# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210052
**Filing Date:** 2025-8
**Character Count:** 30392
**Document Hash:** 2fc481f4353b90e1ea25175e5d17f618
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210052.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210052

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251268224

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

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

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

## Series and Classes Contracts Data

### Victory Sycamore Established Value Fund (Series ID: S000000788)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002334 | Class A      | VETAX           |
| C000002335 | Class R      | GETGX           |
| C000052114 | Class I      | VEVIX           |
| C000111271 | Class Y      | VEVYX           |
| C000138366 | Class R6     | VEVRX           |
| C000169232 | Class C      | VEVCX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

- **a. Name of Series:** Victory Sycamore Established Value Fund

- **b. EDGAR series identifier (if any):** S000000788

- **c. LEI of Series:** 5493008YBYIRYKBV5463

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $17410764935.70

**Total Liabilities:** $109732732.40

**Net Assets:** $17301032203.30

**Cash Not Reported:** $382442062.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002334 | -3.37%               | 3.12%                | 1.96%                |
| Class ID C000169232 | -3.45%               | 3.05%                | 1.89%                |
| Class ID C000111271 | -3.35%               | 3.14%                | 1.99%                |
| Class ID C000052114 | -3.32%               | 3.14%                | 1.99%                |
| Class ID C000002335 | -3.38%               | 3.10%                | 1.95%                |
| Class ID C000138366 | -3.32%               | 3.14%                | 2.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2247562.11              | $-598522884.40                             |
| Month 2  | $73662398.81             | $434412236.24                              |
| Month 3  | $92520374.73             | $220927548.91                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MICROCHIP TECHNOLOGY INCORPORATED              | MICROCHIP TECHNOLOGY INC          | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |   2830000 | NS      | $199147100.00 | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MIDDLEBY CORPORATION                       | MIDDLEBY CORP                     | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |   1393000 | NS      | $200592000.00 | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC                       | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |   3080000 | NS      | $247293200.00 | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORPORATION                 | SBA COMMUNICATIONS CORP           | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |   1157000 | NS      | $271709880.00 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD INSURANCE GROUP, INC.             | HARTFORD INSURANCE GROUP INC      | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   2376000 | NS      | $301443120.00 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                       | DEVON ENERGY CORP                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   5150000 | NS      | $163821500.00 | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  25190531 | NS      | $25190531.25  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                    | PROSPERITY BANCSHARES INC         | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1232000 | NS      | $86535680.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                  | MAPLEBEAR INC                     | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6318000 | NS      | $285826320.00 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                   | CF INDUSTRIES HOLDINGS INC        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |   2823000 | NS      | $259716000.00 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES, INC.                        | REPUBLIC SERVICES INC             | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    583000 | NS      | $143773630.00 | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                 | HILTON WORLDWIDE HOLDINGS INC     | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    540000 | NS      | $143823600.00 | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                          | CAMDEN PROPERTY TRUST             | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   2623000 | NS      | $295585870.00 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                | LINCOLN ELECTRIC HOLDINGS INC     | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |   1257000 | NS      | $260601240.00 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                               | AGCO CORP                         | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |   2117000 | NS      | $218389720.00 | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES, INC.                    | KEYSIGHT TECHNOLOGIES INC         | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |   1444000 | NS      | $236613840.00 | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORPORATION                       | CHORD ENERGY CORP                 | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |   2110000 | NS      | $204353500.00 | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS INC.                                       | MKS INC                           | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |   2580000 | NS      | $256348800.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI CONSULTING, INC.                           | FTI CONSULTING INC                | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |   1080000 | NS      | $174420000.00 | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.                  | RAYMOND JAMES FINANCIAL INC       | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   1665000 | NS      | $255361050.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                         | US FOODS HOLDING CORP             | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |   5560000 | NS      | $428175600.00 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INCORPORATED                           | HUBBELL INC                       | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |    525000 | NS      | $214415250.00 | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                              | ROSS STORES INC                   | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    820000 | NS      | $104615600.00 | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING COMPANY                      | LAMAR ADVERTISING CO A            | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   2360000 | NS      | $286409600.00 | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                   | TRUIST FINANCIAL CORP             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |   6119000 | NS      | $263055810.00 | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP, INC.                               | APTARGROUP INC                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |   1625000 | NS      | $254198750.00 | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                           | STEEL DYNAMICS INC                | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |   1386000 | NS      | $177421860.00 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corporation                      | FRANCO NEVADA CORP                | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |   1356000 | NS      | $222275520.00 | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                | GENPACT LTD                       | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |   7122000 | NS      | $313439220.00 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORPORATION                           | Westlake Corp                     | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |   2685000 | NS      | $203872050.00 | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, INC.                                 | NNN REIT INC                      | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   6790000 | NS      | $293192200.00 | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP, INC.                  | PENSKE AUTOMOTIVE GROUP INC       | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |    678610 | NS      | $116591984.10 | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                     | AVERY DENNISON CORP               | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    890000 | NS      | $156168300.00 | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.             | AMERICAN WATER WORKS CO INC       | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |   2190000 | NS      | $304650900.00 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC.                                   | TRIMBLE INC                       | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |   3800000 | NS      | $288724000.00 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA               | PACKAGING CORP OF AMERICA         | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    952000 | NS      | $179404400.00 | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                            | COTERRA ENERCOTERRA ENERGY INC    | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |  10700000 | NS      | $271566000.00 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                 | PERFORMANCE FOOD GROUP CO         | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |   3700000 | NS      | $323639000.00 | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                      | REGAL REXNORD CORP                | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |   1194000 | NS      | $173082240.00 | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS, INC.                        | BATH BODY WORKS INC               | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |   8600000 | NS      | $257656000.00 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORPORATION                         | CMS ENERGY CORP                   | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |   2472000 | NS      | $171260160.00 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                           | BAKER HUGHES CO                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6119000 | NS      | $234602460.00 | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell Mid-Cap Value ETF              | ISHARES RUSSELL MIDCAP VALUE ETF  | CUSIP: 464287473<br>LEI: N/A                  | Long             |  | RF                | US        |    910000 | NS      | $120247400.00 | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| EBAY INC.                                      | EBAY INC                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    168964 | NS      | $12581059.44  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES, INC.                   | CASEY S GENERAL STORES INC        | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |    350000 | NS      | $178594500.00 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING COMPANY              | GRAPHIC PACKAGING HOLDING CO      | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8000000 | NS      | $168560000.00 | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS, INC.                           | CROWN HOLDINGS INC                | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |   3302000 | NS      | $340039960.00 | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                     | ALLIANT ENERGY CORP               | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |   6910000 | NS      | $417847700.00 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.                 | AMERICAN FINANCIAL GROUP INC      | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |   1730000 | NS      | $218343300.00 | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                      | AKAMAI TECHNOLOGIES INC           | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |   2555000 | NS      | $203786800.00 | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                            | EXPEDIA GROUP INC                 | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1830000 | NS      | $308684400.00 | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  25190531 | NS      | $25190531.25  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LABCORP HOLDINGS INC.                          | LABCORP HOLDINGS INC              | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    975000 | NS      | $255947250.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                     | CARRIER GLOBAL CORP               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   2399000 | NS      | $175582810.00 | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. HUNT TRANSPORT SERVICES, INC.            | J B HUNT TRANSPORT SERVICES INC   | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |   1280000 | NS      | $183808000.00 | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED             | HUNTINGTON BANCSHARES INC OH      | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |  16405000 | NS      | $274947800.00 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSUNION                                     | TRANSUNION                        | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |   2255000 | NS      | $198440000.00 | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                  | HOLOGIC INC                       | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |   3961000 | NS      | $258098760.00 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC.              | FIDELITY NATIONAL FINANCIAL       | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |   5800000 | NS      | $325148000.00 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC.                         | RPM INTERNATIONAL INC             | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |   1975000 | NS      | $216934000.00 | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD.                    | AXALTA COATING SYSTEMS LTD        | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |   7390000 | NS      | $219409100.00 | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT S.A.                                   | GLOBANT SA                        | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |   1100000 | NS      | $99924000.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                      | APTIV HOLDINGS LTD                | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |   1660000 | NS      | $113245200.00 | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.      | KNIGHT SWIFT TRANSPORTATION       | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5740000 | NS      | $253880200.00 | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COOPER COMPANIES, INC.                     | COOPER COS INC THE                | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |   2408000 | NS      | $171353280.00 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company    | WILLIS TOWERS WATSON PLC          | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |   1046000 | NS      | $320599000.00 | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| LANDSTAR SYSTEM, INC.                          | LANDSTAR SYSTEM INC               | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |   1200000 | NS      | $166824000.00 | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.              | EQUITY LIFESTYLE PROPERTIES INC   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   3430000 | NS      | $211528100.00 | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                     | XYLEM INC                         | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |   2036000 | NS      | $263376960.00 | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.                | PRINCIPAL FINANCIAL GROUP INC     | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |   2969000 | NS      | $235827670.00 | 1.36%             |  |  |  | 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        |  25190531 | NS      | $25190531.25  | 0.15%             |  |  |  | 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        |  25190531 | NS      | $25190531.25  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                | BORGWARNER INC                    | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |   5627000 | NS      | $188391960.00 | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                 | ZEBRA TECHNOLOGIES CORP           | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |    618000 | NS      | $190566480.00 | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                       | RALPH LAUREN CORP                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |    460000 | NS      | $126168800.00 | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMO BRANDS CORPORATION                       | PRIMO BRANDS CORP                 | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |   6215000 | NS      | $184088300.00 | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD REPUBLIC INTERNATIONAL CORPORATION         | OLD REPUBLIC INTERNATIONAL CORP   | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |   7100000 | NS      | $272924000.00 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED                 | QUEST DIAGNOSTICS INC             | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |   1900000 | NS      | $341297000.00 | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.         | CHECK POINT SOFTWARE TECHNOLOGIES | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |   1131000 | NS      | $250233750.00 | 1.45%             |  |  |  | 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