# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002166
**Filing Date:** 2025-11
**Character Count:** 31059
**Document Hash:** af05be34d86b5f9c09efebf78b401a1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002166.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002166

**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**: 20260630

**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:** 251520072

**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 Sycamore Established Value Fund (Series ID: S000000788)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002334 | Class A      | VETAX           |
| C000002335 | Class R      | GETGX           |
| C000052114 | Class I      | VEVIX           |
| C000111271 | Class Y      | VEVYX           |
| C000138366 | Class R6     | VEVRX           |
| C000169232 | Class C      | VEVCX           |

## 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 Sycamore Established Value Fund

- **b. EDGAR series identifier (if any):** S000000788

- **c. LEI of Series:** 5493008YBYIRYKBV5463

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

- **a. Date of fiscal year-end:** 2026-06-30

- **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:** $17170504356.52

**Total Liabilities:** $36930164.18

**Net Assets:** $17133574192.34

**Cash Not Reported:** $343338751.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002334 | 1.50%                | 2.04%                | 0.02%                |
| Class ID C000169232 | 1.42%                | 1.96%                | -0.07%               |
| Class ID C000111271 | 1.52%                | 2.04%                | 0.04%                |
| Class ID C000052114 | 1.52%                | 2.06%                | 0.05%                |
| Class ID C000002335 | 1.49%                | 2.00%                | 0.01%                |
| Class ID C000138366 | 1.52%                | 2.06%                | 0.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $83845058.97             | $166869045.82                              |
| Month 2  | $10815079.23             | $318455061.41                              |
| Month 3  | $15573344.34             | $-29553762.43                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MICROCHIP TECHNOLOGY INCORPORATED              | MICROCHIP TECHNOLOGY INC          | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |   3717000 | NS      | $238705740.00 | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MIDDLEBY CORPORATION                       | MIDDLEBY CORP                     | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |    970000 | NS      | $128942100.00 | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC                       | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |   2046000 | NS      | $172866540.00 | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORPORATION                 | SBA COMMUNICATIONS CORP           | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    735000 | NS      | $142112250.00 | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD INSURANCE GROUP, INC.             | HARTFORD INSURANCE GROUP INC      | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   2170000 | NS      | $289456300.00 | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                       | DEVON ENERGY CORP                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   5150000 | NS      | $180559000.00 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6901612 | NS      | $6901612.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                  | MAPLEBEAR INC                     | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4449000 | NS      | $163545240.00 | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                   | CF INDUSTRIES HOLDINGS INC        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |   3050000 | NS      | $273585000.00 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES, INC.                        | REPUBLIC SERVICES INC             | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    795000 | NS      | $182436600.00 | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                 | HILTON WORLDWIDE HOLDINGS INC     | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    450000 | NS      | $116748000.00 | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                          | CAMDEN PROPERTY TRUST             | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   2025000 | NS      | $216229500.00 | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                | LINCOLN ELECTRIC HOLDINGS INC     | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |   1315000 | NS      | $310116450.00 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                               | AGCO CORP                         | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |   1625000 | NS      | $173988750.00 | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES, INC.                    | KEYSIGHT TECHNOLOGIES INC         | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |   1755000 | NS      | $306984600.00 | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORPORATION                       | CHORD ENERGY CORP                 | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |   2232000 | NS      | $221793840.00 | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS INC.                                       | MKS INC                           | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |   2415000 | NS      | $298904550.00 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                | CSX CORP                          | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |   7820000 | NS      | $277688200.00 | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI CONSULTING, INC.                           | FTI CONSULTING INC                | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |    835000 | NS      | $134977750.00 | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.                  | RAYMOND JAMES FINANCIAL INC       | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   1665000 | NS      | $287379000.00 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                         | US FOODS HOLDING CORP             | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |   3325000 | NS      | $254761500.00 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INCORPORATED                           | HUBBELL INC                       | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |    515000 | NS      | $221609650.00 | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TRACTOR SUPPLY COMPANY                         | TRACTOR SUPPLY CO                 | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |   2920000 | NS      | $166060400.00 | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING COMPANY                      | LAMAR ADVERTISING CO A            | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   2246000 | NS      | $274955320.00 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                   | TRUIST FINANCIAL CORP             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |   6119000 | NS      | $279760680.00 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP, INC.                               | APTARGROUP INC                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |   1617000 | NS      | $216128220.00 | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                           | STEEL DYNAMICS INC                | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |   1386000 | NS      | $193249980.00 | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corporation                      | FRANCO NEVADA CORP                | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |   1180000 | NS      | $263033800.00 | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                | GENPACT LTD                       | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |   3845000 | NS      | $161067050.00 | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                     | BUILDERS FIRSTSOURCE INC          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |    995000 | NS      | $120643750.00 | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORPORATION                           | Westlake Corp                     | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |   2080000 | NS      | $160284800.00 | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, INC.                                 | NNN REIT INC                      | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   7042000 | NS      | $299777940.00 | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP, INC.                  | PENSKE AUTOMOTIVE GROUP INC       | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |   1020000 | NS      | $177388200.00 | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.             | AMERICAN WATER WORKS CO INC       | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |   1930000 | NS      | $268636700.00 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC.                                   | TRIMBLE INC                       | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |   3600000 | NS      | $293940000.00 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                        | MOLINA HEALTHCARE INC             | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |    695000 | NS      | $132995200.00 | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA               | PACKAGING CORP OF AMERICA         | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |   1209000 | NS      | $263477370.00 | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                            | COTERRA ENERCOTERRA ENERGY INC    | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |  10201000 | NS      | $241253650.00 | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                 | PERFORMANCE FOOD GROUP CO         | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |   3330000 | NS      | $346453200.00 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                      | REGAL REXNORD CORP                | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |   1203000 | NS      | $172558320.00 | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS, INC.                        | BATH BODY WORKS INC               | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |   5170000 | NS      | $133179200.00 | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORPORATION                         | CMS ENERGY CORP                   | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |   4220000 | NS      | $309157200.00 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                           | BAKER HUGHES CO                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5200000 | NS      | $253344000.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell Mid-Cap Value ETF              | ISHARES RUSSELL MIDCAP VALUE ETF  | CUSIP: 464287473<br>LEI: N/A                  | Long             |  | RF                | US        |    910000 | NS      | $127099700.00 | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| CASEY'S GENERAL STORES, INC.                   | CASEY S GENERAL STORES INC        | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |    507000 | NS      | $286617240.00 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING COMPANY              | GRAPHIC PACKAGING HOLDING CO      | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2583520 | NS      | $50559486.40  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS, INC.                           | CROWN HOLDINGS INC                | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |   2640000 | NS      | $254997600.00 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                     | ALLIANT ENERGY CORP               | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |   6320000 | NS      | $426031200.00 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.                 | AMERICAN FINANCIAL GROUP INC      | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |   2096000 | NS      | $305429120.00 | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                      | AKAMAI TECHNOLOGIES INC           | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |   1680000 | NS      | $127276800.00 | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                            | EXPEDIA GROUP INC                 | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1442000 | NS      | $308227500.00 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6901612 | NS      | $6901612.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LABCORP HOLDINGS INC.                          | LABCORP HOLDINGS INC              | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1155000 | NS      | $331554300.00 | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                     | CARRIER GLOBAL CORP               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   2235000 | NS      | $133429500.00 | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED             | HUNTINGTON BANCSHARES INC OH      | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |  16418000 | NS      | $283538860.00 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSUNION                                     | TRANSUNION                        | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |   2345000 | NS      | $196464100.00 | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                  | HOLOGIC INC                       | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |   3961000 | NS      | $267327890.00 | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC               | FIDELITY NATIONAL FINANCIAL       | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |   5019000 | NS      | $303599310.00 | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC.                         | RPM INTERNATIONAL INC             | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |   2172000 | NS      | $256035360.00 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD.                    | AXALTA COATING SYSTEMS LTD        | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |   3920000 | NS      | $112190400.00 | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ESTEE LAUDER COMPANIES INC.                | ESTEE LAUDER COS INC CLASS A      | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |   1651000 | NS      | $145486120.00 | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARDAERO, INC.                             | STANDARDAERO INC                  | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1330995 | NS      | $36322853.55  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.      | KNIGHT SWIFT TRANSPORTATION       | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5740000 | NS      | $226787400.00 | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company    | WILLIS TOWERS WATSON PLC          | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |    956000 | NS      | $330250200.00 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LANDSTAR SYSTEM, INC.                          | LANDSTAR SYSTEM INC               | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |   1200000 | NS      | $147072000.00 | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.              | EQUITY LIFESTYLE PROPERTIES INC   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   4571000 | NS      | $277459700.00 | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                     | XYLEM INC                         | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |   2010000 | NS      | $296475000.00 | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES, INC.                    | L3HARRIS TECHNOLOGIES INC         | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |    793000 | NS      | $242190130.00 | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.                | PRINCIPAL FINANCIAL GROUP INC     | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |   2687000 | NS      | $222779170.00 | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST          | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6901612 | NS      | $6901612.50   | 0.04%             |  |  |  | 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        |   6901612 | NS      | $6901612.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                | BORGWARNER INC                    | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |   5370000 | NS      | $236065200.00 | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                 | ZEBRA TECHNOLOGIES CORP           | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |    543000 | NS      | $161357880.00 | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE, INC.                                 | AUTOZONE INC                      | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     31000 | NS      | $132997440.00 | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS-SONOMA, INC.                          | WILLIAMS SONOMA INC               | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |    327000 | NS      | $63912150.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                       | RALPH LAUREN CORP                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |    137000 | NS      | $42957720.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE, INC.                          | TEXAS ROADHOUSE INC               | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    690000 | NS      | $114643500.00 | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD REPUBLIC INTERNATIONAL CORPORATION         | OLD REPUBLIC INTERNATIONAL CORP   | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |   5860000 | NS      | $248874200.00 | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                         | LOWE S COS INC                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |   1017000 | NS      | $255582270.00 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED                 | QUEST DIAGNOSTICS INC             | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |   1615000 | NS      | $307786700.00 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.         | CHECK POINT SOFTWARE TECHNOLOGIES | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |    991000 | NS      | $205047810.00 | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer