# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210043
**Filing Date:** 2025-8
**Character Count:** 38461
**Document Hash:** 20672f278e42c289e55c4400d073a2c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210043.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210043

**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**: 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:** 251268213

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

- **a. Name of Series:** Victory RS Global Fund

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

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

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

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

- **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:** $1537090216.11

**Total Liabilities:** $12898758.66

**Net Assets:** $1524191457.45

**Cash Not Reported:** $35469815.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168343 | 0.61%                | 5.64%                | 4.89%                |
| Class ID C000213170 | 0.59%                | 5.62%                | 4.93%                |
| Class ID C000168340 | 0.60%                | 5.60%                | 4.86%                |
| Class ID C000168341 | 0.54%                | 5.54%                | 4.83%                |
| Class ID C000168342 | 0.61%                | 5.55%                | 4.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6118950.56             | $12046865.74                               |
| Month 2  | $3554991.54              | $65638158.12                               |
| Month 3  | $1716512.38              | $65919908.55                               |

### Schedule of Portfolio Investments

| Name                                            | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LENNOX INTERNATIONAL INC.                       | LENNOX INTERNATIONAL INC                | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     16303 | NS      | $9345531.72   | 0.61%             |  |  |  | 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        |    454200 | NS      | $12609871.39  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS, INC.                                  | PROLOGIS INC                            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     96603 | NS      | $10154907.36  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                   | NETFLIX INC                             | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     17516 | NS      | $23456201.08  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXT PLC                                        | NEXT PLC                                | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     78070 | NS      | $13331458.07  | 0.87%             |  |  |  | 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        |   7245000 | NS      | $15597839.80  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC                             | IMPERIAL BRANDS PLC                     | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |    326720 | NS      | $12906410.03  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                      | MSILF GOVERNMENT-INST                   | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2956889 | NS      | $2956889.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                          | ALIGN TECHNOLOGY INC                    | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     27874 | NS      | $5277384.42   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                     | BANK OF AMERICA CORP                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    319719 | NS      | $15129103.08  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                        | TOYO SUISAN KAISHA LTD                  | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    117600 | NS      | $7817341.85   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORPORATION                          | MCDONALD S CORP                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     77463 | NS      | $22632364.71  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                  | CONOCOPHILLIPS                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     71627 | NS      | $6427806.98   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION JAPAN                        | ORACLE CORP JAPAN                       | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323       | Long             | EC               | CORP              | JP        |    101500 | NS      | $12099100.50  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                          | JACKSON FINANCIAL INC                   | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     89313 | NS      | $7930101.27   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                   | BROADCOM INC                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     41903 | NS      | $11550561.95  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                   | PEPSICO INC                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     96570 | NS      | $12751102.80  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                   | ALPHABET INC CLASS C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    212475 | NS      | $37690940.25  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                            | META PLATFORMS INC                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     58150 | NS      | $42919933.50  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                    | VISTRA CORP                             | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     41368 | NS      | $8017532.08   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI ACWI ETF                           | ISHARES MSCI ACWI ETF                   | CUSIP: 464288257<br>LEI: N/A                  | Long             |  | RF                | US        |    116130 | NS      | $14934318.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                           | ELI LILLY CO                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     27451 | NS      | $21398878.03  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORPORATION                                 | APA CORP                                | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    461037 | NS      | $8432366.73   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                           | BOOKING HOLDINGS INC                    | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      3056 | NS      | $17691917.44  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORPORATION                      | CURTISS WRIGHT CORP                     | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     37892 | NS      | $18512136.60  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                | ROCHE HOLDING AG                        | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     54514 | NS      | $17802294.14  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                 | UNITEDHEALTH GROUP INC                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     35590 | NS      | $11103012.30  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International N.V.                          | ASM INTERNATIONAL NV                    | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     13290 | NS      | $8524155.46   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                     | PANDORA A S                             | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |     49725 | NS      | $8762621.91   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX LABORATORIES, INC.                        | IDEXX LABORATORIES INC                  | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     26134 | NS      | $14016709.56  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                     | NESTLE SA                               | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |    168168 | NS      | $16727708.06  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                       | COLGATE PALMOLIVE CO                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    218795 | NS      | $19888465.50  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis NV                                      | MELEXIS NV                              | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80       | Long             | EC               | CORP              | BE        |    109342 | NS      | $9319129.49   | 0.61%             |  |  |  | No            |                  2 | On Loan: —       |
| SINGAPORE EXCHANGE LIMITED                      | SINGAPORE EXCHANGE LTD                  | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |   1532100 | NS      | $17943929.74  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ UNITED                                      | FDJ UNITED                              | CUSIP: N/A<br>LEI: 969500R4CLSQFTYYI535       | Long             | EC               | CORP              | FR        |    192547 | NS      | $7554650.31   | 0.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                            | JPMORGAN CHASE CO                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     83909 | NS      | $24326058.19  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                      | AGINCO EAGLE MINES LTD                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    136869 | NS      | $16308480.14  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA CORPORATION                                | HOYA CORP                               | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     46000 | NS      | $5463625.05   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGE WESTON LIMITEE.                          | GEORGE WESTON LIMITED                   | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |     59188 | NS      | $11871940.86  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                         | EXXON MOBIL CORP                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    189245 | NS      | $20400611.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| REXEL SA                                        | REXEL SA                                | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |    424688 | NS      | $13096850.97  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL - SPA                                      | ENEL SPA                                | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   1222193 | NS      | $11598002.84  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                                  | KAKAKU COM INC                          | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |    682800 | NS      | $12663253.85  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                                   | RIO TINTO PLC                           | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    173444 | NS      | $10093317.44  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| AENA SME SA                                     | AENA SME SA                             | CUSIP: E526LK101<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |    358590 | NS      | $9570903.68   | 0.63%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                           | GILEAD SCIENCES INC                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     94461 | NS      | $10472891.07  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                      | SIMON PROPERTY GROUP INC                | CUSIP: 828806109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84321 | NS      | $13555443.96  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY        | EATON CORP PLC                          | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     44882 | NS      | $16022425.18  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                        | MASTERCARD INC CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     46536 | NS      | $26150439.84  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLVAY SA                                       | SOLVAY SA                               | CUSIP: N/A<br>LEI: 549300MMVL80RTBP3O28       | Long             | EC               | CORP              | BE        |    212533 | NS      | $7360540.32   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| ADOBE INC.                                      | ADOBE INC                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     39183 | NS      | $15159119.04  | 0.99%             |  |  |  | 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        |     64413 | NS      | $12007871.46  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                        | TENCENT HOLDINGS LTD                    | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    241800 | NS      | $15581026.10  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                               | JOHNSON JOHNSON                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    134700 | NS      | $20575425.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                     | CSL LTD                                 | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     45596 | NS      | $7200711.04   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| KONGSBERG GRUPPEN ASA                           | KONGSBERG GRUPPEN ASA                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ9HK73       | Long             | EC               | CORP              | NO        |    321444 | NS      | $12471782.98  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| LITE-ON TECHNOLOGY CORPORATION                  | LITE ON TECHNOLOGY CORP                 | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |   1488000 | NS      | $5641718.63   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Limited                                   | CHUBB LIMITED                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     28133 | NS      | $8150692.76   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                      | APPLE INC                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    310283 | NS      | $63660763.11  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.               | CONSTELLATION ENERGY CORP               | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     28362 | NS      | $9154119.12   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GREGGS PLC                                      | GREGGS PLC                              | CUSIP: N/A<br>LEI: 213800I71QMUFJ64IW20       | Long             | EC               | CORP              | GB        |    263574 | NS      | $6948941.91   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTINET, INC.                                  | FORTINET INC                            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    164353 | NS      | $17375399.16  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC.                                 | S P GLOBAL INC                          | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     42985 | NS      | $22665560.65  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                  | TEXAS INSTRUMENTS INC                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     79092 | NS      | $16421081.04  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                      | ARISTOCRAT LEISURE LTD                  | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |    337324 | NS      | $14449240.16  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                             | SYNCHRONY FINANCIAL                     | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    157867 | NS      | $10536043.58  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                           | DELTA AIR LINES INC                     | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    189467 | NS      | $9317987.06   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                | CATERPILLAR INC                         | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     48464 | NS      | $18814209.44  | 1.23%             |  |  |  | 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      | $6392558.47   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS, INC.                             | CISCO SYSTEMS INC                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    342615 | NS      | $23770628.70  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORPORATION                               | DISCO CORP                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     23100 | NS      | $6843934.18   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                       | PARTNERS GROUP HOLDING AG               | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      8530 | NS      | $11164948.78  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON.COM, INC.                                | AMAZON COM INC                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    162132 | NS      | $35570139.48  | 2.33%             |  |  |  | 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        |   2956889 | NS      | $2956889.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                      | SIEMENS AG                              | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     39734 | NS      | $10204711.05  | 0.67%             |  |  |  | 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        |   1131856 | NS      | $17426413.78  | 1.14%             |  |  |  | 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        |   1369000 | NS      | $6869143.93   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                           | MICROSOFT CORP                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    145753 | NS      | $72498999.73  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC HOLDINGS PLC                       | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    966195 | NS      | $11685152.82  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA CORPORATION                              | NVIDIA CORP                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    501935 | NS      | $79300710.65  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ATCO LTD.                                       | ATCO LTD                                | CUSIP: 046789400<br>LEI: 5299005SPZ1QYL51JD25 | Long             | EC               | CORP              | CA        |    158803 | NS      | $5922456.18   | 0.39%             |  |  |  | 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        |   2956889 | NS      | $2956889.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                               | ALCOA CORP                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    216587 | NS      | $6391482.37   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc.                     | CONSTELLATION SOFTWARE INC CANADA       | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      4369 | NS      | $16021805.82  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity Aktiebolag (publ)                        | ESSITY AKTIEBOLAG B                     | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |    201710 | NS      | $5587422.16   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO           | INVESCO GVT & AGNCY-INST                | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2956889 | NS      | $2956889.40   | 0.19%             |  |  |  | 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        |    354478 | NS      | $7782805.01   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                    | GAZTRANSPORT ET TECHNIGAZ SA            | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |     55008 | NS      | $10880474.65  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco Aktiebolag                          | ATLAS COPCO AB                          | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    678877 | NS      | $9666156.07   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| VERTIV HOLDINGS CO                              | VERTIV HOLDINGS CO                      | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     78566 | NS      | $10088660.06  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                     | TESLA INC                               | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     41736 | NS      | $13257857.76  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                         | FUJI ELECTRIC CO LTD                    | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |    116400 | NS      | $5360998.44   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| UNUM GROUP                                      | UNUM GROUP                              | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    249466 | NS      | $20146874.16  | 1.32%             |  |  |  | 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        |  16536000 | NS      | $13130924.96  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Inc.                                      | ZOZO INC                                | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               | CORP              | JP        |    684000 | NS      | $7391182.40   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Telkom Indonesia (Persero) Tbk               | TELKOM INDONESIA PERSERO                | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |  49085600 | NS      | $8400228.08   | 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        |    705028 | NS      | $8842609.96   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| PULTEGROUP, INC.                                | PULTEGROUP INC                          | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93319 | NS      | $9841421.74   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BAWAG Group AG                                  | BAWAG GROUP AG                          | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | EC               | CORP              | AT        |    101957 | NS      | $13036743.86  | 0.86%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | TAIWAN SEMICONDUCTOR MANUFACTU          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    734000 | NS      | $26846495.70  | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC.                                      | AMGEN INC                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     40302 | NS      | $11252721.42  | 0.74%             |  |  |  | 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