# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210080
**Filing Date:** 2025-8
**Character Count:** 44820
**Document Hash:** 7732b636cbbbf436b6033aa16a3e840e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210080.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210080

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**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:** 251268250

**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 Integrity Discovery Fund (Series ID: S000046401)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000145004 | Class A      | MMEAX           |
| C000145005 | Class C      | MMECX           |
| C000145007 | Class Y      | MMEYX           |
| C000219865 | Member Class | MMMMX           |

## 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 Integrity Discovery Fund

- **b. EDGAR series identifier (if any):** S000046401

- **c. LEI of Series:** 549300EIYA36GFL6E746

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $59997654.58

**Total Liabilities:** $1850550.31

**Net Assets:** $58147104.27

**Cash Not Reported:** $260783.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000145004 | -4.16%               | 7.24%                | 6.23%                |
| Class ID C000219865 | -4.13%               | 7.25%                | 6.16%                |
| Class ID C000145005 | -4.24%               | 7.18%                | 6.15%                |
| Class ID C000145007 | -4.14%               | 7.25%                | 6.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-99250.81               | $-2390513.59                               |
| Month 2  | $537835.14               | $3355765.40                                |
| Month 3  | $720949.56               | $2724575.96                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PDF SOLUTIONS, INC.                            | PDF SOLUTIONS INC                      | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |     15500 | NS      | $331390.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR HOLDINGS, INC.                             | QCR HOLDINGS INC                       | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      9450 | NS      | $641655.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDBLAD EXPEDITIONS HOLDINGS, INC.            | LINDBLAD EXPEDITIONS HOLDINGS INC      | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |     46800 | NS      | $546156.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| PEOPLES BANCORP INC.                           | PEOPLES BANCORP INC                    | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22125 | NS      | $675697.50    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBALL ELECTRONICS, INC.                      | KIMBALL ELECTRONICS INC                | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     30700 | NS      | $590361.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RIBBON COMMUNICATIONS INC.                     | RIBBON COMMUNICATIONS INC              | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |    171900 | NS      | $689319.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK AEROSPACE CORP.                           | PARK AEROSPACE CORP                    | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     28728 | NS      | $424312.56    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERFACE, INC.                                | INTERFACE INC                          | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     34000 | NS      | $711620.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANSIX INC.                                  | ADVANSIX INC                           | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     24150 | NS      | $573562.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBMATIC, INC.                                 | PUBMATIC INC                           | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31200 | NS      | $388128.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXLINEAR, INC.                                | MAXLINEAR INC                          | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |     22100 | NS      | $314041.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVIRI CORPORATION                             | ENVIRI CORP                            | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |     73200 | NS      | $635376.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance Group Inc         | AMERICAN INTEGRITY INSURANCE GROUP INC | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |     36800 | NS      | $676752.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLVERINE WORLD WIDE, INC.                     | WOLVERINE WORLD WIDE INC               | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     23500 | NS      | $424880.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| HARBORONE BANCORP, INC.                        | HARBORONE BANCORP INC                  | CUSIP: 41165Y100<br>LEI: 549300CNOEY2QUB7F917 | Long             | EC               | CORP              | US        |     33550 | NS      | $391864.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| INSTEEL INDUSTRIES, INC.                       | INSTEEL INDUSTRIES INC                 | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     15500 | NS      | $576755.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MARINEMAX, INC.                                | MARINEMAX INC                          | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     16200 | NS      | $407268.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SALLY BEAUTY HOLDINGS, INC.                    | SALLY BEAUTY HOLDINGS INC              | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     40077 | NS      | $371113.02    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| METALLUS INC.                                  | METALLUS INC                           | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     37900 | NS      | $584039.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BUSINESS FIRST BANCSHARES, INC.                | BUSINESS FIRST BANCSHARES INC          | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     24650 | NS      | $607622.50    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical, Inc.                 | COLLEGIUM PHARMACEUTICAL INC           | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     14450 | NS      | $427286.50    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III APPAREL GROUP, LTD.                      | G III APPAREL GROUP LTD                | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     12705 | NS      | $284592.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCRAFT BOAT HOLDINGS, INC.                | MASTERCRAFT BOAT HOLDINGS INC          | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     20995 | NS      | $390087.10    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INTERNET BANCORP                         | FIRST INTERNET BANCORP                 | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |     17250 | NS      | $464025.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCANTILE BANK CORPORATION                    | MERCANTILE BANK CORPORATION            | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      9806 | NS      | $455096.46    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL PACIFIC FINANCIAL CORP.                | CENTRAL PACIFIC FINANCIAL CORP         | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     11050 | NS      | $309731.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibex Ltd                                       | IBEX LTD                               | CUSIP: G4690M101<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | BM        |     19725 | NS      | $573997.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE COMMERCE CORP                         | HERTIAGE COMMERCE CORP                 | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     64765 | NS      | $643116.45    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER PAPER CORPORATION                   | CLEARWATER PAPER CORP                  | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |     21912 | NS      | $596882.88    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN MACHINERY INC.                           | TITAN MACHINERY INC                    | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     28700 | NS      | $568547.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ORANGE COUNTY BANCORP, INC.                    | ORANGE COUNTY BANCORP INC              | CUSIP: 68417L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13500 | NS      | $348840.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL VISION HOLDINGS, INC.                 | NATIONAL VISION HOLDINGS INC           | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     22250 | NS      | $511972.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK-OHIO HOLDINGS CORP.                       | PARK OHIO HOLDINGS CORP                | CUSIP: 700666100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16700 | NS      | $298262.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PLYMOUTH INDUSTRIAL REIT, INC.                 | PLYMOUTH INDUSTRIAL REIT INC           | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40775 | NS      | $654846.50    | 1.13%             |  |  |  | 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        |    410606 | NS      | $410606.13    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL MEDICAL REIT INC.                       | GLOBAL MEDICAL REIT INC                | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     75000 | NS      | $519750.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX CORPORATION                               | IMAX CORP                              | CUSIP: 45245E109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     18800 | NS      | $525648.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corporation                  | UNIVEST FINANCIAL CORP                 | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     11200 | NS      | $336448.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMUNITY WEST BANCSHARES                      | COMMUNITY WEST BANCSHARES              | CUSIP: 203937107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29200 | NS      | $569692.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FINANCIAL INSTITUTIONS, INC.                   | FINANCIAL INSTITUTIONS INC             | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20375 | NS      | $523230.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial, Inc.                           | SMARTFINANCIAL INC                     | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16625 | NS      | $561592.50    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP, INC.                                   | EZCORP INC                             | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     31810 | NS      | $441522.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| POTBELLY CORPORATION                           | POTBELLY CORP                          | CUSIP: 73754Y100<br>LEI: 54930027NUULUR2P5W11 | Long             | EC               | CORP              | US        |     38650 | NS      | $473462.50    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MARCUS CORPORATION                         | MARCUS CORP                            | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |     37850 | NS      | $638151.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S RESTAURANTS, INC.                         | BJ S RESTAURANTS INC                   | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |     11400 | NS      | $508440.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DUCOMMUN INCORPORATED                          | DUCOMMON INC                           | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |      8400 | NS      | $694092.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT LAKES DREDGE & DOCK CORPORATION          | GREAT LAKES DREDGE DOCK CORPORATION    | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     54150 | NS      | $660088.50    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc.                          | KOPPERS HOLDINGS INC                   | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19000 | NS      | $610850.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITIL CORPORATION                             | UNITIL CORP                            | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8250 | NS      | $430237.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ZUMIEZ INC.                                    | ZUMIEZ INC                             | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |     18600 | NS      | $246636.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ICHOR HOLDINGS, LTD.                           | ICHOR HOLDINGS LTD                     | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |     23500 | NS      | $461540.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIZON BANCORP, INC.                          | HORIZON BANCORP INC IN                 | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |     40900 | NS      | $629042.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDMORE SHIPPING CORPORATION                   | ARDMORE SHIPPING CORP                  | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     54000 | NS      | $518400.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| ORIGIN BANCORP, INC.                           | ORIGIN BANCORP INC                     | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     18200 | NS      | $650468.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMOND HILL INVESTMENT GROUP, INC.            | DIAMOND HILL INVESTMENT GROUP          | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |      4185 | NS      | $608122.35    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMACO RESOURCES, INC.                         | RAMACO RESOURCES INC                   | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     32900 | NS      | $432306.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| BROOKDALE SENIOR LIVING INC.                   | BROOKDALE SENIOR LIVING INC            | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    101045 | NS      | $703273.20    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SAVERS VALUE VILLAGE, INC.                     | SAVERS VALUE VILLAGE INC               | CUSIP: 80517M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40150 | NS      | $409530.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| DXP ENTERPRISES, INC.                          | DXP ENTERPRISE INC                     | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5450 | NS      | $477692.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KELLY SERVICES, INC.                           | KELLY SERVICES INC A                   | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |     22675 | NS      | $265524.25    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ORTHOFIX MEDICAL INC.                          | ORTHOFIX MEDICAL INC                   | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34473 | NS      | $384373.95    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ONESPAN INC.                                   | ONESPAN INC                            | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |     28420 | NS      | $474329.80    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTONE BANCORP, INC.                       | CONNECTONE BANCORP INC                 | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     28286 | NS      | $655103.76    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywater Technology Inc                        | SKYWATER TECHNOLOGY INC                | CUSIP: 83089J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37900 | NS      | $372936.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| DYNEX CAPITAL, INC.                            | DYNEX CAPITAL INC                      | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |     42750 | NS      | $522405.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN HOLDINGS, INC.                          | ADTRAN HOLDINGS INC                    | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |     54264 | NS      | $486748.08    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN MISSOURI BANCORP, INC.                | SOUTHERN MISSOURI BANCORP INC          | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11200 | NS      | $613536.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES COMMERCIAL REAL ESTATE CORPORATION        | ARES COMMERCIAL REAL ESTATE CORP       | CUSIP: 04013V108<br>LEI: 549300ZNO5IWXS443S81 | Long             | EC               | CORP              | US        |     74500 | NS      | $355365.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Portillos Inc                                  | PORTILLO S INC CL A                    | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35300 | NS      | $411951.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT CORP.                                | NETSTREIT CORP                         | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     29900 | NS      | $506207.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| COHU, INC.                                     | COHU INC                               | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     16600 | NS      | $319384.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| COVENANT LOGISTICS GROUP, INC.                 | COVENANT LOGISTICS GRP INC             | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16855 | NS      | $406374.05    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE RIDGE RESOURCES, INC.                  | GRANITE RIDGE RESOURCES INC            | CUSIP: 387432107<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | EC               | CORP              | US        |     77000 | NS      | $490490.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PROPETRO HOLDING CORP.                         | PROPETRO HOLDING CORP                  | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55506 | NS      | $331370.82    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOKE ENERGY, INC.                           | SUNCOKE ENERGY INC                     | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     34300 | NS      | $294637.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUELINX HOLDINGS INC.                         | BLUELINX HOLDINGS INC                  | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      7500 | NS      | $557850.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pangaea Logistics Solutions Ltd                | PANGAEA LOGISTICS SOLUTIONS LTD        | CUSIP: G6891L105<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     85500 | NS      | $401850.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Primis Financial Corp.                         | PRIMIS FINANCIAL CORP                  | CUSIP: 74167B109<br>LEI: 549300JNX3M2EENG1F11 | Long             | EC               | CORP              | US        |     47870 | NS      | $519389.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANEX BUILDING PRODUCTS CORPORATION           | QUANEX BUILDING PRODUCTS CORPORATION   | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     29550 | NS      | $558495.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL ELECTRONICS INC.                     | UNIVERSAL ELECTRONICS INC              | CUSIP: 913483103<br>LEI: 549300ZW9EULAR7T6F89 | Long             | EC               | CORP              | US        |     29500 | NS      | $195290.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp, Inc.                 | WASHINGTON TRUST BANCORP INC           | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |     19100 | NS      | $540148.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA INTERNATIONAL, INC.                        | CRA INTERNATIONAL INC                  | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1850 | NS      | $346634.50    | 0.60%             |  |  |  | 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        |    410606 | NS      | $410606.13    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BEL FUSE INC.                                  | BEL FUSE INC                           | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      6400 | NS      | $625216.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VEECO INSTRUMENTS INC.                         | VEECO INSTRUMENTS INC                  | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |     15100 | NS      | $306832.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MATRIX SERVICE COMPANY                         | MATRIX SERVICE CO                      | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |     37000 | NS      | $499870.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUGLAS DYNAMICS, INC.                         | DOUGLAS DYNAMICS INC                   | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     16693 | NS      | $491942.71    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CITY OFFICE REIT, INC.                         | CITY OFFICE REIT INC                   | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | US        |     98700 | NS      | $527058.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                  | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    410606 | NS      | $410606.11    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHSTREAM, INC.                             | HEALTHSTREAM INC                       | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     18932 | NS      | $523848.44    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VITAL ENERGY, INC.                             | VITAL ENERGY INC                       | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |     18161 | NS      | $292210.49    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLDAN GROUP, INC.                            | WILLDAN GROUP INC                      | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      9475 | NS      | $592282.25    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMON GROUP HOLDINGS, INC.                   | THERMON GROUP HOLDINGS INC             | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     21640 | NS      | $607651.20    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinity Natural Resources Inc                 | INFINITY NATURAL RESOURCES INC         | CUSIP: 456941103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21350 | NS      | $390918.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| nLIGHT Inc                                     | NLIGHT INC                             | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38500 | NS      | $757680.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVISTA BANCSHARES, INC.                       | CIVISTA BANCSHARES INC                 | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |     19800 | NS      | $459360.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Latham Group Inc                               | LATHAM GROUP INC                       | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52519 | NS      | $335071.22    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RILEY EXPLORATION PERMIAN, INC.                | RILEY EXPLORATION PERMIAN INC          | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |     20950 | NS      | $549518.50    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK ELECTRONICS, INC.                    | BENCHMARK ELECTRONICS INC              | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      8200 | NS      | $318406.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PEAPACK-GLADSTONE FINANCIAL CORPORATION        | PEAPACK GLADSTONE FINL CORP            | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |     20500 | NS      | $579125.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST MID BANCSHARES, INC.                     | FIRST MID BANCSHARES INC               | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18200 | NS      | $682318.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 VERTICALS, INC.                             | I3 VERTICALS INC                       | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |     23665 | NS      | $650314.20    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DIME COMMUNITY BANCSHARES, INC.                | DIME COMMUNITY BANCSHARES              | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23046 | NS      | $620859.24    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.           | CLEAR CHANNEL OUTDOOR HOLDINGS INC     | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |    337000 | NS      | $394290.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| European Wax Center Inc                        | EUROPEAN WAX CENTER INC                | CUSIP: 29882P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54000 | NS      | $304020.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BERRY CORPORATION (BRY)                        | BERRY CORP                             | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117743 | NS      | $326148.11    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST WATCH RESTAURANT GROUP, INC.             | FIRST WATCH RESTAURANT GROUP INC       | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21800 | NS      | $349672.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.               | NEXPOINT RESIDENTIAL TRUST INC         | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |     12500 | NS      | $416500.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGI INTERNATIONAL INC.                        | DIGI INTERNATIONAL INCORPORATED        | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     20550 | NS      | $716373.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST               | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    410606 | NS      | $410606.13    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LIQUIDITY SERVICES, INC.                       | LIQUIDITY SERVICES INC                 | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |     15800 | NS      | $372722.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| VISHAY PRECISION GROUP, INC.                   | VISHAY PRECISION GROUP INC             | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18925 | NS      | $531792.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Honest Company Inc                             | HONEST CO INC THE                      | CUSIP: 438333106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81400 | NS      | $414326.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN ENTERTAINMENT, INC.                     | GOLDEN ENTERTAINMENT INC               | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |     16575 | NS      | $487802.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTIVION, INC.                                 | ARTIVION INC                           | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     21980 | NS      | $683578.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MIMEDX GROUP, INC.                             | MIMEDX GROUP INC                       | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61700 | NS      | $376987.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTORCAR PARTS OF AMERICA, INC.                | MOTORCAR PARTS OF AMERICA INC          | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     51400 | NS      | $575680.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENT BANK CORPORATION                   | INDEPENDENT BANK CORPORATION           | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15750 | NS      | $510457.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEWATER BANCSHARES, INC.                   | BRIDGEWATER BANCSHARES INC             | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |     34400 | NS      | $547304.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI GROUP, INC.                                | HCI GROUP INC                          | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      1560 | NS      | $237432.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE INSURANCE HOLDINGS, INC.              | HERITAGE INSURANCE HOLDINGS INC        | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     17600 | NS      | $438944.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GERMAN AMERICAN BANCORP, INC.                  | GERMAN AMERICAN BANCORP                | CUSIP: 373865104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13800 | NS      | $531438.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer