# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-26-001297
**Filing Date:** 2026-2
**Character Count:** 41886
**Document Hash:** 878ddce217fce9db70d4230f85e3cfb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-001297.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001004726-26-001297

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260630

**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:** 26694469

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 Sycamore Small Company Opportunity Fund

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

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

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5046296111.15

**Total Liabilities:** $41880624.20

**Net Assets:** $5004415486.95

**Cash Not Reported:** $161784839.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000111275 | -2.12%               | 2.30%                | 0.65%                |
| Class ID C000052116 | -2.10%               | 2.30%                | 0.64%                |
| Class ID C000164985 | -2.08%               | 2.30%                | 0.65%                |
| Class ID C000002357 | -2.15%               | 2.27%                | 0.60%                |
| Class ID C000002356 | -2.14%               | 2.29%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $55929478.78             | $-172485271.95                             |
| Month 2  | $15827756.54             | $97209760.02                               |
| Month 3  | $69155197.69             | $-38680722.14                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANNER CORPORATION                               | BANNER CORP                                  | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    830000 | NS      | $52007800.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                    | AXIS CAPITAL HOLDINGS LTD                    | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |    315000 | NS      | $33733350.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.                   | WATTS WATER TECHNOLOGIES INC A               | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |    115000 | NS      | $31742300.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL GARDEN & PET COMPANY                     | CENTRAL GARDEN AND PET COMPANY               | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |   1482299 | NS      | $43268307.81  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                                   | CRANE NXT CO                                 | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |   1045000 | NS      | $49188150.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| GULFPORT ENERGY CORPORATION                      | GULFPORT ENERGY CORP                         | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |    270000 | NS      | $56157300.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                          | HELMERICH PAYNE INC                          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |   1145000 | NS      | $32838600.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MCGRATH RENTCORP                                 | MCGRATH RENTCORP                             | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |    660000 | NS      | $69253800.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLE PUBLIC LIMITED COMPANY                      | DOLE PLC                                     | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |   3575000 | NS      | $53589250.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYD GAMING CORPORATION                          | BOYD GAMING CORP                             | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    640000 | NS      | $54553600.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEFS' WAREHOUSE, INC.                       | CHEFS WAREHOUSE INC THE                      | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    740000 | NS      | $46124200.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSIENT TECHNOLOGIES CORPORATION                | SENSIENT TECHNOLOGIES CORP                   | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |    395000 | NS      | $37110250.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED              | CHEESECAKE FACTORY INCORPORATED              | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |    975000 | NS      | $49218000.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| FOUR CORNERS PROPERTY TRUST, INC.                | FOUR CORNERS PROPERTY TRUST INC              | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   2710000 | NS      | $62492600.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                                    | RALLIANT CORP                                | CUSIP: 750940108<br>LEI: 52990024QKO4DYT8N464 | Long             | EC               | CORP              | US        |    835000 | NS      | $42509850.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| COHEN & STEERS, INC.                             | COHEN STEERS INC                             | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |    375000 | NS      | $23542500.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                             | SILGAN HOLDINGS INC                          | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |   1190000 | NS      | $48040300.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP.                           | STIFEL FINANCIAL CORP                        | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    455000 | NS      | $56975100.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC INDUSTRIAL DIRECT CO., INC.                  | MSC INDUSTRIAL DIRECT CO INC                 | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    640000 | NS      | $53824000.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR ATLEOS CORPORATION                           | NCR ATLEOS CORP                              | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |   1815000 | NS      | $69169650.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK HOLDINGS CORPORATION               | NATIONAL BANK HOLDINGS CORP                  | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1175000 | NS      | $44661750.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE, INC.                                     | STRIDE INC                                   | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |    350000 | NS      | $22725500.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FORMFACTOR, INC.                                 | FORMFACTOR INC                               | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    915000 | NS      | $51038700.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPARFUMS INC                                 | INTERPARFUMS INC                             | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295000 | NS      | $25024850.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| TowneBank                                        | TOWNE BANK                                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |   1530000 | NS      | $51056100.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALITY PROPERTIES, INC.               | RYMAN HOSPITALITY PROPERTIES INC             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |    545000 | NS      | $51567900.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated                          | MSA SAFETY INC                               | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |    315000 | NS      | $50444100.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                       | LYFT INC                                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   2550000 | NS      | $49393500.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOSPEC INC.                                    | INNOSPEC INC                                 | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    690000 | NS      | $52812600.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISTA HOLDINGS CORPORATION                     | ENVISTA HOLDINGS CORP                        | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   2750000 | NS      | $59702500.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                    | RAYONIER INC                                 | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   1690000 | NS      | $36588500.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| EAGLE MATERIALS INC.                             | EAGLE MATERIALS CLASS A                      | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    175000 | NS      | $36169000.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PLEXUS CORP.                                     | PLEXUS CORP                                  | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |    150000 | NS      | $22050000.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                        | MATADOR RESOURCES CO                         | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    855000 | NS      | $36286200.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                         | FIRSTCASH HOLDINGS INC                       | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    255000 | NS      | $40641900.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS, INC.                              | GXO LOGISTICS INC                            | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |    865000 | NS      | $45533600.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS COMPANY                        | COMMERCIAL METALS COMPANY                    | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |    845000 | NS      | $58490900.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corporation                             | RENASANT CORP                                | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |   2100000 | NS      | $73962000.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE ENERGY, INC.                                 | MGE ENERGY INC                               | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    465000 | NS      | $36465300.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PRICESMART, INC.                                 | PRICESMART INC                               | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |    380000 | NS      | $46614600.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PURSUIT ATTRACTIONS AND HOSPITALITY, INC.        | PURSUIT ATTRACTIONS AND HOSPITALITY INC      | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |   1130000 | NS      | $38058400.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE FINANCIAL CORPORATION                   | HERITAGE FINANCIAL CORP WA                   | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1800000 | NS      | $42570000.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WARRIOR MET COAL, INC.                           | WARRIOR MET COAL INC                         | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    525000 | NS      | $46289250.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                            | JBT MAREL CORP                               | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    360000 | NS      | $54241200.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                         | ONESPAWORLD HOLDINGS LTD                     | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |   2360000 | NS      | $48946400.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                    | LOUISIANA PACIFIC CORP                       | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |    510000 | NS      | $41187600.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| INGRAM MICRO HOLDING CORPORATION                 | INGRAM MICRO HOLDING CORP                    | CUSIP: 457152106<br>LEI: 9845008639BC538AB065 | Long             | EC               | CORP              | US        |   2305000 | NS      | $49188700.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Trust - iShares Russell 2000 Value ETF   | ISHARES RUSSELL 2000 VALUE ETF               | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             |  | RF                | US        |    100000 | NS      | $18121000.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| LIGAND PHARMACEUTICALS INCORPORATED              | LIGAND PHARMACEUTICALS                       | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |    170000 | NS      | $32141900.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| GIBRALTAR INDUSTRIES, INC.                       | GIBRALTAR INDUSTRIES INC                     | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    505000 | NS      | $24967200.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORPORATION                              | VISTEON CORP                                 | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |    600000 | NS      | $57060000.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT, Inc.                     | APPLE HOSPITALITY REIT INC                   | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   4180000 | NS      | $49533000.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                                 | TITAN AMERICA SA                             | CUSIP: B9151N105<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |   2485000 | NS      | $40952800.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| CHEMED CORPORATION                               | CHEMED CORP                                  | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     78000 | NS      | $33373080.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORPORATION                        | UMB FINANCIAL CORP                           | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    600000 | NS      | $69024000.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PLC                | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |    825000 | NS      | $64564500.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GROUP 1 AUTOMOTIVE, INC.                         | GROUP 1 AUTOMOTIVE INC                       | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |    155000 | NS      | $60961500.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO            | INVESCO GVT & AGNCY-INST                     | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10334982 | NS      | $10334981.88  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC                 | GATES INDUSTRIAL CORP PLC                    | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |   1820000 | NS      | $39075400.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERUS CONSTRUCTION GROUP, INC.                  | EVERUS CONSTRUCTION GROUP INC                | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    200000 | NS      | $17112000.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORPORATION                      | SOUTHSTATE BANK CORP                         | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    710000 | NS      | $66818100.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| H.B. FULLER COMPANY                              | HB FULLER CO                                 | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    900000 | NS      | $53514000.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                    | IDACORP INC                                  | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    545000 | NS      | $68975200.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                   | MAGNOLIA OIL GAS CORP                        | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2235000 | NS      | $48924150.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT HOLDINGS CORPORATION                    | WILLSCOT HOLDINGS CORP                       | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |   1650000 | NS      | $31069500.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| FEDERATED HERMES, INC.                           | FEDERATED HERMES INC                         | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |    910000 | NS      | $47383700.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Qiagen N.V.                                      | QIAGEN NV                                    | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |   1350000 | NS      | $60709500.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| MUELLER INDUSTRIES, INC.                         | MUELLER INDUSTRIES INC                       | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |    285000 | NS      | $32718000.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GAP, INC.                                    | GAP INC                                      | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |   1430000 | NS      | $36608000.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DORMAN PRODUCTS, INC.                            | DORMAN PRODUCTS INC                          | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |    265000 | NS      | $32645350.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                   | WINTRUST FINANCIAL CORP                      | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    380000 | NS      | $53131600.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATIONAL BANCORP                             | OLD NATIONAL BANCORP                         | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |   3446121 | NS      | $76882959.51  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP, INC.                    | PEDIATRIX MEDICAL GROUP INC                  | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2720000 | NS      | $58180800.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                             | VIAVI SOLUTIONS INC                          | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |   1550000 | NS      | $27621000.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WERNER ENTERPRISES, INC.                         | WERNER ENTERPRISES INC                       | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |   1940000 | NS      | $58219400.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTEC INDUSTRIES, INC.                           | ASTEC INDUSTRIES INC                         | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |    132985 | NS      | $5760910.20   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB GROUP, INC.                                  | HUB GROUP INC CL A                           | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1860000 | NS      | $79254600.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER SEMICONDUCTOR LTD                          | TOWER SEMICONDUCTOR LTD                      | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |    150000 | NS      | $17613000.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COLLIERS INTERNATIONAL GROUP INC.                | COLLIERS INTL GROUP                          | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |    210000 | NS      | $30872100.00  | 0.62%             |  |  |  | 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        |   9443232 | NS      | $9443231.88   | 0.19%             |  |  |  | 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        |   9443232 | NS      | $9443231.88   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVISFIRST BANCSHARES, INC.                     | SERVISFIRST BANCSHARES INC                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    535000 | NS      | $38407650.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORPORATION                              | VONTIER CORP W I                             | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |   1680000 | NS      | $62462400.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA RESOURCES CORPORATION                 | CALIFORNIA RESOURCES CORP                    | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |   1140000 | NS      | $50969400.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED BANKSHARES, INC.                          | UNITED BANKSHARES INC                        | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |   2025000 | NS      | $77760000.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DONALDSON COMPANY, INC.                          | DONALDSON CO INC                             | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |    695000 | NS      | $61618700.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STEWART INFORMATION SERVICES CORPORATION         | STEWART INFORMATION SERVICES                 | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    304000 | NS      | $21359040.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| COHU, INC.                                       | COHU INC                                     | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |   1800000 | NS      | $41886000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ANDERSONS, INC                               | THE ANDERSONS INC                            | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |    415000 | NS      | $22065550.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD, INC.                                     | LAZARD INC                                   | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |   1390000 | NS      | $67498400.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                                 | ALAMO GROUP INC                              | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |    310000 | NS      | $52039700.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STOCK YARDS BANCORP, INC.                        | STOCK YARDS BANCORP INC                      | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |    785000 | NS      | $50985750.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE AND SOFFA INDUSTRIES, INC.               | KULICKE SOFFA INDUSTRIES INC                 | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |    540000 | NS      | $24602400.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                               | TIMKEN CO                                    | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    655000 | NS      | $55105150.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                           | HAYWARD HOLDINGS INC                         | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4400000 | NS      | $67980000.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOTRONICS, INC.                                 | PHOTRONICS INC                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |   1399000 | NS      | $44768000.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BOWHEAD SPECIALTY HOLDINGS INC.                  | BOWHEAD SPECIALTY HOLDINGS INC               | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1160000 | NS      | $33106400.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT WATER SOLUTIONS, INC.                     | SELECT WATER SOLUTIONS INC                   | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |   2640000 | NS      | $27772800.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE ENTERPRISES, INC.                         | APOGEE ENTERPRISES INC                       | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    165340 | NS      | $6020029.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ENSIGN GROUP, INC.                           | ENSIGN GROUP INC THE                         | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    235000 | NS      | $40937000.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.                           | EXTREME NETWORKS INC                         | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |   1975000 | NS      | $32883750.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GORMAN- RUPP COMPANY                         | GORMAN RUPP CO                               | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |    610000 | NS      | $29127500.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUSPOINT LTD.                                 | SIRIUSPOINT LTD                              | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |   2940000 | NS      | $64356600.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                       | MSILF GOVERNMENT-INST                        | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   8551482 | NS      | $8551481.86   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| QUAKER CHEMICAL CORPORATION                      | QUAKER HOUGHTON                              | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |    240000 | NS      | $32954400.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON SQUARE GARDEN SPORTS CORP.               | MADISON SQ GARDEN SPORTS                     | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220000 | NS      | $56903000.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMPSON MANUFACTURING CO., INC.                  | SIMPSON MANUFACTURING CO INC                 | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |    290000 | NS      | $46826300.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                                 | LITTELFUSE INC                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |    175000 | NS      | $44261000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL, INC.   | CHARLES RIVER LABORATORIES INTERNATIONAL INC | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |    325000 | NS      | $64831000.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.                | HANOVER INSURANCE GROUP INC                  | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    280000 | NS      | $51175600.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer