# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002228
**Filing Date:** 2025-11
**Character Count:** 14637
**Document Hash:** e88db39dd4633707bd66477227a6a50a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002228.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002228

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251520311

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory Global Energy Transition Fund (Series ID: S000053568)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168359 | Class A      | RSNRX           |
| C000168360 | Class C      | RGNCX           |
| C000168362 | Class Y      | RSNYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Parkway Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory Global Energy Transition Fund

- **b. EDGAR series identifier (if any):** S000053568

- **c. LEI of Series:** 549300X50UTTG6F4HI95

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $463022007.81

**Total Liabilities:** $21507424.56

**Net Assets:** $441514583.25

**Cash Not Reported:** $21919650.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168362 | 3.46%                | 3.81%                | 14.53%               |
| Class ID C000168360 | 3.35%                | 3.71%                | 14.41%               |
| Class ID C000168359 | 3.44%                | 3.77%                | 14.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5192330.73              | $6726764.23                                |
| Month 2  | $-54602.06               | $13481573.26                               |
| Month 3  | $1031393.11              | $46759071.83                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KEYERA CORP.                                   | KEYERA CORP                           | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    552846 | NS      | $18550039.34  | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Vault Holdings Inc                      | ENERGY VAULT HOLDINGS INC             | CUSIP: 29280W109<br>LEI: 549300KMBUKUUIQ6FN34 | Long             | EC               | CORP              | US        |   4183897 | NS      | $12426174.09  | 2.81%             |  |  |  | No            |                  1 | On Loan: —       |
| TAMARACK VALLEY ENERGY LTD.                    | TAMARACK VALLEY ENERGY LTD            | CUSIP: 87505Y409<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |   3436405 | NS      | $14940891.30  | 3.38%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST              | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4768006 | NS      | $4768006.34   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                | MARTIN MARIETTA MATERIALS INC         | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      6610 | NS      | $4166150.80   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INCORPORATED                           | HUBBELL INC                           | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      9110 | NS      | $3920124.10   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                   | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4768006 | NS      | $4768006.34   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                                | NORSK HYDRO ASA                       | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |   1865105 | NS      | $12640342.67  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MAC COPPER LIMITED                             | MAC COPPER LTD                        | CUSIP: G60409110<br>LEI: 984500A55FX8DC465F12 | Long             | EC               | CORP              | JE        |    718567 | NS      | $8773703.07   | 1.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Nutrien Ltd.                                   | NUTRIEN LTD                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     59213 | NS      | $3476395.23   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.              | CONSTELLATION ENERGY CORP             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     15500 | NS      | $5100585.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ILUKA RESOURCES LIMITED                        | ILUKA RESOURCES LTD                   | CUSIP: N/A<br>LEI: 2549009N2Y1F4YNB0955       | Long             | EC               | CORP              | AU        |   9739606 | NS      | $40782490.13  | 9.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc                           | IVANHOE ELECTRIC INC US               | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2166384 | NS      | $27188119.20  | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE ELECTRIC INC                           | IVANHOE ELECTRIC INC                  | CUSIP: 46578X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    960821 | NS      | $12058303.55  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                   | NEW LINDE PLC                         | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     40561 | NS      | $19266475.00  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MATERION CORPORATION                           | MATERION CORP                         | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     45591 | NS      | $5507848.71   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE ELECTRIC INC WTS                       | IVANHOE ELECTRIC INC WTS              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |    441014 | NS      | $2126291.67   | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| RANGE RESOURCES CORPORATION                    | RANGE RESOURCES CORP                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    541133 | NS      | $20368246.12  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST              | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4768006 | NS      | $4768006.34   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TOURMALINE OIL CORP.                           | TOURMALINE OIL CORP                   | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |    364757 | NS      | $15733176.53  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.              | ENTERPRISE PRODUCTS PARTNERS LP       | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             |  | CORP              | US        |    585201 | NS      | $18299235.27  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                   | WILLIAMS COS INC                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    133866 | NS      | $8480411.10   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC RESOURCES LTD                              | ARC RESOURCES LTD                     | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    841564 | NS      | $15349546.76  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                             | CAMECO CORP                           | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     98729 | NS      | $8287134.17   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                   | ANTERO RESOURCES CORP                 | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    215761 | NS      | $7240939.16   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.        | SOCIEDAD QUIMICA Y MINERA DE CHILE SA | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             |  | CORP              | CL        |    125473 | NS      | $5392829.54   | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                 | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4768006 | NS      | $4768006.33   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRISE ENERGY METALS LIMITED                  | SUNRISE ENERGY METALS LTD             | CUSIP: N/A<br>LEI: 529900AYAT2TIC68VA49       | Long             | EC               | CORP              | AU        |   8828007 | NS      | $31242450.62  | 7.08%             |  |  |  | No            |                  1 | On Loan: —       |
| FIRST QUANTUM MINERALS LTD.                    | FIRST QUANTUM MINERALS LTD            | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    818070 | NS      | $18507253.75  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS MINERALS INTERNATIONAL, INC.           | COMPASS MINERALS INTERNATIONAL        | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |   2940877 | NS      | $56464838.40  | 12.79%            |  |  |  | No            |                  1 | On Loan: No      |
| PEYTO EXPLORATION & DEVELOPMENT CORP.          | PEYTO EXPLORATION DEVELOPMENT CORP    | CUSIP: 717046106<br>LEI: 98450004AE67F646C503 | Long             | EC               | CORP              | CA        |   1173360 | NS      | $15287830.97  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRISE ENERGY METALS LTD                      | SUNRISE ENERGY METALS LTD             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |   3069985 | NS      | $8544891.77   | 1.94%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer