# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210035
**Filing Date:** 2025-8
**Character Count:** 42999
**Document Hash:** 1abfa8f70f750afdadce044c921fb529
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210035.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210035

**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:** 251268204

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory Sycamore Small Company Opportunity Fund (Series ID: S000000800)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $5685111830.14

**Total Liabilities:** $76100403.93

**Net Assets:** $5609011426.21

**Cash Not Reported:** $67475758.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000111275 | -5.77%               | 4.33%                | 3.70%                |
| Class ID C000052116 | -5.78%               | 4.33%                | 3.71%                |
| Class ID C000164985 | -5.76%               | 4.34%                | 3.69%                |
| Class ID C000002357 | -5.79%               | 4.27%                | 3.65%                |
| Class ID C000002356 | -5.78%               | 4.30%                | 3.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-143082730.49           | $-189867943.31                             |
| Month 2  | $16102013.48             | $209223907.15                              |
| Month 3  | $-3301654.99             | $197277147.53                              |

### 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        |   1915000 | NS      | $65454700.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE CORPORATION                           | SOUTHSTATE CORP                         | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |    795000 | NS      | $73163850.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                          | HELMERICH PAYNE INC                     | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |   2420000 | NS      | $36687200.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PURSUIT ATTRACTIONS AND HOSPITALITY, INC.        | PURSUIT ATTRACTIONS AND HOSPITALITY INC | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |   1745000 | NS      | $50308350.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS CORPORATION                               | ROGERS CORP                             | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |    385000 | NS      | $26364800.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND, INC.                                | HILLENBRAND INC                         | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |   1255000 | NS      | $25187850.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC INDUSTRIAL DIRECT CO., INC.                  | MSC INDUSTRIAL DIRECT CO INC            | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    811003 | NS      | $68951475.06  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT WATER SOLUTIONS, INC.                     | SELECT WATER SOLUTIONS INC              | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |   2775000 | NS      | $23976000.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                   | WINTRUST FINANCIAL CORP                 | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    520000 | NS      | $64469600.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                                  | MURPHY USA INC                          | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |    135000 | NS      | $54918000.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.                | HANOVER INSURANCE GROUP INC             | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    435000 | NS      | $73893450.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                    | RAYONIER INC                            | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   2170000 | NS      | $48130600.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPARFUMS INC                                 | INTERPARFUMS INC                        | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    500000 | NS      | $65655000.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNAMETAL INC.                                  | KENNAMETAL INC                          | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    185000 | NS      | $4247600.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND FINANCIAL CORPORATION                   | LAKELAND FINANCIAL CORP                 | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    674000 | NS      | $41417300.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANSIX INC.                                    | ADVANSIX INC                            | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |   1730000 | NS      | $41087500.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PAPA JOHN'S INTERNATIONAL, INC.                  | PAPA JOHN S INTL INC                    | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |    749000 | NS      | $36656060.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VALVOLINE INC.                                   | VALVOLINE INC                           | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |   1294000 | NS      | $49003780.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| STOCK YARDS BANCORP, INC.                        | STOCK YARDS BANCORP INC                 | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |    985000 | NS      | $77795300.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                         | ONESPAWORLD HOLDINGS LTD                | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |   2165000 | NS      | $44144350.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALITY PROPERTIES, INC.               | RYMAN HOSPITALITY PROPERTIES INC        | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |    590000 | NS      | $58215300.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE AND SOFFA INDUSTRIES, INC.               | KULICKE SOFFA INDUSTRIES INC            | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |   1675000 | NS      | $57955000.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                                 | LITTELFUSE INC                          | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |    198000 | NS      | $44892540.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES CORPORATION                       | MERITAGE CORPORATION                    | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |    590000 | NS      | $39512300.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                            | MERCURY SYSTEMS INC                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |   1250000 | NS      | $67325000.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                               | TIMKEN CO                               | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    785000 | NS      | $56951750.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE ENTERPRISES, INC.                         | APOGEE ENTERPRISES INC                  | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    845000 | NS      | $34307000.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                    | AXIS CAPITAL HOLDINGS LTD               | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |    595000 | NS      | $61772900.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION             | FIRST AMERICAN FINANCIAL CORP           | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    692000 | NS      | $42481880.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYD GAMING CORPORATION                          | BOYD GAMING CORP                        | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    775000 | NS      | $60628250.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SIMPLY GOOD FOODS COMPANY                    | THE SIMPLY GOOD FOODS CO                | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    411020 | NS      | $12984121.80  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                                     | LAZARD INC                              | CUSIP: 52110M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1360000 | NS      | $65252800.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                        | MATADOR RESOURCES CO                    | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |   1315000 | NS      | $62751800.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                           | HAYWARD HOLDINGS INC                    | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4300000 | NS      | $59340000.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| H.B. FULLER COMPANY                              | HB FULLER CO                            | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |   1030000 | NS      | $61954500.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTEN TRANSPORT, LTD.                           | MARTEN TRANS LTD                        | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2340000 | NS      | $30396600.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS INC.                             | EAGLE MATERIALS CLASS A                 | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    180000 | NS      | $36379800.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED              | CHEESECAKE FACTORY INCORPORATED         | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |   1071000 | NS      | $67108860.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| OLD NATIONAL BANCORP                             | OLD NATIONAL BANCORP                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |   4285000 | NS      | $91441900.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP.                           | STIFEL FINANCIAL CORP                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    555000 | NS      | $57597900.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corporation                             | RENASANT CORP                           | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |   2550000 | NS      | $91621500.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                             | VIAVI SOLUTIONS INC                     | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |   2650000 | NS      | $26685500.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES, INC.                          | CIVITAS RESOURCES INC                   | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |   1465000 | NS      | $40316800.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED BANKSHARES, INC.                          | UNITED BANKSHARES INC                   | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |   2440000 | NS      | $88889200.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUSPOINT LTD.                                 | SIRIUSPOINT LTD                         | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |   2595000 | NS      | $52912050.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS COMPANY                        | COMMERCIAL METALS COMPANY               | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |   1545000 | NS      | $75565950.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNER CORPORATION                               | BANNER CORP                             | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1120000 | NS      | $71848000.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR ATLEOS CORPORATION                           | NCR ATLEOS CORP                         | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |   1890000 | NS      | $53921700.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC                 | GATES INDUSTRIAL CORP PLC               | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |   1596000 | NS      | $36755880.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE ENERGY, INC.                                 | MGE ENERGY INC                          | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    480000 | NS      | $42451200.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISTA HOLDINGS CORPORATION                     | ENVISTA HOLDINGS CORP                   | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   2721000 | NS      | $53168340.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN INCORPORATED                                | ASGN INC                                | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |    258000 | NS      | $12881940.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUR CORNERS PROPERTY TRUST, INC.                | FOUR CORNERS PROPERTY TRUST INC         | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   2151000 | NS      | $57883410.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL GARDEN & PET COMPANY                     | CENTRAL GARDEN AND PET COMPANY          | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |   1505000 | NS      | $47091450.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO            | INVESCO GVT & AGNCY-INST                | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  17921749 | NS      | $17921749.48  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEFS' WAREHOUSE, INC.                       | CHEFS WAREHOUSE INC THE                 | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    610000 | NS      | $38924100.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                            | JBT MAREL CORP                          | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    470000 | NS      | $56522200.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                        | NATIONAL FUEL GAS CO                    | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    415000 | NS      | $35154650.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                   | PERFORMANCE FOOD GROUP CO               | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |    480000 | NS      | $41985600.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFETY INSURANCE GROUP, INC.                     | SAFETY INSURANCE GROUP INC              | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |    595000 | NS      | $47237050.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBANY INTERNATIONAL CORP.                       | ALBANY INTERNATIONAL CORP               | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    630000 | NS      | $44181900.00  | 0.79%             |  |  |  | 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      | $23664000.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDUSTRIES, INC.                         | MUELLER INDUSTRIES INC                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |    460000 | NS      | $36556200.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec, Inc.                                    | EVERTEC INC                             | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |   1260000 | NS      | $45423000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB GROUP, INC.                                  | HUB GROUP INC CL A                      | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2038000 | NS      | $68130340.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORPORATION                        | UMB FINANCIAL CORP                      | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    700000 | NS      | $73612000.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.                           | EXTREME NETWORKS INC                    | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |   2580000 | NS      | $46311000.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLE PUBLIC LIMITED COMPANY                      | DOLE PLC                                | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |   2689000 | NS      | $37619110.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDISK CORPORATION                              | SANDISK CORP DE                         | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1402000 | NS      | $63580700.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                    | IDACORP INC                             | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    615000 | NS      | $71001750.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| COLLIERS INTERNATIONAL GROUP INC.                | COLLIERS INTL GROUP                     | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |    520000 | NS      | $67880800.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER & DUNLOP, INC.                            | WALKER DUNLOP INC                       | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    912000 | NS      | $64277760.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| STEWART INFORMATION SERVICES CORPORATION         | STEWART INFORMATION SERVICES            | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    467000 | NS      | $30401700.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORPORATION                              | VISTEON CORP                            | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |    400000 | NS      | $37320000.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE FINANCIAL CORPORATION                   | HERITAGE FINANCIAL CORP WA              | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1760000 | NS      | $41958400.00  | 0.75%             |  |  |  | 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        |  17921749 | NS      | $17921749.48  | 0.32%             |  |  |  | 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        |  17921749 | NS      | $17921749.48  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ATKORE INC                                       | ATKORE INC                              | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |    710000 | NS      | $50090500.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                                 | TITAN AMERICA SA                        | CUSIP: B9151N105<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |   2227000 | NS      | $27792960.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| HAEMONETICS CORPORATION                          | HAEMONETICS CORP                        | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |    560000 | NS      | $41781600.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COHEN & STEERS, INC.                             | COHEN STEERS INC                        | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |    715000 | NS      | $53875250.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                                   | LCI INDUSTRIES                          | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |    405000 | NS      | $36931950.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP, INC.                    | PEDIATRIX MEDICAL GROUP INC             | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2149000 | NS      | $30838150.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WARRIOR MET COAL, INC.                           | WARRIOR MET COAL INC                    | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    550000 | NS      | $25206500.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON SQUARE GARDEN SPORTS CORP.               | MADISON SQ GARDEN SPORTS                | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $62685000.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK HOLDINGS CORPORATION               | NATIONAL BANK HOLDINGS CORP             | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2075000 | NS      | $78040750.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES, INC.                             | UFP INDUSTRIES INC                      | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    215000 | NS      | $21362400.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.                   | WATTS WATER TECHNOLOGIES INC A          | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |    200000 | NS      | $49178000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WERNER ENTERPRISES, INC.                         | WERNER ENTERPRISES INC                  | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |   2520000 | NS      | $68947200.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PRICESMART, INC.                                 | PRICESMART INC                          | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |    301000 | NS      | $31617040.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                             | SILGAN HOLDINGS INC                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |   1020000 | NS      | $55263600.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| COHU, INC.                                       | COHU INC                                | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |   3035000 | NS      | $58393400.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                       | ETSY INC                                | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |    510000 | NS      | $25581600.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVISFIRST BANCSHARES, INC.                     | SERVISFIRST BANCSHARES INC              | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    780000 | NS      | $60457800.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                       | MSILF GOVERNMENT-INST                   | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  17921749 | NS      | $17921749.46  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFIRST CORPORATION                             | UNIFIRST CORPORATION                    | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |    315000 | NS      | $59289300.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BOWHEAD SPECIALTY HOLDINGS INC.                  | BOWHEAD SPECIALTY HOLDINGS INC          | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    703006 | NS      | $26383815.18  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GROUP 1 AUTOMOTIVE, INC.                         | GROUP 1 AUTOMOTIVE INC                  | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |    104000 | NS      | $45417840.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                                 | ALAMO GROUP INC                         | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |    329000 | NS      | $71847020.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERUS CONSTRUCTION GROUP, INC.                  | EVERUS CONSTRUCTION GROUP INC           | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |   1118000 | NS      | $71026540.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTEC INDUSTRIES, INC.                           | ASTEC INDUSTRIES INC                    | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |   1150000 | NS      | $47943500.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOSPEC INC.                                    | INNOSPEC INC                            | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    690000 | NS      | $58022100.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                   | MAGNOLIA OIL GAS CORP                   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2780000 | NS      | $62494400.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MCGRATH RENTCORP                                 | MCGRATH RENTCORP                        | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |    618000 | NS      | $71663280.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GIBRALTAR INDUSTRIES, INC.                       | GIBRALTAR INDUSTRIES INC                | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    800000 | NS      | $47200000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICELL, INC.                                   | OMNICELL INC                            | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |    935000 | NS      | $27489000.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUSHNET HOLDINGS CORP.                          | ACUSHNET HOLDINGS CORP                  | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |     57000 | NS      | $4150740.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| URBAN OUTFITTERS, INC.                           | URBAN OUTFITTERS INC                    | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |    277000 | NS      | $20093580.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INGRAM MICRO HOLDING CORPORATION                 | INGRAM MICRO HOLDING CORP               | CUSIP: 457152106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2750000 | NS      | $57310000.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| SENSIENT TECHNOLOGIES CORPORATION                | SENSIENT TECHNOLOGIES CORP              | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |    454000 | NS      | $44728080.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER SEMICONDUCTOR LTD                          | TOWER SEMICONDUCTOR LTD                 | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |   1658000 | NS      | $71874300.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                                   | CRANE NXT CO                            | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |    830000 | NS      | $44737000.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Qiagen N.V.                                      | QIAGEN NV                               | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |   1405000 | NS      | $67524300.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PLC           | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |    791000 | NS      | $39795210.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT, Inc.                     | APPLE HOSPITALITY REIT INC              | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   5000000 | NS      | $58350000.00  | 1.04%             |  |  |  | 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