# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041022
**Filing Date:** 2023-2
**Character Count:** 39936
**Document Hash:** c96ced36fbcae0ea87102c7aefbe066b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041022.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041022

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716
- **IRS NUMBER:** 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:** 23670807

**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 Small Company Opportunity Fund (Series ID: S000000800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002356 | Class A      | SSGSX           |
| C000002357 | Class R      | GOGFX           |
| C000052116 | Class I      | VSOIX           |
| C000111275 | Class Y      | VSOYX           |
| C000164985 | Class R6     | VSORX           |

## 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:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

- **a. Name of Series:** Victory Sycamore Small Company Opportunity Fund

- **b. EDGAR series identifier (if any):** S000000800

- **c. LEI of Series:** 5493000P7VZ2LJL8MG81

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $6416404285.50

**Total Liabilities:** $24904343.42

**Net Assets:** $6391499942.08

**Cash Not Reported:** $182879835.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000111275 | 12.41%               | 5.77%                | -5.58%               |
| Class ID C000052116 | 12.43%               | 5.78%                | -5.56%               |
| Class ID C000164985 | 12.43%               | 5.79%                | -5.55%               |
| Class ID C000002357 | 12.38%               | 5.73%                | -5.61%               |
| Class ID C000002356 | 12.39%               | 5.75%                | -5.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31223100.87             | $680567640.49                              |
| Month 2  | $56521738.02             | $302956886.97                              |
| Month 3  | $47880071.01             | $-435203236.88                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBIZ, INC.                                     | CBIZ INC                                     | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |   1180000 | NS      | $55283000.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | FABRINET                                     | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |    594000 | NS      | $76162680.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNET JEWELERS LIMITED                        | SIGNET JEWELERS LTD                          | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |    945000 | NS      | $64260000.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SONOCO PRODUCTS COMPANY.                       | SONOCO PRODUCTS CO                           | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |   1435000 | NS      | $87118850.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE CORPORATION                         | SOUTHSTATE CORP                              | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |   1309500 | NS      | $99993420.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC                                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |    966600 | NS      | $70880778.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAD CORP                                      | VIAD CORP                                    | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |   1499100 | NS      | $36563049.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.               | ADVANCED ENERGY INDUSTRIES INC               | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    887700 | NS      | $76146906.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND, INC.                              | HILLENBRAND INC                              | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |   1126400 | NS      | $48063488.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE, INC.                                   | ALLETE INC                                   | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |    758600 | NS      | $48937286.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                        | CUSHMAN WAKEFIELD PLC                        | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |   3137500 | NS      | $39093250.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE GAS, INC.                                  | ONE GAS INC                                  | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |    560000 | NS      | $42403200.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                 | WINTRUST FINANCIAL CORP                      | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |   1065000 | NS      | $90013800.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                                | MURPHY USA INC                               | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     72000 | NS      | $20126880.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.              | HANOVER INSURANCE GROUP INC                  | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    510000 | NS      | $68916300.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                  | RAYONIER INC                                 | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   2495900 | NS      | $82264864.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNAMETAL INC.                                | KENNAMETAL INC                               | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |   2025000 | NS      | $48721500.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND FINANCIAL CORPORATION                 | LAKELAND FINANCIAL CORP                      | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    698000 | NS      | $50933060.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE AND SOFFA INDUSTRIES, INC.             | KULICKE SOFFA INDUSTRIES INC                 | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |   1502700 | NS      | $66509502.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                               | LITTELFUSE INC                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |    394770 | NS      | $86928354.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMERICA, INC.                                | PRIMERICA INC                                | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |    385000 | NS      | $54600700.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF INTERNATIONAL, INC.                        | ICF INTERNATIONAL INC                        | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |    615000 | NS      | $60915750.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                          | MERCURY SYSTEMS INC                          | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |   1095000 | NS      | $48990300.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMAS CORPORATION                             | TRIMAS CORP                                  | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |   2364900 | NS      | $65602326.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DELEK US HOLDINGS, INC.                        | DELEK US HOLDINGS INC                        | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |   1465000 | NS      | $39555000.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION           | FIRST AMERICAN FINANCIAL CORP                | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    987900 | NS      | $51706686.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                | CORE MAIN INC                                | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2967000 | NS      | $57292770.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                         | HAYWARD HOLDINGS INC                         | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2173580 | NS      | $20431652.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VERINT SYSTEMS INC.                            | VERINT SYSTEMS INC                           | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |   2035000 | NS      | $73829800.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTEN TRANSPORT, LTD.                         | MARTEN TRANS LTD                             | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3304200 | NS      | $65357076.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS INC.                           | EAGLE MATERIALS CLASS A                      | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    520000 | NS      | $69082000.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                   | MATTEL INC                                   | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |   3754800 | NS      | $66985632.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                      | COMFORT SYSTEMS USA INC                      | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     78700 | NS      | $9056796.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR GROUP INC.                                 | MYR GROUP INC                                | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |    440000 | NS      | $40510800.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corporation                           | RENASANT CORP                                | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |   1097100 | NS      | $41239989.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT MATERIALS, INC.                         | SUMMIT MATERIALS INC CLASS A                 | CUSIP: 86614U100<br>LEI: 549300XNOLX5GIOSO108 | Long             | EC               | CORP              | US        |   1435000 | NS      | $40739650.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.          | APPLIED INDUSTRIAL TECHNOLOGIES INC          | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |    510000 | NS      | $64275300.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENT BANK CORP.                         | INDEPENDENT BANK CORP                        | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |   1290000 | NS      | $108914700.00 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM INDUSTRIES INCORPORATED                    | ABM INDUSTRIES INC                           | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |   1388400 | NS      | $61672728.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE BANCORP, INC.                            | EAGLE BANCORP INC                            | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |    800000 | NS      | $35256000.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA SPORTSWEAR COMPANY                    | COLUMBIA SPORTSWEAR COMPANY                  | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |    972000 | NS      | $85127760.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                                    | BELDEN INC                                   | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |    880000 | NS      | $63272000.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES, INC.                   | CASEY S GENERAL STORES INC                   | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |    328000 | NS      | $73586800.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE ENERGY, INC.                               | MGE ENERGY INC                               | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    515000 | NS      | $36256000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUR CORNERS PROPERTY TRUST, INC.              | FOUR CORNERS PROPERTY TRUST INC              | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   3235000 | NS      | $83883550.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL GARDEN & PET COMPANY                   | CENTRAL GARDEN AND PET COMPANY               | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |   1619773 | NS      | $57987873.40  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL, INC. | CHARLES RIVER LABORATORIES INTERNATIONAL INC | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |    222382 | NS      | $48457037.80  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| KAISER ALUMINUM CORPORATION                    | KAISER ALUMINUM CORP                         | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1036300 | NS      | $78717348.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                 | PERFORMANCE FOOD GROUP CO                    | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |   1345000 | NS      | $78534550.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORPORATION                              | CIENA CORP                                   | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |   1170000 | NS      | $59646600.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXCEL CORPORATION                             | HEXCEL CORPORATION                           | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |   1405000 | NS      | $82684250.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFETY INSURANCE GROUP, INC.                   | SAFETY INSURANCE GROUP INC                   | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |    482000 | NS      | $40613320.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEGER HOLDINGS CORPORATION                   | INTEGER HOLDINGS CORP                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    800000 | NS      | $54768000.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Value ETF                 | ISHARES RUSSELL 2000 VALUE ETF               | CUSIP: 464287630<br>LEI: N/A                  | Long             |  | RF                | US        |    320000 | NS      | $44374400.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDUSTRIES, INC.                       | MUELLER INDUSTRIES INC                       | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |    730000 | NS      | $43070000.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB GROUP, INC.                                | HUB GROUP INC CL A                           | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    775000 | NS      | $61604750.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| FORWARD AIR CORPORATION                        | FORWARD AIR CORP                             | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    420000 | NS      | $44053800.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corporation                      | UMB FINANCIAL CORP                           | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |   1110000 | NS      | $92707200.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS, INC.                  | RYAN SPECIALTY HOLDINGS INC                  | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    995000 | NS      | $41302450.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HYATT HOTELS CORPORATION                       | HYATT HOTELS CORP CLASS A                    | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    570000 | NS      | $51556500.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOICE HOTELS INTERNATIONAL, INC.              | CHOICE HOTELS INTERNATIONAL INC              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    435000 | NS      | $48998400.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECTIVE INSURANCE GROUP, INC.                | SELECTIVE INSURANCE GROUP INC                | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    725000 | NS      | $64242250.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AVNET, INC.                                    | AVNET INC                                    | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    830000 | NS      | $34511400.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP                                  | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |    151000 | NS      | $77074930.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                  | IDACORP INC                                  | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    445000 | NS      | $47993250.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| COLLIERS INTERNATIONAL GROUP INC.              | COLLIERS INTL GROUP                          | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |    418000 | NS      | $38472720.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATE OFFICE PROPERTIES TRUST              | CORPORATE OFFICE PROPERTIES TRUST            | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |   2998900 | NS      | $77791466.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CARTER'S, INC.                                 | CARTER S INC                                 | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |    854908 | NS      | $63784685.88  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBUS MCKINNON CORPORATION                  | COLUMBUS MCKINNON CORPORATION                | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |    959000 | NS      | $31138730.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| STEWART INFORMATION SERVICES CORPORATION       | STEWART INFORMATION SERVICES                 | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    971505 | NS      | $41512408.65  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                         | INGREDION INC                                | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    825000 | NS      | $80792250.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WORTHINGTON INDUSTRIES, INC.                   | WORTHINGTON INDUSTRIES INC                   | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |   1155000 | NS      | $57415050.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC ENERGY, INC.                               | PDC ENERGY INC                               | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |   1350000 | NS      | $85698000.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORPORATION                            | VISTEON CORP                                 | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |    600000 | NS      | $78498000.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COHEN & STEERS, INC.                           | COHEN STEERS INC                             | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |    915000 | NS      | $59072400.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                                 | LCI INDUSTRIES                               | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |    365000 | NS      | $33744250.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE FINANCIAL PARTNERS, INC.              | PINNACLE FINANCIAL PARTNERS INC              | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |    460000 | NS      | $33764000.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PLEXUS CORP.                                   | PLEXUS CORP                                  | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |    430000 | NS      | $44259900.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF HAWAII CORPORATION                     | BANK OF HAWAII CORP                          | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |   1275000 | NS      | $98889000.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES, INC.                           | UFP INDUSTRIES INC                           | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    939900 | NS      | $74487075.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.                 | WATTS WATER TECHNOLOGIES INC A               | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |    507000 | NS      | $74138610.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WERNER ENTERPRISES, INC.                       | WERNER ENTERPRISES INC                       | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |   2210000 | NS      | $88974600.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                           | SILGAN HOLDINGS INC                          | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |   1610200 | NS      | $83472768.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGIODYNAMICS, INC.                            | ANGIODYNAMICS INC                            | CUSIP: 03475V101<br>LEI: 549300W3VKC5ZKMO8C28 | Long             | EC               | CORP              | US        |   3130000 | NS      | $43100100.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SCANSOURCE, INC.                               | SCANSOURCE INC                               | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |   1310000 | NS      | $38278200.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN CORPORATION                       | NORTHWESTERN CORP                            | CUSIP: 668074305<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | EC               | CORP              | US        |   1145000 | NS      | $67944300.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE, INC                                 | AMERISAFE INC                                | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |   1012600 | NS      | $52624822.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| COHU, INC.                                     | COHU INC                                     | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |   2229800 | NS      | $71465090.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LANCASTER COLONY CORPORATION                   | LANCASTER COLONY CORP                        | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |    235000 | NS      | $46365500.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| HELEN OF TROY LIMITED                          | HELEN OF TROY LTD                            | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    322000 | NS      | $35713020.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST, INC.            | FIRST INDUSTRIAL REALTY TRUST                | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1145000 | NS      | $55257700.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR, INC.                                  | NETGEAR INC                                  | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |   1926500 | NS      | $34888915.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFIRST CORPORATION                           | UNIFIRST CORPORATION                         | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |    350000 | NS      | $67546500.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                              | EMCOR GROUP INC                              | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |    425000 | NS      | $62946750.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE, INC.                          | TEXAS ROADHOUSE INC                          | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    235000 | NS      | $21373250.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                               | ALAMO GROUP INC                              | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |    510000 | NS      | $72216000.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTEC INDUSTRIES, INC.                         | ASTEC INDUSTRIES INC                         | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |   1325000 | NS      | $53874500.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOSPEC INC.                                  | INNOSPEC INC                                 | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    760000 | NS      | $78173600.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                 | MAGNOLIA OIL GAS CORP                        | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3345000 | NS      | $78440250.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MCGRATH RENTCORP                               | MCGRATH RENTCORP                             | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |    750928 | NS      | $74146630.72  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GIBRALTAR INDUSTRIES, INC.                     | GIBRALTAR INDUSTRIES INC                     | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    980000 | NS      | $44962400.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                       | E W SCRIPPS CO                               | CUSIP: 811054402<br>LEI: 549300U1OW41QPKYW028 | Long             | EC               | CORP              | US        |   5375000 | NS      | $70896250.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MINERALS TECHNOLOGIES INC.                     | MINERALS TECHNOLOGIES INC                    | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |    875604 | NS      | $53166674.88  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE HOLDINGS, CO.                            | CRANE HOLDINGS CO                            | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |    475000 | NS      | $47713750.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT, Inc.                   | APPLE HOSPITALITY REIT INC                   | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   4175000 | NS      | $65881500.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer