# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210026
**Filing Date:** 2025-8
**Character Count:** 40812
**Document Hash:** 6378c70d6f4ece6adbd77809987dc82b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210026.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210026

**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:** 251268197

**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 Small Cap Growth Fund (Series ID: S000053581)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168408 | Class A      | RSEGX           |
| C000168409 | Class C      | REGWX           |
| C000168411 | Class Y      | RSYEX           |
| C000193682 | Class R6     | RSEJX           |

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000053581

- **c. LEI of Series:** 549300S05EC1NNU8DB97

**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:** $409255254.10

**Total Liabilities:** $13825877.32

**Net Assets:** $395429376.78

**Cash Not Reported:** $6485299.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168409 | -0.75%               | 5.17%                | 5.05%                |
| Class ID C000193682 | -0.64%               | 5.25%                | 5.16%                |
| Class ID C000168411 | -0.66%               | 5.27%                | 5.15%                |
| Class ID C000168408 | -0.66%               | 5.22%                | 5.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9927569.63             | $8701534.86                                |
| Month 2  | $-3671537.65             | $23136975.03                               |
| Month 3  | $3439694.12              | $16353017.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CASELLA WASTE SYSTEMS, INC.                    | CASELLA WASTE SYSTEMS INC              | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     29520 | NS      | $3406017.60   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                       | FIRSTCASH HOLDINGS INC                 | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38610 | NS      | $5217755.40   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | FABRINET                               | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     39880 | NS      | $11751838.40  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Honest Company Inc                             | HONEST CO INC THE                      | CUSIP: 438333106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1007150 | NS      | $5126393.50   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VERICEL CORPORATION                            | VERICEL CORP                           | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     89270 | NS      | $3798438.50   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                                 | FRESHWORKS INC                         | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Long             | EC               | CORP              | US        |    315070 | NS      | $4697693.70   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Similarweb Ltd                                 | SIMILARWEB LTD                         | CUSIP: M84137104<br>LEI: 254900GWO7PNBAYCPJ12 | Long             | EC               | CORP              | IL        |     28090 | NS      | $220225.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES, INC.                         | CHART INDUSTRIES INC                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     26549 | NS      | $4371292.85   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SIMPLY GOOD FOODS COMPANY                  | THE SIMPLY GOOD FOODS CO               | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87150 | NS      | $2753068.50   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.          | APPLIED INDUSTRIAL TECHNOLOGIES INC    | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     33770 | NS      | $7849836.50   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PALOMAR HOLDINGS, INC.                         | PALOMAR HOLDINGS INC                   | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     19350 | NS      | $2984737.50   | 0.75%             |  |  |  | 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        |   3340610 | NS      | $3340610.14   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                    | ARCELLX INC                            | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50380 | NS      | $3317523.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                  | CRINETICS PHARMACEUTICALS INC          | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     59190 | NS      | $1702304.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc                                       | TWFG INC                               | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69790 | NS      | $2442650.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE360, INC.                                  | LIFE360 INC                            | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |     54690 | NS      | $3568522.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| THE VITA COCO COMPANY, INC.                    | VITA COCO CO INC THE                   | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     74670 | NS      | $2695587.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                    | ITRON INC                              | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     23850 | NS      | $3139375.50   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GitLab Inc                                     | GITLAB INC                             | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     63410 | NS      | $2860425.10   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                         | BRIDGEBIO PHARMA INC                   | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     78860 | NS      | $3405174.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS HERS HEALTH INC                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     39870 | NS      | $1987519.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Klaviyo Inc                                    | KLAVIYO INC                            | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91390 | NS      | $3068876.20   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd             | CREDO TECHNOLOGY GROUP HOLDING LTD     | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     46630 | NS      | $4317471.70   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                    | VAXCYTE INC                            | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     52160 | NS      | $1695721.60   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                  | ADAPTIVE BIOTECHNOLOGIES               | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    499760 | NS      | $5822204.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                         | SPX TECHNOLOGIES INC                   | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42670 | NS      | $7154905.60   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET, INC.                                   | RADNET INC                             | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     80410 | NS      | $4576133.10   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMORIS SERVICES CORPORATION                  | PRIMORIS SERVICES CORP                 | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     87980 | NS      | $6857161.20   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CONFLUENT, INC.                                | CONFLUENT INC                          | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    131960 | NS      | $3289762.80   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc                                 | NEXTRACKER INC                         | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95550 | NS      | $5195053.50   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                    | MOONLAKE IMMUNOTHERAPEUTICS            | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     33530 | NS      | $1582616.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                          | TWIST BIOSCIENCE CORP                  | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     87340 | NS      | $3213238.60   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO, INC.                                 | APPFOLIO INC                           | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      9100 | NS      | $2095548.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS, INC.                          | VARONIS SYSTEMS INC                    | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    149940 | NS      | $7609455.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                       | MERUS NV                               | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     29800 | NS      | $1567480.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                        | APOGEE THERAPEUTICS INC                | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64850 | NS      | $2816435.50   | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                  | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3340610 | NS      | $3340610.13   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                     | KORN FERRY                             | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     36950 | NS      | $2709543.50   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                            | KRYSTAL BIOTECH INC                    | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     14530 | NS      | $1997293.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                                   | AVEPOINT INC                           | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151560 | NS      | $2926623.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                   | PHREESIA INC                           | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    138130 | NS      | $3931179.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                                 | ANAPTYSBIO INC                         | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |    134950 | NS      | $2995890.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                    | INSPIRE MEDICAL SYSTEM INC             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      7010 | NS      | $909687.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WARBY PARKER INC                               | WARBY PARKER INC                       | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175120 | NS      | $3840381.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | ULTRAGENYX PHARMACEUTICAL INC          | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     84560 | NS      | $3074601.60   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                      | MATADOR RESOURCES CO                   | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     85860 | NS      | $4097239.20   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                                  | WINGSTOP INC                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     13750 | NS      | $4630175.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                         | SPYRE THERAPEUTICS INC                 | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |    101098 | NS      | $1513437.06   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group                     | BITDEER TECHNOLOGIES GROUP             | CUSIP: G11448100<br>LEI: 2549007M2KGWVJ9XFP20 | Long             | EC               | CORP              | KY        |    204050 | NS      | $2342494.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| ESCO TECHNOLOGIES INC.                         | ESCO TECHNOLOGIES INC                  | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     28620 | NS      | $5491319.40   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BALCHEM CORPORATION                            | BALCHEM CORP                           | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     34650 | NS      | $5516280.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICETITAN, INC.                             | SERVICETITAN INC                       | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42720 | NS      | $4578729.60   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                             | BADGER METER INC                       | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      8800 | NS      | $2155560.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER & DUNLOP, INC.                          | WALKER DUNLOP INC                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11670 | NS      | $822501.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.      | MACOM TECHNOLOGY SOLUTIONS HOL         | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47903 | NS      | $6864020.87   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT MEDICAL SYSTEMS, INC.                    | MERIT MEDICAL SYSTEMS INC              | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     17180 | NS      | $1605986.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORPORATION                            | GLAUKOS CORP                           | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     27750 | NS      | $2866297.50   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                            | ASCENDIS PHARMA A S ADR                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             |  | CORP              | DK        |     25760 | NS      | $4446176.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC                       | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     34820 | NS      | $3647743.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Procept Biorobotics Corp                       | PROCEPT BIOROBOTICS CORP               | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44660 | NS      | $2572416.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics Inc                         | JANUX THERAPEUTICS INC                 | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49639 | NS      | $1146660.90   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK INC.                                  | ARCHROCK INC                           | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    134290 | NS      | $3334420.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                            | ACI WORLDWIDE INC                      | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |    109380 | NS      | $5021635.80   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL TECHNICAL INSTITUTE, INC.            | UNIVERSAL TECHNICAL INSTITUTE INC      | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    127537 | NS      | $4322228.93   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYLOCITY HOLDING CORPORATION                  | PAYLOCITY HOLDING CORP                 | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      8720 | NS      | $1579976.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| IONQ Inc                                       | IONQ INC                               | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50800 | NS      | $2182876.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| THE CHEESECAKE FACTORY INCORPORATED            | CHEESECAKE FACTORY INCORPORATED        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     52740 | NS      | $3304688.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| SEMTECH CORPORATION                            | SEMTECH CORP                           | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    104340 | NS      | $4709907.60   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC                  | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     22700 | NS      | $1858222.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON, INC.                                     | AAON INC                               | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     30030 | NS      | $2214712.50   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDINGS, INC.          | OLLIE S BARGAIN OUTLET HOLDINGS INC    | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     17880 | NS      | $2356226.40   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc                               | HINGE HEALTH INC A                     | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89613 | NS      | $4637472.75   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc.                                | TECNOGLASS INC                         | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |     59270 | NS      | $4585127.20   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                       | REVOLUTION MEDICINES INC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     84950 | NS      | $3125310.50   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURCES CORPORATION                  | PERMIAN RESOURCES CORP COM             | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    157150 | NS      | $2140383.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                    | HALOZYME THERAPEUTICS INC              | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     50570 | NS      | $2630651.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.                         | CYBERARK SOFTWARE LTD                  | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      3920 | NS      | $1594969.60   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX, INC.                                      | BOX INC CLASS A                        | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    137270 | NS      | $4690515.90   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS, INC.            | CLEARWATER ANALYTICS HOLDINGS INC      | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170120 | NS      | $3730731.60   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                              | DISC MEDICINE INC                      | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54760 | NS      | $2900089.60   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                       | ONESPAWORLD HOLDINGS LTD               | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    267250 | NS      | $5449227.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.                 | WATTS WATER TECHNOLOGIES INC A         | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      8270 | NS      | $2033510.30   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES, INC.                     | IRHYTHM TECHNOLOGIES INC               | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     17500 | NS      | $2694300.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                   | MUELLER WATER PRODUCTS INC             | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    227170 | NS      | $5461166.80   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE, INC.                               | WISDOMTREE INC                         | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    541810 | NS      | $6236233.10   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MOOG INC.                                      | MOOG INC CLASS A                       | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     20840 | NS      | $3771414.80   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMVAULT SYSTEMS, INC.                        | COMMVAULT SYSTEMS INC                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     15440 | NS      | $2691655.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                      | BRAZE INC                              | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |     95810 | NS      | $2692261.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                               | TITAN AMERICA SA                       | CUSIP: B9151N105<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |    119624 | NS      | $1492907.52   | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| EURONET WORLDWIDE, INC.                        | EURONET WORLDWIDE INC                  | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     46700 | NS      | $4734446.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                             | FTAI AVIATION LTD                      | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     46140 | NS      | $5307945.60   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                      | VIRIDIAN THERAPEUTICS INC              | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |    154720 | NS      | $2162985.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                            | PAYONEER GLOBAL INC                    | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |    808220 | NS      | $5536307.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROVIRONMENT, INC.                            | AEROVIRONMENT INC                      | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     10110 | NS      | $2880844.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                    | SI BONE INC                            | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    134670 | NS      | $2534489.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| POWELL INDUSTRIES, INC.                        | POWELL INDUSTRIES INC                  | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |     21920 | NS      | $4613064.00   | 1.17%             |  |  |  | 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        |   3340610 | NS      | $3340610.14   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                           | WAYSTAR HOLDING CORP                   | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62421 | NS      | $2551146.27   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 HOLDINGS, INC.                              | Q2 HOLDINGS INC                        | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     72210 | NS      | $6758133.90   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST               | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3340610 | NS      | $3340610.14   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIENT CORPORATION                             | AVIENT CORP                            | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     88340 | NS      | $2854265.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORPORATION         | ZURN ELKAY WATER SOLUTIONS CORPORATION | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     75260 | NS      | $2752258.20   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers by Vitamin Cottage Inc         | NATURAL GROCERS BY VITAMIN COTTAGE INC | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |    106299 | NS      | $4172235.75   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST              | NATIONAL STORAGE AFFILIATES TRUST      | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     64170 | NS      | $2052798.30   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                          | GUARDANT HEALTH INC                    | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    112710 | NS      | $5865428.40   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC.                                   | NOVANTA INC                            | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     31680 | NS      | $4084502.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRION TECHNOLOGIES, INC.                      | MIRION TECHNOLOGIES INC                | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    277740 | NS      | $5979742.20   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                 | WINTRUST FINANCIAL CORP                | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     51740 | NS      | $6414725.20   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION HOMES, INC                            | CHAMPION HOMES INC                     | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49660 | NS      | $3109212.60   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE BELOW, INC.                               | FIVE BELOW                             | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     38540 | NS      | $5055677.20   | 1.28%             |  |  |  | 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