# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002145
**Filing Date:** 2025-11
**Character Count:** 43348
**Document Hash:** 0141946959dceb7a20754f1817c7fc93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002145.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002145

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251520037

**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:** 15935 La Cantera Parkway Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Sycamore 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:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5561742507.23

**Total Liabilities:** $58655338.94

**Net Assets:** $5503087168.29

**Cash Not Reported:** $141851154.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000111275 | 1.43%                | 6.05%                | -0.49%               |
| Class ID C000052116 | 1.46%                | 6.03%                | -0.48%               |
| Class ID C000164985 | 1.46%                | 6.04%                | -0.48%               |
| Class ID C000002357 | 1.43%                | 5.99%                | -0.55%               |
| Class ID C000002356 | 1.44%                | 6.00%                | -0.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4794489.95              | $84016395.34                               |
| Month 2  | $-33973952.16            | $350850906.25                              |
| Month 3  | $61907220.71             | $-94750396.10                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TowneBank                                        | TOWNE BANK                              | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |   1553000 | NS      | $53687210.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                          | HELMERICH PAYNE INC                     | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |   1700000 | NS      | $37553000.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PURSUIT ATTRACTIONS AND HOSPITALITY, INC.        | PURSUIT ATTRACTIONS AND HOSPITALITY INC | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |   1332000 | NS      | $48191760.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated                          | MSA SAFETY INC                          | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |    247000 | NS      | $42501290.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| QUAKER CHEMICAL CORPORATION                      | QUAKER HOUGHTON                         | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |    233000 | NS      | $30697750.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND, INC.                                | HILLENBRAND INC                         | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |   1045000 | NS      | $28256800.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC INDUSTRIAL DIRECT CO., INC.                  | MSC INDUSTRIAL DIRECT CO INC            | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    800000 | NS      | $73712000.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT WATER SOLUTIONS, INC.                     | SELECT WATER SOLUTIONS INC              | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |   2670000 | NS      | $28542300.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                   | WINTRUST FINANCIAL CORP                 | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    425000 | NS      | $56287000.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                                  | MURPHY USA INC                          | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     98000 | NS      | $38049480.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.                | HANOVER INSURANCE GROUP INC             | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    340000 | NS      | $61754200.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                    | RAYONIER INC                            | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   1780000 | NS      | $47241200.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPARFUMS INC                                 | INTERPARFUMS INC                        | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375000 | NS      | $36892500.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND FINANCIAL CORPORATION                   | LAKELAND FINANCIAL CORP                 | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    564000 | NS      | $36208800.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT HOLDINGS CORPORATION                    | WILLSCOT HOLDINGS CORP                  | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |   1115000 | NS      | $23537650.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANSIX INC.                                    | ADVANSIX INC                            | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |   1520000 | NS      | $29457600.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                         | FIRSTCASH HOLDINGS INC                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127000 | NS      | $20119340.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PAPA JOHN'S INTERNATIONAL, INC.                  | PAPA JOHN S INTL INC                    | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |    732000 | NS      | $35245800.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| VALVOLINE INC.                                   | VALVOLINE INC                           | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |   1605000 | NS      | $57635550.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STOCK YARDS BANCORP, INC.                        | STOCK YARDS BANCORP INC                 | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |    860000 | NS      | $60191400.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                         | ONESPAWORLD HOLDINGS LTD                | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |   2179000 | NS      | $46064060.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALITY PROPERTIES, INC.               | RYMAN HOSPITALITY PROPERTIES INC        | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |    590000 | NS      | $52858100.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE AND SOFFA INDUSTRIES, INC.               | KULICKE SOFFA INDUSTRIES INC            | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |   1295000 | NS      | $52628800.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                                 | LITTELFUSE INC                          | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |    180000 | NS      | $46621800.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES CORPORATION                       | MERITAGE CORPORATION                    | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |    460000 | NS      | $33317800.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                            | MERCURY SYSTEMS INC                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    550000 | NS      | $42570000.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORPORATION                              | VONTIER CORP W I                        | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |   1567000 | NS      | $65766990.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                               | TIMKEN CO                               | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    542000 | NS      | $40747560.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE ENTERPRISES, INC.                         | APOGEE ENTERPRISES INC                  | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    810000 | NS      | $35291700.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                    | AXIS CAPITAL HOLDINGS LTD               | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |    505000 | NS      | $48379000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                       | LYFT INC                                | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   1600000 | NS      | $35216000.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYD GAMING CORPORATION                          | BOYD GAMING CORP                        | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    602000 | NS      | $52042900.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                                     | LAZARD INC                              | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |   1365000 | NS      | $72044700.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                        | MATADOR RESOURCES CO                    | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |   1180000 | NS      | $53017400.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                           | HAYWARD HOLDINGS INC                    | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4520000 | NS      | $68342400.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| H.B. FULLER COMPANY                              | HB FULLER CO                            | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    848000 | NS      | $50269440.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS INC.                             | EAGLE MATERIALS CLASS A                 | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    173000 | NS      | $40315920.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED              | CHEESECAKE FACTORY INCORPORATED         | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |    740000 | NS      | $40433600.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| OLD NATIONAL BANCORP                             | OLD NATIONAL BANCORP                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |   3740000 | NS      | $82093000.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGAND PHARMACEUTICALS INCORPORATED              | LIGAND PHARMACEUTICALS                  | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |    170000 | NS      | $30113800.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP.                           | STIFEL FINANCIAL CORP                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    480000 | NS      | $54465600.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corporation                             | RENASANT CORP                           | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |   2220000 | NS      | $81895800.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                             | VIAVI SOLUTIONS INC                     | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |   2550000 | NS      | $32359500.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES, INC.                          | CIVITAS RESOURCES INC                   | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |   1160000 | NS      | $37700000.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED BANKSHARES, INC.                          | UNITED BANKSHARES INC                   | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |   2265000 | NS      | $84280650.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUSPOINT LTD.                                 | SIRIUSPOINT LTD                         | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |   3160000 | NS      | $57164400.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS COMPANY                        | COMMERCIAL METALS COMPANY               | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |   1206000 | NS      | $69079680.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNER CORPORATION                               | BANNER CORP                             | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1040000 | NS      | $68120000.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR ATLEOS CORPORATION                           | NCR ATLEOS CORP                         | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |   1895000 | NS      | $74492450.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC                 | GATES INDUSTRIAL CORP PLC               | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |   1710000 | NS      | $42442200.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE ENERGY, INC.                                 | MGE ENERGY INC                          | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    490000 | NS      | $41248200.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISTA HOLDINGS CORPORATION                     | ENVISTA HOLDINGS CORP                   | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   2862000 | NS      | $58298940.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUR CORNERS PROPERTY TRUST, INC.                | FOUR CORNERS PROPERTY TRUST INC         | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   2496000 | NS      | $60902400.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL GARDEN & PET COMPANY                     | CENTRAL GARDEN AND PET COMPANY          | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |   1520000 | NS      | $44885600.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                                    | RALLIANT CORP                           | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    655000 | NS      | $28643150.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO            | INVESCO GVT & AGNCY-INST                | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  13534500 | NS      | $13534500.50  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEFS' WAREHOUSE, INC.                       | CHEFS WAREHOUSE INC THE                 | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    650000 | NS      | $37914500.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GORMAN- RUPP COMPANY                         | GORMAN RUPP CO                          | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |    172000 | NS      | $7982520.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ENSIGN GROUP, INC.                           | ENSIGN GROUP INC THE                    | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    257000 | NS      | $44401890.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                            | JBT MAREL CORP                          | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    381000 | NS      | $53511450.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED HERMES, INC.                           | FEDERATED HERMES INC                    | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |    465000 | NS      | $24147450.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBANY INTERNATIONAL CORP.                       | ALBANY INTERNATIONAL CORP               | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    279000 | NS      | $14870700.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Russell 2000 Value ETF   | ISHARES RUSSELL 2000 VALUE ETF          | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             |  | RF                | US        |    150000 | NS      | $26521500.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| MUELLER INDUSTRIES, INC.                         | MUELLER INDUSTRIES INC                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |    325000 | NS      | $32860750.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec, Inc.                                    | EVERTEC INC                             | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |   1100000 | NS      | $37158000.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB GROUP, INC.                                  | HUB GROUP INC CL A                      | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2070000 | NS      | $71290800.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORPORATION                        | UMB FINANCIAL CORP                      | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    645000 | NS      | $76335750.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                    | LOUISIANA PACIFIC CORP                  | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |    511000 | NS      | $45397240.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.                           | EXTREME NETWORKS INC                    | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |   2170000 | NS      | $44810500.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLE PUBLIC LIMITED COMPANY                      | DOLE PLC                                | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |   3524000 | NS      | $47362560.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDISK CORPORATION                              | SANDISK CORP DE                         | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    640000 | NS      | $71808000.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                    | IDACORP INC                             | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    590000 | NS      | $77968500.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| COLLIERS INTERNATIONAL GROUP INC.                | COLLIERS INTL GROUP                     | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |    285000 | NS      | $44519850.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOTRONICS, INC.                                 | PHOTRONICS INC                          | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |   1507002 | NS      | $34585695.90  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER & DUNLOP, INC.                            | WALKER DUNLOP INC                       | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    680000 | NS      | $56861600.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STEWART INFORMATION SERVICES CORPORATION         | STEWART INFORMATION SERVICES            | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    498000 | NS      | $36513360.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORPORATION                              | VISTEON CORP                            | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |    480000 | NS      | $57532800.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE FINANCIAL CORPORATION                   | HERITAGE FINANCIAL CORP WA              | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1942000 | NS      | $46976980.00  | 0.85%             |  |  |  | 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        |  13534500 | NS      | $13534500.50  | 0.25%             |  |  |  | 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        |  13534500 | NS      | $13534500.50  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ATKORE INC                                       | ATKORE INC                              | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |    457000 | NS      | $28672180.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                                 | TITAN AMERICA SA                        | CUSIP: B9151N105<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |   2305000 | NS      | $34436700.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| COHEN & STEERS, INC.                             | COHEN STEERS INC                        | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |    417875 | NS      | $27416778.75  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP, INC.                    | PEDIATRIX MEDICAL GROUP INC             | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2921000 | NS      | $48926750.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WARRIOR MET COAL, INC.                           | WARRIOR MET COAL INC                    | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    596000 | NS      | $37929440.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON SQUARE GARDEN SPORTS CORP.               | MADISON SQ GARDEN SPORTS                | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303000 | NS      | $68781000.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK HOLDINGS CORPORATION               | NATIONAL BANK HOLDINGS CORP             | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1441000 | NS      | $55680240.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.                   | WATTS WATER TECHNOLOGIES INC A          | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |    130000 | NS      | $36306400.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WERNER ENTERPRISES, INC.                         | WERNER ENTERPRISES INC                  | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |   2255000 | NS      | $59351600.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PRICESMART, INC.                                 | PRICESMART INC                          | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |    435000 | NS      | $52717650.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GULFPORT ENERGY CORPORATION                      | GULFPORT ENERGY CORP                    | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     48000 | NS      | $8687040.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                             | SILGAN HOLDINGS INC                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |   1110000 | NS      | $47741100.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORPORATION                      | SOUTHSTATE BANK CORP                    | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    740000 | NS      | $73163800.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| COHU, INC.                                       | COHU INC                                | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |   2155000 | NS      | $43811150.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                       | ETSY INC                                | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |    475000 | NS      | $31535250.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVISFIRST BANCSHARES, INC.                     | SERVISFIRST BANCSHARES INC              | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    730000 | NS      | $58786900.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                       | MSILF GOVERNMENT-INST                   | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  13534500 | NS      | $13534500.50  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DONALDSON COMPANY, INC.                          | DONALDSON CO INC                        | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |    862000 | NS      | $70554700.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFIRST CORPORATION                             | UNIFIRST CORPORATION                    | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |    311000 | NS      | $51996090.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BOWHEAD SPECIALTY HOLDINGS INC.                  | BOWHEAD SPECIALTY HOLDINGS INC          | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1091000 | NS      | $29500640.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| GROUP 1 AUTOMOTIVE, INC.                         | GROUP 1 AUTOMOTIVE INC                  | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |    157500 | NS      | $68907825.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                                 | ALAMO GROUP INC                         | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |    295000 | NS      | $56315500.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERUS CONSTRUCTION GROUP, INC.                  | EVERUS CONSTRUCTION GROUP INC           | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    520000 | NS      | $44590000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTEC INDUSTRIES, INC.                           | ASTEC INDUSTRIES INC                    | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |    790000 | NS      | $38022700.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOSPEC INC.                                    | INNOSPEC INC                            | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    607000 | NS      | $46836120.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                   | MAGNOLIA OIL GAS CORP                   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2525000 | NS      | $60271750.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MCGRATH RENTCORP                                 | MCGRATH RENTCORP                        | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |    660000 | NS      | $77418000.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GIBRALTAR INDUSTRIES, INC.                       | GIBRALTAR INDUSTRIES INC                | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    650000 | NS      | $40820000.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| URBAN OUTFITTERS, INC.                           | URBAN OUTFITTERS INC                    | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |    290000 | NS      | $20714700.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| INGRAM MICRO HOLDING CORPORATION                 | INGRAM MICRO HOLDING CORP               | CUSIP: 457152106<br>LEI: 9845008639BC538AB065 | Long             | EC               | CORP              | US        |   1830000 | NS      | $39326700.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| SENSIENT TECHNOLOGIES CORPORATION                | SENSIENT TECHNOLOGIES CORP              | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |    350000 | NS      | $32847500.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER SEMICONDUCTOR LTD                          | TOWER SEMICONDUCTOR LTD                 | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |   1050000 | NS      | $75915000.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                                   | CRANE NXT CO                            | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |   1050000 | NS      | $70423500.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Qiagen N.V.                                      | QIAGEN NV                               | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |   1229000 | NS      | $54911720.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PLC           | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |    745000 | NS      | $50980350.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT, Inc.                     | APPLE HOSPITALITY REIT INC              | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   4575000 | NS      | $54945750.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer