost
$1,281)
a
a
a
1,281
Total
Investments
(Cost
$62,645)
—
101.9%
77,453
Liabilities
in
excess
of
other
assets
—  (1.9)%
(1,424)
NET
ASSETS
-
100.00%
$
76,029
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Mid
Cap
Growth
Fund
74
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Aerospace
&
Defense
(14.5%):
Axon
Enterprise,
Inc.
(a)
..................................................
1,670
$
709
BWX
Technologies,
Inc.
..................................................
3,740
765
FTAI
Aviation
Ltd.
......................................................
5,830
1,428
HEICO
Corp.
,
Class
A
...................................................
2,920
616
Howmet
Aerospace,
Inc.
..................................................
9,260
2,134
Mercury
Systems,
Inc.
(a)
.................................................
16,300
1,189
Rocket
Lab
Corp.
(a)
.....................................................
9,050
581
Woodward,
Inc.
........................................................
4,520
1,618
9,040
Building
Products
(0.3%):
Builders
FirstSource,
Inc.
(a)
...............................................
2,330
192
Commercial
Services
&
Supplies
(0.5%):
Clean
Harbors,
Inc.
(a)
...................................................
1,000
287
Communication
Services
(4.5%):
Pinterest,
Inc.
,
Class
A
(a)
.................................................
21,630
397
Reddit,
Inc.
,
Class
A
(a)
...................................................
5,420
730
ROBLOX
Corp.
,
Class
A
(a)
...............................................
15,130
856
Take-Two
Interactive
Software,
Inc.
(a)
........................................
4,250
839
2,822
Construction
&
Engineering
(4.0%):
Comfort
Systems
USA,
Inc.
...............................................
930
1,282
Quanta
Services,
Inc.
....................................................
2,220
1,219
2,501
Consumer
Discretionary
(17.4%):
Burlington
Stores,
Inc.
(a)
.................................................
5,380
1,751
Carvana
Co.
,
Class
A
(a)
..................................................
3,360
1,056
Champion
Homes,
Inc.
(a)
.................................................
3,990
297
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
11,430
579
Five
Below,
Inc.
(a)
......................................................
3,410
779
Flutter
Entertainment
PLC
,
Class
DI
(a)
.......................................
2,380
243
Hilton
Worldwide
Holdings,
Inc.
............................................
6,050
1,840
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
4,840
445
Planet
Fitness,
Inc.
,
Class
A
(a)
.............................................
10,040
747
Royal
Caribbean
Cruises
Ltd.
..............................................
6,790
1,868
Ulta
Beauty,
Inc.
(a)
.....................................................
1,630
852
Wingstop,
Inc.
.........................................................
2,520
390
10,847
Consumer
Staples
(2.3%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
5,000
492
Celsius
Holdings,
Inc.
(a)
..................................................
10,970
389
Maplebear,
Inc.
(a)
......................................................
13,710
514
1,395
Electrical
Equipment
(5.5%):
Rockwell
Automation,
Inc.
................................................
3,080
1,105
Vertiv
Holdings
Co.
,
Class
A
...............................................
9,240
2,316
3,421
Energy
(3.8%):
Cheniere
Energy,
Inc.
....................................................
2,180
619
Diamondback
Energy,
Inc.
................................................
1,670
330
Permian
Resources
Corp.
,
Class
A
...........................................
19,520
416
Targa
Resources
Corp.
...................................................
3,830
960
2,325
Financials
(11.2%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
12,620
578
Victory
Portfolios
Victory
RS
Mid
Cap
Growth
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Ameriprise
Financial,
Inc.
.................................................
1,930
$
858
FirstCash
Holdings,
Inc.
..................................................
3,630
682
Huntington
Bancshares,
Inc.
...............................................
34,320
537
LPL
Financial
Holdings,
Inc.
...............................................
2,610
785
MSCI,
Inc.
,
Class
A
.....................................................
1,140
615
Piper
Sandler
Cos
.......................................................
10,240
784
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
3,390
235
Toast,
Inc.
,
Class
A
(a)
....................................................
11,360
301
Tradeweb
Markets,
Inc.
,
Class
A
............................................
4,490
528
Wintrust
Financial
Corp.
..................................................
4,100
570
WisdomTree,
Inc.
.......................................................
35,370
515
6,988
Health
Care
(14.7%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
2,000
662
Ascendis
Pharma
A/S
,
ADR
(a)
.............................................
2,620
599
Bridgebio
Pharma,
Inc.
(a)
.................................................
4,970
369
Cencora,
Inc.
..........................................................
4,330
1,360
Dexcom,
Inc.
(a)
........................................................
11,310
710
Guardant
Health,
Inc.
(a)
..................................................
4,220
390
HealthEquity,
Inc.
(a)
....................................................
5,720
478
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,840
1,034
Insmed,
Inc.
(a)
.........................................................
2,730
446
Insulet
Corp.
(a)
........................................................
2,630
552
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
7,520
565
Natera,
Inc.
(a)
.........................................................
5,090
1,018
Penumbra,
Inc.
(a)
.......................................................
370
121
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,220
390
Waystar
Holding
Corp.
(a)
.................................................
19,192
463
9,157
Information
Technology
(16.8%):
AppLovin
Corp.
,
Class
A
(a)
...............................................
1,370
545
Cloudflare,
Inc.
,
Class
A
(a)
................................................
8,800
1,816
Coherent
Corp.
(a)
......................................................
3,250
774
CyberArk
Software
Ltd.
(a)
................................................
870
39
Datadog,
Inc.
,
Class
A
(a)
.................................................
6,960
822
Dynatrace,
Inc.
(a)
......................................................
13,870
513
Fair
Isaac
Corp.
(a)
......................................................
470
502
HubSpot,
Inc.
(a)
.......................................................
1,910
466
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
4,960
1,101
Monolithic
Power
Systems,
Inc.
............................................
1,720
1,881
Nebius
Group
NV
,
Class
A
(a)
(b)
............................................
5,360
556
Novanta,
Inc.
(a)
........................................................
5,600
661
Teradyne,
Inc.
.........................................................
1,520
451
Zscaler,
Inc.
(a)
.........................................................
2,370
333
10,460
Machinery
(1.7%):
Mueller
Water
Products,
Inc.
,
Class
A
........................................
16,650
458
SPX
Technologies,
Inc.
(a)
.................................................
3,090
618
1,076
Trading
Companies
&
Distributors
(1.1%):
Applied
Industrial
Technologies,
Inc.
.........................................
2,570
682
Utilities
(1.2%):
Constellation
Energy
Corp.
................................................
2,640
737
Total
Common
Stocks
(Cost
$50,375)
a
a
a
61,930
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
125,023
125
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
125,023
125
Victory
Portfolios
Victory
RS
Mid
Cap
Growth
Fund
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
125,023
$
125
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
125,023
125
Total
Collateral
for
Securities
Loaned
(Cost
$500)
a
a
a
500
Total
Investments
(Cost
$50,875)
—
100.3%
62,430
Liabilities
in
excess
of
other
assets
—  (0.3)%
(192)
NET
ASSETS
-
100.00%
$
62,238
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Growth
Fund
77
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.9%)
Communication
Services
(12.7%):
Alphabet,
Inc.,
Class
C
...................................................
70,630
$
20,261
Meta
Platforms,
Inc.,
Class
A
..............................................
25,310
14,481
Netflix,
Inc.(a)
.........................................................
52,270
5,026
Reddit,
Inc.,
Class
A(a)
...................................................
20,940
2,819
42,587
Communications
Equipment
(1.3%):
Arista
Networks,
Inc.(a)
..................................................
35,460
4,354
Consumer
Discretionary
(11.7%):
Amazon.com,
Inc.(a)
....................................................
80,940
16,858
Burlington
Stores,
Inc.(a)
.................................................
12,740
4,145
Hilton
Worldwide
Holdings,
Inc.
............................................
9,580
2,913
Royal
Caribbean
Cruises
Ltd.
..............................................
5,330
1,467
Tesla,
Inc.(a)
..........................................................
29,210
10,859
Ulta
Beauty,
Inc.(a)
.....................................................
5,600
2,927
39,169
Consumer
Staples
(3.4%):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
23,090
2,272
Costco
Wholesale
Corp.
..................................................
5,650
5,630
The
Coca-Cola
Co.
......................................................
44,970
3,420
11,322
Energy
(0.5%):
Diamondback
Energy,
Inc.
................................................
8,510
1,683
Financials
(6.3%):
Huntington
Bancshares,
Inc.
...............................................
220,820
3,456
LPL
Financial
Holdings,
Inc.
...............................................
8,000
2,407
The
Progressive
Corp.
...................................................
8,430
1,671
Tradeweb
Markets,
Inc.,
Class
A
............................................
24,070
2,832
Visa,
Inc.,
Class
A
......................................................
35,867
10,840
21,206
Health
Care
(8.0%):
Argenx
SE,
ADR(a)
.....................................................
3,750
2,738
Cencora
,
Inc.
..........................................................
4,990
1,568
Dexcom,
Inc.(a)
........................................................
32,590
2,047
Eli
Lilly
&
Co.
.........................................................
14,650
13,475
Intuitive
Surgical,
Inc.(a)
.................................................
5,040
2,323
Natera
,
Inc.(a)
.........................................................
19,490
3,898
UnitedHealth
Group,
Inc.
.................................................
3,320
898
26,947
Industrials
(7.4%):
BWX
Technologies,
Inc.
..................................................
13,170
2,693
Clean
Harbors,
Inc.(a)
...................................................
5,910
1,694
Comfort
Systems
USA,
Inc.
...............................................
1,630
2,248
FTAI
Aviation
Ltd.
......................................................
8,710
2,134
GE
Vernova
,
Inc.
.......................................................
1,680
1,466
HEICO
Corp.,
Class
A
...................................................
11,430
2,413
Howmet
Aerospace,
Inc.
..................................................
15,660
3,609
Quanta
Services,
Inc.
....................................................
6,810
3,739
Uber
Technologies,
Inc.(a)
................................................
32,390
2,330
Woodward,
Inc.
........................................................
7,090
2,538
24,864
IT
Services
(0.7%):
Snowflake,
Inc.,
Class
A(a)
................................................
15,590
2,351
Semiconductors
&
Semiconductor
Equipment
(23.3%):
Broadcom,
Inc.
........................................................
38,610
11,950
Lam
Research
Corp.
.....................................................
37,870
8,091
Monolithic
Power
Systems,
Inc.
............................................
5,560
6,079
Victory
Portfolios
Victory
RS
Growth
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
NVIDIA
Corp.
.........................................................
277,670
$
48,426
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
10,580
3,576
78,122
Software
(13.9%):
AppLovin
Corp.,
Class
A(a)
...............................................
9,010
3,586
Autodesk,
Inc.(a)
.......................................................
8,100
1,939
Microsoft
Corp.
........................................................
79,910
29,580
Oracle
Corp.
..........................................................
17,140
2,521
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
9,930
1,453
Palo
Alto
Networks,
Inc.(a)
................................................
13,420
2,151
ServiceNow,
Inc.(a)
.....................................................
34,850
3,644
Synopsys,
Inc.(a)
.......................................................
4,290
1,701
46,575
Technology
Hardware,
Storage
&
Peripherals
(10.7%):
Apple,
Inc.
...........................................................
140,958
35,774
Total
Common
Stocks
(Cost
$131,650)
a
a
a
334,954
Total
Investments
(Cost
$131,650)
—
99.9%
334,954
Other
assets
in
excess
of
liabilities
—  0.1%
500
NET
ASSETS
-
100.00%
$
335,454
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Science
and
Technology
Fund
79
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.4%)
Communication
Services
(11.6%):
Meta
Platforms,
Inc.
,
Class
A
..............................................
19,570
$
11,197
Netflix,
Inc.
(a)
.........................................................
54,790
5,268
Reddit,
Inc.
,
Class
A
(a)
...................................................
19,390
2,611
Take-Two
Interactive
Software,
Inc.
(a)
........................................
15,110
2,984
22,060
Communications
Equipment
(1.5%):
Arista
Networks,
Inc.
(a)
..................................................
23,670
2,906
Consumer
Discretionary
(4.9%):
Amazon.com,
Inc.
(a)
....................................................
39,730
8,274
Navan,
Inc.
,
Class
A
(a)
...................................................
74,010
980
9,254
Consumer
Staples
(0.7%):
Maplebear,
Inc.
(a)
......................................................
34,060
1,276
Electronic
Equipment,
Instruments
&
Components
(5.2%):
Coherent
Corp.
(a)
......................................................
22,630
5,391
Fabrinet
(a)
............................................................
6,010
3,134
Novanta,
Inc.
(a)
(b)
......................................................
10,910
1,289
9,814
Financials
(2.1%):
HCI
Group,
Inc.
........................................................
6,610
1,022
Visa,
Inc.
,
Class
A
......................................................
9,530
2,880
3,902
Health
Care
(21.4%):
Absci
Corp.
(a)
.........................................................
94,000
282
AnaptysBio,
Inc.
(a)
.....................................................
48,060
2,665
Apogee
Therapeutics,
Inc.
(a)
...............................................
19,460
1,638
Bridgebio
Pharma,
Inc.
(a)
.................................................
41,450
3,078
CAMP4
Therapeutics
Corp.
(a)
.............................................
58,930
260
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
36,900
1,340
Disc
Medicine,
Inc.
,
Class
A
(a)
.............................................
16,460
1,052
Dyne
Therapeutics,
Inc.
(a)
................................................
26,690
484
Eli
Lilly
&
Co.
.........................................................
2,900
2,667
Guardant
Health,
Inc.
(a)
..................................................
57,430
5,305
Ideaya
Biosciences,
Inc.
(a)
................................................
41,070
1,369
Insmed,
Inc.
(a)
.........................................................
16,180
2,646
Kymera
Therapeutics,
Inc.
(a)
..............................................
9,330
777
Natera,
Inc.
(a)
.........................................................
13,690
2,738
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
65,840
982
ORIC
Pharmaceuticals,
Inc.
(a)
.............................................
92,540
1,173
Protagonist
Therapeutics,
Inc.
(a)
............................................
20,020
2,110
Revolution
Medicines,
Inc.
(a)
..............................................
39,270
3,819
Spyre
Therapeutics,
Inc.
(a)
................................................
19,808
999
Twist
Bioscience
Corp.
(a)
.................................................
29,460
1,400
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
4,230
1,889
Viridian
Therapeutics,
Inc.
(a)
..............................................
64,180
1,255
Zymeworks,
Inc.
(a)
.....................................................
21,440
537
40,465
Industrials
(0.4%):
Red
Cat
Holdings,
Inc.
(a)
(b)
...............................................
55,260
723
IT
Services
(1.4%):
Snowflake,
Inc.
,
Class
A
(a)
................................................
14,080
2,124
Wix.com
Ltd.
(a)
........................................................
6,040
544
2,668
Semiconductors
&
Semiconductor
Equipment
(25.9%):
Broadcom,
Inc.
........................................................
7,250
2,244
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
21,450
2,014
Impinj,
Inc.
(a)
.........................................................
10,960
1,126
Victory
Portfolios
Victory
RS
Science
and
Technology
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Lam
Research
Corp.
.....................................................
16,910
$
3,613
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
33,350
7,406
MaxLinear,
Inc.
,
Class
A
(a)
................................................
137,300
2,388
Monolithic
Power
Systems,
Inc.
............................................
5,090
5,565
NVIDIA
Corp.
.........................................................
110,220
19,222
Semtech
Corp.
(a)
.......................................................
42,650
3,279
Silicon
Motion
Technology
Corp.
,
ADR
.......................................
19,230
2,159
49,016
Software
(24.3%):
AppLovin
Corp.
,
Class
A
(a)
...............................................
18,770
7,470
CyberArk
Software
Ltd.
(a)
................................................
6,210
279
Dynatrace,
Inc.
(a)
......................................................
27,990
1,035
JFrog
Ltd.
(a)
..........................................................
49,560
2,326
Klaviyo,
Inc.
,
Class
A
(a)
..................................................
78,140
1,521
Microsoft
Corp.
........................................................
34,250
12,678
Nebius
Group
NV
,
Class
A
(a)
(b)
............................................
20,520
2,129
Oracle
Corp.
..........................................................
24,070
3,541
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
11,150
1,631
Palo
Alto
Networks,
Inc.
(a)
................................................
13,665
2,191
Riot
Platforms,
Inc.
(a)
...................................................
60,160
744
Rubrik,
Inc.
,
Class
A
(a)
..................................................
15,050
737
Samsara,
Inc.
,
Class
A
(a)
.................................................
26,280
833
ServiceNow,
Inc.
(a)
.....................................................
37,140
3,883
Synopsys,
Inc.
(a)
.......................................................
5,330
2,113
Trimble,
Inc.
(a)
........................................................
14,300
933
Varonis
Systems,
Inc.
,
Class
B
(a)
...........................................
90,130
1,935
45,979
Total
Common
Stocks
(Cost
$91,800)
a
a
a
188,063
Warrants
(0.0%)(c)
Health
Care
(0.0%):(c)
Athenex,
Inc.
,
expiring
8/15/27
(a)
(d)
.........................................
1,346,518
—
(e)
Total
Warrants
(Cost
$14)
a
a
a
—
(e)
Collateral
for
Securities
Loaned
(1.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(f)
........
816,020
816
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(f)
............
816,020
816
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(f)
................
816,020
816
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(f)
.
816,020
816
Total
Collateral
for
Securities
Loaned
(Cost
$3,264)
a
a
a
3,264
Total
Investments
(Cost
$95,078)
—
101.1%
191,327
Liabilities
in
excess
of
other
assets
—  (1.1)%
(2,157)
NET
ASSETS
-
100.00%
$
189,170
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
International
Fund
81
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.3%)
Australia
(5.7%):
Consumer
Discretionary
(0.9%):
Aristocrat
Leisure
Ltd.
...................................................
175,960
$
5,592
Financials
(1.1%):
Macquarie
Group
Ltd.
...................................................
47,074
6,686
Health
Care
(0.4%):
CSL
Ltd.
.............................................................
23,187
2,277
Materials
(2.4%):
BHP
Group
Ltd.
........................................................
405,856
14,681
Real
Estate
(0.9%):
Scentre
Group
.........................................................
2,502,577
5,773
35,009
Austria
(1.2%):
Financials
(1.2%):
BAWAG
Group
AG
(a)
(b)
.................................................
49,105
7,464
Denmark
(0.7%):
Consumer
Discretionary
(0.3%):
Pandora
A/S
..........................................................
24,598
1,759
Health
Care
(0.4%):
Novo
Nordisk
A/S
,
Class
B
................................................
67,277
2,462
4,221
Finland
(1.3%):
Financials
(1.3%):
Nordea
Bank
Abp
.......................................................
474,602
8,171
France
(8.8%):
Consumer
Discretionary
(1.3%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
14,958
8,176
Consumer
Staples
(1.5%):
L'Oreal
SA
...........................................................
22,812
9,313
Energy
(0.7%):
Gaztransport
Et
Technigaz
SA
..............................................
16,999
3,998
Industrials
(4.4%):
Eiffage
SA
............................................................
49,849
7,644
Rexel
SA
.............................................................
170,369
6,750
Safran
SA
............................................................
39,880
13,048
27,442
Information
Technology
(0.2%):
Capgemini
SE
.........................................................
9,242
1,090
Materials
(0.7%):
Arkema
SA
...........................................................
64,314
4,415
54,434
Germany
(9.0%):
Communication
Services
(0.3%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
35,507
2,079
Consumer
Discretionary
(0.9%):
Volkswagen
AG
,
Preference
Shares
..........................................
51,601
5,278
Financials
(2.6%):
Allianz
SE
,
Registered
Shares
..............................................
38,456
16,239
Industrials
(2.3%):
Siemens
AG
,
Registered
Shares
.............................................
59,097
14,396
Information
Technology
(1.0%):
SAP
SE
..............................................................
37,371
6,370
Victory
Portfolios
Victory
RS
International
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Materials
(0.8%):
Heidelberg
Materials
AG
.................................................
21,788
$
4,597
Utilities
(1.1%):
RWE
AG
.............................................................
103,770
6,981
55,940
Hong
Kong
(3.1%):
Financials
(2.0%):
AIA
Group
Ltd.
........................................................
1,117,800
12,421
Real
Estate
(1.1%):
CK
Asset
Holdings
Ltd.
..................................................
1,154,500
6,606
19,027
Ireland
(0.6%):
Materials
(0.6%):
James
Hardie
Industries
PLC
(a)
............................................
188,965
3,484
Italy
(2.6%):
Financials
(1.1%):
Banco
BPM
SpA
.......................................................
500,431
6,960
Utilities
(1.5%):
Enel
SpA
.............................................................
825,701
9,026
15,986
Japan
(22.4%):
Communication
Services
(0.3%):
Kakaku.com,
Inc.
.......................................................
146,300
1,926
Consumer
Discretionary
(4.3%):
Asics
Corp.
...........................................................
250,300
6,730
Open
House
Group
Co.
Ltd.
...............................................
63,400
4,064
Toyota
Motor
Corp.
.....................................................
757,600
15,750
26,544
Consumer
Staples
(0.6%):
Toyo
Suisan
Kaisha
Ltd.
(c)
................................................
52,600
3,700
Financials
(3.8%):
Mizuho
Financial
Group,
Inc.
..............................................
325,800
13,191
Tokio
Marine
Holdings,
Inc.
...............................................
226,700
10,642
23,833
Health
Care
(2.9%):
Hoya
Corp.
...........................................................
61,500
10,663
Shionogi
&
Co.
Ltd.
.....................................................
345,500
7,643
18,306
Industrials
(5.9%):
Fuji
Electric
Co.
Ltd.
....................................................
140,300
9,829
MISUMI
Group,
Inc.
....................................................
324,900
5,570
Mitsubishi
Heavy
Industries
Ltd.
............................................
376,100
10,335
Nippon
Yusen
KK
(c)
....................................................
155,400
5,709
Sanwa
Holdings
Corp.
...................................................
214,500
4,879
36,322
Information
Technology
(3.2%):
Disco
Corp.
...........................................................
22,800
9,294
Fujitsu
Ltd.
...........................................................
321,100
6,567
Oracle
Corp.
..........................................................
69,700
3,795
19,656
Real
Estate
(1.4%):
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
299,200
8,491
138,778
Victory
Portfolios
Victory
RS
International
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Netherlands
(7.4%):
Communication
Services
(1.1%):
Koninklijke
KPN
NV
....................................................
1,237,781
$
6,898
Financials
(2.1%):
ING
Groep
NV
........................................................
500,330
12,985
Industrials
(0.4%):
Wolters
Kluwer
NV
.....................................................
33,895
2,531
Information
Technology
(3.8%):
ASML
Holding
NV
.....................................................
17,810
23,680
46,094
New
Zealand
(0.7%):
Health
Care
(0.7%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
205,631
4,457
Norway
(1.5%):
Industrials
(1.5%):
Kongsberg
Gruppen
ASA
.................................................
217,022
9,269
Singapore
(1.1%):
Financials
(1.1%):
Singapore
Exchange
Ltd.
.................................................
465,800
7,108
Spain
(3.6%):
Financials
(2.3%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
664,861
14,359
Industrials
(1.3%):
Aena
SME
SA
(b)
.......................................................
259,948
7,689
22,048
Sweden
(1.4%):
Industrials
(1.4%):
Atlas
Copco
AB
,
Class
B
.................................................
567,232
8,872
Switzerland
(11.3%):
Consumer
Staples
(3.4%):
Coca-Cola
HBC
AG
(a)
...................................................
129,783
7,310
Nestle
SA
,
Registered
Shares
..............................................
138,504
13,589
20,899
Financials
(1.3%):
Partners
Group
Holding
AG
...............................................
2,925
3,153
UBS
Group
AG
........................................................
131,453
5,127
8,280
Health
Care
(5.9%):
Novartis
AG
,
Registered
Shares
.............................................
123,175
18,912
Roche
Holding
AG
......................................................
43,967
17,551
36,463
Information
Technology
(0.7%):
Logitech
International
SA
,
Registered
Shares
...................................
45,463
4,223
69,865
United
Kingdom
(15.4%):
Communication
Services
(0.1%):
Auto
Trader
Group
PLC
(b)
................................................
122,013
763
Consumer
Discretionary
(0.8%):
Next
PLC
............................................................
28,768
4,860
Consumer
Staples
(1.4%):
Imperial
Brands
PLC
....................................................
215,663
8,743
Energy
(3.5%):
BP
PLC
..............................................................
703,365
5,504
Shell
PLC
............................................................
350,253
16,220
21,724
Victory
Portfolios
Victory
RS
International
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Financials
(4.1%):
Barclays
PLC
.........................................................
1,765,617
$
9,239
HSBC
Holdings
PLC
....................................................
978,044
16,059
25,298
Health
Care
(1.7%):
GSK
PLC
............................................................
389,785
10,735
Industrials
(0.8%):
Howden
Joinery
Group
PLC
...............................................
450,957
4,776
Materials
(1.8%):
Rio
Tinto
PLC
.........................................................
122,941
11,404
Utilities
(1.2%):
Centrica
PLC
..........................................................
2,527,308
7,155
95,458
United
States
(0.5%):
Consumer
Discretionary
(0.5%):
Carnival
PLC
..........................................................
133,251
3,398
Total
Common
Stocks
(Cost
$447,028)
609,083
Collateral
for
Securities
Loaned
(0.9%)^
United
States
(0.9%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(d)
........
1,403,824
1,403
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(d)
............
1,403,824
1,404
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(d)
...............
1,403,824
1,404
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(d)
.
1,403,824
1,404
Total
Collateral
for
Securities
Loaned
(Cost
$5,615)
5,615
Total
Investments
(Cost
$452,643)
—
99.2%
614,698
Other
assets
in
excess
of
liabilities
—
0.8%
5,001
NET
ASSETS
-
100.00%
$
619,699
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$15,916
(thousands)
and
amounted
to
2.6%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
RS
Global
Fund
85
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(96.4%)
Australia
(0.5%):
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
299,934
$
9,531
Austria
(1.2%):
Financials
(1.2%):
BAWAG
Group
AG
(a)
(b)
.................................................
134,210
20,401
Canada
(2.7%):
Consumer
Staples
(0.7%):
George
Weston
Ltd.
.....................................................
179,300
12,669
Information
Technology
(0.3%):
Constellation
Software,
Inc.
...............................................
3,467
6,087
Materials
(1.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
99,360
20,171
Utilities
(0.5%):
Atco
Ltd.
,
Class
I
.......................................................
183,915
9,004
47,931
China
(2.1%):
Communication
Services
(1.1%):
Tencent
Holdings
Ltd.
...................................................
303,100
19,118
Financials
(1.0%):
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
18,890,000
16,651
35,769
France
(2.0%):
Energy
(0.8%):
Gaztransport
Et
Technigaz
SA
..............................................
59,402
13,969
Industrials
(1.2%):
Eiffage
SA
............................................................
77,631
11,905
Rexel
SA
.............................................................
232,384
9,207
21,112
35,081
Germany
(1.1%):
Industrials
(0.7%):
Siemens
AG
,
Registered
Shares
.............................................
47,895
11,667
Materials
(0.4%):
Heidelberg
Materials
AG
.................................................
37,276
7,866
19,533
Indonesia
(0.6%):
Communication
Services
(0.6%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
57,805,200
10,454
Ireland
(0.6%):
Industrials
(0.6%):
Eaton
Corp.
PLC
.......................................................
30,647
10,961
Italy
(0.7%):
Utilities
(0.7%):
Enel
SpA
.............................................................
1,066,365
11,657
Japan
(4.8%):
Communication
Services
(0.3%):
Kakaku.com,
Inc.
(c)
.....................................................
369,400
4,863
Consumer
Discretionary
(0.4%):
Open
House
Group
Co.
Ltd.
...............................................
113,100
7,250
Consumer
Staples
(0.5%):
Toyo
Suisan
Kaisha
Ltd.
(c)
................................................
118,600
8,342
Victory
Portfolios
Victory
RS
Global
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Financials
(1.2%):
Mizuho
Financial
Group,
Inc.
..............................................
498,000
$
20,163
Health
Care
(0.8%):
Hoya
Corp.
...........................................................
83,900
14,546
Industrials
(0.6%):
Fuji
Electric
Co.
Ltd.
....................................................
153,400
10,747
Information
Technology
(1.0%):
Disco
Corp.
...........................................................
22,200
9,049
Oracle
Corp.
..........................................................
149,300
8,129
17,178
83,089
Netherlands
(1.1%):
Information
Technology
(1.1%):
ASML
Holding
NV
.....................................................
14,258
18,957
New
Zealand
(0.7%):
Health
Care
(0.7%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
559,642
12,130
Norway
(0.9%):
Industrials
(0.9%):
Kongsberg
Gruppen
ASA
.................................................
357,965
15,288
Singapore
(1.2%):
Financials
(1.2%):
Singapore
Exchange
Ltd.
.................................................
1,341,500
20,469
South
Korea
(0.5%):
Consumer
Discretionary
(0.5%):
Kia
Corp.
............................................................
91,134
9,000
Spain
(1.7%):
Financials
(1.2%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
985,389
21,281
Industrials
(0.5%):
Aena
SME
SA
(b)
.......................................................
295,862
8,752
30,033
Sweden
(0.5%):
Industrials
(0.5%):
Atlas
Copco
AB
,
Class
B
.................................................
575,858
9,007
Switzerland
(4.1%):
Consumer
Staples
(1.0%):
Nestle
SA
,
Registered
Shares
..............................................
185,224
18,173
Financials
(1.2%):
Chubb
Ltd.
...........................................................
44,764
14,590
Partners
Group
Holding
AG
(c)
.............................................
5,530
5,962
20,552
Health
Care
(1.3%):
Roche
Holding
AG
......................................................
55,047
21,974
Information
Technology
(0.6%):
Logitech
International
SA
,
Registered
Shares
...................................
108,018
10,034
70,733
Taiwan
(4.4%):
Financials
(1.1%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
8,105,000
18,124
Information
Technology
(3.3%):
Lite-On
Technology
Corp.
................................................
1,902,000
8,705
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
847,000
48,994
57,699
75,823
Victory
Portfolios
Victory
RS
Global
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
United
Kingdom
(3.9%):
Consumer
Discretionary
(0.5%):
Next
PLC
............................................................
56,416
$
9,530
Consumer
Staples
(0.8%):
Imperial
Brands
PLC
....................................................
329,914
13,375
Financials
(1.1%):
HSBC
Holdings
PLC
....................................................
1,136,755
18,666
Industrials
(0.6%):
Howden
Joinery
Group
PLC
...............................................
1,090,965
11,554
Materials
(0.9%):
Rio
Tinto
PLC
.........................................................
168,481
15,628
68,753
United
States
(61.1%):
Communication
Services
(6.5%):
Alphabet,
Inc.
,
Class
C
...................................................
225,256
64,617
Meta
Platforms,
Inc.
,
Class
A
..............................................
52,981
30,312
Netflix,
Inc.
(a)
.........................................................
186,802
17,961
112,890
Consumer
Discretionary
(6.8%):
Amazon.com,
Inc.
(a)
....................................................
171,142
35,644
Booking
Holdings,
Inc.
...................................................
3,027
12,744
Carnival
Corp.
.........................................................
308,838
7,993
McDonald's
Corp.
......................................................
76,218
23,688
PulteGroup,
Inc.
........................................................
114,134
13,423
Tesla,
Inc.
(a)
..........................................................
43,139
16,037
The
Gap,
Inc.
..........................................................
346,403
8,383
117,912
Consumer
Staples
(2.3%):
Colgate-Palmolive
Co.
...................................................
252,997
21,563
PepsiCo,
Inc.
..........................................................
125,281
19,455
41,018
Energy
(3.7%):
APA
Corp.
............................................................
431,779
18,325
ConocoPhillips
Co.
.....................................................
81,202
10,718
Exxon
Mobil
Corp.
.....................................................
204,991
34,779
63,822
Financials
(7.6%):
Bank
of
America
Corp.
...................................................
341,455
16,646
Jackson
Financial,
Inc.
,
Class
A
.............................................
120,566
12,746
JPMorgan
Chase
&
Co.
..................................................
89,241
26,251
Mastercard,
Inc.
,
Class
A
.................................................
49,292
24,629
S&P
Global,
Inc.
.......................................................
32,699
13,908
Synchrony
Financial
.....................................................
137,508
9,354
The
PNC
Financial
Services
Group,
Inc.
......................................
68,927
14,343
Unum
Group
..........................................................
192,184
14,035
131,912
Health
Care
(6.0%):
Amgen,
Inc.
...........................................................
40,698
14,319
Dexcom,
Inc.
(a)
........................................................
131,557
8,262
Eli
Lilly
&
Co.
.........................................................
30,190
27,768
Gilead
Sciences,
Inc.
....................................................
130,578
18,199
IDEXX
Laboratories,
Inc.
(a)
...............................................
23,305
13,095
Johnson
&
Johnson
.....................................................
95,504
23,345
104,988
Industrials
(4.1%):
Caterpillar,
Inc.
........................................................
38,682
27,405
Curtiss-Wright
Corp.
....................................................
32,026
21,813
Delta
Air
Lines,
Inc.
.....................................................
155,033
10,307
Victory
Portfolios
Victory
RS
Global
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Vertiv
Holdings
Co.
,
Class
A
...............................................
49,904
$
12,505
72,030
Information
Technology
(18.8%):
Adobe,
Inc.
(a)
.........................................................
38,042
9,247
Apple,
Inc.
...........................................................
322,865
81,940
Broadcom,
Inc.
........................................................
77,203
23,895
Cisco
Systems,
Inc.
.....................................................
228,036
17,693
Fortinet,
Inc.
(a)
........................................................
229,894
18,787
Micron
Technology,
Inc.
..................................................
46,444
15,691
Microsoft
Corp.
........................................................
151,762
56,178
NVIDIA
Corp.
.........................................................
489,259
85,327
Texas
Instruments,
Inc.
...................................................
94,332
18,313
327,071
Materials
(1.5%):
Alcoa
Corp.
...........................................................
198,517
13,168
Freeport-McMoRan,
Inc.
.................................................
223,657
13,146
26,314
Real
Estate
(1.9%):
Prologis,
Inc.
..........................................................
111,640
14,757
Simon
Property
Group,
Inc.
...............................................
103,125
19,236
33,993
Utilities
(1.9%):
Constellation
Energy
Corp.
................................................
32,904
9,188
Edison
International
.....................................................
195,204
14,285
National
Fuel
Gas
Co.
...................................................
110,329
10,367
33,840
1,065,790
Total
Common
Stocks
(Cost
$1,149,962)
1,680,390
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
,
expiring
3/31/40
(a)
(d)
..............................
3,376
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.3%)
United
States
(0.3%):
iShares
MSCI
ACWI
ETF
(c)
...............................................
36,187
5,007
Total
Exchange-Traded
Funds
(Cost
$4,004)
5,007
Collateral
for
Securities
Loaned
(0.5%)^
United
States
(0.5%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(e)
........
2,264,572
2,264
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(e)
............
2,420,764
2,421
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(e)
...............
2,264,572
2,264
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(e)
.
2,264,572
2,265
Total
Collateral
for
Securities
Loaned
(Cost
$9,214)
9,214
Total
Investments
(Cost
$1,163,180)
—
97.2%
1,694,611
Other
assets
in
excess
of
liabilities
—
2.8%
48,444
NET
ASSETS
-
100.00%
$
1,743,055
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$29,153
(thousands)
and
amounted
to
1.7%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
Victory
Portfolios
Victory
RS
Global
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
90
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(24.0%)
ABS
Auto
(12.7%):
Ally
Bank
Auto
Credit-Linked
Notes
,
Series
2025-B
,
Class
B
,
4
.50
%
,
9/15/33
,
Callable
10/15/28
@
100
(a)
..................................................
$
208
$
207
American
Credit
Acceptance
Receivables
Trust
,
Series
2025-4
,
Class
C
,
4
.83
%
,
1/13/31
,
Callable
11/12/28
@
100
(a)
...........................................
200
200
American
Heritage
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.07
%
,
6/17/30
,
Callable
11/15/28
@
100
(a)
...........................................
127
128
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-8A
,
Class
B
,
6
.66
%
,
2/20/30
(a)
..
750
782
CarMax
Auto
Owner
Trust
,
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
10/15/26
@
100
250
251
Chesapeake
Funding
II
LLC
...............................................
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
77
78
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
382
385
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
200
202
Series
2024-3A
,
Class
B
,
4
.85
%
,
11/15/34
,
Callable
5/15/28
@
100
(a)
.............
250
248
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
...........................................................
250
254
Enterprise
Fleet
Financing
LLC
.............................................
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
500
514
Series
2024-1
,
Class
A2
,
5
.23
%
,
3/20/30
,
Callable
8/20/27
@
100
(a)
..............
168
169
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
328
336
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
10/15/28
@
100
(a)
............
202
205
Series
2026-1A
,
Class
B
,
4
.59
%
,
7/15/32
,
Callable
7/15/28
@
100
(a)
..............
150
148
First
Investors
Auto
Owner
Trust
,
Series
2025-1A
,
Class
B
,
4
.39
%
,
1/15/31
,
Callable
12/15/29
@
100
(a)
.........................................................
200
199
Ford
Credit
Auto
Lease
Trust
,
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
166
166
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-2A
,
Class
E
,
2
.87
%
,
5/15/28
,
Callable
4/15/26
@
100
(a)
.........................................................
203
201
GLS
Auto
Select
Receivables
Trust
,
Series
2023-2A
,
Class
C
,
7
.31
%
,
1/15/30
,
Callable
10/15/28
@
100
(a)
..................................................
500
520
GM
Financial
Automobile
Leasing
Trust
,
Series
2024-1
,
Class
B
,
5
.33
%
,
3/20/28
,
Callable
7/20/26
@
100
.....................................................
400
401
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
...........
750
757
Huntington
Bank
Auto
Credit-Linked
Notes
,
Series
2024-1
,
Class
B2
,
5
.07
%
(
SOFR30A
+
140
bps
)
,
5/20/32
,
Callable
11/20/27
@
100
(a)
(b)
...................
99
99
LAD
Auto
Receivables
Trust
,
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
1/15/28
@
100
(a)
...........................................................
400
405
Lobel
Automobile
Receivables
Trust
,
Series
2025-1
,
Class
C
,
5
.70
%
,
1/15/30
,
Callable
9/15/27
@
100
(a)
.........................................................
225
226
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
6/20/26
@
100
(a)
..............
127
127
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
250
252
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
.........................................................
463
469
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
12/10/28
@
100
(a)
...........................................................
350
351
PenFed
Auto
Receivables
Owner
Trust
,
Series
2024-A
,
Class
B
,
4
.97
%
,
5/15/30
,
Callable
11/15/28
@
100
(a)
..................................................
400
401
Prestige
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
C
,
5
.52
%
,
2/15/30
,
Callable
3/15/29
@
100
(a)
...........................................................
88
88
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2025-A
,
Class
C
,
4
.66
%
,
1/16/34
,
Callable
12/15/29
@
100
(a)
..................................................
250
250
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
225
228
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
250
255
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
60
60
Series
2026-A
,
Class
B
,
4
.28
%
,
3/25/33
,
Callable
12/25/29
@
100
(a)
..............
184
183
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
B
,
4
.79
%
,
6/20/29
,
Callable
12/20/27
@
100
(a)
...........................................
200
200
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
8/25/28
@
100
(a)
...................................................
$
185
$
185
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
11/25/26
@
100
(a)
.......
73
74
United
Auto
Credit
Securitization
Trust
,
Series
2026-1
,
Class
B
,
4
.63
%
,
5/10/29
(a)
........
250
248
Westlake
Automobile
Receivables
Trust
,
Series
2026-1A
,
Class
C
,
4
.37
%
,
6/16/31
,
Callable
9/15/29
@
100
(a)
...................................................
200
199
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2024-2A
,
Class
B
,
4
.84
%
,
6/21/39
(a)
................................
42
42
Series
2025-3A
,
Class
C
,
4
.79
%
,
9/18/40
(a)
................................
250
248
10,941
ABS
Card
(0.2%):
Trillium
Credit
Card
Trust
II
,
Series
2025-1A
,
Class
B
,
4
.41
%
,
9/26/30
(a)
..............
200
199
ABS
Other
(11.1%):
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
A2
,
5
.38
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
............................................
161
163
Ansley
Park
Capital
LLC
,
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
250
247
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
1/15/28
@
100
(a)
..............
206
209
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
123
125
Capital
Automotive
REIT
,
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........................................................
213
206
Capteris
Equipment
Finance
LLC
,
Series
2026-1A
,
Class
B
,
4
.95
%
,
9/20/33
,
Callable
5/20/30
@
100
(a)
.........................................................
250
249
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
468
470
CCG
Receivables
Trust
,
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
.
500
513
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
1/20/28
@
100
(a)
...........................................................
175
175
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
250
249
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
7/15/27
@
100
(a)
.........................................................
18
18
Crossroads
Asset
Trust
,
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
1/20/28
@
100
(a)
.
336
340
CyrusOne
Data
Centers
Issuer
I
LLC
,
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
...................................................
465
452
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A3
,
5
.90
%
,
3/15/27
,
Callable
10/15/26
@
100
.............................................................
110
110
Dell
Equipment
Finance
Trust
..............................................
Series
2023-3
,
Class
B
,
6
.05
%
,
4/23/29
,
Callable
5/22/26
@
100
(a)
...............
250
251
Series
2025-2
,
Class
C
,
4
.53
%
,
3/24/31
,
Callable
4/22/28
@
100
(a)
...............
150
150
Dext
ABS
LLC
,
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
.......
250
252
DLLMT
LLC
,
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
......
281
285
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2024-4
,
Class
B
,
4
.61
%
,
9/15/31
(a)
....
350
353
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
A3
,
6
.46
%
,
9/20/32
,
Callable
4/20/27
@
100
(a)
...................................................
13
13
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2025-1
,
Class
B
,
4
.77
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
...............
250
251
Series
2025-2
,
Class
B
,
4
.50
%
,
9/15/32
,
Callable
1/15/30
@
100
(a)
...............
150
149
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
1/20/27
@
100
(a)
..............
174
174
Series
2024-1A
,
Class
C
,
5
.33
%
,
5/20/31
,
Callable
8/20/27
@
100
(a)
..............
500
502
MMAF
Equipment
Finance
LLC
,
Series
2024-A
,
Class
A3
,
4
.95
%
,
7/14/31
,
Callable
10/13/30
@
100
(a)
.........................................................
250
252
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
12/15/28
@
100
(a)
..
133
133
NMEF
Funding
LLC
....................................................
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
350
352
Series
2025-B
,
Class
B
,
4
.73
%
,
1/18/33
,
Callable
1/15/29
@
100
(a)
...............
125
124
Series
2025-B
,
Class
C
,
5
.17
%
,
1/18/33
,
Callable
1/15/29
@
100
(a)
...............
175
175
PEAC
Solutions
Receivables
LLC
,
Series
2024-2A
,
Class
B
,
4
.83
%
,
10/20/31
,
Callable
6/20/27
@
100
(a)
...................................................
313
314
Post
Road
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
..................................................
424
428
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
200
194
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Retained
Vantage
Data
Centers
Issuer
LLC
,
Series
2025-1A
,
Class
A2A
,
5
.09
%
,
8/15/50
,
Callable
8/15/28
@
100
(a)
............................................
$
200
$
195
SCF
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
3/20/27
@
100
(a)
...........................................................
250
256
Tricon
Residential
Trust
,
Series
2024-SFR4
,
Class
B
,
4
.65
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(c)
.........................................................
300
295
VB-S1
Issuer
LLC
-
VBTEL
,
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
...........................................................
250
252
Verdant
Receivables
LLC
,
Series
2025-1A
,
Class
B
,
5
.37
%
,
5/12/33
,
Callable
9/12/29
@
100
(a)
...........................................................
250
251
Verizon
Master
Trust
,
Series
2024-2
,
Class
A
,
4
.83
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.
250
254
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
146
147
Series
2025-1A
,
Class
C
,
4
.76
%
,
9/20/33
,
Callable
10/20/28
@
100
(a)
.............
100
99
9,627
Total
Asset-Backed
Securities
(Cost
$20,587)
a
a
a
20,767
Collateralized
Mortgage
Obligations
(11.4%)
Agency
CMO
Other
(5.1%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
327
333
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
293
292
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
231
233
Series
5611
,
Class
LE
,
4
.50
%
,
8/25/49
....................................
183
180
Federal
National
Mortgage
Association
.......................................
Series
2011-21
,
Class
PA
,
4
.50
%
,
5/25/40
.................................
212
211
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
429
434
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
131
132
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
115
116
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
538
547
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
251
255
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
375
378
Series
2023-168
,
Class
GB
,
6
.00
%
,
2/20/50
................................
410
418
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
140
139
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
137
138
Series
2025-131
,
Class
CE
,
4
.50
%
,
12/20/53
...............................
366
366
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
289
290
4,462
Agency
Commercial
MBS
(0.3%):
Federal
National
Mortgage
Association
,
Series
2022-M2
,
Class
A2
,
2
.40
%
,
11/25/31
.......
250
227
Commercial
MBS
(6.0%):
ALA
Trust
,
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
......
150
150
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2020-MF1
,
Class
AS
,
3
.06
%
,
5/15/53
,
Callable
5/15/30
@
100
(a)
(d)
..........................................
200
187
BX
Trust
.............................................................
Series
2025-GW
,
Class
A
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
250
250
Series
2025-VOLT
,
Class
B
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
12/15/44
(a)
(b)
(c)
..........
197
195
Citigroup
Commercial
Mortgage
Trust
,
Series
2016-P4
,
Class
A4
,
2
.90
%
,
7/10/49
,
Callable
7/10/26
@
100
.....................................................
725
722
COMM
Mortgage
Trust
,
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
..............
300
313
CSAIL
Commercial
Mortgage
Trust
,
Series
2016-C6
,
Class
A5
,
3
.09
%
,
1/15/49
,
Callable
5/15/26
@
100
.....................................................
216
215
DBJPM
Mortgage
Trust
,
Series
2016-C1
,
Class
A4
,
3
.28
%
,
5/10/49
,
Callable
4/10/26
@
100
.
75
75
GFH
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
5
.15
%
,
6/15/33
(a)
(c)
.................
250
249
GS
Mortgage
Securities
Trust
,
Series
2016-GS2
,
Class
A4
,
3
.05
%
,
5/10/49
,
Callable
5/10/26
@
100
.............................................................
372
370
Hudson
Yards
Mortgage
Trust
,
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(c)
.......................................................
250
248
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
5
.51
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
250
250
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(c)
........
$
250
$
241
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C29
,
Class
A4
,
3
.33
%
,
5/15/49
,
Callable
1/15/28
@
100
........................................
83
83
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(c)
................
200
185
SHR
Trust
,
Series
2024-LXRY
,
Class
A
,
5
.62
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(c)
.....
211
210
SLG
Office
Trust
,
Series
2026-OMA
,
Class
A
,
4
.97
%
,
4/15/41
(a)
(c)
(d)
................
250
251
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
250
247
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-NXS6
,
Class
A4
,
2
.92
%
,
11/15/49
,
Callable
10/15/26
@
100
.............................................
750
746
5,187
Private
CMO
Other
(0.0%):(e)
GSR
Mortgage
Loan
Trust
,
Series
2004-15F
,
Class
5A1
,
5
.50
%
,
12/25/34
...............
13
11
Total
Collateralized
Mortgage
Obligations
(Cost
$9,707)
a
a
a
9,887
Corporate
Bonds
(31.5%)
Consumer
Discretionary
(1.7%):
Daimler
Truck
Finance
North
America
LLC
,
5
.25
%
,
1/13/30
,
Callable
12/13/29
@
100
(a)
...
250
254
General
Motors
Financial
Co.,
Inc.
,
5
.05
%
,
4/4/28
...............................
250
252
Mattel,
Inc.
,
5
.88
%
,
12/15/27
,
Callable
5/2/26
@
100
(a)
...........................
250
250
Volkswagen
Group
of
America
Finance
LLC
,
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
(a)
...
500
501
YMCA
of
Greater
New
York
,
5
.18
%
,
8/1/30
,
Callable
5/1/30
@
100
..................
250
252
1,509
Consumer
Staples
(0.4%):
Mars,
Inc.
,
4
.80
%
,
3/1/30
,
Callable
2/1/30
@
100
(a)
..............................
350
354
Energy
(0.7%):
Helmerich
&
Payne,
Inc.
,
4
.65
%
,
12/1/27
,
Callable
11/1/27
@
100
....................
350
350
HF
Sinclair
Corp.
,
5
.00
%
,
2/1/28
,
Callable
4/12/26
@
100
..........................
215
215
565
Financials
(19.2%):
Ally
Financial,
Inc.
,
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(b)
(f)
(g)
..........
150
149
American
Express
Co.
,
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(b)
(g)
.........
250
247
American
National
Group,
Inc.
,
5
.75
%
,
10/1/29
,
Callable
9/1/29
@
100
................
500
506
Ameriprise
Financial,
Inc.
,
5
.70
%
,
12/15/28
,
Callable
11/15/28
@
100
.................
350
362
Apollo
Global
Management,
Inc.
,
4
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
.............
150
149
Ares
Strategic
Income
Fund
,
5
.45
%
,
9/9/28
,
Callable
8/9/28
@
100
(a)
.................
200
198
Athene
Global
Funding
,
5
.52
%
,
3/25/27
(a)
.....................................
250
252
Atlas
Warehouse
Lending
Co.
LP
,
4
.63
%
,
11/15/28
,
Callable
10/15/28
@
100
(a)
..........
200
197
Aviation
Capital
Group
LLC
,
6
.75
%
,
10/25/28
,
Callable
9/25/28
@
100
(a)
..............
500
523
Bank
of
America
Corp.
,
4
.72
%
(
SOFR
+
105
bps
)
,
2/4/28
,
Callable
2/4/27
@
100
(b)
........
516
517
Blackstone
Private
Credit
Fund
,
4
.95
%
,
9/26/27
,
Callable
8/26/27
@
100
...............
200
198
Capital
Impact
Partners
,
5
.34
%
,
8/1/30
,
Callable
5/1/30
@
100
......................
200
203
Capital
One
Financial
Corp.
,
3
.95
%
(
H15T5Y
+
316
bps
)
,
Callable
9/1/26
@
100
(b)
(f)
(g)
....
200
197
Citizens
Financial
Group,
Inc.
,
4
.00
%
(
H15T5Y
+
322
bps
)
,
Callable
10/6/26
@
100
(b)
(g)
....
250
246
CNO
Global
Funding
,
4
.95
%
,
9/9/29
(a)
.......................................
326
328
Corebridge
Global
Funding
,
5
.90
%
,
9/19/28
(a)
..................................
500
515
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
250
251
Enact
Holdings,
Inc.
,
6
.25
%
,
5/28/29
,
Callable
4/28/29
@
100
.......................
500
515
F&G
Annuities
&
Life,
Inc.
,
6
.50
%
,
6/4/29
,
Callable
5/4/29
@
100
...................
500
502
Fidelity
National
Information
Services,
Inc.
,
4
.80
%
,
3/10/31
,
Callable
2/10/31
@
100
......
94
93
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(b)
...........
250
253
Ford
Motor
Credit
Co.
LLC
,
3
.82
%
,
11/2/27
,
Callable
8/2/27
@
100
..................
500
490
Fortitude
Group
Holdings
LLC
,
6
.25
%
,
4/1/30
,
Callable
1/1/30
@
100
(a)
...............
500
509
GA
Global
Funding
Trust
,
5
.50
%
,
1/8/29
(a)
....................................
400
405
Global
Payments,
Inc.
,
4
.88
%
,
11/15/30
,
Callable
10/15/30
@
100
....................
250
245
Horace
Mann
Educators
Corp.
,
4
.70
%
,
10/1/30
,
Callable
9/1/30
@
100
................
250
246
Hyundai
Capital
America,
Inc.
,
4
.55
%
,
9/26/29
,
Callable
8/26/29
@
100
(a)
.............
250
249
JPMorgan
Chase
&
Co.
,
4
.85
%
(
SOFR
+
118
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(b)
......
500
502
KeyCorp
,
5
.00
%
(
TSFR3M
+
387
bps
)
,
Callable
9/15/26
@
100
(b)
(g)
..................
250
247
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4
.25
%
,
2/1/27
,
Callable
5/2/26
@
100
(a)
..................................
$
150
$
148
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...............................
250
259
Metropolitan
Life
Global
Funding
I
,
5
.40
%
,
9/12/28
(a)
............................
500
512
Morgan
Stanley
Private
Bank
NA
,
4
.21
%
(
SOFR
+
76
bps
)
,
2/8/30
,
Callable
2/8/29
@
100
(b)
.
200
198
MSD
Investment
Corp.
,
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
....................
200
194
New
York
Life
Global
Funding
,
5
.45
%
,
9/18/26
(a)
...............................
500
503
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(a)
............................
500
503
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
500
511
Protective
Life
Global
Funding
,
5
.47
%
,
12/8/28
(a)
...............................
400
409
Reliance
Standard
Life
Global
Funding
II
,
2
.75
%
,
1/21/27
(a)
........................
350
345
RGA
Global
Funding
,
6
.00
%
,
11/21/28
(a)
.....................................
400
413
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
,
2
.88
%
,
10/15/26
,
Callable
5/2/26
@
100
(a)
...........................................................
500
494
Sammons
Financial
Group,
Inc.
,
4
.45
%
,
5/12/27
,
Callable
2/12/27
@
100
(a)
.............
500
497
Santander
Holdings
USA,
Inc.
,
5
.47
%
(
SOFR
+
161
bps
)
,
3/20/29
,
Callable
3/20/28
@
100
(b)
.
350
355
Texas
Capital
Bancshares,
Inc.
,
5
.30
%
(
SOFR
+
194
bps
)
,
2/27/32
,
Callable
2/27/31
@
100
(b)
.
250
247
The
Charles
Schwab
Corp.
,
4
.00
%
(
H15T5Y
+
317
bps
)
,
Callable
6/1/26
@
100
(b)
(g)
.......
250
248
The
Goldman
Sachs
Group,
Inc.
,
5
.51
%
(
SOFR
+
185
bps
)
,
3/15/28
,
Callable
3/15/27
@
100
(b)
500
505
TPG
Operating
Group
II
LP
,
4
.88
%
,
5/15/31
,
Callable
4/15/31
@
100
.................
225
221
Truist
Bank
,
3
.80
%
,
10/30/26
,
Callable
9/30/26
@
100
............................
250
249
U.S.
Bancorp
,
4
.55
%
(
SOFR
+
166
bps
)
,
7/22/28
,
Callable
7/22/27
@
100
(b)
.............
500
501
16,606
Health
Care
(3.0%):
Baxter
International,
Inc.
,
4
.45
%
,
2/15/29
,
Callable
1/15/29
@
100
...................
84
83
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
4/17/26
@
100
..........................
339
334
CommonSpirit
Health
,
4
.35
%
,
9/1/30
,
Callable
6/1/30
@
100
.......................
250
246
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.20
%
,
6/15/29
,
Callable
5/15/29
@
100
(a)
...........................................................
500
507
Lifespan
Corp.
,
5
.05
%
,
2/15/30
,
Callable
8/15/29
@
100
...........................
300
304
Medline
Borrower
LP
,
5
.25
%
,
10/1/29
,
Callable
5/2/26
@
101.31
(a)
..................
200
198
The
Cigna
Group
,
4
.50
%
,
9/15/30
,
Callable
8/15/30
@
100
.........................
250
249
Universal
Health
Services,
Inc.
,
1
.65
%
,
9/1/26
,
Callable
8/1/26
@
100
.................
687
679
2,600
Industrials
(3.5%):
American
Airlines
Pass
Through
Trust
,
3
.60
%
,
9/22/27
............................
631
621
GXO
Logistics,
Inc.
,
6
.25
%
,
5/6/29
,
Callable
4/6/29
@
100
.........................
400
415
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(a)
400
407
Sodexo,
Inc.
,
5
.15
%
,
8/15/30
,
Callable
7/15/30
@
100
(a)
..........................
250
253
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
.......................
500
524
United
Airlines
Pass
Through
Trust
4
.00
%
,
4/11/26
.....................................................
214
214
5
.88
%
,
10/15/27
....................................................
81
82
3
.45
%
,
12/1/27
....................................................
283
277
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
197
200
2,993
Information
Technology
(0.9%):
Gartner,
Inc.
,
4
.95
%
,
3/20/31
,
Callable
2/20/31
@
100
............................
250
244
Keysight
Technologies,
Inc.
,
5
.35
%
,
7/30/30
,
Callable
6/30/30
@
100
.................
250
257
Salesforce,
Inc.
,
4
.65
%
,
3/15/29
,
Callable
2/15/29
@
100
..........................
250
250
751
Materials
(0.4%):
Chevron
Phillips
Chemical
Co.
LLC/Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(a)
............................................
350
351
Real
Estate
(1.2%):
CBRE
Services,
Inc.
,
4
.80
%
,
6/15/30
,
Callable
5/15/30
@
100
.......................
300
301
EPR
Properties
,
4
.50
%
,
6/1/27
,
Callable
3/1/27
@
100
............................
250
249
SBA
Tower
Trust
,
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
.....................
500
502
1,052
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Utilities
(0.5%):
Jersey
Central
Power
&
Light
Co.
,
4
.40
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
..........
$
250
$
246
Vistra
Operations
Co.
LLC
,
7
.75
%
,
10/15/31
,
Callable
10/15/26
@
103.88
(a)
............
200
210
456
Total
Corporate
Bonds
(Cost
$26,952)
a
a
a
27,237
Yankee
Dollars
(14.1%)
Energy
(1.2%):
Saudi
Arabian
Oil
Co.
,
4
.38
%
,
2/2/31
,
Callable
1/2/31
@
100
(a)
(f)
....................
300
291
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
200
210
Var
Energi
ASA
,
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
.......................
500
523
1,024
Financials
(9.5%):
ABN
AMRO
Bank
NV
,
6
.34
%
(
H15T1Y
+
165
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
...
420
423
Aspen
Insurance
Holdings
Ltd.
,
5
.75
%
,
7/1/30
,
Callable
6/1/30
@
100
.................
152
157
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
181
185
Bank
of
Montreal
,
5
.72
%
,
9/25/28
,
Callable
8/25/28
@
100
.........................
500
515
Barclays
PLC
,
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
.............
750
781
Brookfield
Asset
Management
Ltd.
,
4
.65
%
,
11/15/30
,
Callable
10/15/30
@
100
..........
330
327
Canadian
Imperial
Bank
of
Commerce
,
5
.93
%
,
10/2/26
(f)
..........................
500
504
CI
Financial
Corp.
,
7
.50
%
,
5/30/29
,
Callable
4/30/29
@
100
(a)
......................
46
48
Commonwealth
Bank
of
Australia
,
2
.69
%
,
3/11/31
(a)
.............................
250
226
Deutsche
Bank
AG
,
4
.89
%
(
SOFR
+
122
bps
)
,
11/16/27
,
Callable
11/16/26
@
100
(b)
.......
500
501
Enstar
Group
Ltd.
,
4
.95
%
,
6/1/29
,
Callable
3/1/29
@
100
(f)
........................
500
498
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
250
258
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.57
%
,
8/26/30
(a)
(f)
...................
275
274
Nationwide
Building
Society
,
6
.56
%
(
SOFR
+
191
bps
)
,
10/18/27
,
Callable
10/18/26
@
100
(a)
(b)
.........................................................
500
506
Phoenix
Group
Holdings
PLC
,
5
.38
%
,
7/6/27
,
MTN
..............................
500
500
Societe
Generale
SA
,
5
.52
%
(
H15T1Y
+
150
bps
)
,
1/19/28
,
Callable
1/19/27
@
100
(a)
(b)
....
500
503
Svenska
Handelsbanken
AB
,
5
.50
%
,
6/15/28
(a)
.................................
750
766
Swedbank
AB
,
6
.14
%
,
9/12/26
(a)
...........................................
500
504
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(b)
.
200
199
UBS
Group
AG
,
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..........................
500
498
8,173
Industrials
(1.5%):
Air
Canada
Pass
Through
Trust
3
.75
%
,
12/15/27
(a)
..................................................
149
146
4
.13
%
,
12/15/27
(a)
..................................................
393
386
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
...........
500
521
Tyco
Electronics
Group
SA
,
4
.50
%
,
2/9/31
,
Callable
1/9/31
@
100
...................
250
250
1,303
Information
Technology
(1.3%):
CGI,
Inc.
,
4
.95
%
,
3/14/30
,
Callable
2/14/30
@
100
...............................
250
251
Genpact
UK
Finco
PLC/Genpact
USA,
Inc.
,
4
.95
%
,
11/18/30
,
Callable
10/18/30
@
100
....
250
245
Kioxia
Holdings
Corp.
,
6
.25
%
,
7/24/30
,
Callable
7/24/27
@
103.13
(a)
.................
150
153
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
500
513
1,162
Utilities
(0.6%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
(h)
............................
500
500
Total
Yankee
Dollars
(Cost
$11,987)
a
a
a
12,162
Municipal
Bonds
(1.1%)
Maryland
(0.3%):
Maryland
Economic
Development
Corp.
Revenue
,
4
.79
%
,
11/30/29
...................
250
254
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Massachusetts
(0.2%):
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
5
.52
%
,
7/1/35
........
$
200
$
202
Ohio
(0.2%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
200
203
Texas
(0.4%):
Las
Varas
Public
Facility
Corp.
Revenue
,
Series
B
,
4
.35
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
300
300
Total
Municipal
Bonds
(Cost
$950)
a
a
a
959
U.S.
Government
Agency
Mortgages
(3.1%)
Federal
Home
Loan
Mortgage
Corporation
7
.00
%
,
9/1/38
.....................................................
1
1
5
.50
%
,
10/1/38
....................................................
261
267
4
.00
%
,
1/1/40
.....................................................
275
270
5
.00
%
,
8/1/40
.....................................................
275
280
4
.50
%
,
10/1/40
....................................................
146
145
963
Federal
National
Mortgage
Association
6
.00
%
,
2/1/37
.....................................................
354
366
4
.50
%
,
11/1/40
.....................................................
285
283
5
.00
%
,
2/1/41
-
10/1/41
..............................................
1,053
1,071
1,720
Total
U.S.
Government
Agency
Mortgages
(Cost
$2,787)
a
a
a
2,683
U.S.
Treasury
Obligations
(11.8%)
U.S.
Treasury
Notes
4
.50
%
,
7/15/26
....................................................
1,650
1,653
1
.13
%
,
10/31/26
....................................................
425
418
4
.00
%
,
1/15/27
....................................................
500
501
3
.88
%
,
11/30/27
....................................................
1,500
1,501
4
.00
%
,
6/30/28
....................................................
1,000
1,004
1
.25
%
,
9/30/28
....................................................
825
775
2
.75
%
,
5/31/29
....................................................
1,600
1,548
3
.75
%
,
6/30/30
....................................................
2,850
2,832
Total
U.S.
Treasury
Obligations
(Cost
$10,174)
a
a
a
10,232
Commercial
Paper
(2.4%)
Energy
(1.0%):
Ovintiv,
Inc.
,
4
.20
%
,
4/2/26
(a)
(i)
............................................
850
850
Financials
(1.0%):
Stellantis
Financial
Services
US
Corp.
,
4
.15
%
,
4/1/26
(a)
(i)
.........................
850
850
Utilities
(0.4%):
NGPL
PipeCo
LLC
,
4
.18
%
,
4/1/26
(a)
(i)
.......................................
400
400
Total
Commercial
Paper
(Cost
$2,100)
a
a
a
2,100
Shares
Collateral
for
Securities
Loaned
(1.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(j)
........
253,264
254
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(j)
............
253,264
253
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(j)
................
253,264
253
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(j)
.
253,264
253
Total
Collateral
for
Securities
Loaned
(Cost
$1,013)
a
a
a
1,013
Total
Investments
(Cost
$86,257)
—
100.6%
87,040
Liabilities
in
excess
of
other
assets
—  (0.6)%
(560)
NET
ASSETS
-
100.00%
$
86,480
Victory
Portfolios
Victory
Low
Duration
Bond
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
14.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$43,083
(thousands)
and
amounted
to
49.8%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(c)
Security
is
interest
only.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
March
31,
2026.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(i)
Rate
represents
the
effective
yield
at
March
31,
2026.
(j)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
LLC
—
Limited
Liability
Company
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2026.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
High
Yield
Fund
98
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(0.1%)
ABS
Auto
(0.1%):
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
C
,
6
.81
%
,
9/26/33
,
Callable
8/25/28
@
100
(a)
...................................................
$
74
$
74
Total
Asset-Backed
Securities
(Cost
$74)
a
a
a
74
Collateralized
Mortgage
Obligations
(0.1%)
Commercial
MBS
(0.1%):
BAHA
Trust
,
Series
2024-MAR
,
Class
C
,
7
.01
%
,
12/10/41
(a)
(b)
(c)
...................
107
110
Total
Collateralized
Mortgage
Obligations
(Cost
$112)
a
a
a
110
Shares
Common
Stocks
(1.5%)
Consumer
Discretionary
(0.2%):
Men's
Wearhouse,
Inc.
(d)
.................................................
20,063
286
Health
Care
(1.3%):
Air
Methods
Corp.
(d)
....................................................
11,817
1,536
Total
Common
Stocks
(Cost
$223)
a
a
a
1,822
Principal
Amount
(000)
Senior
Secured
Loans
(5.7%)
Communication
Services
(0.9%):
Altice
France
SA,
USD
Term
Loan
B-14,
First
Lien
,
10
.55
%
(
SOFR03M
+
688
bps
)
,
5/30/31
(e)
311
311
Oak-Eagle
Acquireco,
Inc.,
Term
Loan
B-1,
First
Lien
,
3/23/33
(f)
....................
100
99
The
E.W.
Scripps
Company,
Tranche
B-2
Term
Loan,
First
Lien
,
9
.43
%
(
SOFR01M
+
575
bps
)
,
6/30/28
(e)
........................................................
160
161
Versant
Media
Group,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.16
%
(
SOFR03M
+
350
bps
)
,
1/30/31
(e)
........................................................
250
249
Zayo
Group
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
First
Lien
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
3/11/30
(e)
........................................................
286
281
1,101
Consumer
Discretionar
(0.2%):
TKC
Holdings,
Inc.,
2026
Term
Loan,
First
Lien
,
8
.18
%
(
SOFR01M
+
450
bps
)
,
8/19/30
(e)
...
193
192
Consumer
Discretionary
(1.9%):
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loan,
First
Lien
,
10
.68
%
(
SOFR01M
+
700
bps
)
,
1/4/29
(e)
.........................................
757
745
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
1/23/32
(e)
148
148
Metropolis
Technologies,
Inc.,
Initial
Term
Loan,
First
Lien
,
8
.98
%
(
SOFR06M
+
525
bps
)
,
11/3/32
(e)
........................................................
259
256
Ontario
Gaming
GTA
LP,
Term
B
Loans,
First
Lien
,
7
.92
%
(
SOFR03M
+
425
bps
)
,
8/1/30
(e)
..
104
97
Petco
Health
&
Wellness
Co.,
Inc.,
2026
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR03M
+
425
bps
)
,
1/31/31
(e)
........................................................
655
639
PetSmart,
Inc.,
Initial
Term
Loan,
First
Lien
,
7
.67
%
(
SOFR01M
+
400
bps
)
,
8/18/32
(e)
......
500
496
2,381
Energy
(0.4%):
Consolidated
Energy
Finance
S.A.,
2024
Incremental
Term
Loan,
First
Lien
,
8
.20
%
(
SOFR03M
+
450
bps
)
,
11/15/30
(e)
.......................................
448
428
Financials
(2.0%):
1261229
BC
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.92
%
(
SOFR01M
+
625
bps
)
,
10/8/30
(e)
....
99
96
C&S
Wholesale
Grocers,
Inc.,
Initial
Term
Loan,
First
Lien
,
8
.67
%
(
SOFR03M
+
500
bps
)
,
8/6/30
(e)
.........................................................
855
835
CP
Atlas
Buyer,
Inc.,
2025
Term
B
Loan,
First
Lien
,
8
.92
%
(
SOFR01M
+
525
bps
)
,
7/8/30
(e)
..
408
374
Hyperion
Refinance
SARL,
2025-3
Dollar
Refinancing
Term
Loan,
First
Lien
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
4/18/30
(e)
........................................
174
170
Osaic
Holdings,
Inc.,
Term
B-1
Loans,
First
Lien
,
6
.16
%
(
SOFR03M
+
250
bps
)
,
7/30/32
(e)
..
52
51
SGH2
LLC,
Initial
Term
Loan,
First
Lien
,
8
.17
%
(
SOFR03M
+
450
bps
)
,
8/18/32
(e)
........
155
152
Superannuation
&
Investments
US
LLC,
Term
Loan,
First
Lien
,
12/1/28
(f)
..............
108
108
Victory
Portfolios
Victory
High
Yield
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Trucordia
Insurance
Holdings
LLC,
Initial
Term
Loans,
First
Lien
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
6/17/32
(e)
........................................
$
351
$
323
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loans,
First
Lien
,
7
.91
%
(
SOFR03M
+
425
bps
)
,
7/1/32
(e)
.........................................................
199
197
2,306
Health
Care
(0.0%):
Covis
Pharma
Holdings
SARL,
Dollar
Term
B
Loans,
First
Lien
,
2/4/27
(f)
(g)
............
1,423
—
Information
Technology
(0.3%):
Epicor
Software
Corp.,
Term
E
Loans,
First
Lien
,
5/30/31
(f)
........................
300
294
Total
Senior
Secured
Loans
(Cost
$8,129)
a
a
a
6,702
Corporate
Bonds
(66.1%)
Communication
Services
(12.0%):
AMC
Networks,
Inc.
10
.25
%
,
1/15/29
,
Callable
4/6/26
@
105.13
(a)
..............................
93
98
10
.50
%
,
7/15/32
,
Callable
7/15/28
@
105.25
(a)
.............................
474
468
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4
.50
%
,
6/1/33
,
Callable
6/1/27
@
102.25
(a)
................................
100
87
4
.25
%
,
1/15/34
,
Callable
1/15/28
@
102.13
(a)
(h)
............................
1,535
1,313
7
.38
%
,
2/1/36
,
Callable
2/1/31
@
103.69
(a)
(h)
..............................
219
218
Clear
Channel
Outdoor
Holdings,
Inc.
7
.50
%
,
6/1/29
,
Callable
5/2/26
@
101.88
(a)
................................
417
419
7
.88
%
,
4/1/30
,
Callable
10/1/26
@
103.94
(a)
...............................
194
203
7
.50
%
,
3/15/33
,
Callable
9/15/28
@
103.75
(a)
..............................
321
340
Connect
Holding
II
LLC
,
10
.50
%
,
4/3/31
,
Callable
12/24/27
@
100
(a)
.................
109
109
CSC
Holdings
LLC
,
11
.75
%
,
1/31/29
,
Callable
4/12/26
@
105.88
(a)
..................
900
651
Cumulus
Media
New
Holdings,
Inc.
,
8
.00
%
,
7/1/29
,
Callable
5/2/26
@
100
(a)
(i)
..........
2,028
296
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.
5
.88
%
,
8/15/27
,
Callable
5/2/26
@
101.47
(a)
...............................
40
40
10
.00
%
,
2/15/31
,
Callable
2/15/27
@
105
(a)
...............................
428
437
Discovery
Global
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
..............
410
274
DISH
Network
Corp.
,
11
.75
%
,
11/15/27
,
Callable
4/12/26
@
102.94
(a)
................
1,366
1,407
EchoStar
Corp.
10
.75
%
,
11/30/29
,
Callable
11/30/26
@
105.38
..............................
579
625
6
.75
%
,
11/30/30
,
Callable
11/30/26
@
102
(j)
...............................
507
513
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
5/2/26
@
100
(a)
........
458
459
Getty
Images,
Inc.
,
10
.50
%
,
11/15/30
,
Callable
11/15/27
@
105.25
(a)
.................
235
212
Gray
Media,
Inc.
10
.50
%
,
7/15/29
,
Callable
7/15/26
@
105.25
(a)
.............................
44
47
5
.38
%
,
11/15/31
,
Callable
11/15/26
@
102.69
(a)
............................
214
158
9
.63
%
,
7/15/32
,
Callable
7/15/28
@
104.81
(a)
..............................
25
25
iHeartCommunications,
Inc.
,
7
.00
%
,
1/15/31
,
Callable
12/20/26
@
103.5
(a)
.............
197
151
Lamar
Media
Corp.
3
.63
%
,
1/15/31
,
Callable
4/17/26
@
101.81
................................
129
120
5
.38
%
,
11/1/33
,
Callable
11/1/28
@
102.69
(a)
..............................
27
27
Level
3
Financing,
Inc.
3
.75
%
,
7/15/29
,
Callable
5/2/26
@
100
(a)
.................................
306
285
6
.88
%
,
6/30/33
,
Callable
6/30/28
@
103.44
(a)
..............................
102
104
7
.00
%
,
3/31/34
,
Callable
8/31/28
@
103.5
(a)
...............................
223
228
8
.50
%
,
1/15/36
,
Callable
1/15/31
@
104.25
(a)
..............................
218
228
Match
Group
Holdings
II
LLC
,
4
.63
%
,
6/1/28
,
Callable
4/12/26
@
100
(a)
..............
300
293
Neptune
Bidco
US,
Inc.
,
9
.50
%
,
2/15/33
,
Callable
2/15/29
@
104.75
(a)
................
109
106
News
Corp.
,
5
.13
%
,
2/15/32
,
Callable
2/15/27
@
102.56
(a)
.........................
150
147
Oak-Eagle
Acquireco,
Inc.
,
7
.25
%
,
7/1/33
,
Callable
7/1/29
@
103.63
(a)
................
98
102
OAK-Eagle
Acquireco,
Inc.
,
8
.75
%
,
7/1/34
,
Callable
7/1/29
@
104.38
(a)
...............
92
96
Paramount
Global
,
4
.38
%
,
3/15/43
..........................................
209
126
Playtika
Holding
Corp.
,
4
.25
%
,
3/15/29
,
Callable
5/2/26
@
100
(a)
....................
109
85
Scripps
Escrow
II,
Inc.
3
.88
%
,
1/15/29
,
Callable
5/2/26
@
100
(a)
(h)
...............................
218
202
5
.38
%
,
1/15/31
,
Callable
5/2/26
@
102.69
(a)
(h)
.............................
143
106
Sinclair
Television
Group,
Inc.
,
8
.13
%
,
2/15/33
,
Callable
2/15/28
@
104.06
(a)
...........
280
285
Victory
Portfolios
Victory
High
Yield
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
E.W.
Scripps
Co.
,
9
.88
%
,
8/15/30
,
Callable
8/15/27
@
104.94
(a)
..................
$
136
$
132
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
6
.50
%
,
2/15/29
,
Callable
4/27/26
@
100
(a)
................................
939
913
8
.63
%
,
6/15/32
,
Callable
6/15/28
@
104.31
(a)
(h)
............................
109
111
8
.63
%
,
6/15/32
,
Callable
6/15/28
@
104.31
(a)
..............................
102
106
Uniti
Services
LLC
,
7
.50
%
,
10/15/33
,
Callable
10/15/28
@
103.75
(a)
.................
215
223
Univision
Communications,
Inc.
7
.38
%
,
6/30/30
,
Callable
5/2/26
@
103.69
(a)
...............................
213
209
9
.38
%
,
8/1/32
,
Callable
8/1/28
@
104.69
(a)
................................
205
211
Versant
Media
Group,
Inc.
,
7
.25
%
,
1/30/31
,
Callable
1/30/28
@
103.63
(a)
..............
134
137
Zayo
Group
Holdings,
Inc.
9
.25
%
,
3/9/30
,
Callable
4/12/26
@
100
(a)
(k)
...............................
609
605
13
.75
%
,
9/9/30
,
Callable
5/2/26
@
100
(a)
(h)
(l)
.............................
435
406
14,143
Consumer
Discretionary
(9.7%):
Advance
Auto
Parts,
Inc.
,
7
.38
%
,
8/1/33
,
Callable
8/1/28
@
103.69
(a)
(h)
...............
575
581
Asbury
Automotive
Group,
Inc.
,
5
.00
%
,
2/15/32
,
Callable
11/15/26
@
102.5
(a)
..........
675
640
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.
4
.63
%
,
4/1/30
,
Callable
5/2/26
@
101.16
(a)
................................
565
526
6
.88
%
,
8/1/33
,
Callable
8/1/28
@
103.44
(a)
................................
270
261
Beach
Acquisition
Bidco
LLC
,
10
.00
%
,
7/15/33
,
Callable
7/15/28
@
103
(a)
(m)
..........
163
174
Beazer
Homes
USA,
Inc.
,
7
.50
%
,
3/15/31
,
Callable
3/15/27
@
103.75
(a)
...............
650
640
Boyd
Gaming
Corp.
,
4
.75
%
,
6/15/31
,
Callable
6/15/26
@
102.38
(a)
...................
175
167
Boyne
USA,
Inc.
,
4
.75
%
,
5/15/29
,
Callable
5/2/26
@
101.19
(a)
......................
347
337
Caesars
Entertainment,
Inc.
6
.50
%
,
2/15/32
,
Callable
2/15/27
@
103.25
(a)
..............................
265
262
6
.00
%
,
10/15/32
,
Callable
10/15/27
@
103
(a)
(h)
............................
498
458
Century
Communities,
Inc.
,
3
.88
%
,
8/15/29
,
Callable
2/15/29
@
100
(a)
................
300
282
Churchill
Downs,
Inc.
,
6
.75
%
,
5/1/31
,
Callable
5/1/26
@
103.38
(a)
...................
125
127
CP
Atlas
Buyer,
Inc.
9
.75
%
,
7/15/30
,
Callable
7/15/27
@
104.88
(a)
(h)
............................
201
189
12
.75
%
,
1/15/31
,
Callable
12/2/28
@
103
(a)
(h)
(n)
...........................
333
262
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
,
6
.75
%
,
1/15/30
,
Callable
5/2/26
@
101.69
(a)
(h)
...............................................
131
122
Group
1
Automotive,
Inc.
,
6
.38
%
,
1/15/30
,
Callable
7/15/26
@
103.19
(a)
...............
179
181
Hilton
Domestic
Operating
Co.,
Inc.
,
4
.00
%
,
5/1/31
,
Callable
5/2/26
@
102
(a)
...........
325
305
Installed
Building
Products,
Inc.
,
5
.63
%
,
2/1/34
,
Callable
2/1/29
@
102.81
(a)
............
55
54
Light
&
Wonder
International,
Inc.
,
6
.25
%
,
10/1/33
,
Callable
10/1/28
@
103.13
(a)
........
160
157
Lithia
Motors,
Inc.
,
4
.38
%
,
1/15/31
,
Callable
5/2/26
@
102.19
(a)
.....................
503
472
M/I
Homes,
Inc.
,
4
.95
%
,
2/1/28
,
Callable
4/17/26
@
100
...........................
355
351
MGM
Resorts
International
,
6
.13
%
,
9/15/29
,
Callable
9/15/26
@
103.06
...............
25
25
Muvico
LLC
,
15
.00
%
,
2/19/29
,
Callable
7/31/27
@
107.5
(a)
(o)
......................
217
206
Newell
Brands,
Inc.
6
.63
%
,
5/15/32
,
Callable
2/15/32
@
100
(h)
................................
218
208
7
.38
%
,
4/1/36
,
Callable
10/1/35
@
100
(h)
.................................
80
74
Nordstrom,
Inc.
,
4
.38
%
,
4/1/30
,
Callable
1/1/30
@
100
(h)
..........................
147
137
Petco
Health
&
Wellness
Co.,
Inc.
,
8
.25
%
,
2/1/31
,
Callable
2/1/28
@
104.13
(a)
..........
326
326
PetSmart
LLC/PetSmart
Finance
Corp.
7
.50
%
,
9/15/32
,
Callable
9/15/28
@
103.75
(a)
..............................
550
554
10
.00
%
,
9/15/33
,
Callable
9/15/28
@
105
(a)
...............................
50
50
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
150
118
S&S
Holdings
LLC
,
8
.38
%
,
10/1/31
,
Callable
10/1/27
@
104.19
(a)
...................
276
244
Saks
Global
Enterprises
LLC
11
.00
%
,
12/15/29
,
Callable
12/15/26
@
105.5
(a)
(i)
...........................
73
1
11
.00
%
,
12/15/29
,
Callable
12/15/26
@
105.5
(a)
(i)
...........................
201
—
(p)
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.
,
6
.63
%
,
3/1/30
,
Callable
5/2/26
@
101.66
(a)
......................................................
178
154
Staples,
Inc.
,
10
.75
%
,
9/1/29
,
Callable
9/1/26
@
105.38
(a)
.........................
250
232
Taylor
Morrison
Communities,
Inc.
5
.75
%
,
1/15/28
,
Callable
10/15/27
@
100
(a)
...............................
175
175
5
.13
%
,
8/1/30
,
Callable
2/1/30
@
100
(a)
..................................
188
186
5
.75
%
,
11/15/32
,
Callable
5/15/32
@
100
(a)
................................
55
55
The
Men's
Wearhouse
LLC
,
9
.00
%
,
2/1/31
,
Callable
2/1/28
@
104.5
(a)
................
54
55
Victory
Portfolios
Victory
High
Yield
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Michaels
Cos.,
Inc.
8
.50
%
,
3/15/33
,
Callable
3/15/29
@
104.25
(a)
..............................
$
326
$
317
11
.00
%
,
3/15/34
,
Callable
3/15/29
@
105.5
(a)
..............................
108
101
TKC
Holdings,
Inc.
8
.50
%
,
8/15/30
,
Callable
8/15/27
@
104.25
(a)
..............................
218
219
12
.00
%
,
2/15/31
,
Callable
2/15/28
@
106
(a)
...............................
109
112
Vail
Resorts,
Inc.
,
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
(a)
.....................
245
248
Weekley
Homes
LLC/Weekley
Finance
Corp.
4
.88
%
,
9/15/28
,
Callable
5/2/26
@
100.81
(a)
...............................
250
242
6
.75
%
,
1/15/34
,
Callable
1/15/29
@
103.38
(a)
..............................
439
421
ZF
North
America
Capital,
Inc.
,
6
.88
%
,
4/23/32
,
Callable
2/23/32
@
100
(a)
.............
450
429
11,437
Consumer
Staples
(3.0%):
Albertsons
Cos.,
Inc.
,
5
.63
%
,
3/31/32
,
Callable
3/31/28
@
102.81
(a)
..................
475
467
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
5
.75
%
,
3/31/34
,
Callable
11/15/28
@
102.88
(a)
.........................................
130
127
C&S
Group
Enterprises
LLC
,
5
.00
%
,
12/15/28
,
Callable
5/2/26
@
100
(a)
(h)
............
526
486
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6
.63
%
,
7/15/30
,
Callable
7/16/26
@
103.31
(a)
..............................
339
336
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...............................
52
50
Edgewell
Personal
Care
Co.
,
4
.13
%
,
4/1/29
,
Callable
4/12/26
@
100
(a)
................
499
472
Performance
Food
Group,
Inc.
4
.25
%
,
8/1/29
,
Callable
5/2/26
@
101.06
(a)
................................
25
24
5
.63
%
,
3/1/34
,
Callable
3/1/29
@
102.81
(a)
................................
218
211
Post
Holdings,
Inc.
6
.25
%
,
2/15/32
,
Callable
2/15/27
@
103.13
(a)
..............................
589
596
6
.38
%
,
3/1/33
,
Callable
9/1/27
@
103.19
(a)
................................
100
99
U.S.
Foods,
Inc.
,
5
.75
%
,
4/15/33
,
Callable
10/15/27
@
102.88
(a)
.....................
615
614
3,482
Energy
(3.4%):
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
5/2/26
@
104.19
(a)
................
740
764
Crescent
Energy
Finance
LLC
,
7
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.94
(a)
...........
158
162
Harvest
Midstream
I
LP
,
7
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.75
(a)
................
285
291
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
5
.75
%
,
2/1/29
,
Callable
5/2/26
@
100.96
(a)
................................
161
159
7
.25
%
,
2/15/35
,
Callable
2/15/30
@
103.63
(a)
..............................
315
314
Moss
Creek
Resources
Holdings,
Inc.
,
8
.25
%
,
9/1/31
,
Callable
9/1/27
@
104.13
(a)
........
77
77
Murphy
Oil
USA,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
4/17/26
@
101.88
(a)
.................
327
303
Permian
Resources
Operating
LLC
5
.88
%
,
7/1/29
,
Callable
5/2/26
@
101.47
(a)
................................
280
280
6
.25
%
,
2/1/33
,
Callable
8/1/27
@
103.13
(a)
................................
75
76
Sunoco
LP
7
.88
%
(
H15T5Y
+
423
bps
)
,
Callable
9/18/30
@
100
(a)
(e)
(q)
....................
106
108
7
.25
%
,
5/1/32
,
Callable
5/1/27
@
103.63
(a)
................................
57
59
6
.25
%
,
7/1/33
,
Callable
7/1/28
@
103.13
(a)
................................
400
402
5
.88
%
,
3/15/34
,
Callable
9/15/28
@
102.94
(a)
..............................
159
157
5
.63
%
,
7/15/34
,
Callable
3/15/29
@
102.81
(a)
..............................
108
106
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.
,
7
.38
%
,
2/15/29
,
Callable
5/2/26
@
103.69
(a)
......................................................
130
134
Venture
Global
LNG,
Inc.
,
9
.88
%
,
2/1/32
,
Callable
2/1/27
@
104.94
(a)
(h)
..............
210
226
Venture
Global
Plaquemines
LNG
LLC
,
7
.75
%
,
5/1/35
,
Callable
12/1/34
@
100
(a)
........
321
360
3,978
Financials
(10.4%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8
.25
%
,
2/1/29
,
Callable
5/2/26
@
104.13
(a)
................................
616
609
6
.00
%
,
8/1/29
,
Callable
5/2/26
@
101.5
(a)
.................................
773
726
7
.50
%
,
11/6/30
,
Callable
5/15/26
@
103.75
(a)
..............................
225
225
6
.75
%
,
7/1/32
,
Callable
7/1/28
@
103.38
(a)
................................
134
129
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co-Issuer
6
.50
%
,
10/1/31
,
Callable
10/1/27
@
103.25
(a)
..............................
136
134
7
.38
%
,
10/1/32
,
Callable
10/1/27
@
103.69
(a)
..............................
109
107
Ally
Financial,
Inc.
,
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(e)
(q)
............
334
331
Victory
Portfolios
Victory
High
Yield
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Amynta
Agency
Borrower,
Inc.
and
Amynta
Warranty
Borrower,
Inc.
,
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
................................................
$
797
$
755
Apollo
Debt
Solutions
BDC
,
5
.70
%
,
1/23/31
,
Callable
12/23/30
@
100
(a)
..............
86
84
Asurion
LLC/
Asurion
Co-Issuer,
Inc.
,
8
.38
%
,
2/1/34
,
Callable
2/1/29
@
104.19
(a)
........
218
212
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance
,
7
.13
%
,
5/15/31
,
Callable
5/15/27
@
103.56
(a)
....................................
158
159
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.
,
9
.50
%
,
7/1/32
,
Callable
7/1/28
@
104.75
(a)
(h)
...............................................
407
367
Block,
Inc.
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
................................
150
151
6
.00
%
,
8/15/33
,
Callable
8/15/28
@
103
(a)
................................
152
150
Broadstreet
Partners
Group
LLC
,
5
.88
%
,
4/15/29
,
Callable
5/2/26
@
100
(a)
.............
553
539
Burford
Capital
Global
Finance
LLC
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
..............................
1,006
837
8
.50
%
,
1/15/34
,
Callable
1/15/29
@
104.25
(a)
..............................
54
46
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/30
,
Callable
3/15/27
@
103.31
(a)
................
217
212
EZCORP,
Inc.
,
7
.38
%
,
4/1/32
,
Callable
4/1/28
@
103.69
(a)
.........................
177
185
Focus
Financial
Partners
LLC
,
6
.75
%
,
9/15/31
,
Callable
9/15/27
@
103.38
(a)
............
545
542
HA
Sustainable
Infrastructure
Capital,
Inc.
,
8
.00
%
(
H15T5Y
+
430
bps
)
,
6/1/56
,
Callable
3/1/31
@
100
(e)
.........................................................
109
113
Hightower
Holding
LLC
6
.75
%
,
4/15/29
,
Callable
5/2/26
@
100
(a)
.................................
28
27
9
.13
%
,
1/31/30
,
Callable
7/31/26
@
104.56
(a)
..............................
132
135
HUB
International
Ltd.
,
7
.38
%
,
1/31/32
,
Callable
1/31/27
@
103.69
(a)
................
172
175
Hunt
Cos.,
Inc.
,
5
.25
%
,
4/15/29
,
Callable
5/2/26
@
100
(a)
.........................
250
235
Industrial
F&B
Investments
III,
Inc.
,
7
.75
%
,
2/11/33
,
Callable
2/1/29
@
103.88
(a)
........
217
219
Jane
Street
Group/JSG
Finance,
Inc.
,
6
.75
%
,
5/1/33
,
Callable
5/1/28
@
103.38
(a)
.........
890
903
Mobius
Merger
Sub,
Inc.
,
9
.00
%
,
6/1/30
,
Callable
6/1/26
@
104.5
(a)
..................
520
361
MSD
Investment
Corp.
,
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
....................
174
169
NCR
Atleos
Corp.
,
9
.50
%
,
4/1/29
,
Callable
10/1/26
@
104.75
(a)
.....................
80
86
Osaic
Holdings,
Inc.
6
.75
%
,
8/1/32
,
Callable
8/1/28
@
103.38
(a)
................................
157
157
8
.00
%
,
8/1/33
,
Callable
8/1/28
@
104
(a)
..................................
478
472
OT
Midco,
Inc.
,
10
.00
%
,
2/15/30
,
Callable
2/15/27
@
105
(a)
(h)
.....................
437
182
Panther
Escrow
Issuer
LLC
,
7
.13
%
,
6/1/31
,
Callable
6/1/27
@
103.56
(a)
...............
928
930
PRA
Group,
Inc.
,
8
.88
%
,
1/31/30
,
Callable
6/1/26
@
104.44
(a)
......................
210
212
Smyrna
Ready
Mix
Concrete
LLC
,
8
.88
%
,
11/15/31
,
Callable
11/15/26
@
104.44
(a)
.......
378
387
Starwood
Property
Trust,
Inc.
,
7
.25
%
,
4/1/29
,
Callable
10/1/28
@
100
(a)
...............
175
180
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(a)
............
123
128
Voyager
Parent
LLC
,
9
.25
%
,
7/1/32
,
Callable
7/1/28
@
104.63
(a)
....................
487
507
Willis
North
America,
Inc.
,
5
.15
%
,
3/15/36
,
Callable
12/15/35
@
100
.................
167
163
12,241
Health
Care
(4.3%):
Acadia
Healthcare
Co.,
Inc.
,
7
.38
%
,
3/15/33
,
Callable
3/15/28
@
103.69
(a)
(h)
...........
316
324
AthenaHealth
Group,
Inc.
,
6
.50
%
,
2/15/30
,
Callable
5/2/26
@
101.63
(a)
...............
672
628
Centene
Corp.
,
4
.63
%
,
12/15/29
,
Callable
5/2/26
@
101.54
.........................
806
765
CHS/Community
Health
Systems,
Inc.
10
.88
%
,
1/15/32
,
Callable
2/15/27
@
105.44
(a)
.............................
57
61
9
.75
%
,
1/15/34
,
Callable
8/15/28
@
104.88
(a)
..............................
220
228
CVS
Health
Corp.
,
7
.00
%
(
H15T5Y
+
289
bps
)
,
3/10/55
,
Callable
12/10/29
@
100
(e)
.......
96
99
DENTSPLY
SIRONA,
Inc.
,
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(e)
..
487
475
Encompass
Health
Corp.
,
4
.63
%
,
4/1/31
,
Callable
5/2/26
@
102.31
...................
80
77
Medline
Borrower
LP
3
.88
%
,
4/1/29
,
Callable
5/2/26
@
100.97
(a)
................................
362
350
5
.25
%
,
10/1/29
,
Callable
5/2/26
@
101.31
(a)
...............................
153
152
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV
,
7
.88
%
,
5/15/34
,
Callable
5/15/29
@
103.94
(a)
(h)
......................................................
544
448
Paradigm
Parent
LLC
and
Paradigm
Parent
Co-Issuer,
Inc.
,
8
.75
%
,
4/17/32
,
Callable
4/17/28
@
104.38
(a)
......................................................
114
101
Pediatrix
Medical
Group,
Inc.
,
5
.38
%
,
2/15/30
,
Callable
5/2/26
@
101.34
(a)
.............
364
358
Prestige
Brands,
Inc.
,
3
.75
%
,
4/1/31
,
Callable
5/2/26
@
101.88
(a)
....................
421
386
Prime
Healthcare
Services,
Inc.
,
9
.38
%
,
9/1/29
,
Callable
9/1/26
@
104.69
(a)
............
234
243
Victory
Portfolios
Victory
High
Yield
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Tenet
Healthcare
Corp.
6
.13
%
,
10/1/28
,
Callable
5/2/26
@
100
...................................
$
196
$
197
6
.00
%
,
11/15/33
,
Callable
11/15/28
@
103
(a)
(h)
.............................
11
11
U.S.
Acute
Care
Solutions
LLC
,
9
.75
%
,
5/15/29
,
Callable
5/15/26
@
104.88
(a)
..........
232
225
5,128
Industrials
(11.8%):
AAR
Escrow
Issuer
LLC
,
6
.75
%
,
3/15/29
,
Callable
4/12/26
@
103.38
(a)
...............
314
320
Advanced
Drainage
Systems,
Inc.
,
5
.38
%
,
3/1/34
,
Callable
3/1/29
@
102.69
(a)
...........
109
106
Alta
Equipment
Group,
Inc.
,
9
.00
%
,
6/1/29
,
Callable
6/1/26
@
104.5
(a)
(h)
..............
70
62
American
Airlines,
Inc.
,
7
.25
%
,
2/15/28
,
Callable
4/12/26
@
101.81
(a)
................
50
50
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
445
442
Amsted
Industries,
Inc.
,
6
.38
%
,
3/15/33
,
Callable
3/15/28
@
103.19
(a)
................
344
346
Arcosa,
Inc.
,
6
.88
%
,
8/15/32
,
Callable
8/15/27
@
103.44
(a)
.........................
25
26
ATI,
Inc.
,
5
.13
%
,
10/1/31
,
Callable
10/1/26
@
102.56
.............................
350
346
Axon
Enterprise,
Inc.
,
6
.25
%
,
3/15/33
,
Callable
3/15/28
@
103.13
(a)
..................
167
170
Beacon
Mobility
Corp.
,
7
.25
%
,
8/1/30
,
Callable
8/1/27
@
103.63
(a)
..................
20
21
BlueLinx
Holdings,
Inc.
,
6
.00
%
,
11/15/29
,
Callable
5/2/26
@
101.5
(a)
.................
64
62
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.
,
7
.50
%
,
2/1/32
,
Callable
2/1/28
@
103.75
(a)
291
294
Builders
FirstSource,
Inc.
,
6
.38
%
,
3/1/34
,
Callable
3/1/29
@
103.19
(a)
.................
473
469
BWX
Technologies,
Inc.
,
4
.13
%
,
4/15/29
,
Callable
4/17/26
@
100
(a)
..................
150
144
Carpenter
Technology
Corp.
,
5
.63
%
,
3/1/34
,
Callable
3/1/29
@
102.81
(a)
...............
218
216
Columbus
McKinnon
Corp.
,
7
.13
%
,
2/1/33
,
Callable
2/1/29
@
103.56
(a)
(h)
.............
218
218
CompoSecure
Holdings
LLC
,
5
.63
%
,
2/1/33
,
Callable
2/1/29
@
102.81
(a)
..............
11
11
Cornerstone
Building
Brands,
Inc.
,
9
.50
%
,
8/15/29
,
Callable
8/15/26
@
104.75
(a)
.........
988
589
Dcli
Bidco
LLC
,
7
.75
%
,
11/15/29
,
Callable
11/15/26
@
103.88
(a)
....................
349
353
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.
,
6
.75
%
,
7/15/31
,
Callable
7/15/27
@
103.38
(a)
482
496
Enpro,
Inc.
,
6
.13
%
,
6/1/33
,
Callable
6/1/28
@
103.06
(a)
...........................
125
126
EquipmentShare.com,
Inc.
,
8
.00
%
,
3/15/33
,
Callable
9/15/27
@
104
(a)
................
493
509
Esab
Corp.
6
.25
%
,
4/15/29
,
Callable
4/15/26
@
103.13
(a)
..............................
80
81
5
.63
%
,
4/1/31
,
Callable
4/1/28
@
102.81
(a)
................................
162
163
Genesee
&
Wyoming,
Inc.
,
6
.25
%
,
4/15/32
,
Callable
4/15/27
@
103.13
(a)
..............
307
310
Goat
Holdco
LLC
,
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
......................
277
280
Herc
Holdings,
Inc.
7
.25
%
,
6/15/33
,
Callable
6/15/28
@
103.63
(a)
(h)
............................
633
650
6
.00
%
,
3/15/34
,
Callable
3/15/29
@
103
(a)
(h)
..............................
329
318
JetBlue
Airways
Corp./JetBlue
Loyalty
LP
,
9
.88
%
,
9/20/31
,
Callable
8/27/27
@
104.94
(a)
...
155
147
JH
North
America
Holdings,
Inc.
,
6
.13
%
,
7/31/32
,
Callable
7/31/28
@
103.06
(a)
.........
27
27
LSF12
Helix
Parent
LLC
,
7
.13
%
,
2/1/33
,
Callable
2/1/28
@
103.56
(a)
.................
109
105
Masterbrand,
Inc.
,
7
.00
%
,
7/15/32
,
Callable
7/15/27
@
103.5
(a)
(h)
...................
350
343
OneSky
Flight
LLC
,
8
.88
%
,
12/15/29
,
Callable
12/15/26
@
104.44
(a)
.................
164
169
QXO
Building
Products,
Inc.
,
6
.75
%
,
4/30/32
,
Callable
4/30/28
@
103.38
(a)
............
233
238
RB
Global
Holdings,
Inc.
,
7
.75
%
,
3/15/31
,
Callable
4/12/26
@
103.88
(a)
...............
250
260
Resideo
Funding,
Inc.
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
.................
368
363
RXO,
Inc.
,
6
.38
%
,
5/15/31
,
Callable
5/15/28
@
103.19
(a)
..........................
490
471
Science
Applications
International
Corp.
,
5
.88
%
,
11/1/33
,
Callable
11/1/28
@
102.94
(a)
....
106
104
Sensata
Technologies,
Inc.
,
6
.63
%
,
7/15/32
,
Callable
7/15/27
@
103.31
(a)
..............
175
179
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.
,
6
.75
%
,
8/15/32
,
Callable
8/15/27
@
103.38
(a)
.........................................................
214
211
Standard
Building
Solutions,
Inc.
,
5
.88
%
,
3/15/34
,
Callable
3/15/29
@
102.94
(a)
.........
495
479
Standard
Industries,
Inc.
,
3
.38
%
,
1/15/31
,
Callable
5/2/26
@
101.69
(a)
.................
1,000
899
Star
Leasing
Co.
LLC
,
7
.63
%
,
2/15/30
,
Callable
2/15/27
@
103.81
(a)
.................
110
102
Synergy
Infrastructure
Holdings
LLC
,
7
.88
%
,
12/1/30
,
Callable
12/1/27
@
103.94
(a)
......
109
111
The
GEO
Group,
Inc.
8
.63
%
,
4/15/29
,
Callable
4/15/26
@
104.31
................................
89
92
10
.25
%
,
4/15/31
,
Callable
4/15/27
@
105.13
...............................
41
44
TransDigm,
Inc.
,
6
.00
%
,
1/15/33
,
Callable
9/15/27
@
103
(a)
........................
435
435
TriNet
Group,
Inc.
,
7
.13
%
,
8/15/31
,
Callable
8/15/26
@
103.56
(a)
....................
430
417
United
Rentals
North
America,
Inc.
,
6
.13
%
,
3/15/34
,
Callable
3/15/29
@
103.06
(a)
........
582
590
Waste
Pro
USA,
Inc.
,
7
.00
%
,
2/1/33
,
Callable
2/1/28
@
103.5
(a)
.....................
268
272
WESCO
Distribution,
Inc.
7
.25
%
,
6/15/28
,
Callable
5/2/26
@
101.21
(a)
...............................
375
377
5
.50
%
,
4/15/34
,
Callable
4/15/29
@
102.75
(a)
..............................
108
106
Victory
Portfolios
Victory
High
Yield
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
XPO,
Inc.
,
7
.13
%
,
6/1/31
,
Callable
6/1/26
@
103.56
(a)
............................
$
123
$
127
13,846
Information
Technology
(4.7%):
Capstone
Borrower,
Inc.
,
8
.00
%
,
6/15/30
,
Callable
6/15/26
@
104
(a)
..................
180
172
Central
Parent
LLC/CDK
Global
II
LLC/CDK
Financing
Co.,
Inc.
,
8
.00
%
,
6/15/29
,
Callable
5/2/26
@
104
(a)
....................................................
750
558
Cloud
Software
Group,
Inc.
6
.50
%
,
3/31/29
,
Callable
4/12/26
@
103.25
(a)
..............................
651
633
9
.00
%
,
9/30/29
,
Callable
5/2/26
@
104.5
(a)
................................
265
256
CoreWeave,
Inc.
,
9
.25
%
,
6/1/30
,
Callable
6/1/27
@
104.63
(a)
.......................
108
105
Diebold
Nixdorf,
Inc.
,
7
.75
%
,
3/31/30
,
Callable
12/18/26
@
103.88
(a)
.................
36
37
Ellucian
Holdings,
Inc.
,
6
.50
%
,
12/1/29
,
Callable
12/1/26
@
103.25
(a)
.................
238
232
Gen
Digital,
Inc.
7
.13
%
,
9/30/30
,
Callable
4/12/26
@
103.56
(a)
..............................
80
81
6
.25
%
,
4/1/33
,
Callable
4/1/28
@
103.13
(a)
................................
111
108
NCR
Voyix
Corp.
,
5
.13
%
,
4/15/29
,
Callable
4/12/26
@
101.28
(a)
....................
325
311
Open
Text
Holdings,
Inc.
,
4
.13
%
,
12/1/31
,
Callable
12/1/26
@
102.06
(a)
...............
395
337
Oracle
Corp.
,
4
.65
%
,
5/6/30
,
Callable
3/6/30
@
100
..............................
503
492
Qnity
Electronics,
Inc.
,
6
.25
%
,
8/15/33
,
Callable
8/15/28
@
103.13
(a)
.................
125
127
Rocket
Software,
Inc.
,
9
.00
%
,
11/28/28
,
Callable
4/12/26
@
103
(a)
...................
608
607
Sabre
Financial
Borrower
LLC
,
11
.13
%
,
6/15/29
,
Callable
6/15/27
@
105.56
(a)
..........
274
281
Sabre
GLBL,
Inc.
,
11
.13
%
,
7/15/30
,
Callable
7/15/27
@
105.56
(a)
....................
216
183
UKG,
Inc.
,
6
.88
%
,
2/1/31
,
Callable
2/1/27
@
103.44
(a)
............................
818
802
Zebra
Technologies
Corp.
,
6
.50
%
,
6/1/32
,
Callable
6/1/27
@
103.25
(a)
................
225
226
5,548
Materials
(3.9%):
AmeriTex
HoldCo
Intermediate
LLC
,
7
.63
%
,
8/15/33
,
Callable
8/15/28
@
103.81
(a)
......
285
294
Arsenal
AIC
Parent
LLC
,
8
.00
%
,
10/1/30
,
Callable
10/1/26
@
104
(a)
..................
875
912
Avient
Corp.
,
6
.25
%
,
11/1/31
,
Callable
9/15/27
@
103.13
(a)
........................
80
81
Axalta
Coating
Systems
LLC
,
3
.38
%
,
2/15/29
,
Callable
5/2/26
@
100
(a)
...............
300
284
Clydesdale
Acquisition
Holdings,
Inc.
,
6
.75
%
,
4/15/32
,
Callable
4/15/28
@
103.38
(a)
......
100
95
Commercial
Metals
Co.
,
6
.00
%
,
12/15/35
,
Callable
12/15/30
@
103
(a)
................
191
188
Compass
Minerals
International,
Inc.
,
8
.00
%
,
7/1/30
,
Callable
7/1/27
@
104
(a)
...........
57
59
Knife
River
Corp.
,
7
.75
%
,
5/1/31
,
Callable
5/2/26
@
103.88
(a)
......................
475
492
Louisiana-Pacific
Corp.
,
3
.63
%
,
3/15/29
,
Callable
5/2/26
@
100
(a)
...................
150
144
Mativ
Holdings,
Inc.
,
8
.00
%
,
10/1/29
,
Callable
10/1/26
@
104
(a)
(h)
..................
150
140
Mauser
Packaging
Solutions
Holding
Co.
,
7
.88
%
,
4/15/30
,
Callable
6/1/27
@
103.94
(a)
....
109
109
Novelis
Corp.
6
.88
%
,
1/30/30
,
Callable
1/30/27
@
103.44
(a)
(h)
............................
181
183
6
.38
%
,
8/15/33
,
Callable
8/15/28
@
103.19
(a)
..............................
109
107
Olin
Corp.
,
6
.63
%
,
4/1/33
,
Callable
4/1/28
@
103.31
(a)
...........................
67
65
Quikrete
Holdings,
Inc.
,
6
.38
%
,
3/1/32
,
Callable
3/1/28
@
103.19
(a)
..................
508
516
Sasol
Financing
USA
LLC
,
8
.75
%
,
5/3/29
,
Callable
3/3/29
@
100
(a)
..................
250
261
Sealed
Air
Corp.
,
6
.50
%
,
7/15/32
(a)
..........................................
178
188
Solstice
Advanced
Materials,
Inc.
,
5
.63
%
,
9/30/33
,
Callable
9/30/28
@
102.81
(a)
.........
64
63
Windsor
Holdings
III
LLC
,
8
.50
%
,
6/15/30
,
Callable
6/15/26
@
104.25
(a)
..............
273
283
WR
Grace
Holdings
LLC
,
7
.00
%
,
8/1/33
,
Callable
2/1/29
@
103.5
(a)
.................
109
106
4,570
Real
Estate
(1.6%):
Cushman
&
Wakefield
U.S.
Borrower
LLC
,
8
.88
%
,
9/1/31
,
Callable
9/1/26
@
104.44
(a)
....
260
275
Forestar
Group,
Inc.
,
6
.50
%
,
3/15/33
,
Callable
3/15/28
@
103.25
(a)
...................
258
255
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer
,
4
.88
%
,
5/15/29
,
Callable
5/2/26
@
101.22
(a)
.....................................
80
77
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
4
.50
%
,
2/15/29
,
Callable
5/2/26
@
100.75
(a)
...............................
162
157
5
.75
%
,
3/15/34
,
Callable
3/15/29
@
102.88
(a)
..............................
108
107
Service
Properties
Trust
8
.63
%
,
11/15/31
,
Callable
11/15/26
@
104.31
(a)
............................
240
251
8
.88
%
,
6/15/32
,
Callable
6/15/27
@
104.44
................................
451
446
Victory
Portfolios
Victory
High
Yield
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Howard
Hughes
Corp.
4
.38
%
,
2/1/31
,
Callable
4/17/26
@
102.19
(a)
...............................
$
114
$
105
6
.13
%
,
3/1/34
,
Callable
3/1/29
@
103.06
(a)
................................
238
229
1,902
Utilities
(1.3%):
Entergy
Corp.
,
7
.13
%
(
H15T5Y
+
267
bps
)
,
12/1/54
,
Callable
9/1/29
@
100
(e)
............
558
571
NRG
Energy,
Inc.
,
5
.75
%
,
7/15/29
,
Callable
4/12/26
@
101.44
(a)
....................
300
300
The
Hertz
Corp.
,
12
.63
%
,
7/15/29
,
Callable
7/15/27
@
106.31
(a)
(h)
...................
535
469
Vistra
Operations
Co.
LLC
,
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(a)
..............
150
155
1,495
Total
Corporate
Bonds
(Cost
$81,433)
a
a
a
77,770
Yankee
Dollars
(16.7%)
Communication
Services
(1.3%):
Altice
France
SA
,
9
.50
%
,
11/1/29
,
Callable
10/1/26
@
101
(a)
.......................
210
212
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
,
6
.88
%
(
H15T5Y
+
239
bps
)
,
9/15/55
,
Callable
6/15/30
@
100
(e)
...................................................
61
62
Fibercop
SpA
,
7
.20
%
,
7/18/36
,
Callable
4/18/36
@
100
(a)
.........................
345
344
Iliad
Holding
SAS
,
8
.50
%
,
4/15/31
,
Callable
4/15/27
@
104.25
(a)
....................
250
262
Rogers
Communications,
Inc.
,
7
.00
%
(
H15T5Y
+
265
bps
)
,
4/15/55
,
Callable
2/14/30
@
100
(e)
111
111
Telecom
Italia
Capital
SA
,
7
.20
%
,
7/18/36
.....................................
125
135
TELUS
Corp.
,
6
.38
%
(
H15T5Y
+
269
bps
)
,
6/9/56
,
Callable
3/9/31
@
100
(e)
.............
146
144
Virgin
Media
Finance
PLC
,
5
.00
%
,
7/15/30
,
Callable
5/2/26
@
102.5
(a)
................
5
4
Virgin
Media
O2
Vendor
Financing
Notes
VI
DAC
,
8
.50
%
,
3/15/33
,
Callable
3/15/29
@
104.25
(a)
.........................................................
27
24
Vmed
O2
UK
Financing
I
PLC
,
4
.75
%
,
7/15/31
,
Callable
7/15/26
@
102.38
(a)
...........
240
206
1,504
Consumer
Discretionary
(3.9%):
Belron
UK
Finance
PLC
,
5
.75
%
,
10/15/29
,
Callable
10/15/26
@
102.88
(a)
..............
175
176
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.
,
5
.75
%
,
1/15/33
,
Callable
12/15/28
@
102.88
(a)
......................................................
315
306
Carnival
Corp.
,
6
.13
%
,
2/15/33
,
Callable
2/15/28
@
103.06
(a)
(h)
....................
188
190
Global
Auto
Holdings
Ltd./AAG
FH
UK
Ltd.
11
.50
%
,
8/15/29
,
Callable
11/15/26
@
105.75
(a)
............................
157
156
8
.75
%
,
1/15/32
,
Callable
1/15/27
@
104.38
(a)
..............................
408
348
Great
Canadian
Gaming
Corp./Raptor
LLC
,
8
.75
%
,
11/15/29
,
Callable
11/15/26
@
104.38
(a)
147
143
Mattamy
Group
Corp.
4
.63
%
,
3/1/30
,
Callable
5/2/26
@
101.54
(a)
................................
151
144
6
.00
%
,
12/15/33
,
Callable
12/15/28
@
103
(a)
...............................
110
104
Melco
Resorts
Finance
Ltd.
,
5
.38
%
,
12/4/29
,
Callable
5/2/26
@
101.79
(a)
..............
150
144
NCL
Corp.
Ltd.
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
................................
716
710
6
.25
%
,
9/15/33
,
Callable
9/15/28
@
103.13
(a)
..............................
209
203
Nissan
Motor
Co.
Ltd.
,
7
.75
%
,
7/17/32
,
Callable
5/17/32
@
100
(a)
...................
203
206
Royal
Caribbean
Cruises
Ltd.
,
6
.00
%
,
2/1/33
,
Callable
8/1/27
@
103
(a)
................
1,105
1,118
Viking
Cruises
Ltd.
9
.13
%
,
7/15/31
,
Callable
7/15/26
@
104.56
(a)
..............................
138
145
5
.88
%
,
10/15/33
,
Callable
10/15/28
@
102.94
(a)
............................
134
133
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
5
.63
%
,
2/15/29
,
Callable
5/2/26
@
100
(a)
...........
400
399
4,625
Consumer
Staples
(0.5%):
Opal
Bidco
SAS
,
6
.50
%
,
3/31/32
,
Callable
3/31/28
@
103.25
(a)
.....................
600
600
Energy
(0.2%):
Breakwater
Energy
Holdings
SARL
,
9
.25
%
,
11/15/30
,
Callable
11/15/27
@
104.63
(a)
......
97
102
Consolidated
Energy
Finance
SA
,
12
.00
%
,
2/15/31
,
Callable
2/15/27
@
106
(a)
(h)
.........
116
114
Vermilion
Energy,
Inc.
,
7
.25
%
,
2/15/33
,
Callable
2/28/28
@
103.63
(a)
.................
80
81
297
Financials
(3.7%):
Ardonagh
Finco
Ltd.
,
7
.75
%
,
2/15/31
,
Callable
2/15/27
@
103.88
(a)
..................
281
284
Victory
Portfolios
Victory
High
Yield
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ardonagh
Group
Finance
Ltd.
,
8
.88
%
,
2/15/32
,
Callable
2/15/27
@
104.44
(a)
...........
$
754
$
732
Azorra
Finance
Ltd.
,
6
.25
%
,
2/15/34
,
Callable
2/15/29
@
103.13
(a)
...................
262
244
Flutter
Treasury
DAC
,
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
..................
277
274
GGAM
Finance
Ltd.
6
.88
%
,
4/15/29
,
Callable
5/2/26
@
103.44
(a)
...............................
25
26
5
.88
%
,
3/15/30
,
Callable
9/15/26
@
102.94
(a)
..............................
197
197
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
US
Refinance
LLC
7
.25
%
,
2/15/31
,
Callable
2/15/27
@
103.63
(a)
..............................
41
41
8
.13
%
,
2/15/32
,
Callable
2/15/27
@
104.06
(a)
..............................
846
793
IHO
Verwaltungs
GmbH
,
8
.00
%
,
11/15/32
,
Callable
11/15/27
@
104
(a)
(r)
..............
500
515
Jones
Deslauriers
Insurance
Management,
Inc.
8
.50
%
,
3/15/30
,
Callable
5/2/26
@
104.25
(a)
...............................
412
420
6
.88
%
,
10/1/33
,
Callable
10/1/28
@
103.44
(a)
(h)
............................
385
352
UniCredit
SpA
,
5
.86
%
(
USISOA05
+
370
bps
)
,
6/19/32
,
Callable
6/19/27
@
100
(a)
(e)
.......
183
184
Zegona
Finance
PLC
,
8
.63
%
,
7/15/29
,
Callable
7/15/26
@
104.31
(a)
..................
250
262
4,324
Health
Care
(1.0%):
1261229
BC
Ltd.
,
10
.00
%
,
4/15/32
,
Callable
4/15/28
@
105
(a)
......................
695
707
Bausch
+
Lomb
Corp.
,
8
.38
%
,
10/1/28
,
Callable
4/12/26
@
104.19
(a)
.................
25
26
Perrigo
Finance
Unlimited
Co.
,
6
.13
%
,
9/30/32
,
Callable
9/30/27
@
103.06
(h)
...........
464
424
1,157
Industrials
(3.5%):
ATS
Corp.
,
4
.13
%
,
12/15/28
,
Callable
5/2/26
@
100
(a)
............................
150
145
Avianca
Midco
2
PLC
9
.63
%
,
2/14/30
,
Callable
2/14/27
@
104.81
(a)
..............................
368
343
9
.50
%
,
1/28/31
,
Callable
1/28/28
@
104.75
(a)
..............................
427
393
Bombardier,
Inc.
8
.75
%
,
11/15/30
,
Callable
11/15/26
@
104.38
(a)
............................
875
932
6
.75
%
,
6/15/33
,
Callable
6/15/28
@
103.38
(a)
..............................
212
219
Cimpress
PLC
,
7
.38
%
,
9/15/32
,
Callable
9/15/27
@
103.69
(a)
(h)
.....................
130
129
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(a)
.........
506
488
Latam
Airlines
Group
SA
,
7
.88
%
,
4/15/30
,
Callable
10/15/26
@
103.94
(a)
(h)
............
264
266
Seaspan
Corp.
,
5
.50
%
,
8/1/29
,
Callable
5/4/26
@
101.38
(a)
.........................
225
212
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
9
.50
%
,
6/1/28
,
Callable
5/2/26
@
104.75
(a)
(h)
..............................
469
458
6
.38
%
,
2/1/30
,
Callable
5/2/26
@
101.59
(a)
(h)
..............................
611
527
4,112
Information
Technology
(0.9%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
792
812
Seagate
Data
Storage
Technology
Pte
Ltd.
,
8
.50
%
,
7/15/31
,
Callable
7/15/26
@
104.25
(a)
...
243
255
1,067
Materials
(1.7%):
Alcoa
Nederland
Holding
BV
,
7
.13
%
,
3/15/31
,
Callable
3/15/27
@
103.56
(a)
............
50
52
Aris
Mining
Corp.
,
8
.00
%
,
10/31/29
,
Callable
10/31/26
@
104
(a)
....................
90
93
Endeavour
Mining
PLC
,
7
.00
%
,
5/28/30
,
Callable
5/28/27
@
103.5
(a)
.................
200
203
First
Quantum
Minerals
Ltd.
,
7
.25
%
,
2/15/34
,
Callable
2/15/29
@
103.63
(a)
.............
167
170
Ivanhoe
Mines
Ltd.
,
7
.88
%
,
1/23/30
,
Callable
1/23/27
@
103.94
(a)
...................
143
145
NOVA
Chemicals
Corp.
9
.00
%
,
2/15/30
,
Callable
8/15/26
@
104.5
(a)
...............................
1,150
1,214
7
.00
%
,
12/1/31
,
Callable
12/1/27
@
103.5
(a)
...............................
85
90
1,967
Total
Yankee
Dollars
(Cost
$19,767)
a
a
a
19,653
Commercial
Paper
(8.3%)
Consumer
Discretionary
(0.9%):
Genuine
Parts
Co.
,
4
.27
%
,
4/22/26
(a)
(s)
.......................................
1,100
1,097
Consumer
Staples
(0.9%):
Keurig
Dr.
Pepper,
Inc.
,
4
.21
%
,
4/14/26
(a)
(s)
...................................
1,100
1,098
Victory
Portfolios
Victory
High
Yield
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Energy
(1.0%):
Ovintiv,
Inc.
,
4
.22
%
,
4/9/26
(a)
(s)
............................................
$
1,100
$
1,099
Financials
(0.9%):
Stellantis
Financial
Services
US
Corp.
,
4
.45
%
,
6/22/26
(a)
(s)
........................
1,100
1,089
Health
Care
(0.9%):
HCA,
Inc.
4
.24
%
,
4/16/26
(a)
(s)
.................................................
800
798
4
.38
%
,
5/6/26
(a)
(s)
.................................................
300
299
1,097
Industrials
(1.5%):
Air
Lease
Corp.
,
4
.14
%
,
4/2/26
(a)
(s)
.........................................
600
600
Sonoco
Products
Co.
,
4
.15
%
,
4/1/26
(a)
(s)
.....................................
1,100
1,100
1,700
Information
Technology
(0.4%):
Jabil,
Inc.
,
4
.49
%
,
4/8/26
(a)
(s)
..............................................
500
500
Utilities
(1.8%):
Evergy
Missouri
West,
Inc.
3
.97
%
,
4/7/26
(a)
(s)
.................................................
800
799
3
.98
%
,
4/8/26
(a)
(s)
.................................................
300
300
The
AES
Corp.
,
4
.18
%
,
4/17/26
(a)
(s)
.........................................
1,000
998
2,097
Total
Commercial
Paper
(Cost
$9,777)
a
a
a
9,777
Shares
Exchange-Traded
Funds
(1.9%)
iShares
BB
Rated
Corporate
Bond
ETF
.......................................
48,494
2,254
Total
Exchange-Traded
Funds
(Cost
$2,156)
a
a
a
2,254
Collateral
for
Securities
Loaned
(8.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(t)
........
2,616,596
2,616
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(t)
............
2,616,596
2,616
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(t)
................
2,616,596
2,617
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(t)
.
2,616,596
2,617
Total
Collateral
for
Securities
Loaned
(Cost
$10,466)
a
a
a
10,466
Total
Investments
(Cost
$132,137)
—
109.3%
128,628
Liabilities
in
excess
of
other
assets
—  (9.3)%
(10,940)
NET
ASSETS
-
100.00%
$
117,688
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
17.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$99,692
(thousands)
and
amounted
to
84.7%
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
March
31,
2026.
(c)
Security
is
interest
only.
(d)
Non-income
producing
security.
(e)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(j)
Up
to
6.75%
of
the
coupon
may
be
PIK.
(k)
Up
to
1.00%
of
the
coupon
may
be
PIK.
(l)
Up
to
6.63%
of
the
coupon
may
be
PIK.
(m)
Up
to
10.75%
of
the
coupon
may
be
PIK.
(n)
Up
to
5.75%
of
the
coupon
may
be
PIK.
(o)
Up
to
6.00%
of
the
coupon
may
be
PIK.
Victory
Portfolios
Victory
High
Yield
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
(p)
Rounds
to
less
than
$1
thousand.
(q)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(r)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(s)
Rate
represents
the
effective
yield
at
March
31,
2026.
(t)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
ETF
—
Exchange-Traded
Fund
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
RB
—
Revenue
Bond
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2026.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
Victory
Floating
Rate
Fund
109
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Loan
Obligations
(0.7%)
Cash
Flow
CLO
(0.7%):
CIFC
Funding
Ltd.
,
Series
2020-4A
,
Class
DR
,
6
.47
%
(
TSFR3M
+
280
bps
)
,
1/15/40
,
Callable
1/15/27
@
100
(a)
(b)
.................................................
$
1,375
$
1,361
Magnetite
XXX
Ltd.
,
Series
2021-30A
,
Class
D2R
,
7
.86
%
(
TSFR3M
+
400
bps
)
,
10/25/37
,
Callable
10/25/26
@
100
(a)
(b)
.........................................
1,375
1,347
2,708
Total
Collateralized
Loan
Obligations
(Cost
$2,806)
a
a
a
2,708
Shares
Common
Stocks
(3.2%)
Communication
Services
(0.1%):
Entercom
Media
Corp.
(c)
.................................................
147,854
406
Consumer
Discretionary
(0.2%):
Men's
Wearhouse,
Inc.
(c)
.................................................
32,607
465
Health
Care
(2.9%):
Air
Methods
Corp.
(c)
....................................................
79,744
10,367
Rising
Tide
Holdings,
Inc.
(c)
(d)
............................................
241,726
—
10,367
Total
Common
Stocks
(Cost
$4,914)
a
a
a
11,238
Principal
Amount
(000)
Senior
Secured
Loans
(77.9%)
Communication
Services
(2.9%):
Audacy
Capital
LLC,
Tranche
A
Term
Loan
,
10
.79
%
(
SOFR01M
+
700
bps
)
,
9/29/28
(a)
.....
461
456
Audacy
Capital
LLC,
Tranche
B
Term
Loan
,
9
.79
%
(
SOFR01M
+
600
bps
)
,
9/28/29
(a)
(e)
....
3,834
2,856
Cumulus
Media
New
Holdings
Inc.,
Initial
Term
Loan
,
8
.66
%
(
SOFR03M
+
500
bps
)
,
5/2/29
(a)
(e)
.......................................................
7,906
1,129
Dotdash
Meredith,
Inc.,
Term
B-2
Loan
,
7
.17
%
(
SOFR01M
+
350
bps
)
,
6/16/32
(a)
.........
718
677
Gray
Television,
Inc.,
Term
D
Loan
,
6
.78
%
(
SOFR01M
+
300
bps
)
,
12/1/28
(a)
............
2,240
2,238
Nexstar
Media
Inc.,
Term
B-7
Loan
,
3/21/33
(f)
..................................
491
485
Red
Ventures
LLC,
Term
B-5
Loan,
First
Lien
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
3/4/30
(a)
.....
16
14
Windstream
Services
LLC,
2025
Term
Loan,
First
Lien
,
7
.67
%
(
SOFR01M
+
400
bps
)
,
10/6/32
(a)
........................................................
575
574
Ziggo
Financing
Partnership,
Term
Loan
N
Facility
,
7
.03
%
(
SOFR06M
+
325
bps
)
,
1/14/33
(a)
.
2,108
2,046
10,475
Consumer
Discretionary
(9.6%):
American
Axle
&
Manufacturing,
Inc.,
Tranche
C
Term
Loan,
First
Lien
,
6
.91
%
(
SOFR03M
+
325
bps
)
,
2/3/33
(a)
.........................................
1,238
1,231
Betclic
Everest
Group
SAS
,
12/9/31
(f)
........................................
1,000
996
Entain
PLC,
Facility
B5
,
5
.95
%
(
SOFR03M
+
225
bps
)
,
7/30/32
(a)
....................
1,906
1,902
Fitness
International
LLC,
Term
B
Loan,
First
Lien
,
8
.17
%
(
SOFR01M
+
450
bps
)
,
2/12/29
(a)
.
4,410
4,415
Flutter
Financing
BV,
2024
Refinancing
Term
B
Loan,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
11/29/30
(a)
.......................................................
2,893
2,856
Harbor
Freight
Tools
USA,
Inc.,
Replacement
Term
Loan
,
5
.92
%
(
SOFR01M
+
225
bps
)
,
6/11/31
(a)
........................................................
992
981
Hilton
Grand
Vacations
Borrower
LLC,
Amendment
No.
4
Term
Loan,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
1/17/31
(a)
........................................
1,437
1,432
Holley
Inc.,
Initial
Term
Loan
,
7
.54
%
(
SOFR01M
+
375
bps
)
,
11/20/28
(a)
...............
2,055
2,043
Houghton
Mifflin
Harcourt
Co.,
Term
B
Loan,
First
Lien
,
9
.02
%
(
SOFR01M
+
525
bps
)
,
4/9/29
(a)
.........................................................
3,261
2,752
Light
and
Wonder
International,
Inc.,
Term
Loan
B-3,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
4/16/29
(a)
........................................................
1,148
1,147
Marriott
Ownership
Resorts,
Inc.,
2024
Incremental
Term
Loan,
First
Lien
,
5
.92
%
(
SOFR01M
+
225
bps
)
,
4/1/31
(a)
.........................................
2,918
2,908
McGraw-Hill
Education,
Inc.,
2025
Tranche
B-2
Term
Loan
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
8/6/31
(a)
.........................................................
1,927
1,922
Petco
Health
and
Wellness
Co.,
Inc.,
2026
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR03M
+
425
bps
)
,
2/3/31
(a)
.........................................................
2,282
2,226
PetSmart,
Inc.,
Initial
Term
Loan,
First
Lien
,
7
.67
%
(
SOFR01M
+
400
bps
)
,
8/18/32
(a)
......
2,000
1,984
Victory
Portfolios
Victory
Floating
Rate
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
River
Rock
Entertainment
Authority,
Term
Loan,
Firsr
Lien
,
12
.67
%
(
SOFR01M
+
900
bps
)
,
11/24/31
(a)
.......................................................
$
860
$
838
Sunrise
Financing
Partnership,
Facility
AAA
,
6
.10
%
(
SOFR06M
+
247
bps
)
,
2/17/32
(a)
......
1,885
1,870
The
Men's
Wearhouse
LLC,
Initial
Term
Loan
,
9
.42
%
(
SOFR03M
+
575
bps
)
,
1/28/31
(a)
.....
334
333
Travel
+
Leisure
Co.,
2024
Incremental
Term
Loan
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
12/14/29
(a)
2,156
2,149
33,985
Consumer
Staples
(0.6%):
American
Auto
Auction
Group
LLC,
2025
Refinancing
Term
Loan,
First
Lien
,
8
.17
%
(
SOFR03M
+
450
bps
)
,
5/28/32
(a)
........................................
550
546
Froneri
US,
Inc.,
Facility
B6,
First
Lien
,
5
.88
%
(
SOFR06M
+
225
bps
)
,
9/30/32
(a)
.........
1,441
1,412
Treehouse
Foods,
Inc.,
Initial
Term
Loan
,
7
.91
%
(
SOFR01M
+
425
bps
)
,
2/4/33
(a)
.........
334
332
2,290
Energy
(2.4%):
Delek
U.S.
Holdings,
Inc.,
Initial
Loan
,
7
.27
%
(
SOFR01M
+
350
bps
)
,
11/19/29
(a)
.........
3,787
3,788
Meade
Pipeline
Co.
LLC,
Initial
Loan
,
5
.69
%
(
SOFR03M
+
200
bps
)
,
9/22/32
(a)
..........
610
609
Traverse
Midstream
Partners
LLC,
Advance
,
6
.17
%
(
SOFR03M
+
250
bps
)
,
2/16/28
(a)
......
4,014
4,011
8,408
Financials
(30.7%):
19th
Holdings
Golf
LLC,
Initial
Term
Loan
,
7
.02
%
(
SOFR01M
+
325
bps
)
,
2/7/29
(a)
.......
2,179
2,174
Acrisure
LLC,
2025
Term
B
Loan,
First
Lien
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
6/21/32
(a)
.....
1,280
1,239
Ahlstrom
Holding
3
Oy,
Additional
Facility
B1
USD
,
8
.18
%
(
SOFR03M
+
425
bps
)
,
5/24/30
(a)
1,913
1,891
AIP
RD
Buyer
Corp.,
Term
B
Loan,
First
Lien
,
7
.17
%
(
SOFR01M
+
350
bps
)
,
12/23/30
(a)
...
495
495
Allspring
Buyer
LLC,
2024
Specified
Refinancing
Term
Loan,
First
Lien
,
6
.69
%
(
SOFR03M
+
300
bps
)
,
11/1/30
(a)
........................................
970
970
ARC
Falcon
I
Inc.,
Term
Loan
B
,
3/4/33
(f)
.....................................
582
532
Arcline
FM
Holdings
LLC,
2025-1
New
Term
Loan,
First
Lien
,
6/24/30
(f)
..............
993
993
Arsenal
AIC
Parent
LLC,
2025
Refinancing
Term
B
Loan
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
8/19/30
(a)
........................................................
2,584
2,588
Asurion
LLC,
New
B-12
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR01M
+
425
bps
)
,
9/19/30
(a)
....
995
984
Asurion
LLC,
New
Term
B-13
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR01M
+
425
bps
)
,
9/19/30
(a)
993
980
Bakelite
US
Holdco,
Inc.,
Initial
Loan
,
7
.42
%
(
SOFR03M
+
375
bps
)
,
12/23/31
(a)
.........
1,950
1,879
BW
NHHC
Holdco
Inc.,
Initial
Term
Loan,
Second
Lien
,
5/15/26
(f)
...................
3,000
300
Carriage
Purchaser,
Inc.,
Term
B
Loan
,
7
.17
%
(
SOFR01M
+
350
bps
)
,
9/29/28
(a)
..........
993
986
Champions
Holdco,
Inc.,
Initial
Term
Loan
,
8
.42
%
(
SOFR03M
+
475
bps
)
,
2/23/29
(a)
.......
1,990
1,721
Chariot
Buyer
LLC,
Refinancing
Term
Loan,
First
Lien
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
9/8/32
(a)
3,736
3,697
Clydesdale
Acquisition
Holdings,
Inc.,
Term
B
Loan,
First
Lien
,
6
.85
%
(
SOFR01M
+
318
bps
)
,
4/13/29
(a)
........................................................
2,397
2,281
CPI
Holdco
B
LLC,
2025
Fourth
Amendment
Incremental
Term
Loans,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
5/19/31
(a)
........................................
249
247
Directv
Financing
LLC,
2024
Refinancing
Term
B
Loan,
First
Lien
,
9
.18
%
(
SOFR03M
+
525
bps
)
,
8/2/29
(a)
.........................................
1,956
1,959
DS
Parent,
Inc.,
Term
Loan
B
,
9
.17
%
(
SOFR03M
+
550
bps
)
,
1/31/31
(a)
................
1,980
1,737
Evergreen
Acqco
1
LP,
Initial
Term
Loan
,
6
.69
%
(
SOFR03M
+
300
bps
)
,
9/17/32
(a)
........
651
652
Fiesta
Purchaser,
Inc.,
Second
Refinancing
Term
Loan
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
2/12/31
(a)
1,990
1,938
First
Advantage
Holdings
LLC,
Term
B-3
Loan,
First
Lien
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
10/31/31
(a)
.......................................................
1,448
1,407
Fleet
Midco
I
Limited,
Facility
B2
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
2/10/31
(a)
.............
2,701
2,701
Fortress
Intermediate
3,
Inc.,
Tranche
B
Term
Loan
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
6/27/31
(a)
.
411
407
Galileo
Parent,
Inc.,
Initial
Term
Loan
,
8
.12
%
(
SOFR06M
+
450
bps
)
,
2/25/33
(a)
..........
908
889
GIP
Pilot
Acquisition
Partners
LP,
Amendment
No.
2
Refinancing
Term
Loan
,
5
.65
%
(
SOFR03M
+
200
bps
)
,
10/4/30
(a)
........................................
2,701
2,701
Gloves
Buyer,
Inc.,
Term
Loan,
First
Lien
,
7
.67
%
(
SOFR01M
+
400
bps
)
,
5/24/32
(a)
........
1,863
1,855
Goat
Holdco
LLC,
2026
Term
B
Loan
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
1/27/32
(a)
..........
577
575
Hamilton
Projects
Acquiror
LLC,
2025-2
Repricing
Term
Loan
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
5/30/31
(a)
........................................................
708
709
Hudson
River
Trading
LLC,
Term
B-2
Loan
,
6
.18
%
(
SOFR01M
+
250
bps
)
,
3/18/30
(a)
......
1,840
1,831
IMC
Financing
LLC,
Term
Loan
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
6/21/32
(a)
..............
684
685
Ineos
U.S.
Finance
LLC,
2030
Dollar
Term
Loan
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
2/19/30
(a)
..
3,856
3,348
Innio
North
America
Holding,
Inc.
,
5
.66
%
(
SOFR03M
+
200
bps
)
,
11/28/31
(a)
............
3,602
3,564
Inspired
Finco
Holdings
Limited,
Facility
B7
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
2/28/31
(a)
.....
905
902
ION
Platform
Finance
US,
Inc.,
Initial
Dollar
Term
Loan,
First
Lien
,
7
.42
%
(
SOFR03M
+
375
bps
)
,
9/30/32
(a)
........................................
2,575
2,059
Victory
Portfolios
Victory
Floating
Rate
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Jefferies
Finance
LLC,
Initial
Term
Loan,
First
Lien
,
6
.43
%
(
SOFR01M
+
275
bps
)
,
10/21/31
(a)
$
995
$
978
Knight
Health
Holdings
LLC,
Term
B
Loan,
First
Lien
,
9
.04
%
(
SOFR01M
+
525
bps
)
,
12/26/28
(a)
.......................................................
22,478
15,734
LBM
Acquisition
LLC,
Amendment
No.
4
Refinancing
Term
Loan,
First
Lien
,
8
.67
%
(
SOFR01M
+
500
bps
)
,
6/6/31
(a)
.........................................
1,214
1,021
Long
Ridge
Energy
LLC,
Term
B
Advance
Loan
,
8
.17
%
(
SOFR03M
+
450
bps
)
,
2/19/32
(a)
...
1,786
1,764
LS
Group
OpCo.
Acquisition
LLC,
Term
B-1
Loan
,
6
.17
%
(
SOFR03M
+
250
bps
)
,
4/23/31
(a)
.
4,630
4,612
LSF12
Badger
Bidco
LLC,
Initial
Term
Loan
,
9
.17
%
(
SOFR01M
+
550
bps
)
,
7/10/30
(a)
.....
2,846
2,838
LSF12
Helix
Parent
LLC,
Initial
Term
Loan
,
7
.17
%
(
SOFR01M
+
350
bps
)
,
2/10/33
(a)
......
310
305
Medline
Borrower
LP,
2030
Refinancing
Term
Loan,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
10/23/30
(a)
.......................................................
1,542
1,544
Mermaid
Bidco
Inc.,
Facility
B
,
6
.91
%
(
SOFR03M
+
325
bps
)
,
7/2/31
(a)
................
610
596
Neptune
BidCo
US
Inc.,
2026
Dollar
Term
B
Loan,
First
Lien
,
8
.76
%
(
SOFR03M
+
500
bps
)
,
2/3/33
(a)
.........................................................
2,225
2,120
NorthRiver
Midstream
Finance
LP,
Initial
Term
B
Loan,
First
Lien
,
5
.91
%
(
SOFR03M
+
225
bps
)
,
8/16/30
(a)
........................................
3,002
3,003
OAK-Eagle
Acquireco,
Inc.
,
3/24/33
(f)
.......................................
1,204
1,197
OEP
Glass
Purchaser
LLC,
Initial
Term
Loan
,
7
.67
%
(
SOFR03M
+
400
bps
)
,
3/2/33
(a)
......
655
644
Olympus
Water
US
Holding
Corp.,
Term
B-6
Dollar
Loan,
First
Lien
,
6
.67
%
(
SOFR03M
+
300
bps
)
,
6/23/31
(a)
........................................
995
954
Orion
Midco
Ltd.,
Initial
Term
Loan,
First
Lien
,
7
.15
%
(
SOFR03M
+
350
bps
)
,
10/12/32
(a)
...
1,503
1,486
Oscar
AcquisitionCo
LLC,
Term
B
Loan
,
7
.92
%
(
SOFR03M
+
425
bps
)
,
4/30/29
(a)
.........
2,276
1,452
Osmosis
Buyer
Limited,
2026
Refinancing
Term
B
Loan
,
6
.41
%
(
SOFR03M
+
275
bps
)
,
7/31/28
(a)
........................................................
1,539
1,534
Park
River
Holdings,
Inc.,
2025
Refinancing
Term
Loan
,
8
.16
%
(
SOFR03M
+
450
bps
)
,
3/17/31
(a)
........................................................
1,218
1,188
Sedgwick
Claims
Management
Services,
Inc.,
2024
Term
Loan,
First
Lien
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
7/31/31
(a)
........................................
2,625
2,574
Stonepeak
Nile
Parent
LLC,
Amendment
No.
1
Incremental
Term
Loan
,
5
.92
%
(
SOFR03M
+
225
bps
)
,
4/9/32
(a)
.........................................
669
667
Tega
MC
Australia
Holdings
Pty
Ltd.,
Term
Loan
B
,
3/25/33
(f)
......................
1,642
1,630
TRQ
Sales
LLC,
Initial
Term
Loan
,
6
.95
%
(
SOFR03M
+
325
bps
)
,
12/30/32
(a)
............
680
657
Virgin
Media
Bristol
LLC,
Facility
Y
,
7
.05
%
(
SOFR06M
+
318
bps
)
,
3/31/31
(a)
...........
2,250
2,046
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loans,
First
Lien
,
7
.91
%
(
SOFR03M
+
425
bps
)
,
7/1/32
(a)
.........................................................
995
987
WestJet
Loyalty
LP,
Initial
Term
Loan
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
2/14/31
(a)
..........
2,905
2,815
WH
Borrower
LLC,
Add-on
TLB
,
2/20/32
(f)
...................................
510
510
108,732
Health
Care
(8.0%):
Amneal
Pharmaceuticals
LLC,
Amendment
No.
2
Term
Loan
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
8/2/32
(a)
.........................................................
2,078
2,083
Covis
Finco
SARL,
Dollar
Term
B
Loan,
First
Lien
,
2/18/27
(d)
(f)
....................
8,797
—
Embecta
Corp.,
Initial
Term
Loan,
First
Lien
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
4/2/29
(a)
......
3,440
3,438
Gainwell
Acquisition
Corp.,
Term
B
Loan,
First
Lien
,
7
.77
%
(
SOFR03M
+
400
bps
)
,
10/1/27
(a)
3,982
3,859
Hologic,
Inc.
,
1/14/33
(f)
..................................................
1,128
1,114
LifePoint
Health,
Inc.
,
2024-1
Refinancing
Term
Loan,
First
Lien
,
7
.42
%
(
SOFR03M
+
375
bps
)
,
5/19/31
(a)
........................................
4,882
4,881
LifePoint
Health,
Inc.
,
2024-2
Refinancing
Term
Loan,
First
Lien
,
5/19/31
(f)
............
1,990
1,987
Organon
&
Co.,
2024
Refinancing
Dollar
Term
Loan
Facility,
First
Lien
,
5
.92
%
(
SOFR01M
+
225
bps
)
,
5/19/31
(a)
........................................
1,973
1,876
Perrigo
Investments
LLC,
2024
Refinancing
Term
B
Loan,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
4/20/29
(a)
........................................
2,974
2,953
Scil
USA
Holdings
LLC
,
7
.79
%
(
SOFR06M
+
400
bps
)
,
10/29/32
(a)
...................
1,375
1,367
Select
Medical
Corporation,
Term
Loan
B
,
12/3/31
(f)
.............................
749
746
Summit
Behavioral
Healthcare
LLC,
Second
Out
Term
Loan,
First
Lien
,
8
.18
%
(
SOFR03M
+
425
bps
)
,
10/15/30
(a)
.......................................
1,990
1,708
Surgery
Center
Holdings,
Inc.,
2025
Refinancing
Term
Loan
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
12/19/30
(a)
.......................................................
1,965
1,964
27,976
Industrials
(17.4%):
AAdvantage
Loyality
IP
Ltd.
(American
Airlines,
Inc.),
2025
Replacement
Term
Loan,
First
Lien
,
5
.92
%
(
SOFR03M
+
225
bps
)
,
4/20/28
(a)
..............................
3,267
3,232
Victory
Portfolios
Victory
Floating
Rate
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Arches
Buyer
Inc.,
Refinancing
Term
Loan
,
7
.02
%
(
SOFR01M
+
325
bps
)
,
12/6/27
(a)
.......
$
1,954
$
1,944
AZZ
Inc.,
Initial
Term
Loan
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
5/14/29
(a)
..................
1,405
1,407
Cengage
Learning,
Inc.,
Existing
Term
Loan,
First
Lien
,
6
.68
%
(
SOFR03M
+
300
bps
)
,
3/24/31
(a)
........................................................
3,930
3,842
Charlotte
Buyer,
Inc.,
Second
Refinancing
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR01M
+
425
bps
)
,
2/11/28
(a)
........................................................
1,990
1,969
Chart
Industries,
Inc.,
Amendment
No.
7
Term
Loan
,
6
.16
%
(
SOFR03M
+
250
bps
)
,
3/18/30
(a)
2,163
2,158
Columbus
McKinnon
Corporation,
Initial
Term
Loan
,
7
.16
%
(
SOFR03M
+
350
bps
)
,
2/3/33
(a)
810
806
Coors
Tek,
Inc.,
Initial
Term
B
Loan,
First
Lien
,
6
.67
%
(
SOFR03M
+
300
bps
)
,
10/28/32
(a)
...
713
716
Core
&
Main
LP,
Tranche
E
Term
Loan
,
5
.68
%
(
SOFR01M
+
200
bps
)
,
2/10/31
(a)
.........
4,165
4,165
Cornerstone
Building
Brands,
Inc.,
Tranche
B
Term
Loan
,
7
.02
%
(
SOFR03M
+
325
bps
)
,
4/12/28
(a)
........................................................
731
412
Cyberswift
US
Finco
LLC,
Term
Loan
,
7
.65
%
(
SOFR03M
+
400
bps
)
,
10/8/32
(a)
..........
660
648
Gates
Corporation,
Initial
B-5
Dollar
Term
Loan
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
6/4/31
(a)
....
2,913
2,907
Genesee
&
Wyoming
Inc.,
Initial
Term
Loan
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
4/10/31
(a)
......
995
989
Gibraltar
Industries,
Inc.,
Initial
Tranche
B
Term
Loan
,
5
.93
%
(
SOFR01M
+
225
bps
)
,
1/28/33
(a)
617
613
Graham
Packaging
Company
Inc.,
Initial
Term
Loan
,
5
.92
%
(
SOFR01M
+
225
bps
)
,
1/14/33
(a)
500
494
Groupe
Solmax
Inc.,
Initial
Term
Loan
,
8
.68
%
(
SOFR03M
+
475
bps
)
,
7/24/28
(a)
..........
1,995
1,606
Harsco
Corporation,
Term
B-3
Loan
,
6
.04
%
(
SOFR01M
+
225
bps
)
,
3/10/28
(a)
............
3,833
3,817
Hertz
Corporation,
The,
Initial
Term
B
Loan
,
7
.29
%
(
SOFR01M
+
350
bps
)
,
6/30/28
(a)
......
1,016
749
Hertz
Corporation,
The,
Initial
Term
C
Loan
,
7
.29
%
(
SOFR01M
+
350
bps
)
,
6/30/28
(a)
......
203
150
Janus
International
Group
LLC,
8th
Amendment
Term
Loan,
First
Lien
,
5
.66
%
(
SOFR03M
+
200
bps
)
,
8/5/30
(a)
.........................................
3,526
3,514
Karman
Holdings
Inc.,
Third
Amendment
Term
Loan
,
6
.46
%
(
SOFR03M
+
275
bps
)
,
4/1/32
(a)
1,271
1,271
Madison
IAQ
LLC,
Initial
Term
Loan
,
6
.13
%
(
SOFR06M
+
250
bps
)
,
6/21/28
(a)
...........
2,964
2,961
Novae
LLC,
Tranche
B
Term
Loan
,
8
.82
%
(
SOFR03M
+
500
bps
)
,
12/22/28
(a)
............
2,725
2,409
OneSky
Flight
LLC,
Initial
Term
Loans
,
6
.43
%
(
SOFR01M
+
275
bps
)
,
2/17/33
(a)
.........
798
795
Prime
Security
Services
Borrower
LLC,
2025
Incremental
Term
B-2
Loan,
First
Lien
,
5
.41
%
(
SOFR01M
+
175
bps
)
,
3/8/32
(a)
.........................................
410
404
Pro
Mach
Group,
Inc.,
Amendment
No.
6
Refinancing
Term
Loan,
First
Lien
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
10/18/32
(a)
.......................................
613
612
Rising
Tide
Holdings
Inc.,
Tranche
A
Term
Loan
,
15
.00
%
(
SOFR03M
+
1500
bps
)
,
6/13/28
(a)
.
1,577
1,517
Rising
Tide
Holdings
Inc.,
Tranche
B
Term
Loan
,
12
.00
%
(
SOFR03M
+
1200
bps
)
,
6/13/28
(a)
.
4,077
2,406
SGH2
LLC,
Initial
Term
Loan,
First
Lien
,
8
.17
%
(
SOFR03M
+
450
bps
)
,
8/18/32
(a)
........
1,443
1,416
Shift4
Payments
LLC,
Amendment
No.
3
Refinancing
Term
Loan,
First
Lien
,
5
.65
%
(
SOFR03M
+
200
bps
)
,
7/6/32
(a)
.........................................
499
497
SkyMiles
IP
Ltd.,
2025
Replacement
Term
Loan
,
5
.17
%
(
SOFR03M
+
150
bps
)
,
10/20/28
(a)
..
3,063
3,073
Southern
Veterinary
Partners
LLC,
2025
New
Term
Loan,
First
Lien
,
6
.18
%
(
SOFR01M
+
250
bps
)
,
12/4/31
(a)
........................................
995
985
Tidal
Waste
&
Recycling
Holdings
LLC,
Initial
Term
Loan
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
10/24/31
(a)
.......................................................
497
497
TransDigm,
Inc.,
New
Tranche
K
Term
Loan,
First
Lien
,
5
.92
%
(
SOFR01M
+
225
bps
)
,
3/22/30
(a)
........................................................
1,214
1,214
Veritiv
Operating
Co.,
Initial
Term
Loan,
First
Lien
,
7
.67
%
(
SOFR03M
+
400
bps
)
,
11/29/30
(a)
1,492
1,448
Vestis
Corp.,
Term
B-1
Loan,
First
Lien
,
5
.92
%
(
SOFR03M
+
225
bps
)
,
2/24/31
(a)
.........
2,481
2,388
White
Cap
Supply
Holdings
LLC,
Tranche
C
Term
Loan
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
10/29/29
(a)
.......................................................
1,295
1,243
61,274
Information
Technology
(3.2%):
Ahead
DB
Holdings
LLC,
Term
B-5
Loan,
First
Lien
,
6
.17
%
(
SOFR03M
+
250
bps
)
,
2/3/31
(a)
1,741
1,714
Cimpress
PLC,
2024-2
Refinancing
Tranche
B-1
Term
Loan
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
5/17/28
(a)
........................................................
992
990
ConnectWise
LLC,
Initial
Term
Loan
,
7
.43
%
(
SOFR03M
+
350
bps
)
,
9/29/28
(a)
...........
1,990
1,832
Genesys
Cloud
Services
Holdings
I
LLC,
Initial
2025
Dollar
Term
Loan
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
1/30/32
(a)
........................................
1,492
1,426
McAfee
Corp.,
Second
Amendment
Tranche
B-1
Term
Loan
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
3/1/29
(a)
.........................................................
2,938
2,615
Project
Alpha
Intermediate
Holding,
Inc.,
Second
Amendment
Refinancing
Term
Loan,
First
Lien
,
6
.92
%
(
SOFR03M
+
325
bps
)
,
10/28/30
(a)
..............................
990
746
Proofpoint,
Inc.,
2025-B
Incremental
Term
Loan,
First
Lien
,
6
.67
%
(
SOFR03M
+
300
bps
)
,
8/31/28
(a)
........................................................
2,199
2,126
11,449
Victory
Portfolios
Victory
Floating
Rate
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Materials
(1.3%):
Crown
Finance
US,
Inc.,
First
Amendment
Term
Loan
,
8
.17
%
(
SOFR01M
+
450
bps
)
,
12/2/31
(a)
$
995
$
984
Owens
Brockway
Glass
Container,
Inc.,
Tranche
B-1
Term
Loan
B
Facility,
First
Lien
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
9/30/32
(a)
........................................
1,521
1,503
WireCo
WorldGroup
Inc.,
2023
Refinancing
Term
Loan
,
7
.42
%
(
SOFR03M
+
375
bps
)
,
11/13/28
(a)
.......................................................
2,213
2,204
4,691
Real
Estate
(0.9%):
RealPage,
Inc.,
Initial
Term
Loan,
First
Lien
,
6
.93
%
(
SOFR03M
+
300
bps
)
,
4/24/28
(a)
......
3,361
3,214
Utilities
(0.9%):
Lackawanna
Energy
Center
LLC,
Replacement
Term
B
Advance
,
6
.42
%
(
SOFR01M
+
275
bps
)
,
8/5/32
(a)
.........................................................
641
641
MH
SUB
I
LLC,
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR01M
+
425
bps
)
,
12/31/31
(a)
........
3,974
2,631
3,272
Total
Senior
Secured
Loans
(Cost
$305,404)
a
a
a
275,766
Corporate
Bonds
(5.7%)
Communication
Services
(1.8%):
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
,
4
.75
%
,
2/1/32
,
Callable
2/1/27
@
102.38
(b)
1,260
1,142
Clear
Channel
Outdoor
Holdings,
Inc.
,
7
.88
%
,
4/1/30
,
Callable
10/1/26
@
103.94
(b)
.......
1,560
1,634
CSC
Holdings
LLC
,
11
.75
%
,
1/31/29
,
Callable
4/12/26
@
105.88
(b)
..................
1,000
723
Gray
Media,
Inc.
,
7
.25
%
,
8/15/33
,
Callable
8/15/28
@
103.63
(b)
.....................
925
932
Windstream
Services
LLC/Windstream
Escrow
Finance
Corp.
,
8
.25
%
,
10/1/31
,
Callable
10/1/27
@
104.13
(b)
................................................
1,700
1,781
6,212
Energy
(0.7%):
Alpha
Generation
LLC
,
6
.75
%
,
10/15/32
,
Callable
10/15/27
@
103.38
(b)
...............
1,000
1,015
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC
,
7
.50
%
,
12/15/33
,
Callable
12/15/28
@
103.75
(b)
........................................................
1,500
1,577
2,592
Financials
(0.4%):
Stagwell
Global
LLC
,
5
.63
%
,
8/15/29
,
Callable
5/2/26
@
101.41
(b)
...................
1,500
1,430
Health
Care
(0.8%):
AdaptHealth
LLC
,
5
.13
%
,
3/1/30
,
Callable
3/1/27
@
101.28
(b)
......................
1,000
959
CHS/Community
Health
Systems,
Inc.
,
6
.13
%
,
4/1/30
,
Callable
5/2/26
@
101.53
(b)
.......
1,000
868
U.S.
Acute
Care
Solutions
LLC
,
9
.75
%
,
5/15/29
,
Callable
5/15/26
@
104.88
(b)
..........
1,140
1,107
2,934
Industrials
(0.5%):
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.
,
6
.75
%
,
8/15/32
,
Callable
8/15/27
@
103.38
(b)
........................................................
1,500
1,476
TransDigm,
Inc.
,
6
.25
%
,
1/31/34
,
Callable
8/31/28
@
103.13
(b)
.....................
82
83
1,559
Information
Technology
(0.4%):
Amkor
Technology,
Inc.
,
5
.88
%
,
10/1/33
,
Callable
10/1/28
@
102.94
(b)
................
85
85
Cloud
Software
Group,
Inc.
,
6
.50
%
,
3/31/29
,
Callable
4/12/26
@
103.25
(b)
.............
1,500
1,459
1,544
Materials
(0.8%):
Allied
Universal
Holdco
LLC
,
7
.88
%
,
2/15/31
,
Callable
2/15/27
@
103.94
(b)
............
1,000
1,032
Methanex
US
Operations,
Inc.
,
6
.25
%
,
3/15/32
,
Callable
9/15/31
@
100
(b)
.............
1,000
1,023
Novelis
Corp.
,
3
.88
%
,
8/15/31
,
Callable
8/15/26
@
101.94
(b)
.......................
1,000
890
2,945
Utilities
(0.3%):
Clearway
Energy
Operating
LLC
,
3
.75
%
,
2/15/31
,
Callable
4/12/26
@
101.88
(b)
.........
1,000
928
Total
Corporate
Bonds
(Cost
$20,552)
a
a
a
20,144
Victory
Portfolios
Victory
Floating
Rate
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Yankee
Dollars
(1.1%)
Financials
(0.8%):
Diamond
Foreign
Asset
Co./Diamond
Finance
LLC
,
8
.50
%
,
10/1/30
,
Callable
10/1/26
@
104.25
(b)
........................................................
$
1,126
$
1,188
GGAM
Finance
Ltd.
,
8
.00
%
,
6/15/28
,
Callable
12/15/27
@
100
(b)
...................
1,500
1,556
2,744
Materials
(0.3%):
First
Quantum
Minerals
Ltd.
8
.63
%
,
6/1/31
,
Callable
6/1/26
@
104.31
(b)
................................
1,000
1,033
7
.25
%
,
2/15/34
,
Callable
2/15/29
@
103.63
(b)
..............................
225
229
1,262
Total
Yankee
Dollars
(Cost
$3,903)
a
a
a
4,006
U.S.
Treasury
Obligations
(1.3%)
U.S.
Treasury
Bills
,
3
.46
%
,
4/21/26
(g)
........................................
4,500
4,491
Total
U.S.
Treasury
Obligations
(Cost
$4,491)
a
a
a
4,491
Commercial
Paper
(2.5%)
Industrials
(0.6%):
Fiserv,
Inc.
,
3
.98
%
,
4/1/26
(b)
(g)
............................................
2,200
2,200
Information
Technology
(0.5%):
Jabil,
Inc.
,
4
.14
%
,
4/1/26
(b)
(g)
.............................................
1,600
1,600
Real
Estate
(1.2%):
ERP
Operating
LP
,
4
.14
%
,
4/1/26
(b)
(g)
.......................................
2,200
2,199
Healthpeak
OP
LLC
,
3
.97
%
,
4/1/26
(b)
(g)
......................................
2,200
2,200
4,399
Utilities
(0.2%):
NGPL
PipeCo
LLC
,
4
.18
%
,
4/1/26
(b)
(g)
......................................
800
800
Total
Commercial
Paper
(Cost
$9,000)
a
a
a
8,999
Shares
Exchange-Traded
Funds
(4.6%)
Invesco
Senior
Loan
ETF
.................................................
400,000
8,164
State
Street
Blackstone
Senior
Loan
ETF
......................................
200,000
8,028
Total
Exchange-Traded
Funds
(Cost
$16,825)
a
a
a
16,192
Total
Investments
(Cost
$367,895)
—
97.0%
343,544
Other
assets
in
excess
of
liabilities
—  3.0%
10,510
NET
ASSETS
-
100.00%
$
354,054
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.6%
of
net
assets.
(a)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$35,857
(thousands)
and
amounted
to
10.1%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(e)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
Rate
represents
the
effective
yield
at
March
31,
2026.
Victory
Portfolios
Victory
Floating
Rate
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
ETF
—
Exchange-Traded
Fund
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.