# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041327
**Filing Date:** 2023-2
**Character Count:** 38118
**Document Hash:** a496a362a5e270379ce2d92e7b6e5a0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041327.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041327

**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**: 20221231

**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:** 23671181

**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 RS Global Fund (Series ID: S000053563)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168340 | Class A      | RSGGX           |
| C000168341 | Class C      | RGGCX           |
| C000168342 | Class R      | RGGKX           |
| C000168343 | Class Y      | RGGYX           |
| C000213170 | Class R6     | RGGRX           |

## 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 RS Global Fund

- **b. EDGAR series identifier (if any):** S000053563

- **c. LEI of Series:** 549300I1FYJXRJXD4J54

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

- **a. Date of fiscal year-end:** 2022-12-31

- **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:** $424783427.75

**Total Liabilities:** $4360161.67

**Net Assets:** $420423266.08

**Cash Not Reported:** $11286424.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168343 | 6.83%                | 7.96%                | -4.25%               |
| Class ID C000213170 | 6.84%                | 8.00%                | -4.31%               |
| Class ID C000168340 | 6.86%                | 7.91%                | -4.26%               |
| Class ID C000168341 | 6.74%                | 7.87%                | -4.34%               |
| Class ID C000168342 | 6.79%                | 7.90%                | -4.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6422461.20             | $28935029.83                               |
| Month 2  | $-868554.75              | $30354771.13                               |
| Month 3  | $-430186.25              | $-18521049.55                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NOVO NORDISK A/S                                | NOVO NORDISK A S                        | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     50420 | NS      | $6849003.76   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGET CORPORATION                              | TARGET CORP                             | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     14257 | NS      | $2124863.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                                  | PROLOGIS INC                            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     51018 | NS      | $5751259.14   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPCOM CO., LTD.                                | CAPCOM CO LTD                           | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744       | Long             | EC               | CORP              | JP        |    110400 | NS      | $3524559.93   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| THE ESTEE LAUDER COMPANIES INC.                 | ESTEE LAUDER COS INC CLASS A            | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     21512 | NS      | $5337342.32   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXT PLC                                        | NEXT PLC                                | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     24274 | NS      | $1700535.93   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| CATHAY FINANCIAL HOLDING CO., LTD.              | CATHAY FINANCIAL HOLDING CO LTD         | CUSIP: N/A<br>LEI: 5299009XR1QLFAMQ3X77       | Long             | EC               | CORP              | TW        |   2827000 | NS      | $3671127.19   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC                             | IMPERIAL BRANDS PLC                     | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |    120242 | NS      | $2994728.18   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                      | MSILF GOVERNMENT-INST                   | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    645103 | NS      | $645102.81    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                     | BANK OF AMERICA CORP                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    164043 | NS      | $5433104.16   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                        | TOYO SUISAN KAISHA LTD                  | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74800 | NS      | $2882181.70   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORPORATION                          | MCDONALD S CORP                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     35682 | NS      | $9403277.46   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                     | LPL FINANCIAL HOLDINGS INC              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     20571 | NS      | $4446833.07   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                   | SAMSUNG ELECTRONICS CO LTD              | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     70235 | NS      | $3083085.77   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS                                  | CONOCOPHILLIPS                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     56014 | NS      | $6609652.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFRAN SA                                       | SAFRAN SA                               | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     24410 | NS      | $3057013.42   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen Aktiengesellschaft                   | VOLKSWAGEN AG                           | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EC               | CORP              | DE        |     19386 | NS      | $2404484.02   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| ASHTEAD GROUP PUBLIC LIMITED COMPANY            | ASHTEAD GROUP PLC                       | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |     33532 | NS      | $1904373.23   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AKER BP ASA                                     | AKER BP ASA                             | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |     66429 | NS      | $2067379.33   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ROSS STORES, INC.                               | ROSS STORES INC                         | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     46363 | NS      | $5381353.41   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                   | PEPSICO INC                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     53528 | NS      | $9670368.48   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                   | ALPHABET INC CLASS C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     88597 | NS      | $7861211.81   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                            | META PLATFORMS INC                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     35215 | NS      | $4237773.10   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI ACWI ETF                           | ISHARES MSCI ACWI ETF                   | CUSIP: 464288257<br>LEI: N/A                  | Long             |  | RF                | US        |     58925 | NS      | $5001554.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                           | ELI LILLY CO                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     21549 | NS      | $7883486.16   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORPORATION                                 | APA CORP                                | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     85718 | NS      | $4001316.24   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                | ROCHE HOLDING AG                        | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     17772 | NS      | $5586140.18   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                 | UNITEDHEALTH GROUP INC                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5042 | NS      | $2673167.56   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International N.V.                          | ASM INTERNATIONAL NV                    | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |      8658 | NS      | $2196521.32   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                     | PANDORA A S                             | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |     38929 | NS      | $2752035.25   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX LABORATORIES, INC.                        | IDEXX LABORATORIES INC                  | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     12031 | NS      | $4908166.76   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                     | NESTLE SA                               | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     23023 | NS      | $2660092.91   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                       | COLGATE PALMOLIVE CO                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     91574 | NS      | $7215115.46   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis NV                                      | MELEXIS NV                              | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80       | Long             | EC               | CORP              | BE        |     26440 | NS      | $2301167.11   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                      | SINGAPORE EXCHANGE LTD                  | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |    336300 | NS      | $2249303.85   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITON INTERNATIONAL LIMITED                    | TRITON INTERNATIONAL LTD BER            | CUSIP: G9078F107<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     52760 | NS      | $3628832.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LA FRANCAISE DES JEUX SA                        | LA FRANCAISE DES JEUX SAEM              | CUSIP: N/A<br>LEI: 969500R4CLSQFTYYI535       | Long             | EC               | CORP              | FR        |     71858 | NS      | $2891047.85   | 0.69%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                            | JPMORGAN CHASE CO                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     47725 | NS      | $6399922.50   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                      | AGINCO EAGLE MINES LTD                  | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     53550 | NS      | $2783112.72   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA CORPORATION                                | HOYA CORP                               | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     23500 | NS      | $2251139.79   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                                  | KAKAKU COM INC                          | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |    125300 | NS      | $2010827.14   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                                   | RIO TINTO PLC                           | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     75640 | NS      | $5322716.79   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEMIN DE FER CANADIEN PACIFIQUE LIMITEE        | CANADIAN PACIFIC RAILWAY LTD            | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     54254 | NS      | $4045605.92   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY        | EATON CORP PLC                          | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     36518 | NS      | $5731500.10   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                        | MASTERCARD INC CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     20267 | NS      | $7047443.91   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE GROUP LIMITED                         | MACQUARIE GROUP LTD                     | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |     31819 | NS      | $3591195.99   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| ULVAC,Inc.                                      | ULVAC INC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     42100 | NS      | $1754776.90   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.          | PNC FINANCIAL SERVICES GROUP INC        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     14482 | NS      | $2287287.08   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                   | NIPPON YUSEN KK                         | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |    108300 | NS      | $2554173.21   | 0.61%             |  |  |  | No            |                  2 | On Loan: —       |
| TENCENT HOLDINGS LIMITED                        | TENCENT HOLDINGS LTD                    | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    152100 | NS      | $6449467.17   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| MGE ENERGY, INC.                                | MGE ENERGY INC                          | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46719 | NS      | $3289017.60   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NIBE Industrier AB                              | NIBE INDUSTRIER AB                      | CUSIP: N/A<br>LEI: 549300ZQH0FIF1P0MX67       | Long             | EC               | CORP              | SE        |    260012 | NS      | $2428233.28   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.            | MITSUBISHI UFJ FINANCIAL GROUP INC      | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    572900 | NS      | $3846702.54   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                               | JOHNSON JOHNSON                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     41051 | NS      | $7251659.15   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                     | CSL LTD                                 | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     10264 | NS      | $2000972.99   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| LITE-ON TECHNOLOGY CORPORATION                  | LITE ON TECHNOLOGY CORP                 | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |   1541000 | NS      | $3185088.65   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Limited                                   | CHUBB LIMITED                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     18451 | NS      | $4070290.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                      | APPLE INC                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    142549 | NS      | $18521391.57  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.               | CONSTELLATION ENERGY CORP               | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     53447 | NS      | $4607665.87   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC.                    | HONEYWELL INTERNATIONAL INC             | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     27719 | NS      | $5940181.70   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                  | FORTINET INC                            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     82996 | NS      | $4057674.44   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC.                                 | S P GLOBAL INC                          | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     15974 | NS      | $5350331.56   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                  | TEXAS INSTRUMENTS INC                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     34988 | NS      | $5780717.36   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAM S.P.A.                                     | SNAM SPA                                | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |    522465 | NS      | $2532987.38   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                      | ARISTOCRAT LEISURE LTD                  | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |    122393 | NS      | $2521443.88   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                             | SYNCHRONY FINANCIAL                     | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     75772 | NS      | $2489867.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                           | DELTA AIR LINES INC                     | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    106104 | NS      | $3486577.44   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Foshan Haitian Flavouring and Food Co Ltd       | FOSHAN HAITAN FLAVOURING                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    212179 | NS      | $2424138.55   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS, INC.                             | CISCO SYSTEMS INC                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    120340 | NS      | $5732997.60   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Holding AG                       | PARTNERS GROUP HOLDING AG               | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      2762 | NS      | $2446367.72   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                          | CVS HEALTH CORP                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     48615 | NS      | $4530431.85   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                | AMAZON COM INC                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     63851 | NS      | $5363484.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                    | BARCLAYS PLC                            | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | RF                | GB        |   1102573 | NS      | $2097543.73   | 0.50%             |  |  |  | No            |                  2 | 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        |    645103 | NS      | $645102.81    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.           | BANCO BILBAO VIZCAYA ARGENTARIA SA      | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    702103 | NS      | $4228351.03   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD INC.                   | ALIMENTATION COUCHE TARD INC            | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     90547 | NS      | $3979573.42   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                           | MICROSOFT CORP                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     70975 | NS      | $17021224.50  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC HOLDINGS PLC                       | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    426063 | NS      | $2639980.17   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA CORPORATION                              | NVIDIA CORP                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     43858 | NS      | $6409408.12   | 1.52%             |  |  |  | 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        |    645103 | NS      | $645102.81    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                               | ALCOA CORP                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     72497 | NS      | $3296438.59   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc.                     | CONSTELLATION SOFTWARE INC CANADA       | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      3718 | NS      | $5805660.57   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO           | INVESCO GVT & AGNCY-INST                | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    645103 | NS      | $645102.81    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED  | FISHER PAYKEL HEALTHCARE CORP LTD       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    148397 | NS      | $2122605.41   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| CRODA INTERNATIONAL PUBLIC LIMITED COMPANY      | CRODA INTERNATIONAL PLC                 | CUSIP: N/A<br>LEI: 2138004WCNBFJEEOXV26       | Long             | EC               | CORP              | GB        |     36288 | NS      | $2887133.55   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                    | GAZTRANSPORT ET TECHNIGAZ SA            | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |     28037 | NS      | $2995928.16   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                                       | ARKEMA SA                               | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     34541 | NS      | $3106343.59   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco Aktiebolag                          | ATLAS COPCO AB                          | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    285046 | NS      | $3043017.91   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| PAREX RESOURCES INC.                            | PAREX RESOURCES INC                     | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    189280 | NS      | $2817249.22   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CACTUS, INC.                                    | CACTUS INC                              | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     32295 | NS      | $1623146.70   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                     | TESLA INC                               | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     18203 | NS      | $2242245.54   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                         | FUJI ELECTRIC CO LTD                    | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |     40800 | NS      | $1539997.33   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| UNUM GROUP                                      | UNUM GROUP                              | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    109241 | NS      | $4482158.23   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | INDUSTRIAL COMMERCIAL BANK OF CHINA LTD | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               | CORP              | CN        |   5484000 | NS      | $2812849.12   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Inc.                                      | ZOZO INC                                | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               | CORP              | JP        |    141300 | NS      | $3490042.31   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE Aktiengesellschaft                          | RWE AG                                  | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     68398 | NS      | $3023288.45   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Telkom Indonesia (Persero) Tbk               | TELKOM INDONESIA PERSERO                | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |  18365000 | NS      | $4423226.77   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mr Price Group Ltd                              | MR PRICE GROUP LTD                      | CUSIP: N/A<br>LEI: 378900D3417C35C5D733       | Long             | EC               | CORP              | ZA        |    200051 | NS      | $1856172.09   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| PULTEGROUP, INC.                                | PULTEGROUP INC                          | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94068 | NS      | $4282916.04   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                      | AMGEN INC                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     22540 | NS      | $5919905.60   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SPAREBANK 1 SMN                                 | SPAREBANK 1 SMN                         | CUSIP: N/A<br>LEI: 7V6Z97IO7R1SEAO84Q32       | Long             | EC               | CORP              | NO        |    106717 | NS      | $1388023.57   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer