The Victory Portfolios	Schedule of Portfolio Investments
Balanced Fund	*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*	(Unaudited)

Security Description		Principal Amount		Value
Collateralized Mortgage Obligations (6.3%)
Bear Stearns Commercial Mortgage Securities
Series 2005-T20, Class A4A
5.15%, 10/12/42		$	260	$	262
Series 2007-T28, Class A3
5.79%, 9/11/42		200		198
Chase Mortgage Finance Corp.
Series 2005-A1, Class M
5.31%(a), 12/25/35		313		307
Series 2005-A2, Class M
5.44%(a), 1/25/36(b)		213		203
Series 2007-A1, Class 1B2
4.41%(a), 2/25/37(b)(c)		99		93
Series 2007-A1, Class 1M
4.41%(a), 2/25/37		177		175
Series 2007-A1, Class 2B1
5.80%(a), 3/25/37(b)(c)		144		136
Series 2007-A2, Class 1B1
4.47%(a), 7/25/37(b)(c)		104		101
Series 2007-S1, Class AM
6.08%, 2/25/37(b)		85		82
Series 2007-S1, Class B1
6.08%, 2/25/37(b)		61		53
ChaseFlex Trust, Series 2005-2, Class 4A3, 6.00% (a), 5/25/20		170		175
CS First Boston Mortgage Securities Corp.
Series 2005-C5, Class A4
5.10%, 8/15/38		390		388
Series 2005-C6, Class A4
5.23%, 12/15/40		475		481
Federal Home Loan Mortgage Corp., Structured Pass Through Securities, Series T-42, Class A5, 7.50%, 2/25/42		181		196
First Horizon Alternative Mortgage Securities, Series 2006-FA6, Class B1, 6.22% (a), 11/25/36		222		191
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.99% (a), 8/10/45		300		304
GSR Mortgage Loan Trust
Series 2004-10F, Class 6A1
5.00%, 9/25/34		249		243
Series 2006-6F, Class M1
6.30%(a), 7/25/36		290		277
Series 2006-8F, Class B1
6.45%(a), 9/25/36		247		235
JP Morgan Mortgage Trust
Series 2005-A1, Class IB1
4.91%(a), 2/25/35(b)		266		260
Series 2005-A2, Class B1
4.92%(a), 4/25/35(b)		319		312
Series 2005-A3, Class 1B1
4.99%, 6/25/35(b)		304		296
Series 2005-A4, Class B1
5.20%(a), 7/25/35(b)		207		204
Series 2005-A6, Class 1B1
5.17%(a), 9/25/35		247		243
Series 2005-A8, Class B1
5.18%(a), 11/25/35(b)		342		332
Series 2006-A1, Class B1
5.40%(a), 2/25/36(b)		239		239
Series 2006-A2, Class IB1
5.68%(a), 4/25/36(b)		358		357
Series 2006-A5, Class B1
5.91%(a), 8/25/36		100		96
Series 2006-S4, Class B1
6.40%(a), 1/25/37		121		114
Series 2006-S4, Class B2
6.40%(a), 1/25/37(b)		150		134

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
Series 2007-A1, Class B1
4.81%(a), 7/25/35	$	140	$	139
Series 2007-A2, Class B2
5.85%(a), 4/25/37(b)(c)	149		138
Series 2007-A2, Class B3
5.85%(a), 4/25/37(c)	100		84
Series 2007-A4, Class B1
5.76%(a), 6/25/37(b)(c)	220		210
Series 2007-A4, Class B2
5.76%(a), 6/25/37(c)	100		92
Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class CB2, 5.07% (a), 8/25/34 (c)	100		79
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class B1, 4.59% (a), 4/25/34	148		147
Structured Asset Securities Corp., Series 2005-17, Class 5A1, 5.50%, 10/25/35	134		135

*Total Collateralized Mortgage Obligations (Cost $7,862)*			7,711

Commercial Paper (0.3%)
Deutsche Bank Financial, LLC, 3.13% (d), 2/1/08	378		378

*Total Commercial Paper (Amortized Cost $378)*			378

Common Stocks (61.0%)
*Automotive (0.3%)*
Ford Motor Co. (e)	50,700		337
			337
*Banks (3.3%)*
Bank of America Corp.	56,700		2,515
J.P. Morgan Chase & Co.	13,630		648
Wells Fargo Co.	26,500		901
			4,064
*Beverages (4.4%)*
Coca-Cola Co. (b)	29,800		1,763
Diageo PLC, ADR	20,300		1,638
PepsiCo, Inc.	29,882		2,038
			5,439
*Biotechnology (2.0%)*
Genentech, Inc. (e)	25,800		1,811
Gilead Sciences, Inc. (e)	13,400		612
			2,423
*Brokerage Services (1.6%)*
Charles Schwab Corp.	87,911		1,960
			1,960
*Building Materials (0.5%)*
USG Corp. (e)(f)	17,031		623
			623
*Chemicals (1.2%)*
PPG Industries, Inc.	22,622		1,495
			1,495
*Computers & Peripherals (4.4%)*
Apple Computer, Inc. (e)	6,900		934
Dell, Inc. (e)	75,100		1,505
EMC Corp. (e)	122,400		1,942
Network Appliance, Inc. (e)	19,000		441
Seagate Technology (f)	28,601		580
			5,402

See notes to schedules of investments.

Security Description	Shares	Value
*Cosmetics & Toiletries (2.1%)*
Estee Lauder Cos., Class A	13,300	$	561
Procter & Gamble Co.	31,000	2,045
		2,606
*Financial Services (1.8%)*
Citigroup, Inc.	46,500	1,312
Fannie Mae	26,400	894
		2,206
*Health Care (1.0%)*
Medtronic, Inc.	27,400	1,276
		1,276
*Heavy Machinery (0.6%)*
Caterpillar, Inc.	10,800	768
		768
*Home Builders (0.2%)*
Toll Brothers, Inc. (e)(f)	11,400	265
		265
*Insurance (1.5%)*
American International Group, Inc.	32,997	1,820
		1,820
*Internet Business Services (0.7%)*
Google, Inc., Class A (e)	1,600	903
		903
*Internet Service Provider (0.4%)*
Yahoo!, Inc. (e)(f)	29,347	563
		563
*Investment Companies (1.0%)*
Invesco Ltd.	11,216	305
The Blackstone Group LP (f)	48,000	881
		1,186
*Manufacturing-Diversified (0.7%)*
Siemens AG, Sponsored ADR	6,900	896
		896
*Manufacturing-Miscellaneous (1.9%)*
3M Co.	29,100	2,318
		2,318
*Media (0.7%)*
Viacom, Inc., Class B (e)	23,800	922
		922
*Medical Supplies (0.5%)*
Zimmer Holdings, Inc. (e)	7,700	603
		603
*Mining (3.6%)*
Barrick Gold Corp.	30,267	1,559
Newmont Mining Corp.	53,700	2,918
		4,477

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*Oil & Gas Exploration-Production & Services (1.3%)*
Chesapeake Energy Corp.	44,400		$	1,653
			1,653
*Oilfield Services & Equipment (5.3%)*
BJ Services Co.	35,000		761
Halliburton Co.	83,600		2,773
Schlumberger Ltd.	39,616		2,990
			6,524
*Pharmaceuticals (5.6%)*
Johnson & Johnson	39,300		2,486
Merck & Co., Inc.	42,000		1,944
Pfizer, Inc.	57,624		1,348
Schering-Plough Corp.	55,400		1,084
			6,862
*Retail (0.9%)*
Target Corp.	19,828		1,102
			1,102
*Retail-Department Stores (1.4%)*
Kohl’s Corp. (e)	38,488		1,757
			1,757
*Retail-Drug Stores (1.7%)*
CVS Caremark Corp.	52,700		2,059
			2,059
*Retail-Specialty Stores (0.5%)*
Tiffany & Co.	15,331		612
			612
*Semiconductors (4.7%)*
Intel Corp.	117,900		2,500
Maxim Integrated Products, Inc.	48,919		962
STMicroelectronics N.V., NY Shares	77,500		960
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR	147,023		1,364
			5,786
*Software & Computer Services (1.7%)*
Microsoft Corp.	63,600		2,073
			2,073
*Utilities-Electric (2.5%)*
Duke Energy Corp.	51,300		957
Exelon Corp.	28,172		2,147
			3,104
*Utilities-Telecommunications (1.0%)*
Verizon Communications, Inc.	33,481		1,300
			1,300

*Total Common Stocks (Cost $75,721)*			75,384

Corporate Bonds (12.6%)
*Aerospace/Defense (0.0%)*
General Dynamics Corp., 4.50%, 8/15/10	$	19	20
			20
*Airlines (0.3%)*
Continental Airlines, Inc., Series 99-2, 7.06%, 3/15/11	100		100

See notes to schedules of investments.

Security Description	Principal Amount		Value
Delta Air Lines, Inc., Series 02-1, 6.42%, 7/2/12	$	270	$	272
			372
*Automotive (0.1%)*
DaimlerChrysler North America Holding Corp.
7.30%, 1/15/12	27		30
8.50%, 1/18/31	22		27
			57
*Banks (2.1%)*
Asian Development Bank
4.50%, 9/4/12, MTN	40		42
5.82%, 6/16/28, Callable 6/16/08 @ 100	20		22
BAC Capital Trust XI, 6.63%, 5/23/36	50		49
Bank of America Corp.
6.25%, 4/15/12	60		64
5.63%, 10/14/16(f)	100		102
8.00%, 12/29/49, Callable 1/30/18 @ 100(c)	490		509
European Investment Bank
3.38%, 3/16/09(f)	72		73
4.63%, 5/15/14(f)	145		155
Fifth Third Bancorp, 4.50%, 6/1/18	73		66
First Union Capital I, Series A, 7.94%, 1/15/27, Callable 2/22/08 @ 103.57	200		209
Inter-American Development Bank, 4.50%, 9/15/14	70		73
International Bank Recon & Development, 7.63%, 1/19/23	15		20
KFW
3.25%, 3/30/09	90		90
4.63%, 1/20/11	100		106
4.13%, 10/15/14	55		57
Korea Developmental Bank, Series 6, 5.75%, 9/10/13	35		36
Mellon Funding Corp., 6.38%, 2/15/10	65		69
Royal Bank of Scotland Group PLC, Series 1, 9.12%, 3/31/49, Callable 3/31/10 @ 100	130		141
UBS AG Stamford CT, 5.88%, 12/20/17 (f)	160		168
USB Capital IX, 6.19%, 4/15/49, Callable 4/15/11 @ 100	185		147
Wachovia Capital Trust III, 5.80%, 3/15/42, Callable 3/15/11 @ 100 (f)	195		154
Wachovia Corp.
3.63%, 2/17/09	72		71
5.25%, 8/1/14	60		60
Wells Fargo Co., 5.63%, 12/11/17	140		144
			2,627
*Beverages (0.1%)*
Anheuser-Busch Cos., Inc.
9.00%, 12/1/09	1		1
5.05%, 10/15/16	45		45
Coca-Cola Enterprises, Inc.
5.75%, 11/1/08	29		29
8.50%, 2/1/12	37		43
8.50%, 2/1/22	25		32
			150
*Building-Residential & Commercial (0.2%)*
KB Home, 8.63%, 12/15/08	210		209
			209
*Chemicals (0.1%)*
Dow Chemical Co.
5.75%, 12/15/08	35		36
6.00%, 10/1/12	20		21
E.I. Du Pont de Nemours & Co., 4.88%, 4/30/14 (f)	20		20
Eastman Chemical, 7.60%, 2/1/27	11		12
			89

See notes to schedules of investments.

Security Description	Principal Amount		Value
*Computers & Peripherals (0.1%)*
International Business Machine Corp.
5.38%, 2/1/09	$	35	$	36
6.50%, 1/15/28	50		53
			89
*Cosmetics & Toiletries (0.1%)*
Gillette Co., 3.80%, 9/15/09	55		56
Kimberly-Clark Corp.
5.00%, 8/15/13	40		42
6.25%, 7/15/18	25		27
Procter & Gamble Co., 4.95%, 8/15/14 (f)	30		31
			156
*Electric Integrated (0.2%)*
Dominion Resources, Inc., Series C, 5.69%, 7/15/15	30		30
Entergy Gulf States, 6.18%, 3/1/35, Callable 3/1/10 @ 100	125		115
MidAmerican Energy Holdings, 6.50%, 9/15/37	45		46
Southern California Edison Co., 5.63%, 2/1/36	58		55
			246
*Financial Services (3.2%)*
American General Finance, 3.88%, 10/1/09, MTN	53		53
Boeing Capital Corp., 5.80%, 1/15/13	33		35
Caterpillar Financial Service Corp.
4.50%, 6/15/09	30		30
4.60%, 1/15/14, MTN	15		15
CIT Group, Inc.
4.75%, 12/15/10, MTN	30		29
7.75%, 4/2/12	55		56
5.00%, 2/1/15, MTN	70		57
Citigroup Capital XXI, 8.30%, 12/21/77, Callable 12/21/37 @100 (f)	290		313
Citigroup, Inc., 5.00%, 9/15/14	60		58
Credit Suisse First Boston USA, Inc.
4.70%, 6/1/09	109		110
6.50%, 1/15/12	75		80
General Electric Capital Corp.
5.88%, 1/14/38	415		406
Series A
4.25%, 9/13/10, MTN	40		41
6.00%, 6/15/12, MTN	223		237
5.38%, 10/20/16, MTN (f)	85		87
5.63%, 9/15/17, MTN (f)	240		248
6.15%, 8/7/37, MTN (f)	40		41
Goldman Sachs Group, Inc.
6.88%, 1/15/11	136		147
6.60%, 1/15/12	82		89
5.75%, 10/1/16	115		120
HSBC Finance Corp.
4.13%, 11/16/09	155		155
6.75%, 5/15/11(f)	52		55
International Lease Finance Corp., 6.38%, 3/15/09	96		99
John Deere Capital Corp., 5.10%, 1/15/13 (f)	30		31
JP Morgan Chase & Co.
6.75%, 2/1/11(f)	120		128
6.00%, 1/15/18(b)	140		145
JP Morgan Chase Capital, 5.88%, 3/15/35	170		148
Lehman Brothers Holdings, Inc., 7.88%, 8/15/10	55		59
Merrill Lynch & Co., Inc.
6.00%, 2/17/09	84		86
6.88%, 11/15/18	59		62
Morgan Stanley Group, Inc., 4.25%, 5/15/10, MTN	71		71
SLM Corp., Series A, 5.63%, 1/25/25, Callable 1/25/10 @ 100, MTN	115		80
Toyota Motor Credit Corp., 4.25%, 3/15/10	25		25
Unilever Capital Corp., 5.90%, 11/15/32	38		38
Washington Mutual Preferred Funding IV, 9.75% (a), Perpetual Maturity, Callable 12/15/17 @ 100 (g)	200		184

See notes to schedules of investments.

Security Description	Principal Amount		Value
Xstrata Finance Canada, 6.90%, 11/15/37 (g)	$	310	$	304
			3,922
*Food Distributors, Supermarkets & Wholesalers (0.0%)*
Kroger Co., 7.50%, 4/1/31 (f)	17		19
Safeway, Inc., 7.50%, 9/15/09	32		34
			53
*Food Processing & Packaging (0.2%)*
Kellogg Co., Series B, 6.60%, 4/1/11	24		26
Kraft Foods, Inc.
4.13%, 11/12/09	20		20
6.88%, 2/1/38	145		147
			193
*Forest Products & Paper (0.0%)*
Weyerhaeuser Co.
6.75%, 3/15/12	24		25
7.38%, 3/15/32	17		17
			42
*Governments-Foreign (0.5%)*
Province of Ontario, 5.13%, 7/17/12 (f)	49		53
Province of Quebec
5.75%, 2/15/09	24		25
4.88%, 5/5/14	55		59
Republic of Italy
4.50%, 1/21/15(f)	90		94
6.88%, 9/27/23	41		50
United Mexican States
9.88%, 2/1/10	63		70
6.38%, 1/16/13, MTN	220		238
Series A
6.75%, 9/27/34, MTN	41		44
			633
*Health Care (0.5%)*
Health Net, Inc., 6.38%, 6/1/17	210		214
UnitedHealth Group, Inc., 4.88%, 3/15/15	40		39
WellPoint, Inc.
6.80%, 8/1/12	20		22
5.95%, 12/15/34	10		9
6.38%, 6/15/37	280		274
			558
*Insurance (0.5%)*
Allstate Life Global Funding Trust, 4.50%, 5/29/09	30		30
AXA SA, 8.60%, 12/15/30	25		28
Cigna Corp., 7.00%, 1/15/11	10		11
ING Capital Funding Trust III, 8.44% (a), 12/31/49, Callable 12/31/10 @ 100	20		22
Marsh & Mclennan Cos., Inc., 5.75%, 9/15/15	36		36
MetLife, Inc., 5.38%, 12/15/12	30		31
Phoenix Cos., 6.68%, 2/16/08	340		340
Protective Life Secured Trust, 4.00%, 10/7/09, MTN	20		20
Prudential Financial, Inc.
Series D, 5.10%, 12/14/11, MTN	20		21
Series B, 5.10%, 9/20/14, MTN	60		61
			600
*Media (0.0%)*
News America, Inc., 6.20%, 12/15/34	24		23
Time Warner, Inc., 6.88%, 5/1/12	30		32
			55

See notes to schedules of investments.

Security Description	Principal Amount		Value
*Medical Supplies (0.2%)*
AmerisourceBergen Corp., 5.88%, 9/15/15	$	200	$	198
Baxter International, Inc., 4.63%, 3/15/15	40		39
Cardinal Health, Inc., 5.85%, 12/15/17	30		31
			268
*Metal Fabrication (0.1%)*
Timken Co., 5.75%, 2/15/10	105		108
			108
*Office Furnishing (0.1%)*
Steelcase, Inc., 6.50%, 8/15/11	150		159
			159
*Oil & Gas-Exploration & Production (0.7%)*
Marathon Oil Corp., 6.13%, 3/15/12	56		60
Merey Sweeny LP, 8.85%, 12/18/19 (g)	216		254
Pemex Project Funding Master Trust, 6.63%, 6/15/35 (f)	30		31
Western Oil Sands, Inc., 8.38%, 5/1/12	415		471
XTO Energy, Inc., 6.25%, 8/1/17	85		91
			907
*Oil Companies-Integrated (0.0%)*
ConocoPhillips Co., 8.75%, 5/25/10	36		40
			40
*Pharmaceuticals (0.4%)*
AstraZeneca PLC
5.90%, 9/15/17	45		48
6.45%, 9/15/37	145		157
Schering-Plough Corp., 6.55%, 9/15/37	160		162
Wyeth
6.95%, 3/15/11	30		32
5.50%, 2/1/14	65		67
6.50%, 2/1/34	45		47
			513
*Pipelines (0.5%)*
Colorado Interstate Gas Co., 6.80%, 11/15/15	105		111
Tennessee Gas Pipeline, 7.63%, 4/1/37	260		283
Teppco Partners L.P., 6.13%, 2/1/13	165		177
			571
*Primary Metal & Mineral Production (0.3%)*
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 4/1/17, Callable 4/1/12 @ 104.19 (f)	370		393
			393
*Radio & Television (0.2%)*
Comcast Cable Communications, 6.20%, 11/15/08	62		63
Comcast Corp.
4.95%, 6/15/16	55		52
6.45%, 3/15/37(f)	50		48
Cox Communications, Inc., 7.13%, 10/1/12	75		81
			244
*Railroads (0.4%)*
Burlington Northern/Santa Fe, Inc., 7.13%, 12/15/10	60		65
Union Pacific Corp.
7.25%, 11/1/08	50		51
5.70%, 8/15/18	410		412
			528
*Retail-Discount (0.4%)*
Target Corp.
5.38%, 6/15/09	53		54
5.88%, 3/1/12	33			35

See notes to schedules of investments.

Security Description	Principal Amount		Value
Wal-Mart Stores, Inc.
6.88%, 8/10/09(f)	$	51	$	54
4.13%, 2/15/11	41		41
5.80%, 2/15/18	135		144
6.50%, 8/15/37(f)	175		183
			511
*Software & Computer Services (0.1%)*
Cisco Systems, Inc., 5.50%, 2/22/16	60		62
			62
*Telecommunications (0.2%)*
Inmarsat Finance PLC, 7.63%, 6/30/12, Callable 3/1/08 @ 103.81	200		206
			206
*Telecommunications-Cellular (0.0%)*
New Cingular Wireless Services, 8.13%, 5/1/12	23		26
			26
*Telecommunications-Equipment (0.0%)*
Motorola, Inc., 7.63%, 11/15/10	17		18
			18
*Utilities-Electric (0.4%)*
Dominion Resources, Inc.
Series A
5.69%, 5/15/08	205		206
5.60%, 11/15/16	60		61
Series B
6.25%, 6/30/12	15		16
Hydro-Quebec, 8.05%, 7/7/24	37		49
Pacific Gas & Electric Co.
4.80%, 3/1/14	46		46
6.05%, 3/1/34(f)	48		47
Progress Energy, Inc., 6.85%, 4/15/12	37		40
			465
*Utilities-Telecommunications (0.4%)*
AT&T Corp., 8.00%, 11/15/31	153		184
British Telecom PLC, 8.63%, 12/15/10	125		140
Sprint Capital Corp.
7.63%, 1/30/11	63		64
8.75%, 3/15/32	36		35
Sprint Nextel Corp., 6.00%, 12/1/16	70		62
			485

*Total Corporate Bonds (Cost $15,528)*			15,575

Municipal Bonds (0.5%)
*Illinois (0.1%)*
State Taxable Pension, GO	70		70
			70
*New Jersey (0.2%)*
State Transportation Trust Fund Authority, Series B	270		311
			311
*North Carolina (0.1%)*
Mecklenburg County, GO (h)	140		159
			159

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*Ohio (0.1%)*
Columbus Sewer Revenue	$	110	$	103
			103

*Total Municipal Bonds (Cost $644)*			643

Preferred Stocks (0.4%)
Citigroup, Inc., Series AA, 8.13%	6		152
Freddie Mac, Series Z, 8.38%	13		344

*Total Preferred Stocks (Cost $480)*			496

U.S. Government Agency Securities (1.2%)
Federal Home Loan Mortgage Corp.
4.13%, 7/12/10(f)	$	727	749
4.65%, 10/10/13, Callable 4/10/08 @ 100(f)	10		10
4.50%, 1/15/14(f)	194		203
6.75%, 9/15/29	102		128
Federal National Mortgage Association
6.25%, 2/1/11(f)	229		249
5.00%, 3/15/16(f)	135		144

*Total U.S. Government Agency Securities (Cost $1,399)*			1,483

U.S. Government Mortgage Backed Agencies (11.9%)
Federal Home Loan Mortgage Corp.
6.50%, 5/1/26 – 1/1/36	513		537
7.00%, 7/1/29 – 7/1/32	242		257
8.00%, 6/1/30	13		14
5.00%, 6/1/33 – 6/1/34	796		793
6.77%(a), 8/1/36	110		114
5.50%, 10/1/36(h)	468		474
7.50%, 7/1/37	133		141
Federal National Mortgage Association
8.00%, 6/1/12 – 3/1/30	138		148
10.00%, 11/1/13	19		21
10.50%, 11/1/13	21		24
11.00%, 11/1/13	31		35
8.50%, 11/1/17	7		7
7.00%, 12/1/27 – 4/1/37	792		840
6.50%, 3/1/29 – 9/1/37	801		834
6.00%, 10/1/29 – 3/1/38	1,473		1,517
7.50%, 11/1/29	29		31
6.63%, 11/15/30	50		62
5.50%, 1/1/32 – 11/1/36	1,825		1,854
5.00%, 8/1/33 – 3/1/34	1,187		1,184
5.00%, 11/1/33 – 3/1/34(b)	1,193		1,190
7.00%, 12/1/33 – 12/1/37(h)	1,390		1,471
5.50%, 12/1/34(b)	652		661
6.03%(a), 4/1/36	309		321
6.28%(a), 5/1/36(c)	75		77
6.43%(a), 5/1/36	647		665
6.35%(a), 9/1/36(c)	270		278
6.04%(a), 9/1/37(c)	252		259
6.50%, 10/1/37 – 12/1/37(h)	536		557
5.00%, 2/1/38(h)	280		279
Government National Mortgage Association
9.50%, 7/15/09	2		2
7.00%, 4/15/28	5		5

*Total U.S. Government Mortgage Backed Agencies (Cost $14,356)*			14,652

U.S. Treasury Obligations (6.0%)
U.S. Treasury Bonds

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
8.00%, 11/15/21(f)	$	208	$	292
6.25%, 8/15/23(f)	162		199
4.75%, 2/15/37(f)	330		352
U.S. Treasury Notes
3.75%, 5/15/08(f)	731		735
3.88%, 5/15/09(h)	10		10
3.13%, 11/30/09(h)	710		722
4.25%, 1/15/11 – 11/15/17(f)	1,766		1,859
4.63%, 7/31/12(f)	1,350		1,456
3.63%, 12/31/12(h)	255		265
4.25%, 8/15/13(f)(h)	1,317		1,406
5.13%, 5/15/16(f)	116		129

*Total U.S. Treasury Obligations (Cost $7,174)*			7,425

Short-Term Securities Held as Collateral for Securities Lending (10.3%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	12,700		12,700

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $12,700)*			12,700

*Total investments* (Cost $136,242) — 110.5%			136,447

*Liabilities in excess of other assets — (10.5)%*			(12,942		)

*NET ASSETS — 100.0%*			$	*123,505*

(a)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(b)	All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(c)	Securities valued at fair value using methods approved by the Board of Trustees and representing 1.25% of net assets as of 1/31/08.

(d)	Rate represents the effective yield at purchase.

(e)	Non-income producing security.

(f)	A portion or all of the security was held on loan.

(g)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(h)	Security purchased on a “when-issued” basis.

ADR	American Depositary Receipt

FGIC	Insured by Financial Guaranty Insurance Co.

GO	General Obligation

LLC	Limited Liability Co.

LP	Limited Partnership

MTN	Medium Term Note

PLC	Public Liability Co.

Credit Default Swaps

								Unrealized
		Buy/Sell	(Pay)/Receive		Expiration	Notional		Appreciation/
Counterparty	Reference Entity	Protection	Fixed Rate		Date	Amount		(Depreciation)
Bear Stearns	Dr Horton, 5.38%, 6/15/12	Sell	4.75	%	12/20/08	$	400	$	0
Bear Stearns	Pulte Homes, 5.25%, 1/15/14	Sell	5.00	%	12/20/08	200		1
Bear Stearns	Pulte Homes, 5.25%, 1/15/14	Sell	4.70	%	12/20/08	200		1
Bear Stearns	Stanley Works, 4.90%, 11/1/12	Buy	(1.20	)%	03/20/13	400		(8		)
Barclays Bank PLC	Freeport-McMoRan Copper & Gold, 6.88%, 2/1/14	Sell	1.00	%	12/20/12	400		(15		)
Barclays Bank PLC	Loews Corp., 5.25%, 3/15/16	Buy	(.45	)%	03/20/13	400		0
Barclays Bank PLC	Transocean, Inc., 7.38%, 4/15/18	Sell	.82	%	03/20/13	400		0
Barclays Bank PLC	Suncor Energy, Inc., 6.70%, 8/22/11	Buy	(.65	)%	03/20/13	400		0
						$		(21		)

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Core Bond Fund	*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*	(Unaudited)

Security Description	Principal Amount		Value
Collateralized Mortgage Obligations (17.5%)
Bear Stearns Commercial Mortgage Securities
Series 2005-T20, Class A4A
5.15%, 10/12/42	$	880	$	886
Series 2007-T28, Class A3
5.79%, 9/11/42	750		743
Chase Mortgage Finance Corp.
Series 2005-A1, Class M
5.31%(a), 12/25/35	859		843
Series 2005-A2, Class M
5.44%(a), 1/25/36	963		917
Series 2007-A1, Class 1B2
4.41%(a), 2/25/37(b)	310		293
Series 2007-A1, Class 1M
4.41%(a), 2/25/37	696		687
Series 2007-A1, Class 2B1
5.80%(a), 3/25/37(b)	553		520
Series 2007-A2, Class 1B1
4.47%(a), 7/25/37(b)	336		326
Series 2007-A2, Class 1M
4.47%(a), 7/25/37(b)	99		97
Series 2007-A2, Class 2M
4.47%(a), 7/25/37(b)	104		98
Series 2007-S1, Class AM
6.08%, 2/25/37(c)	351		337
Series 2007-S1, Class B1
6.08%, 2/25/37	257		224
ChaseFlex Trust, Series 2005-2, Class 4A3, 6.00% (a), 5/25/20	607		625
CS First Boston Mortgage Securities Corp.
Series 2005-C5, Class A4
5.10%, 8/15/38	1,335		1,330
Series 2005-C6, Class A4
5.23%, 12/15/40	1,580		1,599
Fannie Mae Whole Loan, Series 2002-W7, Class A5, 7.50%, 2/25/29	530		577
Federal Home Loan Mortgage Corp., Structured Pass Through Securities, Series T-42, Class A5, 7.50%, 2/25/42	340		368
First Horizon Alternative Mortgage Securities, Series 2006-FA6, Class B1, 6.22% (a), 11/25/36	939		805
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.99% (a), 8/10/45	1,010		1,023
GSR Mortgage Loan Trust
Series 2004-10F, Class 6A1
5.00%, 9/25/34	946		923
Series 2006-2F, Class B2
5.89%(a), 2/25/36	559		454
Series 2006-6F, Class M1
6.30%(a), 7/25/36	248		236
Series 2006-8F, Class B1
6.45%(a), 9/25/36	793		755
Series 2006-9F, Class M1
6.43%(a), 10/25/36	395		387
JP Morgan Mortgage Trust
Series 2005-A1, Class IB1
4.91%(a), 2/25/35(c)	1,007		982
Series 2005-A2, Class B1
4.92%(a), 4/25/35(c)	1,263		1,235
Series 2005-A3, Class 1B1
4.99%, 6/25/35(c)	762		744
Series 2005-A4, Class B1
5.20%(a), 7/25/35(c)	774		761
Series 2005-A5, Class IB1
5.19%(a), 8/25/35(c)	454		449
Series 2005-A6, Class 1B1
5.17%(a), 9/25/35(c)	1,047		1,030

See notes to schedules of investments.

Security Description	Principal Amount		Value
Series 2005-A8, Class B1
5.18%(a), 11/25/35(c)	$	1,367	$	1,327
Series 2006-A1, Class B1
5.40%(a), 2/25/36(c)	501		502
Series 2006-A2, Class IB1
5.68%(a), 4/25/36(c)	1,403		1,399
Series 2006-A5, Class B1
5.91%(a), 8/25/36(c)	742		713
Series 2006-S4, Class B1
6.40%(a), 1/25/37	482		454
Series 2006-S4, Class B2
6.40%(a), 1/25/37(c)	636		567
Series 2007-A1, Class B1
4.81%(a), 7/25/35(c)	584		581
Series 2007-A2, Class B2
5.85%(a), 4/25/37(b)	551		511
Series 2007-A2, Class B3
5.85%(a), 4/25/37(b)	246		207
Series 2007-A4, Class B1
5.76%(a), 6/25/37(b)	809		774
Series 2007-A4, Class B2
5.76%(a), 6/25/37(b)(c)	290		266
Series 2007-A4, Class B3
5.76%(a), 6/25/37(b)	240		199
Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class CB2, 5.07% (a), 8/25/34 (b)	372		295
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class B1, 4.59% (a), 4/25/34	428		427
Structured Asset Securities Corp., Series 2005-17, Class 5A1, 5.50%, 10/25/35	549		553

*Total Collateralized Mortgage Obligations (Cost $29,670)*			29,029

Commercial Paper (5.9%)
Deutsche Bank Financial, LLC, 3.13% (d), 2/1/08	9,680		9,679

*Total Commercial Paper (Cost $9,680)*			9,679

Corporate Bonds (33.1%)
*Airlines (0.8%)*
Continental Airlines, Inc., Series 99-2, 7.06%, 3/15/11	365		364
Delta Air Lines, Inc., Series 02-1, 6.42%, 7/2/12	1,015		1,022
			1,386
*Automotive (0.1%)*
DaimlerChrysler North America Holding Corp.
7.30%, 1/15/12	98		107
8.50%, 1/18/31	80		100
			207
*Banks (5.7%)*
Asian Development Bank
4.50%, 9/4/12, MTN	144		152
5.82%, 6/16/28, Callable 6/16/08 @ 100	80		89
BAC Capital Trust XI, 6.63%, 5/23/36	195		192
Bank of America Corp.
6.25%, 4/15/12	220		235
5.63%, 10/14/16	405		412
8.00%, 12/29/49, Callable 1/30/18 @ 100	1,675		1,740
European Investment Bank
3.38%, 3/16/09	273		275
4.63%, 5/15/14	493		527
Fifth Third Bancorp, 4.50%, 6/1/18	260		234
First Union Capital I, Series A, 7.94%, 1/15/27, Callable 2/22/08 @ 103.57	740		772
Inter-American Development Bank, 4.50%, 9/15/14	264		276
KFW
3.25%, 3/30/09	320		321

See notes to schedules of investments.

Security Description	Principal Amount		Value
4.63%, 1/20/11	$	340	$	360
4.13%, 10/15/14	195		201
Korea Developmental Bank, Series 6, 5.75%, 9/10/13	125		130
Mellon Funding Corp., 6.38%, 2/15/10	270		284
Royal Bank of Scotland Group PLC, Series 1, 9.12%, 3/31/49, Callable 3/31/10 @ 100	585		634
UBS AG Stamford CT, 5.88%, 12/20/17	535		562
USB Capital IX, 6.19%, 4/15/49, Callable 4/15/11 @ 100	705		560
Wachovia Capital Trust III, 5.80%, 3/15/42, Callable 3/15/11 @ 100	700		553
Wachovia Corp.
3.63%, 2/17/09	291		288
5.25%, 8/1/14	195		195
Wells Fargo Co., 5.63%, 12/11/17	460		473
			9,465
*Beverages (0.4%)*
Anheuser-Busch Cos., Inc., 5.05%, 10/15/16	175		176
Coca-Cola Enterprises, Inc.
5.75%, 11/1/08	93		94
8.50%, 2/1/12	141		163
8.50%, 2/1/22	120		151
			584
*Building-Residential & Commercial (0.5%)*
KB Home, 8.63%, 12/15/08	765		761
			761
*Chemicals (0.2%)*
Dow Chemical Co.
5.75%, 12/15/08	125		127
6.00%, 10/1/12	80		85
E.I. Du Pont de Nemours & Co., 4.88%, 4/30/14	80		81
			293
*Computers & Peripherals (0.2%)*
International Business Machine Corp.
5.38%, 2/1/09	133		136
6.50%, 1/15/28	180		191
			327
*Cosmetics & Toiletries (0.3%)*
Gillette Co., 3.80%, 9/15/09	195		199
Kimberly-Clark Corp.
5.00%, 8/15/13	140		145
6.25%, 7/15/18	90		97
Procter & Gamble Co., 4.95%, 8/15/14	110		114
			555
*Electric Integrated (0.5%)*
Dominion Resources, Inc., Series C, 5.15%, 7/15/15	115		114
Entergy Gulf States, 6.18%, 3/1/35, Callable 3/1/10 @ 100	415		381
MidAmerican Energy Holdings, 6.50%, 9/15/37 (e)	150		155
Southern California Edison Co., 5.63%, 2/1/36	195		186
			836
*Financial Services (7.7%)*
American General Finance, 3.88%, 10/1/09, MTN	182		181
Boeing Capital Corp., 5.80%, 1/15/13	119		128
Caterpillar Financial Service Corp.
4.50%, 6/15/09	105		106
4.60%, 1/15/14, MTN	50		50
CIT Group, Inc.
4.75%, 12/15/10, MTN	102		97
5.00%, 2/1/15, MTN	230		188
Citigroup Capital XXI, 8.30%, 12/21/77, Callable 12/21/37 @100	970		1,046
Citigroup, Inc., 5.00%, 9/15/14	200		195

See notes to schedules of investments.

Security Description	Principal Amount		Value
Credit Suisse First Boston USA, Inc.
4.70%, 6/1/09	$	405	$	410
6.50%, 1/15/12	275		294
General Electric Capital Corp. 5.88%, 1/14/38	1,400		1,368
Series A
4.25%, 9/13/10, MTN	153		156
6.00%, 6/15/12, MTN	506		539
5.38%, 10/20/16, MTN	320		329
5.63%, 9/15/17, MTN	840		867
6.15%, 8/7/37, MTN	140		142
Goldman Sachs Group, Inc.
6.88%, 1/15/11	157		170
6.60%, 1/15/12	306		331
5.75%, 10/1/16	355		369
HSBC Finance Corp.
4.13%, 11/16/09	237		237
6.75%, 5/15/11	233		245
International Lease Finance Corp., 6.38%, 3/15/09	353		363
John Deere Capital Corp.
4.50%, 8/25/08, MTN	105		105
5.10%, 1/15/13	110		114
JP Morgan Chase & Co.
6.75%, 2/1/11(c)	440		471
6.00%, 1/15/18(c)	470		488
JP Morgan Chase Capital, 5.88%, 3/15/35	285		248
Lehman Brothers Holdings, Inc., 7.88%, 8/15/10	239		255
Merrill Lynch & Co., Inc.
6.00%, 2/17/09	303		310
6.88%, 11/15/18	220		232
Morgan Stanley Group, Inc., 4.25%, 5/15/10, MTN	295		295
SLM Corp., Series A, 5.63%, 1/25/25, Callable 1/25/10 @ 100, MTN	425		295
Toyota Motor Credit Corp.
4.25%, 3/15/10	116		117
4.35%, 12/15/10	1		1
Unilever Capital Corp., 5.90%, 11/15/32	135		135
Washington Mutual Preferred Funding IV, 9.75% (a), Perpetual Maturity, Callable 12/15/17 @ 100 (e)	900		828
Xstrata Finance Canada, 6.90%, 11/15/37 (e)	1,070		1,050
			12,755
*Food Distributors, Supermarkets & Wholesalers (0.1%)*
Kroger Co., 7.50%, 4/1/31	85		94
Safeway, Inc., 7.50%, 9/15/09	120		127
			221
*Food Processing & Packaging (0.4%)*
Kellogg Co., Series B, 6.60%, 4/1/11	80		85
Kraft Foods, Inc.
4.13%, 11/12/09	77		77
6.88%, 2/1/38	485		493
			655
*Forest Products & Paper (0.1%)*
Weyerhaeuser Co.
6.75%, 3/15/12	90		96
7.38%, 3/15/32	75		74
			170
*Governments-Foreign (1.1%)*
Province of Ontario, 5.13%, 7/17/12	172		186
Province of Quebec
5.75%, 2/15/09	93		95
4.88%, 5/5/14	212		226
Republic of Italy
4.50%, 1/21/15	320		335
6.88%, 9/27/23	155		190

See notes to schedules of investments.

Security Description	Principal Amount		Value
United Mexican States
9.88%, 2/1/10	$	224	$	250
6.38%, 1/16/13, MTN	415		449
Series A
6.75%, 9/27/34, MTN	125		136
			1,867
*Health Care (1.2%)*
Health Net, Inc., 6.38%, 6/1/17	765		780
UnitedHealth Group, Inc., 4.88%, 3/15/15	130		127
WellPoint, Inc.
6.80%, 8/1/12	75		84
5.95%, 12/15/34	35		32
6.38%, 6/15/37	930		909
			1,932
*Insurance (1.4%)*
Allstate Life Global Funding Trust, 4.50%, 5/29/09	96		97
AXA SA, 8.60%, 12/15/30	95		108
Cigna Corp., 7.00%, 1/15/11	45		48
Cincinnati Financial Corp., 6.13%, 11/1/34	140		133
ING Capital Funding Trust III, 8.44% (a), 12/31/49, Callable 12/31/10 @ 100	90		97
Marsh & Mclennan Cos., Inc., 5.75%, 9/15/15	117		116
MetLife, Inc., 5.38%, 12/15/12	110		114
Phoenix Cos., 6.68%, 2/16/08	1,255		1,255
Protective Life Secured Trust, 4.00%, 10/7/09, MTN	80		81
Prudential Financial, Inc.
5.10%, 12/14/11, MTN	80		83
5.10%, 9/20/14, MTN	230		233
			2,365
*Media (0.1%)*
News America, Inc., 6.20%, 12/15/34	90		87
Time Warner, Inc., 6.88%, 5/1/12	109		114
			201
*Medical Supplies (0.6%)*
AmerisourceBergen Corp., 5.88%, 9/15/15	735		728
Baxter International, Inc., 4.63%, 3/15/15	150		148
Cardinal Health, Inc., 5.85%, 12/15/17	115		119
			995
*Metal Fabrication (0.3%)*
Timken Co., 5.75%, 2/15/10	430		442
			442
*Office Furnishing (0.4%)*
Steelcase, Inc., 6.50%, 8/15/11	620		655
			655
*Oil & Gas-Exploration & Production (2.0%)*
Marathon Oil Corp., 6.13%, 3/15/12	209		223
Merey Sweeny LP, 8.85%, 12/18/19 (e)	826		971
Pemex Project Funding Master Trust, 6.63%, 6/15/35	110		113
Western Oil Sands, Inc., 8.38%, 5/1/12	1,495		1,697
XTO Energy, Inc., 6.25%, 8/1/17	320		341
			3,345
*Oil Companies-Integrated (0.1%)*
ConocoPhillips Co., 8.75%, 5/25/10	155		173
			173

See notes to schedules of investments.

Security Description	Principal Amount		Value
*Pharmaceuticals (1.1%)*
AstraZeneca PLC
5.90%, 9/15/17	$	150	$	159
6.45%, 9/15/37	525		568
Schering-Plough Corp., 6.55%, 9/15/37	525		529
Wyeth
6.95%, 3/15/11	105		112
5.50%, 2/1/14	245		254
6.50%, 2/1/34	150		158
			1,780
*Pipelines (1.3%)*
Colorado Interstate Gas Co., 6.80%, 11/15/15	380		401
Tennessee Gas Pipeline, 7.63%, 4/1/37	975		1,063
Teppco Partners L.P., 6.13%, 2/1/13	690		739
			2,203
*Primary Metal & Mineral Production (0.8%)*
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 4/1/17, Callable 4/1/12 @ 104.19	1,230		1,307
			1,307
*Radio & Television (0.5%)*
Comcast Cable Communications, 6.20%, 11/15/08	233		236
Comcast Corp.
4.95%, 6/15/16	215		203
6.45%, 3/15/37	165		160
Cox Communications, Inc., 7.13%, 10/1/12	273		296
			895
*Railroads (1.1%)*
Burlington Northern/Santa Fe, Inc., 7.13%, 12/15/10	210		226
Union Pacific Corp.
7.25%, 11/1/08	175		179
5.70%, 8/15/18	1,400		1,407
			1,812
*Retail-Discount (1.1%)*
Target Corp.
5.38%, 6/15/09	190		195
5.88%, 3/1/12	126		133
Wal-Mart Stores, Inc.
6.88%, 8/10/09	179		188
4.13%, 2/15/11	152		154
5.80%, 2/15/18	460		489
6.50%, 8/15/37	570		598
			1,757
*Software & Computer Services (0.1%)*
Cisco Systems, Inc., 5.50%, 2/22/16	225		233
			233
*Telecommunications (0.5%)*
Inmarsat Finance PLC, 7.63%, 6/30/12, Callable 3/1/08 @ 103.81	725		748
			748
*Telecommunications-Cellular (0.1%)*
New Cingular Wireless Services, 8.13%, 5/1/12	76		86
US Unwired, Inc., 10.00%, 6/15/12, Callable 6/15/08 @ 105	50		53
			139
*Telecommunications-Equipment (0.1%)*
Motorola, Inc., 7.63%, 11/15/10	79		83
			83

See notes to schedules of investments.

	Shares/
	Principal
Security Description	Amount		Value
*Utilities-Electric (1.1%)*
Dominion Resources, Inc.
Series A
5.69%, 5/15/08	$	845	$	849
5.60%, 11/15/16	230		234
Series B
6.25%, 6/30/12	60		65
Hydro-Quebec, 8.05%, 7/7/24	130		171
Pacific Gas & Electric Co.
4.80%, 3/1/14	174		173
6.05%, 3/1/34	160		159
Progress Energy, Inc., 6.85%, 4/15/12	149		162
			1,813
*Utilities-Telecommunications (1.1%)*
AT&T Corp., 8.00%, 11/15/31	521		627
British Telecom PLC, 8.63%, 12/15/10	510		569
Sprint Capital Corp.
7.63%, 1/30/11	228		231
8.75%, 3/15/32	155		152
Sprint Nextel Corp., 6.00%, 12/1/16	260		231
			1,810

*Total Corporate Bonds (Cost $54,403)*			54,770

Municipal Bonds (1.4%)
*Illinois (0.2%)*
State Taxable Pension, GO, 5.10%, 6/1/33	280		277
			277
*New Jersey (0.7%)*
State Transportation Trust Fund Authority, Series B, 5.50%, 12/15/20, FGIC	1,025		1,181
			1,181
*North Carolina (0.3%)*
Mecklenburg County, GO, 5.00%, 2/1/18 (f)	465		528
			528
*Ohio (0.2%)*
Columbus Sewer Revenue, 4.25%, 6/1/30, Callable 12/1/17 @ 100	375		352
			352

*Total Municipal Bonds (Cost $2,340)*			2,338

Preferred Stocks (1.0%)
Citigroup, Inc., Series AA, 8.13% (f)	20		522
Freddie Mac, Series Z, 8.38%	42		1,138

*Total Preferred Stocks (Cost $1,571)*			1,660

U.S. Government Agency Securities (1.6%)
Federal Home Loan Mortgage Corp.
4.13%, 7/12/10(g)	$	279	287
4.65%, 10/10/13, Callable 4/10/08 @ 100(g)	1,557		1,561
Federal National Mortgage Association
4.38%, 7/17/13(g)	247		257
5.00%, 4/15/15 – 3/15/16(g)	46		50
Small Business Administration, 6.15%, 4/1/19	504		527

*Total U.S. Government Agency Securities (Cost $2,555)*			2,682

U.S. Government Mortgage Backed Agencies (30.2%)
Federal Home Loan Mortgage Corp.
8.00%, 6/1/17	242		258
7.50%, 4/1/28 – 7/1/37	539		572

See notes to schedules of investments.

Security Description	Principal Amount		Value
6.50%, 8/1/29 – 1/1/36	$	2,512	$	2,627
7.00%, 1/1/30 – 9/1/37	720		767
5.00%, 6/1/34	1,867		1,862
5.50%, 10/1/35	173		175
6.77%(a), 8/1/36	514		530
5.50%, 10/1/36(f)	436		442
Federal National Mortgage Association
8.00%, 11/1/12 – 2/1/33	368		400
10.00%, 11/1/13	37		42
10.50%, 11/1/13	14		16
11.00%, 11/1/13	28		32
7.00%, 10/1/26 – 8/1/37	1,875		1,983
6.50%, 9/1/28 – 9/1/37	2,636		2,740
7.50%, 12/1/28 – 11/1/29	10		11
6.00%, 10/1/29 – 3/1/38	1,977		2,049
8.50%, 4/1/31	16		17
5.50%, 1/1/33 – 11/1/36	807		821
5.50%, 5/1/33 – 12/1/34(c)	8,347		8,472
5.00%, 8/1/33 – 3/1/34(c)	4,076		4,066
5.00%, 11/1/33 – 3/1/34	4,703		4,691
7.00%, 12/1/33 – 12/1/37(f)	4,148		4,391
7.00%, 1/1/35(c)	1,315		1,405
6.00%, 8/1/35 – 1/1/37(c)	3,432		3,523
6.03%(a), 4/1/36	904		939
6.43%(a), 5/1/36(c)	2,531		2,602
6.35%(a), 9/1/36(b)	657		678
6.04%(a), 9/1/37(b)	937		965
6.50%, 10/1/37 – 12/1/37(f)	1,802		1,870
5.00%, 2/1/38(f)	1,110		1,105
Government National Mortgage Association, 7.50%, 12/15/27 – 4/15/29	7		8

*Total U.S. Government Mortgage Backed Agencies (Cost $48,920)*			50,059

U.S. Treasury Obligations (13.9%)
U.S. Treasury Bonds
8.00%, 11/15/21(g)	809		1,136
6.25%, 8/15/23(g)	954		1,172
4.75%, 2/15/37(g)	1,165		1,241
U.S. Treasury Notes
3.75%, 5/15/08(g)	1,633		1,641
3.88%, 5/15/09(f)(g)	70		71
3.13%, 11/30/09(f)	2,360		2,400
4.25%, 1/15/11 – 8/15/13(f)(g)	6,000		6,347
4.63%, 7/31/12(f)(g)	2,889		3,117
3.63%, 12/31/12(f)	858		890
5.13%, 5/15/16(g)	436		486
4.25%, 11/15/17(g)	4,317		4,534

*Total U.S. Treasury Obligations (Cost $22,510)*			23,035

Short-Term Securities Held as Collateral for Securities Lending (7.2%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	11,949		11,949

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $11,949)*			11,949

*Total investments* (Cost $183,598) *— 111.8%*			185,201
*Liabilities in excess of other assets — (11.8)%*			(19,553		)

*NET ASSETS — 100.0%*			$	*165,648*

(a)		Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(b)		Securities valued at fair value using methods approved by the Board of Trustees and representing 3.15% of net assets as of 1/31/08.

(c)		All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

See notes to schedules of investments.

(d)		Rate represents the effective yield at purchase.

(e)		Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(f)		Security purchased on a “when-issued” basis.

(g)		A portion or all of the security was held on loan.

FGIC		Insured by Financial Guaranty Insurance Co.

GO		General Obligation

LLC		Limited Liability Co.

LP		Limited Partnership

MTN		Medium Term Note

PLC		Public Liability Co.

Credit Default Swaps

								Unrealized
		Buy/Sell	(Pay)/Receive		Expiration	Notional		Appreciation/
Counterparty	Reference Entity	Protection	Fixed Rate		Date	Amount		(Depreciation)
Bear Stearns	Dr Horton, 5.38%, 6/15/12	Sell	4.75	%	12/20/08	$	1,600	$	2
Bear Stearns	Pulte Homes, 5.25%, 1/15/14	Sell	5.00	%	12/20/08	800		5
Bear Stearns	Pulte Homes, 5.25%, 1/15/14	Sell	4.70	%	12/20/08	800		3
Bear Stearns	Stanley Works, 4.90%, 11/1/12	Buy	(1.20	)%	03/20/13	1,600		(30		)
Barclays Bank PLC	Freeport-McMoRan Copper & Gold, 6.88%, 2/1/14	Sell	1.00	%	12/20/12	1,600		(61		)
Barclays Bank PLC	Loews Corp., 5.25%, 3/15/16	Buy	(.45	)%	03/20/13	1,600		0
Barclays Bank PLC	Transocean, Inc., 7.38%, 4/15/18	Sell	.82	%	03/20/13	1,600		(1		)
Barclays Bank PLC	Suncor Energy, Inc., 6.70%, 8/22/11	Buy	(.65	)%	03/20/13	1,600		(1		)
						$		(83		)

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Diversified Stock Fund	*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*	(Unaudited)

	Shares/
	Principal
Security Description	Amount		Value
Commercial Paper (0.3%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	9,741	$	9,740

*Total Commercial Paper (Amortized Cost $9,741)*			9,740

Common Stocks (98.6%)
*Automotive (0.4%)*
Ford Motor Co. (b)	2,615,700		17,368
			17,368
*Banks (5.3%)*
Bank of America Corp.	2,944,700		130,597
J.P. Morgan Chase & Co.	706,438		33,591
Wells Fargo Co.	1,375,000		46,764
			210,952
*Beverages (7.1%)*
Coca-Cola Co.	1,548,650		91,634
Diageo PLC, ADR	1,040,200		83,954
PepsiCo, Inc.	1,541,239		105,097
			280,685
*Biotechnology (3.1%)*
Genentech, Inc. (b)	1,319,000		92,581
Gilead Sciences, Inc. (b)(c)	696,300		31,814
			124,395
*Brokerage Services (2.6%)*
Charles Schwab Corp.	4,620,165		103,030
			103,030
*Building Materials (0.8%)*
USG Corp. (b)(c)	881,878		32,277
			32,277
*Chemicals (2.0%)*
PPG Industries, Inc.	1,173,786		77,575
			77,575
*Computers & Peripherals (7.0%)*
Apple Computer, Inc. (b)(c)	356,000		48,188
Dell, Inc. (b)	3,844,700		77,048
EMC Corp. (b)(c)	6,311,000		100,155
Network Appliance, Inc. (b)(c)	971,700		22,563
Seagate Technology (c)	1,486,340		30,128
			278,082
*Cosmetics & Toiletries (3.5%)*
Estee Lauder Cos., Class A (c)	685,000		28,907
Procter & Gamble Co.	1,657,500		109,312
			138,219
*Financial Services (2.9%)*
Citigroup, Inc.	2,412,000		68,067
Fannie Mae	1,365,800		46,246
			114,313
*Health Care (1.7%)*
Medtronic, Inc.	1,421,600		66,204
			66,204

See notes to schedules of investments.

Security Description	Shares	Value
*Heavy Machinery (1.0%)*
Caterpillar, Inc. (c)	553,800	$	39,397
		39,397
*Home Builders (0.3%)*
Toll Brothers, Inc. (b)(c)	569,300	13,253
		13,253
*Insurance (2.4%)*
American International Group, Inc.	1,708,358	94,233
		94,233
*Internet Business Services (1.2%)*
Google, Inc., Class A (b)(c)	81,000	45,708
		45,708
*Internet Service Provider (0.7%)*
Yahoo!, Inc. (b)(c)	1,504,466	28,856
		28,856
*Investment Companies (1.7%)*
Invesco Ltd.	579,628	15,778
The Blackstone Group LP (c)	2,868,250	52,632
		68,410
*Manufacturing-Diversified (1.2%)*
Siemens AG, Sponsored ADR	357,000	46,339
		46,339
*Manufacturing-Miscellaneous (3.0%)*
3M Co.	1,500,000	119,475
		119,475
*Media (1.2%)*
Viacom, Inc., Class B (b)	1,239,561	48,045
		48,045
*Medical Supplies (0.7%)*
Zimmer Holdings, Inc. (b)	343,000	26,847
		26,847
*Mining (5.8%)*
Barrick Gold Corp.	1,572,872	80,987
Newmont Mining Corp.	2,767,200	150,370
		231,357
*Oil & Gas Exploration-Production & Services (2.3%)*
Chesapeake Energy Corp. (c)	2,412,800	89,829
		89,829
*Oilfield Services & Equipment (8.4%)*
BJ Services Co. (c)	1,837,479	39,965
Halliburton Co.	4,278,800	141,928
Schlumberger Ltd. (c)	2,027,540	152,998
		334,891
*Pharmaceuticals (9.0%)*
Johnson & Johnson	2,054,400	129,961
Merck & Co., Inc.	2,175,400	100,677
Pfizer, Inc.	3,017,058	70,569
Schering-Plough Corp. (c)	2,836,000	55,501
		356,708

See notes to schedules of investments.

	Shares/
	Principal
Security Description	Amount		Value
*Retail (1.4%)*
Target Corp.	1,017,010		$	56,525
			56,525
*Retail-Department Stores (2.4%)*
Kohl’s Corp. (b)(c)	2,052,138		93,660
			93,660
*Retail-Drug Stores (2.6%)*
CVS Caremark Corp. (c)	2,674,300		104,485
			104,485
*Retail-Specialty Stores (0.8%)*
Tiffany & Co. (c)	793,442		31,658
			31,658
*Semiconductors (7.6%)*
Intel Corp.	6,100,800		129,337
Maxim Integrated Products, Inc.	2,628,863		51,683
STMicroelectronics N.V., NY Shares (c)	3,998,200		49,538
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR	7,579,272		70,336
			300,894
*Software & Computer Services (2.7%)*
Microsoft Corp.	3,278,000		106,863
			106,863
*Utilities-Electric (4.1%)*
Duke Energy Corp. (c)	2,663,000		49,692
Exelon Corp.	1,464,802		111,603
			161,295
*Utilities-Telecommunications (1.7%)*
Verizon Communications, Inc.	1,739,541		67,564
			67,564

*Total Common Stocks (Cost $3,970,054)*			3,909,392

Short-Term Securities Held as Collateral for Securities Lending (10.0%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	$	398,128	398,128

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $398,128)*			398,128

*Total Investments* (Cost $4,377,923) — 108.9%			4,317,260

*Liabilities in excess of other assets — (8.9)%*			(352,149		)

*NET ASSETS — 100.0%*			$	*3,965,111*

(a)	Rate represents the effective yield at purchase.

(b)	Non-income producing security.

(c)	A portion or all of the security was held on loan.

ADR	American Depositary Receipt

LLC	Limited Liability Co.

LP	Limited Partnership

PLC	Public Liability Co.

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Established Value Fund	*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*	(Unaudited)

Security Description	Shares/ Principal Amount		Value
Commercial Paper (4.4%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	10,002	$	10,001
HSBC Finance Corp., 3.10% (a), 2/1/08	1,000		1,000

*Total Commercial Paper (Amortized Cost $11,001)*			11,001

Common Stocks (93.6%)
*Aerospace/Defense (1.0%)*
General Dynamics Corp.	29,000		2,449
			2,449
*Automotive (0.6%)*
Group 1 Automotive, Inc. (b)	62,000		1,639
			1,639
*Automotive Parts (1.7%)*
BorgWarner, Inc.	35,000		1,771
Eaton Corp.	30,000		2,483
			4,254
*Banks (1.8%)*
Cullen/Frost Bankers, Inc. (b)	85,400		4,649
			4,649
*Brokerage Services (1.5%)*
Wadell & Reed Financial, Inc., Class A (b)	113,000		3,749
			3,749
*Chemicals (2.7%)*
PPG Industries, Inc.	57,000		3,767
Rockwood Holdings, Inc. (b)(c)	103,000		3,024
			6,791
*Coal (1.2%)*
Peabody Energy Corp. (b)	58,000		3,133
			3,133
*Computers & Peripherals (3.3%)*
CACI International, Inc., Class A (b)(c)	68,000		2,964
Computer Sciences Corp. (c)	73,000		3,090
Western Digital Corp. (c)	89,000		2,354
			8,408
*Containers & Packaging (4.7%)*
Owens-Illinois, Inc. (c)	64,000		3,226
Packaging Corp. of America (b)	195,000		4,727
Pactiv Corp. (c)	137,000		3,919
			11,872
*Cosmetics & Toiletries (0.7%)*
Kimberly-Clark Corp.	28,000		1,838
			1,838
*Electrical Components & Equipment (0.9%)*
Gentex Corp. (b)	149,000		2,363
			2,363
*Electronics (5.8%)*
AVX Corp. (b)	240,000		3,127
Flextronics International Ltd. (c)	380,000		4,446
Hubbell, Inc., Class B	82,000		3,910

See notes to schedules of investments.

Security Description	Shares	Value
Johnson Controls, Inc. (b)	91,600	$	3,240
		14,723
*Financial Services (2.4%)*
Ameriprise Financial, Inc.	108,000	5,974
		5,974
*Food Distributors, Supermarkets & Wholesalers (1.3%)*
SUPERVALU, Inc.	113,000	3,397
		3,397
*Food Processing & Packaging (0.7%)*
Tyson Foods, Inc., Class A	133,000	1,895
		1,895
*Health Care (1.5%)*
Coventry Health Care, Inc. (c)	65,000	3,678
		3,678
*Human Resources (2.1%)*
Hewitt Associates, Inc., Class A (b)(c)	141,000	5,241
		5,241
*Insurance (6.0%)*
Alleghany Corp. (b)(c)	13,708	5,182
HCC Insurance Holdings, Inc. (b)	143,000	3,984
PartnerRe Ltd.	31,000	2,458
Reinsurance Group of America, Inc. (b)	60,000	3,478
		15,102
*Lodging (1.4%)*
Wyndham Worldwide Corp. (b)	151,000	3,558
		3,558
*Machine-Diversified (1.1%)*
Dover Corp.	67,000	2,704
		2,704
*Manufacturing-Diversified (2.8%)*
Parker Hannifin Corp. (b)	52,500	3,549
Pentair, Inc. (b)	109,000	3,462
		7,011
*Manufacturing-Miscellaneous (2.2%)*
ITT Industries, Inc. (b)	95,000	5,646
		5,646
*Medical Supplies (1.1%)*
Becton Dickinson & Co.	32,100	2,778
		2,778
*Oil & Gas Exploration-Production & Services (9.3%)*
Cimarex Energy Co. (b)	205,000	8,366
Devon Energy Corp.	31,000	2,634
Newfield Exploration Co. (b)(c)	102,400	5,108
Patterson-UTI Energy, Inc. (b)	169,000	3,309
Unit Corp. (c)	80,000	4,010
		23,427
*Oil Companies-Integrated (1.4%)*
Occidental Petroleum Corp.	52,000	3,529
		3,529

See notes to schedules of investments.

Security Description	Shares	Value
*Oil Marketing & Refining (1.3%)*
Valero Energy Corp.	55,000	$	3,255
		3,255
*Oilfield Services & Equipment (1.1%)*
Helix Energy Solutions Group, Inc. (b)(c)	77,000	2,847
		2,847
*Paint, Varnishes & Enamels (0.7%)*
Sherwin-Williams Co. (b)	33,000	1,888
		1,888
*Pharmaceuticals (3.4%)*
AmerisourceBergen Corp.	81,000	3,779
Forest Laboratories, Inc. (c)	75,000	2,983
Omnicare, Inc. (b)	88,000	1,948
		8,710
*Pipelines (1.7%)*
National Fuel Gas Co. (b)	100,000	4,311
		4,311
*Primary Metal & Mineral Production (1.1%)*
Freeport-McMoRan Copper & Gold, Inc., Class B (b)	32,000	2,849
		2,849
*Publishing (1.4%)*
The Washington Post Co., Class B	4,600	3,422
		3,422
*Railroads (1.4%)*
Burlington Northern/Santa Fe Corp.	40,000	3,461
		3,461
*Real Estate Investment Trusts (2.8%)*
Annaly Capital Management, Inc. (b)	353,000	6,961
		6,961
*Recreational Vehicles (0.7%)*
Winnebago Industries, Inc. (b)	90,000	1,895
		1,895
*Restaurants (0.9%)*
Yum! Brands, Inc.	70,000	2,391
		2,391
*Retail-Apparel/Shoe (1.8%)*
Ross Stores, Inc. (b)	156,000	4,547
		4,547
*Retail-Discount (1.1%)*
Dollar Tree Stores, Inc. (c)	97,000	2,717
		2,717
*Retail-Specialty Stores (1.4%)*
Barnes & Noble, Inc. (b)	101,500	3,446
		3,446
*Semiconductors (5.4%)*
Integrated Device Technology, Inc. (b)(c)	300,000	2,235
International Rectifier Corp. (b)(c)	98,000	2,727
Novellus Systems, Inc. (b)(c)	125,000	2,970
STMicroelectronics N.V., NY Shares	187,000	2,317
Teradyne, Inc. (b)(c)	314,000	3,445
		13,694

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*Software & Computer Services (3.4%)*
Digital River, Inc. (b)(c)	69,000		$	2,587
National Instruments Corp.	86,000		2,310
Sybase, Inc. (b)(c)	127,000		3,584
			8,481
*Transportation Services (1.8%)*
Con-way, Inc. (b)	94,500		4,601
			4,601
*Utilities-Natural Gas (3.0%)*
Sempra Energy	93,000		5,199
WGL Holdings, Inc. (b)	74,000		2,386
			7,585

*Total Common Stocks (Cost $189,379)*			236,869

Short-Term Securities Held as Collateral for Securities Lending (37.5%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	$	94,986	94,986

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $94,986)*			94,986

*Total Investments* (Cost $295,366) — 135.5%			342,856

*Liabilities in excess of other assets — (35.5)%*			(89,776		)

*NET ASSETS — 100.0%*			$	*253,080*

(a)		Rate represents the effective yield at purchase.

(b)		A portion or all of the security was held on loan.

(c)		Non-income producing security.

LLC		Limited Liability Co.

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Federal Money Market Fund	*January 31, 2008*
*(Amounts in Thousands)*	(Unaudited)

Security Description	Principal Amount		Value
U.S. Government Agency Securities (39.4%)
Farmer Mac
3.63%, 2/4/08, MTN	$	15,000	$	14,999
Federal Home Loan Bank
3.14%(a), 2/22/08	509,000		508,069
2.59%(b), 3/7/08	15,000		14,989
4.50%(b), 3/7/08	22,000		21,983
4.50%, 11/5/08, Callable 5/5/08 @ 100	25,000		25,000
4.63%, 12/4/08, Callable 3/4/08 @ 100	125,000		125,000
4.20%, 1/7/09, Callable 4/7/08 @ 100	14,525		14,525
3.11%(b), 8/5/09	25,000		25,005
Series 1, 4.45%, 12/12/08, Callable 3/12/08 @ 100	15,000		15,000
Federal Home Loan Mortgage Corporation
4.30%, 12/12/08, Callable 6/12/08 @ 100	35,000		34,990
Federal National Mortgage Association
5.01% (a), 5/30/08	20,000		19,669

*Total U.S. Government Agency Securities (Amortized Cost $819,229)*			819,229

Repurchase Agreements (60.6%)
ABN Amro Bank NV, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $300,025, collateralized by $347,296 U.S. Government Securities, 0.00%-6.41%, 2/8/08-6/1/36, market value $306,001)	300,000		300,000
Bear Stearns & Co., 2.98%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $300,025, collateralized by $351,891 U.S. Government Securities, 3.50%-7.50%, 8/1/08-2/1/38, market value $306,005)	300,000		300,000
Deutsche Bank Securities, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $300,025, collateralized by $387,418 U.S. Government Securities, 4.76%-7.00%, 11/1/22-1/1/38, market value $306,000)	300,000		300,000
Greenwich Partners LLC, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $300,025, collateralized by $297,984 U.S. Government Securities, 4.88%-5.25%, 1/16/09-2/17/09, market value $306,005)	300,000		300,000
UBS Warburg LLC, 2.95%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $59,005, collateralized by $68,205 U.S. Government Security, 0.00%, 7/1/37, market value $60,184)	59,000		59,000

*Total Repurchase Agreements (Amortized Cost $1,259,000)*			1,259,000

*Total Investments* (Amortized Cost $2,078,229)(c) — 100.0%			2,078,229

*Other assets in excess of liabilities — 0.0%*			652

*NET ASSETS — 100.0%*			$	*2,078,881*

(a)		Rate represents the effective yield at purchase.

(b)		Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(c)		Represents cost for financial reporting and federal income tax purposes.

LLC		Limited Liability Co.

MTN		Medium Term Note

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Financial Reserves Fund	*January 31, 2008*
*(Amounts in Thousands)*	(Unaudited)

Security Description	Principal Amount		Value
Certificate of Deposit (24.0%)
Abbey National Treasury Services, 4.87%, 2/12/08	$	10,000	$	10,000
Bank of Montreal Chicago, 5.05%, 2/27/08	6,000		6,000
Bank of Scotland PLC NY, 5.21%, 3/11/08	10,000		10,000
Barclays Bank PLC NY, 4.93%, 2/28/08	19,000		19,000
Canadian Imperial Bank of Commerce NY
5.04%, 2/29/08	6,000		6,000
3.99%(a), 7/18/08	10,000		9,997
Credit Suisse NY, 5.44%, 6/19/08	5,000		5,000
Deutsche Bank NY, 3.04%, 5/1/08	5,000		5,000
Landesbank Hessen-Thueringen Girozentrale, 5.30%, 3/13/08	10,000		10,000
Marshall & Ilsley Bank, 4.29% (a), 2/9/09	5,000		5,000
Natixis NY Branch, 5.10%, 2/12/08	10,000		10,000
PNC Bank NA, 3.46% (a), 2/23/09	5,000		4,997
Rabobank Nederland NV NY, 5.04%, 2/12/08	10,000		10,000
Royal Bank of Canada NY, 4.58% (a), 4/2/08	10,000		10,000
Royal Bank of Scotland NY, 4.30% (a), 7/11/08	10,000		10,000
Toronto Dominion Bank NY, 5.13%, 3/3/08	10,000		10,000
UBS AG Stamford CT, 5.05%, 3/13/08	10,000		10,000
Wilmington Trust Co., 4.97%, 3/17/08	5,000		5,000

*Total Certificate of Deposit (Amortized Cost $155,994)*			155,994

Commercial Paper (6.7%)
Bank of Nova Scotia, 4.35% (b), 2/5/08	9,444		9,439
BASF AG, 4.42% (b), 2/15/08 (c)	10,000		9,983
Dexia Delaware LLC, 5.01% (b), 2/28/08	6,000		5,977
Emerson Electric Co., 3.90% (b), 2/1/08 (c)	4,000		4,000
Illinois Tool Works, Inc., 3.70% (b), 2/8/08	4,000		3,997
Prudential Funding LLC, 4.61% (b), 2/13/08	10,000		9,985

*Total Commercial Paper (Amortized Cost $43,381)*			43,381

Corporate Bonds (25.5%)
Agra Enterprises LLC, 3.40% (a), 9/1/34	3,250		3,250
American Honda Finance
5.16%(a), 9/11/08, MTN (c)	5,500		5,501
5.17%(a), 9/18/08, MTN (c)	2,000		2,002
Antsam Co. Macali’s Delux Super Markets, Inc., 3.67% (a), 7/1/22, LOC Banc One Capital Markets	2,620		2,620
ASIF Global Financing XXXII, 5.08% (a), 2/25/08 (c)	5,000		5,000
Burgess & Niple, 3.69% (a), 9/1/14, LOC National City Bank	2,635		2,635
Calvert Crossing Golf, 3.31% (a), 9/1/29	2,690		2,690
Caterpillar Financial Services Corp., Series F
3.80%, 2/8/08, MTN	5,000		4,998
3.70%, 8/15/08, MTN	5,000		4,956
Cheyne Finance LLC, 5.09% (a), MTN (d) (e)	5,000		5,000
Citigroup Global Markets, Inc., Series D, 5.19% (a), 3/7/08, MTN	7,000		6,999
Ellison Surface Technologies, Inc.
Series A
3.40%(a), 8/1/23	1,880		1,880
Series B
3.40%(a), 8/1/23	2,355		2,355
Series 2006
3.40%(a), 8/1/23	1,795		1,795
Fort Mitchell Station Partners Ltd., 3.40% (a), 2/1/22, LOC Fifth Third Bank	1,980		1,980
General Electric Capital Corp., Series A, 4.13%, 3/4/08, MTN	6,168		6,161
Harrier Finance Funding LLC, 4.87% (a), 2/19/08, MTN (c) (d)	20,000		20,000
Hartford Life Global Funding, 4.22% (a), 1/15/09, MTN	10,000		10,000
IBM Corp., 3.80%, 2/1/08, MTN	6,000		6,000
John E. Staten Properties, 3.69% (a), 10/1/21, LOC National City Bank	2,880		2,880
Merrill Lynch & Co.
3.32%(a), 5/27/08, MTN	5,000		4,996

See notes to schedules of investments.

Security Description	Principal Amount		Value
Series B
3.13%, 7/15/08, MTN	$	2,139	$	2,118
Metropolitan Life Global Funding, 4.25% (a), 2/9/09 (c)	8,000		8,000
Morgan Stanley, 3.34% (a), 4/10/08	22,000		22,000
Newport Investment Co. LLC, 3.40% (a), 12/1/22	2,770		2,770
Premium Asset Trust 4-10, 4.40% (a), 12/15/09, Callable 2/15/08 @ 100 (c)	10,000		9,957
QC Reprographics, Inc., 3.40% (a), 2/1/21, LOC Firstar Bank	1,640		1,640
SGM Funding Corp.
3.40%(a), 7/1/16, LOC Firstar Bank	1,105		1,105
3.40%(a), 6/1/22, LOC Firstar Bank	3,105		3,105
Sharp Electronics, 3.40% (a), 12/1/12, LOC Fifth Third Bank	1,710		1,710
Wells Fargo & Co., 4.13%, 3/10/08	5,325		5,318
Wright Brothers, Inc., 3.40% (a), 11/1/12	1,570		1,570
YMCA of Greater Cleveland, Series 2000, 3.40% (a), 4/1/25	3,210		3,210

*Total Corporate Bonds (Amortized Cost $166,201)*			166,201

Repurchase Agreements (23.9%)
ABN Amro Bank NV, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $35,003, collateralized by $33,269, U.S. Government Securities, 4.85%-6.38%, 6/15/09-2/4/11, market value $35,701)	35,000		35,000
Bear Stearns & Co., 2.98%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $35,003, collateralized by $37,504 U.S. Government Securities, 5.50%-6.00%, 7/1/21-12/1/37, market value $35,702)	35,000		35,000
Deutsche Bank Securities, Inc., 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $34,205, collateralized by $35,000 U.S. Government Securities, 5.00%-7.00%, 5/1/32-12/1/37, market value $35,702)	35,000		35,000
Greenwich Partners LLC, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $35,003, collateralized by $34,205 U.S. Government Security, 4.88%, 2/17/09, market value $35,702)	35,000		35,000
UBS Warburg LLC, 2.95%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $15,601, collateralized by $66,944 U.S. Government Securities, 0.00%, 6/1/32-8/1/35, market value $15,915)	15,600		15,600

*Total Repurchase Agreements (Amortized Cost $155,600)*			155,600

Taxable Municipal Bonds (0.1%)
*New York (0.1%)*
State Housing Finance Agency Revenue, 3.27% (a), 5/15/31, FNMA	820		820
			820

*Total Taxable Municipal Bonds (Amortized Cost $820)*			820

U.S. Government Agency Securities (20.4%)
Federal Home Loan Bank
3.14%(b), 2/22/08	68,000		67,876
3.66%(a), 6/18/08	10,000		9,999
4.63%, 12/4/08, Callable 3/4/08 @ 100	50,000		50,000
3.11%(a), 8/5/09	5,000		5,001

*Total U.S. Government Agency Securities (Amortized Cost $132,876)*			132,876

*Total Investments* (Amortized Cost $654,872)(f) *— 100.6%*			654,872

*Liabilities in excess of other assets — (0.6)%*			(4,168		)

*NET ASSETS — 100.0%*			$	*650,704*

(a)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

See notes to schedules of investments.

(b)	Rate represents the effective yield at purchase.

(c)	Rule 144A security or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(d)	Security is issued by a structured investment vehicle.

(e)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Security is in default. This security is currently in the process of being restructured.

	Acquisition	Acquisition		Principal				Percent of
Security	Date	Cost		Amount		Value		Net Assets
Cheyne Finance LLC, 5.09%, 11/5/07	10/24/06	$	4,999	$	5,000	$	5,000	0.8	%

(f)	Represents cost for financial reporting and federal income tax purposes.

FNMA	Insured by Federal National Mortgage Association

LLC	Limited Liability Co.

LOC	Letter of Credit

MTN	Medium Term Note

PLC	Public Liability Co.

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Focused Growth Fund	*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*	(Unaudited)

Security Description	Shares/ Principal Amount		Value
Commercial Paper (12.3%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	978	$	978

*Total Commercial Paper (Amortized Cost $978)*			978

Common Stocks (97.3%)
*Apparel & Footwear (2.6%)*
Coach, Inc. (b)	6,500		208
			208
*Biotechnology (4.4%)*
Gilead Sciences, Inc. (b)	7,715		352
			352
*Casino Services (2.8%)*
Las Vegas Sands Corp. (b)	2,500		219
			219
*Chemicals (5.4%)*
Monsanto Co.	3,800		427
			427
*Computers & Peripherals (10.5%)*
Apple Computer, Inc. (b)	2,605		353
EMC Corp. (b)	17,185		273
Research In Motion Ltd. (b)	2,200		206
			832
*Engineering (2.5%)*
ABB Ltd., ADR	8,000		200
			200
*Financial Services (13.8%)*
American Express Co.	4,200		207
CME Group, Inc.	780		483
Goldman Sachs Group, Inc.	1,600		321
IntercontinentalExchange, Inc. (b)	600		84
			1,095
*Internet Business Services (6.5%)*
Google, Inc., Class A (b)	630		355
Juniper Networks, Inc. (b)	5,880		160
			515
*Medical Supplies (5.0%)*
Stryker Corp.	5,900		395
			395
*Oil & Gas Exploration-Production & Services (0.7%)*
Petroleo Brasileiro S.A., ADR	500		56
			56
*Oilfield Services & Equipment (6.2%)*
National-Oilwell Varco, Inc. (b)	5,500		331
Schlumberger Ltd.	2,100		159
			490
*Pharmaceuticals (8.9%)*
Allergan, Inc.	4,400		295
Celgene Corp. (b)	4,600		258
Pharmion Corp. (b)	2,200		152
			705

See notes to schedules of investments.

Security Description	Shares	Value
*Retail-Drug Stores (4.8%)*
CVS Caremark Corp.	9,800	$	383
		383
*Semiconductors (2.5%)*
MEMC Electronic Materials, Inc. (b)	2,800	200
		200
*Software & Computer Services (7.0%)*
Adobe Systems, Inc. (b)	6,830	238
Cognizant Technology Solutions Corp., Class A (b)	10,000	279
VMware, Inc., Class A (b)	700	40
		557
*Steel (3.3%)*
Precision Castparts Corp.	2,300	262
		262
*Telecommunications (4.0%)*
America Movil S.A. de C.V., ADR	5,300	318
		318
*Telecommunications-Services & Equipment (3.7%)*
QUALCOMM, Inc.	7,000	297
		297
*Transportation Services (1.2%)*
Expeditors International of Washington, Inc.	2,000	95
		95
*Wire & Cable Products (1.5%)*
General Cable Corp. (b)	2,000	116
		116
*Total Common Stocks (Cost $6,624)*		7,722

*Total Investments* (Cost $7,602) — 109.6%		8,700

*Liabilities in excess of other assets — (9.6)%*		(763		)

*NET ASSETS — 100.0%*		$	*7,937*

(a)		Rate represents the effective yield at purchase.

(b)		Non-income producing security.

ADR		American Depositary Receipt

LLC		Limited Liability Co.

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Fund For Income	*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*	(Unaudited)

Security Description	Principal Amount		Value
Government National Mortgage Association (67.4%)
*Multi-family (20.0%)*
*Collateralized Mortgage Obligations (9.8%)*
Government National Mortgage Assoc.
Series 1999-1, Class Z
6.50%, 1/20/29	$	5,175	$	5,476
Series 2003-108, Class BH
7.50%, 2/16/34	5,291		5,785
Series 2003-36, Class B
7.50%, 2/16/31	1,670		1,744
Series 2003-47, Class B
8.00%, 10/16/27	4,153		4,435
Series 2003-59, Class B
7.50%, 7/16/18	3,394		3,470
Series 2003-87, Class BH
7.50%, 8/16/32	7,370		8,057
			28,967
*Pass-throughs (10.2%)*
Government National Mortgage Assoc.
7.88%, 7/15/21 – 7/15/27	4,392		5,029
7.92%, 7/15/23	690		767
8.00%, 7/15/24 – 8/15/31	4,056		4,431
7.95%, 4/15/25	398		439
8.25%, 4/15/27 – 9/15/30	674		754
8.60%, 5/15/27	543		558
7.75%, 6/15/30 – 11/15/38	3,093		3,150
6.50%, 3/20/34 – 4/20/34	8,956		9,330
8.13%, 7/15/38 – 6/15/41	5,284		5,717
			30,175
			59,142
*Single Family (47.4%)*
*Collateralized Mortgage Obligations (3.0%)*
Government National Mortgage Assoc.
Series 1995-4, Class CQ
8.00%, 6/20/25	11		13
Series 1997-2, Class E
7.50%, 2/20/27	48		51
Series 1999-9, Class C
7.00%, 3/16/29	3,681		3,961
Series 2001-25, Class PE
7.00%, 5/20/31	4,629		4,774
			8,799
*Pass-throughs (44.4%)*
Government National Mortgage Assoc.
8.00%, 5/15/09 – 3/15/34	21,647		23,733
9.00%, 10/15/09 – 6/20/30	7,370		8,051
9.50%, 12/15/09 – 6/15/21	452		473
7.50%, 8/15/10 – 4/15/34	19,670		21,276
10.00%, 5/15/12 – 6/15/21	103		119
8.50%, 3/15/15 – 7/15/30	12,129		13,310
7.00%, 4/15/16 – 11/20/35	23,126		24,713
8.75%, 3/20/17	45		49
8.85%, 5/15/18 – 12/15/18	926		1,011
8.15%, 3/15/19 – 4/15/20	162		176
8.25%, 4/20/20 – 1/15/30	280		306
7.95%, 7/20/20	539		585
7.75%, 8/20/20 – 1/20/21	464		502
7.65%, 10/20/21 – 7/20/22	500		540
7.29%, 12/20/21 – 11/20/22	514		547
7.60%, 2/20/22	225		243
6.50%, 11/15/23 – 9/20/34	16,491		17,241
7.00%, 6/20/31(a)	3,211		3,427

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
6.50%, 6/15/32 – 8/15/32(a)	$	5,322	$	5,562
6.00%, 9/15/33	816		844
7.00%, 1/15/38 – 1/20/38(b)	8,000		8,430
			131,138
			139,937

*Total Government National Mortgage Association (Cost $197,291)*			199,079

U.S. Treasury Obligations (34.0%)
U.S. Treasury Bills, 2.67% (c), 3/20/08	14,800		14,751
U.S. Treasury Bonds, 11.25%, 2/15/15	28,000		41,866
U.S. Treasury Notes
13.25%, 5/15/14	20,000		22,767
11.75%, 11/15/14	18,000		20,976

*Total U.S. Treasury Bills (Cost $98,508)*			100,360

Money Market Funds (0.4%)
Federated U.S. Treasury Cash Reserve Fund, 3.11% (d)	1,114		1,114

*Total Money Market Funds (Cost $1,114)*			1,114

*Total Investments* (Cost $296,914) — *101.8%*			300,553

*Liabilities in excess of other assets — (1.8)%*			(5,418		)

*NET ASSETS – 100.0%*			$	*295,135*

(a)	All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(b)	Security purchased on a “when-issued” basis.

(c)	Rate represents the effective yield at purchase.

(d)	Rate disclosed is the 1 day yield as of 01/31/2008.

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Government Reserves Fund		*January 31, 2008*
*(Amounts in Thousands)*		(Unaudited)

Security Description	Principal Amount		Value
U.S. Government Agency Securities (99.9%)
Federal Farm Credit Bank
3.20%(a), 2/12/08	$	10,000	$	9,990
5.01%(a), 2/25/08	50,000		49,833
3.81%(b), 3/19/08	25,000		24,999
5.02%(b), 3/28/08	50,000		50,000
3.86%(b), 6/18/08	5,000		5,000
2.70%(b), 7/23/08	50,000		50,000
4.72%(b), 8/1/08	39,395		39,393
4.41%(b), 10/6/08	15,000		14,998
3.16%(b), 10/27/08	25,000		24,998
3.78%(b), 2/23/09	50,000		50,000
3.50%(b), 2/24/09	50,000		49,987
			369,198
Federal Home Loan Bank
4.23%(a), 2/6/08	72,455		72,412
3.20%(a), 2/8/08	85,000		84,947
4.35%(a), 2/15/08	30,000		29,949
3.12%(a), 2/22/08	105,160		104,969
5.13%, 2/28/08	11,500		11,506
2.59%(b), 3/14/08	24,500		24,477
4.77%(b), 3/20/08	20,000		19,998
3.66%(b), 6/18/08	25,000		24,998
4.50%, 11/5/08, Callable 5/5/08 @ 100	10,000		10,000
4.63%, 12/4/08, Callable 3/4/08 @ 100	50,000		50,000
4.45%, 12/12/08, Callable 3/12/08 @ 100	10,000		10,000
3.60%(b), 12/17/08	25,000		24,981
4.20%, 1/7/09, Callable 4/7/08 @ 100	10,000		10,000
4.83%(b), 2/18/09, Callable 4/7/08 @100	20,000		20,000
3.11%(b), 8/5/09	15,000		15,003
			513,240

*Total U.S. Government Agency Securities (Amortized Cost $882,438)*			882,438

*Total Investments* (Amortized Cost $882,438)(c) *— 99.9%*			882,438

*Other assets in excess of liabilities — 0.1%*			1,280

*NET ASSETS – 100.0%*			$	*883,718*

(a)		Rate represents the effective yield at purchase.

(b)		Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(c)		Represents cost for financial reporting and federal income tax purposes.

See notes to schedules of investments.

The Victory Portfolios	Schedule of Portfolio Investments
Institutional Money Market Fund	*January 31, 2008*
*(Amounts in Thousands)*	(Unaudited)

Security Description	Principal Amount		Value
Certificate of Deposit (21.4%)
Abbey National Treasury Services, 4.87%, 2/12/08	$	25,000	$	25,000
Bank of Montreal Chicago, 5.05%, 2/27/08	18,000		18,000
Bank of Scotland PLC NY, 5.21%, 3/11/08	25,000		25,000
Canadian Imperial Bank of Commerce NY, 5.04%, 2/29/08	18,000		18,000
Comerica Bank, 4.01% (a), 3/17/08	20,000		19,999
Credit Suisse NY, 5.44%, 6/19/08	20,000		20,000
Deutsche Bank NY, 3.04%, 5/1/08	18,000		18,000
Landesbank Hessen-Thueringen Girozentrale, 5.30%, 3/13/08	25,000		25,001
Marshall & Ilsley Bank, 4.29% (a), 2/9/09	20,000		20,000
Natixis NY Branch, 5.10%, 2/12/08	25,000		25,000
PNC Bank NA, 3.46% (a), 2/23/09	18,000		17,989
Rabobank Nederland NV NY, 5.04%, 2/12/08	25,000		25,000
Royal Bank of Canada NY, 4.58% (a), 4/2/08	30,000		29,999
Royal Bank of Scotland NY, 4.30% (a), 7/11/08	30,000		30,000
Societe Generale NY, 4.69% (a), 7/3/08	47,000		47,000
Toronto Dominion Bank NY, 5.13%, 3/3/08	25,000		25,000
UBS AG Stamford CT, 5.05%, 3/13/08	25,000		25,000
Wilmington Trust Co., 4.97%, 3/17/08	10,000		10,000

*Total Certificate of Deposit (Amortized Cost $423,988)*			423,988

Commercial Paper (4.3%)
BASF AG, 4.42% (b), 2/15/08 (c)	25,000		24,957
Dexia Delaware LLC, 5.01% (b), 2/28/08	18,000		17,932
Emerson Electric Co., 3.90% (b), 2/1/08 (c)	10,855		10,855
Illinois Tool Works, Inc., 3.70% (b), 2/8/08	10,631		10,623
Marshall & Ilsley Corp., 4.30% (b), 2/4/08	20,000		19,993

*Total Commercial Paper (Amortized Cost $84,360)*			84,360

Corporate Bonds (17.0%)
ASIF Global Financing XXXII, 5.08% (a), 2/25/08 (c)	15,000		14,999
Caterpillar Financial Services Corp., Series F, 3.70%, 8/15/08, MTN	17,800		17,643
Cheyne Finance LLC, 5.09% (a), MTN (d)(e)	15,000		15,000
CIT Group, Inc., 5.05% (a), 2/21/08, MTN	30,000		30,001
Citigroup Global Markets, Inc., Series D, 5.19% (a), 3/7/08, MTN	20,000		19,998
Comerica Bank, 3.92% (a), 6/19/08	25,500		25,500
General Electric Capital Corp., Series A, 4.69% (a), 1/5/09, MTN	9,600		9,626
Harrier Finance Funding LLC, 4.87% (a), 2/19/08, MTN (c)(d)	15,000		15,000
Hartford Life Global Funding, 4.22% (a), 1/15/09, MTN	25,000		25,000
Metropolitan Life Global Funding, 4.25% (a), 2/9/09 (c)	20,000		20,000
Morgan Stanley, 3.34% (a), 4/10/08	82,000		82,000
Premium Asset Trust 4-10, 4.40% (a), 12/15/09, Callable 2/15/08 @ 100 (c)	25,000		24,893
SeaRiver Maritime, Inc., 4.60% (a), 10/1/11	29,000		29,000
Sprenger Enterprises, 3.56% (a), 10/1/35, LOC JP Morgan Securities	6,400		6,400
Tacoma Goodwill Industries, Series 2003, 3.35% (a), 2/1/23	400		400

*Total Corporate Bonds (Amortized Cost $335,460)*			335,460

Repurchase Agreements (23.3%)
ABN Amro Bank NV, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $72,006, collateralized by $73,121, U.S. Government Securities, 0.00%-5.20%, 6/13/08-3/5/19, market value $73,444)	72,000		72,000
Bear Stearns & Co., 2.98%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $72,006, collateralized by $84,376 U.S. Government Securities, 4.50%-7.50%, 9/1/15-1/1/38, market value $73,442)	72,000		72,000
Deutsche Bank Securities, Inc., 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $72,006, collateralized by $72,000 U.S. Government Securities, 5.00%-7.00%, 5/1/17-12/1/37, market value $73,400)	72,000		72,000

See notes to schedules of investments.

Security Description	Principal Amount		Value
Greenwich Partners LLC, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $80,007, collateralized by $78,180 U.S. Government Security, 4.88%, 2/17/09, market value $81,602)	$	80,000	$	80,000
UBS Warburg LLC, 2.95%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $164,513, collateralized by $201,689 U.S. Government Securities, 0.00%, 7/1/34-12/1/37, market value $167,795)	164,500		164,500

*Total Repurchase Agreements (Amortized Cost $460,500)*			460,500

Taxable Municipal Bonds (2.1%)
*Georgia (1.1%)*
Municipal Gas Authority, Gas Revenue, Series A, 3.29% (a), 2/1/15, LOC Wachovia Bank N.A., Bayerische Landesbank, Bank One Kentucky N.A.	10,155		10,155
Savannah College of Art & Design, Series 2004, 3.35% (a), 4/1/24, LOC Bank of America N.A.	11,300		11,300
			21,455
*Pennsylvania (1.0%)*
Pittsburgh & Allegheny County Sports & Exhibition Authority Commonwealth Revenue, Series B, 3.25% (a), 11/1/39, FSA, SPA PNC Bank N.A.	21,015		21,015
			21,015

*Total Taxable Municipal Bonds (Amortized Cost $42,470)*			42,470

U.S. Government Agency Securities (32.6%)
Federal Home Loan Bank
3.14%(b), 2/22/08	520,000		519,049
3.66%(a), 6/18/08	10,000		9,999
4.63%, 12/4/08, Callable 3/4/08 @ 100	100,000		100,000
3.11%(a), 8/5/09	15,000		15,003

*Total U.S. Government Agency Securities (Amortized Cost $644,051)*			644,051

*Total Investments* (Amortized Cost $1,990,829)(f) — 100.7%			1,990,829

*Liabilities in excess of other assets — (0.7)%*			(14,677			)

*NET ASSETS — 100.0%*			$		*1,976,152*

(a)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(b)	Rate represents the effective yield at purchase.

(c)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(d)	Security is issued by a structured investment vehicle.

(e)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Security is in default. This security is currently in the process of being restructured.

	Acquisition	Acquisition		Principal				Percent of
Security	Date	Cost		Amount		Value		Net Assets
Cheyne Finance LLC, 5.09%, 11/5/07	10/24/06	$	14,996	$	15,000	$	15,000	0.8	%

(f)	Represents cost for financial reporting and federal income tax purposes.

FSA	Insured by Federal Security Assurance

LLC	Limited Liability Co.

LOC	Letter of Credit

MTN	Medium Term Note

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Investment Grade Convertible Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Principal Amount		Value
Commercial Paper (0.9%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	464	$	459

*Total Commercial Paper (Amortized Cost $464)*			459

Convertible Corporate Bonds (76.6%)
Audio & Video Products (1.2%)
Dominion Resources, Inc., Convertible Subordinated Notes, 2.13%, 12/15/23, Callable 2/26/08 @ 100	525		611
			611
*Banks (3.2%)*
U.S. Bancorp, Convertible Subordinated Notes, 3.68% (b), 12/11/35, Continuously Callable @ 100	1,635		1,700
			1,700
*Biotechnology (0.5%)*
Amgen, Inc., Convertible Subordinated Notes, 0.38%, 2/1/13 (c)	300		271
			271
*Brokerage Services (4.3%)*
Lehman Brothers Holdings, Inc., Convertible Subordinated Notes, 0.25%, 1/26/14, MTN	1,220		1,068
Lockheed Martin Corp., Convertible Subordinated Notes, 5.31% (b), 8/15/33, Callable 8/15/08 @ 100	410		613
Merrill Lynch & Co., Convertible Subordinated Notes, 0.00%, 3/13/32, Callable 3/13/08 @ 100	500		544
			2,225
*Building-Residential & Commercial (2.5%)*
Fluor Corp., Convertible Subordinated Notes, 1.50%, 2/15/24, Callable 2/16/09 @ 100	610		1,334
			1,334
*Casino Services (0.7%)*
International Game Technology, Convertible Subordinated Notes, 2.60%, 12/15/36, Callable 12/20/09 @ 100	340		345
			345
*Computers & Peripherals (3.6%)*
EMC Corp., Convertible Subordinated Notes
1.75%, 12/1/13(c)	330		417
1.75%, 12/1/13	930		1,176
Hewlett-Packard Co., Convertible Subordinated Notes, 0.00%, 10/14/17, Callable 2/21/08 @ 74.14	395		316
			1,909
*Entertainment (4.9%)*
Carnival Corp., Convertible Subordinated Notes, 2.00%, 4/15/21, Callable 4/15/08 @ 100	1,185		1,381
Walt Disney Co., Convertible Subordinated Notes, 2.13%, 4/15/23, Callable 4/15/08 @ 100	1,085		1,165
			2,546
*Financial Services (3.0%)*
Wells Fargo Co., Convertible Subordinated Notes, 4.66% (b), 5/1/33, Callable 5/5/08 @ 100	1,600		1,592
			1,592
*Health Care (3.1%)*
Medtronic, Inc., Convertible Subordinated Notes
1.63%, 4/15/13(c)	990		1,038
1.63%, 4/15/13	545		572
			1,610

See notes to schedules of investments.

Security Description	Principal Amount		Value
*Internet Service Provider (1.7%)*
Yahoo, Inc., Convertible Subordinated Notes, 0.00%, 4/1/08	$	855	$	900
			900
*Manufacturing-Miscellaneous (0.5%)*
3M Co., Convertible Subordinated Notes, 2.40% (b), 11/21/32, Callable 3/7/08 @ 84.20	333		287
			287
*Mining (3.1%)*
Newmont Mining Corp., Convertible Subordinated Notes, 1.63%, 7/15/17 (c)	1,160		1,617
			1,617
*Oil & Gas Exploration-Production & Services (3.5%)*
Nabors Industries, Inc., Convertible Subordinated Notes, 0.94%, 5/15/11	330		316
Transocean, Inc., Convertible Subordinated Notes
Series B
1.50%, 12/15/37, Callable 12/20/11 @ 100	800		841
Series C
1.50%, 12/15/37, Callable 12/20/12 @ 100	420		442
Series A
1.63%, 12/15/37, Callable 12/20/10 @ 100	210		222
			1,821
*Oil Marketing & Refining (1.1%)*
Sunoco, Inc., Convertible Subordinated Notes, 6.75%, 6/15/12, Continuously Callable @ 100	185		564
			564
*Oilfield Services & Equipment (7.0%)*
Cameron International Corp., Convertible Subordinated Notes, 2.50%, 6/15/26, Callable 6/20/11@ 100	580		791
Halliburton Co., Convertible Subordinated Notes
3.13%, 7/15/23, Callable 7/15/08 @ 100(c)	190		336
3.13%, 7/15/23, Callable 7/15/08 @ 100	800		1,415
Schlumberger Ltd., Convertible Subordinated Notes
2.13%, 6/1/23, Callable 6/6/10 @ 100(c)	190		365
2.13%, 6/1/23, Callable 6/6/10 @ 100	400		768
			3,675
*Pharmaceuticals (11.7%)*
Alza Corp., Convertible Subordinated Notes, 0.00%, 7/28/20, Callable 2/21/08 @ 68.71	1,047		910
Bristol-Myers Squibb, Convertible Subordinated Notes, 5.19% (b), 9/15/23, Callable 9/21/08 @ 100	1,345		1,340
Teva Pharmaceutical Finance LLC, Convertible Subordinated Notes, Series C, 0.25%, 2/1/26, Callable 3/6/08 @ 100	1,000		1,031
Teva Pharmaceutical Financial, Convertible Subordinated Notes, 1.75%, 2/1/26, Callable 2/1/11 @ 100	860		989
Wyeth, Convertible Subordinated Notes, 3.58% (b), 1/15/24, Callable 7/20/09 @ 100	1,750		1,833
			6,103
*Pipelines (1.2%)*
Noram Energy, Convertible Subordinated Notes, 6.00%, 3/15/12, Continuously Callable @ 100	647		628
			628
*Railroads (0.8%)*
CSX Corp., Convertible Subordinated Notes, 0.00%, 10/30/21, Callable 10/30/08 @ 87.84	240		413
			413
*Real Estate Investment Trusts (3.5%)*
iStar Financial, Inc., Convertible Subordinated Notes, 5.23% (b), 10/1/12	190		167

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
ProLogis Trust, Convertible Subordinated Notes, 2.25%, 4/1/37, Callable 4/5/12 @ 100 (c)	$	720	$	700
Vornado Realty Trust, Convertible Subordinated Notes, 3.63%, 11/15/26, Callable 11/15/11 @ 100	1,015		940
			1,807
*Retail-Specialty Stores (5.5%)*
Best Buy Co., Inc., Convertible Subordinated Notes, 2.25%, 1/15/22, Callable 2/6/08 @ 100	515		603
Lowes Cos., Inc., Convertible Subordinated Notes, 0.00%, 10/19/21, Callable 3/7/08 @ 86.97	1,025		1,002
TJX Cos., Inc., Convertible Subordinated Notes, 0.00%, 2/13/21, Callable 3/7/08 @ 77.02	1,165		1,249
			2,854
*Semiconductors (3.4%)*
Intel Corp., Convertible Subordinated Notes, 2.95%, 12/15/35	1,795		1,786
			1,786
*Telecommunications-Services & Equipment (5.1%)*
Amdocs Ltd., Convertible Subordinated Notes, 0.50%, 3/15/24, Callable 3/20/09 @ 100	1,135		1,142
Nextel Communications, Inc., Convertible Subordinated Notes, 5.25%, 1/15/10, Callable 3/7/08 @ 100.58	1,535		1,504
			2,646
*Transportation Services (1.5%)*
GATX Corp., Convertible Subordinated Notes, 5.00%, 8/15/23, Callable 8/15/08 @ 100	510		773
			773

*Total Convertible Corporate Bonds (Cost $37,743)*			40,017

Convertible Preferred Stocks (22.3%)
*Aerospace/Defense (1.4%)*
Northrop Grumman Corp., Series B, 7.00%	5,100		740
			740
*Banks (2.1%)*
Bank of America Corp., Series L, 7.25%	240		269
Washington Mutual, Inc., Series R, 7.75%	210		242
Washington Mutual, Inc., 5.38%	14,700		587
			1,098
*Energy (3.6%)*
Chesapeake Energy Corp., 4.50%	12,400		1,299
Southern Union Co., 5.00%	11,500		566
			1,865
*Financial Services (7.3%)*
CIT Group, Inc., 7.75%	20,900		438
Citigroup, Inc., Series T, 6.50%	7,175		388
Fannie Mae, 5.38%	23		1,900
Newell Financial Trust I, 5.25%	23,700		1,084
			3,810
*Insurance (2.3%)*
MetLife, Inc., 6.38%	26,500		772
XL Capital Ltd., 7.00%	25,400		435
			1,207

See notes to schedules of investments.

Security Description	Shares	Value
*Pharmaceuticals (0.6%)*
Schering-Plough Corp., 6.00%	1,650	$	316
		316
*Real Estate Investment Trusts (2.1%)*
HRPT Properties Trust, Series D, 6.50%	18,900	368
Simon Property Group, Inc., 6.00%	10,000	722
		1,090
*Savings & Loans (2.9%)*
New York Community Capital Trust V, 6.00%	18,700	926
Sovereign Capital Trust IV, 4.375%	16,000	590
		1,516

*Total Convertible Preferred Stocks (Cost $12,289)*		11,642

*Total Investments* (Cost $50,496) *— 99.8%*		52,118

*Other assets in excess of liabilities — 0.2%*		90

*NET ASSETS — 100.0%*		$	*52,208*

(a)	Rate represents the effective yield at purchase.

(b)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(c)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

LLC	Limited Liability Co.

MTN	Medium Term Note

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
National Municipal Bond Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Principal Amount		Value
Municipal Bonds (89.6%)
*Alabama (1.0%)*
Sheffield, Electric Revenue, 5.00%, 7/1/20, Callable 1/1/13 @ 100, AMBAC	$	680	$	723
			723
*Arizona (10.0%)*
Game & Fish Department & Commission Benificial Interest Certificates, Administration Building Project
4.00%, 7/1/11	270		280
4.00%, 7/1/12	540		560
4.50%, 7/1/15	200		211
Goodyear Public Improvement Corp. Municipal Facilities Revenue, Series A, 4.50%, 7/1/27, Callable 7/1/09 @ 100, MBIA	500		489
Maricopa County School District Number 69, Paradise Valley School Improvement, Project of 2005, Series B, GO, 4.25%, 7/1/08, FSA	1,600		1,615
Maricopa County Unified School District Number 89, Dysart School Improvements, Series B, GO
4.25%, 7/1/23, Callable 7/1/17 @ 100, AMBAC	1,000		967
5.00%, 7/1/23, Callable 7/1/14 @ 100, FSA	500		561
Pinal County Electrical District Number 2, Electric System Revenue,
4.50%, 12/1/33, Callable 12/1/17 @ 100, MBIA	250		239
Pinal County Unified School District Number 20, Maricopa School Improvement Project of 2006, Series B, GO, 4.50%, 7/1/26, Callable 7/1/17 @ 100, FSA	1,325		1,335
State Board of Regents University Systems Revenue, Series 2008A, 4.25%, 6/1/30, Callable 6/1/18 @ 100	1,000		955
			7,212
*California (13.0%)*
Apple Valley Public Financing Authority Lease Revenue, Town Hall Annex Project, Series A, 5.00%, 9/1/27, Callable 9/1/17 @ 100, AMBAC	1,000		1,033
Cabrillo Community College District, GO, 5.25%, 8/1/17, Callable 8/1/14 @ 100, MBIA	4,575		5,084
Folsom Public Financing Authority Special Tax Revenue, Series A, 5.00%, 9/1/32, Callable 9/1/17 @ 100, AMBAC	1,000		1,007
Winters Public Finance Authority, 4.75%, 9/1/37, Callable 9/1/17 @ 100, AMBAC	2,285		2,293
			9,417
*Colorado (1.8%)*
Fort Lewis College Board Trustees Enterprise Revenue, Series A, 4.75%, 10/1/28, Callable 10/1/17 @ 100, FGIC	1,335		1,318
			1,318
*Connecticut (4.1%)*
South Central Regional Water Authority, Water Systems Revenue, Series 22, 4.50%, 8/1/38, Callable 8/1/18 @ 100, FSA(a)	3,000		2,937
			2,937
*Georgia (3.4%)*
Atlanta Tax Allocation, 4.75%, 12/1/24, Callable 12/1/17 @ 100, Assured GTY	1,500		1,522
South Regional Joint Development Authority Revenue, Valdosta State University Parking & Health, 4.63%, 8/1/38, Callable 2/1/18 @ 100, XLCA	1,000		913
			2,435
*Illinois (1.4%)*
State Educational Facilities Authority Revenue, Robert Morris College, 5.80%, 6/1/30, Callable 3/7/08 @ 100, MBIA	1,000		1,002
			1,002

See notes to schedules of investments.

Security Description	Principal Amount		Value
*Indiana (2.1%)*
Avon Community School Building Corp. Revenue, First Mortgage, 4.75%, 1/15/32, Callable 7/15/17 @ 100, AMBAC	$	1,000	$	1,005
Carlisle-Sullivan School Building Corp. Revenue, First Mortgage
4.50%, 1/15/17, FSA(b)	250		271
4.50%, 7/15/17, FSA	250		271
			1,547
*Kansas (3.1%)*
State Development Finance Authority Revenue, Athletic Facilities, University of Kansas, 5.00%, 6/1/20, Callable 6/1/14 @ 100	1,175		1,233
Topeka Public Building Commission Revenue, 10th & Jackson Projects, Series A, 4.38%, 6/1/30, Callable 6/1/18 @ 102, MBIA	1,000		971
			2,204
*Maine (2.2%)*
Westbrook, GO
5.75%, 10/1/19, Callable 10/1/10 @ 101, AMBAC	715		770
5.75%, 10/1/20, Callable 10/1/10 @ 101, AMBAC	730		787
			1,557
*Massachusetts (5.7%)*
Pittsfield, GO, 5.50%, 4/15/15, Callable 4/15/12 @ 101, MBIA(b)	2,655		2,930
State Health & Educational Facilities Authority Revenue, Emmanuel College, 5.00%, 7/1/10, MBIA	1,150		1,218
			4,148
*Michigan (0.5%)*
State Municipal Bond Authority Revenue, Local Government Loan Program, Series C, 4.50%, 5/1/31, Callable 5/1/17 @ 100, AMBAC	375		361
			361
*Minnesota (4.3%)*
Bemidji Health Care Facilities First Mortgage Revenue, North County Health Services, 5.00%, 9/1/17, Callable 9/1/16 @ 100	500		533
Chaska Electric Revenue, Generating Facilities, Series A
5.25%, 10/1/20, Callable 10/1/15 @ 100	1,000		1,068
5.00%, 10/1/30, Callable 10/1/15 @ 100	500		502
State Higher Educational Facilities Authority Revenue, University of St. Thomas, Series 5-Y, 5.00%, 10/1/24	1,000		1,021
			3,124
*Missouri (1.9%)*
Kearney Public Improvements, GO, 5.50%, 3/1/16, AMBAC	1,000		1,077
St. Louis Municipal Finance Corp. Lease Revenue, Series A, 5.00%, 2/15/18, Callable 2/15/12 @ 100, FGIC	250		272
			1,349
*New Jersey (1.2%)*
State Health Care Facilities Financing Authority Revenue, Atlanticare Regional Medical Center
4.00%, 7/1/08	200		201
4.00%, 7/1/10	290		295
4.00%, 7/1/11	400		407
			903
*New York (3.2%)*
State Dormitory Authority Revenues Non-State Supported Debt, Health Quest Systems
Series A
5.00%, 7/1/30, Callable 7/1/17 @ 100, Assured Gty	250		257
Series B
5.13%, 7/1/37, Callable 7/1/17 @ 100, Assured Gty	1,000		1,029
State Dormitory Authority Revenues, Non State Supported Debt, University of Rochester, Series A
5.00%, 7/1/23, Prefunded 7/1/08 @ 101, MBIA	825		843
5.00%, 7/1/23, MBIA	175		178
			2,307

See notes to schedules of investments.

Security Description	Principal Amount		Value
*North Carolina (1.1%)*
East Carolina University Revenue, Series A, 5.25%, 11/1/21, AMBAC	$	750	$	822
			822
*Ohio (17.0%)*
American Municipal Power, Ohio, Inc., Electricity Purchase Revenue, Series A, 5.00%, 2/1/10, Guaranty Agreement Goldman Sachs Group	2,000		2,068
Columbus Sewer Revenue, 4.25%, 6/1/30, Callable 12/1/17 @ 100	2,250		2,111
Elyria City School District, Classroom Facilities & School Improvement, 5.00%, 12/1/35, Callable 6/1/17 @ 100, XLCA	1,000		1,012
Franklin County Development Revenue, American Chemical Society Project, 5.13%, 10/1/08	1,000		1,015
Hamilton County Sewer System Improvements, Metropolitan Sewer District, Series A, 5.75%, 12/1/25, Callable 6/1/10 @ 101, MBIA	450		489
Harrison, GO
5.45%, 12/1/10, FGIC	150		162
5.90%, 12/1/18, Callable 12/1/10 @ 100, FGIC	250		274
Little Miami Local School District, School Improvements, 5.00%, 12/1/34, Callable 12/1/16 @ 100, FSA	1,500		1,712
McDonald School District, GO, 6.00%, 12/1/22, Callable 12/1/10 @ 100, AMBAC	1,000		1,100
State Higher Educational Facilities Revenue, Kenyon College Project, 5.00%, 7/1/41, Callable 7/1/16 @ 100	1,000		1,006
State Higher Educational Facilities Revenue, Mount Union College Project, 4.50%, 10/1/08	250		253
State Highway Capital Improvements, GO, Series F, 5.25%, 5/1/11	1,000		1,089
			12,291
*Pennsylvania (4.1%)*
Erie School District, GO, 5.80%, 9/1/29, Callable 9/1/10 @ 100, AMBAC	250		272
Montgomery County Higher Education & Health Authority Revenue Health Systems, Catholic Health East, Series C, 5.50%, 11/15/24, Callable 11/15/14 @ 100	1,000		1,151
Mountaintop Area Joint Sanitation Authority, 5.65%, 12/15/30, Callable 12/15/10 @ 100, MBIA	250		273
Saint Mary Hospital Authority Health Systems Revenue, Catholic Health East, Series B
5.50%, 11/15/24, Callable 11/15/14 @ 100	100		115
5.38%, 11/15/34, Callable 11/15/14 @ 100	1,000		1,143
			2,954
*South Carolina (1.1%)*
Greenwood Metropolitan District, Sewer System Revenue, 4.00%, 10/1/23, Callable 10/1/18 @ 100, FSA	250		242
University of South Carolina, Series A, 5.75%, 6/1/30, Callable 6/1/20 @ 100, FGIC	500		539
			781
*Texas (4.9%)*
Harris County Hospital District Revenue, Series A, 5.25%, 2/15/37, Callable 2/15/17 @ 100, MBIA	1,000		1,028
Lampasas Independent School District, GO, 4.00%, 2/15/08, PSF-GTD	500		500
Muleshoe Independent School District, School Building, GO
5.00%, 2/15/31, Callable 3/7/08 @ 100, PSF-GTD	1,000		1,001
5.00%, 2/15/36, Callable 3/7/08 @ 100, PSF-GTD	1,000		1,001
			3,530
*Washington (1.7%)*
Whitman County School District Number 267, Pullman, GO, 5.63%, 12/1/17, Callable 6/1/12 @ 100, FSA	1,115		1,234
			1,234

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*West Virginia (0.8%)*
State School Building Authority Revenue, Capital Improvements, Series A, 3.75%, 7/1/09, FGIC	$	550	$	561
			561

*Total Municipal Bonds (Cost $62,386)*			64,717

Investment Companies (6.5%)
BlackRock Liquidity Funds MuniFund, 2.90% (c)	1,000		1,000
Fidelity Institutional Tax Exempt Fund, 2.90%, 10/31/99(c)	3,682		3,682

*Total Investment Companies (Cost $4,682)*			4,682

*Total Investments* (Cost $67,068) *— 96.1%*			69,399

*Other assets in excess of liabilities — 3.9%*			2,788

*NET ASSETS — 100.0%*			$	*72,187*

(a)	Security purchased on a “when-issued” basis.

(b)	All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(c)	Rate disclosed is the 1 day yield as of 01/31/2008.

AMBAC	Insured by American Municipal Bond Assurance Corp.

FGIC	Insured by Financial Guaranty Insurance Co.

FSA	Insured by Federal Security Assurance

GO	General Obligation

GTY	Guaranty

MBIA	Insured by Municipal Bond Insurance Organization

PSF-GTD	Public School Fund Guaranteed

XLCA	Insured by XL Capital Assurance

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Ohio Municipal Bond Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Principal Amount		Value
Municipal Bonds (96.7%)
*Certificate Participation (1.2%)*
*Public Facilities (Convention, Sport, Public Buildings) (1.2%)*
Akron Certificates of Participation, Parking Facilities Project
4.00%, 12/1/16, AMBAC	$	865	$	892
4.25%, 12/1/23, Callable 12/1/17 @ 100, AMBAC	500		487
			1,379
			1,379
*General Obligations (64.2%)*
*Business & Public Services (0.2%)*
Mount Vernon Knox County Public Library District, 5.15%, 12/1/09, FGIC	220		232
			232
*County, City & Special District (11.4%)*
Cleveland, 5.75%, 8/1/12, MBIA	875		984
Columbus, Series A, 5.00%, 12/15/12	5,000		5,532
Erie County, 5.50%, 10/1/20, Prefunded 10/1/10 @ 100, FGIC	250		270
Portage County, 5.25%, 12/1/24, Callable 12/1/14 @ 100, AMBAC	760		816
Summit County, Series R
5.50%, 12/1/13, FGIC	250		285
5.50%, 12/1/16, FGIC	535		624
5.50%, 12/1/17, FGIC	930		1,073
5.50%, 12/1/18, FGIC	1,095		1,266
Vandalia, 5.25%, 12/1/21, Callable 12/1/14 @ 100, AMBAC	1,305		1,425
Warren County Special Assesment, 6.55%, 12/1/14	590		668
			12,943
*Public Facilities (Convention, Sport, Public Buildings) (1.6%)*
Hilliard, 5.25%, 12/1/27, Callable 12/1/12 @ 100	625		698
Sycamore Township, 5.00%, 12/1/37, Callable 12/1/17 @ 100, XLCA	1,035		1,047
			1,745
*Public Improvements (6.1%)*
Akron
5.50%, 12/1/21, Callable 12/1/10 @ 101	510		558
4.50%, 12/1/28, Callable 12/1/17 @ 100, FSA	1,600		1,602
Monroe, 5.00%, 12/1/24, Callable 12/1/13 @ 100, FSA	1,090		1,154
State Natural Resources, Series L, 5.00%, 10/1/16	2,840		3,214
Westerville, Limited Tax, 4.50%, 12/1/27, Callable 12/1/17 @ 100, AMBAC	375		373
			6,901
*Schools & Educational Services (43.3%)*
Allen East Local School District, 5.38%, 12/1/25, Callable 12/1/14 @ 100, AMBAC	1,900		2,193
Anthony Wayne Local School District, 5.75%, 12/1/30, Callable 12/1/10 @ 101, FSA	2,215		2,440
Barnesville Village School District, District Credit Program, 5.75%, 12/1/22, Callable 12/1/10 @ 101	500		551
Chillicothe City School District
5.00%, 12/1/17, Callable 12/1/14 @ 100, FGIC	1,145		1,291
5.00%, 12/1/19, Callable 12/1/14 @ 100, FGIC	1,245		1,404
5.25%, 12/1/23, Callable 12/1/14 @ 100, FGIC	1,580		1,806
5.25%, 12/1/26, Callable 12/1/14 @ 100, FGIC	840		960
Cleveland Municipal School District, 5.25%, 12/1/24, Callable 6/1/14 @ 100, FSA	1,295		1,407
Columbus City School District, 4.50%, 12/1/24, Callable 12/1/17 @ 100, FSA	355		360
East Holmes Local School District, 6.13%, 12/1/20, Callable 12/1/10 @ 102, FGIC	500		561
Elyria City School District, Classroom Facilities & School Improvement, 5.00%, 12/1/35, Callable 6/1/17 @ 100, XLCA	1,000		1,012
Fairfield City School District, 7.45%, 12/1/14, FGIC	1,000		1,189

See notes to schedules of investments.

Security Description	Principal Amount		Value
Hamilton City School District Improvements, Series A
5.38%, 12/1/16, Callable 12/1/11 @ 100, FGIC	$	1,200	$	1,325
6.15%, 12/1/16, State Aid Withholding	600		723
Jackson Local School District, 5.63%, 12/1/25, Callable 12/1/10 @ 100, FSA	1,500		1,634
Lake Local School District, Wood County, 5.30%, 12/1/21, Callable 12/1/11 @ 101, MBIA	1,575		1,750
Lima City School District
6.00%, 12/1/22, Prerefunded 12/1/10 @ 102, AMBAC	1,970		2,205
6.00%, 12/1/22, Callable 12/1/10 @ 102, AMBAC	30		33
Little Miami Local School District, School Improvements, 5.00%, 12/1/34, Callable 12/1/16 @ 100, FSA	3,000		3,423
Madeira City School District, 5.25%, 12/1/20, Callable 12/1/14 @ 100, MBIA	1,150		1,315
Marion Local School District, 5.75%, 12/1/22, Callable 12/1/10 @ 101, MBIA	230		253
Marysville Exempt Village School District
5.25%, 12/1/18, Callable 12/1/12 @ 100, MBIA	605		656
6.00%, 12/1/24, Callable 12/1/10 @ 101, AMBAC	725		804
Minerva Local School District
5.13%, 12/1/20, Prerefunded 12/1/12 @ 100, MBIA	1,275		1,417
5.13%, 12/1/20, Callable 12/1/12 @ 100, MBIA	1,425		1,537
Mount Healthy City School District, School Improvements
5.00%, 12/1/25, Callable 6/1/18 @ 100, FSA	1,000		1,068
5.00%, 12/1/31, Callable 6/1/18 @ 100, FSA	1,750		1,838
5.00%, 12/1/35, Callable 6/1/18 @ 100, FSA	1,500		1,569
Newcomerstown Exempt Village School Facilities, 6.25%, 12/1/23, Callable 12/1/10 @ 102, MBIA	900		986
Nordonia Hills City School District
5.38%, 12/1/20, Callable 12/1/10 @ 101, AMBAC	1,500		1,637
5.45%, 12/1/25, Callable 12/1/10 @ 101, AMBAC	1,500		1,640
Sidney City School District, 4.70%, 12/1/11, FGIC	200		216
Springboro Community City School District, 5.00%, 12/1/23, Callable 6/1/14 @ 100, MBIA(a)	2,065		2,315
Springfield City School District, 4.50%, 12/1/11, FGIC	500		537
Worthington City School District
6.00%, 12/1/10, FGIC	2,175		2,392
6.00%, 12/1/11, FGIC	2,255		2,543
			48,990
*Transportation (1.0%)*
Toledo, Street Improvements, 5.00%, 12/1/16, Callable 12/1/11 @ 100, MBIA	1,050		1,127
			1,127
*Utilities (Sewers, Telephone, Electric) (0.6%)*
Avon, Route 83 Sewer Improvements, 6.50%, 12/1/15	285		347
Huron County, Landfill Issue II, 5.60%, 12/1/09, Callable 12/1/07 @ 102, MBIA	320		327
			674
			72,612
*Revenue Bonds (31.3%)*
*Hospitals, Nursing Homes & Health Care (6.4%)*
Akron Bath Copley, Joint Township Hospital District Revenue, General Health Systems, Series A
5.00%, 1/1/11	500		521
5.00%, 1/1/14	430		455
Franklin County Hospital Revenue, The Childrens Hospital Project, Series C
5.00%, 5/1/16, Callable 5/1/15 @ 100, FGIC	1,335		1,440
5.00%, 5/1/17, Callable 5/1/15 @ 100, FGIC	1,505		1,611
Lucas County Hospital Revenue, 5.75%, 11/15/14, MBIA	1,785		1,807
Lucas County Hospital Revenue, Promedica Healthcare Group, Series B, 5.00%, 11/15/10, AMBAC	1,290		1,355
			7,189

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*Housing (5.0%)*
Capital Corp. for Housing Management, Kent Gardens, Series II, 6.35%, 7/1/15, Callable 3/10/08 @ 100, MBIA FHA	$	725	$	726
State Housing Finance Agency, Capital Fund Revenue, Series A
4.50%, 4/1/11, FSA	695		732
5.00%, 4/1/22, Callable 4/1/17 @ 100, FSA	1,000		1,055
5.00%, 4/1/27, Callable 4/1/17 @ 100, FSA	3,000		3,087
			5,600
*Public Improvements (1.9%)*
Dayton Special Obligation, EDR, 4.50%, 12/1/28, Callable 12/1/12 @ 100, FSA	1,500		1,492
Twinsburg, 5.50%, 12/1/15, Callable 12/1/11 @ 100, FGIC	600		656
			2,148
*Schools & Educational Services (9.3%)*
Cincinnati Technical College
5.00%, 10/1/10, AMBAC	500		533
5.00%, 10/1/12, AMBAC	650		712
Cleveland State University General Receipts, 5.25%, 6/1/24, Callable 6/1/14 @ 100, FGIC	1,000		1,055
Ohio State University General Receipts, Series A, 5.75%, 12/1/24, Prerefunded 12/1/09 @ 101	1,250		1,343
State Higher Educational Facility Commission Revenue, John Carroll University Project
5.00%, 11/15/12	400		428
5.00%, 11/15/13	250		269
5.50%, 11/15/17, Callable 11/15/13 @ 100	420		454
5.50%, 11/15/18, Callable 11/15/13 @ 100	335		361
State Higher Educational Facility Revenue, College of Wooster Project, 5.00%, 9/1/16, Callable 9/1/15 @ 100	600		654
State Higher Educational Facility Revenue, John Carroll University Project, 5.00%, 4/1/26, Callable 4/1/16 @ 100	4,480		4,597
University of Cincinnati General Receipts Revenue, Series C, 3.50%, 6/1/18, FSA(b)	150		147
			10,553
*Utilities (Sewers, Telephone, Electric) (5.4%)*
Akron Sewer System Revenue, 4.95%, 12/1/10, AMBAC	300		317
American Municipal Power, Ohio, Inc., Electricity Purchase Revenue, Series A, 5.00%, 2/1/10, Guaranty Agreement Goldman Sachs Group	2,000		2,068
Columbus Sewer Revenue, 4.25%, 6/1/30, Callable 12/1/17 @ 100	4,000		3,753
			6,138
*Utilities-Water (3.3%)*
Akron Waterworks Revenue, 5.63%, 12/1/20, Callable 6/1/10 @ 100, AMBAC	1,250		1,318
Avon Lake Water System Revenue
Series A
5.50%, 10/1/17, Callable 10/1/10 @ 100, AMBAC	420		454
5.50%, 10/1/18, Callable 10/1/10 @ 100, AMBAC	445		481
Warren County Waterworks Revenue, Warren County Water District
5.00%, 12/1/16, Callable 12/1/12 @ 101, FSA	645		709
5.00%, 12/1/18, Callable 12/1/12 @ 101, FSA	710		769
			3,731
			35,359

*Total Municipal Bonds (Cost $103,319)*			109,350

Investment Companies (1.7%)
Touchstone Ohio Money Market, 2.48% (c)	1,979		1,979

*Total Investment Companies (Cost $1,979)*			1,979

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Ohio Municipal Money Market Fund		*January 31, 2008*
*(Amounts in Thousands)*		(Unaudited)

Security Description	Principal Amount		Value
Municipal Bonds (87.2%)
*Louisiana (0.1%)*
Calcasieu Parish Inc., Industrial Development Board Environmental Revenue, Citgo Petroleum Corp. Project, 1.87% (a), 12/1/24, LOC BNP Paribas, AMT	$	500	$	500
			500
*Massachusetts (0.1%)*
State Development Finance Agency Revenue, Harvard University, Series B-1, 1.60% (a), 7/15/36	300		300
			300
*New York (0.1%)*
New York, GO, Sub Series A-8, 1.78% (a), 8/1/17, LOC JP Morgan Chase Bank	400		400
			400
*Ohio (86.7%)*
Akron Bath Copley, Joint Township Hospital District Revenue, Hospital Facilities, Summa Health Systems, Series B, 2.21% (a), 11/1/34, LOC Bank One N.A.	10,765		10,765
Ashland Water Systems Improvement Notes, GO, 3.85%, 10/16/08	2,300		2,304
Athens County, Port Authority Housing Revenue, Housing for Ohio Income Project, 2.18% (a), 6/1/32, LOC Wachovia Bank N.A.	15,100		15,100
Avon, BAN, 4.10%, 3/3/08	665		665
Bowling Green, IDR, Lamson & Sessions Project, 2.30% (a), 8/1/09, LOC Harris Trust & Savings Bank, AMT	400		400
Butler County Revenue, Lakota Family YMCA, 2.17% (a), 5/1/27, LOC PNC Bank N.A.	2,100		2,100
Butler County, Airport Improvement, GO, BAN, 4.38%, 8/7/08, AMT	2,070		2,075
Butler County, Capital Funding Revenue CCAO Low Cost Capital, Series A, 2.22% (a), 6/1/35, LOC U.S. Bank N.A.	2,115		2,115
Butler County, GO, BAN, 4.25%, 8/7/08	3,463		3,472
Butler County, Health Care Facilities Revenue, Lifesphere Project, 2.23% (a), 5/1/30, LOC U.S. Bank N.A.	6,970		6,970
Butler County, Health Care Facilities Revenue, Refunding & Improvement, Lifesphere Project, 2.15% (a), 5/1/27, LOC U.S. Bank N.A.	2,900		2,900
Butler County, Port Authority Economic Development Facilities Revenue, Refunding & Improvement, Great Miami Valley, 2.23% (a), 9/1/37, LOC JP Morgan Chase Bank	7,900		7,900
Canal Winchester, Local School District, School Facilities Construction, GO, BAN, Series A, 4.20%, 11/25/08	1,430		1,439
Centerville Health Care Revenue, Bethany Lutheran Village Project, Series B, 2.16% (a), 11/1/40, LOC National City Bank	5,150		5,150
Clermont County, Health Care Facilities Revenue, S.E.M. Haven, Inc. Project, 2.82% (a), 11/1/25, LOC Fifth Third Bank	1,405		1,405
Cleveland Airport System Revenue, Series D, 2.21% (a), 1/1/27, LOC Westdeutsche Landesbank AG, AMT	3,300		3,300
Cleveland-Cuyahoga County, Port Authority Revenue, Carnegie/89th Garage Project, 2.20% (a), 1/1/37, LOC JP Morgan Chase Bank	12,000		12,000
Cleveland-Cuyahoga County, Port Authority Revenue, CBT Project, 2.31% (a), 6/1/31, LOC Charter One Bank N.A.	1,800		1,800
Clinton County, Airport Facilities Revenue, Wilmington Air Park, Inc., 2.18% (a), 6/1/11, LOC Wachovia Bank N.A.	6,650		6,650
Columbus Regional Airport Authority Revenue, Capital Funding, OASBO Program, Series A, 2.22% (a), 3/1/34, LOC U.S. Bank N.A.	1,860		1,860
Columbus, GO, Series 1, 2.08% (a), 6/1/16, SPA Westdeutsche Landesbank	1,600		1,600
Columbus-Franklin County, Finance Authority Revenue, Franklin Park Conservatory, 2.82% (a), 6/1/27, LOC Fifth Third Bank	7,100		7,100
Coshocton County, Health Care Facilities Revenue, Hartville Homes, Inc. Project, 2.45% (a), 9/1/20, LOC Bank One N.A.	2,020		2,020
Coshocton County, Memorial Hospital Project Revenue, 2.45% (a), 3/1/17, LOC Bank One Columbus N.A.	2,135		2,135
Cuyahoga County, Health Care Facilities Revenue, Jennings Center Older Project, 2.25% (a), 11/1/23, LOC Fifth Third Bank	2,200		2,200

See notes to schedules of investments.

Security Description	Principal Amount		Value
Cuyahoga County, Hospital Facilities Revenue, Sisters Charity Health Systems, 2.26% (a), 11/1/30, LOC National City Bank	$	6,300	$	6,300
Cuyahoga County, IDR, Horizon Activities Centers Project, 2.31% (a), 7/1/25, LOC U.S. Bank N.A.	855		855
Cuyahoga County, IDR, Progressive Plastics Project, 2.65% (a), 11/1/13, LOC Bank One Columbus N.A., AMT	550		550
Cuyahoga County, IDR, Watt Printing Co. Project, 2.42% (a), 4/1/16, LOC National City Bank, AMT	1,260		1,260
Eastlake, IDR, Astro Model Development Project, 2.50% (a), 9/1/16, LOC National City Bank, AMT	905		905
Englewood, IDR, YMCA Dayton Project, Series A, 2.45% (a), 3/1/27, LOC Bank One N.A.	3,695		3,695
Erie County, Health Care Facilities Revenue, Series B, 2.25% (a), 10/1/21, LOC Bank One N.A.	3,830		3,830
Findlay, GO, Series C, 4.00%, 6/6/08	9,530		9,549
Forest Park, GO, BAN, 3.75%, 12/23/08	1,655		1,663
Franklin County, EDR, Columbus Electric Funded Project, 2.24% (a), 4/1/21, LOC Bank One N.A.	1,330		1,330
Franklin County, Health Care Facilities Revenue, 2.36% (a), 11/1/19, LOC National City Bank	1,685		1,685
Franklin County, Health Care Facilities Revenue, Friendship Village of Dublin, Series B, 2.12% (a), 11/1/34, LOC Lasalle National Bank N.A.	6,800		6,800
Franklin County, Hospital Revenue, Children’s Hospital Project, Series B, 2.27% (a), 12/1/14, SPA Bank One Columbus N.A.(b)	5,500		5,500
Franklin County, Multifamily Revenue, Hanover Ridge Apartments, 2.30% (a), 12/15/30, FNMA, AMT	1,450		1,450
Geauga County, Health Care Facilities Revenue, Montefiore Housing Corp. Project, 2.25% (a), 1/1/26, LOC Fifth Third Bank	5,065		5,065
Green Healthcare Revenue, Greater Akron-Canton Project, 2.36% (a), 7/1/19, LOC National City Bank	1,220		1,220
Grove City, Multifamily Revenue, Regency Arms Apartments, 2.29% (a), 6/15/30, FNMA, AMT	11,070		11,070
Hamilton County, EDR, Boys/Girls Club, Inc. Project, 2.20% (a), 12/1/28, LOC PNC Bank N.A.	2,300		2,300
Hamilton County, EDR, Samuel W. Bell Home Project, 2.24% (a), 4/1/22, LOC U.S. Bank N.A.	2,710		2,710
Hamilton County, Hospital Facilities Revenue, Children’s Hospital Medical Center, 2.20% (a), 5/15/28, LOC JP Morgan Chase Bank	4,700		4,700
Hamilton, GO, BAN, 4.00%, 9/11/08	4,340		4,346
Hamilton, IDR, Sensus LLC Project, 2.89% (a), 7/1/14, LOC Fifth Third Bank, AMT	3,800		3,800
Hancock County, 4.25%, 11/8/08	1,500		1,509
Hardin-Nothern Local School District, School Construction, GO, BAN, 4.00%, 5/22/08	3,545		3,554
Hilliard, IDR, National Sign, 2.50% (a), 12/1/19, LOC Bank One N.A., AMT	1,860		1,860
Huron County, IDR, American Baler Project, 2.28% (a), 4/1/11, LOC Bank One Indianapolis, AMT	575		575
Lancaster Street Improvement, GO, BAN, 4.00%, 10/16/08	1,000		1,003
Leipsic, IDR, Patrick Products, Inc. Project, 2.50% (a), 6/1/11, LOC Bank One N.A., AMT	1,140		1,140
Licking County, Career & Technology Education Certificates, School Facilities Construction, GO, BAN, 4.50%, 9/10/08	1,100		1,105
Logan County, Wastewater, GO, BAN, Series A, 3.75%, 6/18/08	2,250		2,257
Lorain County, IDR, Malt Properties Ltd. Project, 2.36% (a), 4/1/34, LOC Bank One N.A., AMT	4,668		4,668
Lucas County, Facilities Improvement Revenue, Lourdes College of Sylvania, 2.82% (a), 3/1/28, LOC Fifth Third Bank	5,000		5,000
Lucas County, IDR, American Capital Properties, 2.37% (a), 10/1/18, LOC National City Bank, AMT	3,345		3,345
Marion, GO, BAN, Series A, 4.00%, 10/16/08	6,440		6,462
Marysville Exempted Village School District, GO, BAN, 4.27%, 5/22/08	695		699
Mason, IDR, Crane Plastics Co., 2.30% (a), 2/1/33, LOC U.S. Bank N.A., AMT	4,000		4,000
Mentor, GO, BAN, 4.25%, 3/14/08	2,925		2,927

See notes to schedules of investments.

Security Description	Principal Amount		Value
Montgomery County, Catholic Health Revenue, Series B, 2.18% (a), 12/1/25, SPA Bayerische Landesbank	$	7,200	$	7,200
Montgomery County, EDR, Benjamin & Marian Project, Series B, 2.31% (a), 8/1/16, LOC National City Bank	5,030		5,030
Montgomery County, IDR, Citywide Development Corp. Project, 2.50% (a), 12/1/13, LOC Bank One Dayton N.A., AMT	1,240		1,240
Montgomery County, Multifamily Housing Revenue, Cambridge Commons Apartments, Series A, 2.16% (a), 4/1/38, FHLB	4,125		4,125
Muskingham Watershed Conservancy District, 2.82% (a), 5/1/23, LOC Fifth Third Bank	1,595		1,595
Muskingum County, GO, BAN, 4.00%, 9/25/08	650		657
North Royalton, Street Improvement, BAN, 5.00%, 2/28/08	449		450
Paulding County, Solid Waste Disposal Revenue, Lafarge Corp. Project, 1.91% (a), 8/1/26, LOC Bayerische Landesbank, AMT	700		700
Pepper Pike, GO, BAN, Series 2, 4.15%, 9/18/08	2,568		2,574
Perrysburg, GO, BAN, 4.00%, 8/7/08	1,238		1,239
Portage County, Health Care Facilities Revenue, Coleman Professional Services, 2.45% (a), 12/1/22, LOC Bank One N.A.	3,280		3,280
Reading, IDR, General Tool Co. Project, 2.34% (a), 3/1/08, LOC Bank of Montreal & Provident Bank, AMT	595		595
Sharonville, Road Improvement, GO, BAN, 3.50%, 1/21/09	1,330		1,338
Solon, Fire Station, GO, BAN, 3.75%, 11/20/08	3,350		3,359
Solon, IDR, JTM Products, Inc. Project, 2.37% (a), 6/1/21, LOC National City Bank, AMT	2,695		2,695
St. Mary’s, City School District, GO, BAN, 3.75%, 6/10/08	3,660		3,669
Stark County, Sewer District, GO, BAN, Series 2007-2, 3.90%, 9/24/08	1,455		1,457
State Air Quality Development Authority Revenue, AK Steel, Series A, 2.22% (a), 6/1/24, LOC ABN AMRO Bank, AMT	9,000		9,000
State Building Authority, State Facilities Highway Safety Building, Series B, 5.00%, 10/1/08, MBIA	750		763
State Environmental Improvement Revenue, Newark Group Industrial Income Project, 2.26% (a), 12/1/26, LOC JP Morgan Chase Bank	3,050		3,050
State Higher Educational Facility Commission Revenue, Wilmington College, 2.45% (a), 10/1/11, LOC Fifth Third Bank	1,040		1,040
State Pollution Control Revenue, Air Project, 1.90% (a), 5/1/22, LOC BP Amoco	200		200
State Solid Waste Revenue, BP Exploration & Oil Project
1.87%(a), 2/1/33, AMT	900		900
1.87%(a), 8/1/34, AMT	2,720		2,720
1.87%(a), 8/1/34, AMT	400		400
1.87%(a), 8/1/34, AMT	300		300
State Solid Waste Revenue, BP Products North America
1.87%(a), 8/1/34, AMT	4,915		4,915
1.87%(a), 8/1/34, AMT	500		500
Series B, 1.87% (a), 8/1/34, AMT	1,130		1,130
State University, General Receipts, 2.78% (a), 12/1/21	4,000		4,000
State Water Development Authority, Environmental Improvement Revenue, Waste Management Project, Series B, 2.30% (a), 7/1/20, LOC Bank of America N.A., AMT	1,700		1,700
State Water Development Authority, Pollution Control Facilities Revenue, First Energy General Corp., Series A, 1.90% (a), 5/15/19, LOC Barclays Bank PLC	1,880		1,880
State Water Development Authority, Pollution Control Facilities Revenue, First Energy Nuclear, Series C, 2.15% (a), 6/1/33, LOC Wachovia Bank N.A., AMT	15,000		15,000
Summit County Revenue, Neighborhood Development Corp., 2.36% (a), 6/1/24, LOC National City Bank	1,000		1,000
Summit County, IDR, Atlas Steel Project, 2.42% (a), 6/1/10, LOC National City Bank, AMT	1,100		1,100
Summit County, IDR, Delco Corp. Project, 2.47% (a), 6/1/16, LOC National City Bank, AMT	180		180
Summit County, IDR, Fiocca, Inc. Project, 2.34% (a), 6/1/16, LOC Fifth Third Bank, AMT (b)	1,310		1,310
Summit County, IDR, VMS Development Project, 2.42% (a), 7/1/18, LOC National City Bank, AMT (b)	1,885		1,885

See notes to schedules of investments.

Security Description	Principal Amount		Value
Trumbull County, IDR, 2.65% (a), 10/1/19, LOC Bank One Columbus N.A., AMT	$	1,550	$	1,550
Union County, GO, BAN, 3.50%, 12/10/08	1,000		1,004
Washington County, Hospital Revenue, Marietta Area Health, 2.82% (a), 12/1/26, LOC Fifth Third Bank	3,305		3,305
Wayne County, Health Care Facilities Revenue, West View Manor Project, 2.25% (a), 9/1/21, LOC Fifth Third Bank	3,680		3,680
Westlake, IDR, Logan Westlake Project, 2.42% (a), 6/1/16, LOC Fifth Third Bank, AMT	1,050		1,050
Wood County, IDR, Jerl Machine Project, 2.89% (a), 9/1/16, LOC Fifth Third Bank, AMT	680		680
Woodlawn, EDR, Goodwill Industrial Project
2.24%(a), 11/1/20, LOC U.S. Bank N.A.	5,370		5,370
2.24%(a), 11/1/20, LOC U.S. Bank N.A.	3,000		3,000
Woodlawn, IDR, Southland Properties LLC Project, 2.34% (a), 6/1/08, LOC Provident Bank & Bank of Montreal, AMT	255		255
			340,182
*Texas (0.2%)*
Gulf Coast Waste Disposal Authority, Environmental Facilities Revenue, Amoco Oil Co. Project, 1.80% (a), 6/1/30, AMT	800		800
			800

*Total Municipal Bonds (Amortized Cost $342,182)*			342,182

Commercial Paper (12.9%)
Brown-Forman Corp., 3.05% (c), 2/1/08	7,100		7,100
Goldman Sachs Group, Inc., 3.02% (c), 2/1/08	25,000		25,000
Pacific Life Insurance, 3.00% (c), 2/1/08	3,375		3,375
UBS Finance Delaware LLC, 3.02% (c), 2/1/08	15,000		15,000
			50,475

*Total Commercial Paper (Amortized Cost $50,475)*			50,475

*Total Investments* (Amortized Cost $392,657)(d) *— 100.1%*			392,657

*Liabilities in excess of other assets — (0.1)%*			(420		)

*NET ASSETS — 100.0%*			$	*392,237*

(a)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(b)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(c)	Rate represents the effective yield at purchase.

(d)	Represents cost for financial reporting and federal income tax purposes.

AMT	Subject to alternative minimum tax

BAN	Bond Anticipation Note

EDR	Economic Development Revenue

FHLB	Insured by Federal Home Loan Bank

FNMA	Insured by Federal National Mortgage Association

GO	General Obligation

IDR	Industrial Development Revenue

LLC	Limited Liability Co.

LOC	Letter of Credit

MBIA	Insured by Municipal Bond Insurance Association

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Prime Obligations Fund		*January 31, 2008*
*(Amounts in Thousands)*		(Unaudited)

Security Description	Principal Amount		Value
Certificate of Deposit (29.5%)
Abbey National Treasury Services, 5.07%, 2/12/08	$	25,000	$	25,000
Bank of Montreal Chicago, 5.05%, 2/27/08	11,000		11,000
Bank of Scotland PLC NY, 5.21%, 3/11/08	15,000		15,000
Barclays Bank PLC NY, 4.93%, 2/28/08	22,000		22,000
Canadian Imperial Bank of Commerce NY
5.04%, 2/29/08	11,000		11,000
3.99%(a), 7/18/08	20,000		19,993
Comerica Bank, 4.01% (a), 3/17/08	15,000		15,000
Credit Suisse NY, 5.44%, 6/19/08	11,000		11,000
Deutsche Bank NY, 3.04%, 5/1/08	9,000		9,000
Landesbank Hessen-Thueringen Girozentrale, 5.30%, 3/13/08	15,000		15,000
Marshall & Ilsley Bank, 4.29% (a), 2/9/09	8,000		8,000
Natixis NY Branch, 5.10%, 2/12/08	15,000		15,000
PNC Bank NA, 3.46% (a), 2/23/09	9,000		8,995
Rabobank Nederland NV NY, 5.04%, 2/12/08	15,000		15,000
Royal Bank of Canada NY, 4.58% (a), 4/2/08	20,000		19,999
Royal Bank of Scotland NY, 4.30% (a), 7/11/08	20,000		20,000
Societe Generale NY, 4.69% (a), 7/3/08	28,000		28,000
UBS AG Stamford CT, 5.05%, 3/13/08	15,000		15,000
Wilmington Trust Co., 4.97%, 3/17/08	5,000		5,000

*Total Certificate of Deposit (Amortized Cost $288,987)*			288,987

Commercial Paper (8.5%)
BASF AG, 4.42% (b), 2/15/08 (c)	15,000		14,974
Dexia Delaware LLC, 5.01% (b), 2/28/08	11,000		10,959
Emerson Electric Co., 3.90% (b), 2/1/08 (c)	6,000		6,000
Illinois Tool Works, Inc., 3.70% (b), 2/8/08	6,000		5,996
Marshall & Ilsley Corp., 4.30% (b), 2/4/08	13,400		13,395
Prudential Funding LLC, 4.61% (b), 2/13/08	21,700		21,666
Societe Generale North America, Inc., 4.76% (b), 2/4/08	10,000		9,996

*Total Commercial Paper (Amortized Cost $82,986)*			82,986

Corporate Bonds (24.8%)
American Honda Finance Corp., 4.53% (a), 4/10/08, MTN (c)	10,000		9,999
Anchor Holdings II LLC, 3.24% (a), 4/15/26	6,100		6,100
ASIF Global Financing XXXII, 5.08% (a), 2/25/08 (c)	15,000		14,999
Atlas Metal Investment Corp., Series 2000, 3.69% (a), 10/1/20	2,080		2,080
Caterpillar Financial Services Corp., Series F
3.80%, 2/8/08, MTN	14,000		13,996
3.70%, 8/15/08, MTN	23,000		22,796
Cheyne Finance LLC, 5.09% (a), MTN (d)(e)	16,000		16,000
Citigroup Global Markets, Inc., Series D, 5.19% (a), 3/7/08, MTN	13,000		12,999
Clinic Investment LP, Series 2000, 3.69% (a), 6/1/15	9,960		9,960
Duncan Oil Co., 3.69% (a), 4/1/16, LOC National City Bank	3,329		3,329
Grasshopper Investments, 3.24% (a), 9/1/24, LOC US Bank N.A. (c)	3,580		3,580
Hartford Life Global Funding, 4.22% (a), 1/15/09, MTN	15,000		15,000
Illinois Great River, 3.56% (a), 4/1/34, LOC JP Morgan Chase Bank N.A.	2,345		2,345
J&K Investments of Ohio, 3.40% (a), 10/1/25, LOC Fifth Third Bank	2,025		2,025
Laurel Grocery Co. LLC, 3.40% (a), 12/1/14	1,645		1,645
Maruga, Series 1999a, 3.40% (a), 2/1/20, LOC Fifth Third Bank	3,825		3,825
Metal Forming & Coining, 3.69% (a), 7/1/18, LOC National City Bank	5,145		5,145
Metropolitan Life Global Funding, 4.25% (a), 2/9/09 (c)	12,000		12,000
Morgan Stanley, 3.34% (a), 4/10/08	44,000		44,000
Neltner Properties LLC, 3.40% (a), 12/1/19, LOC Firstar Bank N.A.	3,080		3,080
Premium Asset Trust 4-10, 4.40% (a), 12/15/09, Callable 2/15/08 @ 100 (c)	15,000		14,936
Richfield Technology Associates LLC, 3.40% (a), 4/1/20, LOC Firstar Bank N.A.	3,365		3,365
Rise, Inc., 3.42% (a), 11/1/22, LOC Wells Fargo Bank N.A.	260		260
Summit Country Day School, Series 2003, 3.40% (a), 11/1/09	5,075		5,075
Surgery Center Financial Corp., 3.69% (a), 4/1/20, LOC National City Bank	3,960		3,960

See notes to schedules of investments.

Security Description	Principal Amount		Value
The C.J. Krehbiel Co., 3.69% (a), 10/1/10, LOC National City Bank	$	3,325	$	3,325
Wise Plastics Technologies, Inc., Series 2006, 3.56% (a), 6/1/36	6,940		6,940

*Total Corporate Bonds (Amortized Cost $242,764)*			242,764

Repurchase Agreements (18.2%)
ABN Amro Bank NV, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $30,003, collateralized by $29,863, U.S. Government Security, 5.00%, 12/14/18, market value $30,600)	30,000		30,000
Bear Stearns & Co., 2.98%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $30,002, collateralized by $31,722 U.S. Government Securities, 5.50%-7.50%, 8/1/22-12/1/37, market value $30,602)	30,000		30,000
Deutsche Bank Securities, Inc., 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $30,003, collateralized by $30,000 U.S. Government Securities, 5.00%-7.41%, 1/1/29-1/15/38, market value $30,600)	30,000		30,000
Greenwich Partners LLC, 3.00%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $30,003, collateralized by $29,320 U.S. Government Security, 4.88%, 2/17/09, market value $30,603)	30,000		30,000
UBS Warburg LLC, 2.95%, 2/1/08 (Date of Agreement 1/31/08, Proceeds at maturity $58,705, collateralized by $132,098 U.S. Government Securities, 0.00%, 6/1/32-12/1/37, market value $59,877)	58,700		58,700

*Total Repurchase Agreements (Amortized Cost $178,700)*			178,700

Taxable Municipal Bonds (0.5%)
*Florida (0.2%)*
Osceola County Housing Finance Authority Revenue, 3.74% (a), 9/15/35, LOC JP Morgan Chase Bank	2,055		2,055
*Kentucky (0.3%)*
Walton Industrial Building Revenue, Clarion Manufacturing Corp. of America Project, 3.40% (a), 8/1/17, LOC Fifth Third Bank	3,170		3,170

*Total Taxable Municipal Bonds (Amortized Cost $5,225)*			5,225

U.S. Government Agency Securities (18.9%)
Federal Home Loan Bank
3.14%(b), 2/22/08	78,000		77,857
3.66%(a), 6/18/08	10,000		9,999
4.63%, 12/4/08, Callable 3/4/08 @ 100	90,000		90,000
3.11%(a), 8/5/09	7,000		7,002

*Total U.S. Government Agency Securities (Amortized Cost $184,858)*			184,858

*Total Investments* (Amortized Cost $983,520)(f) *— 100.4%*			983,520

*Liabilities in excess of other assets — (0.4)%*			(3,940		)

*NET ASSETS — 100.0%*			$	*979,580*

(a)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(b)	Rate represents the effective yield at purchase.

(c)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(d)	Security is issued by a structured investment vehicle.

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Small Company Opportunity Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Shares/ Principal Amount		Value
Commercial Paper (5.7%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	13,410	$	13,409
HSBC Finance Corp., 3.10% (a), 2/1/08	4,000		4,000

*Total Commercial Paper (Amortized Cost $17,409)*			17,409

Common Stocks (92.7%)
*Automotive (1.1%)*
Group 1 Automotive, Inc. (b)	128,000		3,384
			3,384
*Automotive Parts (0.9%)*
Commercial Vehicle Group, Inc. (c)	281,000		2,810
			2,810
*Banks (2.1%)*
Boston Private Financial Holdings, Inc. (b)	98,901		2,258
First Midwest Bancorp, Inc. (b)	65,000		2,028
Independent Bank Corp. (b)	75,000		2,178
			6,464
*Brokerage Services (1.6%)*
Investment Technology Group, Inc. (b)(c)	51,500		2,419
Wadell & Reed Financial, Inc., Class A (b)	70,000		2,323
			4,742
*Brokerage Services (0.8%)*
Lazard Ltd., Class A	58,000		2,292
			2,292
*Building Materials (1.8%)*
ABM Industries, Inc. (b)	183,300		3,798
Texas Industries, Inc. (b)	28,000		1,587
			5,385
*Chemicals (2.8%)*
A. Schulman, Inc.	148,176		3,021
Olin Corp. (b)	147,000		3,012
Rockwood Holdings, Inc. (c)	77,000		2,261
			8,294
*Coal (1.0%)*
Foundation Coal Holdings, Inc. (b)	59,500		3,112
			3,112
*Commercial Services (0.8%)*
Steiner Leisure Ltd. (c)	62,000		2,306
			2,306
*Computers & Peripherals (1.3%)*
Silicon Storage Technology, Inc. (c)	535,000		1,519
Xyratex Ltd. (b)(c)	137,500		2,482
			4,001
*Consulting Services (0.8%)*
Watson Wyatt Worldwide, Inc., Class A (b)	46,500		2,285
			2,285
*Consumer Products (0.1%)*
CSS Industries, Inc. (b)	11,000		321
			321

See notes to schedules of investments.

Security Description	Shares	Value
*Electrical Equipment (0.7%)*
Regal-Beloit Corp. (b)	58,000	$	2,199
		2,199
*Electronics (7.4%)*
Advanced Energy Industries, Inc. (b)(c)	193,000	2,086
Analogic Corp.	48,500	2,864
Benchmark Electronics, Inc. (c)	142,000	2,521
CTS Corp.	230,000	2,438
Hubbell, Inc., Class B	60,590	2,889
Orbotech Ltd. (c)	243,000	4,165
Plexus Corp. (c)	119,500	2,700
TTM Technologies, Inc. (b)(c)	247,000	2,512
		22,175
*Engineering (0.4%)*
Michael Baker Corp. (c)	34,000	1,164
		1,164
*Financial Services (0.6%)*
Piper Jaffray Cos., Inc. (b)(c)	37,000	1,753
		1,753
*Food Processing & Packaging (0.3%)*
J & J Snack Foods Corp. (b)	35,977	900
		900
*Health Care (0.7%)*
Magellan Health Services, Inc. (b)(c)	51,000	2,231
		2,231
*Insurance (7.4%)*
Allied World Assurance Holdings Ltd.	44,000	2,096
Argo Group International Holdings Ltd. (c)	48,500	1,981
Aspen Insurance Holdings Ltd. (b)	128,000	3,612
Delphi Financial Group, Inc. (b)	66,537	2,088
Max Re Capital Ltd. (b)	131,000	3,719
Meadowbrook Insurance Group, Inc. (b)(c)	225,000	2,070
National Western Life Insurance Co., Class A	7,111	1,335
Safety Insurance Group, Inc.	43,000	1,678
Zenith National Insurance Corp. (b)	90,000	3,584
		22,163
*Internet (2.2%)*
EarthLink, Inc. (c)	528,000	3,596
Websense, Inc. (b)(c)	148,000	3,034
		6,630
*Lasers-Systems & Components (1.3%)*
Cymer, Inc. (b)(c)	44,000	1,189
Excel Technology, Inc. (c)	102,000	2,607
		3,796
*Machine-Diversified (1.5%)*
Gardner Denver, Inc. (c)	72,000	2,336
Nordson Corp.	42,000	2,095
		4,431
*Machinery-Construction & Mining (0.7%)*
Astec Industries, Inc. (b)(c)	68,000	2,099
		2,099
*Manufacturing-Diversified (1.8%)*
A.O. Smith Corp. (b)	80,000	2,800
Federal Signal Corp. (b)	233,000	2,700
		5,500

See notes to schedules of investments.

Security Description	Shares	Value
*Manufacturing-Miscellaneous (4.3%)*
AptarGroup, Inc. (b)	103,500	$	3,904
Lancaster Colony Corp. (b)	110,000	3,834
Matthews International Corp. (b)	64,900	3,172
Portec Rail Products, Inc.	215,000	2,073
		12,983
*Medical Equipment & Supplies (2.1%)*
Datascope Corp.	41,000	1,329
Orthofix International N.V. (b)(c)	42,000	2,297
STERIS Corp. (b)	107,000	2,651
		6,277
*Metal Fabrication (1.3%)*
CIRCOR International, Inc.	18,265	775
Mueller Industries, Inc. (b)	112,000	3,136
		3,911
*Oil & Gas Exploration-Production & Services (10.9%)*
Bronco Drilling Co., Inc. (b)(c)	131,000	2,052
Callon Petroleum Co. (b)(c)	184,000	2,835
Cimarex Energy Co. (b)	178,000	7,264
Comstock Resources, Inc. (b)(c)	142,500	4,517
Grey Wolf, Inc. (c)	392,000	2,336
Mariner Energy, Inc. (b)(c)	141,000	3,534
Rosetta Resources, Inc. (b)(c)	175,000	3,068
St. Mary Land & Exploration Co.	114,436	4,032
Swift Energy Co. (b)(c)	76,000	3,279
		32,917
*Oil Marketing & Refining (0.6%)*
Holly Corp.	40,000	1,937
		1,937
*Oilfield Services & Equipment (2.1%)*
Cal Dive International, Inc. (b)(c)	170,000	1,612
Lufkin Industries, Inc. (b)	50,564	2,673
RPC, Inc. (b)	187,000	2,016
		6,301
*Pharmaceuticals (1.2%)*
Medicis Pharmaceutical Corp., Class A (b)	108,000	2,193
Perrigo Co. (b)	46,000	1,419
		3,612
*Real Estate Investment Trusts (4.5%)*
Annaly Capital Management, Inc.	186,000	3,668
Healthcare Realty Trust, Inc.	78,000	2,015
LaSalle Hotel Properties (b)	76,000	2,083
LTC Properties, Inc. (b)	84,000	2,188
MFA Mortgage Investments, Inc. (b)	366,000	3,733
		13,687
*Recreational Vehicles (1.3%)*
Monaco Coach Corp.	235,000	2,390
Winnebago Industries, Inc. (b)	71,000	1,495
		3,885
*Restaurants (1.5%)*
Bob Evans Farms, Inc.	38,000	1,130
CEC Entertainment, Inc. (b)(c)	101,000	2,356
Panera Bread Co., Class A (c)	29,000	1,096
		4,582

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*Retail-Apparel/Shoe (1.0%)*
Brown Shoe Co., Inc.	172,000		$	2,958
			2,958
*Retail-Specialty Stores (1.5%)*
Cato Corp., Class A (b)	171,000		2,799
The Children’s Place Retail Stores, Inc. (b)(c)	86,000		1,595
			4,394
*Schools & Educational Services (0.7%)*
Universal Technical Institute, Inc. (b)(c)	148,000		2,202
			2,202
*Semiconductors (6.6%)*
ATMI, Inc. (c)	71,000		1,867
Brooks Automation, Inc. (b)(c)	194,000		2,384
Emulex Corp. (b)(c)	122,000		1,903
Fairchild Semiconductor International, Inc. (c)	293,000		3,589
Mattson Technology, Inc. (b)(c)	641,000		3,654
MKS Instruments, Inc. (c)	231,500		4,306
OmniVision Technologies, Inc. (b)(c)	155,000		2,195
			19,898
*Software & Computer Services (3.2%)*
CIBER, Inc. (c)	306,000		1,475
SI International, Inc. (b)(c)	111,000		3,034
SRA International, Inc., Class A (b)(c)	187,000		5,129
			9,638
*Staffing (1.4%)*
AMN Healthcare Services, Inc. (c)	192,000		2,999
MPS Group, Inc. (b)(c)	118,000		1,186
			4,185
*Transportation Services (4.5%)*
Arkansas Best Corp. (b)	106,000		3,264
Celadon Group, Inc. (c)	282,000		2,690
Genesee & Wyoming, Inc., Class A (b)(c)	171,000		4,670
Old Dominion Freight Line, Inc. (b)(c)	101,000		2,944
			13,568
*Utilities-Electric (2.2%)*
ALLETE, Inc. (b)	96,000		3,695
Black Hills Corp. (b)	72,000		2,789
			6,484
*Utilities-Natural Gas (1.7%)*
Energen Corp.	40,300		2,535
WGL Holdings, Inc. (b)	83,000		2,676
			5,211

*Total Common Stocks (Cost $290,932)*			279,067

Investment Companies (1.0%)
iShares Russell 2000 Value Index Fund (b)	45,000		3,047

*Total Investment Companies (Cost $2,926)*			3,047

Short-Term Securities Held as Collateral for Securities Lending (37.4%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	$	112,492	112,492

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $112,492)*			112,492

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Special Value Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Shares/ Principal Amount		Value
Commercial Paper (6.7%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	72,376	$	72,370

*Total Commercial Paper (Amortized Cost $72,370)*			72,370

Common Stocks (92.0%)
*Aerospace/Defense (1.4%)*
Hexcel Corp. (b)(c)	696,148		15,197
			15,197
*Automotive Parts (1.0%)*
BorgWarner, Inc.	212,700		10,765
			10,765
*Banks (2.6%)*
City National Corp. (c)	186,402		10,603
Colonial BancGroup, Inc. (c)	1,144,865		17,974
			28,577
*Beverages (1.1%)*
Brown-Forman Corp., Class B (c)	198,550		12,505
			12,505
*Building - Residential & Commercial (1.2%)*
Granite Construction, Inc. (c)	332,827		12,671
			12,671
*Casinos & Gaming (1.1%)*
Melco PBL Entertainment (Macau) Ltd., ADR (b)(c)	1,011,783		12,243
			12,243
*Chemicals (4.4%)*
Celanese Corp., Series A	727,570		27,051
CF Industries Holdings, Inc.	98,600		10,543
Zoltek Cos., Inc. (b)(c)	284,290		10,377
			47,971
*Coal (1.3%)*
Peabody Energy Corp. (c)	252,070		13,617
			13,617
*Computers & Peripherals (1.6%)*
Network Appliance, Inc. (b)	283,825		6,590
Western Digital Corp. (b)	397,048		10,502
			17,092
*Consulting Services (1.8%)*
Watson Wyatt Worldwide, Inc., Class A (c)	409,541		20,129
			20,129
*Electrical Equipment (1.1%)*
American Superconductor Corp. (b)(c)	573,928		11,622
			11,622
*Energy-Alternative Sources (1.1%)*
SunPower Corp., Class A (b)(c)	71,000		4,905
Suntech Power Holdings Co., Ltd., ADR (b)(c)	132,230		7,237
			12,142
*Engineering (1.6%)*
Jacobs Engineering Group, Inc. (b)(c)	227,010		17,353
			17,353

See notes to schedules of investments.

Security Description	Shares	Value
*Financial Services (2.4%)*
Affiliated Managers Group, Inc. (b)(c)	89,878	$	8,836
Ameriprise Financial, Inc.	310,440	17,170
		26,006
*Food Processing & Packaging (3.8%)*
H.J. Heinz Co.	395,300	16,824
McCormick & Co., Inc. (c)	445,000	15,005
Tyson Foods, Inc., Class A	644,520	9,185
		41,014
*Health Care (1.5%)*
Humana, Inc. (b)	205,520	16,503
		16,503
*Heavy Machinery (1.1%)*
NACCO Industries, Inc., Class A (c)	42,646	4,267
Terex Corp. (b)(c)	128,900	7,574
		11,841
*Hotels & Motels (1.1%)*
Orient-Express Hotels Ltd. (c)	229,834	11,894
		11,894
*Insurance (3.3%)*
Nationwide Financial Services, Inc.	253,339	11,190
Principal Financial Group (c)	411,300	24,518
		35,708
*Iron/Steel (1.9%)*
Commercial Metals Co. (c)	718,052	20,357
		20,357
*Manufacturing-Miscellaneous (5.5%)*
Harsco Corp.	337,945	19,236
ITT Industries, Inc. (c)	326,700	19,415
Textron, Inc.	169,653	9,509
Trinity Industries, Inc.	428,100	12,124
		60,284
*Medical-Information Systems (2.0%)*
Cerner Corp. (b)(c)	408,655	21,414
		21,414
*Minerals (1.2%)*
Teck Cominco Ltd., Class B (c)	413,373	13,492
		13,492
*Mining (1.3%)*
Agnico-Eagle Mines Ltd. (b)(c)	141,654	8,935
Kinross Gold Corp. (b)(c)	215,479	4,769
		13,704
*Oil & Gas Exploration-Production & Services (5.8%)*
Chesapeake Energy Corp. (c)	623,600	23,217
Denbury Resources, Inc. (b)	380,610	9,629
Nexen, Inc. (c)	591,200	16,861
Noble Corp. (c)	301,600	13,201
		62,908
*Oil Marketing & Refining (0.7%)*
Tesoro Corp.	184,100	7,189
		7,189
*Pharmaceuticals (4.8%)*
AmerisourceBergen Corp.	446,800	20,843
Pharmaceutical Product Development, Inc.	343,820	14,908

See notes to schedules of investments.

Security Description	Shares	Value
Watson Pharmaceuticals, Inc. (b)(c)	621,550	$	16,229
		51,980
*Pipelines (1.8%)*
National Fuel Gas Co. (c)	444,950	19,182
		19,182
*Publishing (0.6%)*
Meredith Corp. (c)	135,600	6,372
		6,372
*Real Estate Investment Trusts (4.3%)*
HCP, Inc. (c)	443,410	13,484
ProLogis (c)	300,220	17,818
SL Green Realty Corp. (c)	169,385	15,721
		47,023
*Restaurants (0.8%)*
Chipotle Mexican Grill, Inc., Class B (b)(c)	93,055	8,917
		8,917
*Retail-Department Stores (3.2%)*
Kohl’s Corp. (b)	366,430	16,724
Nordstrom, Inc. (c)	475,795	18,508
		35,232
*Retail-Discount (1.5%)*
TJX Cos., Inc. (c)	503,147	15,879
		15,879
*Semiconductors (3.7%)*
Cypress Semiconductor Corp. (b)	230,896	4,907
Intersil Corp., Class A	488,645	11,253
Maxim Integrated Products, Inc.	486,115	9,557
MEMC Electronic Materials, Inc. (b)(c)	200,505	14,328
		40,045
*Software (0.9%)*
Quest Software, Inc. (b)(c)	677,976	10,136
		10,136
*Steel (2.4%)*
Cleveland-Cliffs, Inc.	157,886	16,079
Nucor Corp. (c)	181,634	10,499
		26,578
*Telecommunications-Services & Equipment (2.5%)*
CommScope, Inc. (b)(c)	219,200	9,722
Harris Corp.	314,653	17,208
		26,930
*Transportation Services (0.8%)*
J. B. Hunt Transport Services, Inc. (c)	288,070	8,959
		8,959
*Utilities-Electric (4.1%)*
MDU Resources Group, Inc. (c)	875,700	22,698
Wisconsin Energy Corp.	488,200	22,228
		44,926
*Utilities-Natural Gas (3.3%)*
Energen Corp.	301,200	18,945
Southern Union Co.	606,244	16,478
		35,423

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
*Utilities-Telecommunications (0.7%)*
Windstream Corp. (c)	625,613		$	7,263
			7,263
*Utilities-Water (1.5%)*
Aqua America, Inc. (c)	799,500		15,934
			15,934
*Wire & Cable Products (2.2%)*
Belden, Inc.	130,325		5,512
General Cable Corp. (b)(c)	314,769		18,260
			23,772

*Total Common Stocks (Cost $979,643)*			998,749

Investment Companies (2.4%)
iShares Russell Midcap Index Fund(c)	124,600		12,097
iShares S&P MidCap 400 Index Fund(c)	175,400		14,028

*Total Investment Companies (Cost $27,101)*			26,125

Short-Term Securities Held as Collateral for Securities Lending (37.0%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	$	402,133	402,133

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $402,133)*			402,133

*Total Investments* (Cost $1,481,259) — 138.1%			1,499,377

*Liabilities in excess of other assets — (38.1)%*			(413,670		)

*NET ASSETS — 100.0%*			$	*1,085,707*

(a)	Rate represents the effective yield at purchase.

(b)	Non-income producing security.

(c)	A portion or all of the security was held on loan.

ADR	American Depositary Receipt

LLC	Limited Liability Co.

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Stock Index Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Shares/ Principal Amount		Value
Commercial Paper (5.2%)
Deutsche Bank Financial LLC, 3.13% (a), 2/1/08	$	3,148	$	3,147

*Total Commercial Paper (Amortized Cost $3,147)*			3,147

Common Stocks (92.8%)
*Advertising (0.1%)*
Interpublic Group of Cos., Inc. (b)	2,200		20
Omnicom Group, Inc.	1,526		69
			89
*Aerospace/Defense (2.5%)*
B.F. Goodrich Co.	583		36
Boeing Co.	3,617		301
General Dynamics Corp.	1,878		159
Honeywell International, Inc.	3,485		206
Lockheed Martin Corp.	1,620		175
Northrop Grumman Corp.	1,579		125
Raytheon Co., Class B	2,004		130
Rockwell Collins, Inc.	760		48
United Technologies Corp.	4,613		339
			1,519
*Agricultural Operations (0.2%)*
Archer-Daniels-Midland Co.	3,000		132
			132
*Airlines (0.1%)*
Southwest Airlines Co.	3,426		40
			40
*Aluminum (0.2%)*
Alcoa, Inc.	3,958		131
			131
*Apparel & Footwear (0.4%)*
Coach, Inc. (b)	1,718		55
Jones Apparel Group, Inc.	398		7
Liz Claiborne, Inc.	464		10
Nike, Inc., Class B	1,792		111
Polo Ralph Lauren Corp.	275		16
VF Corp.	411		32
			231
*Audio & Video Products (0.0%)*
Harman International Industries, Inc.	282		13
			13
*Automotive (0.4%)*
AutoNation, Inc. (b)	644		10
Ford Motor Co. (b)	9,848		65
General Motors Corp.	2,641		75
PACCAR, Inc.	1,719		81
			231
*Automotive Parts (0.2%)*
Eaton Corp.	794		66
Genuine Parts Co.	784		34
			100
*Banks (6.7%)*
Bank of America Corp.	20,713		919
Bank of New York Mellon Corp.	5,314		248
BB & T Corp.	2,564		93

See notes to schedule of investments.

Security Description	Shares	Value
Comerica, Inc.	705	$	31
Commerce Bancorp, Inc.	909	35
Fifth Third Bancorp	2,486	67
First Horizon National Corp.	590	13
Huntington Bancshares, Inc.	1,708	23
J.P. Morgan Chase & Co.	15,676	745
KeyCorp (c)	1,814	47
M&T Bank Corp.	349	32
Marshall & Ilsley Corp.	1,201	33
National City Corp.	2,957	53
Northern Trust Corp.	893	65
PNC Financial Services Group, Inc.	1,631	107
Regions Financial Corp.	3,244	82
State Street Corp.	1,802	148
SunTrust Banks, Inc.	1,630	112
Synovus Financial Corp.	1,533	20
U.S. Bancorp	8,058	274
Wachovia Corp.	9,219	359
Wells Fargo Co.	15,748	536
Zions Bancorporation	504	28
		4,070
*Beverages (2.2%)*
Anheuser-Busch Cos., Inc.	3,425	159
Brown-Forman Corp., Class B	403	25
Coca Cola Enterprises, Inc.	1,336	31
Coca-Cola Co.	9,275	549
Constellation Brands, Inc., Class A (b)	905	19
Molson Coors Brewing Co.	638	28
Pepsi Bottling Group, Inc.	647	23
PepsiCo, Inc.	7,512	512
		1,346
*Biotechnology (1.0%)*
Amgen, Inc. (b)	5,076	237
Biogen Idec, Inc. (b)	1,369	83
Genzyme Corp. (b)	1,241	97
Gilead Sciences, Inc. (b)	4,344	198
		615
*Brokerage Services (1.0%)*
Applied Biosystems Group	785	25
Charles Schwab Corp.	4,372	98
Lehman Brothers Holdings, Inc.	2,474	159
Merrill Lynch & Co., Inc.	3,995	225
Thermo Fisher Scientific, Inc. (b)	1,969	101
Waters Corp. (b)	469	27
		635
*Building Materials (0.2%)*
Masco Corp.	1,721	39
Trane, Inc.	800	36
Vulcan Materials Co.	505	40
		115
*Building-Residential & Commercial (0.1%)*
Centex Corp.	567	16
D.R. Horton, Inc.	1,294	22
KB Home	359	10
		48
*Casino Services (0.1%)*
International Game Technology	1,472	63
		63
*Chemicals (1.7%)*
Air Products & Chemicals, Inc.	1,005	91

See notes to schedule of investments.

Security Description	Shares	Value
Ashland, Inc.	261	$	12
Dow Chemical Co.	4,407	170
E.I. du Pont de Nemours and Co.	4,196	190
Eastman Chemical Co.	378	25
Hercules, Inc.	540	9
Monsanto Co.	2,552	287
PPG Industries, Inc.	764	51
Praxair, Inc.	1,474	119
Rohm & Haas Co.	585	31
Sigma-Aldrich Corp.	607	30
		1,015
*Coal (0.2%)*
Consol Energy, Inc.	847	62
Peabody Energy Corp.	1,236	67
		129
*Commercial Services (0.3%)*
Cintas Corp.	630	21
Convergys Corp. (b)	608	9
Ecolab, Inc.	815	39
Fidelity National Information Services, Inc.	797	34
Moody’s Corp.	1,001	35
Paychex, Inc.	1,556	51
		189
*Computers & Peripherals (5.1%)*
Apple Computer, Inc. (b)	4,086	553
Cisco Systems, Inc. (b)	28,314	694
Computer Sciences Corp. (b)	812	34
Dell, Inc. (b)	10,458	210
Electronic Data Systems Corp.	2,390	48
EMC Corp. (b)	9,792	156
Hewlett-Packard Co.	12,031	526
International Business Machines Corp.	6,431	690
Lexmark International Group, Inc. (b)	442	16
Network Appliance, Inc. (b)	1,606	37
SanDisk Corp. (b)	1,065	27
Sun Microsystems, Inc. (b)	3,867	68
Teradata Corp. (b)	845	20
Unisys Corp. (b)	1,623	7
		3,086
*Consumer Products (0.5%)*
Clorox Co.	646	40
Colgate-Palmolive Co.	2,379	183
Fortune Brands, Inc.	713	50
Newell Rubbermaid, Inc.	1,303	31
		304
*Containers & Packaging (0.1%)*
Ball Corp.	469	21
Bemis, Inc.	469	13
Pactiv Corp. (b)	609	17
Sealed Air Corp.	754	20
		71
*Cosmetics & Toiletries (2.0%)*
Avon Products, Inc.	2,002	70
Estee Lauder Cos., Class A	531	22
International Flavor & Fragance, Inc.	380	16
Kimberly-Clark Corp.	1,975	130
Procter & Gamble Co.	14,494	956
		1,194

See notes to schedule of investments.

Security Description	Shares	Value
*Cruise Lines (0.2%)*
Carnival Corp.	2,038	$	91
		91
*Data Processing (0.0%)*
Total System Services, Inc.	741	17
		17
*Distribution/Wholesale (0.2%)*
Costco Wholesale Corp.	2,026	138
		138
*E-Commerce & Services (0.2%)*
Amazon.com, Inc. (b)	1,434	111
IAC/InterActiveCorp (b)	860	22
Monster Worldwide, Inc. (b)	597	17
		150
*Electrical Equipment (0.4%)*
Emerson Electric Co.	3,674	187
W.W. Grainger, Inc.	314	25
		212
*Electronics (3.2%)*
General Electric Co.	47,164	1,670
Johnson Controls, Inc.	2,771	98
L-3 Communications Holdings, Inc.	587	65
Millipore Corp. (b)	255	18
Molex, Inc.	661	16
PerkinElmer, Inc.	553	14
Tyco Electronics Ltd.	2,320	78
		1,959
*Engineering (0.1%)*
Fluor Corp.	413	50
		50
*Engineering (0.1%)*
Jacobs Engineering Group, Inc. (b)	564	43
		43
*Entertainment (0.4%)*
The Walt Disney Co.	8,883	266
		266
*Environmental Control (0.1%)*
Allied Waste Industries, Inc. (b)	1,351	13
Waste Management, Inc.	2,372	77
		90
*Financial & Insurance (0.0%)*
MBIA, Inc.	586	9
		9
*Financial Services (4.6%)*
Ambac Financial Group, Inc.	474	6
American Express Co.	5,458	269
Ameriprise Financial, Inc.	1,082	60
Bear Stearns Cos., Inc.	539	49
Capital One Financial Corp.	1,824	100
CIT Group, Inc.	885	25
Citigroup, Inc.	23,298	657
CME Group, Inc.	256	158
Countrywide Credit Industries, Inc.	2,701	19
Discover Financial Services	2,229	39
E*TRADE Financial Corp. (b)	1,978	10
Equifax, Inc.	615	23

See notes to schedule of investments.

Security Description	Shares	Value
Fannie Mae	4,565	$	155
Federated Investors, Inc., Class B	404	17
Freddie Mac	3,087	94
Goldman Sachs Group, Inc.	1,856	373
H&R Block, Inc.	1,517	29
IntercontinentalExchange, Inc. (b)	325	45
Janus Capital Group, Inc.	716	19
Legg Mason, Inc.	627	45
Marsh & McLennan Cos., Inc.	2,427	67
Morgan Stanley	4,953	245
NYSE Euronext	1,237	97
SLM Corp.	1,932	42
T. Rowe Price Group, Inc.	1,232	62
Western Union Co.	3,504	79
		2,784
*Food Distributors, Supermarkets & Wholesalers (0.4%)*
Kroger Co.	3,179	81
Safeway, Inc.	2,065	64
SUPERVALU, Inc.	987	30
Sysco Corp.	2,838	82
		257
*Food Processing & Packaging (1.1%)*
Campbell Soup Co.	1,038	33
ConAgra, Inc.	2,274	49
Dean Foods Co.	614	17
General Mills, Inc.	1,576	86
H.J. Heinz Co.	1,479	63
Hershey Foods Corp.	784	28
Kellogg Co.	1,232	59
Kraft Foods, Inc., Class A	7,221	211
McCormick & Co., Inc.	596	20
Sara Lee Corp.	3,380	48
Tyson Foods, Inc., Class A	1,278	18
Wm. Wrigley Jr. Co.	1,017	59
		691
*Forest Products & Paper (0.3%)*
International Paper Co.	1,998	65
MeadWestvaco Corp.	862	24
Temple-Inland, Inc.	495	9
Weyerhaeuser Co.	978	66
		164
*Health Care (1.1%)*
Coventry Health Care, Inc. (b)	723	41
Humana, Inc. (b)	791	63
McKesson Corp.	1,351	85
Medtronic, Inc.	5,277	246
WellPoint, Inc. (b)	2,666	208
		643
*Heavy Machinery (0.7%)*
Caterpillar, Inc.	2,968	211
Deere & Co.	2,071	182
Terex Corp. (b)	479	28
		421
*Home Builders (0.1%)*
Lennar Corp., Class A	650	14
Pulte Homes, Inc.	992	16
		30

See notes to schedule of investments.

Security Description	Shares	Value
*Hospitals (0.0%)*
Tenet Healthcare Corp. (b)	2,213	$	10
		10
*Hotels & Motels (0.2%)*
Marriott International, Inc., Class A	1,459	52
Starwood Hotels & Resorts Worldwide, Inc.	929	42
		94
*Household Goods-Appliances, Furnishings & Electronics (0.1%)*
Leggett & Platt, Inc.	794	15
Whirlpool Corp.	361	31
		46
*Insurance (4.2%)*
ACE Ltd.	1,538	90
Aetna, Inc.	2,335	124
Aflac, Inc.	2,277	140
Allstate Corp.	2,663	131
American International Group, Inc.	11,836	653
Aon Corp.	1,370	60
Assurant, Inc.	446	29
Chubb Corp.	1,791	93
CIGNA Corp.	1,303	64
Cincinnati Financial Corp.	775	30
Genworth Financial, Inc., Class A	2,047	50
Hartford Financial Services Group, Inc.	1,465	118
Lincoln National Corp.	1,256	68
Loews Corp.	2,051	96
MetLife, Inc.	3,456	204
MGIC Investment Corp.	382	7
Principal Financial Group	1,221	73
Progressive Corp.	3,258	60
Prudential Financial, Inc.	2,119	179
Safeco Corp.	441	23
The Travelers Cos., Inc.	3,010	145
Torchmark Corp.	430	26
UnumProvident Corp.	1,684	38
XL Capital Ltd., Class A	832	37
		2,538
*Internet Business Services (1.6%)*
Akamai Technologies, Inc. (b)	775	23
eBay, Inc. (b)	5,306	143
Expedia, Inc. (b)	969	22
Google, Inc., Class A (b)	1,080	609
Juniper Networks, Inc. (b)	2,434	66
Symantec Corp. (b)	4,047	73
VeriSign, Inc. (b)	1,031	35
		971
*Internet Service Provider (0.2%)*
Yahoo!, Inc. (b)	6,237	120
		120
*Investment Companies (0.2%)*
American Capital Strategies Ltd.	895	31
Franklin Resources, Inc.	755	79
		110
*Leisure & Recreation Products (0.0%)*
Brunswick Corp.	410	8
		8

See notes to schedule of investments.

Security Description	Shares	Value
*Lodging (0.0%)*
Wyndham Worldwide Corp.	830	$	20
		20
*Machine-Diversified (0.2%)*
Cummins Engine, Inc.	954	46
Dover Corp.	927	37
Rockwell Automation, Inc.	696	40
The Manitowoc Co., Inc.	606	23
		146
*Manufacturing-Capital Goods (0.2%)*
Cooper Industries Ltd.	840	38
Illinois Tool Works, Inc.	1,929	97
		135
*Manufacturing-Diversified (0.4%)*
Ingersoll-Rand Co. Ltd., Class A	1,271	50
Leucadia National Corp.	789	35
Parker Hannifin Corp.	785	53
Tyco International Ltd.	2,309	91
		229
*Manufacturing-Miscellaneous (0.8%)*
3M Co.	3,329	265
Danaher Corp.	1,181	88
ITT Industries, Inc.	846	51
Pall Corp.	572	21
Textron, Inc.	1,163	65
		490
*Media (1.0%)*
E.W. Scripps Co., Class A	418	17
News Corp., Class A	10,796	204
Time Warner, Inc.	16,869	265
Viacom, Inc., Class B (b)	3,063	119
		605
*Medical Services (1.0%)*
Express Scripts, Inc. (b)	1,176	79
Laboratory Corp. of America Holdings (b)	538	40
Medco Health Solutions, Inc. (b)	2,496	125
Quest Diagnostics, Inc.	732	36
UnitedHealth Group, Inc.	6,030	307
		587
*Medical Supplies (1.3%)*
Baxter International, Inc.	2,959	180
Becton Dickinson & Co.	1,138	98
Boston Scientific Corp. (b)	6,262	76
C.R. Bard, Inc.	476	46
Covidien Ltd.	2,324	104
Patterson Cos., Inc. (b)	653	21
St. Jude Medical, Inc. (b)	1,598	65
Stryker Corp.	1,111	74
Varian Medical Systems, Inc. (b)	584	30
Zimmer Holdings, Inc. (b)	1,095	86
		780
*Medical-Information Systems (0.0%)*
IMS Health, Inc.	905	22
		22
*Mining (0.2%)*
Newmont Mining Corp.	2,109	115
		115

See notes to schedule of investments.

Security Description	Shares	Value
*Motorcycles (0.1%)*
Harley-Davidson, Inc.	1,127	$	46
		46
*Newspapers (0.1%)*
Gannett Co., Inc.	1,083	40
New York Times Co., Class A	671	11
		51
*Office Equipment & Supplies (0.4%)*
Avery Dennison Corp.	497	26
OfficeMax, Inc.	352	9
Pitney Bowes, Inc.	1,012	37
Staples, Inc.	3,300	79
Xerox Corp.	4,314	66
		217
*Oil & Gas Exploration-Production & Services (2.0%)*
Anadarko Petroleum Corp.	2,176	127
Apache Corp.	1,545	147
Chesapeake Energy Corp.	2,120	79
Devon Energy Corp.	2,077	177
ENSCO International, Inc.	676	35
EOG Resources, Inc.	1,148	100
Murphy Oil Corp.	878	65
Nabors Industries Ltd. (b)	1,322	36
Noble Corp.	1,251	55
Noble Energy, Inc.	801	58
Range Resources Corp.	696	36
Rowan Cos., Inc.	519	18
Transocean, Inc. (b)	1,484	182
XTO Energy, Inc.	2,257	117
		1,232
*Oil Companies-Integrated (6.9%)*
Chevron Corp.	9,854	833
ConocoPhillips	7,465	600
Exxon Mobil Corp.	25,498	2,203
Hess Corp.	1,297	118
Marathon Oil Corp.	3,315	155
Occidental Petroleum Corp.	3,867	262
		4,171
*Oil Marketing & Refining (0.3%)*
Sunoco, Inc.	549	34
Tesoro Corp.	639	25
Valero Energy Corp.	2,569	152
		211
*Oilfield Services & Equipment (1.5%)*
Baker Hughes, Inc.	1,485	97
BJ Services Co.	1,367	30
Halliburton Co.	4,112	136
National-Oilwell Varco, Inc. (b)	1,664	100
Schlumberger Ltd.	5,581	421
Smith International, Inc.	935	51
Weatherford International Ltd. (b)	1,574	97
		932
*Paint, Varnishes & Enamels (0.0%)*
Sherwin-Williams Co.	487	28
		28
*Pharmaceuticals (6.3%)*
Abbott Laboratories	7,212	406
Allergan, Inc.	1,433	96
AmerisourceBergen Corp.	784	37

See notes to schedules of investments.

Security Description	Shares	Value
Barr Pharmaceuticals, Inc. (b)	503	$	26
Bristol-Myers Squibb Co.	9,233	214
Cardinal Health, Inc.	1,687	98
Celgene Corp. (b)	1,801	101
Eli Lilly & Co.	4,605	237
Forest Laboratories, Inc. (b)	1,455	58
Hospira, Inc. (b)	735	30
Johnson & Johnson	13,356	845
King Pharmaceuticals, Inc. (b)	1,141	12
Merck & Co., Inc.	10,158	470
Mylan Laboratories, Inc.	1,411	21
Pfizer, Inc.	31,874	745
Schering-Plough Corp.	7,559	148
Watson Pharmaceuticals, Inc. (b)	484	13
Wyeth	6,250	249
		3,806
*Photography (0.0%)*
Eastman Kodak Co.	1,344	27
		27
*Pipelines (0.4%)*
El Paso Corp.	3,269	54
Questar Corp.	806	41
Spectra Energy Corp.	2,951	67
Williams Cos., Inc.	2,770	89
		251
*Primary Metal & Mineral Production (0.3%)*
Freeport-McMoRan Copper & Gold, Inc., Class B	1,782	159
Titanium Metals Corp.	409	9
		168
*Publishing (0.2%)*
McGraw-Hill Cos., Inc.	1,535	66
Meredith Corp.	177	8
R.R. Donnelley & Sons Co.	1,002	35
		109
*Radio & Television (0.6%)*
Clear Channel Communications, Inc.	2,445	75
Comcast Corp., Class A (b)	14,342	260
		335
*Railroads (0.8%)*
Burlington Northern/Santa Fe Corp.	1,391	121
CSX Corp.	1,962	95
Norfolk Southern Corp.	1,807	98
Union Pacific Corp.	1,226	153
		467
*Real Estate Investment Trusts (1.0%)*
Apartment Investment & Management Co., Class A	446	18
AvalonBay Communities, Inc.	368	35
Boston Properties, Inc.	557	51
Developers Diversified Realty Corp.	573	24
Equity Residential Properties Trust	1,265	47
General Growth Properties, Inc.	1,138	42
Host Hotels & Resorts, Inc.	2,438	41
Kimco Realty Corp.	1,179	42
Plum Creek Timber Co., Inc.	804	34
ProLogis	1,202	71
Public Storage, Inc.	581	45
Simon Property Group, Inc.	1,041	91
Vornado Realty Trust	625	56
		597

See notes to schedules of investments.

Security Description	Shares	Value
*Real Estate Services (0.0%)*
CB Richard Ellis Group, Inc., Class A (b)	924	$	18
Forestar Real Estate Group, Inc. (b)	165	4
		22
*Restaurants (0.8%)*
Darden Restaurants, Inc.	662	19
McDonald’s Corp.	5,520	296
Starbucks Corp. (b)	3,409	64
Wendy’s International, Inc.	408	10
Yum! Brands, Inc.	2,374	81
		470
*Retail (0.4%)*
Target Corp.	3,877	215
		215
*Retail-Apparel/Shoe (0.2%)*
Abercrombie & Fitch Co., Class A	402	32
Gap, Inc.	2,174	41
Limited Brands, Inc.	1,450	28
		101
*Retail-Department Stores (0.4%)*
Dillard’s, Inc., Class A	267	5
J.C. Penney Co., Inc.	1,035	49
Kohl’s Corp. (b)	1,464	67
Macy’s, Inc.	2,021	56
Nordstrom, Inc.	877	34
Sears Holdings Corp. (b)	340	38
		249
*Retail-Discount (1.1%)*
Big Lots, Inc. (b)	422	7
Family Dollar Stores, Inc.	656	14
TJX Cos., Inc.	2,039	64
Wal-Mart Stores, Inc.	11,027	561
		646
*Retail-Drug Stores (0.7%)*
CVS Caremark Corp.	6,892	269
Walgreen Co.	4,628	163
		432
*Retail-Food (0.0%)*
Whole Foods Market, Inc.	650	26
		26
*Retail-Specialty Stores (1.1%)*
AutoZone, Inc. (b)	206	25
Bed Bath & Beyond, Inc. (b)	1,236	40
Best Buy Co., Inc.	1,638	80
Circuit City Stores, Inc.	787	4
GameStop Corp., Class A (b)	742	38
Lowe’s Cos., Inc.	6,826	180
Office Depot, Inc. (b)	1,274	19
RadioShack Corp.	612	11
The Home Depot, Inc.	7,876	242
Tiffany & Co.	633	25
		664
*Rubber & Rubber Products (0.0%)*
Goodyear Tire & Rubber Co. (b)	1,119	28
		28
*Savings & Loans (0.2%)*
Guaranty Financial Group, Inc. (b)	165	2

See notes to schedules of investments.

Security Description	Shares	Value
Hudson City Bancorp, Inc.	2,429	$	40
Sovereign Bancorp, Inc.	1,682	21
Washington Mutual, Inc.	4,054	81
		144
*Schools & Educational Services (0.1%)*
Apollo Group, Inc. (b)	638	51
		51
*Semiconductors (2.3%)*
Advanced Micro Devices, Inc. (b)	2,817	22
Altera Corp.	1,567	26
Analog Devices, Inc.	1,416	40
Applied Materials, Inc.	6,431	115
Broadcom Corp., Class A (b)	2,196	49
Intel Corp.	27,287	578
JDS Uniphase Corp. (b)	1,024	11
KLA-Tencor Corp.	850	36
Linear Technology Corp.	1,043	29
LSI Logic Corp. (b)	3,294	17
MEMC Electronic Materials, Inc. (b)	1,069	76
Microchip Technology, Inc.	1,000	32
Micron Technology, Inc. (b)	3,549	25
National Semiconductor Corp.	1,097	20
Novellus Systems, Inc. (b)	542	13
NVIDIA Corp. (b)	2,593	64
QLogic Corp. (b)	639	9
Teradyne, Inc. (b)	810	9
Texas Instruments, Inc.	6,525	202
Xilinx, Inc.	1,372	30
		1,403
*Software & Computer Services (3.6%)*
Adobe Systems, Inc. (b)	2,678	94
Affiliated Computer Services, Inc., Class A (b)	469	23
Autodesk, Inc. (b)	1,078	44
Automatic Data Processing, Inc.	2,456	100
BMC Software, Inc. (b)	914	29
CA, Inc.	1,829	40
Citrix Systems, Inc. (b)	885	31
Cognizant Technology Solutions Corp., Class A (b)	1,355	38
Compuware Corp. (b)	1,336	11
Electronic Arts, Inc. (b)	1,470	70
Fiserv, Inc. (b)	768	39
Intuit, Inc. (b)	1,553	48
Microsoft Corp.	37,548	1,224
Novell, Inc. (b)	1,633	10
Oracle Corp. (b)	18,403	378
		2,179
*Staffing (0.0%)*
Robert Half International, Inc.	752	21
		21
*Steel (0.4%)*
Allegheny Technologies, Inc.	477	34
Nucor Corp.	1,344	78
Precision Castparts Corp.	645	73
United States Steel Corp.	551	56
		241
*Telecommunications (0.1%)*
Ciena Corp. (b)	401	11
Citizens Communications Co.	1,530	17
Qwest Communications International, Inc.	7,328	43
		71

See notes to schedules of investments.

Security Description	Shares	Value
*Telecommunications-Services & Equipment (1.3%)*
Agilent Technologies, Inc. (b)	1,804	$	61
American Tower Corp., Class A (b)	1,889	71
Corning, Inc.	7,354	177
Embarq Corp.	713	32
Jabil Circuit, Inc.	971	13
Motorola, Inc.	10,661	123
QUALCOMM, Inc.	7,637	324
Tellabs, Inc. (b)	2,050	14
		815
*Television (0.3%)*
CBS Corp., Class B	3,197	80
The DIRECTV Group, Inc. (b)	3,350	76
		156
*Tobacco (1.3%)*
Altria Group, Inc.	9,830	745
UST, Inc.	731	38
		783
*Tobacco & Tobacco Products (0.1%)*
Reynolds American, Inc.	798	50
		50
*Tools & Hardware Manufacturing (0.1%)*
Black & Decker Corp.	292	21
Snap-on, Inc.	269	13
Stanley Works	384	20
		54
*Toys (0.1%)*
Hasbro, Inc.	686	18
Mattel, Inc.	1,712	36
		54
*Transportation Services (1.0%)*
C.H. Robinson Worldwide, Inc.	792	44
Expeditors International of Washington, Inc.	995	47
FedEx Corp.	1,443	135
United Parcel Service, Inc., Class B	4,904	359
		585
*Trucking & Leasing (0.0%)*
Ryder Systems, Inc.	271	14
		14
*Utilities-Electric (3.1%)*
AES Corp. (b)	3,123	60
Allegheny Energy, Inc.	776	43
Ameren Corp.	971	43
American Electric Power Co.	1,867	80
CenterPoint Energy, Inc.	1,499	24
CMS Energy Corp.	1,050	16
Consolidated Edison Co. of New York, Inc.	1,267	55
Constellation Energy Group, Inc.	843	79
Dominion Resources, Inc.	2,729	117
DTE Energy Co.	764	33
Duke Energy Corp.	5,885	110
Dynegy, Inc., Class A (b)	2,314	16
Edison International	1,521	79
Entergy Corp.	907	98
Exelon Corp.	3,080	235
FirstEnergy Corp.	1,423	101
FPL Group, Inc.	1,900	123
Integrys Energy Group, Inc.	356	17
NiSource, Inc.	1,280	24

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
Pepco Holdings, Inc.	935		$	24
PG&E Corp.	1,652		68
Pinnacle West Capital Corp.	468		18
PPL Corp.	1,737		85
Progress Energy, Inc.	1,210		55
Public Service Enterprise Group	1,187		114
Southern Co.	3,544		129
TECO Energy, Inc.	983		16
Xcel Energy, Inc.	1,960		41
			1,903
*Utilities-Natural Gas (0.1%)*
NICOR, Inc.	211		9
Sempra Energy	1,220		68
			77
*Utilities-Telecommunications (3.0%)*
AT&T, Inc.	28,303		1,089
CenturyTel, Inc.	515		19
Sprint Nextel Corp.	13,273		140
Verizon Communications, Inc.	13,489		524
Windstream Corp.	2,227		26
			1,798

*Total Common Stocks (Cost $20,792)*			56,307

Investment Companies (1.2%)
SPDR Trust Series I	5,395		740

*Total Investment Companies (Cost $764)*			740

U.S. Treasury Bills (0.6%)
2.68%(a), 3/20/08(d)	$	350	349

*Total U.S. Treasury Bills (Cost $349)*			349

*Total Investments* (Cost $25,052) — 99.8%			60,543

*Other assets in excess of liabilities — 0.2%*			146

*NET ASSETS — 100.0%*			$	*60,689*

(a)	Rate represents the effective yield at purchase.

(b)	Non-income producing security.

(c)	Investment in affiliate.

(d)	Serves as collateral for futures contracts.

LLC	Limited Liability Co.

Futures Contracts (6.8%)

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Tax-Free Money Market Fund		*January 31, 2008*
*(Amounts in Thousands)*		(Unaudited)

Security Description	Principal Amount		Value
Municipal Bonds (89.1%)
*Alaska (0.5%)*
Anchorage, GO, Series B, 5.25%, 7/1/08, MBIA	$	2,000	$	2,013
			2,013
*Arizona (2.5%)*
Cochise County Pollution Control Corp. Solid Waste Disposal Revenue, 3.75% (a), 9/1/24, AMT	10,400		10,400
			10,400
*Colorado (4.2%)*
Colorado Springs Utilities Revenue, Systems Sublien Improvement, Series A, 5.00%, 11/15/08	1,000		1,017
Commerce City, Northern Infrastructure General Improvement, GO, 2.32% (a), 12/1/28, LOC U.S. Bank N.A.	5,000		5,000
Denver City & County Airport Revenue, Series A, 5.50%, 11/15/08, FGIC, AMT	2,340		2,385
Health Facilities Authority Revenue, Catholic Health Initiatives, Series B, 2.18% (a), 12/1/20, LOC Bank One N.A.	9,400		9,400
			17,802
*Delaware (0.7%)*
State Economic Development Authority Revenue, YMCA Delaware Project, 2.19% (a), 5/1/36, LOC PNC Bank N.A.	3,000		3,000
			3,000
*District of Columbia (1.4%)*
State Enterprise Zone Revenue, American Immigration Association, 2.23% (a), 11/1/42, LOC Wachovia Bank N.A., AMT	3,500		3,500
State Revenue, The Field School, Inc. Project, Series A, 2.18% (a), 7/1/31, LOC Wachovia Bank N.A.	2,360		2,360
			5,860
*Florida (2.7%)*
Hillsborough County Industrial Development Authority Revenue, Tampa Metropolitan Area YMCA, Inc. Project, 2.17% (a), 3/1/25, LOC Bank of America N.A.	3,350		3,350
Miami Health Facilities Authority Revenue, Jewish Home & Hospital Project, 2.12% (a), 8/1/26, LOC Suntrust Bank	2,000		2,000
Miami-Dade County Aviation Revenue, Series A, 5.25%, 10/1/08, FGIC, AMT	1,000		1,014
Miami-Dade County Public Service Tax Revenue, UMSA Public Improvements, Series A, 4.00%, 4/1/08, XLCA	1,075		1,075
Orange County Industrial Development Authority Revenue, Lake Highland School, Inc., 2.15% (a), 8/1/32, LOC Bank of America N.A.	1,450		1,450
Orlando Utilities Commission Water & Electrici Revenue, 5.90%, 10/1/08	1,400		1,423
Tampa Solid Waste Systems Revenue, Series A, 4.35%, 10/1/08, AMBAC	1,000		1,009
			11,321
*Georgia (4.2%)*
Clayton County Hospital Authority Revenue, Anticipation Certificates, Southern Regional Medical Center, Inc. Project, Series B, 2.12% (a), 8/1/19, LOC Suntrust Bank, Atlanta	860		860
De Kalb County Hospital Authority Revenue, Anticipation Certificates, De Kalb Medical Center Income Project, 2.12% (a), 9/1/35, LOC Suntrust Bank	1,760		1,760
Fulton County Development Authority Revenue, Holy Innocents School Project, 2.12% (a), 2/1/18, LOC Suntrust Bank	2,020		2,020
Fulton County Development Authority Revenue, Westminster Schools Income Project, 2.12% (a), 11/1/28, LOC Suntrust Bank	6,545		6,545
Greene County Development Authority Sewage Facilities Revenue, Carey Station WRF LLC Project, 2.25% (a), 9/1/24, LOC Wachovia Bank N.A., AMT	2,925		2,925

See notes to schedules of investments.

Security Description	Principal Amount		Value
Thomasville Hospital Authority Revenue, Anticipation Certificates, JD Archbold, 2.12% (a), 11/1/23, LOC Suntrust Bank	$	3,800	$	3,800
			17,910
*Illinois (7.7%)*
Development Finance Authority Revenue, Derby Industries, Inc. Project, 2.50% (a), 12/1/11, LOC Fifth Third Bank, AMT	1,000		1,000
Development Finance Authority, IDR, Industrial Steel Construction, Inc. Project, 2.50% (a), 7/15/23, LOC Bank One N.A., AMT (b)	3,110		3,110
Finance Authority Educational Facility Revenue, Erikson Institute Project, 2.15% (a), 11/1/37, LOC Lasalle Bank N.A.	2,500		2,500
Finance Authority Revenue, Search Development Center, Inc. Project, 2.20% (a), 12/1/37, LOC JP Morgan Chase Bank	7,760		7,760
Finance Authority Revenue, YMCA Metro Chicago Project, 2.20% (a), 6/1/34, LOC Harris Trust & Savings Bank	5,000		5,000
Galesburg, Knox College Project, 2.15% (a), 3/1/31, LOC LaSalle National Bank N.A.	5,000		5,000
Glendale Heights, IDR, Hudapack Metal Project, 2.50% (a), 9/1/18, LOC Bank One Wisconsin, AMT	1,970		1,970
Hanover Park, IDR, Spectra-Tech, Inc. Project, 2.60% (a), 8/1/17, LOC Harris Trust & Savings Bank, AMT	875		875
International Port District Revenue, 2.84% (a), 1/1/23, LOC LaSalle National Bank N.A.	2,000		2,000
Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Place Expansion, Series A, 5.25%, 6/15/08, MBIA	1,000		1,006
West Chicago, IDR, Liquid Container Project, 2.17% (a), 3/1/15, LOC Bank of America N.A.	1,000		1,000
Yorkville, IDR, Wheaton & Co., Inc. Project, 2.50% (a), 4/1/16, LOC Bank One N.A., AMT (b)	1,400		1,400
			32,621
*Indiana (5.4%)*
Elkhart County, EDR, Hinsdale Farms Ltd. Project, 2.50% (a), 10/1/17, LOC Bank One N.A., AMT	2,030		2,030
Fort Wayne, EDR, PHD, Inc. Project, 2.50% (a), 5/1/15, LOC Wells Fargo Bank N.A., AMT	1,800		1,800
Greenwood, IDR, Jacks Investments LLC Project, 2.50% (a), 2/1/16, LOC Bank One Indianapolis, AMT (b)	1,000		1,000
Health Facilities Financing Authority Revenue, Crossroads Rehabilitation Center Project, 2.87% (a), 7/1/24, LOC Bank One N.A.	1,815		1,815
Noblesville, Rivers Edge Apartments Project, 2.45% (a), 7/1/22, LOC Bank One Indianapolis(b)	2,305		2,305
State Development Finance Authority Revenue, EDR, Bhar Associates, Inc. Project, 2.50% (a), 8/1/16, LOC Bank One Indiana N.A., AMT	1,285		1,285
State Development Finance Authority Revenue, Educational Facilities, Eiteljorg Museum, 2.18% (a), 2/1/24, LOC Bank One N.A.	6,000		6,000
State Development Finance Authority Revenue, Educational Facilities, Model Aeronautics, 2.45% (a), 1/1/21, LOC Bank One Indiana N.A.	3,000		3,000
State Educational Facilities Authority Revenue, University of Evansville, Series B, 2.23% (a), 12/1/29, LOC Fifth Third Bank	3,740		3,740
			22,975
*Iowa (1.6%)*
Urbandale, IDR, Interstate Acres LP, 2.22% (a), 12/1/14, LOC Principal Mutual	6,000		6,000
West Des Moines Revenue, Woodgrain Millwork Income Project, 2.40% (a), 4/1/10, LOC Wells Fargo Bank N.A., AMT	865		865
			6,865
*Kentucky (2.7%)*
Covington, Industrial Building Revenue, St. Charles Center, Inc., 2.29% (a), 11/1/13, LOC U.S. Bank N.A.	1,595		1,595
Crestview Hill Industrial Building Revenue, Thomas Moore College Project, 2.29% (a), 11/1/26, LOC Fifth Third Bank	4,030		4,030
Dayton Industrial Building Revenue, Woodcraft Manufacturing Co., Inc. Project, 2.54% (a), 5/1/17, LOC Fifth Third Bank	400		400

See notes to schedules of investments.

Security Description	Principal Amount		Value
Kenton County Industrial Building Revenue, Baptist Convalescent Center, 2.68% (a), 7/1/18, LOC Fifth Third Bank	$	2,000	$	2,000
Lexington-Fayette Urban County Government Industrial Building Revenue, LTS Housing Corp., Inc. Project, 2.31% (a), 11/1/28, LOC National City Bank	2,830		2,830
Somerset, Industrial Building Revenue, Glen Oak Lumber & Mining, 2.50% (a), 4/1/11, LOC Bank One Milwaukee N.A., AMT (b)	675		675
			11,530
*Michigan (8.5%)*
Dearborn Economic Development Corp. Revenue, Henry Ford Village, 2.25% (a), 10/1/23, LOC Comerica Bank	7,700		7,700
Greater Detroit Resource Recovery Authority Revenue, Series A, 6.25%, 12/13/08, AMBAC	1,000		1,028
Jackson County Economic Development Corp., Melling Tool Co. Project, 2.35% (a), 8/1/18, LOC Comerica Bank, AMT	4,055		4,055
Plymouth-Canton Community School District, GO, 5.00%, 5/1/08, Q-SBLF	1,000		1,005
State Building Authority Revenue, Facilities Program, Series II, 5.00%, 10/15/08, MBIA	3,915		3,975
State Hospital Finance Authority Revenue, Southwestern Rehab, 2.21% (a), 6/1/35, LOC Fifth Third Bank	4,880		4,880
State Strategic Fund Limited Obligation Revenue, Livonia Tool, Inc. Project, 2.35% (a), 3/1/26, LOC Comerica Bank, AMT	4,000		4,000
State Strategic Fund Limited Obligation Revenue, Non-Ferrous Cast Alloys Project, 2.50% (a), 3/1/19, LOC Bank One Michigan, AMT	1,000		1,000
State Strategic Fund Limited Obligation Revenue, Sacred Heart Rehab Center Project, 2.82% (a), 3/1/37, LOC Fifth Third Bank	8,230		8,230
			35,873
*Minnesota (0.8%)*
Buffalo, IDR, Ekon Powder Coating Project, 2.40% (a), 3/1/17, LOC Wells Fargo Bank N.A., AMT	1,255		1,255
New Brighton, IDR, Donatelle Holdings Project, 2.40% (a), 5/1/12, LOC Wells Fargo Bank N.A., AMT	1,500		1,500
Red Wing Port Authority, IDR, D.L. Ricci Corp. Project, 2.40% (a), 10/1/20, LOC Wells Fargo Bank N.A., AMT	715		715
			3,470
*Mississippi (2.7%)*
Blue Mountain, IDR, Blue Mountain Production Co. Project, 2.60% (a), 10/1/08, LOC Harris Trust & Savings Bank, AMT	1,600		1,600
Business Financial Corp. Solid Waste Disposal Revenue, Waste Management, Inc. Project, 2.25% (a), 7/1/17, LOC JP Morgan Chase Bank, AMT	10,000		10,000
			11,600
*Missouri (4.5%)*
Kansas City, IDR, Century Avenue Association, 3.20% (a), 12/1/11, LOC Bank of America N.A., AMT	4,900		4,900
St. Charles County Industrial Development Authority Revenue, Cedar Ridge Project, 2.17% (a), 5/15/31, FNMA	11,280		11,280
State Health & Educational Facilities Authority Health Facilities Revenue, Deaconess Long Term Care, Series B, 2.05% (a), 5/15/30, LOC JP Morgan Chase Bank	2,865		2,865
			19,045
*Montana (0.9%)*
State Board of Investment Ltd. Obligation, Gainey Foundation, 2.21% (a), 9/1/14, LOC Comerica Bank	3,775		3,775
			3,775
*Nevada (0.4%)*
Clark County School District, GO, Series B, 5.50%, 6/15/08, FGIC	1,500		1,518
			1,518

See notes to schedules of investments.

Security Description	Principal Amount		Value
*New Hampshire (1.2%)*
Manchester Housing Authority Multifamily Revenue, Wall Street Tower, Series A, 2.18% (a), 6/15/15, LOC PNC Bank N.A.	$	5,000	$	5,000
			5,000
*New Mexico (1.0%)*
State Severance Tax Revenue, Series B, 4.00%, 7/1/08, FSA	4,300		4,305
			4,305
*North Carolina (4.7%)*
Capital Facilities Finance Agency Revenue, Goodwill Industries of Central North Carolina, Inc., 2.17% (a), 12/1/24, LOC Bank of America N.A.	1,480		1,480
Capital Facilities Finance Agency Student Revenue, Fayetteville University, 2.18% (a), 11/1/33, LOC Wachovia Bank N.A.	2,800		2,800
Educational Facilities Finance Agency Revenue, Johnson C. Smith University, 2.18% (a), 3/1/19, LOC Wachovia Bank N.A.	5,000		5,000
Medical Care Commission Health Care Facilities Revenue, First Mortgage Friends Homes, 2.20% (a), 9/1/33, LOC Bank of America N.A.	5,000		5,000
Wake County, GO, Series B, 2.12% (a), 3/1/24, SPA Bank of America N.A.	5,800		5,800
			20,080
*Ohio (5.5%)*
Cambridge Hospital Facilities Revenue, Regional Medical Center Project, 2.26% (a), 12/1/21, LOC National City Bank	1,700		1,700
Crestview Local School District, GO, BAN, 3.88%, 6/17/08	1,700		1,705
Franklin County Hospital Revenue, Doctors OhioHealth Corp., Series B, 2.07% (a), 12/1/28, LOC National City Bank	1,745		1,745
Mahoning County, GO, BAN, Series B, 4.35%, 5/26/08	7,015		7,034
Monroe Tax Increment Revenue, Corridor 75 Park Ltd. Project, 2.29% (a), 12/1/18, LOC National City Bank	2,000		2,000
Mount Healthy City School District, School Construction, GO, BAN, 4.25%, 4/3/08	5,000		5,004
Wapakoneta City School District, School Improvement, GO, BAN, 3.50%, 6/26/08	4,250		4,258
			23,446
*Pennsylvania (8.8%)*
Allegheny County Industrial Development Authority Revenue, Oakland Catholic High School, 2.17% (a), 6/1/38, LOC PNC Bank N.A.	2,125		2,125
Benzinger Township Hospital Authority, Elk Regional Health System, 2.17% (a), 12/1/30, LOC PNC Bank N.A.	1,400		1,400
Economic Development Financing Authority Revenue, Philadelphia Area
Series J1
2.17%(a), 11/1/30, LOC PNC Bank N.A.	1,700		1,700
Series J4
2.17%(a), 11/1/30, LOC PNC Bank N.A.	4,900		4,900
Huntingdon County General Authority College Revenue, Juniata College Project, Series A, 2.17% (a), 5/1/26, LOC PNC Bank N.A.	9,110		9,110
Luzerne County, IDR, YMCA Wilkes-Barre Project, 2.20% (a), 10/1/31, LOC PNC Bank N.A.	4,540		4,540
Moon Industrial Development Authority First Mortgage Revenue, Providence Point Project, 2.00% (a), 7/1/38, LOC Bank of Scotland	9,115		9,115
State Industrial Development Authority Revenue, Economic Development, 6.00%, 7/1/08, AMBAC	4,145		4,199
			37,089
*South Carolina (3.5%)*
Jobs Economic Development Authority Revenue, Sister of Charity Hospitals, 2.21% (a), 11/1/32, LOC Wachovia Bank N.A.	8,000		8,000
State Housing Finance & Development Authority Multifamily Revenue, Rental Housing, Charleston, Series A, 2.09% (a), 8/1/31, Freddie Mac	4,015		4,015
State Housing Finance & Development Authority Multifamily Revenue, Rental Housing, Rocky Creek, 2.23% (a), 1/1/48, LOC Wachovia Bank N.A., AMT	3,000		3,000
			15,015

See notes to schedules of investments.

Security Description	Principal Amount		Value
*Tennessee (1.0%)*
Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board Revenue, Blakeford Green Hills, 2.82% (a), 7/1/16, LOC Fifth Third Bank	$	4,160	$	4,160
			4,160
*Texas (1.0%)*
DeSoto Industrial Development Authority, IDR, National Service Industries, Inc. Project, 2.20% (a), 9/1/18, LOC Wachovia Bank N.A.	1,000		1,000
Ellis County, GO, 4.25%, 8/1/08, FGIC	1,210		1,218
North Central Health Facility Development Corp. Revenue, Health Resources System, Series B, 4.80%, 2/15/08, MBIA	1,905		1,906
			4,124
*Utah (0.6%)*
Emery County Pollution Control Revenue, Pacificorp Project, 2.20% (a), 7/1/15, LOC BNP Paribas	2,400		2,400
			2,400
*Washington (2.5%)*
Port of Seatle Revenue, Series D, 5.75%, 11/1/08, FGIC, AMT	1,985		2,026
Port Vancouver Revenue, United Grain Corp., Series 84B, 2.20% (a), 12/1/09, LOC Bank of America N.A.	4,885		4,885
State Housing Finance Commission Nonprofit Housing Revenue, Nikkei Concerns Project, 2.09% (a), 10/1/19, LOC U.S. Bank N.A.	3,510		3,510
			10,421
*West Virginia (1.4%)*
State, GO, 5.25%, 6/1/08, FGIC	1,145		1,156
Weirton Municipal Hospital Building Commission Hospital Revenue, Weirton Medical Center, Inc., 2.17% (a), 12/1/31, LOC PNC Bank N.A.	4,715		4,715
			5,871
*Wisconsin (6.5%)*
Evansville, IDR, Stoughton Trailers, Inc., 2.50% (a), 12/1/08, LOC Bank One Milwaukee N.A., AMT (b)	5,980		5,980
Fitchburg, IDR, 2.50% (a), 12/1/18, LOC Bank One Wisconsin, AMT	1,460		1,460
Fort Atkinson, IDR, Lorman Iron & Metal, 2.65% (a), 12/1/11, LOC Bank One N.A., AMT	625		625
Howard-Suamico School District, Tax & Revenue Anticipation Promissory Notes, 3.25%, 8/25/08	2,700		2,701
Lawrence, IDR, R. Lewis & R. Lewis LLC Project, 2.50% (a), 8/1/27, LOC Bank One N.A., AMT	1,000		1,000
Marinette School District, Tax & Revenue Anticipation Promissory Notes, 3.60%, 10/24/08	5,000		5,004
New Richmond School District, Tax & Revenue Anticipation Promissory Notes, 3.47%, 9/30/08	3,100		3,101
Ripon School District, Tax & Revenue Anticipation Promissory Notes, 3.63%, 9/30/08	1,850		1,850
Rolling, IDR, Kretz Lumberg, Inc. Project, 2.50% (a), 11/1/11, LOC Bank One Wisconsin, AMT	2,200		2,200
State Transportation Revenue, Series 2, 5.00%, 7/1/08, AMBAC	2,380		2,392
Woodruff & Arbor Vitae School District Number 1, GO, Tax & Revenue Anticipation Promissory Notes, 3.62%, 8/27/08	1,250		1,250
			27,563

*Total Municipal Bonds (Amortized Cost $377,052)*			377,052

Commercial Paper (5.9%)
Goldman Sachs Group, Inc., 3.02% (c), 2/1/08	15,000		15,000
Pacific Life Insurance, 3.00% (c), 2/1/08	10,000		10,000

*Total Commercial Paper (Amortized Cost $25,000)*			25,000

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
Tax Exempt Commercial Paper (3.7%)
*Illinois (1.0%)*
Educational Facilities TECP, 3.40%, 3/12/08	$	4,000	$	4,000
			4,000
*Tennessee (2.7%)*
State TECP, 3.40%, 3/10/08	11,500		11,500
			11,500

*Total Tax Exempt Commercial Paper (Amortized Cost $15,500)*			15,500

Investment Companies (1.0%)
AIM Tax Free Money Market Fund(e), 2.48%	4,345,450		4,345

*Total Investment Companies (Amortized Cost $4,345)*			4,345

*Total Investments* (Amortized Cost $421,897)(d) — 99.7%			421,897

*Other assets in excess of liabilities — 0.3%*			1,172

*NET ASSETS — 100.0%*			$	*423,069*

(a)	Variable or Floating Rate Security. Rate disclosed is as of 01/31/2008.

(b)	Rule 144A or other security which is restricted as to resale to institutional investors. The Fund’s advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

(c)	Rate represents the effective yield at purchase.

(d)	Represents cost for financial reporting and federal income tax purposes.

(e)	Rate disclosed is the 1 day yield as of 01/31/2008.

AMBAC	Insured by American Municipal Bond Assurance Corp.

AMT	Subject to alternative minimum tax

BAN	Bond Anticipation Note

EDR	Economic Development Revenue

FGIC	Insured by Financial Guaranty Insurance Co.

FNMA	Insured by Federal National Mortgage Association

FSA	Insured by Federal Security Assurance

GO	General Obligation

IDR	Industrial Development Revenue

LLC	Limited Liability Co.

LOC	Letter of Credit

LP	Limited Partnership

MBIA	Insured by Municipal Bond Insurance Association

SPA	Standby Purchase Agreement

TECP	Tax-Exempt Commercial Paper

XLCA	Insured by XL Capital Assurance

See notes to schedules of investments.

The Victory Portfolios		Schedule of Portfolio Investments
Value Fund		*January 31, 2008*
*(Amounts in Thousands, Except for Shares)*		(Unaudited)

Security Description	Shares	Value
Common Stocks (99.3%)
*Aerospace/Defense (2.4%)*
Northrop Grumman Corp.	59,000	$	4,682
		4,682
*Aluminum (0.9%)*
Alcoa, Inc.	55,500	1,837
		1,837
*Automotive (1.4%)*
General Motors Corp.	100,000	2,831
		2,831
*Banks (8.6%)*
Bank of America Corp.	114,000	5,056
BB & T Corp.	31,000	1,125
Fifth Third Bancorp (a)	87,000	2,358
J.P. Morgan Chase & Co.	48,000	2,282
Wachovia Corp.	49,000	1,908
Wells Fargo Co. (a)	123,000	4,183
		16,912
*Chemicals (1.0%)*
Celanese Corp., Series A	53,000	1,971
		1,971
*Computers & Peripherals (1.3%)*
Dell, Inc. (b)	128,000	2,565
		2,565
*Consumer Products (0.9%)*
Fortune Brands, Inc. (a)	26,000	1,818
		1,818
*Electronics (4.9%)*
General Electric Co.	191,000	6,764
Hubbell, Inc., Class B	59,000	2,813
		9,577
*Engineering (1.5%)*
KBR, Inc. (b)	94,000	2,970
		2,970
*Financial Services (2.2%)*
Citigroup, Inc.	100,000	2,822
Fannie Mae	43,000	1,456
		4,278
*Food Processing & Packaging (1.6%)*
Kraft Foods, Inc., Class A	70,000	2,048
Tyson Foods, Inc., Class A	79,000	1,126
		3,174
*Heavy Machinery (1.1%)*
Caterpillar, Inc.	29,000	2,063
		2,063
*Home Builders (0.7%)*
Pulte Homes, Inc. (a)	88,000	1,438
		1,438
*Insurance (6.7%)*
American International Group, Inc.	90,000	4,965
Aon Corp.	93,000	4,047
Arch Capital Group Ltd. (a)(b)	30,000	2,114

See notes to schedules of investments.

Security Description	Shares	Value
Progressive Corp. (a)	115,000	$	2,134
		13,260
*Internet Business Services (1.0%)*
Symantec Corp. (b)	113,000	2,026
		2,026
*Lodging (1.0%)*
Wyndham Worldwide Corp.	84,000	1,979
		1,979
*Manufacturing-Diversified (1.4%)*
Tyco International Ltd.	68,000	2,677
		2,677
*Manufacturing-Miscellaneous (0.8%)*
Trinity Industries, Inc.	56,000	1,586
		1,586
*Media (0.9%)*
Time Warner, Inc. (a)	112,000	1,763
		1,763
*Medical Supplies (2.5%)*
Covidien Ltd.	110,000	4,909
		4,909
*Minerals (1.6%)*
BHP Billiton Ltd., ADR (a)	35,000	2,365
Teck Cominco Ltd., Class B (a)	25,000	816
		3,181
*Mining (3.7%)*
Barrick Gold Corp.	49,000	2,523
Newmont Mining Corp.	86,000	4,673
		7,196
*Oil & Gas Exploration-Production & Services (9.7%)*
Apache Corp. (a)	17,000	1,622
Chesapeake Energy Corp. (a)	148,000	5,510
Devon Energy Corp.	35,000	2,974
Noble Corp.	41,000	1,795
SandRidge Energy, Inc. (a)(b)	44,000	1,339
Transocean, Inc. (a)(b)	20,455	2,508
XTO Energy, Inc.	64,000	3,324
		19,072
*Oil Companies-Integrated (10.4%)*
BP PLC, ADR (a)	94,000	5,993
ConocoPhillips (a)	41,000	3,293
Exxon Mobil Corp.	84,000	7,258
Hess Corp.	22,000	1,998
Occidental Petroleum Corp.	28,000	1,900
		20,442
*Oil Marketing & Refining (0.5%)*
Valero Energy Corp.	17,000	1,006
		1,006
*Oilfield Services & Equipment (2.5%)*
Grant Prideco, Inc. (b)	27,000	1,344
Halliburton Co.	110,000	3,649
		4,993
*Pharmaceuticals (9.1%)*
AmerisourceBergen Corp.	44,000	2,052
Eli Lilly & Co. (a)	54,000	2,782

See notes to schedules of investments.

Security Description	Shares/ Principal Amount		Value
Johnson & Johnson	118,000		$	7,465
Pfizer, Inc.	241,000		5,637
			17,936
*Railroads (0.6%)*
Norfolk Southern Corp. (a)	21,000		1,142
			1,142
*Restaurants (0.9%)*
McDonald’s Corp.	31,000		1,660
			1,660
*Retail-Department Stores (1.5%)*
Kohl’s Corp. (b)	63,000		2,875
			2,875
*Retail-Specialty Stores (1.3%)*
The Home Depot, Inc. (a)	85,000		2,607
			2,607
*Semiconductors (0.6%)*
Applied Materials, Inc. (a)	63,000		1,129
			1,129
*Software & Computer Services (3.2%)*
Broadridge Financial Solutions, Inc.	140,000		3,032
Microsoft Corp.	98,000		3,195
			6,227
*Steel (1.0%)*
Cleveland-Cliffs, Inc.	20,000		2,037
			2,037
*Tobacco (1.3%)*
Altria Group, Inc.	34,000		2,578
			2,578
*Utilities-Electric (3.5%)*
Dominion Resources, Inc.	49,000		2,107
Duke Energy Corp.	101,000		1,885
Southern Co.	81,000		2,944
			6,936
*Utilities-Telecommunications (3.8%)*
AT&T, Inc.	142,000		5,465
Sprint Nextel Corp. (a)	192,000		2,022
			7,487
*Wire & Cable Products (1.3%)*
Belden, Inc. (a)	60,000		2,538
			2,538

*Total Common Stocks (Cost $189,267)*			195,358

Short-Term Securities Held as Collateral for Securities Lending (18.6%)
Pool of various securities for Victory Funds-footnote 2 (Securities Lending)	$	36,646	36,646

*Total Short-Term Securities Held as Collateral for Securities Lending (Cost $36,646)*			36,646

See notes to schedules of investments.

The Victory Portfolios

Notes to Schedules of Portfolio Investments

January 31, 2008 (Unaudited)

1. Federal Tax Information:

At January 31, 2008, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/depreciation is as follows (amounts in thousands):

	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/Depreciation
Balanced Fund	$	137,128	$	5,897	$	(6,578	)	$	(681	)
Core Bond Fund	184,064		3,230		(2,093		)	1,137
Diversified Stock Fund	4,394,192		218,061		(294,993		)	(76,932		)
Established Value Fund	295,366		61,152		(13,662		)	47,490
Federal Money Market Fund	2,078,229		—		—			—
Financial Reserves Fund	654,872		—		—			—
Focused Growth Fund	7,718		1,333		(351		)	982
Fund for Income	298,166		5,756		(3,369		)	2,387
Government Reserves Fund	882,438		—		—			—
Institutional Money Market	1,990,829		—		—			—
Investment Grade Convertible Fund	50,303		4,165		(2,350		)	1,815
National Municipal Bond Fund	67,036		2,522		(159		)	2,363
Ohio Municipal Bond Fund	105,260		6,263		(194		)	6,069
Ohio Municipal Money Market Fund	392,657		—		—			—
Prime Obligations Fund	983,520		—		—			—
Small Company Opportunity Fund	425,050		19,378		(32,413		)	(13,035		)
Special Value Fund	1,514,481		70,185		(85,289		)	(15,104		)
Stock Index Fund	28,057		36,313		(3,827		)	32,486
Tax - Free Money Market Fund	421,897		—		—			—
Value Fund	226,615		16,806		(11,417		)	5,389

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by The Victory Portfolios (the “Trust”) in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Trust presently offers shares of 20 funds (collectively, the “Funds” and individually, a “Fund”).

Securities Valuation:

Portfolio securities listed or traded on domestic securities exchanges, including American Depositary Receipts (“ADRs”), are valued at the closing price on the exchange or system where the security is principally traded or at the NASDAQ Official Closing Price (“NOCP”). If there have been no sales for that day on any exchange or system a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. Debt securities of U.S. issuers (other than short-term investments maturing in 60 days or less), including corporate and municipal securities, are valued on the basis of bid valuations provided by dealers or an independent pricing service approved by the Trust’s Board of Trustees (the “Board”). Short-term investments maturing in 60 days or less and investments of the Money market Funds are valued at amortized cost, which approximates market value. Under the amortized cost valuation method, discount or premium is amortized on a constant basis to the maturity of the security. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. Options traded on an exchange are valued using the last sale price or, in the absence of a sale, the mean of the latest bid and ask prices. Investments in other open-end investment companies are valued at net asset value. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in good faith by the Pricing Committee which oversees the pricing process and is established under the direction of the Board.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are accounted for no later than in the first calculation on the first business day following the trade date. For financial reporting purposes, however, portfolio security transactions are reported on the trade date. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date, net of any applicable foreign taxes withheld. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Repurchase Agreements:

Each Fund may acquire securities subject to repurchase agreements from financial institutions such as banks and broker-dealers, which the Fund’s investment adviser deems creditworthy under guidelines approved by the Board. Under a repurchase agreement, the seller agrees to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying securities. The repurchase agreements are collateralized by various corporate, U.S. Government and government-backed securities, with a value of not less than the repurchase price (including interest). If the counter-party defaults, and the fair value of the collateral declines realization of the collateral by the Funds may be delayed or limited. Securities subject to repurchase agreements are held by the Funds’ custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system.

Futures Contracts:

The Balanced Fund, Core Bond Fund, Diversified Stock Fund, Fund for Income, Investment Grade Convertible Fund, National Municipal Bond Fund, Ohio Municipal Bond Fund, Small Company Opportunity Fund, Special Value Fund, Stock Index Fund and Value Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. A Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments made or received by the Fund based on the change in the market value of the position are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of a Fund’s futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting a Fund’s ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions.

Credit Default Swap Agreements:

The Balanced and Core Bond Funds may engage in credit default swap transactions (“CDSs”). In a CDS, the “buyer” in a credit default contract is obligated to pay the “seller” a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or the seller in a credit default transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment and recover nothing. However, if an event of default occurs, the Fund (if the buyer) will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a quarterly fixed rate of income throughout the term of the contract, which typically is between six months and ten years, provided that there is no default event. If a default event occurs, the seller must pay the buyer the full notional value of the reference obligation.

Because they are two party contracts and because they may have terms of greater than seven days, CDS agreements may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the amount expected to be received under a CDS agreement in the event of the default or bankruptcy of CDS agreement counterparty. Certain restrictions imposed on the Funds by the Internal Revenue Code may limit

the Funds’ ability to use CDS agreements. Developments in the swaps market, including potential government regulation, could adversely affect a Fund’s ability to terminate existing CDS agreements or to realize amounts to be received under such agreements.

Most swap agreements entered into by the Funds would calculate the obligations of the parties to the agreement on a “net basis.” Consequently, a Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). A Fund’s current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the segregation or “earmarking” of assets determined to be liquid by the Funds’ investment adviser, in accordance with procedures established by the Board, to avoid any potential leveraging of the Fund’s portfolio.

Swaps are marked to market daily using pricing sources approved by the Board and the change in value, if any, is recorded as unrealized gain or loss. Payments received or made at the beginning of the measurement period are recorded as a realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as a realized gain or loss. Net periodic payments received or paid by the fund are included as a part of realized gain (losses). Swap agreements involve, to varying degrees, elements of the market risk and exposure to loss in excess of the amount reflected in the Schedules of Portfolio Investments. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties to perform. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of a default or bankruptcy of a swap agreement counterparty.

Securities Purchased on a When-Issued Basis:

All Funds may purchase securities on a “when-issued” basis. When-issued securities are securities purchased for delivery beyond normal settlement periods at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time a Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. No interest accrues to the Fund until the transaction settles and payment takes place. Normally, the settlement date occurs within one month of the purchase. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for when-issued securities. As of January 31, 2008, the Funds had outstanding “when-issued” purchase commitments and segregated collateral as identified on the Schedules of Portfolio Investments.

Securities Lending:

The Balanced Fund, Core Bond Fund, Diversified Stock Fund, Established Value Fund, Focused Growth Fund, Small Company Opportunity Fund, Special Value Fund, Stock Index Fund and Value Fund may, from time to time, lend securities from their portfolio to broker-dealers, banks, financial institutions and other institutional borrowers approved by the Board. The Trust will limit its securities lending activity to 33 1/3% of the total assets of each Fund. KeyBank National Association (“KeyBank”), the Funds’ custodian and an affiliate of Victory Capital Management Inc. (the “Adviser”), serves as the lending agent for the Trust pursuant to a Securities Lending Agency Agreement (the “Lending Agreement”), for which it receives a fee. KeyBank’s fee is computed monthly in arrears and is based on 25% of the sum of all interest, dividends and other distributions earned from the investment of collateral in investments, as approved by the Board , net of rebates paid by KeyBank to borrowers and net of brokerage commissions, if any, incurred in making or liquidating the investments.

Under guidelines established by the Board, a Fund must maintain loan collateral (maintained with KeyBank) at all times in an amount equal to at least 100% of the current market value of the loaned securities in the form of cash or U.S. Government obligations, to secure the return of the loaned securities.

Initial value of loan collateral shall be no less than 102% of the market value of the loaned securities plus the accrued interest on debt securities. KeyBank, at the direction of the Adviser, may invest the collateral in short-term debt instruments that the Adviser has determined present minimal credit risks. There is a risk of delay in receiving collateral or in receiving the securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially.

By lending its securities, a Fund can increase its income by continuing to receive interest or dividends on the loaned securities as well as investing the cash collateral in short-term U.S. Government securities, repurchase agreements, or other short-term securities. The cash collateral, or short-term investments purchased with such collateral, is recorded as an asset of the Funds, offset by a corresponding liability to return all collateral as cash at the termination of the securities loan(s). Fixed income securities received as collateral are not recorded as an asset or liability of the Trust because the lending Fund does not have effective control of such securities. Loans are subject to termination by the Trust or the borrower at any time.

As of January 31, 2008, each Fund’s loaned securities were fully collateralized by cash, which was reinvested in repurchase agreements, unaffiliated money market funds, or other short-term securities by the securities lending agent on behalf of the funds. Each Fund received a pro rata portion of the following investments (amounts in thousands):

	Market Value of Collateral
Money Market Funds
Goldman Sachs FS Prime Obligation Fund, 3.82%, 2/1/08	3,935
Repurchase Agreements
Bank of America, 3.20%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $50,004 collateralized by $51,500 various Corporate securities, 5.125%-6.375%, 1/16/13-10/01/16, market value $50,914)	50,000
Deutsche, 3.10%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $50,004 collateralized by $51,500 various Corporate securities, 0.00%-5.411%, 5/15/47-6/15/49, market value $51,428)	50,000
Goldman Sachs, 3.22%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $205,118 collateralized by $211,253 various Corporate securities, 3.00%-9.375%, 6/27/08-5/1/67, market value $208,426)	205,100
Greenwich, 3.24%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $100,009 collateralized by $103,005 various Corporate securities, 0.02%-7.65%, 7/03/08-9/07/46, market value $102,836)	100,000
HSBC Corp., 3.19%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $100,009 collateralized by $102,997 various Corporate securities, 0.00%-9.375%, 6/18/08-11/21/36, market value $101,454)	100,000
JP Morgan Chase, 3.09%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $50,004 collateralized by $51,500 various MMkt securities, 0.25%-0.27%, 2/01/08-2/01/08, market value $51,500)	50,000
Lehman Brothers, 3.20%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $200,018 collateralized by $206,005 various Corporate securities, 5.85%-9.75%, 7/03/08-5/29/67, market value $204,182)	200,000
Merrill Lynch Corp., 3.21%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $200,018 collateralized by $206,001 various Corporate securities, 4.00%-7.75%, 1/15/09-3/14/37, market value $203,421)	200,000
Wachovia, 3.20%, 2/1/08 (Date of Agreement, 1/31/08, Proceeds at maturity $110,010 collateralized by $113,300 various Corporate securities, 0.00%-8.226%, 11/22/10-9/27/46, market value $113,058)	110,000
Total Market Value	$	1,069,035

Concentration of Credit Risk:

The Ohio Municipal Bond Fund and Ohio Municipal Money Market Fund invest primarily in municipal debt obligations issued by the state of Ohio and its political subdivisions, agencies and public authorities to obtain funds for various public purposes. The Funds are more susceptible to economic and political factors which might adversely affect municipalities and companies within the state of Ohio than are other types of funds which are not geographically concentrated to the same extent.

Market Events:

The value of asset-backed securities, including those issued by structured investment vehicles (SIVs), may be affected by, among other things, changes in: interest rates, the quality of the underlying assets or the market’s assessment thereof, factors concerning the interests in and structure of the issuer or the originator of the receivables, or the creditworthiness of the entities that provide any credit enhancements. SIVs have experienced significantly decreased liquidity as well as declines in the market value of certain categories of collateral underlying the SIVs, although, based on available information, the substantial majority of the underlying collateral remains of high quality.

On August 28, 2007, Cheyne Finance LLC (“Cheyne”), a SIV in which the Prime Obligations Fund, Institutional Money Market Fund and Financial Reserves Fund (the “Funds”) own $16 million, $15 million and $5 million, respectively, principal amount of medium-term notes, breached a financial covenant related to the market value of its underlying collateral. Cheyne subsequently became insolvent, causing its securities to become immediately due and payable. The Cheyne securities are currently in default as a result of nonpayment (as noted on the Funds’ Schedules of Portfolio Investments). The Trust’s Board, acting on the recommendation of VCM, and in the exercise of its business judgment, has agreed that it would not be in the best interests of the Funds or their shareholders to dispose of the Cheyne securities at this time. The Funds have continued to carry the Cheyne securities in the Funds’ portfolios at their amortized cost, which approximates fair value.

On January 31, 2008, the Institutional Money Market Fund and the Financial Reserves Fund held a second SIV, Harrier Finance Funding LLC, which matured on February 19, 2008 and paid in full.

Investment Company Act file number		811-4852

The Victory Portfolios
(Exact name of registrant as specified in charter)

3435 Stelzer Rd. Columbus, OH 43219			43219
(Address of principal executive offices)			(Zip code)

Citi Fund Services, 3435 Stelzer Rd. Columbus, OH 43219
(Name and address of agent for service)

Registrant's telephone number, including area code:		614-470-8000

Date of fiscal year end:	10/31/08

Date of reporting period:	01/31/08

*Total Investments* (Cost $105,298) — 98.4%	111,329

*Other assets in excess of liabilities — 1.6%*	1,835

*NET ASSETS — 100.0%*	$	*113,164*

*Total Investments* (Cost $423,759) *— 136.8%*	412,015

*Liabilities in excess of other assets — (36.8)%*	(110,943		)

*NET ASSETS — 100.0%*	$	*301,072*

(Registrant)		The Victory Portfolios

By (Signature and Title)*			/s/ Christopher E. Sabato
			Christopher E. Sabato, Treasurer

Date	March 20, 2008

By (Signature and Title)*		/s/ David C. Brown
		David C. Brown, President

Date	March 20, 2008

Security Description

Number of
Contracts

S&P 500 Future, expiring March 20, 2008

Total Futures Contracts (Cost $4,400)