# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-26-001362
**Filing Date:** 2026-2
**Character Count:** 32177
**Document Hash:** b9d2a45c10a1b3ae4246010a47ebc35b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-001362.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001004726-26-001362

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20251231

**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:** 26695730

**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 International Fund (Series ID: S000053564)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168344 | Class A      | GUBGX           |
| C000168345 | Class C      | RIGCX           |
| C000168346 | Class R      | RIGKX           |
| C000168347 | Class Y      | RSIGX           |
| C000213174 | Class R6     | RSIRX           |

## 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 RS International Fund

- **b. EDGAR series identifier (if any):** S000053564

- **c. LEI of Series:** 549300JEPV6NYZT1OP94

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $593741081.35

**Total Liabilities:** $5797832.65

**Net Assets:** $587943248.70

**Cash Not Reported:** $12716876.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168346 | 0.24%                | 0.00%                | 3.51%                |
| Class ID C000168344 | 0.33%                | 0.00%                | 3.51%                |
| Class ID C000168345 | 0.24%                | -0.08%               | 3.44%                |
| Class ID C000168347 | 0.28%                | 0.06%                | 3.52%                |
| Class ID C000213174 | 0.34%                | 0.00%                | 3.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6054886.32              | $-4233462.83                               |
| Month 2  | $1887237.61              | $-1711990.25                               |
| Month 3  | $2609060.95              | $17555428.94                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                 | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    929088 | NS      | $929087.70    | 0.16%             |  |  |  | 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        |    195654 | NS      | $4249114.33   | 0.72%             |  |  |  | No            | 2                  | On Loan: No      |
| MISUMI Group Inc.                              | MISUMI GROUP INC                    | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     93500 | NS      | $1459271.25   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Sanrio Company,Ltd.                            | SANRIO CO LTD                       | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125       | Long             | EC               | CORP              | JP        |     91200 | NS      | $2854032.45   | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK                        | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    128840 | NS      | $6535234.54   | 1.11%             |  |  |  | No            | 2                  | On Loan: —       |
| HOWDEN JOINERY GROUP PLC                       | HOWDEN JOINERY GROUP PLC            | CUSIP: N/A<br>LEI: 213800KC1LJOJTY3JP45       | Long             | EC               | CORP              | GB        |    374104 | NS      | $4186047.65   | 0.71%             |  |  |  | No            | 2                  | On Loan: No      |
| Nestle S.A.                                    | NESTLE SA                           | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |    137222 | NS      | $13623975.09  | 2.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Mitsubishi Heavy Industries, Ltd.              | MITSUBISHI HEAVY INDUSTRIES LT      | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    357800 | NS      | $8735885.43   | 1.49%             |  |  |  | No            | 2                  | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG                    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     42895 | NS      | $17718828.59  | 3.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Nordea Bank Abp                                | NORDEA BANK ABP                     | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |    451578 | NS      | $8495391.32   | 1.44%             |  |  |  | No            | 2                  | On Loan: No      |
| ASICS Corporation                              | ASICS CORP                          | CUSIP: N/A<br>LEI: 3538002LJMRZ83SU0B85       | Long             | EC               | CORP              | JP        |    190800 | NS      | $4581019.32   | 0.78%             |  |  |  | No            | 2                  | On Loan: No      |
| Mizuho Financial Group, Inc.                   | MIZUHO FINANCIAL GROUP INC          | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    309900 | NS      | $11311107.02  | 1.92%             |  |  |  | No            | 2                  | On Loan: No      |
| REXEL SA                                       | REXEL SA                            | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |    162103 | NS      | $6357494.55   | 1.08%             |  |  |  | No            | 2                  | On Loan: No      |
| ARKEMA SA                                      | ARKEMA SA                           | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     61192 | NS      | $3728953.17   | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    316496 | NS      | $11661501.31  | 1.98%             |  |  |  | No            | 2                  | On Loan: No      |
| SOLVAY SA                                      | SOLVAY SA                           | CUSIP: N/A<br>LEI: 549300MMVL80RTBP3O28       | Long             | EC               | CORP              | BE        |     45675 | NS      | $1453149.16   | 0.25%             |  |  |  | No            | 2                  | On Loan: —       |
| SWEDISH KRONE                                  | SWEDISH KRONE                       | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | SE        |        22 | NS      | $2.36         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Allianz SE                                     | ALLIANZ SE                          | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |     36590 | NS      | $16916970.07  | 2.88%             |  |  |  | No            | 2                  | On Loan: No      |
| BHP GROUP LIMITED                              | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    404231 | NS      | $12196604.24  | 2.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Shionogi & Co., Ltd.                           | SHIONOGI CO LTD                     | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    328600 | NS      | $5948360.89   | 1.01%             |  |  |  | No            | 2                  | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                     | SINGAPORE EXCHANGE LTD              | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |    443100 | NS      | $5834296.15   | 0.99%             |  |  |  | No            | 2                  | On Loan: No      |
| GSK PLC                                        | GSK PLC                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    353017 | NS      | $8653442.67   | 1.47%             |  |  |  | No            | 2                  | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    929088 | NS      | $929087.68    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| RWE Aktiengesellschaft                         | RWE AG                              | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |    107599 | NS      | $5700855.98   | 0.97%             |  |  |  | No            | 2                  | On Loan: No      |
| Pandora A/S                                    | PANDORA A S                         | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |     30581 | NS      | $3382175.04   | 0.58%             |  |  |  | No            | 2                  | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE            | LVMH MOET HENNESSY LOUIS VUITTON SA | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |     15059 | NS      | $11349558.50  | 1.93%             |  |  |  | No            | 2                  | On Loan: No      |
| GREAT BRITISH POUND                            | GREAT BRITISH POUND                 | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | GB        |     92117 | NS      | $124146.46    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Sumitomo Realty & Development Co., Ltd.        | SUMITOMO REALTY DEVELOPMENT         | CUSIP: N/A<br>LEI: 353800SO2DCLOI3LNZ64       | Long             | EC               | CORP              | JP        |    284600 | NS      | $7146061.65   | 1.22%             |  |  |  | No            | 2                  | On Loan: No      |
| BANCO BPM SOCIETA PER AZIONI                   | BANCO BPM SPA                       | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               | CORP              | IT        |    476155 | NS      | $7229773.57   | 1.23%             |  |  |  | No            | 2                  | On Loan: No      |
| L'OREAL SA                                     | L OREAL SA                          | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |     20332 | NS      | $8728118.10   | 1.48%             |  |  |  | No            | 2                  | On Loan: No      |
| Logitech international S.A.                    | LOGITECH INTERNATIONAL SA           | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |     43256 | NS      | $4392370.31   | 0.75%             |  |  |  | No            | 2                  | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                     | ARISTOCRAT LEISURE LTD              | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |    167422 | NS      | $6480184.51   | 1.10%             |  |  |  | No            | 2                  | On Loan: No      |
| MACQUARIE GROUP LIMITED.                       | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |     44790 | NS      | $6051120.06   | 1.03%             |  |  |  | No            | 2                  | On Loan: No      |
| ASML Holding N.V.                              | ASML HOLDING N V                    | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     15061 | NS      | $16227177.12  | 2.76%             |  |  |  | No            | 2                  | On Loan: No      |
| RIO TINTO PLC                                  | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    123065 | NS      | $9911234.16   | 1.69%             |  |  |  | No            | 2                  | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG                         | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |    115617 | NS      | $15935570.27  | 2.71%             |  |  |  | No            | 2                  | On Loan: No      |
| Coca-Cola HBC AG                               | COCA COLA HBC AG                    | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |    123486 | NS      | $6387226.56   | 1.09%             |  |  |  | No            | 2                  | On Loan: No      |
| TOYOTA MOTOR CORPORATION                       | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    708100 | NS      | $15209871.63  | 2.59%             |  |  |  | No            | 2                  | On Loan: No      |
| AIA Group Limited                              | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |   1063400 | NS      | $10945957.03  | 1.86%             |  |  |  | No            | 2                  | On Loan: No      |
| BP P.L.C.                                      | BP PLC                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |    560655 | NS      | $3269133.56   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Kakaku.com Inc                                 | KAKAKU COM INC                      | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |    288700 | NS      | $4256489.62   | 0.72%             |  |  |  | No            | 2                  | On Loan: No      |
| UBS Group AG                                   | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |    138821 | NS      | $6411618.85   | 1.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Tokio Marine Holdings, Inc.                    | TOKIO MARINE HOLDINGS INC           | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |    215600 | NS      | $7970908.72   | 1.36%             |  |  |  | No            | 2                  | On Loan: No      |
| HOYA CORPORATION                               | HOYA CORP                           | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     56800 | NS      | $8615932.40   | 1.47%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO                                           | EURO                                | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | XX        |     47571 | NS      | $55900.23     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CAPGEMINI SE                                   | CAPGEMINI SA                        | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     14010 | NS      | $2326140.25   | 0.40%             |  |  |  | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION JAPAN                       | ORACLE CORP JAPAN                   | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323       | Long             | EC               | CORP              | JP        |     56400 | NS      | $4740970.68   | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                   | GAZTRANSPORT ET TECHNIGAZ SA        | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |     16173 | NS      | $2967281.23   | 0.50%             |  |  |  | No            | 2                  | On Loan: No      |
| AUSTRALIAN DOLLAR                              | AUSTRALIAN DOLLAR                   | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | AU        |     33397 | NS      | $22282.66     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BAWAG Group AG                                 | BAWAG GROUP AG                      | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | EC               | CORP              | AT        |     46722 | NS      | $7036394.47   | 1.20%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Partners Group Holding AG                      | PARTNERS GROUP HOLDING AG           | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      2791 | NS      | $3425367.51   | 0.58%             |  |  |  | No            | 2                  | On Loan: No      |
| IMPERIAL BRANDS PLC                            | IMPERIAL BRANDS PLC                 | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |    221798 | NS      | $9311671.08   | 1.58%             |  |  |  | No            | 2                  | On Loan: No      |
| SWISS FRANC                                    | SWISS FRANC                         | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | CH        |     10316 | NS      | $13026.43     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| EIFFAGE SA                                     | EIFFAGE SA                          | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |     44334 | NS      | $6351615.12   | 1.08%             |  |  |  | No            | 2                  | On Loan: No      |
| DISCO CORPORATION                              | DISCO CORP                          | CUSIP: N/A<br>LEI: 529900X0YGDYM51H4Q86       | Long             | EC               | CORP              | JP        |     22600 | NS      | $6886241.05   | 1.17%             |  |  |  | No            | 2                  | On Loan: No      |
| ENEL - SPA                                     | ENEL SPA                            | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    728488 | NS      | $7573700.80   | 1.29%             |  |  |  | No            | 2                  | On Loan: No      |
| ING Groep N.V.                                 | ING GROEP NV                        | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    476058 | NS      | $13380030.58  | 2.28%             |  |  |  | No            | 2                  | On Loan: No      |
| AUTO TRADER GROUP PLC                          | AUTO TRADER GROUP PLC               | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               | CORP              | GB        |    314699 | NS      | $2482329.77   | 0.42%             |  |  |  | Yes           | 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        |    929088 | NS      | $929087.70    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| SCENTRE GROUP                                  | SCENTRE GROUP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | RF                | AU        |   2381182 | NS      | $6654831.75   | 1.13%             |  |  |  | No            | 2                  | On Loan: No      |
| CK ASSET HOLDINGS LIMITED                      | CK ASSET HOLDINGS LIMITED           | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |   1098000 | NS      | $5552601.69   | 0.94%             |  |  |  | No            | 2                  | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.          | BANCO BILBAO VIZCAYA ARGENTARIA SA  | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    653611 | NS      | $15330603.88  | 2.61%             |  |  |  | No            | 2                  | On Loan: No      |
| Sanwa Holdings Corporation                     | SANWA HOLDINGS CORP                 | CUSIP: N/A<br>LEI: 5299003X6BCA4ROO5A70       | Long             | EC               | CORP              | JP        |    230400 | NS      | $5999962.96   | 1.02%             |  |  |  | No            | 2                  | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                       | TOYO SUISAN KAISHA LTD              | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41700 | NS      | $2861051.79   | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| KONGSBERG GRUPPEN ASA                          | KONGSBERG GRUPPEN ASA               | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ9HK73       | Long             | EC               | CORP              | NO        |    187304 | NS      | $4802143.15   | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| SAP SE                                         | SAP SE                              | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     46175 | NS      | $11218135.83  | 1.91%             |  |  |  | No            | 2                  | On Loan: No      |
| CARNIVAL PLC                                   | CARNIVAL PLC                        | CUSIP: N/A<br>LEI: 4DR1VPDQMHD3N3QW8W95       | Long             | EC               | CORP              | GB        |    126785 | NS      | $3840929.42   | 0.65%             |  |  |  | No            | 2                  | On Loan: No      |
| BARCLAYS PLC                                   | BARCLAYS PLC                        | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | RF                | GB        |   1767363 | NS      | $11311090.71  | 1.92%             |  |  |  | No            | 2                  | On Loan: No      |
| CENTRICA PLC                                   | CENTRICA PLC                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |   2404713 | NS      | $5481904.02   | 0.93%             |  |  |  | No            | 2                  | On Loan: No      |
| Atlas Copco Aktiebolag                         | ATLAS COPCO AB                      | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    534073 | NS      | $8540479.67   | 1.45%             |  |  |  | No            | 2                  | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    929088 | NS      | $929087.70    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Aena, S.M.E., S.A.                             | AENA SME SA                         | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               |  | ES        |    228889 | NS      | $6394822.01   | 1.09%             |  |  |  | Yes           | 2                  | On Loan: No      |
| JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY | JAMES HARDIE INDUSTRIES PLC         | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             |  | CORP              | IE        |    179797 | NS      | $3690252.19   | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| VOLKSWAGEN AKTIENGESELLSCHAFT                  | VOLKSWAGEN AG                       | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EC               | CORP              | DE        |     43107 | NS      | $5260281.58   | 0.89%             |  |  |  | No            | 2                  | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                        | FUJI ELECTRIC CO LTD                | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |    129700 | NS      | $9837056.42   | 1.67%             |  |  |  | No            | 2                  | On Loan: No      |
| Koninklijke KPN N.V.                           | KONINKLIJKE KPN NV                  | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   1177737 | NS      | $5502772.12   | 0.94%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    948739 | NS      | $14926617.08  | 2.54%             |  |  |  | No            | 2                  | On Loan: No      |
| CTS Eventim AG & Co. KGaA                      | CTS EVENTIM AG CO KGAA              | CUSIP: N/A<br>LEI: 529900FDHSN08UBJII80       | Long             | EC               | CORP              | DE        |     33783 | NS      | $3092315.36   | 0.53%             |  |  |  | No            | 2                  | On Loan: —       |
| Siemens Aktiengesellschaft                     | SIEMENS AG                          | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     53405 | NS      | $14956230.43  | 2.54%             |  |  |  | No            | 2                  | On Loan: No      |
| Fujitsu Limited                                | FUJITSU LTD                         | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |    309400 | NS      | $8504296.38   | 1.45%             |  |  |  | No            | 2                  | On Loan: No      |
| NEXT PLC                                       | NEXT PLC                            | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     30251 | NS      | $5568215.82   | 0.95%             |  |  |  | No            | 2                  | On Loan: No      |
| SAFRAN SA                                      | SAFRAN SA                           | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     36149 | NS      | $12590255.68  | 2.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                  | NIPPON YUSEN KK                     | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |    147800 | NS      | $4788085.59   | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| CSL LIMITED                                    | CSL LTD                             | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     22062 | NS      | $2538357.77   | 0.43%             |  |  |  | No            | 2                  | On Loan: No      |
| Wolters Kluwer N.V.                            | WOLTERS KLUWER NV                   | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     54216 | NS      | $5615030.41   | 0.96%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer