# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002222
**Filing Date:** 2025-11
**Character Count:** 38456
**Document Hash:** fb3c3a28ae9202160ae150c945349e9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002222.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002222

**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**: 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:** 251520303

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

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

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

## Series and Classes Contracts Data

### Victory RS Global Fund (Series ID: S000053563)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 Global Fund

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

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

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

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

- **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:** $1743235205.97

**Total Liabilities:** $17942775.87

**Net Assets:** $1725292430.10

**Cash Not Reported:** $33710674.70

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168343 | 0.70%                | 2.55%                | 2.90%                |
| Class ID C000213170 | 0.69%                | 2.57%                | 2.86%                |
| Class ID C000168340 | 0.70%                | 2.53%                | 2.84%                |
| Class ID C000168341 | 0.61%                | 2.49%                | 2.78%                |
| Class ID C000168342 | 0.64%                | 2.52%                | 2.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8104552.08             | $17288008.14                               |
| Month 2  | $331884.26               | $38357042.07                               |
| Month 3  | $-3470460.86             | $48973087.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LENNOX INTERNATIONAL INC.                       | LENNOX INTERNATIONAL INC                | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     16254 | NS      | $8604217.44   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC CANADA               | CONSTELLATION SOFTWARE INC CANADA       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |      3376 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mizuho Financial Group, Inc.                    | MIZUHO FINANCIAL GROUP INC              | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    473800 | NS      | $15928806.18  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS, INC.                                  | PROLOGIS INC                            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    100767 | NS      | $11539836.84  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                   | NETFLIX INC                             | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     20422 | NS      | $24484344.24  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXT PLC                                        | NEXT PLC                                | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     81435 | NS      | $13573512.43  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Cathay Financial Holding Co., Ltd.              | CATHAY FINANCIAL HOLDING CO LTD         | CUSIP: N/A<br>LEI: 5299009XR1QLFAMQ3X77       | Long             | EC               | CORP              | TW        |   7558000 | NS      | $16331762.59  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC                             | IMPERIAL BRANDS PLC                     | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |    340802 | NS      | $14475603.37  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                      | MSILF GOVERNMENT-INST                   | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4164690 | NS      | $4164690.46   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                     | BANK OF AMERICA CORP                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    333499 | NS      | $17205213.41  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                        | TOYO SUISAN KAISHA LTD                  | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    122600 | NS      | $8759385.71   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORPORATION                          | MCDONALD S CORP                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     69750 | NS      | $21196327.50  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                  | CONOCOPHILLIPS                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     74715 | NS      | $7067291.85   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION JAPAN                        | ORACLE CORP JAPAN                       | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323       | Long             | EC               | CORP              | JP        |    123900 | NS      | $12651857.25  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                          | JACKSON FINANCIAL INC                   | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     93163 | NS      | $9430890.49   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                   | BROADCOM INC                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     58353 | NS      | $19251238.23  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                   | PEPSICO INC                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    129415 | NS      | $18175042.60  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                   | ALPHABET INC CLASS C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    238827 | NS      | $58166315.85  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                    | DEXCOM INC                              | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    107848 | NS      | $7257091.92   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                            | META PLATFORMS INC                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     60656 | NS      | $44544553.28  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                    | VISTRA CORP                             | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     38421 | NS      | $7527442.32   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI ACWI ETF                           | ISHARES MSCI ACWI ETF                   | CUSIP: 464288257<br>LEI: N/A                  | Long             |  | RF                | US        |    119858 | NS      | $16569169.92  | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| ELI LILLY AND COMPANY                           | ELI LILLY CO                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     31987 | NS      | $24406081.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORPORATION                                 | APA CORP                                | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    480908 | NS      | $11676446.24  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                           | BOOKING HOLDINGS INC                    | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      3187 | NS      | $17207473.49  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORPORATION                      | CURTISS WRIGHT CORP                     | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     29648 | NS      | $16097085.12  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                | ROCHE HOLDING AG                        | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     56863 | NS      | $18938007.48  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                          | ASM INTERNATIONAL NV                    | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     13862 | NS      | $8359802.31   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                     | PANDORA A S                             | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |     60057 | NS      | $7853470.66   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX LABORATORIES, INC.                        | IDEXX LABORATORIES INC                  | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     26965 | NS      | $17227668.85  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                     | NESTLE SA                               | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |    191336 | NS      | $17574698.17  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                       | COLGATE PALMOLIVE CO                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    228226 | NS      | $18244386.44  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis NV                                      | MELEXIS NV                              | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80       | Long             | EC               | CORP              | BE        |    114055 | NS      | $9090820.93   | 0.53%             |  |  |  | No            |                  2 | On Loan: —       |
| SINGAPORE EXCHANGE LIMITED                      | SINGAPORE EXCHANGE LTD                  | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |   1385900 | NS      | $17796164.69  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                            | JPMORGAN CHASE CO                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     98801 | NS      | $31164799.43  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                      | AGINCO EAGLE MINES LTD                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    133746 | NS      | $22529689.11  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA CORPORATION                                | HOYA CORP                               | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     75600 | NS      | $10454291.24  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGE WESTON LIMITEE.                          | GEORGE WESTON LIMITED                   | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |    185217 | NS      | $11299368.40  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                         | EXXON MOBIL CORP                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    211755 | NS      | $23875376.25  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                           | FREEPORT MCMORAN INC                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    262025 | NS      | $10276620.50  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| REXEL SA                                        | REXEL SA                                | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |    316172 | NS      | $10408082.88  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL - SPA                                      | ENEL SPA                                | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   1101560 | NS      | $10437654.50  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                                  | KAKAKU COM INC                          | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |    574400 | NS      | $9866239.20   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                                   | RIO TINTO PLC                           | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    174041 | NS      | $11468023.81  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena, S.M.E., S.A.                              | AENA SME SA                             | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               |  | ES        |    374046 | NS      | $10224863.19  | 0.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                           | GILEAD SCIENCES INC                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    134887 | NS      | $14972457.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                      | SIMON PROPERTY GROUP INC                | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    106527 | NS      | $19991922.09  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY        | EATON CORP PLC                          | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     46816 | NS      | $17520888.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                        | MASTERCARD INC CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     56883 | NS      | $32355619.23  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                      | ADOBE INC                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     39053 | NS      | $13775945.75  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.          | PNC FINANCIAL SERVICES GROUP INC        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     59101 | NS      | $11875163.93  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                        | TENCENT HOLDINGS LTD                    | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    297800 | NS      | $25376232.24  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                               | JOHNSON JOHNSON                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    130440 | NS      | $24186184.80  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EIFFAGE SA                                      | EIFFAGE SA                              | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |     60242 | NS      | $7717100.97   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL LIMITED                                     | CSL LTD                                 | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     47562 | NS      | $6254691.44   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| KONGSBERG GRUPPEN ASA                           | KONGSBERG GRUPPEN ASA                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ9HK73       | Long             | EC               | CORP              | NO        |    335299 | NS      | $10720683.38  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| LITE-ON TECHNOLOGY CORPORATION                  | LITE ON TECHNOLOGY CORP                 | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |   1966000 | NS      | $11180157.18  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Limited                                   | CHUBB LIMITED                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     34220 | NS      | $9658595.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                      | APPLE INC                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    323657 | NS      | $82412781.91  | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.               | CONSTELLATION ENERGY CORP               | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     26809 | NS      | $8822037.63   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech international S.A.                     | LOGITECH INTERNATIONAL SA               | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |     77537 | NS      | $8530553.80   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTINET, INC.                                  | FORTINET INC                            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    186021 | NS      | $15640645.68  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC.                                 | S P GLOBAL INC                          | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     41137 | NS      | $20021789.27  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                  | TEXAS INSTRUMENTS INC                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     82501 | NS      | $15157908.73  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                      | ARISTOCRAT LEISURE LTD                  | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |    309833 | NS      | $14338862.95  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                             | SYNCHRONY FINANCIAL                     | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    142044 | NS      | $10092226.20  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                           | DELTA AIR LINES INC                     | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    197633 | NS      | $11215672.75  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                | CATERPILLAR INC                         | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     47721 | NS      | $22770075.15  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Foshan Haitian Flavouring and Food Co Ltd       | FOSHAN HAITAN FLAVOURING                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   1176242 | NS      | $6455984.55   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS, INC.                             | CISCO SYSTEMS INC                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    332693 | NS      | $22762855.06  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORPORATION                               | DISCO CORP                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     24000 | NS      | $7525731.30   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                       | PARTNERS GROUP HOLDING AG               | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      7763 | NS      | $10159105.86  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON.COM, INC.                                | AMAZON COM INC                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    177259 | NS      | $38920758.63  | 2.26%             |  |  |  | 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        |   4164690 | NS      | $4164690.46   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                      | SIEMENS AG                              | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     47756 | NS      | $12891434.53  | 0.75%             |  |  |  | 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        |    902744 | NS      | $17393350.37  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co., Ltd.                | ASE TECHNOLOGY HOLDING CO LTD           | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |   1139000 | NS      | $6221414.04   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                           | MICROSOFT CORP                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    158886 | NS      | $82295003.70  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC HOLDINGS PLC                       | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   1265745 | NS      | $17860961.97  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA CORPORATION                              | NVIDIA CORP                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    518943 | NS      | $96824384.94  | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                    | DOXIMITY INC                            | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200762 | NS      | $14685740.30  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ATCO LTD.                                       | ATCO LTD                                | CUSIP: 046789400<br>LEI: 5299005SPZ1QYL51JD25 | Long             | EC               | CORP              | CA        |    189984 | NS      | $6878472.09   | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| HSBC US GOVERNMENT MONEY MARKET FUND            | HSBC US GOVT MMKT-I                     | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4164690 | NS      | $4164690.47   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                               | ALCOA CORP                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    251487 | NS      | $8271407.43   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc.                     | CONSTELLATION SOFTWARE INC CANADA       | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      3580 | NS      | $9719847.93   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO           | INVESCO GVT & AGNCY-INST                | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4164690 | NS      | $4164690.46   | 0.24%             |  |  |  | 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        |    369757 | NS      | $7938020.20   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                    | GAZTRANSPORT ET TECHNIGAZ SA            | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |     57379 | NS      | $10653972.41  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco Aktiebolag                          | ATLAS COPCO AB                          | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    711497 | NS      | $10711454.65  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| VERTIV HOLDINGS CO                              | VERTIV HOLDINGS CO                      | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     65179 | NS      | $9832903.94   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                     | TESLA INC                               | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     44561 | NS      | $19817167.92  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                         | FUJI ELECTRIC CO LTD                    | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |    158500 | NS      | $10625923.80  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                            | EDISON INTERNATIONAL                    | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    201646 | NS      | $11146990.88  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                      | UNUM GROUP                              | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    260218 | NS      | $20239756.04  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | INDUSTRIAL COMMERCIAL BANK OF CHINA LTD | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               | CORP              | CN        |  17249000 | NS      | $12701627.05  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Inc.                                      | ZOZO INC                                | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               | CORP              | JP        |    713500 | NS      | $6556764.58   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Telkom Indonesia (Persero) Tbk               | TELKOM INDONESIA PERSERO                | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |  51201300 | NS      | $9430351.57   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Mr Price Group Ltd                              | MR PRICE GROUP LTD                      | CUSIP: N/A<br>LEI: 378900D3417C35C5D733       | Long             | EC               | CORP              | ZA        |    735416 | NS      | $8676050.46   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| PULTEGROUP, INC.                                | PULTEGROUP INC                          | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117204 | NS      | $15486164.52  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BAWAG Group AG                                  | BAWAG GROUP AG                          | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | EC               | CORP              | AT        |    128023 | NS      | $16875523.98  | 0.98%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | TAIWAN SEMICONDUCTOR MANUFACTU          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    804000 | NS      | $34935465.24  | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC.                                      | AMGEN INC                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     42040 | NS      | $11863688.00  | 0.69%             |  |  |  | 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