# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041027
**Filing Date:** 2023-2
**Character Count:** 31189
**Document Hash:** 4ba6328eb288e316dd39d53912a7a20d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041027.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041027

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716
- **IRS NUMBER:** 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:** 23670815

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $16727836324.46

**Total Liabilities:** $45961720.24

**Net Assets:** $16681874604.22

**Cash Not Reported:** $257418794.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002334 | 10.69%               | 5.89%                | -3.66%               |
| Class ID C000169232 | 10.60%               | 5.83%                | -3.71%               |
| Class ID C000111271 | 10.70%               | 5.91%                | -3.63%               |
| Class ID C000052114 | 10.70%               | 5.93%                | -3.64%               |
| Class ID C000002335 | 10.65%               | 5.87%                | -3.67%               |
| Class ID C000138366 | 10.72%               | 5.91%                | -3.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $221528499.24            | $1348852891.72                             |
| Month 2  | $86729025.63             | $857815877.64                              |
| Month 3  | $123556721.78            | $-784192116.96                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE MIDDLEBY CORPORATION                       | MIDDLEBY CORP                       | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |   1825000 | NS      | $244367500.00 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC                         | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |   4446300 | NS      | $314798040.00 | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                       | ALLSTATE CORP                       | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |   1403000 | NS      | $190246800.00 | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                | LIVE NATION ENTERTAINMENT INC       | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |   2460000 | NS      | $171560400.00 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                       | DEVON ENERGY CORP                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   3250000 | NS      | $199907500.00 | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    315900 | NS      | $315900.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC                         | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |   3830000 | NS      | $280853900.00 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                    | PROSPERITY BANCSHARES INC           | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3517000 | NS      | $255615560.00 | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS, INC.                   | ZIMMER BIOMET HOLDINGS INC          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    840000 | NS      | $107100000.00 | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION     | ZIONS BANCORPORATION                | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |   5279500 | NS      | $259540220.00 | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                         | ALASKA AIR GROUP INC                | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |   4700000 | NS      | $201818000.00 | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                    | PROGRESSIVE CORP                    | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |   2560000 | NS      | $332057600.00 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES, INC.                        | REPUBLIC SERVICES INC               | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    680000 | NS      | $87713200.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                 | HILTON WORLDWIDE HOLDINGS INC       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |   1575000 | NS      | $199017000.00 | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                          | CAMDEN PROPERTY TRUST               | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   1678900 | NS      | $187835332.00 | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                | LINCOLN ELECTRIC HOLDINGS INC       | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |   1160000 | NS      | $167608400.00 | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                               | AGCO CORP                           | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |   2220000 | NS      | $307891800.00 | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                              | SYSCO CORP                          | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |   4698300 | NS      | $359185035.00 | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC.                           | GLOBAL PAYMENTS INC                 | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |   2055600 | NS      | $204162192.00 | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS INSTRUMENTS, INC.                          | MKS INSTRUMENTS INC                 | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |   2565000 | NS      | $217332450.00 | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC.                             | NEWELL BRANDS INC                   | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |  10241000 | NS      | $133952280.00 | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| OSHKOSH CORPORATION                            | OSHKOSH CORP                        | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |   2190000 | NS      | $193136100.00 | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INCORPORATED                           | HUBBELL INC                         | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |    905000 | NS      | $212385400.00 | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                              | ROSS STORES INC                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |   2476500 | NS      | $287447355.00 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION                    | WESTERN DIGITAL CORP                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |   2404200 | NS      | $75852510.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING COMPANY                      | LAMAR ADVERTISING CO A              | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   2880000 | NS      | $271872000.00 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP, INC.                               | APTARGROUP INC                      | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |   2100000 | NS      | $230958000.00 | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                           | STEEL DYNAMICS INC                  | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |   1259100 | NS      | $123014070.00 | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corporation                      | FRANCO NEVADA CORP                  | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1635000 | NS      | $223144800.00 | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                | GENPACT LTD                         | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |   6038900 | NS      | $279721848.00 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORPORATION                           | Westlake Corp                       | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |   2080000 | NS      | $213283200.00 | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RETAIL PROPERTIES, INC.               | NATIONAL RETAIL PROPERTIES          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   5775000 | NS      | $264264000.00 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC TECHNOLOGY COMPANY                         | DXC TECHNOLOGY CO                   | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |   6020000 | NS      | $159530000.00 | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                     | AVERY DENNISON CORP                 | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |   1335900 | NS      | $241797900.00 | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                      | WR BERKLEY CORP                     | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |   2405000 | NS      | $174530850.00 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                        | MOLINA HEALTHCARE INC               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |    515000 | NS      | $170063300.00 | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM BRANDS INC                      | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |   2400000 | NS      | $307392000.00 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA               | PACKAGING CORP OF AMERICA           | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |   1860000 | NS      | $237912600.00 | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                            | COTERRA ENERCOTERRA ENERGY INC      | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   8942400 | NS      | $219714768.00 | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY             | HEWLETT PACKARD ENTERPRISES CO      | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |  10765000 | NS      | $171809400.00 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell Mid-Cap Value ETF              | ISHARES RUSSELL MIDCAP VALUE ETF    | CUSIP: 464287473<br>LEI: N/A                  | Long             |  | RF                | US        |   1540000 | NS      | $162223600.00 | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| PARKER-HANNIFIN CORPORATION                    | PARKER HANNIFIN CORP                | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |    730000 | NS      | $212430000.00 | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS, INC.                           | CROWN HOLDINGS INC                  | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |   2760000 | NS      | $226899600.00 | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                      | APTIV PLC                           | CUSIP: G6095L109<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |   2220000 | NS      | $206748600.00 | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                     | ALLIANT ENERGY CORP                 | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |   4700000 | NS      | $259487000.00 | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.                 | AMERICAN FINANCIAL GROUP INC        | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |   1800000 | NS      | $247104000.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                               | XCEL ENERGY INC                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |   3825000 | NS      | $268170750.00 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    315900 | NS      | $315900.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EVEREST RE GROUP, LTD.                         | EVEREST RE GROUP LTD                | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |    860000 | NS      | $284892200.00 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation        | BANK OF NEW YORK MELLON CORP        | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |   5900000 | NS      | $268568000.00 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | AMERICAN HOMES 4 RENT               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |   4730000 | NS      | $142562200.00 | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                     | CARRIER GLOBAL CORP                 | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   2563300 | NS      | $105736125.00 | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. HUNT TRANSPORT SERVICES, INC.            | J B HUNT TRANSPORT SERVICES INC     | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |    920000 | NS      | $160411200.00 | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED             | HUNTINGTON BANCSHARES INC           | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |   7865000 | NS      | $110896500.00 | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY                 | ARCHER DANIELS MIDLAND CO           | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    690400 | NS      | $64103640.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                  | HOLOGIC INC                         | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |   3385000 | NS      | $253231850.00 | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC.                             | MANPOWER INC                        | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |   2105000 | NS      | $175157050.00 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                      | FLEX LTD                            | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |  14570000 | NS      | $312672200.00 | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC.                         | RPM INTERNATIONAL INC               | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |   1953900 | NS      | $190407555.00 | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                           | UNITED RENTALS INC                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |    189500 | NS      | $67352090.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA, INC.                                  | CORTEVA INC                         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   1086000 | NS      | $63835080.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LANDSTAR SYSTEM, INC.                          | LANDSTAR SYSTEM INC                 | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |   1120000 | NS      | $182448000.00 | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                       | MOTOROLA SOLUTIONS INC              | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |    700000 | NS      | $180397000.00 | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.              | EQUITY LIFESTYLE PROPERTIES INC     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   3530000 | NS      | $228038000.00 | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                     | XYLEM INC                           | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |   2025000 | NS      | $223904250.00 | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS, INC.                              | TYSON FOODS INC CLASS A             | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |   3755000 | NS      | $233748750.00 | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                       | SKYWORKS SOLUTIONS INC              | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |   2249300 | NS      | $204978709.00 | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COOPER COMPANIES, INC.                     | COOPER COMPANIES INC                | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    830000 | NS      | $274456100.00 | 1.65%             |  |  |  | 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        |    315900 | NS      | $315900.00    | 0.00%             |  |  |  | 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        |    315900 | NS      | $315900.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC                 | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |   2755000 | NS      | $289798450.00 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                | BORGWARNER INC                      | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |   7115000 | NS      | $286378750.00 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                           | AMPHENOL CORP CLASS A               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |   3300000 | NS      | $251262000.00 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS, INC.                       | DARDEN RESTAURANTS INC              | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |    755000 | NS      | $104439150.00 | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                               | TORO CO                             | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |   2680000 | NS      | $303376000.00 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES, INC.          | ALEXANDRIA REAL ESTATE EQUITIES INC | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |   2225000 | NS      | $324115750.00 | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE STEEL & ALUMINUM CO.                  | RELIANCE STEEL ALUMINUM COMPANY     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    825000 | NS      | $167013000.00 | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T. ROWE PRICE GROUP, INC.                      | T ROWE PRICE GROUP INC              | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |   1410600 | NS      | $153840036.00 | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                  | OWENS CORNING INC                   | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |   2010000 | NS      | $171453000.00 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD REPUBLIC INTERNATIONAL CORPORATION         | OLD REPUBLIC INTERNATIONAL CORP     | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |   9575000 | NS      | $231236250.00 | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED                 | QUEST DIAGNOSTICS INC               | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |   2110000 | NS      | $330088400.00 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer