# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002226
**Filing Date:** 2025-11
**Character Count:** 41823
**Document Hash:** e8e65c2b295bc4f6ab7c1a968ee18352
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002226.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002226

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251520309

**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:** 15935 La Cantera Parkway Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory RS 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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $411570754.50

**Total Liabilities:** $15238417.21

**Net Assets:** $396332337.29

**Cash Not Reported:** $2089724.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168409 | 1.27%                | 4.07%                | 1.42%                |
| Class ID C000193682 | 1.36%                | 4.16%                | 1.52%                |
| Class ID C000168411 | 1.36%                | 4.15%                | 1.51%                |
| Class ID C000168408 | 1.32%                | 4.12%                | 1.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3756765.25              | $2360070.51                                |
| Month 2  | $3486076.02              | $12647481.79                               |
| Month 3  | $2808278.97              | $3414913.76                                |

### 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        |     58370 | NS      | $5538145.60   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                       | FIRSTCASH HOLDINGS INC                 | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35840 | NS      | $5677772.80   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | FABRINET                               | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     24160 | NS      | $8809219.20   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Honest Company Inc                             | HONEST CO INC THE                      | CUSIP: 438333106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    683840 | NS      | $2516531.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| VERICEL CORPORATION                            | VERICEL CORP                           | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     54910 | NS      | $1728017.70   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY                   | MODINE MANUFACTURING CO                | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     25570 | NS      | $3635031.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGAN, INC.                                    | ARGAN INC                              | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |     25930 | NS      | $7002396.50   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                              | GENIUS SPORTS LTD                      | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |    266810 | NS      | $3303107.80   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                                 | FRESHWORKS INC                         | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Long             | EC               | CORP              | US        |    307930 | NS      | $3624336.10   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES, INC.                         | CHART INDUSTRIES INC                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      5959 | NS      | $1192693.85   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                           | GENEDX HOLDINGS CORP                   | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17390 | NS      | $1873598.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.          | APPLIED INDUSTRIAL TECHNOLOGIES INC    | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     20580 | NS      | $5372409.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PALOMAR HOLDINGS, INC.                         | PALOMAR HOLDINGS INC                   | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     32080 | NS      | $3745340.00   | 0.94%             |  |  |  | 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        |   3685949 | NS      | $3685948.51   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                    | ARCELLX INC                            | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49220 | NS      | $4040962.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                  | CRINETICS PHARMACEUTICALS INC          | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     57840 | NS      | $2409036.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc                                       | TWFG INC                               | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124030 | NS      | $3403383.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE360, INC.                                  | LIFE360 INC                            | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |     38170 | NS      | $4057471.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE VITA COCO COMPANY, INC.                    | VITA COCO CO INC THE                   | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     75260 | NS      | $3196292.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                    | ITRON INC                              | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     20230 | NS      | $2519848.80   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| STUBHUB HOLDINGS, INC.                         | STUBHUB HOLDINGS INC                   | CUSIP: 86384P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92834 | NS      | $1563324.56   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| LENDINGTREE, INC.                              | LENDINGTREE INC                        | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |     26150 | NS      | $1692689.50   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GitLab Inc                                     | GITLAB INC                             | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     41770 | NS      | $1882991.60   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                         | BRIDGEBIO PHARMA INC                   | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     93160 | NS      | $4838730.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS HERS HEALTH INC                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     38950 | NS      | $2209244.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                    | KLAVIYO INC                            | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124320 | NS      | $3442420.80   | 0.87%             |  |  |  | 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        |     45560 | NS      | $6633991.60   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                  | ADAPTIVE BIOTECHNOLOGIES               | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    396520 | NS      | $5931939.20   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                         | SPX TECHNOLOGIES INC                   | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26040 | NS      | $4863751.20   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET, INC.                                   | RADNET INC                             | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     46280 | NS      | $3526998.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMORIS SERVICES CORPORATION                  | PRIMORIS SERVICES CORP                 | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     38930 | NS      | $5346256.90   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JFROG LTD                                      | JFROG LTD                              | CUSIP: M6191J100<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |     78370 | NS      | $3709252.10   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO, INC.                                      | RXO INC                                | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    131760 | NS      | $2026468.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                           | KONTOOR BRANDS INC                     | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     24780 | NS      | $1976700.60   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc                                 | NEXTRACKER INC                         | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103670 | NS      | $7670543.30   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORPORATION                      | UMB FINANCIAL CORP                     | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     27360 | NS      | $3238056.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS, INC.                          | VARONIS SYSTEMS INC                    | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    135300 | NS      | $7775691.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                       | MERUS NV                               | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     29440 | NS      | $2771776.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                        | APOGEE THERAPEUTICS INC                | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63360 | NS      | $2517292.80   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                  | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3685949 | NS      | $3685948.51   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                     | KORN FERRY                             | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     36100 | NS      | $2526278.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                            | KRYSTAL BIOTECH INC                    | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     14670 | NS      | $2589695.10   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                                   | AVEPOINT INC                           | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    226800 | NS      | $3404268.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                   | PHREESIA INC                           | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    134990 | NS      | $3174964.80   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                                 | ANAPTYSBIO INC                         | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |     58260 | NS      | $1783921.20   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WARBY PARKER INC                               | WARBY PARKER INC                       | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141400 | NS      | $3899812.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | ULTRAGENYX PHARMACEUTICAL INC          | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     82640 | NS      | $2485811.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                      | MATADOR RESOURCES CO                   | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     67480 | NS      | $3031876.40   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                                  | WINGSTOP INC                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     12140 | NS      | $3055395.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                         | SPYRE THERAPEUTICS INC                 | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |    106068 | NS      | $1777699.68   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Bitdeer Technologies Group                     | BITDEER TECHNOLOGIES GROUP             | CUSIP: G11448100<br>LEI: 2549007M2KGWVJ9XFP20 | Long             | EC               | CORP              | KY        |    218310 | NS      | $3730917.90   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| ESCO TECHNOLOGIES INC.                         | ESCO TECHNOLOGIES INC                  | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     38150 | NS      | $8053846.50   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BALCHEM CORPORATION                            | BALCHEM CORP                           | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     34050 | NS      | $5109543.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TIDEWATER INC.                                 | TIDEWATER INC                          | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     32570 | NS      | $1736958.10   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICETITAN, INC.                             | SERVICETITAN INC                       | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41730 | NS      | $4207635.90   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET FITNESS, INC.                           | PLANET FITNESS INC                     | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     28200 | NS      | $2927160.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                             | BADGER METER INC                       | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      8620 | NS      | $1539359.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEAYA Biosciences Inc                         | IDEAYA BIOSCIENCES INC                 | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |     61740 | NS      | $1679945.40   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.      | MACOM TECHNOLOGY SOLUTIONS HOL         | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46803 | NS      | $5826505.47   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT MEDICAL SYSTEMS, INC.                    | MERIT MEDICAL SYSTEMS INC              | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     16790 | NS      | $1397431.70   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORPORATION                            | GLAUKOS CORP                           | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     27110 | NS      | $2210820.50   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                            | ASCENDIS PHARMA A S ADR                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             |  | CORP              | DK        |     25200 | NS      | $5010012.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC                       | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     34020 | NS      | $3224075.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Procept Biorobotics Corp                       | PROCEPT BIOROBOTICS CORP               | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56080 | NS      | $2001495.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| KRATOS DEFENSE & SECURITY SOLUTIONS, INC.      | KRATOS DEFENSE SECURITY SOLUTIONS INC  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     47100 | NS      | $4303527.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK INC.                                  | ARCHROCK INC                           | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    128250 | NS      | $3374257.50   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                            | ACI WORLDWIDE INC                      | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     99900 | NS      | $5271723.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL TECHNICAL INSTITUTE, INC.            | UNIVERSAL TECHNICAL INSTITUTE INC      | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     84297 | NS      | $2743867.35   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IONQ Inc                                       | IONQ INC                               | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |    124840 | NS      | $7677660.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: —       |
| THE CHEESECAKE FACTORY INCORPORATED            | CHEESECAKE FACTORY INCORPORATED        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     41930 | NS      | $2291055.20   | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| SEMTECH CORPORATION                            | SEMTECH CORP                           | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    101970 | NS      | $7285756.50   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC                  | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     22170 | NS      | $1137099.30   | 0.29%             |  |  |  | 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        |     25660 | NS      | $3294744.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc                               | HINGE HEALTH INC A                     | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63323 | NS      | $3107892.84   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc.                                | TECNOGLASS INC                         | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |     74890 | NS      | $5010889.90   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                       | REVOLUTION MEDICINES INC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     63030 | NS      | $2943501.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURCES CORPORATION                  | PERMIAN RESOURCES CORP COM             | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    138050 | NS      | $1767040.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                    | HALOZYME THERAPEUTICS INC              | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     49400 | NS      | $3622996.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX, INC.                                      | BOX INC CLASS A                        | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    114560 | NS      | $3696851.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS, INC.            | CLEARWATER ANALYTICS HOLDINGS INC      | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143710 | NS      | $2589654.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                              | DISC MEDICINE INC                      | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41300 | NS      | $2729104.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                       | ONESPAWORLD HOLDINGS LTD               | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    261180 | NS      | $5521345.20   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.                 | WATTS WATER TECHNOLOGIES INC A         | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      8090 | NS      | $2259375.20   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES, INC.                     | IRHYTHM TECHNOLOGIES INC               | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     20340 | NS      | $3498276.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                   | MUELLER WATER PRODUCTS INC             | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    222020 | NS      | $5665950.40   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE, INC.                               | WISDOMTREE INC                         | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    304480 | NS      | $4232272.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MOOG INC.                                      | MOOG INC CLASS A                       | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      8220 | NS      | $1707047.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMVAULT SYSTEMS, INC.                        | COMMVAULT SYSTEMS INC                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     23300 | NS      | $4398574.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                      | BRAZE INC                              | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |     63770 | NS      | $1813618.80   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                               | TITAN AMERICA SA                       | CUSIP: B9151N105<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |     24734 | NS      | $369525.96    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE, INC.                        | EURONET WORLDWIDE INC                  | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     41780 | NS      | $3668701.80   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                             | FTAI AVIATION LTD                      | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     22620 | NS      | $3774373.20   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                      | VIRIDIAN THERAPEUTICS INC              | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |    121910 | NS      | $2630817.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                            | PAYONEER GLOBAL INC                    | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |    789930 | NS      | $4779076.50   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROVIRONMENT, INC.                            | AEROVIRONMENT INC                      | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      9120 | NS      | $2871796.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                    | SI BONE INC                            | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    166690 | NS      | $2453676.80   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| POWELL INDUSTRIES, INC.                        | POWELL INDUSTRIES INC                  | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      2840 | NS      | $865660.40    | 0.22%             |  |  |  | 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        |   3685949 | NS      | $3685948.52   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                        | AVIDITY BIOSCIENCES INC                | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86000 | NS      | $3747020.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Waystar Holding Corp                           | WAYSTAR HOLDING CORP                   | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60981 | NS      | $2312399.52   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 HOLDINGS, INC.                              | Q2 HOLDINGS INC                        | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     70560 | NS      | $5107838.40   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST               | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3685949 | NS      | $3685948.51   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIENT CORPORATION                             | AVIENT CORP                            | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     82270 | NS      | $2710796.50   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KARMAN HOLDINGS INC.                           | KARMAN HOLDINGS INC                    | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33360 | NS      | $2408592.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORPORATION         | ZURN ELKAY WATER SOLUTIONS CORPORATION | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     73550 | NS      | $3459056.50   | 0.87%             |  |  |  | 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        |     91949 | NS      | $3677960.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST              | NATIONAL STORAGE AFFILIATES TRUST      | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     62690 | NS      | $1894491.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                          | GUARDANT HEALTH INC                    | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    119070 | NS      | $7439493.60   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC.                                   | NOVANTA INC                            | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     38370 | NS      | $3842755.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRION TECHNOLOGIES, INC.                      | MIRION TECHNOLOGIES INC                | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    269492 | NS      | $6268383.92   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                 | WINTRUST FINANCIAL CORP                | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     56100 | NS      | $7429884.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION HOMES, INC                            | CHAMPION HOMES INC                     | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40760 | NS      | $3112841.20   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE BELOW, INC.                               | FIVE BELOW                             | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     27160 | NS      | $4201652.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer